✨ Financial Statements Notes
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2011
- Statement of Accounting Policies
Reporting Entity
TSB Community Trust is a public benefit entity domiciled in New Zealand. It was established by trust deed dated 30 May 1988 and adopted a revised deed on 8 February 2001.
The nature of the Trust’s operations is investment and application of the Trust funds for charitable purposes.
The financial statements of TSB Community Trust comply with the requirements of the Trust Deed and the Community Trust Act 1999.
These 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 Trustees on 5 July 2011.
Change in Presentation
The presentation of retained earnings has been changed to disclose the component of retained earnings that relate to the reserve fund. This change is disclosed in note 8 and the statement of changes in equity.
Change in Accounting Policies
The accounting policies have been consistently applied to all periods presented unless otherwise stated.
Standards Issued Not Yet Effective
The following new standards are not yet effective and have not been applied in the preparation of these financial statements. Adoption of these standards will not have any impact on the Trust’s reported profit or financial position.
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NZ IFRS 9 - Financial Instruments. This standard is effective for annual reporting periods beginning on or after 1 January 2013 but early adoption is permitted. The new standard simplifies the approach for classification and measurement of financial assets compared with the requirements of NZ IAS 39.
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NZ IAS 24 - Related Party Disclosures. This standard is effective for annual reporting periods beginning on or after 1 January 2011 but early adoption is permitted. The amended standard simplifies definitions and clarifies meanings.
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NZ Gazette 2011, No 117
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
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💰 Finance & Revenue5 July 2011
Financial Statements, Accounting Policies, Community Trusts, TSB