Report to the Christ’s College Community For the year ended 31 January 2026
From the Chair Jeremy Johnson KSM
It is my pleasure to provide you the Christ’s College annual report, which marks a revised approach to reporting to our community. The Warden and Fellows, with the Headmaster, are ambitious for Christ’s College to become New
Zealand’s leading secondary school for boys. Transparency about what that means — our KPIs, and how we measure against our strategic priorities — is an important discipline. As this report shows, and thanks to the hard work of the Headmaster and staff, we have already made considerable progress towards those goals. The financial statements are consolidated for both Christ’s College and the Foundation. They show a good overall result, with a significant reduction in debt. Just as important is the discipline brought to the operations of College itself. The accompanying tables set out the performance of College and the Foundation separately. From those you will see that, while College ran at a trading loss, it was — for the first time in some years — a materially improved result against the budget set. That operational discipline, which should bring College close to break-even this financial year, means that as we prepare the budget for next year, we will be looking to invest further in our programmes and buildings. Finally, this report is, at heart, a record of our progress in educating our boys to be young men of virtuous character, and in supporting them to achieve at the highest level. Bene tradita bene servanda.
Christs College annual update 2026 Financial update for the year ending 31 January 2026
2026
School Operations
Financial Performance ($m)
Foundation Christ’s College Entity
Revenue
29.8
8.2
38.0
Expenditure
(32.5)
(0.3)
(32.8)
Trading result pre Foundation allocation
(2.7)
7.9
5.2
Foundation allocation
1.9
(1.9)
-
Trading Result
(0.8)
6.0 (1.1)
5.2
One-off net gains/(loss)
1.1
(0.0)
Surplus for the year
0.3
4.9
5.2
2026
School Operations
Christ’s College Entity
Financial Position ($m)
Foundation
Current Assets Short Term Deposits Sundry Current Assets Assets held for resale Non-current Assets Managed Funds Investment Property
0.2
-
0.2 5.2
5.1
0.1
-
-
-
5.3
0.1
5.4
- -
58.9
58.9
7.7
7.7
College Property, Plant & Equipment
81.6 81.6
1.9
83.5 150.1
68.5
Total Assets
86.9
68.6
155.5
Current Liabilities Loans
0.8 5.8 6.6
-
0.8 6.5 7.3
Other Current Liabilities
0.7 0.7
Non-current Liabilities Loans
0.1
6.2
6.3
6.7
6.9
13.6
Total Liabilities
Net Assets/Equity
80.2
61.7
141.9
Financial update for the year ending 31 January 2025
2025
School Operations
Financial Performance ($m)
Foundation Christ’s College Entity
Revenue
28.6
10.7 (0.4) 10.3 (2.6)
39.3 (33.1)
Expenditure
(32.7)
Trading result pre Foundation allocation
(4.1)
6.2
Foundation allocation
2.6
-
Trading Result
(1.5)
7.7
6.2
One-off net gains/(loss)
-
(0.8)
(0.8)
Surplus/(loss) for the year
(1.5)
6.9
5.4
2025
School Operations
Christ’s College Entity
Financial Position ($m)
Foundation
Current Assets Short Term Deposits Sundry Current Assets Assets held for resale Non-current Assets Managed Funds Investment Property
0.2 4.9
0.5
0.7 4.9
- -
-
-
5.1
0.5
5.6
- -
62.0
62.0
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 6.2 8.4
- - -
2.2 6.2 8.4
Other Current Liabilities
Non-current Liabilities Loans
15.0
-
15.0
23.4
-
23.4
Total Liabilities
Net Assets/Equity
66.6
70.2
136.8
Annual report and financial statements For the year ended 31 January 2026
Table of contents
Page
Chair’s report
1
Governance structure
2
Headmaster’s report
3
Statement of responsibility
4
Statement of service performance report
5
2025–2030 strategic priorities
6
Academic performance
7
Financial sustainability
8
Co-curricular excellence
9
Recruitment and retention of exceptional staff
12
Community engagement
13
Changes in statement of service
15
performance report
Financial statements
16
Independent auditor’s report
33
Chair’s report
Christ’s College’s 175th year was both one of transition and significant progress. It marked the first full academic year under the leadership of our excellent Headmaster, Joe Eccleton. The greatly improved academic results set out in this report – together with the continued strength in sport and cultural programmes – speak for themselves. Most significantly for the College, the 2025 year marked a strategic reset with the adoption of a new strategic plan. The aim of the plan is simple, to ensure that Christ’s College is the leading secondary school for boys in New Zealand. Within the plan, there are five strategic priorities: academic performance, financial sustainability, co-curricular excellence, recruitment and retention of exceptional staff, and community engagement. Underlying all of that, of course, is our Anglican identity, which is central to all we do. This report – intended to help us communicate more clearly to our community about our goals and how we are tracking against them – demonstrates the progress made in the 2025 year. Not all areas progressed equally. Recruitment and retention of exceptional staff is challenging, with a shrinking teaching workforce, and building deeper community engagement will take sustained effort over multiple years. The Warden and Fellows and Headmaster are clear about the work ahead in these areas. Beyond the improved academic results, the area of greatest progress in 2025 is the financial performance. For the first time in over twenty years, the College’s financial performance was materially better than
budgeted. That is due to the hard work of the Headmaster and our CFO, Leigh Stratford, as well as the commitment of the staff to a culture where every dollar is valued. The strong equity returns on the College’s Foundation endowment also enabled the College to repay $8m of debt associated with Upper West. That means the College now only carries up to $7m of debt – an amount that is more appropriate for an institution like ours. Looking forward, the focus will be on implementation of the strategic plan. For the 2026 year, the Warden and Fellows will focus on property – looking particularly at a 10–year capital plan, with an initial focus on the Music School, Tothill Science Block, and boarding facilities. It will also focus on Advancement – as always in our long history, philanthropy is necessary to develop and build our school. Finally, I want to thank all in our community who help to make Christ’s College what it is – a small, private, Anglican boys’ school for both boarding and day pupils, with a tradition of aspiration and excellence. From our exceptionally dedicated Headmaster and staff to our parents, Old Boys, and boys – Christ’s College has
flourished for 175 years because of the deep commitment of our community to its success.
Bene tradita, bene servanda.
Jeremy Johnson KSM Chair
1
Governance structure
Date joined
Term completed
Warden – The Right Reverend Dr Peter Carrell
18/01/2011
Chair – Jeremy Johnson KSM
04/05/2017
Deputy Chair – Gillian Simpson
04/10/2019
Fellows Timothy Kerr
30/07/2020
Mark Cox
21/10/2021
resigned 19/10/2025
Murray Harrington
20/10/2022
resigned 19/10/2025
Oliver Hickman
20/10/2022
Amanda Johnston
24/09/2024
Angus McKenzie
03/04/2025
In attendance – Joe Eccleton (Headmaster) In attendance – Leigh-Anne Stratford (Secretary/CFO)
In attendance – Mel Murrell (minute taker)
Leadership Team
Joe Eccleton – Headmaster
Darrell Thatcher – Senior Deputy Headmaster Katie Southworth – Deputy Headmaster – Teaching & Learning
Ben Vink – Deputy Headmaster – Student Care
2
Headmaster’s report
In 2025, we celebrated 175 years of Christ’s College, a significant milestone that invited both reflection and renewal. The commemorative events held throughout the year served as a powerful reminder of the legacy entrusted to us: generations of young men shaped by the College, and the staff, families, and supporters whose vision and commitment have sustained it. These occasions were not only an opportunity to honour our past, but also to acknowledge the responsibility we share. We are custodians of a rich inheritance, and it is incumbent upon us to ensure that we strengthen this proud legacy and leave the school in a better condition than that in which we found it. I am pleased to report that 2025 has been a year of achievement across all dimensions of College life. Our academic results were outstanding, with NCEA and Scholarship outcomes improving in every area compared with the previous year. These results reflect the dedication and perseverance of our boys, supported by the expertise, care, and commitment of our staff. They also reflect our continued strategic focus on academic excellence as a central priority for Christ’s College. Our sports programme has continued to flourish. We celebrated particularly strong performances in basketball, rugby, and rowing. Yet sport at Christ’s College is about far more than results. It serves as a powerful platform for developing character. Through both success and setback, our boys learn discipline, resilience, teamwork, and respect – qualities that are central to the formation of well-rounded young men. The Arts remain a vital pillar of College life. Whether in music, drama, visual arts, or cultural performance, our boys continue to distinguish themselves, enriching the life of the school and providing important avenues for
creativity and expression. Our major production, in collaboration with Rangi Ruru Girls’ School, Shakespeare in Love , was a highlight of the year, showcasing both talent and collaboration at the highest level. At the conclusion of the year, College also undertook a review of the Music programme, identifying opportunities that will further strengthen and develop this important area in 2026. As an Anglican school, service lies at the heart of our educational philosophy. Through a growing range of service programmes, we intentionally connect our boys with the wider community, immersing them in meaningful experiences. Our Year 10 Immerse & Inspire programme continues to play a vital role in this. Designed to challenge and broaden horizons, it remains a cornerstone in developing young men of character and purpose, providing experiences that extend well beyond the classroom. Throughout the year, we have worked closely with the Warden and Fellows to set and implement a clear strategic direction to ensure that Christ’s College remains the premier school for boys in New Zealand. Central to this work has been the reaffirmation of our vision: to be an Anglican school that educates boys to become young men of virtuous character who empower their communities for the betterment of society. We pursue this vision through an aspirational culture, intentionally focused on the development of both the intellect and the character of our boys. As we look to the next chapter of our history, we do so with confidence and purpose.
Bene tradita, bene servanda. Joe Eccleton Headmaster
3
Statement of responsibility For the year ended 31 January 2026
The Warden and Fellows of Christ’s College Canterbury has pleasure in presenting its annual report, incorporating the financial statements, service performance information, and the independent auditor’s report, for the year ended 31 January 2026. The Warden and Fellows accepts responsibility for the preparation of the annual financial statements and the judgements used in these statements. The management, including the Headmaster and others as directed by the Warden and Fellows, accept responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of the financial reporting. In the opinion of the Warden and Fellows and management, the annual financial statements for the financial year fairly reflect the financial performance achievements of the entity. For and on behalf of the Warden and Fellows
Jeremy Johnson KSM Chair 16 June 2026
4
Statement of service performance report
The statement of service performance report provides additional non-financial information that reflects the school’s progress against its overall vision and purpose, as well as its key goals and objectives for the year. Christ’s College 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.
VISION The school’s vision is to be an Anglican school community that educates boys to become men of virtuous character, empowering them to make a positive contribution to society. MISSION The mission of Christ’s College is 'Each boy at his best'.
MOTTO Bene tradita, bene servanda—Good traditions, well maintained.
ANGLICAN VIRTUES The school virtues and graduate outcomes remain at the forefront of the curriculum. As a faith-based 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. Honesty | Pono
Spirituality | Wairuatanga Compassion | Nga¯kau aroha Learning | Nga¯ akoranga Respect | Nga¯kau whakamiha Stewardship | Kaitiakitanga Justice | Manatika
5
2025–2030 Strategic priorities
ACADEMIC PERFORMANCE – ensure Christ’s College is the leading academic school for boys in New Zealand
FINANCIAL SUSTAINABILITY – ensuring 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
6
Academic performance Christ’s College is committed to providing an excellent teaching and learning environment. This focus shapes all of its academic programmes and daily operations. We work to bring innovative teaching into classrooms while still respecting the rich traditions of the school. Our main goal is to help students consistently reach their full potential. The tables below show student performance over the last two academic years. Instead of the standard NCEA Level 1 programme, Year 11 students complete the Christ's College Diploma. The
Diploma is achieved at three levels: Black and White, Silver, and Gold. To earn a Silver or Gold endorsement in this programme, students need to meet specific academic engagement and co-curricular standards. This recognises both their hard work in the classroom and their active involvement in the wider life of College. Year 11 students are still required to sit and meet the NCEA Level 1 co-requisite standards.
NCEA Level 1
2025 academic year
2025 academic year (national average)
2024 academic year
Co-requisites pass rates
(actual)
(actual)
Year 11 Literacy
96.6%
78.8%
96.6%
Year 11 Numeracy
98.0%
78.2%
95.9%
Students complete a first attempt at Numeracy whilst in Year 10. The 2025 pass rate for Year 10 was 92%. The following tables record the percentage of students who have attained University Entrance, Excellence, Merit, and Pass NCEA Levels 2 and 3 in the last two academic years.
NCEA Level 2
2025 academic year
2025 academic year
2024 academic year
pass rates
(actual)
(target)
(actual)
Excellence Endorsement
31.2%
30.0%
28.4%
Merit Endorsement
39.9%
35.0%
33.1%
Pass rate
95.8%
97.0%
97.9%
National average pass rate
73.6%
73.6%
NCEA Level 3
2025 academic year
2025 academic year
2024 academic year
pass rates
(actual)
(target)
(actual)
Excellence Endorsement
22.4%
25.0%
17.4%
Merit Endorsement
33.6%
35.0%
33.9%
Pass rate
95.7%
95.0%
93.1%
National average pass rate
71.5%
69.4%
Scholarships *
35
35
27
UE pass rate **
88.6%
85.0%
83.1%
2025 academic year
2024 academic year
University Offers
(actual)
(actual)
New Zealand University Scholarships
38
25
* A scholarship is an award that recognised top secondary students who complete additional assessments.
7
** The University Entrance (UE) standard is met when a student secures NCEA Level 3, including the UE Literacy component – comprising 5 reading and 5 writing credits at Level 2 or above – and a minimum of 14 credits across three approved subjects.
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. Financial sustainability STUDENT ROLL Number FY 2026 FY 2025 of students 2025 academic year 2024 academic year Year 9 135 151 Year 10 152 150 Year 11 151 154 Year 12 150 150 Year 13 143 133 Total 731 738
Number
FY 2026
FY 2025
of students
2025 academic year
2024 academic year
Domestic students
715
720
International students
16
18
Total
731
738
* Student numbers are taken from the July Ministry of Education report.
8
Co-curricular excellence
At Christ’s College, we 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 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. At Christ’s College, we encourage student participation in sporting and cultural activities, rather than measuring success rates alone.
SPORT Sport remains a pillar of co-curricular excellence at Christ’s College, contributing significantly to the development of character, connection, and belonging across College. Our programme balances inclusive engagement with aspirational performance pathways, ensuring boys of all abilities are both challenged and supported. Sport is a core expectation of College life. Boys in Years 9–12 participate in two seasons per year, with Year 13 students completing one compulsory season. This structure reflects our belief that involvement in sport is fundamental to holistic education and the development of teamwork, resilience, and service. Across 12 summer and 11 winter sports, engagement remains strong, with continued regional and national representation reflecting the quality of coaching and athlete development structures and high-performance programmes. We continue to strengthen experiences at all levels to ensure every boy is well coached, well supported and connected to his team. Strategic priorities remain focused on sustainable staffing, coach development, safety and supervision, and maintaining alignment between our participation model and performance expectations. Through this balanced and values-driven approach, sport continues to play a vital role in delivering co-curricular excellence and developing each boy at his best.
Number
FY 2026
FY 2025
of students
2025 academic year 2024 academic year
Summer sport
530
535
Winter sport
660
751
Students may participate in more than one sport per season. Three full-time sports convenors were hired at the beginning of 2025 to cover rugby, athletics, hockey, cricket, volleyball, basketball, tennis, and football. Having dedicated oversight rather than teacher management should, over time, strengthen organisation, communication, and the overall experience for boys and parents.
9
DRAMA Drama at Christ’s College continues to flourish, driven by a highly skilled and collaborative staff and a student body that consistently strives for excellence. Our goal remains dual-focused: to produce high-calibre performance work while ensuring the widest possible participation across all year levels.
Within the drama department, students have the ability to participate in a senior production (Years 11-13), junior production (Years 9-10), backstage crew for the productions, House Plays, the Shakespeare Festival, dance, and Speech and Drama.
MUSIC The Music programme is currently undergoing a period of renewal, with a review of academic provision, facilities, culture, and co-curricular management under way. The management team is currently developing a new strategic plan, including a road map to becoming a ‘premier music school, recognised nationally.’
Students are able to participate in music programmes such as chapel choir, rock programme, orchestra, chamber music, vocal and keyboard, woodwind, brass, percussions and string instruments.
10
TE REO MA ¯ ORI At Christ’s College, we offer Te Reo Ma¯ori classes across all year levels, with it being compulsory in Year 9 and an optional subject in Years 10 - 13.
The school’s Kapa Haka group has become an integral part of important Christ’s College occasions, including the Mihi Whakatau at the beginning of the year and School Prize-giving at year’s end. In 2025, Christ’s College students were awarded first place in both the junior and senior English categories at the Nga¯ Manu Ko¯rero Regional Speech competition and competed at the nationals for the first time.
Number
FY 2026
FY 2025
of students
2025 academic year 2024 academic year
Year 9
135
151
Year 10-13
51
52
DUKE OF EDINBURGH The Duke of Edinburgh programme is widely supported across the school, with students achieving the following award levels:
Number
FY 2026
FY 2025
of students
2025 academic year 2024 academic year
Bronze
116
101
Silver
44
57
Gold
18
11
Total completed 169 * Numbers are taken from the Duke of Edinburgh report for the calendar year (January to December) 178
11
Recruitment and retention of exceptional staff
Christ’s College takes pride in recruiting and retaining highly experienced teachers, with 90% of teachers in the FY2026, 2025 academic year, on the top teaching pay scale. At the end of the 2025 academic year, of the 83 teaching staff employed, 23 staff members held a Masters or Doctorate qualifications. Pastoral care and academic support at Christ’s College come not only from the teaching staff but also from the support provided by nurses, counsellors, sports convenors, house tutors, and matrons.
FY 2026
FY 2025
Included in the teaching and pastoral care FTE are all teaching staff (including teacher aides, technicians and librarians), nurses, tutors, matrons and sports convenors. Sports coaches, due to the variability of their contracts, have been excluded.
Pastoral Care
2025 academic year 2024 academic year
Teaching and pastoral care FTE
98.20
93.79
Student to staff ratio
7.44
7.87
12
DIVERSITY Christ’s College encourages diversity within its community, and has students from more than 11 ethnicities. 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. Community engagement 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.
Number of Students
FY 2026
FY 2025
2025 academic year 2024 academic year
New Zealand European
563
570
Chinese
41 56
40 47
Ma¯ori
Other European Southeast Asia
36
38
3
6
Other Asian
15
20
Indian
6
6
Samoan
4 4 1 2
5 3 2 1
African
Fijian Other Total
731
738
Christ’s College is also a member of Round Square, which provides learning opportunities with other Round Square schools throughout the world, student exchanges, service projects, and conferences. SCHOLARSHIPS Christ’s College offers a number of merit-based academic, music, drama, and sporting scholarships to exceptionally talented students. Additionally, in keeping with its charitable objectives, it offers Headmaster scholarships to support those families and boys who might otherwise not be able to afford a Christ’s College education. In addition, College’s scholarship programme helps to
ensure it has a diverse community that best reflects modern New Zealand and enriches the educational experience of all boys.
13
All scholarships have been made possible by the generous gifts of Old Boys and other College supporters. Christ’s College’s most prestigious academic scholarships – the Somes Exhibition Scholarships – are named after the inspirational early benefactor, Maria Somes.
Number of students
FY 2026
FY 2025
receiving
2025
2024
scholarships
academic year
academic year
Fully funded
11
8
Partially funded
129
137
Total
140
145
FTE equivalent
69.6
72.4
The value of scholarships has increased from $1.723m in the 2024 academic year to $1.883m in the 2025 academic year. Donations for scholarships have increased from $95k in the 2024 academic year to $274k in the 2025 academic year. These donations were largely received as part of the 2025 Annual Appeal campaign, which focused on scholarships for students who would otherwise not have been able to attend Christ’s College. The support from third-party donations to continue to offer these scholarships is appreciated. EVENTS While the events outlined below do not represent the full range of engagement opportunities at Christ’s College in which the Advancement Team is involved, they highlight those events directly managed or supported by the team. Each of these initiatives aligns closely with College’s current strategic plan, particularly in advancing the key objectives of financial sustainability and community engagement.
FY 2026
Event
2025 academic year
School event (current families)
6
Enrolment event (prospective families)
5
Combined event (current, past and prospective families and wider community incl. Old Boys
24
Total
35
An event is categorised as an occasion that brings our current, past, and prospective families, and/or alumni together to engage and connect. It does not include specific academic information evenings, Chapel services, and/or parent/teacher student meetings. Prior year comparatives are not provided as data was not collected in a consistent manner.
14
Changes in statement of service performance report
Note: Changes to the statement of service performance report have been made to enhance the readers' understanding. Additions in the year have included: - ACADEMICS: NCEA Level 1 Co-requisites, Scholarship, UE pass rates and university offers - FINANCIAL SUSTAINABILITY: headcount by roll type - CO-CURRICULAR EXCELLENCE: sports, drama, music, Te Reo Ma¯ori, Duke of Edinburgh participation - RECRUIT AND RETENTION OF EXCEPTIONAL STAFF: staff to student ratio - COMMUNITY ENGAGEMENT: diversity and event information The survey results which were provided last year related to a one-off exercise and hence corresponding information is not available in the current year.
15
Financial statements for the year ended 31 January 2026
Page
Statement of comprehensive revenue and expense
17
Statement of financial position
18
Statement of changes in equity
19
Statement of cash flows
20
Notes to the financial statements
21
Independent auditor’s report
33
16
Statement of comprehensive revenue and expense for the year ended 31 January 2026
2026 $000
2025 $000
Notes
Revenue from exchange transactions Tuition and boarding revenue
23,841
22,685
Rent revenue
1,198
1,088
Gain on disposal of property, plant and equipment
-
39
Interest Income
15
237
Other exchange revenue
4(i)
3,846
3,991
Revenue from non-exchange transactions Government grants
4(ii)
1,113
1,142
Fundraising and donations
457
689
Unrealised gains from changes in fair value of investment properties and managed funds
5(i)
7,497
8,605
Total revenue
37,967
38,476
Expenses Employee benefit expenses
7
16,480
15,996
Depreciation Finance costs
2,387
2,154
16(iii)
658
685
Unrealised losses from changes in fair value of financial instruments
5(ii)
38 35
76
Loss on disposal of property, plant and equipment
3
Other expenses
6
13,217
14,169
Total expenses
32,815
33,083
Surplus for the year
5,152
5,393
Other comprehensive revenue and expense
-
-
Total comprehensive revenue for the year
5,152
5,393
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
17
Statement of financial position as at 31 January 2026
2026 $000
2025 $000
Notes
ASSETS Current assets Cash and cash equivalents
8
191
674
Receivables from exchange transactions
10
3,476 1,203
3,061 1,475
Prepayments
Inventory
495
431
Total current assets
5,365
5,641
Non current assets Non current financial assets
11(i)(a)
58,903
61,974
Investment property
12 14
7,650
7,650
Property, plant and equipment
83,542
84,946
Total non current assets
150,095
154,570
TOTAL ASSETS
155,460
160,211
LIABILITIES Current liabilities Trade and other payables Other financial liabilities Employee benefit liability
17
2,036
1,881
11(ii)(a)
78
41
237 790
243
Loans - current Deferred revenue
16(i)
2,217 4,052
18
4,203
Total current liabilities
7,344
8,434
Non current liabilities Loans
16(ii)
6,256
15,069
Total non current liabilities
6,256
15,069
TOTAL LIABILITIES
13,600
23,503
NET ASSETS
141,860
136,708
TOTAL EQUITY
141,860
136,708
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
18
Statement of changes in equity for the year ended 31 January 2026
2026 $000
2025 $000
Notes
Opening Balance Equity Capital reserves
22(i)(a) 22(i)(b)
8,411 1,583 1,592
8,228
General reserves Special funds General equity
12,041
22(ii)
981
125,122
110,065
Total Opening Balance Equity
136,708
131,315
Equity transfers of income to: Capital reserves
22(i)(a) 22(i)(b)
261
183 505
General reserves
-
Special funds
22(ii)
626
1,534
Equity transfers of expense allocation to: General reserves
22(i)(b)
(1,583)
(10,963)
Special funds
22(ii)
(212)
(923)
Transfer of comprehensive revenue and expense to general equity
6,060
15,057
Total comprehensive revenue and expense for the year
5,152
5,393
Closing Balance Equity Capital reserves
22(i)(a) 22(i)(b)
8,673
8,411 1,583 1,592
General reserves Special funds General equity
-
22(ii)
2,006
131,181
125,122
CLOSING BALANCE EQUITY
141,860
136,708
The accompanying notes to the financial statements form part of and are to be read in conjunction with these financial statements.
19
Statement of cash flows for the year ended 31 January 2026
2026 $000
2025 $000
Notes
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Grants, fundraising, donations and bequests
28,642
28,095
1,835
2,116
Payments to suppliers Payments to employees
(11,956) (16,352)
(12,911) (15,809)
Net Cash Flow from Operating Activities
9
2,169
1,491
CASH FLOWS FROM INVESTING ACTIVITIES Sale of investment property
-
6,500 55,767
Sale of investments
10,569
Purchase of investments
-
(68,850)
Purchase of property, plant and equipment
(1,018)
(3,114)
Net Cash Flow from / (used in) Investing Activities
9,551
(9,697)
CASH FLOWS FROM FINANCING ACTIVITIES Interest received
15
237
Interest paid
(658)
(937) 1,351
Bank loans drawn down Bank loan repayments Other financing repayments
-
(10,151) (1,409)
-
(1,462)
Net Cash Flow used in Financing Activities
(12,203)
(811)
Net decrease in cash and cash equivalents
(483)
(9,017)
Cash and cash equivalents at the start of the year
674
9,691
Cash and cash equivalents at the end of the year
191
674
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
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 2013. 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 Warden and Fellows on 16 June 2026. 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 period). The Warden and Fellows have 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. Amounts have been rounded to the nearest thousand dollars, unless otherwise stated. As a result, minor differences in presentation may arise due to rounding. 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.
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).
21
Christ’s College Canterbury
Notes to the financial statements for the year ended 31 January 2026
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: 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.
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. 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, depos- its 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
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.
22
Christ’s College Canterbury
Notes to the financial statements for the year ended 31 January 2026
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). 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 availablefor-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 effective interest method. Financial liabilities classified as amortised cost comprise cash and cash equivalents (bank overdrafts), payables, fees in advance, loans and borrowings. Trade and other payables are unsecured and are usually paid within 30 days of recognition. Due to their short term nature they are not discounted. Refer to Note 17. Fees in advance relate to fees received from international students, acceptance deposits and fees for multiple years received in advance where there are unfulfilled obligations to provide services in the future. Exchange revenue is recognised as the obligations are fulfilled. The College guarantees to hold sufficient funds or undrawn debt facilities to enable the full refund of unearned fees in relation to international students should the College be unable to provide the services to which they relate. e) Investment properties Investment property is property held either to earn rental income or for capital appreciation or both, but not for sale in the ordinary course of business, used in the production or supply of goods or services or for administrative purposes. Investment properties are measured initially at cost, including costs directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes costs directly attributable to bring the investment property to a working condition for its intended use. Investment property acquired through a non-exchange transaction is measured at its fair value at the date of acquisition. Subsequent to initial recognition, investment properties are measured at fair value. Fair value assessment is based on active market prices and adjusted if necessary for any difference in the nature, location or condition of the specific asset. Gains or losses arising from changes in the fair values of investment properties are recognised in surplus or deficit in the period in which they arise. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit or service potential is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in surplus or deficit in the year of retirement or disposal .
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