Yachting Tasmania Inc.

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1 Yachting Tasmania Inc. A.B.N Financial Report For the Year Ended 30 June 2017 Contents Statement of Profit and Loss Balance Sheet Notes to Accounts Committee Statement Committee Members List Auditor s Report Level 1, 18 Ross Avenue Phone: (03) info@accruhob.com.au Rosny Park TAS 7018 Fax: (03)

2 Profit & Loss Yachting Tasmania 1 July 2016 to 30 June Jun Jun 16 Income CBA Bank Interest Clothing & Merchandise DSC Accreditation Fees Membership - Class Affiliation - 1,000 Membership - Club Fees - 54,043 Miscellaneous Income - 91 National Championships - 6,000 Refundable Damage Deposit - 2,600 Schools Regatta & Youth Championships Sponsorship Income - 2,800 Tacker / DSC Program Funding - 65,628 Team Racing Entry Fees - 8,542 User Fees - Pacer Training Fleet - 2,678 User Fees - Radios YA / RYA Accredited Training Courses - 2,695 YA Commissions - 1,227 Total Income ,251 Less Cost of Sales Clothing & Uniforms Total Cost of Sales Gross Profit ,488 Less Operating Expenses 2015 Wages - 1,200 Accounting and Auditing Fees 1,838 2,006 Advertising & Promotion Cancelled cheque or Card fee - 3 Coach Boat - Expenses Coaching and Umpiring costs Consultants - 2,625 Damage Deposit Refunds - 2,582 Depreciation 6,085 7,606 DSC Fees paid to YA Event & Function Expenses 738 1,425 Fleet Racing expenses Insurance - 3,262 Loss on Yacht Tracker Shares - 4,000 Mail & Postage Maintenance & Repairs - Pacers - 6,069 Mileage National Championship Funding - 6,000 Office Consumables Profit & Loss Yachting Tasmania Page 1 of 2

3 Profit & Loss 30 Jun Jun 16 Office Rent - 4,063 One Sailing Funds Transfers - 51,236 Printing & Stationery Purchase of Books & Training materials Registrations SSPP / TIS Funding - 5,500 Staff Wages ,722 Superannuation Payments 118 4,106 Team Racing expenses - 2,242 Telephone & Internet Travel & Accommodation Treasurers Honorarium - 1,500 Trophies & Prizes YA / RYA Accredited Training Course costs - 1,962 Total Operating Expenses 9, ,084 Net Profit (9,416) (8,597) Profit & Loss Yachting Tasmania Page 2 of 2

4 Balance Sheet Yachting Tasmania As at 30 June Jun Jun 2016 Assets Bank Business Online Saver 9,701 9,701 Cheque Account 34,890 14,720 Debit Card Account 619 5,318 Total Bank 45,210 29,740 Current Assets Trade Debtors 14,383 17,939 Total Current Assets 14,383 17,939 Fixed Assets Coach Boats 15,494 15,494 Office Equipment at Cost 3,031 3,031 Pacer Fleet ,381 63,381 Provision for depreciation (Coach Boats) (15,494) (15,494) Provision for Depreciation (Office Equip) (3,031) (3,031) Provision for depreciation (Pacer Fleet) (39,043) (32,958) Total Fixed Assets 24,339 30,423 Total Assets 83,931 78,102 Liabilities Current Liabilities GST (2,136) 2,326 Membership Clearing Account 13,075 5,688 PAYGW - 2,513 Rounding - - Trade Creditors 15, Total Current Liabilities 26,752 10,915 Non-Current Liabilities Superannuation Payable Total Non-Current Liabilities Total Liabilities 26,752 11,508 Net Assets 57,179 66,595 Equity Current Year Earnings (9,416) (8,597) Prior Year Adjustment - (20,387) Retained Earnings 66,595 95,578 Total Equity 57,179 66,595 Balance Sheet Yachting Tasmania Page 1 of 1

5 Yachting Tasmania Inc. Notes to the Financial Statements For the Year Ended 30 June 2017 Note 1: Statement of Significant Accounting Policies This financial report is a special purpose financial report prepared in order to satisfy the reporting requirements of the Association Incorporation Act 1964 Tasmania. The Committee has determined that the association is not a reporting entity. The financial report has been prepared in accordance with the requirements of the Associations Incorporation Act Tasmania and the following Australian Accounting Standards: AASB 1031 AASB 110 Materiality Events Occurring After Balance Sheet Date No other applicable Accounting Standards, Urgent Issues Group Consensus Views or other authoritative pronouncements of the Australian Accounting Standard Board have been applied. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values, or except where specifically stated, current valuation of non-current assts. The financial report has been prepared in accordance with a special purpose framework in order to meet the needs of the association s members. As such, the financial report may not be suitable for another purpose. Note 1 a) The business and operational management of Yachting Tasmania has been transferred to Yachting Australia in February 2016, under the One Sailing Agreement. This has resulted in a significant change in the likelihood of Yachting Tasmania operating as an independent entity going forward. It is highly likely that the assets, liability and equity of Yachting Tasmania will be transferred to Yachting Australia in the next 12 months.

6 Yachting Tasmania Inc. Committee Statement For the Year Ended 30 June 2017 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, the attached financial report: 1. Presents a true and fair view of the financial position of the Yachting Tasmania Inc., as at 30 June 2017 and its performance for the period 1 July 2016 to 30 June 2017; 2. At the date of this statement, there are reasonable grounds to believe that the Yachting Tasmania Inc., 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. Treasurer Dated at Hobart this... day of

7 Yachting Tasmania Inc. Committee Members List For the Year Ended 30 June 2017 President: Richard Batt Vice President South: Greg Rowlings Vice President North: Gail Moreton North West Delegate: Chris Symonds Honorary Treasurer/ Nick Connor Gavin Adamson Richard Fisher Ron Bugg Felicity Allison Colleen Darcey

8 Independent Auditor s Report To the members of Yachting Tasmania Inc. Opinion We have audited the financial report of Yachting Tasmania Inc. (the Entity), which comprises the statement of financial position as at 30 June 2017, the statement comprehensive income, statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and the declaration by those charged with governance. In our opinion, the accompanying financial report presents fairly, in all material respects, the financial position of the Entity as at 30 June 2017 and of its financial performance for the year then ended in accordance with Associations Incorporation Act (Tas) Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Entity in accordance with the ethical requirements of the Accounting Professional and Ethical Standard Board s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter Basis of Accounting We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist Yachting Tasmania Inc. to meet the requirements of the Associations Incorporation Act (Tas) As a result, the financial report may not be suitable for another purpose. Responsibilities of Management and Those Charged with Governance for the Financial Report Management is responsible for the preparation of the financial report in accordance with the Associations Incorporation Act (Tas) 1964, and for such internal control as Management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In preparing the financial report, Management is responsible for assessing the Entity s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Entity s financial reporting process.

9 Auditor s Responsibility for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: This description forms part of our auditor s report.. Michael J Burnett B.Com. FCA Registered Company Auditor Partner, Accru + Hobart Lvl 1, 18 Ross Avenue ROSNY PARK TAS Date

TENNIS TOWNSVILLE INC. ABN: FINANCIAL REPORT FOR THE YEAR ENDED 30 APRIL 2016

TENNIS TOWNSVILLE INC. ABN: FINANCIAL REPORT FOR THE YEAR ENDED 30 APRIL 2016 ABN: 19 579 672 424 FINANCIAL REPORT FOR THE YEAR ENDED 30 APRIL 2016 CONTENTS Page Statement of Income and Expenditure 1 Statement of Financial Position 3 Notes to the Financial Statements 5 Committee