Performance Report 2025
Royal New Zealand Foundation of the Blind
Volume 1 of 2
Produced 2025 by Accessible Formats Service, Blind Low Vision NZ, Auckland.
Transcriber's Note
If reading this etext on a portable braille device, please note that it is unproofed by touch.
The document has a total of 78 print pages. Volume 1 includes pages 2-41, and Volume 2 covers pages 42-78.
The tables have been reformatted for e-text. Header rows repeat on any subsequent page.
Footnotes are placed at the end of the tables in this document.
Contents
Volume 1
Statement of Service Performance Pages 4-10
Financial Review Page 11
Financial Statements
Statement of Comprehensive Revenue and Expense Page 12
Statement of Financial Position Pages 13-14
Statement of Changes in Net Assets/Equity Page 14
Statement of Cash Flows Page 15
Notes to the Financial Statements Pages 16-71
Volume 2
Notes to the Financial Statements Pages 42-71
Auditor's Report Pages 72-73
General Information
Board's Interests Pages 74-76
Board's Remuneration Page 77
Directors' Meeting Attendance Page 78
Employee Remuneration Page 78
Pages 2-3
Board Statement
The Board of the Royal New Zealand Foundation of the Blind are pleased to present to members the Performance Report of the Royal New Zealand Foundation of the Blind (the "Controlling Entity" or "Blind Low Vision NZ") and its subsidiaries (the "Group" or "RNZFB") for the year ended 30 June 2025.
The Board are responsible for presenting the Performance Report for the year ended 30 June 2025 in accordance with the constitution of the Royal New Zealand Foundation of the Blind and generally accepted accounting practice, which present fairly the service performance, financial position, operations and cashflows of the Group.
The Board consider the Performance Report of the Group has been prepared using appropriate accounting policies which have been consistently applied and supported by reasonable judgements and estimates and that all relevant Performance Reporting and accounting standards have been followed.
The Board believe that proper accounting records have been kept which enable with reasonable accuracy, the determination of the financial position of the Group and facilitate compliance of the Performance Report with the constitution of the Royal New Zealand Foundation of the Blind.
The Board consider that they have taken adequate steps to safeguard the assets of the Group, and prevent and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide reasonable assurance as to the integrity and reliability of the Performance Report.
This Performance Report is signed on behalf of the Board by:
Mr Clive Lansink
Chair of the Board
Mr Richard Patete
Chair of the Audit Committee
20 September 2025
Page 4
Statement of Service Performance for the Year Ended 30 June 2025
The Royal New Zealand Foundation of the Blind Group comprises of Blind Low Vision NZ as the primary service provider and Controlling Entity, together with other entities under its control—principally Foundation Properties Limited, which manages the Group's investment properties and oversees its investment in the retirement village joint venture.
Blind Low Vision NZ is here to empower people who are blind, deafblind or have low vision to shape their own lives. We offer guidance and support so that people can make informed decisions about their day-to-day lives. Our focus is on supporting choice, confidence and independence.
The purpose that brings us together and the priorities that guide our work are outlined on print page 6.
Over the past year, we've continued to refine how we measure success and improve the quality of our data. This helps us better understand what's working and how we can keep improving.
We're proud of the progress we've made this year in making our services more welcoming, visible, and easy to access. From the very first contact, we've shifted to a more client-friendly welcome process, giving people the information they need, in the format that suits them best, whether that's email, SMS, or large print. It's a small but important step towards greater accessibility, helping clients feel supported from day one.
We've also been building stronger relationships with eye health professionals so that more people with significant vision needs connect with Blind Low Vision NZ at the right time. A pilot with one of NZ's largest eye care providers led to a lift in referrals and gave us fresh insight into what referrers need. Our presence at key industry events such as the New Zealand Association of Optometrists (NZAO) Annual Conference has helped raise awareness and trust, contributing to an increase in regular referrers. Behind the scenes, we've tightened up our data systems so we can report on our impact with greater clarity and accuracy.
Blind Low Vision NZ's approach is grounded in the Enabling Good Lives principles, which means our clients are at the centre of everything we do. Support is flexible and tailored to each person's goals, preferences and aspirations. Recreation activities have been a key entry point for many clients, especially those hesitant to engage. These activities often lead to deeper involvement, with people going on to access full rehabilitation programmes. By focusing on meaningful partnerships, choice and trust, we've helped build confidence, independence and stronger connections.
Page 5
Our Guide Dogs team is delivering on its four-year strategy by focusing on fewer breedings, more targeted training, and better overall outcomes. We're proud to have reduced wait times for clients. So far this year, 66 (2024: 59) puppies have been born, and 148 (2024: 143) teams are currently working across the country. We continue to review and improve the full programme to better support the mobility needs of people who are blind or have low vision.
Library use remains steady, and we've focused on expanding what's available. In February 2025, the Accessible Books Consortium (ABC) catalogue was added to our Alexa skill, giving clients access to over 90,000 titles from blindness agencies around the world. There's been a delay with adding ABC to the EasyReader platform, due to developer timeframes, but we're hopeful this will launch later in 2025.
In March, we launched our first fully integrated Guide Dog Puppy Appeal bringing together communications, marketing, policy, advocacy, and more in one coordinated campaign. The new approach sparked strong digital growth and reconnected many past supporters, showing that the campaign is striking a chord and building deeper connections across Aotearoa.
Our Policy and Advocacy team continues to push for broader change, with a focus on making Aotearoa more accessible. This year, they launched a new section on our website with tools and resources to help people advocate for themselves and others. It includes:
• Access in Focus—a newsletter connecting advocates from across the country
• The Access Barriers Register—a place to log access issues in the community (which informs our advocacy work) or within BLVNZ (which are addressed by our Community and Inclusion team)
• A Central and Local Government Directory to support clients to speak up on the issues that matter to them.
Our Seeing Streets Differently campaign launched in Wellington with the support of the Governor General, Her Excellency The Rt Hon Dame Cindy Kiro. The event brought together 80 people, including MP Hon Julie Anne Genter, the RNZFB Board, clients, donors, disability organisations, and blindness consumer groups—to raise awareness and call for clear, enforceable footpath standards. We also continue to contribute monthly advice to the Auckland Transport Capital Projects Accessibility Group.
Together, these efforts show Blind Low Vision NZ's ongoing commitment to accessibility, partnership, and meaningful change—one person, one conversation, and one breakthrough at a time.
Page 6
Mission Statement
Empower New Zealanders who are blind, deafblind, or low vision to live the life they choose.
Our Purpose
Our purpose is to connect, educate, equip and support New Zealanders who are blind, deafblind, or have low vision to be independent and self-reliant and do the things they need and want to in life. As well as supporting individuals, Blind Low Vision NZ seeks to make big-picture change by advocating for inclusive communities and for optimal eye care services for all New Zealanders.
Our Values
Person Centred: People are at the heart of everything we do and we are led by their needs. We design services that meet people's needs now and in the future.
Collaborative: We believe that to make change happen, we need to bring people, ideas and resources together in new combinations. Partnerships and teamwork are fundamental to our success and we co-design through effective engagement and collaboration.
Adaptable: We acknowledge the world around us is changing and that we need to change by innovating and applying creative solutions to move forward. We are resourceful in response to this change.
Accountable: We deliver on our promise and hold ourselves responsible. We are honest, candid, transparent and respectful in all aspects of our work, applying good judgement for effective decision-making.
Our Key Priorities
Empower Independence: People who are blind, deafblind or have low vision have choices about how they live their lives as independent citizens in their communities.
Train and Educate: Empower people who are blind, deafblind or have low vision with the information, advice and tools to thrive through lifelong learning opportunities.
Social Inclusion: People who are blind, deafblind or have low vision are included in society and have choices as to how to actively participate.
For Purpose: People centered, knowledge based, adaptable and drives change.
Page 7
Empower Independence
How we will deliver:
Empower people through on-going support services including information, mobility, equipment, and recreation, to realise their potential as citizens. Connect people with technology that is accessible and affordable, so they are future ready.
Our Objectives
Improve focus and priority to the provision of core daily living skills to enhance independence.
Continue the quantity and quality of available dogs to be successfully matched on an annual basis via BLVNZ Guide Dogs programme.
Continued emphasis on the provision of education, awareness, and training programmes for members to equip them to become skilled in the application and usage of technology.
Measures
Table:
Indicator | 2025 | 2024
Number of clients accessing technology programme offerings. (Alexa Skill and EasyReader app reporting) | 2,215 | 2,096
Number of puppies produced on an annual basis via the breeding programme. | 66 | 59
Number of active working dogs. | 148 | 143
End Table.
Page 8
Train and Educate
How we will deliver:
Core rehabilitation/habilitation services as the cornerstone of what we do and provide, including an emphasis on youth transition programs towards acquiring the skills of job readiness, preparation, and employment choices.
Our Objectives
Continued emphasis on the development and implementation of "refreshed" employment, youth transition, emotional support, and deafblind programmes. Implement a refreshed focus on the provision of sport, leisure, and recreational programme opportunities for clients.
We will develop programmes and campaigns to grow awareness of our brand and increase our younger client bases.
Increase the methods and frequency of communication which subsequently heightens the knowledge and awareness of what programmes and services are available for existing and new clients.
Measures
Table:
Indicator | 2025 | 2024
Ratio of the number of clients accessing our services out of total membership. | 41% | 34%
Number of clients we have supported via our employment and youth transition programmes aged 16−21 years. | 27 | 25
Number of clients we have supported via our employment and youth transition programmes aged 22−65 years. | 169 | 141
End Table.
Page 9
Social Inclusion
How we will deliver:
Enhance the opportunities for people who are blind, deafblind or have low vision by promoting the principle of society being fully inclusive. Encourage access for all to public services, information, and the physical environment. Increase awareness and public education. Collaborate with consumer organisations to achieve measurable impact.
Our Objectives
We have widened our reach through partnerships and third-party providers, allowing us to connect with and provide services to more people, across more of the country, especially those in rural parts of Aotearoa.
Continued emphasis on the ongoing development of the digital transformation of the BLVNZ Library service including the provision of information and accessible formats.
Continued emphasis on the adoption and implementation of Accessibility Legislation for New Zealand.
Measures
Table:
Indicator | 2025 | 2024
Total number of new clients registered for the year. | 1,758 | 1,756
Submissions on issues important to people who are blind, deafblind or have low vision. | 18 | N/A
Number of initiatives that increase awareness of Blind Low Vision NZ's priorities. (See Footnote 1) | N/A | 167
Website traffic and participation in online activities. (See Footnote 1) | N/A | 57,823
End Table.
Footnote 1: The two measures reported in FY24—"Number of initiatives that increase awareness of Blind Low Vision NZ's priorities" and "Website traffic and participation in online activities"—are no longer supported by a reliable data source and accordingly cannot be measured, verified, or reported and have been replaced in FY25 with a new measure: "Submissions on issues important to people who are blind, deafblind, or have low vision." This new measure reflects the organisation's advocacy within the disability sector and the anticipated social impact for people in New Zealand who are blind, deafblind, or have low vision.
Page 10
For Purpose
How we will deliver:
Hold ourselves accountable to deliver the most cost effective and sustainable ways of working, including maximising the digital world to drive our decision-making. Inspire a diverse workforce with a culture of accountability, performance, and recognition.
Our Objectives
Create and cultivate an organisational culture which promotes well-being and where our community embraces the values of person centred, collaborative, adaptable and accountable.
On-going emphasis on the diversification of the revenue streams to support the operations of the organisation.
We have built a world-class kennel and guide dog training facility to ensure the future success of our Guide Dogs programme.
To preserve and cultivate the historical significance and value to RNZFB property portfolio to generate a continuous income stream.
Measures
Table:
Indicator | 2025 | 2024
Number of employees who are blind or have low vision. | 30 | 24
Total expenses as a percentage of budgeted expenses for the year. (See Footnote 2) | 92.8% | 94.3%
Total cash donations and bequests received. | $32,574,313 | $24,033,280
Percentage of net operating cash inflows generated from RNZFB property portfolio made available for charitable purposes. (See Footnote 3) | 89.9% | 96.0%
End Table.
Footnote 2: Controlling entity only. This excludes expenses incurred by our subsidiaries and the retirement village joint venture which are predominantly related to our property portfolio.
Footnote 3: Based on the net operating cash inflows of our property portfolio included in Foundation Properties Limited.
Page 11
Financial Review
The financial year ending 30 June 2025 was an extremely positive one for the Royal New Zealand Foundation of the Blind (RNZFB) and its subsidiaries. The RNZFB Group results include Blind Low Vision NZ (BLVNZ) the service provider combined with other entities controlled by the RNZFB Group, primarily Foundation Properties Limited, which manages investment properties owned by the RNZFB Group and oversees the groups investment in the retirement village joint venture.
RNZFB Group operating revenue was $45.6 million, a increase of $12.0m on the previous financial year. Total operating revenue for Blind Low Vision NZ was $40.4m, a increase of $11.7m on the previous year. Higher legacy income was the main factor driving the higher revenues of both the Group and BLVNZ. The difference between Group Income and BLVNZ income is largely the rental income generated from the investment properties Foundation Properties Limited own in Parnell, Auckland.
This financial year the RNZFB Group recorded a $12.0m surplus before interest, dividend, revaluations and gains on sale of property compared to a $0.6m deficit the previous financial year. The higher operating result was due to higher income and lower costs. Higher income was due to higher fundraising income. Lower costs were primarily due to personnel costs despite inflationary pressures across a number of other costs.
The RNZFB Group recorded a $3.2m increase in the value of investment properties resulting from an increase in property valuations reflecting current market conditions. This compares to a $11.2 decrease in the previous financial year due to both a decrease in property valuations and that portion of the land that is leased to the retirement village development which will be offset by future land payments. During FY25 the value of RNZFB's long term investment portfolio increased $4.3m compared to an increase of $4.5m recorded in FY24. This was due to a continuation of increases in the value of stocks and bonds that the RNZFB hold through Mercer on our behalf.
Both the investment properties and bonds and investment assets are held by the RNZFB Group to ensure financial sustainability and to generate income over the long term. Total RNZFB Group comprehensive revenue and expense surplus was $17.4m, compared to $11.4m surplus recorded the previous year. The accounting surplus was significantly impacted by higher fundraising income, fair value gains on both bonds and investments and investment property and the share of the loss generated from our joint venture, whereas last years accounting surplus was significantly impacted due to the gain on bonds and investments, loss on investment property and the share of earnings generated from our joint venture.
Both the RNZFB and BLVNZ remain very dependent on charitable giving, which provides around 81% of BLVNZ's operating income and 72% of the RNZFB Group income. Competition for the donor dollar remains incredibly high, and we are hugely grateful to our supporters who give generously to help provide essential services to New Zealanders who are blind or have low vision.
Stephen Keeling
Chief Financial Officer
Page 12
Statement of Comprehensive Revenue and Expense for the Year Ended 30 June 2025
The notes on print pages 16 to 71 are an integral part of these financial statements.
Table:
Item | Note | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Revenue | Blank | Blank | Blank | Blank | Blank
Revenue from non-exchange transactions | 4 | 32,844 | 20,998 | 32,844 | 20,998
Revenue from exchange transactions | 4 | 12,763 | 12,631 | 7,566 | 7,683
Total operating revenue | Blank | 45,607 | 33,629 | 40,410 | 28,681
Blank | Blank | Blank | Blank | Blank | Blank
Expenses | Blank | Blank | Blank | Blank | Blank
Independence | Blank | 16,894 | 17,377 | 16,939 | 17,490
Educate and Equip | Blank | 2,604 | 2,593 | 2,604 | 2,597
Social Inclusion | Blank | 1,994 | 1,619 | 1,991 | 1,619
For Purpose Organisation | Blank | 5,061 | 4,939 | 4,902 | 4,804
Grants | 5 | 688 | 743 | 688 | 743
Fundraising | Blank | 6,055 | 6,326 | 6,055 | 6,326
Governance | Blank | 345 | 639 | 345 | 639
Total expenses | Blank | 33,641 | 34,236 | 33,524 | 34,218
Surplus/(Deficit) before interest, dividends, revaluations and gains on sale of property | Blank | 11,966 | (607) | 6,886 | (5,537)
Blank | Blank | Blank | Blank | Blank | Blank
Finance income | Blank | 233 | 455 | 200 | 425
Fair value gain on bonds and investments | Blank | 4,297 | 4,463 | 4,297 | 4,463
Dividend received from Foundation Properties Limited | Blank | - | - | 4,000 | 3,700
Finance expenses | 5 | (674) | (776) | - | -
Surplus before investment, property revaluations and gain on sale of properties | Blank | 15,822 | 3,535 | 15,383 | 3,051
Blank | Blank | Blank | Blank | Blank | Blank
Exchange rate variance on revaluation of investment property | 15 | 772 | (68) | 772 | (68)
Fair value gain/(loss) on investment property | 15 | 3,225 | (11,200) | (159) | 66
Gain on sale of property | Blank | 804 | - | 804 | -
Gain on sale of investment property | Blank | 66 | - | 66 | -
Share of equity accounted investees (loss)/gain for the year | 17 | (3,338) | 19,180 | - | -
Total comprehensive revenue and expense for the year | Blank | 17,351 | 11,447 | 16,866 | 3,049
End Table.
Page 13
Statement of Financial Position as at 30 June 2025
The notes on print pages 16 to 71 are an integral part of these financial statements.
Table:
Item | Note | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Current assets | Blank | Blank | Blank | Blank | Blank
Cash and cash equivalents | 6 | 5,425 | 4,181 | 4,189 | 3,028
Term investments | 7 | 7,280 | 4,000 | 7,280 | 4,000
Trade and other receivables (from exchange transactions) | 8 | 1,926 | 1,665 | 1,226 | 1,179
Recoverables (from non-exchange transactions) | 9 | 3,217 | 1,683 | 3,217 | 1,683
Advance to related party | 17 | 250 | 250 | - | -
Inventories | 10 | 13 | 33 | 13 | 33
Total current assets | Blank | 18,111 | 11,812 | 15,925 | 9,923
Non-current assets | Blank | Blank | Blank | Blank | Blank
Recoverables (from non-exchange transactions) | 9 | 1,218 | 1,343 | 1,218 | 1,343
Bonds and investments | 11 | 51,265 | 45,968 | 51,265 | 45,968
Property, plant and equipment | 12 | 38,078 | 32,603 | 27,475 | 21,780
Intangible assets | 13 | 485 | 411 | 485 | 411
Biological assets | 14 | 87 | 120 | 87 | 120
Investment property | 15 | 119,985 | 114,944 | 7,591 | 7,727
Investment in joint venture | 17 | 24,542 | 27,880 | - | -
Investment in controlled entities | 16 | - | - | 54,605 | 54,178
Total non-current assets | Blank | 235,661 | 223,270 | 142,727 | 131,527
Total assets | Blank | 253,772 | 235,082 | 158,652 | 141,450
Current liabilities | Blank | Blank | Blank | Blank | Blank
Trade and other payables (from exchange transactions) | 18 | 1,997 | 3,168 | 1,738 | 2,995
Other liabilities (from non-exchange transactions) | 19 | 2,345 | 756 | 2,345 | 756
Bank loan | 20 | 1,000 | 9,900 | - | -
Advances from controlled entities | 26 | - | - | 100 | 100
Land lease income received in advance | 21 | 82 | 82 | - | -
Employee benefits and obligations | 22 | 1,970 | 1,963 | 1,970 | 1,963
Total current liabilities | Blank | 7,394 | 15,869 | 6,153 | 5,814
Non-current liabilities | Blank | Blank | Blank | Blank | Blank
Bank loan | 20 | 9,900 | - | - | -
Land lease income received in advance | 21 | 8,197 | 8,279 | - | -
Employee benefits and obligations | 22 | 75 | 78 | 75 | 78
Total non-current liabilities | Blank | 18,172 | 8,357 | 75 | 78
Total liabilities | Blank | 25,566 | 24,226 | 6,228 | 5,892
Total net assets | Blank | 228,206 | 210,856 | 152,424 | 135,558
End Table.
Page 14
Table:
Item | Note | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Equity | Blank | 228,206 | 210,855 | 152,424 | 135,558
Total net equity | 23 | 228,206 | 210,855 | 152,424 | 135,558
End Table.
Statement Of Changes in Net Assets/Equity for the Year Ended 30 June 2025
The notes on print pages 16 to 71 are an integral part of these financial statements.
Table:
Item | Note | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Balance of net assets/equity at 1 July | Blank | 210,855 | 199,408 | 135,558 | 132,509
Total comprehensive revenue and expense for the year | Blank | 17,351 | 11,447 | 16,866 | 3,049
Balance of net assets/equity at 30
June | 23 | 228,206 | 210,855 | 152,424 | 135,558
End Table.
Page 15
Statement of Cash Flow for the Year Ended 30 June 2025
Table:
Item | Note | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Cash flows from operating activities | Blank | $000s | $000s | $000s | $000s
Cash was received from: | Blank | Blank | Blank | Blank | Blank
Non exchange transactions | Blank | 32,574 | 24,033 | 32,574 | 24,033
Exchange transactions | Blank | 12,370 | 12,229 | 7,358 | 7,563
Cash was applied to: | Blank | Blank | Blank | Blank | Blank
Payments to employees | Blank | (18,263) | (18,283) | (18,163) | (18,193)
Payments to suppliers | Blank | (14,503) | (12,658) | (14,686) | (12,686)
Payments of grants | Blank | (779) | (1,206) | (779) | (1,206)
Finance expense | Blank | (674) | (776) | - | -
Net cash inflows/(outflows) from operating activities | Blank | 10,725 | 3,339 | 6,304 | (489)
Cash flows from investing activities | Blank | Blank | Blank | Blank | Blank
Interest income | Blank | 243 | 469 | 214 | 442
Acquisition of short-term investment term deposit | Blank | (13,280) | (12,000) | (13,280) | (11,000)
Proceeds of short-term investment term deposit | Blank | 10,000 | 14,000 | 10,000 | 13,000
Dividend received from controlled entity | Blank | - | - | 4,000 | 3,700
(Acquisition)/Redemption of bonds and investments | Blank | (1,000) | 2,000 | (1,000) | 2,000
Net advance to related parties | Blank | - | 195 | - | -
Contribution to controlled entity | 16 | - | - | (427) | -
Proceeds from sale of property, plant and equipment | Blank | 842 | 25 | 842 | 25
Purchase of property, plant and equipment | Blank | (5,718) | (7,188) | (5,718) | (7,188)
Purchase of intangible assets | Blank | (200) | - | (200) | -
Net proceeds for the sale of Investment
Property | Blank | 426 | - | 426 | -
Additions to investment property | Blank | (1,794) | (452) | - | -
Net cash (outflows)/inflows from investing activities | Blank | (10,481) | (2,951) | (5,143) | 979
Cash flows from financing activities | Blank | Blank | Blank | Blank | Blank
Proceeds from ASB loan | Blank | 1,000 | - | - | -
Net cash inflows/(outflows) from financing activities | Blank | 1,000 | - | - | -
Net (decrease)/increase in cash and cash equivalents | Blank | 1,244 | 388 | 1,161 | 490
Cash and cash equivalents at the beginning of the year | Blank | 4,181 | 3,793 | 3,028 | 2,538
Cash and cash equivalents at the end of the year | 6 | 5,425 | 4,181 | 4,189 | 3,028
End Table.
Page 16
Notes to the Financial Statements
Note 1 Reporting Entity
The financial statements presented here are for the reporting entity Royal New Zealand Foundation of the Blind ("Controlling Entity"), a charity, which is an Incorporated Society and registered under the Charities Act 2005 (registration number CC21361). The Controlling Entity is a public benefit entity for the purposes of financial reporting in accordance with the Financial Reporting Act 2013. These consolidated financial statements for the year ended 30 June 2025 comprise the controlling entity and its controlled entities, (together referred to as the "Group") and individually as "Group entities".
The Controlling Entity is domiciled and operates in New Zealand and is primarily involved in the provision of services to empower New Zealanders who are blind, deafblind, or low vision to live the life they choose.
The Controlling Entity registered office and its principal place of business is 539 Parnell Road, Parnell, Auckland.
Note 2 Basis of Preparation
a. Statement of compliance
The consolidated financial statements have been prepared in accordance with the constitution of the Royal New Zealand Foundation of the Blind and New Zealand Generally Accepted Accounting Practice ("NZ GAAP"). They comply with Public Benefit Entity Standards ("PBE Standards") for Tier 1 not-for-profit public benefit entities.
The financial statements for the year ended 30 June 2025 were approved and authorised for issue by the Board on 20 September 2025.
b. Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for non-current recoverables from non-exchange transactions, bonds and investments, biological assets, and investment property, which are measured at fair value. The methods used to measure fair values are discussed further in notes 9, 11, 14, and 15.
Changes in presentation have been made for reclassifications to give a better understanding to these financial statements.
Page 17
c. Going Concern
The consolidated financial statements have been prepared on a going concern basis and with the current year positive working capital, the Directors believe that the future expected cash flows are sufficient to satisfy day to day obligations as they fall due.
d. New and amended standards adopted by the group
The following are new, revised, or amended standards that are applicable to the Group which are in issue and have been adopted for the year ended 30 June 2025.
Disclosure of Fees for Audit Firms Services (Amendments to PBE IPSAS1)
The adoption of this standard has not had a significant impact on the Group apart from enhanced disclosures.
e. Accounting standards issued not yet effective
There are no new, revised or amended standards that are not yet effective and/or applicable to the Group as at 30 June 2025.
f. Functional and presentation currency
These financial statements are presented in New Zealand dollars ($), which is the Controlling Entity and Group's functional and presentational currency. All financial information presented in New Zealand dollars has been rounded to the nearest thousand or nearest dollar where appropriate.
g. Income Tax
The Controlling Entity is exempt from income tax by virtue of its charitable objectives under section CW41 and CW42 of the Income Tax Act 2007 and its status as a registered charity.
Page 18
h. Use of estimates and judgements
Judgements
In the process of applying the Controlling Entity's and Group's accounting policies, management has made the following judgements that have had the most significant effect on the amounts recognised in the financial statements:
Control Assessment Judgement
Management has judged that both the Controlling Entity and its trading controlled entities are public benefit entities. The primary objective of all entities is to provide services for community or social benefit. Any equity invested in the trading controlled entity has been provided with a view to supporting that primary objective rather than for a financial return to members.
Management has judged that Foundation Properties Limited and Foundation Ventures Limited are controlled by the Controlling Entity as the Board appoint and remove the Board of Foundation Properties Limited and Foundation Ventures Limited. The Controlling Entity also owns 100% of the issued share capital of Foundation Properties Limited and Foundation Ventures Limited. Accordingly, Foundation Properties Limited and Foundation Ventures Limited have both been consolidated into the Group financial statements.
There are also specific trusts which do fall within the control of the Group and Controlling Entity due to the commonality of objectives, the ability of the Controlling Entity's management to influence operating decisions and its treatment upon dissolution.
Revenue Recognition
Revenue is recognised according to the policies outlined in Note 3 (l) which outlines the key judgements made.
Statement of Service Performance
In preparing the Group's Consolidated Statement of Service Performance on print pages 4 to 10, management has made judgements in relation to which measures and indicators best reflect the achievement status of our performance of the Group's mission to empower New Zealanders who are blind, deafblind, or low vision to live the life they choose, and ultimately contribute towards specific key priorities and objectives.
Page 19
The selection of measures to report was initially based on management's assessment of what data was currently available, reliable, and could be independently verified. This was further refined through discussions with staff and key management personnel, as a result the key services were identified that would best illustrate what the Group has done in pursuit of its objectives. The performance measures related to our key services are designed to inform on our key priorities of independence, educate and equip, social inclusion, and for purpose organisation. It must be noted, that through this process management decided not to report against all objectives/measures that contribute to the outcome of the Group's services because, at this time, outputs for these measures are not easily available.
Estimates
Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year ending 30 June 2025 include the following:
Revenue from legacies
Where revenue from legacies derives from a life interest it is estimated using mortality rates published by New Zealand Statistics.
Valuation of investment property
Estimates relating to fair value of investment property are described in more detail in note 3(g) and note 15.
The Royston property has been valued on the assumption that planning has been granted for the appropriate developments across the entire site. If this assumption was not applied the value would be materially lower, refer to note 15.
Allocation of overheads
For the purpose of disclosing expenditure by classification in the Statement of Comprehensive Revenue and Expenses, Overhead costs including finance, human resources, administration and information technology have been allocated to the various support service lines on the basis of headcount. Property costs have been allocated on occupancy proportions and fleet costs on the basis of motor vehicle usage.
Changes in Accounting Estimates
There have been no material changes in the accounting estimates during the year ended 30 June 2025.
Page 20
Note 3 Material Accounting Policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements. There have been no changes in material accounting policies during the year ended 30 June 2025.
The accounting policies have been applied consistently by Group entities.
a. Basis of consolidation
The Group financial statements incorporate the financial statements of the Controlling Entity and controlled entities (including special purpose entities) controlled by the Controlling Entity (its subsidiaries). Control is achieved where the Controlling Entity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The acquisition method is used to prepare the Group financial statements, which involves adding together like items of assets, liabilities, equity, revenue and expenses on a line-by-line basis. All significant balances and transactions between the Controlling Entity and its subsidiaries are eliminated on consolidation. The financial statements of subsidiaries are included in the Group financial statements from the date that control commences until the date that control ceases.
b. Foreign currency
Transactions in foreign currencies are converted at the rate of exchange at the date of the transaction.
At the balance date, any foreign currency monetary assets and liabilities are translated at the exchange rate at that date and any resulting exchange variations are included in the surplus/(deficit).
c. Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise cash and cash equivalents, trade receivables, short-term investments, other receivables from exchange transactions, recoverables from non-exchange transactions, bonds and investments, trade and other payables from exchange transactions, bank loan, other liabilities from non-exchange transactions, employee benefits, assets held for sale and revenue received in advance.
Page 21
Non-derivative financial instruments are recognised initially at fair value plus directly attributable transaction costs.
A financial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised if the Group's contractual rights to the cash flows from the financial assets expire. Financial liabilities are derecognised if the Group's obligations specified in the contract expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, short-term deposits and bank overdrafts.
Subsequent to initial recognition, these financial assets are measured at amortised cost using the effective interest method, less any impairment losses. They are categorised as loans and receivables.
Term investments
Term investments comprise term deposits which have a term greater than three months and therefore do not fall into the category of cash and cash equivalents. Those with a maturity date less than 12 months from balance date are deemed current and those greater are shown as non-current.
Bonds and investments
Financial assets are classified at fair value through surplus/(deficit) (FVTSD) where the financial asset is either held for trading or it is designated as a FVTSD. A financial asset may be designated at FVTSD upon initial recognition if the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group's documented risk management or investment strategy, and information about the grouping is provided internally on that basis. Investments consist of equities, bonds and cash managed by an investment advisor. Management view the portfolio as a whole as this is in line with the investment strategy. All investments are therefore designated at fair value through surplus/(deficit): Financial assets at FVTSD are stated at fair value, with any resultant gain or loss recognised in the statement of comprehensive revenue and expense surplus/(deficit).
The net gain or loss recognised in surplus/(deficit) incorporates any dividend or interest earned on the financial asset.
Page 22
Receivables and advances
Advances to related parties comprise cash advances with no fixed repayment date. A loss allowance for expected credit losses is recognised if the estimated loss allowance is not trivial.
Other non-derivative financial instruments
Trade and other payables from exchange transactions, bank loan, other liabilities from non-exchange transactions, employee benefits, advances from controlled entities and deferred revenue.
A loss allowance for expected credit losses ("ECL") is recognised if the estimated loss allowance is not trivial.
Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. They are categorised as financial liabilities at amortised cost.
Impairment of financial assets
Financial assets are assessed for indicators of credit loss at the end of each reporting period. A credit loss exists where there is objective evidence that the estimated future cash flows have been impacted. Objective evidence could include:
Significant financial difficulty of the counterparty; or
Default or late payments; or
It becomes probable that the counterparty will enter bankruptcy or financial reorganisation.
The Group applies the simplified ECL approach, in measuring ECL's, receivables have been grouped, and assessed on a collective basis as they posses shared credit risk characteristics. They have then been grouped based on the days past due. A provision matrix is then established based on historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment.
Page 23
d. Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Items of property, plant and equipment under construction are measured at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. Donated property, plant and equipment are recognised at fair value on the date of acquisition with the corresponding amount recorded in the surplus/(deficit).
Depreciation
Depreciation is recognised in the surplus/(deficit) on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated.
The estimated useful lives are as follows:
• Buildings 3−50 years, 2024: 3−50 years
• Leasehold improvements 6−35 years, 2024: 6−10 years
• Vehicles 5 years, 2024: 5 years
• Plant, furniture and equipment 3−10 years, 2024: 3−10 years
• Guide dogs 8 years, 2024: 8 years
Depreciation methods, useful lives and residual values are reassessed at each reporting date.
e. Intangible assets
Intangible assets are recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a straight-line basis over their useful lives as follows:
• Audio masters 10 years, 2024: 10 years
The estimated useful life and amortisation period is reviewed at the end of each reporting date.
f. Biological assets
Biological assets represent the breeding stock for guide dogs. Biological assets are initially recognised at cost, except those acquired through non-exchange transactions which are instead recognised at fair value as their deemed cost at initial recognition.
Biological assets are subsequently measured at fair value less costs to sell with any change therein recognised in the surplus/(deficit). Fair value methodology is described in note 3(n).
Page 24
g. Investment property
Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is initially recognised at cost, except those acquired through non-exchange transactions which are instead recognised at fair value as their deemed cost at initial recognition. Investment property is subsequently measured at fair value with any change therein recognised in the surplus/(deficit). Fair value methodology is described in note 3(n).
Investment Property under construction is recognised at cost.
h. Leases
All of the Group's leases are classified as operating leases. Operating lease payments/receipts are recognised on a straight line basis over the lease term as an expense/revenue.
i. Inventories
Inventories held for sale are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
j. Impairment of non-financial assets
The carrying amounts of the Group's assets are reviewed at each balance date to determine whether there is any indication of impairment. If an indication of impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses directly reduce the carrying amount of assets and are recognised in the surplus/(deficit).
Page 25
For cash-generating assets the recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Where an impairment loss subsequently reverses, the carrying amount of the cash generating asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the cash generating asset in prior years. A reversal of an impairment loss is recognised in the surplus/(deficit) immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.
k. Employee benefits Defined contribution plans
Contributions to defined contribution superannuation plans, including Kiwisaver, are expensed in the surplus/(deficit) when employees have rendered the service entitling them to the contributions.
Other long-term employee benefits
The Group's obligation in respect of long-term employee benefits other than pension plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value and is based on the remuneration expected to apply at the date of settlement. Any expenses are recognised in the surplus/(deficit) in the period in which they arise.
Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment and has raised a valid expectation in those affected.
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
Page 26
l. Revenue
Revenue is recognised when the amount of revenue can be measured reliably and it is probable that economic benefits will flow to the Group, and measured at the fair value of consideration received or receivable.
The following specific recognition criteria in relation to the Group's revenue streams must also be met before revenue is recognised.
i. Revenue from exchange transactions Contract revenue
Revenue from a contract to provide services is recognised by reference to the stage of completion. The stage of completion is determined by reference to the specific output required from each contract. The specific output is based on either agreed milestones or number of hours of service delivery. Amounts received in advance for services to be provided in future periods are recognised as a liability until such a time as the service is provided.
Rental income
Operating lease agreements with tenants provide for regular monthly payments of rental and outgoings. All income is recognised on a straight line basis. Operating expenses borne by tenants are offset by recoveries from tenants. Operating expenses not borne by tenants are recognised as property expenses. Lease incentives granted are recognised as an integral part of the total rental income over the term of the lease.
ii. Revenue from non-exchange transactions
With the exception of services-in-kind, inflows of resources from non-exchange transactions are only recognised as assets where both:
• It is probable that the associated future economic benefit or service potential will flow to the Group, and
• Fair value is reliably measurable.
Page 27
Inflows of resources from non-exchange transactions that are recognised as assets are recognised as non-exchange revenue to the extent that a liability is not recognised in respect to the same inflow. Consideration is given to the existence of conditions (return obligations) or restrictions in determining whether a liability should be recognised.
Conditions on transferred assets are stipulations that specify that the future economic benefits or service potential embodied in the asset is required to be consumed by the recipient as specified or future economic benefits or service potential must be returned to the transferor. The Group considers whether the conditions are enforceable and will be enforced in assessing if a present obligation exists. No liability is recognised unless the conditions contain substance.
Restrictions on transferred assets are stipulations that limit or direct the purposes for which a transferred asset may be used, but do not specify that future economic benefits or service potential is required to be returned to the transferor if not deployed as specified. No liability is recognised.
Non-exchange transactions are not exchange transactions. The Group receives value from another entity without directly giving approximately equal value in exchange.
The following specific recognition criteria in relation to the Group's non-exchange transaction revenue streams must also be met before revenue is recognised.
Fundraising
The Group's fundraising activities involve public fundraising campaigns, puppy sponsorship and community events. Fundraising is non-exchange revenue and is recognised at the point at which cash is received. Revenue from fundraising without specific conditions and without an obligation to repay is recognised at the time of receipt.
Grants, Donations and Legacies
The recognition of non-exchange revenue from Grants, Donations, and Legacies depends on the nature of any stipulations attached to the inflow of resources received, and whether this creates a liability (i.e. present obligation) rather than the recognition of revenue.
Revenue from Legacies is recognised as a receivable/asset when the entity gains control of the contribution (refer to note 3(p)). Control is determined when the undisputed right to receive the contribution is established and this is usually when written notification is received from the estate of the legator.
Page 28
Stipulations that are "conditions" specifically require the Group to return the inflow of resources received if they are not utilised in the way stipulated, resulting in the recognition of a non-exchange liability that is subsequently recognised as non-exchange revenue as and when the "conditions" are satisfied.
Stipulations that are "restrictions" do not specifically require the Group to return the inflow of resources received if they are not utilised in the way stipulated, and therefore do not result in the recognition of a non-exchange liability, which results in the immediate recognition of non-exchange revenue.
Donations in the form of general grants are recognised when the right to receive them is established. Revenue from specifically designated grants where the designated expenditure during the year has not occurred or is incomplete, and where there is an obligation to repay the funds is recognised as deferred income and will be recognised as revenue in future years as conditions are met.
Donated volunteer time (services in kind) is subjective and difficult to measure and is therefore not reported in the financial statements.
Donated goods (goods in kind) is measured and recognised at fair value as at the date of acquisition, which may be ascertained by reference to an active market, or by appraisal. An appraisal of the value of an asset is normally undertaken by a member of the valuation profession who holds a recognised and relevant professional qualification. For may assets, the fair value will be readily ascertainable by reference to quoted prices in an active and liquid market.
m. Other income
Other income comprises:
• Sale of guide dogs
• Fair value increase in the value of biological assets
• Equipment sales and rental income
• Other sundry income
Page 29
n. Determination of fair values
A number of the Controlling Entity's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. We use the following categories (levels) to provide an analysis of bonds and investments, investment property and biological assets that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
• Level 1: Quoted unadjusted prices in active markets for identical instruments
• Level 2: Inputs that are not level 1 that are observable either directly or indirectly
• Level 3: Inputs that are not observable
Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
o. Statement of cash flows
Cash and cash equivalents include cash on hand and in banks and short-term deposits. The following terms are used in the statement of cash flows:
Operating activities are the principal revenue producing activities of the Group and other activities that are not investing or financing activities.
Investing activities are the acquisition and disposal of long-term assets.
Financing activities are activities that result in changes in the size and composition of the borrowings of the Group.
p. Legacies receivable
Monetary legacies receivable are financial instruments, the policy for which is in note 3(c). Legacies receivable in the form of property or other non-financial assets are initially recognised at fair value and not re-measured other than for the impact of changes in estimated mortality rates and the unwind of present value discounting. When the Group obtains title to the property or other non-financial asset, it is reclassified to the appropriate statement of financial position line item.
Page 30
q. Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
r. Joint Ventures
Joint ventures are a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
Joint ventures that are structured in a separate vehicle are classified as jointly-controlled-entities and the results and asset and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. Refer Note 17.
Under the equity method, an investment in a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group's share of the comprehensive revenue and expenses of the joint venture. When the Group's share of losses of a joint venture exceeds the Group's interest in that joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
Any share of unrealised gains from the sale of goods by the joint venture to an entity within the Group are eliminated within the Group. Refer Note 17.
Page 31
Note 4 Revenue
a) Revenue from non-exchange transactions
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Donations | 11,437 | 12,022 | 11,437 | 12,022
Legacies | 21,407 | 8,976 | 21,407 | 8,976
Total revenue from non-exchange transactions | 32,844 | 20,998 | 32,844 | 20,998
End Table.
b) Revenue from exchange transactions
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Service contracts | 7,173 | 7,102 | 7,173 | 7,102
Rental income | 5,280 | 5,060 | 83 | 112
Other income | 310 | 469 | 310 | 469
Total revenue from exchange transactions | 12,763 | 12,631 | 7,566 | 7,683
End Table.
c) Revenue from Service Contracts (Government Contracts)
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Ministry of Health—White Canes | 38 | 38 | 38 | 38
Ministry of Health | 6,316 | 6,316 | 6,316 | 6,316
Ministry of Social Development | 692 | 691 | 692 | 691
Accident Compensation Corporation | 127 | 57 | 127 | 57
Total revenue from service contracts | 7,173 | 7,102 | 7,173 | 7,102
End Table.
Page 32
Note 5 Expenses
Grants expense
Table:
Grants expense | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Grants were paid to: | Blank | Blank | Blank | Blank
Blind Citizens of New Zealand Inc Footnote 1 | 217 | 211 | 217 | 211
Parents of Vision Impaired (NZ) Inc | 165 | 161 | 165 | 161
Deafblind Association NZ Charitable Trust | 78 | 88 | 78 | 88
Kāpō Māori Aotearoa New Zealand Inc | 72 | 100 | 72 | 100
Retina New Zealand Inc | 41 | 40 | 41 | 40
Community Support Groups | 39 | 1 | 39 | 1
Blind Sport New Zealand | 37 | 75 | 37 | 75
Braille Authority of New Zealand Aotearoa Trust | 15 | 22 | 15 | 22
Goalball New Zealand 1 | 5 | - | 5 | -
Manukau South Blind Sports Club | 5 | - | 5 | -
New Zealand Lawn Bowling Association | 5 | - | 5 | -
New Zealand Blind & Vision Impaired Indoor Bowlers Federation | 4 | - | 4 | -
Auckland Blind Sports and Recreation Club Inc | 3 | - | 3 | -
Kiwi Blind Fishing | 2 | - | 2 | -
The Sight Support Trust | - | 10 | - | 10
Albinism NZ | - | 10 | - | 10
Blindsided NZ | - | 15 | - | 15
Support and Education, Youth, Families, Friends | - | 10 | - | 10
Total grants expenditure | 688 | 743 | 688 | 743
End Table.
Footnote 1: Directors of the controlling entity are also board members of this entity.
Employee benefit expense
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Wages and salaries | 17,811 | 17,595 | 17,711 | 17,505
Contributions to defined contribution plan | 450 | 451 | 450 | 451
Movement in liability for long service leave | 8 | (14) | 8 | (14)
Total employee benefit expense | 18,269 | 18,032 | 18,169 | 17,942
End Table.
Page 33
Depreciation and amortisation
Table:
Depreciation | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Buildings | 890 | 605 | 671 | 467
Plant, furniture and equipment | 640 | 759 | 640 | 759
Guide dogs | 671 | 495 | 671 | 495
Buildings | 2,201 | 1,859 | 1,982 | 1,721
Amortisation | Blank | Blank | Blank | Blank
Audio masters | 125 | 137 | 125 | 137
Blank | 125 | 137 | 125 | 137
Total depreciation and amortisation | 2,326 | 1,996 | 2,107 | 1,858
End Table.
Plant, furniture and equipment includes all assets apart from Buildings and Guide dogs.
Depreciation and amortisation has been included in the following categories in the Statement of comprehensive revenue and expense of the Group and the Controlling entity:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Independence | 1,765 | 1,381 | 1,604 | 1,277
Educate and Equip | 238 | 249 | 216 | 237
Social Inclusion | 73 | 48 | 59 | 41
For Purpose Organisation | 250 | 318 | 228 | 303
Total depreciation and amortisation | 2,326 | 1,996 | 2,107 | 1,858
End Table.
Page 34
Other expenses
Other expenses include the following:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Loss on births, deaths or retirements of guide dogs | 271 | 94 | 271 | 94
Total other expenses | 271 | 94 | 271 | 94
End Table.
Auditor remuneration:
Included in the expenses: Fees to Deloitte Limited for:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Audit of Financial Report | 191 | 211 | 107 | 124
Other services | - | 99 | - | 99
Total audit remuneration | 191 | 310 | 107 | 223
End Table.
Other services included fact-finding investigation services.
Finance expenses:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Bank loan interest | 674 | 776 | - | -
Total finance expenses | 674 | 776 | - | -
End Table.
Page 35
Note 6 Cash and Cash Equivalents
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Cash at bank | 159 | 116 | 38 | 62
Cash at bank—Restricted | 34 | 32 | 34 | 32
Call deposits | 4,232 | 4,031 | 4,117 | 2,932
BNZ term deposits | 1,000 | - | - | -
Petty cash | - | 2 | - | 2
Total cash and cash equivalents | 5,425 | 4,181 | 4,189 | 3,028
End Table.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
To comply with the amendments to the Construction Contracts Act 2002, the Group has placed $33,694 (2024: $31,598) of funds in a restricted account with the Bank of New Zealand to cover contractor retentions. The following interest is earned on call deposits:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Call deposits | 0.9%-2.80% | 0%-2.75% | 0.9%-1.00% | 0%-2.75%
End Table.
Note 7 Term Investments
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Term deposit | 7,280 | 4,000 | 7,280 | 4,000
Total term investments | 7,280 | 4,000 | 7,280 | 4,000
Current | 7,280 | 4,000 | 7,280 | 4,000
Non-current | - | - | - | -
End Table.
The following interest is earned on Term deposits:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Term deposit | 2.80%-5.67% | 2.88%-5.85% | 3.95%-5.67% | 2.88%-5.85%
End Table.
Page 36
Note 8 Trade and Other Receivables—From Exchange Transactions
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Trade receivables | 1,682 | 1,337 | 1,044 | 804
Provision for expected credit losses | - | - | - | -
Goods and Services Tax | 244 | 328 | 182 | 375
Total trade and other receivables from | 1,926 | 1,665 | 1,226 | 1,179
End Table.
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
As at 30 June, the ageing analysis of trade receivables is, as follows:
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Current | 1,013 | 536 | 404 | 150
Not yet due | 648 | 647 | 621 | 654
Past due and impaired | Blank | Blank | Blank | Blank
31−60 days | 13 | 154 | 11 | -
61−90 days | - | - | - | -
Over 91 days | 8 | - | 8 | -
Total trade and other receivables from | 1,682 | 1,337 | 1,044 | 804
End Table.
See note 25 on credit risk of trade receivables, which explains how the Group manages and measures credit quality of trade receivables that are neither past due nor impaired.
Page 37
Note 9 Recoverables—From Non-Exchange Transactions
Table:
Legacies receivable | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Current | 3,217 | 1,683 | 3,217 | 1,683
Non-current | 1,218 | 1,343 | 1,218 | 1,343
Total recoverables from non-exchange | 4,435 | 3,026 | 4,435 | 3,026
End Table.
Table:
Legacies receivable | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Financial assets | 4,352 | 2,929 | 4,352 | 2,929
Non—financial assets | 83 | 97 | 83 | 97
Total recoverables from non-exchange | 4,435 | 3,026 | 4,435 | 3,026
End Table.
Non-financial assets within legacies receivable comprises our allocated share of a property in an estate.
Legacy Revenue Sensitivity
The Group estimates legacies revenue where it holds an interest in an asset with a life tenancy, by estimating life expectancy of the life tenant based on mortality rates (number of months' life expectancy) published by Statistics NZ. If this estimate was reduced by 12 months, the value of the legacy receivable would increase by $62,295 (2024: $68,722), and if it was increased by 12 months, the value of the legacy receivable would decrease by $59,263 (2024: $65,378).
Note 10 Inventories
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Inventories held for sale | 13 | 33 | 13 | 33
Total inventories | 13 | 33 | 13 | 33
End Table.
Included in expenses are a number of inventory items deemed to have no value and scrapped, 2025: $nil (2024: $20,123).
Page 38
Note 11 Bonds and Investments
Table:
Item | Group 2025 $000s | Group 2024 $000s | Controlling Entity 2025 $000s | Controlling Entity 2024 $000s
Investment funds | 32,390 | 29,158 | 32,390 | 29,158
Investment bonds | 18,875 | 16,810 | 18,875 | 16,810
Total bonds and investments | 51,265 | 45,968 | 51,265 | 45,968
End Table.
The fair value of bonds and investments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date.
The fair value of units held by the Funds in managed investment funds is determined by reference to published bid prices at the close of business on the reporting date being the redemption price established by the underlying investment fund managers.
Both investment funds and investment bonds are Level 2 in the fair value hiearchy.
Page 39
Note 12 Property, Plant and Equipment
Table:
Group | Land $000s | Buildings$000s | Plant, furniture and equipment $000s | Guide dogs $000s | Guide Dogs Under con-struction $000s | Total $000s
Cost | Blank | Blank | Blank | Blank | Blank | Blank
At 1 July 2023 | 3,376 | 22,482 | 10,046 | 4,436 | 628 | 40,968
Additions | - | 221 | 6,200 | - | 783 | 7,204
Transfers | - | 61 | (61) | 758 | (758) | -
Disposals | - | - | (120) | (1,236) | - | (1,356)
At 30 June 2024 | 3,376 | 22,764 | 16,065 | 3,958 | 653 | 46,817
At 1 July 2024 | 3,376 | 22,764 | 16,065 | 3,958 | 653 | 46,817
Additions | - | 5,273 | 444 | - | 2,235 | 7,953
Transfers | - | 7,957 | (7,957) | 2,173 | (2,173) | -
Disposals | (38) | (51) | - | (759) | - | (848)
At 30 June 2025 | 3,338 | 35,943 | 8,552 | 5,372 | 715 | 53,920
Depreciation | Blank | Blank | Blank | Blank | Blank | Blank
At 1 July 2023 | - | 5,673 | 5,800 | 2,144 | - | 13,616
Charge for the year | - | 605 | 759 | 495 | - | 1,859
Disposals | - | - | (105) | (1,158) | - | (1,263)
At 30 June 2024 | - | 6,278 | 6,454 | 1,481 | - | 14,212
At 1 July 2024 | - | 6,278 | 6,454 | 1,481 | - | 14,212
Charge for the year | - | 890 | 640 | 671 | - | 2,201
Disposals | - | (51) | - | (521) | - | (572)
At 30 June 2025 | - | 7,117 | 7,094 | 1,631 | - | 15,842
Carrying amounts | Blank | Blank | Blank | Blank | Blank | Blank
At 30 June 2024 | 3,376 | 16,486 | 9,611 | 2,477 | 653 | 32,603
At 30 June 2025 | 3,338 | 28,826 | 1,458 | 3,741 | 715 | 38,078
End Table.
Page 40
Table:
Controlling Entity | Land $000s | Buildings$000s | Plant, furniture and equipment $000s | Guide dogs $000s | Guide Dogs Under con-struction $000s | Total $000s
Cost | Blank | Blank | Blank | Blank | Blank | Blank
At 1 July 2023 | 371 | 14,389 | 10,046 | 4,436 | 628 | 29,870
Additions | - | 221 | 6,200 | - | 783 | 7,204
Transfers | - | 61 | (61) | 758 | (758) | -
Disposals | Blank | - | (120) | (1,236) | - | (1,356)
At 30 June 2024 | 371 | 14,671 | 16,065 | 3,958 | 653 | 35,718
At 1 July 2024 | 371 | 14,671 | 16,065 | 3,958 | 653 | 35,718
Additions | - | 5,273 | 444 | - | 2,235 | 7,953
Transfers | - | 7,957 | (7,957) | 2,173 | (2,173) | -
Disposals | (38) | (51) | - | (759) | - | (848)
At 30 June 2025 | 333 | 27,850 | 8,553 | 5,372 | 715 | 42,823
Depreciation | Blank | Blank | Blank | Blank | Blank | Blank
At 1 July 2023 | - | 5,536 | 5,800 | 2,143 | - | 13,480
Charge for the year | - | 467 | 759 | 495 | - | 1,721
Disposals | - | - | (105) | (1,158) | - | (1,263)
At 30 June 2024 | - | 6,004 | 6,454 | 1,480 | - | 13,938
At 1 July 2024 | - | 6,004 | 6,454 | 1,480 | - | 13,938
Charge for the year | - | 671 | 640 | 671 | - | 1,982
Disposals | - | (51) | - | (521) | - | (572)
At 30 June 2025 | - | 6,624 | 7,094 | 1,630 | - | 15,348
Carrying amounts
 | Blank | Blank | Blank | Blank | Blank | Blank
At 30 June 2024 | 371 | 8,667 | 9,611 | 2,478 | 653 | 21,780
At 30 June 2025 | 333 | 21,226 | 1,459 | 3,742 | 715 | 27,475
End Table.
Page 41
In 2023 the Group settled the purchase of the ground floor of the Nathan Residences of the retirement village for $12,725,000. A portion of this ground floor space is occupied by the Controlling Entity through a lease with Foundation Properties Limited and has been treated as Property, Plant and Equipment for the Group. Included in property plant and equipment is the cost of land ($3,004,887) and buildings ($8,094,227) associated with the ground floor space. The balance of the space will be leased to commercial tenants and is treated as investment property within the Group (note 15). The Controlling Entity leased the space commencing 1 April 2023 and has a 15 year lease with a 10 year right of renewal.
Included within Buildings for both the Group and the Controlling Entity is the Guide Dog Centre, which reached practical completion in January 2025. The facility comprises kennels, an isolation wing, a breeding centre, and a playpark, and has a carrying value of $11,377,041 at 30 June 2025 (2024: $8,029,723). Also included are the South Auckland offices, with a carrying value of $5,097,189 at 30 June 2025 (2024: $5,318,936).
End of Performance Report 2025–Volume 1 of 2