YALDHURST MODEL SCHOOL

School Directory

Ministry Number: 3602

Principal: Allan Robertson

School Address: 48 School Road, Yaldhurst, Christchurch

School Phone: (03) 342 7933

School Email: [email protected]

Accountant / Service Provider:

ANNUAL REPORT

YALDHURST MODEL SCHOOL

FOR THE YEAR ENDED 31 DECEMBER 2020

89 Nazareth AvenueChristchurch

Ph: 03 338 4444

Page

Financial Statements

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2

3

4

5

6

7 - 20

Other Information

Analysis of Variance

Kiwisport

Member of the Board of Trustees

Statement of Comprehensive Revenue and Expense

Statement of Changes in Net Assets/Equity

Statement of Financial Position

Statement of Cash Flows

Notes to the Financial Statements

YALDHURST MODEL SCHOOL

Annual Report - For the year ended 31 December 2020

Index

Statement of Responsibility

Statement

Yaldhurst Model School

Members of the Board of TrusteesFor the year ended 31 December 2020

Name Position How Position Gained

Dan Manton Chairperson Re-Elected Jun 2019 Mar 2020Rebecca Grooby Chairperson Elected Jun 2019 May 2022Catherine Murray Parent Representative Elected Jun 2019 Feb 2020Barbara Tie Parent Representative Elected Jun 2019 May 2022Rebecca Webster Parent Representative Elected Jun 2019 May 2022Jean-Pierre Erasmus Parent Representative Co-opted May 2022Emma Martini Parent Representative Co-opted May 2022Sharon Spragg Staff Representative Re-Elected Jun 2019 Jan 2020Sarah Dods Staff Representative Elected May 2022

Term Expired/ Expires

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Yaldhurst Model School

Statement of ResponsibilityFor the year ended 31 December 2020

The School's 2020 financial statements are authorised for issue by the Board.

Full Name of Board Chairperson Full Name of Principal

Signature of Board Chairperson Signature of Principal

Date: Date:

The Board of Trustees accepts responsibility for the preparation of the annual financial statements and thejudgements used in these financial statements.

The management (including the principal and others as directed by the Board) accepts responsibility forestablishing and maintaining a system of internal controls designed to provide reasonable assurance as to theintegrity and reliability of the school's financial reporting.

It is the opinion of the Board and management that the annual financial statements for the financial year ended31 December 2020 fairly reflects the financial position and operations of the school.

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Yaldhurst Model SchoolStatement of Comprehensive Revenue and ExpenseFor the year ended 31 December 2020

2020 2020 2019

Notes ActualBudget

(Unaudited) Actual$ $ $

RevenueGovernment Grants 2 1,300,462 1,286,460 1,344,999Locally Raised Funds 3 38,657 29,500 74,325Interest income 1,308 1,000 1,381Other Revenue 18 - 3,019

1,340,445 1,316,960 1,423,724

ExpensesLocally Raised Funds 3 12,082 15,590 42,190Learning Resources 4 901,025 900,822 937,054Administration 5 93,487 91,197 91,366Finance 783 875 761Property 6 291,111 282,547 286,967Depreciation 7 34,998 32,989 38,065Loss on Disposal of Property, Plant and Equipment 1,506 - 674

1,334,992 1,324,020 1,397,077

Net Surplus / (Deficit) for the year 5,453 (7,060) 26,647

Other Comprehensive Revenue and Expense - - -

Total Comprehensive Revenue and Expense for the Year 5,453 (7,060) 26,647

The above Statement of Comprehensive Revenue and Expense should be read in conjunction with the accompanying noteswhich form part of these financial statements. 3

Yaldhurst Model SchoolStatement of Changes in Net Assets/EquityFor the year ended 31 December 2020

Notes Actual Budget(Unaudited) Actual

2020 2020 2019$ $ $

Balance at 1 January 137,001 137,001 108,981

Total comprehensive revenue and expense for the year 5,453 (7,060) 26,647Capital Contributions from the Ministry of Education

Contribution - Furniture and Equipment Grant 29,250 - 1,373

Equity at 31 December 171,704 129,941 137,001

The above Statement of Changes in Net Assets/Equity should be read in conjunction with the accompanying notes which formpart of these financial statements. 4

Yaldhurst Model SchoolStatement of Financial PositionAs at 31 December 2020

2020 2020 2019

Notes ActualBudget


Current AssetsCash and Cash Equivalents 8 166,034 54,294 30,505Accounts Receivable 9 46,339 45,489 50,613GST Receivable - 4,500 4,252Prepayments 6,089 5,000 4,919Inventories 10 26 26 587Investments 11 40,170 40,000 30,466

258,658 149,309 121,342Current LiabilitiesGST Payable 5,621 - -Accounts Payable 13 66,124 62,806 63,564Revenue Received in Advance 14 6,000 - 83Finance Lease Liability - Current Portion 16 7,612 7,612 7,910Funds held for Capital Works Projects 17 72,836 - -

158,193 70,418 71,557

Working Capital Surplus/(Deficit) 100,465 78,891 49,785

Non-current AssetsProperty, Plant and Equipment 12 115,821 95,632 122,681

115,821 95,632 122,681

Non-current LiabilitiesProvision for Cyclical Maintenance 15 30,000 30,000 30,000Finance Lease Liability 16 14,582 14,582 5,465

44,582 44,582 35,465

Net Assets 171,704 129,941 137,001

Equity 23 171,704 129,941 137,001

The above Statement of Financial Position should be read in conjunction with the accompanying notes which form part of thesefinancial statements. 5

Yaldhurst Model SchoolStatement of Cash FlowsFor the year ended 31 December 2020

2020 2020 2019

Note ActualBudget


Cash flows from Operating ActivitiesGovernment Grants 322,441 331,777 307,018Locally Raised Funds 41,116 29,791 78,942Goods and Services Tax (net) 9,873 (248) (1,793)Payments to Employees (131,963) (119,197) (135,993)Payments to Suppliers (178,081) (169,516) (217,652)Interest Paid (783) (875) (761)Interest Received 1,369 1,061 1,217

Net cash from/(to) Operating Activities 63,972 72,793 30,978

Cash flows from Investing ActivitiesProceeds from Sale of Property Plant & Equipment (and Intangibles) (1,506) - (674)Purchase of Property Plant & Equipment (and Intangibles) (10,698) (36,092) (45,862)Purchase of Investments (9,704) (10,000) (30,466)

Net cash from/(to) Investing Activities (21,908) (46,092) (77,001)

Cash flows from Financing ActivitiesFurniture and Equipment Grant 29,250 - 1,373Finance Lease Payments (8,620) 15,007 12,652Funds Held for Capital Works Projects 72,836 -

Net cash from/(to) Financing Activities 93,466 15,007 14,025

Net increase/(decrease) in cash and cash equivalents 135,530 41,708 (31,998)

Cash and cash equivalents at the beginning of the year 8 30,505 12,585 62,503

Cash and cash equivalents at the end of the year 8 166,035 54,293 30,505

The statement of cash flows records only those cash flows directly within the control of the School. This means centrallyfunded teachers' salaries and the use of land and buildings grant and expense have been excluded.

The above Statement of Cash Flows should be read in conjunction with the accompanying notes which form part of thesefinancial statements. 6

Yaldhurst Model SchoolNotes to the Financial StatementsFor the year ended 31 December 20201. Statement of Accounting Policies

a) Reporting Entity

b) Basis of PreparationReporting Period

Basis of Preparation

Financial Reporting Standards Applied

PBE Accounting Standards Reduced Disclosure Regime

Measurement Base

Presentation Currency

Specific Accounting Policies

Critical Accounting Estimates And Assumptions

Cyclical maintenance

Useful lives of property, plant and equipment

prepared as part of its 10 Year Property Planning process. During the year, the Board assesses the reasonableness of its 10 Year PropertyPlan on which the provision is based. Cyclical maintenance is disclosed at note 15.

The Education and Training Act 2020 requires the School, as a Crown entity, to prepare financial statements in accordance with generallyaccepted accounting practice. The financial statements have been prepared in accordance with generally accepted accounting practice in NewZealand, applying Public Sector Public Benefit Entity (PBE) Standards Reduced Disclosure Regime as appropriate to public benefit entities thatqualify for Tier 2 reporting. The school is considered a Public Benefit Entity as it meets the criteria specified as 'having a primary objective toprovide goods and/or services for community or social benefit and where any equity has been provided with a view to supporting that primaryobjective rather than for financial return to equity holders'.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period inwhich the estimate is revised and in any future periods affected.

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets, liabilities, revenue and expenses.Actual results may differ from these estimates.

The School reviews the estimated useful lives of property, plant and equipment at the end of each reporting date. The School believes that theestimated useful lives of the property, plant and equipment as disclosed in the significant accounting policies are appropriate to the nature ofthe property, plant and equipment at reporting date. Property, plant and equipment is disclosed at note 12.

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 million per year. All relevant reduced disclosure concessions have been taken.

Yaldhurst Model School (the School) is a Crown entity as specified in the Crown Entities Act 2004 and a school as described in the Educationand Training Act 2020. The Board of Trustees (the Board) is of the view that the School is a public benefit entity for financial reportingpurposes.

These financial statements are presented in New Zealand dollars, rounded to the nearest dollar.

The financial statements are prepared on the historical cost basis unless otherwise noted in a specific accounting policy.

The financial statements have been prepared on a going concern basis, and the accounting policies have been consistently applied throughoutthe period.

The accounting policies used in the preparation of these financial statements are set out below.

The financial reports have been prepared for the period 1 January 2020 to 31 December 2020 and in accordance with the requirements of thePublic Finance Act 1989.

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Critical Judgements in applying accounting policiesManagement has exercised the following critical judgements in applying accounting policies:

Classification of leases

Recognition of grants

c) Revenue Recognition

Government Grants

Other Grants

Donations, Gifts and Bequests

Interest Revenue

d) Use of Land and Buildings Expense

e) Finance Lease Payments

f) Cash and Cash Equivalents

g) Accounts Receivable

h) Inventories

Finance lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge isallocated to each period during the lease term on an effective interest basis.

Cash and cash equivalents include cash on hand, bank balances, deposits held at call with banks, and other short term highly liquidinvestments with original maturities of 90 days or less, and bank overdrafts. The carrying amount of cash and cash equivalents represent fairvalue.

Inventories are consumable items held for sale and comprised of stationery and school uniforms. They are stated at the lower of cost and netrealisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price in the ordinary course ofactivities less the estimated costs necessary to make the sale. Any write down from cost to net realisable value is recorded as an expense in

Determining whether a lease is a finance lease or an operating lease requires judgement as to whether the lease transfers substantially all therisks and rewards of ownership to the school. Judgement is required on various aspects that include, but are not limited to, the fair value of theleased asset, the economic life of the leased asset, whether or not to include renewal options in the lease term, and determining an appropriatediscount rate to calculate the present value of the minimum lease payments. Classification as a finance lease means the asset is recognised inthe statement of financial position as property, plant, and equipment, whereas for an operating lease no such asset is recognised.

Interest Revenue earned on cash and cash equivalents and investments is recorded as revenue in the period it is earned.

Short-term receivables are recorded at the amount due, less an allowance for credit losses (uncollectable debts). The schools receivables arelargely made up of funding from the Ministry of Education, therefore the level of uncollectable debts is not considered to be material. However,short-term receivables are written off when there is no reasonable expectation of recovery.

The School reviews the grants monies received at the end of each reporting period and whether any require a provision to carry forwardamounts unspent. The School believes all grants received have been appropriately recognised as a liability if required. Government grants aredisclosed at note 2.

The property from which the School operates is owned by the Crown and managed by the Ministry of Education on behalf of the Crown. The

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 isoffset by a non-cash grant from the Ministry.

Donations, gifts and bequests are recorded as revenue when their receipt is formally acknowledged by the School.

Other grants are recorded as revenue when the School has the rights to the funding, unless there are unfulfilled conditions attached to thegrant, in which case the amount relating to the unfulfilled conditions is recognised as a liability and released to revenue as the conditions arefulfilled.

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 cashby the School as they equate to the deemed expense for using the land and buildings which are owned by the Crown.

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 is in 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 to. The grantsare not received in cash by the School and are paid directly to teachers by the Ministry of Education.

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the Statement of Comprehensive Revenue and Expense in the period of the write down.

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i) Investments

j) Property, Plant and Equipment

Finance Leases

Depreciation

The estimated useful lives of the assets are: Building improvements to Crown Owned Assets Furniture and equipment Information and communication technology Textbooks 3 years Leased assets held under a Finance Lease As per lease agreement Library resources 12.5% Diminishing value

k) Impairment of property, plant, and equipment and intangible assets

l) Accounts Payable

Property, plant and equipment except for library resources are depreciated over their estimated useful lives on a straight line basis. Libraryresources are depreciated on a diminishing value basis. Depreciation of all assets is reported in the Statement of Comprehensive Revenue andExpense.

Bank term deposits are initially measured at the amount invested. Interest is subsequently accrued and added to the investment balance. Aloss allowance for expected credit losses is recognised if the estimated loss allowance is not trivial.

is based on a property occupancy document.

Improvements to buildings owned by the Crown are recorded at cost, less accumulated depreciation and impairment losses.

The school does not hold any cash generating assets. Assets are considered cash generating where their primary objective is to generate acommercial return.

Non cash generating assetsProperty, plant, and equipment and intangible assets held at cost that have a finite useful life are reviewed for impairment whenever events orchanges in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which

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 aservice units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availabilityof information.

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 deficit.

A finance lease transfers to the lessee substantially all the risks and rewards incidental to ownership of an asset, whether or not title iseventually transferred. At the start of the lease term, finance leases are recognised as assets and liabilities in the statement of financial positionat the lower of the fair value of the leased asset or the present value of the minimum lease payments. The finance charge is charged to thesurplus or deficit over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. The amountrecognised as an asset is depreciated over its useful life. If there is no reasonable certainty whether the school will obtain ownership at the endof the lease term, the asset is fully depreciated over the shorter of the lease term and its useful life.

Accounts Payable represents liabilities 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 liabilities. The amounts are unsecured and are usually paid within30 days of recognition.

Gains and losses on disposals (i.e. sold or given away) are determined by comparing the proceeds received with the carrying amounts (i.e. thebook value). The gain or loss arising from the disposal of an item of property, plant and equipment is recognised in the Statement ofComprehensive Revenue and Expense.

Property, plant and equipment are recorded at cost or, in the case of donated assets, fair value at the date of receipt, less accumulateddepreciation and impairment losses. Cost or fair value as the case may be, includes those costs that relate directly to bringing the asset to thelocation where it will be used and making sure it is in the appropriate condition for its intended use.

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m) Employee EntitlementsShort-term employee entitlements

Long-term employee entitlements

n) Revenue Received in Advance

o) Provision for Cyclical Maintenance

p) Financial Instruments

q) Goods and Services Tax (GST)

r) Budget Figures

s) Services received in-kind

The property from which the School operates is owned by the Crown, and is vested in the Ministry. The Ministry has gazetted a property

buildings and other facilities on the School site in a state of good order and repair.

Employee benefits that are due to be settled within 12 months after the end of the period in which the employee renders the related service aremeasured based on accrued entitlements at current rates of pay. These include salaries and wages accrued up to balance date, and alsoannual leave earned, by non teaching staff, to but not yet taken at balance date.

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:

entitlement, and contractual entitlement information; and

From time to time the School receives services in-kind, including the time of volunteers. The School has elected not to recognise servicesreceived in kind in the Statement of Comprehensive Revenue and Expense.

financial liabilities are categorised as 'financial liabilities measured at amortised cost' for accounting purposes in accordance with financialreporting standards.

responsibilities outside day-to-day maintenance. The provision for cyclical maintenance represents the obligation the Board has to the Ministry

The financial statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and accounts payable whichare 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 netoperating cash flow in the statements of cash flows.

Commitments and contingencies are disclosed exclusive of GST.

The budget figures are extracted from the School budget that was approved by the Board.

Investments that are shares are categorised as 'financial assets at fair value through other comprehensive revenue and expense' foraccounting purposes in accordance with financial reporting standards.

for investments that are shares, are categorised as 'financial assets measured at amortised cost' for accounting purposes in accordance withfinancial reporting standards.

Revenue received in advance relates to fees received from students and grants received where there are unfulfilled obligations for the Schoolto provide services in the future. The fees are recorded as revenue as the obligations are fulfilled and the fees earned.

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2020 2020 2019

ActualBudget


Operational Grants 260,013 255,637 270,489Teachers' Salaries Grants 767,572 767,572 811,495Use of Land and Buildings Grants 210,131 210,131 226,486Other MoE Grants 62,746 53,120 36,529

1,300,462 1,286,460 1,344,999

Local funds raised within the School's community are made up of:2020 2020 2019

ActualBudget

(Unaudited) ActualRevenue $ $ $

Donations 11,045 15,000 25,564Bequests & Grants 13,755 5,000 -Activities 8,375 7,900 27,759Trading 3,608 1,600 2,792Fundraising 1,874 - 17,987Other Revenue - - 223

38,657 29,500 74,325

ExpensesActivities 11,017 14,590 37,895Trading 1,065 500 1,589Fundraising (Costs of Raising Funds) - 500 2,706

12,082 15,590 42,190

Surplus/ (Deficit) for the year Locally raised funds 26,575 13,910 32,135

2020 2020 2019

ActualBudget


Curricular 36,844 41,250 25,808Information and Communication Technology 14,031 14,000 8,352Library Resources 161 500 496Employee Benefits - Salaries 844,286 833,072 896,252Staff Development 5,703 12,000 6,146

901,025 900,822 937,054

4. Learning Resources

2. Government Grants

3. Locally Raised Funds

The school has opted in to the donations scheme for this year. Total amount received was $22,050.

Other MOE Grants total includes additional COVID-19 funding totalling $2,960 for the year ended 31 December 2020.

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2020 2020 2019

ActualBudget


Audit Fee 3,208 3,208 3,115Board of Trustees Fees 3,425 4,500 4,290Board of Trustees Expenses 4,152 4,875 8,712Communication 2,278 2,500 1,971Consumables 1,201 2,000 1,387Legal Fees - 400 -Other 15,370 16,440 13,493Employee Benefits - Salaries 58,870 53,000 53,739Insurance 4,983 4,274 4,659

93,487 91,197 91,366

2020 2020 2019

ActualBudget


Caretaking and Cleaning Consumables 32,092 24,520 24,221Cyclical Maintenance Provision - - (24,000)Grounds 17,134 11,400 15,820Heat, Light and Water 14,281 17,546 20,663Repairs and Maintenance 17,473 17,950 23,471Use of Land and Buildings 210,131 210,131 226,486Employee Benefits - Salaries - 1,000 306

291,111 282,547 286,967

2020 2020 2019

ActualBudget


Building Improvements - Crown 491 425 490Furniture and Equipment 8,882 7,040 8,123Information and Communication Technology 16,205 16,629 19,188Leased Assets 8,339 7,816 9,019Library Resources 1,081 1,079 1,245

34,998 32,989 38,065

5. Administration

6. Property

7. Depreciation

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2020 2020 2019

ActualBudget


Cash on Hand 549 - 1,316Bank Current Account 72,968 54,294 28,931Bank Call Account 92,517 - 258

166,034 54,294 30,505

2020 2020 2019

ActualBudget


Receivables 850 - 374Interest Receivable 119 119 180Teacher Salaries Grant Receivable 45,370 45,370 50,059

46,339 45,489 50,613

Receivables from Exchange Transactions 969 119 554Receivables from Non-Exchange Transactions 45,370 45,370 50,059

46,339 45,489 50,613

2020 2020 2019

ActualBudget


Stationery - - 453School Uniforms 26 26 134

26 26 587

The School's investment activities are classified as follows:2020 2020 2019

ActualBudget

(Unaudited) ActualCurrent Asset $ $ $

40,170 40,000 30,466

Total Investments 40,170 40,000 30,466

8. Cash and Cash Equivalents

Cash and cash equivalents for Statement of Cash Flows

Of the $166,034 Cash and Cash Equivalents, $72,836 is held by the School on behalf of the Ministry of Education. These fundsare required to be spent in 2021 on Crown owned school buildings under the School's Five Year Property Plan.

Of the $166,034 Cash and Cash Equivalents, $3,000 of unspent grant funding is held by the School. This funding is subject torestrictions which specify how the grant is required to be spent in providing specified deliverables of the grant arrangement.

9. Accounts Receivable

Short-term Bank Deposits

10. Inventories

11. Investments

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OpeningBalance(NBV) Additions Disposals Impairment Depreciation Total (NBV)

2020 $ $ $ $ $ $

Building Improvements 8,887 1 (491) 8,397Furniture and Equipment 56,396 7,594 (8,882) 55,108Information and CommunicationTechnology 35,582 3,175 (16,205) 22,552

Leased Assets 13,099 17,439 (8,339) 22,199Library Resources 8,717 1,435 (1,506) (1,081) 7,565

Balance at 31 December 2020 122,681 29,643 (1,505) - (34,998) 115,821

Cost orValuation

AccumulatedDepreciation

Net BookValue

2020 $ $ $

Building Improvements 66,356 (57,959) 8,397Furniture and Equipment 138,829 (83,721) 55,108Information and Communication Technology 144,706 (122,154) 22,552Leased Assets 31,279 (9,080) 22,199Library Resources 34,589 (27,024) 7,565

Balance at 31 December 2020 415,759 (299,938) 115,821

OpeningBalance(NBV) Additions Disposals Impairment Depreciation Total (NBV)

2019 $ $ $ $ $ $

Building Improvements 9,377 (490) 8,887Furniture and Equipment 64,519 (8,123) 56,396Information and CommunicationTechnology 49,862 6,537 (1,630) (19,188) 35,582

Leased Assets 14,900 7,218 (9,019) 13,099Library Resources 4,545 5,417 (1,245) 8,717

Balance at 31 December 2019 129,518 32,858 (1,630) - (38,065) 122,681

Cost orValuation

AccumulatedDepreciation

Net BookValue

2019 $ $ $

Building Improvements 66,356 (57,469) 8,887Furniture and Equipment 131,235 (74,839) 56,396Information and Communication Technology 141,531 (105,949) 35,582Leased Assets 31,669 (18,570) 13,099Library Resources 40,081 (31,364) 8,717

Balance at 31 December 2019 410,872 (288,191) 122,681

12. Property, Plant and Equipment

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2020 2020 2019

ActualBudget


Operating Creditors 11,463 11,463 4,760Accruals 4,008 4,008 3,765Banking Staffing Overuse 3,318 - 3,318Employee Entitlements - Salaries 45,371 45,371 50,059Employee Entitlements - Leave Accrual 1,964 1,964 1,662

66,124 62,806 63,564

Payables for Exchange Transactions 66,124 62,806 63,564

66,124 62,806 63,564

2020 2020 2019

ActualBudget


Grants in Advance - Ministry of Education 3,000 - -Other 3,000 - 83

6,000 - 83

2020 2020 2019

ActualBudget


Provision at the Start of the Year 30,000 30,000 54,000Increase/ (decrease) to the Provision During the Year - - (24,000)

Provision at the End of the Year 30,000 30,000 30,000

Cyclical Maintenance - Term 30,000 30,000 30,000

30,000 30,000 30,000

14. Revenue Received in Advance

15. Provision for Cyclical Maintenance

13. Accounts Payable

The carrying value of payables approximates their fair value.

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2020 2020 2019

ActualBudget


No Later than One Year 6,337 6,337 7,910Later than One Year and no Later than Five Years 11,466 11,466 5,465

17,803 17,803 13,376

Opening Receipts Closing2020 Balances from MoE Payments Balances

$ $ $ $ $SIP - Landscape in progress - - (7,250) - (7,250)SIP - Playground in progress - 91,684 (11,598) - 80,086

Totals - 91,684 (18,848) - 72,836

Represented by:Funds Held on Behalf of the Ministry of Education 80,086Funds Due from the Ministry of Education 7,250

72,836

The School is a controlled entity of the Crown, and the Crown provides the major source of revenue to the school. The schoolenters into transactions with other entities also controlled by the Crown, such as government departments, state-ownedenterprises and other Crown entities. Transactions with these entities are not disclosed as they occur on terms and conditions nomore or less favourable than those that it is reasonable to expect the school would have adopted if dealing with that entity at

During the year the School received and applied funding from the Ministry of Education for the following capital works projects:

BOTContributions

17. Funds Held for Capital Works Projects

16. Finance Lease Liability

The School has entered into a number of finance lease agreements for computers and other ICT equipment. Minimum leasepayments payable:

Related party disclosures have not been made for transactions with related parties that are within a normal supplier orclient/recipient relationship on terms and condition no more or less favourable than those that it is reasonable to expect the

government agencies (for example, Government departments and Crown entities) are not disclosed as related party transactionswhen they are consistent with the normal operating arrangements between government agencies and undertaken on the normalterms and conditions for such transactions.

18. Related Party Transactions

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Key management personnel compensation

2020 2019Actual Actual

$ $Board MembersRemuneration 3,425 4,290Full-time equivalent members 0.11 -

Leadership TeamRemuneration 238,702 220,051Full-time equivalent members 2.00 2.00

Total key management personnel remuneration 242,127 224,341Total full-time equivalent personnel 2.11 2.00

Principal 1


Salaries and Other Short-term Employee Benefits: $000 $000 Salary and Other Payments 130-140 120-130 Benefits and Other Emoluments 0-5 0-10 Termination Benefits - -

Other EmployeesNo other employees received remuneration greater than $100,000.

The disclosure for 'Other Employees' does not include remuneration of the Principal.


Total $0 -Number of People 0 -

The full time equivalent for Board members has been determined based on attendance at Board meetings, Committee meetingsand for other obligations of the Board, such as stand downs and suspensions, plus the estimated time for Board members toprepare for meetings.

19. Remuneration

The total value of compensation or other benefits paid or payable to persons who ceased to be trustees, committee member, oremployees during the financial year in relation to that cessation and number of persons to whom all or part of that total waspayable was as follows:

20. Compensation and Other Benefits Upon Leaving

Key management personnel of the School include all trustees of the Board, Principal, Deputy Principals and Heads ofDepartments.

The total value of remuneration paid or payable to the Principal was in the following bands:

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(a) Capital Commitments

(Capital commitments at 31 December 2019: $Nil)

23. Managing Capital

equipment and accumulated surpluses and deficits. The School does not actively manage capital but attempts to ensure thatincome exceeds spending in most years. Although deficits can arise as planned in particular years, they are offset by plannedsurpluses in previous years or ensuing years.

22. Commitments

21. Contingencies

The Ministry of Education performs payroll processing and payments on behalf of school boards of trustees, through payrollservice provider Education Payroll Limited.

The Ministry's review of the schools sector payroll to ensure compliance with the Holidays Act 2003 is ongoing. The currentphase of this review is to design potential solutions for any compliance breaches discovered in the initial phase of theProgramme. Final calculations and potential impact on any specific individual will not be known until further detailed analysis andsolutions have been completed.

To the extent that any obligation cannot reasonably be quantified at 31 December 2020, a contingent liability for the school mayexist.

There are no contingent liabilities (except as noted below) and no contingent assets as at 31 December 2020 (Contingentliabilities and assets at 31 December 2019: nil).

As at 31 December 2020 the Board has entered into no contract agreements for capital works .

Cyclical MainteannceThe School has an obligation to the Ministry of Education to maintain in good order and repair at all times the land, buildings andother facilities on the School site. The school was part of the Christchurch Schools Rebuild Programme which resulted in the

Education to create a cyclical maintenance plan for future maintenance. Until then, the school is undertaking various paintingwork to keep the school in good order. Until such time as a plan has been developed and approved by the Ministry, the School

provision has been recognised, even though the school will be required to maintain any buildings that are not replaced.

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Financial assets measured at amortised cost2020 2020 2019

ActualBudget


Cash and Cash Equivalents 166,034 54,294 30,505Receivables 46,339 45,489 50,613Investments - Term Deposits 40,170 40,000 30,466

Total Financial assets measured at amortised cost 252,543 139,783 111,584

Financial liabilities measured at amortised cost

Payables 66,124 62,806 63,564Finance Leases 22,194 22,194 13,375

Total Financial Liabilities Measured at Amortised Cost 88,318 85,000 76,939

The carrying amount of financial assets and liabilities in each of the financial instrument categories are as follows:

24. Financial Instruments

25. Events After Balance Date

There were no significant events after the balance date that impact these financial statements.

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Documents

YALDHURST MODEL SCHOOL