ANNUAL REPORT 2014...The Genesis Energy Hillary Challenge, won this year by New Plymouth Boys’ and...

ANNUAL REPORT 2014Sir Edmund Hillary Outdoors Education Trust

2 SirEdmundHillaryOutdoorsEducationTrust ANNUAL REPORT 2014 3

• Chair Report 4

• ChiefExecutiveReport 6

• Financial Statements 21

-TrustDirectory 22

- Annual Report 23

- Independent Auditors Report 24

- Statement of Financial Performance 25

-StatementofMovementsinTrustCapital 25

-StatementofFinancialPosition 26

- Notes to and forming part of the Financial Statements 27

• Our Sponsors and Supporters 36

“…There are no other events (and I’ve been to

many!) which offer a challenge like these do, build

team spirit, teach students the value of social

responsibility, all the while learning about the

incredible environment we are privileged to live

in and the importance of taking care of it!... The

events are life changing, every student I have taken

to an event identifies it as the highlight of their

high school years! ”

JennyBloom,Headof

Department(PE&

Health),ThamesHighS

chool

CONTENTS


The change of our name from OPC to Hillary Outdoors in October 2014 was

a significant move given the 40 years we had operated under the name Outdoor Pursuits Centre. Initially it was hard for many to shake off the strong association with the acronym “OPC” but we have seen a quick acceptance by staff, key external stakeholders and the market in general.

Wearenowbetterabletodifferentiateourselvesbynamefromother

providersinthemarketandweremainverygratefultotheHillary

familythatwearetheonlyorganisationintheoutdooreducation

sectortoenjoytheprivilegeandadvantagesofoperatingunder

Sir Ed’s name.

HillaryOutdoorsperformedwellin2014withanimprovementincash

reservesboughtaboutbystrongschoolbookings,commencementof

twonewlongprogrammesatGBI,firmcostcontrolbybothcentres

andcontinuinggoodsupportbyexternalfundingorganisations

(althoughnotasstrongas2013).Ourtrustisgreatlyappreciative

oftheeffortsofGrahamSeatter,ourChiefExecutive,incontinuing

tobuildapositivecultureinwhichstaffdemonstrateahighlevelof

enthusiasm, professionalism, ownership and accountability.

ThesinglekeyissueforHillaryOutdoorslookingforwardto2015and

beyondisfinancialsustainability.Althoughourfinancialpositionis

improvingslowly,westillfacerisksparticularlyaroundyear-on-year

uncertainty of external funding. In this respect we are focusing on

increasingrevenueperbooking,diversifyingproductsawayfromthe

reliancewehavehadonthefive-dayprogramme,controllingcostsand

establishingexternalfundingsupportonwhichwecanrely.Somekey

challenges and our responses include:

Programme Affordability ConstraintsThesteadyimprovementinNewZealand’seconomicsituationisnot

necessarilyflowingthroughtogreatercashavailabilityforschools

andparentstosendyoungpeopletoparticipateinHillaryOutdoors’

programmes.Inrecognisingthataffordabilityofourprogrammesis

amajorconstrainttoincreasingrevenue,wehaveestablishedthe

followinginitiativestoputusinastrongerfinancialposition:

SHillary Step Scholarships using local funding to subsidise local

schoolstoattend-thisinitiativecontinuestoworkwellin

themarket.

SRevitalisationoftheHillaryFoundationtoestablishamajorcapital

fund which can be used where necessary to support outdoor

organisations,inparticularHillaryOutdoors.

Hillary Outdoors Educational DirectionWhilstthecurrentmixofchallengeandeducationalcontentofour

programmesisvaluedbyourcustomers,weneedtocontinueto

differentiatewhatweprovidefromothersintheindustry,manyof

whomarelowercostoperatorsthroughnothavingremotecentresto

maintain and operate.

ImportantinitiativeswhichwillbetterinformtheTrustand

management as to the content of future programmes include:

S In2015wewillconductobjectiveresearchintotheappropriateness,

effectivenessanddurabilityofoutcomesforstudentsfromour

currentprogrammes.Thiswillhelpsubstantiatethemassofpositive

anecdotalfeedbackwegetfromamyriadofdirections,including

manyresponsesabouthowattendingHillaryOutdoorsis

“life changing”.

SFromourresearch,optimiseourprogrammeeducationalcontentso

thatitcontinuestobevaluedbyschoolsandothersasrelevantto

NewZealand’sfuturedirectionanddemonstratethattheexperience

at Hillary Outdoors produces durable learning outcomes for our

students.Theenvironmentandsustainabilityareaisamajor

opportunityinthisrespect,usingthecompetitiveadvantagewe

havethroughourdistinctivemountainandmarinelocations.

Sir Edmund Hillary Outdoors Education FoundationAlthoughprogresswiththerevitalisationoftheFoundationhasbeen

slowerthanwewouldhaveliked,wehavebeencarefultoattractthe

bestbalanceandprofileoftrusteesontheboard.Inthisrespectwe

arefortunatetohaveappointedSirGrahamHenry,DameWendyPye

andJohnShewanasindependenttrusteesduringtheyear.Initiatives

arebeingformulatedwiththeirhelpforapproachestopotential

benefactorsin2015.IwouldliketothankRupertWilsonwhochairs

theFoundation.

SafetyInDecember2014HillaryOutdoorsachievedregistrationunderthe

newWorksafelegislationcovering“AdventureActivity”operators.

Thiswasasignificanttestofoursafetysystemsandwepassedwithfull

colourswhichisatestamenttoourCentreteams.Thetrusthasa

highregardforthesafetyculturethathasbeendevelopedin

Hillary Outdoors and the dynamic approach to safety management

adoptedinourcentres.TheSafetyAdvisoryCommittee(which

includestrusteerepresentation,managementandindependent

outdoorsadvisors)isfunctioningaswasintendedbyreviewingsafety

incidentswhentheyoccurandprovidingrecommendationstothe

trustondevelopmentinitiatives.

PartnershipsWecontinuetoworkcloselywithkeystakeholdersincludingthe

DepartmentofConservationandlocaliwiinouroperationalareas.

Animportantcooperationagreementhasnowbeenconcludedwith

NgatiRangifromthesouthsideofRuapehuwhichincludesacodeof

conducttoguideourteamsintherespectfuluseoftheirareas.We

alsoacknowledgethevaluablecooperationwecontinuetoenjoywith

OramaOasiswhoaresoimportanttothewellbeingofouroperations

on Great Barrier Island.

The CentresIt was a busy year for the Centres with a total of 21,964 bednights,

up2,250(11.4%)on2013numbers.TheGBICentreaccommodated

TridentHighSchoolandOtumoetaiCollegeforverysuccessfullong

programmes and on the strength of this those long programmes will

continuein2015.WefarewelledtheGBICentreManagerSimon

GraneyinOctober,thankinghimforthegreatparthehadplayedin

recentyearsinstrengtheningouroperationsontheIslandandinour

widerbusiness.WealsothankJamesMcMillanforactingasCentre

ManagerforthreemonthswhileawaitingthearrivalinJanuary2015of

thenewappointment,GemmaParkin.TongariroCentreactivitiesthis

yearproducedmanyhappycustomersandanannualoperatingsurplus

of$213kforwhichcentremanagerJanetPrier,herinstructorsand

support team are to be commended.

EventsTheveryresourcefulDarrenAshmoreagainorganisedthekeyannual

schoolseventsforwhichHillaryOutdoorsissowellknowninthe

industry.TheGenesisEnergyHillaryChallenge,wonthisyearby

NewPlymouthBoys’andGirls’HighSchools,continuestobehighly

contestedbyNewZealandschools.ThetopAustralianteamthat

comesacrosstheTasmaneachyearaddsrealvaluetotheevent

eventhoughtheystruggletosucceedintheNewZealandoutdoor

environment.TheGettoGoeventwhichclimaxedinafinalatthe

GBICentreinDecemberwasalsoabuzzforbothcontestantsandour

staff.TheseeventsandothersthatDarrenrunsduringtheyearclearly

demonstratetheleadershipandteamworkouryoungNewZealanders

arecapableofinovercomingavarietyofphysicalandproblem-solving

challenges which certainly bodes well for the

country’s future.

AsalwaysImustthankmyfellowTrusteesfortheirstrongsupportand

engagement during 2015 and also recognise our Patron the Rt Hon

DameJennyShipleyforhercontinuedsupport.

ManypeopleandorganisationsgaveassistancetoHillaryOutdoors

duringtheyearbutparticularacknowledgementneedstobemadeof

thecharitableorganisationswhothroughgrantsanddonationsenable

ustoprovidesuchrichexperiencesfortheyoungNewZealanderswho

attendourprogrammes.

CHAIR REPORT CLIVE TILBY TRUST CHAIR

ABOVE: Trustees at Tongariro Centre in 2014 pictured left to right; Thea Depetris, Mark Copeland, Suzanne Janissen, Rupert Wilson, David Beeche, Clive Tilby, Wayne Hughes


CHIEF EXECUTIVE REPORT GRAHAM SEATTER CHIEF EXECUTIVE

2014 was another year of good progress on all fronts but the

undoubted highlight was the re-branding of our organisation. On 1 October we ceased to be the “Outdoor Pursuits Centre” (OPC for short) and became “Hillary Outdoors Education Centres” – or Hillary Outdoors for short. The decision to re-brand was based on the desire to elevate the name “Hillary” in our brand given the close involvement of Sir Ed in our organisation and the relevance of the brand “Hillary”. In that regard we were delighted to receive an endorsement from family members Peter and Sarah.

Wewantedtomoveawayfrom“OutdoorPursuitsCentre”asthisisa

generic term - there are a number of outdoor pursuits centres in New

Zealand-andgoingforwardwewanttoemphasiseeducationover

pursuitsasourprimaryfocus.Wealsowantedtomoveawayfrom

“OPC”asthis–tothewiderpublic-isameaninglessTLA(three

letteracronym).

Theactualre-brandhasbeenaverypositiveexperiencewithgreatsupport

fromanumberoforganisations.ColensoBBDOdevelopedournewlogo

attheircost,andTrueNorthLtdprovidedbusinesscards,brandedclothing

andphysicalsignageatextremelylowcoststous.Wehavealsotakenthe

opportunity to renew all our collateral and rebuild the website.

Someofourstaffmembershadtheirreservationsaboutthischangeas

the old brand name was understandably near-and-dear to them, but

itwasgreattoseethewaytheyhavebothacceptedthechangeand

embraced it as we all become used to our new name.

FinancialsOuroperatingsurplusof$79,145forthe2014financialyearwas

almost$32K(67%)betterthanthe2013result,howevergiventhatthe

2013resultincluded$61,072asgainonsaleoftheLadyHillarythe

improvementfrom2013to2014wasverycloseto$100K.Thisisour

fourthconsecutiveyearofanimprovementinourbottomlineaswe

movesuccessfullyforwardfrom2010andtheverychallengingyears

that preceded it.

Akeyfeatureof2014wasthefactthat“otherincome”decreasedby

almost$154K(15%)from$991,606in2013to$837,935in2014.This

decreasecameafterfouryearsofgrowthfromthelevelof$312,678

in2009andislargelyaresultofthegrants/donationssectorcoming

underincreasedpressurewhilstnotprovidinganydegreeofcertainty

beyondthecurrentyear.Wewill,however,continuetoworkhardto

ensurethatwecontinuetomaximisetheleveloffundingweachieve

from this sector.

Ourimprovedperformancelargelyresultedfromtotalcoursefee

incomeof$2,668,569whichwas$248K(10%)greaterthan2013,with

totalincomeof$3,506,504being$94K(3%)betterthantheprevious

year.Anotherveryrelevantmeasureistotalbednights–weachieved

21,964totalbednightsin2014whichwasanincreaseof6,250(40%)

since2011.Thesemeasuresrepresentverypleasingprogressasthey

indicatethatwearegrowingthebusinessbyincreasingbookingsand

operatingincomeasopposedtosimplyestablishingdependenceon

externalnon-operatingincome.

Mostotherfinancialmeasuresfor2014remainedatasimilarlevelto

thepreviousyear,consistentwiththe‘businessasusual’approachwe

aretakingaswelooktoconsolidateourpositiononatracktowards

medium-to-long-termfinancialsustainability.Anexampleisthe

currentliabilitiesof“courseprepayments”and“grantsanddonations

receivedinadvance”whichtotalled$512,065asat31December

2014comparedto$520,528ayearearlier.Giventhattheyprimarily

relatetofirstquarter2015bookings,theseprepaymentsarepositive

tothebusinessastheyindicatecertaintyoffuturebookings.Theydid

howeverresultinadeficitinworkingcapitalof$476,281attheendof

the2014financialyearwhichisalsoseenasnegative.Thissituation

iscoveredasanappendixtotheaccountsbyNote18relatedtothe

“goingconcern”assumption.

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

2009 2010 2011 2012 2013 2014

Hillary Outdoors Annual Income Trend

Other income

Courseincome(inclsupportedbookings)

CLOCKWISE FROM LEFT: Auckland Support Office team and Tongariro Centre instructor sporting apparel with new branding, newly branded shop merchandise


Our People Iamsincerelythankfultoourhard-workingstaffforanotheryear

ofoutstandingwork.Weareapeoplebusinessasindicatedbythe

factthat60%ofourtotalexpenditureiswagesandsalaries.Asan

organisationwefullyunderstandthatitistheworkofourpeopleby

whichourcustomersjudgeusandinthatregardthefeedbackwe

receiveisconsistentlyextremelypositive.Ihaveincludedthroughout

thispublicationmanycommentsasreceivedunpromptedfrom

studentsandtheirteachers.Manyareveryhumblingastheyremind

usoftheoutstandingjobourpeopledoatthecoal-face,oftenin

difficultweatherconditions.Weareinbusinesstomakeapositive

differenceinthelivesofyoungpeopleandtheevidenceisunequivocal

–wearemakingahugedifference!

Amongstthestaffdeparturesthatoccurredin2014,Imustsingle

outforspecialmentionthefactthatSimonandBrigidGraneyleftus

duringtheyear.Simonworkedforusforeightyears,mostrecentlyas

CentreManageratGreatBarrierIsland,andBrigidwasbothaprevious

employeeasaninstructor,andalsoakeypartofthebusinessonGreat

BarrierIsland.Wethankthemfortheirsterlingservicetothebusiness,

ourstaffandcustomers.WeveryhappilywelcomedGemmaParkinto

the role of Centre Manager at GBI.

Wearealsoverywellservedbyourtrustees,ledbyCliveTilby.

Trustees,aseffectivelydirectorsofourbusiness,takeincreasinglevels

of responsibility in areas such as

safetyintheworkplaceand

they do that for nofinancialreturn–happytomaketheircontributionassupportfor

ourmissionof“contributingpositivelytothelifejourneyofyoung

people …”.

Our PartnersWecontinuetobeverywellsupportedbyourpartners.

Intermsofsponsorship,wehavebeenveryfortunatetohavehad

long-termrelationshipswithGenesisEnergyandChapmanTripp.

Genesishavebeenverysupportiveofsomerecentinitiatives

includingtheprovisionof“plug-inbroadband”toourTongariro

Centre,includingthestaffvillage.ChapmanTrippcontinueto

providespecialistadviceandsupportinkeybusinessareas.

In2014weenjoyedsupportfromsomeneworganisations.

AdvertisingAgencyColensoBBDOprovideduswithournew

logoatnocosttous;APEXInsurancehavebecomeasponsoras

wellasreducingourongoinginsurancecosts.TrueNorthhelped

uslaunchournewbrandingbyprovidingbusinesscardsand

clothing free-of-charge as well as redoing all signage at our centres

foraheavilydiscountedpriceandHillaryFoodsprovidedproduct

andfinancialsupport.Inaddition,wecontinuetobewellsupported

by KEEN Shoes.

We also enjoy great support from a large number of trusts, all of

which are listed in this Annual Report. Whilst reluctant to single

outanysupporter(s),ImustmentionPubCharitybecauseofthe

sizeoftheirdonation–itreallydoesmakeahugedifferenceboth

to us and – most importantly – all those young people who would

otherwisenotbeabletoparticipateinourprogrammes.

Our ProgrammesWemustsupportschoolsinachievingtheireducationalobjectives,

otherwisetherecanbenojustificationforthemsendingstudents

toouroutdooreducationcentres.Weareverymuchattuned

to the needs of each of our customers and we are becoming

increasinglyflexibleinourpractices.Everycustomerisdifferent

andeveryprogrammemustbecustomisedtotheneedsofthat

customer–wecannothavea“onesizefitsall”approach.

Currenttrendsinoutdooreducationincludeanincreasingfocus

oneducationaloutcomes,ecologicaleducationandhelpingyoung

peopledevelopresilienceandindependence.

Recognisingthesetrendshasledtoourpromotionof“long

programmes”whichwedefineasanythingofalongerdurationthan

ourstandard5-dayprogramme.Longprogrammesbeganforusin

2012 with Hillcrest High School sending two groups of 30 students to

ourGreatBarrierIslandCentre–eachforfiveweeks.By2014,Trident

HighSchoolandOtumoetaiCollegewerealsotakingpartinlong

programmes at our GBI Centre and in 2015 Kings College will become

ourfirstlongprogrammeatourTongariroCentre.

CLOCKWISE FROM TOP: Palmerston North Boys High School on Mt Ngauruhoe, Students from Manurewa Intermediate enjoy their Hillary Foods cereal for breakfast at the Tongariro Centre, Instructors at Hillary Outdoors Tongariro

“It is not putting it too strongly

to say that the experience the

children have at this camp

is literally life changing.

The Year 7 children who went

last year are showing greatly

increased confidence and

maturity this year, and the

Year 8 students who attended

have really been set up for

success at High School”

Wayne Leighton, Principal, Royal Road School

Supported by ASB Community Trust

“...Hillary Outdoors was hands down

the place to learn and progress towards

becoming an instructor/guide within the

outdoors…” Aaron Dekker, Certificate Student on Tertiary Programme


Longprogrammesareextremelypositiveformanyreasons:they

provideasignificantlyenhancedopportunityto“makeadifference”

for young people, and they are great for our business. In 2014 long

programmeincomegrewby70%tothelevelofrepresenting12%of

revenuegeneratedbystudents.Thisisourareaofgrowth–5-day

programmeincomeisflatyear-on-year–sowearecommittedto

continuingtoattractnewlongprogrammecustomersinfutureyearsto

drivegrowthinourbusiness.

SafetySafety is, and will always remain paramount.

2014sawtheintroductionofcompulsoryregistrationandauditingforall

organisationsdeemedtobeoperatingintheareaof“adventureactivities”,

exceptforeducationalinstitutionsandmarine-basedorganisations.We

achievedregistration–aswasneededforustobeabletocontinuein

business–buttheprocessaddedlittletangiblevaluetoourbusinesswhilst

addingconsiderablecostsandbureaucraticdemands.

Ourthree-tiersafetymanagementsystemisprovingtobeofthe

highestqualityandweoftenandfreelyshareelementsofthatsystem

withotheroperators.Weconstantlyreviewandamendallelementsof

the system and were pleased that it was strongly endorsed by the audit

processofourregistration.

In2014weconductedourannualsafetyculturesurveyandfound

thatthecultureofourorganisationisverypositivebutthereareareas

wherewecanmakeimprovements.Wecontinuetopromotea“no

blame” culture so that learnings are freely shared, especially in the

area of “near misses”.

Sir Edmund Hillary Outdoors Education FoundationIn2014were-establishedthepreviouslynamed“HillaryFoundation”

asthe“SirEdmundHillaryOutdoorsEducationFoundation”andsetthe

organisationuptoplayanimportantroleinHillaryOutdoors

going forward.

TheFoundationisseekingsignificantlevelsofphilanthropicfundingas

eitherdonationsorlong-termloanstosupportOutdoorEducationin

NewZealandincludingHillaryOutdoorsandmakecoursesaffordable

toallyoungNewZealanders.Thecapitalfundwillbeinvestedand

preservedandannualincomegeneratedfromthatfundwillbeused

toenableupto2,000youngNewZealandersperyear–everyyear

–tohavethebenefitofHillaryOutdoorscourses,beingyoungNew

ZealanderswhowouldnototherwisebeabletoaffordHillaryOutdoors

courses.ThiswillensurethefuturesustainabilityofHillaryOutdoors.

SixtrusteesoftheFoundationhavebeenestablished,threebeing

trusteesoftheSirEdmundHillaryOutdoorsEducationTrust:

RupertWilson(Chair),CliveTilbyandDaveBeeche;andthreebeing

independent:SirGrahamHenry,DameWendyPyeandJohnShewan.

CLOCKWISE FROM TOP: (Top & Right) Paeroa College students at GBI Centre, Student on the high ropes at Tongariro Centre, Tertiary programme Maori Scholarship recipient Lisa Te Moananui-Gamble, Instructors doing their summer training

“…To go on an island with

a bunch of cool mates and

complete loads of fun-as

outdoors activities, you’d

never get to do at School or

perhaps even after high-school,

is such an awesome and cool

privilege”

Natalie Milicich, student, Melville High School

“...it is an experience that will never leave our soul…”

Riley Curry, student, Melville High School

“...The students were able to grow in experience and gain valuable leadership skills. They all returned as far better leaders. Without your help this would have been impossible for us to achieve”.

Graeme Barrett, Deputy Principal, Hastings Boys’ High School Supported by First Light Foundation

“...Overall it was easily the best ever time of my life!”

Keelin Tahere, student, Melville High School

School Students at Hillary Outdoors Centresin 2014 by Decile Ratings

Decile 1-3

Decile 3-5

Decile 7-9

Decile 10

School Students at Hillary Outdoors Centresin 2014 by Year Group

Year 8

Year 9

Year 10

Year 11

Year 12

Year 13

0 2000 4000 6000 8000 10000 12000 14000 16000

2011

2012

2013

2014

Occupancy in Bed Nights for Tongariro Centre

71%

68%

67%

59%

0 1000 2000 3000 4000 5000 6000 7000 8000 9000

2011

2012

2013

2014

Occupancy in Bed Nights forGreat Barrier Island Centre

70%

54%

42%

35%

KEY FACTS FOR 2014

S TotalRevenueIncreasedin2014by 3% S CourseRevenueIncreasedin2014attheTongariroCentrebyatotalof

9% Year on Year

S CourseRevenueIncreasedin2014attheGreatBarrierIslandCentrebyatotal of 11% Year on Year

S LongProgrammeCourseFeesincreasedby 70% in 2014 and now represents 12% ofrevenuegeneratedbystudents

S Both centres occupancy reached 70% of capacity in 2014

S GreatBarrierIslandCentretotalincomehasincreasedbyover 70% in the last four years and now accounts for 31% ofCourseRevenue

%oftotalcapacity%oftotalcapacity

“...Sometimes you just had to stop and take in

the simple beauty of the landscape. The trip

also made me realise how soft technology

has made us and gave us a deeper insight of

nature and taught us that fun is not always

delivered from a phone screen…”

Alyssa Whaanga, student, Melville High School

“...Over the week the students are at Hillary Outdoors it is amazing to watch the team work develop where students took on chores and supported one another, this was another huge benefit of the students being on the Hillary Outdoors course...”

Nik Lewis, Year 9 and 10 Dean, Tongariro School Supported by Genesis Energy



Tongariro CentreJanet and her team are to be congratulated as their centre had another

excellentyearofgrowthwithtotalincomeof$2,132Krepresenting9%

growthon2013.Totalbednightsgrew4%in2014tohit70%occupancy

giving21%growthintotalbednightsoverthelastthreeyears.Total

expenditureof$1,919Kwas6%aheadofthepreviousyeargivingasurplus

of$213Kcomparedto$141Kin2013.Thisinlargepartcameabout

through excellent cost control with non-personnel costs increasing by only

$10K,whichwasonly1.3%aheadof2013.

Thisbookingandincomegrowthisdirectlyattributabletotheexcellent

workdonebyallstaffatthecentre.Clientfeedbackwasextremely

positiveasevidencedbyexamplesfeaturedinthisreport.Wecustomised

ourofferingtoeachandeveryschooltoensurethattheyreceivedthe

benefitsthattheysoughttherebyincreasingthelikelihoodthattheywill

return the following year.

Safety is always our number one priority, and this year that was formalised

asweundertookourfirstcompulsoryauditandachievedregistration

undertheWorksafeAdventureActivitieslegislation.Ourproprietary

threetiersafetymanagementsystemwasendorsedwhichwasatribute

toallstaff–butespeciallyLukeMiddleton–forthedevelopment

andmaintenanceofthissystem.Thisyearthenumberofhighlevel

incidentswasdownonpreviousyearswhichisobviouslyakeyfocusanda

verypleasingoutcome.

Staffrecruitmentwasagainachallengein2014asthereappearstobe

anongoingshortageofskilled,experiencedpeopleseekingworkinour

industry.Weovercamethatproblembyemployingyoungpeoplewith

potentialalongwithrelevantskillsandthentrainingtheminotherkey

areas.Stafftrainingwasthereforeagainamajorpriorityin2014with

2-3weeksofdedicatedtraininginadditiontoregularsupportfrom

DonPatersonandStuArnold.

Inearly2014,weestablishedatertiarylearningcentrebyrelocatingan

unusedclassroomtoourTawhitikirisitewiththefinancialsupportof

FirstSovereignTrust.Withsomehardworkfromourmaintenancestaff,a

completerennovationwasundertaken.Equippedwithwifi,thebuilding

wasoperationalforthestartofthetertiarycoursesinFebruary.

OurTertiaryProgrammecontinuestoaddconsiderablevaluetoour

businessinanumberofways.Itallowsustotrainpeopletoworkinour

sector–manyasemployeesofHillaryOutdoorsandprovideshigherlevel

extensionworkforourinstructors.Itisalsostimulatingtohaveolder

young people in our Centre on a 24 x 7 basis.

Finallyitisimportanttorecognisethecommitmentandveryeffective

workundertakenbytheseniormanagementteamofFloScott,

DonPaterson,MikeBrentonandLukeMiddletonandledbyJanetPrier,

alongwiththestafftheymanage.

“Bookings remained stable and consistent with 2012 after two years of growth – a positive situation”

CLOCKWISE FROM TOP: Students rafting at Tongariro, Tertiary Programme student celebrates his catch, Instructors at Tongariro Centre, Classroom being moved to Tawhitikiri site in early 2014

“...On a personal note, it made me realise that I would like to pursue a career path in outdoor employment, so for me this trip was a huge eye opener for what i would like to achieve in life…” Shy Heu, student, Melville High School


Great Barrier Island Centre2104wasanotheryearofverysolidgrowthforourGreatBarrier

IslandCentre.Totalincomeof$792Kwas$78K(11%)aheadof

2013onthebackoftwonewlongprogrammesthatincreasedlong

programmeincomefrom$146Kin2013to$270Kin2014.Total

bednightsfortheyearhitanew“high”of8000whichwas28%

aheadof2013andremarkablyexactly100%betterthanjustthree

years ago. Whilst 5-day short programmes remain our core business

theyfellby14%in2014.

Wehadthreeschoolsthatundertooklongprogrammes:Hillcrest

High School with two groups of 30 students who came to us for

theirsecondyearforfiveweeks;TridentHighSchoolwhobrought

onegroupof30studentsforfiveweeksandOtumoetaiCollegewho

broughtonegroupof40studentsfortwoweeks.Thetimingof

these programmes has allowed us to establish a year-round business

ontheislandandwenowhaveacoregroupoffivefull-timestaff–

allofwhomaremanagersand/orinstructors.Thishascreatedmore

consistencyandahigherqualityinourprogrammedeliverywhichis

addingvalueacrossthebusiness.

OurGreatBarrierIslandCentresuccessfullyundertookitsauditand

achieveditsWorksaferegistrationundertheAdventureActivities

regulations.Ourproprietarythree-tiersafetymanagementsystem

asdevelopedbySimonGraneyandmanagedbyJamesMcMillanand

RogerMillerwaswellreceivedanditprovidesthebasisforavery

practicalandeffectivesystem.

DuringtheyearSimonGraneyandBrigidwerefarewelledbothfrom

ourbusinessandfromtheislandaftersixyears.Theywereverywell

regarded members of the local community and added considerable

valuetoboththatenvironmentandourbusiness.

ItisimportanttorecognisethemajoreffortsofRogerand–in

particular–JamesinthethreemonthperiodbetweenSimon’s

departureandthearrivalofhisreplacement,GemmaParkin.Weare

extremelyfortunateinthestaffwehaveatourcentre.

CLOCKWISE FROM TOP: Paeroa College students getting some kayak instruction, storm damage in the hall, student homework Great Barrier Island style, coasteering provides challenges along with fun, the Graney family on the water before leaving the island

“...We would recommend this trip to anyone because it really is a golden moment of your high school lives. Great Barrier Island is a memory that is ‘unforgettable in every single way’…” Alyssa Year, student, Melville High School

“...The warmth of the people I met was remarkable, but it was their introduction to new experiences that made it a life-changing time for me, opening my eyes to what was possible (and resulting in my emigration). The work performed by Hillary Outdoors provides young people with similar experiences to those that I benefited from, so it is great to support in any way we can”.

John-G Snaith, Chief Executive, True North New sponsor talking about his original experiences in NZ when he took a gap year from the UK and why his company is supporting Hillary Outdoors


EventsIn2014,oureventsprogrammecontinuedtoprovideavarietyof

positiveopportunitiesforyoungpeoplerightacrossthecountrytoget

intotheoutdoorsandtrysomethingalittledifferent.Whetherthere

towin,orsimplyparticipateinafunadventurewiththeirteam-mates,

therewereinterestinganduniquechallengestocaterforeveryone.

Intotalthereweretwentyoneeventsplannedonourcalendar,but

threeofthesedidnotgoaheadbecauseoflowentrynumbers(owing

torangeofreasonsincludingaffordabilityandclasheswithother

competingevents).Itseemsthereisincreasingpressureonstudents

withregardstoexamsandothersporting/extracurricularcommitments

thatwearecompetingwithwhenitcomestoeventparticipation.

Iamverypleasedtoreportthattheeighteeneventsthatdidgoahead

wereallverysuccessfulandjustunder2300participantstookpartin

total.Feedbackwasconsistentlypositiveandincidentlevelswerevery

low and all towards the lower end of the range of seriousness.

The14thHillaryChallengeagainprovedtobeahighlightforeveryone

involved–thestudents,teammanagersaswellasourstaff.The

students always come so thoroughly prepared and bring so much

passiontothechallengethatitservesasinspirationforeveryone.As

theyhaveon8previousoccasions,theteamfromNewPlymouthGirls

andBoysHighshowedtheirdominanceoftheeventatthislevel,taking

outthetitleforthe9thtimein14years.Thesetwoschoolshavenever

beenlowerthansecondinthisevent.

Followingonfromtheearlysellout(30teams)oftheHillaryChallenge

6hrAdventureRaceintheNorthIslandin2013,weplannedtwoNorth

IslandandoneSouthIslandeventslastyear.Twoeventsinthenorth,

nearAucklandandWellingtonwentreallywellbutonlyattracted

22teamsbetweenthemwhichwasdisappointing.Theeventnear

Christchurchfailedtogettheentriesneededfortheeventtorun.The

costofentry(particularlywhentravelandaccommodationisadded

in),timingonanalreadyfull(academic,sportingandsocial)calendar

andtheperceptionamongstsomeschoolsthatthe‘HillaryChallenge’is

only for elite athletes are all possible contributors to the lower numbers

overallthisyear.

TheNavQuestSeriesoffoureventsturnedintothreewhenclashes

withotherlocalevents,firstforcedpostponementandthenlowentry

numberscausedtheeventualcancellationoftheTaupoevent.Justover

300participants,(around50/50schoolstudentsvsgeneralpublic),took

partintheRotorua,AucklandandWellingtoneventswhichreflectsa

levelofparticipationconsistentwithpreviousyears.Thefeedbackfrom

theseeventsisalwaysgreatandtheysimplyneedawidermarketing

approach,somorepeopleknowaboutthem,inorderfortheparticipant

numbers to grow.

The9thannualGet2GoChallengeSeriesinTerm3had198teamsfrom

127schoolsregisterforoneofthe12events.Thisvolumeofentries

wasstrong–notfarofftherecord205teamsin2013.Duetolowentry

numbers(only5teams)intheManawatu/Wanganuiregion,thisevent

wasfirstpostponedandthenlatercombinedwiththeeventinthe

Wellington/Wairaraparegion.All11eventsransmoothly,thankstoover

160volunteersfromtheloyalclubsandorganisationswhoassistedwith

theplanning,equipmentandmanagementofthevariouschallenges.

Following on from the regional series, the Grand Final for the top team

fromeachofthe12regionsplayedoutover5daysatourGreatBarrier

IslandCentreattheendoftheyear.Theeventwasahugesuccessand

yetanothergreatexampleoftheentireextendedGBIteam(andof

courseOramaOasis)workingtogetheronthesameprojectasatruly

high performing team.

Asalways,themainbarriertothecontinuedgrowthofourevents

programmeandtheparticipationofmoreyouthisfunding/sponsorship

toprovidethesupporttoa)keeptheentryfees/costaffordabletoawide

rangeofparticipantsandb)allowustomarkettheeventssuccessfully

andgettheinformationtotherightteachersineachschool.

CLOCKWISE FROM TOP: Students at the start of a Navquest event, One of the fun challenges competitors at the Hillary Challenge Final performed, Students at the Hillary Challenge Final in Tongariro National Park, On the water during the Get2Go at the GBI Centre

“...because Hillary Outdoors events are designed for effective team work that I have seen all students make strides with their confidence and inter-personal skills”.

Nigel Rowland, teacher, Trident High School

“…These (event) programmes are well run and our

students reap the benefits of their involvement and

leadership opportunities they bring. An example

being out Head Boy in 2014 went through 2 Get2Go

finals and is now 1 of 2 NZ students who head to

the states to Duke University on a full scholarship.i

believe the amount of great opportunities he

experienced through the Hillary Outdoors

programme has helped him along the way. ”

Mrs S. Davies, Sports Director, Takapuna Grammar School

TABLE OF CONTENTS

• TrustDirectory 22

• Annual Report 23

• Independent Auditor’s Report 24

• Statement of Financial Performance 25

• StatementofMovementsinTrustCapital 25

• StatementofFinancialPosition 26

• Notes to and forming part of the Financial Statements 27

For the Year Ended 31 December 2014


FINANCIAL STATEMENTS

“…I cannot think of a better way for

Pub Charity to support Kiwi youth.

These young people had an experience

on Great Barrier Island that they will

remember for a lifetime.”

Anthony Gadsbey, teacher, Otumoetai College

Supported by Pub Charity

“...There is no greater form of support than helping change people’s lives and we can contribute in a small way through Hillary Outdoors”

James McGhie, Managing Director, Apex Insurance New sponsor for Hillary Outdoors


ANNUAL REPORTFor the year ended 31 December 2014

Charities Commission Registration CC26731

Date of Formation 6 August 1973

Nature of Trust Toprovideeducationinallitsformsinoutdoorpursuits.

Registered Office SuiteD,Level1

31DBartleyTerrace

Devonport,Auckland

Patron DameJennyShipley

Trustees CliveTilby-Chairman

Rupert Wilson

Wayne Hughes

Iain Morrison

SuzanneJanissen

DavidBeeche

TheaDepetris

MarkCopeland

Independent Auditor BDOAuckland

Level8,BDOTower

120 Albert Street

Auckland

Bankers BankofNewZealandLimited–TaupoBranch

Solicitors ChapmanTripp

ThetrusteeshaveapprovedthefinancialstatementsoftheSirEdmundHillaryOutdoorsEducationTrust

fortheyearended31December2014.

ApprovedforandonbehalfoftheBoardofTrusteesthis28thdayofApril2015.

CliveTilby–ChairmanoftheBoardofTrustees WayneHughes–Trustee

TRUST DIRECTORYAs at 31 December 2014

STATEMENT OF MOVEMENTS IN TRUST CAPITAL

For the year ended 31 December 2014

Theabovestatementsshouldbereadinconjunctionwiththenotestoandformingpartofthefinancialstatements.

Note 2014 2013

$ $

Course Fee Income 2,668,569 2,420,555

LessOperatingExpenditureexcludingdepreciation 2 3,427,359 3,364,812

OperatingLossbeforedepreciationandotherincome (758,790) (944,257)

Add Other Income 3 837,935 991,606

Operating Surplus/(Loss) for the year before depreciation 79,145 47,349

LessDepreciation 14 (293,896) (242,707)

LessImpairmentofbuilding - (168,618)

Net Loss for the year (214,751) (363,976)

Note 2014 2013

$ $

Trust Capital at the beginning of the year 2,832,491 3,196,467

NetLossfortheyear (214,751) (363,976)

Trust Capital at the end of the year 2,617,740 2,832,491


STATEMENT OF FINANCIAL PERFORMANCEFor the year ended 31 December 2014


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31 December 2014

CliveTilby–ChairmanoftheBoardofTrustees WayneHughes–Trustee

Theabovestatementsshouldbereadinconjunctionwiththenotestoandformingpartofthefinancialstatements.

1) STATEMENT OF ACCOUNTING POLICIES

Reporting entity

ThesearethefinancialstatementsoftheSirEdmundHillaryOutdoorsEducationTrust(‘theTrust’).TheTrustisacharitabletrustregisteredinNew

ZealandwiththeCharitiesCommission.TheTrustisengagedinthebusinessofprovidingallaspectsofoutdooreducation.

TheTrustwasregisteredonthe6August1973andcommencedtradingatthattime.

Measurement Base

ThesefinancialstatementsoftheTrusthavebeenpreparedinaccordancewithgenerallyacceptedaccountingpracticeinNewZealand.They

complywithapprovedFinancialReportingStandardsasappropriateforentitiesthatqualifyforandapplydifferentialreportingconcessions.

ThefinancialstatementsoftheTrusthavebeenpreparedonanhistoricalcostbasis.TheinformationispresentedinNewZealanddollars.

Differential Reporting

TheTrustqualifiesfordifferentialreportingasitisnotpubliclyaccountableandisnotconsideredlargeinviewofthetestcontainedwithinthe

FrameworkforDifferentialreporting.TheTrusthastakenadvantageofalldifferentialreportingexemptions.

Changes in Accounting Policies

Allaccountingpolicieshavebeenappliedonabasisconsistentwiththoseusedinpreviousyears.However,therehasbeenachangein

depreciationaccountingestimatesusedduringtheyear.Fortwocategoriesofassets,buildingsandofficeequipment,thedepreciationmethodhas

beenchangedfromdiminishingvaluemethodtostraight-linemethodtodepreciatetheseassetsmoreprudentlyinlinewithrealisablevalues.

Specific Accounting Policies

Inthepreparationofthesefinancialstatements,thespecificaccountingpoliciesareasfollows:

a) Depreciation

TheTrusthasthefollowingclassesofProperty,Plant&Equipmentanddepreciationhasbeencalculatedtoallocatethecostorvaluationofthe

assetsovertheirestimatedusefullives,atthefollowingrates:

MotorVehicles 20-26% DiminishingValue

OfficeEquipment 31.2% Straight-line

Buildings 2.5-6% Straight-line

CentreEquipment 33% DiminishingValue

SupportCraft 26% DiminishingValue

PlantandEquipment 20-26% DiminishingValue

STATEMENT OF FINANCIAL POSITION

As at 31 December 2014

Note 2014 2013

$ $

CURRENT ASSETS

Cashatbank 4 47,640 81,182

Accountsreceivable 6 30,773 15,744

Otherreceivables 7 2,095 3,013

Termdeposits 5 202,318 207,135

Inventories 8 16,555 21,548

Total Current Assets 299,381 328,622

CURRENT LIABILITIES

Accounts payable 9 120,757 117,505

Other creditors and accruals 10 139,667 153,451

Financelease–currentportion 13 3,173 5,810

GrantsandDonationsreceivedinadvance 11 238,522 320,595

Course Prepayments 12 273,543 199,933

Total Current Liabilities 775,662 797,294

Working Capital (Deficit) (476,281) (468,672)

NON-CURRENT ASSETS

Property,PlantandEquipment 14 3,098,609 3,309,057

Total Non-Current Assets 3,098,609 3,309,057

NON-CURRENT LIABILITIES

FinanceLease–non-currentportion 13 4,588 7,894

Total Non-Current Liabilities 4,588 7,894

NET ASSETS 2,617,740 2,832,491

REPRESENTED BY:

Trust Capital

TrustCaptial 2,617,740 2,832,491

ApprovedforandonbehalfoftheBoardofTrusteesthis28thdayofApril2015.


Notes to and forming part of the financial statements for the year ended 31 December 2014 (cont’d)

STATEMENT OF ACCOUNTING POLICIES (CONT’D)

b) Goods & Services Tax

ThesefinancialstatementshavebeenpreparedonaGSTexclusivebasiswiththeexceptionofaccountsreceivableandaccountspayablewhichare

showninclusiveofGST.

c) Taxation

Noprovisionforincometaxbeenmade,astheTrustisexemptfromIncomeTaxundertheprovisionsoftheIncomeTaxAct2007.

d) Inventories

Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costisdeterminedusingthefirst-in,first-out(FIFO)method.

e) Revenue

Course Fees

CourseFeesarerecognisedinthemonthofattendanceatoneoftheTrust’soutdooreducationcentres.Interestincomeisrecognisedusingthe

effectiveinterestmethod.

Grants and Donations

Grantsanddonationsarerecognisedinoperatingrevenue,unlessspecificconditionsareattachedandrepaymentoftheamountisrequiredwhere

theseconditionsarenotmet.Inthesecases,thegrantordonationistreatedasaliabilityuntilsuchconditionsaremet.

f) Receivables

Receivablesarestatedattheirestimatedrealisablevalue.Baddebtsarewrittenoffintheyearinwhichtheyareidentified.

g) Leases

LeaseswheretheTrustassumessubstantiallyalltherisksandrewardsofownershipareclassifiedasfinanceleases.TheTrusthasacquiredamotor

vehiclebywayoffinanceleaseandtheyarestatedattheloweroffairvalueandpresentvalueofthefutureminimumleasepayments,andare

depreciatedusingthesameratesasforitsothervehicles.Minimumleasepaymentsareapportionedbetweeninterestexpenseandreductionof

theoutstandingliability.Theinterestexpensecomponentofthefinanceleasepaymentsisrecognisedinthestatementoffinancialperformance

usingtheeffectiveinterestratemethod.

Otherleasesareclassifiedasoperatingleases.PaymentsmadeundertheoperatingleasesarerecognisedintheStatementofFinancial

Performanceonastraight-linebasisoverthetermofthelease.


2 ) EXPENSES

3 ) OTHER INCOME

Expenses are made up of: 2014 2013

Direct Course Expenses $ $

CourseDisbursements 708,076 655,842

Wages and Salaries 2,040,053 1,915,932

OtherDirectCourseExpenses 30,137 89,562

Total Direct Course Expenses 2,778,266 2,661,336

Other Expenses

Audit Fees 18,668 15,539

Interest Paid 1,176 1,658

Rates and Rent 52,635 48,498

OperatingExpenses 540,492 512,822

AdministrationExpenses 12,716 15,707

MarketingExpenses 8,996 26,544

Other Expenses 14,410 82,708

TOTAL EXPENSES 3,427,359 3,364,812

2014 2013

$ $

Sponsorship 8,000 50,000

DividendsReceived 2,084 1,069

DonationsandGrantsforIncomeSupport 712,777 829,807

Funding and Grants for Assets 65,956 40,923

Interest Income 8,780 8,735

Insurance Claims 35,314 -

Gain/LossonSaleofAssets 5,024 61,072

837,935 991,606



OTHER INCOME (CONT’D)

SirEdmundHillaryOutdoorsEducationTrustacknowledgesthedonations,grantsandsponsorshipfromthefollowingentities:

SChapmanTripp

SGenesisEnergyLtd

SASBCommunityTrust

SPub Charity

SNewZealandCommunityTrust

SNorthandSouthTrust

SFourWindsFoundation

STrustWaikato

STheDouglasCharitableTrust

SAucklandCouncil

SBlueWatersTrust

SKeen Footwear

STheSouthernTrust

SDragonCommunityTrust

STrillianTrust

SFirstLightCommunityFoundation

S InfinityFoundationLimited

STheLinesCompany

S LoganCampbellResiduaryEstate

SFirstSovereignTrust

SBivouacOutdoors

SHillary Foods

4 ) CASH AT BANK

2014 2013

$ $

BNZChequeAccount 177 3,388

BNZAutocallAccount 47,203 77,518

BNZEventsAccount 60 76

OfficeFloat 200 200

47,640 81,182


5 ) TERM DEPOSITS

6 ) ACCOUNTS RECEIVABLE

7 ) OTHER RECEIVABLES

8) INVENTORIES

9) ACCOUNTS PAYABLE

2014 2013

$ $

BankofNewZealand

Term90daysat4.70%matures-28March2015 202,318 207,135

202,318 207,135

2014 2013

$ $

AccountsReceivable 30,773 15,744

30,773 15,744

2014 2013

$ $

Prepayments 2,095 3,013

2,095 3,013

2014 2013

$ $

StockonHand 16,555 21,548

16,555 21,548

2014 2013

$ $

Accounts Payable 117,325 113,828

BNZVISACreditCard 3,432 3,677

120,757 117,505



10 ) OTHER CREDITORS AND ACCRUALS

11) GRANTS AND DONATIONS RECEIVED IN ADVANCE

12) COURSE PREPAYMENTS


13) FINANCE LEASE

14) PROPERTY, PLANT AND EQUIPMENT

2014 2013

$ $

PAYEDue 43,043 46,385

Holiday Pay Accrual 40,299 50,807

Sundry Creditors and other Accruals 22,103 27,397

StaffAssociationFunds 2,518 1,792

GSTPayable 31,704 27,070

139,667 153,451

2014 2013

$ $

LionFoundation - 75,000

Youthtown - 21,739

ASBCommunityTrust 29,809 28,225

GrassrootsTrust 10,000 -

FirstLightFoundation 6,000 10,000

TGMcCarthyTrust - 7,500

AucklandAirport - 10,000

SouthernTrust 20,000 -

TrillianTrust - 13,729

ManaandNikauTrusts 5,000 -

WellingtonCommunityTrust 3,695 -

Pub Charity 141,877 149,875

GenesisEducationFund 13,741 4,527

TheLinesCompany 8,400 -

238,522 320,595

2014 2013

$ $

CourseFeesreceivedinadvance 273,543 199,933

273,543 199,933

2014 2013

$ $

ToyotaFinanceLtd

CurrentPortion 3,173 5,810

Non–Currentportion 4,588 7,894

7,761 13,704

2014 Cost Current Year Accumulated Carrying Value

Depreciation Depreciation

$ $ $ $

Land 30,000 - - 30,000

Buildings 4,925,592 162,543 2,202,879 2,722,713

Motor Vehicles 563,362 38,579 442,907 120,455

SupportCraft 71,619 11,564 38,706 32,913

PlantandEquipment 320,810 30,691 178,744 142,066

CentreEquipment 548,277 17,066 505,183 43,094

OfficeEquipment 133,697 33,453 126,329 7,368

Total 6,593,357 293,896 3,494,748 3,098,609

2013 Cost Current Year Accumulated Carrying Value

Depreciation Depreciation

$ $ $ $

Land 30,000 - - 30,000

Buildings 4,887,018 120,468 2,040,336 2,846,682

Motor Vehicles 603,362 41,217 442,569 160,793

SupportCraft 71,619 9,614 27,142 44,477

PlantandEquipment 289,958 34,501 148,052 141,906

CentreEquipment 536,882 21,400 488,117 48,765

OfficeEquipment 129,311 15,507 92,877 36,434

Total 6,548,150 242,707 3,239,093 3,309,057



15) THE SIR EDMUND HILLARY FOUNDATION (‘THE FOUNDATION’)

TheSirEdmundHillaryOutdoorsEducationFoundation(formerlyknownasTheSirEdmundHillaryFoundationforYoungNewZealanders)is

aseparateprivatecharitabletrustwhichpreparesitsownfinancialaccounts.TheFoundationandtheSirEdmundHillaryOutdoorsEducation

TrusthaveanumberofTrusteeswhicharecommontobothalthoughneitherorganisationhastherighttoappointTrusteestotheother.The

FoundationspurposeistoremovethefinancialbarriersforyoungpeopletoattendacourseatoneoftheTrustsEducationCentres,topromoteSir

EdmundsHillary’slegacyintheoutdoorsandtoenableyoungpeopletohaveoutdoorexperiences,educationanddevelopment.TheSirEdmund

HillaryOutdoorsEducationTrustactsascustodianfortheTrust.TheFoundationhasnotsponsoredanystudentstocometoacentreinthis

financialyear,howeverithasprovidedshort-termfundingof$66,000totheTrustforashortperiodduringtheyear.Thisamountwasrepaidby

financialyearend.

16) CONTINGENT LIABILITIES

Atbalancedatetherearenoknowncontingentliabilities.TheTrusthasnotgrantedanysecuritiesinrespectofliabilitiespayablebyanyother

partywhatsoever(2013:$Nil).

17) COMMITMENTS

Asat31December2014TheTrusthadanoperatingleaseinplacewithEllerslieInvestmentsLimited–rentalagreementforpremisesinDevonport,

Aucklandforatermof2yearsfrom1September2013to31August2015.Inaddition,anoperatingleasewithFujiXeroxwascommenced4

October2012foratermoffouryearsending12September2016fortwoprintercopiersinAucklandandTongariro.

18) GOING CONCERN

Thefinancialstatementsshowanetlossof$214,750fortheyearandnegativeworkingcapitalof$476,281asat31December2014.TheTrust

hasTrustCapitalof$2,617,740withexternalborrowingsof$7,761.Thefinancialstatementshavebeenpreparedonagoingconcernbasis,which

assumesthattheTrustwillcontinueinoperationalexistencefortheforeseeablefuture.TheTrustees,whocontinuallyreviewthefundingneedsof

thebusiness,considerthatinpreparingthefinancialstatementstheyhavetakenintoaccountallinformationthatcouldreasonablybeexpectedto

beavailable,includingthebudgetsandcashflowforecastforthe2015financialyear.Thekeyassumptionsofthesedocumentsare:

SRetainingthe2014courseattendancelevelsandincomeforstudentsatTongariroandGreatBarrierfurnishedinpartbyPubCharity2014grant

andASBCommunitiesTrustgrant;

SGrant/donationincomeachieving95%of2014levels;

STheTrustcontrollingitscostssuchthatanoperatingsurplusatasimilarlevelto2014actualbeforedepreciationisachieved;and

SForecastcapitalexpenditureissufficienttomaintaintheoperationalcapacityoftheTrust.

19) EVENTS AFTER REPORTING PERIOD

Therewerenoeventssubsequenttobalancedate(2013:$Nil).

20) RELATED PARTY TRANSACTIONS

Therewerenorelatedpartytransactions(2013:$19,273marketingservicespaidtoTrusteeIainMorrisonasadirectorofMorrisonMcDougall

Limited).TransactionswiththeSirEdmundHillaryOutdoorsEducationFoundation(relatedduetoanumberofcommonTrustees)aredisclosedin

Note 15.

2014 2013

$ $

No longer than one year 27,400 33,684

Between one and two years 10,350 26,884

37,750 60,568

“…The 20 Year 9 students are

still raving about their trip to

the snow – many of whom had

never seen snow before. It is also

fantastic to see that shy, quiet

Year 9 girls prior to the trip

are now walking around the

College with more confidence...”

Rachel Bennett, (H.O.D. Sports), St Dominic’s

Catholic College

Supported by Douglas Charitable Trust

“...It felt like we were strangers when we arrived, but when we left we were like a family...” Chanel Tuato, student, James Cook High School Supported by Auckland Council

ANNUAL REPORT 2014...The Genesis Energy Hillary Challenge, won this year by New Plymouth Boys’ and...

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