As we celebrate the achievements of the past academic year, we also take stock of the financial health of the Association. We were fortunate to have been in a position of full enrolment and to once again have the incredible support of our community.

We continue to maintain a strong financial position that has allowed us to weather the significant economic headwinds over the past few years and provides a strong financial foundation as we move forward. Looking to the future, we continue to be dedicated to making prudent financial decisions in delivering a personalized and impactful education experience, which is sustainable for current and future parents.

Financial Oversight and Controls
Strong governance, thorough budgeting process, and key financial controls.

Enrolment and Accessibility
Continued stability in day school enrolment along with growing numbers in our outreach and teacher training programs.

Revenue & Expenses
Revenue increased by 6.9%, while operating expenses went up by 10.5%**, reflecting continued inflationary pressures.

Cash Balances and Liquidity
Strong cash balances with short-term liquidity in both the Association and Foundation.

Bursary
Our bursary program continues to increase year over year to support our families requiring financial support.

Changing Destinies Foundation for Dyslexia
Continue to safeguard assets and implement prudent investment strategies to grow financial resources.

Key Budget Drivers & Considerations
Tougher economic and inflationary environment puts downward pressure on our financial results

• Highest inflationary period in decades
• The Association Board of Directors decision to cap tuition increases below inflation has resulted in a
  reduced surplus and led to a deficit in the current year
• Donations reduced significantly with annual fundraising program down 30%

Our people and the personalized approach provided to our students continue to have the largest impact
on budget

• Compensation represented 80%** of total expenses
• Annual changes based on grid increases following the BC Teachers’ Federation and
  Province of BC
• Smaller class sizes, specialized programs, 1:1 learning services
• Highly specialized professional educators, Orton-Gillingham training and certified staff

Consistent with previous years, the Association’s annual financial statements for the year ended June 30, 2024, were audited by Crowe MacKay LLP, who provided an unqualified opinion. The complete audited financial statements are available on our website.

Revenues 2023-24

• Tuition Fees – 83%
• Grants – Province of BC – 15%
• Donations and Fundraising* – 1%
• Other Income – 1%

Expenses 2023-24

• Compensation – 80%
• Program Delivery & Supplies – 7%
• Administration – 5%
• Building & Insurance – 4%
• Donation to Foundation – 2%
• Amortization – 2%

* The Donations & Fundraising category includes both current-period donations and the recognition of donations that were deferred from previous periods but recognized with the corresponding activity/expense in the current period.
** Prior to donations and transfers to the Changing Destinies Centre for Dyslexia Foundation