ACT Sailing Incorporated T/A Canberra Yacht Club …canberrayc.com/documents/Canberra Yacht Club - 2015 Financial... · Financial Statements For the Year ended ... Departmental Trading,

ACT Sailing Incorporated T/A Canberra Yacht Club

A.B.N. 93 090 967 514

Financial Statements

For the Year ended 30 June 2015


Annual Report

for the Year Ended 30 June 2015

Contents Page Committee's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Notes to the Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Departmental Trading, Profit & Loss Statement . . . . . . . . . . . . . . . . . . . . . . . 10

Statement by Members of the Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

ACT Sailing Incorporated T/A Canberra Yacht Club Committee's Report

Your committee members submit the financial report of the ACT Sailing Incorporated T/A Canberra Yacht Club for the financial year ended 30 June 2015.

Committee Members The names of committee members throughout the year and at the date of this report are: Howard Faulks Ron Ashpole

Doug Witschi Duncan Hayward Ian Brokenshire Arianne Malpas Sue Hart Principal Activities

The principal activities of the association during the financial year were: The promotion of the sport of sailing in the ACT. The Association conducts club, state, and national sailing competitions as well as recreational sailing on Lake Burley Griffin. The Canberra Yacht Club also maintains a sailing school, boat hire operation, and a boat chandlery as part of its ongoing activities.

Significant Changes No significant change in the nature of these activities occurred during the year. Operating Result The profit from ordinary activities amounted to $14,087.

Signed in accordance with a resolution of the Members of the Committee.

.............................. Howard Faulks Committee Member ............................... Ron Ashpole Committee Member

Dated this............day of......................................2015

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Income Statement


2015 2014 $ $ Income Interest Received - Related Corporations 9 - Profit on Sale of Non-current Assets 1,610 - Gross Profit from Trading 538,533 613,276 540,152 613,276 Expenditure Accountancy Fees 1,350 1,345 Advertising 2,702 7,185 Affiliation Fees 9,393 12,288 Audit Fees 5,250 5,250 Bad Debts Written Off 2,051 - Bank Charges 6,645 6,718 Computer Costs 5,216 4,174 Fees & Permits 15,249 16,151 Fuel & Oil 6,659 8,872 Functions 7,952 18,123 General Expenses 17,253 44,022 Insurance 29,271 31,750 Long Service Leave - (280) Motor Vehicle Expenses 392 1,209 Postage 572 862 Printing & Stationery 5,486 7,813 Purchase of T-Shirts - 1,821 Reference Materials 3,718 26,917 Repairs & Maintenance 22,661 25,647 Rescue Boat Hire (SS) 5,600 2,000 Staff Training & Welfare 1,743 657 Superannuation Contributions 22,068 20,110 Telephone 6,820 6,946 Travel & Accommodation 3,160 7,829 Trophies & Prizes 16,534 5,404 Uniforms 1,389 801 Wages 297,981 316,391 497,115 580,005 Operating Profit/(Loss) 43,037 33,271 Non-Operating Expenses Depreciation 28,950 31,342

Net Profit/(Loss) 14,087 1,929

The accompanying notes form part of these financial statements.

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Income Statement


2015 2014 $ $

Retained Earnings – Beginning of Year 318,547 316,619

Unappropriated Profit at Year End 332,633 318,547


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Balance Sheet

As at 30 June 2015

Note 2015 2014 $ $ Current Assets Cash and Cash Equivalents 4 153,705 137,780 Trade and Other Receivables 5 5,385 5,598 Inventories 6 98,538 101,827 Other 6,536 5,917 Total Current Assets 264,164 251,122 Non-Current Assets Property, Plant and Equipment 7 122,547 132,985 Total Non-Current Assets 122,547 132,985 Total Assets 386,711 384,107 Current Liabilities Trade and Other Payables 8 8,685 15,206 Provisions 9 44,593 45,542 Other 800 4,812 Total Current Liabilities 54,078 65,560 Total Liabilities 54,078 65,560 Net Assets 332,633 318,547

Equity Retained Profits 332,633 318,547 Total Equity 332,633 318,547


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Notes to the Financial Statements


1. Summary of Significant Accounting Policies (a) Basis of Preparation

The financial statements are special purpose financial statements prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act (ACT). The committee has determined that the association is not a reporting entity.

The financial statements have been prepared on an accruals basis and are based on historic costs and do not take into account changing money values or, except where specifically stated, current valuations of non-current assets.

The following material accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of the financial statements.

(b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less.

(c) Provisions

Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

(d) Employee Benefits

Provision is made for the association’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs.

(e) Property, Plant and Equipment

Property, plant and equipment are carried at cost, independent or committees' valuation. All assets excluding freehold land, are depreciated over their useful lives to the association. Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated depreciation.

(f) Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the first in first out basis and are net of any rebates and discounts received.

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(g) Revenue and Other Income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. All revenue is stated net of the amount of goods and services tax (GST).

Sale of Goods Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Interest Revenue Interest is recognised using the effective interest method. (h) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

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2015 2014 $ $ 2. Profit

Expenses Decrease in Inventories of Finished Goods or Wip 3,289 (12,702) Raw Materials, Purchases and Consumables Used 71,576 79,358 Employee Benefits Expense 320,049 336,501 Depreciation and Amortisation 28,950 31,342 Advertising 2,702 7,185 Bank Charges 6,645 6,718 Insurance 29,271 31,750 Postage 572 862 Printing & Stationery 5,486 7,813 Repairs & Maintenance 22,661 25,647 Telephone 6,820 6,946 Other Expenses 102,909 156,583 600,930 678,003

3. Profit for the Year

Profit before income tax expense from continuing operations includes the following specific expenses: Charging as Expense Cost of Goods Sold 74,865 66,656 Movements in Provisions Depreciation - Depreciation of Property, Plant and Equipment 28,950 31,342 Other Provisions:- - Employee Benefits - (280)

Net Expenses Resulting from Movement in Provisions

28,950

31,062

Bad & Doubtful Debts:- - Bad debts written off 2,051 - 2,051 - Research and Development Costs 5,600 2,000

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2015 2014 $ $ 4. Cash and Cash Equivalents Cheque Account 21,229 11,323 Online Saver Account 129,364 126,077 Cash on Hand 3,112 380 153,705 137,780

Reconciliation of Cash Cash and Cash Equivalents 153,705 137,780 153,705 137,780

5. Trade and Other Receivables Current Trade Debtors 5,385 5,598 5,385 5,598

Total Trade and Other Receivables 5,385 5,598

6. Inventories Current Boat Shop Stock 98,538 101,827 98,538 101,827

7. Property, Plant and Equipment Land and Buildings Property Improvements 16,412 2,112 Less Accumulated Depreciation & Impairment 313 9 16,099 2,103 Total Land and Buildings 16,099 2,103 Plant and Equipment Plant & Equipment 293,572 292,150 Less Accumulated Depreciation & Impairment 203,226 182,422 90,346 109,728

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2015 2014 $ $ Motor Vehicles 24,091 24,091 Less Accumulated Depreciation & Impairment 13,650 10,169 10,441 13,922 Office Furniture & Equipment 31,864 29,844 Less Accumulated Depreciation & Impairment 26,203 22,612 5,661 7,232 Total Plant and Equipment 106,448 130,882

Total Property, Plant and Equipment 122,547 132,985

8. Trade and Other Payables Current Trade Creditors 5,205 7,584 Provision for GST 3,480 7,622 8,685 15,206 Total Trade and Other Payables 8,685 15,206

9. Provisions Current Provision for Annual Leave 17,757 17,757 Provision for Long Service Leave 13,750 13,750 Provision for Sick Leave 7,355 6,460 PAYGW Payable 5,731 7,575 44,593 45,542

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Departmental Trading, Profit and Loss Statement


2015 2014 $ $ SAILING SCHOOL Income Boat & Race Boat Hire 17,945 20,414 Course & Training Fees 309,191 307,944 Grants 4,091 37,783 Sundry Income 3,794 - 335,021 366,141 Gross Profit from Trading 335,021 366,141 Expenditure Accountancy Fees 606 446 Advertising 2,447 4,012 Audit Fees 1,750 1,750 Bad Debts Written Off 41 - Bank Charges 1,502 2,429 Computer Costs 1,645 989 Fees & Permits 2,953 1,715 Fuel & Oil 6,581 8,872 Functions 419 1,396 General Expenses 11,162 4,401 Insurance 14,916 15,696 Long Service/Annual Leave - (280) Postage 38 52 Printing & Stationery 1,047 2,147 Purchase of T-Shirts - 233 Reference Materials 3,718 26,917 Repairs & Maintenance 16,703 23,894 Staff Training & Welfare 383 452 Superannuation Contributions 13,427 11,957 Telephone 2,458 2,760 Travel & Accommodation 571 514 Uniforms 1,378 801 Wages 205,705 217,946 289,450 329,099 Other Income Profit on Sale of Non-current Assets 1,610 - 1,610 - Operating Profit/(Loss) 47,181 37,072


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2015 2014 $ $ Non-Operating Expenses Depreciation 6,243 4,648 6,243 4,648 Net Profit 40,938 32,394


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2015 2014 $ $ CANBERRA YACHT CLUB Income Race Entry Fees 5,359 5,209 Boat Storage Fees 94,533 89,313 Members' Subscriptions 52,687 57,964 Interest Received 3,062 3,021 Club Functions (409) 7,396 Bar Sales 12,564 11,563 Shirt Sales - 182 Regatta Sponsorship 13,627 14,855 Course & Training Fees 1,156 - Sundry Income 3,305 31,471 185,884 220,974 Less Cost of Goods Sold Bar Purchases 10,604 10,322 10,604 10,322 10,604 10,322 Gross Profit from Trading 175,280 210,652 Expenditure Accountancy Fees 610 738 Advertising 255 1,646 Affiliation Fees 9,393 12,288 Audit Fees 1,750 1,750 Bad Debts Written Off 2,002 - Bank Charges 5,121 4,022 Computer Costs 3,079 2,891 Fees & Permits 12,296 14,367 Fuel & Oil 78 - Functions 7,533 16,727 General Expenses 6,000 39,621 Insurance 13,769 15,486 Motor Vehicle Expenses 392 1,209 Postage 373 362 Printing & Stationery 4,426 5,654 Purchase of T-Shirts - 1,588 Repairs & Maintenance 5,958 1,753 Rescue Boat Hire (SS) 5,600 2,000 Staff Training & Welfare 1,360 205


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2015 2014 $ $ Superannuation Contributions 7,410 6,880 Telephone 2,771 1,944 Travel & Accommodation 2,589 7,315 Trophies & Prizes 16,534 5,404 Uniforms 11 - Wages 79,314 84,681 188,624 228,531 Operating Profit/(Loss) (13,344) (17,879)

Non-Operating Expenses Depreciation 20,795 24,847 20,795 24,847 Net Profit (34,139) (42,726)


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2015 2014 $ $ BOAT SHOP Income Shop Sales 92,493 92,817 Less Cost of Goods Sold Opening Stock 101,827 89,125 Shop Purchases 64,014 69,036 Shop Purchases Discount (3,042) - 162,799 158,161 Closing Stock 98,538 101,827 64,261 56,334 Gross Profit from Trading 28,232 36,483 Expenditure Accountancy Fees 134 161 Advertising - 1,527 Audit Fees 1,750 1,750 Bad Debts Written Off 8 - Bank Charges 22 267 Computer Costs 492 294 Fees & Permits - 69 General Expenses 91 - Insurance 586 568 Postage 161 448 Printing & Stationery 13 12 Superannuation Contributions 1,231 1,273 Telephone 1,591 2,242 Wages 12,962 13,764 19,041 22,375 Other Income Interest Received 9 - 9 - Operating Profit/(Loss) 9,200 14,108

Non-Operating Expenses Depreciation 1,912 1,847

1,912 1,847


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2015 2014 $ $ Net Profit 7,288 12,261


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Statement by Members of the Committee

The committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.

In the opinion of the committee as set out in the accompanying financial statements:

1. Presents a true and fair view of the financial position of ACT Sailing Incorporated T/A Canberra Yacht Club as at 30 June 2015 and its performance for the year ended on that date.

2. At the date of this statement, there are reasonable grounds to believe that ACT Sailing

Incorporated T/A Canberra Yacht Club will be able to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of the committee and is signed for and on behalf of the committee by:

...................................................... President: Howard Faulks

...................................................... Treasurer: Ron Ashpole

Dated this............day of......................................2015

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Independent Auditor's Report

to the Members of


We have audited the accompanying financial report, being a special purpose financial report, of ACT Sailing Incorporated T/A Canberra Yacht Club (the association), which comprises the committee's report, the assets and liabilities statement as at 30 June 2015, the income and expenditure statement for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by members of the committee.

Committee’s Responsibility for the Financial Report

The committee of ACT Sailing Incorporated T/A Canberra Yacht Club is responsible for the preparation of the financial report, and has determined that the basis of preparation described in Note 1 is appropriate to meet the requirements of the Associations Incorporation Act (ACT) and the needs of the members. The committee's responsibility also includes such internal control as the committee determines is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the association's preparation of the financial report that gives a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial report presents fairly, in all material respects, the financial position of ACT Sailing Incorporated T/A Canberra Yacht Club as at 30 June 2015 and its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements, and the Associations Incorporation Act (ACT).

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Independent Auditor's Report

to the Members of


Basis of Accounting and Restriction on Distribution Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist ACT Sailing Incorporated T/A Canberra Yacht Club to meet the requirements of the Associations Incorporation Act (ACT). As a result, the financial report may not be suitable for another purpose.

Paul Geary C.A. Marland Accounting

Dated this............day of......................................2015

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Auditors Independence Declaration

Under Section 307C of the Corporations Act 2001

To Members of ACT Sailing Incorporated T/A Canberra Yacht Club

I declare that, to the best of my knowledge and belief, in relation to the audit of ACT Sailing Incorporated T/A Canberra Yacht Club for the year ended 30 June 2015 there have been:

a) no contraventions of the auditor independence requirements of the Corporations

Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit.

Paul Geary C.A. Marland Accounting Dated this............day of......................................2015

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Certificate by Members of the Committee

I, Howard Faulks of 4 Hoad Place, Nicholls ACT, certify that;

a) I attended the annual general meeting of the association held on ___________.

b) The annual financial statements for the year ended 30 June 2015 were submitted to the members of the association at the annual general meeting.

........................................ Howard Faulks Committee Member

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Documents

ACT Sailing Incorporated T/A Canberra Yacht Club …canberrayc.com/documents/Canberra Yacht Club - 2015 Financial... · Financial Statements For the Year ended ... Departmental Trading,