Trust Waikato Annual Report 2016

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1 Reporting Entity
The Waikato Community Trust Incorporated
is a not for profit charitable trust incorporated
and domiciled in New Zealand. Its
principal activities are the investment and
maintenance of the Trust capital and the
provision of donations to community groups
in the greater Waikato area. The Trust was
incorporated on 5 August 1988 with Trust
Capital of $21,316,622.
The Trust operates as Trust Waikato.
2 Summarised Financial
Statements
These are the summarised financial statements
of The Waikato Community Trust Incorporated.
These summarised financial statements are
prepared in compliance with PBE IPSAS - 43
'Summary Financial Statements' and have
been extracted from the full audited financial
statements for the year ended 31 March
2016 which were authorised for issue on 14
July 2016. Summarised financial statements
cannot be expected to provide as complete an
understanding as provided by the full financial
statements, which can be obtained from the
office of the Trust or from the Trust website
.
The full financial statements have been
subject to audit by KPMG and an unmodified
audit report was issued on 14 July 2016.
The audit concluded that the full financial
statements "give a true and fair view of
the financial position of the Trust as at 31
March 2016 and its financial performance
and cashflows for the year then ended".
These summarised financial statements
were authorised by the Trustees for issue on
14 July 2016 and have been examined by
KPMG for consistency with the full financial
statements.
The Waikato Community Trust Incorporated
NOTES TO AND FORMING PART OF THE SUMMARISED
FINANCIAL STATEMENTS for the year ended 31 March 2016
3 Statement of Compliance
The Trust's full financial statements have
been prepared in accordance with Generally
Accepted Accounting Practice in New
Zealand (NZ GAAP) and the Tier 2 Public
Benefit Entities International Public Sector
Accounting Standards (PBE IPSAS). Disclosure
concessions have been applied.
3.1 Transition to PBE IPSAS Tier 2
from NZ IFRS PBE Standards
The Trust's financial statements for the year
ended 31 March 2016 are the first financial
statements prepared in accordance with PBE
Reduced Disclosure Regime (RDR) Standards.
The Trust has considered changes to
recognition and measurement under the
new PBE accounting standards which has
resulted in no changes to comparative year
financial statements for the year ended 31
March 2015.
4 Basis of Measurement
The financial statements have been prepared
on the basis of historical cost, except for the
revaluation of the following assets, which are
stated at their fair value:
• Financial assets at fair value through
the profit or loss component of the
Statement of Comprehensive Revenue
& Expenses
• Derivative financial instruments
• Available for sale financial assets