ESF introduce new non-refundable levy

ESF is 47 years old and maintains a portfolio of 15 schools. The buildings range from the oldest, King George V School built in 1938, to the newest Kowloon Junior School completed in 2013. Under the agreement with the government, regarding the phasing out of the subvention, the Foundation will not be granted any further capital subvention after that provided for the redevelopment of Island School.

Under a new scheme, parents of students joining an ESF school, from Aug 2015, will pay a one-off non-refundable capital levy (NCL) on acceptance of an offer. The NCL is HK$38,000 for students entering YR 1. For students joining in Years 2-13, the NCL is reduced as follows:

Year group One-off NCL (HK$) Year 1 38,000 Year 2 36,000 Year 3 34,000 Year 4 32,000 Year 5 30,000 Year 6 28,000 Year 7 26,000 Year 8 22,300 Year 9 18,600 Year 10 14,900 Year 11 11,200 Year 12 7,500 Year 13 3,800

The NCL does not apply to the Private Independent Schools, which have their own separate capital funding arrangements, or to the ESF International Kindergartens.

#debenture #ESF #NCL

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