2009/10 Annual Report - Cruising Yacht Club of Australia

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)2010 2009Note $ $4. RevenueRevenue from sale of goods 2,377,204 2,469,257Revenue from rendering of services 4,684,904 4,684,8597,064,108 7,154,116Rental property 239,700 232,601Interest revenue:Bank deposits 137,810 142,8597,441,618 7,529,5765. Financing ExpensesBorrowing costs - -Interest expense from hire purchase liabilities 45,764 77,748Other interest expense – unwind of discount 147,119 145,775192,883 223,5236. Profit for the yearProfit for the year has been arrived at after charging/(crediting) the following:Operating lease rental expense 508,691 415,507Loss on disposal of property, plant and equipment 5,602 1,6467. Cash and cash equivalentsCash at bank 3,054,193 2,030,708Cash on hand 22,300 22,300Sundry cash 1,876 3,3903,078,369 2,056,3988. Trade and other receivablesTrade receivables (i) 61,815 83,167Allowance for doubtful debts (19,624) (30,430)42,191 52,737Other receivables 134,145 273,050176,336 325,787(i) The average credit period on trade receivables is 30 days. Interest is charged at 12% on trade receivables past due. An allowancehas been made for estimated irrecoverable trade receivable amounts arising from the past sale of goods and rendering of services,determined by reference to past default experience.The company has reviewed the credit quality of all trade and other receivables neither past due nor impaired at year end.38