✨ Financial Statements
NEW ZEALAND GAZETTE, No. 96
6 AUGUST 2010
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2010
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Statement of Accounting Policies continued
j) Critical Accounting Estimates, Assumptions and Judgements
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the relevant accounting policy or in the relevant note.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trust has exercised judgement in determining the categorisation of financial assets and liabilities and the recognition of grants payable. The categories and measurement of these items are disclosed in paragraph (c) and the carrying values in note 5. The criteria used to determine whether or not a grant is a payable or contingent liability is disclosed in paragraph (i). Grants payable are included within trade and other payables in the statement of financial position. The carrying value of grants payable at 31 March 2010 was $1,382,380 (2009: $1,141,700) and the value of contingent liabilities in relation to grants has been disclosed in note 13.
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Interest
2010 2009 $ $ Bank deposits 318,163 324,383 Held to maturity investments 108,773 184,968 426,936 509,351 -
Cash and Cash Equivalents
2010 2009 $ $ Petty cash 194 63 TSB Bank cheque account 1,605,176 462,968 TSB Bank reserve interest account 34,220 2,930 1,639,590 465,961
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NZ Gazette 2010, No 96
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue29 June 2010
Financial Statements, Community Trusts, TSB Community Trust, Accounting Policies, Financial Liabilities, Effective Interest Method, Derecognition, Impairment of Financial Assets, GST, Taxation, Income Tax Act