Annual Report 2013-2014

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24 Aktive Financial Statements 2013/2014 STATEMENT OF MOVEMENTS IN EQUITY For the period ended 30 June 2014 2014 $ 2013 $ Opening Equity 0 0 Reserve fund for continued operations (Note 10) 20,000 Operating Surplus / (Deficit) for the period 52,907 0 CLOSING EQUITY 30 JUNE 2014 72,907 0 STATEMENT OF FINANCIAL PERFORMANCE For the period ended 30 June 2014 2014 $ 2013 $ Income Grants & Donations 205,161 0 Interest Received 6,144 0 Other Income 21,338 0 Programme Income 29,978 0 RST Contributions 200,000 0 Sport New Zealand (Note 9) 7,631,007 0 Total Income 8,093,628 0 Expenses Audit Fees 6,000 0 Board Expenses 65,838 0 Contractor Costs 28,415 0 Depreciation 9,541 0 Distributions (Note 9) 7,011,239 0 Interest and Finance Costs 2,339 0 Marketing & Communication 78,032 0 Operating Costs 66,184 0 Programme Costs 111,530 0 Project Management 92,393 0 Recruitment 41,481 0 Rent 6,000 0 Staff Costs - Administration 275,387 0 Staff Costs - Establishment 58,249 0 Staff Costs - Programme 172,498 0 Vehicle Expenses 15,595 0 Total Expenses 8,040,721 0 OPERATING SURPLUS / (DEFICIT) 52,907 0 The accompanying notes form part of these financial statements. To be read in conjunction with the attached Notes and Audit Report.
Aktive Financial Statements 2013/2014 25 NOTES TO THE FINANCIAL STATEMENTS For the period ended 30 June 2014 1. STATEMENT OF ACCOUNTING POLICIES Reporting Entity Auckland Sport is a Charitable Trust incorporated under the Charitable Trusts Act 1957 and a registered Charity under the Charities Act 2005. Measurement Base The Trust has chosen to adopt generally accepted accounting practice as defined by Financial Reporting Standards and applicable Statements of Standard Accounting Practice. The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis are followed by the Trust. Specific Accounting Policies The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied. Fixed Assets and Depreciation Fixed Assets are stated at cost less accumulated depreciation. Depreciation has been based on the estimated useful life of the asset. Fixed Assets are being depreciated at the following straight line rates: Office Equipment - 10-40% Computer Equipment - 10-40% Vehicles - 20% Income Recognition The Trust received funding from Sport New Zealand, Auckland Council and various funding bodies. Income is recognised when it is received except where income relates to activities to be carried out in a future period (income in advance) in which case income is carried forward and recognised in the period to which it relates. Treatment of GST The financial statements are prepared on a GST exclusive basis except for Accounts Receivable and Accounts Payable. GST is accounted for on an invoice basis. Taxation The Trust has been granted exemption from income tax as it is a registered charity with the Department of Internal Affairs - Charities (Number CC49335). Debtors Debtors are recorded at estimated realisable value. Differential Reporting The Trust qualifies for differential reporting as it is not publicly accountable and it is not large in terms of the Framework for Differential Reporting. The Trust has taken advantage of all available differential reporting exemptions. Leased Assets Leases under which the Trust assumes substantially all risks and rewards incidental to ownership have been classified as finance leases and are capitalised. The asset and the corresponding liability are recorded at inception at the fair value of the leased asset. Interest charges under finance leases are apportioned over the terms of the respective leases. Capitalised leased assets are depreciated over their expected useful lives in accordance with rates established for similar assets. Accounting Period and Changes in Accounting Policies Auckland Sport was incorporated on 14 May 2013 and commenced operations on this date. Accordingly this initial financial period covers the period from 14 May 2013 to 30 June 2014. As this is the first period of operation there have been no changes in accounting policies. All policies have been consistently applied throughout the period.
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Annual Report 2013-2014

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