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CACCIA BIRCH HOUSE
130 Te Awe Awe Street
Palmerston North 4410
Tel: 06-3575363 ax 06-3548265 Final
25th June [email protected]
www.caccia-birch.co.nz
1
CONTENTS PAGE
.. Contact Details 2
.. Chairperson's Introduction 3
.. Background History 4
~ Vision and Mission 5
~ Caccia Birch Trust Deed Objectives 6
~ Key 5trotegic Objectives 7
).. Keylssues 8
~ Key Performance indicators 9
~ Planned Activities 11-15
~ Governance Statements 15
.. Signatures 15
:,... Budget Forecast For the Years Ended 30 June 2017, 2018 & 2019 16
.. Notes to Budget. 17
2
CONTACT DETAILS
Registered Office: Coccia Birch House Legal Status:
130 Te Awe Awe St,Coccia Birch Trust Boord is a Caunci/-
Controlled Organisation (CCO) for the
Palmers ton North purposes of the Local Government Act
Website: www.coccia-birch.co.nz2002 and operates as 0 charitable
trust under the Charitable Trust Act
Phone: 063575363 1957 and Charities Act 2005.
-
Email: [email protected]
Main Contact: Nicky Birch Second Contact: Grant O'Donnell
RoleinCCO: Manager RoleinCCO: Chairperson
Address: As Above Address: As Above
Phone: 0274389366 Phone: 063567754/0274424395
Email: [email protected] Email: [email protected]
Fax: 063548265 Fax:
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CACCIA BIRCH HOUSE 130 Te Awe Awe Street
Palmerston North 4410
ph 06-3575363 fax 06-3548265
e-mail: [email protected] www.caccia-birch.co.nz
Chairperson's Introduction
This Statement of Intent sets out the Board's plans and projects which are intended to
achieve the goals set out in the Board's "Vision and Mission" statements.
It is clear that the Board will not be able to achieve all its goals to develop and enhance
the property without additional external funding.
There has been some success in securing external funding for the Coach House Archive
project, so there is reason to be positive with regard to other planned projects.
The financial information annexed show that the Board is close to achieving budget in
carrying out its core duties.
The House and Grounds are in excellent condition and the business is operating as best
it can be expected to in a competitive environment.
The Board is committed to ensuring the management and operation of Caccia Birch House are carried out in a way that reflects the Council's Vision for the city.
Management, staff and Board Members are to be congratulated on their efforts and commitment to achieving our goals.
Grant O'Donnell
Chairperson 28th February 2018
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Caccia Birch House - Our Vision
Caccia Birch Trust Board's Statement of Intent aims to provide Polmerston North City Council with the
strategic direction that the Trust Board wishes to adopt for the next 3 years and beyond.
The PNCC annual grant allows the Trust Board to manage this city's Cotegory 1 listed Heritage NZ property in
order to preserve ond pratect it and encourage and facilitate community access.
The history of Caccia Birch House is well documented and an information sheet is available upon request.
After twenty-five years successfully operating as an event facility, the property is ready for the next stage of
enhancements and development.
The Trust Board plans to improve the facilities by further developing the grounds and Coach House with the
aim of encouraging greater visitor participation thereby improve the amenity value for the locol community.
The Board's current project of adding new information displays in the CaachHause Archive has commenced
with stage one to be completed by end of June. Meanwhile work continues on refurbishing the original
display.
The Board's short-term vision includes adding some covered pergola areas and permanent garden seating,
along with some new landscaping. A new footpath is praposed which will circumnavigate the praperty and
continue alongside the entrance driveway, to improve pedestrian safety. A waste disposal storage space is planned (subject to council funding) to pravide venue users with suitable
recycling facilities.
The medium-term vision (heavily dependent on Council initiative and funding) sees part of the lagoon embankment (reserve land) terraced with a ramp footpath down to a jetty-type platform allowing access to
the Hokawhitu lagoon and at the same time reinstating the original outlook of this praperty. It is anticipated
this will greatly assist in attracting visitors from the opposite side.
Our gaol is to link Caccia Birch praperty to the Council's vision of enhancing the river recreational area and a
'river- facing' focus. To support the Trust's vision, it is important to remember that the Hokawhitu Lagoon area was initially part of the Caccia Birch House praperty title until it was sold to PNCC araund 1940.
A baatshed and jetty once stood at the base of the embankment in frant of the house. Prior to the lagoon excavation several years ago the jetty posts were still visible. Rowboats and punts were commonly used on
the waterway by residents and visitors.
A further goal is to invest in a permanent daytime cof , operating from the Coach House. This would provide another attraction to Caccia Birch and to the Hokawhitu area. Such a facility could operate alongside the
usual house hire. This goal is heavily dependent on the copacity of the house to become established as a
regulor destination.
There is currently a good level of community use in the form of meetings, training seminars and social events.
The building is in use most days. Walkers and visitors daily pass through or use the gardens.
The long-term vision is to become the "the mast popular" Hokowhitu attraction with enthusiastic visitors
brought here by proud local residents. We aim to shaw-case the living history created by our tenacious
pioneers.
The Caccia Birch Trust Board is currently made up of five volunteers with a passion to ensure this jewel remains one of the city's most significant assets.
The Trust Board in partnership with the Council has an an-going responsibility to ensure Caccia Birch House is
nat only preserved for the citizens of Palmerston North and District but also actively part of the life of the
community.
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Caccia Birch House has category 1 Heritage Status under section 35 (1) (b) of the Historic Places Act 1980 and is a Category 1 listed property under Cultural Heritage in the Palmerston North City Council.R)g[ict Plan.
The first objective in the Trust Deed is: "To develop, promote, enhance and maintain the land and buildings described in the Schedule of
property hereto known as Caccia Birch House, in recognition of the heritage status of the building, so that it
may be utilised and enjoyed by the community" (p1).
VISION
To provide our community with an outstanding historic property, available for everyone to use.MISSION
To ensure the Caccia Birch property retains its historical, cultural and environmental significance through
diligent maintenance, promotion and development.THE TRUST BOARD VALUES
Cultural HeritageEnvironment
RelationshipsServices
The Board's strategic direction also contributes to the PNCC Community Outcomes
either directly or Indirectly:Palmerston North: Small city benefits, big city ambition!
FIVE STRA TEGIC GOALS OF PNCC:
An innovative and growing cityA city that is clever about the way it uses its natural advantages to encourage and support innovation,entrepreneurship and new industries, and positions itself to take advantage of change to fuel sustainable growth,prosperity and wellbeing.
A creative and exciting cityA city that draws inspiration from the diversity within its culture and creates a vibrant urban environment that attractscreative and clever people, and nurtures creative talent.
A connected and safe communityA city that includes, supports, connects and uses the talents and advantages of the whole community in the pursuitof prosperity and wellbeing. A city that has an international reputation as a safe city in which to live, study, work andplay. A city that embraces its Iwi heritage and partnership, and where people connect with the city's past,celebrating its history and heritage.
An eco-cityWe want a future-focused city that plans for and cares about the future, enhancing its natural and built environment.Our city will realise the benefits to society from creating clean energy, lowering carbon emissions, and reducing ourecological footprint.
A driven and enabling CouncilA Council and organisation that works as one team with its communities and is a catalyst and enabler for change inthe city.
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~r- KEY STRATEGIC OBJECTIVES FOR THE NEXT THREE YEARS AND BEYOND.
Caccia Birch Trust's priorities for the plonning period or~
1. BUILDINGS & GROUNDS
The Trust will manage the preservation, maintenance and enhancement in keeping with the heritage status of the property and the City's Heritage Strategy.
This will be achieved through the following actions:
i. Managing the exterior maintenance progrom, conserving all buildings to a high standard.
ii.Managing the interior maintenance progrom cycle of refurbishment and maintenance to keep the building in
excellent condition.
iii.Developing the CoachHouse building to its full potential as an archive of locol culturol history.
iv. Encouroging and facilitate the construction of an accessible walkway / jetty along the Lagoon reserve frontage
bordering Caccia Birch House in partnership with PNCC.
v.Focus an the development of the property grounds aimed at enhancing visitor satisfaction and encouragegreater user participation.
vi. Manage any earthquake strengthening (currently on low-priority list) as required in conjunction with PNCC's
Heritage Strategy for Earthquake prone buildings.vii.
Creating an eco-friendly facility.
,.... 2. BUSINESS
The Board's goal is to operate and maintain a sustainable business in order to contribute to the operational costs.
This will be achieved through the following actions:
i.Promoting Caccia Birch House to ensure that the property continues to be well utilised by the community
ii.Taking steps ta enhance revenue generation.
iii. Promoting the Coach House Archive and Gardens for visitors and to make the community more aware of the
heritage value of Coccia Birch House.iv. Providing quality services and well-trained stoff
v. Continuing the policy of providing non-profit community groups with a discount on venue hire sa that allsectors of the community may experience the heritage facility.
v.Operating the property in a manner that is neighbourly.
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3. GOVERNANCE
The Board strive to meet best practice governance standards and maintain positive working relationships in the community.
This will be achieved by the following actions:
i. Ensuring and maintaining a heritage preservation focus in the Boord's activities.
ii.Maintaining a constructive and proactive relationship with PNCC councillors and stoff.
iii.. Maintaining good governance proctices with no fewer than 8 full Boord meetings per year and three Sub
committees as outlined in the Governance Manual.
iv. Ensuring that the day to day operation is adequately financed and resourced for projects that the Boord decides
to undertake.
v. Hoving regard to PNCC City Vision.
vi. Ensuring good management is in place and being a good employer.
vii. Full discfosure of information on Coccia Birch House activities to PNCC as deemed necessary to ensure its
interests are upheld.
LKEY ITEMS FOR 2018- 2019, 2019-2020 & 2020 - 2021
Maintain a focus on preservation.
ii. Develop a higher profile in the community to increase visitor numbers.
iii. Complete ambitious and creative projects which enhance the gardens and buildings.
iv. Grow the ronge of services and activities available to encouroge participation.
v.Increase revenue generating activities.
vi, Manage any required seismic strengthening of the buildings in order to meet the legislative requirements, whilst maintaining the heritage features of the property.
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PLANNED ACTIVITIES FOR 2018-2019, 2019-2020 and 2020-2021.
Caccia Birch Trust Board will report an progress against the fallowing KPl's and financial statements provided to meet the 6-manth and annual reporting timeframes and at any other time by request
1. BUILDING & GROUNDS:
The Trust will manage the preservation and maintenance in keeping with the heritage status of the
property.
Annual Targets:
i. Manage the exterior maintenance program, conserving all buildings to a high standard.
ii. Manage the interior maintenance program cycfe of refurbishment and maintenance ta keep the building in
excellent condition.
iii. Develop the Coach House building to its full potential as an archive of local culturol history.iv. Encouroge ond facilitate the construction of an accessible walkway / jetty along the Lagoon reserve frontage
bordering Caccia Birch House in partnership with PNCC.
v. Focus on the development of the property grounds aimed at enhancing visitor satisfaction and to encourage
greater user participation.vi. Creating an environmentolly friendly facility through better recycfing and using renewable energy.vii. Manage any earthquake strengthening (currently on low-priority list) as required in conjunction with PNCC's
Heritage Strategy for Earthquake prone buildings.
Outll.uts (KPls)
2018-2019 2019-2020 2020-2021
Undertoke works and report on Undertoke works and report on Undertake works ond report on
exterior maintenance. exterior maintenance. exterior maintenance.
Facilitate work and report on interior Facilitate work and report on Interior Facilitate work ond report on
Maintenance. Maintenance. Interior Maintenance.
Complete stage 2 of Coach House Complete stage 3 and investigate Start process for creating cof in thedisplay. feasibility of caf in Coach House. Coach House building.Concept Plans for landscaping Commence groundwork / construction Complete projects.Seek Plans for embonkment Commence groundwork / construction Complete project.improvementsImplement the process for the Manage building of facility Investigate use of solar power.establishment of a Recycfing facility.Monitor building seismic status. Monitor building seismic status. Monitor building seismic stotus.
2. BUSINESS ITo provide community use and access, the Board needs to operate and maintain a sustainable business.
Annual Targets:
Promoting Caccia Birch House to ensure that the property continues to be well utilised by the community ii. Promoting the Coach House Archive and Gardens for visitors and to make the community more aware of the
heritage value of Caccia Birch House. iii. Providing on affordable venue with quality services and well-troined staff iv. Continue the policy of providing non-profit community groups with a discount on venue hire so that all sectors
of the community may experience the heritage facility. v. Operoting the property in a manner that is neighbourly and compliant with rules and regulations.
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2. BUSINESS ICONT.!
Outputs (KPls!
2018-2019 2019-2020 2020-2021
Implement one new Marketing & Review current Marketing & Implement one new Marketing &
Promation aspect. Promotion Plan. Promotion aspect.
Hold a minimum of 10 free Open Hold a minimum of 12 free Open Hold a minimum of 14 free Open
Afternaons per year. afternoons per year. afternoons per year.6 organised tour groups. 7 organised tour groups. 8 organised tour groups.
Obtain feedback from users. Achieve a Obtain feedback from users. Achieve a Seek feedback from users. Achieve a
90% Satisfaction rote. 92% Satisfaction rote. 94% Satisfaction rate.
Improve the furniture and fittings Improve the furniture and fittings Improve the furniture and fittings
through renewals and donations. thraugh renewals and donations. through renewals and donations.
Increase the usage by one additional Increase the usage by twa additional Increase the usage by three
Community Graup. Community Groups. additional Community Graups.
Achieve a minimum of 250 days use Achieve a minimum of 255 days use Achieve a minimum of 260 days use
per year. per year. per year.
3. GOVERNANCE
To provide effective Governance and maintain positive working relationships.
Annual Targets:
i. Ensuring and maintaining a heritage preservation focus in the Board's activities.ii. Maintaining a constructive and proactive relatianship with PNCC councillors and staff.iii. Maintaining good governance practices with no fewer than 8 full Boord meetings per year and three Sub
committees as outlined in the Governance Manual.
iv. Ensuring that the day to day operation is adequately financed and resourced for projects that the Boarddecides to undertoke.
v. Having regard to PNCC City Vision.vi. Ensuring good management is in place and being a good employer.vi. Full disclosure of informatian on Caccia Birch House activities to PNCC as deemed necessary to ensure its
interests are upheld
OutQ.uts (KPI'S!
2018-2019 2019-2020 2020-2021
Governance Policies, Strategic Pion Governance Policies, Strategic Plan Governance Policies, Strategic Plan
and Annual Work Plan reviewed ond and Annual Work Plan reviewed and and Annual Work Plan reviewed ond
updated and made available to updated and made available to updated and made available toCouncil. Council. Council.
Obtain funding / sponsorship / Obtain funding / sponsorship / Obtain funding / sponsorship /bequests to facilitate projects. bequests to facilitate projects. bequests to facilitate projects.Regular meetings with Council officers Regular meetings with Council Regular meetings with Council officersand Councillors with portfolios officers and Councillors with and Councillors with portfoliosrelevant to CBH portfolios relevant to CBH relevant to CBH.
Monitor staff development and Monitor staff development and Monitor staff development and
training {including Health & Safety training {including Health & Safety troining (including Health & Safetyand first aid) and first aid) and first aid)
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GOVERNANCE STATEMENTS
The Caccia Birch Trust Board was established by PNCC in 1991 and is a CCO. Five Trustees are appointed by PNCC. The Board's activities are governed to a large degree by the Caccia Birch Trust Deed established in
1991 (Updated 2006).FINANCIAL STATEMENTS AND BUDGET FORCAST
Caccia Birch Trust Board has a unique operation fram a CCO's perspective. The Trust's main responsibility is to oversee the preservation ond pratection of the praperty and to pramote its use and enjoyment by the community.
The Trust Board and Management arrange and oversee all the property maintenance and repairs as well as
operoting the venue for clients, local visitors, embracing tourism and developing a vision to secure the
property's future.
The current business model is a means to ensure the historic homestead is well utilised and enables the Trust
Board to generote revenue to contribute to the operating costs, and to fund enhancements wherever
possible. As an event venue, its potential is limited by its residentiallocotion and the District Plan imposed operational restrictions.
The cost of achieving the compliance requirements for this property increase annually. Wages have risen in order to secure suitably trained staff for our small team. This figure tends to fluctuate in
line with occupancy and though we have based these figures on last year's costs, we expect them to rise with
increased activity and external pressure on wages.
It is anticipated the high cost of financial services coused by the annual Tier 1 audit is about to be
significantly reduced by changing the Caccia Birch Trust status. Whilst the Board expect to retain the same level of reporting to PNCC, simplifying the financial accountability will help financial outcomes.
The Trust Board and Management consider that the marketing & promotion budget is inadequate for future
growth.
The Trust Board's sal budget forecast is a droft only as the aforementioned status has not been resolved. It is also unclear how the PNCC directive to pay Trustee's an honorarium will be funded, so this cost has been
shown as a separate grant amount.
SIGNATURES: This Statement of Intent was approved by Caccia Birch Trust Board on:
Date: 25'h Ju
Signed:
Gront O'Donnell
Chairperson Caccia Birch Trust Board.
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Caccia Birch Trust Board
Forecast Statement of Financial Performance rFor Years Ended 30 June 2019, 2020 and 2021
2018-2019 2019-2020 2020-2021
Revenue $ $ $
Catering Revenue 91,800 93,636 95,500
Event Revenue 6,150 6,300 6,400
Facilities Hireaget
83,640 85,320 87,000
Interest Received t526 546 566
PNCC Operations Grant 98,775 100,948 103,168
PNCC Meeting Grant+
6,120 6,120 6,120
PNCC Grant for Audit 4,750 4,875 5,000
Recoveries from Hireage 6,120 6,250 6,400
Total Revenue 297,881 303,995 310,163
ExpensesAccident Compensation Levy 750 800 850
Accountancy and Bookkeeping 8,160 8,320 8,490
Advertising / Marketing 5,600 5,700 5,800
Accountancy NZ 9,500 9,750 10,000
Bank Charges 125 130 135
Building - Other R & M 4,250 4,500 4,750
Catering Expense 87,210 88,594 87,452
Cleaning - Consumables 2,050 2,100 2,150
Cleaning - Waste Disposal 2,000 2,050 2,100
Directlink Fees 525 550 575
Employer Superannuation Contributions 1,060 1,090 1,120
Minor Asset Replacement 3,100 3,200 3,300
Trustee Remuneration , 6,120 6,242 6,367+
Governance Expense 1,050 1,100 1,150
Grounds - Lawn Mowing 8,000 8,160 8,320
Insurance 3,800 3,900 4,000
Kitchen Expenses 2,000 2,150 2,200
Light Power & Heating 10,000 10,100 10,200
Payroll Administration Fees 600 615 620
Printing, Stamps & Stationery 4,100 4,200 4,300
Rent - Plant & Equipment 850 900 950
Repairs & Maintenance - Furniture & Fittings 1,950 2,000 2,050
Repairs & Maintenance - Grounds 2,800 2,900 3,000
Security 6,000 6,150 6,200
Staff-Related Expenses 550 600 650
Telephone, Tolls & Internet 2,150 2,200 2,250
Wages and Salaries 124,025 127,125 130,300
Xero Fees 600 620 640
Total Operating Expenses 298,925 305,746 309,919
Surplus (Deficit) Before Depreciation (1,044) (1,751) 244
Depreciation of Property, Plant, and Equipment 19,100 17,200 15,500
Total Expenses 318,025 322,946 325,419
Surplus (Deficit) (20,144) (18,951) (15,256)
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Caccia Birch Trust Board
Forecast Statement of Financial Position
As At 30 June 2019, 2020, and 2021
r2019 r-, 2020 2021
$ $ $
Assets
Current Assets
Bank Accounts and Cash 31,061 29,567 30,071
Debtors and Prepayments 15,908 16,067 16,228
Im.estments 12,000 12,000 12,000
Total Current Assets 58,969 57,634 58,299
Non-Current Assets
Property, Plant & Equipment..
102,647.... 85,447 69,947
Total Assets 148,078 129,543 114,708
Liabilities
Current Liabilities
Creditors 13,130 13,261 13,394
Accrued Expenses 11,110 11,221 11,333
ANZ Credit Card 222 224 227
Secure Venue Fee 2,222 " 2,244 " 2,267
GST 2,020 2,040 2,061
Accrued Salaries and Wages 2,767 2,795 2,823
Accrued Leal ! 10,201 10,303 10,406
Total Current Liabilities 41,673 42,089 42,510
Total Liabilities 41,673 42,089 42,510
Total Assets Less Total Liabilities 106,405 87,454 72,198
Trust Equityr
Accumulated Surplusest
106,405 87,454 72,198
Total Trust Equity 106,405 87,454 72,198
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Caccia Birch Trust Board
Forecast Statement of Cash Flows
For Years Ended 30 June 2019, 2020, and 2021
Cash Flows from Operating Activities Receipts from Council Operating Grants Interest Receipts Receipts from Other Re\ !nue Payments to Suppliers and Employees GST(net)
2019 J$
98,775526
207,672(298,532)
20
8,461
13,700
(12,000)
1,700
10,16120,90031,061
Net Cash Flow from Operating Activities
Cash Flows from Investing and Financing Activities Receipts from Sale of In\ !stments
Payments to Acquire Property, Plant & Equipment
Payments to Acquire In\ !stments
Net Cash Flow from Investing and Financing Activities
Net Increase(Decrease) in Cash for the Year
Add Opening Bank Accounts and Cash
Closing Bank Accounts and Cash
2020 I
I2021
$ $
100,948 103,168546 566
202,342 206,268(305,349) (309,519)
20 20
(1,493) 504
12,000 12,000
(12,000) (12,000)
(1,493) 504
31,061 29,56729,567 30,071
Operating Surplus -20,144 -18,951 -15,256
Depreciation 19,100 17,200 15,500Accounts Receliable Decrease/(lncrease) 9,092 -159 -161
Accounts Payable Increase/(Decrease) 393 397 400
Net GST Increase/(Decrease) 20 20 20
Total 8,461 -1,493 504
Total per abo\ ! 8,461 (1,493) 504
Difference 0 (0) a
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1. STATEMENT OF ACCOUNTING POLICIES
Basis of Preparation
The Board has elected to apply PBE SFR-A Public Sector Entity Simple Format Reporting - Accrual on the basis that the Trust does not have public accountability (as defined) and has total annual expenses of less than $2 million. All transactions in the financial statements are reported using the accrual basis of accounting. The financial statements are prepared on the assumption that the Trust will continue to operate in the foreseeable future.
Changes in Accounting Policies: There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.
(a) Tier 2 PBE Accounting Standards Applied The Trust has not applied any Tier 2 Accounting Standards in preparing its financial statements.
(b) Presentation Currency and Rounding The financial statements are presented in New Zealand dollars ($), and all financial information presented has been rounded to the nearest dollar.
(c) Property, Plant & Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation and impairment costs.
Donated assets are recognised on receipt of the asset if the asset has a useful life of 12 months or more, and the current value of the asset is readily obtainable and significant. Significant donated assets for which current values are not readily obtainable are not recognised.
Donated Artwork had not been recognised because the values of the artwork are not readily available. For an asset to be sold, the asset is impaired if the market price of an equivalent asset falls below the carrying amount.
Depreciation is provided on a straight-line basis at rates that will write off the cost of the assets over their useful lives. The useful lives and associated depreciation rates of major classes of assets have been estimated as follows:
Plant & Equipment 10 years
(10%) 10 years
(10%)Leasehold Improvements
(d) Goods & Services Tax
These financial statements have been prepared on a GST exclusive basis with the exception of accounts
receivable and accounts payable which are shown inclusive of GST.
(e) Income Tax
The Trust is exempt from taxation due to the charitable nature of its activities via the operation of Section CW 35
of the Income Tax Act 2004.
(f) Revenue
Grants
Grants received from the Palmerston North City 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 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 revenue when the funding is received unless there is an obligation to return the funds if conditions of the grant are not met ("use or return condition"). If there is such an obligation, the grant is initially recorded as a liability and recognised as revenue when conditions of the grant are satisfied.
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Sale of Goods and Services
Revenue from the sale of goods is recognised when the goods are sold to the customer.
Revenue from the sale of services is recognised by reference to the stage of completion of the services
delivered at balance date as a percentage of the total services to be provided.
Donated Goods or Services Not Recognised The Trust receives volunteer services at no charge.
Interest Revenue
Interest income is recorded as it is earned during the year.
(g) Employee Related Costs
Wages, salaries, and annual leave are recorded as an expense as staff provide services and become entitled to
wages, salaries, & leave entitlements. Performance payments are recorded when the employee is notified that the payment has been granted. Superannuation contributions are recorded as an expense as staff provide services.
(h) Advertising, Marketing, Administration, and Fundraising Cost These are expensed when the related service has been received. This does not include staff time spend on
marketing activities.
(i) Bank Accounts and Cash
Bank accounts and cash comprise cash on hand, cheque or savings accounts, and deposits held at call with banks. Bank overdrafts are presented as a current liability in the statement of financial position.
UJ Investments
Investments comprise investments in term deposits with banks. Deposits with banks are initially recorded at the amount paid. If it appears that the carrying amount of the investment will not be recovered, it is written down to the expected recoverable amount.
(k) Lease Expenses Lease payments are recognised as an expense on a straight-line basis over the lease term.
(I) Debtors & Prepayments Debtors & Prepayments are initially recorded at the amount owed. When it is likely the amount owed (or some portion) will not be collected or applied to an invoice, a provision for impairment is recognised and the
loss is recorded as a bad debt expense.
(m) Creditors & Accrued Expenses Accounts payable and accrued expenses are measured at the amount owed.
(n) Employee Costs Payable A liability for employee costs payable is recognised when an employee has earned the entitlement. These include salaries and wages accrued up to balance date and annual leave earned but not yet taken at balance date. A liability and expense for long service leave and retirement gratuities is recognised when the entitlement becomes available
to the employee.
(0) Budget Figures The budget figures are derived from the statement of intent as approved by the board at the beginning of the financial year. The budget figures have been prepared in accordance with Tier 3 standards, using accounting policies that are consistent with those adopted by the board in preparing these financial statements.
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