ANNUAL REPORT - Ngā Pae o te Māramatanga

Ngā Pae o te MāramatangaNew Zealand’s Indigenous Centre of Research ExcellenceNotes to the Financial Statementsfor the year ended 31 December 20111. Statement of Accounting PoliciesBasis of PreparationNgā Pae o te Māramatanga (National Institute ofResearch Excellence for Māori Development andAdvancement) is a Centre of Research Excellenceand is hosted as an Institute within The Universityof Auckland. Ngā Pae o te Māramatanga hasits own Board of Governance which includesmembers external to The University of Auckland.These financial statements are general purposefinancial statements that comprise a statementof income and expenditure and a balance sheet.The financial statements have been prepared inNew Zealand currency, on the basis of historicalcost, and in accordance with generally acceptedaccounting practice in New Zealand.The financial statements are for the 12 monthsended 31 December 2011. The comparativefigures are for the 12 months ended 31 December2010.These unaudited financial statements have beenextracted from the audited financial statementsof The University of Auckland and have beenprepared in accordance with following accountingpolicies.(a) Revenue(c) Changes in Accounting PolicyAccounting policies have been applied on a basisconsistent with those of the previous period.2. Tertiary Education Commission Grant(a) Funding LevelsNgā Pae o te Māramatanga is primarily fundedby the Tertiary Education Commission. Fundingis approved until 30 June 2014. Approved levelsare:Approved and receivedfor half year ending 30 June 2008 $1,773,333Approved and receivedfor year ending 30 June 2009 $5,330,960Approved and receivedfor year ending 30 June 2010 $5,330,960Approved and receivedfor the year ending 30 June 2011 $5,330,960Approved for year ending30 June 2012 $5,419,809Approved for year ending30 June 2013 $5,327,976Approved for year ending30 June 2014 $5,048,145Research grants are recognised as revenue uponcompletion of services for which the grant wasmade. Where obligations are attached to a grant,a liability is recognised. Once the obligation isdischarged, the grant is recognised as revenue.(b) TaxationNgā Pae o te Māramatanga is exempt fromincome tax as it is hosted by The Universityof Auckland which is exempt from income tax.All amounts are shown exclusive of Goodsand Services Tax (GST).GST is accounted for by The University ofAuckland outside of the financial statementsfor Ngā Pae o te Māramatanga.2011 ANNUAL REPORT 39