2010 ANNUAL REPORT - AllTeams

noteS to the financial StatementSFor the Year ended 30 September 20101. STATEMENT OF ACCOUNTING POLICIESThe fi nancial statements are for the Ponsonby District Rugby Football Club Inc which is incorporated under the IncorporatedSocieties Act 1908. The fi nancial statements of the Club have been prepared according to generally accepted accountingpractice.The accounting principles recognised as appropriate for the measurement and reporting of earnings and fi nancial positionon a historical cost basis have been used, with the exception of certain items for which specifi c accounting policies have beenidentifi ed.(a) Changes in Accounting PoliciesThere have been no changes in accounting policies. All policies have been applied on bases consistent with those usedin the previous year.(b) Fixed Assets and DepreciationAll fi xed assets are recorded at cost or valuation less accumulated depreciation. Depreciation rates are as follows:Training Shed4% Straight LineFurniture & Fittings, Offi ce Equipment & Scoreboard20% Diminishing Value(c) Goods and Services TaxThe fi nancial statements have been prepared on a GST exclusive basis.(d) InventoriesInventories are recognised at the lower of cost, determined on a fi rst in fi rst out basis, and net realisable value.(e) ReceivablesReceivables are stated at their estimated realisable value.2. INVESTMENTS2010 2009$ $NZ Fixed Interest 438,311 505,351Australasian Equities 195,788 186,027International Equities 48,135 40,710NZ Property 69,570 64,813TOTAL 751,804 796,901The investments are valued at market value as at 30th Sept 2010.3. FIXED ASSETS2010 2009Accumulated Closing Accumulated ClosingCost Depreciation Book Value Cost Depreciation Book ValueFixtures & Fittings 21,182 19,923 1,259 21,182 19,608 1,574Offi ce Equipment 29,294 19,288 10,005 24,685 17,939 6,746Training Shed 318,437 152,847 165,590 318,437 140,109 178,328Scoreboard 7,895 3,853 4,042 7,895 2,842 5,053376,807 195,910 180,897 372,199 180,498 191,7014. DONATIONSThe Club wishes to thank supporters for their kind donations, including the following signifi cant donations from past members:a) Jack Davies (2007) $194,662.00b) Lin Colling (2003) $10,000.00c) Marjorie Hooks (1999) $20,000.005. CAPITAL COMMITMENTAs at balance date the Club had a capital commitment amounting to approximately $200,000 relating to theClubroom extensions.6. AUDITThese fi nancial statements have been subject to audit, please refer to the auditor’s report.12 Ponsonby District Rugby Football Club (Inc.)