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








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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















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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).

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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
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.
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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.

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
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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
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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


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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.
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


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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


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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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