Inventories Property, Plant and Equipment Goods and Services Tax Critical Accounting Estimates and Judgements Key Management Personnel Related Party Transactions Commitments Trade Receivables and Other Receivables Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in, first-out basis. Property, plant and equipment are carried at historical cost less accumulated depreciation. A major refurbishment of the clubhouse was completed in September 2020, with a refurbishment of the bathrooms & kitchen completed in September 2022. The cost shown in the accounts represents materials and services purchased. The resultant carrying value of the building is below replacement cost. Items costing less than $2,000 are expensed on acquisition. Items in excess of that are depreciated on a straight line basis over the life of the asset. Assets which are disposed are removed from the register and the gains and losses between the carrying value and the disposal proceeds are taken to the profit and loss. Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. In preparing this financial report the committee was required to make judgements, estimates and assumptions. These judgements, estimates and assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. However, actual results may vary from those estimated. The greatest risk to the association would be variation in the useful life of assets from that estimated. The association reviews the estimated useful life of its assets to minimise the risk of impairment. All key management personnel and volunteers are not compensated. Transactions between related parties are on normal club member terms and conditions no more favourable than those available on similar transactions to other club members unless otherwise stated. There are no related party transactions in this financial year. No material commitments are forecast for the upcoming financial year to 30 April 2026.
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