Fiordland Conservation Trust. Annual report 2013 for the year ended 3oth June

Transcription

1 Fiordland Annual report 2013 for the year ended 3oth June

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3 Fiordland Annual report 2013 Executive Summary The Fiordland was established in 2007, and has now been in operation for six years. This year the Trust has maintained a conservative approach during a time of significant change in the conservation arena, while still undertaking several significant projects. The Trust s income for 2012/13 is significantly down on the previous year largely due to delaying the sponsorship funding for the Kids Restore the Kepler project for one year while the Trust finalised the set up phase of the project using carried forward funds. A total income of $87,616 was received with most of this funding tagged for the Sinbad Sanctuary project, a transfer of robins to Indian Island, the update of our website and employment of an Education Coordinator for the Kids Restore the Kepler Project. Expenditure of $116,465 utilised the funds carried forward from the previous year from Kids Restore the Kepler. The Trust s true cost to operate fell to $22,638 this year, which included the contracted communications and finance position and newsletter production cost. The Trust has secured funding for a second year for the Kids Restore the Kepler Education coordinator role, and has employed Jo Marsh to undertake this role in 2013/14. This role was a major success during 2012/13 under the direction of Caroline Carter. The key activities undertaken by the Trust in the 2012/13 year include: Sinbad Sanctuary: This nationally significant project aimed at protecting one of the last known mainland habitats of the kakapo has completed its fourth year with partner Southern Discoveries. A total of eight stoat trap checks were carried out capturing 13 stoats, 32 rats and a mouse! Further monitoring of alpine skinks was carried out in the head basin of the valley with similar results to the previous year although the known habitat of the Sinbad Skink was discovered to be slightly larger than first thought. Southern Discoveries commit $32,000 pa to this project. Kids Restore the Kepler: The 3,000 hectare project led by our local students, FCT & DOC is well underway, thanks to the ongoing support from Kids Restore NZ and the Community Trust of Southland. The focus this year was on finishing the $220,000 set-up of this project which is now complete. Stoat and rat trap lines are in place supported by numerous community groups including Fiordland College and the contractors. Stoat numbers remain low. Rat control began in the 2012/13 year now that the infrastructure is in place and the initial control brought rat tracking down to below 2% from 52%. Support to contract a part time Kids Restore the Kepler Education Coordinator to integrate the schools and ECEs in to the project has been given from numerous supporters including KRNZ, and is producing good integration in to the project. Indian Island: 2013 saw the first translocation of birds back to the Island since it was declared pest free last year. 70 robins were captured on Breaksea Island by a team of 10 people that included the sponsors and Fiordland College representatives, and were released on to Indian the same day. This was a major milestone for the Trust and supporters of Indian Island who have worked on this project since the beginning. Funding for this project was received from Lucy Bellerby, Ian & Jenny Willans and the Quatre Vents Foundation USA. Milford Township & Cleddau Delta: The initial Cleddau Delta has been extended to include the Milford Township and has been adopted by Trips & Tramps, who also undertake trap checks of the upper Milford Road. Trips & Tramps provide volunteer time to check the traps in these three areas, and report back to FCT with regular updates. This network will make a significant difference to native birdlife in the area over time. page 3

4 Fiordland Annual report 2013 An Introduction from the Chairman The Fiordland has had another interesting year, with a number of programmes now maturing into on-going projects. The Kids Restore the Kepler project has again been a big focus for the Trust during the past 12 months. Caroline Carter completed a full 12 months in a trial Education Co-ordinator role for the Kepler project to assist all of the education facilitates in the Te Anau Basin. This was a great success and is really helping the education facilities engage in the Kepler project in a meaningful way. The trust resolved to try and continue this role for another 12 months and was well supported by funders again. Another real highlight was seeing the first introduction of threatened species back to Indian Island after the successful pest eradication three years ago. It was also great to see the involvement of two secondary school students in this transfer and hopefully the beginning of more of these opportunities in the future. John Davies stood down as Patron this year and was replaced by Greg Hay from Peregrine Wines. John was a trustee prior to being appointed Patron and was very supportive through the establishment phase of the Trust. Greg Hay has been very supportive of the Trust and Conservation in general and Peregrine Wines have funded several projects in Fiordland in the past few years. We are looking forward to working with Greg in the future and him sharing his passion for Conservation with our Trust. The Department of Conservation has undergone a significant organisational change during the past 12 months, with a focus on supporting community/ corporate involvement in conservation. This is exactly the sort of business we are involved in and was the founding reason for our establishment. We will wait with interest to see how this shift in focus affects our Trust. The trust is committed to continuing working with funders and supporters to undertake conservation work that is outside the Department of Conservation s core funding commitments and helping to grow support for Conservation programmes in general. We would like to acknowledge once again the huge support provided to us by the Southland District Council for their accountancy expertise and the Department of Conservation for their ongoing support and expert advice. Lastly I would like to thank our growing team of staff (Rachel, Caroline/ Jo Marsh, Daphne and Jo Wilson) who work with the sort of commitment and passion that makes businesses successful. Thank you Murray Willans, Chairperson Who We Are? Patron Greg Hay, Queenstown Co-owner of Peregrine Wines in Queenstown and long-time supporter of conservation, Greg has been involved with the Trust since 2008 when Peregrine Wines undertook their first transfer of tieke. Peregrine have undertaken several projects involving tieke and mohua during the last 5 years. Trustees & Team Murray Willans - Chairman A farmer of Te Anau and ex Biodiversity Programme Manager for DOC with 20 years experience in conservation, Murray brings a wealth of knowledge and experience to the Trust. Roger McNaughton MNZM Past Chairman A farmer and agricultural contractor of Woodlands, with a long history of involvement in conservation including past Chairman of the Southland Conservation Board and an extensive involvement with the Waituna Wetlands. Frana Cardno QSO, JP Long standing Mayor of the Southland District Council, with over 30 years of community service and business experience, Frana s enthusiasm and knowledge of conservation is extremely valuable to the Trust activities. Kim Hollows Helicopter Company & Fiordland Cinema owner, with a 20 year history of deer recovery and conservation in Fiordland, Kim is the founding Trustee of the Trust. His passion and understanding of conservation saw him produce Fiordland on Film Ata Whenua, viewed by thousands of visitors to NZ every year. Ron Peacock Owner of Fiordland Lodge, Te Anau and involved in various conservation roles since the early 1970 s, Ron s wealth of knowledge and experience with conservation offers a great guide to the Trust. Nick Torr Independent contractor & consultant specialising in threatened species management and island restoration with 30 years experience, Nick has operated on a world-wide basis undertaking major pest eradication projects in some of the world s most treasured islands, most recently South Georgia. Viv Shaw Consultant of Te Anau, with a 15 year academic background in marketing and international business and an active involvement locally in conservation, particularly with the Pomona Island Trust, Viv is the current Chairman of the Southland Conservation Board. page 4

5 Fiordland Annual report 2013 Vision Statement Mark Sutton Local QEII representative, Waiau Fisheries and Wildlife Habitat and Enhancement Trust Field Officer, and past Fish and Game representative with 30 years experience, Mark s list of achievements in the conservation field along with his impact on the way landowners manage their properties in regards to conservation are considerable. Mark Peychers A commercial fisherman in Fiordland for 28 years, and presently a director of the Fiordland Lobster Co, a Fiordland Marine Guardian and board member of CRA8, Mark s business expertise and understanding of conservation are very valuable to the Trust. Trust Secretary Jo Wilson A born and bred Southlander, Jo is involved in operating one day kayak tours in Doubtful Sound. With a genuine interest in the outdoors and conservation Jo is happy to be contributing by undertaking the role of secretary for the Trust. Trust Manager Rachel Cockburn Undertaking operational support and management of the Trust for five years on a part time basis, Rachel is involved in a farming operation in the Te Anau Basin and has an interest in preserving and enhancing the property. Her project management experience assists with the overall coordination of the various projects. Jigsaw Newsletter Editor & Communications Daphne Taylor Ex deputy Principal of Aranui High School, and more recently owner of an eco-kayaking business in Fiordland, Daphne brings a wealth of knowledge and a passion for conservation to this role. Kids Restore the Kepler Education Coordinator Jo Marsh An ex Head Girl of Fiordland College with a degree in Environmental Management, and a Masterate in Science, Conservation and Ecology, Jo has impeccable credentials and a passion for conservation. To be an independent Trust inspiring the community to protect the special values in Fiordland and the wider Southland region. Mission Statement To enhance the protection of natural flora and fauna within Fiordland and the wider Southland region through: 1. Identification of worthwhile conservation projects that might otherwise lack funding 2. Provision of a professional and accountable service to clients, matching their desire to support conservation with appropriate project opportunities 3. Funding of general conservation, research and education projects 4. Encouragement of our young people to get involved in conservation 5. Promotion of conservation successes within the region. Strategic Goals Conservation To promote the importance and value of conservation in Fiordland and the wider Southland region To identify conservation projects in Fiordland and the wider Southland region that require funding To match potential clients to appropriate conservation projects To promote research for conservation Community Involvement To keep the community informed about the Trust, its vision, objectives and achievements To encourage and support the active involvement of young people in conservation projects Develop professional relationships with key stakeholders Technical advice and assistance: Southland District Council Undertake all our accounting and banking services. Department of Conservation Ongoing technical advice on projects, and assistance in planning and undertaking projects as appropriate via contracted service. AWS Damien Pine Supporting the Trust with legal advice and knowledge. Tim Mann Design Website development and technical support. page 5

6 Fiordland Annual report 2013 Fiordland Projects Sinbad Sanctuary Milford Sound, Year Four Since August 2009, the Fiordland Conservation Trust has operated in a key partnership with Southern Discoveries, a major tourism operator in the Southern Lakes area, to undertake the Sinbad Sanctuary Project in Milford Sound. Southern Discoveries has generously committed to support this project annually with a commitment of up to $35,000 per year for a minimum of five years. This project is nationally significant, based at the head of Milford Sound, covering approximately 1500 ha. The Sinbad Valley forms a natural barrier of steep terrain, combined with a cold, wet climate which has limited the invasion of mammalian predators. This has helped to provide a safer refuge for the rare lizard species such as the Mahogany and Sinbad skinks and Cascade gecko, and was the last known mainland refuge for the kakapo. The objective of the project is to form a natural mainland island that will allow bird, lizard and invertebrate species present to thrive, and for the potential reintroduction of other threatened species in the medium to long term. The closeness of this valley to Mitre Peak/Milford Sound, a New Zealand icon and major tourist attraction, makes this valley potentially one of the most visible in Fiordland. The Sinbad valley has been recognised since the early 1970 s as being an area of National significance and was in dire need of action in order to save the remaining species currently inhabiting the area. 7km of trap line were established initially and for three years now, volunteers from Southern Discoveries staff have been involved in undertaking trap checks each year, capturing rats & stoats. During the 2012/13 year a total of eight stoat trap checks were carried out recovering a total of 13 stoats, 32 rats, and one mouse. Stoat numbers were low through the year, with all but one stoat caught in the lower third of the valley. A moderate number of rats collected during the first check of the season were evidence of some beech seeding from the previous year, and then rat captures declined for the remainder of the 2012/13 season. A low amount of silver beech seed was recorded during autumn 2012 in the Sinbad Gully, and rodent and mustelid levels were predicted to remain low this season in response. Beech seedfall monitoring was repeated during autumn 2013, and a low level of seeding was found again, suggesting that predator numbers will remain low heading into the 2013/14 season. Monitoring of alpine skinks continued during summer 2013 with a team based in the Sinbad head basin. Monitoring staff surveyed known skink habitat at the base of the head basin walls. A new lizard monitoring method was repeated for a second year this season that involves recording the numbers of individuals observed from identified viewing points over set timeframes. The decision to move to this simple monitoring method is driven by the resources necessary to adequately complete a more thorough study of their population biology using conventional capture-recapture methodologies. The area of known habitat was searched over two days in late February 2013 and similar results as the previous year were recorded. In addition, a single adult male Sinbad skink was found approximately 80 metres away from the bottom of the rock wall, extending the known range of this species. Continued stoat control will occur in the valley in the coming year along with investigating the best methods for possum and rat control which will need to occur in the near future. Rodent monitoring and beech seed monitoring will also continue. Each year whio and lizard monitoring is also undertaken, which this year will be combined with surveys for new Sinbad Skink sites in conjunction with DOC. A full report on the Sinbad Sanctuary project is available on the Trust website. Sponsor: Southern Discoveries Project Cost $32,000 pa Oligosama pikitanga - the mountain climber James Reardon page 6

7 Fiordland Annual report 2013 Kids Restore the Kepler In November 2010 FCT & local schools launched the Kids Restore the Kepler Project in conjunction with Kids Restore NZ, a subsidiary of the Air New Zealand Environment Trust. This project initially involved a two year $220,000 set up phase of stage one of the Kepler Backyard Birdsong project, with naming rights sponsorship for stage one from Kids Restore NZ and supporting funding from the Community Trust of Southland. The set up phase was completed this year, using the remaining carried forward funding from the initial $220,000 funds. The overall project The Kepler Backyard Birdsong, seeks to create a mainland island of the Kepler Peninsula, an area of 12,000 hectares, adjacent to Lakes Manapouri and Te Anau and with the Waiau and Iris Burn Rivers also assisting in providing natural boundaries. The existing trapping undertaken by the Kepler Challenge committee and their volunteers will largely act as a ring fence around the project, with most of the total trapping undertaken within this area. This project will build on the fantastic gains being made by the Kepler Challenge team. Due to the size of the area, the initial Kepler Backyard Birdsong project has been split into three areas; with stage one - Kids Restore the Kepler, covering the area east of the Forest Burn. This area is 3000 ha making it a considerable undertaking on its own and one of New Zealand s largest accessible sanctuaries. Our key focus is student involvement in the project. All five schools and early childhood education facilities are involved in this project in various ways, including Fiordland College, Te Anau School, Mararoa School, Fiordland Kindergarten and Southern Stars Early Learning Centre. FCT is now in to our second year of contracting a KRK Education Coordinator to ensure practical assistance for the schools to enable them to integrate the project in to their various curricula as appropriate. This position is funded separately through donations from Kids Restore NZ; Ian & Jenny Willans; and the Quatre Vents Foundation based in the USA has also assisted with the current year. The role was initially set up and carried out for one year by Caroline Carter until April 2013 when Jo Marsh was then appointed for the current year. The role is part time, and is proving to be extremely valuable for the schools and ECE s involved. Some of the specific activities undertaken by the students to date include: preparing seed fall monitoring; camps and field trips; development of the KRK website; five minute bird count training; adopting a trap line; and each child participating in the Meet the Locals bird song activity an initiative to increase bird identification in preparation for bird monitoring at a senior level. Achievements to date for the KRK Education Coordinator role include: The project has now passed through an engagement stage, bringing in Fiordland s five schools and wider community groups, and is now being embedded in curriculum learning. Kids Restore the Kepler project stoat trapping lines. The KRTK Education Guide has been drafted and points the way towards a new integrated approach for environmental education in schools. The aim, to utilize the project as a real context for learning across a range of subjects from early childhood to senior NCEA level, appears to be unmatched at this scale anywhere in the world. The Guide is beginning to influence curriculum planning. The importance of first connecting children with their natural environment has been a priority. Teachers and children are now engaging with the project at a more meaningful level because they feel connected to it. Along with parents and the wider community, they are stepping forward with ideas, suggestions and an eagerness to get involved. Regular communication and contact is maintained with teaching staff from all five schools. An integrated communication plan is in action which ensures amongst other things that website content is kept up to date. Through focused publicity events and communications, there is increased community awareness of the education component of this project. page 7

8 Fiordland Annual report 2013 KRK Leadership team has been established - a working group of school representatives, predominately made up of kids. Kids Restore the Kepler fever is spilling out into the wider community with playgroups, Girl Guides, Scouts, Venturers, Te Anau library, Plunket, Otago PHD student and others taking on themed activities and projects Community volunteers are assisting with various aspects of the education programme including providing training for kids in bird and pest monitoring. Education Coordinator supported by: Kids Restore NZ, I & J Willans, Quatre Vents. Key achievements to date on the KRK Pest Eradication Contract include: 3000 ha area was set-up for stoat control and stoat control was initiated in April A total of 102 stoats have been trapped in the project area to date and now remain at very low numbers. Within the 3000 ha area, 450 ha area was set-up for rat control. The first round of rat control took place in spring 2012 and brought rat tracking down from 52% in August to 0% in November, and remained below 2% until June Rodent tracking tunnels have been established and are checked every three months. Beech seed fall trays have also been established in the rodent control area to assist with predicting potential rodent plagues. A baseline bird monitoring survey was conducted in September The data from this survey and the associated report will be used to measure conservation outcomes in the years ahead. Bird monitoring will continue to be repeated twice each year and will be a key measure in determining the success of the pest control over the whole 3000 ha block. Possum monitoring was undertaken in April 2013 and identified the Residual Trap Catch (RTC) is currently sitting at approximately 19%; the target is to get that reduced to below 5%. The Trust is currently investigating options for possum control in this area based on the latest research from DOC and other parties. Support for the ongoing project costs have been secured from Kids Restore NZ for a period of two years, and our new sponsor Distinction Hotels for a period of three years. Funds are still required from other sources to top up the required level per annum. The Trust is extremely grateful to Kids Restore NZ and Distinction Hotels for the commitment going forward. A full report on the Kids Restore the Kepler project is available on the Trust website. KRK Sponsor: Kids Restore NZ & Community Trust of Southland Set up cost: $220,000 Fern Bellerby holds a Robin due for release. Indian Island Robin Transfer The Fiordland Conservation Trust (FCT) and supporters of Indian Island, in partnership with the Department of Conservation (DOC) and Ngai Tahu, successfully returned South Island Robin/ toutouwai to Indian Island in April This was the first transfer of native birds to Indian Island since it was declared pest-free in July 2012 becoming the latest pest-free island in Dusky Sound. Deer, stoats, rats and mice were removed from the Island with joint efforts by DOC and FCT. Robins were thought to have been present on Indian Island but became locally extinct due to the impacts of mammalian predators. This transfer of robins to Indian Island is the first step towards helping to restore the ecology of the Island by returning some of the native biodiversity. The transfer was co-ordinated by Jo Marsh of Restoration SolutioNZ for the Fiordland. A team of 10 people including sponsors, iwi and a student and teacher from Fiordland College travelled on the Southern Winds to Breaksea Sound in April 2013 for the transfer. Seventy robins were caught off Breaksea Island over two days and boated over to Indian Island in Dusky Sound where they were released at the end of each day. The budget for the 2012/13 year utilised the carried forward funding to finish off the set up phase of the project. This is now complete. The 2013/14 year begins our ongoing phase of the project at an estimated cost of $90,000 per annum which includes savings each year towards possum control. Possum control is estimated to be carried out one in every five years at this stage. The Trust on behalf of the five local schools and ECEs wish to thank Kids Restore New Zealand and the Community Trust of Southland for their phenomenal contributions to the set up phase of this project. With this phase now complete we can hope to see improvements in the fauna in the area, in particular some of our native birds. KRNZ in particular need to be acknowledged for their vision and foresight with their naming rights sponsorship in helping us to make this significant project possible. The toutouwai / South Island robins being released onto Indian Island. page 8

9 Fiordland Annual report 2013 The robins will be monitored a minimum of three times annually on Indian Island for the first two years following transfer to ensure that the population has successfully established. Coloured bands on the legs of the transferred robins will help with monitoring. A post-transfer monitoring report will be produced by FCT two years following the transfer. The Fiordland would like to acknowledge the financial support for this stage of the Indian Island project from Lucy Bellerby, Ian & Jenny Willans, and the Quatre Vents Foundation. The Trust would also like to acknowledge the support of Southern Winds Skipper Peter Young and the DOC staff who all assist with the on-going trap checks for Indian Island and the islands near Indian. DOC continues to strengthen security of Indian by increasing trapping on Long Island to reduce the chance of reinvasion. A full report on the transfer is available on the FCT website. Supported by: Lucy Bellerby, Ian & Jenny Willans, Quatre Vents Foundation Project Cost: $13,000 This year there were 30 stoats and 57 rats caught along the Milford Road between the tunnel and Milford Sound. During the same period there were 5 stoats and 8 rats caught in the Cleddau delta area west of the airport, so 35 stoats and 65 rats all up. During the 12/13 year all the trap tunnels in the Delta have been upgraded from single traps to double traps. This was funded by Downers who received $1500 of prize money for an award given for their great work on the Cleddau stopbank project. They chose to donate this to the Milford area so funded the double tunnels. DOC paid for traps and the contractors changed the tunnels over in October. Double tunnels have the obvious advantage of catching more pests at once and bring the operation up to best practice. The aim of the project is to protect native birds to encourage them to breed, leading to a general increase in birdlife around Milford Sound, and to create a potential site where threatened birds may be reintroduced in the future. The increased birdlife will have a positive impact on the hundreds of thousands of visitors who come to Milford each year. Supported by: Trips & Tramps Project is undertaken on a volunteer basis by Trips & Tramps Milford Township & Cleddau Delta Trap Network Beginning in 2007, this project was established to control introduced animal pests in an area of 40 ha of coastal forest covering the old Cleddau River delta at Milford Sound. The project was initially funded by Eco Tours Ltd and then Cruise Milford for a total period of four years. This project has since been adopted by Trips & Tramps, one of Fiordland s best small tour companies who specialise in day trips around Fiordland. They offer their staff time to voluntarily check traps on the Cleddau Delta and the newly trapped area around the Milford Township, on a regular basis. Trips & Tramps have been involved in checking traps on the upper Milford Road for many years, so this is a natural extension of that existing work. Steve Norris of Trips&Tramps demonstrates setting a stoat trap. page 9

10 Fiordland Annual report 2013 Trust Activities Website Re-development Thanks to support from the Meridian Community Fund, the Trust were able to undertake a re-development of the website to better represent the range of projects and key partners involved with the Trust. The new fresh look is comprehensive and clear, thanks to our team Daphne Taylor (FCT) and Tim Mann Design. Communications 2011 saw the launch of the FCT Jigsaw newsletter written by the new editor Daphne Taylor. This newsletter was distributed through as wide a channel as possible, including a friends of the Trust list. It is available on the FCT website. Three newsletters are produced per year, with the next one due out in November We encourage anyone to subscribe to this newsletter by visiting our website for details. The Fiordland has a facebook page that is kept updated with our latest hot off the press information as it comes to hand. It is hoped that we can extend this network through our work with the schools, our key partners and a national and international network of interested people. See for further information and detailed reports on projects. LIKE the Fiordland facebook page for the latest up to date goings on with the Trust. page 10

11 Fiordland Annual report 2013 Audited financial report Financial This year the Trust s income is significantly down from last year - $87,616 compared to $225,114 largely due to the Kids Restore the Kepler Project. The initial two year set up phase for KRK was spread out to three years, so funding utilised for the third year came from carried forward 2011/12 rather than new introduced funding. $50,000 of work was carried out during the year, so still a significant spend for the Trust. Other significant funding came from key partners to support the KRK Education Coordinator position; the Indian Island Robin translocation; and Sinbad Sanctuary project sponsored by Southern Discoveries. Donation income remained steady, while interest received was down slightly. Outgoings were also down considerably, once again largely due to the KRK project costs. Indian Island and the Sinbad Sanctuary projects were the other two major expenses, along with the separately funded KRK Education Co-ordinator. The Trust s running costs were lower at $22,638 but were disproportionately high compared to our income. However this includes the website redesign which was funded by Meridian and newsletter costs. This will be reassessed once back to normal funding levels for the KRK project, and methods of funding the newsletter cost will be looked at. No major fundraisers were carried out this year. The Trust hosts the RNZ Ballet every two years, and they are due to visit at the end of Donation Box income was up slightly this year. The increase in competition from DOC is having an effect on general donations from the public, but the new DOC partnerships model may help with accessing funding partners going forward. A majority of funding for the KRK project ongoing costs for has been secured thanks to continued naming rights sponsorship support from Kids Restore NZ, and a three year commitment of funding from Distinction Hotels NZ. page 11

12 Fiordland Annual report 2013 Statement of Comprehensive income For the year ended 30th June 2013 These financial statements should be read in conjunction with the notes and audit report. page 12

13 Fiordland Annual report 2013 Statement of Comprehensive income (continued) For the year ended 30th June 2013 These financial statements should be read in conjunction with the notes and audit report. page 13

14 Fiordland Annual report 2013 Statement of Changes in Equity For the year ended 30th June 2013 Statement of Financial position As at 30th June 2013 These financial statements should be read in conjunction with the notes and audit report. page 14

15 Fiordland Annual report 2013 Statement of Accounting Policies For the Year ended 30 June 2013 Reporting Entity The Trust has been established under the Charities Act The Trust is domiciled in New Zealand. The primary objective of the Trust is to share information and raise awareness within the community on conservation work and in particular with respect to young people and youth involvement in the work of the Trust. The registered office of the Fiordland is 33 Don Street, Invercargill. The financial statements are for the Fiordland for the year ended 30 June Measurement Basis The Financial Statements have been prepared in accordance with NZ Generally Accepted Accounting Practice (GAAP). The general accounting principles as appropriate for the measurement and reporting of results and financial position under the historical cost method have been followed in the preparation of these financial statements. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. The financial statements were authorised by the Trustees on 30 September Differential Reporting The Trust is a qualifying entity as defined by the Institute of Chartered Accountants of New Zealand Differential Reporting Framework. The criteria establishing the Trust as qualifying for differential reporting exemptions are: The entity does not have public accountability: and The entity is not large in terms of the Framework. Cash and Cash Equivalents These include cash on hand, cheque account funds, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less. Revenue Recognition Grants and donations that are subject to restrictions, but which are not required to be returned to the donor are recognised as income when they are received. Grants and donations that are subject to conditions (that is, that are subject to biding terms imposed by an external party, such as funding for a particular project) are recognised as income when it is likely that the Trust will comply with the terms of the grant or donation. If the Trust is unable to comply with the terms of the grant or donation and this is a condition of keeping the grant or donation, the grant or donation is recognised as a short-term liability until is returned to the donor or the conditions are fulfilled. Interest income is recognised on an accrual basis. Creditors and Other Payables Creditors and other payables are recorded at net realisable value. Taxation Goods and Services Tax All items in the financial statements are stated exclusive of GST, except for debtors and other receivables and creditors and other payables, which are presented on a GST inclusive basis. Income Tax The Fund is exempt from income tax as it is a Charitable Organisation registered under the Charities Commission. Changes in Accounting Policy There have been no changes in the accounting policies. All policies have been applied on bases consistent with those used in the prior year. The Trust has elected to take advantage of the differential reporting exemptions except for the exemption in relation to GST as the Trust have prepared these financial statements exclusive of GST. Debtors and Other Receivables Debtors and other receivables are recorded at net realisable value. page 15

16 Fiordland Annual report 2013 Notes To The Financial Statements 1. Post Balance Date Events There have been no significant subsequent events between the balance sheet date and the signing of the Financial Statements. 2. Contingent Assets and Liabilities Should the Trust not comply with conditions attached to a grant there may be a requirement to return a portion of the grant. It is not practicable to quantify whether such a contingent liability exists at balance date due to the varying stages at which each project is at, but should any contingent liability exist it is not considered to be significant. Sensitivity Analysis 2013 Interest rate risk Cash and cash equivalents 2012 Interest rate risk Cash and cash equivalents -100 bps +100 bps Profit Other equity Profit Other equity ($1,028) - $3, bps +100 bps Profit Other equity Profit Other equity ($3,141) - $3, Commitments The Trust is committed to spending the following funds on the stated projects (2012 $117,261). Commitments Kepler Co-ordinator $24,811 Chalky $4,468 Indian Island $5,673 Kepler $27,829 Long Island $500 Pateke $3,406 Peregrine $1,600 Possum Control $27,532 Total $95, Financial Instrument Risks The Trust has policies to manage the risks associated with financial instruments. The Trust is risk adverse and seeks to minimise exposure from its treasury activities. These policies do not allow any transactions that are speculative in nature to be entered into. Market Risk Fair Value Interest Rate Risk Fair value interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Trust s exposure to fair value rate risk is limited to its short term bank deposits. Explanation of Sensitivity Analysis Cash and cash equivalents include deposits at call totalling $102,868 (2012 $314,138) which are at floating rates. A movement in interest rates of plus or minus 1.0% has an effect on interest income of $1,028 (2012 $3,141). Credit Risk Credit risk is the risk that a third party will default on its obligation to the Trust, causing the Trust to incur a loss. The Trust has no significant concentrations of credit risk, as it essentially operates a cash business and only invests funds with registered banks. Liquidity Risk Liquidity risk is the risk that the Trust will encounter difficulty raising liquid funds to meet commitments as they fall due. In meeting its liquidity requirements, the Trust maintains its investments in cash and cash equivalents and highly liquid investments. 5. Cash and Cash Equivalents The carrying amount of cash and cash equivalents and term deposits with maturities less than three months approximate their fair value $ $ Cash - BNZ 00 Account Short term deposits - 102, ,138 BNZ 25 Account Cash and Cash Equivalents 103, ,212 Sensitivity Analysis The table below illustrates the potential profit and loss and equity (excluding retained earnings) impact for reasonably possible market movements, with all other variables held constant, based on the Trust s financial exposures at the balance date. 6. Going Concern In common with other similar organisations the Trust is reliant on grants and donations. It is assumed that this support is continuing and for this reason the going concern assumption has been applied. page 16

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