The KVH Foundation Incorporated

Transcription

1 The KVH Foundation Incorporated Performance Report for the year ended 31 March 2016

2 Report contents Page Non-financial information Auditors report 2 Approval of performance report 3 Entity information 4 Statement of service performance 6 Financial information Statement of financial performance 7 Statement of financial position 8 Statement of movements in equity 9 Balance sheet 10 Statement of accounting policies 11 1

3 Approval of performance report The Board has approved the performance report of, for the year ended 31 March Peter Ombler Chairman Nathan Flowerday Director Dated: 18 July

4 Entity information as at 31 March 2016 Legal name of entity Nature of business Registration number Date of establishment Accountants Auditors Bankers Solicitors Chief Executive The charitable purposes of the Society are: To meet the kiwifruit industry's obligations under the Biosecurity Government Industry Agreements and to monitor and identify biosecurity risks to the kiwifruit industry, and where any such risks may have a serious adverse impact on the New Zealand kiwifruit industry, to prepare for responses to those biosecurity risks, lead those biosecurity responses as required and liaise with governments, agencies, industry groups and other agencies as appropriate in relation to any such biosecurity To do all things risks; required of the Society for the management of a National Pest Management Plan for Pseudomonas Syringae pv. Actinidiae (Psa) within New Zealand; To promote and encourage in the national interest research into and the dissemination of information relating to biosecurity risk management and monitoring for kiwifruit vines in New Zealand; and To do any act or thing necessary or incidental to the attainment of the above objectives. Notwithstanding anything else in these Rules, or anything in any procedures that may be implemented after the date of these Rules, the objects and purposes of the Society are charitable and may not extend to any matter which is not charitable within the meaning of the Charities Act CC January 2012 KPMG Level Cameron Road Tauranga Bennetts Proactive Accountants Limited 126 Jellicoe Street Te Puke3153 Westpac Bank Auckland Cooney Lees Morgan Level Cameron Road Tauranga 3140 Barry O'Neil Peter Ombler 4

5 Board members Board secretary Peter Ombler Nathan Flowerday Jarred Mair Lorry Leydon (non-voting) Alister Hawkey (joined October 2015) Peter Silcock (resigned February 2016) Craig Thompson (resigned September 2015) Richard Procter (joined February 2016) Michael Chapman (resigned December 2015) Main source of the Entity's cash and resources Funding is received by way of biosecurity levy and payments made from Kiwifruit Vine Health Incorporated. Main methods used by the Entity to raise funds The Biosecurity Order 2015 imposes a levy of 0.6c per tray of kiwifruit that is grown in New Zealand and exported. The KVH Foundation Incorporated invoices Zespri on a monthly basis based on departure forecast information provided. Funds are also received from Kiwifruit Vine Health Incorporated. Physical address Level 1 Customhouse Building 314 Maunganui Road Mount Maunganui Postal address PO Box 4246 Mount Maunganui Phone Fax Website info@kvh.org.nz 5

6 Statement of service performance as at 31 March 2016 Entity's outcomes Minimise the risk to the kiwifruit industry by leading the strategic and operational preparedness for potential biosecurity risks. This will be achieved through influencing policy setting, risk profiling and analysis, leading and coordinating industry preparedness, and promoting best practice biosecurity. Actual Actual Description and quantification of the outputs Operations - wider biosecurity 176, ,580 Work with regulators to influence the development of biosecurity legislation, policies and standards that may impact the industry. Identify best management practices to reduce biosecurity risk to growers and the industry as a whole. Lead and coordinate the kiwifruit industry's input to any future response. Education and awareness 21,797 18,609 Raise grower awareness to wider biosecurity risks and influence individual decisions on specific issues to mitigate future risks. Research and development projects 144,826 1,496,681 Actively identify potential biosecurity risks, including PSA, to the kiwifruit industry, offshore and with proposed imports, ensuring the correct decisions are actively made in relation to these. Identify what resources the industry needs in preparation for future biosecurity events; and ensuring the right capability can be mobilised at the right time to enable effective responses. 6

7 Statement of financial performance for the year ended 31 March 2016 Note Revenue Fundraising and other similar revenue 1-25,000 Revenue from providing services 2 700,280 2,219,369 Interest revenue 3 6,918 3,779 Gross surplus 707,198 2,244,369 Expenses Employee related costs 4 157, ,722 Costs related to providing services 5 345,923 2,040,467 Total expenses 503,470 2,396,189 Net business surplus/(deficit) 196,810 (151,820) Net surplus/(deficit) 203,728 (148,041) 7

8 Statement of financial position as at 31 March 2016 Note Current assets Cash and bank balances 6 890, ,694 Accounts receivable 27, ,215 Accrued income - 1,754,928 Response costs - non KVH - 54,172 Total assets 918,103 2,263,010 Current liabilities Accounts payable 63, ,780 Accrued charges 8, ,120 GST payable 105, Loan - Zespri - 100, ,670 1,726,305 Total liabilities 177,670 1,726,305 Net assets 740, ,705 Net surplus/(deficit) 203,728 (148,041) Movements in equity for the year 203,728 (148,041) Equity at beginning of year 536, ,746 Equity at end of year 740, ,705 8

9 Statement of cash flows as at 31 March Cash flow from operating activities Cash was received from: Receipts from providing goods and services 2,583, ,700 Interest, dividends and other investment receipts 6,918 3,779 Net GST 105,548 66,608 Cash was applied to: Payments to suppliers and employees (2,057,652) (866,832) Net cash flows from operating activities 638,493 (335,745) Cash flows from investing and financing activities Cash was received from: Proceeds from loans borrowed from other parties - 100,000 Cash was applied to: Repayments of loans borrowed from other parties (100,000) - Net cash flows from investing and financing activities (100,000) 100,000 Net increase / (decrease) in cash 538,493 (235,745) Opening cash 351, ,439 Closing cash 890, ,694 This is represented by: Westpac cheque account 113, ,240 Westpac online saver account 776, , , ,694 9

10 Statement of accounting policies for the year ended 31 March 2016 Reporting entity These financial statements are for. The KVH Foundation is a Charitable Incorporation as described by the nature of business on page 4. Basis of preparation The entity 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 of equal to or less than $2,000,000. All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue to operate in the forseeable future. Goods and services tax All amounts are shown exclusive of Goods & Services Tax (GST), except for receivables and payables which are shown inclusive of GST. Income tax The Society has charitable status under the Charities Act 2005 and is exempt from income tax. Bank Accounts and Cash Bank Accounts and Cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term deposits) with original maturities of 90 days or less. Transition The entity has transitioned to report under Public Benefit Entity Simple Format Reporting. The comparative figures have been restated under this format, and no changes have been made. Income Income is recognised to the extent that it is probable that economic benefit will flow to the Incorporation and can be reliably measured. Funding income: Wider Biosecurity income is recognised in the period to which it relates. Interest income: Interest is recognised in the Statement of Financial Performance as it accrues, using the effective interest method. Changes in accounting policies has adopted PBE Standards for a Tier 3 entity with effect from 1 April This transition has had minimal impact on the accounting policies of the Incorporation and has resulted in no changes to the comparative figures. The comparative figures shown are for a period of 9 months. 10

11 Notes to the financial statements 1 Fundraising and other similar revenue Sponsorship - 25,000-25,000 2 Revenue from providing services Research & development funding (18,350) 1,364,374 Wider biosecurity funding 718, ,227 Inter-society funding - 615, ,280 2,219,369 3 Interest revenue Interest received 6,918 3,779 6,918 3,779 4 Employee related costs Accident compensation 6,542 - Managements & administration 128, ,464 Office expenses 8,886 49,586 Professional services 14,066 78, , ,722 5 Costs related to providing services Education and awareness 21,797 18,609 Operations - 273,059 Research and development projects 144,826 1,496,681 Technical transfer - 12,970 Wider biosecurity costs 176, ,148 Interest - loans 3, ,923 2,040,467 11

12 6 Cash and bank balances Westpac cheque account 113, ,240 Westpac online saver account 776, , , ,694 Total cash and bank balances classified as follows: Current assets 890, , , ,694 7 Related parties has oncharged admin costs of $393,467 to Kiwifruit Vine Health Incorporated. has been charged admin costs of $171,244 by Kiwifruit Vine Health Incorporated. The balance outstanding at balance date is $6,833 owed to The KVH Foundation Incorporated (2015: $83,515 owed by ). These entities are related by virtue of common directorship or management. All transactions were in the normal course of business. 8 Capital expenditure commitments There were no commitments for capital expenditure as at balance date. 9 Contingent liabilities There were no known contingent liabilities outstanding at balance date. 10 Auditors remuneration Audit fee 2,000 1,740 This amount has not been accrued. 11 Revenue conditions Under the Government Industry Agreement (GIA) must spend all levy money paid to it on meeting its commitments under the agreement. It may invest the levy money until it is spent. The Board has also agreed to build up working capital to $500,000 for future wider biosecurity incursions. 12 Change of balance date has changed balance dates from June to March in the prior year. Therefore the current years figures are for the twelve months April 2015 to March 2016, and the comparative figures are for the nine months July 2014 to March