✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2012
1. GENERAL INFORMATION
Reporting Entity
The financial statements represented are those for the reporting entity The Community Trust of Southland (the "Trust") its subsidiaries and associates together (the "Group").
The Community Trust of Southland ("the Trust") was formed under the Trustee Banks Restructuring Act 1988 and is incorporated under the Charitable Trusts Act 1957.
The Community Trust of Southland ("the Trust") registered office is 62 Don Street, Invercargill.
The financial statements comply with the Financial Reporting Act 1993 and the Community Trusts Act 1999.
These consolidated financial statements have been approved for issue by the Trustees on 26 July 2012.
The Group’s owners do not have the power to amend these consolidated financial statements once issued.
2. STATEMENT OF ACCOUNTING POLICIES
Statement of Compliance
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards as appropriate for public benefit entities.
(a) Basis of Preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Historical cost convention
The financial statements have been prepared on the basis of historical cost as modified by the revaluation of certain assets as identified in specific accounting policies below.
Presentation and functional currency
These financial statements are presented in New Zealand dollars, which is the Group’s functional and presentation currency. All figures are rounded to the nearest thousand.
Going Concern assumption
These financial statements have been prepared on a going concern basis.
Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.
Critical Accounting Estimates & Judgements
In the application of NZ IFRS management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgements. Actual results may differ to 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.
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NZ Gazette 2012, No 105
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Financial Report of the Community Trust of Southland
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💰 Finance & Revenue26 July 2012
Financial Report, Community Trust, Southland, 2012, Statements, Notes, Audit