portfolio managed by ANZ, residential development land on Worsleys Spur that is being sold in stages, and Kimihia, a seed research centre that is leased to PGG Wrightson Seeds. The outcome of the Jarden work then informed the second project that the Board initiated this year. We engaged Grant Lander to complete an independent financial review of College’s operational model with an objective of identifying opportunities to improve College’s financial performance to meet the Board’s financial freedom objectives. Grant has an extensive background in the governance and executive leadership of independent schools and with economic and accounting expertise had the requisite skill- set to undertake the review. The brief we gave Grant included a number of provocations about various aspects of our current operational model. In asking Grant to complete the review, the Board was well aware of the need to find the right balance in implementing any outcomes of the review and to be circumspect in the steps that need to be taken to move the College to a sustainable operating model and, at the same time,
continue to enhance the value proposition that resonates with our community. Grant delivered his report to the Board at the end of June and it includes an informed and validated ‘road-map’ to achieving the financial sustainability that we desire whilst retaining the unique experience of a College education for our students and their families. The Board and Executive Leadership are now engaged in a thorough analysis of Grant’s recommendations and observations on all aspects of the College’s operations with a view to staging the implementation of the changes that need to be made to our operational model over the short to medium term focused on 2025 and beyond. An outcome of Grant’s report is that there will be a review of the all-inclusive nature of College’s tuition fees, our heritage levy, and the cost of our Immerse & Inspire programme, among other things. The reality is that since the all-inclusive fee was introduced, there has been a significant increase in the costs of delivering our co-curricular programmes that College is subsidising to a greater and greater extent. The Board will be considering if co-
curricular costs should be on- charged and if this would be more equitable than the status quo. We continue to look at other sources of revenue through the use of our facilities for hire outside term times. Grant has provided some further insights and suggestions around maximising the use of some of our existing facilities with a view to increasing the capacity of the campus to deliver a financial benefit to us when not in use by the boys. This will be a particular focus next year when the Upper West multi-functional
sports centre is operational. In the meantime, the Board
and Executive Leadership must continue to prudently operate College within the current environment of high interest rates and high inflation and face the ongoing challenges of operating an independent school in an ever disruptive and competitive world, all within a campus that includes buildings that date back to 1850. Having set out on a path to 2025, the Board is determined to find the right balance of measures that, once implemented, will ensure the continued success of College and maintain and continuously improve the outcomes for our boys.
COLLEGE 2023
5
Made with FlippingBook - professional solution for displaying marketing and sales documents online