One of Canberra's most prestigious private schools has implemented a substantial fee increase while grappling with rising financial pressures, according to recently released financial documents.
Financial Strain Leads to Major Fee Hike
Radford College has announced a significant 23 per cent increase in school fees following the institution's first financial deficit in over a decade. The Bruce-based school reported an $840,000 shortfall for the 2024 financial year, breaking a consistent pattern of surpluses exceeding $1 million annually.
The fee increase will have considerable impact on families with multiple children enrolled, with some households needing to find an additional $1000 per month to cover the rising costs. Principal Christopher Bradbury defended the decision, stating the college remains financially sound and characterizing the move as a precautionary and strategic measure to maintain financial stewardship.
Where the Money Goes: Breaking Down Expenses
Financial reports submitted to the charity commission reveal detailed insights into the college's spending patterns. The school allocated 64.5 per cent of its 2024 income to employee salaries and benefits, while dedicating $8.7 million to tuition expenses and $4.5 million to administration costs.
Two expense categories showed particularly dramatic increases between 2023 and 2024. Interest payments tripled from $431,073 to $1.35 million, while administration expenses jumped by 43 per cent from $3.1 million to $4.5 million.
The school's financial statements indicate significant borrowing activity, with one $6 million bank facility closed in December 2024 and another facility increased from $20 million to $26 million to fund construction projects. School board chair Vicki Williams maintained that all construction had been funded by parent donations, though the college declined to comment on the substantial increase in interest payments.
Ongoing Financial Challenges and Community Response
Despite the recent deficit, Radford College has demonstrated strong revenue growth over time, with annual revenue increasing by an average of 5.6 per cent. In 2024, the institution brought in nearly $60 million, with 84 per cent derived from providing goods and services.
The Canberra Times inquired about reports that language classes had been cut due to funding constraints and sought clarification about the rising interest and administration expenses. A college spokesperson responded that all relevant, key information is in the public domain and emphasized the school's preference for engaging directly with parents rather than through media channels.
With the next financial statement due in June 2026, families and education observers will be watching closely to see how the fee increases and financial management strategies affect the college's long-term financial health and educational offerings.
