ANNUAL REPORT 2021/22
The average enrollment was 304 and 299 full fee-paying students at the end of the academic year, which was 11% less than the prior year. The comprehensive surplus for the year was LKR 1,206 Mn. with an operating surplus of LKR 912 Mn. The operating surplus was positive due to the unprecedented exchange rate fluctuation. Included in the comprehensive surplus are revaluation of currency reserves and property and land amounting to LKR 1,285 Mn. and LKR 518 Mn. respectively (excluding deferred taxes) as per statutory valuations required.
The rupee depreciated during the year with an opening rate of LKR 203/- to a US dollar at the beginning of the school year, to LKR 369/- to a US dollar at the end of the year. The exchange gain of LKR 1,285 Mn. (USD 4.9 Mn.) on the revaluation of the School’s foreign currency reserves are unrealised gains and cannot be considered as additional income since approximately 85% of school expenses are transacted in US dollars.
Direct expenditure increased by LKR 445 Mn. primarily due to the rupee depreciating against the US dollar. In actual dollar terms expenses were 9% less than the prior year. Increases in other operating expenses reflect upgrades to school facilities that were initiated to maintain safety and security of the campus. These include repairs on the auditorium structure, student washroom renovations, classroom renovations and the newly installed anti-slip walkways.
Capital expenditure was allocated towards the new security building and related upgrades, mainly funded by the US Embassy soft target grant. Due to the uncertainty created by economic and political unrest, plans for constructing the new gymnasium was put on hold for a third year in a row.
The Board will continue to focus on the financial stability of the school, ensuring adequate resources are available for maintaining and improving the School’s infrastructure whilst providing an excellent academic experience for our pupils.
