FInancial HighlightsOF SCHOOL for the year 2014-15:
School revenues of Rs.358.99 lakhs was from the collection of fee from 1029 students at the year ended March 2015 (Previous year Rs.257.73 lakhs from 872 students)
Only the operating expenses alone has increased by 90.71 lakhs compared to the previous year 2013-14
The staff salary and the benefits for the staff had increased by 75.17 lakhs compared to the previous year 2013-14
Food cost has increased by 8.13% with an increment of Rs. 6.76 lakhs compared to the previous year 2013-14
The computer monitors have been installed under the thin client scheme at the rate of one monitor for two students from 6th to 10 classes and for the classes 11th & 12th25 individual computer systems are available at the computer lab. There are 325 computer monitors are available in all the classrooms connected to two servers, one exclusively for students and other for all other purposes. The rack server, 325 monitors with keyboards and mouse and the accessories were purchased to the tune of Rs.42 lakhs from a loan raised from Indian Bank, Mathagondapalli. The repayment of this loan has not yet started which will happen in the coming year.
We have purchased one TATA Safari Storm for office use for Rs. 10.43 lakhs during the financial year
Solar Energy Power Plant for Admin office is installed at the cost of Rs.11.44 lakhs and this money is yet to be paid to the supplier. This will be paid as and when the fee is collected.
During the year we have re-paid an amount of Rs. 20.74 lakhs in 12 instalments towards the purchase of buses out of 68.40 lakhs during the year. There is an outstanding amount of Rs.47.65 lakhs towards this loan account.
For various reasons and to support different students we opened a study centre under the National Institute of Open School, New Delhi.
SCHOOL RECEIPTS
Particulars / 2014-15 / 2013-14 / % increaseEducation fees / 3 58 99 135 / 2 57 72 891 / 39.29
Interest Received from Bank / 2 42 424 / 1 65 969 / 46.07
Hostel fees / 25 77 350 / 16 41 963 / 56.97
Transportation fees / 1 34 82 952 / 79 18 087 / 70.28
National Institute of Open Schooling (NIOS) / 3 645 / 0 / 100.00
Education Research Training & Development / 2 73 500 / 5 69 500 / -51.98
SCHOOL RECEIPTS TOTAL / 5 24 79 006 / 3 60 68 410 / 45.50
During the financial year the overall income has increased 45.50% compared to previous year 2013-14. The total receipts for the year 2014-15 are Rs.524.79 lakhs (Previous year Rs.360.68 lakhs) out of which 68.40% has been generated from school fees and 31.60%-, hostel fees 4.90% Transport fees 25.69%-and other local income 0.52%.
SCHOOL RECEIPTS
RECEIPTS FROM EDUCATION FEES
During the year we have received an amount of Rs.358.99 lakhs as education fees from 1029 students against an amount of Rs.257.73 lakhs from 872 students in the previous year.
Student strength as on 31-03-2015
Academic Student Strength / 2014-15 / 2013-14Payment students / 1,029 / 872
Sponsor students / 251 / 311
Total Academic Students / 1,280 / 1183
The following table gives the details of the Interest earned from School Savings bank accounts and deposits during the year 2014-15
INTEREST RECEIVED / 31-Mar-15 / 31-Mar-14Interest received from SB Account / 1 16 906 / 1 65 969
Interest received from FD Account / 1 25 518 / 0
TOTAL / 2 42 424 / 1 65 969
RECEIPTS FROM HOSTEL FEES
During the year we have received an amount of Rs.25.77 lakhs as Hostel fees from 63 students against an amount of Rs. 16.42 lakhs from 51 students in the previous year. (Please refer the below mentioned table)
Hostel Student Strength / 2014-15 / 2013-14Payment students / 63 / 51
Sponsor students / 251 / 311
Total Hostel Students / 314 / 362
RECEIPTS FOR TRANSPORTATION OF CHILDREN
During the year under consideration we used 17 buses and one tempo traveller to transport children. These 18 vehicles accommodated 956 students and we have received an amount of Rs.134.83 lakhs from them towards the transport cost reimbursement. Thanks to Mr.Jeelakhan, our GB member who has sponsored the shoes to our bus drivers & conductors. This is a very useful gesture by Mr. Khan.
NATIONAL INSTITUTE OF OPEN SCHOOLING (NIOS)
During the year we have got the registration from the Regional Director, Chennai for a study Centre under the National Institute of Open Schooling (NIOS) and we are in the process of enrolment in the year 2015-16. Few of the students from the Ozone Football Academy will seek the admission into the NIOS..
RECEIPTS FROM EDUCATION RESEARCH TRAINING & DEVELOPMENT (ERTD)
We have received an amount of Rs.2,73,500 /- from the cost of educational training programmes conducted to the 4 private schools, under the placement programme ( Holly cross students) and summer camp during the reporting period 2014-15.
Revenue Expenditure:
Due to the shooting up of inflation our total operating expense has increased by 90.71 lakhs, or 14.11 percent comparatively to the financial year 2013-14.
School revenue expenditure
Revenue Expenditure / 2014-15 / 2013-14 / 2012-13 / 2011-12 / 2010-11School Expenses / 473.96 / 372.93 / 294.97 / 198.34 / 173.55
Hostel expenses / 118.03 / 137.62 / 103.69 / 97.85 / 79.09
Transportation expenses / 98.55 / 71.36 / 46.87 / 27.45 / 14.45
ERTD expenses / 10.94 / 15.27 / 16.17 / 12.20 / 12.56
Total / 701.48 / 597.18 / 461.70 / 335.84 / 279.65
Normally every year there is an increase of approximately by 10% from the previous year expenses. But this year it is 14.11% increase from 2013-14 expenses. Per capita expenses have also exceeded from the original budget. This financial year we planned for 1200 children in our campus programme. But actual number was 1280 children around 6.67%. Every expense has been booked under the specified account head, programme and donor. Small and sundry donations have been booked under general account head for the respective programme.
Total Revenue 2014-15 (Society, School, Hostel, ERTD and Capital)
This financial year our purchase committee consolidated the list of items to be purchased like food items, Note books, stationary, lab materials, School bags, and other capital items. RICE MMS purchase committee directly contacts the main dealers or wholesale dealer to negotiate for a fair price. After negotiations the prices mentioned in the estimate would only reduced and never be increased. We did not bring any compromise with regard to the quality or specifications as mentioned in the purchase order. All the purchases of various departments were only through purchase committee. Stationary items were purchased three times in a year and food materials every month. Through this method we reduced vehicle usages and other purchase related expenses. Always we maintain transparency of all our transactions.
The total expenditure for the year 2014-15 is Rs. 733.47 lakh as compared to Rs. 642.76 lakh in 2013-14. The major increase is due to the following top 10 expenses:
Sl.No. / TOP 10 Expenses / 2014-15 / % of Top 10 expenses / % of Total expenses1 / Staff Salary / 4 06 84 374 / 62.29 / 55.47
2 / Food expenses / 90 05 296 / 13.79 / 12.28
3 / Vehicle Maintenance / 51 83 644 / 7.94 / 7.07
5 / Learning and Teaching materials / 26 50 413 / 4.06 / 3.61
4 / Housekeeping maintenance / 22 28 862 / 3.41 / 3.04
6 / Water charges / 15 79 392 / 2.42 / 2.15
7 / Electricity Charges / 15 55 868 / 2.38 / 2.12
8 / Building Maintenance / 9 88 256 / 1.51 / 1.35
9 / Security service charges / 8 73 867 / 1.34 / 1.19
10 / Sports & Games expenses / 5 66 362 / 0.87 / 0.77
Total / 6 53 16 334 / 100.00 / 89.05
Salaries & benefits
Salary and other cost to the organisation towards staff are the largest expense. For fiscal year 2014-15, salaries and benefits (like PF, gratuity, staff health insurance and leave salary) expenses rose by 75.17 lakhs, from the last year actual. Staff recruitment, retention and development are always a concern for us. The staff are paid according to their performance appraisal though the total remuneration is not as per the market rate. The performance appraisal is jointly done by the head of the unit and the staff. We understand that we walk on a thin line between being professional, paying adequate salaries, investing in staff development and retaining our values
Per capita net expenses per month.
We have spent a total amount of Rs.591.98 lakhs (previous year Rs.510.55 lakhs) for 1280 children (Previous year 1183 children) under the major head of account like education, hostel, food and staff salary is 80.71% of our total expenses
**Per Capita Expenses is calculated as revenue expenses only. The Capital expenses are not taken into account for this calculation. The capital expenses are not appropriated to the following years.
The cost of food commodities have increased by 8.13% in 2014-15 as compared to 2013-14 with an increment of Rs. 6.76 lakhs. The increase in cost of food items like vegetables, spices and condiments which were adversely impacted our costing. However, we are able to control the impact of inflation by adopting various control measures such as centralised cooking and bulk procurement of selected food items.
SECURED LOAN:
We have received secured loans for the following purposes:
Purpose of Loan / Size of Loan / Loan repaid during the year / Balance31-03-2015
Vehicle Loan from Axis Bank, Salem / Rs. 68,40,000 / Rs.20,74,904 / Rs.47,65,096
OUTSTANDING EXPENSES
As mentioned earlier we have purchased solar power plant to admin office for Rs.11.76 lakhs from M/s.Aargee Equipments, Hosur. This amount has to be paid through instalment from the school fees collection
DEPOSITS
The details of deposits can be seen in the schedule-24. The service deposits for electricity, LP gas, CBSE reserve fund, staff gratuity fund and telephone is covered under this schedule. During the year refundable caution deposit and endowment deposit of Rs. 115.24 lakhs withdrawn for staff salary purpose.
Current Assets / 2014-15 / 2013-14 / 2012-13 / 2011-12 / 2010-11Deposit / 231.24 / 329.82 / 245.50 / 214.75 / 146.27
Advances / 19.95 / 50.87 / 26.42 / 6.84 / 22.77
Total / 251.19 / 380.70 / 271.91 / 221.59 / 169.03
Due to the constraints of funds for revenue expenses we liquidated an amount of Rs. 98.87 lakhs from the fixed deposits and this was mainly to pay the salaries of staff
ADVANCES
Except the advance with Chennai Sahodaya complex of Rs.330/-. All the other advances are since settled.
Conclusion:
One of our key financial planning goals is to serve as a model of a well-run senior secondary school, consistent with the skills, tools, and frameworks taught across the School’s educational programmes. Our ambition is to grow more in terms of quality and content. Within the available resources we need to make space for our growth. New ideas and innovation is our future. We need the continuous support of the members of the GB and all other stakeholders are important to us.
Dr. Navis Jai Chitra
Sr. Principal
Senior Principal Report 2014-15Page 1