Statement of Accounting Policies New Zealand Rugby Foundation Incorporated For the year ended 31 December 2024 1. Basis of Preparation New Zealand Rugby Foundation Incorporated (The Foundation) has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) on the basis that it does not have public accountability and has total annual expenses equal to or less than $5,000,000. All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future. 1.1 Goods and Services Tax (GST) The Foundation is registered for GST. All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST. 1.2 Income Tax New Zealand Rugby Foundation Inc is wholly exempt from New Zealand income tax having fully complied with all statutory conditions for these exemptions. 1.3 Bank Accounts and Cash Bank accounts and cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term deposits) with original maturities of 90 days or less. 1.4 Revenue Revenue received from donations is accounted for on a cash basis because the general nature of this income is not certain until it is received. Grant revenue is recognised when the conditions attached to the revenue has been complied with. Where there are unfulfilled conditions attached to that grant, the amount relating to the unfulfilled condition is recognised as a liability and released to income as the conditions are fulfilled. Revenue received from professional fundraisers is accounted for on a net basis as the Foundation does not incur nor is liable for the expenditure. 1.5 Sponsorship in Kind The Foundation receives donated items for auction and events, but the value is not certain until the sale, therefore the revenue is recognised when the item is sold. 1.6 Accounts Receivable Accounts Receivable are stated at their estimated realisable value. 1.7 Investments Shares The Foundation has elected to account for share investments in accordance with PBE IPSAS41 Financial Instruments. The fair value of the share investments has been determined by reference to their quotes at reporting date. Share investments are publicly traded on the New Zealand and overseas markets. Gains and losses are recorded via investment revaluation. Investments that are shares are categorised as "financial assets at fair value through profit and loss" for accounting purposes in accordance with financial reporting standards. Subsequent to initial recognition, these assets are measured at fair value. Dividends are recognised as income in the Statement of Financial Performance. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 23
24 Publizr Home