✨ Financial Statements Notes
EASTERN AND CENTRAL COMMUNITY TRUST INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1. REPORTING ENTITY
The Eastern and Central Community Trust Inc. is a Charitable Trust domiciled in New Zealand and incorporated in accordance with the provisions of the Community Trusts Act 1999.
The financial statements, for the year ended 31st March 2014, have been prepared in accordance with the Financial Reporting Act 1993. In accordance with Section 13 of the Community Trusts Act 1999 the Eastern and Central Community Trust Inc. is deemed to be a reporting entity for the purposes of the Financial Reporting Act 1993. The Eastern and Central Community Trust Inc. is primarily involved in the management of the investment of assets and the distribution of donations to the community within a designated lower North Island region of New Zealand.
2. BASIS OF PREPARATION
a) Statement of Compliance
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("NZ GAAP"). They comply with New Zealand Equivalents to International Financial Reporting Standards ("NZ IFRS"), and other applicable Financial Reporting Standards, as appropriate for public benefit entities. They also comply with International Financial Reporting Standards.
The financial statements were approved by the Board of Trustees on 24th July 2014.
b) Basis of Measurement
The financial statements have been prepared on the historical cost basis modified as detailed in the specific accounting policies below.
c) Functional and Presentation Currency
These financial statements are presented in New Zealand dollars (NZD), which is the Trust’s functional currency. All financial information has been rounded to the nearest dollar.
d) Use of Key Estimates and Judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the income and expenses during the period. Actual results could differ from these estimates.
Judgements are made by management in the application of NZIFRS that have a significant effect on the financial statements. Fair value estimates with a significant risk of material adjustment in the next year relate to financial instruments.
Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. Further discussion regarding fair value estimation uncertainty can be found in Note 14.
e) Standards, Amendments and Interpretations to Existing Standards that are not yet effective
There are new or revised Accounting Standards and Interpretations on issue that are not yet effective. These include the following Standards and Interpretations that are applicable to the Trust and may have an impact on future financial statements.
NZ IFRS 9
NZ IFRS 9 Financial Instruments will be adopted by the Trust for the first time for its financial period ending 31 March 2016. The impact of NZ IFRS 9 has not yet been assessed.
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NZ Gazette 2014, No 86
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Financial Statements of Eastern and Central Community Trust Incorporated
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