✨ Financial Statements Notes
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1 REPORTING ENTITY
The Waikato Community Trust Incorporated is a not for profit charitable trust incorporated and domiciled in New Zealand. Its principal activities are the investment and maintenance of the Trust capital and the provision of donations to community groups in the greater Waikato area. Accordingly, The Waikato Community Trust Incorporated is designated as a Public Benefit Entity for purposes of New Zealand Equivalents to International Financial Reporting Standards.
The Trust Bank Waikato Community Trust was established under the Trustee Banks Restructuring Act 1988 and subsequently the Community Trusts Act 1999. The Trust Bank Waikato Community Trust Deed was executed on 30 May 1988 and the Trust was incorporated on 5 August 1988, with Trust capital of $21,316,622. The name of the Trust was changed to The Waikato Community Trust Incorporated in December 1997. The Trust operates as Trust Waikato.
The financial statements were authorised for issue by the Trustees on 24 July 2014.
2 BASIS OF PREPARATION
2.1 Statement of Compliance
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with New Zealand International Financial Reporting Standards for Public Benefit Entities ('NZ IFRS PBE').
2.2 Basis of Measurement
The financial statements have been prepared on the basis of historical cost, except for the revaluation of the following assets, which are stated at their fair value:
- Financial assets at fair value through profit or loss
- Derivative financial instruments
- Available for sale financial assets
The methods used to measure fair values are discussed further in Note 3.9.
2.3 Functional and Presentation Currency
The financial statements are presented in New Zealand dollars, which is the Trust’s functional and presentation currency, rounded to the nearest thousand dollars.
2.4 Critical Accounting Estimates and Judgements
The preparation of financial statements in conformity with NZ IFRS requires management to make certain critical accounting estimates, judgements and assumptions that affect the application of policies and the reported amount of assets, liabilities, income and expenses. The estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of the judgements. Actual results may differ from these estimates.
The estimates and judgements are reviewed by management each year. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Information about judgements made by management in applying accounting policies that have a significant effect on the amount recognised in the financial statements relate to Donations Payable (Note 3.6.2) and Contingent Liabilities: Donations and Sponsorships (Note 7).
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NZ Gazette 2014, No 101
✨ LLM interpretation of page content
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Cash Flow Statement for The Waikato Community Trust Incorporated
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💰 Finance & Revenue24 July 2014
Financial Statements, Cash Flow, Investments, Donations, Sponsorships, Waikato Community Trust