Triathlon New Zealand Annual Report 2025 - Flipbook - Page 39
Statement of Accounting Policies
Triathlon New Zealand Incorporated
For the year ended 31 December 2025
1.1 Basis of Preparation
This performance report is prepared in accordance with the XRB's Tier 3 (NFP) Standard. The entity is eligible to apply these
requirements as it does not have public accountability and has total annual expenses of less than $5,000,000. All transactions in
the performance report are reported using the accrual basis of accounting. This performance report is prepared under the
assumption that the entity will continue to operate for the foreseeable future.
1.2 Revenue
Revenue is recognised to the extent that it is probable that the economic benefit will flow to Triathlon New Zealand
Incorporated and revenue can be reliably measured. Revenue is measured at the fair value of the consideration received. The
following specific recognition criteria must be met before revenue is recognised.
Donations
Donations are recognised as revenue upon receipt and include donations from the general public, donations received for
specific program or services or donations in-kind. Donations in-kind include donations received for apparel, media, motor
vehicles, printing and services and is recognised in revenue and expense when the service or good is received. Donations in-kind
are measured at their fair value as at the date of receipt, ascertained by reference to the expected cost that would be otherwise
incurred by Triathlon New Zealand Incorporated.
Grant revenue
Grant revenue includes grants given by government entities, charitable organisations, philanthropic organisations and
businesses. Grant revenue is recognised upon receipt where no specific expectation over how and when the funding should be
used is agreed by both parties. Where a specific expectation is agreed, and that expectation is specific enough to demonstrate
when the expectation has been satisfied, the unspent amount at year-end is recognised as a liability and released to revenue as
the expectation is met.
Membership fees
Fees and subscriptions received in exchange for monthly access to members’ facilities are initially recorded as income in
advance and recognised in revenue evenly over the membership period. Where members purchase specific services (for
example, attendance at the coaching and development course), revenue is initially recorded as revenue in advance, and then
recognised proportionally on the basis of the value of each session relative to the total value of the purchased services.
Event and courses income
Entrance fees for events and courses are recorded as revenue when the function or event takes place.
Interest income
Interest revenue is recognised as it accrues, using the effective interest method.
Sponsorship Income
The revenue received from Sponsorship contracts is allocated over the term of the contract. Where sponsorship relates to a
particular event the revenue is recognised when the event occurs.
1.3 Cash and short-term deposits
Cash and short term deposits in the Statement of Cash Flows comprise cash balances and bank balances (including short term
deposits) with original maturities of 90 days or less.
1.4 Inventories
Inventories are measured at cost upon initial recognition. For inventory that was acquired through in-kind donations, the cost of
the inventory is stated at its fair value at the date of acquisition, being the lower of retail or wholesale price (where available) for
the goods.
Performance Report
Triathlon New Zealand Incorporated
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