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Notes to the Financial Statements - FOR THE YEAR ENDED 30 JUNE 2014<br />
2. NORTH SHORE SPORTS TRUST CAPITAL GRANT<br />
In October 1991, the North Shore Sports Trust merged with the Harbour Sport Trust. A capital sum of $100,000 was<br />
vested with the Harbour Sport Trust. This capital sum, together with interest income and net funds arising from the Morgan<br />
Shore to Shore road race, is administered by Advisory and Executive trustees representing the former North Shore Sports<br />
Trust, in conjunction with the CEO of Harbour Sport Trust.<br />
3. FINANCE LEASE OBLIGATIONS<br />
Finance leases are secured over 15 motor vehicles. Interest paid on Finance leases during the year was $ 29,343. (2013<br />
$28,681)<br />
The principal portions payable after Balance date are:<br />
2014 2013<br />
Current 58,558 72,695<br />
Non Current 221,674 145,755<br />
4. FIXED ASSETS<br />
It is the Board’s opinion that fixed assets have not been permanently impaired during the year. The Albany Building was<br />
valued in 2010 for insurance purposes at $1,345,000.<br />
Cost Acc Depn NBV Cost Acc Depn NBV<br />
2014 2014 2014 2013 2013 2013<br />
Furniture & Fittings 127,511 114,334 13,177 147,766 132,850 14,916<br />
Office Equipment 73,554 58,017 15,537 159,033 128,441 30,592<br />
Computer Equip. 188,385 147,103 41,282 376,815 306,037 70,778<br />
Albany Building 993,666 286,745 706,921 979,126 269,647 709,479<br />
Motor Vehicles 566,602 366,205 200,397 454,798 308,623 146,175<br />
Sports Equipment 5,332 889 4,443 0 0 0<br />
Total Fixed Assets 1,955,050 973,293 981,757 2,117,538 1,145,598 971,940<br />
Asset Additions<br />
Depreciation Expense<br />
2014 2013 2014 2013<br />
Furniture & Fittings 2,310 0 3,776 4,971<br />
Office Equipment 0 4,379 6,658 8,819<br />
Computer Equipment 27,437 34,386 38,518 44,127<br />
Albany Building 14,540 0 17,097 17,850<br />
Motor Vehicles 137,462 56,746 81,173 75,692<br />
Sports Equipment 5,332 0 889 0<br />
187,081 95,511 148,111 151,459<br />
5. TRUSTEE’S REMUNERATION<br />
The total value of fees paid to trustees was nil<br />
(2013– nil)<br />
6. CONTINGENT LIABILITIES<br />
There were no contingent liabilities at 30 June 2014<br />
(2013– nil)<br />
“WHERE TOO MUCH SPORT IS NEVER ENOUGH” 21
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