Northland
Enrolled 426
Target 600
Storytime Book Distribution 2023-24
NUMBER OF FAMILIES ENROLLED
Note. Enrolments for the Books for Babies Programme were significantly impacted by COVID-19.
Waikato
Enrolled 417
Target 1200
Taranaki
Enrolled 383
Target 300
Manawatu and Whanganui
Enrolled 96
Target 600
Wellington and Horowhenua
Enrolled 711
Target 1000
West Coast and Canterbury
Enrolled 728
Target 1000
Southland and Otago
Enrolled 298
Target 450
Auckland
Enrolled 1267
Target 5450
Plenty and Lakes Enrolled 1616
1050
Tairawhiti
Enrolled 238
Target 250
Hawkes Bay and Wairarapa
Enrolled 308
Target 550
Tasman, Nelson and Marlborough
Enrolled 85 Target 200
The Storytime Foundation has been supporting New Zealand families since 1997. Originally established in Auckland, we now support children and families in:
• Northland
• Auckland
• Waikato
• Bay of Plenty
• Tairawhiti
• Taranaki
• Hawkes Bay
• Wairarapa
• Manawatu/Whanganui
• Wellington and Hutt Valley
• Nelson/Marlborough
• Tasman
• Canterbury
• West Coast
• Otago
• Southland
Chief Executive and Chair’s Report
On behalf of the Storytime Foundation Board of Trustees it is our pleasure to present this Annual Report.
What a great year 2024 has been! A year in which we supported more than 14,000 vulnerable children and their whanau nationally through our First 1000 Days programme, enrolled 6518 new families and delivered over 35,000 books.
In addition to First 1000 Days, we delivered our programme for parents in the care or under the management of the Department of Corrections Ara Poutama Aotearoa known as Taonga mō ngā Tamariki, and delivered “Tamariki Carepacks” with books, games and other resources to over 800 families with the help of Police and Corrections staff.
Strengthening the impact of Taonga mō ngā Tamariki, we delivered Child Centric Visiting (CCV) at Christchurch Women’s Prison and Northern Region Corrections Facility. When children visit their incarcerated parent, our CCV programme provides opportunity for close, positive parent-to-child engagement using our resources and guidance. The feedback from these sessions is heartening and often humbling.
Once again, our funders and donors have been very supportive. Through their generosity we received $264,864 this year. Particular thanks go to The Tindall Foundation, Te Rau Puāwai Education Trust, Rotorua Trust, Foundation North, Lottery National, and BayTrust.
This year, we strengthened our impact with initiatives like Taonga mō ngā Tamariki and Child Centric Visiting, bringing positive change to hundreds of families in partnership with Corrections and Police.
We have deployed existing financial resources in terms of inventory and cash held in investments this year on our programmes as well as working towards the development of our Storytime Books programme. This shows as a loss for the year ended 30 June 2024 of $170,230. Looking forward to the 2025 year we expect that this loss will not repeat, and we remain confident in the organisation’s financial viability.
We continued our work strengthening our commitment to Te Tiriti and improving our cultural competence. We increased the number and range of books in te reo Māori as well as bilingual books and titles in Pasifika and other languages and had significant help from the Ministry of Education to achieve this.
We made great progress in the development of our social enterprise, Storytime Books, and look forward to further developing this concept and launching Storytime Books later in 2024. Storytime Books will provide us with the capacity to sell books to the public in a Get One – Give One model.
Much of the organisation’s success this year, as in past years, is due to the tireless work of the staff, contractors and volunteers and we thank them and acknowledge their dedication to the programmes.
As in previous years, we have enjoyed working with our partners: Libraries, Plunket, Tamariki Ora providers, ECEs midwives, health service providers, Family Start and District Health Boards and have joined with new organisations and networks to allow delivery of our services to the highest need families as we have expanded into new areas.
As an organisation we approach the coming year well placed for growth in our various programmes as we continue to build on the foundations already laid. We are fortunate to have secured contracts with the Department of Corrections to support programme delivery in the coming year and look forward to continuing our work in communities across Aotearoa.
Tony Culliney Chief Executive
Thomas Bendall Chair
Our Work
Each and every day, babies are born into New Zealand families where parents are ill-equipped, supported or resourced to adequately provide their children with the attention they need and deserve.
In partnership with organisations that are well aligned with our goal - to build stronger families and through them, a better society – we provide information, education, and support for caregivers, parents and whanau to:
• Improve parent-child attachment
• grow tamariki social and emotional capacity for connecting with others
• develop babies’/children’s grasp and use of language for communication and learning.
We do this by providing parents and whānau with selected books and other resources and working with individuals and agencies to show them how these can be used. The extensive evidence shows, for example, when parents and whānau hold babies and children close and share the stories in books - reading the words, talking about the pictures, and singing the songs – children feel safe and loved, and at the same time learn to understand and use the language they need for life-long learning.
Working collaboratively with Well Child/Tamariki Ora providers, libraries, DHBs, Family Start providers, midwives, Government agencies and others, we help create a home environment in which children thrive, belong and achieve. Using books, games, activities, and storytelling as a medium, our programmes foster stronger families and a better society, for today and tomorrow.
In New Zealand more than 50,000 children are born each year. We know that some children are born into families where parents are experiencing adverse circumstances, with limited resources to provide books and other resources, as well as potentially lacking the knowledge of how to build connection and oral language. Storytime Foundation’s programmes are designed to assist those families by providing key messages, books and resources to encourage families to bond and have positive and fun interaction and engagement to support their children’s ongoing well-being.
As well as services delivered into the homes of families in adverse circumstances, we deliver a programme into New Zealand prisons and Community Corrections facilities for those people in the care of the Department of Corrections to support their attachment with their children. This programme, known as Taonga mō ngā Tamariki (Treasures for our Children) includes
A
Early Reading Together® and Reading Together® and has been supported by Department of Corrections and Ministry of Education.
Every child is born ready to learn, however brain development and a baby’s capacity for learning and loving is heavily dependent on early life experiences. We know from national and international evidence that close parental interaction in the early stages of a baby’s development stimulates the frontal lobe and increases early learning opportunities.
Families participating in our programmes benefit from learning how to read with their child and the benefits of engaging with babies and young children through talking, reading, singing and playing. They learn more about what is happening to their child’s development, and especially frontal lobe activity, critical in the early years.
This year we continued delivery of an extension of the original Books for Babies programme to cover the first 1000 days of a child’s life and amalgamated our programmes for babies, toddlers, and older children under the programme heading “First 1000 Days”. Our goal is that every parent knows the importance of reading and storytelling with their children, and that New Zealand children grow up healthy, nurtured in homes rich in language and love.
Point and Associates have completed an in-depth evaluation of our Taonga mō ngā Tamariki programme. Some of the feedback has been remarkable and humbling:
• “It has given us tools to make reading experiences more enjoyable. I used to dread it.” (Arohata Prison)
• “I learned how the pictures relate to the words in a book for kids when they are learning to read.” (Huntly Community Corrections)
• “We are not the teachers. We can put the magic and the fun into the learning for our kids.” (Auckland Women’s Correction Facility)
• “My kids hate reading as much as I do, but they have loved these books and so have I.” (Northern Region Corrections Facility)
• “There is just this big hole, this big blank in the years – doing the stuff dads do with their kids, doing all those normal things families do together. My kids won’t have that.” (Rimutaka Prison)
strong bond between a caregiver and child during the first 1000 days significantly improves outcomes in life for the child and family unit (eg.,Bowlby, 1958; Growing Up in NZ 2014).
In this time, over…
84,500 families have benefited 340,000 books have been delivered to vulnerable children and their families
Income & Expenditure
01 July 2023 to 30 June 2024
400 Well Child & Family Start professionals have been trained to deliver First 1000 Days (formerly Books for Babies)
$5 million has been raised to benefit some of New Zealand’s most vulnerable children and families
340,349
Total number of Storytime Books delivered all-time to 30 June 2024
Income Targeted Income for TMNT
Corrections programmes
Other Income
Expenditure
Books - Purchase cost, insurance etc
Admin/Overheads
Employee Related Costs
35,529
Storytime Books delivered in the financial year from 1 July 2023 to 30 June 2024
0 50,000 100,000 150,000 25,000 75,000 125,000 175,000 200,000 225,000 250,000 275,000 300,000 325,000 350,000
The Benefits of Reading with Babies and Young Children
Reading with babies and young children is more than just a pleasant activity—it is a fundamental practice that supports the development of crucial cognitive, emotional, social, and language skills.
Research shows that the early years of a child’s life are critical for brain development; and engaging them with books and stories during these formative years provides numerous benefits that lay the groundwork for lifelong learning and emotional well-being. Below is a more detailed examination of the key benefits.
1. Language Development
Language development is one of the most significant areas of growth for babies and young children, and reading is a primary driver in this process. From birth, babies are exposed to the sounds and rhythms of spoken language, and reading aloud strengthens this auditory connection.
• Word Acquisition: Babies and toddlers absorb new vocabulary when caregivers read to them, even before they can speak. Through repeated exposure to words and phrases, they begin to understand their meanings and later incorporate them into their own language. For example, a baby may not initially understand the word “dog,” but after hearing it in different contexts, they begin to make the connection between the word and the animal.
• Pronunciation and Syntax: Listening to stories also helps children learn the proper pronunciation of words and how language is structured. By hearing the syntax of well-formed sentences, they learn grammar and sentence structure, which is essential for speaking and writing correctly.
• Early Literacy Skills: Reading to young children promotes an understanding of the relationship between spoken and written language. Even before they can read themselves, children start to recognize that books contain words that have meaning, which is a crucial foundation for reading readiness.
2. Cognitive Development
Reading with babies and young children has a profound impact on cognitive development, stimulating various brain functions that are necessary for academic success later in life.
• Memory and Concentration: As children listen to stories, they begin to develop memory skills. They recall the names of characters, events in stories, and recognize repeating patterns in narratives. This memory building helps to improve attention span and concentration, skills that are essential for learning in school and other environments.
• Problem-Solving and Critical Thinking: Many children’s books involve characters facing problems or making decisions, which encourages young readers to think critically about what is happening in the story. For example, when reading a book about a character trying to solve a puzzle or overcome an obstacle, children begin to form problem-solving strategies and learn about cause and effect.
• Imagination and Creativity: Books introduce children to new worlds, scenarios, and ideas, expanding their imagination. These stories stimulate creative thinking and allow children to explore abstract concepts. Whether it’s through fantastical adventures or real-life situations, reading sparks curiosity and allows children to imagine endless possibilities.
• Concept Development: Many books for young children are designed to introduce them to foundational concepts like numbers, letters, shapes, colors, opposites, and sizes. By incorporating these concepts into stories, children grasp basic ideas that are vital for early learning and academic achievement.
3. Emotional and Social Development
Reading with babies and young children is not only beneficial for cognitive growth but also plays a crucial role in emotional and social development.
• Bonding and Attachment: The act of reading together fosters a deep emotional connection between children and their caregivers. Sitting close, sharing a book, and exchanging thoughts on the story help strengthen the bond. This secure attachment is vital for a child’s overall emotional well-being and sense of safety in the world.
"Reading with babies and young children is more than just a pleasant activity—it is a fundamental practice that supports the development of crucial cognitive, emotional, social, and language skills."
• Understanding Emotions: Books often introduce characters experiencing different emotions—such as happiness, fear, anger, or sadness. As children follow along with these characters, they develop a better understanding of their own emotions and how to cope with them. By identifying with a character’s feelings or struggles, children learn empathy and how to relate to others in their lives.
• Social Skills: Many children’s books focus on social interactions, teaching kids about sharing, cooperation, friendship, and respect. These lessons are essential in helping children navigate relationships with their peers and adults. By exploring social scenarios through stories, children learn valuable life lessons in a safe, supportive environment.
4. Improved Attention, Listening, and Focus
Children who are regularly read to from a young age develop the ability to focus and pay attention for longer periods. This is particularly important as they grow older and start attending school, where attention span and listening skills are critical for academic success.
• Attention Span: Reading regularly helps children become accustomed to focusing on one task for an extended period. For example, listening to an entire story encourages children to engage with the narrative from beginning to end. This translates to improved concentration in other areas of life, such as completing tasks, listening to instructions, and engaging in structured learning.
• Listening and Following Instructions: When children listen to stories, they practice following verbal cues, which helps to improve their listening comprehension. They learn to pay attention to details, remember information, and make sense of what is being said—all essential skills for learning in the classroom and in daily life.
"The act of reading together fosters a deep emotional connection between children and their caregivers."
6. Lifelong Impact
The benefits of reading in early childhood extend far beyond the preschool years. The foundation built through early reading experiences has long-term effects on academic achievement, mental health, and social skills.
• Academic Achievement: Studies show that children who are read to regularly tend to perform better academically throughout their lives. Early reading encourages a love of learning that persists throughout their educational journey, providing them with the skills and confidence to succeed in various subjects.
5. Encouraging Early Literacy and School Readiness
Early literacy is strongly linked to later academic success. Reading with children from infancy helps them develop the essential skills needed for school.
• Print Awareness: As children are exposed to books, they start to recognize that written words carry meaning. They begin to understand the concept of reading from left to right and that print is organized in sentences and paragraphs.
• Pre-Reading Skills: Before children can read themselves, they begin to learn important skills such as identifying letters, recognizing their names, and distinguishing between uppercase and lowercase letters. These early skills are critical building blocks for future reading and writing proficiency.
• Predicting and Story Retelling: As children become familiar with stories, they often start to predict what will happen next or retell the story in their own words. This not only reinforces their understanding of narrative structure but also enhances their ability to process information and express themselves effectively.
• Mental Health: Reading together can provide comfort and reassurance to children, helping them to understand their world and cope with difficult situations. Additionally, books that feature characters overcoming challenges can inspire children to face their own struggles with resilience and determination.
• A Love for Reading: Early reading experiences foster a lifelong love of books. Children who develop a positive relationship with reading during infancy and childhood are more likely to become avid readers as adults, continuing to reap the cognitive, social, and emotional benefits of reading throughout their lives.
Conclusion
Reading with babies and young children is a simple yet immensely powerful activity that fosters critical skills in language, cognition, emotional intelligence, and social development. By integrating reading into daily routines, caregivers and parents can provide children with the tools they need to succeed in school, build strong relationships, and develop into confident, curious individuals. Whether through picture books, nursery rhymes, or storytelling, each moment spent reading enriches a child’s world and shapes their future in profound ways.
Bibliography
Hernandez, D. J., & Napierala, J. (2015). The Importance of Early Childhood Education and Literacy. National Centre for Children in Poverty.
This report outlines the significance of early childhood literacy and its impact on lifelong learning, emphasizing the need for early exposure to books and language development.
National Institute for Literacy. (2008). Developing Early Literacy: Report of the National Early Literacy Panel. National Institute for Literacy.
This publication reviews research on the importance of early literacy and how early reading activities, such as reading aloud to children, support vocabulary development, comprehension, and cognitive skills.
Neuman, S. B., & Celano, D. C. (2006). The Knowledge Gap: Implications of Socioeconomic and Ethnic Differences in Early Literacy Development. Journal of Educational Psychology, 98(1), 92-110. This study explores how socioeconomic factors influence early literacy development, underscoring the critical role that reading with young children plays in bridging literacy gaps.
Snow, C. E., Burns, M. S., & Griffin, P. (1998). Preventing Reading Difficulties in Young Children. National Academy Press.
This book highlights the importance of early reading experiences in preventing reading difficulties, providing research-based recommendations for supporting early literacy at home and in school.
Trelease, J. (2013). The Read-Aloud Handbook (7th ed.). Penguin Books.
This comprehensive guide emphasizes the importance of reading aloud to children, offering practical advice for parents and caregivers to engage children in reading from infancy through the early school years.
Zimmerman, F. J., & Christakis, D. A. (2007). Effects of Media Viewing on Language Development in Children Under Age 2. Archives of Pediatrics & Adolescent Medicine, 161(5), 475-480.
This study discusses the effects of media on language development, contrasting it with the positive impact of interactive reading on young children’s language and cognitive development.
Bingham, G. E. (2007). Supporting Language Development in Early Childhood Settings: Research, Theory, and Practice. Pearson Education. This book covers the importance of language development in early childhood and provides evidencebased strategies for supporting children’s literacy through reading and other language-rich experiences.
Zucker, T. A., & Hammer, C. S. (2009). Parent-Child Book Reading in Early Childhood: A Review of the Literature. Developmental Review, 29(4), 367-405. This literature review discusses the various ways in which parent-child book reading impacts early literacy and cognitive development, as well as the emotional and social benefits it provides.
These sources offer valuable insights into the developmental, academic, and emotional benefits of reading with young children, reinforcing the importance of making reading a part of everyday life from infancy through the early years.
Statement of Service Performance
The purpose of this Statement of Service Performance is to report on the activities of Storytime Foundation Trust Board over the F2024 year.
Legal Name Storytime Foundation Trust Board
Type of Entity Charitable Trust, Registered Charity
Registration No. CC22735
Certificate of Incorporation No. 1487114
Entity Structure
• Under our Trust Deed the number of Trustees shall be no less than three nor more than six. We currently have four trustees including a Chairman, no change from 2023
• Our operations are managed by a CEO with part time staff and consultants
• Volunteers support us with our activities throughout the year
• We operate collaboratively with a number of agencies
Main Sources of Cash and Resources
Storytime Foundation receives income from a variety of philanthropic Trusts, Foundations and donors to purchase books and other resources, and to cover operational expenses, and income from Government contracts related to the delivery of programmes to people under the management of NZ Corrections, disadvantaged families and families impacted by Family Harm
Main Methods Used to Raise Funds
Funds are raised through application to philanthropic Trusts, and Foundations and by negotiation with Government Departments.
Reliance on Volunteers and Donated Goods/Services
We work collaboratively with Plunket, tamariki ora agencies, Family Start providers, DHBs, Police, Corrections services, Ministry of Education and others. These agencies assist with the delivery of our services. Our trustees are all volunteers.
Vision
New Zealand children thriving in supportive home environments.
Mission
The Storytime Foundation Trust is committed, in partnership with Plunket, Tamariki Ora providers, Family Start, libraries, Ministry of Education, Corrections facilities and staff and others to building the ongoing wellbeing of children and their whānau by increasing bonding through reading, talking and more positive engagement in the home.
Outputs
Storytime Foundation delivers books, information and a range of resources to whānau in adverse circumstances with tamariki from birth to 10 years of age, to improve early bonding and attachment through our programmes.
Research indicates that a strong bond between a caregiver and child, particularly during the first 1000 days, significantly improves outcomes in life for the child and the wider family unit. It also has positive effects on literacy. We therefore:
• deliver books and information into the homes of New Zealand families experiencing adverse circumstances to enhance early attachment, build cohesive families and improve social outcomes
• teach parents/caregivers to take time to read to their childthis remains a key determinant of bonding and attachment
We are the only agency delivering Books directly into the homes of whānau through well child providers.
In FY2024 we achieved the following (2023 totals in brackets):
1. Enrolled 6,518 (5,813) new families
2. Had over 14,000 (12,000) children participate in our programmes
3. Delivered 35,529 (28,572) books
4. Delivered hundreds of resources such as games, pencils and crayons, brochures, fridge magnets, table mats and useful information to support parents as they work closely with their child.
5. Delivered a programme to people under the management of Dept of Corrections to help improve the bond between parents and tamariki, and to reduce recidivism
6. Delivered care packs with books and resources to children with a parent in the care of
7. Corrections and to families that were impacted by a family violence incident.
Outcomes
We provided opportunities for vulnerable families with newborns and young children- particularly Māori and Pasifika - to engage with their communities, develop confidence and parenting skills critical in the early years, and provide a better future for their children thereby reducing disparities in social and developmental outcomes. Our programmes target the highest need families to improve bonding between parent/caregiver and child, to encourage the families/whanau to understand and better value reading and talking to their children, and to become more aware of the benefits of providing a safe, nurturing environment.
We support whānau to understand child developmental needs using books as the catalyst, to achieve bonding, child development, early language and family literacy outcomes.
We support parents prior to leaving prison to better understand their child’s development and provide resources for parent and child to share.
Additional Information: Feedback
We receive feedback from participating parents regarding the benefits to them of participation, and we contracted an independent research company, Point & Associates, to undertake a formal evaluation of our programmes.
Point & Associates evaluated the Taonga mō ngā Tamariki programme in depth in June 2021 and a copy of the evaluation has been provided to the Department of Corrections and Ministry of Education. There is also a copy on our website www.storytime. org.nz . Point completed a cost benefit analysis in October 2022 and a Ministry of Education funded independent evaluation of Taonga mō ngā Tamariki was completed by Carswell Consultancy in September 2022.
The feedback has all been very positive, parents feel that the programme has benefited them and their child, they report that they feel more confident as parents in reading and talking with their child.
The cost benefit analysis report told us that:
‘Cost benefit modelling shows that The Taonga mō ngā Tamariki Programme is capable of creating significant value. Expressed as dollar benefits, every dollar invested is likely to return at least $3.45. Benchmarking from similar programmes shows the range could be between $10.34 and $51.70 for each dollar invested.
There is also credible evidence that it has the potential to interrupt intergenerational offending.
Given the low cost of the Programme, relative to the cost savings from avoided prison terms, a favourable dollarreturn per dollar-spent ratio can be achieved even if there are relatively few examples of success.’
Storytime Foundation Trust Board
For the Year ended 30 June 2024
Storytime
For the Year ended 30 June 2024
Storytime Foundation Trust Board Statement of Financial Position
As at 30 June 2024
The accompanying notes form part of these Financial Statements and should be read in conjunction with the reports contained herein.
On Behalf of the Trust:
NOTE: Read in conjunction with the Review Report and Notes to the Financial Statements.
Storytime Foundation Trust Board Statement of Cash Flows
For the Year ended 30 June 2024
Storytime Foundation Trust Board
Notes to the Financial Statements
For the Year ended 30 June 2024
1. STATEMENT OF ACCOUNTING POLICIES
Basis of Preparation
Storytime Foundation Trust Board (the Trust) has elected to apply Tier 3 (NFP) Standard - Reporting Requirements for Tier 3 Not-for-Profit Entities on the basis that its total annual expenditure is less than five million dollars and it has no public accountability.
The new Tier 3 NFP Reporting Standard has mandatory adoption from 1 April 2024. The trustees elected to adopt the standard early with effect from the June 2023 year.
All transactions are reported using the accrual basis of accounting and the financial statements are presented in New Zealand dollars rounded to the nearest whole number.
Going Concern Basis
In preparing these financial statements, consideration was given to the on-going funding of the Trust and possible outcomes of negotiations for additional grants and donations. These financial statements have been prepared on a going concern basis, the validity of which depends upon future funding being available. It is the considered view of the Board of Trustees that on-going funding will continue to satisfy the operational requirements of the Trust. If the Trust is unable to continue its operational existence in the foreseeable future, adjustments may have to be made to reflect the fact that assets and liabilities may need to be realised at amounts other than those at which they are currently recorded in the Statement of Financial Position and the Trust may have to provide for further liabilities that may arise.
Specific Accounting Policies
(a)
Revenue Recognition
Donations and grants are recognised as non-exchange revenue. Revenue derived from service contracts is recognised as exchange revenue.
Revenue from donations, grants, and service contracts with documented expectations over use is deferred until the expectations are met.
Revenue from the provision of services is recorded by reference to the stage of completion of the service at balance date, based on the actual service provided as a percentage of the total service to be provided.
During the year the Trust was supported by sponsors who donated services in kind which is included as contra amounts at fair value in revenue and expense in the statement of financial performance.
(b)
Property, Plant & Equipment
All property, plant and equipment is initially recorded at cost with depreciation being deducted on all tangible fixed assets other than freehold land, in accordance with depreciation rates issued by the Inland Revenue Department.
These rates range from 30.00% to 100.00% and are applied on a straight line basis.
Note:
NOTE: Read in conjunction with the Review Report
Storytime Foundation Trust Board
Notes to the Financial Statements
For the Year ended 30 June 2024
(c) Intangible Assets
All identifiable intangible assets are initially recorded at cost with amortisation being deducted in accordance with depreciation rates issued by the Inland Revenue Department.
A rate of 10.00% has been applied for all identifiable intangible assets on a straight line basis.
(d) Goods & Services Tax
The performance report is prepared on a GST-exculsive basis. This entity is registered for GST.
(e) Inventories
Inventory consists of both purchased and donated books. These books are given away or sold in the ordinary course of the Trust's business. The value of inventory reflected in the financial statements is the donated value or cost of the books.
(f) Leased Assets
Operating leases are those where all the risks and benefits incidental to ownership are retained by the lessor. Operating lease payments are expensed in the periods that the amounts are payable.
(g) Receivables
Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.
(h) Changes in Accounting Policies
All policies have been applied on bases consistent with those used in the previous year.
2. REVIEW
These financial statements have been subject to a review, please refer to the review report.
3. CONTINGENT LIABILITIES
At balance date there are no known contingent liabilities (2023: Nil). Storytime Foundation Trust Board has not granted any securities in respect of liabilities payable by any other party whatsoever.
4. CAPITAL COMMITMENTS
The entity had no capital commitments at balance date (30 June 2023: $0).
5. SUBSEQUENT EVENTS
There have been no other events subsequent to 30 June 2024 (30 June 2023: Nil) that would have a material impact on the financial statements.
6. REVENUE FROM PROVISION OF SERVICES
NOTE: Read in conjunction with the Review Report
Storytime Foundation Trust Board
Notes to the Financial Statements
For the Year ended 30 June 2024
7. GRANTS RECEIVED
The Trust gratefully acknowledges the support of the following, along with all other donors who have aided the Trust in achieving its charitable goals.
Revenue from donations, grants, and service contracts is deferred in accordance with the revenue recognition criteria in note 1 (a).
At 30 June 2024 the balance of deferred revenue from grants was $127,233 (30 June 2023: $131,993). This represents grants received for the purchase of books for which the purchase had not yet occurred along with a project based grant for which the project was partially complete at the end of the year.
8. INVESTMENT INCOME
Note: Read in conjunction with the Review Report
NOTE: Read in conjunction with the Review Report
the Year ended 30 June 2024
The Trust is exempt from taxation on interest and dividends and generally exempt from income tax under Section CW 42 of the Income Tax Act 2007. Note: Read in conjunction with
Storytime Foundation Trust Board
Notes to the Financial Statements
For the Year ended 30 June 2024
19. ACCUMULATED FUNDS
20. RELATED PARTIES
Storytime Foundation Trust Board has a related party relationship with one of its Trustees. Thomas Bendall is the Chairman of Storytime Foundation and also a Director of Bendall and Cant Limited that has provided accounting services of $15,576 (2023: $15,185) to the Trust for no charge. Bendall and Cant Limited has made no other donation to the Trust during the year (2023: $0). Note:
NOTE: Read in conjunction with the Review Report
Tel:
INDEPENDENT ASSURANCE PRACTITIONER’S REVIEW REPORT TO THE TRUSTEES OF STORTIME FOUNDATION TRUST BOARD
Report on the Performance Report
We have reviewed the accompanying performance report of Storytime Foundation Trust Board (“the Trust”) which comprises the entity information, the statement of service performance, the statement of financial performance, and statement of cash flows for the year ended 30 June 2024 the statement of financial position as at 30 June 2024, and the statement of accounting policies and other explanatory information.
Trustees Responsibility for the Performance Report
The Trustees are responsible for the preparation and fair presentation of the performance report in accordance with the Tier 3 (Not-For-Profit) Accounting Standard, and for such internal control as the Trustees determine is necessary to enable the preparation of a performance report that is free from material misstatement, whether due to fraud or error .
Assurance Practitioner’s Responsibility
Our responsibility is to express a conclusion on the accompanying performance report. We conducted our review in accordance with International Standard on Review Engagements (New Zealand) (ISRE (NZ)) 2400, Review of Historical Financial Statements Performed by an Assurance Practitioner who is not the Auditor of the Entity (“ISRE (NZ) 2400”), and our review of the entity information and the statement of service performance in accordance with the International Standard on Assurance Engagements (New Zealand) ISAE (NZ) 3000 (Revised) , Assurance Engagements Other than Audits or Reviews of Historical Financial Information . Those standards require us to conclude whether anything has come to our attention that causes us to believe that the performance report, taken as a whole, is not prepared in all material respects in accordance with the Tier 3 (Not-For-Profit) Accounting Standard. Those standards also require that we comply with relevant ethical requirements.
A review of the performance report in accordance with ISRE (NZ) 2400 and ISAE (NZ) 3000 ( Revised) is a limited assurance engagement. The assurance practitioner performs procedures, primarily consisting of making enquiries of management and others within the Trust, as appropriate, and applying analytical procedures, and evaluate s the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and ISAE (NZ) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information. Accordingly, we do not express an audit opinion on th is performance report
Other than in our capacity as assurance practitioner we have no relationship with , or interests in, the Trust.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that : a) the reported outcomes and outputs, and quantification of the outputs to the extent practicable, in the statement of service performance are not suitable ;
b) the performance report does not present fairly, in all material respects the financial position of the Trust as at 30 June 2024, and the entity information, service performance, financial performance, and cash flows for the year then ended in accordance with the Tier 3 (Not-For-Profit) Accounting Standard.
BDO Tauranga
20 December 2024
Tauranga New Zealand