Financial Reporting Resources

Financial Statements and Audit requirements for Organisations applying for Funding

A review of an organisation’s financial statements enables the Trust to understand an organisation’s financial position and financial sustainability.

The Otago Community Trust generally expect that all entities applying to us for funding will provide us with financial statements which:

  • are no more than 18 months old at the time the application is submitted
  • have been prepared by a Chartered Accountant who is a member of Chartered Accountants Australia and New Zealand (CAANZ), or equivalent and
  • have been signed by two office holders

All financial statements must comply with requirements of NZ’s new reporting standards for not for profit organisations, including a Statement of Service Performance.  The content required differs depending on the size of the organisation; generally larger organisations will need to include more information in their accounts than smaller organisations. Some useful guidance on these new standards can be found at  

Otago Community Trust requires that entities other than Charities provide us with financial statements that are materially consistent with generally accepted accounting practices which meet the audit or review requirements set out in their constitutions.

Otago Community Trust’s audit requirement for different types of organisations is shown below:

Annual operating expenditure of applicant for latest financial year




Audit or Review requirements

Donation Requests under $50,000

Donation Requests over $50,000


Greater than $1m


 Audit required

 Audit required

Between $500,000 and $1m

Audit or Review required only if required by Constitution or Trust Deed


Audit required


Under $500,000

Review or Audit required only if required by Constitution or Trust Deed

Financial statements must be prepared by a CA with a Certificate of Public Practice and an audit maybe required


All audits must be completed by a Qualified Auditor as defined by section 36 of the Financial Reporting Act.

If your organisation is unable to meet any of these requirements we would encourage you to call our office to discuss this further as you may still be able to apply for a grant.


Free NFP Financial Reporting Resources

The Chartered Accountants Australia and New Zealand have recently released two resources dedicated to help New Zealand Not-for-Profit (NFP) entities comply with their financial reporting requirements. The resources include a free webinar on the new Charity Financial Reporting standards (upon registration) and a downloadable guide for NFP financial reporting in New Zealand. We thought these would be useful resources for the many different entities we fund.

Free Recorded Webinar

Up until now, there have been non minimum standards for the content or the quality of registered charity financial statements. However, for balance dates from 31 March 2016, charities need to prepare financial statements in line with new reporting standards. But you don't have to be an expert to use the new reporting standards. In this recorded webinar you will receive:

  •          A summary of the new requirements under the Charities Act 2005;
  •          An overview of the new reporting framework for NFPs; and
  •          An in depth look at the new reporting standards using illustrative examples

You can register for the free webinar here. Once you have registered you will receive a confirmation email containing login details to your request. You will have until the 1st July 2017 to view this session. If you still require access after this point in time, please email

Not for Profit Guide

A guide for NFP financial reporting in NZ, which can be downloaded below. 


2016 PDF 94.2 KB
A guide for NFP financial reporting in New Zealand