✨ Financial Statements Notes
21 JULY 2010 NEW ZEALAND GAZETTE, No. 87 2335
EASTERN AND CENTRAL COMMUNITY TRUST INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2010
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 2010, 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.
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 28th May 2010.
b) Basis of Measurement
The financial statements have been prepared on the historical cost basis except for financial instruments at fair value through the statement of comprehensive income, 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 Key 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 on issue that are not yet effective. These include the following Standards and Interpretations that are applicable to the Trust and may have an impact on future financial statements.
NZ IFRS 9
NZ IFRS 9 Financial Instruments will be adopted by the Trust for the first time for its financial period ending 31 March 2015.
3. SIGNIFICANT ACCOUNTING POLICIES
The following are the particular accounting policies, which have a material affect on the measurement of results and financial position. They have been applied consistently to all periods presented in these financial statements.
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NZ Gazette 2010, No 87
✨ LLM interpretation of page content
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Notes to the Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue28 May 2010
Financial statements, Community Trusts Act 1999, Eastern and Central Community Trust, NZ GAAP, NZ IFRS
- Board of Trustees