Grammar’s worth grows to $91m

IN A sign of continued growth at one of the Garden City’s oldest schools, Toowoomba Grammar School’s overall net worth has grown to more than $91 million.

It’s proof that education is big business in Toowoomba and the growth of the school’s worth including property, plant and equipment by $3,457,403 from 2015 to 2016 has been largely attributed to investments in infrastructure.

The school has built four new boarding houses in the past five years and is working on a $14 million state-of-the-art gymnasium.

Grammar chief financial officer Graham Woolacott said the school was about to complete its infrastructure master plan which would enhance the school’s facilities.

An in-depth look at the school’s financial status was revealed in its 2016 annual report, which was recently tendered to the Minister for Education Kate Jones.

The total amount collected in school fees rose by more than $800,000 to $21,215,900 which Mr Woolacott said was because of a modest increase.

“There was a 2.75% fee increase from the previous years. It was within the inflationary figure,” he said.

Headmaster Peter Hauser, listed in 2014 as the highest paid principal in Queensland, was among staff who received a remuneration increase. His yearly total employee benefits rose by $15,000 to $504,000.

Mr Woolacott said all staff received an increase as part of an enterprise bargaining agreement.

Grammar is arguably the best performing school in terms of academic standards and had the highest number and percentage of students in Toowoomba with OPs between one and three last year.

The report stated Grammar would continue the pursuit of the highest academic standards, something Deputy Headmaster Timothy Kelly reinforced.

“We’re very fortunate we have a good number of boys who perform very well and we encourage all our boys to do as well as they can in the classroom,” he said.

“It’s not our only focus, we have 300 boarders who have a whole breadth of aspirations. We also have a very strong vocational program to offer to those boys want to go in a different direction.”

Last year’s cohort participated in a number of sporting competitions including rugby, cricket and chess.

Mr Kelly said more than 90% of boys played one sport and about 80% who played two.

Grammar is also committed to providing boarding facilities, despite a forecast plateauing of numbers. It submits reports as it is a statutory authority that operates under the Grammar Schools Act.

❝ We’re very fortunate we have a good number of boys who perform very well. — Deputy Headmaster Timothy Kelly