129.042 Mahitahi Hauora Annual Report 2024-25_Spreadsv07 - Flipbook - Page 40
Notes to the Financial Statements for the Year Ended - 30 June 2025
Notes to
the Financial
Statements
For the Year Ended 30 June 2025
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 10 October
2025.
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 not-forpro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 $33m of total expenses.
(b) Basis of Measurement
The 昀椀nancial statements have been
prepared on a historical cost basis
40.
(c) Functional and
Presentation Currency
The 昀椀nancial statements are
presented in New Zealand dollars ($)
which is the Trust’s functional and
presentation currency, rounded to
the nearest dollar.
4. Significant
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.
3. Use of Judgements
and Estimates
The signi昀椀cant accounting policies of the
Trust are detailed below:
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.
(a) Revenue
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)(see Notes 6 and 16)
(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 2025.
(c) Changes in Accounting Estimates
There were no material changes to
accounting estimates in the year.
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.
Revenue from non-exchange
transactions
Non-exchange transactions as
detailed in note 6, are those where
the Trust receives an inflow of
resources (i.e. cash and other
intangible items) but provides no
(or nominal) direct consideration in
return.
Note 6 Income from General
Practices - this revenue is
considered as non-exchange, it is
an agreed amount charged to the
general practices based on their
patient numbers at a certain date to
cover only a portion of their costs.
