Notes to the financial statements
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 2013. 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 Warden and Fellows on 16 June 2026. 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 period). The Warden and Fellows have 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. Amounts have been rounded to the nearest thousand dollars, unless otherwise stated. As a result, minor differences in presentation may arise due to rounding. 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.
Use of judgements, estimates and assumptions The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from those estimates. (i) Judgements Judgements made in applying accounting policies that have had the most significant effects on the amounts recognised in the financial statements include: • Revenue recognition – exchange or non-exchange revenue and furthermore within non-exchange those revenues identified as having conditions versus restrictions, • The fair value of financial instruments recognised through surplus or deficit. (ii) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The financial statements are based upon assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the College. Such changes are reflected in the assumptions when they occur. • Revaluation of investment properties The College holds its investment properties at fair value with changes in fair value being recognised through surplus or deficit in accordance with PBE IPSAS 16 - Investment Property. The College measures fair value of the investment properties based on periodic, but at least triennial, valuations by external independent valuers, less any impairment losses recognised after the date of the revaluation. Valuations are performed with sufficient regularity to ensure that the fair value does not differ materially from its carrying amount. The key assumptions used are provided in Note 3(e). • Fair value measurement of financial instruments including share investments and derivatives Some of the College’s assets and liabilities are measured at fair value for financial reporting purposes. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in Note 3(d) (i)-(iii).
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