c.2
QUEEN ELIZABETH II NATIONAL TRUST ANNUAL REPORT 2023
ANNUAL REPORT 2023 OF QUEEN ELIZABETH II NATIONAL TRUST, NGĀ KAIRAUHĪ PAPA (QEII NATIONAL TRUST). PRESENTED TO THE HOUSE OF REPRESENTATIVES PURSUANT TO SECTION 32 OF THE QUEEN ELIZABETH THE SECOND NATIONAL TRUST ACT 1977. QUEEN ELIZABETH II NATIONAL TRUST is a statutory organisation independent from government and managed by a Board of Directors. We are a registered charitable entity under the Charities Act 2005. Registration number CC28488. BOARD OF DIRECTORS Chair Bruce Wills, Karen Schumacher, Alan Livingston, Neil Cullen, Donna Field, Graham Mourie. CHIEF EXECUTIVE Dan Coup T 04 474 1683 E info@qeii.org.nz VICE-REGAL PATRON Her Excellency, The Right Honourable Dame Cindy Kiro, GNZM, QSO, Governor-General of New Zealand. Queen Elizabeth II National Trust, PO Box 3341, Wellington 6140, New Zealand. Level 4, 138 The Terrace, Wellington T 04 472 6626 E info@qeii.org.nz W www.qeiinationaltrust.org.nz FINANCE AND BUSINESS SERVICES MANAGER Deirdre Parag AUDITOR Sam Nicolle Ernst & Young Wellington On behalf of the Auditor-General BANKERS Bank of New Zealand SOLICITORS Gibson Sheat Lawyers INSURER AON New Zealand ISSN 2324-5948
Ngā Kairauhī Papa | Forever protected
CONTENTS CHAIR’S REPORT QEII'S STRATEGIC OBJECTIVES – OUR MISSION STATEMENT OF SERVICE PERFORMANCE 2023 FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE REVENUE AND EXPENDITURE STATEMENT OF CHANGES IN EQUITY STATEMENT OF FINANCIAL POSITION STATEMENT OF CASHFLOWS STATEMENT OF COMMITMENTS NOTES TO THE FINANCIAL STATEMENTS AUDITOR’S REPORT
04 06 12 17 18 20 21 22 23 24 37
QEII NATIONAL TRUST ANNUAL REPORT 2023
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REPORT FROM THE CHAIR
This is my final report as QEII Chair as my maximum nine-year term on the board has come to an end. It’s been another successful year for the QEII National Trust, with another 153 covenants approved and 113 registered in the 2022/23 financial year. The new registrations bring the total amount of hectares protected by a QEII covenant to 184,682. In October, we were pleased to celebrate the registration of the 5,000th QEII covenant, an 8.9-hectare forest that landowners, the McDonald family, call ‘The Gorge’. Toby and Charlotte McDonald and their family hosted local QEII covenantors and community members at their farm in rural Wairarapa and after a few quiet years in terms of events, it was great to get out and meet some of our enthusiastic and committed covenantors. This year our regional reps monitored 2,006 covenants, equating to approximately 40% of the current 5,108 registered covenants. This was slightly less than expected, but a satisfactory result considering the challenges and disruption faced by our reps due to the significant weather events in many parts of the country. Cyclone Gabrielle, ex-Cyclone Hale and the Auckland Anniversary weekend floods have substantially impacted covenants and landowners in affected areas. At QEII, we are thankful that our regional team and their families were accounted for. However, many covenants have suffered incredible damage, from treefall, damaged fences and slips through to the displacement of large sections of covenants. In some cases, even six months on, the damage is still unable to be assessed due to the inaccessibility of those areas. These events have been extremely devastating for many landowners and our team is working to support them to find solutions and work through the challenges of managing their damaged covenants. We were saddened by the news of the passing of Her Majesty Queen Elizabeth II in September 2022. Our connection to Her Majesty goes back to 1977, the year our organisation was formed and the year of Her Majesty the Queen’s silver jubilee. We are grateful for the support given to our work by Her Majesty and we will continue to operate as her namesake for the foreseeable future.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
We saw another change at the Government level this year with a new Minister of Conservation, Hon Willow-Jean Prime, appointed to the portfolio in February, replacing Hon Poto Williams. We also saw several changes internally, with the retirement of long-serving Northland rep Greg Blunden and North Taranaki rep Joanna Buswell leaving QEII for a new adventure. The team at head office has remained relatively consistent over this period and the continuity has helped us to improve and streamline some internal processes. Our funding through the Government’s Jobs for Nature programme is allowing us to increase the amount of biodiversity protected and provide targeted support to better protect and enhance existing covenants. This additional funding is giving us an opportunity to support landowners with work that isn’t possible with our usual funding. Our ‘Protecting the Gains’ project has enabled us to protect an additional 40 areas this year, and allowed us to trial an alternative protection tool, known as a Restoration Agreement, for areas that do not yet have biodiversity values that meet the criteria for protection by an Open Space Covenant. Our two further Jobs for Nature-funded projects, funded through DOC’s Private Land Biodiversity Fund, continue with great success to date. Our Jobs for Nature ‘Deer Exclusion Project’ has 22 covenants lined up to receive upgraded fencing, where deer exclusion is the highest management priority, with further sites to be identified and upgraded before the project ends in 2024. The project to accelerate stewardship of rare and threatened species in the Eastern South Island has seen botanical surveys completed at 33 sites, with further investigations and management actions now being undertaken to better protect these special areas. The 2023 financial statements at the end of this annual report show that the trust has made a surplus of $8.1m compared with the budgeted deficit of $3.1m. This result is overall positive but, as often with QEII’s accounts, there are a multitude of factors and intangible items that have had an impact on this result. QEII’s acceptance of the formal gift of Remarkables Station has added an additional $8m property asset to our balance sheet, which is recorded as an increase revenue. Changes in our pre-95 fencing liability have increased our surplus by a further $0.25m. A change in accounting policy to bring a provision for covenant establishment onto our balance sheet, resulted in a $0.75m decrease in the current year's surplus.
Ngā Kairauhī Papa | Forever protected
We were pleased to receive a generous bequest of $850K this year, which has relieved some of the pressure, however QEII resources are still significantly stretched. Even with that generous bequest, the operating result for the year stands at a $1.3m deficit – illustrating the financial challenge that the Trust faces and that will become critical when the Jobs for Nature funding programmes end. My predecessor James Guild noted in his final Chair’s report three years ago the unsustainability of QEII’s current model, with the current level of baseline government funding at the same level since 2015. I am disappointed to say that this remains the case. QEII has implemented a fundraising strategy to supplement our income and has been fortunate to receive some extremely generous bequests and large donations, but our situation remains unsustainable and without a change to baseline funding, QEII will likely need to make substantive changes to its work in the next 12-24 months. As I now stand down from my position on the QEII Trust Board I am filled with mixed emotions. A sadness that my time with this wonderful organisation and its outstanding team of people has come to an end, but also with an extraordinary sense of gratitude that I have for nine years played a small part in the permanent protection of many hundreds more QEII covenants all over New Zealand. My congratulations to Alan Livingston for taking over the Chair’s role, a warm welcome to new Ministerial appointments to the Board, Rich McDowell and Philip Hulme, and a sincere thanks to Neil Cullen who departs the Board after three years. It’s been a privilege. Thank you. I am proud to present this year’s Annual Report.
Bruce Wills CHAIR
QEII NATIONAL TRUST ANNUAL REPORT 2023
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STRATEGIC OBJECTIVES – OUR MISSION
QEII’S STRATEGIC OBJECTIVES
OUR MISSION: “We inspire private landowners to
protect and enhance open spaces of ecological and cultural significance.” The following four strategic objectives guide our work:
6
1
2
3
4
Area of high-value land under robust protection increases.
Values within protected areas are enhanced.
QEII’s work is part of large-scale projects.
People are inspired to connect with QEII protected places.
QEII NATIONAL TRUST ANNUAL REPORT 2023
Ngā Kairauhī Papa | Forever protected
1
Area of high value land under robust protection increases
• In partnership with landowners, we currently protect just over 180,000ha of high-value land. • We know that protecting biodiversity on private land is critical to solving our biodiversity crisis – each year we work to increase the area of land protected by QEII covenants. • For us ‘high-value’ is guided by the Minister for Conservation’s National Priorities for Conservation on private land, how an area contributes to connectivity at a landscape scale, and also the cultural, archaeological, landscape and visual amenity values of an area.
Highlights from 2022/23
2,881 HECTARES of high-value land approved for protection.
• We pride ourselves on being a robust defender of protected land in NZ. Our modern covenants are ‘watertight’, and our landowners can trust us to defend protected land where threatened or challenged by third-party processes.
National Priorities for Conservation on Private Land National Priority 1: Protects indigenous vegetation in land environments that have 20% or less remaining in indigenous cover. Land Environments New Zealand is a national classification system which is used to map areas of similar habitat. Any land environments that have been reduced to less than 20% of their original extent are prioritised for protection.
96%
of approved new covenants protect habitats of 'Threatened' or 'At Risk' indigenous species (NP4)
National Priority 2: Protects indigenous vegetation associated with sand dunes and wetlands; less than 9% of the original extent of wetlands and less than 11% of natural dunelands remain nationwide, which makes these two ecosystems high priority ecosystems. National Priority 3: Protects indigenous vegetation associated with ‘originally rare’ terrestrial ecosystem types not already covered by priorities 1 and 2. Originally rare ecosystems are ecosystem types not commonly found in all regions of NZ. There are 72 types falling into six categories which have been identified in NZ– coastal, geothermal, induced by native invertebrates, inland and alpine, subterranean, or semisubterranean, and wetlands. National Priority 4: Protects habitats of New Zealand’s most threatened indigenous species of plants and animals. The threat status of threatened native species is determined by specific criteria in the New Zealand Threat Classification System lists created by the Department of Conservation. https://www.doc.govt.nz/about-us/our-policies-and-plans/ biodiversity-guidance-for-private-land/
QEII NATIONAL TRUST ANNUAL REPORT 2023
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STRATEGIC OBJECTIVES – OUR MISSION
2
Values within protected areas are enhanced
• Alongside landowners, we have an important role in enhancing the values protected by QEII covenants. • Our people have technical expertise and valued relationships with landowners. Covenants are monitored approximately every two years and our reps provide advice and guidance to landowners for covenant enhancement and management. • We’re working towards more effective and efficient ways to assess whether protected values are moving forwards or backwards, and appropriate associated management and enhancement activities. • We support landowners with enhancement activities through establishment grants, our Stephenson Fund, and seeking third party funding for special projects.
ABOVE:
Three generations of the McDonald family unveil a plaque at their Wairarapa farm, recognising the 5000th area protected by a QEII covenant nationwide.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
Highlights from 2022/23 across the Eastern South Island are involved in a stewardship project for rare and threatened species in QEII covenants. We secured funding for this project from Jobs for Nature, and it is supporting critical management and enhancement activities like ecological survey and planning, fencing, weed control and wilding pine control in some of the highest priority covenants in the region.
$199,909
We invested in enhancement activities for existing covenants through The Stephenson Fund.
signed up to our Jobs for Nature ‘Deer Exclusion Project’ – deer fencing and culling in covenants where protection from pest browsers is the highest conservation priority.
Ngā Kairauhī Papa | Forever protected
3
QEII’s work is part of large-scale projects
• We do some of our work as part of large-scale projects because conservation as part of a larger collective effort creates greater benefits than when done in isolation. • We identify or create projects where our contribution or leadership has the greatest potential to add value. • We collaborate with councils and conservation groups to share resources and expertise and achieve mutual benefits that contribute to larger-scale biodiversity strategies.
Highlights from 2022/23
$1.08 million secured from local councils to support new covenants.
82%
of approved new covenants contribute to a protected corridor or landscape.
Through our partnership with Environment Canterbury, we signed funding agreements worth ~ $280,000 to support establishment of 8 new covenants in Canterbury.
Our partnership with Auckland Council provided approx. $225,000 towards new and existing covenants, supporting fencing, pest and weed control, track-building and more.
QEII NATIONAL TRUST ANNUAL REPORT 2023
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STRATEGIC OBJECTIVES – OUR MISSION
4
People are inspired to connect with QEII protected places
• The places we protect and enhance in partnership with landowners provide physical, spiritual, and mental wellbeing benefits, and contribute to a sense of identity for New Zealanders. • We want our landowners to feel proud and enriched by the work they do with QEII, and for other people to recognise the contribution that landowners are making to conservation. • Through their engagement with QEII and our network of protected areas, we want individuals’ and communities’ understanding, connection to and enjoyment of protected areas to increase. • We’re doing this by working with landowners to hold events on their covenants and sharing covenantor stories through our biannual Open Space magazine and local media stories.
The Skedaddle event at Island Hills Station
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QEII NATIONAL TRUST ANNUAL REPORT 2023
Highlights from 2022/23
In October 2022, we celebrated the 5000th QEII covenant with the McDonald family in rural Wairarapa. The McDonald’s fifth Open Space Covenant ‘The Gorge’ protects 8.9 hectares of modified primary forest and a stream system that feeds into Wainuioru River. The forest contains several rare and threatened species and one of the few rimu remaining in the district. The McDonald family hosted QEII, other local covenantors and the local community at their farm to celebrate this exciting milestone for their family and QEII, and to recognise the contribution of all QEII landowners who have made the commitment to protect special places on their land.
In April 2023, Island Hills Station (one of the largest Open Space Covenants in Canterbury) held the first “Skedaddle – run for nature” – a trail running event to support their conservation efforts on the property. A few QEII staff took part alongside 400 others and over $5000 was raised for purchasing traps for pest control. Local QEII rep Miles Giller hosted an information hub at the race village to raise awareness of the covenant’s values, the importance of pest and weed control, and the work of QEII.
In June 2023, QEII's Vice-Regal Patron, Her Excellency the Rt Hon Dame Cindy Kiro, GNZM, QSO, hosted Auckland-based supporters at an event to introduce an urban audience to our work. Covenantors Shirley-Ann and Rick Mannering talked about their experience of protecting their land.
Landowners Shirley-Ann and Rick Mannering speak at the Auckland event
Ngā Kairauhī Papa | Forever protected
QEII NATIONAL TRUST ANNUAL REPORT 2023
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STATEMENT OF SERVICE PERFORMANCE
1 AREA OF HIGH-VALUE LAND UNDER ROBUST PROTECTION INCREASES Measure
2023
2022 (unaudited)
Target
Number of covenants approved
153
170
150
Number of hectares approved1
2,881
3,872
-
Percentage of covenants approved that meet one or more of the National Priorities (see page 7)
98%
99%
90%
National Priority 1
46%
55%
-
National Priority 2
33%
32%
-
National Priority 3
6%
16%
-
National Priority 4
96%
95%
-
Percentage of covenants approved with indigenous cover that is highly representative of original cover, or are one of the best remaining examples of its type in the Ecological District2
43%
-
-
Percentage of covenants approved with indigenous cover that is moderately representative of original cover, or has a representative range of current species in the Ecological District2
42%
-
-
Number of covenants registered
1133
104
140
Number of hectares registered
1,9833
2,264
-
Notes: ¹ Approved covenant hectares are estimates that are refined by survey prior to registration 2
Assessed against Singers and Rogers (2014) A classification of New Zealand’s terrestrial ecosystems. Science for Conservation 325, 87pp, and/or ecological context reports for regions not yet assessed.
3
Includes one covenant from the 2021/22 FY as we were notified of its registration in the 2022-23 FY, so it was not included in the 2021/22 reported figures.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
Ngā Kairauhī Papa | Forever protected
2 VALUES WITHIN PROTECTED AREAS ARE ENHANCED Measure
2023
2022 (unaudited)
Target
Number of registered covenants monitored
2,006
1,896
-
Percentage of registered covenants monitored
40%
39%
40%
$174,788
$180,000
-
$3,238,808
$4,857,207
-
QEII investment in registered covenant support (The Stephenson Fund)
$199,909
$209,354
-
Total investment in registered covenant support (The Stephenson Fund)3
$459,352
$797,413
-
Litigation matters filed before courts or tribunals in defence of protected land
2
1
-
Number of submissions on central and local government policy
11
7
-
Percentage of covenantors actively doing enhancement work in their covenants4
87%
-
-
Total establishment funding allocated by QEII to covenants approved in the financial year1 Total fencing allocation to covenants approved in the financial year2
Notes: ¹ Allocations for covenant enhancement work including revegetation, weed and pest control, signage, specialist assessments, infrastructure and site establishment grants for Restoration agreement covenants. 2
Includes QEII, landowner, council and third-party (not neighbour) allocations for fencing. Does not include fencing associated with the Deer Exclusion or Eastern South Island JFN projects.
3
Includes landowner financial and in-kind investment, allocated according to applications received.
4
Survey respondents only. Current covenantors only. Survey conducted every three years. Percentage includes 50% ‘often’ and 37% ‘sometimes’. QEII NATIONAL TRUST ANNUAL REPORT 2023
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STATEMENT OF SERVICE PERFORMANCE
3 QEII’S WORK IS PART OF LARGE-SCALE PROJECTS Measure
2023
2022 (unaudited)
Target
Funds secured from third parties for on the ground covenant works (new covenants/new protection)1
$2,249,193.45
$2,483,864.21
-
Funds secured from third parties and allocated for on the ground covenant works1,2 (established/registered covenants)
$423,487.61
$261,983.27
-
Percentage of new approved covenants with third-party funding2
48.3%
53.5%
-
Total number of partners with whom we have formal agreements (MOU or funding agreements) for biodiversity protection.
8
6
-
Percentage of covenants approved that add to a protected corridor or landscape
82%
78%
-
Notes: ¹ Excludes Jobs for Nature funding. 2
Does not include neighbour contributions for fencing and contributions made directly to the landowner that QEII was not a party to.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
Ngā Kairauhī Papa | Forever protected
4 PEOPLE ARE INSPIRED TO CONNECT WITH QEII-PROTECTED PLACES Measure
2023
2022 (unaudited)
Target
Percentage of new owners that thought it was an easy transition to becoming an owner of QEII-protected land¹
86%
-
-
Percentage of members satisfied with their overall relationship with QEII National Trust²
80%
-
-
Percentage of covenantors that often spend time in their covenants³
62%
-
-
Readership of Open Space magazine4
87%
-
-
Total donation and membership income
$989,856
5
Number of applications for QEII managed contestable fund support
6
56
62
-
Notes: ¹ Survey respondents only. Only new covenantors (i.e. not original owners). Includes those who selected ‘1 - very easy’ or ‘2’ on a scale of 1-5. Survey conducted every three years. ² Survey respondents only. Includes current covenantors, former covenantors (life members) and financial members. Includes those who selected ‘1 - very satisfied’ or ‘2’ on a scale of 1-5. Survey conducted every three years. ³ Survey respondents only. Only current covenantors. Survey conducted every three years. 4
Survey respondents only. Includes current covenantors, former covenantors (life members) and financial members. Survey conducted every three years.
5
Includes all financial memberships, donations and realised bequests, excludes notified bequests.
6
Includes all applications to The Stephenson Fund and Auckland Council contestable fund. Figures reflect applications received prior to screening against the fund’s criteria. QEII NATIONAL TRUST ANNUAL REPORT 2023
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COVENANT STATISTICS
COVENANT STATISTICS Regional Council
Area (ha)
Total Approved covenants
Total Total Total area of Total area of Largest Average Median number of number of approved, registered registered registered registered registered approved, registered, and covenant covenant covenant and registered, and formalised (ha) size (ha) size formalised* and formalised (ha) formalised (ha)**
Auckland
494,162
16
305
321
4,100.4
3,994.1
840.8
12.6
3.0
Bay of Plenty
1,207,050
8
188
196
9,615.4
9,306.0
6,563.5
50.0
3.9
Canterbury
4,450,760
56
387
443
19,304.2
15,416.5
1,679.4
40.9
8.1
Gisborne
838,582
19
146
165
5,476.2
5,111.7
1,103.8
35.2
9.2
Hawke's Bay
1,413,721
21
270
291
11,888.8
10,994.4
4,606.0
40.9
10.2
ManawatūWhanganui
2,222,059
56
416
472
9,937.4
8,582.3
352.3
20.6
7.4
Marlborough
1,045,765
11
96
107
5,913.1
5,015.4
1,055.7
50.9
8.1
42,441
2
18
20
333.1
319.6
139.5
17.8
5.9
Northland
1,250,032
20
783
803
11,603.4
10,857.1
420.6
13.9
3.6
Otago
3,120,863
25
236
261
66,594.8
65,006.3
21,909.6
277.8
7.6
Southland
3,119,495
33
394
427
10,836.0
9,749.9
1,456.6
24.9
9.2
Taranaki
725,436
47
494
541
10,660.9
9,966.9
915.5
20.3
2.7
Tasman
961,623
12
193
205
3,423.1
3,266.7
277.1
17.0
3.9
Waikato
2,389,990
38
723
761
18,993.4
18,093.7
801.6
24.6
6.3
Wellington
804,866
20
380
400
6,739.5
6,628.8
824.3
17.3
4.6
West Coast
2,324,381
7
111
118
2,530.5
2,373.3
233.0
21.4
7.4
391
5,140
5,531
197,950.4
184,682.7
21,909.6
36.0
5.4
Nelson
All Regions
* Formalised covenants include landscape protection agreements with a territorial authority (e.g., district council) over land that has no legal title, as well as 14 QEII National Trust properties with no registered covenant established prior to the Trust’s ownership.
Protected open space
Number
Area (ha)
Registered covenants
5,108
183,757.7
Approved covenants**
391
13,267.7
Formal agreements*
32
925.0
5,531
197,950.4
** Areas are approximate as not all approved covenants have been formally surveyed
200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
36.0
TOTAL**
Total number of registered covenants
16
Area (ha)
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1979 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Number of covenants
QEII National Trust Registered Covenants
Total area of registered covenants (ha)
QEII NATIONAL TRUST ANNUAL REPORT 2023
ha
average registered covenant area
Ngā Kairauhī Papa | Forever protected
2023 FINANCIAL STATEMENTS Statement of responsibility The Board is responsible for the preparation of the National Trust’s financial statements and Statement of Performance and for judgements made in them. The Board has the responsibility for establishing and maintaining a system of internal controls designed to provide reasonable assurances as to the reliability and integrity of financial and nonfinancial reporting. In the Board’s opinion, these financial statements and Statement of Performance fairly reflect the financial position and operations of the National Trust for the year ended 30 June 2023.
Approval of the financial statements The Board of Directors has authorised the issue of the financial statements of the Queen Elizabeth II National Trust set out in pages 18 to 36 for the year ended 30 June 2023. For and on behalf of the Board of Directors, which authorised the financial report on 31 October 2023.
Alan Livingston
Graham Mourie
CHAIR
DIRECTOR
Dated: 31 October 2023
Dated: 31 October 2023
QEII NATIONAL TRUST ANNUAL REPORT 2023
17
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE REVENUE AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2023 Notes
Group 2023
Group 2023
Actual $
Budget $
Group 2022 (restated) Actual $
Government grant - Baseline funding
4,274,000
4,274,000
4,274,000
Government grant - Jobs for nature funding
Operating Revenue 2,501,323
2,876,087
1,312,000
Contestable funds
641,915
600,000
387,263
Donations and other grants
1,144,154
162,000
360,347
Other revenue
173,961
205,500
64,412
8,735,353
8,117,587
6,398,022
2,353,032
2,471,800
2,032,968
2,976,382
3,945,563
2,406,627
641,915
600,000
387,263
3,655,922
3,924,637
3,444,432
155,831
324,091
157,079
Operating revenue Operating Expenditure Field operations Covenant expenditure
1
Contestable funds Administration
2
Property operations Public relations
133,537
201,400
97,935
133,030
90,000
70,198
Operating expenditure
10,049,650
11,557,491
8,596,502
Net Operating Surplus/(Deficit)
(1,314,297)
(3,439,904)
(2,198,480)
105,125
250,000
241,296
Depreciation and amortisation
3
Pre 1995 Fencing provision and costs Pre 1995 fencing repairs and waivers costs Pre1995 movement in fencing provision
12
(300,132)
0
(1,335,629)
(195,007)
250,000
(1,094,333)
4
1,268,099
546,000
(1,470,752)
Gift from Jardine Foundation - Remarkable Station Farm Property
7
6,485,000
0
0
Gain on purchase - Remarkables Station - House site
7
1,484,999
0
0
Non-Operating revenue
7,969,999
0
0
Total comprehensive revenue and expenditure
8,118,808
(3,143,904)
(2,574,899)
Net Pre 1995 Fencing provision and costs Net investment income Non-Operating revenue
The accompanying notes on pages 24 to 36 form an integral part of these financial statements.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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STATEMENT OF COMPREHENSIVE REVENUE AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2023 Explanation of total comprehensive revenue and expenditure The National Trust concluded the financial year ended 30 June 2023 with total comprehensive revenue and expenditure of $8,118,808 against a budgeted total comprehensive revenue and expenditure loss of $3,143,904. The difference between budgeted and actual total comprehensive revenue and expenditure results primarily from seven unbudgeted factors. They are as follows: 1 The Department of Conservation funding agreements for 'Jobs for Nature (JFN)' initiatives of a) Protecting the Gains, b) Deer Exclusion project (DEP) and c) Eastern South Island (ESI) Accelerating Stewardship projects resulted in revenue totalling $2,501k being recognised as income in 'Government Grants - Jobs for nature funding' in the Statement of Comprehensive Revenue and Expenditure. The amount of JFN revenue that was recognised was $375k less than the budgeted $2,876k for 2023. The balance of all Jobs for Nature funds invoiced but not recognised as revenue to the end of the year are held in 'Deferred Revenue'. Refer to Note 9 for further information. 2 QEII received a large bequest of $850k during the 2023 year. This is included in 'Donations and other Grants'. QEII does not budget for bequests as the receipt of such monies is generally unpredictable. 3 For the 2023 year, QEII budgeted covenant expenditure of $3.95m. This was made up of: a) Covenant establishment costs (fencing and survey) including JFN Protecting the Gains - $2.3m b) JFN projects - Deer Exclusion (DEP) and Eastern South Island (ESI) costs - $1.45m c) Stephenson fund costs - $200k. The actual covenant expenditure for the 2023 year was $2.977m which is $0.972m less than budgeted because: a) Landowners continue to be faced with difficulties such as adverse weather and cyclone recovery, which have resulted in delays in procuring fencing contractors and delays in accessing fencing materials. Last year’s expectation that delayed expenditures will be ‘caught-up’ has not eventuated as labour and supply challenges have not eased. The overall 2023 spending on covenant establishment costs is $893k less than budgeted. b) the delayed start to the Jobs For Nature - DEP and ESI projects has resulted in underspend for the 2023 year of $773k. Refer to note 9.
c) the Stephenson Fund cost paid out during the 2023 year were $19k less than budgeted. Please note any Stephenson Fund payments allocated but not paid out during the 2023 are included in Statement of Commitments. d) In addition to the above, during 2022/23 QEII reassessed its accounting treatment of QEII covenant commitments. Covenant commitments are funds committed to approved covenants, agreed with landowners, still in progress and working towards registration with Land Information New Zealand. The commitments had historically been recorded in the Statement of Commitments. Refer to note 13 for further information on this change in accounting treatment. As a result of the change in accounting treatment of covenant commitments, the 2023 financial statements include an (unbudgeted) adjustment of $715k, which is the increase in covenant establishment costs that are approved but not yet paid for (2022 restated: additional $1.014m). 4 For the 2023 year, the pre 1995 fencing provision was based on a roll-forward valuation completed by Deloitte. Overall, there was a $0.2m decrease (2022: $1.3m) in the provision, which was mainly due to the effect of the change in the discount rate curve. Refer to Note 12 for further information. 5 The net effect of the realised and unrealised gains/ losses on the investment portfolio was a gain of $795k (2022: Loss of $1.9m) recognised as income in the Statement of Comprehensive Revenue and Expenditure. Refer to Note 4 for further information. 6 On the 1st of July 2022, the Dickson and Jillian Jardine Foundation gifted the land and Crown Lease known as the 'Remarkables Station - Farm property' to the Remarkables Station National Trust Limited, which is a subsidiary of QEII. The gift of the Remarkables Station is deemed to be a non-exchange transaction and is included in the 2023 QEII Group accounts as 'Other Comprehensive income' of $6.5m. Refer to note 7. 7 On the 1st of July 2022, Remarkables Station National Trust Limited received the land known as Remarkables Station House site from the Dickson and Jillian Jardine Foundation at the agreed price of $1. The land was valued and the increase in the value relative to purchase price has been deemed to be a non-exchange transaction and is included in the 2023 QEII Group accounts in 'Other Comprehensive income' of $1.5m. Refer to Note 7.
The accompanying notes on pages 24 to 36 form an integral part of these financial statements. QEII NATIONAL TRUST ANNUAL REPORT 2023
19
FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023 Group 2023
Group 2023
Actual $
Budget $
10,139,512
15,992,464
15,368,012
0
0
(2,653,601)
Restated opening at 1 July
10,139,512
15,992,464
12,714,411
Total comprehensive revenue and expenditure
8,118,808
(3,143,904)
(2,574,899)
18,258,320
12,848,560
10,139,512
Opening balance Adjustment for Covenant commitment provision
At the end of the period
The accompanying notes on pages 24 to 36 form an integral part of these financial statements.
20
QEII NATIONAL TRUST ANNUAL REPORT 2023
Group 2022 (restated) Actual $
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STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023 Note
Group 2023
Group 2023
Actual $
Budget $
Group 2022 (restated) Actual $
Equity National Trust Equity
18,258,320
12,848,560
10,139,512
Total Equity
18,258,320
12,848,560
10,139,512
2,074,905
245,897
767,350
Represented by: Current assets Cash and cash equivalents Accounts and other receivables
5
1,261,276
1,235,864
1,429,486
Investments
6
18,195,379
17,533,945
19,345,705
21,531,560
19,015,706
21,542,541
Total current assets Less current liabilities Accounts and other payables
8
851,076
545,843
899,038
Deferred revenue
9
2,569,910
2,441,457
3,115,060
201,230
190,000
180,584
Employee entitlements Pre-1995 fencing provision
12
1,016,108
1,039,572
1,016,108
Covenant commitments provision
13
1,285,678
0
1,166,795
Total current liabilities
5,924,002
4,216,872
6,377,585
Working capital
15,607,558
14,798,834
15,164,956
11,216,700
6,216,501
3,192,085
11,216,700
6,216,501
3,192,085
Non-current assets Property, plant and equipment
10
Total non-current assets Non-current liabilities Pre 1995 fencing provision
12
5,468,641
8,166,775
5,716,599
Covenant commitments provision
13
3,097,297
0
2,500,930
Total non-current liabilities
8,565,938
8,166,775
8,217,529
Net assets
18,258,320
12,848,560
10,139,512
The accompanying notes on pages 24 to 36 form an integral part of these financial statements. QEII NATIONAL TRUST ANNUAL REPORT 2023
21
FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 Group 2023 Actual $
Group 2022 Actual $
Receipts from operations
6,323,154
7,053,654
Donations and other grants received
1,767,836
464,965
Interest received
425,159
399,403
Dividends received
184,966
179,552
Other revenue received
203,961
28,447
Payments to suppliers
(6,486,983)
(4,979,403)
Payments to employees
(2,868,356)
(2,686,482)
Net cash flow (used in)/from operating activities
(450,263)
460,136
Cashflows from operating activities
Cash flows from investing activities Proceeds from sale of investments
7,575,987
3,454,065
Purchase of investments
(5,630,801)
(4,251,294)
Purchase of property, plant and equipment
(187,368)
(163,019)
Net cash flow from investing activities
1,757,818
(960,248)
Net cash flows from financing activities
0
0
Net increase /(decrease) in cash and cash equivalents
1,307,555
(500,112)
Cash and cash equivalents at beginning of period
767,350
1,267,462
2,074,905
767,350
Cash and cash equivalents at end of period
The accompanying notes on pages 24 to 36 form an integral part of these financial statements.
22
QEII NATIONAL TRUST ANNUAL REPORT 2023
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STATEMENT OF COMMITMENTS AS AT 30 JUNE 2023
Group 2023 $
Group 2022 (restated) $
149,559
143,827
2023 $
2022 (restated) $
165,340
165,340
The Stephenson Fund commitments The Stephenson Fund commitments are funds committed to approved covenant holders to assist them with stewardship on their covenants. Operating lease commitments Property lease - Level 3 and 4 - 138 the terrace, Wellington An agreement to lease level 4 and additional space on level 3 at 138 the Terrace, Wellington dated 31 March 2021 was signed and is effective from 7 May 2021. The term of the lease is six years and three months with two further rights of renewal of three years each. The landlord offered QEII a rent-free period of three months with two of these relating to the current year. Printer/Photocopier lease A new agreement to lease a printer/photocopier dated 12 December 2022 was signed and is effective from 17 January 2023. The term of the lease is three years.
Less than 1 year Between 1 and 2 years
165,340
165,340
More than 2 years
344,458
509,798
675,138
840,478
Less than 1 year
3,420
0
Between 1 and 2 years
3,420
0
More than 2 years
1,995
0
8,835
0
Capital commitments The National Trust had no capital commitments as of 30 June 2023 (2022: nil).
STATEMENT OF CONTINGENCIES AS AT 30 JUNE 2023 The National Trust had no contingent liabilities as at 30 June 2023 (2022: nil).
The accompanying notes on pages 24 to 36 form an integral part of these financial statements. QEII NATIONAL TRUST ANNUAL REPORT 2023
23
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Accounting Policies
Basis of consolidation
Reporting entity
Group
Queen Elizabeth the Second National Trust (the National Trust) is a registered charitable trust that is domiciled in New Zealand and governed by the Queen Elizabeth the Second National Trust Act 1977.
The financial statements comprise the financial statements of QEII National Trust (QEII) and its subsidiary (the Group) as at 30 June 2023.
The principal activity of the National Trust is to provide, protect, preserve and enhance open space for the benefit and enjoyment of the people of New Zealand. Remarkables Station National Trust Limited (100% owned) is a company governed by the Companies Act 1993, is incorporated in New Zealand and has registered charitable status. The principal activity is to own and manage the covenanted Remarkables Station farm which was gifted to QEII from the Jardine Foundation on 1 July 2022. The financial statements of the National Trust (and its subsidiary Remarkables Station National Trust Limited) for the year ended 30 June 2023 were authorised for issue by the Board on 31 October 2023.
Statement of compliance The financial statements have been prepared in accordance with Queen Elizabeth the Second Trust Act 1977 which requires compliance with Generally Accepted Accounting Practice in New Zealand (“NZ GAAP”).
QEII (the parent) has control of the subsidiary through its 100% ownership which gives the parent the: • power to direct the relevant activities of the subsidiary • exposure, or rights, to variable benefits from its involvement with the subsidiary • ability to use its power over the subsidiary to affect the nature and amount of the benefits from its involvement with the subsidiary. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the entity. Assets, liabilities, revenue and expenses of a subsidiary acquired or disposed of during the year are included in the financial statements from the date the Group gains control until the date the Group ceases to control of the subsidiary.
As the primary objective of the National Trust is to protect special places for the benefit of present and future generations, rather than making a financial return, the National Trust is a public benefit entity for the purpose of financial reporting.
The surplus or deficit and each component of other comprehensive of revenue and expense are attributed to the owners of the subsidiary. When necessary, adjustments are made to the financial statements of the subsidiary to bring its accounting policies into line with the Group’s accounting policies. All intra-economic entity assets and liabilities, net assets/equity, revenue, expenses and cash flows relating to transactions between entities of the economic entity are eliminated in full upon consolidation.
The financial statements of the National Trust have been prepared in accordance with Tier 2 Public Benefit Entity (‘PBE”) standards and disclosure concessions have been applied. The National Trust is eligible to report in accordance with Tier 2 PBE standards because it does not have public accountability and its expenditure is between $2m and $30m and therefore not considered large in accordance with XRB A1 Accounting Standards Framework.
A change in the ownership interest of a subsidiary that does not result in a loss of control, is accounted for as an equity transaction. If the Group loses control over the subsidiary, it derecognises the assets (including goodwill) and liabilities and other components of net assets/equity, while any resulting gains or losses are recognised in surplus or deficit. Any investment retained in the former subsidiary is recognised at fair value.
Measurement base
QEII National Trust
The financial statements have been prepared on a historical cost basis, except for investments which have been measured at fair value and the pre 1995 fencing liability which is valued annually.
Investment in the subsidiary held by QEII are accounted for at cost less any impairment charges in the separate financial statements of the QEII.
The financial statements are presented in New Zealand dollars. The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
24
QEII NATIONAL TRUST ANNUAL REPORT 2023
Dividends and other distributions from subsidiary are recognised as revenue in QEII’s separate statement of financial performance, but only to the extent that these distributions are received and receivable from the subsidiary’s accumulated comprehensive revenue and expense arising after acquisition. Such distributions do not impact the recorded cost of the investment.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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At the end of each reporting period, QEII assesses whether there are any indicators that the carrying value of the investment in subsidiary may be impaired. Where such indicators exist, to the extent that the carrying value of the investment exceeds its recoverable amount, an impairment loss is recognised.
Depreciation Depreciation is charged on a straight-line basis over the useful life of the assets. Depreciation is charged at rates calculated to allocate the cost of the asset less any estimated residual values over its remaining useful life: - Computer and electronic equipment
3 years
Capital management
- Intangible assets
5 years
The National Trust’s capital is represented by its net assets. It manages and maintains its capital by prudently managing revenue, expenses, and assets and liabilities to ensure it effectively achieves its objectives and purpose, while still remaining a going concern.
- Furniture and fittings, plant and equipment
5 - 10 years
- Buildings and improvements (gifted and purchased buildings)
25-50 years
Revenue
- Leasehold improvements
The National Trust’s revenue is mainly from non-exchange transactions. They are as follows:
Employment Entitlements
- Grants revenue from Government or government agencies - grants revenue is recognised as it becomes receivable, except where a grant is for a specific purpose and there is an obligation to repay it if the specific purpose is not undertaken. In this situation, revenue is deferred until the obligations are performed. - Interest and dividend revenue (investment income) – interest income is recognised as earned, dividend income is recognised when the right to receive payment is established. - Donations and other grants revenue – cash donations are recognised when received, non-cash donations are recognised at their fair value at the time that ownership rights are transferred to the National Trust. - Membership/sponsorship revenue – membership/ sponsorship revenue is recognised when the cash is received. - Gifting of Property – non-cash receipt of property are recognised at their fair value at the time the legal title is transferred.
Property, plant and equipment Land and improvements acquired or gifted to the National Trust are recorded at cost for acquired assets, or at fair value for gifted assets. The cost of new fencing on National Trust properties is capitalised in the year of completion. Property, plant and equipment (other than land) is measured at cost, less accumulated depreciation and impairment losses. Land is not depreciated. Restrictions on assets The only restrictions on assets held by the National Trust are those pertaining to covenants and specific gifts.
- Land fencing
40 years Life of the Lease
Employee entitlements that the National Trust expects to be settled within 12 months of the balance date are measured at undiscounted nominal values based on accrued entitlements at the current rate of pay. These include salaries and wages accrued up to balance date and annual leave earned, but not yet taken at balance date.
Provisions Provisions are recognised when the National Trust has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented in the Statement of Comprehensive Revenue and Expenditure.
Goods and services tax All amounts are shown exclusive of goods and services tax (GST), except where receivables and payables are stated as GST inclusive.
Financial instruments
Non-derivative financial instruments comprise investments, accounts and other receivables, cash and cash equivalents, accounts and other payables, and other current liabilities. Non-derivative financial instruments are recognised at fair value. Financial instruments not at fair value are recognised through the Statement of Comprehensive Revenue and Expenditure, with transaction costs attributable to the acquisition. A financial instrument is recognised if the National Trust becomes a party to the contractual provisions of the instrument. Financial assets are derecognised if our contractual rights to the cash flows from the financial asset expire or if we transfer the financial asset to another party without retaining control or retaining substantially all risks and rewards of the asset.
QEII NATIONAL TRUST ANNUAL REPORT 2023
25
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
The National Trust holds a significant level of bonds and shares as investments. These financial assets are designated upon initial recognition by the National Trust as at fair value through surplus or deficit. Subsequent to initial recognition, financial instruments at fair value through surplus or deficit are measured at fair value, and changes therein are recognised in the surplus or deficit. Fair value is quoted at market value at balance date. Cash and cash equivalents include cash on hand, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less from the date of acquisition. Accounts and other receivables are classified as loans and receivables and are recognised at amortised cost using the effective interest method less impairment. Accounts and other payables and other current liabilities are classified as other liabilities and are carried at amortised cost using the effective interest method. PBE IPSAS 41 has been applied from its mandatory adoption date of 1 July 2022, it had no material effect on the financial statements of the National Trust.
Foreign currency Transactions in foreign currencies are translated at the rates on the date of the transaction. Transactions in foreign currency that are not settled in the accounting period, resulting in monetary assets and liabilities denominated in foreign currencies at balance date, are translated to NZD at the foreign exchange rate ruling at that date. Foreign exchange differences arising on their translation are recognised in the Statement of Comprehensive Revenue and Expenditure.
Financial risk management The National Trust's principal financial instruments comprise cash and cash equivalents and bonds and shares held as part of its normal operations. The National Trust has a policy to only invest in highly liquid investments with a Standard & Poor's or equivalent rating of 'AAA to BBB+'. Equities must be recommended by a registered financial planner or be a recognised investment fund for use by charitable trusts. The National Trust has various other financial instruments such as receivables and payables, which arise directly from its operations.
Operating Lease payments Operating lease payments, where the lessors effectively retain substantially all the risks and benefits of ownership of the leased items, are charged as expenses in the periods in which they are incurred.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
Operating Lease revenue Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
Commitments Future expenses and liabilities to be incurred on contracts that have been entered into at balance date are disclosed as commitments to the extent that there are equally unperformed obligations. These relate to Group commitments to the Stephenson Fund applicants, operating leases and any capital commitments.
Contingent liabilities Contingent liabilities are disclosed at the point at which the contingency is evident.
Budget figures
The budget figures shown in the financial statements are those that were approved by the Board of Directors.
Comparative year figures The 2023 QEII Group Financial statements include a restatement of 2022 and 2021 comparative figures to correct an error resulting from the reclassification of QEII covenant establishment costs owing at balance date with the new provision starting from 1 July 2021. The restatement of comparatives is disclosed in Note 13.
1. Covenant expenditure Covenant expenditure relates to fencing, survey and legal costs incurred on approved covenants as they progress towards registration and as a contribution to stewardship of covenanted land. During the 2023 year, the accounting treatment of the covenant expenditure was changed to include accounting for these covenant costs at the time of approval. During the contract period for the Jobs for nature projects - DEP and ESI (as referred to in note 9), costs relating to these two Jobs for nature spending on QEII covenants have been recorded here.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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$
Group 2022 (restated) $
Fencing
1,173,869
1,310,708
Survey
758,800
730,814
Weed and pest control
144,175
146,373
Revegetation
40,390
28,994
423
8,984
180,783
160,412
Project Management
202,309
20,342
Fencing
350,752
0
Ecologist
120,082
0
4,799
0
2,976,382
2,406,627
Group 2023
Covenant Establishment Expenditure
Repairs and Maintenance Stewardship Covenant Expenditure
The Stephenson Fund Jobs for Nature projects (DEP and ESI) - Covenant Expenditure
Weed and Pest control
Total covenant expenditure The Stephenson Fund (TSF)
During the year to 30 June 2023, funding through the eighth round of The Stephenson Fund was available to covenantors (2022: seventh round). A total of $200,902 was allocated to 31 applicants through the eighth funding round (2022: seventh round - 31 beneficiaries, $197,642 allocated). The remaining unspent amounts at 30 June 2023 are included in The Stephenson Fund amount showing in the Statement of Commitments. The key objectives of the fund are to provide support for enhanced stewardship of covenants, and to enhance our partnerships with covenantors. Applicants can apply for a minimum grant of $2,000 and a maximum of $15,000 including GST, with the landowner being required to match the grant amount either financially or through in-kind contributions. The exception to this contribution requirement is where applications are submitted citing hardship; applications that meet QEII’s hardship criteria may receive funding of up to 100% of project costs."
2. Administration expenditure
Actual $
Group 2022 (restated) Actual $
28,114
29,998
759,919
729,190
2,098,678
2,002,719
Audit fees
81,825
79,500
Rental expenses
176,873
165,451
Doubtful debts
0
0
278
0
510,235
437,574
Total administration expenditure 3,655,922 * Key management personnel: During the 2023 year, the Senior Leadership Team (SLT) is made up of the CE and three (2022: three) senior managers.
3,444,432
Group 2023
Directors' fees Remuneration of key management personnel* Employee entitlements
Loss on disposal of plant and equipment Other administration expenses
QEII NATIONAL TRUST ANNUAL REPORT 2023
27
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3. Depreciation and amortisation Group 2023 Actual $
Group 2022 Actual $
Depreciation has been charged on the following classes of asset:
95,340
48,619
Furniture and fittings, plant and equipment, computer and electronic equipment
28,519
20,559
9,171
1,020
0
0
133,030
70,198
Group 2023 Actual $
Group 2022 Actual $
Interest
381,434
376,497
Dividends
184,966
179,552
Discount rate unwind on pre-1995 fencing provision
(52,174)
(52,614)
Net realised/unrealised gains/losses
794,860
(1,932,321)
Investment fees
(40,987)
(41,866)
1,268,099
(1,470,752)
Improvements Land fencing Amortisation has been charged on: Intangible assets Total depreciation and amortisation expenditure
4. Net investment income
Net investment income
Investment income comprises interest, dividend income, and changes in the fair value of financial assets at the fair value through the Statement of Comprehensive Revenue and Expenditure and foreign currency gains. Investment expenditure comprises foreign currency losses and changes in the fair value of financial assets at the fair value through the Statement of Comprehensive Revenue and Expenditure. Investment expenses also include any fees and transaction costs associated with maintaining the investment portfolio.
5. Accounts and other receivables Group 2023 Actual $
Group 2022 Actual $
Accounts receivable
1,202,755
1,360,411
Interest receivable
58,521
69,075
1,261,276
1,429,486
Total accounts and other receivables
28
QEII NATIONAL TRUST ANNUAL REPORT 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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6. Investments Group 2023 Actual $
Group 2022 Actual $
8,304,185
9,866,995
0
604,964
4,976,246
4,612,369
452,314
407,980
Equities - International
4,462,634
3,853,397
Total investments
18,195,379
19,345,705
Fixed interest - corporate bonds Term deposits Equities - Australia/New Zealand Property Equities - Australia/New Zealand
7. Investment in a subsidiary The Remarkables Station National Trust Limited (RSNTL) was incorporated on 26th January 2021. The shareholding is made up of one share for no consideration. RSNTL is a wholly owned subsidiary of QEII with charitable and tax-exempt status in line with its owner QEII. RSNTL is consolidated in to the financial statements of the National Trust for financial reporting, On the 1st of July 2022, the Dickson and Jillian Jardine Foundation gifted, by way of an in-specie distribution, the land and Crown Lease known as the 'Remarkables Station' to the Remarkables Station National Trust Limited. The gift of the Remarkables Station is deemed to be a nonexchange transaction. RSNTL 2023
RSNTL 2022 (Unaudited)
Gift from Jardine Foundation - RS - Farm Property
6,485,000
0
Property Valuation – RS - House site
1,484,999
0
161,831
0
867
0
Administration expenses
(140,286)
(78,588)
Property ownership costs
(34,360)
(1,119)
Summarised Statement of Comprehensive Revenue and Expenditure
Farm Lease income Other income
Depreciation Total comprehensive revenue and expenditure
(12,275)
0
7,945,776
(79,707)
Summarised Statement of Financial Position Current assets
158,051
0
Current Liabilities
(275,687)
(79,707)
Property, Plant and Equipment
7,983,706
0
Net Assets
7,866,070
(79,707)
Actual
Buildings and Improvements Actual
2023 Total Actual
2022 Total Actual
Remarkables Station - Farm property
6,014,975
518,731
6,533,706
0
Remarkables Station - House site
1,430,000
20,000
1,450,000
0
Land
Property, Plant and Equipment
QEII NATIONAL TRUST ANNUAL REPORT 2023
29
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
7. Investment in a subsidiary a) Remarkables Station - Farm property On the 1st of July 2022, the Remarkables Station - Farm Property (RS) was gifted to Remarkables Station National Trust Ltd. The RS property was initially recognised at fair value following a valuation which was prepared by an independent valuer who considered the following: a) the unique nature of the Remarkables Station b) the restrictions in place on the property by an Open Space Covenant c) the new farm lease from 1st July 2022 to 30th June 2027 and d) the Heritage asset classification of the Remarkables Station when recommending a fair value for the Remarkables Station property. The Remarkables Station property is included in the 'Land' and 'Buildings and Improvements' and after initial recognition the RS Property has been recognised at cost less accumulated depreciation and/or impairment in the same class of assets in these consolidated financial statements. There was no impairment of the Remarkables Station property during the 2023 year. b) Remarkables Station - Crown Lease The Jardine Foundation Remarkables Station Distribution Deed dated 28 June 2022 was prepared to transfer of the Remarkables Station property to Remarkables Station National Trust Ltd and included the transfer of the Crown Lease Land held by the Jardines. The Crown Lease will maintain and secure the fence along the boundary at the foothill of the Remarkables. At the 30 June 2023, due to various delays, the Crown Lease had not been transferred in RSNTL and no assessment has been made around its classification as a finance or operating lease for the 2023 year. c) Remarkables Station - House site
On the 29th of June 2022, the directors of Remarkables Station Limited and Remarkables Station National Trust Ltd signed an agreement for sale and purchase of a parcel of land at 284 Kingston Road, Kawarau Falls, Queenstown. On 1st July 2022, the land was transferred from the Remarkables Station Limited to Remarkables Station National Trust Ltd on payment for the purchase price of $1. The Remarkables Station - Farm residence property is included in the ' Property, plant and equipment' and following it's valuation by an independent valuer, the property has been recognised at it's revalued cost less accumulated depreciation and/or impairment in the same class of assets in these consolidated financial statements. These consolidated financial statements of the Group include QEII and its subsidiary, both of which have a balance date of 30 June.
8. Accounts and other payables Group 2023 Actual $
Group 2022 Actual $
Accounts payable
528,132
602,212
Accrued trade payables
266,028
233,903
GST Payable
56,916
62,923
Total accounts and other payables
851,076
899,038
30
QEII NATIONAL TRUST ANNUAL REPORT 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Ngā Kairauhī Papa | Forever protected
9. Deferred revenue
Deferred revenue
Group 2023 Actual $
Group 2022 Actual $
2,569,910
3,115,060
Made up of: a) Contestable Funds *one individual project from Lotteries Environment and Heritage Fund * 62 individual projects from council funds Contestable funds have been approved for specific projects as stated in the project deeds. Some projects may take longer than a year to complete. At the end of each financial year money received for projects that has not been spent for the designated purpose and that has a return obligation (if unspent) is reported as deferred revenue.
Actual $
Group 2022 (restated) Actual $
Total contestable deed amounts
3,320,762
2,658,024
Project income to date
3,279,629
2,647,892
Deferred revenue relating to contestable funds
1,731,750
1,564,365
Group 2023
b) Department of Conservation (DOC) - Jobs for Nature projects The DOC Jobs for Nature projects have been approved for specific projects as stated in the project deeds. The specific projects are predicted to take longer than a year to complete. At the end of each financial year money received for projects that has not been spent for the designated purpose and that has a return obligation (if unspent) is reported as deferred revenue. Protecting the Gains (PTG): In June 2021, a four-year contract between QEII and the Department of Conservation (DOC) to assist with 'Protecting the Gains (PTG)' made by DOC funding of planting and weed and pest control on QEII covenants, was signed. This protection will be via either an QEII Openspace covenant or a new Restoration Agreement which has been developed as part of the PTG project. From the 1 April 2023, a variation was signed with DOC that allowed QEII to allocate this JFN - PTG funding to any QEII Openspace or restoration agreement whether or not any JFN -PTG funding had been allocated to the approved covenant. Deer Exclusion Project (DEP): This is a three-year contract between QEII and the Department of Conservation (DOC) to assist with a deer eradication project (DEP) to exclude deer from registered Openspace covenants (OSC) in 10 regions around the North and South Islands was signed. The selected OSC are identified as having high biodiversity values. During 2023 this project was well underway and with 11 out of 12 projects confirmed, one project completed and a further five in progress at 30 June 2023. Eastern South Island project (ESI): This is a three-year contract between QEII and the Department of Conservation (DOC) to assist with the protection of rare and threatened species on up to 40 OSC in the Eastern South Island (ESI) area. This project is for $1m over three years. By the end of June 2023, 43 projects had been approved, with 20 projects in progress and 23 projects completed.
QEII NATIONAL TRUST ANNUAL REPORT 2023
31
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
PTG
Project life
DEP
ESI
Actual
Group 2022 (restated) Actual
Group 2023
3 years
3 years
$
$
Total DOC deed amounts
8,000,000
2,000,000
999,932
10,999,932
10,999,932
Project income to date
3,440,070
443,000
253,000
4,136,070
1,642,070
Deferred revenue relating to DOC Jobs for nature projects
(240,070)
237,550
199,167
196,647
945,730
c) An estate bequest held
The National Trust holds a large cash bequest from an estate valued at $638k including interest received on the funds to 30 June 2023 (2022: $605k). The estate deed included a clause requiring the funds be used to purchase an area of land. Until a suitable area of land that meets the requirement of the estate can be purchased by the National Trust, the funds will be held as 'deferred revenue'. The relevant clause in the estate deed requires full repayment of these funds if a suitable area of land cannot be purchased within a five-year timeframe.
10. Property, plant and equipment Group Buildings and Land Improvements Actual Actual $ $ Cost at beginning of year
Fencing Actual $
Other Actual $
Total Actual $
2,461,501
830,827
92,834
645,083
4,030,245
0
(338,294)
(68,083)
(431,783)
(838,160)
Net book value at beginning of year
2,461,501
492,533
24,751
213,300
3,192,085
Acquisitions
6,014,976
308,380
316,422
67,868
6,707,646
Accumulated depreciation
Revaluation
1,429,999
0
20,000
0
1,449,999
Disposals *
0
0
0
0
0
Depreciation
0
(28,519)
(9,171)
(95,340)
(133,030)
Net book value at end of year
9,906,476
772,394
352,002
185,828
11,216,700
Cost at end of year
9,906,476
1,139,207
429,256
712,951
12,187,890
0
(366,813)
(77,254)
(527,123)
(971,190)
9,906,476
772,394
352,002
185,828
11,216,700
Accumulated depreciation Net book value at end of year
* Disposals are reported net of accumulated depreciation. Other assets consist of furniture, plant and equipment, computer equipment and electronic equipment. QEII owned properties: During the year ended 30 June 2023, the following improvements were made to QEII owned properties: 1) Aroha Island - A firewall was built to provide fire protection between various areas within the Eco Centre building - Cost $101,705. 2) Aroha Island - The chattels previously owned by the Aroha Island Charitable Trust (AICT) were purchased by QEII for $43,089. This is to assist with providing future lessees of Aroha Island with chattels for use at Aroha Island following AICT not renewing their lease of Aroha Island from 1 July 2023. This cost is included in 'Other' assets’. Other assets: During the year ended 30 June 2023, equipment including meeting room equipment and furniture, new laptops, a printer and field equipment totaling $24,779 were purchased.
32
QEII NATIONAL TRUST ANNUAL REPORT 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
11.
Ngā Kairauhī Papa | Forever protected
Land and improvements Group Buildings and Land Improvements Actual Actual $ $
2023 Actual $
2022 Actual $
Aroha Island
425,000
296,852
721,852
642,538
Awapikopiko Reserve
42,000
21,394
63,394
64,600
Bowman's Bush
63,000
0
63,000
63,000
Dunns Bush
150,000
33,695
183,695
184,413
Ernest Morgan Forest Reserve
140,000
0
140,000
140,000
Hann Bush
18,000
0
18,000
18,000
L'Anson Reserve
434,000
56,370
490,370
490,370
Ira Menzies Duneland
250,000
0
250,000
250,000
Mara Point
80,000
0
80,000
80,000
Maungaruahine Bush
74,000
0
74,000
74,000
Miro Bay
100,000
0
100,000
100,000
9,000
161,612
170,612
170,612
Parkinson's Bush
143,000
0
143,000
143,000
Pouawa Sandhills
66,000
0
66,000
66,000
Robbs Bush
33,500
0
33,500
33,500
Robert Houstin Memorial Reserve
50,000
0
50,000
50,000
Sheps Park
1
0
1
1
Snells Bush
36,000
0
36,000
36,000
Spencer Reserve
16,000
0
16,000
16,000
Sunset Bay
45,000
0
45,000
45,000
Mokotahi Hill
Tata Headland
17,000
0
17,000
17,000
Taupo Swamp
98,000
0
98,000
98,000
Te Harakiki Swamp
32,000
0
32,000
32,000
Tumutumu Bush
115,000
0
115,000
115,000
Waiata Bush
25,000
0
25,000
25,000
0
0
0
0
Lake Wainamu (vested) Remarkables Station property
7,444,975
202,469
7,647,444
0
Total land and improvements
9,906,476
772,392
10,678,868
2,954,034
All land (including improvements) is subject to restrictions on use as set out in the original deeds of gift or covenant.
QEII NATIONAL TRUST ANNUAL REPORT 2023
33
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
12. Pre-1995 fencing provision Group 2023 Actual $
Group 2022 Actual $
6,732,707
8,015,722
Unused amounts reversed
(14,386)
(12,142)
Amounts used
105,125
241,296
Provision at the beginning of the year
Discount rate unwind +
52,174
52,614
Experience variance
179,733
(32,243)
Effect of change in the inflation rate curve
96,334
33,301
Effect of change in the discount rate curve
(666,938)
(1,565,841)
Provision at the end of the year
6,484,749
6,732,707
1,016,108
1,016,108
Split between: Current liabilities Non-current liabilities
5,468,641
5,716,599
6,484,749
6,732,707
The National Trust has a provision to contribute to fencing in perpetuity in some covenants agreed before 1995. The fences are mostly maintained by landowners on a day-to-day basis. It is the Trust's objective to reduce the provision over time. + The discount rate unwind forms part of the Investment Income note. Please refer to Note 4. The experience variance adjustment is due to: * an decrease in the provision of $288k due to the updated fence information: and * an increase in the provision of $420k due to the updated cost per metre of fence: and * an increase in the provision of $48k due to the assumption that fences with a replacement date prior to the valuation date are expected to have their fences replaced in the coming year. Based on history and expectations there will be some level of costs to meet these covenants each year for the foreseeable future. The main areas of uncertainty in the calculation of the reasonable estimate are: 1) Fence lifetime (currently estimated to be 40 years) and the timing of replacement of particular lengths of fencing. 2) Cost of fencing per metre - $23.09 per metre. The 2022 cost per metre of $21.70 was used as a base assumption and inflated by 6.4% using Cordell Construction Cost Index (CCCI) as at 30 June 2023. This a change from the methodology used in the 2022 valuation due to the uncharacteristically high levels of inflation for construction materials for the 2023 year and it provides a more accurate representation of the current economic climate. 3) The discounted future cash flows back to the valuation date uses the risk-free discount rate curve published by the New Zealand Treasury as at 30 June 2023. 4) An inflation rate assumption is that the future cost per metre will increase in line with the New Zealand Treasury CPI forecast as at 30 June 2023. 5) The fencing assumption - the percentage of those fences where the National Trust has a contractual obligation to contribute to the replacement cost, which the National Trust expects will need replacing, and where the landowner will ask the National Trust to contribute to the cost of replacing the fence (currently as assumption of 37.5% has been adopted based on a probability weighting) (2022: 37.5%).
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QEII NATIONAL TRUST ANNUAL REPORT 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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Sensitivity analysis Variable
Change
2023
2022
Discount rate
+1.00% -0.50% -1.00%
-$1.6m +$1.4m +$3.9m
-$1.6m +$1.4m +$3.9m
Take-Up Factor
+20% -20%
+$3.6m -$3.6m
+$3.6m -$3.6m
Cost per metre
+10% -10%
+$0.7m -$0.7m
+$0.7m -$0.7m
A percentage increase/decrease in any of the variables above would result in the following: * a decrease/increase in the pre-1995 Fencing provision liability * a decrease/increase in the covenant expenditure * a decrease/increase in equity for the amount indicated in the table above.
13. Covenant Commitments During 2022/23 QEII reassessed its accounting treatment of QEII covenant commitments. Covenant commitments are funds committed to approved covenants, agreed with landowners, still in progress and working towards registration with Land Information New Zealand. The commitments had historically been accounted for as contracts with equally unperformed obligations. This historical treatment was reassessed, and it was determined the commitments represent an obligation of the Trust giving rise to a provision. This error has been corrected by restating the Trust's financial position at 1 July 2021 to recognise the provision at that date and restating the statement of comprehensive revenue and expenditure for the year ended 30 June 2022 and the statement of financial position at 30 June 2022 to reflect the revised accounting policy. The covenant commitments provision has been based on the list of outstanding covenant establishment costs recorded in QEII's job costing system for each approved cost including fencing, survey, weed and pest control and revegetation costs. The covenant proposal is approved at regular delegated authority meetings held at QEII and include the approval of an estimate of the covenant establishment costs. The list of outstanding covenant establishment costs along with its approval date of the proposal are collated and covenant costs relating to the past seven years are totaled to calculate the total covenant commitment provision at year end. Details of the changes in previously reported balances are summarised below: Statement of financial position
Group 2022 (restated)
Group 2023 Covenant Commitments Provision
Previously reported
Restated
Group 2021 (restated) Change
Previously reported
Restated
Change
Current
(1,285,678)
0
(1,166,795)
(1,166,795)
0
(987,702)
(987,702)
Non-current
(3,097,297)
0
(2,500,932)
(2,500,932)
0
(1,665,899)
(1,665,899)
Net impact on equity
(4,382,975)
0
(3,667,727)
(3,667,727)
0
(2,653,601)
(2,653,601)
QEII NATIONAL TRUST ANNUAL REPORT 2023
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Impact on statement of comprehensive revenue and expenditure
Group 2022 (restated) Previously reported
Restated
Change
Fencing
681,971
1,310,708
(628,737)
Survey
432,220
730,814
(298,594)
Weed and pest control
70,073
146,373
(76,300)
Revegetation Net impact on total comprehensive revenue and expenditure for the year
16,500
28,994
(12,494)
1,200,764
2,216,889
(1,016,125)
14. Related party transactions During the 2023 year, no payments were made for costs for new covenants on Cleardale Station Limited (2022: $7,510 made up of QEII's share of fencing $5,510 and weed and pest control $2,000 were paid out). Donna Field is a QEII and RSNTL director and also a shareholder/director of Cleardale Station Limited. During the 2023 year, no payments were made to the RJ and K Schumacher partnership (2022: $9,108 was paid to the RJ and K Schumacher partnership for their application to the Stephenson Fund for track work completed on their property). Karen Schumacher, a QEII director is also a partner in the RJ and K Schumacher partnership. There were no other payments to or receipts from related parties during the 2023 year other than payments to Key Management Personnel and director’s fees.
15. Events after balance date Aroha Island - lease to Aroha Island Charitable Trust On the 1 July 2023, the Aroha Island Charitable Trust (AICT) did not renew its lease of QEII's Aroha Island property in Kerikeri. QEII has begun discussions with interested parties in the area. In the meantime, a short-term deed of lease for three months was signed with TriOceans Marine Research and Technology Institute. TriOceans will be caretakers of the property while QEII considers the future of Aroha Island. The annual fee for this lease is $1. The deed includes a clause that the lease will rollover every three months until QEII has been able to find a suitable owner to secure the transfer of ownership which ensures that Aroha Island is well cared for and its values as a covenant and an area of cultural and natural significance are maintained and supported.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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INDEPENDENT AUDITOR’S REPORT TO THE READERS OF THE QUEEN ELIZABETH THE SECOND NATIONAL TRUST GROUP’S FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 The Auditor-General is the auditor of the Queen Elizabeth the Second National Trust and its controlled entities (collectively referred to as ‘the Group’). The Auditor-General has appointed me, Sam Nicolle, using the staff and resources of Ernst & Young, to carry out the audit of the financial statements and performance information of the Trust on his behalf. Opinion We have audited: • the financial statements of the Group on pages 18 to 36, that comprise the statement of financial position as at 30 June 2023, the statement of comprehensive revenue and expenses, statement of changes in equity and statement of cash flows for the year ended on that date and the notes to the financial statements including a summary of significant accounting policies; and •
The performance information which reports against in accordance the Group's service performance criteria for the year ended 30 June 2023 on pages 12 to 15.
In our opinion: • , the financial statements of the Group on pages 18 to 36: o
o •
present fairly, in all material respects: o
its financial position as at 30 June 2023; and
o
its financial performance and cash flows for the year then ended;
comply with generally accepted accounting practice in New Zealand in accordance with the Public Benefit Entity Standards with disclosure concessions.
the Group’s performance information for the year ended 30 June 2023: o
presents fairly, in all material respects, its standards of delivery performance achieved as compared with the Group's service performance criteria for the financial year.
Our audit was completed on 31 October 2023. This is the date at which our opinion is expressed. The basis for our opinion is explained below. In addition, we outline the responsibilities of the Directors and our responsibilities relating to the financial statements and the performance information, we comment on other information, and we explain our independence.
A member firm of Ernst & Young Global Limited
QEII NATIONAL TRUST ANNUAL REPORT 2023
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PAGE TITLE – SUBTITLE
Basis for our opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the Responsibilities of the auditor section of our report. We have fulfilled our responsibilities in accordance with the Auditor-General’s Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other matter The corresponding figures in the service performance information of the Group, being those measures related to the year ended 30 June 2022, were not audited. Responsibilities of the Directors for the financial statements and the performance information The Directors are responsible on behalf of the Group for preparing financial statements and performance information that are fairly presented and that comply with generally accepted accounting practice in New Zealand. The Directors are responsible for such internal control as they determine is necessary to enable the preparation of financial statements and performance information that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern. The Directors are also responsible for disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the Directors intend to wind-up the Group or to cease operations, or have no realistic alternative but to do so. Responsibilities of the auditor for the audit of the financial statements and the performance information Our objectives are to obtain reasonable assurance about whether the financial statements and performance information, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit carried out in accordance with the Auditor-General’s Auditing Standards will always detect a material misstatement when it exists. Misstatements are differences or omissions of amounts or disclosures, and can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of readers taken on the basis of these financial statements and performance information. For the budget information reported in the financial statements and the performance information, our procedures were limited to checking that the information agreed to the Group’s 2022/2023 Budget.
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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We did not evaluate the security and controls over the electronic publication of the financial statements. As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. Also: •
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
•
We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
•
We conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•
We evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Our responsibilities arise from the Public Audit Act 2001. Other information The Directors are responsible for the other information. The other information comprises the information included on page 3 to 11 and 16 to 17, but does not include the financial statements, performance report and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon.
A member firm of Ernst & Young Global Limited
QEII NATIONAL TRUST ANNUAL REPORT 2023
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PAGE TITLE – SUBTITLE
In connection with our audit of the financial statements, our responsibility is to read the other information. In doing so, we consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on our work, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Independence We are independent of the Group in accordance with the independence requirements of the AuditorGeneral’s Auditing Standards, which incorporate the independence requirements of Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board. Other than the audit, we have no relationship with, or interests in, the Group.
Sam Nicolle Ernst & Young Chartered Accountants On behalf of the Auditor-General Wellington, New Zealand
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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PAGE TITLE – SUBTITLE
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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QEII NATIONAL TRUST ANNUAL REPORT 2023
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Level 4, 138 The Terrace, PO Box 3341, Wellington 6140, New Zealand Phone 04 472 6626 | info@qeii.org.nz
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