Waikawa Beach Ratepayers Association (Inc)
Financial Statements
For the Year Ended 30 September 2018
Note: we’ve made our best effort to be accurate in putting this report on the web. However, the definitively correct version is the signed copy held by the Treasurer.
The accompanying notes should be read with and form part of these financial statements.
Balance sheet: Income and Expenses
| 2018 | 2017 | |||
|---|---|---|---|---|
| Income | $ | $ | ||
| Subscriptions | 2,525.00 | 2,200.00 | ||
| Interest | 398.39 | 390.74 | ||
| Donations | 55.00 | 5.00 | ||
| Rubbish Collection | 415.00 | – | ||
| Boat, Sports, Golf Days | 251.00 | 346.50 | ||
| 3,644.39 | 2,942.24 | |||
| Expenses | ||||
| Boat, Sports, Golf Days | 947.11 | 1,065.74 | ||
| Defibrillator | 107.16 | – | ||
| Donation | 225.00 | 150.00 | ||
| Enviromental Projects/Lawn Mowing | 792.00 | 792.00 | ||
| Meeting Costs | 416.15 | – | ||
| Miscellaneous Expenses | 83.64 | 68.79 | ||
| Rubbish Collection | 638.00 | – | ||
| Website | 243.54 | – | ||
| 3,452.60 | 2,076.53 | |||
| Net Surplus (Deficit) for the year | 191.79 | 865.71 |
Profit or Loss Statement
| 2018 | 2017 | ||||
|---|---|---|---|---|---|
| Assets | $ | $ | |||
| Westpac Levin Cheque Account | 4,178.52 | 4,881.52 | |||
| Westpac Levin Term Deposit Account | 12,384.97 | 11,990.18 | |||
| Total Assets | 16,563.49 | 16,871.70 | |||
| Liabilies | |||||
| Subscriptions in Advance | 75.00 | 575.00 | |||
| Retained Earnings | 16,296.70 | 15,430.99 | |||
| Current Year Surplus(Deficit) | 191.79 | 865.71 | |||
| Total Equity | 16,563.49 | 16,871.70 |
Notes to the Financial Statements
For the Year Ended 30 September 2018
Note 1 Reporting Entity
Waikawa Beach Ratepayers Association (Inc) is incorporated in New Zealand under the Incorporated Societies Act 1908. These financial statements are Special Purpose Reports for reporting to members. Accordingly the financial statements should only be relied on for the express stated purpose.
Note 2 Statement of Accounting Policies
General Accounting Policies
The measurement base adopted is historical cost. Reliance is based on the fact that the entity is a going concern. Income and expenses are recorded on a cash basis.
Particular Accounting Policies
Goods and Services Tax
These financial statements have been prepared on a GST inclusive basis as the Association is not registered for GST.
Income Tax
Income tax is calculated on the basis of the Association being entitled to claim an exemption of up to $1,000.00 against income derived from outside its circle of membership. Income derived from inside the circle of membership is treated as being not liable for income taxation.
Changes in Accounting Polices
There have been no changes to accounting policies during the year. All policies have been applied consistently with the previous year.
Contingent Liabilities
There were no known contingent liabilities at balance date (2017:$Nil.) Waikawa Beach Ratepayers Association Inc has not granted any securities in respect of liabilities payable by any other party whatsoever.