St Margaret’s College Annual Report 2025
Chairperson’s report
As we reflect on 2025, I extend my warmest gratitude to our St Margaret’s College community for what we have accomplished together. This has been a year of exceptional achievement, joyful celebration, and continued growth, while staying true to the values that have guided our College for 115 years.
Education has been at the forefront of national conversation this year, and it is deeply reassuring to see St Margaret’s so far ahead of the curve. Our teaching staff had identified needs and implemented innovative solutions long before they became government priorities, from our Foundation Diploma offering an alternative to NCEA Level 1, to our tailored Middle School curriculum designed specifically for the needs of girls in Years 7-10, to our explicit literacy and numeracy teaching in the Junior School, and our Preschool’s comprehensive transition-to-school programme.
The results speak volumes. In 2025, our girls achieved the highest academic results in Christchurch, and amongst the highest globally for the International Baccalaureate. These remarkable achievements reflect the dedication of our students, our exceptional teaching staff, and the support of our community.
St Margaret’s success extends far beyond academic results. This year, the New Zealand Herald named St Margaret’s the top girls’ sporting school following “a staggering sporting year.” Our athletes claimed three national titles in hockey, rowing, and volleyball, alongside countless South Island and regional championships across a diverse range of sports.
In the performing arts, we have witnessed exciting growth in our contemporary music programme, with 16 rock bands formed this year. Our younger musicians delivered standout performances at Bandquest, while three senior performance groups have been selected to perform at Nostalgia Festival 2026. With rehearsals already underway for our joint production of Les Misérables with Christ’s College, we have much to anticipate in the year ahead.
Our 115th year brought our community together; from the Parents and Friends Association’s (PFA) Family Picnic welcoming over 900 parents and students for the new academic year, to the 50th Cranmer Ladies’ Lunch. The PFA’s parent education series provided valuable support for families navigating the challenges of raising children, while the Old Girls’ Association (SMCOGA) Career Bytes connected current students with inspiring alumnae role models.
We are also grateful to our Boarding and International teams who support families who have entrusted their daughters to us, from around New Zealand and as far afield as Germany and the United States.
We never underestimate the significant investment families make in choosing St Margaret’s, and we are committed to making engagement with the College as seamless as possible. This year we have continued a programme of digitalisation: Kindo online lunch ordering will be available to all year levels in 2026, SchoolBridge now manages Education Outside the Classroom, and everyday uniform items will soon be available for online purchase. We have also introduced a new HR and payroll system, and continue refining our Assessments and AI policies to stay ahead of technological evolution.
Financial and environmental sustainability remain central to our planning. We are fortunate to have a beautiful campus and sophisticated facilities following extensive work necessitated by the Canterbury earthquakes. An important part of the Trust Board’s role is to ensure that our infrastructure meets the long-term needs of the College, and that St Margaret’s remains at the forefront of educational and cocurricular best practice. This year, we have undertaken an assessment of our buildings and facilities, engaged a master planner, and are now running a range of scenarios that will best serve the St Margaret’s community in the decades to come.
In the near term, we look forward to the opening of a new garden area for our girls, made possible through the St Margaret’s College Foundation’s Annual Appeal and the generous support of Old Girl Gina Satterthwaite through our partnership with Fife Foundation, the PFA, and our wider community of parents, alumnae, and staff.
At the heart of everything we do is an enduring commitment to excellence and the responsible stewardship of our 115-year legacy. On behalf of the Trust Board, I’m deeply grateful to Executive Principal Diana Patchett, who leads a team that has elevated St Margaret’s as a place of excellence and growth. Thank you to our Foundation, PFA, and SMCOGA, and to my fellow Trust Board members who give their time so generously, and most importantly, to the families who continue to place their faith in St Margaret’s to help their daughters to thrive.
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 Richard Wilkinson
Ms Melanie Muirson
Mr Ben Scott
Mr Tim Rookes
Mr Tim Burnside
Secretary Petrina Austin
In attendance
Mrs Diana Patchett (Executive Principal)
Mr Fionn Moore (General Manager)
Leadership Team
Diana Patchett
Fionn Moore
Jane Lougher
Sian Evans
Kathryn Gray
Bridget Compton-Moen
Sarah Bradley
Reverend Stephanie Clay
Mandy Stansfield
Brian Woods
Rachel Clemenger
Date joined 28/01/2019
08/02/2018
01/05/2021
26/06/2023
01/10/2024
28/02/2022
21/12/2023
28/02/2022
21/12/2023
Term completion 31/12/2026
31/12/2026
31/12/2026
03/05/2027
01/10/2025
31/12/2026
31/12/2027
01/05/2026
31/12/2027
Executive 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 2025, I am reminded once again of the strong, optimistic heart that beats at the centre of St Margaret’s College. Our Year 13 students’ chosen theme for the year, Catch Your Wave, and their top value of optimism speak volumes about the spirit of our girls and the community that supports them. St Margaret’s continues to be a place where girls find their passion, their people, and a deep sense of belonging, something ever more precious in a world of fleeting connections, and clearly evident at the alumnae events I have had the joy of attending this year.
Across the College, that optimism and engagement are evident in every sphere. In the arts, traditional pursuits like orchestra and debating flourish alongside contemporary creativity, from our 16 rock bands, to an impending presence on Spotify. In sport, our girls have celebrated both summer and winter quad wins and three national titles, in hockey, rowing, and volleyball, but more importantly, a remarkable 92% of them participate in sport, far above the national average of 56% for girls.
Academically, our students continue to lean into independence and curiosity, with St Margaret’s
students continuing to achieve the highest academic results in Christchurch and amongst the highest globally for the International Baccalaureate. From our founding 115 years ago to today, St Margaret’s continues to evolve to best serve the needs and ambitions of our girls, from explicit teaching in our Junior School, to a Middle School education tailored to the needs of young adolescent girls, to a robust, bespoke curriculum for our Year 11 students and culminating in our dual pathway with a choice of national and international qualifications.
At the heart of all we do continues to be a dedication to a higher purpose. From the earliest days of the Sisters of the Church, who answered the call to serve, to the many who continue to strengthen that legacy, whether through our own College charity Educating Girls Globally, or through our partnership with Fife Foundation, we are united by shared values and a belief in the power of education to transform lives.
It is this shared sense of purpose and community that makes St Margaret’s such a special place, one where we are all supported and buoyed to catch our wave.
Diana Patchett, Executive Principal
Statement of Responsibility
For the year ended 31 December 2025
The Board of Trustees (the Board) are pleased to present the annual report of St Margaret’s College Trust Board incorporating the financial statements and the auditor’s report, for the year ended 31 December 2025. The Board of Trustees accepts responsibility for the preparation of the annual financial statements and the judgements used in these financial statements.
The Management (including the Executive Principal and others as directed by the Board) accepts responsibility for establishing and maintaining
30 March 2026
a system of internal controls designed to provide reasonable assurance as to the integrity and reliability of the school’s financial reporting.
It is the opinion of the Board and Management that the annual financial statements for the financial year ended 31 December 2025 fairly reflects the financial position and operations of the school.
The School’s 2025 financial statements are authorised for issue by the Board Chairperson and the Finance Committee Chairperson on behalf of the Trust Board.
30 March 2026
Di Humphries
Tim Burnside
Statement of Service Performance report
The Statement of Service Performance Report provides additional nonfinancial information that demonstrates the School’s progress against its overall vision and purpose and key goals and objectives for the year. The Board and Management have used their judgment in selecting the key measures shown below from a range of indicators that it considers best reflect this progress.
Our vision
Our purpose
Our values
To create empathetic, confident, and connected global citizens, who value personal excellence and strive to make a positive difference.
Empowering girls to learn, live, and lead lies at the heart of St Margaret’s College’s ambition. In a rapidly evolving social, economic, technological, and environmental landscape, we adapt continuously to ensure our students are ready to make their way in the world, while upholding values that remain as important today as they did when our College was founded over a century ago.
Integrity / Kia pono
We are respectful, honest, and open.
Excellence / Kia kairangi
We aim high, we innovate, and we improve.
Resilience / Kia manawaroa
We act to sustain the hauora (wellbeing) of people and our planet
Equality / Kia tōkeke
We work collaboratively, embrace diversity, and support our nation’s bicultural identity.
Higher purpose / Te pūtake
We serve others with grace and gratitude.
• Foster a culture of respect, acceptance, and professionalism, in an equitable, inclusive and welcoming environment.
• Respect the investment our families are making in the College and exercise prudence in resource allocation in the current challenging economic landscape, for the benefit of present and future generations.
• Recognise and support creativity, innovation, and continuous improvement.
• Maintain and improve programmes and pedagogy in response to educational research and student needs.
• Deliver community experiences that consistently affirm St Margaret’s as the girls’ school of choice by upholding our values and strategic priorities.
• Expand and promote alumnae networks to support lifelong connections and enable the empowerment of our students past, present, and future.
• Further develop opportunities to support staff advocacy and wellbeing.
• Embrace our responsibilities for protecting the planet.
• Advocate for the work of the St Margaret’s College Foundation in realising our vision for a sustainable future.
• Apply bicultural competencies in everyday practice, reflecting our commitment to Te Tiriti o Waitangi.
• Expand and develop partnerships in support of equality, inclusivity, and diversity.
• Foster global connections through international enrolments, exchange programmes, special trips, and professional networking.
• Live our founding virtues, heritage, culture, and Anglican character.
• Continue strong charitable relationships to enable a philanthropic culture, empathy, and social awareness.
Student roll
St Margaret’s College continues to maintain a healthy roll and limits on class sizes. Small class sizes, which form part of a larger College community, support the delivery of 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, designed to develop character, leadership and service. Strong pastoral support is provided through an extensive team of teaching and boarding staff, counsellors, and our Chaplain, with a vertical tutor group system forming the cornerstone of our student care.
Average class size
Diversity
We encourage, recognise, and celebrate the diversity of our students and their whānau. Our students represent more than 20 different ethnicities, bringing a wealth of perspectives and experiences to our school community.
International students
International Baccalaureate
St Margaret’s is the only girls’ school in New Zealand’s South Island to offer the dual academic pathway of International Baccalaureate Diploma (IBDP) or National Certificate of Educational Achievement (NCEA). In offering the IBDP, students have the opportunity to follow a philosophy of education that supports their development physically, intellectually, emotionally, and ethically. The programme provides them with deep subject knowledge and strong preparation for university, while promoting their growth as empathetic, connected, global citizens.
Academic results
We are proud of our students, who consistently achieve results amongst the highest nationally and internationally, opening pathways both in New Zealand and internationally*.
National Certificate of Educational Achievement* results 2025
Level 2
3
National Certificate of Educational Achievement* results 2024
2
International Baccalaureate results 2025
3
*These results reflect the College’s dual pathway of NCEA and International Baccalaureate.
University Scholarships
Performing Arts
The 2025 academic year saw our co-curricular arts students participate enthusiastically in a wide range of performing, creative technology, visual arts, bicultural and oratory events. Our students embraced arts events with aplomb, pushing themselves out of their comfort zones and experiencing the unique joy that can be found in the arts.
The Senior School presented a production of The Ash Girl by Timberlake Wertenbaker, which ran for three nights, involving a number of students from our brother school, Christ’s College. The Middle School took their turn performing A Story of Rona by Stephanie Matuku, set in the world of the much-loved Māori pūrākau (myth) of Rona and the Moon and involving a double cast over four performances. The Junior School also had an opportunity to devise a piece, The Missing Scrolls, with director Annette Searle and enjoyed sharing this with friends and whānau at the end of the year. Arts students participated in College events such as the Orchestral Extravaganza, Twilight Concert, itinerant music concerts, and dance and music showcases.
Success was also experienced at external events such as the Southern Jam Jazz Festival, Sheilah Winn Shakespeare Festival, Theatre Fest, Showquest, Theatre Sports, Band and Rock Quests. Our debaters competed
throughout the year, placing in the Canterbury Schools’ Debating Competition, and Senior School students displayed creativity and talent as finalists in the EPro8 Interschool competition.
Invitations to participate and partner with the wider arts sector were numerous for all disciplines and included the premiere of Tina, Christ’s College’s 175th anniversary, and the half-time show at a major Tactix netball fixture.
Our students also experienced industry professional work, with visits from theatre production companies Playhouse, NASDA and Playground Craze, as well as enjoying guest tutors and workshops — all building exposure to, and inspiration for, 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 2025, we remember that all these achievements are not endpoints, but inspiring milestones on a lifelong journey of artistic exploration.
Sport
St Margaret’s College was named The New Zealand Herald’s top sporting school for girls in 2025, following another exceptional year for sport at the College. This recognition reflects three national championship titles in hockey, rowing, and volleyball, alongside a number of regional and South Island championship wins.
National titles
In 2025, our 1st XI hockey team and Senior A volleyball team claimed national titles, while our U18 eight rowing crew won the Jubilee Levin Cup. In cricket, our 1st XI team qualified for the Girls’ First XI Cup for the first time in the College’s history, progressing to the final and finishing as runners-up.
Regional recognition
In addition to success on the national stage, St Margaret’s College teams claimed regional and South Island championships across cricket, cycling, equestrian, football, netball, tennis, and triathlon in 2025. Collectively, these results highlight both the depth of talent within our community and the breadth of opportunity within our sports programme.
Outstanding individual achievements
This year, 19 of our athletes earned the honour of representing New Zealand by wearing the silver
fern across 11 sports, while a further 76 students represented Canterbury or the South Island in their respective codes.
Support and development
These achievements are made possible by a dedicated team of coaches, parents, and members of our wider school community.
The coaches of our Tier 1 sports have deep experience in a high performance environment. Our coach developer, appointed in 2024, has played a pivotal role in supporting and mentoring both community and student coaches, further developing their skills and enhancing the experience of our teams, while our Athlete Development Programme continues to provide our young sportswomen with practical guidance for developing their skills and maintaining their wellbeing. Students participating in our Tier 1 and 2 codes benefit from dedicated fitness programmes.
We benefit enormously from a supportive community of parents and alumnae, and are particularly grateful to The Blakely Group for their support for a pontoon at our rowing facility at Kaiapoi, completed in time for the 2025-26 rowing season.
Participation
Encouraging participation is core to the mission of our Sports Office. In 2025, 91% of girls from Year 1–13 participated in regular, organised physical activity across one or more sports, compared with a national participation rate of 48% for girls.
Community engagement
Supporting lifelong engagement in physical activity is also a key focus for our Sports programme. This year, we worked with the VIP Tactix on a St Margaret’s College Game Day at Wolfbrook Arena, involving current students, their families, and our alumnae in supporting and celebrating our regional netball team, while championing women’s sport. This is part of a wider partnership with the VIP Tactix, who support and mentor our athletes.
We also continue to participate in the Summer and Winter Quadrangle tournaments alongside Columba College, Craighead Diocesan School, Rangi Ruru Girls’ School, and St Hilda’s Collegiate School. In 2025, St Margaret’s College hosted the Winter Quad tournament. These tournaments provide valuable opportunities for our girls to compete, build confidence, and develop lasting friendships.
Living our values
It has been another exceptional year for sport at the College, and we are proud of the dedication, talent, sportsmanship, and humility demonstrated by our students across a wide range of disciplines. Our goal is to foster athletes who embody the St Margaret’s values of integrity, excellence, resilience, equality, and higher purpose, and we look forward to another year of growth in 2026.
Service
Charitable giving
St Margaret’s College encourages students and staff to make a positive difference through a range of initiatives, including our College charity, Educating Girls Globally, which aims to increase the standard of,
Charitable activities 2025
Lenten Appeal Fun-Raiser in support of Anglican Missions Board Lenten Appeal 2025
National Pink Shirt Day funds going to the Mental Health Foundation
Pink Ribbon Raffle and morning tea
Cooking for Full Bellies donation
Girl Boss Canterbury - Community Award
Pyjama Drive for ‘Good Night, Sleep Tight’
Sponsorship at NZ Agricultural ShowEquestrian Trophy prize
Sony Camp and Christmas gifts to families and campers
Christchurch City Mission
Environment Projects: Eco Action School Plantings
Educating Girls Globally (EGG) fundraisers - including stickers, merchandise, EGGstravaganza concert
and access to, girls’ education globally. Many of our charitable initiatives are led by our Service Prefect, working with our Service Council, and members of staff acting as their mentor.
Month Organising Group
March
Chapel Committee
2025 Wellbeing Prefect and Council
School Staff
2025 Prefects
Executive Principal Junior School
Executive Principal
December
Deputy Head of Senior School, Student Care and Experience
Whole school
2025 Strategic Goal and Environment Prefect and Council
2025 Head Prefect and EGG committee
Donations made 2025 $ Cost to College Total donations to external organisations $24,207 $15,647
Donations made 2024 $ Cost to College Total donations to external organisations $16,030 $11,132
Sustainability
Eco Action – native plant production and planting
St Margaret’s College students, staff and their families, work with 22 other school and community groups through the Eco Action Nursery Trust. In 2025 they have been part of an effort to plant 20,000 native plants this year into the Red Zone around Christchurch. SMC contributed 6,500 native plants to four multi-school and community planting days.
Number of plants potted up
Number of plants potted and and planted out from SMC planted on the SMC campus eco-action nursery
Printing and copying
Having partnered with Fuji Film to introduce Follow-Me printing across the campus, we have continued to work to reduce paper wastage and improve our carbon footprint despite an increased student roll since the system was introduced in July 2021.
Top student successes 2025
St Margaret’s College staff recognition
Arts
Adolescent Success Committee
– New Zealand Seconded Representative
Independent Schools of New Zealand Honours Award
– Services to Choral Music
National Excellence in Teaching awards
– 2 teachers nominated
Creative writing
SGCNZ Essay Writing Competition
– First and second place
Queen’s Commonwealth Essay Competition
– Gold award
Dance
– Placings in national and international competitions across multiple disciplines
– Top distinctions and placings in dance exams
– Dance NZ Made - 2nd place
Debating
Canterbury Schools’ Debating Competition
– Student selected for Canterbury team debating at Nationals
Drama
SGCNZ Sheilah Winn Shakespeare Festival
– 5 awards
TheatreFest
– 2 awards
Top honours and placings in speech and drama competitions and exams
Future Problem Solving
International Competition
– Two top-ten placings globally
Music
National Songwriting Competition
– Finalist
fretfest, Australia
– Winner, Original Song
Lions Christchurch Music Festival
– 8 students in Representative Groups
NZ Secondary Schools Symphony Orchestra
– 2 students selected
Rockquest
– Finalist
Bandquest
– Winner
– Best guitarist awards
Visual arts
ArtStart
– 5 Alumni Artwork selected for exhibition
Service
Duke of Edinburgh Awards
– 3 Gold Duke of Edinburgh’s Hillary awards
Eco Action Nursery Trust
– Over 20,000 native plants into the Red Zone, 4,200 plants potted on campus Educating Girls Globally
– $15,000 raised and donated by our own student-led College charity
Educating Girls Globally, to CAMFED, Christchurch Aunties and Tepesua, and Full Bellies and The Tanzania Project.
– Partnered with Fife Foundation in support of local and international service projects
Sport
The New Zealand Herald’s top sporting school for girls 2025
National championships
Triple national champions in
– Hockey
– Rowing
– Volleyball
Finalists in the Girls First XI Cup for cricket
Regional championships
Cricket
– Canterbury Regional Girls’ 1st XI Cup Champions
Cycling
– U16 Champion, Southern Tour, cycling
Equestrian
– 80cm and 95cm classes New Zealand Pony Club Eventing Championships
– 1st place Canterbury Secondary Schools Show Jumping
Football
– Lotto Sportswear South Island Champions
Netball
– Supreme Champions
– 3rd place, South Island Secondary School Champions
Tennis
– South Island Secondary School Champions
Triathlon
– New Zealand Secondary Schools U16 Champions
91% participation in sport across the College, with 19 New Zealand representatives, and 76 Canterbury and South Island representatives.
Annual Financial Statements
St Margaret’s College Trust Board
As at 31 December 2025
St Margaret’s College Trust Board Statement of Comprehensive Revenue and Expense
For the year ended 31 December 2025
The accompanying notes and statements form part of, and are to be read in conjunction with, these financial statements.
St Margaret’s College Trust Board Statement of Changes in Net Assets/Equity
For the year ended 31 December 2025
The accompanying notes and statements form part of, and are to be read in conjunction with, these financial statements.
St Margaret’s College Trust Board
For the year ended 31 December 2025
Statement of Accounting Policies
For the year ended 31 December 2025
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 2025 to 31 December 2025 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 Z ealand 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 School 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 Note (i).
Recognition of Acceptance Fees
The College reviews the Acceptance fees received at the end of each reporting period to determine whether these are refundable under the enrolment terms and conditions prevailing at the time of payment. The College believes all Acceptance fees received and refundable are appropriately recognised as a liability.
Expected Credit Losses on Accounts Receivable
An allowance for credit losses (doubtful debts) is established where there is objective evidence the College will not be able to collect all amounts due according to the original terms of the debt.
c)Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the College and revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. The following specific recognition criteria must be met before revenue is recognised:
i.Revenue from exchange transactions
Tuition and Boarding Fees
Domestic and International student tuition and boarding fees are recognised in the academic year to which they relate. Amounts received in advance for services to be provided in future periods are recognised as a liability until such time as the service is provided. Student fees are considered exchange transactions as the College provides consideration in return for this inflow of resources. Scholarships and remissions given by the College are offset against student fees revenue.
Enrolment and Acceptance Fees
Student enrolment and acceptance fees are recognised at the time of payment or when they are no longer refundable, as per the enrolment terms and conditions prevailing at the time of payment.
Sale of Goods
Revenue from the sale of goods is recognised when the product is sold to the customer.
Interest Revenue
Interest Revenue on cash, cash equivalents and investments is recorded as revenue in the period it is earned.
ii.Revenue from non-exchange transactions
Non-exchange transactions are those where the College receives an inflow of resources but provides no (or nominal) direct consideration in return.
Government Grants
The College receives operational funding from the Ministry of Education. Operational grants are recorded as non- exchange revenue when the College has the rights to the funding, which is in the year that the funding is received.
Grants
Other grants are recorded as revenue when the College has the rights to the funding, unless there are unfulfilled conditions attached to the grant, in which case the amount relating to the unfulfilled conditions is recognised as a liability and released to revenue as the conditions are fulfilled.
Donations
Donations, gifts and bequests are recorded as non-exchange revenue when their receipt is formally acknowledged by the College unless there are unfulfilled conditions attached, in which case the amount relationg to the unfulfilled conditions is recognised as a liability and realsed to revenue as the conditions are fulfilled.
d)Operating Lease Payments
Payments made under operating leases are recognised in the Statement of Comprehensive Revenue and Expense on a straight line basis over the term of the lease.
e)Finance Lease Payments
Finance lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term on an effective interest basis.
f)Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, bank balances, deposits held on call with banks, and other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. The carrying amount of cash and cash equivalents represent fair value.
g)Accounts Receivable
Accounts Receivable represents items that the College has issued invoices for but has not received payment for at year end. They are initially recorded at fair value and subsequently recorded at the amount the College realistically expects to receive. The impairment of Accounts Receivable has been assessed and an allowance for credit losses (doubtful debts) is established where there is the probability of default, reflecting both the historical and forecast credit conditions, that the College will not be able to collect all amounts due according to the original terms of the debt. This impairment loss is the difference between the carrying amount of the receivable and the present value of the amounts expected to be collected and has been included under indirect expenses in the Statement of Comprehensive Revenue and Expense, if not otherwise shown separately. Receivables are written off when there is no reasonable expectation of recovery.
h)Inventories
Inventories are consumable items held for sale and comprise of stationery, school uniforms and cafeteria supplies. They are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price in the ordinary course of activities less the estimated costs necessary to make the sale. Thus the fair value of the inventory is determined based on the cost at time of purchase. The write down from cost to net realisable value is recorded as an expense in the Statement of Comprehensive Revenue and Expense in the period of the write down.
i)Property, Plant and Equipment
Land and buildings are stated at cost or valuation less accumulated depreciation.
Property, plant and equipment are recorded at cost or, in the case of donated assets, fair value at the date of receipt, less accumulated depreciation and impairment losses. Cost or fair value includes those costs that relate directly to bringing the asset to the location where it will be used and making sure it is in the appropriate condition for its intended use. Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the College. Ongoing repairs and maintenance are expensed as incurred. Property, plant and
equipment acquired with individual values under $500 are not capitalised, they are recognised as an expense in the Statement of Comprehensive Revenue and Expenses.
Gains and losses on disposals (i.e. sold or given away) are determined by comparing the proceeds received with the carrying amounts (i.e. the book value). The gain or loss arising from the disposal of an item of property, plant and equipment is recognised in the Statement of Comprehensive Revenue and Expense.
Finance Leases
A finance lease transfers to the lessee substantially all the risks and rewards incidental to ownership of an asset, whether or not title is eventually transferred. At the start of the lease term, finance leases are recognised as assets and liabilities in the statement of financial position at the lower of the fair value of the leased asset or the present value of the minimum lease payments. The finance charge is charged to the surplus or deficit over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. The amount recognised as an asset is depreciated over its useful life. If there is no reasonable certainty whether the school will obtain ownership at the end of the lease term, the asset is fully depreciated over the shorter of the lease term and its useful life.
Depreciation
Property, plant and equipment are depreciated over their estimated useful lives on a straight line basis. Depreciation of all assets is reported in the Statement of Comprehensive Revenue and Expense.
estimated useful lives of the
Leased assets held under a Finance Lease Term of lease
j)Intangible Assets
Software Costs
Computer software acquired by the College is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with subsequent maintenance or licensing of software are recognised as an expense in the Statement of Comprehensive Revenue and Expense when incurred.
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, a financial lease liability 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.
Interest rate swaps are initially recognised at fair value on the date the contract is entered into as a financial asset or liability. The swap is subsequently remeasured at their fair value, with changes in value recognised as a loss or gain in the Statement of Comprehensive Revenue and Expense.
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.
r)Income Tax
The College is a registered charity under the Charities Act 2005. Due to its charitable status, the College is exempt from income tax.
s)Goods and Services Tax (GST)
The financial statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and accounts payable which are stated as GST inclusive.
t)Services received in-kind
From time to time the College receives services in-kind, including the time of volunteers. The College has elected not to recognise services received in kind in the Statement of Comprehensive Revenue and Expense.
u)Equity
Equity is measured as the difference between total assets and total liabilities It is disaggregated and classified into Accumulated Funds or Specific Reserves created by the College, where either a restriction has been established through the terms and conditions of a specific donation (including bequests) or to record income received for a specific management purpose (e.g. Building Fund). Funds are released either on use in accordance with the term and conditions of the donation or for management reserves, at the discretion of the Board.
St Margaret’s College Trust Board
For the year ended 31 December 2025
2.Direct Expenses
3.Indirect Expenses
Notes to the Financial Statements
4.Cash and Cash Equivalents
The overdraft limit on the ANZ Call account is $500,000. (2024: $500,000)
5.Specific funds and term investments Specific
investments are held for between 180 to 352 days, at interest rates of 3.45% - 4%
6.Trade and Other Receivables
7.Inventories
8.Trade and Other
Notes to the Financial Statements
9.Employee Entitlements
10. Income Received in Advance
Notes to the Financial Statements
12.Finance Lease
In August 2021 a 5 year Lease agreement for school photocopiers was entered into.
The school has entered into a 5 year Banking Facility Agreement on 24 July 2018 which was varied on 10 September 2025 to a new Facility Term ending 20 September 2030. The Facility includes two Term Loans ($3.642million and $4.202million) that are due to expire on 20 September 2030 and one Fixed Loan ($2.937million) due to expire on 20 September 2029. This Facility is 61% hedged by one Swap Contract (34%) maturing 20 March 2026 and the Fixed Loan (27%) maturing 20 September 2027, with the balance on floating interest rate. The effective interest rate on the loans at 31 December 2025 is 5.06% (2024: 6.38%). The school is required to repay $500,000 per annum on these loans. (2024: Two Swap contracts and one Fixed Loan was held).
Notes to the Financial Statements continued
14.Capital Commitments
There was $230,082 of Capital Commitments to complete work in progress at balance date. This relates to the building of a new Rowing Facility and establishment of a new landscaped Sensory Garden (2024: nil).
15.Contingent Liabilities
There were no contingent liabilities at balance date (2024: nil.)
16.Related Party Transactions
St Margaret’s College Foundation is a related party on account of common Trustees. During the year St Margaret’s College made payments on behalf of the St Margaret’s College Foundation which were in turn reimbursed for the value of these payments. In turn the Foundation distributes funds to St Margaret’s College. At balance date, receivables include $56,100 owed by the Foundation. (2024: $27,280). The St Margaret’s College Foundation made donations to St Margaret’s College of $115,725 during the year, which included $68,389 from the SMC Rowing Club fundraising and other distributions of $47,336 (2024: $90,333). In addition donations of $11,700 have been received but are held as income in advance pending conditions of use (2024: nil). There were no Rowing Assets sold in 2025 or resulting gains on sale (2024: $10,000).
Key management personnel of the School include the Principal, General Manager, Heads and Deputy Heads of School and Heads of Departments.
17.Financial Instruments
The College’s financial assets include cash and cash equivalents, accounts receivable (trade and other receivables), Term investments and specific funds investments. All these financial assets in the Statement of Financial Position are measured at amortised cost. Interest Rate Swaps as set out in Note 13, are measured at Fair value through the Statement of Financial Performance.
The College’s financial liabilities comprise accounts payable, accruals, finance leases, financial liabilities and borrowings. All of these financial liabilities shown in the Statement of Financial Position are measured at amortised cost.
18.Events After Balance Date
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the School, the results of those operations or the state of affairs of the School in subsequent financial years.
Independent Auditor’s Report
To the Trustees of St Margaret’s College Trust Board
Opinion
Basis for opinion
Other information
We have audited the Performance Report of St Margaret’s College (the ‘entity’), which comprise the financial statements on pages 22 to 35, and the statement of service performance on pages 7 to 20. The complete set of financial statements comprise the statement of financial position as at 31 December 2025, 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 2025, and its financial performance and cash flows for the year then ended; and
• the service performance for the year ended 31 December 2025 in that the service performance information is appropriate and meaningful and in accordance with the entity’s measurement bases or evaluation methods
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 (Revised) 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, except that partners and employees of our firm deal with the entity on normal terms within the ordinary course of trading activities of the business of 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 Peport 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.
Board of Trustee’s responsibilities for the Performance Report
Auditor’s responsibilities for the audit of the Performance Report
The Board of Trustees is responsible on behalf of the entity for:
• the preparation and fair presentation of the financial statements in accordance with PBE Standards RDR;
• the selection of elements/aspects of service performance, performance measures and/or descriptions and measurement bases or evaluation methods that present service performance information that is appropriate and meaningful in accordance with PBE Standards RDR;
• the preparation and fair presentation of service performance information in accordance with the entity’s measurement bases or evaluation methods, in accordance with PBE Standards RDR;
• the overall presentation, structure and content of the service performance information in accordance with PBE Standards RDR; and
• such internal control as the Board of Trustees determine is necessary to enable the preparation of a Performance Report that is 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.
Our objectives are to obtain reasonable assurance about whether Performance Report as a whole is 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 (NZ) and NZ AS 1 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 decisions of users taken on t he 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/standards/assurance-standards/auditorsresponsibilities/audit-report-14-1/
This description forms part of our auditor’s report.
Restriction on use
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.
Christchurch, New Zealand
30 March 2026
This audit report relates to the Performance Report of St Margaret’s College (the ‘entity’) for the year ended 31 December 2025 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 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 30 March 2026 to confirm the information included in the audited Performance Report presented on this website.
