✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
1. GENERAL INFORMATION
Reporting Entity
The financial statements represented are those for the reporting entity The Community Trust of Southland (the "Parent") its subsidiaries and associates together (the "Group").
The Community Trust of Southland ("the Trust") was formed under the Trustee Banks Restructuring Act 1988 and was 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 24 July 2014.
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
The consolidated financial statements of the group 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').
A new Accounting Standards Framework (incorporating a Tier structure and a separate suite of accounting standards for PBEs) has been issued by the External Reporting Board (XRB).
Under the new Accounting Standards Framework, The Community Trust of Southland will have to transition to the new Not-for-Profit Public Benefit Entities (NFP PBE) Standards that will be based mainly on International Public Sector Accounting Standards (IPSAS). The effective date for the new NFP PBE Standards is for reporting periods beginning on or after 1 April 2015. Therefore The Community Trust of Southland will have to prepare its financial statements in accordance with the new NFP PBE Standards for the first time for the annual period ending 31 March 2016.
The Community Trust of Southland has not been able to determine the impact of this transition as the new NFP PBE Standards are currently being developed by the XRB.
Due to the change in the Accounting Standards framework for PBEs, all new NZ IFRS and amendments to existing NZ IFRS will not be applicable to PBEs as the XRB has effectively frozen the financial reporting requirements for PBEs until PBEs transition to the PBE Standards. Accordingly, no disclosure has been made about new or amended NZ IFRS that exclude PBEs from their scope.
(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.
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NZ Gazette 2014, No 104
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Community Trust of Southland Financial Report
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💰 Finance & RevenueFinancial report, Community Trust, Southland, Statements of Cash Flows