LITTLE SHIP CLUB (Qld) 2016-17 ANNUAL REPORT

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Statement of Cash Flows For the year ended 30 June 2016 Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2017 Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2017 Little Ship Club Queensland Squadron Notes to the Financial Statements For the year e ded 30 June 2017 2016

2015

Note 2. Reconciliation Of Net Cash Provided By/Used In Operating Activities To Operating Profit After Income Tax Operating profit after income tax (70,834) 18,160 Depreciation 38,472 53,341 Note 1: Summary f Significant Acc unting Policies Little Ship Club Queensland Squadron is a company limited by guarantee, incorporated and domiciled in Australia. The financial statements were authorised for issue on 3rd October 2017 by the directors of the company. Basis of Preparation The directors have prepared th financial tatements on the basis that the company is a non-reporting entity because there are no users dependant on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act 2001. The company is a not for-profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements have been prepared in accordance with the mandatory Australian Accounting Standar s applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. The material accounting policies that have been adopted in the preparation of the statements are as follows: Note 1: Summary of Significant Accounting Policies Little Ship Club Queensland Squadron is a company limited by guarantee, incorporated and domiciled in Australia. The financial statements were authorised for issue on 3rd October 2017 by the directors of the company. Basis of Preparation The directors have prepared the financial statements on the basis that the company is a non-reporting entity because there are no users dependant on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act 2001. The company is a not for-profit entity for financial reporting purposes under Australian Accounting Standards. The financial statem nts hav been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such ccounting policies are consistent with the previous period unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. The material accounting policies that have been adopted in the preparation of the statements are as follows: Note 1: Summary of Significant Accounting Policies Little Ship Club Queensland Squadron is a company limited by guarantee, incorporated and domiciled in Australia. The financial statements were authorised for issue on 3rd October 2017 by the directors of the comp ny. Basis of Prepar tion The directors have prepared the financial statements on the basis that the company is a non-reporting entity because there are no users dependant on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in ord r to meet the requirement of the Corporations Act 2001. The company is a not for-profit entity for financial reporting purposes under Australian Accounting Standar s. The financial statements have been prepared in accordance with the mandatory Australian Accounting Standar s applicabl to entities reporting u der the Corporations Act 2001 and the significant accounting policies disclos d below, which the directors have determined are appropriate to meet the needs of member . Such accounting policies are on istent with the previous eriod unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the otes. The material accounting policies that have been adopted in the pr paration of the statements are as follows: (a) Property, Plant and Equipment Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depr ciation and impairment los es. Property Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeabl willing parties in an arm's length transaction), based on periodic, but at least tri n ial, valuations by external independent valuers, less ubsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all ther decreases are charged to the statement of profit and loss and other comprehensive income. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the r valued amount of the asset. Plant and equipment Plant and equipment are measured on the cost basis. Changes in assets and liabilities net of effects of purchases and disposals of controlled entities: (Increase) decrease in trade and term debtors 51,416 13,834 (2,664) (49,623) (Increase) decrease in finished goods (Increase) decrease in prepayments 7,583 (2,715) Increase (decrease) in trade creditors and accruals 1,179 2,894 9,595 3,725 Increase (decrease) in other creditors Increase (decrease) in employee entitlements Increase (decrease) in sundry provisions Net cash provided by operating activities 901 (10,561) (10,625) 24,572 14,293 43,799 Accounting Policies Accounting Policies Accounting Policies (a) Property, Plant and Equipment Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the statement of profit and loss and other comprehensive income. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Plant and equipment Plant and equipment are measured on the cost basis. (a) Property, Plant and Equipment Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the statement of profit and loss and other comprehensive income. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Plant and equipment Plant and equipment are measured on the cost basis.

The accompanying notes form part of these financial statements.

FS.12 Annual Report 2016–2017

Little Ship Club (Queensland Squadron)