PerformanceReport€¦ · Chairperson's Report War Memorial Theatre Gisborne Trust For the year ended 30 June 2017 Annual Report of the War Memorial Theatre Trust to 30th June 2017

Performance ReportWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

Performance Report War Memorial Theatre Gisborne Trust Page 2 of 12

Contents3

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Chairperson's Report

Approval of Financial Report

Entity Information

Statement of Service Performance

Statement of Financial Performance

Statement of Financial Position

Statement of Cash Flows

10 Statement of Accounting Policies

11 Notes to the Performance Report

Chairperson's ReportWar Memorial Theatre Gisborne Trust For the year ended 30 June 2017

Annual Report of the War Memorial Theatre Trust to 30th June 2017 

 The trustees have had a quiet year with the completion of the War Memorial Theatre 

Redevelopment. Now the second year since the opening a number of small items additional to the 

specifications of the theatre have been funded by the trust. The Trust has made available $160,077 

to Gisborne District Council and continues to hold a small sum of money for such purposes. 

 The intent of the minor changes to the objects of the Trust is to allow the trust to remain a 

mechanism through which the community can make funds available for new work in the War 

Memorial Theatre and also to allow the trust to raise funds for the upgrade of the Lawson Field 

Theatre. If the Department of Internal Affairs approve the minor changes to the trust deed and then 

recognises those changes through the Charities Commission the Trust will become a long term entity 

to raise funds and make funds available for either of the 2 District Council owned theatres. 

 As the Trust Deed stands at present the role of the trust would cease with the completion of the 

War Memorial Theatre Redevelopment. We await a response from the Dept of Internal Affairs. 

 Income for the year was a cash donation and bank interest. During the year a group of quilting 

ladies donated 2 single bed quilts to be raffled for the theatre. The tickets were sold post balance 

date. The trust is grateful for the donation of these beautiful quilts. 

Two new Trustees have joined the trust, we are pleased to have Tony Field a nephew of the original 

donor of the Lawson Field Theatre and Ms Cherie Mirko. Both have a strong interest in theatre and 

the arts in this city and will add value to the trust. 

 At year end the trust awaits a clear indication of the possible shortfall in GDC funds available for the 

redevelopment of the Lawson Field Theatre and approval from the DIA to change the Trust objects. 

Once DIA approval is received and a clear idea of the cost of the new  work on the theatre and the 

sum to be raised by the Trust is agreed the Trust will sign a MOU with Gisborne District Council.   

 I thank the treasurer Anne Muir for her attention to the finances of the trust and BDO for the audit. 

The trustees acknowledge the significant support in kind that BDO provided for a number of years to 

the Trust  

 PA Seymour OBE  

 Chair of the War Memorial Theatre Trust 

Approval of Financial Report War Memorial Theatre Gisborne Trust

For the year ended 30 June 2017

The Trustees are pleased to present the approved financial report including the historical financial statements of War Memorial

Theatre Gisborne Trust for year ended 30 June 2017.

APPROVED

Chairperson

Date .... t� ... : .. � ... � .... �?.? ' 7 ,.

Treasurer

Date .... {.l...� ... 9. .. �.�Q(. +

Performance Report I War Memorial Theatre Gisborne Trust Page4of 12

Performance Report War Memorial Theatre Gisborne Trust Page 5 of 12

Entity InformationWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

'Who are we?', 'Why do we exist?'

Legal Name of Entity

War Memorial Theatre Gisborne Trust

Entity Type and Legal Basis

Charitable Trust 

Registration Number

CC47698 

Entity's Purpose or Mission

(a) To raise funds and to assist others to raise funds for the upgrade and ongoing support of the War Memorial Theatre Gisborneand Lawson Field Theatre.(b) To specifically apply such funds towards an upgrade of the War Memorial Theatre Gisborne and Lawson Field Theatre toenable  both theatres to be used for the benefit of the community of Gisborne and to ensure that it remains as a War Memorialfor those who have served their country during major conflict.(c) To accept the custody, control and management of any real and personal property which may be bequeathed or donated tothe Trust for the purpose of upgrading the theatres.(d) To do all things that the Trustees consider necessary or conducive to further or attain the objects of the Trust set out above.

Entity Structure

 Board of Trustees with Chair Person, Secretary and Treasurer, governed by the Trust Deed.

Main Sources of Entity's Cash and Resources

Grants, donations and fundraising, plus interest from term deposits.

Main Methods Used by Entity to Raise Funds

Applications to local community and national charitable funding entities, donations sought from theatre supporters, fundraisingconcerts organised. Funds invested to earn interest from term deposits.

Entity's Reliance on Volunteers and Donated Goods or Services

All activities run by unpaid volunteers.

Physical Address

C/- Gisborne District Council, 15 Fitzherbert Street, Gisborne, New Zealand, 4010

Postal Address

C/- Gisborne District Council, PO Box 747, Gisborne, New Zealand, 4040

Performance Report War Memorial Theatre Gisborne Trust Page 6 of 12

Statement of Service PerformanceWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

'What did we do?', 'When did we do it?'

Description of Entity's Outcomes

With the theatre now open following its extensive redevelopment the trust's plan this year was to amend its Trust Deed toenable continued fundraising for ongoing support for the War Memorial Theatre but also include the Lawson Field Theatre.

To repay outstanding amounts to the Gisborne District Council with regards to the War Memorial Theatre redevelopment and toinvest remaining cash reserves securely for the benefit of future objectives of the Trust.

2017 2016

Description and Quantification of the Entity's OutputsCompleted payment to Gisborne District Council of the Trust's commitment to fund the theatre'sredevelopment cost. 160,077 370,000

Contributed to cost of theatre technology and refinements. - 90,942

Additional Output Measures

The Trust's Deed has been amended during the year to update clause 2.1 - The purposes of the Trust. Most significantly theamendment includes the Trust to exist to raise funds for the upgrade and ongoing support of the War Memorial TheatreGisborne Trust and the Lawson Field Theatre.

This statement has been prepared without conducting an audit or review engagement, and should be read in conjunction with the attached Compilation Report.

Performance Report War Memorial Theatre Gisborne Trust Page 7 of 12

Statement of Financial PerformanceWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

'Howwas it funded?' and 'What did it cost?'

NOTES 2017 2016

RevenueRevenue from providing goods or services 1 1,000 89,710

Interest, dividends and other investment revenue 1 6,279 13,775

Total Revenue 7,279 103,485

ExpensesCosts related to providing goods or service 2 160,769 533,939

Total Expenses 160,769 533,939

Surplus/(Deficit) for the Year (153,490) (430,454)

This statement has been prepared without conducting an audit or review engagement, and should be read in conjunction with the attached Compilation Report.

Performance Report War Memorial Theatre Gisborne Trust Page 8 of 12

Statement of Financial PositionWar Memorial Theatre Gisborne TrustAs at 30 June 2017

'What the entity owns?' and 'What the entity owes?'

NOTES 30 JUN 2017 30 JUN 2016

AssetsCurrent Assets

Bank accounts and cash 3 11,056 56,056

Interest accrued 3 1,351 754

Investments 3 142,222 250,777Total Current Assets 154,629 307,587

Total Assets 154,629 307,587

LiabilitiesCreditors 531 -

Total Liabilities 531 -

Total Assets less Total Liabilities (Net Assets) 154,098 307,587

Accumulated FundsAccumulated surpluses or (deficits) 4 154,098 307,587

Total Accumulated Funds 154,098 307,587

Statement of Cash Flows War Memorial Theatre Gisborne Trust

Statement of Cash FlowsWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

2017 2016

Cash Flows from Operating ActivitiesReceipts from customers 1,000 89,710

Payments to suppliers and employees (160,238) (533,939)

Cash receipts from other operating activities 6,279 13,775

Total Cash Flows from Operating Activities (152,958) (430,454)

Cash Flows from Investing ActivitiesOther cash items from investing activities 107,958 172,321

Total Cash Flows from Investing Activities 107,958 172,321

Cash Flows from Financing ActivitiesOther cash items from financing activities - -

Total Cash Flows from Financing Activities - -

Net Cash Flows (45,000) (258,133)

Cash BalancesCash and cash equivalents at beginning of period 56,056 314,189

Cash and cash equivalents at end of period 11,056 56,056

Net change in cash for period (45,000) (258,133)

Page 9 of 12

Performance Report War Memorial Theatre Gisborne Trust Page 10 of 12

Statement of Accounting PoliciesWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

'How did we do our accounting?'

Basis of Preparation

The entity has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) on thebasis that it does not have public accountability and has total annual expenses equal to or less than $2,000,000. All transactionsin the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under theassumption that the entity will continue to operate in the foreseeable future.

Goods and Services Tax (GST)

The entity is not registered for GST. Therefore all amounts are stated inclusive of GST (if any).

Income

Income from grants, fundraising and donations where there is no 'use or return' condition attached is recorded as revenue whencash is received.

For grants and donations where there is a 'use or return' condition an a liability is recorded. As conditions are met the liability isreduced and revenue is recorded.

Interest income is recorded as it is earned during the year.

Income Tax

War Memorial Theatre Gisborne Trust is wholly exempt from New Zealand income tax having fully complied with all statutoryconditions for these exemptions.

Bank Accounts and Cash

Bank accounts and cash in the Statement of Cash Flows comprise cash balances and bank balances (including short termdeposits) with original maturities of 90 days or less.

Changes in Accounting Policies

There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previousreporting period.

Performance Report War Memorial Theatre Gisborne Trust Page 11 of 12

Notes to the Performance ReportWar Memorial Theatre Gisborne TrustFor the year ended 30 June 2017

2017 2016

1. Analysis of RevenueRevenue from providing goods or services

Income: Gold donors - 10,000

Income: Smaller donations 1,000 -

Income: WMT fundraising events - 79,710Total Revenue from providing goods or services 1,000 89,710

Interest, dividends and other investment revenueInterest Receivable: BNZ Bank 6,279 13,775Total Interest, dividends and other investment revenue 6,279 13,775

2017 2016

2. Analysis of ExpensesCosts related to providing goods or services

Advertising 58 -

Computer 531 -

Costs: External fundraising events - 23,852

Costs: WMT fundraising events - 48,256

GDC Grants for Theatre Extras 160,077 90,942

General 102 889

Grants to GDC - 370,000Total Costs related to providing goods or services 160,769 533,939

2017 2016

3. Analysis of AssetsBank accounts and cash

BNZ cheque account 1,318 565

BNZ savings account 9,738 55,491Total Bank accounts and cash 11,056 56,056

Other current assetsBNZ Term Deposit #15 - 100,777

BNZ Term Deposit #17 142,222 150,000

Interest accrued 1,351 754Total Other current assets 143,573 251,531

Notes to the Performance Report

Performance Report War Memorial Theatre Gisborne Trust Page 12 of 12

2017 2016

4. Accumulated FundsAccumulated Funds

Opening Balance 307,587 738,041

Accumulated surpluses or (deficits) (153,490) (430,454)Total Accumulated Funds 154,098 307,587

Total Accumulated Funds 154,098 307,587

5. Commitments

In 2016 the terms of the Trust Deed only allowed use of funds for the redevelopment of the War Memorial Theatre Gisborne. Withthe amendment of the Trust Deed in 2017 any fundraising and resources of the Trust will be used to support the War MemorialTheatre and the Lawson Field Theatre. See also Note 8 Subsequent events.

6. Contingent Liabilities and Guarantees

 There are no contingent liabilities or guarantees as at 30 June 2017 (2016: nil).

7. Related Parties

Pat Seymour (Chairperson) and Rehette Stoltz (Trustee) are also Councillors of the Gisborne District Council to whom the Trusthas transferred funds received for the renovation of the War Memorial Theatre Gisborne.

8. Events After the Balance Date

The Trustees have filed changes to the objects of the Trust Deed with the Department of Internal Affairs (DIA). Changes will allowthe Trust to continue to raise funds to support the War Memorial Trust, but also for the renovation and support of the LawsonField Theatre. The DIA is yet to confirm the changes. (2016: nil)

9. Ability to Continue Operating

The entity will continue to operate for the foreseeable future. 

10. Audit

Audit is performed by BDO Gisborne Limited on an honorary basis. BDO Gisborne Limited also provides accounting softwaresupport on an honorary basis.