Annual Report 2011-2012.pdf - Lane Cove 12ft Sailing Skiff Club

Lane Cove 12ft Sailing Skiff ClubNOTES TO THE FINANCIAL STATEMENTSFor the Year Ended 30 April 2012NOTE 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIESThe financial statements are a general purpose financial report that has been prepared in accordance withapplicable Accounting Standards and other mandatory professional reporting requirements (Urgent IssuesGroup Consensus Views) and the requirements of the Associations Incorporation Act New South Wales. Thefinancial statements have also been prepared on the basis of historical costs and do not take into accountchanging money values or, except where stated, current valuations of non current assets. Cost is based onthe fair values of the consideration given in exchange for assets. The accounting policies have beenconsistently applied, unless otherwise stated. The following is a summary of the material accounting policiesadopted by the association in preparation of the financial statements:(a) Income TaxThe club is exempt from income tax under the Income Tax Assessment Act(b) InventoriesInventories consist of canteen stock plus merchandise and are measured at the lower of cost and netrealisable value. Costs are assigned on a specific identification basis and include direct costs and appropriateoverheads, if any.(c) Fixed AssetsEach class of property, plant and equipment is carried at cost or fair value as indicated, less, whereapplicable, accumulated depreciation and any impairment losses.At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets,to determine whether there is any indication that those assets are impaired. If such an indication exists, therecoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use,is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverableamount is recognised in the profit and loss.NOTE 2 FIXED ASSETS 20122011Furniture & fixtures – at cost 29,339 50,389Less Accumulated depreciation (15.926) (38,160)----------- -----------13,413 12,229Rescue Craft & Equipment – at valuation 2012 22,500 58,416at cost 50,000 0Less Grants received 0 (7,689)Less Accumulated depreciation 0 (37,517)----------- -----------72,500 13,210Sailing Boats – at cost 0 46,863at fair value 2012 20,000 0Less Grants received 0 (45,927)Less Accumulated depreciation 0 (151)----------- -----------20,000 185Woodford Bay Shed Improvements -at cost 1,465 0---------- -----------1,465 0Change Room Improvements – at cost 22,163 22,163Less Grant received (11,797) (11,797)Less Accumulated amortisation (8,426) (7,736)---------- -----------1,940 2,630Slipway Improvements – at cost 74,083 74,083Less Grant received (19,500) (19,500)Less Accumulated amortisation (26,323) (23,593)----------- -----------28,260 30,990www.LC12ftSSC.org.au Page 33