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St Margaret’s College Annual Report 2024

Chairperson’s report

As 2024 draws to a close, I extend my warmest gratitude and reflections on behalf of the Trust Board. This year has been one of fantastic achievements, steadfast dedication, and an inspiring sense of community spirit at St Margaret’s College.

It has been an exceptional year, with accomplishments spanning academia, arts, sports, and community initiatives.

Highlights of 2024 include:

> Academic Excellence: Achieving a 98% University Entrance rate – the highest in Christchurch.

> Sports: Our Year 9, Year 10, and Senior Netball Teams were crowned South Island Champions.

> Performing Arts: Two of our talented students were selected nationally to perform at The Globe Shakespeare Festival in London. Additionally, our sold-out, four-night production of Mary Poppins showcased the incredible talent and hard work of our students and staff.

> Eco Action: Over 16,700 plants were potted by our students this year, contributing to an impressive 60,000 planted through the Eco Action initiatives.

These milestones reflect the diverse strengths of our school community and the unwavering dedication of our students, staff, and supporters.

This year, we also made improvements to our facilities to ensure that our campus continues to meet the evolving needs of our students:

> The Kilburn boarding facilities underwent an upgrade to enhance comfort and functionality.

> Tennis courts were resurfaced with improved drainage for better usability year-round.

> The Junior School’s new entrant class was expanded,

with resources and specialized teaching rooms upgraded to support early learning.

> The Hockey turf lighting was refitted with energy- efficient LED lights as part of our commitment to sustainability.

> The Building Management Software was upgraded to improve efficiency and campus operations.

These projects are the result of careful planning and reflect our ongoing commitment to providing high quality facilities for our students.

None of these achievements would be possible without the collective efforts of our dedicated College community. I want to particularly acknowledge:

> Executive Principal, Diana Patchett, whose leadership, unwavering commitment, and tireless efforts have elevated St Margaret’s as a place of academic excellence and personal growth.

> Our leadership team, teachers, and support staff, who create a nurturing environment where every student can thrive. The Board is immensely proud to support the outstanding contributions of St Margaret’s staff.

> Our volunteers, Old Girls’ Association, Parents and Friends Association, Foundation, and my fellow Trust Board members whose generosity, expertise, and passion continue to enrich every aspect of life at the College.

On behalf of the Trust Board, I am grateful for our community’s support and trust in St Margaret’s. Together, we are creating an extraordinary environment for our students to grow, learn, and succeed and I look forward to all that we will accomplish together in 2025.

Di Humphries, Chairperson

Governance structure

Trust Board

Warden

The Right Reverend Dr Peter Carrell

Chair – Ms Di Humphries

Vice Chair – Ms Cindy McEwan

Board members

Ms Nicola Church

Mr Gareth Abdinor

Mr Randal Hanrahan

Ms Melanie Muirson

Mr Tim Rookes

Mr Ben Scott

Mr Tim Burnside

Mr. Richard Wilkinson

Secretary – Ms Petrina Austin

In attendance – Mrs Diana Patchett (Executive Principal)

Mr Fionn Moore (General Manager)

Leadership Team

Diana Patchett

Vacant

Fionn Moore

Jane Lougher

Sian Evans

Kathryn Gray

Bridget Compton-Moen

Sarah Bradley

Reverend Stephanie Clay

Mandy Stansfield

Brian Woods

Rachel Clemenger

Date joined Term completion

28/01/2019

08/02/2018

01/05/2021

26/06/2023

29/06/2020

28/02/2022

21/12/2023

01/10/2024

31/12/2025

30/04/2025

03/05/2027

30/12/2024

31/12/2026

31/12/2027

01/10/2025

Executive Principal

Associate Principal

General Manager – Business Director

Director of Community Relations

Head of Senior School

Head of Middle School

Head of Junior School Director of Preschool

Chaplain

HR Manager Director of ICT Director of Boarding

Executive Principal’s report

As I reflect on the year, I begin by acknowledging and thanking our Year 13 students of 2024. Through the theme “Take the Floor”, they challenged us all. Across St Margaret’s College, our girls have risen to that challenge with extraordinary achievements in every domain: remarkable academic progress, our fabulous whole-school production of Mary Poppins, amazing rock band performances, the mana of our Kapa Haka, and outstanding sporting triumphs on local, regional, and national stages.

But this year was about more than achievements. Through the theme’s deeper question, Ko Wai Au? Who Am I?, we explored what it means to belong, to contribute, and to lead with courage and compassion. From our glorious Christmas hampers for the Christchurch City Mission to supporting six worthy charities through Educating Girls Globally (EGG), and hosting another successful Sony Camp, this community has lived its values. Together, we have been generous, caring, and united in supporting the needs of others. Our graduates from the Class of 2024 are stepping confidently into their futures, with placements secured at universities here and abroad. Twelve St Margaret’s

College athletes represented New Zealand on the international stage across eight sporting codes. Four of our teachers were recognised nationally for their excellence in teaching. And together, we propagated 17,000 native plants in our nursery, contributing to a collective effort that saw 60,000 new trees planted to enhance Christchurch’s biodiversity.

As we embrace our accomplishments, 2024 will also be remembered as The Year of Artificial Intelligence (AI). We are undeniably entering an era where technology increasingly shapes our lives. Yet, amidst this rapid change, one truth stands firm: the essence of humanity cannot be replicated. At St Margaret’s, we have celebrated what makes us uniquely human –relationships, creativity, empathy, and moral reasoning. These qualities remain at the heart of everything we do.

Diana Patchett, Executive Principal

Student roll

St Margaret’s College continues to maintain a healthy roll and limits on class sizes. Small class sizes that form part of a larger College community supports St Margaret’s College in delivering tailored teaching and learning programmes to our students. Our curriculum has been developed to provide girls with a broad range of academic, cultural and sporting activities, while also providing strong pastoral support through an extensive team of teaching and boarding staff, counsellors and our Chaplain.

Average class size

We encourage, recognise and celebrate the diversity of our St Margaret’s community. Our students identify as being of more than 20 ethnicities.

Performing Arts

The 2024 academic year saw our co-curricular arts students take the floor in a range of performing, creative technology, visual arts and oratory events. Our students embraced both large and small events with aplomb, pushing themselves out of their comfort zones, and experiencing the unique joy that can be found in the arts.

Along with a whole school production of Mary Poppins, which ran for four nights and involved every student in our Junior School, as well as students from our Middle and Senior School, taking roles on and off stage, arts students participated in school events such as Orchestra Extravaganza, Twilight Concert, dance and music showcases.

Success was also experienced at external events such as the Big Sing Cadenza, Southern Jam Jazz Festival, Sheilah Winn Shakespeare Festival, Theatre Fest, Showquest, Theatre Sports, Tūhono, Quest and Rock

Quest. Our debaters competed throughout the year and both Middle and Senior School students displayed creativity and talent taking out the National Robocup competition.

Our students also experienced industry professional work, with trips to local theatres to see dance, drama and music performances, as well as enjoying guest tutors and workshops – all building exposure to, and inspiration from the rich culture of arts in Aotearoa New Zealand.

We would like to thank our arts students who have demonstrated immense talent, along with countless hours of dedication, persistence, and the willingness to step up into practical leadership, serving the St Margaret’s arts community through service and participation. As we reflect on 2024, we remember that all these achievements are not endpoints, but inspiring milestones on a lifelong journey of artistic exploration.

Sport

It has been an exceptional year for sport at St Margaret’s College. Our students have once again showcased remarkable dedication, talent, and sportsmanship across a wide range of disciplines.

Outstanding individual achievements

This year, 12 of our athletes earned the honour of representing New Zealand by wearing the silver fern across eight sports: Basketball, Gymnastics, Korfball, Netball, Rowing, Tennis, Ultimate Frisbee, and Water Polo. These outstanding accomplishments highlight the breadth of talent within our community.

Representation and participation

Across all sports, our students have excelled, with 68 athletes selected for Canterbury or South Island representative teams. In addition, we have seen a record number of teams participating in regular competitions, demonstrating the depth and diversity of our sports programme.

Historic success in netball

2024 has been a landmark year for our netball teams. The 9A, 10A, and Senior A teams all claimed South

Island titles at their respective tournaments, marking a new era of excellence. Netball remains the most popular sport at St Margaret’s, with a record number of teams competing in School Sport Canterbury and Christchurch Netball Centre competitions.

Support and development

These achievements would not have been possible without the unwavering support of our dedicated coaching team, parents, and the wider school community. A particular highlight this year has been the appointment of a coach developer. This role has been pivotal in supporting and mentoring both community and student coaches, helping them to refine their skills and enhance the overall experience for our teams.

Promoting participation and growth

Our mission of ‘More girls, more active, more often’ has been realized, with an impressive 94% of Year 1-13 students participating in regular organized physical activity across one or more sports. On average, the 784 students involved played 2.9 codes each, further emphasizing our commitment to fostering a love for physical activity at all levels.

Donations made 2024 $ Cost to College

Total donations to external organisations $16,030 $11,132

Donations made 2023 $ Cost to College

Total donations to external organisations $25,709 $8,100

Sustainability

Eco Action – native plant production and planting

St Margaret’s College students, staff and their families, working with 29 other school and community groups through the Eco Action Nursery Trust, have been part of an effort to plant 60,000 native plants this year into the Red Zone around Christchurch, 16,700 of which were raised in our St Margaret’s College Eco Action nursery in 2024.

Number of plants potted up Number of plants potted and and planted out from SMC planted on the SMC campus eco-action nursery in 2024

*12,700 seedlings plus 3000 potted into PB3s at the St Margaret’s College Nursery.

Printing and copying

Having partnered with Fuji Film to introduce follow me printing across the campus in July 2021, we have continued to work to reduce paper wastage and improve our carbon footprint despite an increased student roll.

Annual Financial Statements

St Margaret’s College Trust Board

As at 31 December 2024

The accompanying notes and statements form part of, and are to be read in conjunction with, these financial statements.

*Refer to Note 11 and Note 19 for details on restated balances.

St Margaret’s College Trust Board Statement of Cash Flow

For the year ended 31 December 2024

Statement of Accounting Policies

For

the year ended 31 December 2024

a) Reporting Entity

The reporting entity is the entity known as St Margaret’s College Trust Board. St Margaret’s College Trust Board governs St Margaret’s College (the ‘College’), which is an independent girls’ school operating in Christchurch, New Zealand. The Board of Trustees (the Board) is of the view that the College is a public benefit entity for financial reporting purposes in accordance with the Financial Reporting Act 2013.

b) Basis of Preparation

Reporting Period

The financial reports have been prepared for the period 1 January 2024 to 31 December 2024 and in accordance with the requirements of the Charities Act 2005 and the Financial Reporting Act 2013.

Basis of Preparation

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

Financial Reporting Standards Applied

The College is required to prepare financial statements in accordance with generally accepted accounting practice. The financial statements have been prepared in accordance with generally accepted accounting practices in New Zealand, applying Public Benefit Entity Accounting Standards Reduced Disclosure Regime (‘PBE IPSAS RDR’) as appropriate to public benefit entities that qualify for Tier 2 reporting. The College is considered a Public Benefit Not for Profit Entity as it meets the criteria specified as ‘having a primary objective to provide goods and/or services for community or social benefit and where any equity has been provided with a view to supporting that primary objective rather than for financial return to equity holders’.

PBE Accounting Standards Reduced Disclosure Regime

The College qualifies for Tier 2 Not-for-Profit PBE IPSAS on that basis that it does not have public accountability and is not defined as large as it falls below the expenditure threshold of $33 million per year. All relevant reduced disclosure concessions have been taken.

Measurement Base

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

Presentation Currency

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

Changes in Accounting Policies and Disclosures

There have been no changes to accounting policies.

Specific Accounting Policies

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

Critical Accounting Estimates and Assumptions

In preparing these financial statements the College has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ from these estimates.

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

Useful lives of property, plant and equipment

The College reviews the estimated useful lives of property, plant and equipment at the end of each reporting date. The College believes that the estimated useful lives of the property, plant and equipment as disclosed in the Significant Accounting Policies are appropriate to the nature of the property, plant and equipment at reporting date. Property Plant and Equipment are stated in Policy (i).

The carrying value of software is amortised on a straight line basis over its useful life. The useful life of software is estimated as three to seven years. The amortisation charge for each period and any impairment loss is recorded in the Statement of Comprehensive Revenue and Expense.

k) Impairment

of Property, Plant, and Equipment and

Intangible Assets

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

Non-cash Generating Assets

Property, plant, and equipment and intangible assets held at cost that have a finite useful life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable service amount. The recoverable service amount is the higher of an asset’s fair value less costs to sell and value in use.

Value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availability of information.

If an asset’s carrying amount exceeds its recoverable service amount, the asset is regarded as impaired and the carrying amount is written down to the recoverable amount. The total impairment loss is recognised in the Statement of Comprehensive Revenue and Expense.

The reversal of an impairment loss is recognised in the Statement of Comprehensive Revenue and Expense.

l) Accounts Payable

Accounts Payable represents liabilities for goods and services provided to the College prior to the end of the financial year which are unpaid. Accounts Payable are recorded at the amortised cost required to settle those liabilities. The amounts are unsecured and are usually paid within 30 days of recognition.

m)

Employee Entitlements

Short-term Employee Entitlements

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

n) Income Received in Advance

Income received in advance primarily relates to fees received where there are unfulfilled obligations for the College to provide services in the future. The income is recorded as revenue as the obligations are fulfilled and the income is therefore earned. The College holds sufficient funds to enable the refund of unearned income should the College be unable to provide the services to which they relate.

o) Funds Held in Trust

Funds are held in trust where they have been received by the College for a specified purpose. These are recorded as a liability. The College holds sufficient funds to enable the funds to be used for their intended purpose at any time.

p) Financial Instruments

The College’s financial assets comprise cash and cash equivalents, accounts receivable, and specific funds investments. All of these financial assets are initially recognised at fair value and subsequently measured at amortised cost, using the effective interest method.

The College’s financial liabilities comprise accounts payable, financial lease liabilities and borrowings. All of these financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Interest expense and any gain or loss on derecognition are recognised in the surplus or deficit.

q) Borrowings

Borrowings are recognised at the amount borrowed. Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of the liability for at least 12 months after the balance date.

Notes to the Financial Statements

4 Cash and Cash Equivalents

5 Specific Funds and Term Investments

6 Trade and Other Receivables

8 Trade and Other Payables from

Notes to the Financial Statements

Mortgages have been registered over land and buildings as security for bank borrowings (refer Note 13).

As part of the ongoing project to reconcile and update fixed assets, a prior period error in the classification of building projects capitalisation and depreciation was identified (refer Note 19). This has resulted in the restatement of categories

Notes to the Financial Statements continued

19 Prior Period Restatement

During the year the College discovered an error in the accounting classification of building projects capitalised as fixed assets. The building projects were not correctly allocated into their component categories and subsequently not depreciated at their appropriate depreciation rates considering their assessed useful life. The result of this error is an overstatement of the opening non-current fixed assets and corresponding overstatement in the opening retained earnings. The error has been corrected by restating each of the affected financial statement line items for the prior period as follows:

Statement of Financial Position (extract) (previously Restatement (Restated) reported)

Statement of Comprehensive Revenue and Expense 31-Dec-23 Effect of 31-Dec-23 (previously Restatement (Restated) reported)

Statement of Financial Position (extract)

Independent Auditor’s Report

To the Trustees of St Margaret’s College Trust Board

Opinion

Basis for opinion

Other information

Board of Trustee’s responsibilities for the performance report

We have audited the annual performance report (‘performance report’) of St Margaret’s College (the ‘entity’), which comprise the financial statements on pages 21 to 35, and the statement of service performance on pages 7 to 19. The complete set of financial statements comprise the statement of financial position as at 31 December 2024, and the statement of comprehensive revenue and expense, the statement of changes in net assets/equity, the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies

In our opinion the accompanying performance report presents fairly, in all material respects:

• the financial position of the entity as at 31 December 2024, and its financial performance and cash flows for the year then ended; and

• the service performance for the year ended 31 December 2024 in accordance with the entity’s service performance criteria

in accordance with Public Benefit Entity Standards Reduced Disclosure Regime (‘PBE Standards RDR’) issued by the New Zealand Accounting Standards Board.

We conducted our audit of the financial statements in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’), and the audit of the service performance information in accordance with the ISAs (NZ) and New Zealand Auditing Standard NZ AS 1 The Audit of Service Performance Information (‘NZ AS 1’). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the performance report section of our report.

We are independent of the entity in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor, we have no relationship with, or interests in, the entity.

The Board of Trustees is responsible on behalf of the entity for the other information. The other information comprises the information in the Annual Report that accompanies the performance report and the audit report.

Our opinion on the performance report does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information obtained prior to the date of our audit report and consider whether it is materially inconsistent with the performance report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If so, we are required to report that fact. We have nothing to report in this regard.

The Board of Trustees is responsible on behalf of the entity for:

• the preparation and fair presentation of the financial statements and the statement of service performance in accordance with PBE Standards RDR;

• service performance criteria that are suitable in order to prepare service performance information in accordance with PBE Standards RDR; and

• such internal control as the Board of Trustees determines is necessary to enable the preparation of financial statements and the statement of service performance that are free from material misstatement, whether due to fraud or error.

In preparing the performance report, the Board of Trustees is responsible for assessing the entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Trustees either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the performance report

Restriction on use

Christchurch, New Zealand 31 March 2025

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole, and the statement of service performance 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 conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this performance report.

A further description of our responsibilities for the audit of the performance report is located on the External Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-14/ This description forms part of our auditor’s report.

This report is made solely to the Board of Trustees, as a body, in accordance with Section 12 of the Trust Deed. Our audit has been undertaken so that we might state to the Board of Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board of Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

This audit report relates to the performance report of St Margaret’s College (the ‘entity’) for the year ended 31 December 2024 included on the entity’s website. The Board of Trustees is responsible for the maintenance and integrity of the entity’s website. We have not been engaged to report on the integrity of the entity’s website. We accept no responsibility for any changes that may have occurred to the performance report since they were initially presented on the website. The audit report refers only to the performance report named above. It does not provide an opinion on any other information which may have been hyperlinked to/from the financial report / performance report. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited performance report, and related audit report dated 31 March 2025 to confirm the information included in the audited performance report presented on this website.