2025
2024
21 Leases
$000
$000
Less than one year
142 124 266
147 201 348
Later than one year and no later than five years
Total leases
Payments for operating lease agreements, where the lessor retains substantially the risk and rewards of ownership of an assets, are recognised as an expense over the lease term.
22 Equity Reserves
Funds are allocated from general equity to equity reserves to record the nature and purpose for which the donations and bequests which generate the equity are intended. Restricted funds are Capital Reserves which are invested in order to generate returns, rather than being applied to expenditure directly. The funds are inflation adjusted at the rate of the Consumer Price Index to ensure the value is not eroded over time. They are allocated to scholarships and bursaries, arts and education, sports and recreation, building and infrastructure maintenance and construction and general operations of the school. General Reserves include donations and bequests intended for expenditure rather than investment. Special funds are for specific purposes and include a $1.5 million bequest from the Sir Miles Warren estate for maintenance and capital works on the school's heritage buildings. Expenditure allocated to the various funds has been applied according to the purposes intended.
22(i) Restricted Funds Equity Reserve
Opening Balance
Inflation Protection
Closing Balance
Inflation Protection
Closing Balance
(a) Capital Reserves
$000
2024
@ 4.7%
2024
@ 2.2%
2025
Name of Trust Sports & Recreation Trust Scholarship & Bursary Trust
267
13
280
6
286
3,681
173
3,854
86
3,940
Art & Education Trust
238 282
11 13
249 295
6 7
255 302
Building & Infrastructure Trust
General Purposes Trust
3,391 7,859
159 369
3,550 8,228
78
3,628 8,411
Total
183
Scholarships & Bursaries
Other Expenditure Closing Balance
(b) Trust General Reserves
Opening Balance
Funds In
$000
General Reserves 2025
12,041
505
(1,843)
(9,120)
1,583
General Reserves 2024
9,113
4,541
(1,613)
-
12,041
Opening Balance
Funds in
Allocations Closing Balance
22(ii) Special Funds Equity Reserve
$000
2025
2025
Special Funds 2025 Sir Miles Warren Heritage Building Fund
-
1,500
-
1,500
Building Preservation Fund Upper West Field Resurfacing
201 664
- - - - -
(201) (664)
- -
Acland - Media Studies
7
-
7
H B Williams Trust
54 25
(8)
46
College Diploma Programme Grigg - Teacher Training
(25)
-
7 3
20
(2) (3)
25
Library (Lost Books)
-
-
Sony Camp
-
14
-
14
Common Room Fund
20
-
(20)
-
Total special funds in equity 2025
981
1,534
(923)
1,592
33
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