Finance

Finance

June 2018
Current Assets - $100,719
Current Liabilities - $78,087
Working Capital - $22,632

We are on track with budget.
Roll return information has been shared in hard copy - this will determine our staffing for 2019
We will invest anything left over from this operations grant, on 31st July when our investment is due.
We need to develop a schedule for grant applications and apply to Youthtown again to complete the funding for rugby jerseys.
Discussion regarding allocation of Home and School funding.  Lorraine has consulted with NZSTA regarding process for allocating funding.  A procedure for best practice could look like this in our context.  This will need to be acceptable both to Board of Trustees and Home and School:
  • The Home and School continues to unconditionally gift $10k to the Board of Trustees each year.    This means that we do not pay GST on it.  The Home and School also provides for the year 7 & 8 social.  The BOT will inform the Home and School at their AGM about how this $10k will be spent.  Spending will be determined by charter and annual plan goals.
  • Any further money raised by the Home and School can be spent at their discretion.
  • When the Home and School has discretionary money to spend, the staff and board will be consulted and asked to provide a wishlist, coordinated through the principal and this will be presented in order of priority, determined by the principal and the learning needs of the school in consultation with Board and Staff.
  • The Home and School will take the wishlist into account when making spending decisions.  The decision will be decided by the Home and School by vote.


  • The Board of Trustees liaises with the Home and School committee on fundraising and property matters, in order to promote the use of community funds in ways that best meet the immediate and strategic needs of the school.


  • The present wish list is:
  • Junior readers = $2,000
  • Intermediate maths books = $3,500
  • Junior Literacy resources - flip chutes and cards etc - $1000
  • Senior novels approx $2,000
  • Staff also asked for money for various online subscriptions that they favour but more tangible and mainstream items would be more appreciated, such as those above.
  • Banners for - Houses - Rostrum Veritas Banner - JJ Banner Modern - we should apply for one-off funding from an external funder for this.
  • Dominican Flame Banner for the Hall/Masses/Foyer - one-off funding
  • Friendship seat for playground - one-off funding

  • What Schooldocs says:

    Parent Group Fundraising

    Home and School are responsible for the bulk of the school’s fundraising.
    Each year this group raises funds for the school, which are spent on projects agreed in advance by the board of trustees and the schoolstaff.



    April 2018

    Current Assets - 131, 786
    Current Liabilities - 112,069
    Working Capital 19,719

    Account items to note:
    A new budget code has been made for COL travel - there is an allowance for this in our Ops Grant.  There is no budget provision for this code at present.

    REQUEST TO BE MOVED AND MINUTED:  We have $2726.00 accumulated from sports uniform hire over the past few years.  It is not possible to move this over in the budget each year.  We wish to spend this money - there is a genuine need for new rugby kit and all codes need balls and other equipment update.  Can we move to spend the full amount as we see fit and allocate to the appropriate Sports expense codes.  It will bring us over the budget for those codes.  MOTION: Board moves to spend $2726.00 accumulated from sports fees and uniform hire over the past few years on the uniform and equipment needs of the sports codes which have the greatest need judged by the principal and sports coordinator.

    STAFFING - LOOKING AHEAD - May 2018
    We have saved $10k from our first Operations Grant instalment and invested with money saved last year.
    We have saved $8559.81 (excl GST) from banked staffing and this will come in our next Ops Grant.

    Our staffing entitlement for 2018 is a lot lower than our actual staffing (the Ministry stays with the projected staffing so we are not disadvantaged.

    Considering that our eight classes are full with the present numbers this year but on this number we are only projected to get 7 classes next year, the BOT will need to be thinking about saving to ensure we have 8 classes.  The principal has questioned this with the Ministry and it has been noted but the figures are not going to change.

    We would need 17 more unexpected new entrants or 32 unexpected older children between now and March 2019 in order to be fully funded for 8 classrooms next year.  We will get some of that, but we also get unexpected losses too.

    We are having a big enrolments drive (end term 1 through term 2) and doing everything we can to be tight on our budget.

    Since we are paying for a lot more TA time than we are given funding for, after the recent resignation of a teacher aide we have moved around existing TA time rather than replace her time.

    Would the board agree that the priority for our resourcing would be to keep class sizes reasonable?

    We will be able to claim back the relieving cost of the teacher in the DPs room while she is Acting Principal (we pay for the first 8 days)


    What this looks like for 2019 compared with 2018:


    This year
    Next Year
    8 classes
    1 principal
    .45 management/leadership release
    COL release for facilitated sessions
    Release for development STEAM and enrichment
    Money aside for sick days (we had average of 1.5 a week last year = 0.3)
    PD release e.g. going to Convention, Phonics, Fiveplus
    = 10.4 used up
    7 classes
    1 principal
    .3 management/leadership
    PD/COL spiral release = 0.1 (tight)
    Sick and emergencies = 0.2

    = approx 8.6
    But we can’t run 7 classes with these numbers -
    we will need to find the money for another teacher.
    = approx $75k.


    March 2018
    Current Assets - 111,474
    Current Liabilities 115,750
    Working Capital (4276)

    Everything going according to budget.

    Since funding for sports coordinator was denied, at this stage this is still coming from the budget as budgeted.
    We received $530 donation from a seed company for patronage - this is going towards first aid kits for sport.
    We used the remainder of the sport money from 2017 on sport equipment.
    We will need to put up the sport fees a little to include equipment.
    LJ Hooker donate to us each time a house is sold, we will use the couple of donations from 2018 towards sports equipment.
    Sharni is looking into more funding/grant options.


    February 2018

    2017 spending was within budget.  Income was less due to fall in Ops Grant.

    Approve Budget 2018

    $90 per child parent donation
    $70 for intermediate technology

    "no frills" except $1000 for science, $1500 for technology and $1200 for special character to support annual plan and targets.

    Operating surplus $1431, cash surplus $21181

    MUSAC Accounts Application :E    St Joseph's School 2018
    Operating Budget
    INCOME
    010 Government Grants 305249 305249
    015 Notional Lease 162400 0
    016 MOE Teacher Funded Salaries 758940 0
    020 Investment Income 1000 1000
    030 Trading 3000 3000
    040 Fundraising 9800 9800
    050 Activities 17376 17376
    1257765 336425
    EXPENDITURE
    055 Discretionary Welfare 0 0
    060 Library 1050 1050
    070 Teaching Resources 29525 29525
    072 Professional Development 16600 16600
    075 ICT Plan 18813.71 18813.71
    080 Equipment Repairs 1800 1800
    090 Staff Expenses 75265.2 75265.2
    095 MOE Teacher Funded Salaries 758940 non cash
    100 General 1200 1200
    110 Communications 4000 4000
    120 BOT Expenses 9520 9520
    130 Audit Fee 6250 6250
    140 Admin Consumables 6500 6500
    150 Staff Expenses 51200 51200
    160 Administration 11805 11805
    170 Caretaking & Cleaning 5400 5400
    180 Light, Heat & Water 16650 16650
    190 Grounds 3600 3600
    200 Repairs & Maintenance 11500 5500
    205 Notional Lease 162400 non cash
    210 Capital Purchase 0 0
    220 Staff Wages 40844.4 40844.4
    230 Fundraising on behalf of 0 0
    240 Activities 9720.5 9720.5
    300 Depreciation 13750 non cash
    1256333.81 315243.81
    Operating Surplus/(-Deficit) 1431.19 21181.19
    MUSAC Accounts Application :E    St Joseph's School 2018
     Capital Budget 2018
    Cash
    Annual Budget
    415 Fixed Assets Current Year
    Asset Additions Current Year 8345
    Asset Replacement
    Group Total 0 8345
    440 Term Liabilities
    Use of the provision (Painting Int/Ext) planned 2016 painting 1000
    500 Equity
    Addns to Equity F&E Grant
    Total Capital Budget 0 9345
    St Joseph's School 2017
     Cash Budget 2018
    Cash
    Annual Budget
    $
    Net Working Capital  31.12.2017 (current assets - current liabilities) 960
    Cash from operating budget 336425 337385
    Cash applied to operating budget 315243.81 22141.19
    Cash applied to capital budget 8345 13796.19
    Cash required for term provision (painting) 1000 12796.19
    Cash from capital budget (F&E Grant) 0 12796.19
    Estimated Working Capital at 31.12.2018 12796.19


    December 2017
    Our auditor is BDO - please minute.

    Resolution to be Passed:
    St Joseph's School Board of Trustees agreed at the Board Meeting of 12 December to apply to New Zealand Community Trust for $6000 towards the salary of our Sports Coordinator.  I certify that this  is a true and correct record of the resolution passed at the 12th December Board meeting.  Signed_______________ Board Chair_________date

    Interim Auditor's Report received and tabled - no internal weaknesses found.


    Budget Notes 2018

    Aim 1: To avoid a deficit budget

    Aim 2: To gradually start to save some money.  We should try to have some savings so that in years where the class sizes are large but not quite large enough for the government to fund another teacher, that we can partially fund ourselves in order to maintain good class sizes.  

    A Hope

    If the Labour government comes good on its promise to provide extra funding per child for schools who do not charge donations, we will be much better off.

    Income Changes
    • Operations grant will be slightly smaller as we have tightened our roll.
    • ORRS funded student has left so no funding for ORRS and associated teacher aide and ORRS teacher roles are now gone.
    • One high health student gone to high school, one more will finish funding mid year this year - less income here.

    Proposed Expense Changes

    • Slight cut in library budget from $750 to $500 - not ideal ongoing.
    • All spending on curriculum areas has been reduced slightly.
    • We are keeping a decent budget for science and technology as these are areas we hope to build next year - $1500 technology, $1000 for science
    • I have tried not to spend any of the board allocation for the extra 0.2 teacher this year and think we can safely remove this one from our budget for 2018.
    • We can’t afford to continue the Fuhrenstein lessons, or any further budget for the extension art teacher.
    • Water rates have gone up slightly.
    • Tea breaks and hospitality - budget was $8000 reduced to $2500.  That buys tea coffee biscuits for staff room - but we should stop the termly staff breakfast and maybe have one at the end of the year.  We can still go to breakfast but pay our own way on the other terms.
    • Gifts was also high - $3500, reduce to $2000.
    • Jocelyn Marsh has retired - I don’t intend to replace her hours.  We can’t afford any more teacher aide time.






    TEACHER AIDE CALCULATIONS 2018
    Income

    High Health Needs Student A funding
    7203
    High Health Needs Student B funding
    4063
    ELL funding (could be more)
    8000
    TOTAL
    19266


    Expenses

    High Health Needs
    15554
    Teacher aides for learning support
    21331.2
    ELL
    8888
    Bus
    4444
    Library
    2666.4
    B4 School Care
    2244
    TOTAL
    55127.6


    ELL Calculations

    ELL Coordinator
    4800
    TOTAL TA
    8888
    TOTAL ELL COSTS
    13688


    Government income
    19266
    Total costs
    55127.6
    Board Contribution
    35861.6


    NOTE: Bus costs are to pay for minding the children who catch the
    southbound bus, rather than them changing at Waitaki Boys.  I have
    asked the families about this but one family still wants the service to
    continue as they have a five year old.  ???? Other ways of doing it

    LEASES - Already committed to these all others paid out



    A287542P
    10x Applie Ipad, 10x Acer Chromebooks, buy out
    Jan-18
    2696.75
    2696.75
    A310311M
    rent to own 20 ipads, 30 Chromebooks PC locs case
    per 1/4
    3199.24
    12796.96








    15493.71
    PLUS




    Ideally we would rent to own a further 34 Chromebooks and case in order to complete


    devices for the senior hub.  These are the price options









    34 Chromebooks and case - completes one to one


    8570.58

    20 Chromebooks - will give a class set, plus some for the other class

    5656.58

    10 Chromebooks - gives nearly a class set, can supplement with middle hub ipads
    2828.29

    At this point the budget has the 10 Chromebook option.





    pD
    travel
    release
    Core workshops
    113.85
    20
    2277
    2277


    RE Diploma
    100
    10
    1000
    1000


    RE Diploma release
    300
    8
    2400


    2400
    Yolanda Sorryl Phonics training
    120
    5
    600
    800


    Yolanda Sorryl Travel
    200
    1
    200

    200

    Yolanda Sorryl Release
    300
    4
    1200


    1200
    Masters scholarships


    3000


    3000
    Inquiry release for COL
    60
    90
    5400


    5400
    Convention
    700
    4
    2800
    2800


    Convention Travel
    300
    4
    1200

    1200

    Convention accom
    120
    12
    1440

    1440

    Convention release
    300
    8
    2400


    2400







    TOTAL


    23917
    6877
    2840
    14400







    Plus costs of travel - DRS meetings, principal's meetings - Central/Dunedin/invercargill




    STAFFING

    Funding 2018:
    10.76



    10 units








    Teacher




    8 rooms
    8



    PRT




    Principal
    1



    leadership release
    0.44








    sick
    0.4
    2 days per week (2017 = 1.5 days per week)
    pd
    0.1
    10 days a term - will need for COL pd
    Crt
    0.32
    10 hours per term each teacher
    Principal's discretion
    0.03
    3 days a term - emergencies, family, stress
    Reading recovery
    0.1
    1/2 hour a day, plus MoE funds second 1/2 hour
    Extra DP - acting principal
    0.1
    4 days a term - for acting principal, if needed
    Estra - choir, events etc
    0.08
    as needed













    10.57



    In 2018 - need release for staff to attend Catholic Convention (covered in pd release)








    0.1



    PLUS 0.1 to alleviate intermediate class sizes





    10.76




    October 2017

    Senior sandpit - cost $850 (free sand from Whitestone, free labour Tim Frances-Rees) - cost against PE equipment budget code.  Cover through the $10,000 H&S annual donation.

    There's no health and safety finance code but we are purchasing a sandpit cover for the junior sandpit ($431) and will need another for the seniors (have a secondhand one in mind).  They have to be covered because of cats.

    We are now managing staff budgets to balance our staffing for the end of the year.

    There's nothing else of any note from our budget / actual expenses this month.



    ONGOING SUSTAINABILITY TO CONSIDER:

    See expense predictions to cover December costs (very high due to having to pay support staff annual leave).
    Decision to be made regarding next term investment in light of December costs.

    Budgeting for next year.
    Some changes will need to be made to ensure future sustainability.

    Sports coordinator costing to be considered
    Roughly 10 hours per week = $8070pa, more hours needed at certain peek times.
    Funded $3600 through Kiwisport.
    Looking at grants but can't guarantee as its hard to get funding for salaries

    TA hours to be considered:
    TOTAL TA Hours90
    @19.8 per hour1782
    40 weeks71280
    GOVERNMENT FUNDING
    ORRS TA11500
    HH TA14000
    ESOL12000
    TOTAL37500
    St Joseph's contribution to TA support33780
    Our HH funding will decrease next year.

    Savings situation - something needs to change

    Saved from Ops Grant20000
    H&S normally gives $10,000 but has paid this for hall heaters this year, offsetting against our phone book money
    H&S/phone book10,000
    Total saved30000
    Need to drawdown to cover Dec20000
    Actual saved 201710000
    Things we need to put aside:
    Depreciation15000
    Property Maintenance15000
    Saving20000


    September 2017
    Closing balance August 2017 = $92,208
    Working capital = $59,118
    Current assets = $139,806
    Current liabilities = $80,688
    Current assets divided by current liabilities =1.73
    Approve August financials

    Expenditure items to note: 22141 Special Education expenses - $1556 - to purchase a hearing system for a hearing impaired child - this was reimbursed by the Ministry
    Subscriptions are 167%.  Have dropped one magazine subscription - check all are needed in next year's budget calculation.
    Election costs - 1559.93 for by election - offset by Ministry
    Fixed asset replacement $1076.52 - to replace principal's phone - look into possible leasing options in the future.

    Proposal to amend budget.
    Budget accepted in March = cash deficit -$23,186.  Due to a calculation error this should have been -$16425.
    Since Ops Grant amount has change (decreased) budget has now changed
    Proposal to amend budget to cash deficit of -$36,489 with a working capitol deficit of -$-37,362

    August 2017

    So far in 2017 we have managed to save $35,000 from our Ops Grant in a term deposit.  This is to cover our asset replacement provision, and saving for repairs and maintenance for buildings.
    Two defunct projectors have been replaced with TV screens (asset replacement) and this will as each projector reaches the end of its lifespan.

    June 2017
    Closing balance May 2017 = $67,959
    Working capital = ($20,500)
    Current assets = $115,363
    Current liabilities = $135,863
    Current assets divided by current liabilities = 0.85
    Approve May financials

    Teacher salary balance = $4,237


    May 2017
    Closing balance April 2017 = $123,953
    Working capital = ($20,567))
    Current assets = $139,158
    Current liabilities = $159,725
    Current assets divided by current liabilities = 0.87
    Approve April financials

    Teacher salary balance = $4,237

    $32,000 has been put in a short term investment.  $20,000 from Ops grant and $12,000 from the phone books.  The intention is to build up some savings to cover asset replacement and unforseen contingencies.

    Budget variances/notes:
    PE equipment - $1000 being reimbursed from Home and School,  
    Junior and senior literacy budgets have been purposely spent, 
    Special Character books have gone over - as we bought bibles for children who have started since mid 2016.  There will be more expense in this area for the Welcome masses, depending on the number of upcoming enrolments - this is part of H&S funding.  
    PD is at 67% as most has now been booked and paid for.  
    Resources is up to 54% as the first instalment of our new lease included the full GST for the Chromebook lease which we will claim back over time.
    Teacher Aide salaries look high but have been coded incorrectly and have now been balanced against ELL, ORRS and high health needs,  
    We are ready to claim back our board election expenses.  
    Advertising is up to budget and will go over for enrolment advertising.  It is due to advertising for new sports coordinator.  
    Water rates are about $100 a quarter more than last year - we are not using any more - the consumption rate before charging has dropped. 
    ICT plan = the ipad lease paid out at the start of the year.

    Grants
    National Young Leaders day applied from Network Waitaki - $1272
    St Joseph's Rugby Club want to put in an application for $1357 to Youthtown for rugby jerseys.  This needs to be approved and minuted - look at some other options.

    The Home and School have agreed to pay $12k towards the new hall heaters.  The $12k we raised will be offset against five terms of H&S donations.  This needs to be approved and minuted.

    THINGS TO CONSIDER:
    We have a drop in our budgeted operations grant of $21,000
    We also have an overall deficit of -$18,524 for 2016 and a projected deficit for 2017.

    So we will have to consider what needs to give - the senior leadership team will do a review of teaching and learning needs moving forwards to see what could be cut.  Teaching and learning is the only area we have much leeway in.  The budget at present covers essential items for teaching and learning that we can’t get funding for from other sources.


    We underspent $18,000 on curriculum expenses in 2016
    We underspent $15,000 on professional development in 2016
    We overspent approximately $20,000 on teachers salaries, above the extra $43,000 budgeted (that means we went $63k above our allocated staffing)


    March 2017
    Closing balance February 28th = $130,360.48
    Working capital = ($1839.00)
    Current assets = $166,467
    Current liabilities = $168,,60.00
    Current assets divided by current liabilities = 0.98
    Approve February financials

    Teacher salary balance = $1046.00

    Cyclical Maintenance provision - current liability = $71,122 and Cyclical Maintenance Provision - Term = $32,626.  These are amounts we put aside to maintain buildings.  They will be adjusted when the accountant has finished with our accounts.  This amount will not be needed as a liability as we will start a new 10YPP and the costs will be spread over 10 years moving forwards (not backwards).

    Budget variances: TA salaries are at 25% of budget.  The hours have been kept the same as last year, there was a slight payrise which was factored into the budget but as we are already at 25% the budget must  be slightly under.


    Motion for authorisation and financial position required - March 2017



    February 2017

    Closing balance December 31st = $51,718.09
    Working capital = $(5073)
    Current assets = $88245
    Current liabilities = $93,318
    Current assets divided by current liabilities = 0.94
    Approve December financials

    Phonebook money in bank $12,422.44 - earmark for hall heater

    The Ops grant arrived 1 January for three months.

    Furniture was purchased in December - payment rolled over to January.  Furniture grant from 2016 also rolled over.
    Ipad lease ended and ipads were bought out $5400.

    Grants for 2017 -
    Network Waitaki - March - National Young Leaders Day
    Youthtown - making shed (later in the year)
    Otago Community Trust - more junior school books (we are putting in $3000), musical instruments
    Lion/Licensing Trust - ICT
    Dominican Sisters - Domincan Conference
    Altrusa?

    Draft budget provided - move to accept

    Need something in writing from diocese regarding holding the 10YPP.

    Move: That the Board approves the inclusion of a budget for the 2016 Statement of Financial Position and a budgeted Cash Flow which are derived from the Board's 2016 operating and capital purchases budget.

    Move: The Board authorises the Board Chairperson and Principal to sign the Statement of Responsibility for the 2016 Annual Accounts on the Board's behalf when confirmation is received that the audit has been completed.


    November 2016
    Draft budget drawn up some increases in pd, and curriculum resources - further work on budget once agreement on charter direction decided in November meeting.  Move to accept draft budget as a working document to be ratified in February.

    Money carried over from 2015 school fees - it has no outgoing allocation - can we use it to purchase our Chromebooks at $80 each - they have reached the end of their lease and still have good life left in them.  Also to lease 25 more Chromebooks for 2017 and buy the remaining ipads when their lease finishes.

    Furniture grant from MoE also has no outgoing allocation - permission to spend it on class furniture and equipment items for 2017, given that we are starting a 10th classroom.

    Closing balance October = $177,357.22
    Working capital = $59,846
    Current assets
    $213,876
    Current liabilities = 154,030
    Current assets divided by current liabilities = 1.4
    Approve October financials

    Phonebook money in bank $12,422.44 - earmark for hall heater


    January, FebruaryEnsure previous year's financial transactions completed and sent to service provider.                  
    Ensure asset registers etc. up to date.
    31 MarchAnnual accounts finished and forwarded to the auditors
    30 AprilAnnual review of 10-year property plan Note: this should also encompass normal cyclical maintenance and capital works
    31 MayBoard formally adopts Audited Financial Report.                                        Audited Report must reach the Ministry of Education Community reporting on financial performance
    30 JuneEnsure any issues raised by the auditor have been addressed.
    31 JulyReview current budget and update cash flow forecast
    31 AugustAnnual review of risk management needs and insurances
    30 SeptemberAnnual plan available as an input document for preparation of the budget
    31 OctoberInitial annual budget recommendations submitted to the board.
    30 NovemberRevised annual budget (if required) submitted to the board for approval.                                                                                  
    Complete as much purchasing as possible.

    Report for September:
    • ·        Apparently this years budget has not been formally approved. This will need to remedied.
    • ·  Accountability Report for funds from Otago Community Trust needs to be filled in and submitted.
    •     Recommendation that extra grants for the hall are held off at this stage



    Report for August:
    1. Lion Foundation form to be actioned.  Request for items for the school hall.
    2.  Sue reports signed.
    3. Accounts checked and signed.
    4. Last Ops Grant received on 1st July.  Next payment due on 1st October.

    Report for June:
    1.Extra staffing claimed for increased roll. This will need to continue with every three extra children who enrol.
    2.  Closing balance April $148,915.59 = Opening balance May. Summary statement as at May 2016 - Working capital is $12,747. Current Assets $165,781 divided by current liabilities $153034. It is 1.08:1. Most schools operate around 2 or 3:1. It is important to note that we have capital expenses that we paid earlier in the year and so this will balance out as the year progresses. Next Operation Grant due 1st July. Copy of Summary Page 1 & 2 for board. Approve May financials.
    3.Phonebook Financials - At end of May balance of $11,798.61. Phonebook update - Sharni met with Sonya, Adrienne and Paula to review the process and prepare an updated template of notes. Free copies were distributed to advertisers with a thank you letter.

    4. Final visit from auditor Monday13th June. They hope to have Annual Audited Report ready very soon. 

    Report for May:
    1.Confirmed staffing entitlement for 2016 based on 1 March roll return has meant a recalculation for the operation grant entitlement. An increased adjustment of $20,500 based on a student roll of 251 compared with the original 227 ministry calculation. Staffing is still based on 226 students. We will have to claim extra staffing for every 3 students  above this number.
    2. Closing balance February 142,094.12. Summary statement as at March 2016 - Opening balance $142,094.12 Working capital is ($1,596). Current Assets $130,875 divided by current liabilities $132,471. Closing balance March $95,330.47 = Opening balance April. Summary statement as at April 2016 - Working capital is $8109. Current Assets $187972 divided by current liabilities $179863.It is 1:04 Most schools operate around 2 or 3:1. Copy of Summary Page 1 & 2 for board. Approve March and April financials.
    3.Phonebook Financials - At end of April balance of $15,484.99 with 5,675.01 to pay and income in. Phonebook update - Sharni. Important to distribute free copies to advertisers with a thank you letter.
    4. Final visit from auditors Wednesday 18th May.

    Report for March 23rd:
    1. Summary statement as at February 2016 - Opening balance $164,500.48 Working capital is $22,501. Current Assets $169,290 divided by current liabilities $168,018=2. It is 1:1 Most schools operate around 2 or 3:1. We are due to receive a donation from Home & School, school activity payments and the Ministry Operation Grant payment is due 1st April. Copy of Summary Page 1 & 2 for board. Approve January and February financials.
    2. Phonebook Financials - Some payments from advertisers have been made Receipts $5,188.57 and outgoing payment to the Yellow Pages is $1641.05. Balance is $3636 at end of Feb.
    3. Sharni joined Bev and Jenny for a transition
    4.    That the schedule of payments comprising of $30,511.76 for January 2016 and $53,357.19 for February 2016 as approved by the principal and reconciled with the bank statements together with the schedule of income comprising of $95,884.78 for January 2016 and $16,030.83 for February 2016 be received.

    Report for February 16th:
    1. Summary statement as at December 2015 - Opening balance $146425.97 Working capital is $70529. Current Assets $137588 divided by current liabilities $67059=2. It is 2:1 Most schools operate around 2 or 3:1. We finished with $4196 deficit and our budget for the year was for a $3426 deficit. Copy of Summary Page 1 & 2 for board.
    2. Budget 2016 - Final budget includes capital items and shows a surplus based on grants and fundraising. Copy for board members.
    3. Transfer from 17 account for heat pumps as agreed at last meeting.
    4. Annual accounts being prepared for the auditor's visit in February. Solutions and Services will collate end of year financials for annual report.


    Report for December 8th: 
    1. Letter from Phillip Trousen in readiness for annual audit. They will visit in February to gather necessary records and data for the annual audit. Schedule of key information completed.
    2.Review bank accounts: day to day operating account, term investment, online saver and phonebook account.
    3.Summary statement as at October 2015 - Working capital is $112,198. Current Assets 214,361divided by current liabilities $102,163=2. It is 2:1 Most schools operate around 2 or 3:1. We currently have an operating surplus of $35,659 (operating expenses) and our budget for the year is for a $3426 deficit. We are tracking well according to budget.
    4. Budget - draft budget completed with a $10,000 surplus. Recommendations to discuss. Adopt based on feedback from Solutions and Services.

    Report for 27th October 2015
    1.September bank reconciliation. Reconciled closing statement balance is $164,079.84
     2.Summary statement as at September 2015 - Working capital is $114,885
    Current ratio of assets to liabilities is the current assets divided by the current liabilities  = 3.8:1.  Most schools operate around 2 or 3:1. We currently have an operating surplus of $39,593 and our budget for the year is for a $3426 deficit for the year. We are tracking according to budget.
    2.Revised MOE Kiwipark model for financial statements. Office Manager attended training.
    3. JJ & BC spent time preparing the first stage of the draft budget for 2016.
    4. St Joseph's run the account for the North Otago Pasifika cluster.

    Report for 22nd September 2015
    Present: Bev Conlan, Jenny Jackson
    1.July bank reconciliation. Reconciled closing statement balance is $172,229.29
     2.Summary statement as at July 2015 - Working capital is $155,795
    Current ratio of assets to liabilities is the current assets divided by the current liabilities  = 3.75:1.  Most schools operate around 2 or 3:1. We currently have an operating surplus of $71,679 and our budget for the year is for a $3426 deficit for the year. We are in touch with Solutions and Services for clarification and this has been rectified.

    3. Financial Commentary to July 2015 from Solutions & Services (cop for each board member). Motion as per p2 with regards to asset budget.
    Revised MOE Kiwipark model for financial statements. Office Manager to attend training.
    Note ledgers with higher spending. These will be reviewed in readiness for 2016 budget.
    4. August bank reconciliation. Reconciled closing statement balance is $164,097.84
    5. Summary statement as at August 2015 - Working capital is $149,158
    Current ratio of assets to liabilities is the current assets divided by the current liabilities  = 3.8:1. Most schools operate around 2 or 3:1. 
    6. Work will begin on draft 2016 budget to bring to next meeting.
    Report for August 2015
    Present: Bev Conlan, Jenny Jackson
    1.June bank reconciliation. Reconciled closing statement balance is $106,626.92
     2.Summary statement as at June 2015 - Working capital is $95,932
    Current ratio of assets to liabilities is the current assets divided by the current liabilities  = 3.2:1.  Most schools operate around 2 or 3:1. We currently have an operating surplus of $11,184 and our budget for the year is for a $3426 deficit for the year. The furniture grant was paid in and as it as not budgeted for , this will account for this difference.
    4. Separate welfare account closed and has now been incorporated as a ledger within the main account.
    5. Reviewed overarching policy a
    and recommend it be adopted with the inclusion of a statement about a financial management calendar being used and uploaded to the blog.
    6.Reviewed procedures and will share suggested changes at the meeting.
    7. Ricoh has reviewed our contract and we need to decide to go ahead or not. 

    Report for June 2015
    Present: Bev Conlan, Jenny Jackson
    1. April bank reconciliation. Reconciled closing statement balance is $162,436.43. 
    2. May bank reconciliation. The journal of $1190.59 reflects money received in error and has since been returned. 
    Reconciled closing statement balance is $123,331.63. 
    Summary statement as at May 2015 - Working capital is $102,306
    Current ratio of assets to liabilities is the current assets divided by the current liabilities  = 2.6:1.  Most schools operate around 2 or 3:1. 
    3. Bev and Jenny attended the NZSTA Financial Management training workshop. We were advised that all board members should have access to an electronic copy of FISH.You can access it here (just awaiting link). It is timely for us to review our policy and procedures. We will review in readiness to present in our first meeting Term 3. We will include the financial management calendar presented to us at the workshop. Aim to upload our policies and procedures to our board blog to allow easy access and transparency. Asset replacement plan to be developed by Term 4.
    4. Audited annual financial report to be adopted. Discuss and follow up recommendations noted on page 2 of the management letter ( see your copy). Attached a copy of NZSTA annual report guidelines to help understand our financial position. 
    5. Recommendation to increase limit of business Mastercard.
    6. Organise a pd session with Solutions and Services to review our budget and other processes
    7. Unbudgeted furniture grant has come in for 2015 $5,545. Here is the link to the furniture and equipment guidelines.


    Report 5th May 2015

    1. March bank reconciliation. The receipt balance differed by $2.82 due to telephone interest from a separate account. It would be beneficial to share this with Solutions & Service in order for our figures to balance. The unpresented cheque balance is a high figure due to cheques transactions being put into March instead of April. One unpresented cheque from 2014 to be followed up. Reconciled closing bank ledger account balance is $89,143.55

    2.Summary statement as at March 2015 - Working capital is $79,803.  Current ratio of assets to liabilities is 3:1.  Most schools operate around 2 or 3:1. We are trending up from last month. Next year we can compare trends.
    3. The board will receive a copy of the income Statement page 1-4.
    4. Furniture grant received for 2015, not budgeted. Looking at upgrading hall furniture.
    5. Final audit work underway.

    17th March 2015


    1. Bev  & Jenny attended the course ' Accountants for Non-Accountants'.  We found this very valuable.  We have a better understanding of the accounting system and how to read our balance sheet more effectively to understand our position each month.
    2. January Bank reconciliation - The closing bank ledger account balance didn't initially balance with the opening ledger for February because some February payments had been calculated with January figures.  This has since been checked by Solutions and Services and following advice has been recalculated and balanced correctly on the February reconciliation.
    3. February Bank Reconciliation - closing bank ledger account balance is $105,953.45.
    4. Summary statement as at February 2015 - Working capital is $73,772.  Current ratio of assets to liabilities is 2:1.  Most schools operate around 2 or 3:1.  Our course recommended that we look at our ratio to find trends which we will continue to do.
    5. Telephone Book account balance to be transferred into the '00' account.
    6. The draft annual financial report has been received for the board to review.


    10th February 2015 
    1. Recommend minuting acceptance Audit of Financial statements December 2013 received end September 2014 due to Novopay system issues.
    2. Monthly reconciliation reports presented for board motion: November 2014 and December 2014
    3. 2015 Budget to be accepted
    4. Solutions and Services visited to prepare for annual audit 
    5. Finance Terms of Reference updated 2015

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