FINANCIAL AUDITED REPORT FOR THE 2009-2010 SEASON_part2 pot

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 Stand

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AS AT 31 MAY 2010

$

2009

$

EQUITY

Statement of changes in Equity

FOR THE YEAR ENDED 31 MAY 2010

Retained Earnings

$

Asset Realisation Reserve

$

Total

$

Surplus attributable to members 7,481 - 7,481 Revaluation increment

Balance at 31 M ay 2010

Surplus attributable to members 6,382 - 6,382 Revaluation increment

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Cash Flow Statement

FOR THE YEAR ENDED 31 MAY 2010

$

2009

$ CASH FROM OPERATING ACTIVITIES

Payments to suppliers and employees (74,064) (56,044)

Net cash provided by (used in) operating activities 14 17,370 25,134

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment (12,597) (18,746)

Net cash provided by (used in) financing activities (12,597) (6,104)

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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

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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

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

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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

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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

3 Other operating expenses

2010

$

2009

$ Administrative Costs

2010

$

2009

$

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2010

$

2009

$

4 Other expenses

6 Cash and Cash Equivalents

7 Trade and other Receivables

Current

Remuneration of the auditor of the association for:

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8 Property Plant and Equipment

8 Property, Plant & Equipment Continued

a) Movements in Carrying Amounts

Plant & Equipment

$ Current Year

b) Movements in Carrying Amounts

Plant & Equipment

$ Prior Year

$ 2009

$ Current

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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

$

2009

$ a) Reconciliation of Cash Flow from Operations with Profit

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

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

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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

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

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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 d) This annual statement was submitted to the members of the association as its annual general meeting

Dated this ………day of………2010

………

Roger Mearns (President)

………

Garry Ashford (Treasurer)

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Compilation Report

The specific purpose for which the special purpose financial report has been prepared is for the

confidential use 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 (NSW) Surf Life Saving Australia Inc’s constitution 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, 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 accept any responsibility to any other person for the concepts

of the special purpose financial report

MORTON & CORD

……… …

Graeme J Cord

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