Annual Financial Statement

 

HOREKE SCHOOL 

ANNUAL FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 DECEMBER 2025School Directory 

Ministry Number: 1016 

Principal: Darron Tawhai-Gillies 

School Address: Horeke Road 

School Postal Address: Horeke Road RD 1, Okaihau, 0475 

School Phone: 09 401 9612 

School Email: admin@horeke.school.nz 

Accountant / Service Provider:  Education Services Ltd 

 

HOREKE SCHOOL 

Annual Financial Statements - For the year ended 31 December 2025 Index 

Page 1 

2 

3 

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5 

Statement 

Statement of Responsibility 

Statement of Comprehensive Revenue and Expense Statement of Changes in Net Assets/Equity Statement of Financial Position

Statement of Cash Flows 

6 - 20 Notes to the Financial Statements 

21 - 23 

Independent Auditor's Report 

 

Horeke School 

Statement of Responsibility 

For the year ended 31 December 2025 

The Board accepts responsibility for the preparation of the annual financial statements and the judgements  used in these financial statements. 

The management (including the Principal and others, as directed by the Board) accepts responsibility for  establishing and maintaining a system of internal controls designed to provide reasonable assurance as to the  integrity and reliability of the School's financial reporting. 

It is the opinion of the Board and management that the annual financial statements for the financial year ended  31 December 2025 fairly reflects the financial position and operations of the School. 

The School's 2025 financial statements are authorised for issue by the Board. 

Full Name of Presiding Member Full Name of Principal 

Signature of Presiding Member Signature of Principal 

Date Date 

Horeke School Annual Report and Financial Statements Page 1

 

Horeke School 

Statement of Comprehensive Revenue and Expense For the year ended 31 December 2025 

Notes Actual 

(Unaudited) Actual 

$ $ $ 

Revenue 

Government Grants 2 491,388 443,213 468,445 Locally Raised Funds 3 13,745 9,360 11,790 Interest 6,505 2,000 20,658 

Total Revenue 511,638 454,573 500,893 

Expense 

Locally Raised Funds 3 6,326 9,360 3,075 Learning Resources 4 260,203 247,049 259,871 Administration 5 101,803 102,770 76,493 Interest 53 60 125 Property 6 86,421 92,556 89,801 Other Expenses 7 - - 136 

Total Expense 454,806 451,795 429,501 Net Surplus / (Deficit) for the year 56,832 2,778 71,392 Other Comprehensive Revenue and Expense - - - Total Comprehensive Revenue and Expense for the Year 56,832 2,778 71,392 

The above Statement of Comprehensive Revenue and Expense should be read in conjunction with the accompanying notes which  form part of these financial statements. 

Horeke School Annual Report and Financial Statements Page 2

Horeke School 

Statement of Changes in Net Assets/Equity For the year ended 31 December 2025 

 

2025 2025 2024 Budget  

Notes Actual 

(Unaudited) Actual 

$ $ $ 

Equity at 1 January 313,171 192,082 241,779 

Total comprehensive revenue and expense for the year 56,832 2,778 71,392 Contribution - Furniture and Equipment Grant 3,192 - - Contributions from the Ministry of Education - Te Mana Tuhono 4,820 - - 

Equity at 31 December 378,015 194,860 313,171 

Accumulated comprehensive revenue and expense 378,015 194,860 313,171 Equity at 31 December 378,015 194,860 313,171 

The above Statement of Changes in Net Assets/Equity should be read in conjunction with the accompanying notes which form part  of these financial statements. 

Horeke School Annual Report and Financial Statements Page 3

Horeke School 

Statement of Financial Position As at 31 December 2025 

 

2025 2025 2024 Budget  

Notes Actual 

(Unaudited) Actual 

$ $ $ 

Current Assets 

Cash and Cash Equivalents 8 316,874 125,433 655,315 Accounts Receivable 9 24,398 43,239 47,759 GST Receivable - - 12,001 Prepayments 608 840 730 Investments 10 100,000 100,000 100,000 Funds Receivable for Capital Works Projects 16 31,135 - - 

 473,015 269,512 815,805 

Current Liabilities 

GST Payable 19,014 8,794 - Accounts Payable 12 41,309 36,025 29,183 Revenue Received in Advance 13 - 496 2,000 Provision for Cyclical Maintenance 14 127,598 94,715 99,949 Finance Lease Liability 15 248 852 691 Funds held for Capital Works Projects 16 23,997 - 470,880 

 212,166 140,882 602,703 

Working Capital Surplus/(Deficit) 260,849 128,630 213,102 

Non-current Assets 

Property, Plant and Equipment 11 117,166 110,422 122,135  117,166 110,422 122,135 

Non-current Liabilities 

Provision for Cyclical Maintenance 14 - 43,253 21,818 Finance Lease Liability 15 - 939 248 

 - 44,192 22,066 

Net Assets 378,015 194,860 313,171 

Equity 378,015 194,860 313,171 

The above Statement of Financial Position should be read in conjunction with the accompanying notes which form part of these  financial statements. 

Horeke School Annual Report and Financial Statements Page 4

Horeke School 

Statement of Cash Flows For the year ended 31 December 2025 

 

2025 2025 2024 Budget  

Note Actual 

(Unaudited) Actual 

$ $ $ 

Cash flows from Operating Activities 

Government Grants 263,522 215,825 205,540 Locally Raised Funds 13,425 9,360 11,926 Goods and Services Tax (net) 31,015 - (20,795) Payments to Employees (115,130) (110,148) (100,395) Payments to Suppliers (59,555) (114,799) (48,734) Interest Paid (53) (560) (125) Interest Received 6,281 2,000 21,984 

Net cash from/(to) Operating Activities 139,505 1,678 69,401 

Cash flows from Investing Activities 

Purchase of Property Plant & Equipment (and Intangibles) (2,570) (5,000) (2,358) Net cash from/(to) Investing Activities (2,570) (5,000) (2,358) 

Cash flows from Financing Activities 

Furniture and Equipment Grant 3,192 - - Finance Lease Payments (205) (977) (220) Funds Administered on Behalf of Other Parties (478,363) - 458,760 

Net cash from/(to) Financing Activities (475,376) (977) 458,540 Net increase/(decrease) in cash and cash equivalents (338,441) (4,299) 525,583 Cash and cash equivalents at the beginning of the year 8 655,315 129,732 129,732 Cash and cash equivalents at the end of the year 8 316,874 125,433 655,315 

The Statement of Cash Flows records only those cash flows directly within the control of the School. This means centrally funded  teachers' salaries, use of land and buildings grant and expense and other notional items have been excluded. 

The above Statement of Cash Flows should be read in conjunction with the accompanying notes which form part of these financial  statements. 

Horeke School Annual Report and Financial Statements Page 5

 

Horeke School 500 Notes to the Financial Statements 

For the year ended 31 December 2025 

1. Statement of Accounting Policies 

a) Reporting Entity 

Horeke School (the School) is a Crown entity as specified in the Crown Entities Act 2004 and a School as described in the  Education and Training Act 2020. The Board is of the view that the School is a public benefit entity for financial reporting  purposes. 

b) Basis of Preparation 

Reporting Period 

The financial statements have been prepared for the period 1 January 2025 to 31 December 2025 and in accordance  with the requirements of the Education and Training Act 2020. 

Basis of Preparation 

The financial statements have been prepared on a going concern basis, and the accounting policies have been consistently  applied throughout the period. 

Financial Reporting Standards Applied 

The Education and Training Act 2020 requires the School, as a Crown entity, to prepare financial statements with reference to  generally accepted accounting practice. The financial statements have been prepared with reference to generally accepted  accounting practice in New Zealand, applying Public Sector Public Benefit Entity (PBE) Standards Reduced Disclosure Regime  as appropriate to public benefit entities that qualify for Tier 2 reporting. The School is considered a Public Benefit Entity as it  meets the criteria specified as 'having a primary objective to provide goods and/or services for community or social benefit and  where any equity has been provided with a view to supporting that primary objective rather than for financial return to equity  holders'.  

PBE Accounting Standards Reduced Disclosure Regime 

The School qualifies for Tier 2 as the School is not publicly accountable and is not considered large as it falls below the expense  threshold of $33 million per year. All relevant reduced disclosure concessions have been taken. 

Measurement Base 

The financial statements are prepared on the historical cost basis unless otherwise noted in a specific accounting policy. 

Presentation Currency 

These financial statements are presented in New Zealand dollars, rounded to the nearest dollar. 

Specific Accounting Policies 

The accounting policies used in the preparation of these financial statements are set out below. 

Critical Accounting Estimates And Assumptions 

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the  application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ  from these estimates.  

  

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in  the period in which the estimate is revised and in any future periods affected. 

Cyclical maintenance 

The School recognises its obligation to maintain the Ministry’s buildings in a good state of repair as a provision for cyclical  maintenance. This provision relates mainly to the painting of the School buildings. The estimate is based on the School’s best  estimate of the cost of painting the School and when the School is required to be painted, based on an assessment of the  School’s condition. During the year, the Board assesses the reasonableness of its painting maintenance plan on which the  provision is based. Cyclical maintenance is disclosed at note 14. 

Horeke School Annual Report and Financial Statements Page 6

 

Useful lives of property, plant and equipment 

The School reviews the estimated useful lives of property, plant and equipment at the end of each reporting date. The School  believes that the estimated useful lives of the property, plant and equipment, as disclosed in the significant accounting policies,  are appropriate to the nature of the property, plant and equipment at reporting date. Property, plant and equipment is disclosed  at note 11. 

Critical Judgements in applying accounting policies 

Management has exercised the following critical judgements in applying accounting policies: 

Classification of leases 

Determining whether a lease is a finance lease or an operating lease requires judgement as to whether the lease transfers  substantially all the risks and rewards of ownership to the School. A lease is classified as a finance lease if it transfers  substantially all risks and rewards incidental to ownership of an underlying asset to the lessee. In contrast, an operating lease is  a lease that does not transfer substantially all the risks and rewards incidental to ownership of an asset to the lessee.  

Judgement is required on various aspects that include, but are not limited to, the fair value of the leased asset, the economic life  of the leased asset, whether or not to include renewal options in the lease term, and determining an appropriate discount rate to  calculate the present value of the minimum lease payments. Classification as a finance lease means the asset is recognised in  the statement of financial position as property, plant, and equipment, whereas for an operating lease no such asset is  recognised. Finance lease liability disclosures are contained in note 15. Future operating lease commitments are disclosed in  note 21b.  

Recognition of grants 

The School reviews the grants monies received at the end of each reporting period and whether any require a provision to carry  forward amounts unspent. The School believes all grants received have been appropriately recognised as a liability if required.  Government grants are disclosed at note 2. 

c) Revenue Recognition 

Government Grants 

The School receives funding from the Ministry of Education. The following are the main types of funding that the School  receives: 

Operational grants are recorded as revenue when the School has the rights to the funding, which is in the year that the funding  is received.  

Teachers salaries grants are recorded as revenue when the School has the rights to the funding in the salary period they relate  to. The grants are not received in cash by the School and are paid directly to teachers by the Ministry of Education.  

Other Ministry Grants for directly funded programs are recorded as revenue when the School has the rights to the funding in the  period they relate to. The grants are not received in cash by the School and are paid directly by the Ministry of Education. 

The property from which the School operates is owned by the Crown and managed by the Ministry of Education on behalf of the  Crown. Grants for the use of land and buildings are not received in cash by the School as they equate to the deemed expense  for using the land and buildings which are owned by the Crown. The School’s use of the land and buildings as occupant is based  on a property occupancy document as gazetted by the Ministry. The expense is based on an assumed market rental yield on the  value of land and buildings as used for rating purposes.  

This is a non-cash revenue that is offset by a non-cash expense. The use of land and buildings grants and associated  expenditure are recorded in the period the School uses the land and buildings. 

Other Grants where conditions exist 

Other grants are recorded as revenue when the School has the rights to the funding, unless there are unfulfilled conditions  attached to the grant, in which case the amount relating to the unfulfilled conditions is recognised as a liability and released to  revenue as the conditions are fulfilled.  

Horeke School Annual Report and Financial Statements Page 7

Donations, Gifts and Bequests 

 

Donations, gifts and bequests are recognised as an asset and revenue when the right to receive funding or the asset has been  established unless there is an obligation to return funds if conditions are not met. If conditions are not met, funding is recognised  as revenue in advance and recognised as revenue when conditions are satisfied. 

Interest Revenue 

Interest Revenue earned on cash and cash equivalents and investments is recorded as revenue in the period it is earned. 

d) Operating Lease Payments 

Payments made under operating leases are recognised in the Statement of Comprehensive Revenue and Expense on a straight  line basis over the term of the lease. 

e) Finance Lease Payments  

Finance lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance  charge is allocated to each period during the lease term on an effective interest basis. 

f) Cash and Cash Equivalents 

Cash and cash equivalents include cash on hand, bank balances, deposits held at call with banks, and other short term highly  liquid investments with original maturities of 90 days or less, and bank overdrafts. The carrying amount of cash and cash  equivalents represent fair value. 

g) Accounts Receivable 

Short-term receivables are recorded at the amount due, less an allowance for expected credit losses (uncollectable debts). The  School's receivables are largely made up of funding from the Ministry of Education. Therefore the level of uncollectable debts is  not considered to be material. However, short-term receivables are written off when there is no reasonable expectation of  recovery. 

 and are comprised of uniform 

h) Inventories 

Inventories are consumable items held for sale and are comprised of uniform. They are stated at the lower of cost and net  realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price in the ordinary  course of activities less the estimated costs necessary to make the sale. Any write down from cost to net realisable value is  recorded as an expense in the Statement of Comprehensive Revenue and Expense in the period of the write down.  

i) Investments 

Bank term deposits are initially measured at the amount invested. Interest is subsequently accrued and added to the investment  balance. A loss allowance for expected credit losses is recognised if the estimated loss allowance is material. 

j) Property, Plant and Equipment 

Land and buildings owned by the Crown are excluded from these financial statements. The Board’s use of the land and  buildings as ‘occupant’ is based on a property occupancy document.  

Improvements (funded by the Board) to buildings owned by the Crown or directly by the Board are recorded at cost, less  accumulated depreciation and impairment losses.  

Property, plant and equipment are recorded at cost or, in the case of donated assets, fair value at the date of receipt, less  accumulated depreciation and impairment losses. Cost or fair value, as the case may be, includes those costs that relate  directly to bringing the asset to the location where it will be used and making sure it is in the appropriate condition for its  intended use. 

Gains and losses on disposals (i.e. sold or given away) are determined by comparing the proceeds received with the carrying  amounts (i.e. the book value). The gain or loss arising from the disposal of an item of property, plant and equipment is  recognised in the Statement of Comprehensive Revenue and Expense. 

Finance Leases 

A finance lease transfers to the lessee substantially all the risks and rewards incidental to ownership of an asset, whether or not  title is eventually transferred. At the start of the lease term, finance leases are recognised as assets and liabilities in the  statement of financial position at the lower of the fair value of the leased asset or the present value of the minimum lease  payments. The finance charge is charged to the surplus or deficit over the lease period so as to produce a constant periodic rate  of interest on the remaining balance of the liability. The amount recognised as an asset is depreciated over its useful life. If there  is no reasonable certainty whether the School will obtain ownership at the end of the lease term, the asset is fully depreciated  over the shorter of the lease term and its useful life. 

Horeke School Annual Report and Financial Statements Page 8

Depreciation  

 

Property, plant and equipment are depreciated over their estimated useful lives on a straight line basis. Depreciation of all  assets is reported in the Statement of Comprehensive Revenue and Expense. 

The estimated useful lives of the assets are: 

Board-owned Buildings 40 years 

Building Improvements 40 years 

Furniture and Equipment 5-18 years 

Information and Communication Technology 4 years 

Motor Vehicles 5 years 

Textbooks 8 years 

Library Resources 8 years 

Leased Assets held under a Finance Lease Term of Lease 

k) Impairment of property, plant, and equipment 

The School does not hold any cash generating assets. Assets are considered cash generating where their primary objective is to  generate a commercial return.  

Non cash generating assets 

Property, plant, and equipment and intangible assets held at cost that have a finite useful life are reviewed for impairment  whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If such indication  exists, the School estimates the asset's recoverable service amount. An impairment loss is recognised for the amount by which  the asset’s carrying amount exceeds its recoverable service amount. The recoverable service amount is the higher of an asset’s  fair value less costs to sell and value in use. 

Value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost  approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of  the impairment and availability of information. 

In determining fair value less costs to sell, the School engages an independent valuer to assess market value based on the best  available information. The valuation is based on a comparison to recent market transactions.  

If an asset’s carrying amount exceeds its recoverable service amount, the asset is regarded as impaired and the carrying  amount is written down to the recoverable amount. The total impairment loss is recognised in surplus or deficit. 

The reversal of an impairment loss is recognised in surplus or deficit. A previously recognised impairment loss is reversed only if  there has been a change in the assumptions used to determine the asset’s recoverable service amount since the last  impairment loss was recognised.  

l) Accounts Payable 

Accounts Payable represents liabilities for goods and services provided to the School prior to the end of the financial year which  are unpaid. Accounts Payable are recorded at the amount of cash required to settle those liabilities. The amounts are  unsecured and are usually paid within 30 days of recognition. 

m) Employee Entitlements 

Short-term employee entitlements 

Employee entitlements that are expected to be settled within 12 months after the end of the reporting period in which the  employees provide the related service are measured based on accrued entitlements at current rates of pay. These include  salaries and wages accrued up to balance date and annual leave earned, by non teaching staff, but not yet taken at balance  date. 

Long-term employee entitlements 

Employee benefits that are not expected to be settled wholly before 12 months after the end of the reporting period in which the  employee provides the related service, such as retirement and long service leave, have been calculated on an actuarial basis. 

The calculations are based on the likely future entitlements accruing to employees, based on years of service, years to  entitlement, the likelihood that employees will reach the point of entitlement, and contractual entitlement information, and the  present value of the estimated future cash flows. Remeasurements are recognised in surplus or deficit in the period in which  they arise. 

Horeke School Annual Report and Financial Statements Page 9

n) Revenue Received in Advance 

 

Revenue received in advance relates to fees received from students and grants received where there are unfulfilled obligations  for the School to provide services in the future. The fees or grants are recorded as revenue as the obligations are fulfilled and  the fees or grants are earned.  

The School holds sufficient funds to enable the refund of unearned fees in relation to students, should the School be unable to  provide the services to which they relate. 

o) Funds Held in Trust 

Funds are held in trust where they have been received by the School for a specified purpose, or are being held on behalf of a  third party and these transactions are not recorded in the Statement of Comprehensive Revenue and Expense. 

The School holds sufficient funds to enable the funds to be used for their intended purpose at any time. 

p) Funds held for Capital works 

The School directly receives funding from the Ministry of Education for capital works projects that are included in the School five  year capital works agreement. These funds are held on behalf and for a specified purpose. As such, these transactions are not  recorded in the Statement of Comprehensive Revenue and Expense.  

The School holds sufficient funds to enable the funds to be used for their intended purpose at any time. 

q) Shared Funds  

Shared Funds are held on behalf of a cluster of participating schools as agreed with the Ministry of Education. In instances  where funds are outside of the School's control, these amounts are not recorded in the Statement of Comprehensive Revenue  and Expense. The School holds sufficient funds to enable the funds to be used for their intended purpose. 

r) Provision for Cyclical Maintenance 15 to 20 

The property from which the School operates is owned by the Crown, and is vested in the Ministry. The Ministry has gazetted a  property occupancy document that sets out the Board’s property maintenance responsibilities. The Board is responsible for  maintaining the land, buildings and other facilities on the School site in a state of good order and repair. 

Cyclical maintenance, which involves painting the interior and exterior of the school, makes up the most significant part of the  Board’s responsibilities outside day-to-day maintenance. The provision is a reasonable estimate, based on the School’s best  estimate of the cost of painting the school and when the school is required to be painted, based on an assessment of the  school’s condition. 

The School carries out painting maintenance of the whole school over a 15 to 20 year period. The economic outflow of this is  dependent on the plan established by the School to meet this obligation and is detailed in the notes and disclosures of these  accounts. 

s) Financial Instruments 

The School’s financial assets comprise cash and cash equivalents, accounts receivable, and investments. All of these financial  assets, except for investments that are shares, are initially recognised at fair value and subsequently measured at amortised  cost, using the effective interest method.  

Investments that are shares are categorised as 'financial assets at fair value through other comprehensive revenue and  expense' for accounting purposes in accordance with financial reporting standards. On initial recognition of an equity investment  that is not held for trading, the School may irrevocably elect to present subsequent changes in the investment's fair value in  other comprehensive revenue and expense. This election has been made for investments that are shares. Subsequent to initial  recognition, these assets are measured at fair value. Dividends are recognised as income in surplus or deficit unless the  dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other  comprehensive revenue and expense and are never reclassified to surplus or deficit. 

The School’s financial liabilities comprise accounts payable, borrowings and finance lease liability. Financial liabilities are initially  recognised at fair value and subsequently measured at amortised cost using the effective interest method. Interest expense and  any gain or loss on derecognition are recognised in surplus or deficit.  

Horeke School Annual Report and Financial Statements Page 10

 

t) Borrowings 

Borrowings on normal commercial terms are initially recognised at the amount borrowed plus transaction costs. Interest due on  the borrowings is subsequently accrued and added to the borrowings balance. Borrowings are classified as current liabilities  unless the School has an unconditional right to defer settlement of the liability for at least 12 months after balance date.  

u) Goods and Services Tax (GST) 

The financial statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and accounts  payable which are stated as GST inclusive. 

The net amount of GST paid to, or received from, the IRD, including the GST relating to investing and financing activities, is  classified as a net operating cash flow in the statement of cash flows.  

Commitments and contingencies are disclosed exclusive of GST. 

v) Budget Figures 

The budget figures are extracted from the School budget that was approved by the Board.  

w) Services received in-kind 

From time to time the School receives services in-kind, including the time of volunteers. The School has elected not to recognise  services received in kind in the Statement of Comprehensive Revenue and Expense.  

Horeke School Annual Report and Financial Statements Page 11

2. Government Grants 0 

 

2025 2025 2024 Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Government Grants - Ministry of Education 211,204 181,667 192,123 Teachers' Salaries Grants 182,391 163,436 182,232 Use of Land and Buildings Grants 68,622 63,195 68,443 Ka Ora, Ka Ako - Healthy School Lunches Programme 21,823 33,480 24,825 Other Government Grants 7,348 1,435 822 

 491,388 443,213 468,445 

3. Locally Raised Funds 

Local funds raised within the School's community are made up of: 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

Revenue $ $ $ Donations and Bequests 260 - - Fees for Extra Curricular Activities 174 - 1,403 Trading 679 - 377 Fundraising and Community Grants 2,598 - - Other Revenue 10,034 9,360 10,010 

 13,745 9,360 11,790 

Expense 

Trading 1,785 - 1,501 Other Locally Raised Funds Expenditure 4,541 9,360 1,574 

 6,326 9,360 3,075 

Surplus for the year Locally Raised Funds 7,419 - 8,715 

4. Learning Resources 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Curricular 6,824 10,839 5,082 Information and Communication Technology 3,837 4,276 3,421 Employee Benefits - Salaries 234,911 210,899 235,210 Staff Development 1,416 5,035 2,413 Depreciation 12,358 14,000 13,745 Other Learning Resources 857 2,000 - 

 260,203 247,049 259,871 

Horeke School Annual Report and Financial Statements Page 12

5. Administration 

 

2025 2025 2024 Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Audit Fees 6,680 6,680 5,540 Board Fees and Expenses 4,306 7,680 4,815 Other Administration Expenses 4,934 6,120 3,430 Employee Benefits - Salaries 43,683 43,770 37,963 Insurance 326 - - 

Service Providers, Contractors and Consultancy 6,040 5,040 5,432 Ka Ora, Ka Ako - Healthy School Lunch Programme 35,834 33,480 19,313 

 101,803 102,770 76,493 

6. Property 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Cyclical Maintenance 5,831 16,291 7,871 Heat, Light and Water 6,085 7,580 6,677 Repairs and Maintenance 3,225 4,890 6,363 Use of Land and Buildings 68,622 63,195 68,443 Other Property Expenses 2,658 600 447 

 86,421 92,556 89,801 

The use of land and buildings figure represents 5% of the school’s total property value. Property values are established as part of the  nation-wide revaluation exercise that is conducted every 30 June for the Ministry of Education’s year-end reporting purposes.  

7. Other Expenses 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Loss on Uncollectable Accounts Receivable - - 136  - - 136 

8. Cash and Cash Equivalents 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Bank Accounts 316,874 125,433 655,315 

Cash and cash equivalents for Statement of Cash Flows 

 316,874 125,433 655,315 

The carrying value of short-term deposits with original maturity dates of 90 days or less approximates their fair value. 

Of the $316,874 Cash and Cash Equivalents $23,997 is subject to restrictions for the following reasons:  23,997 

• $23,997 is held by the School on behalf of the Ministry of Education. The funds have been provided as part of the school's 5 Year  Agreement Funding and is required to be spent on the school's buildings. See note 16. 

Horeke School Annual Report and Financial Statements Page 13

9. Accounts Receivable 

 

2025 2025 2024 Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Receivables 856 27,268 1,087 Receivables from the Ministry of Education 4,582 - 30,317 Interest Receivable 1,297 2,399 1,073 Teacher Salaries Grant Receivable 17,663 13,572 15,282 

 24,398 43,239 47,759 

Receivables from Exchange Transactions 2,153 29,667 2,160 Receivables from Non-Exchange Transactions 22,245 13,572 45,599 

 24,398 43,239 47,759 

10. Investments 

The School's investment activities are classified as follows: 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Current Asset 

Short-term Bank Deposits 100,000 100,000 100,000 Total Investments 100,000 100,000 100,000 

Horeke School Annual Report and Financial Statements Page 14

11. Property, Plant and Equipment 

 

Opening  

Balance  

(NBV) Additions Disposals Impairment Depreciation Total (NBV) 

2025 $ $ $ $ $ $ 

Land 8,000 - - - - 8,000 Board-owned Buildings 60,564 - - - (3,251) 57,313 Building Improvements 14,765 - - - (640) 14,125 Furniture and Equipment 33,529 2,308 - - (6,241) 29,596 Information and Communication Technology 4,433 4,820 - - (1,505) 7,748 Leased Assets 844 - - - (689) 155 Library Resources - 261 - - (32) 229 

 122,135 7,389 - - (12,358) 117,166 

The net carrying value of equipment held under a finance lease is $155 (2024: $844) 

Restrictions  

With the exception of the contractual restrictions related to the above noted finance leases, there are no restrictions over the title of  the school's property, plant and equipment, nor are any property, plant and equipment pledged as security for liabilities. 

2025 2025 2025 2024 2024 2024 

Cost or  Valuation 

Accumulated  Depreciation 

Net Book  Value 

Cost or  Valuation 

Accumulated  Depreciation 

Net Book  Value 

$ $ $ $ $ $ 

Land 8,000 - 8,000 8,000 - 8,000 Board-owned Buildings 130,051 (72,738) 57,313 130,051 (69,487) 60,564 Building Improvements 27,789 (13,664) 14,125 27,789 (13,024) 14,765 Furniture and Equipment 123,614 (94,018) 29,596 121,305 (87,776) 33,529 Information and Communication Technology 45,832 (38,084) 7,748 41,012 (36,579) 4,433 Leased Assets 1,341 (1,186) 155 2,563 (1,719) 844 Library Resources 18,223 (17,994) 229 17,963 (17,963) - 

 354,850 (237,684) 117,166 348,683 (226,548) 122,135 

Horeke School Annual Report and Financial Statements Page 15

12. Accounts Payable 

 

2025 2025 2024 Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Creditors 6,315 4,117 7,560 Accruals 6,680 4,080 5,540 Banking Staffing Overuse 9,194 13,484 - Employee Entitlements - Salaries 17,663 13,572 15,282 Employee Entitlements - Leave Accrual 1,457 772 801 

 41,309 36,025 29,183 

Payables for Exchange Transactions 41,309 36,025 29,183 Payables for Non-exchange Transactions - Taxes Payable (PAYE and Rates) - - - Payables for Non-exchange Transactions - Other - - - 

 41,309 36,025 29,183 

The carrying value of payables approximates their fair value. 

13. Revenue Received in Advance 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Grants in Advance - Ministry of Education - 496 2,000  - 496 2,000 

14. Provision for Cyclical Maintenance 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Provision at the Start of the Year 121,767 121,677 113,896 Increase/(decrease) to the Provision During the Year 5,831 16,291 7,871 Use of the Provision During the Year - - - 

Provision at the End of the Year 127,598 137,968 121,767 

Cyclical Maintenance - Current 127,598 94,715 99,949 Cyclical Maintenance - Non current - 43,253 21,818 

 127,598 137,968 121,767 

2026 

Per the cyclical maintenance schedule, the School is next expected to undertake painting works during 2026. This plan is based on  the School's 10 Year Property plan / painting quotes. 

Horeke School Annual Report and Financial Statements Page 16

15. Finance Lease Liability 

 

The School has entered into a number of finance lease agreements for computers and other ICT equipment. Minimum lease  payments payable: 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

No Later than One Year 256 852 744 Later than One Year and no Later than Five Years - 939 256 Future Finance Charges (8) - (61) 

 248 1,791 939 

Represented by 

Finance lease liability - Current 248 852 691 Finance lease liability - Non current - 939 248  248 1,791 939 

16. Funds Held for Capital Works Projects 

During the year the School received and applied funding from the Ministry of Education for the following capital works projects. The  amount of cash held on behalf of the Ministry for capital works project is included under cash and cash equivalents in note 8, and  includes retentions on the projects, if applicable. 

Board  

Opening Receipts Closing 

Contributions  

2025 Project No. Balances from MoE Payments Balances 

/ Transfers 

$ $ $ $ 

ILE, Electrical & Heating 232840 413,233 79,243 (468,479) - 23,997 Re-Roof and Asbestos Removal 237041 57,647 - (88,782) - (31,135) 

Totals 470,880 79,243 (557,261) - (7,138) 

Represented by: 

Funds Held on Behalf of the Ministry of Education 23,997 Funds Receivable from the Ministry of Education (31,135) 

Board  

Opening Receipts Closing 

Contributions  

2024 Project No. Balances from MoE Payments Balances 

/ Transfers 

$ $ $ $ 

Roof & Gutter Replacements 232842 (7,154) 7,154 - - - ILE, Electrical & Heating 232840 6,360 780,522 (373,649) - 413,233 Re-Roof and Asbestos Removal 237041 10,125 367,385 (319,863) - 57,647 

Totals 9,331 1,155,061 (693,512) - 470,880 

Represented by: 

Funds Held on Behalf of the Ministry of Education 470,880 Funds Receivable from the Ministry of Education - 

Horeke School Annual Report and Financial Statements Page 17

17. Related Party Transactions 

 

The School is a controlled entity of the Crown, and the Crown provides the major source of revenue to the School. The School enters  into transactions with other entities also controlled by the Crown, such as government departments, state-owned enterprises and  other Crown entities. Transactions with these entities are not disclosed as they occur on terms and conditions no more or less  favourable than those that it is reasonable to expect the school would have adopted if dealing with that entity at arm’s length. 

Related party disclosures have not been made for transactions with related parties that are within a normal supplier or client/recipient  relationship on terms and conditions no more or less favourable than those that it is reasonable to expect the School would have  adopted in dealing with the party at arm’s length in the same circumstances. Further, transactions with other government agencies  (for example, Government departments and Crown entities) are not disclosed as related party transactions when they are consistent  with the normal operating arrangements between government agencies and undertaken on the normal terms and conditions for such  transactions. 

18. Remuneration 

Key management personnel compensation 

Key management personnel of the School include all Board members, Principal, Deputy Principals and Heads of Departments. 

2025 2024 

Actual Actual 

$ $ 

Board Members 6 0 0 

Remuneration 6 0 0 1,525 3,055 

Leadership Team 

Remuneration 141,706 123,886 Full-time equivalent members 1.00 1.00 

Total key management personnel remuneration 143,231 126,941 

There are 6 members of the Board excluding the Principal. The Board has held 6 full meetings of the Board in the year. As well as  these regular meetings, including preparation time, the Presiding Member and other Board members have also been involved in ad  hoc meetings to consider student welfare matters including stand downs, suspensions, and other disciplinary matters.  

Principal 1076993 

The total value of remuneration paid or payable to the Principal was in the following bands:  

2025 2024 

Actual Actual 

Salaries and Other Short-term Employee Benefits: $000 $000  Salary and Other Payments 130 - 140 120 - 130  Benefits and Other Emoluments 4 - 5 3 - 4  Termination Benefits - - 

Other Employees 

The number of other employees with remuneration greater than $100,000 was in the following bands:  

Remuneration 2025 2024 

$000 FTE Number FTE Number 

0.00 0.00 

The disclosure for 'Other Employees' does not include remuneration of the Principal.  

Horeke School Annual Report and Financial Statements Page 18

 

19. Compensation and Other Benefits Upon Leaving 

The total value of compensation or other benefits paid or payable to persons who ceased to be board members, committee members,  or employees during the financial year in relation to that cessation and number of persons to whom all or part of that total was payable  was as follows: 

2025 2024 

Actual Actual 

Total $0 $0 Number of People 0 0 

20. Contingencies 

There are no contingent liabilities (except as noted below) and no contingent assets as at 31 December 2025 (Contingent liabilities  and assets at 31 December 2024: nil). 

Holidays Act Compliance – Schools Payroll 

The Ministry of Education performs payroll processing and payments on behalf of boards, through payroll service provider, Education  Payroll Limited.  

The Ministry continues to review the Schools Sector Payroll to ensure compliance with the Holidays Act 2003. An initial remediation  payment has been made to some current school employees. The Ministry is continuing to perform detailed analysis to finalise  calculations and the potential impacts for specific individuals. As such, this is expected to resolve the liability for school boards. 

Pay Equity and Collective Agreement Funding Wash-up 

In 2025 the Ministry of Education provided collective agreement and pay equity settlement funding. At the date of signing the financial  statements, the School's final entitlement for the year ended 31 December 2025 has not yet been advised. The School has therefore  not recognised an asset or liability regarding this funding wash-up, which is expected to be settled in July 2026. 

21. Commitments 

(a) Capital Commitments 

612661 

As at 31 December 2025, the Board had capital commitments of $55,400 (2024: $612,661) as a result of entering the following  contracts: 

Remaining 

Capital  

Contract Name Contract Amount Spend To Date 

Commitment 

$ $ $ 

ILE, Electrical & Heating 958,580 917,968 40,612 Re-Roof and Asbestos Removal 459,235 444,447 14,788 

Total 1,417,815 1,362,415 55,400 The Board receives funding from the Ministry of Education for Capital Works which is disclosed in note 16. (b) Operating Commitments 

There are no operating commitments as at 31 December 2025 (Operating commitments at 31 December 2024: nil). Horeke School Annual Report and Financial Statements Page 19

22. Financial Instruments 

 

The carrying amount of financial assets and liabilities in each of the financial instrument categories are as follows: 

Financial assets measured at amortised cost 

2025 2025 2024 

Budget  

Actual 

(Unaudited) Actual 

$ $ $ 

Cash and Cash Equivalents 316,874 125,433 655,315 Receivables 24,398 43,239 47,759 Investments - Term Deposits 100,000 100,000 100,000 

Total financial assets measured at amortised cost 441,272 268,672 803,074  Financial liabilities measured at amortised cost 

Payables 41,309 36,025 29,183 Finance Leases 248 1,791 939 

Total financial liabilities measured at amortised cost 41,557 37,816 30,122  

23. Events After Balance Date 

There were no significant events after the balance date that impact these financial statements. 

24. Comparatives 

There have been a number of prior period comparatives which have been reclassified to make disclosure consistent with the current  year. 

Horeke School Annual Report and Financial Statements Page 20

Horeke School 

Members of the Board Name Position 

How 

Position Gained 

 

Term 

Expired/ 

Expires 

Dan Rutene Presiding Member Co-opted Sep 2025 Priscilla Barber Presiding Member Elected Sep 2028 Darron Tawhai-Gillies Principal ex Officio 

Sandra Mutu Parent Representative Elected Sep 2028 Maraea Puru Staff Representative Elected Sep 2028 Yvonne Mutu Staff Representative Co-opted Sep 2025 Hope Eruwera Other Co-opted Sep 2028 

Horeke School Annual Report and Financial Statements

Horeke School 389 

Kiwisport 

 

Kiwisport is a Government funding initiative to support students' participation in organised sport. In 2025, the school  received total Kiwisport funding of $389 (excluding GST). The funding was spent on sporting endeavours. 

Statement of Compliance with Employment Policy 

For the year ended 31st December 2025 the Horeke School Board: 

∙ Has developed and implemented personnel policies, within policy and procedural frameworks to ensure the fair and  proper treatment of employees in all aspects of their employment. 

∙ Has reviewed its compliance against both its personnel policy and procedures and can report that it meets all  requirements and identified best practice. 

∙ Is a good employer and complies with the conditions contained in the employment contracts of all staff employed by  the Board. 

∙ Ensures all employees and applicants for employment are treated according to their skills, qualifications and  abilities, without bias or discrimination. 

∙ Meets all Equal Employment Opportunities requirements. 

Horeke School Annual Report and Financial Statements