LITTLE SHIP CLUB (Qld) 2016-17 ANNUAL REPORT

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Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2017 Little Ship Club Queensland Squadron Notes to the Financial Statements F r the year e ded 30 Jun 2017 - inputs to all fair value measur ments to be categorised in accordance with a fair value hierarchy; and - enhanced disclosures regarding all assets and liabilities (including, but not limited to, financial assets and liabilities) to be measured at fair value. These Standards are not expected to significantly impact the company's financial statements. - AASB 119: Employee Benefits (September 2011) and AASB 2011-10: Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) (applicable for annual reporting periods commencing on or after 1 January 2013). These Standards introduce a number of changes to accounting and presentation of defined b nefit plans. The company does not have any defined benefit plans and so is not impacted by the amendment. AASB 119 (September 2011) also includes changes to: - require only those benefits that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service to be classified as short-term employee benefits. All other employee benefits are to be classified as other long-term employee benefits, post-employment benefits or termination benefits, as appropriate; and - the accounting for termination benefits that require an entity to recognise an obligation for such benefits at the earlier of: (i) for an offer that may be withdrawn - when the employee accepts; (ii) for an offer that cannot be withdrawn - when the offer is communicated to affect employees; and (iii) where the termination is associated with a restructuring of activities under AASB 137: Provisions, Contingent Liabilities and Contingent Assets and if earlier than the first two conditions when the related restructuring costs are recognised These Standards are not expected to significantly impact the company's financial statements. 2017 2016 Note 3: Cash assets - Main account - Suncorp #2641 - Imprest account - Suncorp #2722 - Gaming account - Suncorp #2684 - LSGFC cheque account - BOQ #1009 - LSGFCWebSavings account - BOQ #4792 - LSC Fishing cheque account - BOQ #7931 39,309 21,765 12,140 22,335 7,784 53,799 409 1,239 22,300 25,233 1,078 2,167 3,886 2,208 - Holding accounts - - Managers Imprest - #8951 1,543 - TermDeposit - #5153 24,087 114,932 13,172 31,841 113,025 22,919 - Membership account #9550 - Depreciation account #9517 - Members Draw #6971 400 295 - Social Members Draw 9504 20 - - - Cruising Section 9253 1,773 - LSC Sailing Sect Cash on Hand 300 284 300 297 - Petty cash - Gaming float - Kitchen float 12,862 6,414 300 600 300 600 - Bar float 3,000

- Change for Tills - ATM Safe float

3,000 9,160

15,040

279,124

312,994

Note 4: Inventories Current Finished goods at cost

37,411 37,411

27,961 27,961

FS.18 Annual Report 2016–2017

Little Ship Club (Queensland Squadron)