Zeal Education Trust

Transcription

1 Consolidated Financial Reports Page Auditors Report 1 Trust Directory 2 Statement of Financial Performance 3 Statement of Movements in Equity 5 Statement of Financial Position 6 Notes to the Accounts 7

2 Trust Directory As at 30th June 2015 Nature of Business Auditors Youth Education & Associated Activities M A O' Meara Bankers ASB Bank Date of Formation 14 June

3 Consolidated Statement of Financial Performance Group Parent Group Parent $ $ $ $ REVENUE Sales 6,945 6,945 1,130 1,130 Café Sales 54,189 8,024 8,304 8,304 Course Fees 4,609 4,609 5,319 5,319 Ticket Sales 21,324 21,324 17,587 17,587 Venue Hireage 79,510 79, , ,944 Contestable Grants Received 755, ,707 1,407,472 1,407,472 Interest Received 8,523 8,279 12,471 12,471 Donations Received 91,901 91, , ,211 Contract Income 452, , , ,848 Sundry Income 28,905 28,905 24,910 24,910 Total Revenue 1,504,427 1,458,017 2,083,196 2,083,196 Less Expenses Accident Compensation Levy 1,506 1,483 8,832 8,832 Accountancy Fees 1,939 1,314 6,518 6,518 Advertising 12,409 11,807 12,202 12,202 Audit Fees 7,000 7,000 7,000 7,000 Bad and Doubtful Debts 1,164 1, Bank Charges 1,340 1, Food & Catering 41,267 40,862 23,893 23,893 Cleaning & Laundry 19,927 19,587 12,138 12,138 Consulting Fees - - 1,860 1,860 Conference & Event Expenses 22,731 22,656 21,695 21,695 Cost of Sales 19, Design Costs 1,200 1, Donations Freight & Courier 1,844 1, General Expenses Insurance 26,187 25,438 20,171 20,171 Interest - Social loans 3,317 3, Light Power & Heating 29,543 29,543 30,305 30,305 Low Value Assets 12,849 8, Motor Vehicle Expenses 23,852 23,852 16,517 16,517 Operating Lease payments 4,179 4,179 4,187 4,187 Printing, Stamps & Stationery 10,876 10,540 12,886 12,886 Production Costs 3,867 3,867 27,740 27,740 Rents 78,375 78,375 77,130 77,130 Rent - Plant & Equipment 3,921 3, Repairs & Maintenance 20,551 16,651 24,181 24,181 Resource Materials 30,434 28,584 15,139 15,139 3

4 Consolidated Statement of Financial Performance (cont.) $ $ $ $ Group Parent Group Parent Security 4,340 4, Staff Training 16,306 16,306 1,386 1,386 Subcontractors 107, ,224 36,029 36,029 Subscriptions 14,217 13,309 6,834 6,834 Telephone, Tolls & Internet 23,409 23,132 20,860 20,860 Travel - National 31,365 31,365 17,622 17,622 WOD Personal Expenses - Hamilton ,686 1,686 Supervisor Costs Volunteer Costs 3,999 3,999 8,094 8,094 Wages & Salaries 717, , , ,506 Total Expenses 1,299,802 1,243, , ,996 Net Surplus Before Depreciation 204, ,758 1,153,200 1,153,200 Less Depreciation Depreciation as per Schedule 161, , , ,698 Depreciation -(Profit)/ Loss on Sale (6,624) (6,624) (2,903) (2,903) Net Depreciation Adjustment 154, ,322 99,795 99,795 NET SURPLUS / (DEFICIT) 49,797 64,436 1,053,405 1,053,405 4

5 Consolidated Statement of Movements in Equity Group Parent Group Parent $ $ $ $ TRUST EQUITY AT START OF YEAR 1,679,389 1,679, , ,984 Funding for Capital Projects / Equipment 73,444 73,444 1,038,368 1,038,368 Funding for operations: Net Surplus / (Deficit) for the Year (23,647) (9,008) 15,037 15,037 Total Recognised Revenues and Expenses for the Year 49,797 64,436 1,053,405 1,053,405 TRUST EQUITY AT END OF YEAR 1,729,186 1,743,825 1,679,389 1,679,389 5

6 Consolidated Statement of Financial Position As at 30th June Group Parent Group Parent $ $ $ $ CURRENT ASSETS ASB Bank - Cheque Accounts 167, , , ,903 Bank - Savings account 304, , , ,339 Hamilton Building Fund , ,946 GST Refund Due - - 9,521 9,521 Accounts Receivable 37,764 37,764 14,491 14,491 Payments in Advance - - 4,500 4,500 Sundry Debtors Total Current Assets 509, , , ,785 NON-CURRENT ASSETS Loan - Zeal Youth Enterprises Limited - 87, Fixed Assets as per Schedule 1,737,825 1,682,695 1,353,416 1,353,416 TOTAL ASSETS 2,247,733 2,250,828 2,007,201 2,007,201 CURRENT LIABILITIES ASB VISA Business Cards 1,995 1,995 1,633 1,633 GST Due for payment 17,807 17, Accounts Payable 20,123 14,639 16,650 16,650 Accrued Expenses 37,098 37,098 7,819 7,819 Funds in Advance 321, , , ,210 Social loan - Current Portion 47,651 41,651 6,000 6,000 Other Total Current Liabilities 446, , , ,312 NON-CURRENT LIABILITIES Social Loan 71,744 71,744 2,500 2,500 TOTAL LIABILITIES 518, , , ,812 NET ASSETS 1,729,186 1,743,825 1,679,389 1,679,389 Represented by; TRUSTEES FUNDS Retained Earnings 1,729,186 1,743,825 1,679,389 1,679,389 TOTAL TRUSTEES FUNDS 1,729,186 1,743,825 1,679,389 1,679,389 For and on behalf of the Trustees Chairman CEO.../.../....../.../... 6

7 Notes to the Financial Statements 1. STATEMENT OF ACCOUNTING POLICIES These are the financial statements of. is a Trust established and domiciled in New Zealand by trust deed. The trust qualifies for differential reporting exemptions based on the following criteria: - It is not publicly accountable, and - The trust is 'not large' as defined by the New Zealand Institute of Chartered Accountants. The trust has adopted all available differential reporting exemptions. Measurement Base These financial statements of have been prepared in accordance with generally accepted accounting practice in New Zealand. The financial statements of have been prepared on an historical cost basis, except as noted otherwise below. The information is presented in New Zealand dollars. Changes in Accounting Policies There have been two changes in accounting policies. On the 16 February 2015 a wholly owned subsidiary of the Zeal Education trust was incorporated. It's trading results for the year have been consolidated into these accounts. Also, the Trust has changed its recognition of revenue policy to be inline with the new standards for not-for-profit entites. This is detailed below. Other than these two, all policies have been applied on bases consistent with those used in previous years. Differential Reporting is a qualifying entity in that it qualifies for Differential Reporting as it is not publicly accountable and there is no separation between the owners and the governing body (or, is not large as defined under the Framework for differential reporting). All differential reporting exemptions have been applied. Specific Accounting Policies In the preparation of these financial statements, the specific accounting policies are as follows: (a) Property, Plant & Equipment The entity has the following classes of Property, Plant & Equipment; Buildings Motor Vehicles 20% SL Furniture & Fittings 7-10% SL Office Equipment 20-24% SL Plant & Equipment 24% SL All property, plant & equipment except for land is stated at cost less depreciation. Depreciation has been calculated in accordance with rates per the Income Tax Act (b) Goods & Services Tax These financial statements have been prepared on a GST exclusive basis with the exception of accounts receivable and accounts payable which are shown inclusive of GST. 7

8 Notes to the Financial Statements (c) Taxation The Trust is a registered charitable entity under the Charities Act 2005, and accordingly is exempt from income tax under sections CW41 and CW42 of the Income Tax Act The Trusts Charity Registration Number is CC (d) Leased Assets Plant and equipment and land and buildings are leased by. Operating Leases Operating leases are those which all the risks and benefits are substantially retained by the lessor. Operating lease payments are expensed in the periods the amounts are payable. (e) Events After Balance Date There have been no significant events after balance date ( nil) (f) Revenue Revenue shown in the statement of financial performance comprises amounts received and receivable by the Trust from grants, donations and goods and services supplied to consumers in the ordinary course of operations. Interest income is recognised using the effective interest method. (g) Government Grants Grant revenue is recognised when the conditions attached to the grant have been complied with. Where there are unfulfilled conditions attaching to the grant, the amount relating to the unfulfilled condition is recognised as a liability and released to income as the conditions are fulfilled. (h) Receivables Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified. 2. AUDIT These financial statements have been subject to audit, please refer to Auditor's Report. 3. CONTINGENT LIABILITIES & CAPITAL COMMITMENTS At balance date there are no known contingent liabilities (2014:$538,000). has not granted any securities in respect of liabilities payable by any other party whatsoever. 4. RELATED PARTIES During the period loans of $87,347 were advanced to Zeal Youth Enterprises Limited, a 100% wholly owned subsidary of the. The funds were used to set up and run the Stories Café. Scott Ratuki Trustee & partner of Tompkins Wake Lawyers who have provided services to Zeal, Sarah van t Hof Trustee and shareholder of The Production Co Ltd a supplier to Zeal, Greg Eden Trustee & partner of EPPL which provides accounting services to Zeal. All transactions at market rates. 5. SECURITIES AND GUARANTEES There was no overdraft as at balance date nor was any facility arranged. 8

9 Notes to the Financial Statements 6. PROPERTY, PLANT & EQUIPMENT $ $ Leasehold Improvements At Cost 1,189, ,114 less Accumulated Depreciation (43,503) 1,145, ,114 Current year depreciation 43,503 - Motor Vehicles At Cost 54,677 54,677 less Accumulated Depreciation (41,092) (32,726) 13,585 21,951 Current year depreciation 8,366 8,366 Furniture & Fittings At Cost 583, ,957 less Accumulated Depreciation (190,863) (149,495) 392, ,462 Current year depreciation 41,369 38,583 Office Equipment At Cost 58,654 47,524 less Accumulated Depreciation (50,631) (42,595) 8,023 4,929 Current year depreciation 4,357 3,713 Plant & Equipment At Cost 740, ,412 less Accumulated Depreciation (562,020) (498,453) 178, ,959 Current year depreciation 63,858 52,036 Total Property, Plant & Equipment 1,737,825 1,353,415 Total Depreciation for the year 161, ,698 7 OPERATING LEASE COMMITMENTS Rent of Property Term Current Non-Current Ghuznee Street, Wellington 9 Yrs 63, ,583 1st Floor, 421 Victoria Street, Hamilton 15 Yrs 18, ,500 Part Ground Fl, 412 Victoria Str, Hamilton 14Yrs 2Mth 9,000 96,750 Commencement 1st September st April st February , ,833 Lease of Plant / Vehicles Mazda E2000 Van - FHK297 3 Yrs 6,760 11, April 2015 Mazda E2000 Van - FML765 3 Yrs 6,760 11, April 2015 Great Wall V240 - HAW313 3 Yrs 5,494 9, April 2015 Mazda E2000 Van - HZK476 3 Yrs 6,659 11, April 2015 Photocopier 3 Yrs 1,620 1,215 1st April ,293 46,143 9

10 Notes to the Financial Statements 8. FUNDERS gratefully acknowledges the support of the following organisations: Ministry of Social Development $ 220,000 Auckland Council $ 168,004 Health Promotion Agency $ 109,770 Lottery Grants Board $ 100,000 Wellington City Council $ 85,818 ASB Community Trust $ 50,000 Auckland Communities Foundation $ 50,000 Lion Foundation $ 45,000 Wliberforce 21 $ 43,500 Hamilton City Council $ 30,000 The Trust Community Foundation TTCF $ 30,000 Sky City Auckland Community Trust $ 27,593 WEL Energy Trust $ 25,000 Trust Waikato $ 20,000 Youthtown Inc. $ 5,038 Community Organisation Grants Scheme $ 13,500 Tindall Foundation - Grassroots Giving Fund $ 10,500 DV Bryant Trust $ 10,000 Ministry of Youth Development $ 10,000 Wellington Commmunity Trust $ 10,000 Sky City Hamilton Community Trust $ 8,260 TG Macarthy Trust $ 7,500 IHC Foundation $ 6,000 Winton and Margaret Bear Trust $ 6,000 Auckland Council - Creative Communities Scheme $ 5,000 Infinity Foundation $ 5,000 Nikau Foundation $ 5,000 Vodafone $ 5,000 Western Districts Community Foundation $ 4,500 NZ Music Foundation $ 3,043 Four Winds Foundation $ 3,000 Pelorus Trust $ 2,000 Ann Sinclair Trust $ 1,500 APRA $ 1,000 gratefully acknowledges the support of the following organisations towards the fitout costs for Zeal Hamilton. Trust Waikato $ 50,000 The Rotary Club of Waikato Sunrise $ 8,444 gratefully acknowledges the support of the following organisations towards the fitout costs for Zeal Mobile Services. Youthtown Inc $ 10,000 gratefully acknowledges the support of the following organisations towards the fitout costs for Zeal Stories Cafe. Anglican Diocese $ 5,000 10

11 Notes to the Financial Statements 9. BORROWINGS Current Borrowings $ 47,651 $ 6,000 Non Current Borrowings $ 71,744 $ 2,500 Total Borrowings $ 119,395 $ 8,500 The term loan with WEL Energy Trust is for 3 years. At balance date, the amount outstanding was $113,395 with an interest rate of 6.5% and 31 months left on the term. The also has borrowings from the Nikau Foundation of $6,000 at balance date. The ordinary interest rate on this loan is Nil. 11