✨ Financial Statements Notes
2816 NEW ZEALAND GAZETTE, No. 122 19 AUGUST 2009
Notes to the financial statements
Significant accounting policies
1 Reporting entity
The Bay of Plenty Community Trust is a charitable trust, domiciled in New Zealand, incorporated in accordance with the provisions of The Community Trusts Act 1999. The Trust is a public benefit entity.
The Bay of Plenty Community Trust is a charitable trust which distributes income from its investment activities to the Bay of Plenty communities.
2 Basis of preparation
(a) Statement of compliance
The financial statements have been prepared in accordance with the requirements of the Financial Reporting Act 1993 and Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities. Compliance with NZ IFRS ensures that the financial statements do comply with International Financial Reporting ("IFRS").
The financial statements have been approved by the Board of Trustees on 18th June 2009.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following:
- derivative financial instruments are measured at fair value
- financial instruments at fair value through profit or loss are measured at fair value
The methods used to measure fair values are discussed further in note 4.
(c) Functional and presentation currency
These financial statements are presented in thousands of New Zealand dollars ($000’s). All financial information presented in New Zealand dollars has been rounded to the nearest thousand.
(d) Use of estimates and judgements
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 periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements relating to the valuation of investments are discussed further in note 4.
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NZ Gazette 2009, No 122
✨ LLM interpretation of page content
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BayTrust Annual Report for 2008-2009
(continued from previous page)
💰 Finance & Revenue9 July 2009
Annual Report, Financial Performance, Income Statement, Profit and Loss, Bay of Plenty