A Letter from the Board Chairs
By Bruce Fernie and Bryan Glinton
Whilst change can sometimes be disruptive and is often a challenge
for most of us, it also brings opportunity and it is a necessary step
for progress.
In the aftermath of change, when it has been managed well, it often
becomes almost impossible to imagine how we lived and worked
before the change. Dingman Hall is a case in point. This wonderful,
central building on our Lower School campus has without doubt
become the very heart of our school and it has already been used
in more ways than we could have imagined in its planning stages,
from community yoga classes to a protective shelter for our sailing
fleet, and even a makeshift dormitory for stranded travellers. Each
time we enter this beautiful space we cannot believe that we used
to live without it, and we are so thankful for the generosity of our
community that made Dingman Hall a reality.
An even greater impact will come from the opening of our
Upper School campus next year. The planned benefits in terms
of dedicated, state-of-the-art spaces for our expanding range
of programmes, more room on the Lower School campus for
specialised classrooms as the upper grades migrate and room to
grow within each grade will enable more students to benefit from
all that LCIS has to offer. There will surely be unanticipated benefits
as well, and the day will come when, just as with Dingman Hall, we
will not be able to imagine how we managed to get along without it.
We cannot give enough thanks to those donors who have enabled
this project to go forward.
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LCIS NET PERFORMANCE
ASSETS
INCOME
Admission Revenue & Entrance Fee
Tuition
FINANCIAL POSITION
$ 195,100
$ 8,276,371
$ 2,407,490
Donations
$ 211,828
EDS Income
$ 64,777
Other Income
$ 11,155,556
Total Income
Current Assets
Cash
$
8,457,683
Accounts
Receivable
$ 2,061,433
Other Current Assets
$
393,768
Total Current Assets
$ 10,912,884
EXPENSES Fixed Assets $ 933,485
Administrative Expenses Buildings $ 4,677,567
$ 403,654
Technology Expenses Furniture & Other Equipment $ 473,241
$ 1,096,780 Land $ 1,309,825
528,553 Land & Building Improvements $ 557,658
$
221,327
EDS Expenses Musical Instruments $ 17,221
$ 6,332,716
Staff Salaries & Benefits Swimming Pool $ 165,106
$ 9,516,485
Total Expense Total Fixed Assets $ 7,200,618
Other Assets $ 4,596,185
Operating & Maintenance
$
Instructional Expenses
NET ORDINARY INCOME
$ 1,639,081
(before depreciation & capital expenditures)
TOTAL ASSETS $ 22,709,687
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable $
900,363
Other Current Liabilities $
8,861,972
Total Current Liabilities $
9,762,365
Our strength as a school comes from so many sources: the stability
of our financials, the commitment of our teachers and staff,
the generosity of our supporters, the beauty of our campus and
importantly, it comes from the character of our community as a
whole; a community that supports each other, that lifts each other
up, but that also seeks to help others in times of need. When we all
come together, we can leverage our combined efforts to overcome
the greatest challenges and to create incredible opportunities. Total Liabilities $
9,762,365
Retained Earnings $
5,308,242
Perpetual Bonds $ 6,000,000
Net Income $
With our new Principal in place and our new Upper School campus
under construction, we are excited for the future of LCIS and all its
students. Total Equity $ 12,947,322
TOTAL LIABILITIES & EQUITY $ 22,709,687
Equity
*Our financials are audited by Deloitte each year. Please note: These figures are
prior to the financial audit which is currently underway and are subject to change.
Copies of the final audit or prior year’s reports will be available upon request from
the Business Office.
1,639,080
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