✨ Financial Statements Notes
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
1. REPORTING ENTITY
The Eastern and Central Community Trust Inc. is a Charitable Trust incorporated in accordance with the provisions of the Community Trusts Act 1999.
The financial statements, for the year ended 31st March 2009, have been prepared in accordance with the Financial Reporting Act 1993. The Eastern and Central Community Trust Inc is primarily involved in the management of the investment of assets and the distribution of donations to the community within a designated lower North Island region of New Zealand. Reliance is placed on the fact that the Trust is a going concern.
2. BASIS OF PREPARATION
a) Statement of compliance
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("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.
The financial statements were approved by the Board of Trustees on 29th May 2009.
b) Basis of Measurement
The financial statements have been prepared on the historical cost basis except for financial instruments at fair value through the income statement, which are measured at fair value and disclosed further in note 14.
c) Functional and Presentation Currency
These financial statements are presented in New Zealand dollars ($), which is the Trust’s functional currency. All financial information has been rounded to the nearest dollar.
d) Use of Estimates and Judgements
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the income and expenses during the period. Actual results could differ from these estimates.
Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore, can not be determined with precision. Changes in assumptions could significantly affect the estimates.
e) Standards, Amendments and Interpretations to Existing Standards that are not yet effective
There are new or revised Accounting Standards and Interpretations in issue that are not yet effective. These include the following Standards and Interpretations that are applicable to the Society and may have an impact on future financial statements.
Minor Amendments to NZ IFRS
The Minor Amendments to NZ IFRS will be adopted by the Trust for the first time for its financial reporting period ending March 2010. The Minor Amendments to NZ IFRS are not expected to have significant impact on the Trust’s accounting policies.
NZ IFRS 7
The amendments to NZ IFRS 7 will be adopted by the Trust for the first time for its financial reporting period ending 31 March 2010. The amendment to NZ IFRS 7 may result in the Trust having to provide additional disclosure in relation to its financial instruments held at the year ended 31 March 2010.
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NZ Gazette 2009, No 96
✨ LLM interpretation of page content
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Notes to the Financial Statements of Eastern and Central Community Trust
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💰 Finance & Revenue29 May 2009
Financial statements, Notes, Accounting policies, Estimates, NZ GAAP, NZ IFRS