Performance Report 2025
Royal New Zealand Foundation of the Blind
Volume 2 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 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
Page 42
Note 13 Intangible Assets
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Cost
Blank
Blank
Blank
Blank
Audio Masters
Blank
Blank
Blank
Blank
Balance at 1 July
2,307
2,307
2,307
2,307
Additions
200
-
200
-
Balance at 30 June
2,507
2,307
2,507
2,307
Computer Software
Blank
Blank
Blank
Blank
Balance at 1 July
2,401
2,401
2,401
2,401
Additions
-
-
-
-
Balance at 30 June
2,401
2,401
2,401
2,401
Total cost
4,908
4,708
4,908
4,708
Accumulated amortisation
Blank
Blank
Blank
Blank
Audio Masters
Blank
Blank
Blank
Blank
Balance at 1 July
1,896
1,759
1,896
1,759
Amortisation for the year
125
137
125
137
Balance at 30 June
2,021
1,896
2,021
1,896
Computer Software
Blank
Blank
Blank
Blank
Balance at 1 July
2,401
2,401
2,401
2,401
Amortisation for the year
-
-
-
-
Balance at 30 June
2,401
2,401
2,401
2,401
Total accumulated amortisation
4,422
4,297
4,422
4,297
Carrying amounts
Blank
Blank
Blank
Blank
At 1 July 2024
410
548
410
548
At 30 June 2025
485
410
485
410
End Table.
Page 43
Note 14 Biological Assets
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
At fair value
Blank
Blank
Blank
Blank
Balance at 1 July
120
136
120
136
Births/acquisitions
22
44
22
44
Deaths/retirements
(55)
(60)
(55)
(60)
Balance at 30 June
87
120
87
120
End Table.
At 30 June 2025, breeding stock comprised 11 dogs (2024: 16 dogs) of a mixture of ages. The Group is exposed to health and disease risks related to its breeding stock. The Group has extensive processes in place aimed at mitigating those risks including not maintaining the breeding stock in one location and regular veterinary examinations.
The fair value of Biological Assets is valued using level three unobservable inputs—refer note 3(n).
The fair value of breeding stock is based on the market values of dogs of similar age, breed and genetic make-up. This market price is established by reference to recent transactions in the market.
Note 15 Investment Property
The following investment properties were carried by the Group at fair value, by valuation method level three unobservable inputs—refer note 3(n):
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
The Parnell Estate, Auckland
90,944
87,167
-
-
Retirement Village
21,450
20,050
-
-
York Way, Royston, UK
7,591
7,727
7,591
7,727
Total investment property
119,985
114,944
7,591
7,727
End Table.
ASB now holds a mortgage over the Parnell Estate including the following properties:
545 Parnell Rd, Parnell Auckland
2 & 20 Titoki Street, Parnell, Auckland
8 George Street, Parnell, Auckland
Page 44
The Foundation Village Partnership has syndicated bank facilities provided by a banking sydnicate comprising of the ANZ Bank New Zealand Limited, the ASB Bank Limited and the Industrial and Commercial Bank of China (New Zealand) Limited that hold a first mortgage over the leasehold interest in the Retirement Village including the following properties:
4 Maunsell Rd, Parnell Auckland
537?539 Parnell Road, Parnell, Auckland
Summary of the change in fair value of investment properties
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Balance at 1 July
114,944
125,653
7,727
7,624
Additions
1,846
559
53
105
Disposal
(802)
-
(802)
-
Exchange rate variance
772
(68)
772
(68)
Change in fair value recognised in surplus or deficit
3,225
(11,200)
(159)
66
Balance at 30 June
119,985
114,944
7,591
7,727
End Table.
Summary of income and expense from Investment properties
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Rental income derived from investment properties
5,279
5,060
-
-
Direct operating expenses generating rental income
(1,249)
(1,295)
-
-
Profit arising from investment properties carried at fair values before fair value gains and losses. gain on sale of property, interest expense and depreciation
4,030
3,765
-
-
End Table.
Page 45
The investment properties in the Group are:
1. Parnell Estate consisting of six properties on the border of Newmarket and Parnell, including improvements across four standalone structures located at the following addresses;
537-545 Parnell Road, 2?20 Titoki Street and 8 George Street, Parnell, Auckland,
and
2. Retirement village consisting of the land in respect of the transaction with The Foundation Village Partnership as described below, and
3. A half share interest in land to the south of the A505 and north of York Way, Royston, Hertfordshire, England.
Refer to note 28 for capital commitments related to investment properties.
Investment properties are stated at fair value as determined by registered independent valuers. The valuers have appropriate recognised professional qualifications and recent experience in the location and category of property being valued. The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
The latest valuations for investment properties were carried out by registered valuers, Lambert Smith Hampton (UK), CBRE (NZ) and Savills (NZ) Limited in May and June 2025 with the latter two members of the Institute of Valuers of New Zealand. The Group is of the view that the valuations would not be materially different had they been performed as at balance date on 30 June 2025. The latest valuations are:
10 Titoki Street, Cnr 4 Maunsell Road and 541 Parnell Road was carried out by CBRE (NZ).
2,16, 20 Titoki Street, 539 Parnell Road Ground Floor, 545 Parnell Road and 8 George Street, Parnell, Auckland was carried out by Savills (NZ) Limited.
The freehold property known as Land at Royston Gateway, Durham Way & Darlington Road, Royston, Hertfordshire SG8 5PF, was valued as at 31 May 2025 by an external valuer, Lambert Smith Hampton, a regulated firm of Chartered Surveyors. The valuation was prepared in accordance with the requirements of the Royal Institution of Chartered Surveyors (RICS): RICS Valuation—Global Standards and the national standards and guidance set out in the UK national supplement together known as "the RICS Valuation Standards", effective at the Valuation Date. The valuation has been prepared and reported under Fair Value as published by FRS 102—the Financial Reporting Standard as defined in UK and Ireland Generally Accepted Accounting Practice.
Page 46
Valuations are completed in accordance with the Chartered Accountants Australia and New Zealand Equivalent to International Accounting Standard PBE IPSAS 16 and API—PINZ Professional Practice 2009—Guidance Note 1-Valuations for Use in New Zealand Financial Reports. The valuer and management have considered all the factors and the basis of valuation for these properties has been on a highest and best use (HABU) basis.
The estimate of fair value has been made based on circumstances which apply at balance date excluding Royston which assumes planning permission has been granted for development. It is reasonably possible based on existing knowledge that changes in these estimates and assumptions within the next financial year could give rise to a material adjustment to the carrying amount.
The following lease receivables are due under non-cancellable leases:
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Future minimum lease payments receivable under non-cancellable operating leases:
Blank
Blank
Blank
Blank
Not later than one year
4,089
4,128
33
16
Later than one year and not later than five years
36,445
36,521
-
-
Later than five years
65,187
72,650
-
-
Blank
105,721
113,299
33
16
End Table.
Page 47
Investment Properties held for commercial tenants
The investment properties are leased to third parties and 967sqm of the ground floor (1,520sqm) at 539 Parnell Road, Parnell, Auckland is leased to the Controlling Entity (eliminated on consolidation). Leases contain initial non-cancellable periods in the range of 0-15 years. No contingent rents are charged.
In regard to the Parnell Estate, valuations are prepared using income capitalisation and discounted cash flow methodology based on the estimated rental cash flows expected to be received from the property adjusted by a discount rate ranging from 7.50% to 8.75% (2024: ranging 7.50% to 9.00%) and capitalisation rate ranging from 5.00% to 6.75% (2024: ranging from 6.25% to 6.88%) that both appropriately reflects the risks inherent in the expected cash flows. For land, where there are no cash flows, a direct comparison approach has been adopted. The valuations takes into account occupancy rates, capitalisation rates and average lease terms before expiry (WALE) of 26.40 years (2024: 25.90
The Group's freehold land at Royston, for which the Group and Controlling Entity hold a 50% share, has been re-zoned mixed use development and is partially developed for retail and industrial use. The valuation is denominated in Pounds Stirling (GBP) and fluctuations with the New Zealand Dollar (NZD) (2025: 0.4512, 2024: 0.4963) will impact on the valuation. Lambert Smith Hampton are members of the Royal Institute of Chartered Surveyors (RICS). The GBP valuation at June 2025 was GBP3,425,000 (2024:GBP3,835,000) valuation NZD7,590,869 at June 2025 (2024: NZD7,727,181). The valuation has been prepared using a "day one" residual appraisal which assumes immediate commencement of the assumptions that vacant possession has been achieved and that planning permission has been granted for redevelopment. This was then benchmarked against comparable land transactions in order to arrive at the fair value.
During the year there was a partial disposal of land which forms part of the Royston development. This resulted in net proceeds of $427k (2024: $nil) which was subsequently reinvesteed in FPL to use for investment in the same asset class of investment property and achieve similar returns in the future.
Bledisloe Royston Trust ("BRT") is the joint Trustee for the owners and represents the Controlling Entity's interest in this land.
Page 48
Investment Properties held for retirement village
In terms of the Foundation Village Partnership Agreement The Foundation Village Partnership has and will acquire leasehold interests in land owned by the Group as required for the various stages of the retirement village development. The Foundation Village Partnership has acquired leasehold interests for 105 years in exchange for the following payments as agreed in the Partnership Agreement:
Lease payments received
Stage 1A Nathan Residences—Parnell Road Site—$8,620,000 (received March 2023)
Lease payments to be received
Stage 1B—Abbott Residences—$18,700,000 (Leasehold interest commenced November 2022).
Stage 2A—Pearson House—$4,400,000 (Leasehold interest commenced September 2023)
Stage 2B—Pearson Residences—$8,220,000 (Leasehold interest has not commenced)
The development of Stage 1B Abbott Residences is underway and Stage 2A Pearson House's refurbishment was practically completed in October 2024. Payment of Stage 1B Abbott Residences and Stage 2A Pearson House is expected in 2027. Stage 2B Pearson Residences has not commenced as at 30 June 2025.
The Stage 1A Nathan Residences land lease commenced in May 2021 resulting in the land lease income of $8,620,000 being recognised and spread over 105 years.
The Stage 1B Abbott Residences land lease commenced in November 2022 resulting in the land lease income of $18,700,000 being recognised and spread over 103 years.
The Stage 2A Pearson House land lease commenced in September 2023 resulting in the land lease income of $4,400,00 being recognised and spread over 102 years.
Page 49
The Group will retain its freehold interest in the land and receive nominal rental payments in addition to the leasehold payments above.
The valuation performed by CBRE assessed the fair value of the land (reversion value) based on a combination of land value per square metre and the number of units the resource consent allows on the land, increased by the present value of future land payments. Significant assumptions used by the valuer include land value at $4,900—$6,200 (2024: $4,900—$6,200) per square metre, $320,000—$375,000 (2024: $320,000—$375,000) per unit consented in terms of the resource consent and land payment discounted at 7% over 18 months (2024: 7% over 30 months).
A component of the valuation reflects the reversion value at lease expiry, which is determined by projecting the expected land value over the reversion period and then discounting this amount back to present value. Given the significant time period before reversion occurs, the majority of the valuation is attributable to the future land payments to be received.
On the 75th anniversary from the commencement date of the lease both parties will negotiate in good faith (for a maximum period of 24 months) to agree a renewal of the lease on "similar terms".
Future property valuations will reduce significantly as the respective land payments are received and recognised in financial assets.
Page 50
Note 16 Controlled Group Entities
The Group controls eleven entities, all registered in New Zealand, its interest in which is represented by 100% of their net assets. The subsidiaries and their principal activities (if any) during the year ended 30 June 2025 are:
Property investment, development and management
Bledisloe Royston Trust (BRT)
Foundation Properties Limited (FPL)
Foundation Village Limited
Foundation Ventures Limited
Provision of Member services and equipment
Sir Arthur Pearson Memorial Fund
Oppenheim Tertiary Education Trust
Henderson Fund
Forsyth Fund
Cyril White Award Fund
Kindred Sharp Fund (closed effective 30 June 2025)
Netta & Jack Shortt Fund
All controlled entities have the same reporting date as the Controlling Entity.
The total investment and advances to controlled entities is made up as follows:
Table:
Item
2025 $000s
2024 $000s
Investment in Foundation Properties Limited
54,505
54,078
Investment in Foundation Ventures Limited
100
100
Blank
54,605
54,178
End Table.
Page 51
During the year no related party debts have been written off or forgiven.
a. The investment and advance in Foundation Properties Limited is made up as follows:
Table:
Item
2025 $000s
2024 $000s
Opening Balance
54,078
54,078
Additional investment
427
-
Closing Balance
54,505
54,078
End Table.
The RNZFB resolved to invest net proceeds from the monies received from the partial Royston property sale of $427k (2024: $nil) in Foundation Properties Limited.
b. The investment and advance in Foundation Ventures Limited is made up as follows:
Table:
Item
2025 $000s
2024 $000s
Investment in Foundation Ventures Limited
100
100
Blank
100
100
End Table.
c. Foundation Properties Limited (FPL) controls Foundation Village Limited, registered in New Zealand. The interests are represented by 100% of their net assets. Both entities have the same reporting date.
The total investment during the year by FPL in Foundation Village Limited (FVL) is made up as follows:
Table:
Item
2025 $000s
2024 $000s
Opening Balance
10,000
10,000
Additional investment
-
-
Closing Balance
10,000
10,000
End Table.
Page 52
Note 17 Investment in Joint Venture
Joint Venture
The Foundation Village Partnership (the Joint Venture Partnership) was formed on 12 December 2018 for the purpose of constructing and operating an upscale retirement village in Parnell, Auckland, on part of the land assets owned by FPL, with the objective to generate an ongoing and substantial legacy for the RNZFB Group. The equal Partners are Foundation Village Limited, and Generus Foundation Limited, an entity ultimately owned by the interests of Mr Graham Wilkinson. The village was registered as a retirement village on 10 December 2019 (registration number 2745912). The present intention is that the village will consist of three new buildings (named Nathan, Abbott and Pearson), containing up to 158 retirement units and 26 aged care units, carparks, some commercial and retail units, along with various common facilities, some of which will be within the existing historical Pearson House building, which has been refurbished.
Foundation Village Limited's primary activity is property development and has a 50% interest in the retirement village development which comprises a number of stages:
Stage 1A (Nathan Residences) was practically completed in December 2023
Stage 1B (Abbott Residences) demolition of Awhina house in November 2022 cleared the site, construction is underway and practical completion is expected August 2026.
Stage 2A (Pearson House) refurbishment practically completed October 2024.
Stage 2B (Pearson Residences) development has not commenced. Resource Consent was received on the 9th August 2024
FVL has made no capital contributions during 2025 (2024: $0) with total contributions being $10,000,000 to the partnership, being FVL's share under the agreement. No further contributions are expected over the next 12 months.
During the prior year, FVL advanced $305,000 to TFVP relating to the development of future stages of the village. The advances are unsecured. During the prior year TFVP repaid a portion of the funds advanced to them. As at 30 June 2025 FVL has advanced $250,000.
The current commitments relate to:
1. A development management agreement with Generus Living Group Limited with associated annual management fee and a development fee subject to certain financial performance incentives and achieving various financial criteria.
2. A management service agreement with Generus Living Group Limited to manage the operation of the retirement village.
Page 53
There were no contingent assets or contingent liabilities relating to interests in The Foundation Village Partnership to which the Group would jointly and/or severally either benefit or be liable for.
Foundation Properties Limited and its partner in the joint venture provide financial guarantees on The Foundation Village Partnerships lease obligations to FPL. As FPL ultimately owns the freehold land FPL essentially self guarantees its share of the lease liability therefore management have determined there is no accounting required to account for its own guarantee.
Syndicated bank facilities are now provided by a banking sydnicate comprising of the ANZ Bank New Zealand Limited, the ASB Bank Limited and the Industrial and Commercial Bank of China (New Zealand) Limited. In the previous year all bank facilities were provided by the ANZ Bank New Zealand Limited. Bank facilities are secured by a registered first mortgage over the property, first ranking general security agreement over the assets of the Partnership and are supported by guarantees from Generus Living Group Limited and Foundation Properties Limited. The loans are repayable from the proceeds received from the issue of occupation right agreements. The development facilities consist of three individual facilities totalling $170,194,891 as at 30 June 2025 (2024: $44,706,641). The development facilities expire on 31 August 2027.
The following summarises the financial information of The Foundation Village Partnership, and reconciles the carrying amount of the Group's interest.
Table:
Item
Group 2025 $000s
Group 2024 $000s
Percentage ownership interest
50%
50%
Total assets (including cash & cash equivalents $2,602,183: 2024 $1,122,511)
213,263
158,555
Total liabilities (including trade and other payables $10,923,000: 2024 $5,896,421)
(164,179)
(102,795)
Net assets (100%)
49,084
55,760
Group share of net assets (50%) and carrying amount of interest in equity-accounted investees
24,542
27,880
End Table.
Page 54
Table:
Item
Group 2025 $000s
Group 2024 $000s
Total revenue (including fair value loss on investment property of $6,589,033 (2024: $39,803,649 gain)
(2,881)
43,405
Total expenses (including depreciation $11,345: 2024:$149,961, interest expense $360,876: 2024 $487,139)
(3,795)
(5,045)
Total comprehensive (deficit)/surplus for the year (100%)
(6,676)
38,360
Total group share of comprehensive (deficit)/surplus for the year in equity-accounted investees (50%)
(3,338)
19,180
End Table.
Table:
Item
Group 2025 $000s
Group 2024 $000s
Percentage ownership interest
50%
50%
Opening Balance
27,880
8,700
Share of equity-accounted investees (deficit)/gain for the year
(3,338)
19,180
Carrying amount of the investment in equity-accounted investees
24,542
27,880
End Table.
Page 55
Note 18 Trade and Other Payables—From Exchange Transactions
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Trade payables
1,282
2,254
1,282
2,254
Other payables
715
914
456
741
Total trade and other payables from exchange transactions
1,997
3,168
1,738
2,995
End Table.
Trade payables are non-interest bearing and are normally settled on 30 day terms. Other payables are non-interest bearing and have an average term of 30 days.
Note 19 Other Liabilities—From Non-Exchange Transactions
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Conditional funds
1,816
244
1,816
244
Other liabilities
529
512
529
512
Total other liabilities—from non-exchange transactions
2,345
756
2,345
756
End Table.
Other liabilities are non-interest bearing and are payable on demand.
Page 56
Note 20 Bank Loan
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
ASB term loan—Committed Cash Advance
9,900
9,900
-
-
ASB term loan—Redrawable Committed Cash Advance
1,000
-
-
-
Total bank loan
10,900
9,900
-
-
Current Liability
1,000
9,900
-
-
Non Current Liability
9,900
-
-
-
Total
10,900
9,900
-
-
End Table.
FPL has two term loan facilities in place with ASB. The first facility is a Committed Cash Advance Facility (CCAF) for $9.9m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). The interest rate is the 30 day BKBM bid rate plus a margin of 2.00%, less a 0.15% sustainability discount. The second facility is a Redrawable Committed Cash Advance Facility (RDW-CCAF) for $3.0m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). The interest rate is the 30 day BKBM bid rate plus a margin of 1.3%, less a 0.15% sustainability discount. The line fee is 0.75% per annum of the facility limit charged monthly in arrears. There is $2.0m of undrawn funds under this facility as at 30 June 2025.
FPL and ASB entered into renegotiations in June 2024 and finalised in July 2024 for both term loan facilities with both loans being extended two years from November 2024. The variations were formalised and effective from 12 July 2024. The first facility remains a CCAF for $9.9m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). The second facility remains a RDW-CCAF with a facility limit increase from $3.0m to $6.0m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). On the 31 January 2025 the facility limit was reduced from $6.0m to $3.0m.
These loans are subject to covenants which have been complied with, including an EBIT to Interest Expense bank debt servicing ratio at no less than 2.0 times and security over the assets, 8 George Street Parnell Auckland, 2 and 20 Titoki Street Parnell Auckland and 545 Parnell Road Parnell Auckland.
Page 57
Note 21 Land Lease Receipt in Advance
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Opening Balance
8,361
8,443
-
-
Less Lease income recognised
(82)
(82)
-
-
Total Land Lease Receipt in Advance
8,279
8,361
-
-
End Table.
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Current liability
82
82
-
-
Non-current liability
8,197
8,279
-
-
Total Land Lease Receipt in Advance
8,279
8,361
-
-
End Table.
Note 22 Employee Benefits and Obligations
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Current
Blank
Blank
Blank
Blank
Accrued salaries
711
852
711
852
Annual leave
1,216
1,078
1,216
1,078
Long service leave
43
33
43
33
Blank
1,970
1,963
1,970
1,963
Non-current
Blank
Blank
Blank
Blank
Long service leave
75
78
75
78
Total employee benefits and obligations
2,045
2,041
2,045
2,041
End Table.
Page 58
Note 23 Equity
Table:
Equity balances
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
The Equity is represented by:
Blank
Blank
Blank
Blank
Restricted purposes designated by donors
1,464
1,265
1,464
1,265
Special purposes designated by the Board
86,765
79,243
45,289
41,151
Retained surplus
114,453
104,713
80,147
67,508
Endowed capital funds
25,524
25,634
25,524
25,634
Balance at 30 June
228,206
210,855
152,424 
135,558
End Table.
Restricted Funds
This balance represents the unexpended balance of funds received from donors for Restricted purposes.
Special Purposes
These are funds set aside for future capital purchases and other special purposes. This amount includes all movements through the statement of comprehensive revenue and expense deemed by directors to be capital related, and also revaluation of investment property and investments in shares and bonds.
Retained Surplus
This includes all funds received and retained for general purposes.
Endowed Capital Funds
These are endowment funds received by the Controlling Entity where the Donor or the Board has specified them as an endowment fund. These funds cannot be spent but are invested for the future of the Controlling Entity.
Page 59
Table:
Equity Movements
Restricted Funds
Special Purposes
Retained Surplus
Endowed Capital Funds
Total
Group
$000s
$000s
$000s
$000s
$000s
At 1 July 2023
1,363
85,980
86,435
25,630
199,408
Current year surplus
-
-
11,447
-
11,447
Revaluation transfer (note 15)
-
(11,200)
11,200
-
-
Revaluation of Bonds & Investments
-
4,463
(4,463)
-
-
Reclass Restricted and Endowed Capital funds
(98)
-
94
4
-
At 30 June 2024
1,265
79,243
104,713
25,634
210,855
At 1 July 2024
1,265
79,243
104,713
25,634
210,855
Current year surplus
-
-
17,351
-
17,351
Revaluation transfer (note 15)
-
3,225
(3,225)
-
-
Revaluation of Bonds & Investments
-
4,297
(4,297)
-
-
Reclass Restricted and Endowed
Capital funds
209
-
(213)
4
-
Reclass Restricted to Retained Surplus
(10)
-
124
(114)
-
At 30 June 2025
1,464
86,765
114,453
25,524
228,206
End Table.
Page 60
Table:
Equity Movements
Restricted Funds
Special Purposes
Retained Surplus
Endowed Capital Funds
Total
Controlling Entity
$000s
$000s
$000s
$000s
$000s
At 1 July 2023
1,363
37,559
67,957
25,630
132,509
Current year surplus
-
-
3,049
-
3,049
Revaluation transfer (note 15)
-
66
(66)
-
-
Revaluation of Bonds & Investments
-
4,463
(4,463)
-
-
Reclass Special Purposes and Retained Surplus
-
(937)
937
-
-
Reclass Restricted and Endowed Capital funds
(98)
-
94
4
-
At 30 June 2024
1,265
41,151
67,508
25,634
135,558
At 1 July 2024
1,265
41,151
67,508
25,634
135,558
Current year surplus
-
-
16,866
-
16,866
Revaluation transfer (note 15)
-
(159)
159
-
-
Revaluation of Bonds & Investments
-
4,297
(4,297)
-
-
Reclass Restricted and Endowed Capital funds to Retained Surplus
(10)
-
124
(114)
-
At 30 June 2025
1,464
45,289
80,147
25,524
152,424
End Table.
Page 61
Note 24 Categories of Financial Assets and Liabilities
The carrying amounts of financial assets and liabilities in each of the financial statements are as follows:
Table:
Group
Financial assets at amortised cost $000s
FVTSD $000s
Financial liabilities at amortised cost $000s
Total $000s
As at 30 June 2025
Blank
Blank
Blank
Blank
Assets
Blank
Blank
Blank
Blank
Cash and cash equivalents
5,425
-
-
5,425
Term investments
7,280
-
-
7,280
Trade and other receivables (from exchange transactions)
1,926
-
-
1,926
Recoverables (from non-exchange transactions)
4,435
-
-
4,435
Advance to related party
250
-
-
250
Bonds and investments
-
51,265
-
51,265
Total financial assets
19,315
51,265
-
70,581
Non-financial assets
Blank
Blank
Blank
183,191
Total assets
Blank
Blank
Blank
253,772
Blank
Blank
Blank
Blank
Blank
Liabilities
Blank
Blank
Blank
Blank
Trade and other payables (from exchange transactions
-
-
1,997
1,997
Other liabilities (from non-exchange transactions)
-
-
2,345
2,345
Bank loan
-
-
10,900
10,900
Employee benefits and obligations
-
-
2,045
2,045
Total financial liabilities
-
-
17,288
17,288
Land lease income received in advance
Blank
Blank
Blank
8,279
Other Non-financial liabilities
Blank
Blank
Blank
-
Total non financial liabilities
-
-
-
8,279
Total liabilities
Blank
Blank
Blank
25,566
End Table.
Page 62
Table:
Group
Financial assets at amortised cost $000s
FVTSD $000s
Financial liabilities at amortised cost $000s
Total $000s
As at 30 June 2024
Blank
Blank
Blank
Blank
Assets
Blank
Blank
Blank
Blank
Cash and cash equivalents
4,181
-
-
4,181
Term investments
4,000
-
-
4,000
Trade and other receivables (from exchange transactions)
1,665
-
-
1,665
Recoverables (from non-exchange transactions)
3,026
-
-
3,026
Advance to related party
250
0
-
250
Bonds and investments
-
45,968
-
45,968
Total financial assets
13,122
45,968
-
59,090
Non-financial assets
Blank
Blank
Blank
175,992
Total assets
Blank
Blank
Blank
235,082
Blank
Blank
Blank
Blank
Blank
Liabilities
Blank
Blank
Blank
Blank
Trade and other payables (from exchange transactions
-
-
3,168
3,168
Other liabilities (from non-exchange transactions)
-
-
756
756
Bank loan
-
-
9,900
9,900
Employee benefits and obligations
-
-
2,041
2,041
Total financial liabilities
-
-
15,865
15,865
Land lease income received in advance
Blank
Blank
Blank
8,361
Other Non-financial liabilities
Blank
Blank
Blank
-
Total non financial liabilities
-
-
-
8,361
Total liabilities
Blank
Blank
Blank
24,226
End Table.
Page 63
Table:
Controlling Entity
Financial assets at amortised cost $000s
FVTSD $000s
Financial liabilities at amortised cost $000s
Total $000s
As at 30 June 2025
Blank
Blank
Blank
Blank
Assets
Blank
Blank
Blank
Blank
Cash and cash equivalents
4,189
-
-
4,189
Term investments
7,280
-
-
7,280
Trade and other receivables (from exchange transactions)
1,226
-
-
1,226
Recoverables (from non-exchange transactions)
4,435
-
-
4,435
Bonds and investments
-
51,265
-
51,265
Total financial assets
17,130
51,265
-
68,395
Non-financial assets
-
-
-
90,257
Total assets
Blank
Blank
Blank
158,652
Blank
Blank
Blank
Blank
Blank
Liabilities
Blank
Blank
Blank
Blank
Trade and other payables (from exchange transactions)
-
-
1,738
1,738
Other liabilities (from non-exchange transactions)
-
-
2,345
2,345
Advances from controlled entities
-
-
100
100
Employee benefits and obligations
-
-
2,045 
2,045
Total financial liabilities
-
-
6,228
6,228
Non-financial liabilities
-
-
-
-
Total liabilities
Blank
Blank
Blank
6,228
End Table.
Page 64
Table:
Controlling Entity
Financial assets at amortised cost $000s
FVTSD $000s
Financial liabilities at amortised cost $000s
Total $000s
As at 30 June 2024
Blank
Blank
Blank
Blank
Assets
Blank
Blank
Blank
Blank
Cash and cash equivalents
3,028
-
-
3,028
Term investments
4,000
-
-
4,000
Trade and other receivables (from exchange transactions)
1,179
-
-
1,179
Recoverables (from non-exchange transactions)
3,026
-
-
3,026
Bonds and investments
-
45,968
-
45,968
Total financial assets
11,233
45,968
-
57,201
Non-financial assets
Blank
Blank
Blank
84,249
Total assets
Blank
Blank
Blank
141,450
Blank
Blank
Blank
Blank
Blank
Liabilities
Blank
Blank
Blank
Blank
Trade and other payables (from exchange transactions)
-
-
2,995
2,995
Other liabilities (from non-exchange transactions)
-
-
756
756
Advances from controlled entities
-
-
100
100
Employee benefits and obligations
-
-
2,041
2,041
Total financial liabilities
-
-
5,892
5,892
Non-financial liabilities
Blank
Blank
Blank
-
Total liabilities
Blank
Blank
Blank
5,892
End Table.
Page 65
Financial liabilities
Trade payables and employee benefits are mostly payable within one year. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
Foundation Properties Limited has two term loan facilities in place with ASB. The first facility is a Committed Cash Advance Facility (CCAF) for $9.9m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). The interest rate is the 30 day BKBM bid rate plus a margin of 2.00%, less a 0.15% sustainability discount. The second facility is a Redrawable Committed Cash Advance Facility (RDW-CCAF) for $3.0m, interest only, with an expiry date of 18 November 2026 with interest payable in arrears at the end of each drawing period (monthly). The interest rate is the 30 day BKBM bid rate plus a margin of 1.3%, less a 0.15% sustainability discount. The line fee is 0.75% per annum of the facility limit charged monthly in arrears. There is $2.0m of undrawn funds under this facility as at 30 June 2025.
Other liabilities represent funds held on behalf of independent organisations in a trust capacity and are repayable on demand, as well as deferred income which is repayable if certain conditions are not met.
Table:
Maturity analysis
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Current—less than 12 months
Blank
Blank
Blank
Blank
Trade and other payables (from exchange transactions)
1,997
3,168
1,738
2,995
Other liabilities (from non-exchange transactions)
2,345
756
2,345
756
Employee benefits and obligations
1,970
1,963
1,970
1,963
Advances from controlled entities
-
-
100
100
Bank Loan
1,000
9,900
-
-
Non-Current—greater than 12 months
Blank
Blank
Blank
Blank
Bank loan
9,900
-
-
-
Employee benefits and obligations
75
78
75
78
Total liabilities
17,288
15,865
6,228
5,892
End Table.
Page 66
Note 25 Financial Risk Management
The Group is risk averse and seeks to minimise its exposure to risks associated with financial assets and liabilities.
Market Risk
The Group is exposed to market risk in the form of interest rate risk and also movement in property values and investments. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The term deposits are made for varying periods of up to, and including, twelve months depending on the immediate cash requirements of the Group, and earn interest at the respective term deposit rates. The investment bonds are held to maturity and will therefore not be subject to interest rate fluctuations.
Cash flow Sensitivity
The Group has 30 day fixed rate loans. There is no surplus or deficit sensitivity in the mortgage and life interest receivables to interest rate risk as they are at fixed rates and are measured at amortised cost.
Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The carrying amount of financial assets represents maximum credit exposure.
In the normal course of business, the Group incurs credit risk from cash and cash equivalents, amounts on deposit, trade and other receivables, monetary legacies receivable, advances to related parties and loans to subsidiaries and investment bonds.
The Group does not anticipate non-performance by counterparties. There is no significant concentration of credit risk within the Group.
Page 67
Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty raising liquid funds to meet commitments as they fall due. The Group has the following liabilities:
* On-going commitments to pay trade and other payables, bank loan and overdraft, other liabilities and employee benefits.
* Funds received under restricted endowments may be required to be repaid if they are not used for the stipulated purpose.
The Group pays trade and other payables, bank loan and overdraft, other liabilities and employee benefits when they fall due (mostly within one year) and none are past due. The Controlling Entity has cash and other short-term deposits which it can use to meet its ongoing payment obligations. There are no concentrations of liquidity risk.
The Controlling Entity does use VISA credit cards for purchases from time to time and has a facility to borrow up to $165,000, however these are repaid in full each month.
Fair values
All current financial instruments recognised in the statement of financial position are stated at carrying amounts that are also a reasonable approximation of their fair values.
Page 68
Note 26 Related Parties Transactions
Controlling Entity
The Controlling Entity has entered into certain transactions with its subsidiaries Foundation
Properties Limited ("FPL") and Foundation Ventures Limited.
The Controlling Entity leases premises from Foundation Properties Limited.
During the year proceeds from the sale of Royston properties totalling $427k (2024:$nil) have been invested in Foundation Properties Limited.
The value of these transactions for the Controlling Entity recorded in the financial statements are:
Table:
Controlling Entity
2025 $000s
2024 $000s
Performance dividend income from subsidiary
Blank
Blank
Foundation Properties Limited
4,000
3,700
Premise lease payments to subsidiaries
Blank
Blank
Foundation Properties Limited
(680)
(639)
End Table.
The following short-term advance facility closing balances are recorded in the financial statements:
Table:
Controlling Entity
2025 $000s
2024 $000s
Advances (from) to controlled entities
Blank
Blank
Foundation Ventures Limited
(100)
(100)
Foundation Properties Limited
-
-
Blank
(100)
(100)
Total net advances to controlled entities
(100)
(100)
End Table.
The terms and conditions are that the advances are non-interest bearing.
Page 69
Group
Investments and transactions with Foundation Properties Limited are disclosed in Note 16 Controlled Group Entities and Note 17 Investment In Joint Venture.
Investments and transactions with The Foundation Village Partnership are disclosed in Note 17 Investment In Joint Venture.
Key Management personnel remuneration
The Group classifies its key management personnel into one of two classes:
Members of the governing body
Chief Executive and the Executive team
The annual fees for the Chairman and Deputy Chair of the Controlling Entity governing body increased in January 2025 to $21,000 (2024: $21,000) and $11,640 (2024:$8,400) respectively, and other members of the governing body increased to an annual fee of $9,700 (2024: $7,000) per annum.
The Chief Executive and the Executive team are employed as employees of the Group, on normal employment terms.
The aggregate level of remuneration paid and number of persons (measured in "people" for Members of the governing body, and "full-time-equivalents" (FTE's) for Chief Executive and the Executive team) in each class of key management personnel is presented below:
Table:
2025
Group: Number of Individuals
Controlling
Entity: Number of Individuals
Group: Remuneration $000s
Controlling
Entity: Remuneration $000s
Members of governing committee
12
9
188
88
Chief executive officer and the executive team
6
6
1,359
1,359
End Table.
Table:
2024
Group: Number of Individuals
Controlling
Entity: Number of Individuals
Group: Remuneration $000s
Controlling
Entity: Remuneration $000s
Members of governing committee
12
9
169
78
Chief executive officer and the executive team
7
7
1,163
1,163
End Table.
Page 70
The following legal consulting fees were paid at market rates to a member of the governing body for the provision of expert legal advice for specific matters outside of the scope of their normal duties.
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Paid to Thompson Blackie Biddles
Blank
Blank
Blank
Blank
Controlling Entity
11
5
11
5
Foundation Properties Limited
119
301
-
-
Total legal fees paid to Thompson Blackie Biddles
130
306
11
5
End Table.
No close family members of key management personnel are employed by the Group.
No loan advances have been made to any close family members of key management personnel.
Note 27 Objectives For Managing Capital
The Controlling Entity seeks to maintain sufficient equity to enable it to manage its on-going operations and obligations. Surplus funds are invested having regard to the cash flow profile of future plans. The Controlling Entity is not subject to any externally imposed capital requirements. The Group is subject to covenants in relation to the ASB loan which have been met (refer note 20).
Page 71
Note 28 Capital Commitments, Leases and Contingent Liabilities
Capital Commitments involve building works where the Controlling Entity or Group have contracts in place for work to be undertaken in the next twelve months.
There are no capital commitments relating to investment properties.
Table:
Item
Group 2025 $000s
Group 2024 $000s
Controlling Entity 2025 $000s
Controlling Entity 2024 $000s
Guide Dog Kennels
-
2,695
-
2,695
Dunedin Office Refurbishment
-
415
-
415
Capital commitments
-
3,110
-
3,110
Blank
Blank
Blank
Blank
Blank
Non-cancellable operating lease payments
Blank
Blank
Blank
Blank
Not later than one year
1,016
990
1,544
1,463
Later than one year and not later than five years
3,205
1,844
5,318
3,738
Later than five years
3,538
2,061
7,287
5,858
Blank
7,759
4,895
14,149
11,059
End Table.
During the year ended 30 June 2025, the Controlling Entity recognised $1,732,838 (2024: $1,631,291) as an expense in the Statement of comprehensive revenue and expense in respect of the operating leases for buildings, vehicles and equipment. The respective expense for the Group was $1,053,072 (2024: $992,372).
The Group and Controlling Entity had no other contingent liabilities or contingent assets at 30 June 2025 (2024: $nil).
Note 29 Subsequent Events
Subsequent to balance date the Group leased the remaining vacant space on the ground floor of Nathan Residences to an external tenant and the Controlling Entity, with these leases commencing on 1 July 2025 and 1 September 2025 respectively.
The Group has also held an Apology Hui for Abuse in Care Survivors. As part of the process, a group of survivors have formed a redress group to work through the redress framework which is expected to continue for the next 2 years.
The Board of Directors and management is not aware of any matters or circumstances since the end of the reporting period, not otherwise dealt with in these financial statements that have significantly or may significantly affect the operations of the Group.
Page 72
Deloitte Independent Auditor's Report
To the Members of Royal New Zealand Foundation of the Blind
Opinion
We have audited the consolidated and separate performance report of Royal New Zealand Foundation of the Blind (the "entity") and its subsidiaries ("the group"), which comprise the consolidated and separate financial statements on print pages 12 to 71, and the consolidated statement of service performance on print pages 4 to 10. The complete set of consolidated and seperate financial statements comprise the consolidated and separate statement of financial position as at 30 June 2025, and the statement of financial performance, statement of comprehensive revenue and expense, statement of changes in net assets/equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion, the accompanying consolidated and seperate performance report presents fairly, in all material respects:
* the consolidated and seperate financial position of the group and entity as at 30 June 2025, and its consolidated and seperate financial performance and cash flows for the year then ended; and 
* the consolidated service performance for the year ended 30 June 2025 in that the service performance information is appropriate and meaningful and in accordance with the group's measurement bases or evaluation methods
in accordance with Public Benefit Entity Standards ("PBE Standards") issued by the New Zealand Accounting Standards Board.
Basis for opinion
We conducted our audit of the consolidated and separate financial statements in accordance with International Standards on Auditing ("ISAs"), and the audit of the consolidated service performance information in accordance with the ISAs (NZ) and New Zealand Auditing Standard 1 (Revised) The Audit of Service Performance Information ("NZ AS 1 (Revised)"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Performance Report section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with or interests in the entity or any of its subsidiaries. These services have not impaired our independence as auditor of the entity or group.
Other information
The Board is responsible on behalf of the group for the other information. The other information comprises the information in the Financial Review and General Information that accompanies the consolidated and separate performance report and the audit report.
Our opinion on the consolidated and separate performance report does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information, and consider whether it is materially inconsistent with the consolidated and separate performance report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If so, we are required to report that fact. We have nothing to report in this regard.
Page 73
Board's responsibilities for the consolidated performance report:
The Board responsible on behalf of the group for:
* the preparation and fair presentation of the consolidated and seperate performance report in accordance with PBE Standards;
* the selection of elements/aspects of service performance, performance measures and/or descriptions and measurement bases or evaluation methods that present service performance information that is appropriate and meaningful in accordance with PBE Standards 
* the preparation and fair presentation of service of service performance information in accordance with the Group's measurement bases or evaluation methods, in accordance with PBE Standards;
* the overall presentation, structure and content of the service performance information in accordance with PBE Standards; and 
* such internal control as the Board determines is necessary to enable the preparation of a consolidated and seperate performance report that is free from material misstatement, whether due to fraud or error.
In preparing the consolidated and separate performance report, the Board is responsible on behalf of the group for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the group or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial report/performance report
Our objectives are to obtain reasonable assurance about whether the consolidated and seperate performance report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and NZ AS 1 (Revised) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this consolidated and seperate performance report.
A further description of our responsibilities for the audit of the consolidated and separate performance report is located on at the External Reporting Board's website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-13-1/
This description forms part of our auditor's report.
Restriction on use
This report is made solely to the Members, as a body, in accordance with Constitution of the Royal New Zealand Foundation of the Blind. Our audit has been undertaken so that we might state to the Members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Members as a body, for our audit work, for this report, or for the opinions we have formed.
Deloitte Limited
Auckland, New Zealand
20 September 2025
***
This audit report relates to the consolidated and seperate performance report of Royal New Zealand Foundation of the Blind (the "entity") and its subsidiaries (the "group") for the year ended 30 June 2025 included on the entity's website. The Board is responsible for the maintenance and integrity of the entity's website. We have not been engaged to report on the integrity of the entity's website. We accept no responsibility for any changes that may have occurred to the consolidated and seperate performance report since they were initially presented on the website. The audit report refers only to the consolidated and seperate performance report named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these consolidated and separate performance report. If readers of this report are concerned with the inherent risks arising from electronic data communication, they should refer to the published hard copy of the audited consolidated and seperate performance report and related audit report dated 20 September 2025 to confirm the information included in the audited consolidated and seperate performance report presented on this website.
Page 74
Board's Interests
The following are particulars of general disclosures of interest by Directors of the Royal New Zealand Foundation of the Blind Incorporated holding office at 30 June 2025, pursuant to section 6.10 of the Constitution of the Royal New Zealand Foundation of the Blind Incorporated.
All the directors have an interest in the insurance policies below:
QBE Insurance—Association Liability and Statutory Liability Insurance
Chubb Group—Personal Accident and International Travel Insurance
Ms Martine Abel-Williamson
Director, Egoli Limited (access and inclusion consultancy business)
Board Member, Blind Citizens NZ
President, World Blind Union (Table Officer position)
Board Member, International Agency for the Prevention of Blindness (representing the WBU)
Board Member, Disability Connect (Disability Information and Advice service agency)
Vice Chair, Accessible Books Consortium
Co-Chair, Auckland Council, Auckland Disability Advisory Panel
Trustee, National Advocacy Trust
Trustee, BLENNZ
Northern Consumer Council, Health NZ Te Whatu Ora
Member, Northern Integrated Clinical Governance Committee of Te Whatu Ora
Partner, Gary Williamson
Employee, Blind Low Vision NZ
Mr John Billings
Member International Opticians Association
Fellow of the Association of British Dispensing Opticians
Member of Association of Dispensing Opticians NZ Inc
Registered Dispensing Optician, Optometrists and Dispensing Opticians Board NZ
Employed by Andrew Black Optometrists, Wellington
Member of the Continuing Education Committee O&DOB
Professional Conduct Committee member O&DOB
Freeman of the Worshipful Company of Spectacle Makers
Member, Health Practitioners Disciplinary Tribunal
Page 75
Mr Clive Lansink
Director, Accessible Information and Communications Limited
Member, Blind Citizens NZ
Chair, Auckland Disability Law
Treasurer, Goalball New Zealand
Chair, Braille Technical Committee, International Council on English Braille
Ms Donna McCaskill
Trustee, D-List
Member, M?ori Advisory Group of the Sport and Recreation Integrity Commission
Mr Chris Orr
Auckland Council Disability Advisory Panel
Auckland Council Universal Design Panel
Member, Blind Citizens New Zealand
Mr Richard Patete
Trustee, Henderson Trust
Member, Chartered Accountants Australia New Zealand
Member, Institute of Directors
Director, Foundation Properties Limited
Director, Foundation Village Limited
Trustee, Bledisloe Royston Trust
Mr Ronald Scott
Director, Stellaris Ltd
Member, SILC Charitable Trust
Regional Councilor, Bay of Plenty Regional Council
Vice Chair, Bay of Plenty AA
Director, Workbridge Holdings Ltd
Director, Workbridge Employment Services
National Councilor, Automobile Association
Board Member, Consumer NZ Inc
Ms Judy Small
Member, Women's Health Governance Committee (Waikato Te Whatu Ora)
Member, Deafblind Association NZ
Ms Anne Marie Taggart
Director, Scotfern Consulting Limited
Director, Oceanside Property Limited
Employed by Ministry of Education
Page 76
Chief Executive: Mrs Andrea Midgen
Director, Foundation Properties Limited
Director, Foundation Village Limited
Trustee, Eye Health Aotearoa
Trustee, Macular Degeneration NZ
Chief Operating Officer/Chief Financial Officer (1 July 2024?31 July 2024): Mr Greg Hurn
Director, Foundation Properties Limited
Director, Foundation Village Limited
Director, Foundation Ventures Limited
Trustee, Bledisloe Royston Trust
Member, Chartered Accountants Australia New Zealand
Chief Financial Officer (effective 1 August 2024): Mr Stephen Keeling
Director, Keeling Rentals Limited
Director, Keeling Ventures Limited
Member, Chartered Accountants Australia New Zealand
Board Secretary
Diana Chandler
Page 77
Board’s Remuneration
The Board's remuneration is paid in the form of Directors' fees. Additional fees are paid to the Chair and Deputy Chair to reflect the additional responsibilities of this position. The Controlling Entity meets Directors' reasonable travel and other costs associated with Royal New Zealand Foundation of the Blind business. Directors who are also members of the Controlling Entity receive normal services from the Controlling Entity on the same terms and conditions as other members.
The Board will every five years, and at any other time it considers appropriate, commission a report from an independent external advisor appointed by the Foundation giving the opinion of the independent external advisor as to whether, the then-current remuneration of Directors is reasonable and equivalent to that which would be paid in comparable circumstances.
Pursuant to section 8.10 of the constitution of the Royal New Zealand Foundation of the Blind, the value of all benefits received by the Board during the financial year is set out below:
Table:
Director
Fees $000s
Mr Clive Lansink
21
Ms Judy Small
9
Ms Martine Abel-Williamson
8
Mr John Billings
8
Ms Donna McCaskill
8
Mr Chris Orr
8
Mr R Patete
8
Mr R Scott (See Footnote 1)
8
Ms Anne Marie Taggart
8
Total
88
End Table.
Footnote 1: Mr R Scott's Fees are paid to Stellaris Limited
Page 78
Directors' Meeting Attendance
(Meetings attended—Meetings held)
Table:
Director
Board
Meetings
Audit
Committee
Governance
Committee
People
Client
Services
M Abel-Williamson
6-6
-
-
2-3
4-4
J Billings
6-6
-
-
3-3
3-4
C Lansink
5-6
4-4
4-4
3-3
4-4
D McCaskill
6-6
-
2-4
-
4-4
C Orr
6-6
4-4
-
-
4-4
R Patete
6-6
4-4
-
3-3
-
R Scott
5-6
3-4
4-4
-
-
J Small
6-6
-
4-4
-
4-4
AM Taggart
5-6
3-4
-
3-3
-
End Table.
In addition, the directors attend strategic and business planning meetings, consumer consortium meetings, engagement road shows and various tele-conference meetings.
Employee Remuneration
The following are particulars of the number of employees or former employees of the Controlling Entity who, in their capacity as employees, received remuneration and any other benefits in excess of $100,000, pursuant to section 11.4.1.12 of the constitution of the Royal New Zealand Foundation of the Blind.
Table:
Blank
2025 Number of employees
2024 Number of employees
$100,001-$110,000
7
10
$110,001-$120,000
4
3
$120,001-$130,000
3
2
$130,001-$140,000
2
3
$140,001-$150,000
1
2
$150,001-$160,000
-
2
$160,001-$170,000
3
2
$190,001-$200,000
1
1
$200,001-$210,000
1
-
$210,001-$220,000
1
2
$220,001-$230,000
-
1
$260,001-$270,000
1
-
$280,001-$290,000
-
1
$290,001-$300,000
1
-
$310,001-$320,000
1
-
$320,001-$330,000
1
-
$330,001-$340,000
-
1
Total
27
30
End Table.
End of Performance Report 2025