Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
TE WHARE WANANGA O
MUMA LIMITED
ANNUAL REPORT 2015
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 2
AUDITORS’ REPORT
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 3
AUDITORS’ REPORT CONT/-
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 4
DIRECTORY
Registered Office Solicitors
31 Calthorp Close Wackrow Williams and Davies Limited
Māngere, AKLD 2024 Auckland 1010
New Zealand
Postal Address Auditors
P O Box 43 157 RSM Hayes Audit
Mangere Manukau City
Manukau City
Telephone Bankers
800 922 832 ASB Bank Ltd
Facsimile
09-277 7090
Website
waatea.school.nz
Directors
Willie JACKSON
Wyn OSBORNE Lynette MURRAY-ROUNTREE Bernie O'DONNELL Tamati PATUWAI
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 5
DIRECTORS’ REPORT The directors of Te Whare Wananga O Muma Limited present this annual report being the financial statements
of the company for the year ended 31 December 2015, and the independent auditor’s report thereon.
The shareholders of the company have exercised their right under section 211(3) of the Companies Act 1993
and unanimously agreed that this Annual Report need not comply with any paragraphs (a), and (e) to (j) of
section 211(1) of the Act.
STATEMENT OF RESPONSIBILITY The Directors are responsible for the maintenance of adequate accounting records and the preparation and
integrity of the annual financial statements and related information. The independent external auditors, CST
Nexia Audit, have audited the annual financial statements and their report appears on pages 3-4.
The Directors are also responsible for the systems of internal control. These are designed to provide reasonable
but not absolute assurance as to the reliability of the financial statements and to adequately safeguard, verify
and maintain accountability for assets, and to prevent and detect material misstatements. Appropriate systems
of internal control have been employed to ensure that all transactions have been executed in accordance with
authority and correctly processed and accounted for in the financial statements. The systems are implemented
and monitored by suitably trained personnel with an appropriate segregation of authority and duties. Nothing
has come to the attention of the Directors to indicate that any material breakdown in the functioning of these
controls, procedures and systems has occurred during the period under review.
The financial statements are prepared on a going concern basis. Nothing has come to the attention of the
Directors to indicate that the Company will not remain a going concern in the foreseeable future.
In the opinion of the Directors:
the statement of financial performance is drawn up so as to give a true and fair view of the Financial results
of the Company for the financial year ended 31 December 2015;
the statement of financial position is drawn up so as to give a true and fair view of the state of affairs of the
Company as at 31 December 2015; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall
due.
Signed on behalf of the Board by:
----------------------------------- -----------------------------------
Director Director
Date:
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 6
STATEMENT OF FINANCIAL PERFORMANCE For the year ended 31 December 2015
Dec-2015 Dec-2014
TOTAL TOTAL
($) ($)
Income
Min of ED funding – Kura Hourua 634,668 138,842
Min of Ed Funding – Early Childhood Education 345,146 -
Other Revenue 106,566 4,397
ECE Building Grant 1,129,100 -
Total Income 2,215,480 143,239
-
Gross Profit 2,215,480 143,239
-
Plus Other Income -
Establishment Costs 360,000 -
Total Other Income 360,000 -
-
Less Operating Expenses -
Administration 430,904 46,193
Learning Resources 91,279 -
Property 139,182 60,000
Staffing 687,136 36,049
Total Operating Expenses 1,348,501 142,242
-
Operating Profit 1,226,980 997
-
Non-operating Expenses -
Depreciation 50,122 3,865
Total Non-operating Expenses 50,122 3,865
-
Net Profit 1,176,857 (2,868)
This statement should be read in conjunction with the accompanying notes.
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 7
STATEMENT OF MOVEMENTS IN EQUITY For the year ended 31 December 2015
Notes Dec-2015 Dec-2014
($) ($)
Equity
Opening Balance
(2,867) -
Current Year Earnings
1,176,711 (2,867)
Total Equity
1,173,844 (2,867)
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 8
STATEMENT OF FINANCIAL POSITION As at 31 December 2015
Notes Dec-2015 Dec-2014
($) ($)
Assets
Property Plant and Equipment
88,789 35,645
Current Assets
Accounts Receivable
39,072 34,250
Cash and Cash Equivalents
150,527 531,355
Other Assets
58,745 1,851
Total Current Assets 248,343 567,456
Fixed Assets
Capital Work-In-Progress
1,274,979 210,630
Leasehold Improvements
8,039 -
Total Fixed Assets 1,283,018 210,630
Total Assets 1,620,151 813,731
Liabilities
Current Liabilities
Accounts Payable
122,960 157,802
Accrued Expenses
245,918 3,500
IRD Payables
- 6,042
GST
(37,368) 23,714
Other Payables
30,039 -
Deferred Grant Income
7,852 602,852
Total Current Liabilities 369,401 793,909
Non-Current Liabilities
Finance Lease Liabilities 4 76,906 22,687
Total Non-Current Liabilities 76,906 22,687
Total Liabilities 446,307 816,597
Net Assets 1,173,844 (2,867)
This statement should be read in conjunction with the accompanying notes.
Signed for and on behalf of the Board
----------------------------------- -----------------------------------
Director Director
Date:
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 9
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 December 2015
1. Summary of Accounting Policies
Reporting Entity
The financial statements presented here are for the entity Te Whare Wananga O MUMA Limited (The Company), a registered
company under the Companies Act 1993.
Reporting Framework
The financial statements have been prepared in accordance with the Financial Reporting Act 1993.
These financial statements have been prepared in accordance with “Old GAAP” in New Zealand. Old GAAP comprises New
Zealand Financial Reporting Standards and Statements of Standard Accounting Practice that existed prior to the introduction
of New Zealand Equivalents to International Financial Reporting Standards. The Company has chosen to apply Old GAAP
because it meets the criteria for doing so; that is, it was applying Old GAAP at 31 December 2015, and it is neither publicly
accountable nor large as defined in the External Reporting Board’s Standard A1: Application of Accounting Standards.
The Company is not publicly accountable and is not large. Accordingly, it has taken advantage of all differential reporting
exemptions allowed under the Framework for Differential Reporting, except that items in the Statement of Financial
Performance have been recognised exclusive of Goods and Services Tax.
Measurement System
The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on
an historical cost basis have been used, with the exception of certain items for which specific accounting policies have been
identified.
(a) Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in
previous years.
(b) Property, Plant & Equipment & Depreciation
All property, plant & equipment are stated at cost less aggregate depreciation. Depreciation has been calculated on a straight
line value basis at rates that will write off the cost of assets over their estimated useful lives. The useful lives of the major
classes of assets have been estimated as follows;
Leasehold Improvements 9.5%
Motor Vehicles 40.0%
Furniture & Fittings 9.5% – 33.0%
Office Equipment 22.0% - 40.0%
Plant & Equipment 12.5% - 40.0%
All property, plant & equipment are initially recorded at cost with depreciation being deducted on all tangible fixed assets
other than freehold land, in accordance with rates set out in the Income Tax Act 2007.
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 10
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS CONT. For the year ended 31 December 2015
(c) Goods & Services Tax
The Statement of Financial Performance has been prepared so that all components are stated exclusive of GST. All items in
the Statement of Financial Position are stated net of GST, with the exception of accounts receivable and payable.
(d) Income Tax
The company has received charitable status and is therefore exempt from paying any taxes on income.
(e) Investments
Investments are carried at the lower of cost and net realisable value. Where in the Directors' opinion there has been a
permanent reduction in the value of the investments this has been brought to account in the current period.
(f) Goods & Services Revenue
Revenue comprises the amounts received and receivable for goods and services supplied to customers in the ordinary course
of business.
(g) Grants
Grants received are recognised in the statement of financial performance when the requirements under the grant agreement
have been met. Any grants for which the requirements under the grant agreement have not been completed are carried as
liabilities until all the conditions have been met.
(h) Interest Income
Interest income is accounted for as earned.
(i) Employee Entitlements
Employment entitlements to salaries and wages, annual leave, long service leave and other benefits are recognised when
they accrue to employees.
(j) Provision for Dividends
Dividends proposed after balance date are not recognised in the financial statements, but are disclosed in the notes to the
financial statements.
(k) Receivables
Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.
Income received for Early Childhood Education and the Partnership School contracts is recognised in the period to match the
expenses.
(l) Leases
Finance leases that effectively transfer to the entity substantially all the risks and benefits incidental to ownership of the
leased item are capitalised at the present value of the minimum lease payments. The leased assets and corresponding
liabilities are disclosed, and the leased assets are depreciated.
Operating lease payments, where the lessor effectively retains substantially all the risks and benefits incidental to ownership
of the leased item, are included in the determination of the operating profit in equal instalments over the lease term.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS CONT. For the year ended 31 December 2015
2. Income and Expenses by Department
Dec-2015
NOTES KURA KURA EST ECC Ops ECC Build ADMIN TOTAL
($) ($) ($) ($) ($) ($)
Income
Min of Education – Kura Hourua
634,668
-
-
-
-
634,668
Min of Education - ECE Operational
- - 345,146
-
- 345,146
Other Revenue
24,345
- - -
82,221
106,566
ECE Grant
- - - 1,129,100
- 1,129,100
Total Income 659,012 - 345,146 1,129,100 82,221 2,215,480
Gross Profit 659,012 - 345,146 1,129,100 82,221 2,215,480
Plus Other Income
Establishment Costs
- 360,000 -
- 360,000
Total Other Income - 360,000 - - 360,000
Less Operating Expenses
Administration
121,019 248,500 48,257 - 13,128 430,904 Learning Resources
69,805 - 21,093 - 380 91,279
Property
89,621 20,000 27,823 - 1,739 139,182 Staffing
358,847 91,500 236,789 - - 687,136
Total Operating Expenses 639,291 360,000 333,962 - 15,247 1,348,501
Operating Profit 19,721 - 11,184 1,129,100 66,975 1,226,980
Non-operating Expenses
Depreciation
1,796 - 46,693 - 1,633 50,122
Total Non-operating Expenses
1,796 - 46,693 - 1,633 50,122
Net Profit 17,925 - (35,509) 1,129,100 65,341 1,176,857
3. Reliance on Government Funding
The Whare Wananga o MUMA Limited is a 100% subsidiary of Manukau Urban Maori Authority. The Company’s main source
of funding is from the Government hence maintaining the Government agency’s support is critical to the Company’s
operations.
Kura Hourua (Partnership School) is fully funded through the parent company.
ECE Building project is also fully funded through the parent company.
4. Property, Plant & Equipment
Dec 2015 Dec 2014
($) ($)
Equipment 7,891
Computer Equipment 6,690 1,533
Furniture and Fittings 8,117 467
Vehicles 66,091 33,644
Total Property Plant and Equipment’s 88,789 35,645
5. Depreciation Charge by Asset Class
Dec-2015 Dec-2014
($) ($)
Equipment 193 -
Computer Equipment 2,904 72
Furniture and Fittings 471 55
Vehicles 46,553 3,738
Total Depreciation 50,121 3,865
6. Related Party Transactions
Manukau Urban Maori Authority received $240,000 from the company for Project Management.
The Company paid $104,000 to Manukau Urban Maori Authority for administration fees for ECE Operations ($26,500),
Kura Establishment Project ($7,500) and Kura Operations ($70,000).
Nga Whare Waatea received $67,500 as rent for the use of buildings from Kura Operations ($45,000) and ECE
Operations ($22,500).
TE WHARE WANANGA O MUMA LTD – ANNUAL REPORT 2015 - - - DRAFT
WAATEA.SCHOOL.NZ Page 13
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS CONT. For the year ended 31 December 2015
7. Finance Leases
Dec 2015 Dec 2014
($) ($)
SsangYong Vehicle Finance 17,799 22,687
Mitsubishi Finance 59,108 -
Total Finance Lease Liabilities 76,906 22,687
8. Commitments
At balance date there were no Commitments other than those reported in the Balance Sheet.
9. Capital Work-In-Progress
Capital work-in-progress includes money paid towards the building consent applications, architectural designs, project
management fee and the payments to Construction Company with respect of the construction of Early Childhood Centre
10. Contingent Liabilities
At balance date there were no contingent liabilities. (2014: Nil).
11. Investments
The Company has no investments other than bank deposits in 2015 (2014: $NIL).
12. Securities and Guarantees
No Securities and/or Guarantees as at 31st December 2015.
13. Capital Commitments
Total capital commitments as at 31 December 2015 for the construction of the Early Childhood Centre is $998,470.