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
Summary of Material Accounting Policies
(d)
Inventories
Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using
the first-in-first-out basis and is net of any rebates and discounts received. Net realisable value is estimated
using the most reliable evidence available at the reporting date and inventory is written down through an
obsolescence provision if necessary.
(e)
Property, plant and equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment.
Buildings
The building is measured using the cost model. It is being depreciated on a straight line basis over a 20 year
period in accordance with the current licence with Waverley Council. As the Building stands on Leasehold Land
it is considered prudent not to revaluate the building presently or into the future.
Plant and equipment
Plant and equipment are measured using the cost model.
Depreciation
Property, plant and equipment, excluding freehold land, is depreciated on a straight-line or diminishing value
basis over the asset's useful life to the Association, commencing when the asset is ready for use.
The depreciation rates used for each class of depreciable asset are shown below:
Fixed asset class
Depreciation rate
Buildings
2.5% - 5%
Plant and Equipment
10% - 33%
Lifesaving Equipment
10% - 100%
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset
is reviewed. Any revisions are accounted for prospectively as a change in estimate.
(f)
Financial instruments
Financial instruments are recognised initially on the date that the Association becomes party to the contractual
provisions of the instrument.
On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for
instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,
depending on the classification of the financial assets.
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117TH ANNUAL REPORT AND FINANCIAL STATEMENT 2023/24