Financial Reporting

Rauemi Pūroko Ahumoni

Financial Statements & Audit Requirements 

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

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

Grant Requests under $50,000

Grant 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.


Where to seek help on reporting standards

Reporting standards came into effect on 1 April 2015 and registered charities need to prepare financial statements in line with these standards. 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. 

Charities Services provides detailed information on the reporting standards, which tier to use and statutory audit and review requirements. We would encourage you to contact Charities Services if you have questions on Reporting Standards. 

NFP Financial Reporting Resources

The Chartered Accountants Australia and New Zealand have a downloadable guide for NFP financial reporting in New Zealand. This guide can be downloaded below. 


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