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
(i)
Trade and other receivables
Trade receivables are recognised at fair value less any allowance for expected credit losses.
The Association has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue.
Critical Accounting Estimates and Judgments
The Directors make estimates and judgements during the preparation of these financial statements regarding
assumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financial
statements, however as additional information is known then the actual results may differ from the estimates.
Result for the Year
The result for the year includes the following specific expenses:
2024
2023
Cost of Sales
Lifesaving
44,061
52,486
Administration
20,232
22,029
Competition
152,560
121,800
Nippers
76,008
100,732
Education
13,456
24,354
Cost of goods sold
61,926
32,783
368,243
354,184
Cash and Cash Equivalents
Cash at bank
209,556
385,354
Cash held in Trust accounts
131,153
88,312
Club renovation account
56,505
190,429
Cash on hand
726
726
397,940
664,821
13
142
BONDI SURF BATHERS’ LIFE SAVING CLUB