Venture taranaki annual report



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27

The Board is responsible for such internal 

control as it determines is necessary 

to enable the preparation of financial 

statements and the performance 

information that are free from material 

misstatement, whether due to fraud or 

error. The Board is also responsible for the 

publication of the financial statements and 

the performance information, whether in 

printed or electronic form.

RESPONSIBILITIES OF THE AUDITOR

We are responsible for expressing an 

independent opinion on the financial 

statements and the performance 

information and reporting that opinion to 

you based on our audit. Our responsibility 

arises from section 15 of the Public Audit 

Act 2001, the Trust Deed, and section 69 of 

the Local Government Act 2002.

INDEPENDENCE

When carrying out the audit, we followed 

the independence requirements of the 

AuditorGeneral, which incorporate the 

independence requirements of the External 

Reporting Board.

Other than the audit, we have no 

relationship with or interests in the Trust.



Clint Ramoo

Audit New Zealand

On behalf of the AuditorGeneral

Wellington, New Zealand



VENTURE TARANAKI ANNUAL REPORT 2015

28

VENTURE TARANAKI TRUST 

TRUSTEES’ REVIEW

For the year ended 30 June 2015

The Board of Trustees present their Annual Report including financial statements and statement of service performance of the Trust for the year 

ended 30 June 2015.

The business of the Trust is facilitating economic development in Taranaki. The nature of the Trust’s business has not changed during the year 

under review.

For and on behalf of the Trustees

ROBIN BROCKIE

 

Chairman



VENTURE TARANAKI ANNUAL REPORT 2015

29

VENTURE TARANAKI TRUST 

STATEMENT OF FINANCIAL POSITION

As at 30 June 2015

Notes


2015 $

2014 $


Assets

Current Assets

Cash & cash equivalents

391,299

303,668


Trade and other receivables

86,334


32,231

Other current assets

42,396

39,493


GST receivable

45,901


80,138

Total Current Assets

565,930


455,530

Non Current Assets

Property, plant & equipment

4

202,299


248,302

Intangibles

3

60,606


19,607

Total Non Current Assets

262,905


267,909

Total Assets

828,835


723,439

Liabilities

Current Liabilities

Trade and other payables

218,104

275,726


Funds held on behalf OGST

2,108


20,585

Employee benefit liabilities

8

93,220


101,461

Grants received in advance

189,722

-

Total Current Liabilities



503,154

397,772


Equity

Trust equity

325,681

325,667


Total Liabilities & Equity

828,835


723,439

 

These financial statements were authorised for issue by the Trustees on 1 September 2015. 



________________________Chairman ________________________Trustee

The accompanying notes form part of these financial statements.

VENTURE TARANAKI ANNUAL REPORT 2015

30

VENTURE TARANAKI TRUST 

STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSES

For the year ended 30 June 2015

Notes


2015 $

2014 $


Revenue

Grant revenue 

Non-exchange

2

3,573,606



3,553,933

Other revenue  

Exchange

67,051


26,652

Interest income 

Exchange

29,563


31,661

Gain on disposal of assets 

Exchange

60

-



Total Revenue

3,670,280

3,612,246

Expenses

Audit fee

26,608

26,125


Amortisation

3

21,944



32,515

Depreciation

4

74,050


75,530

Marketing

491,434

546,990


Professional fees

195,589


226,195

Grants


947,663

936,436


Rental and operating lease expenses

141,933


140,331

Personnel costs

1,340,699

1,208,269

Trustees’ fees

62,715


73,334

Loss on disposal of assets

-

3,632


Loss on foreign exchange

8

17



Other operating expenses

367,623


335,557

Total Expenses

3,670,266

3,604,931

Surplus before Tax

14

7,315


Income Tax Expense

5

-



-

Surplus after Taxation

14

7,315


Other Comprehensive Revenue and Expenses

-

-



Total Comprehensive Revenue and Expenses

14

7,315



 

The accompanying notes form part of these financial statements.

VENTURE TARANAKI ANNUAL REPORT 2015

31

VENTURE TARANAKI TRUST 

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2015

Trust Equity $

Total Equity $

Balance as at 1 July 2013

318,352


318,352

Total comprehensive revenue and expenses for the year

7,315

7,315


Balance at 30 June 2014

325,667


325,667

Balance as at 1 July 2014

325,667


325,667

Total comprehensive revenue and expenses for the year

14

14

Balance at 30 June 2015



325,681

325,681


 

The accompanying notes form part of these financial statements.

VENTURE TARANAKI ANNUAL REPORT 2015

32

VENTURE TARANAKI TRUST 

STATEMENT OF CASH FLOWS

For the year ended 30 June 2015

Notes


2015 $

2014 $


Cash Flows from Operating Activities

Grants and other income

3,762,748

3,616,291

Interest

29,990


36,168

Operating expenses

(3,632,550)

(3,614,218)

Net GST movement

11

18,373



70,016

Net cash flow from operating activities

12

178,561



108,257

Cash Flows from Investing Activities

Proceeds from sale of property, plant and equipment

221

88

Purchase of intangibles



(62,943)

(2,510)


Purchase of property, plant and equipment

(28,208)


(84,277)

Net cash flow from investing activities

(90,930)


(86,699)

Cash Flows from Financing Activities

Net cash flow from financing activities

-

-

Net increase/(decrease) in cash and cash equivalents



87,631

21,558


Cash and cash equivalents at the beginning of the year

303,668


282,110

Cash and cash equivalents at the end of the year

391,299


303,668

 

The accompanying notes form part of these financial statements.



VENTURE TARANAKI ANNUAL REPORT 2015

33

VENTURE TARANAKI TRUST 

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2015

1. STATEMENT OF ACCOUNTING POLICIES

REPORTING ENTITY

Venture Taranaki Trust is a wholly owned 

subsidiary of New Plymouth District Council 

and is a Council Controlled Organisation 

as defined in Part 1 Section 6 of the Local 

Government Act 2002, and a Charitable 

Trust incorporated in New Zealand under 

a Trust Deed dated 27 May 1998 and is 

domiciled in New Zealand. The Trust 

commenced operations on 1 July 1998. 

The Trust has designated itself as a public 

benefit entity (PBE) for financial reporting 

purposes. 

The financial statements of the Trust are for 

the year ended 30 June 2015. The financial 

statements were authorised by the Board 

for issue on 1 September 2015.

BASIS OF PREPARATION

The financial statements have been 

prepared on the going concern basis, and 

the accounting policies have been applied 

consistently throughout the period. 

Statement of compliance

The financial statements of the Trust have 

been prepared in accordance with generally 

accepted accounting practice in New 

Zealand (NZ GAAP). 

The financial statements have been 

prepared in accordance with Tier 2 PBE 

accounting standards. The Trust qualifies 

for Tier 2 reporting on the basis that it is not 

publicly accountable and is not considered 

large under the PBE accounting standards. 

These financial statements comply with PBE 

Standards. 

These financial statements are the 

first financial statements presented in 

accordance with the new PBE accounting 

standards. There have been no material 

adjustments arising on transition to the new 

PBE accounting standards.

Presentation currency and rounding

The financial statements are presented 

in New Zealand dollars and all values are 

rounded to the nearest dollar. 



SUMMARY OF SIGNIFICANT 

ACCOUNTING POLICIES

•  Revenue

Revenue is measured at fair value. 

The specific accounting policies for 

significant revenue items are explained 

below:


Government grants

Grants received from the New Plymouth 

District Council are the primary source 

of funding to the Trust and are restricted 

for the purposes of the Trust meeting 

its objectives as specified in the Trust’s 

trust deed. The Trust also receives other 

government assistance for specific 

purposes, and these grants usually 

contain restrictions on their use.

Council, government, and 

non-government grants are recognised 

as non-exchange revenue when they 

become receivable unless there is 

an obligation to return the funds if 

conditions of the grant are not met. If 

there is such an obligation, the grants 

are initially recorded as grants received 

in advance and recognised as revenue 

when conditions of the grant are 

satisfied.

Interest income

Interest income is recognised using the 

effective interest method.

•  Foreign currency transactions 

Foreign currency transactions are 

translated into NZ$ (the functional 

currency) using the spot exchange rate 

at the date of the transactions. Foreign 

exchange gains and losses resulting 

from the settlement of such transactions 

and from the translation at year end 

exchange rates of monetary assets 

and liabilities denominated in foreign 

currencies are recognised in the surplus 

or deficit.

•  Leases – Operating Leases

An operating lease is a lease that does 

not transfer substantially all the risks 

and rewards incidental to ownership of 

an asset. 

Lease payments under an operating 

lease are recognised as an expense on a 

straight line basis over the lease term. 

•  Cash


Cash and cash equivalents include cash 

on hand and deposits held at call with 

banks and other short term highly liquid 

investments with original maturities of 

three months or less.

•  Receivables

Trade and other receivables are initially 

measured at fair value and subsequently 

at fair value less any provision for 

impairment. The amount of impairment 

is the difference between the carrying 

amount of the receivable and the 

present value of the amounts expected 

to be collected which is determined 

on an analysis of the Trust’s losses in 

previous periods and review of specific 

debtors. All receivables are assessed as 

a non-exchange as these balances relate 

to grants to be received by the Trust 

from government entities.



Loans and receivables 

Loans and receivables are non-

derivative financial assets with fixed or 

determinable payments that are not 

quoted in an active market. They are 

included in current assets, except for 

maturities greater than 12 months after 

the balance date, which are included in 

non-current assets.

After initial recognition, they are 

measured at amortised cost, using 

the effective interest method, less 

impairment. Gains and losses when the 

asset is impaired or derecognised are 

recognised in the surplus or deficit. 


VENTURE TARANAKI ANNUAL REPORT 2015

34

VENTURE TARANAKI TRUST 

NOTES TO THE FINANCIAL STATEMENTS 

CONTINUED

For the year ended 30 June 2015

1. STATEMENT OF ACCOUNTING POLICIES CONTINUED

Loans to community organisations made 

at nil or below-market interest rates are 

initially recognised at the present value 

of their expected future cash flows, 

discounted at the current market rate of 

return for a similar financial instrument. 

The difference between the face value 

and present value of the expected future 

cash flows of the loan is recognised in 

the surplus or deficit as a grant expense. 

The loans are subsequently measured 

at amortised cost using the effective 

interest method. 

•  Impairment of financial assets 

Financial assets are assessed for 

evidence of impairment at each balance 

date. Impairment losses are recognised 

in the surplus or deficit. 

•  Intangibles



Software acquisition

Acquired computer software licenses 

are capitalised on the basis of the costs 

incurred to acquire and bring to use the 

specific software. Staff training costs 

are recognised as an expense when 

incurred.

Costs associated with maintaining 

computer software are recognised as an 

expense when incurred.

Costs associated with development 

and improvements of the Venture 

Taranaki and Energy Stream websites are 

recognised as an asset when incurred as 

the websites generate future economic 

benefits.



Amortisation

Computer software licenses are 

amortised on a straight-line basis over 

their estimated useful life of two and a 

half years. Amortisation begins when the 

asset is available for use and ceases at 

the date when the asset is disposed of. 

The amortisation charge for each year is 

recognised in surplus or deficit.

•  Property, plant and equipment

Property, plant and equipment are 

stated at cost less accumulated 

depreciation and impairment losses. 

Additions

The cost of an item of property, plant, 

and equipment is recognised as an asset 

only when it is probable that service 

potential associated with the item will 

flow to the Trust and the cost of the 

item can be measured reliably. In most 

instances, an item of property, plant, 

and equipment is initially recognised 

at its cost. Where an asset is acquired 

at no cost, or for a nominal cost, it is 

recognised at its fair value when control 

over the asset is obtained.

Disposals

Gains and losses on disposals are 

determined by comparing the disposal 

proceeds with the carrying amount of 

the asset. Gains and losses on disposals 

are presented net in the surplus or 

deficit.

Subsequent costs

Costs incurred subsequent to initial 

acquisition are capitalised only when 

it is probable that service potential 

associated with the item will flow to the 

Trust and the cost of the item can be 

measured reliably. The costs of day-to-

day servicing of property, plant, and 

equipment are recognised as an expense 

as they are incurred.



Depreciation

Depreciation is provided on a straight 

line basis at rates calculated to allocate 

the assets cost less estimated residual 

value, over the estimated useful life of 

the asset.

Major depreciation periods are:

- Leasehold alterations  10 years

- Fixtures and fittings 

10 years


- Office equipment 

3-10 years

- Motor vehicles  

3 years


- Other fixed assets 

4-10 years

The residual value and useful life of 

an asset are reviewed, and adjusted if 

applicable, at each financial year end.

•  Impairment of property, plant, and 

equipment and intangible assets

Property, plant, and equipment and 

intangible assets are reviewed for 

indicators of impairment as at each 

balance date. When there is an indicator 

of impairment, the asset’s recoverable 

amount is estimated. The recoverable 

amount is the higher of an asset’s fair 

value less costs to sell and value in use.

•  Payables

Trade and other payables are stated 

at cost. Trade and other payables are 

non-interest bearing and are normally 

settled on 30 day terms, therefore 

the carrying value of trade and other 

payables approximates their fair value. 

All accounts payable are assessed as an 

exchange as these valances arose from 

transactions carried at normal business 

terms.


•  Employee entitlements

Short-term employee entitlements

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 are measured 

at nominal values 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, and sick leave.

A liability for sick leave is recognised to 

the extent that absences in the coming 

year are expected to be greater than the 

sick leave entitlements earned in the 

coming year. The amount is calculated 

based on the unused sick leave 

entitlement that can be carried forward 

at balance date, to the extent that it will 

be used by staff to cover those future 

absences.


VENTURE TARANAKI ANNUAL REPORT 2015

35

Presentation of employee entitlements

Sick leave, annual leave, and vested long 

service leave are classified as a current 

liability. Non-vested long service leave 

and retirement gratuities expected to 

be settled within 12 months of balance 

date are classified as a current liability. 

All other employee entitlements are 

classified as a non-current liability.

•  Provisions

The Trust recognises a provision for 

future expenditure of uncertain amount 

or timing when there is a present 

obligation (either legal or constructive) 

as a result of a past event, it is probable 

that expenditures will be required to 

settle the obligation and a reliable 

estimate can be made of the amount 

of the obligation. Provisions are not 

recognised for future operating losses.

Provisions are measured at the present 

value of the expenditures expected to 

be required to settle the obligation using 

a pre-tax discount rate that reflects 

current market assessments of the time 

value of money and the risks specific 

to the obligation. The increase in the 

provision due to the passage of time is 

recognised in “finance costs”.

•  Goods and Services Tax (GST)

All items in the financial statements 

are presented exclusive of goods and 

service tax (GST), except for receivables 

and payables, which are presented on 

a GST inclusive basis. Where GST is 

not recoverable as input tax, then it is 

recognised as part of the related asset 

or expense. The net amount of GST 

recoverable from, or payable to, the 

IRD is included as part of receivables or 

payables in the statement of financial 

position.

The net 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 statement of cash flows.

Commitments and contingencies are 

disclosed exclusive of GST.

•  Income Tax

Income tax expense includes 

components relating to both current tax 

and deferred tax. 

Current tax is the amount of income tax 

payable based on the taxable profit for 

the current year, plus any adjustments 

to income tax payable in respect of prior 

years. Current tax is calculated using 

tax rates (and tax laws) that have been 

enacted or substantively enacted at 

balance date. 

Deferred tax is the amount of income tax 

payable or recoverable in future periods 

in respect of temporary differences 

and unused tax losses. Temporary 

differences are differences between the 

carrying amount of assets and liabilities 

in the statement of financial position and 

the corresponding tax bases used in the 

computation of taxable profit. 

Deferred tax is measured at the tax rates 

that are expected to apply when the 

asset is realised or the liability is settled, 

based on tax rates (and tax laws) that 

have been enacted or substantively 

enacted at balance date. The 

measurement of deferred tax reflects the 

tax consequences that would follow from 

the manner in which the entity expects 

to recover or settle the carrying amount 

of its assets and liabilities. 

Deferred tax liabilities are generally 

recognised for all taxable temporary 

differences. Deferred tax assets are 

recognised to the extent that it is 

probable that taxable profits will be 

available against which the deductible 

temporary differences or tax losses can 

be utilised. 

Deferred tax is not recognised if the 

temporary difference arises from the 

initial recognition of goodwill or from the 

initial recognition of an asset or liability 

in a transaction that is not a business 

combination, and at the time of the 

transaction, affects neither accounting 

profit nor taxable profit. 

Current and deferred tax is recognised 

against the surplus or deficit for the 

period, except to the extent that it 

relates to a business combination, or 

to transactions recognised in other 

comprehensive revenue and expense or 

directly in equity.

•  Critical accounting estimates and 

assumptions

In preparing these financial statements, 

estimates and assumptions have 

been made concerning the future. 

These estimates and assumptions 

may differ from the subsequent actual 

results. Estimates and assumptions are 

continually evaluated and are based on 

historical experience and other factors, 

including expectations or future events 

that are believed to be reasonable under 

the circumstances. 


VENTURE TARANAKI ANNUAL REPORT 2015


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