2017-2018 Abbotsford 12ft Flying Squadron Annual Report and Balance Sheet

A B B O T S F O R D 12 F O O T S A I L I N G C L U B I N C O R P O R A T E D
BALANCE SHEET AS AT 31st May, 2018
2017 2018
CURRENT LIABILITIES
— Accrued Expenses .................................................... —
ACCUMULATED FUNDS
378,602 Balance 31st May 2017 ............................................ 372,358
(6,244) Add: Surplus for the year ......................................... (20,136)
2017 2018
CURRENT ASSETS
31,089 Cheque Account.....................................
17,847
1,100 Cockburn Memorial Trust Fund............. 1,100
146,247 Term Deposits ........................................ 149,783
120 Stock on Hand........................................
100
13,885 Canteen Committee ................................ 16,885
192,441 185,715
FIXED ASSETS
132,207 Clubhouse - Plus Improvements ............ 132,207
7,870 Rescue Boats (at WDV) ......................... 2,003
24,251 “Scout II” (at WDV) .............................. 20,209
15,589 Training Boats (at WDV) ....................... 12,088
179,917 166,507
372,358 352,222
372,358 352,222
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st May, 2018
2017 INCOME 2018
3,383 Clubhouse Committee 3,626
2,387 Canteen Committee 2,999
2,265 Social Committee 2,664
5,120 Shed Rent 5,400
2,855 Trophy Donations 2,670
6,070 Membership and Joining Fees 6,350
3,600 Boat Registrations 4,100
1,255 Donations 450
3,509 Bank Interest 3,536
4,750 Club Boat Leases and Sales 3,400
1,850 YA Membership Fees Collected 2,150
175 Rash Vest Sales —
4,890 Learn to Sail & Green Group Course Fees 4,190
10,000 Sport & Rec Capital Assistance Grant 3,500
— City of Canada Bay Grant 3,000
193 Insurance Rebates —
685 Renovation Fund Donations 1,730
74 Recycling Income 159
— Duck Race Fundraiser 862
53,060 Total Income 50,787
2017 EXPENSES 2018
554 Trophies 737
2,060 Prizemoney 1,885
1,500 Associations and clubs 1,523
1,646 Clubhouse and Equipment Expenses 1,663
5,204 Launch and runabout Expenses 2,976
677 Electricity 1,585
290 Postage, Stationery and Printing 127
373 RMS - Aquatic Licence —
287 Telephone 374
115 Water Rates 130
11,348 Insurance 11,741
2,518 Department of Industries/RMS - Lease 2,024
1,063 Council Rates 1,073
9,126 Depreciation 9,126
54 Office of Fair Trading 45
119 Website —
2,607 Trainer Fees 2,320
952 Legal Fees —
— Banner Purchase 224
104 Liquor Licence 104
18,665 Mens Changeroom Refurbishment —
— Boat Ramp Replacement 33,149
— Loss on Sale of Rescue Boat 34
43 Sundries 80
59,304 Total Expenses 70,923
(6,244)
(, Net Surplus for the year (20,136)
AUDITOR’S REPORT
I have examined the books and vouchers of the Abbotsford 12 Foot Sailing Club Incorporated for the year ended 31st May, 2018 and have obtained all the information required by me and which, to the best of my knowledge and
belief, was necessary for the purpose of my audit.
In my opinion, proper books of account have been kept, and the Club’s Balance Sheet and Income and Expenditure Account were in agreement therewith.
According to such records and to the information given, the Balance Sheet gives a true and fair view of the state of the Club’s affairs as at 31st May, 2018 and the Income and Expenditure Account discloses an operating deficit
amounting to $20,136 for the year ended 31st May, 2018 after allowing for depreciation amounting to $9,126.
Dated at Sydney, 30th June, 2018.
ANTHONY R. MERCIER, Honorary Auditor