2011-12 Annual Report - Howick Pakuranga Cricket Club

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012 NOTE 1 STATEMENT OF COMPLIANCE Reporting Entity Howick Pakuranga Cricket Club Inc. is registered under the Incorporated Societies Act 1908. The reporting entity is Howick Pakuranga Cricket Club Inc. The financial statements of Howick Pakuranga Cricket Club Inc. have been prepared according to generally accepted accounting practice. Measurement Base The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis, are followed by the Club. NOTE 2 STATEMENT OF ACCOUNTING POLICIES Particular Accounting Policies The following particular accounting policies which materially affect the measurement of profit and financial position have been applied: a) Property, Plant and Equipment Property plant and equipment are stated at cost less accumulated depreciation. Buildings and permanent fixtures are depreciated using the straight line method to allocate the cost over the useful life. Assets with a purchase value over $500 will be capitalised. All other assets are depreciated using the diminishing balance method at rates calculated to allocate cost less estimated residual value of the estimated economic lives of the assets. b) Revenue Revenue shown in the Statement of Financial Performance comprises the amounts received and receivable by the Club for goods and services supplied to members in the ordinary course of the Club for goods and services supplied to members in the ordinary course of the Club activities. c) Grant Income Income from Charitable Trusts is accounted for in the year it is spent. Any grants received but unspent at Balance day are treated as Income in Advance. d) Income Tax The Club has been granted a not for profit status and is recognised as a charitable organisation by the Inland Revenue Department and the Charities Commission. As such it is exempt from income tax on income derived for charitable purposes. The Charities Commission registration number is CC45643. e) Accounts Receivable Accounts receivable are valued at anticipated realisable value. An estimate is made for doubtful debts based on a review of all outstanding amounts at year-end. Bad debts are written off during the period in which they are identified. 24
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012 NOTE 2 STATEMENT OF ACCOUNTING POLICIES (CONT’) f) Goods and Services Tax These accounts have been prepared exclusive of Goods and Services tax, except for receivables and payables that are stated inclusive of GST. g) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first in, first out principle. Changes in Accounting Policies There have been no changes in accounting policies. All policies have been applied on basis consistent with those used in previous years. NOTE 3 DIFFERENTIAL REPORTING Howick Pakuranga Cricket Club Inc is a qualifying entity within the New Zealand Institute of Chartered Accountant’s framework for differential reporting. The club qualifies for differential reporting as it is not publicly accountable and it is not large as, in the last two reporting periods, the total revenue has not exceeded $20.0 million and the total assets have not exceeded $10.0 million in carrying value. The Club has taken advantage of all available differential reporting exemptions, except for FRS9, paragraph 6.9:Information to be disclosed in financial statements. NOTE 4 ACCOUNTS PAYABLE 2012 2011 Accounts Payable 17,006 14,722 Accruals 14,633 12,972 PAYE 796 491 NOTE 5 LONG TERM LOAN Manukau City share responsibility loan was written off during the 2011 year. NOTE 6 CAPITAL COMMITMENTS The Club has no capital commitments at balance date. (2011 : Nil) NOTE 7 CONTINGENCIES The Club had no contingent Liabilities at balance date. (2011 : Nil) 32,435 28,185 25
Page 1 and 2: Howick Pakuranga Cricket Club Annua
Page 3 and 4: Howick Pakuranga Cricket Club Annua
Page 5 and 6: STRATEGIC PLAN VISION STATEMENT To
Page 7 and 8: Once again Graham Dennis and his Bo
Page 9 and 10: Our Juniors continue to thrive but
Page 11 and 12: We had nine ACA Championship winnin
Page 13 and 14: CLUB CAPTAIN’S REPORT Season 2011
Page 15 and 16: HPCC QUAD TOURNAMENT It has been lo
Page 17 and 18: FINANCIAL REPORT Further automating
Page 19 and 20: DIRECTORY AS AT 31 MARCH 2012 REGIS
Page 21 and 22: STATEMENT OF FINANCIAL POSITION AS
Page 23: STATEMENT OF FINANCIAL PERFORMANCE
Page 27 and 28: NOTES TO AND FORMING PART OF THE FI
Page 29 and 30: QUALIFIED OPINION In forming our op
Page 31 and 32: PREMIER RESERVE Men's Premier Reser
Page 33 and 34: Auckland Cricket Association - Pres
Page 35 and 36: Auckland Cricket Association - Year
Page 37 and 38: Blue Section Rank Team P BYE W D L
Page 39 and 40: Auckland Cricket Association - Year

2011-12 Annual Report - Howick Pakuranga Cricket Club

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