✨ Financial Statements Notes
THE COMMUNITY TRUST OF WELLINGTON
Notes to the Financial Statements
For the Twelve Months Ended 31 March 2010
- STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The Community Trust of Wellington (The Trust) is an incorporated Charitable Trust under the Charitable Trusts Act 1957.
These financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand. They comply with the New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and other Financial Reporting Standards as appropriate for not-for-profit entities that qualify for and apply differential reporting concessions.
Basis of Preparation
The accounting principles recognised as appropriate for the measurement and reporting of the statement of comprehensive income and balance sheet on a historical cost basis are followed by the Trust, except that certain investments are disclosed at fair value.
The information is presented in New Zealand dollars as it is the functional and presentational currency.
Differential Reporting
The Trust qualifies for Differential Reporting as it is not publicly accountable, and is not large as defined by the Framework for Differential Reporting. The Trust has taken advantage of all available differential exemptions.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:
(a) Revenue
Rental revenue in relation to operating leases is recognised in the income statement on a straight-line basis over the lease term.
Dividend revenue from investments is recognised when the Trust’s rights to receive payment have been established. Interest income is recognised as interest accrues using the effective interest method.
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NZ Gazette 2010, No 81
✨ LLM interpretation of page content
💰
Balance Sheet of the Community Trust of Wellington
(continued from previous page)
💰 Finance & Revenue7 June 2010
Balance Sheet, Financial Statements, Assets, Liabilities, Wellington