129.037 Mahitahi Hauora Annual Report 2023-24 v8 - Low Res Spreads - Flipbook - Page 43
30 June 2024 - Notes to the Financial Statements for the Year Ended
Notes to
the Financial
Statements
For the Year Ended 30 June 2024
1. Reporting Entity
The reporting entity Te Kaupapa
Mahitahi Hauora-Papa O Te Raki (“the
Trust”), is a Trust domiciled in New
Zealand and is a charitable organisation
registered under the Charities Act 2005.
The Trust is a public bene昀椀t entity for
the purposes of 昀椀nancial reporting in
accordance with the Financial Reporting
Act 2013.
The Trust provides primary health
services to Northland under a PHO
service agreement with Te Whatu Ora/
Health NZ.
The 昀椀nancial statements have been
approved and were authorised for
issue by the Board of Trustees on 11
October 2024.
2. Basis of Preparation
(a) Statement of Compliance
The 昀椀nancial statements have been
prepared in accordance with New
Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with
the Public Bene昀椀t Entity Accounting
Standards (PBE standards) and
other applicable Financial Reporting
Standards, as appropriate for Tier 1 notfor-pro昀椀t public bene昀椀t entities. The
昀椀nancial statements comply with the
requirements of the Financial Reporting
Act 2013.
The Trust is a Tier 1 entity as it has
more than $33m of total expenses.
(b) Basis of Measurement
The 昀椀nancial statements have been
prepared on a historical cost basis.
(c) Functional and
Presentation Currency
The 昀椀nancial statements are
presented in New Zealand dollars
($) which is the Trust’s functional
and presentation currency, rounded
to the nearest dollar.
3. Use of Judgements and
Estimates
The preparation of the 昀椀nancial
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 those estimates.
Signi昀椀cant areas of estimation,
uncertainty and critical judgement
in applying accounting policies that
have the most signi昀椀cant effect on the
amounts recognised in the 昀椀nancial
statements are as follows:
(a) Judgements
Recognition of Revenue and
Deferred Revenue (Conditions vs.
Restrictions)
(b) Assumptions and Estimation
Uncertainties
There are no signi昀椀cant
assumptions and estimation
uncertainties that could result in
a material adjustment in the year
ended 30 June 2024.
(c) Changes in Accounting Estimates
There were no material changes to
accounting estimates in the year.
4. Signi昀椀cant
Accounting Policies
The accounting policies set out below
have been applied consistently to all
periods presented in these 昀椀nancial
statements and have been applied
consistently by the Trust.
The signi昀椀cant accounting policies of
the Trust are detailed below:
(a) Revenue
Revenue is recognised when
the amount of revenue can be
measured reliably and it is probable
that economic bene昀椀ts will flow
to the Trust, and is measured at
the fair value of the consideration
received or receivable.
The following speci昀椀c recognition
criteria in relation to the Trust’s
revenue streams must also be met
before revenue is recognised.
i. Revenue from exchange
transactions
Revenue from services rendered
is recognised in surplus or de昀椀cit
in proportion to the stage of
completion of the transactions at
the reporting date. The stage of
completion is assessed by reference
to the proportion of time remaining
or quantity of services to be provided
under the original service agreement
at the reporting date.
Amounts received in advance for
services to be provided in future
periods are recognised as a liability
until such time as the service is
provided.
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