✨ Financial Statements Notes
19 AUGUST 2014 NEW ZEALAND GAZETTE, No. 95 2685
WHANGANUI CHARITABLE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1 Statement of Accounting Policies
Reporting Entity Whanganui Charitable Foundation Limited (the "Company") is a company registered under the Companies Act 1993. The Company is a reporting entity for the purposes of the Financial Reporting Act 1993.
The Financial statements of the Company have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("NZ GAAP") and the Financial Reporting Act 1993.
As the Company is not large and not publicly accountable, it qualifies for differential reporting. It has therefore taken advantage of all available differential reporting exemptions.
Measurement Base Unless otherwise stated the accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historic cost basis have been followed by the Company. The exception is land and buildings which are valued at market value.
Specific Accounting Policies The following specific accounting policies which materially affect the measurement of profit and financial position have been applied.
Revenue Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Taxation The Company is exempt from income tax and is registered as a charitable entity under the Charities Act 2005 (CC21727).
Goods and Services Tax The financial statements have been prepared on a GST exclusive basis except for accounts receivable and accounts payable which include GST where invoiced.
Property Plant & Equipment Property, Plant & Equipment are recognised at cost less accumulated depreciation and impairment losses except for land and buildings which are subsequently revalued on a cyclical basis every 3 years. Depreciation has been calculated using rates as follows:
| Rate | |
|---|---|
| Land and Buildings | 2-4% SL |
| Office Furniture and equipment | 15-48% DV |
From 1 April 2011, the building has been depreciated at 2% per annum on a straight line basis.
Change in Accounting Policies There were no changes in accounting policy during the year.
2 Charitable Status
The Company is registered as a charitable entity under the Charities Act 2005 (CC21727) with the Charities Commission.
3 Authorised Capital
The share capital of the Company is two dollars ($2.00) divided into two ordinary shares which are held by the Parent, Whanganui Community Foundation Incorporated (the "Foundation"). No call has been made on those shares.
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NZ Gazette 2014, No 95
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Whanganui Charitable Foundation Limited Notes to the Financial Statements for 2014
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