✨ Financial Statements
1 AUGUST 2014 NEW ZEALAND GAZETTE, No. 85 2379
Otago Community Trust
Notes to the financial statements
For the year ended 31 March 2014
Significant accounting policies
1 Reporting entity
Otago Community Trust (the “Parent”) is a charitable trust, domiciled in New Zealand, incorporated in accordance with the provisions of the Community Trusts Act 1999.
Separate parent and consolidated financial statements are presented. The consolidated financial statements for the year ended 31 March 2014 comprise the Parent and its wholly owned subsidiary, Fillmore House Limited (together referred to as the “Group”).
2 Basis of preparation
(a) 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 equivalents to International Financial Reporting Standards and its interpretations (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities.
The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 March 2014 and the comparative information presented in these financial statements for the year ended 31 March 2013.
The financial statements have been approved by the Trustees on 1 July 2014.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following:
- derivative financial instruments are measured at fair value
- financial instruments at fair value through profit or loss are measured at fair value
The methods used to measure fair values are discussed further in note 4.
(c) Functional and presentation currency
These financial statements are presented in thousands of New Zealand dollars (’000’s), which is the Group’s functional currency.
(d) Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
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 and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements relate to the valuation of investments and are discussed further in note 4.
Next Page →
NZ Gazette 2014, No 85
✨ LLM interpretation of page content
💰
Otago Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts Act 1999, Otago