Statement of Accounting Policies Bonds Fixed Interest Investments are carried at cost. If the market value of bonds is below historical cost, the bonds are recorded at market value. Gains and losses are recorded via investment revaluation. Bonds are comprised of New Zealand and offshore bonds. The offshore bonds have been valued at market value at 31 December 2024 as the market value of the bonds is below the historical cost at that date. 1.8 Accounts Payable Accounts Payable are recorded at the amount of cash required to settle those liabilities. 1.9 Functional and Presentational Currency All balances within these financial statements are stated in New Zealand dollars ($). Amounts are rounded to the nearest dollar. 1.10 Inventory Inventory is stated at the lower of cost, determined on a "first-in-first-out" basis, and net realisable value. 1.11 Fixed Assets All owned items of Furniture and Fittings are initially recorded at cost, and depreciated using Diminishing Value as outlined below: - Office Furniture and Equipment 11.4% to 60% - Website 60% - Motor Vehicle 20% Where an item of furniture or equipment is disposed of, the gain or loss is recognised in the Statement of Financial Performance and is calculated as the difference between the net sale price and the carrying value of the asset. 1.12 Foreign Exchange Movements Transactions in foreign currencies are translated to NZD at the settlement rate. Monetary assets and liabilities denominated in foreign currencies in the Statement of Financial Position are translated to NZD at the foreign exchange rate ruling at that date. Foreign exchange differences arising on their translation are recognised in the Statement of Financial Performance. 1.13 Changes in Accounting Policies There have been no changes in accounting policies of the Foundation in the year ended 31 December 2024, other than the adoption of the new PBE standard for share investments as disclosed below. Other than the change disclosed below, all accounting policies have been applied on a consistent basis with those of previous reporting period. PBE IPSAS41 - Financial Instruments The standard replaces previous accounting requirements for financial instruments. The standard establishes new classifications for financial assets at either amortised cost or at fair value based on how entities manage those assets and the cash flow characteristics. The new standard had no impact to the Foundation financial statements. 24 ANNUAL REPORT 2024
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