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

Lane Cove 12ft Sailing Skiff ClubYacht Bay Shed Improvements – at cost 10,484 3,459Less Grant received (2,370) (2,370)Less Accumulated amortisation (9,617) (574)----------- -----------7,497 515Clubhouse Improvements – at cost 46,537 44,395Less Building Fund Reserve (3,734) (3,734)Less Accumulated amortisation (21,078) (19,303)----------- -----------21,725 21,358Western Shed Improvements – at cost 2,982 2,982Less Accumulated amortisation (897) (747)----------- -----------2,085 2,235----------- -----------168,885 83,352======= ======NOTE 3 GRANTSThe club has received grants from the Australian Sports Foundation to assist with the support boat and sailingboat requirements of the club. These grants have been set aside as liabilities until such time as the fundsreceived are expended in accordance with the grant conditions. During 2012 the club acquired the “TedGriffith” using the grant funds.NOTE 4 STATEMENT OF CHANGES IN EQUITYMembers Capital Retained Profit Reserves Total EquityBalance at 1 May 2010 40,625 88,554 57,000 186,179Operating profit for the year 17,724 17,724Transfer to specific reserves (13,000) 13,000 0Re-allocation of reserves & members capital(40,625) (9,375) 50,000 0--------- --------- ---------- ----------Balance at 30 April 2011 0 83,903 120,000 203,903Balance at 1 May 2011 83,903 120,000 203,903Operating profit for the year 63,387 63,387Revaluation of assets 35,808 35,808Transfer to specific reserves (25,000) 25,000--------- ---------- ----------Balance at 30 April 2012 158,098 145,000 303,098--------- ---------- ----------NOTE 5 RESERVESThe club has set aside reserves and allocated specific cash deposits to a number of specific capitalexpenditure projects. These projects have been determined after review of the forward capital expenditureplans of the club. Separate reserve categories are retained for major capital expenditure projects.NOTE 6 CONTINGENT LIABILITIESThe club has no contingent liabilities as at 30 April 2012www.LC12ftSSC.org.au Page 34