1. Statement of Significant Accounting Policies: AASB 124 Related Party Disclosures Revenue and Other Income Cash and Cash Equivalents Notes to the Financial Statements Burning Palms Surf Life Saving Club Inc ABN 25 945 774 843 For the year ended 30 April 2025 The financial report has been prepared in accordance with the requirements of the Australian Charities and Not-for-Profit Act 2012; the Charitable Fundraising Act 1991; the Associations Incorporation Act NSW 2009. Burning Palms is a not-for-profit Association for financial reporting purposes under Australian Accounting Standards. The financial report is a special purpose financial report. The Management Committee has determined that the Association is not a reporting entity. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs and do not take into account changing money values or, except where specifically stated current valuations of non current assets. The following is a summary of the significant accounting policies that have been adopted by the association in the preparation of this report: AASB 101 Presentation of Financial Statements AASB 107 Statement of Cash Flows AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors AASB 1048 Interpretation of Standards AASB 1054 Australian Additional Disclosures Revenue is measured at the value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising revenue. Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Unconditional sponsorship and grants are recorded as income when received. Grants received for specific projects are recognised as revenue upon receipt regardless of whether the expenditure has been incurred, as long as there is no contractual right to return the monies received to the grantor. All revenue is stated net of the amount of goods and services tax (GST).
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