Report to the Christ’s College Community For the year ended 31 January 2025
It is a pleasure to provide the Report to the Christ’s College Community for the school year 2024. The Board of Governors of Christ’s College Canterbury (the Board) has decided to undertake this form of reporting to parents, Old Boys, and the Anglican Diocese of Christchurch in order to provide greater transparency on the performance – and direction – of Christ’s College (College) and make the Board more accountable to the community that we have the honour of serving. The purpose of this report is to: • Provide copies of the annual financial statements for College as a consolidated entity • Clarify the financial performance of College separate from its endowment fund, the Foundation through separate reporting for each • Explain the financial performance of the Foundation; • Set out the academic and co-curricular performance of College • Detail the long-term strategy of College and update against its progress.
College Strategy
Christ’s College is a small community of aspiration, inspiration, and excellence. It aims to see each boy at his best by providing a high-quality, traditional (bene tradita, bene servanda), Anglican education tailored for boys. By doing so, it aims to educate boys to be men of virtuous character who make a positive contribution to society. In March 2025, the Board and senior leadership team met to develop a strategy for the next five years. The College’s key priorities are: • Academic performance – ensure College is the leading academic school for boys in New Zealand • Financial sustainability – ensure prudent stewardship of resources for long-term success • Co-curricular excellence – deliver outstanding co-curricular programmes that develop character, confidence, and leadership in our students • Recruitment and retention of exceptional staff – attract, develop, and retain high-quality staff • Community engagement – strengthen connections with all stakeholders to optimise the College experience More details on how these strategic actions will be put into operation will be provided by the Headmaster through the school’s newsletter, In Black & White and other publications.
2024 in Review
For College, 2024 was a year of transition, with the departure of Garth Wynne and the arrival of Joe Eccleton, following a term with Gillian Simpson as Interim Executive Principal. Overall, the year was relatively successful for College, with sporting, dramatic, and musical success, alongside strong academic performance. As always, there remain clear areas for improvement: • While positive across most areas, the MMG survey results show several areas of opportunity that have already begun to be actioned by the Headmaster and his team. • The academic performance of College’s Year 13 boys was below par. While the nature of NECA means that Level 3 results are of limited relevance for entry into New Zealand universities, College still expects a higher level of performance than that achieved. • The financial performance of College operations was a deficit. The Board is committed to addressing this but as 2024 was a year of transition, it did not wish to take significant steps to do so in that year. Work is under way by the Headmaster and staff to address these areas.
2025 – Goals and Expectations
With a new Headmaster, the 2025 focus is on developing and embedding the strategy and assessing College operations, as well as celebrating our 175th anniversary.
This focus is translated into the following goals: • Developing a strategic plan for 2025–2030
• Conducting a review of the academic performance of College • Reviewing enrolment policies and selection criteria • Working to reduce the operational deficit of College.
The Board will report back to the community on progress as part of the 2025 report, which will be published next year. In 2025, the Board is also considering capital planning and undertaking early work on the refurbishment of the Tothill Science Block and the Music School.
Foundation – Strategy and Performance
It is well known that College is lucky to have an endowment fund, due in large part to the legacy of the gifts from Maria Somes at College’s establishment. That effectively provides a subsidy for College operations. However, for several years, College has been drawing too heavily from the Foundation. Commencing in 2022, the Board adopted a strategy of: • Giving management of the Foundation assets to a board sub-committee, which consists of two independents (Johnny Cochrane – Chair; and Simon Botherway) and two Board members • Delegating to the Foundation Committee the ability to recommend the level of distribution from the Foundation to College for each financial year • Adopting a long-term 100-year strategy with passive implementation • Aiming for a long-term distribution policy of 2.5% of the value of the Foundation to College each year. This last step – working towards a long-term annual distribution of 2.5% of the Foundation’s value – is of particular importance. In recent years, this distribution value has fluctuated from 5% to as much as 12%, preventing real-term growth of the Foundation asset base. While this strategic growth priority has resulted in reduced distributions to College over recent years, no further reductions are anticipated.
College – Financial Performance
The 2024 financial performance of College was a significant deficit. There is a continued and urgent need for improvement. The Board is working with the Headmaster and staff to ensure that this change happens and that effective and sustainable financial measures are implemented across operations to ensure that every dollar goes further. Some of these measures include reviewing: • The all-inclusive fee • College property holdings in Gloucester Street and Armagh Street to better inform which are necessary for operations and which ones should achieve a commercial return • The financial reporting of College to create greater efficiency and transparency • The administrative function of College to identify possible savings Perhaps, the most important of all is the work under way by the Headmaster and staff to foster a culture where every dollar is valued and careful thought is given to any additional expenditure. Updates on progress will be provided to the community during the year.
College – The Future
While the position of College has its challenges, as a community we have plenty to be optimistic about. Our boys continue to achieve and thrive in an incredibly enriching educational experience – thanks not just to our heritage campus, but to our staff. College remains at the forefront of boys’ education and with a new strategy and an excellent Headmaster and staff, we are well placed to cement our position as New Zealand’s leading boys’ school. Yours, Jeremy Johnson KSM
Christs College Annual Update 2025
Financial Update for the year ending 31 January 2025
2025
School Operations
Christ's College Entity
Financial Performance ($m)
Foundation
Revenue
28.6
10.7
39.3
Expenditure
(32.7)
(0.4)
(33.1)
Trading result pre Foundation allocation
(4.1)
10.3
6.2
Foundation allocation
2.6
(2.6)
0.0 6.2
Trading Result
(1.5)
7.7
One-off net gains/(loss)
0.0
(0.8)
(0.8)
Surplus/(loss) for the year
(1.5)
6.9
5.4
2025
School Operations
Christ's College Entity
Financial Position ($m)
Foundation
Current Assets Short Term Deposits
0.2
0.5
0.7
Sundry Current Assets
4.9
-
4.9
Assets held for resale
-
-
-
5.1
0.5
5.6
Non-current Assets Managed Funds
62.0
62.0
Investment Property
7.7
7.7
College Property, Plant & Equipment
84.9
84.9
84.9
69.7
154.6
Total Assets
90.0
70.2
160.2
Current Liabilities Loans
2.2
-
2.2
Other Current Liabilities
6.2
-
6.2
8.4
-
8.4
Non-current Liabilities Loans
15.0
-
15.0
23.4
-
23.4
Total Liabilities
Net Assets/Equity
66.6
70.2
136.8
Financial Update for the year ending 31 January 2024
2024
School Operations
Christ's College Entity
Financial Performance ($m)
Foundation
Revenue
23.4
7.1
30.5
Expenditure
(27.5)
(0.4)
(27.9)
Trading result pre Foundation allocation
(4.1)
6.7
2.6
Foundation allocation
3.0
(3.0)
0.0 2.6 2.8 5.4
Trading Result
(1.1) 3.4 2.3
3.7
One-off net gains/(loss)
(0.6)
Surplus for the year
3.1
2024
School Operations
Christ's College Entity
Financial Position ($m)
Foundation
Current Assets Short Term Deposits
2.5
7.2
9.7
Sundry Current Assets
2.2
1.0
3.2
Assets held for resale
-
6.5
6.5
4.7
14.7
19.4
Non-current Assets Managed Funds
-
39.5
39.5
Investment Property
-
8.4
8.4
College Property, Plant & Equipment
83.6
-
83.6
83.6
47.9
131.5
Total Assets
88.3
62.6
150.9
Current Liabilities Loans
0.8
-
0.8
Other Current Liabilities
3.8
-
3.8
4.6
-
4.6
Non-current Liabilities Loans
15.0
-
15.0
19.6
-
19.6
Total Liabilities
Net Assets/Equity
68.7
62.6
131.3
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 January 2025
1
TABLE OF CONTENTS
Chair’s Report
3
Independent Auditor’s Report Service �erformance Informa�on
4 7
Statement of Comprehensive Revenue and Expense
16 17 18 19 20
Statement of Financial �osi�on Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
2
Independent auditor’s report To the Board of Governors of Christ’s College Canterbury
Our opinion In our opinion, the accompanying financial statements and service performance information of Christ’s College Canterbury (the College), presents fairly, in all material respects: ● the financial position of the College as at 31 January 2025, its financial performance, and its cash flows for the year then ended; and ● the service performance for the year ended 31 January 2025 in that the service performance information is appropriate and meaningful and prepared in accordance with the College’s measurement bases or evaluation methods in accordance with Public Benefit Entity Standards Reduced Disclosure Regime issued by the New Zealand Accounting Standards Board (the applicable financial reporting framework). What we have audited The financial statements and service performance information which comprises: ● The financial statements, including: ‒ the statement of financial position as at 31 January 2025; ‒ the statement of comprehensive revenue and expenses for the year then ended; ‒ the statement of changes in equity for the year then ended; ‒ the statement of cash flows for the year then ended; and ‒ the notes to the financial statements, which include significant accounting policies and other explanatory information. ● The service performance information for the year ended 31 January 2025. Basis for opinion We conducted our audit 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 1 (Revised) The Audit of Service Performance Information (NZ AS 1 (Revised)). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements and service performance information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our independence We are independent of the College in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Other than in our capacity as auditor we have no relationship with, or interests in, the College.
PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand T: +64 3 374 3000, pwc.co.nz
Other information The Board of Governors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements, the service performance information and our auditor’s report thereon. Our opinion on the financial statements and service performance information does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the financial statements and service performance information, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements and service performance information or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Governors for the financial statements and service performance information The Board of Governors are responsible, on behalf of the College, for the preparation and fair presentation of the financial statements and service performance information in accordance with the applicable financial reporting framework, and for such internal control as the Board of Governors determine is necessary to enable the preparation of the financial statements and service performance information that is free from material misstatement, whether due to fraud or error. The Board of Governors are also responsible, on behalf of the College, for the service performance information, including: ● 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 FRS 48 Service Performance Reporting ; ● the preparation and fair presentation of service performance information in accordance with the College’s measurement bases or evaluation methods, in accordance with the applicable financial reporting framework; and ● the overall presentation, structure and content of the service performance information in accordance with the applicable financial reporting framework. In preparing the financial statements and service performance information, the Board of Governors are responsible for assessing the College’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 Governors either intend to liquidate the College or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements and service performance information Our objectives are to obtain reasonable assurance about whether the financial statements and service performance information, 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 (Revised) 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 or collectively, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements and service performance information.
PwC
5
A further description of our responsibilities for the audit of the financial statements and service performance information is located at the External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-14-1/ This description forms part of our auditor’s report. Who we report to This report is made solely to the Board of Governors, as a body. Our audit work has been undertaken so that we might state those matters which 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 College and the Board of Governors, as a body, for our audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John Dixon.
For and on behalf of:
PricewaterhouseCoopers
Christchurch
3 April 2025
PwC
6
SERVICE PERFORMANCE INFORMATION Christ’s College Canterbury is an independent boys’ school in New Zealand with a commitment to work with each boy to inspire and encourage him to aspire to reach his full potential. Purpose Vision The school’s vision is to be a vibrant school community that educates boys to become men of virtuous character who make a positive contribution to society. Mission The mission of Christ’s College is: “ Each boy at his best ” A school for boys We understand and celebrate boys. While boys and young men can excel in many types of educational institutions, we embrace the fact boys learn differently to girls and we employ teaching strategies designed to address learning styles specific to boys. We understand the different and complex worlds of boys and young men and we focus on education that addresses not only how to excel in academics, but also how to grow into graduates of integrity and empathy. We strive to support each boy’s needs and aspirations. Our teachers encourage our students to grow and mature In addition to pursuing high academic achievement, we prioritise wellbeing, developing resilience and empathy, and helping to ensure that each boy achieves his best. Goals include building good character and helping each boy and young man make responsible choices and live an honourable life. We teach in ways that boys learn best Our teachers have made a conscious choice to teach boys. They enjoy boys' irreverent humour and draw energy from their natural exuberance. At College, our teachers take into consideration the interests and talents unique to boys when they prepare each lesson. We help boys discover and explore their full potential at their own developmental pace. We seek first to build good men Without the pressure of a co-ed environment, students in an all-boys school can explore the full range of their personalities and potential. Eschewing stereotypes, they discover they have many roles to play as a scholar, athlete, artist, musician and friend. We enable boys to foster lifelong friendships Working together in the classroom, on the playing field, or in a performance, students are united by a special bond of brotherhood. Christ's College graduates say the friendships they develop with their peers are among the most important benefits they carry with them from their time here.
7
Student Roll In keeping with the school’s vision to educate boys to become men of virtuous character who make a positive contribution to society, the number of students educated is a key performance measure. The logistical constraints of the school campus, the integral nature of the day house system and the desire to remain a small, faith-based Anglican boys’ school, places a cap on the maximum roll. These metrics refer to the academic year and are reflected in the financial year ending 31 January thereafter. Cohort Academic Year FY 2025 2024 FY 2024 2023 Year 9 151 144 Year 10 150 144 Year 11 154 147 Year 12 150 142 Year 13 133 128 Total 738 705 Student numbers are based on the number of students as at July each year, as reported to the Ministry of Education. Scholarships In keeping with our charitable objectives, we offer a range of scholarships to support those families and boys who might otherwise not be able to afford a Christ’s College education. In addition, our scholarship programme helps to ensure we have a diverse community that best reflects modern New Zealand and enriches the educational experience of all our boys. All scholarships have been made possible by the generous gifts of Old Boys and other College supporters. Our most prestigious academic scholarships – the Somes Exhibition Scholarships – are
named after our inspirational early benefactor, Maria Somes. Number of Full Tuition Equivalent scholarships and bursaries: Cohort Academic Year FY 2025 2024
FY 2024 2023
12.07 14.07 15.18 21.77 16.63 79.72
Year 9
12.57 15.19 15.43 20.90 16.13 80.22
Year 10 Year 11 Year 12 Year 13
Total
8
Motivation Personal and collective wellbeing relies on an understanding of character strengths and an informed appreciation of how we can bring ourselves and the groups of which we are a part to their best. As a small, faith-based Anglican boys’ school, College formulates an approach to motivation informed by the latest research and ongoing self-assessment and reflection. We develop understandings and actions for the benefit of all, but especially the three key stakeholders in the college experience - students, staff and parents. We aim to create an atmosphere of excellence, where all are motivated to contribute to the collective good, as well as being personally motivated to aspire to be at their best Virtues Our virtues and graduate outcomes remain at the forefront of our curriculum. As a faith-inspired school, boys experience an education embedded with the behavioural expectations of our virtues. These virtues form the framework of our interactions as a community. Our programme nurtures those virtues and the qualities found in a Christ’s College graduate.
Academic Outcomes Christ’s College is committed to being a leader in teaching and learning, offering students one of the finest education experiences. Our commitment guides all areas of our academic operations, underpinning our pedagogy, programmes and procedures. At Christ’s College we strive to be innovative in our teaching and learning while maintaining the rich traditions of our past.
9
Our approach to teaching and learning is based on extensive experience in educating boys, supported by the latest research on boys’ learning needs and educational achievement. We strive to engage all our boys so that they can achieve, and to create an environment where boys thrive. We are aspirational for our boys’ academic outcomes. We also recognise the rich experiences that contribute to learning both inside and outside the classroom. While academic learning is predominantly gained in a traditional classroom, life learning extends across all experiences at Christ’s College. Our curriculum encompasses all these learning experiences and we are proud of our commitment to a holistic education, including our significant co-curricular programme. Academic Results Christ’s College seeks to ensure that its students consistently perform at their best. The following tables record the percentage of students that attain University Entrance, Excellence, Merit and Pass NCEA Level 2 and 3 in the last two academic years. NCEA Level 2 Academic Year FY 2025 2024 % FY 2024 2023 % Excellence Endorsement 28.4 30.9 Merit Endorsement 33.1 35.7 Pass Rate 97.9 97.0
NCEA Level 3 Academic Year
FY 2024 2023 %
FY 2025 2024 %
Excellence Endorsement
17.4 33.9 93.1
20.2 35.6 88.5
Merit Endorsement
Pass Rate
As each cohort of students progresses through the College they are monitored and supported to ensure that they reach a level of NCEA attainment that best reflects their academic skill set. Co-Curricular Activity The College encourages student participation in sporting and cultural activities rather than on success rates alone. By immersing themselves in our extensive co-curricular activities, our students can naturally flourish – culturally, physically and socially. In tandem with our academic framework, we encourage inquiry and self-reliance through our co- curricular programme to help ensure each boy achieves his best and carries those traits into everyday life on leaving school. Whether a boy has a love of sport, a passion for drama, a joy found through music, a commitment to making the world a better place to live, a desire to debate or an eagerness for adventure, the co-curricular programmes provide a path.
10
Each activity also underpins our character strengths of bravery, hope, honesty, zest, creativity, curiosity, perseverance, love of learning, humour, teamwork, fairness, leadership, love, kindness, social intelligence, forgiveness, humility, prudence, self-regulation, spirituality, gratitude, appreciation of beauty and excellence, judgement and perspective. Survey MMG Education (MMG) is an independent provider of school stakeholder research and performance benchmarking. MMG conducts an annual survey of the parents of the College’s students to provide research-based insights into stakeholders’ views. This survey provides useful measures of the College’s achievement of its charitable purpose. The 2024 academic year survey was sent to 698 parents. There are less parents than students because some have more than one boy at the school. The survey response rate was 52% (363 parents). Sport The 2024 academic year survey of students’ parents resulted in overall satisfaction with sporting programme was at 80% and 91% felt the level of emphasis (too little, too much, right amount) was correct.
Co-curricular (Sport) - Satisfaction
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Year 9
Year 10
Year 11
Year 12
Year 13
All
11
Co-curricular (Sport) - Emphasis
100%
80%
60%
40%
20%
0%
-20%
Year 9
Year 10
Year 11
Year 12
Year 13
All
Too Much Too Little Right
Non-Sport The survey revealed 85% satisfaction with non-sport co-curricular activities.
Co-curricular (non-sport) - Satisfaction
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Enjoyment
Choice
Instruction
Facilities
Recognition
All
The survey further revealed satisfaction with the level of emphasis was 89%.
12
Co-curricular (Non-Sport) - Emphasis
100%
80%
60%
40%
20%
0%
-20%
Year 9
Year 10
Year 11
Year 12
Year 13
All
Too Much Too Little Right
House System When a boy arrives at Christ’s College, he also becomes a member of a smaller community, his House. There are 10 Houses at College – seven for dayboys and three for boarders. The Houses are more than just physical spaces where boys live or congregate. Within each House, lifelong friendships are formed, a solid work ethic is nurtured, teamwork is fostered and leadership is promoted. Whether in sporting, cultural or academic arenas, every boy within each House can make – and be recognised for – his contribution to the school. The parents survey demonstrates the importance parents place on the College House system.
House Activities - Importance
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Year 9
Year 10
Year 11
Year 12
Year 13
All
The survey revealed an average 83% satisfaction with the House activities:
13
House Activities - Satisfaction
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Year 9
Year 10
Year 11
Year 12
Year 13
All
The survey further provided feedback on the emphasis placed on House activities at 92% correct.
House Activities - Emphasis
100%
80%
60%
40%
20%
0%
-20%
Year 9
Year 10
Year 11
Year 12
Year 13
All
Too Much Too Little
Right
Community Relationships are the lifeblood of the Christ’s College community and the key to our ongoing success and relevance. Our bi-cultural heritage on our special site in Otautahi, connects us intrinsically with the past, and is a platform for relevant communication and outreach. Our aim is for clear messaging about all our history, and for understanding at every touch point, between teacher and student, parent and school and College and the wider community. The parents survey shows 94% satisfaction with the level of emphasis on community engagement.
14
Community Engagement - Emphasis
100%
80%
60%
40%
20%
0%
-20%
Year 9
Year 10
Year 11
Year 12
Year 13
All
Too Much Too Little Right
Chang es in Service Performance Information The information in the survey of parents is aligned with the College’s charitable aims, objectives and purpose and is included in this report for the first time to provide a richer and more detailed measure of the service performance. There is no corresponding survey for the previous year, so comparative results are not available. Awarding scholarships is an important element of the College’s charitable function and the number of Full Tuition Equivalent scholarships has been reported for the first time together with comparative numbers for the previous year. The Investment Performance information included in prior years was reviewed and is considered a financial measure and not suitable as a measure of the achievement towards the charitable purpose. Accordingly, it is no longer being reported here.
15
CHRIST'S COLLEGE CANTERBURY STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSE FOR THE YEAR ENDED 31 JANUARY 2025
2025
2024
$000
$000
Notes
Revenue from exchange transactions Tuition and boarding revenue
22,685
20,293
Rent revenue
1,088
730
Gain on disposal
39
2,357
- Property, plant and equipment
-
-
Interest Income
237
6
Other exchange revenue
3,991
2,687
4(i)
Unrealised gains / (losses) from changes in Revenue from non-exchange transactions Government grants
-
-
1,142
1,110 2,267
4(ii)
Fundraising and donations
689
Unrealised gains & losses from changes in fair value of investment properties and financial instruments
8,605
3,390
5(ii)
Total revenue
38,476
32,840
Expenses Employee benefit expenses
15,996
14,879
7
Depreciation
2,154
1,701
Realised losses from - Investment properties and financial instruments
76
33 27
5(i)
Finance costs Other expenses Total expenses
685
16(iii)
14,172 33,083
10,831 27,471
6
Surplus / (deficit) for the year
5,393
5,369
Other comprehensive revenue and expense
-
-
Total comprehensive revenue/(expense) for the year
5,393
5,369
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
16
CHRIST'S COLLEGE CANTERBURY STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2025
2025
2024
$000
$000
Notes
ASSETS Current assets Cash and cash equivalents
674
9,691 1,755 1,083
8
Receivables from exchange transactions
3,061 1,475
10
Prepayments
Inventory
431
327
Current financial assets Assets held for sale Total current assets Non current assets Non current financial assets
- -
35
11(i)(b)
6,500
5,641
19,391
61,974
39,516
11(i)(a)
Investment property
7,650
8,400
12 14
Property, plant and equipment
84,946 154,570
83,620 131,536
Total non current assets
TOTAL ASSETS
160,211
150,927
LIABILITIES Current liabilities Trade and other payables Other financial liabilities Employee benefit liability Total current liabilities Non current liabilities Loans Total non current liabilities Loans - current Deferred revenue
1,391
1,526
17
41
-
11(ii)(a)
243
205 839
2,217 4,542 8,434
16(i)
2,042 4,612
18
15,069 15,069
15,000 15,000
16(ii)
TOTAL LIABILITIES
23,503
19,612
NET ASSETS
136,708
131,315
TOTAL EQUITY
136,708
131,315
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
17
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2025
2025
2024
$000
$000
Opening Balance Equity Capital Reserves
8,228
7,859 9,113
22(i)(a) 22(i)(b)
General Reserves Special Funds General equity
12,041
981
260
22(ii)
110,065 131,315
108,714 125,946
Total Opening Balance Equity
Equity transfers of income to: Capital Reserves
183 505
369
22(i)(a) 22(i)(b)
General Reserves
4,541
Special Funds
1,534
820
22(ii)
Equity transfers of expense allocation to: General Reserves
(10,963)
(1,613)
22(i)(b)
Special Funds
(923)
(99)
22(ii)
Transfer of comprehensive revenue and expense to general equity Total comprehensive revenue and expense for the year
15,057
1,351 5,369
5,393
Closing Balance Equity Capital Reserves
8,411 1,583 1,592
8,228
22(i)(a) 22(i)(b)
General Reserves Special Funds General equity
12,041
981
22(ii)
125,122 136,708
110,065 131,315
CLOSING BALANCE EQUITY
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
18
CHRIST'S COLLEGE CANTERBURY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
2025
2024
$000
$000
Notes
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Grants, fundraising, donations and bequests
28,095
23,758
2,116
3,791
Payments to suppliers Payments to employees
(12,911) (15,809)
(12,033) (14,978)
Net Cash Flow from / (used in) Operating Activities
1,491
538
9
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant & equipment
-
2,356 5,500 9,995
Sale of investment property
6,500
Sale of Investments
55,767
Purchase of Investments
(68,850) (3,114)
-
Purchase of property, plant and equipment
(7,996)
Net Cash Flow from / (used in) Investing Activities
(9,697)
9,855
CASH FLOWS FROM FINANCING ACTIVITIES Interest Received
237
6
Interest Paid
(937)
(804)
Bank loans drawn down Other financing drawn down
1,351
7,881 3,950
- -
Bank loan repayments
(8,150) (3,829)
Other financing repayments
(1,462)
Net Cash Flow from / (used in) Financing Activities
(811)
(946)
Net increase / (decrease) in cash and cash equivalents
(9,017)
9,447
Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year
9,691
244
674
9,691
Interest Received and Interest Paid are reported as Cash Flow from / (used in) Financing Activities and were previously reported in Cash Flows from / used in Operating Activities. The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2025 1 Reporting entity
Christ’s College Canterbury, the “College”, is incorporated under the Christ’s College Canterbury Ordinance 1885, is a registered charity under the Charities Act 2005 and is domiciled at 33 Rolleston Avenue Christchurch. Operationally, the single legal entity is divided into the day-to-day school activities (the “School”) and an investment arm (the “Foundation”). Christ’s College Canterbury is a public benefit entity for the purposes of financial reporting in accordance with the Financial Reporting Act 1993. The College operates an independent Year 9 to 13 boys' school, as well as associated boarding houses and an investment portfolio, the foundations of which were funds gifted to the College and which are used to benefit current and future students. These financial statements have been approved and were authorised for issue by the Board of Governors on 03 April 2025. 2 Statement of compliance These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’). They comply with New Zealand equivalents of Public Benefit Entity (PBE) International Public Sector Accounting Standards (IPSAS) and other applicable reporting standards as appropriate that have been authorised for use by the External Reporting Board for Not-For-Profit entities. For the purposes of complying with NZ GAAP, the College is a public benefit not-for-profit entity and is eligible to apply Tier 2 Not-For-Profit PBE IPSAS on the basis that it does not have public accountability and it is not defined as large (operating expenditure has been between $5m and $33m in the current and prior period). The Board has elected to report in accordance with PBE Standards Reduced Disclosure Regime (RDR) and in doing so has applied all applicable disclosure concessions. 3 Summary of accounting policies Basis of preparation The presentation and functional currency is New Zealand dollars. Except where specified, the accounting policies set out below have been applied consistently to all periods presented in these financial statements. Historical cost convention These financial statements have been prepared on a historical cost basis except for derivative financial instruments, available-for-sale assets and investment property which has been measured at fair value.
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Use of judgements, estimates and assumptions The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from those estimates. (i) Judgements Judgements made in applying accounting policies that have had the most significant effects on the amounts recognised in the financial statements include: • Revenue recognition – exchange or non-exchange revenue and furthermore within non-exchange those revenues identified as having conditions versus restrictions, • The fair value of financial instruments recognised through surplus or deficit. (ii) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The financial statements are based upon assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the College. Such changes are reflected in the assumptions when they occur. • Revaluation of investment properties The College holds its investment properties at fair value with changes in fair value being recognised through surplus or deficit in accordance with PBE IPSAS 16 - Investment Property. The College measures fair value of the investment properties based on periodic but at least triennial valuations by external independent valuers less any impairment losses recognised after the date of the revaluation. Valuations are performed with sufficient regularity to ensure that the fair value does not differ materially from its carrying amount. The key assumptions used are provided in Note 3(e). • Fair value measurement of financial instruments including share investments and derivatives Some of the College’s assets and liabilities are measured at fair value for financial reporting purposes. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in Note 3(d)(i)-(iii). a) Revenue recognition Revenue is recognised to the extent that it is probable 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:
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i.
Revenue from exchange transactions Tuition & boarding revenue Tuition fee and boarding revenue is recognised in the academic year to which it relates. 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. Rental revenue
Rental revenue arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue in the Statement of Comprehensive Revenue and Expense due to its operating nature. Interest revenue Interest income is included in other exchange revenue and is recognised as it accrues, using the effective interest method. 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 Government grants based on the College’s student numbers and are recognised at fair value in the Statement of Comprehensive Revenue and Expense over the same student enrolment periods as the grants are based on. Government grants are recognised as income when the underlying requirements for receiving the grant have been met. Fundraising, donations and bequests The recognition of non-exchange revenue depends on the nature of any stipulations attached to the inflow of resources received, and whether this creates a present obligation rather than the recognition of revenue. Stipulations that are ‘conditions’ specifically require the College to return the inflow of resources received if they are not utilised in the way stipulated, resulting in the recognition of a non-exchange liability that is subsequently recognised as non-exchange revenue as and when the ‘conditions’ are satisfied. Stipulations that are ‘restrictions’ do not specifically require the College to return the inflow of resources received if they are not utilised in the way stipulated, and therefore do not result in the recognition of a non-exchange liability, which results in the immediate recognition of non-exchange revenue. Fundraising, donations and bequests are non-exchange revenue and are recognised as described above. b) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except for receivables and payables, which are stated inclusive of any GST. The net amount of GST recoverable from, or payable to, the Inland Revenue Department is part of receivables or payables in the Statement of Financial Position.
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Cash flows are included on the Statement of Cash Flows on a gross basis. The GST component of the cash flows arising from investing and financing activities, which is recoverable from, or payable to, the Inland Revenue Department are classified as part of operating cash flows. c) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, other highly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and with an insignificant risk of changes in value. d) Financial instruments Financial instruments are recognised when the College becomes a party to the contractual provisions of the instrument. Financial instruments are derecognised when the contractual rights to the cash flows from the asset expire, or College transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. The College derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire. The College also derecognises financial assets and liabilities when there have been significant changes to the terms and/or the amount of contractual payments to be received/paid. Financial assets and liabilities are offset, and the net amount presented in the Statement of Financial Position when, and only when, the College has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. i. Financial assets Financial assets are classified, at initial recognition, as financial assets at fair value through surplus or deficit, loans and receivables, and held-to-maturity investments or available-for-sale financial assets. All financial assets are recognised initially at fair value. Financial assets include cash and cash equivalents, short-term investments, receivables from non-exchange transactions, receivables from exchange transactions and investments. All financial assets except for those at fair value through surplus or deficit are subject to review for impairment at least at each reporting date. Financial instruments are impaired when there is any objective evidence that a financial asset or group of financial assets is impaired. • Financial assets at fair value through surplus or deficit Financial assets at fair value through surplus or deficit include financial assets held for trading and financial assets designated upon initial recognition at fair value through surplus or deficit. Investments in equities held are included in this category of financial instruments. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments (as defined by PBE IPSAS 29).
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Movements in the financial assets at fair value through surplus (positive changes in fair value) or deficit (negative changes in fair value) are recognised in the Statement of Comprehensive Revenue and Expense. • Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, such financial assets are subsequently measured at amortised cost using the effective interest method, less impairment. This category generally applies to cash and cash equivalents (Note 8), term deposits, derivative financial instruments and trade and other receivables (refer Note 10). ii. Impairment of financial assets The College considers evidence of impairment for financial assets at both a specific asset and at collective level. All individually significant assets are assessed for specific impairment. Those found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. A financial asset not measured at fair value through surplus or deficit is assessed at each reporting date to determine whether there is objective evidence that it is impaired. Objective evidence that financial assets are impaired as a result of one or more events after the initial recognition of the asset, and that the loss event(s) had an impact on the estimated future cash flows of that asset can be reliably estimated. Objective evidence includes default or delinquency by a counterparty, restructuring of an amount due on terms that the College would not consider otherwise, indications that a counterparty or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers, economic conditions that correlate with defaults or the disappearance of an active market for a security. In addition, for an equity security classified as an available- for-sale financial asset, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the financial asset’s original effective interest rate. Losses are recognised in surplus or deficit and reflected in an allowance account against loans and receivables. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through surplus or deficit. Individual trade receivable balances that are known to be uncollectible are written off when identified, along with any associated allowances. iii. Financial liabilities Financial liabilities classified at amortised cost are non-derivative financial liabilities that are not classified as fair value through surplus or deficit. Financial liabilities classified as amortised cost are subsequently measured at amortised cost using the
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