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Retirement Villages Act 2003

Registration, occupation right agreements, and related requirements and rules - Financial reporting

35C: Financial statements for retirement villages

You could also call this:

"Rules for retirement villages' money reports"

Illustration for Retirement Villages Act 2003

You need to know about financial statements for retirement villages. If a retirement village operator has more than one village or another business, they must follow this rule. The operator must get approval from the statutory supervisor or the Registrar. You have to complete financial statements within five months of the balance date. These statements must follow generally accepted accounting practice and be signed by two directors. The operator must give a copy of the financial statements to the statutory supervisor or the Registrar. The financial statements are for the village and the operator. You must lodge the statements within five months of the balance date. This is a rule for retirement village operators, as stated in section 41.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6043945.

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Part 2Registration, occupation right agreements, and related requirements and rules
Financial reporting

35CFinancial statements for retirement villages

  1. This section applies if—

  2. the financial statements of an operator of a retirement village include the activities of—
    1. more than 1 retirement village; or
      1. another trading activity that operates independently of the retirement village; and
      2. either the statutory supervisor of the retirement village, or, if the operator is exempted under section 41 from appointing a statutory supervisor, the Registrar, as a condition of that exemption, requires the operator to comply with this section.

        1. The operator of a retirement village must ensure that, within 5 months after the balance date of the operator, financial statements that comply with generally accepted accounting practice are—

        2. completed in relation to the village and that balance date; and
          1. dated and signed on behalf of the operator by 2 directors, trustees, or office holders of the operator.

            1. The operator of a retirement village must lodge a copy of the financial statements of the operator and each village, within 5 months after the balance date of the operator,—

            2. with the statutory supervisor of the retirement village (if there is one); or
              1. if the operator is exempted from appointing a statutory supervisor, with the person the Registrar appoints under a condition of that exemption (if any).

                Notes
                • Section 35C: inserted, on , by section 115 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).