Annual Financial Report

2024 was another outstanding school year, be it in the classroom, on the sporting field, performing on stage or supporting and serving the wider community. The continued good work by our staff and students, supported by the School Council and parent community, has allowed the 2024 school year to sustain a strong enrolment position, with outstanding academic and cocurricular results, underpinned by ongoing high levels of community engagement.

Whilst the school’s financial position at the end of 2024 remained very sound, the decision by the Victorian State Government to remove a century-old exemption and impose payroll tax on more than 50 independent schools this year has resulted in the need for higher than forecast tuition fee indexation to counter this new school tax. At Trinity, the diligent work of our Finance Team allowed us to avoid having to pass on the full cost to our families through a revision of our expenditure and being able to achieve that without impacting on people and programs is testament to those efforts.
The financial program for the year aligned well with the budget and forecast position set by the School Council recognising the need for strong deliverables and student learning outcomes. The Council was conscious of the cost-of-living challenges faced by families and delivered a responsible budget program that enabled and supported a vibrant student learning program.

The school was able to navigate a range of important enabling capital works, titled ‘Stage 0’, which needed to be completed to allow the endorsed Masterplan to kick off with no impediments once statutory approval is received.  In preparation for the Development Approval green light, a range of enabling works was undertaken including the refurbishment of the Robertson and Shann Buildings, the demolition of E-Block, which was replaced by a new two-storey six-classroom modular building (now known as the Batson Building), followed by a range of upgrades to a number of the school’s residential properties, and interim relocations whilst the works were occurring. Additionally, in relocating the Year 7 cohort to the Batson precinct, we completed an upgrade of Merritt House late in the year to accommodate three homerooms and adjoining locker and break out spaces.

Masterplan works continued at the Marles Playing Fields in Bulleen, whilst navigating the impact of the North East Link Project (NELP) tunnel construction on and adjacent to our site. The new Caretaker’s residence was completed on Barak Street and town planning permission was granted to commence the construction of the new Grounds Facility. Submission of the planning application for the new Pavilion was lodged, this being the final major project supported by the Funding Agreement with the State Government.

The Treasurer presented details of the 2024 Financial Year at the Annual Community Forum and at the recent Annual General Meeting of the School. A summary of the financial position of the school, along with comparative information, has been provided in graphs and tables.

The chart below details the comparative fundraising income that has been generated by the School:

Copies of the audited Financial Statements can be obtained from the office of the Director of Business.