Bondi Surf Bather's Life Saving Club Inc
ABN: 78 306 614 913
Notes to the Financial Statements
For the Year Ended 30 April 2024
The financial statements are for Bondi Surf Bather's Life Saving Club Inc. ("the Association") as a not-for-profit individual
entity domiciled in Australia.
The functional and presentation currency of Bondi Surf Bather's Life Saving Club Inc is Australian dollars.
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Basis of Preparation
In the Committee members opinion, the incorporated Association is not a reporting entity because there are no users
dependant on general purpose financial statements. These special purpose financial statements have been prepared
to meet the reporting requirements of the Board, the requirements of the Charitable Fundraising Act 1991 and
Australian Charities and Not-for-profit Commission Act 2012.
The financial statements have been prepared in accordance with the recognition and measurement requirements of
the Australian Accounting Standards and Accounting Interpretations, and the disclosure requirements of AASB 101
Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changes
in Accounting Estimates and Errors, AASB 124 Related Party Disclosures, AASB 1048 Interpretation of Standards and
AASB 1054 Australian Additional Disclosures.
The financial statements have been prepared on an accruals basis and are based on historical costs modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
Significant accounting policies adopted in the preparation of these financial statements are presented below and are
consistent with prior reporting periods unless otherwise stated.
The financial statements and material accounting policies all comply with the recognition and measurement
requirements in Australian Accounting Standards.
Summary of Material Accounting Policies
(a)
Income tax
The Association is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.
(b)
Revenue and other income
Revenue from contracts with customers
The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised
goods or services to customers at an amount that reflects the consideration the Association expects to receive
in exchange for those goods or services. Revenue is recognised by applying a five-step model as follows:
1. Identify the contract with the customer
2. Identify the performance obligations
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations
5. Recognise revenue as and when control of the performance obligations is transferred
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117TH ANNUAL REPORT AND FINANCIAL STATEMENT 2023/24