NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2025 1 Reporting entity
Christ’s College Canterbury, the “College”, is incorporated under the Christ’s College Canterbury Ordinance 1885, is a registered charity under the Charities Act 2005 and is domiciled at 33 Rolleston Avenue Christchurch. Operationally, the single legal entity is divided into the day-to-day school activities (the “School”) and an investment arm (the “Foundation”). Christ’s College Canterbury is a public benefit entity for the purposes of financial reporting in accordance with the Financial Reporting Act 1993. The College operates an independent Year 9 to 13 boys' school, as well as associated boarding houses and an investment portfolio, the foundations of which were funds gifted to the College and which are used to benefit current and future students. These financial statements have been approved and were authorised for issue by the Board of Governors on 03 April 2025. 2 Statement of compliance These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’). They comply with New Zealand equivalents of Public Benefit Entity (PBE) International Public Sector Accounting Standards (IPSAS) and other applicable reporting standards as appropriate that have been authorised for use by the External Reporting Board for Not-For-Profit entities. For the purposes of complying with NZ GAAP, the College is a public benefit not-for-profit entity and is eligible to apply Tier 2 Not-For-Profit PBE IPSAS on the basis that it does not have public accountability and it is not defined as large (operating expenditure has been between $5m and $33m in the current and prior period). The Board has elected to report in accordance with PBE Standards Reduced Disclosure Regime (RDR) and in doing so has applied all applicable disclosure concessions. 3 Summary of accounting policies Basis of preparation The presentation and functional currency is New Zealand dollars. Except where specified, the accounting policies set out below have been applied consistently to all periods presented in these financial statements. Historical cost convention These financial statements have been prepared on a historical cost basis except for derivative financial instruments, available-for-sale assets and investment property which has been measured at fair value.
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