Statement of accounting policies for the year ended 31st may 2009 reporting entity




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HUTT VALLEY TENNIS INC
STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED

31ST MAY 2009
REPORTING ENTITY. Hutt Valley Tennis is an Incorporated Society registered under the Incorporated Societies Act 1908. This report relates solely to the tennis activities of Hutt Valley Tennis Inc.
GENERAL ACCOUNTING POLICIES. The historical cost, going concern and accrual basis of accounting have been used in the preparation of these financial statements on a GST exclusive basis.
Fixed Assets. Fixed assets are written off over their economic life using the straight line method:

Pavillion………….…………..…20 years

Office Equipment………………..5 years

Furniture and Fittings……..........5 years

Astrograss Courts….………….10 years

Seating and Petanque Piste……5 years

Court Lights…….…..……..……10 years
Debtors. Debtors are stated at expected realisable value.
Stock. Stock has been valued at the lower of cost or estimated realisable value after due allowance for damaged or obsolete items.
Leases. Payments under operating leases are charged as expenses in the periods in which they are incurred.
Differential Reporting. Hutt Valley Tennis Inc. is a qualifying entity for differential reporting because it is not publicly accountable and does not qualify as a large entity as defined by the NZ Institute of Chartered Accountants. Advantage has been taken of all differential reporting exemptions.
Changes in Accounting Policies. There have been no changes in accounting policies which have been applied on a basis consistent with the previous period.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MAY 2009
1. INVESTMENTS

These investments arise from a distribution at no cost to consumers by Natural Gas Corporation Ltd, since taken over by Vector, comprising 1169 ordinary shares valued at market price as at 31 May 2009 and incorporated in accounts terms regulatory requirements.


2. CONTINGENT LIABILITIES

The Mitchell Park Tennis & Squash Club operates as a sub-committee of Hutt Valley Tennis Inc. which has a contingent liability for the club’s debts should the club be unable to meet its obligations.


Junior Tennis Wellington Region is a joint venture of the three Regional Associations. Hutt Valley Tennis Inc. has a contingent liability for a share of the debts of this joint venture should it be unable to meet its obligations.

3. MEMBERS’ FUNDS AND RESERVES




2009

2008

2007

2006

2005

2004

Members’ Funds

Opening Balance as at 1.06.08



$

252799


$

221431


$

215200


$

217337


$

169625


$

141834


Plus – Surplus/Deficit for year

30275

31368

6231

-2137

-22265

8201

Plus – Transfer from Development Reserve

0

0

0

0

30814

19590

Grant – N.Z. Community Trust & Lion Foundation

57663




0

0

39163




Balance as at 31st May 2009

340737

252799

221431

215200

217337

169625






















Development Reserve

Opening Balance as at 1.06.08


57200

42358

27951

13169

29651

13805


Amount Received – Development Levy

21500

12485

13267

14373

14227

14936

- Call Account Interest

3304

2357

1140

409

105

500

- Pub Charity

0

0

0

0

0

20000

Sub-total

82004

57200

42358

27951

43983

49241

Less – Transfer to Members’ Funds

0

0

0

0

-30814

-19590






















Balance as at 31st May 2009

82004

57200

42358

27951

13169

29651






















TOTAL MEMBERS’ FUNDS & RESERVES

422741

309999

263789

243151

230506

199276


4. MITCHELL PARK SQUASH CLUB

The club operates as a sub-committee of Hutt Valley Tennis Inc. and the financial results of its activities are excluded from these financial statements. Allocation of complex expenditure between tennis and squash activities is on an agreed basis. The Mitchell Park Squash Club indebtedness to Hutt Valley Tennis Inc. as at 31st May 2009 comprised.




Year

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998




$

$

$

$

$

$

$

$

$

$

$

$

Current A/c

(11078)

(1807)

10889

20959

28541

22791

28525

12349

7964

3310

8849

11602

Loan

A/c


0

0

0

0

0

5192

10692

16192

21692

27192

32692

38192








































Total

(11078)

(1807)

10889

20959

28541

27983

39217

28541

29656

30502

41541

49794



5. FIXED ASSETS




Cost

Accumulated

Depreciation



Book Value

2009 2008 2007 2006 2005 2004






$

$

$

$

$

$

$

$

Pavilion

174314

174314

0

0

4728

13444

22160

30876

Astrograss Courts

92308

92308

0

0

3596

11327

19058

26789

Office Equipment

15580

15580

0

0

-

-

-

-

Furniture & Fittings, Refrigerator

5725

5725

0

600

533

-

-

-

Court Lights

75871

48730

27141

34729

42317

49905

49905

34265

Computer/s & Printer & Cash Register

4114

3131

983

0

413

1095

1479

1450

Seating/Petanque Piste

3357

3357

0

0

-

-

-

-

MYOB

286

286

0

0

-

86

186

-

Stringing Machine

2250

2025

225

675

1125

1575

2025

-

Heat Pump

2667

801

1866

2400













TOTALS

376472

346257

30215

38204

52712

77432

94813

93380

(No depreciation apportioned to court lights in 2006 terms 2005 A.G.M. comment. Apportionment recommenced 2007, at a lower figure.)


The 2004 Government valuation of the improvements on land owned by the Hutt City Council was $1,035,000.
STATEMENT OF FINANCIAL POSITION AS AT 31ST MAY 2009





2009

2008

2007

2006

2005

2004

2003




$

$

$

$

$

$

$

MEMBERS FUNDS AND RESERVES (Note3)





















Balance as at 31st May 2009

423241

309999

263789

243151

230506

199276

155639

Junior Sponsorship received in advance

-500

500



















422741

310499
















THESE FUNDS COMPRISED






















CURRENT ASSETS






















National Bank of N.Z.

($199675, $107976, $82005) (Above figures include grants totalling $57,663)


389656

238274

160494

117338

66735

44442

7606


Cash on Hand

350

350

350

350

350

150

150

Debtors

6283

2637

1827

1893

8099

8943

16001

Stock (Pro Shop)

40097

57340

44179

35336

45117

49568

43150

Investments (Note 1)

2373

2279

3378

2922

3577

0

0

Mitchell Park Squash Club (Note4)

(11078)

(1807)

10889

20959

28541

27983

26869

Sub -Total

427661

299063

221117

178798

152399

131086

93776

























LESS CURRENT LIABILITIES






















Creditors

35135

26968

10040

13079

16706

14884

13671

Sub -Total

392526

272095

211077

165719

135693

116202

80105

























FIXED ASSETS (Note 5)






















Pavilion

0

0

4728

13444

22160

30876

39592

Courts

0

0

3596

11327

19058

26789

34520

Office Equipment

0

200

946

1181

1665

1450

1960

Furniture & Fittings& Heat Pump

2849

2800

0

0

0

0

0

Seating/Petanque

0

0

0

0

0

0

0

Stringing Machine

225

675

1125

1575

2025







Lights

27141

34729

42317

49905

49905

34265

19768

Fixed Assets Total

30215

38404

52712

77432

94813

93380

95840

























LESS TERM LIABILITIES






















Hutt City Council Loan Repaid 2005

0

0

0

0

0

10306

20306

























TOTAL

422741

310499

263789

243151

230506

1699276

155639

The attached “Notes to the financial Statements” form part of and are to be read in conjunction with these financial statements.


STATEMENT OF FINANCIAL PERFORMANCE AT 31ST MAY 2009







2009

2008

2007

2006

2005

2004

2003




$

$

$

$

$

$

$

TENNIS INCOME






















Affiliation Fees

($59054 less Levy of $21500)



37554


35984

36808

33938

34153

35398

37696

Interclub Fees

17682

18895

15682

15636

14835

14693

15981

Sponsorship

2000

2000

2000

2000

0

2630

6249

Tournaments

60

526

711

0

2160

0

171

Dividends received/Share Repay- Vector

148

152

146

898

3127

1413

93

Interest Received (Call Account)

4598

3114

0

0

0

0

96

ACC Levy - Refund

0

0

0

0

0

0

39

Juniors (Sponsorship $500)

5663

5759

710

3048

149

1649

923

Hall Hire

0




0

0

0

240

488

NGC Shares (now Vector)

93

0

456

0

3557

0

0

Dine Out Books

0

0

0

222

0

17

0

TOTAL TENNIS INCOME

67798

66430

56513

55742

57981

56040

61736

























TENNIS EXPENDITURE






















Advertising

178

0

126

40

680

111

0

Affiliation – NZT

16980

15840

17250

11108

11323

11232

11434

Services Rendered - JTWR

0

0

0

0

-1333

2667

531

Audit

2900

4059

0

350

0

-1500

750

Bank Charges

552

528

540

553

575

655

700

Depreciation – Courts, Lights, Printer

8755

11847

16537

8963

23768

13334

13334

Dine Out Books

0

0

0

0

35

0

0

Honours Board

0

0

69

120

1220







Interclub Book/Reports

760

375

495

538

0

490

410

Interest - NZT

0

0

0

0

0

0

323

MYOB

0

0

0

240

329







Printing and Stationery

822

933

1954

1742

3362

2673

2931

Regional Levies

2613

0

1338

1142

1555

1556

1435

Repairs

4376

3958

413

1234

11850

2528

4879

Representative Team

0

581

809

0

1101

362

300

Sundry Expenses

1252

421

878

545

600

425

311

Tournaments

0

0

0

0

2458

1823

0

Trophies, Prizes and Functions

763

312

0

62

765

0

825

Wages

0

0

0

0

810

0

391

Provision for Bonus/Bonus Paid

16700

19500

2000

3000

8725

0

1758

Stadium Redevelopment

0

0

0

9400










Vector revaluation

0

1099

0

636










TOTAL TENNIS EXPENDITURE

56651

59453

42409

39673

67823

36356

40312

























SURPLUS(DEFICIT) – TENNIS

(Surplus less dep’n = ($2392)


11147

6977

14104

16069

(9842)

19684

21424

The attached “Notes to the financial Statements” form part of and are to be read in conjunction with these financial statements.

STATEMENT OF FINANCIAL PERFORMANCE AT 31st MAY 2009







2009

2008

2007

2006

2005

2004

2003




$

$

$

$

$

$

$

COMPLEX INCOME






















Business House

13826

15119

10923

15569

13180

6530

8736

Court Rentals

14170

13657

9592

7675

8232

8864

8267

Pro Shop

57508

55959

41696

34550

38065

35268

26715

Squash Apportionment

46353

42928

45555

42542

35557

48598

47964

Interest Income – Executive A/c

3591

2457
















TOTAL COMPLEX INCOME

135448

130120

107766

100336

95034

99260

91682

























COMPLEX EXPENDITURE






















Advertising

0

0

0

0

0

0

1501

Bank Charges

193

182

165

200

166

323

226

Cleaning/Materials

(C$12000 & M$5304)



17304


13981

15025

14011

11479

10447

3635

Depreciation – Pavilion

0

4728

8716

8716

8716

8716

8716

Depreciation – Furniture & Fittings

133

400

133













Depreciation - Plant

0

0

0

0

0

0

0

Electricity/Gas

15756

16877

18701

17289

18772

14355

14043

General Expenses

221

215

738

352

182

402

275

Insurance

10060

9781

14548

16326

15490

15108

11507

Interest – HCC

0

0

0

0

375

1669

1667

Legal Fees

0

0

0

0

0

326

169

Management Contract

46512

41156

41223

42491

39999

42893

51911

Photocopier

1906

1943

1907

1657

2235

1989

1553

Printing and Stationery

0

0

0

0

0

0

981

Rates

0

0

0

0

0

5497

0

Rent – HCC

1685

1685

1685

1685

1685

1460

900

Repairs and Maintenance

16485

8446

6661

10982

2822

2417

6221

Rubbish removal

1599

1676

1604

1109

994

211

549

Security

463

444

484

519

650

1224

903

Wages

0

0

0

0

325







Telephone

4003

4215

4049

3205

3567

3706

3671

























TOTAL COMPLEX EXPENDITURE

116320

105729

115639

118542

107457

110743

108428

























SURPLUS(DEFICIT) COMPLEX

19128

24391

(7873)

(18206)

(12423)

(11483)

(16746)

























SURPLUS(DEFICIT) - TENNIS

11147

6977

14104

16069

(9842)

19684

21424

SURPLUS(DEFICIT) – COMPLEX

19128

24391

(7873)

(18206)

(12423)

(11483)

(16746)

























TOTAL SURPLUS(DEFICIT)

30275

31368

6231

(2137)

(22265)

8201

4678
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