Prestigious school's remarkable financial rebound revealed
A GROWING profit after nine years of losses will allow the prestigious Ipswich Grammar School to inject millions of dollars into new facilities.
According to the school's annual report, tabled in the Queensland Parliament, a $196,000 operating surplus was recorded in 2018.
It was a significant jump from $79,000 in 2017 and comes after the school operated at a loss for nine years prior.
Tuition and boarding fees provided $13.6million of the school's $25.7million income last year while government contributions gave $9.1million.
The school's operating expenses totalled $25.6million, including $14.6million for employee expenses and $8.3million in supplies and services.
There were 196 new enrolments in 2018, taking the total number of students since the school opened in 1863 to 17,214.
Headmaster Richard Morrison, whose remuneration package was worth $493,000 in 2018, said the report revealed positive results across key performance areas.
"The school has experienced significant improvement in its financial position in the last few years, continuous enrolment increase and greatly improved academic outcomes in all years," he said.
"Ipswich Grammar School Board of Trustees and senior leadership team have worked hard to reposition our school for a great future.
"We developed a purposeful five-year strategic plan in 2016 which has steered our direction and from which we are seeing these rewards."
Board of Trustees chair David Edwards said the school was reinvesting in facilities.
Construction on the school's $10million, three-storey science, technology, engineering and mathematics centre is planned to start this year on the school's Woodend Rd side.
"This investment will provide our boys with improved opportunities to pursue fulfilling careers and to make real differences in the world," Mr Edwards said. "The STEM centre will cater for the needs of our students and educators in this important cluster of subjects in a way that our current science building dating from 1985 cannot," Mr Morrison added.
He expects the centre will build on the school's academic results, which the report notes, are above the state average.
In 2018, 60 per cent of grammar students achieved an A or B in the QCS, compared to 43.6 per cent across Queensland. The school, which had 123 full-time equivalent staff, had an 84.9 per cent retention rate.
In 2018, 17 staff left the school, with three redundant and two retiring.