TES Annual Report

FINANCIAL REVIEW The Taipei European School Foundation (TESF) is a not-for-profit foundation which was established in 1994 in accordance with Taiwanese Laws and Regulations to provide the children of foreign nationals residing in Taiwan with opportunities to receive accredited international education. TESF has been operating with stable income and expense, and aims to continue in a balanced financial position. In 2022-23, 94% of income was generated from school fees, and the remaining sum came from government subsidies and other activities. Personnel staffing costs accounted for 73% of the total expenses, followed by Depreciation at 11.4% and Facility Operations at 7.9%.

Our solid financial standing allows us to build up reserves for future projects, including the new Middle School Building at the EPC and the continuing redevelopments at the ESC. TESF is committed to managing the reserved funds responsibly and according to the school’s financial policies, in order to ensure the sustainability of the long-term strategic development plan.

Independent Auditor’s Report The 2022-23 TES financial statements were audited and concluded by KPMG with a clean opinion.

Opinion Extract from KPMG’s Report (23rd November, 2023) “We have audited the financial statements of Taipei European School Foundation (“TESF”), which comprise the balance sheets as of July 31, 2023 and 2022, and the statements of activities and cash flows for the fiscal years then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TESF as of July 31, 2023 and 2022, and its financial performance and its cash flows for the fiscal years then ended in accordance with the Foundations Act, the Regulations for the Establishment and Management of Private Elementary Schools, Junior and Senior High Schools, and Affiliated Preschools for International Residents promulgated by the Ministry of Education, Enterprise Accounting Standards and their related Interpretations announced by the Accounting Research and Development Foundation of the Republic of China.”

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