The Big G Lottery ANNUAL REPORT AND AUDITED ACCOUNTS YEAR TO 30 SEPTEMBER 2015

Transcription

1 The Big G Lottery ANNUAL REPORT AND AUDITED ACCOUNTS YEAR TO 30 SEPTEMBER 2015

2 The Big G Lottery Annual Report Notice of Annual General Meeting The Big G Lottery Committee has instructed that the eleventh Annual General Meeting of The Big G Lottery will be held in the Radisson Hotel, Argyle Street on Thursday 26th November The AGM will start directly after the credit union s AGM, at approximately 6.30pm. 1. Opening Remarks 2. Minute of Previous AGM 3. Adoption of Minute 4. Reports 5. Appointment of Auditors 6. Motions 7. Election of Committee 8. Any Other Competent Business 9. Close of Meeting Promoter Colin Gailey Secretary Paul Rytel Treasurer June Walker Committee Member Trixie Sheddon Committee Member Hayley Street THE BIG G LOTTERY Annual General Meeting 26th November 2015 Agenda Nominations to AGM on 26th November 2015 Motions to the AGM on 26th November 2015 The Big G Lottery General Committee is proposing 3 motions to change the Constitution of the Big G Lottery, which members will be asked to approve at the AGM. Motion 1: Terminology and wording To ensure that the terminology used in the Constitution of the Lottery reflects the current Act of Parliament which provides for promoting a small society Lottery, and to make the Constitution clearer and easier to understand, it is proposed that wording throughout the Constitution is changed accordingly. Motion 2: Quorum The Lottery General Committee are proposing to change clause 7.7 of the Constitution (which relates to Quorum for a General Meeting) aiming to make it clearer. The current wording is: A quorum for a General Meeting shall be a majority of those Members present at the General Meeting and Officers of the Society and General Committee. The proposed wording is: A quorum for a General Meeting shall be 10% of the members of the Society or 10 members, whichever is the lesser number. Motion 3: Frequency of draws The General Committee is proposing to change clause 11.1 of the Constitution (relating to the frequency of the lottery draw). It is proposed to change the draw from 4 weekly to monthly (on the third Wednesday of each month) reducing the number of lottery draws within any one financial year from 13/14 to 12. This proposal has been put forward based on the following factors: The Big G Lottery is registered with the Glasgow Licensing Department as a Small Society Lottery. As defined by the Gambling Commission, the upper ticket sales limit in any one year for a Small Society Lottery is 250,000. The Big G Lottery ticket sales for 2014/15 were 237,000, leaving very little room for Page 1

3 natural growth before the upper ticket limit is reached. If The Big G Lottery is required to become a Large Society Lottery, there is a significant financial and administrative burden incurred. The current 4 weekly Lottery cycle usually creates 13 draws each year, however due a peculiarity in the way the dates fell last year there was due to be 14 draws in 1 year (2 in October 2014 the beginning of the financial year and 2 in September 2015 the end of the financial year). Holding 14 draws in one year would mean the Lottery would immediately exceed the legislative limits for ticket sales in a Small Society Lottery. As a short term measure, the Lottery draw which was due to take place on the 30th September 2015 was held back and drawn in October Unless changed, the 4 weekly cycle will continue to create 14 draws per financial year, therefore forcing the Lottery to become a Large Society Lottery. Minutes from the Tenth Annual General Meeting Held in the Radisson Hotel Glasgow on Thursday 27th November 2014 Ascertainment of Quorum: 30 active members of The Big G Lottery being present, the meeting was quorate. Apologies: Trixie Sheddon - Committee Member 1. Opening Remarks: Colin Gailey The Big G Lottery Promoter opened by welcoming all the Lottery members and thanked them for their attendance at The Big G Lottery AGM. Colin explained that as per the Lottery constitution, the Lottery committee met during the year to discuss the running of the lottery. 2. Minutes of the previous AGM: The minutes of the previous AGM held on Thursday 21st November 2013 were unanimously accepted by all present. 3. Adoption of Minutes: Agreed as detailed above 4. Promoters Report: Colin then briefly summarised the operations of The Big G Lottery for the 2013/14 financial year, explaining that the Lottery had another successful year with sales of 243k, of which 106 was donated to the Glasgow Credit Union. 5. Appointment of Auditors: Colin thanked Alexander Sloan for their work during the year and proposed that they be reappointed as auditors for the next financial year. This was unanimously agreed by all present. 6. Motion: Colin advised that the Lottery Committee had proposed one motion, to change the Lottery constitution for regulatory reasons by replacing all references to the Lotteries and Gambling commission with The Gambling Act This was unanimously agreed by all present and the motion was carried. 7. Election of Committee: Each of the existing committee members were nominated and indicated that they sought re-election. Colin Gailey was nominated as promoter. 8. Re-election of Committee Members: Colin Gailey Promoter Paul Rytel Secretary June Walker - Treasurer Trixie Sheddon Committee Member Hayley Street Committee Member Page 2

4 9. A.O.C.B. Colin advised the members present that the Lottery committee will be reviewing the entire Lottery constitution in the coming year and the revised constitution will be put to members at next year s AGM. 10. Close of meeting: Colin thanked everyone for attending and formally closed the 10th Big G Lottery AGM. Promoter s Annual Report The Big G Lottery continues to be popular with the members of Glasgow Credit Union especially having a car as our first prize every draw. Funds raised from ticket sales are used to pay prizes. The Big G Lottery running costs and the excess is donated to Glasgow Credit Union to be used towards education and promotion of the credit union. During the period of Oct 14 to Sept 15, The Big G Lottery donated 102,750 to Glasgow Credit Union for this purpose. The Big G Lottery is registered with the Glasgow Licensing Department as a Small Society Lottery. In order to stay within the limits for a Small Society Lottery, the upper ticket sales limit in any one year must not exceed 250,000. As The Big G Lottery is nearing this limit, the General Committee is proposing a motion to change the frequency of the lottery draw from 4 weekly to monthly, therefore reducing the number of lottery draws each year from 13 (potentially 14) to 12. Full details of this motion, and 2 others regarding wording of the Lottery Constitution, being proposed by the General Committee are included in this report and I would urge you to support them to ensure the continued success of the lottery. First prize car winners for The Big G Lottery (October 14 to September 15) Member Name Date of Draw Sandra Wood 1st October 2014 Jeannie Smith 29th October 2014 Marie Carlin 26th November 2014 Janet McClure 29th December 2014 Ellenor Gouffini 21st January 2015 Jason Simpson 18th February 2015 David Moffat 18th March 2015 William Crossan 15th April 2015 Nicola Stein 13th May 2015 Lorraine Robinson 10th June 2015 Craig Davison 8th July 2015 Peter Shields 5th August 2015 Ronald Gibson 4th September 2015 Colin Gailey Promoter Page 3

5 The Big G Lottery Financial statements for the year ended 30 September 2015 Page 4

6 Lottery information General Committee Colin Gailey Trixie Sheddon Hayley Street June Walker Secretary Paul Rytel Registered office 95 Morrison Street Glasgow G5 8BE Auditors Alexander Sloan Chartered Accountants 38 Cadogan Street Glasgow G2 7HF Bankers The Co-operative Bank 29 Gordon Street G1 3PF Page 5

7 Committee s Report for the year ended 30th September 2015 The General Committee present their report and the financial statements for the year ended 30 September Principal activity and review of the business The lottery is a private lottery open only to the members of Glasgow Credit Union Ltd. Its purpose is to distribute proceeds after the deduction of expenses and prizes to Glasgow Credit Union Ltd. Committee The members of the General Committee are listed on the previous page. Statement of committee s responsibilities The General Committee are responsible for preparing the financial statements in accordance with applicable law and regulations. The General Committee are required to prepare financial statements for each financial year. The General Committee have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The General Committee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the lottery and of the surplus or deficit of the lottery for that year. In preparing these financial statements, the General Committee are required to: select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Lottery will continue in business. The General Committee are responsible for keeping adequate accounting records that are sufficient to show and explain the Lottery s transactions and disclose with reasonable accuracy at any time the financial position of the Lottery and enable them to ensure that the financial statements comply with the Gambling Act They are also responsible for safeguarding the assets of the Lottery and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the General Committee are aware: there is no relevant audit information (information needed by the Lottery s auditors in connection with preparing their report) of which the Lottery s auditors are unaware, and the General Committee have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the lottery s auditors are aware of that information. Auditors A resolution proposing that Alexander Sloan be reappointed as auditors of the Lottery will be put to the Annual General Meeting. This report was approved by the General Committee on 29 October 2015 and signed on its behalf by Paul Rytel Secretary Page 6

8 Independent auditor s report to the members of The Big G Lottery We have audited the financial statements of The Big G Lottery for the year ended 30 September 2015 which comprise the income and expenditure account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the lottery s members, as a body. Our audit work has been undertaken so that we might state to the lottery s members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the lottery and the lottery s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of General Committee and auditors As explained more fully in the Committee s Responsibilities Statement set out on page 6 the General Committee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the credit union s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Committee s report and financial statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications of our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the lottery s affairs as at 30 September 2015 and of its surplus for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Gambling Act Opinion on other matters In our opinion the information given in the General Committee s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Alexander Sloan Chartered Accountants and Statutory Auditors 29 October Cadogan Street Glasgow G2 7HF Page 7

9 Income and Expenditure Account for the year ended 30 September Notes Income Lottery ticket sales 237, ,774 Bank interest receivable , ,777 Expenditure Lottery prizes 110, ,980 Staff costs 17,880 17,880 Occupancy Costs 3,600 3,600 Printing, postage and stationery Legal and professional 600 1,255 Consultancy fees 35 - Audit 1,680 1,476 Bank charges 36 - Donation to Credit Union 102, , , ,436 Surplus/(deficit) on ordinary activities before taxation 81 (659) Tax on profit/(loss) on ordinary activities - - Surplus/(deficit) for the year 4 81 (659) The notes on page 10 form an integral part of these financial statements Page 8

10 Balance sheet as at 30 September Notes Current assets Cash at bank and in hand 2,281 2,124 2,281 2,124 Creditors: amounts falling due within one year 3 (2,100) (2,024) Net current assets Total assets less current liabilities Net assets Capital and reserves General reserve Shareholders funds The financial statements were approved by the General Committee on 29 October 2015 and signed on its behalf by Colin Gailey Promoter Paul Rytel Secretary The notes on page 10 form an integral part of these financial statements Page 9

11 1. Accounting policies Notes to the financial statements for the year ended 30 September Accounting convention The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) Turnover Turnover represents revenue received on the sale of Lottery tickets to members of Glasgow Credit Union. 2. Turnover The total turnover of the lottery for the year has been derived from its principal activity wholly undertaken in the UK. 3. Creditors: amounts falling due within one year Other creditors Accruals and deferred income 2,100 1,320 2,100 2, Reserves General Reserve Total At 1 October Surplus for the year At 30 September Related party transactions The committee of the Lottery includes senior staff from Credit Union Ltd. During the year, Glasgow Credit Union Ltd provided services to the lottery of 21,600 (2014: 21,600). In addition, the Lottery also donated 102,750 to Glasgow Credit Union Ltd (2014: 106,125). At the year end the balance due to Glasgow Credit Union was nil (2014: 704). A number of the committee members of Glasgow Credit Union are also members of the Lottery. Page 10