ANNUAL
REPORT 30 JUNE 2016
ACORN FOUNDATION BOARD OF VOLUNTARY TRUSTEES BOARD OF VOLUNTARY TRUSTEES 1. Glenn Keaney, Chair 2. Michael Attwood 3. Lesley Jensen 1
2
3
4. Graeme Horsley 5. Andy Cameron 6. Anthony Ririnui 7. Nancy Hogg 8. Peter Tinholt
4
5
6
7
8
9
9. Jane Nees
STAFF STAFF Nicky Wilkins, General Manager Margot McCool, Operations Manager Estelle Steinmann, Administration Officer
CORPORATE PARTNERS KEY PARTNERS
PARTNERS
CONTENTS
CHAIR & GENERAL MANAGER’S REPORT
2
IN OUR COMMUNITY
6
DONORS WE REMEMBER
10
ACTIVE ACORN ENDOWMENT FUNDS
12
COMMUNITY GROUP FUNDS
13
SEPTEMBER 2016 DISTRIBUTIONS
15
2016 DISTRIBUTIONS BY VITAL SIGNS CATEGORIES
19
RECIPIENTS’ STORIES
20
AUDITED ACCOUNTS TO 30 JUNE 2016
23
CHAIR & GENERAL MANAGER’S REPORT
COMMUNITY We continue to appreciate the privilege of leading the Acorn Foundation and being entrusted with the funds that donors have provided, primarily for the Western Bay of Plenty region. Nicky Wilkins has celebrated ten years of working as the General Manager of the Acorn Foundation and Glenn Keaney has been the Chair since 2014. In May 2016 Matt Tustin retired after six years on the board and his contribution to the governance of the Foundation and his legal skills have been invaluable over this time. We have welcomed Graeme Horsley and Michael Attwood as trustees to work alongside Andy Cameron, Nancy Hogg, Jane Nees, Peter Tinholt, Anthony Ririnui and Lesley Jensen. We thank them for their sound governance and courageous leadership. We are delighted to distribute $776,285 to local community groups in August 2016. This brings the total distributions for the Acorn Foundation since its inception (2003) to $3.7m. Thank you to the Distributions Committee which Andy Cameron continues to chair. These committee members visit many of the charities that apply for funding and we really do appreciate the difficult task they have of determining where the money is best needed. Thank you to Martin Steinmann, Jo Gravit, Theresa Tingey and Kerri Tilby-Price for your willingness to serve the community in this way. Highlights of the year include the inaugural Acorn Foundation National Literary Award. One of our anonymous donors is an avid reader and book lover. Their wish was to reward excellence in the category of contemporary adult fiction. Our donor passionately believes that great literature not only entertains but nourishes both the intellect and the imagination. While these attributes are amply demonstrated in the best of New Zealand writing, they have unfortunately been poorly rewarded in the past. We worked with this donor and the New Zealand Book Awards Trust to establish this Award and we were delighted to attend the National Book Awards in May to present the $50,000 prize to Stephen Daisley, for his novel Coming Rain.
2
It is encouraging to see the growth of Community Foundations in New Zealand, with 14 regions now having their own Foundation. As at 31 March 2016, these Community Foundations had combined Funds under Management of $55m. This reinforces the fact that many people like to “give where they live”. Acorn works closely with the other Community Foundations in New Zealand, sharing our experience and learnings. We continue to be encouraged learning from international Community Foundations, such as those in Canada, Australia and the UK.
DONORS We wish to acknowledge that Acorn’s distributions are only possible because of the generosity of the Acorn donors, who want to make our community a better place. Acorn welcomes twenty-eight new donors, bringing the total number of endowment funds established to 253. While the initial focus of the Acorn Foundation was on making provision for an endowment fund in your Will, more and more of our donors are choosing to contribute to their funds during their lifetime ($900,000 contributed in the year to 30 June 2016). By doing this, they have the pleasure of seeing their money making a difference now and they can also claim the 33.3% tax credits.
INVESTMENTS While Matt Tustin has retired from the Acorn Board, he continues to provide valuable assistance on the Investment Advisory Committee, chaired by Graeme Horsley. Thank you to our other Investment Advisory Committee members, Dean Camplin and James Beale, who oversee the recommendations from Craigs Investment Partners. Funds under management over the last twelve months have increased from $13.4m to $15.9m and the annual returns for the investments are shown here.
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Annual Returns
Year
Actual
Benchmark
Annualised Compound Returns
Year
Actual
Benchmark
Year ended
30/06/2008
-0.93%
-1.01%
Year ended
30/06/2009
-0.18%
-0.35%
9 Years ended
30/06/2016
6.52%
6.35%
7.17%
8.94%
8 Years ended
30/06/2016
7.49%
7.31%
10.49%
7 Years ended
30/06/2016
8.63%
8.45%
4.41%
6 Years ended
30/06/2016
8.88%
8.37%
12.05%
9.81%
5 Years ended
30/06/2016
8.75%
7.96%
8.03%
6.84%
4 Years ended
30/06/2016
9.91%
8.86%
11.85%
3 Years ended
30/06/2016
9.21%
8.55%
7.03%
2 Years ended
30/06/2016
9.81%
9.41%
1 Year ended
30/06/2016
6.79%
7.03%
Year ended
30/06/2010
Year ended
30/06/2011
Year ended
30/06/2012
Year ended
30/06/2013
Year ended
30/06/2014
Year ended
30/06/2015
Year ended
30/06/2016
9.48% 4.24%
12.91% 6.79%
FINANCIAL SUPPORT WITH OUR ADMINISTRATION EXPENSES The Acorn Foundation team works hard to operate within its 1% administration fee. This is only possible through the support of the following organisations: • BNZ Partners has been our key sponsor since 2012 and we are very grateful for their generous support. • Craigs Investment Partners continues as Acorn’s Fund Manager (Guy Malthus and Reg Montgomery) and we are very grateful for their on-going support in this way. • Other supporters we wish to acknowledge include Legacy Trust, Bay Trust, Tabak Business Sales, Tuskany Agency, Lellman Wearne Limited, The Tindall Foundation, KPMG, Cooney Lees Morgan and Ingham Mora. A number of our current Acorn donors also assist with contributions to our operating expenses, which are invaluable. You know who you are, so thank you.
WHERE TO FROM HERE? Having recently completed a strategic review, we are excited about the future of the Acorn Foundation and the opportunities to connect generous people who care, with causes that matter – forever. We intend to conduct another Vital Signs research project in 2017 to determine the key issues facing our community so we can continue to align our distributions accordingly. Thank you again to all those people who have given of their time and money over the years to establish the Acorn Foundation as a trusted philanthropic leader.
Glenn Keaney – Chair
Nicky Wilkins – General Manager
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
3
What part will you play in your community’s future?
4
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
“We are extremely grateful for the foresight and vision of donors in establishing trust funds to support the community and in particular the work of Waipuna Hospice. We also wish to thank the Acorn Foundation for administering these funds which make a valuable contribution to our organisation.� Trish Rae, Waipuna Hospice
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
5
HIGHLIGHTING SOME OF THE GREAT WORK HAPPENING IN OUR COMMUNITY
Welcome Bay Family Music Festival (Feb 2016) brings the community together for a fun filled day out.
The Vital Signs® report has enabled us to prioritise our funding into specific areas identified by the community as needing greater resource. Here we highlight some organisations doing a great job in three of the Vital Signs® categories.
BELONGING & ENGAGEMENT WELCOME BAY COMMUNITY CENTRE
In 2006 the Welcome Bay community identified a need to establish a community centre to foster the interests of the local residents, and provide a hub for community-based activities and programmes. Ten years on and the centre has become the go-to place for the community, providing a dropin centre for information, rooms for social service agencies to meet with clients, and organising community-wide events and youth activities. The centre also engages in communityled development projects and has developed the Welcome Bay Community Plan which is part of the Tauranga City Council Long Term Plan and the first in Tauranga to be fully controlled by the local community. As a response to the Acorn Foundation Vital Signs® report which identified residents of Welcome Bay as feeling the least connected in the region, they now produce a regular community newsletter – The WHOMP – for the residents of Welcome Bay and surrounding suburbs. Acorn funding is supporting the operating costs of the centre, so that they can continue to bring the Welcome Bay community together.
6
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
GETTING STARTED –
ST PETER’S ANGLICAN CHURCH KATIKATI SEASONS PROGRAMME Many children in our community are missing someone significant in their lives through death or separation caused by divorce, imprisonment etc. Often children living with this loss can’t verablise how they are feeling and become withdrawn or lash out at others around them. The Seasons Programme for Loss and Grief has been run by St Peter’s Anglican Church in Katikati for several years, as a way to help children work through the pain of separation. The programme takes small groups of 4-5 children who are given the opportunity to talk about their loss in a safe environment, and the programme involves story-telling, art, drama, journals and workbooks. Friendships are formed that last long beyond the programme they are going through. Teachers report that children are coping much better in the classroom and parents report that the children are able to open up after being in the programme.
SAFETY
VICTIM SUPPORT When someone has been the victim of crime or trauma Victim Support addresses their immediate needs. Their focus is to empower victims to regain control of their lives, building personal strength and resilience. They provide victims with personal support, advice and information, and referrals to other agencies for specialist support. Their front line services to victims of serious crime and trauma (eg. homicide, suicide, sudden death, serious & grievous assaults, kidnapping, robbery), and less serious crime (eg. vandalism, burglary) as well as support in civil defense emergencies and search and rescue events is essential to helping people deal with the after effects and move on in their lives. Victim Support Tauranga received Acorn funding to help with volunteer recruitment and training.
Acorn funding is enabling St Peter’s Katikati to run more of these vital programmes in Katikati, Waihi Beach and Pahoia.
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
7
“My brother and I never had children so it is nice being able to share some of our money with the community, through the Acorn Foundation. Even people who have children can give something for the community as well.” Deidre Freeman and John Lucas
“I feel a responsibility to give back. Many of us are very rich compared to third world incomes; therefore we should help others less fortunate. I can see the benefit of the investment approach to giving, enabling many times the original value. I know this is a professionally run system for giving to the community, and I’m certain Acorn will take good care of my endowment fund.” Peter Rollo
8
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
“What I really like about the Acorn concept, is your endowment is invested for perpetuity, and your gift to the community goes on and on. That is the greatest thing you can do, to set up something that continues to give.” Merv Stockley
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
9
DONORS WE REMEMBER
Connecting generous people who care, with causes that matter - Forever Without the generosity of our Donors we simply would not exist to benefit this community.
“I have always done a lot of voluntary work so I am well aware of the need to help in the community, in the way that the Acorn Foundation does. My sister died a few years ago and left me some money. At my age (80), I really don’t need a lot so I thought I could do some good by investing in the community, through Acorn. Since I have set up my endowment fund with Acorn everything has gone well and I am very happy.” Anonymous donor
DR JEFFREY FRIIS 1945 – 2015 Jeffrey was born in Tauranga, completed his schooling in Auckland and then studied medicine at Otago University. After working in Auckland hospitals for 3 years, Jeffrey travelled and worked in Papua New Guinea and various hospitals in the United Kingdom. After returning to New Zealand in 1977 he established a general practice in Katikati, from his home. This practice grew to become the Katikati Medical Centre, with new purpose built premises in 1982, and over 9 doctors. Early onset of Parkinson’s forced Jeffrey to retire at age 62. Jeffrey was instrumental in setting up the Katikati Squash Club, Aongatete Lodge, Katikati St John Resource Centre and the Uretara Estuary Managers. Jeffrey enjoyed snow skiing, travelling and had a love of old Jaguar cars. Distributions from Jeffrey’s fund will support the Aongatete Forest Restoration Project, Otanewainuku Kiwi Trust, the Parkinsonism Society of NZ and St John Katikati.
10
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
MARGARET (PEGGY) & ERICK KERSHAW Peggy was born in Inverness (Scotland) in 1919. During WWII she joined the Royal Air Force, and was stationed in various areas all over Britain. Peggy joined the NZ Army while in Britain as part of a plan to emigrate, boarding the ‘Captain Cook’ in January 1952 to sail to New Zealand. Peggy met Erick at a dance in Silverstream and the two quickly became a couple. They married in 1955, and moved to Tauranga soon after their wedding, making it their permanent home. The couple purchased a timber business in Te Puna, and a few years later bought their own home in Wharf Street, where they lived all their married life. Peggy worked for Faulkner’s Ferry Service most of her working life, and after selling the timber business, Erick worked in the hotel industry. They were both very keen on trout fishing, mainly at Lake Tarawera, they enjoyed their garden and Peggy enjoyed indoor bowls. Erick died in 2001 and Peggy in 2015, aged 96. The beneficiaries from their fund are the local branches of the Heart Foundation, Cancer Society and SPCA.
MERVYN & THERESA DUNCAN Mervyn grew up on a farm between Cambridge and Hamilton. His father died when Mervyn was only 17 so he managed these farms from an early age. He was the first person to grow maize in the Waikato and was always looking for ways to improve productivity and imported specialised harvesting equipment. He fattened stock during the winter and would buy 3-4 year old beef cattle from Gisborne and it would take 3 months for the drovers to move the stock back to Mervyn’s farm in Cambridge. He was 42 when he met Theresa and they were married for 38 years. Theresa was working as an interior decorator for a paint shop in Hamilton when she met Mervyn. They moved to Te Puna in 1989 where they had a dehydrating plant for grass, lucerne, hops and barley. Theresa opened a gift shop “There’s Art Cottage” as she was very good with floral arrangements and won a lot of competitions. They moved to Oropi in 2002 and Theresa died in 2009. Mervyn died in 2015. Distributions from their fund are available to support any charitable purpose in the Western Bay of Plenty region.
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
11
ACORN ENDOWMENT FUNDS ACORN ENDOWMENT FUNDS PROVIDING DISTRIBUTIONS TO THE COMMUNITY 47 AS AT 30 JUNE 2016
Bay of Plenty Medical Students Scholarship fund
Rei Preston-Thomas fund
Edna Brown fund
Murray & Gay Read-Smith fund
Douglas & Louise Caird fund
Patricia Roadley fund
David & Susan Campbell fund
Jeanne Round fund
Joan Chappell-Mathias fund
Sally’s Angels Giving Circle
Adrienne Coad fund
Robin & Anne Scoular fund
Brian & Janet Currie fund
Betty Shaw fund
Mervyn & Theresa Duncan fund
Ray & Elva Shepherd fund
Emergency Services Club fund
Bob Sutherland fund
First XI Giving Circle
Mary Sutherland fund
Jeffrey Friis fund
Tauranga Help fund
Malcolm & Coral George fund
Tauranga Police CIB Charitable Trust fund
D&R Godfrey fund
Clive & Patricia Toop fund
Bob Granger fund
Eva Trowbridge fund
Ken & Irene Holdaway fund
Christine Tustain fund
Keith & Rona Hunt fund
Ted Wadsworth fund
Claudia Jarman fund
Lorna Wootton fund
John & Philippa Laing fund
5 anonymous funds
Elvira Macrae fund Roy & Mary McGowan fund Frank McGrogan fund Jann Medlicott fund Ada Neilson fund Geoff & Chris Olsen fund Jack & Marlies O’Reilly fund
12
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
COMMUNITY GROUP FUNDS
COMMUNITY GROUP FUNDS 23 AS AT 30 JUNE 2016 The following organisations have set up an endowment fund with Acorn that their supporters can contribute to. This will ensure a continuous income stream for these organisations in the future.
You can donate directly to any of these endowment funds, or to the Acorn Vital Grants Fund, on our website www.acornfoundation.org.nz/donate
Alzheimers Society - Tauranga
Mount Maunganui Lifeguard Service
Animal Rescue & Rehabilitation Centre (ARRC)
Otanewainuku Kiwi Trust
Avalon (BOP) Inc
Tauranga Boys’ College Old Boys Association
BOP Classic Aircraft Trust (trading as Classic Flyers)
Tauranga Moana Nightshelter Trust
Bay of Plenty Rugby Union
Tauranga Performing Arts Competitions Society Inc
Bay of Plenty Sailing Academy Trust – Sail for Life fund
Tauranga Volunteer Coastguard
Creative Tauranga
Tauranga Women’s Collective Inc
Diabetes Help Tauranga Incorporated
YMCA Tauranga
Get Smart Tauranga Drug and Alcohol Services Graeme Dingle Foundation Bay of Plenty
“Acorn really adds value and that is what we call a partnership. Acorn adds the value we want to our lives and the value we want for our community.”
House of Science Kidz Need Dadz ME/CFS Support (BOP) Inc
Dave & Susan Campbell
Merivale Community Centre Motor Neurone Disease Association of NZ Inc
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
13
“I think it is very much about a sense of giving back to the community you live in and you have a vested interest in. It’s the feel good factor, but with substance. Chris and I especially like that with the Acorn Foundation system you can decide where your funds will go. They can be causes close to your heart or simply causes that have the greatest need. Acorn’s team have a good insight into this and can help with the decision process. For us the causes we support are near and dear to our hearts. Two of the causes we have chosen to support are Waipuna Hospice and Tauranga Boys’ College. We especially wanted to concentrate some of our support on the up and coming generations. We grew up here and have raised our family here and our boys had the benefit of Tauranga Boys’ College so we wanted to acknowledge an association that has gone back many years and support them in the future. Our contribution, compared to others, is modest, yet it allows us to join the growing list of donors giving back through Acorn. We have involved our sons in the process and we did this very deliberately. It sets a positive example to them, it gets them thinking about giving back to their community and teaches them at an impressionable age about the power of philanthropy. Because we have set up our fund through our family trust our sons will have a say in this in the future, so it allows us to set up a family legacy and heritage that will carry on through future generations.” Geoff Olsen, Acorn Donor
14
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ORGANISATION
DONOR
2017 Acorn Foundation Literary Award
Anon
$
50,000
Acorn Admin
R&M McGowan, K&I Holdaway
$
20,049
Aongatete Forest Protection Group
Jeff Friis
$
3,229
Arthritis Foundation Tauranga
Betty Shaw
$
12,874
Asthma & Respiratory Mgmt Society
Adrienne Coad
$
881
Blind Foundation Tauranga
J&P Laing, M O'Reilly, P Roadley, R&E Shepherd
$
19,663
BOP Young Fruitgrowers Upskilling
S&A Bassett
$
1,500
BOP Classic Aircraft
Endowment Fund
$
1,028
BOP Sailing Academy Trust
Endowment Fund
$
2,443
Camp Quality
Emergency Services Fund
$
10,631
CanTeen Tauranga
Emergency Services Fund
$
2,658
CCS Disability Action Tauranga
Adrienne Coad, R&E Shepherd
$
7,732
Dale Carnegie courses for college students
R&M McGowan
$
15,000
Diabetes Tauranga
Endowment Fund
$
10,438
Heart Foundation Tauranga
Ray & Elva Shepherd
$
6,851
ME/CFS Support Tauranga
Endowment Fund
$
2,438
Motor Neurone Disease Assn NZ
Endowment Fund
$
5,996
Mount Maunganui Lifeguard Service
Patricia Roadley
$
1,964
NZ Society of Genealogists
Anon
$
2,330
Otanewainuku Kiwi Trust
Jeff Friis
$
3,229
Otorohanga District Charitable Trust
Anon
$
9,709
Pacific Leprosy Foundation
Marlies O'Reilly
$
2,227
Parkinsonism Society Tauranga
Jeff Friis
$
3,229
Philips Search & Rescue Trust
K&R Hunt, A Neilson, Anon
$
6,916
Red Cross Tauranga
Marlies O'Reilly
$
2,227
Riding for Disabled Waikato
Mary Sutherland
$
422
Royal Forest & Bird Society Tauranga
Patricia Roadley
$
1,964
Salvation Army Tauranga
Caird, Chappell-Mathias, Laing, Trowbridge
$
43,328
Save the Children NZ
D&L Caird
$
3,494
Scholarship - Arts
Jann Medlicott
$
2,000
Scholarship - Medical
BOP Medical Scholarship
$
5,047
Scholarship - Mount Maunganui College
R&M McGowan
$
1,760
Scholarship - Otumoetai College
Robin & Anne Scoular
$
10,000
Scholarship - Performing arts
Chris Tustain
$
1,500
Scholarship - Sport
Chris Tustain
$
1,597
Scholarships - Outward Bound
Bob Granger, J&P Laing, G&C Olsen, Anon
$
16,806
Scholarships - University of Waikato
Eva Trowbridge, Ted Wadsworth
$
6,000
SPCA - Te Kuiti
Anon
$
9,709
St Columba Church
Ray & Elva Shepherd
$
6,851
St John - Otorohanga
Anon
$
9,709
St John - WBOP region
Friis, Hunt, McGowan, O'Reilly, Shepherd, Anon
$
29,478
Tauranga Art Gallery
Claudia Jarman
$
1,184
Tauranga BOP Hearing Assn
D&R Godfrey
$
1,383
Tauranga Volunteer Coastguard
Endowment Fund
$
6,311
Te Puke Volunteer Fire Brigade
Anon
$
2,850
Waipuna Hospice
Caird, Hunt, Laing, Olsen, J Round, Shepherd
$
50,778
TOTAL DONOR SPECIFIED FUNDS
$
417,411
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
AMOUNT
15
DISTRIBUTIONS TABLE - DONORS CHOICE
These organisations were chosen by our donors
DISTRIBUTIONS TABLE - DISTRIBUTIONS COMMITTEE
These organisations were selected by the Acorn Distributions Committee ORGANISATION
DONOR
AMOUNT
Acorn Chair's Fund
Chappell-Mathias, P&C Toop
$
2,500
Avalon (BOP) Inc
Chappell-Mathias, A Coad
$
7,500 10,000
Beachaven Family Services
Bob Sutherland
$
Bellyful Tauranga
Mary Sutherland
$
1,100
BOP Therapy Foundation
Joan Chappell-Mathias
$
5,000
Brookfield School (for Grief Counselling)
Joan Chappell-Mathias
$
3,485
Budget Advisory Service Whakatane
The Tindall Foundation
$
10,000
Catholic Family Support Services
Joan Chappell-Mathias
$
3,000
Detour Theatre Trust
Joan Chappell-Mathias
$
5,000
Get Smart Tauranga Drug and Alcohol Services
Joan Chappell-Mathias
$
5,000
Graeme Dingle Foundation WBOP
D&S Campbell, Chappell-Mathias, McGowan, McGrogan, PrestonThomas, Bob Sutherland, Mary Sutherland, P&C Toop, Acorn Vital Impact
$
50,000
Grief Support Services
Joan Chappell-Mathias
$
5,000
Growing Through Grief - Te Puke
Bob Sutherland
$
3,500
Growing Through Grief - Tauranga
Anon
$
3,500 10,000
Habitat for Humanity - Tauranga
The Tindall Foundation, P&C Toop
$
Homes of Hope
Rei Preston-Thomas
$
2,000
Katikati Community Patrol
P&C Toop
$
1,000
Katikati Community Resource Centre
The Tindall Foundation
$
10,000
Katikati Maori Wardens
P&C Toop
$
10,000
KidsCan
Bob Sutherland
$
5,000
Kidz Need Dadz
Bob Sutherland, Tauranga Police CIB Trust, P&C Toop
$
7,000
Lifewalk Trust
Anon
$
2,500
Merivale Community Centre
The Tindall Foundation, J Chappell-Mathias
$
10,000
NZ Council of Victim Support Groups Tauranga
Joan Chappell-Mathias
$
5,000
Open Home Foundation BOP
The Tindall Foundation, Chappell-Mathias, M&C George
$
10,000
Papamoa Family Services
Bob Sutherland
$
10,000
Parent to Parent Coastal BOP
Joan Chappell-Mathias
$
2,600
SPELD NZ Inc
J&P Laing, Jeanne Round
$
7,850
St Peters House
B&J Currie, Anon, P&C Toop
$
10,000
Starjam
Edna Brown, Joan Chappell-Mathias
$
5,000
Surf Lifesaving New Zealand
Rei Preston-Thomas
$
2,000
Tauranga Christian Community Trust
The Tindall Foundation
$
6,760
Tauranga Community Housing Trust
Chappell-Mathias, Toop
$
8,695
Tauranga Regional Multicultural Council
The Tindall Foundation
$
8,100
Tauranga Riding for the Disabled
Anon, Jeanne Round
$
5,000
Te Aranui Youth Trust
The Tindall Foundation
$
10,000
Te Puke Baptist Church
D&L Caird, Bob Sutherland
$
5,000
The Boys' Brigade in New Zealand Inc.
P&C Toop
$
4,000
The Hawaiki Rising Voyaging Trust
The Tindall Foundation
$
4,000
The Health and Educational Martial Arts Trust
Tauranga Police CIB
$
3,000
The Parenting Place
The Tindall Foundation
$
5,000
The Search Party Charitable Trust
D&L Caird
$
3,000
Tumanako Hou Trust Whakatane
The Tindall Foundation
$
10,000
Volunteer Bay of Plenty
Bob Sutherland
$
4,000
Welcome Bay Community Centre Inc.
M&L Duncan, P&C Toop
$
10,000
Whakatane Menz Shed
The Tindall Foundation
$
2,000
Women's Refuge/Shakti/BOPSASS
Tauranga Help, Chappell-Mathias, Eva Trowbridge, Lorna Wootton
$
32,784
YMCA Tauranga
Joan Chappell-Mathias
$
3,000
Youth Encounter Ministries Trust
Joan Chappell-Mathias
$
5,000
Youth Search and Rescue - Tauranga
The Tindall Foundation, Rei Preston-Thomas
GRAND TOTAL
16
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
$
5,000
$
358,874
$
776,285
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
17
18
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
2016 DISTRIBUTIONS BY VITAL SIGNS CATEGORIES
1% 7%
Sport & Recreation
9%
Arts & Culture Belonging & Engagement
15%
Environment
14%
Getting Started Health
4%
Learning
2%
Reducing Inequality Safety
24%
24%
“We make a living by what we get, but make a life by what we give” Winston Churchill
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
19
“On behalf of everyone here at Tauranga RDA I want to thank the Trustees of Acorn Foundation for the grant in support of the salary of our coach who delivers our Life Skills therapy programmes to children who are at risk. This support is a significant contribution to the work we do with those at risk and we are extremely appreciative.”
“Thank you for your very generous support and belief in what StarJam is doing. Your contribution will help us ensure that we can open a fourth workshop for 12 new Jammers in Tauranga.”
Katharine Birks, Tauranga Riding for the Disabled
20
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Mary Ansell, StarJam
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
21
22
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
Lellman Wearne Limited
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
23
ACORN FOUNDATION CONTENTS
Page Non-Financial Information: Directory & Acknowledgements
2
Entiy Information
4
Statement of Service Performance
6
Financial Information: Income Statement
7
Balance Sheet
8
Statement of Cash Flows
9
Notes to the Performance Report
10
Auditors Report
16
Lellman Wearne Limited Certified Practising Accountants 7 September 2016
Page 1
PAGE 1 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
24
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ACORN FOUNDATION DIRECTORY & ACKNOWLEDGEMENTS AS AT 30 JUNE 2016
Year of Formation
2003
Trustees
Glenn Keaney - Chair Matthew Tustin - Deputy Chair (Resigned 16 May 2016) Peter Tinholt - Depuy Chair (Appointed 16 May 2016) Andrew Cameron Nancy Hogg Jane Nees Anthony Ririnui Lesley Jensen Graeme Horsley (Appointed 18 February 2016) Michael Attwood (Appointed 27 June 2016)
Staff
Nicky Wilkins - General Manager Margot McCool - Operations Manager Estelle Steinmann - Administration Manager
Charities Commision Number
CC10784
Contact Details
P.O Box 13604 Tauranga Phone: 07 579 9839 Email: officeadmin@acornfoundation.org.nz
Accountant
Lellman Wearne Limited P.O. Box 87 Tauranga
Auditor
Ingham Mora P.O. Box 222 Tauranga
Bank
Bank of New Zealand Limited Tauranga
Acknowledgements The Acorn Foundation is very grateful to the following people and organisations who gave thier time and resources generously during the year: Craigs Investment Partners: Discounted fund management and sponsorship. Lellman Wearne Limited: Assistance with office space and discounted accounting services. Tuskany Agency: Discounted marketing and advertising services. Ingham Mora: Discounted audit services. BNZ: Sponsorship Whitfield Consulting: Website support. Page 2
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 2
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
25
ACORN FOUNDATION DIRECTORY & ACKNOWLEDGEMENTS AS AT 30 JUNE 2016
Tabak Business Sales: Sponsorship. KPMG: In-kind accounting services. Cooney Lees Morgan: In-kind legal services.
PAGE 3 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
26
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Page 3
ACORN FOUNDATION ENTITY INFORMATION AS AT 30 JUNE 2016
Legal Name of Entity:
Acorn Foundation
Type of Entity and Legal Basis
Charitable Trust, Registered Charity
Charities Commision Number
CC10784
Acorn's Purpose or Mission The Acorn Foundation's vision is to connect generous people who care with causes that matter forever. Our mission is to make the Western Bay of Plenty a better place. We encourage people to consider leaving a gift in their will (and/or) during their lifetime to benefit this region. The capital remains intact, annual distributions are made from individual's endowment funds and the distributions are made locally. At the heart of everything we do, is building strong communities. Community Foundations are one of the fastest growing forms of philanthrophy and it is encouraging to see people who want to ‘give where they live’.
Entity Structure The Acorn Foundation Board of Trustees (all voluntary positions) comprises up to nine Trustees, of whom: •One is appointed by the Mayor of Tauranga City Council •One is appointed by the Mayor of Western BOP District Council •Two are appointed by the Waikato/Bay of Plenty District Law Society •One is appointed by the Tauranga Chamber of Commerce •Up to four are appointed by the other Acorn Board Trustees Certain tasks are allocated to a range of support Committees, but ultimately the Board is responsible. There is an Investment Advisory Committee, a Distibution Committee and an Audit, Risk & Policy Committee, each of which have Trustee representation as well as specialist members as required. The underlying investments are managed by Craigs Investment Partners, which acts in accordance with the SIPO, which is approved by the Trustees.
Page 4
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 4
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
27
ACORN FOUNDATION ENTITY INFORMATION AS AT 30 JUNE 2016 Main Sources of the Entity's Cash and Resources The main source of revenue is endowment fund donations from local donors to support their community. Donations are pooled and invested. The capital remains intact, and the investment income is used to make distributions annually to charities and community groups primarily in the Western Bay of Plenty. When making distributions, Donor wishes are paramount. They can choose which groups to support, or leave the decision to our Trustees and Distributions Committee who decide each year where the distributions are best needed. Donor's can: •Leave a gift in their will and/or •Donate during their lifetime and have the pleasure of seeing their money make a difference (and receive 33.3% tax credit).
Donors are invited to make an establishment donation towards the operating expenses of the Foundation and some donors choose to support Acorn's operations annually. The other main source of revenue is from investments. Main Methods Used by the Entity to Raise Funds Other than endowment donations and investment income, the main source of funds is administration fees, general donations and funding from Corporate Partners. The Foundation arranges the distribution of net annual income generated by the endowment fund. The Foundation receives an administration fee of 1% of the fund value for its services. Corporate Partners provide substantial support each year, allowing the Acorn Foundation to administer the donor funds in the first instance, continue to build the profile of the Foundation and encourage other potential donors to set up a fund. Entity's Reliance on Volunteers and Donated Goods or Services Trustees and committee members are all volunteers. From time to time we receive donated items to use in our office. Various services are offered to the organisation in-kind or at a reduced rate (eg. Rent, accountancy services, legal services, audit services, website development, investment management, marketing). Contact Details: Physical Address
78 First Avenue Tauranga
Postal Address
P.O Box 13604 Tauranga
Phone
07 579 9839
officeadmin@acornfoundation.org.nz
Website
www.acornfoundation.org.nz
www.facebook.com/AcornFoundation
www.twitter.com@acornfndnnz
PAGE 5 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
28
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Page 5
ACORN FOUNDATION STATEMENT OF SERVICE PERFORMANCE FOR THE YEAR ENDED 30 JUNE, 2016
Description of the Entity's Outcomes: 1. Recruit, sign up, retain and engage new and existing donors at increasing levels each year, with authentically personal style. 2. Invest funds prudently to achieve maximum returns for minimum risk, to best meet the needs of Acorn, donors and the community. 3. Distribute grants strategically. 4. Board members, staff and volunteers are professional, publicly trusted, personally committed and well supported to achieve Acorns goals.
Actual This Year
Budget This Year
Actual Last Year
New donor funds established Total endowment funds
28 252
26 256
22 224
Number of donors giving to their fund during their lifetime
23
35
19
$883,926
$645,000
$498,571
88
100
84
$417,411 $358,874
Not Budgeted Not Budgeted
$308,095 $272,490
Description and Quantification (to the extent practicable) of the Entity's Outputs:
Value of donations to funds during their lifetime Number of community groups that receive Acorn Funding Tagged Distributions from donor funds Unrestricted distributions from donor funds
Additional Output Measures: It is essential for the continued growth of the Acorn Foundation that all donors feel valued and appreciated, knowing that Acorn understands their individual visions and desires. This is evidenced in the following comments from a donor who spoke at a recent function. "Acorn really adds value and that is what we call a partnership. Acorn adds the value we want to our lives and the value we want for our community� . Acorn conducts a market research every 2 years among our target audience (40+) to measure the awareness and understanding of Acorn.
Page 6
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 6
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
29
PAGE 7 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
30
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Surplus (Deficit) For The Year
Grants Acorn 'Administration' Fee Expenses Related To Public Fundraising Volunteer & Employee Related Costs Other Expenses
Less Expenses
Donations Received Interest, Dividends & Other Investment Income Revenue From Providing Goods & Services Administration Fee For Funds Under Management (1%)
Income
5 (b) 5 (c) 5 (d)
5 (a)
4 (b) 4 (a) 4 (c)
Note
2,405,366
367,552 143,587 20,824 531,963
2,096,628 840,701 2,937,329
Endowment Account $
37,475
72,223 160,282 75,306 307,811
169,366 8,228 24,105 143,587 345,286
Admin Account $
2016
FOR THE YEAR ENDED 30 JUNE, 2016
INCOME STATEMENT
ACORN FOUNDATION
2,442,841
367,552 143,587 72,223 160,282 96,130 839,774
2,265,994 848,929 24,105 143,587 3,282,615
Total $
4,092,056
587,235 108,532 15,984 711,750
3,606,006 1,197,800 4,803,806
Endowment Account $
(19,605)
67,873 119,665 191,423 378,961
172,421 7,271 71,132 108,532 359,356
Admin Account $
2015
Page 7
4,072,451
587,235 108,532 67,873 119,665 207,406 1,090,711
3,778,427 1,205,071 71,132 108,532 5,163,162
Total $
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 8
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
31
ACORN FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016
2016
2015
2,512,478
3,915,856
628,028 24,102 152 3,164,760
470,608 71,132 2,604 4,460,200
592,531
451,514
76,072
63,427
Volunteer & Employee Related Costs
150,455
118,932
Other Expenses
93,788 912,844
141,802 775,675
2,251,915
3,684,525
150,000 150,000
1,455,000 1,455,000
2,649,667 963 2,650,630
4,853,091 4,853,091
(2,500,630)
(3,398,091)
Note
Cash Flows from Operating Activities Cash was received from: Donations Received
Interest, Dividends & Other Investment Income Revenue From Providing Goods & Services Net GST from IRD Cash was applied to: Grants Expenses Related To Public Fundraising
Net Cash Flows from Operating Activities
$
$
Cash Flows from Investing Activities Cash was received from: Investments
Cash was applied to: Investments Property, Plant & Equipment Additions
Net Cash Flows from Investing Activities Cash Flows from Financial Activities Cash was received from: Loans Repaid
Net Cash Flows from Financial Activities Net Decrease in Cash Held Cash at the Beginning of the Year
Cash at the End of the Year
45,000 45,000 45,000 (203,716) 400,481 196,765
286,434 114,047 400,481
Page 9
PAGE 9 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
32
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 1.
STATEMENT OF ACCOUNTING POLICIES
(a) Reporting Entity The performance report presented here is for Acorn Foundation a non-profit organisation registered and incorporated under the Charitable Trusts Act 1957 and registered under the Charities Act 2005. Acorn Foundation was established under a trust deed dated 25 July 2003. (b) Basis Of Reporting Acorn Foundation has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting Accrual (Not-For-Profit) on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000. All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future.
2.
PARTICULAR ACCOUNTING POLICIES (a) Goods and Services Tax (GST) The Financial Statements have been prepared on a GST exclusive basis except for Debtors and Creditors which are shown GST inclusive. Where GST is not recoverable it is recognised as part of the asset cost or expensed as appropriate. (b) Investments Investments in listed equity and fixed interest securities are stated at fair value. This is an allowable departure from PBE SFR-A (NFP), based on the appropriate standard IPSAS 29 Financial Instruments. Upon initial recognition, attributable transaction costs are recognised in the Income Statement when incurred. Subsequent to initial recognition, investments in listed equity and fixed interest securities are measured at fair value, and changes therein are recognised in the Income Statement.
Non-quoted or unlisted securities are initially recognised at cost or, if donated, at fair value which is deemed as cost. After initial recognition, they are carried at lower of cost or net realisable value. Purchases and sales of investments are recognised on the trade date or the date on which the Foundation commits to purchase or sell the asset. (c) Revenue Investment income – refer to policy (b) for movements in fair value of investments. Dividend income is recognised on the date that the Foundation’s right to receive payments is established. Interest income is recognised as it accrues. Donations are recognised on the date they are received. (d) Distributions Expenditure and Distributions Payable The Foundation makes discretionary distributions, some of which have been nominated by Donors of endowment funds. The distributions are recognised as an expense at the point at which the payment of the distribution has been approved by the Trustees and the recipient of the distribution does not have any further obligations to meet in order to receive the distribution.
Distributions payable are those distributions which have been approved, there are no further obligations to be met however the distribution has not been paid by the reporting date. Where distributions have been approved in the current or previous years, but are subject to the fulfilment of certain conditions in future years, they are treated as contingent liabilities (note 3(b)). Page 10
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 10
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
33
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 (e) Endowment Funds Revenue Endowment funds received are treated as other income and are recognised on the date they are received. Endowment fund balances are maintained as part of equity in the Balance Sheet. (f) Acting as an Agent Amounts paid on behalf of others (that is, as agent of another entity) are not treated as revenue and expenses of Acorn Foundation. Any fee that is earned for acting as the agent is treated as revenue. This occurs in relation to Tindall Foundation grants and other pass through funds that Acorn Foundation act as agent. (g) Property, Plant & Equipment Property, Plant & Equipment are recognised at cost less aggregate depreciation. Depreciation has been calculated over the estimated useful life of the assets. Gains and losses on disposal of fixed assets are taken into account in determining the operating result for the year. (h) Changes in Accounting Policies There have been no changes in accounting policies during the financial year.
3.
GENERAL NOTES (a) Capital Expenditure There are no commitments for capital expenditure at balance date (Last Year - nil) (b) Contingent Liabilities
30 June 2016
There are no contingent liabilities at year end. (2015: Bay of Plenty Post Graduate Medical Foundation - $52,457; St John Tauranga Building Trust $10,000).
$
-
30 Jun 2015
$
62,457
(c) Events After Balance Date There were no events that have occurred after the balance date that would have a material impact on the Performance Report. (Last Year Nil).
PAGE 11 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
34
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
Page 11
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 (d) Related Party Disclosures
Description of the Related Party Relationship Glenn Keaney is a trustee and also a partner at KPMG
30 June 2016
$
Description of the Value of transaction (whether Transactions in cash or amount inkind) KMPG provided accounting services in kind. The estimated total value of the work if charged at commercial rates is $3,000.
30 Jun 2015
$
30 June 2016
$
30 Jun 2015
$ Amount Outstanding
Value of Transactions
Amount Outstanding
-
-
-
Matthew Tustin is a trustee and also a partner at Cooney Lees Morgan
Cooney Lees Morgan provided legal services in kind. The estimated total value of the work if charged at commercial rates is $4,000.
-
-
-
-
General Manager has significant influence over the trust, as they are involved in the strategic management of the trust
The general manager is employed by the trust and paid a part time salary.
71,015
53,474
7,067
1,322
Trustees
Regularly provide their time and skill to the oversight and operating of the trust at no charge
-
-
-
-
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 12
Page 12
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
35
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 4.
ANALYSIS OF REVENUE (a) Interest, Dividends & Other Investment Revenue: Investment Portfolio Increase (Decrease) in Value Interest - Craigs IP Interest - Bank of New Zealand Interest - Other Dividends Received (b) Donations Received Endowment Funds Received Donations - General Corporate Donations Establishment Donations Legacy Trust (c) Revenue From Providing Goods & Services Bay Trust Grants - Vital Signs Project Other Vital Signs Project Revenues Pass Through Funds Administration Fee
5.
ANALYSIS OF EXPENSES (a) Grants Distributions Made Multi Year Distributions Approved Future Distributions Approved (b) Expenses Related To Public Fundraising Promotion & Publicity (c) Volunteer & Employee Related Costs Wages (c) Other Expenses Impairment of Prometheus Finance Limited (i) Audit Fee Depreciation Vital Signs Project Investment Portfolio Management Fee Other Expenses
30 June 2016
$
30 Jun 2015
$
195,876 280,312 78,327 502 293,912 848,929
729,538 222,090 48,693 4,470 200,280 1,205,071
2,096,628 69,910 21,456 68,000 10,000 2,265,994
3,606,006 63,600 40,000 59,800 9,021 3,778,427
11,051 13,054 24,105
15,871 47,757 7,504 71,132
30 June 2016
$
30 Jun 2015
$
417,552 (50,000) 367,552
323,235 100,000 164,000 587,235
72,223 72,223
67,873 67,873
160,282 160,282
119,665 119,665
4,230 499 7,571 20,824 63,006 96,130
68,000 3,700 602 67,370 15,984 51,751 207,406
(i) The Acorn Foundation held 133,334 shares in Prometheus Finance Limited, an unlisted security, which were originally gifted from the Tindall Foundation. At the date of gifting these shares, there was a deemed value of $68,000 (51 cents per share) for those shares. Prometheus Finance Limited was put into receivership in December 2014 and the Trustees determined to fully impair the value of the shares at that time. The entity has now been liquidated and the investment has been fully written off. Page 13
PAGE 13 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
36
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 6.
ANALYSIS OF ASSETS & LIABILITIES
2016 $
(a) Bank Accounts & Cash Grants Account Operations Account Call Account (b) Debtors & Prepayments Prepayments GST Receivable (c) Other Current Assets Interest Receivable (d) Investments Cash Held in Investment Portfolio Fixed Interest Securities - NZ Listed Property Equities - NZ Listed Property Equities - Australia Listed Property Equities - International Listed Equities - NZ Listed Equities - Australia Listed Equities - International Short Term Deposits - NZ Short Term Deposits - Australia Short Term Deposits - International (e) Other Non-Current Assets Loan Receivable (f) Distributions Payable Robin & Anne Scoular Scholarship: Final Installment (i) Youth Development Trust WBOP (ii) St John Ambulance Te Puke (iii) Distributions Payable - Current Distributions Payable - Non-Current Total
2015 $
112,173 20,899 63,693 196,765
344,621 32,713 23,148 400,481
2,658 4,889 7,547
2,472 5,408 7,880
49,437 49,437
24,411 24,411
1,692,405 5,978,946 1,024,179 234,595 199,855 2,189,705 1,527,687 1,240,401 1,271,142 148 639,710 15,998,773
1,663,389 4,221,780 878,523 219,306 219,194 1,761,813 1,376,595 1,048,766 1,216,685 87,231 609,947 13,303,229
-
45,000 45,000
5,000 50,000 164,000 219,000
5,000 100,000 164,000 269,000
55,000 164,000 219,000
55,000 214,000 269,000
(i) The Robin and Anne Scoular scholarship emolument is paid in two instalments each year, one paid following confirmation of enrolment and one at the start of the second semester, subject to the recipient successfully passing all papers in which he/she is enrolled at the tertiary institute, and continuing in fulltime tertiary study. (ii) On 18 August 2014, The Acorn Foundation approved a multi-year grant totalling $120,000 to Youth Development Trust Western BOP (the Organisation) for the years 2015 to 2017. $20,000 was paid in 2015 and $50,000 will be paid in 2016 and 2017, provided the Acorn Foundation is satisfied with the information provided in the required annual reports. Page 14
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 14
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
37
ACORN FOUNDATION NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 (iii) These funds are to make available to St Johns (Te Puke) in 2024, for the purchase of a replacement ambulance, on behalf of an Acorn Foundation donor. 7
PROPERTY, PLANT & EQUIPMENT Cost
Depn. Charged
Property, Plant & Equipment 2016
Closing Book
Depn.
Value
$
$
$
$
Office Equipment
3,474
499
2,408
1,066
Total Property, Plant & Equipment
3,474
499
2,408
1,066
Cost
Depn.
Property, Plant & Equipment 2015
8.
Accumulated
Charged
Accumulated
Closing Book
Depn.
Value
$
$
$
$
Office Equipment
2,511
602
1,909
602
Total Property, Plant & Equipment
2,511
602
1,909
602
EQUITY & RESERVES
2016 Opening Balance Net Surplus Transfer to Reserves Closing Balance 2015 Opening Balance Net Surplus Transfer to Reserves Closing Balance
Endowment Endowment Accumulated Fund Fund Surpluses Reserve Distributions (from Reserve Donors) $ $ $
$
12,920,898 2,151,099 15,071,997
322,413 254,267 576,680
232,292 2,442,841 (2,405,366) 269,767
13,475,603 2,442,841 15,918,444
8,828,741 4,092,157 12,920,898
322,515 (102) 322,413
251,897 4,072,451 (4,092,056) 232,292
9,403,152 4,072,451 13,475,603
Breakdown of Reserves:
30 June 2016
30 Jun 2015
Endowment Funds - Reserve The initial endowment fund and accumulated capital growth, used to generate annual investment income, a portion of which is to be distributed.
15,071,997
12,920,898
576,681
322,413
269,767 15,918,444
232,292 13,475,603
Endowment Funds - Distribution Reserve The current balance of funds available to be distributed from investment earnings on the Endowment Fund - Reserve. Accumulated Surpluses
Page 15
PAGE 15 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
38
Total
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016 PAGE 16
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
39
PAGE 17 ACORN FOUNDATION PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2016
40
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
“When you think about the fact Acorn Foundation invest the funds and only give away a portion each year you understand the huge value of this community foundation. It means your legacy goes on forever. I like that, as over time it will become quite a major amount of money for those community organisations that need support. If I look at my own situation, I think it’s nice to do some giving while I am alive. It means I can see some of the results. When I am gone my children will be able to be involved. It sets a good example for them now and they may be encouraged to do the same. By telling my story, I hope it helps the whole system to grow and create more awareness of what Acorn Foundation is doing for our community.” Phil Carmichael, Acorn Donor
ACORN FOUNDATION ANNUAL REPORT 30 JUNE 2016
41
Connecting generous people who care, with causes that matter - Forever
78 First Avenue. PO Box 13604 Tauranga 3141
KEY CORPORATE PARTNERS
07 579 9839
Acorn Foundation
www.acornfoundation.org.nz