Financial Statements for year ended 30 September 2018

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
Financial Review Report, 2018.
Financial Review Report, 2018.

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.

Leave a Reply

Your email address will not be published.

*

Waikawa Beach or Manakau

New Zealand

Other