reportc 2011–2012 PICKERING COLLEGE ard · As Chair of the Strategic Plan Steering Committee, I...

2 0 1 1 – 2 0 1 2 P I C K E R I N G C O L L E G E

report card

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INTRODUCTION

We are pleased to present our 5th Annual Report Card, reporting on the successes andachievements of the school year 2011-2012.

Once again this year the Report Card has three distinct sections. The first is a report on the progress of PC’s Strategic Plan. The second section is the presentation of our key performance indicators (KPI’s) in the six uniqueareas that define healthy schools. The third section is our financial accountability report,including a summary of our financial statementsfor the fiscal year 2011-2012. Overall, we believe this provides a detailed, informative, comprehensive and transparent accounting ofthe well-being of the school in a broad range of areas.

2011-2012 found us well into the second year of implementation of our strategic plan. As you willsee, we have had significant accomplishments in the areas of Inspired Students and ExceptionalLearning Spaces while work continues to develop in the more innovative area of TransformationalPartnerships. It has been a strong year for strategic development of our academic programs andplanning for our physical facilities. As we look ahead we are eager to seek the opportunities indeveloping the potential of strategic partnerships.

After five years of publishing this Report Card, our KPIs and the trends over time, demonstrate the continuity of our considerable strengths and the improvement in areas formerly needingattention. 2011-2012 was a year of challenges with respect to our financial situation and this is addressed in detail in the financial accountability section. However, the accomplishments in so many other areas of the school support our faith in the long-term sustainability and success of the school.

As always, we believe that publishing this Report Card not only provides valuable information to our school community, but also should be the basis of discussion and questions about theschool, our strategic plans and our future, as well as about the use of data and the key indicatorsof healthy schools. Any questions or suggestions you may have are always appreciated.

Thank you for your continued interest in and support for Pickering College.

Peter Sturrup, Headmaster

2 2011 – 2012 Pickering College Report Card

MESSAGE FROM THE CHAIR

As Chair of the Strategic Plan Steering Committee, I am delighted to report on the work that has beendone this past year on PC’s five-year strategic plan. We have continued to see momentum build in manyaspects of the plan and implementation is underway in a number of areas.

PC Highlights from 2011-2012The aim of PC’s Strategic Plan is to provide an inspired learning environment for our students, innovativespaces in which to learn and grow, and outstanding working environment for our faculty and staff and an unparalleled community experiences that engages everyone in a lifetime relationship with the school.

The Facilities Master Plan planning process was a participatory one that involved PC stakeholders including faculty, staff, students, parents, Board and Corporation members, alumni, local politicians andstrategic partners. We are very excited about our new Facilities Master Plan for our physical space thatembodies the goals and aspirations defined in the strategic plan.

At Pickering College, we believe that every single child has the potential to learn and be successful atschool. Last year, we enhanced student learning support, specifically by expanding our Guidance teamfrom one to two counsellors, as well as increasing our English as a Second Language programming in theSenior School. We increased the number of hours of our two learning specialist teachers to better supportour students with identified learning exceptionalities in the Junior and Senior Schools. Finally, we hired asecond Senior Associate Faculty to better support our residential students.

Our strategic plan and our focus on continuous professional development ensures that our teachers areusing the most effective instructional and assessment practices to engage, inspire, and challenge our students. At Pickering, we support and encourage in each teacher, innovation, passion, compassion, andexpertise in pedagogy to improve student learning and achievement.

Last year, faculty professional development at Pickering College focussed on:

� Assessment and evaluation to improve student learning (as, for and of learning)

� Differentiated instruction and assessment to meet the needs of all learners

� Teaching for deeper understanding through backward design of curriculum and developing essential questions that guide teaching and learning, and

� Developing 21st century skills and attributes with a focus on: Character, Collaboration,Communication, Creativity and Critical Thinking.

Our teaching and learning at Pickering College is purposeful, deliberate and aligned to the goals of ourstrategic plan. In other words, we prepare our studentsfor post-secondary studies, future success in life, and making a difference in their local and global community.

Charles Beer, Chair Strategic Planning Steering Committee

STRATEGIC PLAN

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2011-2012 Priorities Achieved� Oversee and manage implementation of Year 2 of PC’s Strategic Plan

� Clarify and articulate vision to all constituents by effectively communicating progress and successes of strategic plan

� Successfully manage all volunteers (and staff) involved in strategic plan implementation to ensure maximum success and satisfaction with involvement

Priorities for 2012-2013� Oversee and manage implementation of Year 3 of PC’s Strategic Plan

� Conduct mid-plan assessment with all task forces

� Continue to broaden engagement with the Pickering College community


INSP IRED STUDENTS

2011-2012 Priorities Achieved� Improve student engagement and achievement

JK to Grade 12, meeting the needs of individual students by continuing to differentiate instructionaland assessment practices

� Enhance student learning support, specifically byinvesting in guidance, learning support services andEnglish as a Second Language

� Develop a more comprehensive annual professionaldevelopment plan for faculty, linked directly to the strategic plan, while continuing to invest in professional development

Ongoing Priorities� Define components of new PC Leaving Diploma

Our graduates will need to be

critical thinkers, risk-takers, strong

communicators and creative

problem solvers who are adaptable,

self-confident and globally aware.

To inspire and equip our students,

we need to continue to deliver a

challenging and engaging program

that reflects the continuous pursuit of

academic excellence and one that

purposefully nurtures and develops

leadership, creativity and social

responsibility. Students discover and

ignite the passion within themselves

through co-curricular programs

such as the arts, athletics, clubs and

community service that more fully

integrate 21st century skills.

We will sustain and build on the

special strengths our community has

identified: the personal and individual

attention we provide our students;

the safe, supportive and respectful

environment; and the diverse

cultures and experiences within our

community, including leveraging the

strengths of our boarding program.

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Priorities for 2012-2013� Begin implementation of Middle School Program

� Review the research of the task force and create theGlobal Leadership Program

� Review and plan for implementation of Co-CurricularDistinction

� Develop Leadership Succession Plan

PC Highlights from 2011-2012� Three students attended the Canadian Leadership

Conference in Cornerbrook, Newfoundland: ShannonCumiskey, Ryan Kaszuba and Jade Scrymgeour

� Twenty Pickering College students along with Mr. and Mrs. Lewis participated in a Me to We trip to therural community of Mwangaza, Kenya where theyparticipated in building for Mwangaza Primary School

� 12 Pickering College students received the Duke ofEdinburgh Award – Christopher Arkless, ThomasArkless, Ryan Cumisky, Nadeem Jiwani and MatthewMarchese earned their Silver level award, Alyssa Chin,Courtney DeSouza, and Nicholas Sopuch earned theirBronze and Silver level award, and Muhammad Kara,Ryan Kaszuba, Chloe McClymont and MichelaPrefontaine earned their Bronze level award

� Sixty students and four staff travelled to New York City for a four day Arts trip

� Seven CISAA championships were earned includingMidget Girls' Soccer, Senior Boys' Volleyball, SeniorGirls' Basketball (first in the school's history), SeniorBoys' Curling (first in the school's history), Junior Girls'Volleyball, Senior Girls' Volleyball, Senior Girls' Softball(for the fourth year in a row!)

� A number of students earned the right to compete in OFSAA, the provincial championships: ShannonCumiskey (Grade 12) – Senior Girls' 50 m Freestyle,100 m Freestyle, 100 m Individual Medley (3 individ-ual swimming championships), Mitchell Smith (Grade10) – Junior Boys’ Discus (1 individual track & fieldchampionship), Shayna Nicholls (Grade 9) – MidgetGirls' Javelin (1 individual track & field championship).In Alpine Skiing, Christopher McMahon placed 11thin the Slalom and 10th in the Giant Slalom

� Five Pickering College students participated in theGlobal Ideas Institute Mentorship Program at the

University of Toronto for the 2011-2012 academicyear: Jade Scrymgeour, Shannon Cumiskey, NicholasSopuch, Aidan Slind and Charly Coleman

� The film Don't Forget, by Kate Niemuller ’11, SarahGardiner ‘11, and Gaby Hanton ’11, was named BestFilm at the Roxy Youth Film Festival

� Kindness by Jesse Scrymgeour, Shannon Hamilton andAlex Spence was nominated for Best Documentary inthe Bridge Film Festival, along with Ginger by JadeScrymgeour, Jessie Scrymgeour, Tessa Lane and MegGeurts, and Girls Can Do Anything, by Tessa Lane,Emilie Blenich and Christina Tourloukis

� Jump Cuts Film Festival Finalists included Hunger forChange by Sophie Armstrong, Maarika Farmer andCathy Ren, and Outcast by Daniela D’Angelo ‘11,Maggie Shanahan ’11 and Liz Srebot ‘11

� The Senior Jazz Band earned a Silver Award atMusicFest

� Twelve students participated in a volleyball and servicetrip to Cuba

� Grade 11 student Aidan Slind won the 2011Shakespeare on the Platform competition at the Artsand Letters Club of Toronto

� Gabrielle Daleman, Grade 8, is the 2012 CanadianJunior Women’s National Figure Skating Champion!She went on to represent Canada in the InternationalChallenge Cup in The Hague, where she earned a silver medal


INSP IRED STUDENTS (Continued)

� Grade 12 student Sophie Armstrong was a semi-finalistin the competition for the Loran Scholarship

� Grade 10 students Alyssa Black and Genevieve Milne won a $5,000 grant for Markham’s Centre for Dreams, a centre for adults with intellectual disabilities. The grant was a result of the girls‘ presentation through the Toskan Casale Foundation’s”Youth and Philanthropy Initiative“

� Bronwyn Andrews, Grade 12, received the YouthAward from the Town of Aurora for her efforts to assist the people of Haiti after the devastating earthquake in 2011

� 16 students participated in a cultural and languagedevelopment trip to Barcelona and Paris

� The 2012 graduating class were offered a total of$230,000 in scholarships

� 88% of the 2012 graduating class were OntarioScholars

� Eight Grade 12 students took part in the very challengingCanadian Open Mathematics Challenge. In the thirdaward band Ruby Dai and Min Yeob Kim were honouredwith certificates for performance with commendation. In the second award band, receiving certificates for performance with honours, were Calvin Chan, JonathanBarber and our school’s top scorer Tan Tan

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� Five Grade 9 and 10 students wrote the CanadianIntermediate Math Contest; four scoring above thecontest average. Our top finisher Ben Qiu scored 46 points and was awarded with the school medal aswell as a Certificate of Distinction for finishing in thetop 25% in Canada

� Five students in Grades 11 and 12 wrote the CanadianSenior Math Contest, with four scoring above thecontest average. Earning a certificate of distinction forplacing in the top 25% in Canada is Peter Yang. Ourtop finisher with a score of 50 points was Youping Li.She was awarded the school medal, a certificate ofdistinction and her name appears on the contest honour roll as she placed 116/5025 students in Canada

� Grade 12 student Shannon Hamilton won a short fiction competition sponsored by the CanadianFederation of University Women

� Evan and Mitchell Smith, members of PickeringCollege's High Performance Student Athlete Program,were drafted by the Ontario Hockey League. Evan wasthe 51st player chosen, by the Owen Sound Attack in the third round. Mitchell was chosen in the eighthround by the Plymouth Whalers

� The Junior Jazz Band won gold at the York RegionMusic Alive Festival and has been invited to take part in the Nationals of Musicfest Canada in 2013

� Grade 11 student Aidan Slind was promoted toRegimental Sergeant Major, and will lead the cadetcorps of the historic Queens York Rangers AmericanRegiment, based in Aurora, over the next year

� Grade 11 student Kristen Munro and her teammateswon the Gold Medal for the intermediate category at the Ontario Regional Synchronized SkatingChampionships then went on to win silver in theCanadian Sychronized Skating Championships

� Brayden Beswick won the Canadian WakeboardingChampionship and earned sponsorship from Billabong

� Charles Beer, Vice-Chair of the Board and Chair of the Strategic Plan Steering Committee received the Queens Diamond Jubilee Award

� Ian Proudfoot, Chair of the Board, received theOntario Medal for Good Citizenship

� Nicole Murphy served as Co-Chair of the CIS Business Officers group and was a Member of the CAIS National Benchmarking Taskforce

� Peter Sturrup served as Past Chair of the CIS Board of Directors, as a Board Member of the CAIS, Chair of the CAIS Standards Council and Chair of the Newmarket Celebration of the Arts BursaryCommittee

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EXCEPT IONAL LEARNING SPACES

2011-2012 Priorities Achieved� Finalize facilities plan and begin planning

fundraising campaign

� Complete Facilities Master Plan process

� Complete revised branding for the school andimplement a creative marketing strategy to support the school’s priorities and to continue to build momentum, enthusiasm and support for the strategic plan

Ongoing Priorities� Develop recruitment strategy to increase

enrolment to exceed 2011 targets, diversify population and begin preparing for enrolmentgrowth

Priorities for 2012-2013� Complete Phase 1 of Facilities Master Plan,

focusing on Pillars Restoration and Accessibility

� Launch Phase 2 of Facilities Master Plan

� Complete recruitment strategy to complementnew branding and establish 2013 - 2017 enrolment goals

New spaces will allow us to create a

21st century learning environment

where our students are inspired to

learn, grow and excel. Pickering

remains committed to: keeping

a strong sense of community,

developing the whole child, safety

and security, sustainability,

accessibility, state of the art

educational design, appropriate

use of technology, Quaker design

principles, support for alternate

revenue generation, and strong

relationships with our local

community.

We also know that everything

we do must be greener, modelling

environmental responsibility for our

students and reducing our school’s

environmental footprint.

While we have a wonderful campus,

the time has come to step forward

and consider how best to renovate

and build our facilities for the future.

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PC Highlights from 2011-2012� Transformed the library into the Learning Commons,

a 21st century learning environment. The LearningCommons facilitates and supports dynamic learningexperiences that utilize the best available resources,technologies, strategies and learning environments.Learners collaborate with others to enrich theirlearning. The Learning Commons creates a networkof information, people and programs for learningwithin the school and beyond

� ESL Camp had 101 campers over two sessions

� Broadened marketing efforts through more targeted advertising, including new venues such as Cineplex Odeon theatres and the Being Well publication of Southlake Regional Hospital, with abooth at the hospital staffed by Admission personnel

� Launched new Pickering College web site withenhanced content, including six videos


TRANSFORMATIONAL PARTNERSHIPS

2011-2012 Priorities Achieved� Develop first year of Leader-in-Residence program

� Complete the analysis for the campaign strategy tofund the strategic plan

� Increase diversity of revenue by exceeding 2011-2012target and increasing 2012-2013 target

Ongoing Priorities� Create the PC Case for Support

Priorities for 2012-2013� Begin Capital Campaign to support Phase 2 of

Facilities Master plan

� Launch Leader-in-Residence program

� Create a 3-year operating budget including fundraising goals to generate surpluses while completing capital financial plans

PC Highlights from 2011-2012

� Hosted Newmarket Celebrates the Arts Gala

� Hosted Canadian Cancer Society Relay for Life in June,2012

� Hosted Special Olympics track meet, supplying generator use and the sound system for their events

� Hosted Quaker Archivists Conference

� Hosted Bereaved Families of York Region’s annualMemory Tree of Light Remembrance Ceremony

� The Heart and Stroke Foundation (Jump Rope/Hoopsfor Heart) has awarded Pickering College’s JuniorSchool a Bronze ‘Outstanding Achievement Award’for having the third highest total funds raised in ourregion (Toronto, Ottawa, Durham, Peel, York Region)and a Silver ‘Big Heart Award’ for having the secondhighest funds raised per student

Developing strategic and

meaningful partnerships is

essential to achieving our plan and

providing a model for our students.

Partnerships bring the world to

Pickering and provide new

opportunities for our students

and additional resources for our

programs.

We are located in a fast-growing

and dynamic region and we are

developing closer ties with our local

communities. We are excited about

future growth and partnership

opportunities and we believe that

connecting to and working with

communities and partners locally,

nationally and globally will be vital

to our future success.

There is something very special

about Pickering College. The

moment you walk through the

doors, you can feel a strong sense

of community. Our story is a

special one that needs to be shared

more broadly, enhancing local

and global awareness of our unique

strengths.

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� Participated in the Town of Newmarket Santa Claus Parade

� Hosted CIS Curriculum Leaders Meeting

� Hosted Hollywood on the Hilltop Gala

� Supported 10% of our student population withfinancial aid with an average award of almost$12,000

� Participated in the Town of Aurora Street Fair inJune 2012

� Donated 10% of net proceeds from the HolidayHome Tour to the Literacy Council of York Region

� PC volunteers refinished the floors at Inn FromThe Cold with materials paid for by the StudentCommittee

Organizations that Pickering College students and staff have served 2011-2012

Alpine Ontario

Amica at Newmarket

Aurora Food Pantry

Aurora Leisure Complex

Aurora Minor Hockey Association

Aurora Youth Soccer Club

Aurora Tigers Hockey

Barton Retirement Residence

Bell Bird Research Station – Costa Rica

Bereaved Families

Beta Sigma Phi Sorority

Big Brothers Big Sisters

Boxgrove Urgent Care Centre

Brad Jones Karate

Bradford Valley Specialty Care

C.A.R.D. Canadian Blood Services

Canadian Cancer Society

Cedarview Community Church

Centre for Dreams – Markham

Central Girls’ Hockey Association

Central York Girls’ Hockey Association

Certified General AccountantsAssociation – Ontario

Cognashene Cottagers Association

Daily Bread Food Bank

Dufferin Marsh Committee

Earth Day Canada

East Gwillimbury Minor Hockey Association

East Gwillimbury Skating Club

Foundations Private School Elite Volleyball Camp

Free the Children

Garren St. Jean Fundraiser

Georgian Peaks Summer Club

Habitat for Humanity

Heart & Stroke Foundation

Highview Public School

Holiday Home Tour

Holland River Clean Up

Hospital for Sick Kids

Idance Studio

Inn from the Cold

KCW Foundation

Lakes District Council Volunteer Corps – Australia

LF Equestrian

Literacy Council of York Region

Me to We – Kenya

Michael Mutcheson Memorial Trust

Multiple Sclerosis Society of Canada

Neighbourhood Network

Newmarket Arts Gala

Newmarket Chamber of Commerce

Newmarket Health Centre

Newmarket Hurricanes

Newmarket Minor Hockey Association

Newmarket Ringette Association

Ontario Pioneer Camp

Operation Red Nose

Peer Tutoring

Pickering College

Prudential Food Drive

Queens York Rangers Cadet Corps

Red Cross Street Relief

Regency Acres Public School

Relay for Life – Newmarket

Robinson's Karate

Rose of Sharon

Run for Loves – South Korea

Scientists in School

Second Harvest

Southlake Regional Health Centre

Springvale Baptist Church

St. Mark’s Parish Youth Group

Still In Style Resale Boutique

Summer Olympics 2012

The Giving Tree

Toronto Chinese Language & Culture School

Town of Aurora

Town of Newmarket

Town of Uxbridge

Trinity College Environment Committee

Unionville Home Society

Upper Canada Chorus

Uxbridge Public Library

Weekend to End Women's Cancers

Whichurch Stouffville Museum

Whistle Radio – Stouffville

Whitchurch Highlands P.S.

Yellow Brick House

York North Basketball Association

York Synchro Club


LEADERSHIP Key Performance Indicators 2007 2008 2009 2010 2011 2012 Target

% of board members contributing to the annual fund 100 100 100 100 100 100 100

% of corporation members contributing to the annual fund 38 58 54 74 72 74 100

% of Board members serving full term (3 years) 100 100 100 90 90 100 100

Average # of years in senior administrative positions in total 10.8 9.8 10.2 12.25 14 15 > 10

% of senior administrators (Management Team) promoted from within 50 50 43 50 50 50 67

# of students in formal leadership activities 64 66 77 96 93 88 TBD

% of school goals accomplished 83 91 85 90 100

LEADERSHIP

Healthy schools are leaders in education; they have a strategic board, strong leadership from the headmaster and senior administration, a community of leaders among the faculty and staff, and opportunities for learning leadership for the students. Healthy schools have a manageable number ofunderstood, commonly shared goals, a culture where disciplined thought and action meet, collaborativeand democratic planning and decision making, and high expectations of all in the community.

Commentary: Most of our indicators remain consistent and high again this year, reinforcing the strength of our leadership at Pickering College – from the Board through to our student leadership. In a time of implementation of our Strategic Plan this ensures consistency, experience and the commitment required. Leadership is such a hard thing to measure, or quantify. The strength of the school rests in the experience and continuity we have in the leadership from top to bottom and that is apparent in the successes outlined in the rest of this Report Card. But in striving for measures we must, from time to time, find “proxies” or substitutes. One suchproxy is the measure of Board and Corporation contributing to the Annual Fund. Although this only speaks to a smallcomponent of what leadership is, it is an extremely important component. Philanthropic support for the school is so important to our long-term sustainability and we are very proud of the leadership the Board demonstrates in thisregard. Our Corporation members support the school through bringing their time and talent to committee work or volunteer opportunities. But this year we will re-emphasize that the message of support they send through contributing to the Annual Fund is a very powerful demonstration of their commitment to and belief in the school. The only indicator that dropped slightly was “Number of Students in Formal Leadership Activities”. While anyone who spent time at the school last year will know that the leadership exhibited by our students was phenomenal, there is an explanation for this decline. First, we had fewer students in the school last year and therefore fewer to participate in leadership activities. Second, many of our student leaders fulfilled more than one position. With many of the initiatives we have taken this year, we are confident that this number will increase again for the 2012-2013Report Card.

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UNIQUE QUAL ITY

Healthy schools have a broadly understood Mission and a shared Vision; they have a strong sense ofcommunity, guided by a unique purpose for which all members are passionate, and about which theybelieve they can be unequalled. Healthy schools offer unique learning opportunities not necessarily available at other schools.

UNIQUE QUALITY Key Performance Indicators 2007 2008 2009 2010 2011 2012 Target

# of community organizations that PC serves or supports through student/staff volunteering, financial under support or facilities availability 34 35 112 133 143 88 review

Average class size 15.1 15.5 14.9 14.6 14.4 14.1 16 - 18

% of employees who believe there is a greater purpose to the school than just ‘educating students’ 88 89 90 86 89 90 90

# of countries of citizenship of our students 30 28 24 21 25

% of graduates exceeding PC Community Service hours requirements (60 hours) 63 70 80 88 90 73 85

# of unique programs at PC 6 8 8 8 8

Commentary: In 2009 Daniel Pink published the book “Drive” in which he spoke about the three most importantmotivators of employees: Autonomy, Mastery and Purpose. Drawing on decades of research, of purpose he said,“Companies that flourish are animated by their purpose” – because having a purpose is what makes people want to get up in the morning and go to work. At Pickering, our mission implies a lofty purpose. In surveying our staff each year, it is extremely important to us that they continue to be motivated by a sense of purpose. That is why it is so important, and gratifying, for us to see that 90% of our employees – all employees – believe there is a greaterpurpose to our school than just educating students. Implicit in our purpose and what makes us unique is our commitment to service. That is why we set our CommunityService standards higher than the provincially mandated curriculum requirements (60 hours for each student ratherthan 40 hours). And that is why one of our measures looks at how many of our graduates not only meet that higherstandard, but exceed it. Previous years have seen a gradual increase, reaching 90% last year. In 2012 we saw a drop off to 73%. While that is still a fabulous accomplishment – three quarters of our students exceed our higherstandards, it does require some explanation. Last year we made a change to the community service hours that qualify. To meet the provincial requirement of 40 hours students may use volunteer time done for the school or in thecommunity. However, to meet the requirements for the extra 20 hours, student must complete their volunteer timeoutside of Pickering College. This becomes a little more problematic for our international students and is an area weare already addressing this year.

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PEOPLE Key Performance Indicators 2007 2008 2009 2010 2011 2012 Target

Average faculty teaching experience 11.2 12.25 12.5 13 13 14 12-15

% of budget for professional development 1.0 0.9 0.8 0.5 0.5 0.5 1-2

% of operating budget dedicated to people 67.8 69.4 68.5 67.7 67.9 66.3 65-70

% of annual staff turnover 8.1 7.5 12 6.2 8 11 8-10

Faculty compensation as a % of YRDSB Secondary grid 100 100 99 96 98 100 100

% of faculty who believe learning for all employees is encouraged at the school 100 93 83 75 95 100 100

PEOPLE

Healthy schools focus on their people – faculty and staff, creating a professional, growth-oriented, collaborative culture focused on learning, in which all members feel respected and encouraged in anenvironment that embraces fun. Healthy schools have dedicated, passionate, high-quality staff forwhom professional development and long-term sustainability are keys to motivating students andpreparing them for success in post-secondary education, in the global community, and in life.

Commentary: Again, many of our important indicators remain consistent and strong – with growing experience in our teaching staff. For schools the equivalent of research and development in an industrial setting is professional development. The bench mark for the percentage of budget dedicated to professional development is in the 1% to 2% range. Pickering College’s sitsconsistently at 0.5%. Although the percentage of budget has not increased since 2010, the access to professional developmentin-house, as well as outside of the school has increased significantly. The professional development in-house has been alignedto meeting the strategic goal of achieving academic excellence. Our teachers are learning and implementing the latest pedagogical instructional practices to enhance teaching and learning at Pickering College. However, as is indicated by the faculty who believe that learning for all employees is encouraged (and supported) it is obvious that our commitment to professional development remains strong. Our goal is to increase our budget for this, but in times of a lean budget, we havebeen sure to create a model of professional development that is focused, efficient, collaborative and effective. As a result, ourteacher and our student learning have never been stronger or more creative and innovative. Staff turnover is one of the indicators that varies the most from year to year, and this year it is higher. However, of the 12 total staff who left during the school year, almost 60% left due to retirements or restructuring initiated by the school.Although recruiting new employees takes a lot of resources, we are confident that Pickering remains a highly attractive employer for both teachers as well as business and operations staff. One of our key strategic decisions was to ensure that faculty compensation was competitive. Having fallen behind several years ago, the school spent the last two years increasing the compensation of all employees, based on the faculty reaching the York Region District School Board Secondary grid. This was one of our highest priorities last year, in order to assure we continue to retain our very best teachers and that we attract new and dynamic teachers. The results of our students last year, and the increased interest we have seen in the school as a result, are a testament to the success of this strategy.


STUDENT ENGAGEMENT IN LEARNING

Healthy schools have a focus on program excellence, one-of-a-kind offerings, extraordinary co-curricularofferings, and high expectations of the students in a way that seeks to educate the whole child. Healthyschools engage and support their students with a challenging, integrated curriculum that emphasizesand recognizes academic achievement, athletic involvement, artistic expression and character develop-ment. Healthy schools have a commitment to the health and safety of all members of their communityand create a supportive, nurturing learning environment in which it is okay to excel.

STUDENT ENGAGEMENT IN LEARNINGKey Performance Indicators 2007 2008 2009 2010 2011 2012 Target

% of grads accepted to post secondary institutions 98 100 97 97 100 100 100

Full school retention 91 90 87 89 84 85 92

Boarding school retention 75 76 69 74 60 77 75

% of graduating class who are Ontario scholars 58 66 75 66 80 88 80

% of all students involved in co-curricular program 97 97 99 97 97 97

% of Grade 7 to 12 Students on the Headmaster’s Honour List 40 49 57 45 63 65 75

Commentary: 2011-2012 marked a particularly successful year for our students and our programs. This is particularlyevident in the success rate of our graduating class – all of whom were accepted into the post-secondary programs of their choice. Equally impressive is the number of our graduates who were Ontario Scholars (88%) and the number of ourstudents from Grades 7 to 12 who achieved a position on the Headmaster’s List (65%). There is no question that successful academic results come, in part, from students who are engaged and find balance intheir lives. Our co-curricular program is an essential part of the learning experience and it is important to note that virtuallyall of our students participate in this program – at the competitive and recreational level in sports, or in music, art, drama,film, animation or clubs. In fact, the small number of students who do not participate, do so because they are engaged ata very high level of competition in an activity outside of the school. That we have such great participation in a year inwhich our students are also achieving such great academic distinction is an impressive testament to our students. School retention is important for so many reasons. Not only does a higher retention rate bring continuity to the programsand classes, but it also means less pressure on recruiting new students. Equally importantly, retention could be viewed as ameasure of satisfaction of our families with our program. Ideally every student would return; realistically, students do notreturn for a variety of reason – financial constraints or moving being two of the most common. In our boarding program, alarge number of our students, particularly from Germany and Mexico, come only for one year. While this is not a reflectionof their satisfaction (many actually really wish to return) it does lower our retention rate. In fact, our day retention rate thisyear was 89%, and our boarding retention without the one-year students included was similar – both close to our goal.With the surveying we have done of our parents and students, as well as important changes we have made to some of ourprograms, we hope to see that number closer to our goal for 2012-2013. Similarly, our goal is to decrease our reliance onthe one-year boarding students in future years.

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COMMUNITY ENGAGEMENT Key Performance Indicators 2007 2008 2009 2010 2011 2012 Target

Admission Yield Rate – new students enrolled as a % of the number of students accepted 54 67 70 66 64 71 77

Offers Made per Application –# of students who are offered a position at the school as a % of the total # of applicants 67 74 96 87 82 78 60

Market Demand –# of applications per opening 2.4 to 1 2.1 to 1 1.5 to 1 1.7 to 1 1.6 to 1 1.71 to 1 2.5 to 1

% of alumni making a gift 4 4 2 3 4 3.4 4

% of parents making a gift 16 29 26 48 42 42 65

% of staff making a gift 31 48 55 54 60 81.5 80

% of audience opening PC Connects 53.1 52 50 50 55

COMMUNITY ENGAGEMENT

Healthy schools are characterized by a strong reputation and involvement with their broader community, created through community outreach, encouraging parental and alumni involvement and support and collaborative planning, decision-making and communication.

Commentary: This is such an important area for the long-term success of our school and it is good to see so manyof the indicators improving. With a decreased enrolment to start last year, many efforts were put into effect toincrease the marketing and recruiting efforts this year. Our Admissions Yield Rate shows an improvement in thenumber of families accepting our offer – indicating, among other things, that we are improving in being the schoolof choice of our applicants. The decrease in the number of offers made per applicant is a good thing and revealsthat our improved marketing efforts are resulting in more people applying. It has been a difficult few years for enrolment at independent schools, especially in boarding, so it is encouraging to see these positive trends. We are extremely proud of the leadership our staff shows in contributing to the Annual Fund. This sends anextremely important message to our other constituents – that those who already give so much to the school arethere to give even more. Alumni giving was slightly down, but it still reflects the Canadian average for alumni givingand when the total value of gifts is taken into account, alumni give a disproportionate amount of the donationscoming into Pickering College. Our hope is that this powerful commitment message from staff and the solid backingof our alumni will continue to inspire more parents to support the school through the Annual Fund, knowing thatthose gifts are what make the difference in the programs we can offer their children.


Healthy schools have a solid financial position and a strategic financial plan to ensure long-termsustainability.

FINANCEKey Performance Indicators 2007 2008 2009 2010 2011 2012 Target

Annual Operating Surplus as a % of operating expenses 3.7 4.3 1.6 -1.1 0.2 -4.7 3 – 5

% of Revenue from Parent fees 91 91 90 86.7 85.4 83.4 90

% of enrolment receiving financial aid 6.3 7.6 7.7 6.25 7.4 9.9 23

% Annual rate of return on endowments 6.0 6.1 2.5 3.7 3.6 4.0 6

% Annual tuition increase 4.2 5.0 4.5 2.5 3.9 4.0 N/A*

Annual Fund ($) 214,940 289,926 361,043 387,000 398,000 400,000

Endowment ($) 233,826 229,835 68,911 147,000 190,000 225,000

underreviewunderreview

Commentary: Most of the important commentary regarding our financial position comes in the followingFinancial Accountability section. So there are only a few comments to make here. Strategically, our goal is to diversify our revenue sources and keep the pressure off increasing school fees. This year, our 4% fee increase was the lowest of all of our competitor schools in York Region. With only about 84% ofour revenues coming from fees, the emphasis on fundraising becomes even clearer, as does looking for strategicpartnerships that can assist us in achieving our programmatic goals while containing costs. This continues to be of highest priority for us in the coming years. Fundraising goals were achieved in 2011-2012, despite a smaller student base from which to ask. While the contributions to the Annual Fund go straight into enhancing our programs for our students, our focus also remains on building endowment to ensure the long-term sustainability of the school. It is obvious that the numberof students relying on financial aid is increasing (no surprise given the state of the global economy) and we want to continue to increase our endowment to ensure that good students who might not otherwise be able to affordthe school, can still attend, ensuring a greater diversity of our student body. Two indicators that are not included in these KPIs are our gifts-in-kind, which totalled over $85,000 and plannedgifts (not yet-realized) of almost $2,000,000. (* Annual tuition increases are based on international economic circumstances, the rate of inflation in Canada, and school goals.)

F INANCIAL POSIT ION

19

FINANCIAL ACCOUNTABILITYFor the Year Ending June 30, 2012


MESSAGE FROM THE CHAIR OF THE BOARD

You will see in the attached Financial Statements that the school recognized a significant one-time loss on operations of $499,989 for the financial year ending June 30, 2012.

Going into the school year 2011-2012 the school faced an unanticipated enrolment shortfall.However, this was the first year of the implementation of the promised and necessary strategicplan and the Board, in full consultation with Senior Administration, made a key strategic decision:to continue to invest in the vital strategic initiatives that would ensure the long-term sustainabilityof the program and of the school. This included support for our teachers through salary paritywith the York Region District Secondary School Board, the addition of staff in Guidance and ESLand Learning Services, and a focus on academic excellence through the on-going development ofthe academic program in the areas of 21st century skills, differentiated assessment and evaluationand curriculum design. This investment totalled almost $600,000.

We made this decision based on the belief that implementing these strategic initiatives was aproactive and reasonable measure that would address the issues that led to the enrolment shortfall, that would meet the obligations to our strategic plan and thus our long term viability,and that would meet the commitments we made to our parents. All of these decisions, ultimately,support the best interests of our students.

As you have seen in the previous pages, we have made significant progress as a result of thisinvestment. As a result of our parent survey, PC’s new branding, our new creative marketing strategy, the launch of our new website, and changes to the admissions process all resulted inimproved re-enrolment and increased numbers of applicants and enrolments for September2012-2013. It is our belief that this investment in strategy and support is already paying off.

You will find that the Financial Accountability section that follows explains these decisions in more detail.

Sincerely,

Ian ProudfootChairPickering College Board

21

Overview:The academic year ending June 30, 2012 proved tobe a financially challenging one. In this overview weoutline our targets for the 2012 academic year, theunanticipated enrolment shortfall that created thefinancial challenges, the conscious investments wemade in the strategic initiatives and how we workedour way through the fiscal challenges.

The PC Strategic Plan launched in the Fall of 2010.The planning and budgeting for the 2011-2012 academic year became our first opportunity to support the implementation of strategic plan initiatives. Our budget was created in alignmentwith the strategic plan and was based on the priorities identified through the strategic planningprocess. The school developed a comprehensivestructure with over 70 volunteers to plan and implement the strategic plan, and we used feedback solicited in the development of the strategic plan to help establish the 2011-2012 priorities. Sustaining and building on the strengthsof our community was identified as a key priority.The financial challenge was to balance a significantinvestment in people with the investment in programs, while increasing traditional and new revenue sources, and generating an operating surplus. We continued to use historical trends anddata as well as using key performance indicators on which to base the budget.

For the fiscal year 2012, PC targeted an operatingsurplus of $237,000 (1.8%) before amortization. PC had planned on 423 students (405 students in2011) with 103 boarding students (96 students in 2011) and 320 day students (309 students in2011). To achieve this plan, we needed to have a 70% retention rate for boarding students and to recruit a comparable number of new boardingstudents as we did for the 2011 academic year. Toreach our day student target the plan called for a92% retention rate (90% the year before) and aneed to recruit 10 more day students than the yearbefore with two Grade 7 and three Grade 9 classesplanned. Our recruitment plan was based on historical trends and our current knowledge of our programs and parent feedback.

Our strategic planning process clearly identified that the individualized attention that our teachersprovide to our students is one of the special

strengths contributing to our community. As aresult competitive salaries continued to be a priority.In the 2011 fiscal year we developed a two yearplan for our teachers’ salaries to match the YorkRegion District Secondary School Board’s salary grid by the end of June 2012. Continuing with thatplan was very important.

In addition, the strategic learning planning processidentified that growing our student learning support services was key to future student success.As a result we planned to add a second guidancecounselor, focusing on university placement, and some part-time resources in ESL support andSenior School learning support services.

We also planned to increase our investment in professional development, make facility enhancements to the residences and convert thelibrary to an updated Learning Commons. We also anticipated additional expenses in rebranding PC as result of the strategic plan. On a longer term basis, developing a Facilities Master Plan, aLeader-in-Residence program and the PC LeavingDiploma were a focus for 2011-2012.

To achieve all of this, the budget called for a 4.0%increase in tuition with the introduction of a supplementary English as a Second Language (ESL)fee for students requiring additional support andgrowth in auxiliary program revenue. Tuitionincreases and affordability continue to be a primaryconcern, especially in an economy that remainsunpredictable.

As the recruitment cycle continued throughout the 2011 year, the trends appeared to be in linewith our plan. However, re-enrolment was slowerthan usual with 50 students not meeting our re-enrolment deadline requiring substantially morefollow up. In addition, by late spring the new student trends changed in particular for Grade 7and Grade 9 recruitment. Based on the enrolmentdata PC decided to close one Grade 7 and oneGrade 9 class. PC was able to take advantage of anumber of leaves of absences and a retirement sothat existing faculty members were reallocated toteach other grades. This also generated some salarysavings. Final re-enrolment rates were lower thananticipated and then in previous years. Our day student retention rate was 90% (92% target), andboarding student retention was only 60% (70%

F INANCIAL ACCOUNTABIL ITYFor the Year Ending June 30, 2012


target). We recruited 37 new day students (64 wasthe target) and we recruited 46 new boarding students (55 was the target). In total, our enrolmentwas 87 boarders (103 students was the target) and287 day students (320 students was the target). We were faced with a projected enrolment that was49 students less than the target and 31 less thanthe 2011 actual enrolment.

The challenge was to determine what the operational impact of an enrolment of 374 studentswould be in programming and financially on theschool both on a short and long term basis. Thestrategic priorities and goals that had been set wererevisited in detail to understand the implications ofcontinuing with the implementation of the strategicplan or the implications of deferring those priorities.Multiple budget scenarios were created andreviewed. Programming, staffing, cash flow anddebt levels were all part of the analysis. In addition,the Senior Management team created a plan toaddress the recruitment shortfalls of the 2011-2012academic year.

Our most important decision was to continue with the implementation of the strategies directlyimpacting learning and recruitment initiatives. We agreed that supporting our teachers with competitive salaries and supporting our studentswith additional guidance, ESL and learning supportservices were absolutely necessary. We scaled backor eliminated a variety of other initiatives, includingprofessional development by not growing it andeliminating and reducing some of the facilityenhancements. We continued with re-branding theschool from a marketing and recruitment point ofview, but scaled back the financial resources thatwere originally required and decided to roll out theinitiatives over multiple years.

Completing a comprehensive Parent Survey to identify important information on what motivatedcurrent parents to enroll their children at PC andwhat keeps them as part of our community was thefirst important step in developing our recruitmentstrategy for the 2012- 2013 academic year. We hadover 220 responses to the parent survey which wasoutstanding. The importance of the passion of ourteachers and the individualized attention they showeach and every student came out in every section ofthe survey as well as how useful it was to visit the

school and that it was the teachers that were mostimportant to meet. As a result of this informationand the information learned from our strategic plan process, we developed a new brand platformfocusing on our students/teacher relationship andwe revised our recruitment strategies to drawpotential day students into the school to experiencePC and to meet our teachers. New recruitment initiatives included the “Spend a Half Day” program, an Introduction to Senior School eveningand the Barrie Bus & Breakfast Program. In addition,teachers were more involved in Open Houses. Our2012-2013 student target included two Grade 7and two Grade 8 classes as well as three Grade 9classes, which was key in increasing our enrolmentbase both short and long term.

Our decision to continue to implement key strategicinitiatives resulted in a revised budget targeting an$859K operating deficit (or -6.7%) based on a totalenrolment of 374 students (87 boarders and 287day students). Our actual operating deficiency for2012 is $589K (-4.7%), $270K better than planned.The school focused on the generation of new revenue and was very diligent in expenditure control. To re-establish our student enrolment, afocus on recruitment strategies was required. Interms of the 2012-2013 academic year, our recruit-ment strategies resulted in a 77% retention rate for boarders versus 60% previously and an 89% retention rate for day students versus 90% previously. The school recruited 49 new boardingstudents for September 2012 (46 new students started last year) and 67 new day students forSeptember 2012 (37 students started last year). Forthe 2012-2013 academic year we have two Grade 7classes, two Grade 8 classes, three Grade 9 classesand four Grade 11 classes. Our total enrolment for2012-2013 is 287 day students and 94 boarding students. We also have five Experience Canada students. We are targeting a small surplus for 2013.We are continuing with our investment in marketing,with the launch of a new website in the summer of2012 and new recruitment initiatives, such as the“Introduction to the Middle School” evening.

The school had an outstanding year in studentachievement and programming and in planningaround the strategic plan. We continue to use ourstrategic financial key performance indicators

F INANCIAL ACCOUNTABIL ITY(continued)

23

For the year ended June 30 2012 2011

REVENUE Tuition and other program related revenue $ 10,107,221 $ 10,540,399Auxiliary programs 1,121,472 929,653Investment income from long term investments 188,950 142,732

11,417,643 11,612,784Rental and other income 312,427 334,947Donations and fundraising 370,764 374,545Amortization of deferred educational program contributions 23,007 20,050

Total Revenue 12,123,841 12,342,326

EXPENSESInstructional and co-curricular programs 7,196,004 7,129,186Instructional and residential buildings maintenance 1,792,359 1,752,100Management, administrative and operations 1,176,005 1,166,268Auxiliary programs 727,618 618,429Advancement:

Admissions 451,097 422,575Development 358,361 357,700Alumni and parent relations 135,124 136,386Communications and marketing 221,356 153,549

Arena and grounds 376,406 347,156Scholarships and bursaries 189,500 133,500

12,623,830 12,216,849

Excess (deficiency) of revenue over expenses before items below (499,989) 125,477

Interest expense on long-term debt (89,366) (105,019)Amortization of property, buildings and equipment (369,523) (371,484)Deferred capital contributions 48,945 50,536

(409,944) (425,967)

Deficiency of revenue over expenses before net gain (loss) (909,933) (300,490)

Net gain (loss) on investments (78,635) 339,067Excess (deficiency) of revenue over expenses for the year $ (988,568) $ 38,577

The above Statement of Operations is an excerpt from the complete Audited Financial Statements. Complete Audited Financial Statements, including notes are available upon request from the school's Business Office.

STATEMENT OF OPERAT IONS


to set our budgets, monitor trends and measure our success.

Audit and Year End Results:The 2012 audit was successfully completed by Grant Thornton. As you review PC’s 2012 auditedfinancial statements, please note that the auditorshave provided a clean opinion and that we haveadopted the new accounting standards for not-for-profit organizations as of June 30, 2012, ayear earlier than required. With the adoption ofthese new standards, we chose to revalue our land.Our land value has been restated to the fair marketvalue as of July 1, 2010, which will more accuratelyreflect the value of the school’s assets. The changesare detailed in the full audited financial statements.

For the 2012 year, PC is reporting an operatingdeficit of $499,989 before long term debt expensesof $89,366 and net amortization costs of $320,578.In summary, after deducting the long term debtexpenses and amortization costs, PC is reporting adeficiency of revenues over expenses of $909,933($300,490 in 2011). We have already spoken aboutthe investments made in the strategic plan in theoverview, but to quantify the investment in staffwith the salary increase to match the York RegionDistrict Secondary School Board and the additionalstudent learning support service resources, $560,000 was required and an additional $40,000in Communications, for a total investment of$600,000.

The 2012 operating results are before capital expenditures. During 2012, there were four capitalprojects underway for a total budget of $275,000.These projects included the upgrading of the Libraryto a Learning Commons, the creation of additionallaundry room in New House, the development of aFacilities Master Plan, and we continued with ourannual purchase of 25 laptop computers as part ofour continuing technology replacement plan. Wedeferred the upgrading of Rogers House front halland the creation of a Leader-in-Residence space.These projects totaled $178,940. In total, capitalexpenditures were under budget by almost$96,000, however there will be more spent on the Facility Master Plan in 2013, to complete theproject. In addition, PC focused on long term debt repayment for the kitchen, servery, and

student lounge construction and on the capital lease repayment of the Zamboni and arena dehumidifiers.

RevenuesIn 2012, PC reported total tuition and other program related revenues of $11.4 million on 374 students. This compares to $11.6 million on405 students in 2011.

2012 actual enrollment was 374 students consistingof 87 boarders and 287 day students. This was adecrease from 2011 where we had 405 students ofwhich 96 were boarders and 309 were day students.Of the $11.4 million, $10.1 million represents thetuition and fee revenue. Tuition and fee revenuedeclined $433K from 2011, which reflects 31 lessstudents, but we had a 4% tuition increase, whichreduces the revenue impact of the lower enrolment.Auxiliary program revenue has grown by 21% toreach $1.1million, a $192K increase over 2011($929K). This increase is credited to a very successfulESL Summer Camp with 101 campers (47 campersin 2011), a new two-week Soccer Camp and a newESL support fee. We continue to strive for diversifiedrevenue sources.

In terms of diversifying our revenue sources, a targetof 90% of total revenue is to come from tuition andfees and 10% from other sources is the nationalbenchmark. In 2012, parents paid tuition and feesrepresenting 83.4% (85.4% in 2011) of PC’s totalrevenue. Auxiliary programs increased to 9.2%(7.5% in 2011), investment income represented1.6% (1.2% in 2011) and donations and fundraisingrevenue was 3.2% (3.2% in 2011) of total income.Finally rental and other income represented 2.6%(2.7% in 2011) of total income.

During 2012, there continued to be a focus onbuilding the school’s philanthropic culture. With the 2012 year being a Gala year it was a very busyyear. With a very dedicated volunteer group and PCcommunity a total of $633,000 was raised, whichwas a decrease from the $747,000 raised in 2011but was consistent with the $630,000 raised in2010. In 2012 we did not have an active capitalcampaign as we had in 2011 (raised $159,000 incapital) and 2010 (raised $102,000 in capital) withthe Pillars Restoration. Our 2012 funds raised can be broken down as follows:


25

BALANCE SHEET

For the year ended June 30 2012 2011

ASSETS Current assetsCash and term deposits $ 4,547,885 $ 4,743,960Tuition, board and fees receivable 1,779,963 1,560,473Inventory 194,149 151,093Prepaid expenses and deposits 181,544 190,354

6,703,511 6,645,880

Long term investments 4,277,851 4,297,158Property, buildings and equipment 25,910,080 26,024,347

$36,891,442 $36,967,385

LIABILITIES AND NET ASSETS

Current LiabilitiesAccounts payable and accrued liabilities $ 1,894,440 $ 1,540,908Deferred revenue 9,241,020 8,544,966Students’ personal service deposits 22,000 25,000Current portion of obligations under capital lease 16,604 27,849Current portion of loan payable 225,000 225,000

11,399,064 10,363,723

Deferred contributions 2,427,596 2,456,501Obligations under capital lease 0 16,604Loan payable 1,125,000 1,350,000

14,951,660 14,186,828Net assetsInvestment in property, buildings and equipment 22,480,671 22,293,144Internally restricted 78,252 78,252Restricted for endowment purposes 3,871,948 3,802,790Operating reserve (4,491,089) (3,393,629)

21,939,782 22,780,557

$36,891,442 $36,967,385

The above Statement of Operations is an excerpt from the complete Audited Financial Statements. Complete Audited Financial Statements, including notes are available upon request from the school's Business Office.


• $401,000 was raised through the Annual Fund of which $371,000 was in unrestricted giving,

• $225,000 was donated to endowments,

• $7,000 was raised in support of The PillarsRestoration project.

In partnership with a dedicated Development teamthere are thousands of volunteer hours contributedby our parents and alumni that make these resultspossible. In addition to this, there have been manydonations of gifts-in-kind. In 2012, PC received anestimated $85,000 in gifts-in-kind including our fabulous outdoor signage and many other itemswhich especially contribute to the success of ourspecial events.

With respect to the Annual Fund, including participation in events supporting the Annual Fund,our Board of Directors continue to lead the waywith 100% participation followed by 74% of theCorporation currently contributing. Faculty and staffparticipation has grown by 21.5% to reach 81.5%,parents have a participation rate of 42% and 3.4%of our alumni contribute to the Annual Fund. Inaddition, please note that Alumni giving accountsfor 44% of the total dollars raised.

Endowments in 2012 grew by $225,000, mostnotably with the establishment of three new funds; the Barney Jackson memorial fund, the 25th anniversary celebration fund in honour ofPeter Sturrup’s 25 years of service at PC and the Don Menard memorial fund. The 2012 graduating students and their families added to the endowments through the Class of 2012 Fund.

Long term investment income earned during 2012totaled $173,000 ($141,000 in 2011). The longterm investment portfolio earned a 4.0% rate ofreturn in 2012 as compared to 3.6% in 2011. Thisrate of return is holding steady, but is still short ofour target of 6%. It should be noted that of the$173,000 of investment income, $49,000 was paid in management fees. In total, $188,950($142,000 in 2011) was withdrawn to fund awarded scholarships and bursaries and otherendowed purposes.

Rental and other income of $312,000 in 2012 hasdecreased slightly from $335,000 in 2011 primarilyas a result of less short term interest income and less facilities rentals as we had the filming of The

Kennedy’s mini series in 2011. The 2012 budget for rental and other income was $288,000.

Deferred educational program revenue representsthe recognition of donations that have been givenfor specific purposes. In 2012, PC recognized$23,000 ($20,000 in 2011) in revenue, primarilyfrom donations in support of faculty professionaldevelopment, prizes and awards, Learning SupportServices, Junior School programming and more. The amount to be recognized varies from year toyear depending on the donations received.

Overall total revenue has declined by $216,000 or1.8%.

ExpendituresInstructional expenses totaled approximately $7.2million in 2012, which was a 1% increase from2011. PC spends approximately 57% of its totaloperational budget on direct instructional and co-curricular program costs with salaries and benefits representing 77% of that total. As we previously discussed, our priority for 2012 was tocontinue with the 2011 plan to support our staff byre-establishing competitive salaries. In particular, forour teachers, we developed the two-year plan tomatch the York Region District Secondary SchoolBoard’s salary grid. We ended the 2011 academicyear with faculty salaries at 98% of the York RegionDistrict Secondary School Board’s Salary grid. With a phased increase plan, we reached 100% of theYork Region District Secondary School Board’s salarygrid, by June 2012.

Scholarships and bursaries increased over the previous year, with 9.9% (7.37% in 2011) of ourstudents receiving financial aid, which is below theCanadian benchmark. Students received an averageaward of $11,973 ($11,338 in 2011), which is competitive with the Canadian benchmark. As our endowments grow, our ability to award morescholarships and bursaries will also increase. Ahealthy endowment and a strong financial aid program are a key strategy to attracting and retaining mission-appropriate students and potentially relieving tuition increase pressures and affordability concerns for families in the future. Once again, this focuses attention on ourfundraising and donations program as that is howwe grow our endowments.


27

As at June 30 2012 2011

SCHOLARSHIPS AND MEMORIAL FUNDS

1985 bursary fund $ 100,100 $ 100,100

Harry M. Beer memorial fund 285,670 280,051

C.R. Blackstock 104,065 104,065

Richard Hayden memorial fund 25,000 25,000

Helen and Henry Jackman fund 179,126 179,126

Kirshenblatt and Miller fund 25,000 25,000

Gertrude L’Anson fund 35,000 35,000

Joseph McCulley memorial fund 327,920 325,720

R.S. McLaughlin memorial fund 200,000 200,000

Harvey Ng bursary fund 50,014 25,014

The Robert and Shirley Prittie bursary fund 287,734 250,651

Promise fund 103,779 94,642

Gerry and Anita Smith fund 50,276 50,826

Spring Family Scholarship fund 1,138,348 1,113,986

Peter Widdrington memorial fund 163,295 159,610

Barney Jackson memorial Fund 100,000 0

Other 224,392 312,956

3,399,719 3,281,747

OTHER ENDOWMENTS

Allan family fund 145,267 145,043

Cyril Howarth memorial fund 10,804 10,804

Eric Veale memorial arena fund 41,676 36,676

Josh Weinzweig memorial fund 47,903 43,016

25th anniversary celebration fund 25,300 0

Other 5,000 5,000

275,950 240,539

Unrealized gain (loss) on restricted endowment funds 196,279 280,504

TOTAL $ 3,871,948 $3,802,790

The scholarship and other endowment funds represent accumulated donations to the School which have been externally restricted for endowment. Funds with a balance of at least $25,000 are shown indvidually, and all of the other scholarship funds are grouped together as Other. The Other includes the Cummer, Allen Drevnig, Al Jewell, Don Kellock, Craig McGillivray, Don Menard, J.B. Mossop, Don Race, Jack Rayner, Donald Stewart, War, and Mary E. White funds.

ENDOWED FUNDS


Advancement costs (Admission, Development,Alumni and Parent Relations and Communications)have grown by 9% over last year, totaling$1,165,938 ($1,069,710 in 2011). The focus,through the Communications and AdmissionDepartments, was on revising PC’s brand as a resultof the strategic plan and the development of newmarketing materials as well as more advertising andother recruitment initiatives to support an increased enrolment for the academic year 2012-2013.

Facility costs for 2012 were approximately $1.8 million, which is $40,000 higher than 2011. In 2012, facilities staff had the same salary percentincrease phased in over the year, and we did needsome additional part-time help in the summer and during busy school periods. However with theimplementation of our boiler controls, we were able to save money on our heating and overall, ourutilities were $10K lower than 2011. In addition,our insurance coverage was $10K less than in 2011,with the change in carrier.

Management, administrative and operational costsincreased less than 1% with the same salary increasefor staff. Other administrative costs were less than2011. This line includes costs in relation to the operation of the Headmaster’s office, AssistantHeads, Business Office, Human Resources andReception. In addition, school-wide infrastructurecosts are charged here and professional fees, such as legal and audit fees are reflected in this cost centre.

In addition, PC continues to repay the fixed rateterm loan with the Bank of Montreal. We repaid$225,000 this year and have an outstanding balance of $1,350,000. The interest incurred for2012 was $90,000 versus $105,000 in 2011.

Liquidity and Net AssetsPC’s cash and cash equivalents have decreasedslightly over last year. Our overall cash and cashequivalents totaled $4.5 million at the end of 2012 ($4.7 million in 2011). PC continues to monitor cash flow.

In reviewing the balance sheet, please note thattotal assets have been restated to reflect the fairmarket value of PC’s land as at July 1, 2010. You will notice that our total assets are consistent atalmost $37 million. PC’s long-term investments

have decreased slightly with their market valuebeing $100,000 less than in 2011. PC’s endowmentfund investments are managed by Jarislowsky FraserLimited, TD Waterhouse and Bissett Management.Our fixed assets have decreased as we depreciate all of the capital work recently completed and havelimited capital projects again in 2012. In terms of the liabilities, overall they have increased by over $1 million with deferred revenue and accountspayable being more than 2012.

Overall, net assets have decreased to a total of$21.9 million. Our investment in property, plantand equipment has grown by the capital projectscompleted and our endowments have grown withdonations. The operating reserve has decreasedfrom ($3,393K) to ($4,491K) at the end of June2012. This change represents the BMO loan repayment of $225K, the capital lease repayment of $28K, unfunded capital projects of $255K and a $589K operating deficit. Improvements in the negative operating reserve will result from annual operating surpluses, but further capitalexpenditures that are not funded by donations and the repayment of the loan will increase thenegative reserve.

ConclusionOverall, 2012 was a very challenging year from afinancial point of view but an exciting year from astrategic planning point of view. As a group, theBoard of Directors and Senior Management teamhave committed to implementing PC’s StrategicPlan. It is the combined belief that by continuing to invest in our strategic plan, we will see animprovement in our program, student achievementand enrolment. As we go forward, it is imperativethat we target operating surpluses and focus onlonger term sustainability initiatives.

We will need to continue to work together to seizethe opportunities that lay ahead and fulfil the goalsof our mission, vision and strategic plan. We have a fantastic team here at Pickering College, made upof parents, past parents, alumni, students, faculty,staff, Corporation members and the Board ofDirectors. We will need to continue to work togetherto seize the opportunities that lay ahead and fulfilthe goals of our mission, vision and strategic plan.


Since 1842, the guiding values upon which

Pickering College was built have remained constant.

� COMPASSION

� COMMUNITY

� INTEGRITY

� RESPECT

� RESPONSIBILITY

OUR VISIONTo be a school that develops citizens who becomeethical, compassionate, values-based decision-makers,determined to make the world a better place, understanding their responsibility to serve society and knowing the future is theirs to create.

OUR MISSIONTo be a leader in education, inspiring individuals to become enlightened citizens who meet high standards for lifelong growth and learning.

Our students exemplify Quaker values, gaining the vision, courage and skills to make their community greater, better and more beautiful than they discovered it.

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Pickering College, 16945 Bayview Avenue

Newmarket, ON L3Y 4X2 Canada

Web: www.pickeringcollege.on.ca

Email: [email protected]

Voice: 905-895-1700

Fax: 905-895-8916

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