Annual Report 2010 - Royal New Zealand Ballet

26 /Annual Report 2010NOTES TO THE FINANCIAL STATEMENTSNotes to the Financial Statementsfor the year ended 31 December 20101 General informationThe activities of The Royal New Zealand Ballet (“the Ballet”) involve touring and the stagingof ballet productions, which inter alia:• New Zealand audiences nationwide have access to their national ballet companythrough live performances and education programmes• The presentation of classical and contemporary ballets reflects and contributes toNew Zealand’s distinct cultural identity• The Ballet achieves high standards of excellence and international recognition throughrewarding employment.The Ballet has operations only in New Zealand, but performs overseas from time to time.The Ballet is incorporated under the Charitable Trusts Act 1957 and domiciled in NewZealand. The address of its registered office is Level 3, St James Theatre, 77-83 CourtenayPlace, Wellington.These financial statements have been approved for issue by the Board of Trustees on 22February 2011.The Trustees do not have the power to amend these financial statements once issued.The financial statements are prepared in accordance with Generally Accepted AccountingPractice in New Zealand. They comply with the New Zealand Equivalents to InternationalFinancial Reporting Standards (NZ IFRS) and other applicable Financial ReportingStandards (NZ IFRS), as appropriate for public-benefit entities.2 Summary of significant accounting policies(a)Basis of preparationThe principal accounting policies adopted in the preparation of the financial statementsare set out below. These policies have been consistently applied to both periods presented,unless otherwise stated.(i)Entity reportingThe financial statements are for the Royal New Zealand Ballet as a separate legal entity.The Ballet is designated as a public-benefit entity for financial reporting purposes.(ii)Statutory baseThe Ballet is a Charitable Trust registered under the Charitable Trusts Act 1957.(iii)Differential reportingThe Ballet is a qualifying entity within the Framework of Differential Reporting. The Balletqualifies on the basis that it is not publicly accountable and that the governing body is notseparable from the various stakeholders that are interested in the financial statements. TheBallet has taken advantage of all differential reporting concessions available to it.