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    1888 2019 Audited Financial Statements

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    TE KURA O TE PAROA ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 ‘School Directory Ministry Numb 1888 Principal: Erin Pou School Address: 34 Paroa Road ‘School Postal Address: 34 Paroa Road RD 1, Whakatane, 3191 ‘School Phone: 07 308 6652 ‘School Email: janet@paroa.school.nz Members of the Board of Trustees How Term Position Expires/ Name Position Gained Occupation Expired LYTLE HALL Chairperson Elected Electrician Jun 2022 ERINTEPOU Principal ex Officio ATARUAWAI Parent Rep Elected Early childhood manag Jun 2019 MEIWINITANA Parent Rep Elected Education Tutor Jun 2018 SUE FENTON Parent Rep Elected Teacher Jun 2018 MERI FAULKNER - Parent Rep Co-opted Kiarahi integration pr Jun 2022 MARAMA STUDER Parent Rep Elected ‘Administrator Jun 2022 KELLY HOHAPATA Parent Rep Elected Family Start Kaiawhine Jun 2022 KAEA MATENGA Parent Rep Elected Doctor Jun 2022 MARK POUWHARE Staff Rep Elected Teacher Jun 2022 Accountant / Service Provider: Education Services Ltd Te Kura o Te Paroa Financial Statements - For the year ended 31 December 2019 Page 13-22 23-25 Index Statement Statement of Responsibility Statement of Comprehensive Revenue and Expenses Statement of Changes in Net Assets/Equity ‘Statement of Financial Position Statement of Cash Flows Statement of Accounting Policies Notes to the Financial Statements Audit Report Other Information Analysis of Variance Kiwisports Te Kura 0 Te Paroa Statement of Responsibility For the year ended 31 December 2019 “The Board of Trustees accepts responsibly forthe preperation of the annual financial statements ‘and the judgements used in these fancial stetements, ‘The management (including the principal and others as directed by the Board) accepts responsibilty {or establishing and maintaining a system of internal controls designed to provide reasonable ‘assurance as tothe integrity and reliably of the schoo financial reporting. Itis the opinion ofthe Board and management that the annual fancal statements forthe fancal year tended 31 December 2019 fey reflects the financial postion and operations of the school. ‘The Schoot's 2018 nancial statements are authorised for issue by the Board. Te Pou Principal Te Kura oTe Paroa 34 Paroa Road, RD 1 ‘whatoane Ayme Heer Ph 07 308 6852 Fox 07 307 8374 Fal Nar of Boa Cara Nano napa A bhat— “REB, ‘Signature of Board Chairperson Signature of Principal 7/07/ Boho 4 lo7lrze20 va: oa ‘Te Kura 0 Te Paroa Annual Report and Financial Statements Page t Te Kura 0 Te Paroa Statement of Comprehensive Revenue and Expense For the year ended 31 December 2019 2019 2019 2018 Budget Notes Actual (Unaudited) Actual 3 $ $ Revenue Government Grants 2 2471874 — 2.233300 2,950,062 Localy Reised Funds 3 77.176 "68,700 "160,022 Interest income zen tooo 21,732. Gain on Sale of Property, Plant and Equipment 618 386 ZETEDR 2330082547, 002 Locally Raised Funds a 63.088 27.900 151,248, Learning Resources 4 4.522409 1,485,004 1,986,197 ‘Administration 5 ve7ez2 "168.131 187.801 Finance 1048 “486 745 Property 6 363,422 383,774 997,751 Depreciation 7 7018 73872 64/048 Loss on Disposal of Property, Plant and Equipment ‘425 : Transport 14804 185228 164,269 arial 22a 7s 20 Not Surplus / (Deficit) for the year 206,758 (11,108) 218.021 Other Comprohensive Revenue and Expenses - - Total Comprehensive Revenue and Expense for the Year ree ‘The above Statement of Comprehensive Revenue and Expense should be read In conjunction withthe accompanying notes which form part ofthese financial statements, Te Kura o Te Paroa Annual Report and Financial Statements Te Kura o Te Paroa Statement of Changes in Net Assets/Equity For the year ended 31 December 2019 Budget Actual (Page Acta Notes 2019 2019 2018 $ $ s Balanco at 1 January mimes ee “Total comprehensive revenue and expense forthe year 206,758 (11,165) 218,824 Capital Contibutions from the Ministry of Education Contbuton - Furniture and Equipment Grant 1062 : 4.994 ‘Adjustment to Accumulated suplue(deft from adoption of POE IFRS @ - : Equity at 31 Decomber 4 eas os Retained Eamings 1.586443 1,100,085 1,539,048 Equity t 31 December ees ‘The above Statement of Changes in Net Assets/Equty should be read in conjunction ‘withthe accompanying notes which form part of these financial statements, Te Kura 0 Te Parca Annual Report and Financial Statements Poo CF Audit Te Kura 0 Te Paroa Statement of Financial Position As at 31 December 2019 zoe Notes Actua 8 Current Assets Cash and Cash Equivalents 8 45,744 Accounts Receivable 8 108,178, GST Receivable 23,182 Prepayments 5.648 Inventories 10 5.040 Investments 111032820 Funds owed for Capital Works Projects 8 29.501 eo) Current Ligbliies GST Payaole - ‘Accounts Payable 8 197,332 Revorue Received in Advance 4 7979 Prowsion for Cyclical Maintenance 6 24,708 Painting Contract Liability - Current Potion 18 13,656, Finance Lease Libilty - Curent Portion 7 21,766 BER Working Capital Surplusi(Defict) 904.467 Non-current Assots Property, Plant and Equipment 2 641,206 Hie ‘Non-current Liabilities Provision for Cyclical Maintenance 6 38287 Painting Contract Liability 6 Tea7 Finance Lease Labity 7 23.428 e310 2019 Budget (Unaudited) $ 461,250 87.640 2.088 2202 Ear) 17,060 105,236, 2280 12200 13.655, 2487 399,361 714,080 Tia ee 2738 101852 13.585 2018 Actual 852.426 104,434 19.026 5704 4537 9321 saa 118.548 18.270 12200 13.856 4407 832.266 972,767 BEIT 39.603, 21,308 5.082 ER assets ss Equity (SEB Aas ‘The above Statement of Financial Peston shoul be red in conjunction ‘wit the accompanying notes which form part of these Fania statements ‘Te Kura o Te Paroa Annual Repert and Financial Statements CF Te Kura 0 Te Paroa Statement of Cash Flows For the year ended 31 December 2019 Cash flows from Operating Activities Government Grants Locally Raised Funds ‘Goods and Services Tax (nt) Payments to Employees Payments to Suppliers Cyclical Maintenance Payments in the year Interest Paid Interest Received Net cash from Operating Actes ash flows from Investing Activities rocaeds from Sale of PPE (end Intangibles) Purchase of PPE (and Intangibles) Purchase of Investments Proceeds from Sale of Investments Net cash from Investing Activities Cash flows from Financing Activities Furniture and Equipment Grant Finance Lease Payments Painting contract payments Funds Held for Capital Works Projects Net cash from Financing Activities Not increase/(decrease) in cash and cath equivalonts ‘Cash and cash oguvatents atthe beginning ofthe year Cash and cash equivalents atthe ond of the year Note 2019 2019 2018 Budget ‘Actual (Unaudited) Actual $ $ 8 914,573 625,923 885,709 76417 68,700 187,759 (4.138) 6.884) (255,090) (902,624) @39,100) 431,197) (600.451) (505,486) : (13,658), : (1,044) (466) 745) 21,766 10,000 © 22,201 Baa Tis a] aE 1838 - 1,186 (75.822) (192,000) (60,447) (1.032829) - : 204,308 TH AORBTS) (192,000) F454 10,642 - 4,994 (12,063) : (1313) (13.656) - (13.656) 6.074) - (228,508) rh re ears a 852,426 668,404 658,408 ara a ee The statement of cash flows records only those cash flows directly within the control ofthe School. This means centvaly funded teachers’ salaries and the use of and and buildings grant and expense have been excluded. ‘The above Gash Flow Statement should be read in conjunction wth the accompanying notes which farm part ofthese. financial statements. Te Kura 0 Te Paroa Annual Report and Financial Statements Paes OE Audit Te Kura o Te Paroa Notes to the Financial Statements For the year ended 31 December 2019 4. Statement of Accounting P a) Reporting Entity Te Kura o Te Paroa (the School) is a Crown entity as specified in the Crown Entities Act 2004 and a school as described in the Education Act 1989. The Board of Trustees (the Board) Is ofthe view that the School is a public benefit entity for financial reporting purposes, b) Basis of Preparation Reporting Poriod ‘The financial reports have been prepared for the period 1 January 2019 to 31 December 2019 and in accordance with the requirements of the Public Finance Act 1989. Basis of Preparation ‘The financial statements have been prepared on a going concer basis, and the accounting policies have been consistently applied throughout the period, Financial Reporting Standards Applied ‘The Education Act 1989 requires the School, as a Crown entity, to prepare financial statements in accordance with generally ‘accepted accounting practice. The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand, applying Public Sector Public Benefit Entity (PBE) Standards Reduced Disclosure Regime as ‘appropriate to public benefit entities that quality for Tier 2 reporting, The school is considered a Public Benefit Entity as it meets the criteria specified as “having a primary objective to provide goods andior services for community or social benefit and where ‘any equity has been provided with a view to supporting that primary objective rather than for financial return to equity hokiers". ‘Standard early adopted {mn line with the Financial Statements of the Government, the School has elected to early adopt PBE IFRS 9 Financial Instruments. PBE IFRS 9 replaces PBE IPSAS 29 Financial Instruments: Recogrition and Measurement. Information about the ‘adoption of PBE IFRS 9 is provided in Note 28. PBE Accounting Standards Reduced Disclosure Regime ‘The School qualifies for Tier 2 as the school is not publicly accountable and is not considered large as it falls below the ‘expenditure threshold of $30 milion per year. All relevant reduced disclosure concessions have been taken, Measurement Baso The financial statements are prepared on the historical cost basis unless otherwise noted in a specific ‘accounting policy. Presentation Currency ‘These financial statements are presented in New Zealand dollars, rounded to the nearest dollar. Specific Accounting Policies ‘The accounting policies used in the preparation of these financial statements are set out below. CF Te Kura 0 Te Paroa Annual Report and Financial Statements Page 6 Critical Accounting Estimates And Assumptions ‘The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the pplication of accounting policies and the reported amounts of assets, labilties, revenue and expenses. Actual results may differ from these estimates, Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected, Useful lives of property, plant and equioment ‘The Schoo! reviews the estimated useful lives of property, plant and equipment at the end of each reporting date, The School believes that the estimated useful lives of the property, plant and equipment as disciosed in the Significant Accounting Policies ‘are appropriate to the nature of the property, plant and equipment at reporting date. Property, plant and equipment is disclosed at note 12, yclical Maintenance Provision ‘A school recognises its obligation to maintain the Ministry's buildings in a good state of repair as a provision for cyclical maintenance. This provision relates mainly to the painting of the school buildings. The estimate is based on the schools long term maintenance plan which is prepared as part ofits 10 Year Property Planning process. During the year, the Board assesses the reasonableness ofits 10 Year Property Plan on which the provision is based. Cyclical maintenance is disclosed at Note 15, Critical Judgements in applying accounting policies ‘Management has exercised the following critical judgements in applying accounting polices: Classification of eases Determining whether a lease is a finance lease or an operating lease requires judgement as to whether the lease transfers substantially all the risks and rewards of ownership to the school. Judgement is required on various aspects that include, but are ‘ot limited to, the fair value of the leased asset, the economic life ofthe leased assel, whether or not to include renewal options. in the lease term, and determining an appropriate discount rate to calculate the present value ofthe minimum lease payments, Classification as a finance lease means the asset is recognised in the statement of financial position as property plant, and ‘equipment, whereas for an operating lease no such asset is recognised, Recognition of grants ‘The Schoo! reviews the grants monies received at the end of each reporting period and whether any require a provision to carryforward amounts unspent. The School believes all grants received have been appropriately recognised as a labllty if ‘required. Government grants are disclosed at note 2, ) Revenue Recognition Government Grants ‘The school receives funding from the Ministry of Education. The following are the main types of funding that the School receives; Operational grants are recorded as revenue when the School has the rights to the funding, which isin the year that the funding is. received, Teachers salaries grants are recorded as revenue when the School has the rights to the funding in the salary period they relate ‘0. The grants are not received in cash by the School and are paid directly to teachers by the Ministry of Education, Use of land and buildings grants are recorded as revenue in the period the School uses the land and buildings, These are not received in cash by the School as they equate to the deemed expense for using the land and buildings which are owned by the Crown, Other Grants (Other grants are recorded as revenue when the School has the rights to the funding, unless there are unfulfiled conditions ‘attached to the grant, in which case the amount relating o the unfulfiled conditions is recognised as a labilty and released to revenue as the conditions are fulfilled Page? CF Te Kura 0 Te Paroa Annual Report and Financial Statements Donations, Gifts and Bequests Donations, gifts and bequests are recorded as revenue when their receipt is formally acknowledged by the School Interest Revenue Interest Revenue earned on cash and cash equivalents and investments is recorded as revenue in the period it s earned. 4d) Use of Land and Buildings Expense ‘The property from which the Schoo! operates Is owned by the Crown and managed by the Ministry of Education on behalf of the Crown. The School's use of the land and buildings as occupant is based on a property occupancy document as gazetted by the Ministry. The expense is based on an assumed market rental yield on the value of land and buildings as used for rating purposes. This is a non-cash expense that is offset by @ non-cash grant from the Ministry ©) Operating Lease Payments Payments made under operating leases are recognised line basis over the term of the lease. the Statement of Comprehensive Revenue and Expense on a straight ‘) Finance Lease Payments Finance lease payments are apportioned between the finance charge and the reduction of the outstanding lability. The finance charge is allocated to each period during the lease term on an effective interest basis, 9) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank balances, deposits held at call wth banks, and other short term highly liquid investments with original maturities of 80 days or less, and bank overdrafts. The carrying amount of cash and cash ‘equivalents represent fair value. hh) Accounts Receivable Short-term receivables are recorded at the amount due, less an allowance for credit lasses. The school applies the simplified expected credit loss mode! of recognising lifetime expected credit losses for receivables. In measuring expected credit losses, short-term receivables have been assessed on a collective basis as they possess shared credit risk characteristics, They have been grouped based on the days past due. Short-term receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include the debtor being in liquidation Prior Year Policy Accounts Receivable represents items that the School has issued invoices for or accrued for, but has not received payment for at year end. Receivables are intially recorded at fair value and subsequently recorded at the amount the Schoo! realisticaly ‘expects to receive. A receivable is considered uncollectable where there is objective evidence the School will not be able to collect all amounts due. The amount that is uncollectable (the provision for uncollectibilty) Is the difference between the amount due and the present value of the amounts expected to be collected. 1) Inventories Inventories are consumable items held for sale and comprise of stationery and school uniforms. They are stated at the lower of ‘cost and net realisable value. Cost is determined on a frst in, first out basis. Net realisable value Is the estimated selling price in the ordinary course of activites less the estimated costs necessary to make the sale. Any write down from cost to net realisable value is recorded as an expense in the Statement of Comprehensive Revenue and Expense in the period of the write down, Te Kura o Te Paroa Annual Report and Financial Statements Poge8 CF Audit i) Investments. Bank term deposits are intially measured at the amount invested, Interest is subsequently accrued and added to the investment balance. A loss allowance for expected credit losses is recognised if the estimated loss allowance is nat trivial Prior Year Policy Bank term deposils for periods exceeding 90 days are classified as investments and are initially measured at the amount invested. Interest is subsequently accrued and added fo the investment balance. After initial recognition bank term deposits are ‘measured at amortised cost using the effective intorest method less impairment. Investments that are shares are categorised as ‘available forsale" for accounting purposes in accordance with nancial reporting standards. Share investments are recognised intialy by the School affair value plus transaction costs. At balance date the ‘Schoo! has assessed whether there is any evidence that an investment is impaired. Any impairment, gains or losses are recognised in the Statement of Comprehensive Revenue and Expense. After initial recognition any investments categorised as available for sale are measured at ther fair value without any deduction Tor transaction costs the schoo! may incur on sale or other disposal. Ky Property, Plant and Equipment Land and buildings owned by the Crown are excluded from these financial statements. The Board's use of the land and buildings as ‘occupant is based on a property occupancy document. Improvements to buildings owned by the Crown are recorded at cost, less accumulated depreciation and impairment losses. Property, plant and equipment are recorded at cost or, in the case of donated assets, fair value atthe date of receipt, less ‘accumulated depreciation and impairment losses. Cost or fair value as the case may be, includes those costs that relate directly to bringing the asset to the location where it will be used and making sure it isin the appropriate condition for is intended use. Property plant and equipment acquired with individual values under $500 are not capitalised, they are recognised as an expense in the Statement of Comprehensive Revenue and Expense. Gains and losses on disposals (ie. sold or given away) are determined by comparing the proceeds received with the carrying amounts (9. the book value). The gain or loss arising from the disposal of an iter of property, plant and equipment is recognised in the Statement of Comprehensive Revenue and Expense. Finance Leases A finance lease transfers to the lessee substantially all the risks and rewards incidental to ownership of an asset, whether or not title is eventually transferred. At the start of the lease term, finance leases are recognised as assets and labilties in the statement of financial position at the lower ofthe fair value of the leased asset or the present value of the minimum lease payments. The finance charge is charged to the surplus or deficit over the lease period so as to produce a constant periodic rate ‘of interest on the remaining balance of the lability. The amount recognised as an asset is depreciated over its useful lf. f there is no reasonable certainty whether the school will obtain ownership at the end of the lease term, the asset is fully depreciated ‘over the shorter ofthe lease term and its useful life, Depreciation Property, plant and equipment except for library resources are depreciated over their estimated useful ves on a straight line basis. Library resources are depreciated on a diminishing value basis. Depreciation of all assets is reported in the Statement of Comprehensive Revenue and Expense. ‘The estimated useful ives of the assets are: Building Improvements 18-40 years Furniture and Equipment 5-15 years Information and Communication ‘years Motor Vehicles 5 years Library Resources 8 years OV Leased assets are depreciated over the life of the lease, Te Kura 0 Te Paroa Annual Report and Financial Statements pages CF Audit 1) Intangible Assets Software costs ‘Computer software acquired by the School ate capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with subsequent maintenance or licensing of software are recognised as an expense in the Statement of Comprehensive Revenue and Expense when incurred. ‘Computer software licences with individual values under $1,000 are not capitalised, they are recognised as an expense in the ‘Statement of Comprehensive Revenue and Expense when incurred. ‘Computer software that the school receives from the Ministry of Education is normally acquired through a non-exchange transaction and is not of a material amount. I's fair value can be assessed at time of acquisition if no other methods lead to a fair value determination. Computer software purchased directly from suppliers at market rates are considered exchange transactions ‘and the fair value is the amount paid for the software. The canying value of software is amortised on a straight line basis over its useful ife. The useful Ife of software Is estimated as three years. The amortisation charge for each period and any impairment loss is recorded in the Statement of Comprehensive Revenue and Expense. m) Impairment of property, plant, and equipment and intangible assets ‘The school does not hold any cash generating assets. Assets are considered cash generating where thelr primary objective is to ‘generate a commercial return. 'Non cash generating assets Property, plant, and equipment and intangible assets held at cost that have a finite useful life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable service amount. The recoverable service amount is the higher of an asset's fair velue less costs to sell and value in use. Value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost ‘approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availabilty of information. It.an asset's carrying amount exceeds its recoverable service amount, the asset is regarded as impaired and the carrying amount is written down to the recoverable amount, The total impairment loss is recognised in the surplus or deficit. ‘The reversal of an impairment loss is recognised in the surplus or defi. 1) Accounts Payable Accounts Payable represents liabilties for goods and services provided to the School prior to the end of the financial year which ‘are unpaid. Accounts Payable are recorded at the amount of cash required to settle those labilties. The amounts are unsecured ‘and are usually paid within 30 days of recognition. Te Kura o Te Paroa Annual Report and Financial Statements Page 10 CF Audit 0) Employee Entitioments ‘Short-term employee entitlements Employee benefits that are due to be seltled within 12 months after the end of the period in which the employee renders the related service are measured based on accrued entitlements at current rates of pay. ‘These include salaries and wages accrued up to balance date, annual leave earned to but not yet taken at balance date. Long-term employee entitlements Employee benefits that are due to be settled beyond 12 months after the end of the period in which the employee renders the related service, such as long service leave and retirement gratuities, have been calculated on an actuarial basis. The calculations are based on: + likely future entitlements accruing to sta, based on years of service, years to entitlement, the lkelhood that staff will each the Point of entiement, and contractual entitlement information; and + the present value of the estimated future cash flows. p) Revenue Received in Advance Revenue received in advance relates to fees received from students and grants received where there are unfulfilled obligations {or the School to provide services in the future. The fees are recorded as revenue as the obligations are fulfled and the fees eamed, ‘The Schoo! holds sufficient funds to enable the refund of unearned fees in relation o international students, should the School be ‘unable to provide the services to which they relate. 4) Funds Held in Trust Funds are held in trust where they have been received by the School for a specified purpose, or are being held on behalf of a third party and these transactions are not recorded in the Statement of Revenue and Expense. The School holds sufficient funds to enable the funds to be used for their intended purpose at any time. +) Shared Funds ‘Shared Funds are held on behalf ofa cluster of participating schools as agreed with the Ministry of Education. The cluster of ‘Schools operate activities outside of school control. These amounts are not recorded in the Statement of Revenue and Expense. ‘The School holds sufficient funds to enable the funds to be used for their intended purpose. 's) Provision for Cyclical Maintenance ‘The property from which the School operates is owned by the Crown, and is vested in the Ministry. The Ministry has gazetted property occupancy document that sets out the Board's property maintenance responsibilties, The Board is responsible for ‘maintaining the land, buildings and other facilties on the School site in state of good order and repair. Cyciical maintenance, which involves painting the interior and exterior ofthe School, makes up the most significant part of the Board's responsibilities outside day-to-day maintenance, The provision for cyclical maintenance represents the obligation the Board has to the Ministry and is based on the Board's ten year property plan (10YPP), 4) Financial Assets and Liabilities The Schoo!'s financial assets comprise cash and cash equivalents, accounts receivable, and investments. All ofthese financial assets, except for investments thal are shares, are categorised as “loans and receivables" for accounting purposes in ‘accordance with financial reporting standards. Investments that are shares are categorised as ‘available for sale" for accounting purposes in accordance with financial reporting standards, ‘The Schoof's financial liabilities comprise accounts payable, borrowings, finance lease liability, and painting contract liability. All of these financial liabilities are categorised as “financial liablities measured at amortised cost for accounting purposes in ‘accordance with financial reporting standards. Kura 0 Te Paroa Annual Report and Financial Statements Paget CF Audit 1) Borrowings Borrowings on normal commercial terms are intially recognised at the amount borrowed plus transaction costs. Interest due on the borrowings is subsequently accrued and added to the borrowings balance. Borrowings are classified as current liabilities Unless the school has an unconditional right to defer settlement ofthe labilty for at least 12 months after balance date. sms (core components) included in the Grants determined by the Minister of Education for operational activites includes al Operational Funding notice. Borrowings include but not limited to bank overdrafts, operating leases, finance leases, painting contracts and term loans, ¥) Goods and Services Tax (GST) ‘The financial statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and accounts Payable which are stated as GST inclusive. ‘The net amount of GST paid to, or received from, the IRD, including the GST relating to investing and financing activities, is classified as a net operating cash flow in the statements of cash flows, Commitments and contingencies are disclosed exclusive of GST. w) Budget Figures ‘The budget figures are extracted from the School budget that was approved by the Board at the start of the year x) Services received in-kind From time to time the Schoo! receives services in-kind, including the time of volunteers. The School has elected not to recognise services received in kind in the Statement of Comprehensive Revenue and Expense, Te Kura 0 Te Paroa Annual Report and Financial Statements Page 12 CF Audit 2. Government Grants Operational Gants Teachers! Salaries Grants Use of Land and Buldings Grants Resource Teachers Learning and Behaviour Grants (Other MoE Grants (ther Government Grants 13. Locally Raised Funds ‘Local funds raised within the Schoo community are made up of Revenue Donations Bequests & Grants Aativities Trading Fundraising Expenses Aetivities Trading ‘Surplus forthe year Locally raised funds 4. Leaming Resources Employee Benefits - Salaries Staff Development tet Te Kura 0 Te Paroa Annual Report and Financial Statements 2019 ‘Actual $ 635,191 sgz7274 ‘229235 276,845 3.029 Cr) TAB 2019 ‘Actual s 29,490 350 1,466,788 10.505 17276 Tz 2019 2018 Budget (Unaudited) Actual $ $ 595,923 584,168 aa7i3r2 4.231.617 236814 265,711 : 2348 230,000 265.261 9.957 2019 2018 Budget (Unaudited) Actual $ 3 600 10.830, 50,000 200 145,534 3.000 3710 16,000 248 e570 Tena 24200 160,321 3.800 ‘27 W900 TST ae F800 ‘B77 20 ote Budget (Unaudited) Actual $ $ 55350 27.916 "200 7 1,967,054 1,348,742 "30,800 4763 4,600 4.845 5004 1 386.157 Page 13 CF Audit 5. Administration Audit Fee Board of Trustees Fees Board of Tustoos Expenses Communication Consumables Operating Lease Other Employee Benefits - Salaries Insurance ‘Service Providers, Contractors and Consuitancy 6. Property Caretaking and Cleaning Consumables Cyclical Maintenance Expense Grounds Heat, Light and Water Repairs and Mainienance Use of Land and Buiiings Security Employee Benefis- Salaries CConsutaney And Contract Services 2019 ‘Actual $ 3727 5.346 4555 6.141 10,603 ‘993 vara 95,770 7.496 10.920 2019 ‘Actual 8 5.408 11.049 8.252 17346 20,703 229.235, 2277 20,893 39,164 TR 2019 Budget (Wnaudited) 3,260 5,080 2018 Budget (Unaudited) 3 7,000 2731 20,400 16,900 125300 236.614 1,900 2616 59,315 mm 2018 Actuat 3.488 214 8021 9221 2777 20,427 8,962 7.321 1020 2018 ‘Actual $ 7.010 sati9 7.168 18,399 15,020, 265,711 2.008 26.187 39,161 or TET ‘The use of and and buildings figure represents 8% of the schooTs ‘otal property value. Property values are established as part ofthe ‘alion-vide revaluation exercise that is conducted every 30 June for te Ministry of Education's yearend reporting purposes. 7. Depreciation Building improvements Furniture and Equipment Information and Communication Technology Motor Vehicles Leased Assets brary Resources Te Kura 0 Te Paroa Annual Report and Financial Statements 2019 ‘Actual 8 22,310 18.590 15,084 21410 03 Tees 2019 Budgot (Unaualtea) $ 23,019 19,385 16,087 5,742 5.483 1088 Tas 2018 ‘Actual 20,794 1651 15724 4,982 4767 ‘8 SD nowt OF Audit 8. Cash and Cash Equivalonts cash on Hand Bank Current Account Bank Call Account ‘Short-term Bank Deposits Cash equivalents for Cash Flow Statement, 2019 2019 2018 Budget Actual (Unaudited) Actual $ s 5 200 - 200 39433 440,009 (24,420 6111 24131 53,115 - 774.939 Tas 85H ‘The carying value of short-term deposits with maturity dates of 90 days or less approximates thelr fair value. 9. Accounts Receivable Receivables Banking Staffing Underuse Interest Receivable Teacher Salaries Grant Receivable Receivables trom Exchange Transactions Receivables trom Nor-Exchange Transactions 10. Inventories Stationery Uniform 44. Investments ‘The Schoots investment activites are classified as folows: Current Asset Short-term Bank Deposits ‘Total investments Te Kura 0 Te Paroa Annual Report and Financial Statements 019 2019 2018 Budget ‘Actual — (Unaudited) Actual 8 $ $ 20 48 7541 . 111335 8,790 as73 2337 2.488 98.786 71520 (87,835 ee areas 9.303 4785 10,009 98,785 82855 94,425, ears 2019 2019 2018 Budget ‘Actual (Unaudited) Actual $ $ 8 5,040 1,608 4837 - 594 : ma Zz 2557 2019 2019 2018 Budgot ‘Actual (Unaudited) Actual $ s $ 1,032,629 - - [2 EE Page 15 CF Audit 412. Property, Plant and Equipment $ 33,800 50,798 8,248 Opening Balance (NBV) Additions 2018 $ Building Improvernents 487,917 Furiture and Equipment 67927 Information and Communication Tech 42,175 Leased Assets 8.324 Library Resourcos 6.425 55,310 Disposals Impairment Depreciation Total (NBV) $ s s 8 - = 22310) 488,415 (118) = (18598) 98,008 - = (15,086) 38,389 (44) = (1410) 41,88 - : (@03) 5,628 Balanco at 31 December 2019 2019 Building Improvernents Furniture and Equipment Information and Communication Motor Vehicles Leased Assets Ubrary Resources Balanco at 31 December 2019 Opening Balance (NBV) Ad 2018 $ ‘Buliding improvements 439,254 Furriture anc Equipment 71,918 Information and Communication Tech 51.484 Motor Vehicles 4992 Leased Assets Library Resources Balance at $1 December 2018 ae 2018 Buicing improvements Furniture and Equipment Information and Communication Motor Vehicles Leased Assets Lbrary Resources Balance at 31 December 2018 ‘Te Kura o Te Paroa Annual Report and Financial Statements $ 35,457 13.681 e185, 7.938 wai ies Tas Tae 7s eras Coster Accumulated Net Book Valuation Depreciation Value s s s 793,518 (934,103) 488,445 396,815 (297,807) 220,268 (184,907) S1764 (51,784) 77.149 (35,268) 32999 7.316) Disposals $ 7 Impairment Depreciation Total (NBV) $ $ s - — @o704)—aar.ga7 - (8.851) 67,926, 58726) aaaTs = "a)982) : = 767) : (or3) sara Costor Accumulated Net Book Valuation Depreciation Value s 3 . 759,710 (311,793) 353,818 (285,692) 2igre1 (171848) 59,220 (691220) 28478 (20,182) 32.938 (25.814) rs eras raat rae of Audit 43, Accounts Payable Operating Creditors Acoruale Capital Accruas for PPE Rems Employee Entitlements - Salaries Employee Entitlements - Leave Actual Payables for Exchange Transactions Payables for Non-exchange Transsctions - Taxes Payable (PAYE and Rates) Payables fr Non-exchange Tranesctions - Other ‘The carving value of payables approximates thelr far val, 44, Revenue Received in Advance Income in Advance Senior Haerenga 2020)¢ Barnardo's Ausralia- Heke Family 418, Provision for Cyclical Maintenance Provision atthe Start ofthe Year Increase to the Provision During the Year Provisional the End ofthe Year Cycical Maintenance - Curent Cyclical Maintenance - Term Te Kura 0 Te Paroa Annual Report and Financial Statements 2019 2019 2018 Budget ‘Actual (Unaudited) Actual $ $ $ 74.585 29253-21313 3722 3,250 3.488 19.813 ~ 2778 90,786 712067636 “428 4218 1,934 a as vorgs2 105235 116,548, es 2019 2019 2018 Budgot ‘Actual — (Unaudited) Actual 8 s $ 2.149 2.235 16.264 5815 . - 5 6 6 Toe 2250 ——e75 2019 2019 2018 Budget ‘Actual (Unaudited) Actual $ s $ 51,893 waz aa,774 41.049, 2731 yea19 ae es 24,705 12290 © 12,280 36,287 2733 -39,603, ase as aa Page 17 CF 416, Painting Contract Liability 2019 2019 2018 Budgot ‘Actual (Unaudited) Actual $ $ 8 Current Liability 13,656 13,656 19,656, Non Current Labity 7687 sossz 21.303, — os as {in 2011 the Board signed an agreement wth Davey Painters Ltd (he contractor for an agreed programme of werk covering a 10 year period. The programme provides fr one exterior repaint of the Ministry owned bullaings in 20"1, with regular maintenance in subsequent years. The agreement has an annual commitment of $13,858. The labilt isthe best estimate ofthe actual amount of ‘work performed by the contract fr which the contractor has not been paid at balance sheet date, The lablly hes nol been adjusted for inflation and the eect of he time value of money. ‘17, Finance Lease Liability “The Schoo! has entered into a numberof finance lease agreements for computers and ether ICT equipment. Minimum lease payments payable: 2019 2019 2018 Budget ‘Actual (Unaudited) Actual $ s s No Later than One Year 21768 2,467 4407 Later than One Year and no Later than Five Years 23/428 : 5,082 590 er es ‘Te Kura o Te Peroa Annual Report and Financial Statements Poge 18 CE 18, Funds Owed (Held) for Capital Works Projocts Dring the year the School received and applied funding from the Ministry of Education forthe following capital works projects Bor Contribution’ Opening Receipts (Write-off to Closing 2019 Balances fromMoE Payments. «—«R&M) «=—Balances 8 5 s $ Drainage/HeatPump Projz05448 completed 1973 - 1873 - - Upgrade ofA Block ‘completed (sor) : (01) : Reroof completed (3) : 13) - - B Block Heat Purnos in progress 7.962 = : 7,982 Block F Demolition in progress - 41,205 (62,104) - 20,898 ‘School Rebuild in progress : - (640) : 40 Totals aa as a rr Represented by: Funds Held on Beha ofthe Ministry of Education : Funds Due from the Ministry of Education Opening Receipts (Write-off to closing 2018 Balances fromMoE = Payments. «—«RM) «== Balances 3 $ s $ Drainage/HeatPump Proj205446 in progress 2132) @.t11) (04) - 1873 Upsrade ofA Block in progress. (198,638) (17,786) (178,648) : (01) Sewerage System Upgrade ‘completed (11,954) 2120 © (14.074) : . Revoot Iinprogross ra72t (43.708) : (13) 8 Block Heat Pumps In progress - : (7,982) : 7.962 Totals es sy aa 18, Related Party Transactions ‘The Schools contri entty of the Crown, and the Crown provides the major source of revenue tothe sdhool, The schoo! enters into transactions with other entiles also controled bythe Crown, such as government departments, stale-ovmed enterprises and ther Crown entitles. Transactions with these entitles ae not disclosed as they occur on terms and conditons no more of less {avourable than those that itis reasonable to expect the school would have adapted i dealing wit thet ently at arm's length, Related party disclosures have not been made for transactions wth related parties that are within a normal supeler or centrecipient relationship on terms and condition no more or less favourable than those that its eagonable to expect the sooo! would have ‘adopted in dealing with the party at arms length in the same creumstances. Further, transactions with other government agencies ((or example, Government departments and Crown entities) are not disclosed as related party transactions when they are consistent ith the normal operating arrangements between government agencies and undertaken onthe normal terms and conditions for such ‘wansactions ‘Te Kura o Te Paroa Annual Report and Financial Statements rue? Op Audit 20. Remuneration Key management personnel compensation ey management personne! ofthe School intude all iustees ofthe Board, Principal, Deputy Principals and Heads of Departments, 2019 2018 ‘Actual Actual $ $ Board Members Remuneration 3.346 3,850 Fulkime equivalent members 0.12 0.30 ‘Leadership Team Remuneration 497320 698,114 Fulbtime equivalent members 5a 744 Total key management personnel remuneration TOT ser 74 Tolal fulltime equivalent personnel ‘The ful ime equivalent for Board members hes been determined based on atlendance at Board meetings, Committee meetings and for other obligations of the Board, such as sland downs and suspensions, plus the estimated lime for Board members to prepare for meetings Principal ‘The total value of remuneration pald o- payable fo the Principal was inthe folowing bands: 2019 2018 Actual Actual Salaries and Other Short-term Employee Benefits: ‘3000 ‘$000 Salary and Other Payments 130-140 120-130 Benefits and Other Emoluments 3-4 : Termination Benefits - : Other Employees ‘The number of other employees with remuneration greater than $100,000 was inthe following bands: Remuneration 2019 2018 $000 FTENumber FTE Number 100-110 200 0.00 ‘The disclosure for ‘Other Employees’ does not include remuneration ofthe Principal 21, Compensation and Other Benefits Upon Leaving ‘The total value of compensation or other benefts paid or payable to persons who ceased to be trustees, committee member. of ‘employees during the financial year in relation to that cessation and numberof persone fo whom al or part ofthat otal was payable was 28 follows: 2019 2018 ‘Actual Actual Total - Number of People - : ‘Te Kurao Te Paroa Annual Report and Financial Statements rem op Audit 22. Contingencies ‘There are no contingent abilites (except as noted below) and no contingent assets as at 31 December 2019 (Contingont labios land assois at 31 December 2018: ni), Holidays Act Compliance ~ schools payroll “The Ministry of Education performs payroll processing and paymonts on behaif of school boards of tustees, through payrol service provider Education Payroll Limited, ‘The Ministry has commenced a review ofthe schools sector payrol to ensure compliance wth the Holidays Act 2003. The intial ‘hase of hs review has identified areas of non-compliance. The Ministy has recagnised an estimated provision based on the ‘analysis of sample data, which may nat be wholly representative ofthe total dataset fr Teacher and Suppor Staff Enitlements. A ‘more accurate estimate wil be possible aftr further analysis of non-compliance has been completed, and tis work i ongoing. Final calculations and potential impact on any speci inavidual vl not be known unt futher detailed analysis has been completed, To the extent that any obligation cannot reasonably be quantified at 31 December 2019, a contingent ability forthe school may exis. 23. Commitments (2) Capital Commitments ‘There are no capital commitments as at 31 December 2019 (Capital commitments at 31 December 2018: nil. (©) Operating Commitmonts “There are no operating commitments as at 31 December 2019 (Operating commitments at 31 December 2018: ni), 24, Managing Capital The Schoo's capitalists equity and comprises capital contrbutions from the Ministry of Education for propety, plant and equipment ‘and accunwiated surpluses and deficits, The School does not acively manage capital but attempts to ensure that income exceeds ‘spending in most years, Athough defs can arise as planned in partcular years, they are offset by planned surpluses in previous years or ensuing years. 25, Financial Instruments as follows: ‘The carying amount of financial assets and lables in each of the nancial instrument categories Financial assets measured at amortised cost (2018: Loans and receivables) 2019 2019 2018 Budget ‘Actual (Unaualted) Actual $ $ 5 ‘Cash and Cash Equivalents 45744 461,20 852,424 Receivables 108.179 e740 104.404 Investments -Term Deposits +1032,628 : - Total Financial assets measured at amorised cost ras 52 saa 7096 858. Financial iabltios measured at amorticed cost Payables 197332105236 118,548 Borrowings - Loans . Finance Leases 45,190 2487 9.489 Painting Contract Liability 21308 24,208, 34,959 Total Financial Lisbities Measured at Amortized Cost aes rae Te Kura o Te Para Anrual Report and Financial Statements, Poge 21 CF Audit: 26, Events Aftor Balance Dato (On March 11, 2020, the World Health Organisation dectared the cuthroak of COVID-19 (a novel Goronavius) @ pandemic, Two weeks later, on 28 March, New Zealand increased its! COVID-19 alert level to level 4 and a nationwide lockdown commenced, AS pat of tis lockdown al schools were closed. Subsequenlly all schools and kura feopened on the 18th of May 2020. At the date of issuing the nancial statements, the school has been able to absorb the majorly ofthe impact from the nationwide locktown as it was decided to start the annual Easter School holidays ear, In the periods the schoal is open for tui, the schoo! has switched 1 akeratve methods of delivering the curiculum, so students can learn remotely. ‘A hs time the ful nancial impact ofthe COVID-19 pandemic s nt able to be determined, but itis not expected tobe sigrifcant to {the school, The schoo wll continue fo receive funding fom the Minist'y of Education, even while dosed. 27. Comparatives ‘There have been a numberof rior period comparaives which have been reclassified to make disclosure consistent withthe current year. 28, Adoption of PBE IFRS 9 Financial Instruments In accordance with the transitional provisions of PBE IFRS 9, the school has elecied not to reste the information for previous years to comply with PBE IFRS 9. Adjustments arsing from the adoption of PBE IFRS 9 ace recognised in apering equity at January 2019, Accounting policies have been updated to comply wth PBE IFRS 8, The main updates are + Note 8 Receivables: This policy has baen updated to reflect thatthe impairment of short-term receivables Ie now determined by applying an expected credit loss mode! + Note 11 Investments: Term deposi: This polcy has been updated to explain that a loss allowance far expected crecit losses is recognised only ithe ‘estimated los allowance i not Vivi Upon transition to PBE IFRS there were no material adjustments to these financial statements 28, Broach of Law - Statutory Reporting ‘The Bosrd of Trustees has failed to comply wth section 87 of the Education Act 1989, as the Board were unable to provide their ‘uci financial statements tothe Ministry of Ecucation by 31 May 2020. The disruption caused by the Covid-19 retitons, Incucing the dosure of the school, meant thatthe audit could not progress as planned, This resulted in the school missing the statutory deadline Te Kura o Te Paroa Annual Report and Financial Statements Page 22 CF Audit: CooksonForbes CHARTERED ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT TO THE READERS OF TE KURA O TE PAROA FINANCIAL STATEMENTS: FOR THE YEAR ENDED 31 DECEMBER 2019 ‘The Auditor-General is the auditor of Te Kura O Te Paroa (the School). The Auditor-General has appointed me, Fred Cookson, using the staff and resources of Cookson Forbes & Associates, Chartered Accountants, to carry out the audit of the financial statements of the ‘School on his behalf. Opinion We have audited the financial statements of the School on pages 2 to 22, that comprise the statement of financial position as at 31 December 2019, the statement of comprehensive revenue and expense, statement of changes in net assets/equity and statement of cash flows for the year ended on that date, and the notes to the financial statements that include accounting policies and other explanatory information. In our opinion the financial statements of the School: = present fairly, in all material respects: - its financial position as at 31 December 2019; and - its financial performance and cash flows for the year then ended; and - comply with generally accepted accounting practice in New Zealand in accordance with Public Sector ~ Public Benefit Entity Standards, Reduced Disclosure Regime. Our audit was completed on 20 July 2020. This is the date at which our opinion is expressed. The basis for our opinion is explained below and we draw your attention to other matter. In addition, we outline the responsibilities of the Board of Trustees and our responsibilities relating to the financial statements, we comment on other information, and we explain our independence. Emphasis of Matter - COVID-19 Without modifying our opinion, we draw attention to the disclosures in note 26 on page 22 which outline the possible effects of the Alert Level 4 lockdown as a result of the COVID-19 pander Basis for our opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the Responsibilities of the auditor section of our report. We have fulfilled our responsibilities in accordance with the Auditor-General's Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. -23- CooksonForbes CHARTERED ACCOUNTANTS Responsibilities of the Board of Trustees for the financial statements The Board of Trustees is responsible on behalf of the School for preparing financial statements that are fairly presented and that comply with generally accepted accounting practice in New Zealand. The Board of Trustees is responsible for such internal control as it determines is necessary to enable it to prepare financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Trustees is responsible on behalf of the School for assessing the School's ability to continue as a going concer. The Board of Trustees is also responsible for disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless there is an intention to close or merge the School, or there is no realistic alternative but to do so. The Board of Trustees’ responsibilities arise from the Education Act 1989, Responsibilities of the auditor for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit carried out in accordance with the Auditor-General's Auditing Standards will always detect a material misstatement when it exists. Misstatements are differences or omissions of amounts or disclosures, and can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of readers taken on the basis of these financial statements. For the budget information reported in the financial statements, our procedures were limited to checking that the information agreed to the School's approved budget. We did not evaluate the security and controls over the electronic publication of the financial statements. As part of an audit in accordance with the Auditor-General's Auditing Standards, we exer professional judgement and maintain professional scepticism throughout the audit. Also: - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control = We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of ‘expressing an opinion on the effectiveness of the School's internal control. - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Trustees. = We conclude on the appropriateness of the use of the going concem basis of accounting by the Board of Trustees and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the School's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our -24- CooksonForbes CHARTERED ACCOUNTANTS, auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the School to cease to continue as a going concem. - We evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - We assess the risk of material misstatement arising from the Novopay payroll system, which may still contain errors. As a result, we carried out procedures to minimise the risk of material errors arising from the system that, in our judgement, would likely influence readers’ overall understanding of the financial statements. We communicate with the Board of Trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit Our responsibilities arises from the Public Audit Act 2001 Other information The Board of Trustees is responsible for the other information. The other information comprises the analysis of variance and kiwisports included on pages 25 to 28, but does not include the financial statements, and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information. In doing so, we consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on our work, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Independence We are independent of the School in accordance with the independence requirements of the Auditor-General’s Auditing Standards, which incorporate the independence requirements of Professional and Ethical Standard 1 (Revised): Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board. 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