62nd Annual Report 2012/2013 - Anglesea Surf Life Saving Club

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ANGLESEA SURF LIFESAVING CLUB INC. ABN 14 544 659 974 Notes to the Financial Statements For the year ended 30 April 2013 Note 1: Statement of Significant Accounting Policies The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the . The financial report covers ANGLESEA SURF LIFESAVING CLUB INC. as an individual entity. ANGLESEA SURF LIFESAVING CLUB INC. is an association incorporated in . The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. The following is a summary of the material accounting policies adopted by the economic entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. Income tax The association adopts the liability method of tax-effect accounting whereby the income tax expense shown in the Statement of Financial Performance is based on the profit from ordinary activities before income tax adjusted for any permanent differences. Non-member income of the association is only assessable for tax, as member income is excluded under the principle of mutuality. Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis. Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation. a) Property Freehold land and buildings are measured on the fair value basis, being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction. It is a policy of ANGLESEA SURF LIFESAVING CLUB INC. to have an independent valuation every three years, with annual appraisals being made by the directors. The revaluation of freehold land and buildings has not taken account of the potential capital gains tax on assets acquired after the introduction of capital gains tax. b) Plant and equipment The carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted to present values in determining the recoverable amounts. c) Depreciation The accompanying notes form part of these financial statements. ANGLESEA SURF LIFESAVING CLUB INC. ABN 14 544 659 974 Notes to the Financial Statements For the year ended 30 April 2013 The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a straight line basis over their useful lives to ANGLESEA SURF LIFESAVING CLUB INC. commencing from the time the asset is held ready for use. Properties held for investment purposes are not subject to a depreciation charge. 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 asset are: Class of Asset Depreciation Rate % Buildings 2.00% Equipment, Boats, Boards & Ski's 33.00% Furniture, Fittings & Equipment 20.00% Employee entitlements Provision is made for the liability for employee entitlements arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and sick leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash out flows to be made for those entitlements. Contributions are made by ANGLESEA SURF LIFESAVING CLUB INC. to an employee superannuation fund and are charged as expenses when incurred. ANGLESEA SURF LIFESAVING CLUB INC. does not record, as an asset or a liability, the difference between the employer established defined benefit superannuation plan's accrued benefits and the net market value of the plans assets. ANGLESEA SURF LIFESAVING CLUB INC. operates an ownership-based remuneration scheme, details of which are provided in the Notes to Accounts. Profits or losses incurred by employees, being the difference between the market value and the par value of the shares acquired, are not recorded as remuneration paid to employees. Cash For the purpose of the statement of cash flows, cash includes cash on hand and in all call deposits with banks or financial institutions, investments in money market instruments maturing within less than two months, net of bank overdrafts. Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year. Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers. Interest revenue is recognised on a proportional basis taking in to account the interest rates applicable to the financial assets. The accompanying notes form part of these financial statements.
ANGLESEA SURF LIFESAVING CLUB INC. ABN 14 544 659 974 Notes to the Financial Statements For the year ended 30 April 2013 Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from associates and joint ANGLESEA venture entities SURF are accounted LIFESAVING for in CLUB accordance INC. with the equity method of accounting. ABN 14 544 659 974 Revenue from the rendering of a service Notes is recognised to the Financial upon the Statements delivery of the service to the customers. For the year ended 30 April 2013 All revenue is stated net of the amount of goods and services tax (GST). 2013 2012 Note 2: Cash assets Bank accounts: Cash At Bank 87,609 51,683 Term deposit 2,000 2,000 Other cash items: Cash on hand 595 - 90,205 53,683 Note 3: Property, Plant and Equipment Buildings: - Clubhouse Building at cost 386,928 386,928 - Building Improvements at cost 221,255 194,059 - Land & Building (Storage Site) at cost 542,452 542,452 1,150,635 1,123,439 - Less: Accumulated depreciation (172,171) (165,746) 978,464 957,693 Equipment, Boats, Boards & Ski's: - At cost 441,108 377,485 - Less: Accumulated depreciation (312,867) (275,034) 128,241 102,451 Furniture, Fittings & Equipment: - At cost 165,863 155,425 - Less: Accumulated depreciation (140,346) (114,165) 25,517 41,260 1,132,222 1,101,404 The accompanying notes form part of these financial statements. Anglesea SLSC Annual Report 2012/13 51
Page 1 and 2: Anglesea Surf Lifesaving Club 62nd
Page 3 and 4: Contents ASLSC Office Bearers 3 Sea
Page 5 and 6: ASLSC Office Bearers Season 2012/20
Page 7 and 8: Anglesea SLSC Life Members C. Ander
Page 9 and 10: David Kay took over the Junior Acti
Page 11 and 12: Administration Report I am pleased
Page 13 and 14: Rescue Services Report 2012/2013 br
Page 15 and 16: ACKNOWLEDGEMENTS Thanks to the ongo
Page 17 and 18: Congratulations to all who qualifie
Page 19 and 20: Competition Report The 2012/13 seas
Page 21 and 22: in the final at Kirra, during a bit
Page 23 and 24: R & R (Section Report) Another year
Page 25 and 26: Development Services Report This ye
Page 27 and 28: Membership Statistics 2010/2011 201
Page 29 and 30: LSV Awards of Excellence 2013 Male
Page 31 and 32: Brown, Hannah Carboon, Yasmine Davi
Page 33 and 34: Education Awards Advanced Resuscita
Page 35 and 36: Membership Listing 2012/2013 Active
Page 37 and 38: Nadia Lynch Rosemary Macdonald Rode
Page 39 and 40: Christian Sallabank James Sallabank
Page 41 and 42: ANGLESEA SURF LIFESAVING CLUB FOUND
Page 43 and 44: ANGLESEA SURF LIFESAVING CLUB FOUND
Page 45 and 46: Anglesea SLSC Annual Report 2012/13
Page 47 and 48: ANGLESEA SURF LIFESAVING CLUB INC.
Page 51: ANGLESEA SURF LIFESAVING CLUB INC.
Page 57 and 58: Printed and designed by Swear Words

62nd Annual Report 2012/2013 - Anglesea Surf Life Saving Club

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