Note 1: Operating revenue

Operating Revenue includes grants received for capital purposes of $109,000. These grants were received for specific purposes. This revenue is transferred from Retained Earnings to Restricted Funds until it is needed.

						2005		2004
						$000		$000
Admissions						928		739
Sale of Goods						208		185
Other Corporate Income						223		190
Contractual Income
Ministry of Education						44		76
Wellington City Council Operating Grant						2,393		1,974
						2,437		2,050
Grants and Donations
CH Izard Bequest						–		2
Lions Club						–		5
Lion Foundation						–		19
NZ Community Trust						–		260
Pelorus Trust						–		10
Phoenix Trust						–		100
Wellington City Council Strategic Grant						–		10
New Zealand Lottery Grants Board						6		–
Dominion Post						29		–
Unison Trust						25		–
The Trusts Charitable Foundation						25		–
Big Primate Pictures						10		–
Community Trust of Wellington						10		–
Pub Charity						25		–
Classic Hits						6		–
Arataki Honey						2		–
Tip Top						3		–
Brian Whiteacre Trust						14		–
Total Grants and Donations						155		406
Total Operating Revenue						3,951		3,570

Note 2: Operating Expenditure

		Note				2005		2004
						$000		$000
Advertising						167		131
Auditor's remuneration:
Audit Services						10		12
Other Services						–		–
Authorised entertainment						6		1
Consumables						211		197
Cost of goods sold						92		92
Direct costs						559		448
Insurance premiums						9		7
Materials and Services						188		157
Lease						6		6
Personnel costs						2,325		2,090
Trustees remuneration		12				70		70
Utilities						211		190
Total Operating Expenditure						3,854		3,401

One severance payment was made this financial year.

Note 3: Depreciation and Fixed Assets

						2005		2004		2005		2004
		Cost		Accumulated		Depreciation		Depreciation		Book		Book
				Depreciation						Value		Value
				$000		$000		$000		$000		$000
Plant and Equipment
Plant		21		2		2		–		19		10
Furniture and Equipment		51		8		7		1		43		11
		72		10		9		1		62		21

Note 4: Net Surplus

						2005		2004
						$000		$000
Net surplus/deficit from operations for the year						(307)		172
Income received for capital purposes which will be vested to Wellington City Council in the 2004/05 year						–		(360)
Income received for capital purposes which will be vested to Wellington City Council in the 2005/06 year						(109)		–
Vesting Asset Expense to Wellington City Council in the 2004/05 year						419		–
Normalised Operating Surplus/Deficit for the year						3		(188)

Due to the timing differences between the receipt of capital grants and the vesting of the resultant assets in council (refer to note 5), there will be fluctuations in the reported results. This note shows, for comparative purposes only, the results without the impact of these transactions.

Note 5: Work in Progress

						2005		2004
						$000		$000
Red Panda Exhibit						–		224
Scaley Nursery						–		8
Total Work in Progress						–		232

The projects within Work in Progress of $418,797 have been vested in the Wellington City Council when completed. A corresponding expense has been recorded in the Statement of Financial Performance. The projects that will be vested are permanent structures or fixtures that are built by the Trust on land owned by the Wellington City Council.

Note 6: Accounts Receivable

						2005		2004
						$000		$000
Trade Receivables						14		24
Related Party Receivables						146		141
Less provisions for bad and doubtful debts						–		–
Prepayments						1		–
Total Accounts Receivable						161		165

Note 7: Accounts Payable

						2005		2004
						$000		$000
Trade Payables						111		194
Sundry Payables						76		45
Related Party Payables						13		42
Total Accounts Payable						200		281

Note 8: Provision for Contractual Employee Entitlements

						2005		2004
						$000		$000
Opening Balance						200		–
Balance transferred						–		214
Provision utilised (net)						16		(14)
Closing Balance – Provision for Contractual Employee Entitlements						216		200
Current
Annual Leave						128		113
Total current provisions						128		113
Non–Current
Long service leave						88		87
Total non–current provisions						88		87
Total Provision for Contractual Employee Entitlements						216		200

Note 9: Equity

						2005		2004
						$000		$000
Retained Earnings
Balance at beginning of year						27		–
Operating surplus/(deficit) for the year						(307)		172
Net transfer (to)/from restricted funds						36		(145)
Balance at end of year						(244)		27
Restricted Funds
Balance at beginning of year						145		–
Additional funds received during the year						109		399
Funds applied during the year						(145)		(254)
Net transfer (to)/from retained earnings						(36)		145
Balance at end of year						109		145
Total Equity						(135)		172

The Trust has accumulated funds of $100 contributed by Wellington City Council upon establishment of the Trust on 1 July 2003.

Note 10: Reconciliation of Net Cash Inflow from Operating Activities

						2005		2004
						$000		$000
Reported surplus/(deficit)						(307)		172
Add non cash items:
Vesting of Assets						419		–
Depreciation						9		1
						121		173
Add/(less) movements in other working capital items:
(Increase)/Decrease in accounts receivable						4		(165)
(Increase)/Decrease in Inventory						(11)		(39)
Increase/(Decrease) in accounts payable						(112)		236
Increase/(Decrease) in GST payable						21		(15)
Increase/(Decrease) in Employee Entitlements						41		245
Increase/(Decrease) in Revenue in Advance						82		41
Net cash inflow from operating activities						146		476

Note 11: Related Party Transactions

						2005		2004
						$000		$000
Operating Grant Received						2,393		1,974
Strategic Grant Received						–		10
Other income						94		37
Expenditure						120		193

The Trust receives a grant from the Wellington City Council under a Contract for Services. In addition, the Wellington City Council receives/(pays) amounts for the provision/(receipt) of other goods and services. These other transactions are conducted on an arms–length basis. The amounts owing to/from related party balances are disclosed in notes 5 and 6.

Note 12: Trustees' Disclosures

						2005		2004
						$000		$000
Trustee Remuneration
Denise Frances Church						10		10
Lee Anthony Parkinson						10		10
Frances Helen Russell						10		10
Phillip James Meyer						10		10
Neale Morgan Pitches						20		20
David Elliott Major						3		10
Celia Wade–Brown						7		–
Total Trustee Remuneration						70		70

Note 13: Commitments and Contingencies

						2005		2004
						$000		$000
Capital commitments approved and contracted						–		231
Non–cancellable operating leases commitments
Plant and Equipment
Not later than one year						3		6
Later than one year and not later than two years						–		3
Later than two years and not later than five years						–		–
Later than five years						–		–
Total non–cancellable operating lease commitments						3		9
Total Commitments						3		240

The Trust had no contingent liabilities as at 30 June 2005 (2004: Nil).

Note 14: Financial Instruments

Financial instruments which potentially subject the Trust to credit risk principally consist of cash and accounts receivable.

The Trust invests funds only on deposit with registered banks having satisfactory credit ratings. At 30 June 2005 the Trust had $128,000 on call with registered banks.

There were no differences between the fair value and the carrying amounts of financial instruments as at 30 June 2005.

Note 15: Adoption of NZ IFRS

The Trust intends to adopt NZ IFRS for external reporting purposes for the accounting period commencing 1 July 2006. This is one year earlier than the 1 July 2007 deadline. This timeline is in accordance with the adoption date for the Wellington City Council, of which the Trust is a Council Controlled Organisation as defined by Part 1, section 6 of the Local Government Act 2002.

Statement of intent key performance indicators

for the year ended 30 June 2005

A Statement of Intent was prepared for 2004/05. The Statement of Intent was approved by Wellington City Council on 13 May 2004 including the following performance indicators.

Measure		Target 2004/05		Result 2004/05
Non Financial
Number of Visitors per year		158,700		167,782
Number of school visits (students)		12,300		13,351
Number of Sleepovers (participants)		3,700		3,606
Conservation Programme Managed Species (% total of collection)		27%		36%
Animal Wellbeing – Compliance with Animal Welfare Act requirements		Requirements met		Requirements met
Learning outcomes – effectiveness		>90% teachers agree learning was effective		100% teachers agree learning was effective
Financial
Average Subsidy per Customer		$14.70		$14.26
Average retail income per retail Customer		$7.95		$8.21
Average income per Visitor		>$9.90		$9.43