For the year ending 30 June 2014
A N N U A L
R E P O R T
1
T E T U H I
2
The name Te Tuhi was generously conferred on the institution by the Ngai Tai Iwi. The name refers to the legend of the ancestor Manawatere, a Maori voyager and explorer who arrived in the Hauraki Gulf prior to the arrival of the Tainui waka. Landing at the beach at Howick’s Cockle Bay, he made his tuhi, or mark, on a pohutukawa tree located on the foreshore, using karamea, a red ochre. This was his sign to those who would follow, that this was the place he had chosen - ‘Te Tuhi a Manawatere’. The tree still stands today, although the tuhi has since disappeared.
3
T M D E C S
H A I X A H
E L V O R O
E S D U S A V A N W
Contents
6 7 8 9 10 12 26 27 28
One Chairperson Report Two Two trust structure Three Vision Four Executive summary Five Objectives and measures Six Key business activities/outcomes Seven Degree of alignment Eight Specific matters of concern Nine Financial statements
35
Appendices
a.
CAF audited accounts
5
One
Chairperson Report
If I were to sum up our accomplishments over the last year in two words they would be innovative and activating. This reporting period reflects our most successful and rewarding programme of aspirational initiatives from the Te Tuhi exhibitions team to date. Frustratingly, it is all against a backdrop of continued external challenges and threats from the AMETI project around our building in Pakuranga.
We strongly believe that an independent impact report investigating our concerns must be commissioned. We continue to make requests for financial and parking considerations from Auckland Transport to help us mitigate the impact of the project.
The Legacy CCO (Contemporary Art Foundation) and Te Tuhi Contemporary Art Trust worked together to redefine our vision for the future. Our joint aspirations are high – to become the preeminent contemporary art organisation in Auckland and the nation, and to become nationally and internationally renowned for innovative community engagement with leading-edge art practice. However, the AMETI project offers considerable challenges. There are significant financial, structural, aesthetic and environmental impacts on Te Tuhi’s existing operations. CAF delivered a paper to the mayoral office (“Present Threats Future Opportunities”) to outline our concerns and a potential way forward.
6
We have considered carefully future scenarios in response to our challenges. We are actively pursuing new opportunities in two categories: Te Tuhi Community: We seek to keep the operation in Pakuranga for as long as viably possible and will continue to deliver in accordance with our funding agreement at this site. Our strong community and education focus adds value to the Pakuranga community and to Auckland Council’s arts and culture strategy. Te Tuhi Art: We will continue to deliver an exhibition programme at our site in Pakuranga, and, in accordance with contemporary art practice internationally, will engage both in mobile and in temporary alternative spaces. We seek to contribute to the “activation” of Auckland’s public spaces as part of this process. We take a positive attitude to our situation. We will actively pursue new opportunities for more active artistic public engagement initiatives, to be delivered with no extra cost to ratepayers.
I wish to thank the trustees of the Contemporary Art Foundation and of Te Tuhi Contemporary Art Trust, for their contributions to our strategic deliberations this year. I also wish to acknowledge retiring board members, Sondra Wigglesworth, Bev Smaill and Richard Shortland Cooper for their outstanding long service and contribution to the governance and development of this organisation. We are looking forward to another year of high quality programming, education and community activities. Brenda Chappell Chairperson | Contemporary Art Foundation
Two
The trust structure is historical and was negotiated between the Manukau City Council and the Arts Society that grew into the Contemporary Art Foundation. Te Tuhi is administered by the Te Tuhi Contemporary Art Trust (TTCAT) in conjunction with the Contemporary Art Foundation (CAF) a Legacy CCO in the super city structure. Both are registered charitable trusts and not-for-profit entities. CAF owns the building while TTCAT delivers on the funding agreement with Council and raises its operational shortfall through a range of activities including subleases, room hire and community education.
Two trust structure
TE TUHI ORGANISATIONAL STRUCTURE
Auckland Council Funding given as a grant each year
C A F Contemporary Art Foundation (formerly PACT) Legacy CCO in Auckland Council Registered charitable trust Chair: Brenda Chappell Trustees: Richard Northey, Lois Perry, Noel Robertson, Carolynn Whiteman Executive Director: James McCarthy
T
T
The joint delivery mechanism remains a strong model of mixedrevenue generation for an arts and cultural facility within this country. It works to balance the requirement of Council and the objectives and deeds of the trusts and provides a dynamic model of financial viability.
C
A
Te Tuhi Contemporary Art Trust Registered charitable trust Chair: Bernardine Vester Trustees: Kriselle Baker, Dianne Barron, Brenda Chappell, James McCarthy, Ian Olan, Lois Perry, Lesley Pope, Peter Shand, Carolynn Whiteman
Chief Executive Officer: James McCarthy
Senior Team: Simran Saseve-Dale Manager; Engagement & Growth Bruce E. Phillips Senior Curator Cherry Tawhai Centre Administrator
Jeremy Leatinu’u Schools Education Manager Paul Tindill Accountant Diana Hector-Taylor Data Entry Clerk Andrew Kennedy Exhibitions Manager & Curatorial Assistant Jennie McCormick Customer Service & Classes Manager
Installers Tutors
7
T
Alaine Ingle NCSID School Manager
Three
The Vision: catalytic artistic space
Te Tuhi’s contribution to Auckland Arts and Culture in the long term will be to articulate a unique creative destination for Auckland’s creative communities, its public and visitors to our city. There is a growing perception amongst the creative community throughout the nation that central Auckland needs a catalytic artistic space.
But we are in a time of financial restraint. To enhance liveability and enrich urban life, Auckland must capitalise on its existing assets, on the experience and aspirations of the entities already in the Auckland Council portfolio, banking on those with proven operational and reputational capabilities.
Cities such as Vienna, Tel Aviv, Chicago, Barcelona, Toronto, London, Liverpool and Melbourne have identified locations where creative spaces can be fostered to build creative precincts. There are global conversations taking place on how creativity, knowledge and information together create socioeconomic potential. Strategies for creative spaces are being developed in cities all over the world. Creative spaces in a city help citizens to explore cultural and social meaning, and to create and test ideas with economic potential. Affordable space for creative activity and enterprise is an enduring issue. Artists and other creatives are routinely priced out of areas that become popular due to the creative activity that helped make the area attractive to live in and work in the first place. The inner-city spaces of Auckland, where commercial creative enterprises are located, are among the most expensive in the city.
8
Te Tuhi must play to its strengths and maximise its assets. We take inspiration from international cities and the organisations we are connected to there. We wish to build on our well-established reputation as one of the leading contemporary art galleries in New Zealand—a reputation based on our track record to produce well-researched exhibitions that explore art through current ideas in society, politics, science, economics, urban planning and design. We are committed to making art and the creative process relevant and accessible in a way that never compromises the artist or the work. Our exhibitions are socially minded, experimental and non-commercial and we strive to build relevance to people and our contemporary life. We are connected to both the grassroots levels of the creative community, and to the best contemporary art practitioners in the world. Te Tuhi also has the capacity to service Auckland’s creative community with learning opportunities, facilities and events. We are therefore well-placed to take a leading role in forging new sustainable models of operation and engagement, acting as a catalyst for cultural growth and development.
Our vision is to contribute the “creative” to the “economy”. Te Tuhi proposes to carefully meld its Te Tuhi Art and Te Tuhi Community activities together to create an additional cutting-edge artistic space and cost-effective hub—away from the problems associated with the AMETI flyover, still committed to our history in the Pakuranga community, and connected to the economic and cultural life of Auckland. We propose a new way of working, activated through collaboration, sharing and education—to create an ecosystem of ingenious ideas and outcomes. Our existing assets are our building and our people. Te Tuhi’s contribution to Auckland’s Arts and Culture Strategy will depend on the extent to which Auckland Council maximises its ownership stake. Te Tuhi’s trusts have been structured to leverage assets for the benefit of Auckland’s arts and cultural community. We are committed to maximising these assets in innovative ways to advance this vision.
Four
Executive summary
Vision:
Strengthening Auckland’s ties across the Tasman:
Strengthening Auckland’s ties internationally:
Te Tuhi is the first New Zealand art organisation to successfully partner with the prestigious state-funded organisation, the Australian Centre for Contemporary Art (ACCA) to present a touring exhibition of the acclaimed Australian artist Pat Brassington. ACCA curator, Juliana Engberg, travelled to Auckland and was interviewed by Radio New Zealand and Art News New Zealand during her time installing the show. Engberg was notably the 19th Biennale of Sydney Artistic Director and is highly respected internationally.
Our strategy is to continue to grow our reputation through quality and meaningful project collaborations with globally influential artists and organisations. Evidence of this can be seen in our work with Spanish artist, Santiago Sierra. This in turn led to our project with William Pope.L from the United States. This has opened doors and enabled us to explore quality exhibition proposals and international partnerships. Creative industry In Residence programme: Te Tuhi is sponsoring two young entrepreneurs through a residency placement in the building, to help establish their activities.
Te Tuhi’s vision is to be the pre-eminent contemporary art organisation, nationally and internationally renowned for innovative community engagement with leading edge art practices. Challenges: (See section 8). The impact of AMETI will be significant. Our efforts to date to mitigate risk and to forge new directions through the use of our assets are being hampered by delays and red tape.
Highlight: Te Tuhi’s reputation continues to grow nationally as a leader for socially responsive, experimental and high quality contemporary art projects. Good things take time and this year we have been honoured to have one of our artists’ projects selected for New Zealand’s premier art prize, the Walters Prize. Kalisolaite Uhila’s work Mo’ui tukuhausia was commissioned by Te Tuhi for our award-winning exhibition What do you mean, we? on the subject of racism. This selection also honours the significant contribution the gallery is making to the growing and vibrant ecology of arts practice in Auckland.
OBJECTIVES AND MEASURES ARE OUTLINED IN THE TABLE NEXT PAGE
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Five
Objectives and measures
AS DELIVERED TO CAF BY TTCAT, THROUGH THE MANAGEMENT AGREEMENT 1 JULY 2013 – 30 JUNE 2014
Objective
KPI
Actual
Encourage public use of facility
Target a min of 150,000 visitors per annum
162,209
Provide high quality exhibition programmes
Target a min of 10 exhibitions per annum
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Provide programmes for schools
Target a min of 4000 students participating in programmes per annum
5237
Provide educational programmes
Target a min of 130 classes per annum
Provide public programmes
Target a min of 15 public forums, seminars, lectures, artist floor talks or performances throughout the year
Develop and maintain a survey of programme participants
Target greater than 75% positive responses throughout 2013/2014
90% positive responses (67% of which were 9/9 extremely satisfied) from 2014 Museums Aotearoa National Visitor Survey
Increase use of facility
Increase use of services offered by 5% over previous year’s figures
Art class offerings are up this year by 8%. In 2013 we ran 701 classes and in 2014 we ran 758
New initiatives
Aim to deliver 1 new income generating initiative in the coming year in alignment with the trusts deed
PROGRAMME
244 (LEOTC Classes) 758 (Art classes) 21
BUSINESS IMPROVEMENT
10
2 Returning small gallery space to classroom to generate income. A new sponsorship programme
Objectives and measures
Objective
KPI
Actual
SECTOR DEVELOPMENT Promote and build local and regional community partnerships and networks
Target a min of 3 events per annum that requires a partnership with other community groups
Proactively target exhibitions to encourage diversity of public attending
Present at least 1 exhibition, programme, performance or event that includes work by Tangata Whenua
Present at least 1 exhibition, programme, performance or event that includes work from young (<20 yr.) regional artists Proactively target a min of 10 engagements with the facility per annum by disadvantaged and/or disabled groups.
8
Te Papa National Services (AS220 Talk) Auckland University (Curatorial project) Unstuck in Time 3 day intensive Vodafone Pacific Events Centre Te Tuhi Youth Art Award (TTYAA) Vitamin S (Chris Abrahams show) Carnival (all stall holders) Generation Zero (Green Jam) Waterfront Auckland (MECS Film)
3 Te Tuhi Youth Art Award, Future Animators, Cora Allan Wickliffe
4 ISON, Te Tuhi Youth Art Award and exhibition, Future Animators, Green Jam
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(see monthly figures)
1 6 2 , 2 0 9 P E R A N N U M 11
Six
Key business activities/outcomes
It has been a busy year for Te Tuhi working within the local and international framework of contemporary art. These projects contribute in making Auckland become a vibrant internationally connected city. It is worth noting that all our art projects are presented free to Aucklanders and its visitors.
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13
(NZ)
DERRICK CHERRIE
Six
14
Offsite at Karanga Plaza
Offsite at Karanga Plaza DERRICK CHERRIE, LANDSHAFT, 2012 INSTALLED AT KARANGA PLAZA, WYNYARD QUARTER
The Wynyard Quarter waterfront was activated with an innovative, high calibre art installation by Derrick Cherrie, a celebrated New Zealand sculptor who is also the Head of Elam School of Fine Arts at Auckland University. With the support of Auckland Waterfront we relocated a Te Tuhi commissioned, 7 tonne sculpture to the highly public and prominent Karanga Plaza, free to Aucklanders for three months.
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This major work was originally exhibited at Te Tuhi in 2012 as part of the artistâ&#x20AC;&#x2122;s solo exhibition, Constituent Parts: Objects and their Discontents. We decided to tour it within Auckland to a more prominent location which led to partnering with Waterfront Auckland who helped site the sculpture for the three month period July â&#x20AC;&#x201C; September, 2013. This project involved a 40 tonne crane, riggers, health and safety plans, resource consents, and public liability insurance, building code exception applications under clause K section 1 and secure working sites in order to work at the highest level of public safety.
(USA)
WILLIAM POPE.L
Six
16
Working internationally
Working internationally IMAGES FROM THE LONG WHITE CLOUD, A PERFORMANCE AND SCULPTURE WORK BY WILLIAM POPE.L FRONT STAGE AND BACK STAGE IN THE IRIS FISHER GALLERY
A true high point for Te Tuhi was the realisation and wonderful company of an inspiring American artist William Pope.L “The Friendliest Black American Artist in America©”. Pope.L has exhibited internationally in Japan, United Kingdom, Germany, France, Senegal and extensively throughout the United States including the Whitney Museum, MoMA and The Art Institute of Chicago. He has been the recipient of many high profile awards including the Guggenheim Fellowship. Te Tuhi brokered a relationship with this artist over a two year period and developed an opportunity for him to come to Auckland to produce a new work, The Long White Cloud, with our project team.
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The Long White Cloud took the form of a play performed in an art installation. The subject was focused on interpersonal relationships and tensions of a dysfunctional family with the subtext bubbling underneath each character dealing with national identity, colonisation and racial politics. We had to turn people away from the performance due to a full house and the show was met with critical acclaim.
(Australia)
PAT B R A S S I N GTO N
Six
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International touring exhibitions
The signature work of our summer exhibition programme was the work of Australian Pat Brassington, a highly influential and prestigious prizewinning artist. This was the first touring exhibition from the Australian Centre for Contemporary Art, (ACCA) to New Zealand.
Brassington is one of Australia’s most important and influential photobased artists. This was the first extensive gathering of Brassington’s 30 years of practice and explored her ongoing aesthetic language derived from surrealism and cinema reinterpreted through photography.
This exhibition was the result of a new relationship brokered with ACCA which has been described as one of Australia’s most cutting-edge public art institutions.
John Hurrell of EyeContact wrote in his review of the show, “The fuss is understandable for the range of Brassington’s imagery is astounding”.
International touring exhibitions IMAGES FROM THE PAT BRASSINGTON TOURING EXHIBITION Á REBOURS IN THE IRIS FISHER GALLERY
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Curated by Soren Dahlgaard
THE MALDIVES EXODUS CARAVAN SHOW Six
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International offsite exhibition
International offsite exhibition IMAGES ARE FROM THE VARIOUS LOCATIONS ACROSS AUCKLAND OF THE MALDIVES EXODUS CARAVAN SHOW
In the second half of the year a 1971 Hastings-built Concord caravan, a masterpiece of New Zealand’s cultural heritage, was home to an international touring exhibition fresh from Venice. The Maldives Exodus Caravan Show was an official collateral event of the 55th Venice Biennale. Featuring an international selection of over 30 artists, this was a mobile exhibition that acted to promote climate change, art and politics. The caravan’s diverse programme grouped various aspects of human rights, collaboration, engagement, public space, creativity, and alternatives of cultural production as an expanded conversation about climate change. The Maldives Exodus Caravan Show features a diversity of artistic practice reflecting a collective effort amongst artists of all persuasions to formulate new innovative ways to educate and rally a call for urgent action.
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Works included ranged widely from music to video and from performance to games. Assisted by former President of the Maldives, Mohamad Nasheed, the caravan featured a significant selection of works by Maldivian artists. Other contributions included works by New Zealand performance artist Mark Harvey and art world heavy weights SUPERFLEX and Bik Van der Pol. Travelling over 500km within Auckland, we visited 4 universities, 6 high schools, 4 intermediate schools, 3 public spaces and two other arts facilities. We had over one thousand visitors into the caravan in the first week on Queen’s Wharf. The Maldives Exodus Caravan Show (but not the caravan) left our shores to travel on to Spain then New York on its international tour.
(MALDIVES/ DENMARK/NZ)
(UK/NZ)
MERCEDES VICENTE
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In partnership with The Physics Room, Christchurch, Te Tuhi was proud to present Art and Social Change Research Project: Delhi Residency, 2013 an exhibition featuring the outcome of curator Mercedes Vicenteâ&#x20AC;&#x2122;s first research trip to India while being a resident at Khoj International Artists Association in Delhi. She initially conceived to examine if potential long term collaboration between artists seeking social change and social entrepreneurs would be feasible, or even desirable, as a way to have lasting effects in communities. This research looked at how artists engaged with these charged environments and their agency in contributing to better societies.
Working with international curators
INSTALLATION SHOT: ART AND SOCIAL CHANGE RESEARCH PROJECT: DELHI RESIDENCY, 2013.
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DRAWING WALL PROJECT
The Drawing Wall was activated over an 8 week period whereby Rohan Hartley Mills painted directly onto the Drawing Wall repeatedly adding and erasing marks over time to create a morphing, living painting constantly in flux. Hartley Mills creates paintings that investigate the structural properties of colour and the expanded associations of abstraction. His process involves decisive preparatory decisions to build bold compositions of colour, form, concept and gesture.
THE PROGRESSIVE DEVELOPMENTS OF ROHAN HARTLEY MILLS DRAWING WALL PROJECT OVER 8 WEEKS
23
ENGAGING WITH YOUTH
Six
Building partnerships and developing our young curators took a leap forward in this period. We approached Ian Wedde’s Art Writing and Curatorial Practice postgraduate course in the Department of Art History at University of Auckland and offered to work collaboratively to address the development of New Zealand’s next crop of curators. This is a unique Te Tuhi initiative in which both entities offered a learning platform for young professionals that took the form of a public exhibition at the gallery. The outcomes included an opportunity to work closely with an artist to research, pitch, develop and install an exhibition under the mentorship of Wedde and Te Tuhi’s staff and have it assessed as part of their University of Auckland degree. ISON: A TEMPORAL MAGAZINE-BASED PROJECT BY BRYN ROBERTS AND CURATED BY NICOLA VERDON
LEOTC Education at Te Tuhi The Tuhi has been awarded a LEOTC contract since 2001 and annually educates 5000 school children. We apply for grants to provide a free bus service and the majority of programme we provide is free. (BELOW) CHILDREN FROM PAKURANGA HEIGHTS SCHOOL TAKE PART IN THE “STORIES FROM THE PACIFIC’’ PROGRAMME AND MAKE THEIR OWN TAPA. THEY LEARN HOW SIGNS AND SYMBOLS ARE USED TO TELL STORIES WITHIN PACIFIC CULTURE AND SEE EXAMPLES BY PACIFIC ARTISTS SO THEY CAN BECOME INSPIRED TO CREATE THEIR OWN SIGNS AND SYMBOLS TO TELL THEIR
Te Tuhi Youth Art Award Nazer Safdari is originally from Afghanistan, and then spent some years in Pakistan. Last year he attended high school at Otahuhu College. Each year 4 winners with one receiving this opportunity. (ABOVE) NAZER SAFDARI, A YEAR 13 STUDENT FROM OTAHUHU COLLEGE IN FRONT OF THE TE TUHI YOUTH ART AWARD BILLBOARD PROJECT, A MASSIVE BILLBOARD BESIDE THE SOUTHERN MOTORWAY COURTESY OF VODAFONE PACIFIC EVENTS CENTRE.
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OWN PERSONAL STORIES.
P A T B R A S S I N G T O N
Á R E B O U R S
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Seven
We have worked closely with CDAC, CCO Governance & External Partnerships Department and the Mayorâ&#x20AC;&#x2122;s office in this period with regard to the AMETI project. We have contributed to discussion and focus groups on the draft Arts and Cultural Strategic Action Plan. We have met with officers of the Economic Policy Implementation Team to discuss creative economies and we have held regular meetings with the Manager of Economic Development at ATEED. We also worked with Waterfront Auckland place makerâ&#x20AC;&#x2122;s team to present the Landshaft sculpture in Karanga Plaza.
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Degree of alignment
Statutory Compliance The Te Tuhi facility is currently meeting 100% statutory compliance. The entire centre has a current Building Warrant of Fitness. The centre contracts an Independent Qualified Person (IQP) to carry out regular checks for: means of escape, emergency lighting, emergency signage, evacuation plan, and firefighting equipment as is required by regulations. Regular safety meetings with staff were held throughout the reporting period. There are no issues to report.
Eight
We wish to reiterate to Auckland Council that AMETI remains the single most negative consideration in the future of the Contemporary Art Foundation and we are working tirelessly to find a workable solution. We seek an independent impact report from council. We continue to meet with Auckland Transport to discuss the specific matter of parking challenges for Te Tuhi. We seek assurances from Council so that we can continue to provide Aucklanders our services and be confident that we are able to continue into the future. We note in the Draft Facility Network plan that Te Tuhi has only been given a medium level of concern around the AMETI project. We believe that this time-frame of attention to the issue will be too late for an effective response and we seek for it to be upgraded to high level.
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Specific matters of concern
Subleases The cafĂŠ ownership has recently changed. Te Tuhiâ&#x20AC;&#x2122;s income stream from its leasing arrangements is highly likely to be affected by the AMETI developments.
Nine
Financial statements
2 0 1 3 â&#x20AC;&#x201C; 1 4
Statement of Financial Performance
CONTEMPORARY ART FOUNDATION STATEMENT OF FINANCIAL PERFORMANCE The 2013-14 financial year result is set out and the budget for 2014-15
Actual
Budget
N O
2014
2013
T E
$
$
530,000
535,300
530,000
535,300
49,666
49,666
CafĂŠ
18,633
18,633
MSO
6,000
6,000
Interest
23,317
23,000
12,000
12,000
S
Grant income Auckland Council
Other Income Kindergarten
Rent
109,616
109,299
639,616
644,599
500,000
500,000
6,150
7,000
Expenses Funding of Te Tuhi Contemporary Art Trust Audit Fees Depreciation
72,821
73,130
Repairs and Maintenance
23,690
10,000
A
Professional fees and Costs (AMETI)
16,658
15,000
B
Development officer
0
22,500
Insurance
3,695
4,000
Interest
51,051
51,051
Other expenses
NET DEFICIT
29
6,627
4,000
680,692
686,681
(41,076)
(42,082)
Statement of movements in trust funds
2013-14
2014-15
$
$
(41,076)
(42,082)
Opening trust funds
2,916,089
2,875,013
CLOSING TRUST FUNDS
2,875,013
2,832,931
Net deficit
Notes a - Extraordinary painting required for the areas of Te Tuhi that generate income b - Costs relating to the mitigation of the impact of AMETI on the trustâ&#x20AC;&#x2122;s activities c â&#x20AC;&#x201C; The closing trust funds reflects the position of the 12 months operation
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C
Statement of financial position
AS AT 30 JUNE 2014
2014
2013
$
$
Cash at Bank
114,856
102,076
Short Term Investments
553,113
532,355
1,982
1,908
669,951
636,339
Property, Plant & Equipment
3,072,036
3,144,857
TOTAL ASSETS
3,741,987
3,781,196
ASSETS Current Assets
Sundry Receivables
Non-Current Assets
LIABILITIES Current Liabilities GST Payable
6,346
6,357
850,850
850,850
9,778
7,900
866,974
865,107
866,974
865,107
2,875,013
2,916,089
Accumulated Trust Funds
2,875,013
2,916,089
TOTAL TRUSTEES FUNDS
2,875,013
2,916,089
Loan from Te Tuhi Contemporary Art Trust Sundry Creditors
TOTAL LIABILITIES
NET ASSETS
Represented By: TRUSTEES FUNDS
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Contemporary Art Foundation
At twelve months CAF has performed as expected against budget and is close to what was predicted for the 12 months ending 30/06/2014.
It is worth noting that we will not be suffering a cash loss as the level of depreciation is 72,821 and will offset the net deficit.
As anticipated, but not to the extent we had forecast, we had extraordinary costs for repairs and maintenance as the revenue earning and public thoroughfares were in desperate need for a repaint both inside and out. We re-assessed the areas to identify the most warranted to an approximate cost of $24,000.
We note that we continue to remain an ongoing viable entity against rising costs and no substantive increase in funding for ten years.
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The Contemporary Art Foundation is holding and accumulating money for asset development and replacement. CAF came into auditing alignment of a public entity by adopting the international standards of accounting (NZ IFRS). CCO’s are required by section 69 of the Local Government Act 2002 to comply in full with GAAP – this requires preparing financial statements in accordance with NZ IFRS. Due to the size of CAF we are still able to apply all the differential reporting exemptions available under NZIFRS. The end of year presentation of the Statement of Financial Performance will change slightly to comply with NZIAS 1 and will now be renamed “Statement of Comprehensive Income”.
Te Tuhi business improvement
Te Tuhi is constantly monitoring its business systems and revenue generation operations as we rely heavily on this income to generate approximately 50% of the operational shortfall. This year In order to improve income we have decommissioned a small gallery space and returned it back into a room for hire as it was formerly. The first stage was fitted out by our in-house team in order for us to earn income as soon as possible in 2014. We applied to Lotteries Communities Facilities to fund air-conditioning, new carpet, chairs, and tables. However, we were unsuccessful and have funded these improvements ourselves. As part of the recently requested reporting changes from CCO Governance, Monitoring and External Partnerships, we are providing the budget and actuals for the Te Tuhi Contemporary Art Trust.
Te Tuhi Budget and Actuals for the year ended June 2014
2013/14
2013/14
Budget
Actual
344,000
407,019
69,051
75,070
LEOTC Grant + Income
62,000
61,423
CAF Grant
511,000
500,000
Other Grants
25,000
11,086
Other income
3,300
7,515
1,014,351
1,062,113
Classes Costs
145,000
179,143
Depreciation
30,000
26,492
Exhibition Costs (net)
117,500
118,075
Incoming Generated Income Interest Received
TOTAL
*
Outgoing
LEOTC Costs
65,000
70,514
430,000
439,929
244,750
262,769
TOTAL
1,032,250
1,096,922
INCOME TOTAL
1,014,351
1,062,113
EXPENDITURE TOTAL
1,032,250
1,096,922
-17,899
-34,809
Salaries Administration Costs
DIFFERENCE
* Includes income generated from general activities such as room hire and art classes < Includes operational and building costs and administration overheads
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<
W P T L W C
34
I O H O H L
L P E N I O
L I A M E . L G T E U D
Ten
A.
35
Appendices
CAF audited accounts
Ten
CAF audited accounts
CONTEMPORARY ART FOUNDATION (Formerly Pakuranga Arts and Cultural Trust) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014
Contents Trust Directory
37
Independent Auditor's Report
38 - 39
Statement of Comprehensive Income
40
Statement of Financial Position
41
Statement of Changes in Trustees Funds
42
Notes to and forming part of the Financial Statements
43 - 49
36
Ten
CAF audited accounts
CONTEMPORARY ART FOUNDATION TRUST DIRECTORY AS AT 30 JUNE 2014
SETTLOR
The Mayor, Auckland Council
DATE OF INCORPORATION
15 February 2001
REGISTRATION NUMBER
CC21811
TRUSTEES
Lois Lee Perry Brenda Natalie Chappell Noel Frederick Robertson Alexis Carolynn Whiteman Richard Northey
OBJECTIVE
To promote, encourage and support the arts within the Auckland Region.
BANKERS
ASB Bank
AUDITOR
BDO Auckland Level 8, BDO Tower 120 Albert Street Auckland
PLACE OF BUSINESS
Te Tuhi 13 Reeves Road Pakuranga Auckland
37
1
Ten
CAF audited accounts
BDO AUCKLAND BDO AUCKLAND
INDEPENDENT AUDITOR’S REPORT INDEPENDENT AUDITOR’S REPORT TO THE READERS OF TO THE READERS OF CONTEMPORARY ART FOUNDATION’S CONTEMPORARY ART FOUNDATION’S FINANCIAL STATEMENTS AND OBJECTIVES AND MEASURES FINANCIAL STATEMENTS AND OBJECTIVES AND MEASURES FOR THE YEAR ENDED 30 JUNE 2014 FOR THE YEAR ENDED 30 JUNE 2014 The Auditor-General is the auditor of Contemporary Art Foundation (the Trust). The Auditor-General The Auditor-General is the auditor of Contemporary Art Foundation (the Trust). The Auditor-General has appointed me, Chris Neves, using the staff and resources of BDO Auckland, to carry out the has appointed me, Chris Neves, using the staff and resources of BDO Auckland, to carry out the audit of the financial statements and objectives and measures of the Trust on her behalf. audit of the financial statements and objectives and measures of the Trust on her behalf. We have audited: We have audited: the financial statements of the Trust on pages 40 to 49 of the Appendices to the Annual the financial statements of the Trust on pages 4 to 13 of the Appendices to the Annual Report, that comprise the statement of financial position as at 30 June 2014, the statement Report, that comprise the statement of financial position as at 30 June 2014, the statement of comprehensive income, and statement of changes in equity for the year ended on that of comprehensive income, and statement of changes in equity for the year ended on that date and the notes to the financial statements that include accounting policies and other date and the notes to the financial statements that include accounting policies and other explanatory information; and explanatory information; and the objectives and measures of the Trust on pages 10 to 11 of the Annual Report. the objectives and measures of the Trust on pages 10 to 11 of the Annual Report. Opinion Opinion In our opinion: In our opinion: the financial statements of the Trust on pages 40 to 49 of the Appendices to the Annual the financial statements of the Trust on pages 4 to 13 of the Appendices to the Annual Report: Report: comply with generally accepted accounting practice in New Zealand; and comply with generally accepted accounting practice in New Zealand; and fairly reflect the Trust’s: fairly reflect the Trust’s: financial position as at 30 June 2014; and financial position as at 30 June 2014; and financial performance for the year ended on that date; and financial performance for the year ended on that date; and the objectives and measures of the Trust on pages 10 to 11 of the Annual Report: the objectives and measures of the Trust on pages 10 to 11 of the Annual Report: fairly reflects the Trust’s service performance achievements measured against the fairly reflects the Trust’s service performance achievements measured against the performance targets adopted for the year ended 30 June 2014. performance targets adopted for the year ended 30 June 2014. Our audit was completed on 16 September 2014. This is the date at which our opinion is expressed. Our audit was completed on 16 September 2014. This is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Trustees and our responsibilities, and we explain our independence. of Trustees and our responsibilities, and we explain our independence. Basis of opinion Basis of opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the International Standards on Auditing (New Zealand). Those standards require that incorporate the International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and carry out our audit to obtain reasonable we comply with ethical requirements and plan and carry out our audit to obtain reasonable assurance about whether the financial statements and objectives and measures are free from assurance about whether the financial statements and objectives and measures are free from material misstatement. material misstatement. Material misstatements are differences or omissions of amounts and Material misstatements are differences or omissions of amounts and judgement, are likely to influence reader’s overall understanding of the judgement, are likely to influence reader’s overall understanding of the objectives and measures. If we had found material misstatements that objectives and measures. If we had found material misstatements that would have referred to them in our opinion. would have referred to them in our opinion.
disclosures that, in our disclosures that, in our financial statements and financial statements and were not corrected, we were not corrected, we
An audit involves carrying out procedures to obtain audit evidence about the amounts and An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements and objectives and measures. The procedures selected disclosures in the financial statements and objectives and measures. The procedures selected depend on our judgement, including our assessment of risks of material misstatement of the depend on our judgement, including our assessment of risks of material misstatement of the financial statements and objectives and measures, whether due to fraud or error. In making those financial statements and objectives and measures, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation of the Trust’s financial risk assessments, we consider internal control relevant to the preparation of the Trust’s financial statements and objectives and measures that fairly reflect the matters to which they relate. We statements and objectives and measures that fairly reflect the matters to which they relate. We consider internal control in order to design audit procedures that are appropriate in the consider internal control in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Trust’s circumstances but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. internal control.
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Ten
CAF audited accounts
BDO AUCKLAND BDO AUCKLAND
An audit also involves evaluating: the appropriateness of accounting policies used and whether they have been consistently An auditapplied; also involves evaluating: the reasonableness of the significant accounting estimates and judgements made by the the appropriateness of accounting policies used and whether they have been consistently Board of Trustees; applied; the adequacy of all disclosures in the financial statements and objectives and measures; the reasonableness of the significant accounting estimates and judgements made by the and Board of Trustees; the overall presentation of the financial statements and objectives and measures. the adequacy of all disclosures in the financial statements and objectives and measures; and We did not examine every transaction, nor do we guarantee complete accuracy of the financial the overall presentation of the financial statements and objectives and measures. statements and objectives and measures. We did not examine every transaction, nor do we guarantee complete accuracy of the financial We have obtained all the information and explanations we have required and we believe we have statements and objectives and measures. obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion. We have obtained all the information and explanations we have required and we believe we have Responsibilities of and the Board of Trustees obtained sufficient appropriate audit evidence to provide a basis for our audit opinion. The Board of Trustees is responsible for preparing financial statements and objectives and measures that: Responsibilities of the Board of Trustees comply with generally accepted accounting practice in New Zealand; The Board of Trustees is responsible for preparing financial statements and objectives and measures fairly reflect the Trust’s financial position, and financial performance; and that: fairly reflect its service performance achievements. comply with generally accepted accounting practice in New Zealand; fairly reflect the Trust’s financial position, and financial performance; and The Board of Trustees is also responsible for such internal control as it determines is necessary to fairly reflect its service performance achievements. enable the preparation of financial statements and objectives and measures that are free from material misstatement, whether due to fraud or error. The Board of Trustees is also responsible for The Board of Trustees is also responsible for such internal control as it determines is necessary to the publication of the financial statements and objectives and measures, whether in printed or enable the preparation of financial statements and objectives and measures that are free from electronic form. material misstatement, whether due to fraud or error. The Board of Trustees is also responsible for the publication of the financial statements and objectives and measures, whether in printed or The Board of Trustees’ responsibilities arise from the Local Government Act 2002 and clause 10.4 of electronic form. the Trust Deed. The Board of Trustees’ responsibilities arise from the Local Government Act 2002 and clause 10.4 of Responsibilities of the Auditor the Trust Deed. We are responsible for expressing an independent opinion on the financial statements and objectives and measures and reporting that opinion to you based on our audit. Our responsibility Responsibilities of the Auditor arises from section 15 of the Public Audit Act 2001, and clause 10.4 of the Trust Deed, and section We are responsible for expressing an independent opinion on the financial statements and 69 of the Local Government Act 2002. objectives and measures and reporting that opinion to you based on our audit. Our responsibility arises from section 15 of the Public Audit Act 2001, and clause 10.4 of the Trust Deed, and section Independence 69 of the Local Government Act 2002. When carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the External Reporting Board. Independence When carrying out the audit we followed the independence requirements of the Auditor-General, Other than the audit, we have no relationship with or interests in the Trust. which incorporate the independence requirements of the External Reporting Board. Other than the audit, we have no relationship with or interests in the Trust.
Chris Neves BDO Auckland On behalf of the Auditor-General Chris Neves Auckland, New Zealand BDO Auckland On behalf of the Auditor-General Auckland, New Zealand
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CAF audited accounts
CONTEMPORARY ART FOUNDATION STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014
Note Grant Income Auckland Council
3
2014 $
2013 $
530,000
530,000
530,000
530,000
86,299 23,317
85,324 23,255
109,616
108,579
639,616
638,579
500,000 6,150 72,821 23,690 16,658 3,695 51,051 6,627
511,000 6,725 73,008 5,014 3,570 51,051 9,327
680,692
659,695
(41,076)
(21,116)
-
-
(41,076)
(21,116)
-
-
(41,076)
(21,116)
Other Income Rental Income Interest
4
Total Income Expenses Funding of TTCAT Audit Fees Depreciation Repairs & Maintenance Scoping costs (Ameti Impact) Insurance Interest - TTCAT Other Expenses
10 9
5
Total Expenses Surplus / (Deficit) before Tax Income Tax Expense / (Benefit) Surplus / (Deficit) after Tax Other Comprehensive Income Total Comprehensive Income
40
1
These financial statements are to be read in conjunction with the notes on pages 7 to 13
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CAF audited accounts
CONTEMPORARY ART FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 2014 $
2013 $
114,856 553,113 1,982
102,076 532,355 1,908
669,951
636,339
3,072,036
3,144,857
3,741,987
3,781,196
6,346 850,850 9,778
6,357 850,850 7,900
866,974
865,107
866,974
865,107
2,875,013
2,916,089
Accumulated Trust Funds
2,875,013
2,916,089
TOTAL TRUSTEES FUNDS
2,875,013
2,916,089
Note ASSETS Current Assets Cash at Bank Short Term Investments Sundry Receivables
Non-Current Assets Property, Plant & Equipment
2
TOTAL ASSETS LIABILITIES Current Liabilities GST Payable Loan from Te Tuhi Contemporary Art Trust Sundry Creditors
5
TOTAL LIABILITIES NET ASSETS
Represented By: TRUSTEES FUNDS
Approved for and on behalf of the Board of Trustees:
Trustee ............................................
Trustee ...............................................
Date
Date
............................................
...............................................
These financial statements are to be read in conjunction with the notes on pages 7 to 13
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CAF audited accounts
CONTEMPORARY ART FOUNDATION STATEMENT OF CHANGES IN TRUSTEES FUNDS FOR THE YEAR ENDED 30 JUNE 2014
Trustees Funds at Beginning of Year Total Comprehensive Income for the Year Trustees Funds at End of Year
42
2014 $
2013 $
2,916,089
2,937,205
(41,076)
(21,116)
2,875,013
2,916,089
These financial statements are to be read in conjunction with the notes on pages 7 to 13
Ten
CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 1) STATEMENT OF ACCOUNTING POLICIES Reporting Entity Contemporary Art Foundation (the Trust) is a charitable trust, domiciled in New Zealand, registered under the Charitable Trust Act 1957 and is subject to the particular Deed of Trust as established by the settler on 27 September 2000. The Trust is controlled by Auckland Council and is a council-controlled organisation as defined under section 6 of the Local Government Act 2002, by virtue of the Council's right to appoint the Board of Trustees. The primary objectives of the Trust are to promote, encourage and support the Arts within Auckland, rather than making a financial return. Accordingly, the Trust has designated itself as a public benefit entity for the purpose of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). Basis of Preparation Statement of Compliance The financial statements of the Trust have been prepared in accordance with the requirement of the Local Government Act 2002, which includes the requirement to comply with New Zealand generally accepted accounting practice (NZ GAAP). These financial statements comply with NZ IFRS, and other Financial Reporting Standards, as appropriate to public benefit entities. The Trust qualifies for differential reporting exemptions as it does not have public accountability and is not large. All available reporting exemptions allowed under the Framework for Differential Reporting have been adopted. Measurement Base The financial statements have been prepared on a historical cost basis. Functional and Presentation Currency The financial statements are presented in New Zealand dollars and all values are rounded to the nearest dollar. The functional currency of the Trust is New Zealand dollars (NZ$). Changes in Accounting Policies The accounting policies set out below have been consistently applied to all periods presented in these financial statements.
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CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014 1) STATEMENT OF ACCOUNTING POLICIES (cont) SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which materially affect the measurement of earnings and financial position, have been applied. Revenue Grant Income Government Grant income is recognised when the services are delivered by the Trust. Interest income Interest income is recognised as it accrues, using the effective interest method. Financial Instruments Financial instruments are recognised in the statement of financial position initially at fair value. A financial asset or a financial liability is recognised when the Trust becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised if the Trust's contractual rights to the cash flows from the financial assets expire or if the Trust transfers the financial asset to another party without retaining control or substantially all risks and rewards of the asset. Financial liabilities are derecognised if the Trust's obligations specified in the contract expire or are discharged or cancelled. Non-derivative financial instruments • Trade and other receivables Trade and other receivables are measured at amortised cost, using the effective interest method. Trade receivables of a short-term nature are not discounted. •
Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.
•
Trade and other payables Trade and other payables are measured at amortised cost, using the effective interest method. Trade payables of a short-term nature are not discounted.
•
Investments Investments in bank deposits are initially measured at fair value plus transaction costs (if any), and subsequently measured at amortised cost using the effective interest method.
Derivative financial instruments The Trust does not have any derivative financial instruments as at balance date.
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CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014 1) STATEMENT OF ACCOUNTING POLICIES (cont) Property, Plant, and Equipment Property, plant, and equipment are stated at cost, less accumulated depreciation. Disposals Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount of the asset. Gains and losses on disposals are presented net in the surplus or deficit. Depreciation Depreciation is calculated on a straight line basis over the expected useful economic lives of the assets concerned. The following rates have been used: Buildings & Improvements General Improvements Plant & Equipment Sculpture
1.7% 10% 10% 5%
Impairment Financial assets The Trust assesses at each reporting date whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar characteristics. All impairment losses are recognised in profit or loss and reflected in an allowance account against receivables. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Receivables with a short duration are not discounted. For trade receivables, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy, and default in payments are considered indicators that the receivables are impaired. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Property, plant, and equipment Property, plant, and equipment are reviewed for indicators of impairment as at each balance date. When there is an indicator of impairment, the asset's recoverable amount is estimated. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Value in use is depreciated replacement cost for an asset where the service potential of the asset is not primarily dependent on the asset's ability to generate net cash inflows and where the Trust would, if deprived of the asset, replace its remaining service potential. If an asset's carrying amount exceeds its recoverable amount, the asset is impaired and the carrying amount is written-down to the recoverable amount. The impairment loss is recognised in the surplus or deficit. Goods & Services Tax These financial statements have been prepared exclusive of goods & services tax (GST).
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Ten
CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014 1) STATEMENT OF ACCOUNTING POLICIES (cont) Income Tax The Trust has been granted charitable status by the Inland Revenue Department, and therefore is exempt from income tax. Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight line basis over the period of the lease. 2) PROPERTY, PLANT & EQUIPMENT 2014 Buildings Improvements General Improvements Sculpture Plant & Equipment
2013 Buildings Improvements General Improvements Sculpture Plant & Equipment
Cost $
Accum Depn $
Carrying Value $
3,365,995 283,463 29,444 149,207 9,811
659,768 15,948 23,519 59,680 6,965
2,706,227 267,515 5,925 89,527 2,846
3,837,920
765,834
3,072,036
Cost $
Accum Depn $
Carrying Value $
3,365,995 283,463 29,444 149,207 9,811
602,546 11,129 20,575 52,220 6,593
2,763,449 272,334 8,869 96,987 3,218
3,837,920
693,063
3,144,857
The building is situated on the land which is leased from Auckland Council until 11 November 2019. The Trustees believe that the lease will be renewed beyond this and hence are depreciating the building over its estimated useful life of 60 years. The property was valued at $5,165,000 on 29 August 2013 by an independent valuer. The Auckland Manukau Eastern Transport Initiative (AMETI) is expected to significantly affect the Contemporary Art Foundation. The Board have considered the options available to them and have authorised the Trust's management to initially pursue both Options 1 and 2, on the basis that in the future one of these options or a combination of the two will ultimately be the appropriate course of action to follow. The options are: 1) Establishment of a new building 2) Growth of the existing operation. 3) AUCKLAND COUNCIL GRANTS
Operational Grant
46
2014 $
2013 $
530,000
530,000
530,000
530,000
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CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014 4) RENTAL INCOME Income from sub-leases is recognised in the Statement of Comprehensive Income on a straight line basis over the term of the lease. A breakdown of the income is as follows:
Kindergarten Cafe Manukau Symphony Orchestra Te Tuhi Contemporary Art Trust
2014 $ 49,666 18,633 6,000 12,000 86,299
2013 $ 49,666 17,658 6,000 12,000 85,324
5) LOAN FROM TE TUHI CONTEMPORARY ART TRUST This loan is repayable on demand; however the Trust does not anticipate having to make any repayments during the next 12 months. Interest is currently charged at 6% per annum. 6) LEASE & CAPITAL COMMITTMENTS- 2014
Within 1 Year $
2 â&#x20AC;&#x201C; 5 Years $
5+ Years $
1
4
0
1
4
0
1
4
1
1
4
1
Rental 2014
Rental 2013
A Memorandum of Lease exists between the Trust and the Auckland Council which governs the land on which the buildings rest. The lease expires initially on 11 November 2019. Annual rental is $1 plus GST, payable if demanded in writing by the Lessor. 7) CONTINGENCIES There were no contingencies as at 30 June 2014. (2013: $NIL). 8) POST BALANCE DATE EVENTS There have been no post balance date events. (2013: $Nil).
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CAF audited accounts
CONTEMPOARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014 9) DEPRECIATION BY CATEGORY
Buildings Improvements General Improvements Sculpture Plant & Equipment
2014 $
2013 $
57,222 4,819 2,944 7,460 376
57,222 4,819 2,944 7,460 563
72,821
73,008
10) RELATED PARTIES Auckland Council The Trust is controlled by the Council and receives a significant amount of contract fees from the Council to deliver its objectives as specified in the Trust Deed. The total amount of income received from the Council is disclosed in note 3. There was no outstanding funds receivable as at 30 June 2014 (2013: $NIL). Goods and services of $NIL (2013: $NIL) were purchased from the Council. Te Tuhi Contemporary Art Trust (formerly EMAT) Te Tuhi Contemporary Art Trust is a related party by virtue of the fact that three board members of Te Tuhi Contemporary Art Trust must also be trustees of the Contemporary Art Foundation. All grants from the Auckland Council are received by the Trust, which transfers these funds together with all other income (except for an allowance retained for depreciation and related costs) to the Te Tuhi Contemporary Art Trust. In the current year, these transfers totalled $500,000. (2013: $511,000). In addition the Trust charges Te Tuhi Contemporary Art Trust rent of $12,000 (2013: $12,000) in relation to premises rented by them. At balance date no rent was outstanding. (2013: nil). Refer Note 4 above for details of loan from Te Tuhi Contemporary Art Trust. The balance outstanding to Te Tuhi Contemporary Art Trust as at 30 June 2014 was $850,850 (2013: $850,850). Total interest paid to Te Tuhi Contemporary Art Trust during the year was ($51,051) (2013: $51,051). During the year Contemporary Art Foundation paid accounting fees of $1,998 to Te Tuhi Contemporary Art Trust. (2013: $900). The value of the community centre buildings were gifted to the trust on 2 October 2000. 11) GOING CONCERN The financial statements have been prepared on the basis that the Trust is a going concern. This assumption is dependent on the continuous funding from the Auckland Council. Funding has been confirmed until 30 June 2015. 12) CAPITAL MANAGEMENT The Trust’s capital includes accumulated trustees funds. The Trust’s policies in respect of capital management are reviewed regularly by the Board of Trustees. There have been no material changes in the Trust’s management of capital during the current period. The Trust is not subject to any externally imposed capital requirements.
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CAF audited accounts
CONTEMPORARY ART FOUNDATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 30 JUNE 2014
13) FINANCIAL INSTRUMENTS BY CATEGORY
Loans & Receivables Cash at Bank Short Term Investments Sundry Receivables
Financial Liabilities at amortised cost Loan from TTCAT Sundry Creditors
2014 $
2013 $
114,856 553,113 1,982
102,076 532,355 1,908
669,951
636,339
850,850 9,778
850,850 7,900
860,628
858,750
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Contemporary Art Foundation
THE DRAWING WALL: ROHAN HARTLEY MILLS