✨ Financial Statements Notes
WELLINGTON COMMUNITY TRUST
Notes to the Financial Statements
For the Year Ended 31 March 2013
- STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The Community Trust of Wellington ("The Trust"), trading as the Wellington Community Trust, is an incorporated Charitable Trust under the Charitable Trusts Act 1957.
These financial statements have been prepared in accordance with Generally Accepted Accounting Practice ("GAAP") in New Zealand. They comply with the New Zealand Equivalents to International Financial Reporting Standards ("NZ IFRS") and other Financial Reporting Standards as appropriate for not-for-profit entities that qualify for and apply differential reporting concessions.
Basis of Preparation
The accounting principles recognised as appropriate for the measurement and reporting of the statement of comprehensive income and balance sheet on a historical cost basis are followed by the Trust, except that certain investments are disclosed at fair value.
The information is presented in New Zealand dollars as it is the functional and presentational currency.
Differential Reporting
The Trust qualifies for Differential Reporting as it is not publicly accountable, and is not large as defined by the Framework for Differential Reporting. The Trust has taken advantage of all available differential exemptions.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:
(a) Revenue
Rental revenue in relation to operating leases is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.
Dividend revenue from investments is recognised when the Trust’s rights to receive payment have been established. Interest income is recognised as interest accrues using the effective interest method.
(b) Income Tax
The Trust is exempt from income tax under section CW 52 of the Income Tax Act 2007.
(c) Property, Plant & Equipment
Property Plant and Equipment is stated at cost less accumulated depreciation and impairment.
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NZ Gazette 2013, No 102
✨ LLM interpretation of page content
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Financial Statements of The Community Trust of Wellington
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💰 Finance & Revenue20 June 2013
Financial Statements, Accounting Policies, Reporting Entity, Revenue, Income Tax