✨ Financial Statements and Accounting Policies
2882 NEW ZEALAND GAZETTE, No. 125 21 AUGUST 2009
Reliance is placed on the fact that the Trust is a going concern. The Financial Statements have been prepared in accordance with the requirements of the Financial Reporting Act 1993 and in accordance with, and compliance with the requirements of NZ IFRS, and other applicable financial reporting standards as appropriate for public benefit entities.
NZ IAS 1 Revised: Presentation of Financial Statements (revised) and NZ IFRS 7: Amendment Significance of Financial Instruments for Financial Position or Performance have been issued and are effective from accounting periods commencing on or after 1 January 2009. The Trust has assessed the effect of these statements and concluded that there will be no material impact.
The Trust’s functional currency is New Zealand Dollars.
ACCOUNTING POLICIES:
Consolidated financial statements
Consolidated financial statements have not been prepared as the subsidiary companies have not traded since incorporation.
Statement of Cash Flows
Cash comprises cash at bank and call deposits but does not include cash or deposits held by the Fund Managers. Therefore the Statement of Cash Flows does not reflect the cash flows within the Fund Managers’ portfolios.
Income from Dividends, Pooled Funds and Interest
Dividends are recognised as income on declaration date, and are recorded net of any imputation tax credits. Income from Pooled Funds comprises distributions, recognised on declaration date, and unrealised gains and losses. Interest is recognised on an accrual basis.
Grants
Grants are accounted for as they are committed to be distributed to eligible organisations approved by the Trustees. Committed grants are payable on the satisfaction of any conditions placed on the recipients. Grants no longer required or not fully utilised by grant recipients are shown separately in the Statement of Financial Performance as Grants written back.
Fixed and Intangible Assets
FIXED ASSETS:
Fixed Assets with exception of land and buildings are valued at cost, less accumulated depreciation and accumulated impairment losses. Commencing from 1 April 2008 land and buildings are revalued to market value five yearly. The gain on revaluation is recognised in a revaluation reserve in the Statement of Movements in Trust Funds.
In accordance with the provisions of New Zealand Institute of Chartered Accountants “Not for Profit Accounting Guide” buildings with a New Zealand Historic Places Trust classification are not depreciated as they are likely to increase in value. As from 1 April 2008 the Trust’s building is no longer depreciated as it has a New Zealand Historic Places Trust classification and the useful life of the asset is considered indefinite.
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NZ Gazette 2009, No 125
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts Act 1999, ASB Community Trust, Accounting Policies