FINANCIAL AUDITED REPORT FOR THE 2009-2010 SEASON_part2 pot

AS AT 31 MAY 2010 Note 2010 $ 2009 $ EQUITY Reserves 2,304 2,218 Retained earnings 85,696 78,167 TOTAL EQUITY 88,000 80,385 Statement of changes in Equity FOR THE YEAR ENDED 31 MAY 2010 Retained Earnings $ Asset Realisation Reserve $ Total $ Balance at 1 June 2009 78,216 2,218 80,434 Surplus attributable to members 7,481 - 7,481 Revaluation increment (decrement) - 85 85 Balance at 31 May 2010 85,697 2,303 88,000 Balance at 1 June 2008 71,834 2,218 74,052 Surplus attributable to members 6,382 - 6,382 Revaluation increment (decrement) - - - Balance at 31 May 2009 78,216 2,218 80,434 This is trial version www.adultpdf.com Cash Flow Statement FOR THE YEAR ENDED 31 MAY 2010 Note 2010 $ 2009 $ CASH FROM OPERATING ACTIVITIES Receipts from customers 65,484 40,916 Payments to suppliers and employees (74,064) (56,044) Donations received 25,949 40,261 Interest received 1 1 Net cash provided by (used in) operating activities 14 17,370 25,134 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds - 12,642 Acquisition of property, plant and equipment (12,597) (18,746) Acquisition of other investments - - Net cash provided by (used in) financing activities (12,597) (6,104) Net increase (decreases) in cash held 4,773 19,029 Cash at beginning of year 36,118 17,089 Cash at end of year 6 40,891 36,118 This is trial version www.adultpdf.com Notes to the Financial Statements 1. Statement of Significant Accounting Policies a) General Information The financial report is a special purpose financial report that has been prepared in accordance with Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporation Act of New South Wales. The financial report covers Nowra Culburra Surf Life Saving Club as an individual entity. Nowra Culburra Surf Life Saving Club is an association incorporated in New South Wales under the Associations Incorporations Act 1984. The financial report of Nowra Culburra Surf Life Saving Club as an individual entity complies with all Australian equivalents to International Financial Reporting Standards (AIFRS) in their entirety. The following is a summary of the material accounting policies adopted by the association in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. b) Basis of Preparation The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. c) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. d) Revenue Revenue from the sales of goods is recognised upon the delivery of goods to customers. Interest revenue is recognised on a proportional basis taking into account that interest rates applicable to the financial assets. Revenue distributed from other investments is recognised when the right to receive revenue has been established. Revenue from the rendering of services is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). This is trial version www.adultpdf.com Grants Grants are recognised at fair value where there is reasonable assurance that the grant will be received and all grant conditions will be met. Grants relating to expense items are recognised as income over the periods necessary to match the grant to the costs they are compensating. Grants relating to assets are credited to deferred income at fair value and are credited to income over the expected useful life of the asset on a straight- line basis. e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet. f) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. i) Plant and equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. ii) Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, is depreciated on a straight-line basis over their useful lives commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Plant and Equipment 7.5% to 33.33% Leasehold improvements 2.5% The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. g) Financial Instruments Recognition Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. This is trial version www.adultpdf.com Financial assets at fair value through profit and loss A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which the arise. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method. Held-to-maturity investments These investments have fixed maturities, and it is the association’s intention to hold these investments to maturity. Any held-to-maturity investments held by the association are stated at amortised cost using the effective interest rate method. Available-for-sale financial assets Available-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity. Financial liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation. Derivative instruments Derivative instruments are measured at fair value. Gains and losses arising from changes in fair value are taken to the income statement unless they are designated as hedges. Impairment At each reporting date, the association assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement. Income Tax The association has been exempted from income tax by the Australian Taxation Office. This is trial version www.adultpdf.com Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the assets or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. 2. Other Income 3. Other operating expenses 2010 $ 2009 $ Administrative Costs Accounting Fees 73 200 Auditors remuneration 2,780 2,600 Branch Levies - 382 Clubhouse Supplies 2,648 2,500 Competition entry fees 943 - Computer software 109 - Conferences and Meetings 895 - Electricity & Gas 1,143 1,380 First Aid supplies 1,766 27 Function expenses 2,250 883 Fundraising expenses 4,964 867 Insurance 2,628 2,657 Life Saving Awards 4,153 - Loss from Investment - 3,460 2010 $ 2009 $ Member subscriptions 14,035 10,961 Donations received 25,949 40,261 Hall Income 1,500 1,145 Fundraising Income 11,514 4,942 Interest received 1 1 Grants received 2,815 1,091 Other Income 2,046 1,275 Total 57,860 59,676 This is trial version www.adultpdf.com 2010 $ 2009 $ Junior expenses 334 82 Patrol lunches 139 - Postage, Stationary and Printing 418 - C Presentation expenses 2,609 3,453 Refund Hall Bond - 5,107 Registrations 1,445 Repairs & Maintenance 4,736 - State Captation Levy 4,756 2,670 Telephone & Fax 958 769 Training 1,235 899 Trophies - 247 Water Rates 597 760 Total 41,579 28,943 4. Other expenses Equipment < $300.00 2,103 8,438 Sundry expenses 1,154 3,942 Depreciation, amortisation and impairments 13,881 14,242 Total 17,138 26,622 5. Auditors’ Remuneration 2010 2009 6. Cash and Cash Equivalents 7. Trade and other Receivables Current Net GST refundable 5,622 1,630 5,622 1,630 Remuneration of the auditor of the association for: - Auditing the financial reports 2,780 2,600 Cash on Hand 30 60 Cash at Bank 40,861 36,058 40,891 36,118 This is trial version www.adultpdf.com 8. Property Plant and Equipment Plant and Equipment at cost 97,960 85,314 Less accumulated depreciation (57,673) (43,877) Total Plant and Equipment 40,287 41,437 Leasehold improvements at cost 45,000 45,000 Less accumulated depreciation (45,000) (45,000) Leasehold Improvements Total 0 0 Total property, plant and equipment 40,287 41,437 8. Property, Plant & Equipment Continued a) Movements in Carrying Amounts Plant & Equipment $ Current Year Balance at the beginning of year 41,437 Additions 12,731 Depreciation expense (13,881) Carrying amount at the end of year 40,287 b) Movements in Carrying Amounts Plant & Equipment $ Prior Year Balance at Beginning 36,933 Additions 18,746 Depreciation expense (14,242) Carrying amount at the end of year 41,437 9. Trade and Other Payables 2010 $ 2009 $ Current Trade payables 0 0 0 0 This is trial version www.adultpdf.com 10. Reserves Asset Realisation Reserve The asset realisation reserve movements in the market value of financial assets. The only financial asset of the club is a Colonial Managed Fund portfolio which is revalued at year end using actual exit prices. 11. Related Party Transactions There were no related party transactions during the year. 12. Events after the Balance Sheet Date. There were no significant events that occurred after balance date. 13. Cash Flow Information 2010 $ 2009 $ a) Reconciliation of Cash Flow from Operations with Profit Net income/loss for the period 7,481 6,332 Cash flows excluded from profit attributable to operating activities Non-cash flows in profit Depreciation, amortisation and impairments 13,881 14,242 Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries (Increase)/decrease in trade and term receivables (3,992) 4,560 Increase/(decrease) in trade payables and accruals 0 0 Increase/(decrease) in inventories 0 0 17,370 25,134 14. Change in Accounting Policy The following Australian Accounting Standards issued or amended and are applicable to the association but not yet effective and have not been adopted in preparation of the financial statements at reporting date. AASB Amendment AASB Standard Affected Outline of Amendment Application Date of the Standard Application Date for the Entity AASB 2005-10 AASB 1: First – Time adoption of AIFRS The disclosure requirements of AASB 1 January 2007 1 July 2007 Amendments to Australia AASB 101: Presentation of Financial Statements 132: Financial Instruments Accounting Standards AASB 139: Financial Instruments: Recognition Disclosure and Presentation have been replaced due to the issuing of AASB 7: Financial August 2005. These This is trial version www.adultpdf.com and measurement amendments will involve changes to financial instrument disclosures within the financial report. However, there will be no direct impact on amounts included in the financial report as it is a disclosure standard. AASB 7: Financial Instruments: Disclosures AASB AASB 132: Financial instruments: Presentation As above 1 January 2007 1 July 2007 AASB 2007-4: Amendments AASB 1: First –time Adoption of AIFRS Australian Additions to, and deletions 1 July 2007 1 July 2007 ED 151 and other amendments AASB 7: Financial Instruments: Disclosures AASB 102: Inventories AASB 107: Cash Flow AASB 108: Accounting Policies changes in Accounting estimates and errors AASB 110: Events after the Balance Sheet Date AASB 116: Property, Plant & Equipment AASB 118: Revenue AASB 132: Financial Instruments: Presentation AASB 137: Provisions, contingent Liabilities and contingent Assets AASB 139: Financial Instruments: Recognition and Measurement 15. Association Details a) Registered office The registered Office of the association is: Nowra Culburra Surf Life Saving Club Farrant Avenue CULBURRA BEACH NSW 2540 The principal places of business are: Nowra Culburra Surf Life Saving Club Farrant Avenue CULBURRA BEACH NSW 2540 This is trial version www.adultpdf.com [...]... of the members Accounting Standards and other mandatory professional reporting requirements have not been adopted in the presentation of the special purpose financial report The members are solely responsible for the information contained in the special purpose financial report and have determined that the accounting policies used are consist with the financial reporting requirements of South Coast Branch... by law, we do not accept liability for any loss or damage which any person, other than the association, may suffer arising from any negligence on our part No person should rely on the special purpose financial report without having an audit or review conducted The special purpose financial report was prepared for the benefit of the members of the association and the purpose identified above We do not... submitted to the members of the association as its annual general meeting Dated this …………………day of………………………………2010 ……………………………………………………………… Roger Mearns (President) ……………………………………………………………… Garry Ashford (Treasurer) This is trial version www.adultpdf.com Compilation Report The specific purpose for which the special purpose financial report has been prepared is for the confidential use of the members... and are appropriate to meet the needs of the directors of the association Our procedures use accounting expertise to collect, classify and summarise the financial information, which the members provided into a financial report Our procedures do not include verification or validation procedures No audit or review has been performed and accordingly no assurance is expressed To the extent permitted by law,...Certificate by Member of the Committee I, Roger Mearns of …………………………………………………………………………… and I, Garry Ashford of ……………………………….………………………………………, certify that: a) We are members of the committee of Nowra Culburra Surf Life Saving Club b) We attended the annual general meeting of the association held on……………… c) We are authorised by the attached resolution of the committee to sign this certificate... special purpose financial report was prepared for the benefit of the members of the association and the purpose identified above We do not accept any responsibility to any other person for the concepts of the special purpose financial report MORTON & CORD ………………………………………………… … Graeme J Cord This is trial version www.adultpdf.com . Financial Reporting Standards (AIFRS) in their entirety. The following is a summary of the material accounting policies adopted by the association in the preparation of the financial report. The. solely responsible for the information contained in the special purpose financial report and have determined that the accounting policies used are consist with the financial reporting requirements. Ashford (Treasurer) This is trial version www.adultpdf.com Compilation Report The specific purpose for which the special purpose financial report has been prepared is for the