52nd Annual Report - Season 2001-02 - Long Reef Surf Life Saving ...
52nd Annual Report - Season 2001-02 - Long Reef Surf Life Saving ...
52nd Annual Report - Season 2001-02 - Long Reef Surf Life Saving ...
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LONG REEF SURF LIFE SAVING CLUB INC.<br />
LONG REEF SURF LIFE SAVING CLUB INC.<br />
NOTES TO AND FORMING PART OF THE ACCOUNTS<br />
FOR THE YEAR ENDED 30 APRlL 20<strong>02</strong><br />
I. STAT EMENT OF ACCOUNTING POLICIES<br />
3.<br />
NOTES TO AND FORMING PART OF THE ACCOUNTS<br />
FOR THE YEAR ENDED 30 APRlL 20<strong>02</strong><br />
NON-CURRENT ASSETS<br />
20<strong>02</strong><br />
$<br />
<strong>2001</strong><br />
S<br />
This financial report is a special purpose financial report prepared for use by the C lub 's<br />
Committee and its members. The Committee has determined that the Club is not a reporting<br />
entity and therefore there is no requirement to app ly Accounting Standards and other<br />
mandatory professional reporting requirements.<br />
LIFE SA VINQ EQ!,lI PMENT - At Cost<br />
Less: Accumulated Depreciation<br />
Total <strong>Life</strong> <strong>Saving</strong> Equipment<br />
47,062<br />
39,092<br />
7,970<br />
38,942<br />
36,373<br />
2,569<br />
l.l<br />
Income<br />
Donations of gear and equipment are brought to account at their estimated value and are<br />
included in the amount shown as Donations - General.<br />
1.2 Depreciation<br />
New items of life saving gear, furniture and boats are depreciated over 4 years, being their<br />
estimated useful life. The Club House is being depreciated at a rate of 5% per annum.<br />
SURF BOATS<br />
"ABB" - At Cost<br />
Less: Accumulated Depreciation<br />
"QTV Kruger" - At Cost<br />
Less: Accumulated Depreciation<br />
20,896<br />
20,896<br />
9,981<br />
9,981<br />
20,896<br />
18,635<br />
2,261<br />
9,981<br />
9,981<br />
1.3 In come Tax<br />
The Club is exempt from Income Tax in accordance with Section 50-45 of the Income Tax<br />
Assessment Act 1997.<br />
"Exclusive Tiles" - At Cost<br />
Less: Accumulated Depreciation<br />
23,479<br />
23,479<br />
23,479<br />
23,479<br />
2. CURRENT ASSETS<br />
CASH<br />
20<strong>02</strong><br />
$<br />
<strong>2001</strong><br />
$<br />
"Vivendi" - At Cost<br />
Less: Accumulated Depreciation<br />
16,000<br />
9,667<br />
16,000<br />
5,667<br />
Westpac Bank - General Account<br />
10,413<br />
10,634<br />
6,333<br />
10,333<br />
INVENTORlES<br />
Stock ofT-Shirts and Costumes<br />
- At Market Value<br />
Social Stock at Cost<br />
8,274<br />
797<br />
5,303<br />
437<br />
Inshore Rescue Boats (2), Motors<br />
Equipment & Trailers - At Cost<br />
Less: Accumulated Depreciation<br />
75,168<br />
52,637<br />
22,531<br />
61,638<br />
46,451<br />
15,187<br />
9,071<br />
5,740<br />
Total <strong>Surf</strong> Boats<br />
28,864<br />
27,781<br />
INVESTMENTS<br />
Westpac Bank - Cash Management Nc<br />
AGC - Income Bonds<br />
44,126<br />
79,082<br />
123,208<br />
38,323<br />
79,082<br />
117,405<br />
4 X 4 QUAD BIKE - At Cost<br />
Less: Accumulated Depreciation<br />
Total 4 x 4 Quad Bike<br />
11 ,444<br />
2,467<br />
8,977
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