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75% reduction in the death rate from heart disease since we began our work, but heart disease is still New Zealand’s biggest killer.

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CONTENTS

Chairman’s Report 2

Chief Executive’s Report 4

Medical Director’s Report 6

Our Strategic Plan 8

Our Objectives 9

Finance Report 12

Financials 14

Notes to Financial Statements 18

Audit Report 33

Board of Directors 34

Executive Management Team 36

Heartfelt Thanks 39

Special Recognition 41

HEART DISEASE DEATH RATES ARE FALLING. BUT THE FIGHT’S NOT OVER YET...

Welcome to ‘Big Beats’, the Heart Foundation’s Annual Report for 2015. The theme of ‘Big Beats’ refers to our major wins and achievements, of which there have been many in the last financial year.

CHAIRMAN’S REPORT

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We find ourselves reflecting on both the past year and the 2012-2015 strategic plan period, which has now come to an end. Buoyed by the successes of this previous plan, the Foundation is now heading into a new three-year strategic plan with a renewed sense of purpose and a genuine desire to make a measurable difference to New Zealand’s heart health.

I am pleased to report a net surplus of $0.669m in the last financial year. Although this is significantly down from the previous year, by $1.327m, it is still ahead of expectations.

To give insight into our financial position, it is worth noting that our fundraising income, including our very successful Lottery programme, remained unchanged from the previous year. However, our revenue from donations and legacies was significantly lower than last year, down by 24%. Legacies in particular took a hit with the lowest level of income recorded since 2009. This again highlights the risk associated with relying on unpredictable income sources, such as donations and legacies, and our need to diversify income streams.

I am happy to see a concerted effort by the Board, management and staff to keep costs down in the face of our falling revenue.

In contrast to our income challenges, we experienced an insignificant increase in our expenditure, up only 0.6% from the previous year. This is a very pleasing result. The slight lift can be attributed to increased funding for research grants and administration costs, and higher costs for programme support. However, savings in the area of health services were almost sufficient to offset these increases in expenditure.

While on the subject of our financial results, I would like to acknowledge the outstanding results achieved by our volunteer Investment Committee during the last financial year. Led by David Strack, the Investment Committee includes Board Member Michael Benjamin, Finance Manager Bruce Davis and external advisors Murray Austin and Michael Gault.

The Foundation has a diversified investment portfolio, including shareholdings both in New Zealand and overseas. The Investment Committee continued to shift the allocation of our investments in the past financial year – a change that was started the year before – with increasing success. Under their care our investments grew in value substantially, increasing by $3.434m from the previous year, as well as providing a 12% increase in the level of investment income.

We cannot summarise our financial position without acknowledging the Heart Foundation’s strong relationship with the Ministry of Health. We are grateful for the Ministry’s continued confidence in the work we do to support our shared health goals.

Most of our current Ministry contracts, covering nutrition, physical activity, tobacco and Pacific Heartbeat Services are due to expire at the end of the 2016 financial year. We are keen to continue working closely with the Ministry going forward.

Our contract income for the last financial year was $0.073m lower than the previous year. This was largely due to a re-assessment of the contract sourced last year from the ‘Ministry of Health Pathway to Smokefree New Zealand 2025 Innovation Fund.’

Meanwhile, our contract to support the government’s national health target of more heart and diabetes checks expired in July 2015, but we have successfully secured a one-year extension.

Another ‘Big Beat’ achieved with the Ministry’s support has been an ambitious move to take our programmes for schools and early childhood centres to an online delivery platform. We are anticipating positive results from this successful shift, in terms of improved administrative efficiencies and greater uptake of our programmes.

Now, as we look ahead to the current financial year and our new three-year strategic plan, I am confident we are building a solid platform which will produce many more success stories.

Thank you to my fellow Board members for their continued leadership and guidance, which has steered the Foundation to its current positive position. I also want to acknowledge the strong leadership of Chief Executive Tony Duncan and Medical Director, Associate Professor Gerry Devlin.

I am excited about the opportunities on our horizon and eager to see what we can achieve together over the next 12 months.

Thank you

MIKE TOMLINSON Chairman

We have worked hard over the past three years to achieve five main strategic objectives, guided by our vision of ‘Fulfilling lifetimes with healthy hearts’ in order to ‘Stop premature deaths from heart disease.’

Under the first objective – cardiovascular disease (CVD) risk assessment and heart health management – our key task was to work collaboratively with the health sector to support the national targets that are most relevant to the Heart Foundation, these being 90% of New Zealanders receive a heart and diabetes check, and that 90% of New Zealanders receive better help to stop smoking.

I am pleased to report that the number of New Zealanders getting a heart and diabetes check soared from 46% to an incredible 87% in the three years ending June 2015. Our support for primary care health practitioners, heart health resources, and campaigns such as ‘Get your heart checked’ and ‘Know your numbers’, have combined to help achieve this impressive growth. We also celebrated the launch of our HeartHelp website, which was funded by donations and provides easy-to-access support, advice and guidance for people living with heart disease, and for their loved ones.

CHIEF EXECUTIVE’S REPORTThis last financial year marked the end of our 2012-2015 strategic plan, so it is only fitting that I take this opportunity to share our big wins against the plan.

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Meanwhile, the number of New Zealanders receiving better help to stop smoking more than doubled in the three years, jumping from 40% to 89% of the population. We can be proud of our role in this achievement. We have shown strong advocacy and leadership through Tala Pasifika and our regional network of Heart Health Advocates in working collaboratively towards our key objective of attaining a Smokefree New Zealand by 2025.

Continuing our strong leadership in clinical healthcare, another of our key objectives was to support the eradication of rheumatic fever by 2020. Our work in this area, led by former Medical Director Norman Sharpe, centred around funding for research and support for new clinical guidelines and treatment.

Our fourth key objective was to improve heart healthy food and nutrition in New Zealand. To achieve this, we created and published our ‘Healthy Heart Visual Food Guide’, a modern take on the traditional food pyramid. We also introduced Two Ticks, which helps consumers identify core foods for a healthy diet. In less than a year, there are already more than 100 products registered with Two Ticks. New Zealand families can now enjoy heart healthy meals on a budget, thanks to our new cookbook called Cheap Eats, published in collaboration with the New Zealand Federation of Family Budgeting Services. Our nutrition team has published excellent position papers on the affordability and accessibility of healthy food for children, on measures to reduce the intake of sugar-sweetened beverages, on sodium levels in New Zealand’s packaged food, and on coconut oil, dietary patterns and alcohol.

The Heart Foundation does a significant amount of work encouraging food manufacturers to make their products healthier. As a result, 80% of the industry has met reformulation guidelines in key categories, leading to an estimated 210 tonnes of salt removed from the food supply per year, earning the Heart Foundation a ‘2014 Notable Achievement in Dietary Salt Reduction’ award from the World Hypertension League.

As we work towards preventing the next generation of New Zealanders from developing heart disease, we have placed a high priority on growing heart healthy children. To achieve this final strategic objective, we have spent the past three years increasing the number of early childhood education (ECE) services and schools actively engaged with our education programmes. We will continue to focus on increasing this number, especially in low decile areas.

Our education team has also made significant improvements to their wide range of programmes. Fuelled4life added a new component – Fresh Made – which is now a fundamental part of both our Healthy Heart Award and our Heart Start Programme.

We redeveloped Heart Start to include the Heart Start Excellence and Heart Schools initiatives, and the popular Food For Thought programme, run in partnership with Foodstuffs New Zealand, was successfully rolled out nationally.

We also launched a brilliant new interactive website called Learn by Heart, which allows schools and educators to easily find information about our education programmes online and to complete administration.

On top of all our external achievements, we can be equally as proud of our internal gains. Our recent staff culture survey highlighted that we are a happy, supported and driven workforce. Our management team is highly competent and collegial and members of the team have been champions for each of the strategic objectives, leading cross functional teams.

My thanks to the Ministry of Health for their funding of some of the previously mentioned programmes and for their spirit of partnership. We valued the support and accessibility of the Hon Tony Ryall during his time as Minister of Health and appreciated the meeting with Minister Coleman earlier this year.

I would like to extend my sincere gratitude to our many volunteers and donors, who provide the vital support and funds that enables the Heart Foundation to carry out its valuable work.

My thanks also to the Board for the quality of governance support provided to management. I have particularly appreciated the leadership of Mike Tomlinson, the Board Chairman, and Michael Benjamin, the Chair of our Finance and Marketing Strategic Advisory Committee, and for the personal support provided by both gentlemen.

I am extremely proud of our achievements during the period of our 2012-2015 strategic plan and as we commence implementing our new 2015-2018 strategic plan, I feel highly confident in our organisation’s ability and drive to make significant progress in our mission, ‘To stop New Zealanders dying prematurely from heart disease and to help people with heart disease to live full and productive lives’.

Yours sincerely

TONY DUNCAN Chief Executive

MEDICAL DIRECTOR’S REPORT

It has been a highly successful year for the Heart Foundation, with a number of ‘Big Beats’ to celebrate. Not only have we maintained a small surplus in the face of rising costs and expenditure, we have achieved significant outcomes in many of our strategic pillars.

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As Medical Director, I am particularly excited about our shift towards offering greater support for Kiwis, and their families, living with heart disease. We have always worked hard in the area of prevention – including our vitally important research programme – and we are now equally as committed to helping people with heart disease to live long, full and productive lives. This new focus perfectly complements our existing prevention programmes.

The first Big Beat, or big win, I want to touch on is the launch of our new online rehabilitation website called HeartHelp. This engaging site offers support and guidance to people living with heart disease, and to their families. HeartHelp breaks down the traditional barriers many people face when trying to access cardiac rehabilitation. Heart disease patients can now get much-needed heart health advice from the comfort and security of their own home.

Cardiac rehabilitation programmes are a crucial part of the recovery process. But we know that fewer than half of those eligible to attend cardiac rehab actually do so, and one third of attendees fail to complete a programme. This is an alarming statistic when coupled with the fact that 50% of heart attack victims go on to suffer subsequent events. HeartHelp is the first of many initiatives we have in the pipeline to better support those living with heart disease.

This brings me to my second Big Beat for the year and another piece of work I am proud of – our investment in research and cardiology training. In the July 2014 funding round, we awarded $1.8 million to 31 applicants dedicated to improving heart health in New Zealand, thanks to our generous donors. Alongside previously committed research funding for the year, we invested a total of $2.519m.

Of the 31 grants awarded, we funded eight project grants, nine Fellowships and scholarships, six small project grants, one grant-in-aid and seven travel grants for overseas training. As an Interventional Cardiologist, I can’t stress enough how vitally important this funding is for the New Zealand medical community.

I’d like to take this opportunity to acknowledge our Scientific Advisory Group, who carefully award grants in the most strategic way possible. This voluntary group – Chaired by Heart Foundation Board member Associate Professor Merv Merrilees – dedicates a considerable amount of time to scrutinise and assess the large volume of applications we receive each year. Their commitment and shared expertise ensures we continue our 45-year tradition of funding high quality research and training.

It has been a great privilege to provide strategic input into the Heart Foundation’s direction over the last financial year, and leading into our new strategic plan period. Working in cardiology at Waikato Hospital brings

me face-to-face with heart disease on a daily basis, meaning I see the damage it does and heartache it causes. To be in a position where I can inform and guide the Heart Foundation’s programmes is a huge honour.

Of course, none of the Heart Foundation’s Big Beats could be attained without the generous support of our volunteers, sponsors and donors. Despite all the ground we have taken, heart disease remains New Zealand’s biggest killer. We are making strong gains but, as long as our loved ones are dying needlessly of heart disease, there is still work to be done. The fight is not over yet.

Thank you

Gerry Devlin Medical Director

INFORMATION SERVICES

BRAND PROFILE

ERADICATE RHEUMATIC

FEVER BY 2020

ACHIEVE SMOKEFREE NZ BY 2025

HEART HEALTHY CHILDREN

FOOD, NUTRITION AND PHYSICAL

ACTIVITY

CVD RISK ASSESSMENT

AND MANAGEMENT

RESEARCH

Credibility and gravitas

OUR DRIVERS OF SUCCESS

SUSTAINABLE FUNDING

Fulfil a lifetime is our platform

Māori / Pacific / South Asian

focus

Expand reach and penetration through

partnerships

Focus on outcomes

Conscious risk taking

Measurement and facts inform us

Leverage CV risk assessment

Drive online where possible OUR VISION

Fulfilling lifetimes with healthy hearts

OUR GOALStop premature deaths

from heart disease

OUR STRATEGIC PLAN

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1. CARDIOVASCULAR DISEASE (CVD) RISK ASSESSMENT AND HEART HEALTH MANAGEMENT All eligible people are risk assessed and managed appropriately to fulfil a lifetime.

a. The national health targets using CVD risk assessments are achieved b. 90% of those identified at high risk are managed appropriately c. 80% of those with a heart condition have used a Heart Foundation resource and found it valuable d. The uptake of cardiac rehabilitation is increased

2. FOOD, NUTRITION AND PHYSICAL ACTIVITY

a. Targeted food manufacturers meet reformulation guidelines covering 80% market share b. 80% of major catering companies meet Heart Foundation catering recommendations c. Maintain advocacy position to protect New Zealand children from marketing of unhealthy food and beverages d. Review and implement the Heart Foundation healthy eating strategy e. Promote physical activity, including non-sedentary behaviour, in all relevant Heart Foundation materials and programmes and with targeted local government organisations

3. HEART HEALTHY CHILDREN

a. Increase the number of engaged early childhood education (ECE) services and low decile schools by 10% through a revised range of initiatives b. 50% of all schools and 50% of all ECE services registered to Fuelled4life c. Improve food supply to all schools and ECE services d. Influence families for heart healthy lifestyles through ECE services e. Raise awareness of heart health for Pacific children (1–5 years)

4. ACHIEVE SMOKEFREE NEW ZEALAND BY 2025

a. By 2015, there will be a decrease to 15% or less for the general population, a decrease to 20% or less for Pacific and a decrease to 25% or less for Māori

5. SUPPORT ERADICATION OF RHEUMATIC FEVER BY 2020

a. Support current ministry/sector programmes and ensure ongoing programmes are in place beyond 2014 (measured by disease notification, hospital admissions and programme continuation)

ENABLING OBJECTIVES

6. BRAND PROFILE

7. RESEARCH

8. SUSTAINABLE FUNDING

9. INFORMATION SERVICES (IS)

OUR OBJECTIVES

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FINAN CIALS

FINAN CIALS

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Even though the result was significantly below that for the previous year (largely due to a fall in income from donations and legacies of $1.335m) it was still ahead of expectations at the beginning of the year.

In comparison with the previous year, net operating revenue (including legacy receipts) fell by $1.736m (11.0%), operating expenditure rose by $0.079m (0.6%) and non-operating items increased by $0.488m to a surplus of $0.629m.

IncomeOur fundraising revenue, including the Lottery programme, was almost exactly the same as the previous year; an increase of $0.004m. An increase in the price for Lottery tickets became effective after the end of the 2015 financial year.

Revenue from donations and legacies at $4.226m was $1.335m lower than last year and income from legacies was below budget for the first time since the June 2009 financial year.

Although the fall in income compared with the previous year was disappointing in the context of the excellent results for the recent past, it was a salutary reminder that legacy receipts are unpredictable.

Legacy receipts are treasured and we remain deeply grateful to all those who recognise and support the work of the Foundation by remembering us in their wills.

Contract income at $4.801m was $0.073m lower than the previous year. This was largely due to a re-assessment of the contract sourced last year from the Ministry of Health Pathway to Smokefree New Zealand 2025 Innovation Fund. The contract price for year two was reduced and its commencement was delayed so it spans the 2015 and 2016 financial years.

Investment income at $1.716m was $0.189m above the level achieved in the previous year.

Direct expenses were $0.343m (4.6%) above last year principally arising from higher costs for Lottery prizes, the preparation of and packaging of direct marketing material and higher advertising costs for the Annual Appeal.

ExpenditureTotal expenditure rose by $0.079m (0.6%), compared with the previous year, to $13.973m.

Expenditure on health services (Public Health, Pacific Heartbeat and Heart Healthcare) fell by $0.113m (1.8%).

Expenditure on research, including administration costs as well as grants, increased by $0.129m (4.8%) to $2.802m. The Foundation approved grants for a total of $2.519m.

Programme support costs increased by $0.096m (2.9%) to $3.382m. All of this increase can be attributed to higher personnel costs including staff development and staff recruitment ($0.251m, an increase of 3.3%).

Expenditure on other grants fell by $0.009m to $0.565m.

The favourable net change in the fair value of our investments was $3.434m which was a substantial increase on the gain of $1.289m reported last year. As well as increased share price valuations, the Foundation benefitted from favourable movements in the exchange rates for the overseas markets in which the Foundation has investments. The value of investments held in overseas currencies increased from 38% to 46% by the end of the year. In this connection, the work of the Foundation’s volunteer Investment Committee is much appreciated.

Cash FlowsAlthough the Foundation achieved a surplus of $1.037m before depreciation there was a net cash flow deficit on operating activities of $0.740m. Much of this can be attributed to an increased level of prepayments for property acquired and work in progress for Lottery prizes. This increased by $1.053m to $3.517m at the end of June 2015.

As well as the cash deficit from operating activities, a further $2.399m (net) was disbursed on investment activities and $0.394m was applied for the net purchase of fixed assets.

The overall result was a reduction of $3.533m in cash and cash equivalents during the year to a closing balance of $4.884m at the end of the year.

FINANCE REPORTFor the year ended 30 June 2015, the Foundation achieved a net surplus of $0.669m which was $1.327m below the result for the previous year.

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InvestmentsAs noted above, there was a net increase in the purchase of new investments of $2.399m compared with $0.065m for the previous year.

The shift in the allocation of investments that was noted last year has continued.

Available for sale investments at the end of the year were valued at $31.291m (81.4% of total investments), compared with $25.554m (73.0%) at the end of the previous year. Some of this is attributable to the gain in value of the available-for-sale investments ($3.434m) but the re-allocation also reflects a purposeful response to a continuation of the low interest rate environment which has encouraged a move to the higher returns offered by equities.

Net gains of $0.420m were achieved on the sale of investments during the year.

Future ProspectsThe Foundation is now working to a new strategic plan, focused primarily on supporting patients and the families of patients who have experienced heart events. It is expected that this will enhance the Foundation’s relevance to these potential donors and build brand recognition in the wider community.

Steps have already been taken to improve the financial viability of the Lottery by raising ticket prices for the first time since January 2011. Since then there have been higher fundraising costs, particularly for our Lottery and direct marketing appeals. Postage costs have risen and the Lottery programme has also been impacted by higher costs for property acquisitions and building costs.

Our funding for research continues to increase and grants to the value of $2.7m were awarded in July 2015. Requests for funding exceed the resources we are able to commit by a wide margin so we are keen to improve the reliability and consistency of fundraising so we may in future allocate additional resources to research. In turn, research funding will be more aligned to our strategic objectives and initiatives.

The Foundation appreciates the Ministry of Health’s confidence in our work which provides a stable foundation for our public health activities. Most of the current contracts are due to expire at the end of June 2016 and the Foundation will be working to maintain its position as a capable and effective partner so that we are well placed to secure new contracts in the following year.

The contract to support the health target of more heart and diabetes checks expired in July 2015 and the Foundation has been able to secure an extension for a further year.

With the support of the Ministry, the Foundation has invested to successfully take its health promotion and physical activity programmes for schools and early childhood centres to an online delivery platform. We are exploring ways in which the reach of these programmes might be expanded by utilising the online delivery platform and engaging with other provider partners.

We have a significant capex expenditure program in place to support initiatives arising from the new strategic plan. These capital expenditure investments can only be funded from the investment of previous unbudgeted surpluses.

BRUCE DAVISFinance Manager

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$000 Note 2014 2015

EQUITY 40,433 44,536

Represented by

ASSETS

Current assets

Cash and cash equivalents 7 8,417 4,884

Prepayments 8 2,673 3,688

Trade and other receivables 9 990 1,016

Investments 10 1,896 1,937

Inventories 222 189

Total current assets 14,198 11,714

Non-current assets

Investments 10 29,046 35,799

Property, plant and equipment 11 3,151 3,272

Total non-current assets 32,197 39,071

Total assets 46,395 50,785

Current liabilities

Trade and other payables 12 3,936 4,037

Employee entitlements 13 395 448

Provisions 14 1,631 1,764

Total current liabilities 5,962 6,249

Total net assets 40,433 44,536

$000 Note 2014 2015

Balance at beginning of year 15 37,148 40,433

Net change in fair value of available-for-sale financial assets 15 1,289 3,434

Income and expense recognised directly in equity 1,289 3,434

Net surplus for the year 1,996 669

Total recognised income and expense for the year 3,285 4,103

Balance at end of year 40,433 44,536

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 30 June 2015

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2015

The Notes to the financial statements form part of, and should be read in conjunction with, these financial statements.

M T TOMLINSON Chairman

29 October 2015

A J DUNCAN Chief Executive

29 October 2015

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2014 $000 Note 2015

REVENUE

9,867 Fundraising activities 9,871

5,561 Donations and legacies 6 4,226

4,874 Contract services 4,801

1,527 Investment income 4 1,716

1,447 Other income 1,269

23,276 Total operating revenue 21,883

7,527 Direct expenses 5 7,870

15,749 Net operating revenue 14,013

EXPENDITURE

2,673 Research – grants and administration 2,802

3,579 Public health 3,342

1,308 Pacific Heartbeat 1,290

1,253 Heart Healthcare 1,395

271 Communications and publicity 244

626 Tick programme 585

3,286 Programme support 3,382

574 Other grants 565

324 Depreciation 5,11 368

13,894 Total expenditure 5 13,973

1,855 Operating surplus 40

(90) Gain / (loss) on investments 420

47 Gain / (loss) on disposal of fixed assets 95

184 Research grants written back 114 629

1,996 Net surplus 669

Other comprehensive income

1,289 Net change in fair value of available-for-sale financial assets 3,434

1,289 Other comprehensive income for the year 3,434

3,285 Total comprehensive income for the year 4,103

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 30 June 2015

The Notes to the financial statements form part of, and should be read in conjunction with, these financial statements.

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$000 2014 2015

Cash flows from operating activities

Cash was provided from:

Fundraising activities, donations and legacies 15,510 13,875

Contract and other services 4,972 4,894

Interest received 620 529

Dividends received 453 579

Other income 1,186 1,558

GST received (148) 83

22,593 21,518

Cash was disbursed to:

Direct expenses for operating income generation (7,566) (8,947)

Research and health services (9,305) (9,093)

Other operating and administration (3,827) (4,218)

(20,698) (22,258)

Net cash flow surplus from operating activities 1,895 (740)

Cash flows from investing activities

Cash was provided from:

Sale of available-for-sale financial assets 1,507 2,221

Redemption of held-to-maturity investments 2,186 1,410

Sale of fixed assets 47 181

3,740 3,812

Cash was disbursed to:

Purchase of available-for-sale financial assets (3,658) (3,580)

Purchase of held-to-maturity investments (100) (2,450)

Purchase of property, plant and equipment (347) (575)

(4,105) (6,605)

Net cash flows from investing activities (365) (2,793)

Cash flows from financing activities – –

Net increase / (decrease) in cash and cash equivalents 1,530 (3,533)

Cash and cash equivalents at 1 July 2014 6,887 8,417

Cash and cash equivalents at 30 June 2015 8,417 4,884

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONFor the year ended 30 June 2015

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$000 2014 2015

Surplus for the period 1,996 669

Adjustments for:

Depreciation 324 368

Loss (Gain) on sale of investments 90 (420)

Loss (Gain) on sale of fixed assets (47) (95)

Shares received in lieu of dividends (439) (483)

Interest capitalised (21) (64)

Held-to-maturity amortisation (12) 6

1,891 (19)

Movements in working capital items

Change in trade and other receivables (51) (26)

Change in prepayments (8) (1,015)

Change in inventories 20 33

Change in trade and other payables (15) 101

Change in employee entitlements (38) 53

Change in provisions 96 133

Net cash from operating activities 1,895 (740)

RECONCILIATION WITH SURPLUS FROM OPERATING ACTIVITIES For the year ended 30 June 2015

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the year ended 30 June 2015

1. Reporting entityThe reporting entity comprises The National Heart Foundation of New Zealand, the Trust for the Chair in Cardiovascular Studies and the Heart Health Research Trust. The National Heart Foundation is a charitable organisation, based in Auckland, which is incorporated under the Charitable Trusts Act 1957 and registered under the Charities Act 2005 (registration number CC23052).

The reporting terms and conditions set by Charities Services require the parent entity (the National Heart Foundation of New Zealand) to prepare consolidated financial statements.

The National Heart Foundation of New Zealand is engaged in: • funding research activities, including the provision of grants for post-graduate study • the delivery of health promotion services to improve the heart health of New Zealand residents • the improvement of the nutritional aspects of the food supply • raising funds to pursue its charitable objectives.

Date of authorisation

The financial statements of the Foundation are for the year ended 30 June 2015. The financial statements were authorised for issue by the Board on 29 October 2015.

2. Statement of compliance and basis of preparationThe Foundation is a public benefit entity.

The financial statements have been prepared in accordance with the constitution of The National Heart Foundation of New Zealand and with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with the appropriate New Zealand equivalents to IFRS (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities.

From 1 April 2014, the new Financial Reporting Act 2013 (“FRA 2013”) has come into force replacing the Financial Reporting Act 1993. This is effective for entities reporting under the Charities Act 2005 with reporting periods beginning on or after 1 April 2015 and will be effective for the Foundation’s 30 June 2016 year end. It is expected that the change in legislation will have no material impact on the Foundation’s obligation to prepare general purpose financial statements.

In addition to the change in legislation, the External Reporting Board of New Zealand (“XRB”) has released a new accounting standards framework which establishes the financial standards to be applied to entities with statutory reporting obligations. The Foundation is currently reporting under New Zealand equivalents to IFRS (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities. Under the new XRB framework, management expects that the Foundation will be reporting under PBE Standards as applicable for not-for-profit entities. Management expects that this will not materially impact the preparation and disclosures included in the financial statements. This will be applicable to the Foundation’s 30 June 2016 year end.

The financial statements are presented in New Zealand dollars ($), which is the Foundation’s functional currency. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.

The measurement base adopted is that of historical cost except for available-for-sale financial assets which are measured at fair value.

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

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

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

3. Significant Accounting Policies

a) Financial instruments

Cash and cash equivalents comprise cash balances and call deposits and any bank overdraft. Deposits are included when they have a maturity value of three months or less from the date of acquisition.

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Held-to-maturity investments

If the Foundation has the positive intent and ability to hold debt securities to maturity, then they are classified as held-to-maturity investments. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method, less any impairment/diminution losses. Most of the Foundation’s investments in debt securities are classed as held-to-maturity.

Available-for-sale financial assets

The Foundation’s investments in equity securities (‘shares’) are classified as available-for-sale financial assets. They are initially recorded at cost and subsequently measured at fair value. Subsequent to initial recognition, any changes in fair value, other than impairment/diminution losses, are recognised in other comprehensive income. The fair value of quoted securities is determined based on bid prices at the balance sheet date. The fair value of unlisted securities is determined using valuation techniques. When an investment in shares is derecognised, the cumulative gain or loss in equity is transferred to the statement of comprehensive income.

Receivables

Receivables are recognised at the original invoice amount less impairment losses.

Fair values of Financial Instruments

The fair values of financial instruments are categorised into a fair value category based on inputs used in the valuation technique adopted.

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly

(i.e. as prices) or indirectly (i.e. derived from prices)Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Foundation’s financial instruments are measured using Level 1 inputs.

b) Property, plant and equipment

Recognition and measurement

Items of property, plant and equipment, including land and buildings, are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost is generally the purchase cost, together with any incidental costs of acquisition. The cost of donated items is the fair value at the date of acquisition.

Fixed assets have been recorded at cost less accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost of property, plant and equipment, less any assigned residual value, on a straight-line basis over the expected economic lives of the assets concerned. Leasehold improvements are depreciated over the term of the lease.

Freehold land is not depreciated.

The estimated economic lives of assets are as follows:

Freehold buildings 50 to 100 yearsBuilding plant and equipment 6⅔ to 20 yearsOffice furniture and equipment 5 to 10 yearsComputer hardware and software 2½ to 4 yearsOffice partitions and fittings 5 to 10 years

c) Inventories

Inventory held for sale is measured at the lower of cost or net realisable value. Inventory held for distribution at no or nominal consideration is measured at the lower of cost or current replacement cost. If inventories are acquired at no cost, or for a nominal consideration, cost is the current replacement cost at the date of acquisition, with a corresponding adjustment to revenue.

Cost is determined on the first in, first out basis.

When inventories are written down to current replacement cost or net realisable value, the write down is recognised in the statement of comprehensive income.

20

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

d) Impairment

Property, plant and equipment

Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable through use or sale. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.

Impairment losses are recognised in the statement of comprehensive income.

Receivables

Receivables are assessed for impairment at each balance date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of comprehensive income.

e) Employee benefit liabilities

A provision for employee entitlements is recognised for benefits earned by employees but not paid at reporting date. Employee benefits include salaries, wages, annual leave, long service leave and sick leave.

Employee benefits expected to be settled within one year together with benefits arising from wages and salaries and annual leave which will be settled after one year have been measured at their nominal amount. Other employee benefits payable after more than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

f) Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Foundation and which have not been paid at the end of the financial year. These amounts are usually settled within 30 days. Given their short term nature, the carrying values of trade and other payables are considered a reasonable approximation of their fair values.

g) Provisions

Provisions for research grants awarded but not yet paid are recognised when the Foundation has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

h) Income Recognition

Sale of goods and services

Revenue from the sale of goods and services is recognised when the goods or services are delivered to customers.

Investment income (interest and dividend income)

Interest is recognised in the statement of comprehensive income as it accrues, using the effective interest method. Dividend income is recognised in the statement of comprehensive income when the right to receive payments is established.

Grants and donations

Grant and donation income is recognised as income when it becomes receivable unless the Foundation has a liability to repay the grant if the requirements of the grant or donation are not fulfilled. A liability is recognised to the extent that such conditions are unfulfilled at the end of the reporting period.

Bequests

Bequests are recognised in the statement of comprehensive income when probate of the will has been granted, receipt of the bequest is probable and the amount of the bequest can be measured reliably.

Fundraising activities

Income from lottery ticket sales is recognised when the draw is completed for the final prize for the respective lottery. Income for other fundraising activities such as Jump Rope for Heart is recognised on receipt of the donation.

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Contract income

Income from service contracts is recognised when the contracted deliverables are provided.

i) Lease payments

Payments made under operating leases are recognised in the statement of comprehensive income on a straight-line basis over the term of the lease.

j) Income tax

The Foundation is wholly exempt from New Zealand income tax and gift duty having fully complied with all statutory conditions for these exemptions.

Withholding and other taxes deducted at source from investment income on overseas investments are applied against the respective income in the statement of comprehensive income.

k) Goods and services tax

The statement of comprehensive income has been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and payables, which are stated inclusive of GST.

l) Volunteer services

Volunteer services provided at a discount or at no cost are not recognised in the statement of financial performance because they cannot be measured reliably. Donated services and other forms of assistance provided to the Foundation are acknowledged elsewhere in the annual report.

m) Research projects and grants

The Foundation makes the following categories of award:

Project grants

• For work on a clearly defined research project with a maximum term of three years.

Fellowships and scholarships

• Senior fellowships for cardiologists holding an appropriate postgraduate qualification to work in New Zealand primarily in cardiovascular research. Maximum duration is three years.

• Overseas training fellowships for medical graduates to engage in further clinical training or research in cardiovascular disease. These are normally tenable for one year and fellows are expected to return to New Zealand to continue a career.

• Research fellowships are granted to support graduates engaged in full-time research related to the aims of the Foundation. These grants are tenable in New Zealand for up to three years.

• Postgraduate scholarships provide personal support to graduate students of New Zealand universities whose cardiovascular research for a higher degree will further the aims of the Foundation. These scholarships are tenable only in New Zealand within a faculty of medicine and are normally awarded for a total of three years.

Limited budget grants – these fund a wide variety of research related activities in three areas:

• Small projects have a maximum value of $15,000

• Grants in aid for purposes such as the publication of a book, a health education project or the purchase of research equipment

• Travel grants for travel in New Zealand or overseas for short-term study or to attend conferences.

The Scientific Committee awards all grants during the first quarter of every year except some travel and some limited budget grants, which are awarded progressively during the year.

Project grants are recognised as an expense in the year granted. The annual amounts granted for Fellowship and Scholarships are recognised in each year of the term of the grant.

The existing grants are reviewed regularly to write off unspent amounts and allow for additional spending on individual grants, if required.

22

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

n) New standards issued but not yet adopted

There are a number of new or revised Standards and Interpretations that have been issued but are not yet effective. These are intended to be adopted in the period in which they become mandatory. The adoption of these Standards and Interpretations is not expected to have a material recognition or measurement impact in these financial statements with the exception of the following:

NZ IFRS 9 Financial Instruments requires that available-for-sale financial assets be classified as fair value. Fair value movements may be recorded in the statement of comprehensive income, as other comprehensive income, however this option does not allow for these amounts recognised as other comprehensive income to be reclassified to profit or loss at a later date.

4. Investment income

$000 2014 2015

Interest income 650 532

Dividend income 892 1,061

Amortisation of held-to-maturity investments (4) (5)

Foreign exchange gain (loss) on investments (11) 128

1,527 1,716

5. Expenditure

$000 Note 2014 2015

The following items are included in expenditure:

Audit fees 36 34

Depreciation 11 324 368

Lease expenses 446 447

Employee related expenses

– included in Direct expenses 540 562

– within Expenditure 6,697 6,968

6. Donations and legacies

$000 2014 2015

Donations and legacies 5,561 4,226

This includes grants provided by community trusts. Some community trusts require specific acknowledgement as a condition of their support.

This acknowledgement of the organisation and its grant is provided on page [59].

7. Cash and cash equivalents

$000 Note 2014 2015

Bank balances – National Office 483 257

Bank balances – Branches 171 178

Cash accounts with investment brokers 1,322 1,644

Call deposits 2,403 2,095

Short term deposits 10 4,038 710

8,417 4,884

Short term deposits included within Cash and cash equivalents are those with a maturity date within 90 days of balance date.

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8. Prepayments

$000 2014 2015

Property acquired and work in progress for lottery prizes 2,454 3,517

Insurance prepaid 37 40

Interest accrued 100 80

Other prepayments 82 51

2,673 3,688

9. Trade and other receivables

$000 2014 2015

Trade receivables 990 1,016

Total 990 1,016

10. Investments$000 Note 2014 2015

Available-for-sale financial assets 25,554 31,291

Held-to-maturity investments (see below) 9,426 7,155

34,980 38,446

ANALYSIS BY MATURITY PROFILE:

Current

Less than 90 days 7 4,038 710

Between 90 days and 1 year 1,896 1,937

5,934 2,647

Non-current

Between 1 year and 2 years 902 1,404

Between 2 years and 5 years 1,267 1,654

Beyond 5 years 1,323 1,450

3,492 4,508

Total held-to-maturity investments 9,426 7,155

Equity investments with no maturity 25,554 31,291

34,980 38,446

ANALYSIS FOR STATEMENT OF FINANCIAL POSITION:

- included in Cash and cash equivalents 7 4,038 710

- included in Investments (Current assets) 1,896 1,937

- included in Investments (Non-current assets) 29,046 35,799

34,980 38,446

Interest rate ranges according to the maturity profile are:

Less than 90 days 3.50% to 6.75% (2014: 3.75% to 8.22%)

Between 90 days and 1 year 4.20% to 8.50% (2014: 4.00% to 8.68%)

Between 1 year and 2 years 4.80% to 8.00% (2014: 6.25% to 8.50%)

Between 2 years and 5 years 4.40% to 7.25% (2014: 5.38% to 8.00%)

Beyond 5 years 3.89% to 7.50% (2014: 3.71% to 7.50%)

24

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

11. Property, plant and equipment

The following table analyses the movement in carrying values for the year ended 30 June 2015:

$000 Land Buildings

Office furniture & equipment

Office partitions & fittings

Motor vehicles Total

Cost

Balance at 1 July 2014 702 3,055 1,785 674 248 6,464

Additions – – 535 20 20 575

Disposals (34) (98) – – (22) (154)

Reclassification – – (3) 3 – –

Balance at 30 June 2015 668 2,957 2,317 697 246 6,885

Depreciation and impairment losses

Accumulated balance at 1 July 2014 – 1,311 1,293 598 111 3,313

Depreciation for current year – 75 241 4 48 368

Disposal – (46) – – (22) (68)

Reclassification – (28) (3) 31 – –

Balance at 30 June 2015 – 1,312 1,531 633 137 3,613

Carrying value at 30 June 2015 668 1,645 786 64 109 3,272

The following table analyses the movement in carrying values for the year ended 30 June 2014:

$000 Land Buildings

Office furniture & equipment

Office partitions & fittings

Motor vehicles Total

Cost

Balance at 1 July 2013 702 3,055 1,565 668 233 6,223

Additions – – 220 6 121 347

Disposals – – – – (106) (106)

Balance at 30 June 2014 702 3,055 1,785 674 248 6,464

Depreciation and impairment losses

Accumulated balance at 1 July 2013 – 1,234 1,097 594 170 3,095

Depreciation for current year – 77 196 4 47 324

Disposal – – – – (106) (106)

Balance at 30 June 2014 – 1,311 1,293 598 111 3,313

Carrying value at 30 June 2014 702 1,744 492 76 137 3,151

Land and buildings consist of the Foundation’s Auckland offices.

An independent valuation was obtained as at 30 June 2013 for the Foundation’s Auckland office; the market value was assessed to be $4,300,000.

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12. Trade and other payables

$000 2014 2015

Trade payables 1,404 1,398

GST payable (receivable) (74) 9

Unearned income 1,423 1,687

Other payables and accruals 1,183 943

3,936 4,037 Unearned income relates to funds received for services not yet delivered as at balance date.

Unearned income includes the proceeds from the sale of lottery tickets for the lotteries subsequently drawn in July, the proceeds of Pick the Tick licence fees which are spread over future months according to the term of the licence agreement and funds received for specific projects and/or contracts where deliverables have not been completed by the end of the financial year.

13. Employee entitlements

$000 2014 2015

Annual leave provision 306 359

Accrued leave in lieu provision 14 16

Long service leave provision 75 73

395 448

14. Provisions

$000 2014 2015

Unclaimed grants

Balance at 1 July 2014 1,535 1,631

Provisions made during the period 2,431 2,519

3,966 4,150

Provisions used during the period (2,151) (2,272)

Unused amounts reversed during the period (184) (114)

Balance at 30 June 2015 1,631 1,764

Unclaimed grants

The provision for unclaimed grants represents the unpaid balances as at the balance sheet date on research and related grants awarded to successful applicants and projects.

Awarded grants relate to current and ongoing research funded by the Foundation and to which the Foundation is firmly committed.

26

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

15. Equity and reserves

$000Fair value

reserve Retained earnings Total

Balance 1 July 2014 4,762 35,671 40,433

Net surplus for the year – 669 669

Change in fair value of available-for-sale financial assets 3,434 – 3,434

Balance at 30 June 2015 8,196 36,340 44,536

Balance 1 July 2013 3,473 33,675 37,148

Net surplus for the year – 1,996 1,996

Change in fair value of available-for-sale financial assets 1,289 – 1,289

Balance 30 June 2014 4,762 35,671 40,433

$000 NHF CVS HHRT Total

Balance 1 July 2014 30,672 3,220 6,541 40,433

Net surplus for the year 573 (6) 102 669

Change in fair value of available-for-sale financial assets 2,544 269 621 3,434

Balance at 30 June 2015 33,789 3,483 7,264 44,536

Balance 1 July 2013 27,759 3,153 6,236 37,148

Net surplus for the year 2,006 (38) 28 1,996

Change in fair value of available-for-sale financial assets 907 105 277 1,289

Balance 30 June 2014 30,672 3,220 6,541 40,433

Key:

NHF: National Heart Foundation of New Zealand

CVS: Trust for the Chair in Cardiovascular Studies

HHRT: Heart Health Research Trust

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16. Financial instrumentsExposure to credit, interest rate, foreign currency, equity price and liquidity risks arise in the normal course of the Foundation’s operations.

The Foundation is risk averse and seeks to minimise its exposure to risks associated with financial assets and liabilities.

Credit risk

Credit risk is the risk that one party will fail to discharge their obligation and thereby cause a financial loss to the other party.

The Foundation is exposed to credit risk through its customer base and through its investment portfolio.

The customer base is predominantly with the Ministry of Health and “Tick” licencees. The associated credit risk is assessed to be minimal. Geographically, there is no concentration of credit risk. Some “Tick” licencees are based in Australia but all invoices are rendered in New Zealand dollars.

The Foundation is guided by its Investment Committee when making investment decisions. The Foundation has developed a Statement of Investment Policy Objectives (SIPO) to be followed by the Investment Committee.

The SIPO seeks to minimise the Foundation’s exposure to credit risk by adopting the following guidelines:

• For held-to-maturity investments (fixed interest investments), the SIPO permits up to 30% of the fixed interest portfolio to be invested in New Zealand or Australian corporate bonds which are not rated.

• No more than 10% of the investment portfolio may be invested in any one entity or organisation other than the New Zealand government or registered banks with a long term S&P rating of at least A+ (or equivalent credit rating) with authorisation by the Foundation’s Board.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at balance date was:

$000 2014 2015

Cash and cash equivalents 8,417 4,884

Trade and other receivables 990 1,016

Held-to-maturity investments – between 90 days and 1 year 1,896 1,937

Available-for-sale financial assets 25,554 31,291

Held-to-maturity investments – non-current 3,492 4,508

40,349 43,636

The details of trade receivables at reporting date is as follows:

Impairment losses

The ageing of trade receivables at balance date was:

2014 2015

$000 Gross Impairment Gross Impairment

Current 605 – 834 –

Past due 0 – 30 days 387 3 21 –

Past due 31 – 60 days 3 3 162 1

Past due 61 – 90 days – 6 5 5

Past due more than 90 days – – – –

Total 995 12 1,022 6

28

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

Liquidity risk

Liquidity risk is the risk that the Foundation will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity requirements are monitored on an ongoing basis and sufficient cash funds are maintained to meet obligations. The Foundation has a policy of paying its obligations to suppliers in accordance with the agreed terms of trade.

The following table sets out the contractual or expected cash flows for all financial liabilities:

30 June 2015

$000Carrying amount

Cash flows

6 months or less

6 - 12 months

1 - 2 years

2 - 5 years

More than 5 years

Accounts payable 1,398 1,398 1,398 – – – –

Other trade payables and accruals 943 943 943 – – – –

2,341 2,341 2,341 – – – –

30 June 2014

$000Carrying amount

Cash flows

6 months or less

6 - 12 months

1 - 2 years

2 - 5 years

More than 5 years

Accounts payable 1,404 1,404 1,404 – – – –

Other trade payables and accruals 1,183 1,183 1,183 – – – –

2,587 2,587 2,587 – – – –

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.

The Foundation’s investment portfolio is exposed to market risk which includes currency risk, other price risk and interest risk. The Foundation’s SIPO is used to guide investment decisions which aims to achieve a balanced and diversified portfolio.

The Foundation’s Investment Committee has implemented asset allocation bands and associated guideline trading ranges to guide the diversification of the investment portfolio across investment sectors. Diversification across the various asset classes reduces portfolio risk and diversification across countries also reduces portfolio risk.

The allocation range for cash and short term deposits is higher than would normally be adopted in recognition of the timing fluctuations in the receipt of the Foundation’s income.

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Currency risk

The following table identifies the composition (in New Zealand dollars) of the Foundation’s investment portfolio according to currency:

As at 30 June 2015

$000 Total NZD AUD GBP USD Euro

Available-for-sale financial assets 31,291 13,864 8,246 2,534 6,372 275

Held-to-maturity investments 7,155 6,900 255 – – –

Total 38,446 20,764 8,501 2,534 6,372 275

As at 30 June 2014

$000 Total NZD AUD GBP USD Euro

Available-for-sale financial assets 25,554 12,408 7,551 1,992 3,388 215

Held-to-maturity investments 9,425 9,170 255 – – –

Total 34,979 21,578 7,806 1,992 3,388 215

Interest rate risk

The following table identifies the period until financial instruments that are interest rate risk sensitive reprice as at 30 June 2015:

$000 TotalWithin

90 days

Between 90 days

and 1 year 1 - 2 years2 - 5

yearsMore than

5 years

Held-to-maturity investments 7,155 710 1,937 1,404 1,654 1,450

Cash and cash equivalents 4,174 4,174 – – – –

Total 11,329 4,884 1,937 1,404 1,654 1,450

The following table identifies the period until financial instruments that are interest rate risk sensitive reprice as at 30 June 2014:

$000 TotalWithin

90 days

Between 90 days

and 1 year 1 - 2 years2 - 5

yearsMore than

5 years

Held-to-maturity investments 9,426 4,038 1,896 902 1,267 1,323

Cash and cash equivalents 4,379 4,379 – – – –

Total 13,805 8,417 1,896 902 1,267 1,323

30

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUEDFor the year ended 30 June 2015

Capital management

The Foundation’s policy is to maintain a strong capital basis to maintain stakeholder and supplier confidence and a consistent level of service despite potential fluctuations in donated income. The Foundation prepares an annual budget for income and expenditure and endeavours to ensure that expenditure does not exceed planned income. Actual financial results are regularly monitored and reported to the Board on a quarterly basis.

Financial instruments classification

As at 30 June 2015

$000 Held for

trading Loans and receivables

Available-for-sale

Other amortised

cost

Total carrying amount

ASSETS

Cash and cash equivalents – 4,174 – 710 4,884

Trade and other receivables – 1,016 – – 1,016

Other investments – – – 1,937 1,937

Total current assets – 5,190 – 2,647 7,837

Other investments – – 31,291 4,508 35,799

Total non-current assets – – 31,291 4,508 35,799

Total assets – 5,190 31,291 7,155 43,636

LIABILITIES

Trade and other payables – – – 4,037 4,037

Total current liabilities – – – 4,037 4,037

Total liabilities – – – 4,037 4,037

As at 30 June 2014

$000 Held for

trading Loans and receivables

Available-for-sale

Other amortised

cost

Total carrying amount

ASSETS

Cash and cash equivalents – 4,379 – 4,038 8,417

Trade and other receivables – 990 – – 990

Other investments – – – 1,896 1,896

Total current assets – 5,369 – 5,934 11,303

Other investments – – 25,554 3,492 29,046

Total non-current assets – – 25,554 3,492 29,046

Total assets – 5,369 25,554 9,426 40,349

LIABILITIES

Trade and other payables – – – 3,936 3,936

Total current liabilities – – – 3,936 3,936

Total liabilities – – – 3,936 3,936

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17. Contingent liabilities At the date of this report there are no known contingent liabilities for which the Foundation may be liable (2014: Nil).

18. Commitments

Since balance date, the Scientific Committee has awarded $2,676,104 in Project and Travel Grants, Fellowships and Grants-in-Aid (2014: $2,568,173). In addition, there is a commitment to fund existing and new Fellowships for a further $902,500 for the second and third years of those Fellowships (2014: $1,614,500).

The Foundation has commitments for the completion of property purchases and building contracts in connection with the lottery programme. Progress payments made or invoiced up to balance date are included in Prepayments. The balance remaining to be invoiced and paid on these contracts is $371,096 (2014: $1,377,347).

The Foundation has a commitment to the University of Otago to provide funding of $180,000 per annum towards the costs of the Chair in Cardiovascular Studies at the Christchurch School of Medicine. The commitment is for a five year term ending 30 June 2017.

In August 2010, the Foundation entered into a Memorandum of Understanding with the University of Auckland by which the Foundation committed to provide indexed funding of $200,000 per annum for an initial term of five years. The funding is to support the costs of the University’s Chair in Heart Health.

Rental commitments for all non-cancellable operating leases are:

$000 2014 2015

Less than one year 329 258

Between one and two years 162 165

Between two and five years 74 92

More than five years 13 105

578 620

OPERATING EXPENDITURE

PROGRAMME SUPPORT

TICK PROGRAMME

DEPRECIATION

COMMUNICATIONS

GRANTS

HEALTH SERVICES

RESEARCH

23%

20%

43%

4%

2%

3%

4%

ROYALTY & OTHER INCOME

INVESTMENT INCOME

CONTRACT SERVICES

LEGACIES & DONATIONS

FUNDRAISING

29%

21%

4%

11%

35%

PROGRAMME SUPPORT

TICK PROGRAMME

DEPRECIATION

COMMUNICATIONS

GRANTS

HEALTH SERVICES

RESEARCH

23%

20%

43%

4%

2%

3%

4%

ROYALTY & OTHER INCOME

INVESTMENT INCOME

CONTRACT SERVICES

LEGACIES & DONATIONS

FUNDRAISING

29%

21%

4%

11%

35%

NET OPERATING REVENUE

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INDEPENDENT AUDITOR’S REPORTTo the Members of the Board of National Heart Foundation of New Zealand

We have audited the accompanying financial statements of National Heart Foundation of New Zealand (‘’the foundation’’) on pages 14 to 31. The financial statements comprise the statement of financial position as at 30 June 2015, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

This report is made solely to the Board Members as a body. Our audit work has been undertaken so that we might state to the Foundation’s Board Members those matters we are required to state to them in the 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 Foundation’s Board Members as a body, for our audit work, this report or any of the opinions we have formed.

Directors’ responsibility for the financial statements

The Board members are responsible on behalf of the Foundation for the preparation and fair presentation of financial statements in accordance with generally accepted accounting practice in New Zealand and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Foundation’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our unmodified opinion on the financial position and our qualified opinion on financial performance and cash flows.

Our firm has also provided other services to the Foundation in relation to other audit related services. Subject to certain restrictions, partners and employees of our firm may also deal with the Foundation on normal terms within the ordinary course of trading activities of the business of the Foundation. These matters have not impaired our independence as auditor of the Foundation. The firm has no other relationship with, or interest in, the Foundation.

Basis for qualified opinion on financial performance and cash flows

The Foundation’s recorded revenue includes donations and legacy bequests of $4,226,124 (2014: $5,560,855), appeals of $1,337,216 (2014: $1,339,967) and fundraising events of $350,495 (2014: $474,243). Due to the nature of donated and unsolicited revenue receipts, the Foundation has limited control over revenues from donations and legacy bequests, appeals and fundraising events prior to these revenues being recorded, and there are no practical audit procedures to determine the effect of this limited control. In this respect alone we have not obtained all the information and explanations that we have required.

Qualified opinion on financial performance and cash flows

In our opinion, except for the possible effects on the corresponding figures of the matter described in the Basis for qualified opinion paragraph, the financial statements on pages 14 to 31 present fairly, in all material respects, the financial performance and cash flows of the Foundation for the year ending 30 June 2015, in accordance with generally accepted accounting practice in New Zealand.

Opinion on financial position

In our opinion the financial statements on pages 14 to 31 present fairly, in all material respects, the financial position of the Foundation as at 30 June 2015.

29 October 2015Auckland

34

Mike Tomlinson Chairman

Mike Tomlinson is Chairman of the

Heart Foundation’s Board and member

of the Business Development and

Finance Strategic Advisory Group.

He has represented a range of

organisations at a governance level,

including the Appliance Network Society, Auckland YMCA and

St Cuthbert’s College. Mike was a partner in Ernst and Young

for 30 years and served a wide range of clients during this time.

Currently, he is a director of a number of companies as well as

maintaining an accounting and advisory practice.

Michael Benjamin

Michael Benjamin is Deputy Chairman

of the Board and serves as Chairman

of the Business Development and

Finance Strategic Advisory Group.

He has served on the Heart Foundation

Investment Committee since 2002 and

joined the Board in 2005. He has more

than 40 years’ experience in finance as a stockbroker and was

Chairman of the Auckland Stock Exchange in 1986. Michael is a

former director of Wilson and Horton and Firestone (NZ) Ltd. He has

also been Chairman of the Elizabeth Knox Home and Hospital, a

trustee of Wanganui Collegiate School and a former captain of the

Royal Auckland Golf Club.

Faye Sumner

Faye Sumner joined the Board in 2008

and comes with more than 40 years’

experience in the healthcare sector.

Faye is the Chief Executive Officer for

the Medical Technology Association of

New Zealand (MTANZ). Previous to this

she was the New Zealand Manager

for a multinational medical device company and served as

the elected Chairman of the Industry Board. As the CEO of

MTANZ, Faye has been at the forefront of negotiations with

the Government and Ministry of Health in the development of

proposed medical devices’ regulations and more recently the

healthcare reforms and procurement of medical devices for

New Zealand. Faye was recognised by the industry members

in 1999 when she was made an Honorary Life Member of the

Association. Faye is also a Trustee of the University of Auckland

School of Medicine Foundation and a member of the NZ

Artificial Limb Board. More recently, she has been appointed

to the MedTech CoRE Governing Board by the University of

Auckland. As a Registered Nurse trained in Coronary Care,

Faye is very supportive of the Heart Foundation’s objectives.

John Leadley

John Leadley joined the Board in 2013.

He previously had a long association

with the Ashburton branch of the Heart

Foundation, following quadruple by-pass

surgery in 1994. The mid-Canterbury

farmer was Ashburton District’s

Deputy Mayor from 1998 - 2010 and a

District Councillor from 1986 - 2013. He has held a number of

governance roles, including Chairman of Safer Ashburton Trust,

Mid-Canterbury Rural Support Trust and the Ashburton Airport

Authority. John’s wide-ranging work in the community includes

being Chair of the Ashburton Rotary Club’s Charitable Trust,

a member of the Community House Trust and the Historical

Society and he sings in his local church choir. He brings to the

Board a grass-roots appreciation of the Foundation’s heart

health messages and feels that volunteers are vital to helping

the organisation achieve much of its work in regions.

Associate Professor Mervyn Merrilees BSc Hons, PhD, DSc

Mervyn Merrilees is Associate Professor

in Anatomy at the University of Auckland.

He joined the Board in 2013. He was also

appointed the Chair of the Foundation’s

Scientific Advisory Group in that year,

having been a member since 2011. Mervyn’s research interests

are focused around understanding coronary artery disease.

He brings to the Board his knowledge and experience in

cardiovascular research and the importance of funding such

research to advance public understanding about heart health.

He has strong international collaborations and is a founding

member of Matrexa™, a Seattle-based biotech company

established to develop novel approaches to treating vascular

disease. Mervyn has spent 15 years on the Auckland Medical

Research Foundation and in that time served as Chair of Medical

Committee, a board member, and Medical Research Director.

BOARD OF DIRECTORS

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Aseta Redican

Aseta Redican has a long history of

service to Pacific health in New Zealand

and established the Heart Foundation’s

Pacific Heartbeat programme in 1991.

As General Manager of Pacific Health

at the Auckland District Health Board,

she has established two Pacific-led

Primary Healthcare Organisations (PHOs), the Parish Nursing

pilot, the Healthy Village Action Zones Pacific Community

Development initiative, and a Pacific Health Advisory Committee

to the ADHB Board. Aseta also previously established a number

of Pacific Providers of Healthcare as the Northern Regional

Health Authorities Manager for Pacific Issues. Aseta has been a

key speaker at local and international forums on Pacific health.

She is currently on the Board of Spectrum Care Trust.

Associate Professor Stewart MannMA, BM, BCh, DM, FRACP,

FRCP (London), FCSANZ

Stewart Mann joined the Board in 2008.

He is Chair of the Foundation’s Heart

Healthcare Strategic Advisory Group,

having been a member of that group

since 2004, and previously served for many years on the Heart

Foundation Wellington Regional Committee. Stewart is Associate

Professor of Cardiovascular Medicine at The University of Otago,

Wellington. He also practices as a Cardiologist at Wellington

Hospital and Wakefield Hospitals. Stewart trained at Oxford

and London in the UK and migrated to New Zealand in 1986.

He was Consultant Cardiologist at Hutt and Wellington Hospitals

until taking up his present position in 2003. His research

interests include hypertension, cardiovascular epidemiology

and risk communication.

Aroha Hudson

Aroha Hudson is the Chief Executive

Officer of HealthWEST Ltd, a Non-

Government Organisation (NGO)

in Auckland. Aroha is a chartered

accountant and has a Masters of

Business Administration. As well as

being a member of the Heart Foundation

Board, Aroha holds other governance positions including

Director of Unitec, Auckland PHO and Te Hononga o Tamaki

me Hoturoa.

Sarah Williams

Sarah Williams joined the Board in

June 2011. She is an Executive Director

at the Auckland-based PR agency

Porter Novelli, with 25 years of public

relations and communications-related

experience. Sarah has worked in both

consultancies and in-house, including

time as Vodafone’s Company Communications Manager and

Vector’s Group Public Affairs and Marketing Manager. Sarah has

been involved in a number of major food and nutrition projects,

including launching 5+ A Day, and with food companies such

as Sanitarium, Heinz Wattie’s and NZ Avocado Growers’

Association. She has previously been a member of the

New Zealand Nutrition Foundation.

36

EXECUTIVE MANAGEMENT TEAMTony Duncan Chief Executive and Board Member

Tony Duncan has been the

Chief Executive of the Heart Foundation

since 2003. Tony has more than

25 years’ experience in leadership,

management, and senior executive

positions gained while working in the health sector in

New Zealand, Australia and West Africa. Prior to taking up the

leadership of the Heart Foundation, Tony was General Manager

of Operations at Mercy Ascot Hospital in Auckland, and prior to

the merger of the two hospitals was Chief Executive Officer of

Mercy Hospital, Auckland. His extensive background includes

chief executive roles in a variety of health organisations

that have had to work hard to maintain a high community

profile, while at the same time depending on their community

stakeholders for financial success. Tony has been appointed

into the position of Vice President Elect of the World Heart

Federation with the position due to take effect in 2017.

Tony has an MBA from Macquarie University in Sydney.

Associate Professor Gerard Devlin Medical Director

Associate Professor Gerard ‘Gerry’ Devlin

was appointed to the position of Medical

Director of the Heart Foundation in

August 2014. Gerry is a Cardiologist and

Associate Professor in Medicine with the

Waikato Clinical School of the University of Auckland. Gerry is

an accomplished clinical academic cardiologist who has been

a highly effective regional and national leader in heart health

care. In 2013 Gerry received the award of both an Honorary

Associate Professorship and a Doctorate of Medicine from the

University of Auckland. Gerry held the positions of Chair of the

New Zealand branch of the Cardiac Society of Australia and

New Zealand in 2010/2011 and has also been both Clinical Unit

Leader of Cardiology and Cardiothoracic Services at Waikato

Hospital and Clinical Leader of the Midland Cardiac Network.

Gerry is a graduate of Trinity College Dublin, Ireland, and

moved to New Zealand in 1988. He successfully completed

his Fellowship of Royal Australasian College of Physicians

in 1995 and he is a Fellow of the Cardiac Society of Australia

and New Zealand. Gerry is also a busy clinical researcher

with over 60 publications. Research interests include acute

coronary syndromes, heart failure, valvular heart disease and

systems of care.

Bruce Davis Finance Manager

Bruce Davis has been the

Finance Manager for the Heart Foundation

since October 2003. He previously

worked in commerce with a variety

of companies in the wholesale/retail

distribution sector, including

DB Breweries Ltd and Daihatsu New Zealand. Bruce is a

graduate from the Commerce faculty at the University of

Canterbury and is a member of Chartered Accountants

Australia and New Zealand.

Louisa Ryan Manager Pacific Health

Louisa has an extensive background

in the public health sector as a health

professional, health manager and public

health administrator in mainstream and

Pacific health. Louisa began her career

as a General Nurse and worked for

14 years in the USA as a Registered Nurse in Intensive and

Coronary Care Units. She has previously worked for the

Counties Manukau DHB, the Auckland DHB and the Health

Funding Authority. Louisa also has major contracting expertise

and is experienced at providing competent and effective

support to Pacific peoples’ workforce development and growth.

Louisa has a passion for Pacific health, along with expert and

personal knowledge of Pacific people and community, their

values and cultural practices in the health sector.

Dave Monro Food and Nutrition Manager

Dave has been with the Heart

Foundation since 2002. Dave graduated

from the University of Otago with a

Bachelor of Science in Human Nutrition,

a Postgraduate Diploma in Dietetics,

and has had chef training. In his current

role, Dave is responsible for overseeing the Foundation’s food

and nutrition work, including nutrition position statements and

also a number of award winning food and nutrition related

programmes focused on environmental change. Dave’s team

produce a range of tools, resources and guidelines to help food

preparers and food industry create healthier foods, and support

the public to choose those foods. Dave plays a key part in

Heart Foundation submissions on food-related legislation, and

is a member of several national working groups. He is a father

of three children and is actively involved in a range of sports

including touch rugby and indoor cricket. Dave has a passion

for keeping things real when it comes to food and is keen on

developing practical initiatives that support families to make

healthier food choices.

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Vanessa Winning Head of Marketing and Fundraising

Vanessa Winning has been with

the Heart Foundation for a little

over a year and is responsible for non-

government revenue streams including

Lottery, Events, Donor Management,

Bequests, Fundraising, Grants and Sponsorships and the

Tick Programme. She is also responsible for the brand, marketing,

PR and communications functions. Vanessa holds a Bachelor of

Commerce (Major Management, Minor Economics), and a Post

Graduate Diploma in Commerce (Major Marketing) from the

University of Auckland. Prior to joining the Heart Foundation,

Vanessa was Head of Marketing for a number of revenue

streams/divisions of ANZ (Institutional, Commercial, Rural and

UDC Finance limited). Vanessa has held senior Marketing

and Product Management positions in banking for more than

15 years including ANZ, UDC Finance, HSBC, and AMP Banking

in New Zealand and Australia. In 2015 Vanessa was appointed

to the Board of the Include A Charity campaign.

Kathy Robinson Human Resources Manager

Kathy joined the Heart Foundation in

October 2014 as Human Resources

Manager, bringing organisational

development experience along with

strategic and operational human

resources capabilities. She graduated

from the University of Durham, UK, with a BA Hons in

Economics and has 20 years’ experience in a variety of UK

and New Zealand food and beverage companies, including

Nestlé, Frucor Beverages, Montana Wines, Tip Top, Cerebos

Greggs and Goodman Fielder. Kathy initially embarked on a

marketing career before moving into human resources to follow

her passion for unlocking organisational performance through

its people. As a volunteer with Habitat for Humanity, Red Cross

Refugee Resettlement and YWCA Youth Mentorship Programme,

Kathy has a drive to help bring out the best in individuals, teams

and organisations through excellence in people practices,

capability, culture and values.

Shaun Williams Information Systems Manager

Shaun Williams joined the

Heart Foundation in early 2014 in the

role of Information Systems Manager.

Shaun has over fourteen years of

commercial IT experience both locally

and overseas. He began his career in

the consulting space before focusing on the management

side of IT delivery. He has worked for a variety of NZ and

Australian workplaces, namely NZ Couriers, ANZ, Sovereign

and Deloitte Consulting. Shaun has a passion for delivering

continuous organisational value through IT-related products and

services. He graduated from Massey University with a Masters

in Management, majoring in Information Systems, and has a

Postgraduate Diploma in Business Administration.

Kim Arcus Heart Healthcare Manager

Kim joined the Heart Foundation in

2012 and is the Manager of the Heart

Healthcare Team. In this role he leads

much of the work related to promoting

and supporting health professionals

to deliver the latest evidence-based

prevention and care and to support and help patients.

Kim has worked in New Zealand and overseas helping develop

policies and organisational strategy and then converting them

into effective implementation. His focus has been on primary

healthcare, chronic conditions and population health initiatives.

Kim originally trained as a physiotherapist and then graduated

with a Bachelor of Management Studies in Economics at

Waikato University, followed by a Masters in Science in

International Health Policy at the London School of Economics.

Prior to joining the Heart Foundation, Kim worked for the

Ministry of Health, DHBs and PHOs as well as undertaking

health sector research, guidelines and consultancy work.

38

EXECUTIVE MANAGEMENT TEAMSally Hughes Public Health Strategic Advisor

Sally Hughes has been involved in

public health for 30 years. In that time

she has worked across government,

non-government organisations and as

a health sector consultant. This broad

experience has given her an appreciation of what makes the

health sector tick and how to achieve gains for public health.

Sally joined the Heart Foundation in 2011 after 10 years at the

Ministry of Health. Initially her role was to manage Fuelled4life.

Previously run by the government, this programme was

transformed by Sally into a market orientated initiative involving

over half the schools and early childhood education services

in New Zealand. In June 2014 she was appointed to the

position of Public Health Strategic Advisor. She sees this as an

opportunity to further develop the Heart Foundation’s advocacy

profile and put the organisation on the map for promoting and

protecting the heart health of New Zealand families, especially

our children.

Justine Munro Education Setting Manager

Justine Munro joined the

Heart Foundation in 2006 as a

Health Promotion Coordinator working

with schools and early childhood

education (ECE) services in central

Auckland. Over the following years she

moved into the Education Team, initially as Programme Advisor

for Schools and ECE services, then ECE Programme Manager

and now as the Education Setting Manager. Justine began her

career as an early childhood educator, working both in

New Zealand and the UK. She subsequently graduated from

Massey University with a Bachelor of Science degree in

Human Nutrition and has enjoyed incorporating this alongside

her earlier work in the education sector. Now with her own

children in ECE and school, Justine has a personal and

professional passion for creating education environments

which promote healthy eating and physical activity for children,

young people and their whānau.

Julie Sargisson Regional Operations Manager

Julie Sargisson has been with the

Heart Foundation since 2005.

During that time, Julie has been a

Health Promotion Coordinator,

a Heart Health Advocate, and since

2010, the Midland Regional Heart

Health Manager. Julie has a Master of Science from Massey

University, with first class honours in Health Psychology.

She has previously worked in community mental health

services and as a contract lecturer in human development

at the University of Waikato, Tauranga.

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HEARTFELT THANKSWe offer our thanks to the individuals, trusts and organisations, many of which are listed below, who have helped the Heart Foundation achieve its objectives during the year.

Acumen Republic

Adaptable Solutions Ltd

Allergan

Alliance Health Plus

AMP Foundation

Analogue

Anthem

Architectural Profiles Ltd

Armstrong Motor Group Wellington Marathon

AstraZeneca

ASB Auckland Marathon

ASH

Auckland District Health Board

Auckland Medical School

Auckland University of Technology

Barnes, Catmur & Friends

Bay of Plenty District Health Board

Bee Healthy Regional Dental Service

Beef and Lamb NZ

BP (NZ)

Brand Brokers Ltd

Canterbury Community Trust

Canterbury District Health Board

Capital and Coast District Health Board

Cardiac Rehabilitation Staff

Cardiac Society of Australia and New Zealand

Carters Building Supplies

Clearlite Athena Bathrooms

Cognition Education

Compass Health PHO

Continuous Group

Counties Manukau District Health Board

Counties Manukau Sport

Creative Leap

Professor Diana Lennon

David Strack

DeConstruct

Douglas Charitable Trust

Early Childhood Council

Enigma

Envelope World

Event Day Ltd

Fairview Windows

Fisher & Paykel

5 + A Day

Food & Grocery Council

Foodstuffs

Fresh Max

Gerard Roofs

Grafton

Gravida

Hawkes Bay District Health Board

Health Promoting Schools

Health Promotion Agency

Health and Productivity Institute of NZ (HAPINZ)

Hewlett Packard

Hauora Tairawhiti

HOYTS

Hutt Valley District Health Board

Hynds Group

IBM Kenexa Smarter Workforce

Institute for Strategic Leadership

iSentia

iSite Media

James Hardie

Jennian Homes

John & Leonie Hynds

Karajoz Coffee

Kinetics Group Ltd

Kiwibank

Ko Awatea

Konica Minolta

KPMG

Lakes District Health Board

Life Education

Malatest International

Manaia PHO

Mediaworks

Methven

Michael Gault

Mid Central District Health Board

Midlands Health PHO

Ministry of Education

Ministry of Health

Mitre 10 (NZ) Ltd

Mount Roskill Inner Wheel Sewing Club

Murray Austin

National Hauora Coalition

Nelson-Marlborough District Health Board

New Zealand Childcare Association

New Zealand Federation of Family Budgeting Services (Inc)

New Zealand Parent Teachers’ Association

New Zealand Post

New Zealand Principal’s Federation

New Zealand Schools Trustees’ Association

Nielsen

Norman Ellison Carpets

Northern Region Indoor Bowls Association

Northland District Health Board

Northlands Warehouse (Christchurch)

Papakura Marae

Paradigm Associates

Pegasus Health (Charitable) Ltd

Peros Ltd

Pharmac

Phoenix Research

PHO Alliance

Port of Nelson

40

HEARTFELT THANKS CONTINUED

Porter Novelli

Premium Incentive & Conference

Pukeatua Primary School

PureSEO

Regional Public Health

Registered Master Builders Association

Rheem

Robert Walters New Zealand

Rotorua Area Primary Health Service

Simpson Grierson

Solarix

South Canterbury District Health Board

Southern District Health Board

Southern PHO

Spark Digital

Sport Gisborne Tairawhiti

Sport Waikato – Project Energize

Sport Wellington

Sports Hawkes Bay

Sublime Group Ltd

Surf to City (Invercargill)

Synergia

Tauranga Half Marathon

Tarankai District Health Board

Tasman Insulation

Techspace

Tenfold Creative

The Kitchen Media

The Star Christchurch City 2 Surf

The Quit Group

The University of Auckland

Thinkspace

Tile Warehouse

Tobacco Working Group

Toi Tangata

Toyota NZ

TP Printing Services

Twenty

Under 5 Energize

Unilever

Unison

Vantage Point

Velocity Creative

Vodafone Worriers

Waikato District Health Board

Wairarapa District Health Board

Waitemata District Health Board

Well Dunedin Health Trust

Wellington Marathon Clinic

West Coast District Health Board

Western Bay of Plenty PHO

Westpac

Whanganui District Health Board

Winstone Wall boards

Trusts

Acorn Foundation o/a Ray and Elva Shepherd Fund

Allan and Marjorie Nightingale Trust

Basil and Cynthia Hewett Charitable Trust

Charles and Vera Thrush Charitable Trust

Community Trust Mid and South Canterbury

Community Trust of Southland

Eastern and Central Community Trust

Est. of Joan Elizabeth Pierard (The Kynaston Charitable Trust)

Estate of Ernest Hyam Davis

Estate of Grace E M Kay – Orakau Heart Research Scholarship Trust

Four Winds Foundation Ltd

Grace Craston Charitable Trust

Heathcote Trust

Hilda Curtis Charitable Trust

Invercargill Licensing Trust (ILT)

Joan Mayes Charitable Trust

Leslie Charles Doubleday Trust

Lois McFarlane Charitable Trust

Longford Trust

Mangatawa Beale Williams Memorial Trust

Margaret Russell Charitable Trust

Mokoia Masonic Perpetual Trust

Molly and Douglas Varnham Charitable Trust

New Zealand Lottery Grants Board – National Community Committee

NH Taylor Charitable Trust

Perpetual Trust

JG McMahon Memorial Trust

Late Mr & Mrs Geoffrey Wood Trust

PH Vickery Charitable Trust

Phyllis Campion Charitable Trust

Ray Watts Charitable Trust

Room-Simmonds Charitable Trust

Rotorua Energy Charitable Trust

Roy and Joan Watson Trust

Shepherd Ministries Charitable Trust

Skycity Hamilton Community Trust

Southland Masonic Charitable Trust

St Frances Charitable Trust (sometimes referred to as St. Francis)

T Clark Trust

The Dowdall Trust

The Farina Thompson Charitable Trust

The Jack Jeffs Charitable Trust

The Lawrance and Stephanie Russell Charitable Trust

The Owen and John Whitfield No 2 Fund Charitable Trust

The Reed Charitable Trust

The Riverlea Trust

The Robert and Barbara Stewart Charitable Trust

The Southern Trust

The W and W.A.R Fraser Charitable Trust

Torhaven Trust

Trust Waikato

W. Duncan Bickley Trust Fund

Well Dunedin Health Trust

William Downie Stewart Charitable Trust

Zena and Jack Peat Charitable Trust

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SPECIAL RECOGNITION

Community Organisation Grants Scheme (COGS)

COGS Southland / Invercargill $3,000 General branch operating expenses

COGS Otago / Dunedin $1,000 General branch operating expenses

COGS Sth Cant / Nth Otago / Oamaru $2,100 General branch operating expenses

COGS Nth Taranaki / New Plymouth $3,000 General branch operating expenses

COGS Sth Taranaki / New Plymouth $2,000 General branch operating expenses

COGS Tauranga / Moana $3,000 General branch operating expenses

COGS Rotorua / Eastern BOP $1,500 General branch operating expenses

COGS Tairawhitit / Gisb / East Coast $1,650 General branch operating expenses

COGS Manawatu / Palm. Nth. $2,500 General branch operating expenses

COGS Hawkes Bay / Napier $3,500 General branch operating expenses (Kahungunu ki Heretaunga)

COGS Wairarapa / Masterton / Wgtn $3,000 General branch operating expenses

Volunteer Certificates of Appreciation:

Alison Hargest, Southland Volunteer

Alvyn Meiklejohn, Nelson Volunteer

Anne Letheren, Tauranga Volunteer

Barbara Bregmen, Waikato Volunteer

Diana Bomford, Tauranga Volunteer

Emma Smirk, Auckland Volunteer

Jenny Potter, Waikato Volunteer

John Peart, Waikato Volunteer

John Stirling, Waikato Volunteer

Johnny Bregmen, Waikato Volunteer

Judy Simonson, Waikato Volunteer

Julie Warde, Auckland Volunteer

Kaajal Nadan, Auckland Volunteer

Kelsi Green, Nelson Volunteer

Neel Patel, Auckland Volunteer

Rachel Moore, Auckland Volunteer

Varnika Vijay, Auckland Volunteer

Volunteer Special Achievement Award

Toni Wilson, Otago Volunteer

Volunteer Long Service:

Alvyn Meiklejohn, Nelson Volunteer

Alan Parker, Nelson Volunteer

Amanda Dykzeul, Nelson Volunteer

Carolyn Campbell, Nelson Volunteer

Charmaine Davidson, Hamilton Volunteer

David Russell, Southland Volunteer

Dianne Mannington, Tauranga Volunteer

Gloria Symonds, Nelson Volunteer

Glynne Petterson, Nelson Volunteer

Jacquey Barber, Wairarapa Volunteer

John Allan, Wairarapa Volunteer

Josie Alker, Tauranga Volunteer

Kelsi Green, Nelson Volunteer

Margaret Weldon, Nelson Volunteer

Mary Barbour, Hamilton Volunteer

Miraka Norgate, Nelson Volunteer

Ngaire Potter, Hamilton Volunteer

Pauline Honey, Hamilton Volunteer

Peter Blackmore, Nelson Volunteer

Trevor Gaskell, Nelson Volunteer

Ambassadors

Rt Hon Dame Jenny Shipley (Patron)

Graham Lowe

Helen Thompson-Carter

Jeremy Scott

Keith Taulahi

Nadia Lim

Niki Bezzant

Nikki Tod

Rebecca Carver

Roni Lolesi

Sally Feinerman

BankersWestpac Banking Corporation

SolicitorsSimpson Grierson

AuditorsKPMG

Investment AdvisorsJB Were (NZ) Pty Ltd First NZ Capital

Patent AttorneysSimpson Grierson

Annual Report Creative AgencyVelocity Creative

To make a donation, go to heartfoundation.org.nzor call 0800 830 100

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