✨ Financial Statements Notes
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2014
- Statement of Accounting Policies
Reporting Entity
TSB Community Trust is a public benefit entity domiciled in New Zealand. It was established by trust deed dated 30 May 1988 and adopted a revised deed on 8 February 2001. The nature of the Trust’s operations is investment and application of the Trust funds for charitable purposes.
The financial statements of TSB Community Trust comply with the requirements of the Trust Deed and the Community Trust Act 1999.
These 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.
The financial statements were approved by the Trustees on 15 July 2014.
Change in Accounting Policies
The TSB Community Trust has applied NZ IFRS 13 Fair Value Measurement in the preparation of these financial statements. Adoption of this standard has not resulted in any material change to the TSB Community Trust’s reported result or financial position.
Standards and Interpretations Not Yet Adopted
New amendments to standards and interpretations of standards have been issued by the External Reporting Board that are not yet effective in the preparation of these financial statements:
IAS 32 Financial Instruments Presentation: Offsetting Financial Assets and Liabilities. This standard is effective for annual reporting periods beginning on or after 1 January 2014.
IFRS 9 Financial Instruments. It is the intention of the IASB to replace IAS 39 with IFRS 9. The IASB have tentatively decided that this standard will be effective for annual reporting periods beginning on or after 1 January 2017.
The External Reporting Board are developing and issuing several new suites of standards to facilitate the implementation of the Accounting Standards Framework for Public Benefit Entities (PBEs). TSB Community Trust will be required to adopt the NZ IFRS PBE standards from 1 April 2015 applying to the year ended 31 March 2016.
Basis of Preparation
The financial statements are prepared on the historical cost basis. The accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transaction or other events is reported.
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NZ Gazette 2014, No 87
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
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💰 Finance & Revenue15 July 2014
Financial Statements, Community Trusts, TSB, Equity Changes