TFS - Canada's International School

14 | TFS – Canada's International School Financial Summary Sonia Baxendale Chair, Audit & Finance Committee TFS TFS Foundation Highlights of the Statement of Financial Position ($000's) 2015 2014 Total Current Assets $ 12,988 $ 10,458 Capital Assets 37,092 36,525 Total Assets $ 50,080 $ 46,983 Total Current Liabilities 29,428 28,074 Deferred Capital Contributions 9,361 9,403 Other Long-term Liabilities - 20 Total Liabilities $ 38,789 $ 37,497 Net Assets $ 11,291 $ 9,486 Highlights of the Statement of Financial Position ($000's) 2015 2014 Total Current Assets $ 2,063 $ 3,749 Investments 4,435 1,673 Total Assets $ 6,498 $ 5,422 Total Current Liabilities 576 585 Deferred Restricted Contributions 3,183 2,031 Total Liabilities $ 3,759 $ 2,617 Net Assets $ 2,739 $ 2,805 Highlights of the Statement of Operations ($000's) 2015 2014 Tuition and Instructional Fees $ 38,747 $ 37,253 Other Income 3,358 3,138 Total Revenue $ 42,105 $ 40,391 Educational Expenses 24,364 23,591 Administration & General Expenses 14,940 14,366 Contribution of Shop Proceeds to the Foundation 45 39 Amortization Expenses, Net 951 970 Total Expenses $ 40,300 $ 38,966 Excess of Revenue Over Expenses $ 1,805 $ 1,425 Purchase and Investment of Capital Assets $ 1,785 $ $960 Highlights of the Statement of Operations ($000's) 2015 2014 Donations & Special Events $ 446 $ 631 Investment Income 78 274 Total Revenue $ 524 $ 905 Fundraising 183 90 Other Expenses 62 50 Total Expenses $ 245 $ 140 Net Expenses $ 279 $ 765 Contribution to TFS $ 456 $ 592 Excess (De�ciency) of Revenue Over Expenses $ (176) $ 173 Foundation Assets ($000's) 2013-14 2010-11 $2,416 $3,287 $4,561 $5,422 $6,497 2011-12 2012-13 2014-15 I am pleased to present a summary of the TFS financial statements for the year ended June 30, 2015. TFS continues to maintain a sound financial position while meeting its capital and operating requirements. Operating results for the year ended June 30, 2015 generated revenues in excess of expenses of $1.8 million ($1.4 million in fiscal 2014). While tuition covers the school's operating expenses, it is the philanthropic generosity of our community that helps to provide for an enhanced educational experience, including program and facility enhancements, scholarships and investments in technology. As TFS executes its core operating requirements and invests in strategic priorities with the generous support of its community, a continuing focus remains on increasing the school's capacity to absorb the financial impact of unanticipated adverse economic events. It has been my pleasure to serve as Chair of the Audit & Finance Committee. I would like to thank all committee members for their continued dedication and thoughtful contributions.

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