Westernport Yacht Club

Transcription

1 Financial Statements For the year ended 31 st March 2015

2 Contents : Treasurer s report 2 Statement of comprehensive income 3 Statement of financial position 4 Statement of cash flows 5 Notes to the financial statements Actual to budget comparison 9 Committee of management statement 10 Page 1

3 Treasurer s Report This has been a good year for the Club financially; Income has increased despite a significant change in the membership classes and fee structure. The income from Christmas in July dinner was a good start to the season which was followed by the Sarah Blanck Regatta and later in the season the Viper and Taipan State Titles, the Melbourne Cup Day Regatta and all the other sailing competitions which also contributed to our funds. The income from the Sailing School increased especially from the Tackers with increased numbers and the winter coaching was an unexpected source of funds. The schools sailing programme continues to add to our income. The various social dinners and activities together with the Friday night socials for members all contributed to an increase in income. The sale of the Club s clothing also increased. The expenditure has been reduced, particularly in renegotiating insurance premiums and despite some necessary expenses such as the new gas installation for hot water and cooking, recommissioning of the weather station, a new BBQ and new jib sails for the Pacers. A complete makeover of the James Douglas race control room including rewiring of the various facilities was completed. A new power board has been installed. Maintenance of the tractors and repair of the power boats remains high but despite the expenditure exceeding the budget these costs were manageable. There has been an improvement in recording the eftpos transactions and I hope that this will continue as it makes the Treasurer s task easier. We have consolidated our banking with Bendigo Bank. Overall we have increased the total Club funds which include both current and fixed assets. Over the year with the assistance of several members a complete Register of Assets has been prepared and will be completed shortly. This will form the basis for future planning to provide the necessary funds to be available for their replacement. Brendan Corcoran Treasurer Page 2

4 Statement of comprehensive income Note Income Membership 2 56,980 58,162 Tacker's fees 27,122 18,568 Sailing School 7,730 8,910 Social events 7,837 3,240 Bar Sales 17,817 15,380 Racing 1,376 2,996 Sponsorship & donations 5,287 3,599 Regattas 3 19,333 4,530 Merchandising Other Income 4 8,974 4,990 Total Income 153, ,637 Expenses Leases, rates and taxes 5 8,185 7,208 Insurance 9,055 15,409 Electricity and gas 6 5,255 5,049 Cleaning and services 3,798 4,223 Printing and offices supplies 1,477 1,537 Subscriptions and dues 6,226 6,774 IT and web services 1,334 1,064 Bank charges Kitchen supplies Catering 5,733 1,809 Member's services Powerboat costs & maintenance 7 9,294 10,997 Fuel and supplies 6,518 5,798 Tractor costs & maintenance 8 5,568 4,349 Sail fleet costs & maintenance 2, Safety equipment Communications & radio Instructors fees and costs 9 24,352 16,953 Sailing school supplies 7,176 4,212 Regatta costs 3,199 1,088 Trophies and prizes 1,824 1,324 Moorings Buildings and grounds 10 7,709 2,008 Bar cost of sales 11,727 10,150 Merchandising cost of sales 1,395 - Accounting costs Asset Revaluation 11 (3,606) - Profit on sale of assets (101) - Depreciation 12 7,652 19,120 Transfers to reserve 1,542 - Prior year expenses brought to account 13 (2,726) 12,651 Total Expenses 128, ,913 Net Operating Surplus 24,598 (14,276) Page 3

5 Statement of financial position Note Assets Current assets Bendigo Bank current account 40,436 34,734 Bendigo Bank Term Deposit/ ING deposit 38,302 32,159 Accounts Receivable 14 8, Inventories 15 3,288 3,775 Cash Float Total current assets 90,329 70,904 Fixed assets Weather Station 3,752 - Powerboats 24,979 20,131 Sailing Fleet 19,540 18,924 Tractors 12,076 13,240 Plant & equipment 14,493 20,424 Buildings 7,467 - Total fixed assets 82,307 72,899 Total assets 172, ,803 Liabilities Current liabilities Credit cards Deposits held 2,030 - Accounts payable 16 4,735 3,985 Bar tabs Total liabilities 7,024 4,331 Net assets 165, ,472 Funds Operating fund , ,472 Buildings & grounds reserve 1,542 - Total club funds 165, ,472 Page 4

6 Statement of cash flows Westernport Yacht Club Cash flow from operating activities Note Net Operating surplus 24,598 (14,276) (Increase)decrease in receivables (8,236) 3,111 Adjustments in change to accrual accounting - 19,410 (Decrease)increase in payables 2,895 (3,985) (Increase)decrease in inventories (485) 282 Net cash flow from operating activities 18,772 4,542 Cash flow from investing activities Transfers to reserve 1,542 - New asset purchases (9,408) (15,890) Net cash flow from investing activities (7,866) (15,890) Cash flow from financing activities Interest received on term deposits 770 1,068 Net cash flow from financing activities 770 1,068 Net increase(decrease) in cash and cash equivalents 11,676 (10,279) Cash and cash equivalents at beginning of year 67,103 77,382 Cash and cash equivalents at end of year 18 78,779 67,103 Page 5

7 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH Summary of accounting policies (a) Basis of preparation These general purpose financial statements have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards Reduced Disclosure Requirement. Westernport Yacht Club qualifies as a Tier 1 reporting entity under S285A of the Corporations Act 2001 and is therefore not obliged to prepare or lodge financial reports. The reports provided are for the benefit of the members and committee of management as part of a regime of strict governance. (b) Historical cost convention The financial statements have been prepared on the basis of historical cost except for the following: - Following initial recognition at cost, fixtures and buildings are carried at a revalued amount which is the fair value at the date of the revaluation less any subsequent accumulated depreciation on buildings and any subsequent accumulated impairment losses. - Other assets including the sailing and powerboat fleet have been measured at fair value. - Assets acquired by member donation or by other means involving nominal cost have been valued by fair value. Fair value is determined by reference to market-based evidence, which is the amount for which the assets could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm s length transaction as at the valuation date. (c) Depreciation Items of property, plant and equipment are depreciated over their useful lives to the club commencing from the time the asset is held ready for use. Depreciation is calculated on a straight line basis over the expected useful economic lives of the assets. (d) Disposal and derecognition An item of property, plant and equipment is derecognised upon disposal when the item is no longer used in the operations of the company or when it has no sale value. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised. (e) Goods and services tax The club turnover, as budgeted, is below the minimum for compulsory GST registration and the committee have elected not to register. GST is not added to club revenues nor are input tax credits claimed for outgoings. 2. Membership. Members annual fees 25,247 34,038 Boat registration fees 14,998 13,603 Boat storage fees 14,166 9,209 Voluntary Contribution 1,524 - Other Member revenues 1,045 1,312 Total 56,980 58, Regattas. Sarah Blanck Trophy 15,833 - State Titles 3,500 4,530 Total 19,333 4,530 Page 6

8 Page 7 4. Other Income Westernport Yacht Club NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2015 Powerboat training grant 4,992 - Yachting Victoria Hall hire 1, Interest on deposits 1,383 1,069 Miscellaneous 582 3,092 Total 8,974 4, Leases, rates and taxes. Foreshore committee lease 4,782 4,764 Mornington Peninsula Shire 1,942 1,177 South East Water 1,458 1,267 Total 8,185 7, Electricity and Gas AGL 3,287 4,774 Momentum Electicity 1,693 - Elgas Total 5,255 5, Powerboat costs and maintenance Sealand Marine 1, Wes Frost Marine 5,295 8,119 Miscellaneous boat parts & costs Insurance & registration 1,861 1,919 Total 9,294 10, Tractor costs and maintenance Massey-Ferguson maintenance 3,989 1,430 Insurance 725 1,853 Registration 854 1,066 Total 5,568 4, Instructor s fees and costs Powerboat instructors 6,465 - Tacker s instructors 7,217 10,773 Sailing school and coaches 10,670 6,180 Total 24,352 16, Buildings and grounds Hall power 2,490 - Plumbing improvements 3,329 - Minor repairs and alterations 1,890 2,018 Total 7,709 2, Asset revaluation Powerboat motor changeover (3,606) - Total (3,606) -

9 Page Depreciation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2015 Weather Station - - Power Boats 2,777 4,747 Sailing Fleet 2,171 4,952 Tractors 1,342 2,766 Plant & Equipment 532 3,887 Buildings 830 2,768 Total 7,652 19, Prior year Expenses brought to account Debtors 26 - Key deposits received in Credit card balances (346) - Cash float adjustment Payables reversed (3,385) 12,651 Total (2,726) 12, Accounts receivable Power boat training grant 4,992 - State Titles 2,000 - Pro-rata interest on term deposits Sailing school Total 8, Inventories Bar Stocks 2,036 1,128 Merchandising stock 1,252 2,647 Total 3,288 3, Accounts payable Mornington Shire rates Plumbing maintenance 3,329 - Cleaning Miscellaneous (10) 3,985 Electricity (Momentum) Total 4,735 3, Operating fund movements Operating surplus current year 24,598 (14,286) Retained surplus at beginning of year 139, ,758 Total 164, , Cash balances at year end Cash float Bendigo Bank current account 40,436 34,734 Bendigo Bank term deposit 38,302 32,159 Total 78,779 67,103

10 2015 ACTUAL COMPARISON TO BUDGET ,015 % Income Actual Budget Membership 56,980 62, % Tacker's fees 27,122 22, % Sailing School 7,730 8, % Social events 7,837 2, % Bar Sales 17,817 14, % Racing 1, % Sponsorship & donations 5,287 3, % Regattas 19,333 6, % Merchandising % Other Income 8,974 5, % Total Income 153, , % Expenses Leases, rates and taxes 8,185 7, % Insurance 9,055 7, % Electricity and gas 5,255 5, % Cleaning and services 3,798 4, % Printing and offices supplies 1,477 1, % Subscriptions and dues 6,226 6, % IT and web services 1,334 1, % Bank charges 915 1, % Kitchen supplies % Catering 5,733 5, % Member's services Powerboat costs & maintenance 9,294 7, % Fuel and supplies 6,518 5, % Tractor costs & maintenance 5,568 13, % Sail fleet costs & maintenance 2,471 3, % Safety equipment Communications & radio % Instructors fees and costs 24,352 17, % Sailing school supplies 7,176 7, % Regatta costs 3,199 1, % Trophies and prizes 1,824 1, % Moorings % Buildings and grounds 7,709 2, % Bar cost of sales 11,727 11, % Merchandising cost of sales 1, % Accounting costs % Asset Revaluation (3,606) - - Profit on sale of assets (101) - - Depreciation 7,652 8, % Transfers to reserve 1, Prior year expenses brought to account (2,726) 8,000 (34.1%) Total Expenses 128, , % Net Operating Surplus 24,598 (5,913) % Page 9

11 STATEMENT ON BEHALF OF THE COMMITTEE OF MANAGEMENT In the opinion of the Committee the financial statements and accompanying notes provide a summary of the significant accounting practices of the Club for the year ended 31 st March This report and notes provide a true and fair view of the financial position of the Westernport Yacht Club as at the 31 st March 2015 and provide an accurate summary of the financial activities for the past year. 2. At the date of this statement there are reasonable grounds to believe that the Westernport Yacht Club will be able to meet its financial obligations 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 : Commodore : Treasurer : Date : Page 10