✨ Financial Statements Notes
Bay of Plenty Community Trust Incorporated
Notes to the financial statements
1 Reporting entity
The Bay of Plenty Community Trust is a charitable trust, domiciled in New Zealand, incorporated in accordance with the provisions of The Community Trusts Act 1999. The Trust is a Public Benefit Entity whose principal activity is to distribute income from its investments activities to the Bay of Plenty communities.
2 Basis of preparation
(a) Statement of compliance
The financial statements have been prepared in accordance with the requirements of the Financial Reporting Act 1993 and 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 Board of Trustees approved the financial statements on 26 June 2014.
(b) Basis of measurement
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets and liabilities as identified in specific accounting policies below.
(c) Functional and presentation currency
These financial statements are presented in thousands of New Zealand dollars and rounded to the nearest thousand dollars ($000's) which is the functional currency of the Trust, with the exception of note 20.
(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 the process of applying the Trust’s accounting policies management have made judgements regarding whether or not discretionary grants are payable at year end or if discretionary grants are contingent liabilities at year end. This potentially has a significant effect on the amounts recognised in the financial statements. Grants payable are discretionary grants where there are no significant conditions attached to the grant at balance date or where the significant conditions attached to the grant have been met at balance date. Grants that are classified as contingent liabilities at year end are discretionary grant obligations at balance date that are reliant on additional funding or have other significant conditions attached to them to go ahead with a specified project. Refer to note 7 for the grants payable at 31 March 2014 and note 8 for contingent liabilities.
(e) Taxation
Bay of Plenty Community Trust Inc. is exempt from income tax with effect 1 April 2008, under section CW 52 of the Income Tax Act 2007.
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NZ Gazette 2014, No 93
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Financial Statements Notes
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💰 Finance & Revenue26 June 2014
Financial Statements, Notes, Reporting Entity, Accounting Policies, Taxation