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. 

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.


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


Charities Services Support

Useful Webinars 

New Financial Reporting for Accountants of Small Charities Webinar - Click HERE

Please note that you are able to view information and recordings of past webinars on the Charities Services website. 

The webinars are delivered by officials from several government agencies including Inland Revenue, the Ministry of Justice and Charities Services, a part of the Department of Internal Affairs. The purpose of the webinars is to help you understand some of the rules and obligations that may apply to your charity or not-for-profit organisation.

To view past webinars go to


Questions and Answers from the "New Financial Reporting for Accountants of Small Charities" webinar

Following the completion of the joint Charities Services & XRB webinar on the New Financial Reporting Requirements for Accountants of Small Charities, Charities Services have summarised and made available the responses to the questions they received. Unless otherwise stated all responses are applicable to Tier 3 and Tier 4 not-for-profit public benefit entities only. 

A summary PDF of the responses can be found on the Charities Services website HERE

If you have further questions or need assistance, please do not hesitate to e-mail, or call them on 0508 CHARITIES.