TES Annual Report

FINANCIAL REVIEW The Taipei European School Foundation (TESF) is a not-for-profit foundation 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 a balanced financial position. In 2023 24, 94% of the income was generated from school fees and the remaining from government subsidies and other activities; personnel staffing cost accounted for 72.9% of the total expenses, followed by Depreciation at 11.2% and Facility Operations at 8.2%.

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

Independent Auditor’s Report The 2023-24 TES financial statements were audited and concluded by KPMG with a clean opinion.

Opinion Extract from KPMG’s Report (9 January, 2025) “We have audited the financial statements of Taipei European School Foundation (“TESF”), which comprise the balance sheets as of 31 July 2024 and 2023, and the statements of activities and cash flows for the fiscal years then ended, and notes to the financial statements, including a summary of material accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TESF as of 31 July 2024 and 2023, and its financial performance and its cash flows for the fiscal years then ended in accordance with the Foundations Act, and 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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