Harbour Sport ANRPT_12_13

Notes to the Financial Statements - FOR THE YEAR ENDED 30 JUNE 2013
1. STATEMENT OF ACCOUNTING POLICIES
(i) Basis of Reporting
Reporting Entity
Harbour Sport Trust is a Charitable Trust incorporated under the Charitable Trusts Act 1957 and is registered as such with
the Inland Revenue Department. The Trust is also a registered charity (CC 37293 ).
The trust has chosen to adopt generally accepted accounting practice as defined by Financial Reporting Standards and
Statements of Standard Accounting Practice.
Generally accepted accounting practices have been used in the measurement and reporting of earnings and financial
position on an historical cost basis.
Differential Reporting
By virtue of its lack of public accountability and size, the Trust is a qualifying entity in terms of the Framework for Differential
Reporting. The Trust has taken advantage of all available differential reporting exemptions.
(ii) Income Recognition
The Trust received grants from Sport NZ, the Auckland Council, the Waitemata District Health Board, various Trusts and
income in the form of sponsorships, event and course fees, interest and donations. Income is recognized when received,
although where income is related to activities to be carried out in a future year, this income is carried forward to that year.
(iii) Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation has been calculated on the diminishing value basis, using rates which reflect the expected useful life of the
assets.
The rates used are: Buildings 2%-12% DV
Furniture & Fittings 25% DV
Office Equipment 25% DV
Computer Equipment 40%-60% DV
Motor Vehicles 40% DV
(iv) Goods and Services Tax
The financial statements have been prepared on a GST exclusive basis except for receivables and trade payables. Any tax
owing or refundable at balance date is shown in the Balance Sheet. GST is accounted for on an invoice basis.
(v) Accounts Receivable
Accounts Receivable are valued at estimated realisable value. An estimate is made for doubtful debts based on a review of
all outstanding amounts at year end. Bad Debts are written off during the period in which they are identified.
(vi) Income Taxation
No income taxation has been provided for in the financial statements as Harbour Sport Trust is registered as a Charitable
Trust for income taxation purposes.
“WHERE TOO MUCH SPORT IS NEVER ENOUGH” 19