Central Otago Pinot Noir Charitable Trust

Transcription

1 Performance Report Audit Tax Advisory

2 Performance Report Contents Page Entity Information Statement of Service Performance Statement of Financial Performance Statement of Movements in Equity Statement of Financial Position Statement of Cash Flows Statement of Accounting Policies Notes to the Financial Statements Compilation Report

3 Entity Information As At 31 July 2017 Legal Name of Entity Type of Entity and Legal Basis Central Otago Pinot Noir Charitable Trust Charitable Trust and Registered Charity Entity's Purpose or Mission To advance the eduction of the New Zealand wine industry, particularly that of the Central Otago wine industry, thorough: - Supporting, promoting and developing education and research initiatives in, for, or about the New Zealand wine industry; - Assisting movements, groups, charitable trusts and other organisations which exist to promote or who are endeavouring to promote any of the above objects; and - Assisting movements, groups, charitable trusts and organisations which exist to benefit the wider community of Central Otago. Entity's Structure Our Trust Deed states that we must have between three and five trustees. We currently have four trustees that constiute our governance board. The Trust's operations are managed by the four trustees. There are no paid employees, with Alistair King being the current Trust Chairman. Main Sources of the Entity's Cash and Resources The Trust holds The Pinot Noir Celebration Charity Auction annually. This auction is the main means in which the Trust generates income. Main Methods Used by the Entity to Raise Funds Wine is donated to the Trust by wineries which are subsequently auctioned at The Pinot Noir Celebration Auction to raise fund to be donated to the beneficiaries. Entity's Reliance on Volunteers and Donated Goods or Services The Trust relies on the wine contributions from various wineries in order to hold the annual auction at the Pinot Noir Celebration. Contact Details Physical Address Postal Address Accountants Bankers C/- Crowe Horwath 21 Brownston Street Wanaka C/- Crowe Horwath 21 Brownston Street Wanaka Crowe Horwath (NZ) Limited 21 Brownston Street Wanaka 9305 ANZ 66 Ardmore Street Wanaka IRD Number Solicitor Anderson Lloyd Princess Street Private Bag 1959 Dunedin 1

4 Entity Information As At 31 July 2017 Date of Establishment 9 December 2004 Trustees Beneficiary Alistair Rickard King Stephen John Green Heather Marie McPherson Richard Broadhead Community 2

5 Statement of Service Performance Description of the Entity's Outcome: Providing donations to movements, groups, charitable trusts and organisations which exists to benefit the wider Central Otago community. Description and Quantification of the Entity's Outputs: Total $ Value Donation Given - - Additional Information: The 2016 Celebration donation is still to be paid to the Otago Rescue Helicopter Trust. The Central Otago Pinot Noir Charitable Trust is awaiting confirmation about the timing of design on the Wanaka GPS route before the donation is paid. The amount to be paid will be approximately $20,000 - $25,000. These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 3

6 Statement of Financial Performance Notes $ $ Revenue Revenue From Providing Goods and Services 1-25,022 Interest, Dividends and Other Investment Revenue Total Revenue 47 25,199 Expenses Costs Related to Providing Goods or Services 2 1,627 2,076 Other Expenses Expenses 2,384 2,750 Net Surplus/(Deficit) (2,337) 22,449 These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 4

7 Statement of Movements in Equity Notes $ $ Opening Equity 49,464 27,015 Net Surplus/(Deficit) (2,337) 22,449 Total Recognised Revenues & Expenses (2,337) 22,449 Closing Equity 47,127 49,464 These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 5

8 Statement of Financial Position As At 31 July 2017 Notes $ $ Current Assets ANZ Ltd - 00 a/c 43,327 37,463 Accounts Receivable 3,800 11,253 Stock on Hand Total Current Assets 47,127 49,464 Total Trust Equity 3 47,127 49,464 Alistair Rickard King Trustee Date Stephen John Green Trustee Date Heather Marie McPherson Trustee Date Richard Broadhead Trustee Date These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 6

9 Statement of Cash Flows Cash Flows From Operating Activities Notes $ $ Cash Was Received From: Receipts From Providing Goods or Services 7,453 20,669 Interest, Dividends and Other Investment Revenue Cash Was Applied To: Payments to Suppliers and Employees (1,636) (4,263) Net Cash Flows From Operating Activities 5,864 16,583 Cash Flows From Investing and Financing Activities Cash was Received From: Cash was Applied to: Total Cash Flows From Investing and Financing Activities - - Net Increase in Cash 5,864 16,583 Opening Cash Balance 37,463 20,880 Closing Cash Balance 43,327 37,463 Represented by: ANZ Ltd - 00 a/c 43,327 37,463 Net Cash Balance 43,327 37,463 These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 7

10 Statement of Accounting Policies Reporting Entity Central Otago Pinot Noir Charitable Trust is a registerd charity governed by its Trust Deed dated 9 December 2004, The Charities Act 2005 and The Charitable Trust Act Basis of Preparation Central Otago Pinot Noir Charitable Trust has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) on the basis that it does not have public accountability and has total annual expenses equal to or less than $2,000,000. All transactions in the Performance Report are reported using accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future. The Performance Report is presented in New Zealand dollars and rounded to the nearest dollar. Trade and Other Receivables Accounts Receivable are recognised initially at fair value and subsequently measured at amortised cost using effective interest method, less an allowance for any uncollectable amounts. Individual debts that are known to be uncollectable are written off in the period that they are identified. Goods and Services Tax (GST) The entity is not registered for GST purposes and therefore the financial statements have been prepared on a GST inclusive basis. Inventory Inventories are stated at the lower of cost, determined on a first-in-first-out basis, and net realisable value. Tier 2 PBE Accounting Standards Applied The Board has not adopted any Tier 2 PBE Accounting Standards in the preparation of these accounts. Changes in Accounting Policies There have been no changes in accounting policies. All accounting policies have been applied on a basis consistent with those used in previous years. These statements should be read in conjunction with the Notes to the Financial Statements and have been compiled without undertaking an audit or review and is subject to the Accountant's compilation report. 8

11 Notes to the Financial Statements $ $ 1 Analysis of Revenue Revenue From Providing Goods and Services Auction Income - 25,022 Total - 25,022 Interest, Dividends and Other Investment Revenue Interest Total Other Investment Revenue Total Revenue 47 25,199 2 Analysis of Expenses Costs Related to Providing Goods or Services Cost of Goods Sold Opening Stock Auction Expenses 602 2,076 Excise tax 277-1,627 2,824 Closing Stock Total Cost of Goods Sold 1,627 2,076 Other Expenses Bank charges Credit card charges - 31 Insurance Subscriptions and Licences - 51 Total Total Expenses 2,384 2,750 These notes have been compiled without undertaking an audit or review engagement and are subject to the Accountant's compilation report. 9

12 Notes to the Financial Statements $ $ 3 Accumulated Funds This Year Capital Accumulated Contributed by Surpluses or Members Deficits Reserves Total Opening Balance - 49,464-49,464 Net Surplus/(Deficit) (2,337) (2,337) Closing Balance - 47,127-47,127 Last Year Capital Accumulated Contributed by Surpluses or Members Deficits Reserves Total Opening Balance - 27,015-27,015 Net Surplus/(Deficit) 22,449 22,449 Closing Balance - 49,464-49,464 4 Capital Commitments No capital commitments have been contracted for or provided for at balance date (2016:Nil). 5 Contingent Liabilities and Guarantees There were no contingent liabilities or guarantees at balance date (2016:Nil). 6 Related Parties The following material transactions occurred with related parties during the year: General There have been no related party transactions during the current financial year. 7 Events After Balance Date There were no events that have occurred after balance date that would have a material impact on the Performance Report (2016:Nil). 8 Going Concern These financial statements have been prepared assuming that the Trust is a going concern and has the continuing financial support of its Settlor. If the Settlor withdraw their support then the going concern principle can not be relied upon. These notes have been compiled without undertaking an audit or review engagement and are subject to the Accountant's compilation report. 10

13 Compilation Report Compilation Report to the Trustees of Central Otago Pinot Noir Charitable Trust Scope On the basis of information provided by you we have compiled, in accordance with Service Engagement Standard No. 2: Compilation of Financial Information and relevant professional standards and ethical requirements issued by the New Zealand Institute of Chartered Accountants, the financial statements of Central Otago Pinot Noir Charitable Trust for the year ending 31 July 2017 as set out on pages 1 to 10, which have been prepared in accordance with the financial reporting framework described in the Statement of Accounting Policies. Responsibilities You are solely responsible for the information contained in the financial statements and have determined that the financial reporting framework used is appropriate to meet your needs and for the purpose that the financial statements were prepared. The financial statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for the contents of the financial statements. No audit or review engagement undertaken Our procedures use accounting expertise to undertake the compilation of the financial statements from information which you provided to us. Our procedures do not include verification or validation procedures. No audit or review engagement has been performed and accordingly no assurance is expressed. Independence We are not independent of Central Otago Pinot Noir Charitable Trust, in that a Principal of Crowe Horwath (NZ) Limited is also a Trustee of the Trust. In that capacity, he may participate in decisions regarding financial transactions or events which are reported on as part of these financial statements. Crowe Horwath (NZ) Limited Wanaka 19th November