kingsway college school annual report and donor tribute 2014-2015

KINGSWAY COLLEGE SCHOOL

ANNUAL REPORT AND DONOR TRIBUTE 2014‐2015



Page 1

NEVER GIVE UP ON YOUR DREAMS

Over the course of last year’s third term, each student at KCS completed a piece of art that

reflected their dreams for our annual Arts Matter showcase. It was fitting that the theme

chosen was dreams. Dreams are big ideas. Something we want to achieve. Something we

want to chase. They are lofty aspirations that can be difficult to achieve. Many times before

you reach your dream, however, there may be challenges and disappointments.

Many members of the KCS community have a dream about building a Senior Campus for KCS

that we hope to realize for the Etobicoke community in the coming years. It is not an easy

project, but nothing in life that is worthwhile ever is. Our dream is backed by human and

financial resources, goals and action plans that are the cornerstone for turning dreams into

reality. Our project has made much progress but to date, we have not been able to secure the

properties we desired. But our dream has not changed. Disappointments and challenges will

sometimes get in the way of your dreams, but in those instances you need to double your

efforts and move past them.

The Founders of our school had a dream back in the late 1980s to open a school, and in 1989

our school opened as a result of that dream with 50 students, 10 staff, and about a quarter of

the space we have now. In 2015, we now have just under 400 students, 65 staff, and about four

times the space we had back in 1989. The Founders never gave up on their dream of an

independent school in Etobicoke, and the current KCS community won’t give up on the dream

of a KCS Senior Campus.

Always continue to dream about a better future for yourselves and the world, and work hard to

make those dreams come true. Some may call dreams unrealistic and ideal. At KCS we know

that dreams can change the world.

Eleanor Roosevelt once said: “The future belongs to those who believe in the beauty of their

dreams.” Armed with the knowledge, skills and learning provided at KCS, there are no dreams

that are out of our students reach.

Derek Logan

Head of School

Paul Vessey

Chair, Board of Governors

Christine Nordal

Treasurer, Board of Governors



Page 2

2014‐2015 HIGHLIGHTS

MUSICAL PRODUCTION OF ANNIE 250 students, staff and parents were involved in last year’s successful production.

NEW ARTISTS-IN-RESIDENCE PROGRAM SUCCESS ThinkLink Graphics were selected for the first artist‐in‐residence because their process included visual art, media art, music and dramatic arts. Funded by the KCS community, this new initiative engaged students from PK to Grade 8.

MUSIC THROUGHOUT THE SCHOOL • Christmas concert

• Conference of Independent Schools Music Festival (CISMF)

• Band participation

• Rock band on Plaza

• Wake Up With the Arts

• End of school year concert

OUTDOOR CLASSROOM AWARD In January Bienenstock Natural Playgrounds won a Landscape Ontario Award in the Special Interest Construction category for our amazing outdoor classroom. The space was a winner in our books from day one!



Page 3

2014‐2015 HIGHLIGHTS continued

TECHNOLOGY UPDATE • The introduction of iPads in our youngest grades gave our

students greater access to individualized learning, and allowed KCS to pilot and explore creative applications

• The addition of laptops to grade 3 and full access in grade 4 allowed all students to better leverage what technology offers

• Lexia’s online interactive reading program was piloted in the primary division

• KCS piloted Sesame, an online portfolio, to capture and share learning in the Early Learning Program

CITIZENSHIP CURRICULUM MAPPING • The map shows what citizenship looks like at KCS and what

students are learning

• The document changes and grows from year to year as teachers innovate and integrate citizenship into the curriculum

• The mapping process uses the map to fuel review and improvement of citizenship curriculum, a process which will continue in the 2015‐2016 school year and beyond

STUDENT WELLNESS PROCEDURES CREATED • A mental health student support plan

• By following the KCS Student Wellness Procedures, staff can help the majority of our students learn to deal with the everyday struggles they experience and get the appropriate help before a crisis



Page 4

2014‐2015 HIGHLIGHTS continued

SPORTS PROGRAMMING • While participation is what really counts, for a small school our

accomplishments continue to impress

• KCS was PSAA U14 touch football champions and PSAA Overall Swim champions, and in the CISAA our U13 Boys were champions as was our junior cross country team

• Our faculty’s commitment to supervise at least 3 clubs and teams over the year allowed students opportunities to participate in over 35 clubs and teams each term

EXTRA-CURRICULAR OPPORTUNITIES • A multitude of extra‐curricular opportunities continue to further

enrich student learning in the areas of all Four Doors



Page 5

2014‐2015 GRADUATING CLASS

The KCS education program continued to prepare graduating students for one of their next

challenges: acceptance into a high school.

Once again, all 2015 graduating students were recognized by other schools for the wonderful

individuals they had become and for the sixteenth straight year, all students from the Class of

2015 received acceptance into a high school of their choice.



Page 6

FINANCIALS

School management, the Finance Committee and the Board continued to monitor expenditures

through budgeting and financial planning that are focused on financial sustainability. Our

audited financial statements are posted in the Appendix of this Annual Report.



Page 7

FUNDRAISING

Thank you to all who participated in our Annual Giving campaign last year. With 49% parent,

100% Board and 94% faculty/staff participation we were able to surpass our goal of $185,000 by

17%. The complete 2014‐2015 Donor Listing can be found by clicking on this link and as an

Appendix in this Annual Report.

Please watch this video to hear more about how community generosity impacted our students,

faculty and school.

Total fundraising efforts for 2014‐2015 raised over $374,000 for the school.

https://www.kcs.on.ca/CommunityImpactandDonorListing

https://www.kcs.on.ca/CommunityImpactandDonorListing

https://youtu.be/PIV_FhbsiCs



Page 8

KCS PARENT NETWORK

The Parent Network is very proud to be a part of the KCS community and to have the

opportunity to directly contribute to the growth and development of KCS students. All of

our initiatives served three key strategic goals:

Enhance the KCS student experience;

Build awareness of the Parent Network and the role that we play within the school and

external community;

Encourage engagement amongst new and existing volunteers.



Page 9

KCS PARENT NETWORK continued

In 2014‐2015, the Parent Network (PN) delivered a number of new and expanded initiatives in

direct support of its key mandate including:

An enhanced dance‐themed BINGO night for Gr. SK‐5

A new Speaker Series dedicated for all students entitled ‘#KCS_Talk That Matters”

Reason for the Season ‐ a community give‐back initiative delivering gift baskets to those in

need

KCS Has Talent ‐ end of year talent show and lip sync

Newly launched Volunteer Appreciation Week

A welcome initiative and branded content to support orientation for New Families

Closer liaisons with the KCS Board via knowledge share/meetings with Board representative

In addition to these new initiatives, the PN successfully delivered many other successful events

and programs including, but not limited to: Welcome Back BBQ, special lunches, milk program,

magazine sales, Mabel’s Labels, Family Bingo, Grandparents Day, the Spring Showcase, the

annual musical, graduation dinner and staff appreciation.

To ensure best practices and to support a strong succession model, the PN Executive also

worked to build a volunteer handbook to attract, guide and retain volunteers in the years

ahead.

From a financial standpoint, the PN achieved net proceeds of $3,128.71 via key programs and

the Legacy Fund had a closing balance, effective May 31, 2015 of $119,604.17.



Page 10

KCS PARENT NETWORK continued

The following is the list of Parent Network Executive members and volunteer coordinators from

July 1, 2014 to June 30, 2015.

PARENT NETWORK EXECUTIVE 2014-2015 Co-Chairs: Jenn Butters and Sarah Renaud Secretary: Heather Comba Communications: Carolyn Koziskie Core Services: Tina Green School Store ‐ Tina Green Milk ‐ Ramona Dico Special Lunches ‐ Kim Brooks, Alix Sharman Special Sales ‐ Renata Zychla Decor ‐ Leila MacDonald Holiday Event ‐ Kate Wallace, Ka e Henderson Class Parent Program: Natalie Pusateri Class Parents ‐ Natalie Pusateri HR: Susan Mazan Volunteer Recruitment ‐ Susan Mazan Volunteer Training ‐ Susan Mazan Volunteer Recognition ‐ Natasha Hughes Germain

Social/Community: Sanyo Lue‐Kim Welcome Back BBQ ‐ Karen Hales, Hao Nguyen BBQ Volunteer Coordinator ‐ Samantha Dugas Speaker Series: Encouraging Dialogue ‐Chris na Semler KCS Has Talent ‐ Dinah Farah Staff Apprecia on ‐ Chris ne Ki el Bingo ‐ Vanessa von Eicken Grandparents' Day ‐ Elena Poulos & Samantha Dugas New Families: Dinah Farah Open Houses ‐ Kit Fraser Assessments ‐ Anoushka Freybe Host Families ‐ Jenn McLaughlin PK‐3 New Families Welcome Event ‐ Kit Fraser, Samantha Dugas Student Experience/Four Doors: Tracy Russell Grandbuddies ‐ Leesa Daymond Terry Fox / Ooch ‐ Andrea Pearson Musical ‐ Deb Lamb Athle cs ‐ Wilma Ammendolia Birthday Book ‐ Jill Whelan #TTM (Talk That Ma ers) / End of Year Student Event ‐ Alison Bell



Page 11

BOARD OF GOVERNORS

The KCS Board of Governors continued to focus our work on the three key strategic areas that

were identified in the 2010‐2015 strategic plan: Developing Lifelong Learners, Building our

Brand and Ensuring Financial Sustainability. We continued to revisit our strategic directions,

confirm our commitment to our Early Learning Program at KCS, and solidify a transition plan for

the school that would take us to the opening of our future Senior Campus.

The following is the list of Board and Committee members from July 1, 2014 to June 30, 2015.

BOARD MEMBERS

Laura Barker

Alan Bowman

Brian Burlacoff, Vice Chair

Val Connor

May Cunerty

Jennifer Deschenes

Roma Dubczak

Aman Gupta

Laurie Hay

Diane Kazarian

Lachlan MacLachlan, Secretary

Glenn Martin

Christine Nordal, Treasurer

Susan Richardson

Paul Vessey, Chair

EXECUTIVE COMMITTEE

Brian Burlacoff, Vice Chair

Derek Logan, Head of School

Christine Nordal, Treasurer

Paul Vessey, Chair

FINANCE COMMITTEE Allen Church May Cunerty Dinaz Dadyburjor Andrea Fanjoy Anne‐Marie Jarman Diane Kazarian Derek Logan Leila MacDonald Hallie McClelland Christine Nordal, Chair Paula Smith

ADVANCEMENT COMMITTEE Brian Burlacoff Jenn Butters Jamie Cameron Jennifer Deschenes Derek Logan Glenn Martin, Chair Hallie McClelland Leanne Mergelas Mike Tevlin



Page 12

BOARD OF GOVERNORS continued

GOVERNANCE & NOMINATING COMMITTEE

Alan Bowman

Anne‐Marie Jarman

Derek Logan

Lachlan MacLachlan, Chair

Susan Richardson

SENIOR CAMPUS COMMITTEE Frank Bajt Amy Benson Alan Bowman, Chair Jenn Butters Gord Cook Greg Dunn Andrea Fanjoy Anne‐Marie Jarman Derek Logan Hallie McClelland Paul Vessey



Page 13

APPENDIX A – 2014‐2015 DONOR LISTING

* indicates those families who have donated consecutively for the last five years

PK DONORS

32% participation

The Atkin Family

The Gouveia Family

Peter Wilcox and Lindsay Neidrauer

Zissopoulos Family

3 Anonymous Donors

JK DONORS

44% participation

Alan Bowman and Jasmine Akbarali

Robert Corstorphine and Ana Maria Llanos

The D'Ambrosio Family

Kristine and Ben Dollard

Jeff and Jennifer Feeney

The Gesualdi Family

MacLellan/Jay Family

Adam and Allison Sinclair

Darren and Christine Sumarah

The Tan Family

Mr. Albert Varela and Ms. Dagmar Radwan

Mark and Jennifer Wall

SK DONORS

40% participation

The Atkin Family

Sean and Poppy Bailey

Robert and Kit Fraser

The Iantorno Family

Brian and Jenn McLaughlin

The Pollett Family *

Michael Smitiuch and Jennifer Hilb

Whelan/Graves Family

Zissopoulos Family

3 Anonymous Donors

GRADE 1 DONORS 64% participation Paul Bottero and Ruth Wethers Jamie and Leah Bras Antonio Colavita and Jennifer Samarzija Robert Corstorphine and Ana Maria Llanos Pat and Jennifer DiCapo Marc and Daria Di Corrado Greg and Heidi Dunn * The Gesualdi Family Glenn Martin and D.J. Miller * Doug and Alexandra Murphy David and Nina Piatek Jason Squire and Anita Gandhi Daniel and Alexandra Tosello * 3 Anonymous Donors

GRADE 2 DONORS 57% participation Sean and Poppy Bailey Pat and Jennifer DiCapo Daniel and Ramona Dico Greg and Heidi Dunn * Tom and Linda Gajer * Bob Smith and Alison Garnett The Iantorno Family Vincent and Vanessa Iarocci The Mazan Family Brian and Jenn McLaughlin Mr. Silvano Pin and Ms. Joeanne Bortolussi The Pollett Family * Nicolas Poulos and Leila MacDonald Robert and Sarah Renaud The Smith Family The Symons Family The Tan Family Whelan/Graves Family The Wilson Family 2 Anonymous Donors



Page 14

GRADE 3 DONORS

50% participation

The Alexanders *

Dan Elder and Jennifer Butters *


The Freybe‐Connell Family *

Griff and Sarah Henderson *

Rob and Andrea Kerton

Robert and Christine Kittel

Victor Korotky and Roma Huculak

The Laurin Family

Neil and Cecilia Loppe

Tibor Madjar and Brenda Mah‐Madjar

Doug and Alexandra Murphy

David and Nina Piatek

Peter Seccareccia and Terri Bressi

Adam and Allison Sinclair


Thomas Vesz and Jennifer Marks

David and Kate Wallace * 1 Anonymous Donor

GRADE 4 DONORS

64% participation

Dave and Laura Barker

Doug and Alison Bell

Amy Benson

Alan Bowman and Jasmine Akbarali *

The Breen Family

Rob and Tina Chafee

Kevin and Kelley Dalton *

Pat and Jennifer DiCapo

Marc and Daria Di Corrado

The Dymond Family


Glendon and Philippa Flint

Whelan/Graves Family

Ross Sinclair and Diane Kazarian *

GRADE 4 DONORS CONT. The Mazan Family Eugene Mazzuca and Cori Kalinowski Brian and Jenn McLaughlin The Melchior Family Robert Nicol and Bronwen Evans The O'Flaherty Family Scott and Andrea Pearson Robert and Sarah Renaud Ricardo and Rolande Sarabia The Semler Family * Jason Squire and Anita Gandhi Silvano Trinca and Janine Mulhall Peter and Renata Zychla

GRADE 5 DONORS 51% participation Bill and Nancy Balan * Dave and Laura Barker Brian, Lisa, Aaron and Noah Burlacoff * The Dadyburjor Family The Dockrill Family Myron Dzulynsky and Larissa Derzko‐Dzulynsky * Greg and Heidi Dunn * The Freybe‐Connell Family * Jennifer and Barry Hillier Rob and Andrea Kerton Robert and Christine Kittel Cameron and Carolyn Koziskie * Paul and Elizabeth Langill * Na Liu and Rui Fu * David Lund and Heather Beamish Doug Noe and Janice Buskard * Ian and Heather Palm * David and Nina Piatek The Smith Family Kevin Young and Kerstin Lack The Wilk Family *



Page 15

GRADE 6 DONORS

44% participation

The Alexanders *

Doug and Alison Bell

Gregory Betty and Karen Crich *

David Ceolin and Victoria Birkett *

Dan Elder and Jennifer Butters *

Cosimo and Maria Fragomeni *

The Friesema Family *

Griff and Sarah Henderson *

The Laurin Family

Tibor Madjar and Brenda Mah‐Madjar

The Pearson/Wedgbury Family

Scott and Jennifer Rogers

The Semler Family *


The Symons Family

David and Kate Wallace *

Oleg Zamer and Olena Nehrych *

1 Anonymous Donor

GRADE 7 DONORS

61% participation

Sean Amato‐Gauci and Natalie Pusateri

Bill and Nancy Balan *

Dave and Laura Barker

Greg Belbeck and Janice Fukakusa *

Alan Bowman and Jasmine Akbarali *

Brian, Lisa, Aaron and Noah Burlacoff *

The Dockrill Family

Tom Donnelly and Lise Lacroix

The Dubczak Family *

Bob Smith and Alison Garnett

Jeff and Tina Green *

Victor Korotky and Roma Huculak

Judy Kovacs and Family

Chris Matson and Sally Chown

GRADE 7 DONORS CONT. The Mazan Family Eugene Mazzuca and Cori Kalinowski Rory and Dina McCaw The Melchior Family Douglas and Lesley Perry Daniel and Alexandra Tosello * The Vanden Broek Family * The Vessey Family *

GRADE 8 DONORS 49% participation The Aristone Family Doug and Alison Bell David Ceolin and Victoria Birkett Myron Dzulynsky and Larissa Derzko‐Dzulynsky * The Cunerty Family * Kevin and Kelley Dalton * The Dockrill Family The Fogolini Family * Mark and Laraine Giacomini * The Kupka Family * Glenn Martin and D.J. Miller * Doug Noe and Janice Buskard * Ian and Heather Palm * Don Raymond and Jennifer Keenan * Pavel Shpilevskiy and Victoria Shpilevskaya The Suboch Family * Laura Tamblyn Watts and Michael Tamblyn Jeff and Nancy Wilker * Kevin Young and Kerstin Lack Wayne Evans and Luba Kelebay



Page 16

FACULTY/STAFF DONORS

94% participation

Michelle Barchuk *

Trish Borg

Julie Clement *

Dahlia Daley

Bonnie De Kuyper

Meghan DeCaria

Tamara and Gary Drummond

Heather Dulmage

Judy Dunn Hoggarth *

AnnaMaria Esposito

Andrea Fanjoy *

Sherri Field

Foula Filipopoulos

Lise Filippelli

Sharon Freeman

Shelley Gaudet *

Andree Giguere *

Anatoli Guelfgat

Rachel Hasen

Bob Hayes

The Hill Family

Karrie Holyck

Lorna Hooper

David Kim *

Irina Klimenko

The Kolozetti Family *

Lise Lacroix

Derek and Heather Logan

Vanessa Lopes Jenn MacDonald * Jackie Madigan Mark Magee Stacy Marcynuk * Graham and Kimberly Marshall * Jessie Mauceri Hallie McClelland Leanne Mergelas *

FACULTY/STAFF DONORS CONT. Vanessa Milburn Jessica Morgan * Matina Mosun Ali Murphy * Heather O'Doherty The Pollett Family Lucy Rizzuto Kerrie Robins * The Sawyer Family * Kate Silverberg Shelley Smith * Kirsten Tenebaum * Kelly Tobiason Antoinette Tucci Ferrari Laryssa Tyson * The Waldman/Goldsbie Family * Lisa Woon 5 Anonymous Donors

ALUMNI, FOUNDATION AND FRIEND DONORS Peter and Marilyn Balan Jamie Cameron The DiCapo Family Foundation The Hunt Family Charitable Foundation Doug Kellar and Laurie Hay * Lachlan and Doris MacLachlan * Greg and Christine Nordal * Susan Richardson and Family * Tom and Nancy Sawyer * The Tevlin Family * The WB Family Foundation Peter Zissis and Rosa Del Campo *

The Polar Foundation *



Page 17

APPENDIX B

For a detailed account (including fundraising activity) for the year ended June 30, 2015 please

see below the Financial Statements of St. George’s (Islington) Church Nursery School Inc.,

covering the period July 1, 2014 to June 30, 2015.



Page 18

Kingsway College School

4600 Dundas Street West

Tel 416‐234‐5073

www.kcs.on.ca

Financial Statements of

sT. GEORGE'S (ISLINGTON) CHURCHNURSERY SCHOOL INC.

(Operating as Kingsway College School)

June 30,2015

Mclean & Naray LLP

Ch a rte red P rofes si o n a I Acco u nta n ts

INDEPENDENT AUDITOR'S REPORT

To the Governors of ST. GEORGE'S (ISLINGTOI$ CIIIIRCH NURSERY SCHOOL INC.

We have audited the accompanying financial statements of ST. GEORGE'S (ISLINGTON)

CHIIRCH NURSERY SCH-OOL INC. which comprise the statement of financial position as at

June 30, 2015 and the statements ofrevenues and expenses, changes in net assets and cash flows

for the year then ended, and a summary of significant accounting policies and other explanatory

information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements

in accãrdance wittr Canadian accounting standards for not-for-profit organizations, and for such

internal control as management determines is necessary to enable the preparation of the financial

statements that are free from material misstatement, whether due to fraud or error.

Auditor's ResponsibilitY

Our responsibility is to express an opinion on dit' We

conductìd ou, uúdit in acóordance with Cana Those

standards require that we comply with ethical audit to

obtain reasonable assurance âbôut whether t material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the hnancial statements. The procedures selected depend on the auditor's

judgment, including the assessment of the risks of material misstatement of the financial

îtatãments, whethei due to fraud or error. . making those risk assessments, the auditor

considers internal control relevant to the entity's preparation and fair presentation ofthe financial

statements in order to design audit procedures that are appropriate in the circumstances, but not

forthe purpose of expressing an opinion on the effectiveness of the entity's internal control' An

audit also^ includes' evalua:ting ih. app.opriateness of accounting policies used and the

reasonableness of accounting eltimates maOè Uy management, as well as evaluating the overall

presentation of the financial statements'

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion'

5160 Éxplorer Drive, Unit 29

Mississauga, Ontario L4W 4T7

t 647 725 6000r 647 7256001

www.mcleannaray.ca

-1-

INDEPENDENT AUDITOR'S REPORT, continued

Opinion

In our opinion, these financial statements present fairly, in all material respects, the financialposition of ST. GEORGE'S (ISLINGTOI$ CIIURCH NITRSERY SCHOOL INC. as at June

30,2015, and its financial performance and cash flows for the year then ended in accordance

with Canadian accounting standards for not-for-profit organizations'

t\nanen" Å1f1û,r ort LL P

CHARTERED PROFES SIONAL ACCOUNTANTS,LICENSED PUBLIC ACCOI.]NTANTS

MISSISSAUGA, CANADAOctober 7,2015

-2-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30,2OI5 AND 2014

2015 2014

ASSETS

CURRENTCash, note 3Short-term investments, at market, note 4Accounts receivablePrepaid expensesStore inventoryTaxes recoverable other than on income, note 5

KCS FAMILY AND FRIENDS ENDOWMENT FUND, NOIC 6

RICHARD VALI BURSARY FUND, NOIE 6

KCS PARENT NETWORK LEGACY FUND, NOTC 6

KCS NAMED FAMILY FLIND, NOIE 6

KCS CAPITAL CAMPAIGN FUND, NOIE 6

CAPITAL ASSETS, nole 7

$ 1,072,191

5,904,575411,666167,30139,93346.376

7,642,042

262,233

219,280

I 16,850

90,334

51,904

8,330,143

s 662,3205,919,341

508,243265,775

43,010

47.07s

7,445,764

248,030

213,567

124,119

64,504

1,516

8,237,803

s 16,712,786 $ 16,335,303

See accompanying notes to financisl slalements

Governor

Approved

-J

Governor

sT. GEORGE'S (ISLTNGTON) CHURCH NURSERY SCHOOL INC.

STATEMENT OF FINANCIAL POSITION

AS AT JTINE 30,2OI5 AND 2OI4

2015 2014

LIABILITIES

CURRENTAccounts payable and accrued liabilitiesDefened revenueRefundable working capital - current

REFUNDABLE WORKING CAPITAL - long-term

DEFERRED CAPITAL CONTRIBUTIONS, NOIE 8

NET ASSETSKCS Family and Friends Endowment Fund, note 6Richard Vali Bursary Fund, nole 6

KCS Parent Network Legacy Futd, note 6KCS Named Family Fund, note 6KCS Capital Campaign Fund, note 6

Net assets, internally restrictedNet assets, unrestricted

740,601 651.736

$ 756,7506,187,414

56.000

7,000,164

80,000

3,147,147

6,833,048

112,000

3,761,412

248,030273,567

124,119

64,5041.516

8,237,803(2.660.696\

262,233219,280116,850

90,33451.904

8,330,143Q.s85.269\

s.744.874 5.s77.107

6,485,475 6,228,843

s 16.712,786 $ 16.335.303

See accompønying notes to frnancial statements.

Governor

Approved

-4

Governor

sT. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INL.STATEMENT OF REVENUES AND EXPENSES

YEARS ENDED JLTNE 30,2OI5 AND 2014

2015 2014

ACADEMIC REVENUESTuition fees

Ancillary school programsInvestment incomeMiscellaneous

ACADEMIC EXPENSESSalaries and benefitsOccupancyAmoftizationEducationAdministrationAncillary school programsMarketing

DEFICIENCY OF REVENUES OVER EXPENSES FROMACADEMIC ACTIVITIES

LINRESTRICTED FINANCIAL SUPPOPIT, NOhC 9

DEFERRED CAPITAL CONTzuBUTIONS, NOTC 8

STRATEGIC DEVELOPMENT COSTS, note l0

8.815.495 8.01s.063

$ 8,216,740227,222

66,69086.638

8,597,290

$ 7,621,871190,05267,45235.723

7,975,098

6,456,868746,702519,098448,495401,773118,818123.741

5,879,351737,271482,428417,912343,799103,13151.171

(218,205)

447,823

91,353

(153,204)

(99,965)

781,275

90,326

(68,361)

EXCESS OF REVENUES OVEREXPENSES $ 167,767 $ 703,275

S ee acco mp any ing notes to .Íinanc ial statements.

-5-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.

STATEMENT OF CTIANGES IN NET ASSETS

YEAR ENDED JUNE 3O,2OI5

Net assets, beginning ofyea¡

Excess ofrevenues overexpenses

Restricted contributionsreceived during the year

Investrnent income

Transfers to deferredcapital contributions

Contributions recognizedas donation revenueduring the year

Change in investment incapital assets

Net assets. end of

s(2,660,696)$g,237,g03$213,567$248,030$1,516$64,5045124,119$6,228,843

167,767 167,767

UnrestrictedInternallyrestricted

Richard ValiBursary Fund

KCS Family andFriends

Endowment Fund

KCS CapitalCampaign

FundKCS NamedFamily Fund

KCS ParentNetwork

Legacy Fund Total

118,645

10,978

$ 6.48s.475

2,200

3,513

(92340\ 92-340

vear S 12.585.2691 $ 8330.143 $ 219.280 $

See accompanying notes to fr.nancíúl statements

(8,688) (20,000) (28,688)

(1,966) (10,104) (12,070)

262.233 $ s1.904 $ 90334 $ 116,8s0

10,000

4,203

58,866

210

46,709

1,087

870

1,965

6

sr. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.

STATEMENT OF CTIANGES IN NET ASSETS

FOR TI{E YEAR ENDED JUNE 3O,2OI4

Net assets, beginning ofyeaf

Excess ofrevenues overexpenses

Restricted contributionsreceived during the year

Investment income

Transfer to deferredcapital contributions

Contributions recognizedas donation revenueduring the year

Change in investment incapital assets

Bursaries paid

Restricted fund transfer

Net assets,

(130,670) 130,670

UnrestrictedInternallyrestricted

Richard ValiBursary Fund

KCS Family andFriends

Endowment Fund

KCS CapitalCampaign

FundKCS NamedFamily Fund

KCS ParentNetwork Legacy

Fund Total

703,275

198,696

7,237

$ (3,163,406) $ 8,107,133 $ 184,514 $ 194,336 S

703,275

s 5s,243 S 4,350 S s,377,170

9,200

2,405

(15,000)

12.448

18,500

2,747

7) 441

$ 248.030 s

29,255

l7

22,117

704

119,624

1,364

(27,756) (27,7s6)

(13,560) (1,2r9) (14,779)

(15,000)

1.516$64,5045124,rr956,228,843

164 RSsl

end ofyea¡ $ (2.660.696) $ 8.237,803 S 213,567

See accompanying notes to frnancial statements

7-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.STATEMENT OF CASH FLOWS

YEARS ENDED JUNE 3O,2OI5 AND 2OI4

2015 2014

OPERATING ACTIVITIESExcess ofrevenues over expenses

Items not affecting cash

AmortizationDefened capital contributions recognized as revenue in the year

Net change in non-cash working capital itemsAccounts receivablePrepaid expensesStore inventoryTaxes recoverable other than on incomeAccounts payable and accrued liabilitiesDeferred revenueRefundab le workin g capital

INVESTING ACTIVITIESIncrease (decrease) in short-term investmentsPurchase of capital assets

Transfer to the KCS Family and Friends Endowment Fund

Transfer to the Richard Vali Bursary FundIncrease in deferred capital conhibutionsTransfer from KCS Named Family FundTransfer from KCS Capital Campaign Fund

INCREASE IN CASH

CASH, BEGINNING OF YEAR

$ 167,767 $ 703,275

96,57798,47 4

3,077699

155,87520,241

(4r.000)

(86,s68)(136,86s)

(6,549)(11,350)52,177

763,912(6s.000)

509.757

1.605.134

519,098(91.3s3)

595.s12

333.943

929.455

14,766(611,438)

48,40020,000

8.688

(s19.s84)

409,871

662,320

492,428(90.326)

1.09s.377

(859,135)(613,099)

(32,441)(32,448)

27.756

(1.s09.373)

95,761

566,559

CASH. END OF YEAR s 1.072.191 $ 662.320

See accompanyìng notes lo Jínøncíal statements

-8

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INL.NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2015

1. THE SCHOOL

The St. George's (Islington) Church Nursery School Inc. (operating as Kingsway College School (the

"School")), represents the amalgamation, pursuant to Articles of Amalgamation effective February 22,

2013, of Kingsway Etobicoke School Corporation ("KCS") and St. George's (Islington) Church

Nursery School Inc, (the "Nursery School").

The School is registered as a charitable organization under the Income Tax Act (Canada) and, as such,

is exempt from income taxes provided certain conditions are met.

The School's objectives are defined by its Mission Statement: "to be the defining force in developing

lifelong learners by stewarding a learning environment that prepares us for the next challenge,"

The School is governed by a Board of Governors elected by the members of the Corporation. The

School is a member, and accredited by, Canadian Accredited Independent Schools (CAIS), and is a

member of the Conference of Independent Schools of Ontario (CIS). The School is licensed under the

Ontario Day Nurseries Act.

2. SIGNIFICANTACCOUNTINGPOLICIES

(a) Basisofpresentation

These financial statements have been prepared in accordance with Canadian accounting standards fornot-for-profit organizations (NPO) and are in accordance with Canadian generally accepted accounting

principles.

(b) Cash and cash equivalents

Cash and cash equivalents are defined as cash on hand, cash on deposit, net of cheques issued and

outstanding at the reporting date.

(c) Revenuerecognition

The School follows the deferral method of accounting for contributions whereby restricted donations

related to expenditures offuture periods are deferred and recognized as revenue in the period in which

the related expenditures are incurred,

Unrestricted contributions are recognized as revenue when received. Outstanding pledges are not

recognized as revenue until received.

Contributions where the donor requires that the principal must be maintained permanently are

recognized as direct increases of the endowment net assets in the year in which they are received'

Tuition and school fees received in advance are deferred and amortized into income in the relevant

academic year which the student attends. Infrastructure fees are recorded as revenue in the initialacademic year which the student attends.

The previous requirement for new students of KCS to pay a working capital deposit was eliminated

commencing with the 2012-2013 academic year. The deposits from previous years will continue to be

recorded as liabilities until the student no longer attends the School. At that time, the deposit may be

refunded to the family or recognized as revenue if the family indicates they wish to donate their

working capital deposit to the School.

9

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.NOTES TO FINANCIAL STATEMENTS

JLINE 30,2015

2. SIGNIFICANTACCOUNTINGPOLICIES, (Cont'd

(d) Capital assets

Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value at the

date of contribution. Capital assets are amortized over their estimated useful lives as follows:

BuildingsLeaseholdsComputer hardwareFurniture and fixturesEquipmentComputer software

(e) Net assets

The School has chosen to separately report net assets as internally restricted and unrestricted amounts.

The internally restricted balance represents the School's investment in net capital assets, Unrestricted

net assets represent the result of the School's operations including the use of working capital to finance

the investment in capital assets.

(Ð Employee benefits

Contributions to a multi-employer defined benefit pension plan and a group retirement savings plan are

expensed when due.

(g) Contributed services

The School benefits fiom services in the form of volunteer time. These valuable services are diff,rcult to

measure and are not recorded in the financial statements,

(h) lnventories

Store inventories are valued at the lower of cost and net realizable value. Cost is computed on an

average cost basis.

(i) Use of estimates

The preparation of hnancial statements in conformity with Canadian generally accepted accounting

princìples requires management to make estimates and assumptions that affect the amounts reported in

the financial statements, Actual results could differ materially from those estimates.

(j) Financialinstruments

Financial instruments are recorded at fair value on initial recognition. The School carries all financial

instruments at fair value, Transaction costs incurred on the acquisition of financial instruments are

expensed as incurred.

Financial assets are assessed for impairment on an annual basis. If there is an indicator of impairment,

and if the School determines there is a significant adverse change in the expected cash flows, the

carrying value of the financial asset is reduced to the highest of the:

(i) present value ofthe expected cash flows;

(ii) the amount that could be realized from selling the hnancial asset; or

(iii) the amount the School expects to rea\ize by exercising its right to any collateral.

If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent

of the improvement, not exceeding the initial carrying value,

- straight-line over 36 years to June 30,2049- straight-line over 36 years to June30,2049- straight-line over 5 years

- straight-line over 5 years

- straight-line over 10 years- straight-line over 3 years

-10-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INL.NOTES TO FINANCIAL STATEMENTS

JUNE 30,2015

3. CASH

The School has established a revolving demand credit facility of $500,000 at an interest rate of primeplus 1 .0%, As collateral for the line of credit, the School has provided:

(a) a General Security Agreement on the School's assets; and(b) an assignment of a fire insurance policy.

As at June 30,2015, and to date, the line of credit has not been utilized.

4, SHORT-TERMINVESTMENTS 2015 2014

Money market, average yield rate 2.7% (2014 - 1.7%) $ s.e04.s7s $_LglgJ4l_

The School invests in interest-bearing accounts and instruments or in liquid investments that are readily

convertible into known amounts of cash. The School does not purchase investments for speculative

purposes.

5. TAXES RECOVERABLE OTHER THAN ON INCOME

Taxes recoverable other than on income include government remittances receivable relating to goods

and services taxes.

6. RESTRICTED F'UNDS

(a) The KCS Family and Friends Endowment Fund

The KCS Family and Friends Endowment Fund was created in 2004 for the purpose of growing the

fund to generate suffîcient investment income to fund bursaries, scholarships and other initiatives(excluding capital projects) for future generations ofstudents.

The fund is comprised of:Money market investments, average yield rate 2.7% (2014 - 1.7%)

(b) The Richard Vali Bursary Fund

The Richard Vali Bursary Fund is used solely for the purpose of providing temporary assistance withtuition fees for students as approved by the Bursary Committee. A minimum fund balance of $50,000

is required to be maintained.

2015 2014

The fund is comprised of:Money market investments, average yield rate 2.7% (2014 - 13%) $-119¿80 S--2J3-567-

(c) The KCS Parent Network Legacy Fund

The KCS Parent Network Legacy Fund was created in 2013 to provide funding for any program or

initiative that is implemented, executed and supported by the Parent Network which supports the Parent

Network mandate' 2or5 2or4

The fund is comprised of:Money market investments, average yield rate 2.7% (2014 - 1.7%) $-lL6Jl50 $ 124.119

2015

s 262.233

-11-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.NOTES TO FINANCIAL STATEMENTS

JUNE 30,2015

6, RESTRICTED FUNDS, (Cont'd)

(d) The KCS Named Family Fund

The KCS Named Family Fund was created in 2012 to provide an opportunity for families and friends

of KCS to attach their name to KCS in perpetuity with a minimum gift to program areas of their

choosing. These gifts are restricted in nature as funds can only be used in accordance with the donors'

wishes' zols 2or4

The fund is comprised of:Money market investments, average yield rate 21% (2014 - 1.7%) $----90,33'1 $----é4JEt

The KCS Named Family Fund balance consists of:

The Tevlin Family Fund for Sport and Outdoor EducationThe Pickard/Bulger Family Citizenship FundThe Health and Vy'ellness Fund

$ 37,89629,11023.328

s 90.334

3 8,08926,415

$

s 64.504

(e) The KCS Capital Campaign Fund

The KCS Capital Campaign Fund was created to accept contributions from families and friends of the

School for any KCS directed capital campaign. 20lS 2014

The fund is comprised of:Money market investments, average yield rate 2.7% (2014 - 1.7%) $----51,904 $-1é!ó

7. CAPITALASSETS 20ts 2014

BuildingsLeaseholdsComputer hardwareFurniture and fixturesEquipmentComputer software

s 7,810,8981,641,0051,270,712

964,376391,370

64.456

s 6,237,901l,279,lll

416,590275,471100,72420.346

s 6,421,369994,287353,865285,441762,81720.024

CostAccumulatedAmortization Net Net

s1,572,997361,894854,122688,905290,646

44.110

s 12.142.817 $_ Jdl2óZt $-æ30J43 $---8231,803

8. DEFERRED CAPITAL CONTRIBUTIONS

Deferred capital contributions represent the unamortized amount ofdonations received for the purchase

of capital assets, The amortjzation of deferred capital contributions is recorded as revenue in the

statement of revenues and expenses and changes in net assets, The changes in deferred capital

contributions balance are as follows:

2015 2014

Beginning balanceTransfers in from KCS Capital Campaign Fund

Transfers in from KCS Named Family Fund

Other deferred capital contributionsContributions recognized during the year

$ 3,161,4128,688

20,00048,400

(e1.3s3)

s 3.147.147

s 3,223,98227 ,7 56

(.90.326)

s 3.t6t.412

t2-

sr. GEORGE'S (ISLTNGTON) CHURCH NURSERY SCHOOL INC.NOTES TO FINANCIAL STATEMENTS

JUNE 30,20I5

9. UNRESTRICTED FINANCIAL SUPPORT

Unrestricted f,rnancial suppoft represents donations and other amounts provided by the followingsources:

20ß 2ol4

Infrastructure fees

Annual GivingDeferred restricted fund contributions

recognized during the yearOther contributionsAdvancement expenses

Gala, net ofexpenses

$ 250,000214,606

12,0803,678

(32,s41)

s 447.823

$ 355,000216,315

10. STRATEGIC DEVELOPMENT COSTS

The School incurred various consultant and representation costs related to the identification of an

appropriate site to establish a KCS Senior Campus. During the current hscal year a site was found but

the School was unable to finalize an agreement with the seller of the property. The School willcontinue searching for a suitable site for this purpose.

1I. PENSION PLANS

Teachers of the School who are members of the Ontario College of Teachers are participants in the

Ontario Teachers' Pension Plan (OTPP) which is a multiemployer defined benefit plan for which the

School matches contributions deducted from the teachers' salaries. During the year, the School

contributed approximately $473,189 (2014 - 5433,022) to this pension plan. The School's exposure is

limited to matching the teachers' contributions.

Employees not eligible to participate in the OTPP have the option of conhibuting to a Group

Retirement Savings Plan with the School matching contributions remitted. During the year, the School

contributed approximately $108,006 (2014 - $80,327) to the Group RRSP's, Contributions are

expensed in salaries and benefits in the statement ofrevenues and expenses.

12, COMMITMENTS

(a) As a result of the amalgamation in 2013 (see nole,f), the School has two licence agreements with

St. George's Church-on-the-Hill ("the Church") governing the building, common areas and facilities

in which the School operates, The first agreement for the space occupied by the former Kingsway

Etobicoke School Corporation provides the right to occupy the premises for a term of forty years

beginning July 1, 2009 and ending on June 30,2049, subject to the right of termination as outlined

in note 1I(c). The second agreement for the space occupied by the former St. George's (Islington)

Church Nursery School Inc, is for a term of 10 years beginning July 1, 2009 and ending on June 30,

2019,(b) Under the terms and as defined in the two licence agreements, the School is committed to annual

payments for "Basic Occupancy Cost" and a proportionate share of capital costs of the building,

ðo¡¡mon areas and fhcilities with amounts adjusted annually for the Consumer Price Index ("CPI")'The total amount for the two agreements was $227,429 (2014 - 5224,176)'

The School has reimbursed the Church for their proportionate shares of the other operating costs,

which for the year ending June 30, 2015 was approximately $288,000 (2014 - $276,000).

- l3-

sT. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL rNC.

NOTES TO FINANCIAL STATEMENTS

JLINE 30,2OI5

12. (Cont'd)

(c) Both the School and the Church have rights of termination under the existing Kingsway Etobicoke

School Corporation licence agreement. Either party may terminate this licence agreement on fiveyears'written notice after the tenth anniversary ofthe start ofthe licence.

In the event of termination of the licence agreement by the Church, the School is entitled to receive a

termination payment calculated on a declining balance basis over forly years based on the values ofthe School buildings. At the first potential termination date of July 1,2025, this payment would be

94,394,'750. In the event of termination by the School, the Church is entitled to pa¡ment of any

outstanding amounts to the date of termination.

13. FINANCIALINSTRUMENTS

The School is exposed to various risks through its f,rnancial instruments, which consist of cash and cash

equivalents, shorl-term investments, accounts receivable and accounts payable and accrued liabilities'

The following provides a measure of the School's risk exposure and concentrations. It is management's

opinion that the School is not exposed to any signif,rcant type of risk as a result of these hnancial

instruments.

Credit risk

Credit risk is the risk that one party to a fìnancial instrument will cause a financial loss for the other

party by failing to discharge an obligation. The School is exposed to credit risk through its cash, short-

ierm investments and accounts receivable. Receivables are comprised of tuition fees receivable and are

unsecured, The School's bank accounts are held at one financial institution. Funds on deposit exceed

the maximum amount insured and hence there is a concentration of credit risk.

Liquidity risk

Liquidity risk is the risk that the School will not be able to meet a demand for cash or fund its

oblìgatións as they come due. The School meets its liquidity requirements by preparing and monitoring

detailed forecasts ofcash flows from operations and anticipating investing and financing activities'

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market prices. Market risk is composed of cuffency risk, interest rate risk and

other price risk. To manage these risks, the School has established a target mix of investment types

designed to achieve the optimal return with established low risk tolerances.

(a) Curency risk reflects the risk that the School's earnings will decline due to the fluctuations in

foreign exchange rates.

The School has no frnancial instruments denominated in a foreign currency and therefore is not

exposed to currency risk.

(b) Interest rate risk is the risk that the fair value or future cash flows of a financial instrument willfluctuate because ofchanges in market interest rates'

The School's cash and short-term investments includes amounts on deposit with financial

institutions that earn interest at market rates. The School manages its exposure to the interest rate

risk of its cash and short-term investments by maximizing the interest income earned on excess

funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis.

Fluctuations in market rates of interest on cash do not have a signifrcant impact on the School's

results ofoperations.

-14-

ST. GEORGE'S (ISLINGTON) CHURCH NURSERY SCHOOL INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 3O,20I5

13. FINANCIAL lCont'd)

(c) Other price risk refers to the risk that the fair value of financial instruments or future cash flows

associated with the instruments will fluctuate because of changes in market prices (other than

those arising from cunency risk or interest rate risk), whether those changes are caused by factors

specific to the individual instrument or its issuer or factors affecting all similar instruments in the

market.

The School is not exposed to other price risk.

14. COMPARATIVE FIGURES

Reclassification

Certain comparative figures have been reclassified to conform with the current year's presentation. The

excess ofrevenues over expenses, as previously reported, has not been affected by this reclassification,

-1 5-

Documents

kingsway college school annual report and donor tribute 2014-2015