✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 172
9 NOVEMBER 2011
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
Estimates and Judgements:
The preparation of financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expense. The estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and assumptions form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 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.
Judgements are made by management in the application of the NZ IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 3: Fixed Assets, Note 5: Grants and Note 9: Financial Assets and Liabilities.
ACCOUNTING POLICIES:
Group financial statements
Subsidiaries are entities controlled by the Trust. The financial statements of the subsidiaries are included in the Group financial statements from the date of control to the date that control ceases. The financial statements have been prepared using uniform accounting policies for like transactions. Intra-group balances and income and expenses arising from intra-group transactions are eliminated in preparing the Group financial statements. The Trust’s subsidiary company, ASB Trusts Amateur Public Sports Promotion Limited has not operated since incorporation.
Statement of Cash Flows
Cash comprises cash at bank but does not include cash or deposits held by the Fund Managers. Therefore the Statements of Cash Flows do not reflect the cash flows within the Fund Managers’ portfolios.
Income from Pooled Funds, Dividends and Interest
Dividends are recognised as income on declaration date, and are recorded net of any imputation tax credits. Income from Pooled Funds comprises distributions, recognised on declaration date, and unrealised gains and losses. Interest is recognised on an accrual basis, applying the effective interest income method.
Grants
Grants are accounted for as they are committed to be distributed to eligible organisations approved either by the Trustees of the Trust or Directors of the subsidiary company. Committed grants are payable on the satisfaction of any conditions placed on the recipients. Grants no longer required or not fully utilised by grant recipients are shown separately in the Statements of Comprehensive Income as Grants written back.
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NZ Gazette 2011, No 172
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ASB Community Trust Financial Statements
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💰 Finance & Revenue30 May 2011
Financial Statements, ASB Community Trust, Estimates, Judgements, Accounting Policies, NZ IFRS, Fixed Assets, Grants, Financial Assets and Liabilities