✨ TSB Community Trust Financial Statements
3262 NEW ZEALAND GAZETTE, No. 117 3 AUGUST 2011
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2011
- 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 2011 was $999,416 (2010: $1,382,380) and the value of contingent liabilities in relation to grants has been disclosed in note 13.
- Interest
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Bank deposits | 470,717 | 318,163 |
| Held to maturity investments | 178,630 | 108,773 |
| 649,347 | 426,936 |
- Cash and Cash Equivalents
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Petty cash | 153 | 194 |
| TSB Bank cheque account | 555,841 | 1,605,176 |
| TSB Bank reserve interest account | 58,301 | 34,220 |
| 614,295 | 1,639,590 |
Next Page →
NZ Gazette 2011, No 117
✨ LLM interpretation of page content
💰
TSB Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue5 July 2011
Financial Statements, Accounting Policies, Community Trusts, TSB