2-3. Unaudited Accounts for the year ended 31 August 2016

Transcription

1 2-3 Unaudited Accounts for the year ended 31 August 2016

2 CONTENTS Page Honorary Treasurer's Report 2 Report of the Accountants 3 Income and Expenditure account 4 Statement of recognised gains and losses 5 Balance Sheet 6 Notes to the accounts

3 HONORARY TREASURER'S REPORT For the year ended 31 August 2016 The main feature of the year was the commencement of the three building development projects at Summer Road, Speer Road and St. Nicholas Road. At the end of the year the amount capitalised for these developments was 439,413. To finance the development work, a loan facility of 1.0m was taken out with Hoare Bank and approximately 150,000 proceeds from the sale of the Club s investments. Since the year end, the development of two houses at Summer Road has been completed and the groundsman has moved in to one and the second has been let at a commercial rent. Colets also increased their borrowing via Hoare Bank by 1.5m to undertake further work at Thames Ditton and as in previous years, this loan is reflected in both the amount owed to the Club by Colets and the amount owed to the Bank by the Club. The result for the year of a surplus of 8,549 (2015 7,856) is particularly pleasing, bearing in mind that the Club donated 10,000 to the School for the tent at the Summer Festival. The Club would like to thank both the Old Pauline Football Club and the Old Pauline Trust for their generous contributions to help defray the cost of the tent. Also during the year, a new edition of the Directory was published. I am able to report an uplift in our investment portfolio for the year of 14,127 (2015 loss 14,102). Looking forward, the Club has embarked on an exercise to convert itself into a company limited by guarantee. There are a number of hurdles to navigate and it is unlikely this will happen until sometime later in Members of the Club will be kept abreast of progress as it occurs. Nick Brooks Honorary Treasurer 20 April

4 ACCOUNTANT'S REPORT TO THE MEMBERS For the year ended 31 August 2016 We have reviewed the financial statements of The Old Pauline Club for the year ended 31 August 2016 which comprise the income and expenditure account, the balance sheet and related notes which have been prepared under the historical cost convention and the accounting policies set out in the statement of accounting policies. The Committee is responsible for implementing the financial policy of the Club including the investment of funds of the Club and in particular for the preparation of the financial statements. We have been appointed to carry out a review of the accounts, without carrying out an audit and report our findings to you. Following our review of the financial statements we confirm that they have been properly compiled from the underlying records of the Club. Kreston Reeves LLP Third Floor 24 Chiswell Street London EC1Y 4YX 3

5 INCOME AND EXPENDITURE ACCOUNT For the year ended 31 August 2016 Note Y/e 31 Aug 2016 Y/e 31 Aug 2015 Operating Income Donations 67,549 61,151 Other income 2 7,801 7,336 Subscriptions ,417 69,339 Operating Expenditure Social activites 4 1,577 6,518 Printing, postage and stationery 696 Books and publications 25,294 24,455 Communications 2,063 Leavers' gifts 1,957 1,978 Bank charges 1,710 1,597 Other costs 2,452 (97) Insurance 2,914 2,661 Legal and professional 26,615 29,226 Summer Festival tent 10,000 Depreciation ,156 69,770 Operating (deficit)/surplus 2,261 (431) Interest Receivable and similar Income 5 7,098 9,157 Interest Payable (215) Surplus for the year before taxation 9,144 8,726 Taxation 6 (595) (870) Surplus for the year 8,549 7,856 The notes on pages 7 to 12 form part of these financial statements 4

6 STATEMENT OF RECOGNISED GAINS AND LOSSES For the year ended 31 August 2016 Note Y/e 31 Aug 2016 Y/e 31 Aug 2015 Profit for the financial period 8,549 7,856 Unrealised (deficit)/surplus on revaluation of investments 14 14,127 (14,102) Total recognised (losses)/gains relating to the period 22,676 (6,246) The notes on pages 7 to 12 form part of these financial statements 5

7 BALANCE SHEET As at 31 August 2016 Note 31 Aug Aug 15 Fixed assets Investments 7 268, ,995 Investment property developments 8 439,413 3,421 Tangible assets 9 24,911 25,550 Loans 10 2,015, ,323 2,748, ,289 Current assets Stocks 1,679 1,635 Debtors 13,030 31,376 Cash at bank , , , ,769 Creditors: amounts falling due within one year 12 (109,785) (6,615) Net current assets 166, ,154 Creditors: amounts falling due after one year 13 (1,603,496) Total assets less liabilities 1,312,119 1,289,443 Representing: Members funds Accumulation fund , ,904 Revaluation reserve , ,642 Reserve fund 15 29,173 29,173 Cyril Searle memorial fund Colets ground appeal fund 17 97,633 97,633 Colets swimming pool appeal fund , ,013 1,312,119 1,289,443 These accounts were approved by the Main Committee and signed on their behalf by Nick Brooks Honorary Treasurer Sir Nigel Thompson President The notes on pages 7 to 12 form part of these financial statements 6

8 NOTES TO THE ACCOUNTS for the year ended 31 August ACCOUNTING POLICIES Basis of accounting The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets. Subscriptions These represent: Annual subscriptions and conversions from annual to life membership Annual subscriptions and conversions from annual to life memberships are recognised in the calendar year of membership to which they relate. Donations Donations represent the amounts donated to the OPC, principally, by The School. Donations received are recognised in the Income and Expenditure account in the year of receipt. Tangible fixed assets and depreciation Provision is made for depreciation on all tangible assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected life as follows: Computer equip 33.3% per annum on cost Film 25% per annum on cost Chains of office 10% per annum on cost Fixed asset investments Listed investments are valued at their mid market value and unit trusts are valued at their mid bid/offer price at the balance sheet date. Taxation The Club is treated for corporation tax as being mutually trading and is not liable to UK corporation tax on its trading profits, merely on its investment income. Stocks Stocks are valued at the lower of cost or net realisable value. 7

9 NOTES TO THE ACCOUNTS for the year ended 31 August OTHER INCOME Y/e 31 Aug 2016 Y/e 31 Aug 2015 Advertising 2,800 7,800 Surplus on sale of merchandise 1,001 (464) Donations for Summer Festival tent 4,000 7,801 7,336 3 SUBSCRIPTIONS Y/e 31 Aug 2016 Y/e 31 Aug 2015 Annual SOCIAL ACTIVITIES Social activities resulted in a loss of 1,577 (2015: 6,518). Details of the events are as follows: Events Revenue Costs Surplus/ (Deficit) Surplus/ (Deficit) Y/e 31 Aug 2016 Y/e 31 Aug 2015 Feast/Reception 7,890 8,929 (1,039) (915) Annual Dinner 5,513 6,160 (648) (1,689) Finance Dinner 1,870 1, Supper Evening 2,200 2, (1,092) Lawyers Dinner 2,560 2,896 (336) Cambridge Dinner 1,220 1,687 (467) (429) Oxford Dinner 950 1,146 (196) (741) OPBN Breakfasts 42 Whitting Lecture Entrepreneurs' Dinner 1,460 1, Rugby Reunion (67) 30 Year Reunion/SPGS 1,575 1, Year Reunion/SPGS 1,325 1, Year Reunion/SPGS (250) Earliest Vintage Lunch (1,353) Cruickshank Cotter Lecture (91) (1,577) (6,518) 8

10 NOTES TO THE ACCOUNTS for the year ended 31 August INTEREST RECEIVABLE AND INVESTMENT INCOME Y/e 31 Aug 2016 Y/e 31 Aug 2015 Income from Investments 5,949 8,697 Bank Interest 1, Interest charged to TDSSC 7,098 9,157 6 TAXATION Y/e 31 Aug 2016 Y/e 31 Aug 2015 Tax deducted from franked investment income INVESTMENTS (at valuation) At 31 Aug 2016 At 31 Aug 2015 At 1 September , ,097 Additions Disposals (158,265) Revaluation 14,127 (14,102) At 31 August , ,995 Representing: No. Shares Aberdeen Asian Smaller Co. Inv. Trust Ord (25p) 9,720 Astra Zeneca Group Ord (25p) ,698 18,774 BAE Systems plc Ord (2.5p) 2,143 11,540 9,845 BNY Mellon Newton Asian Income Fund units 7,700 Edinburgh Dragon Trust Ord (25p) 10,296 Fidelity Asian Values Ord (25p) 11,850 Fidelity Moneybuilder Growth Fund units 138, ,266 99,721 Fidelity Global Focus units 21,116 GlaxoSmithKline Ord (10p) ,784 10,238 Invesco Asia Trust plc 10,030 Jupiter Merlin Growth Portfolio Fund units 2,552 8,638 30,069 Jupiter Merlin Worldwide Portfolio Fund units 12,361 32,621 50,722 Legal & General Group plc Ord (2.5p) 25,200 52,996 63,126 Royal Dutch Shell plc (B Ord) 1,149 22,314 19,602 Schroder Asia Pacific Fund Ord (10p) 10,496 Schroder Oriental Income Fund Ord (1p) 8,502 Scottish Oriental Smaller Cos. Trust Ord (25p) 11,668 Syngenta AG Shares (Sfr10) 2,187 Templeton Emerging Markets Inv. Trust Ord (25p) 7, , ,995 Comprising: Investments at cost 86, ,353 Revaluation 182, , , ,995 9

11 NOTES TO THE ACCOUNTS for the year ended 31 August INVESTMENT PROPERTY At 31 Aug 2016 At 31 Aug 2015 At 1 September ,421 Additions 435,992 3,421 At 31 August ,413 3,421 Investment Property comprises the development expenditure in respect of the building developments at Summer, Speer, and St Nicholas Roads. 9 TANGIBLE FIXED ASSETS Freehold Plant & Property Equipment Film Chains of Office Total Cost: At 1 September ,076 5,802 11,287 2,167 43,332 Additions Disposals At 31 August ,076 5,802 11,287 2,167 43,332 Depreciation: At 1 September ,802 10,867 1,115 17,784 Charge for the year At 31 August ,802 11,287 1,332 18,421 Net book value: At 31 August , ,911 At 31 August , ,052 25,548 Freehold property comprises the sports ground at Thames Ditton. By a new lease dated 27 April 2015, the sports ground is leased to Thames Ditton Sports and Squash Club Ltd for a period expiring 25 June 2041 at a peppercorn until 2021, after which the rent will be 23,500 pa linked to RPI. 10 LOANS Swimming Pool Building Ground Appeal Appeal Colets Development TOTAL At 1 September , , , ,323 Additions 1,592,340 1,592,340 Repayments (60,000) (60,000) At 31 August , , ,000 1,592,340 2,015,663 Note: The above loans are primarily interest free and are repayable on demand, but can become interest bearing in certain circumstances under the provisions of the loan arrangements. 10

12 NOTES TO THE ACCOUNTS for the year ended 31 August CASH AT BANK At 31 Aug 2016 At 31 Aug 2015 Main Club Accounts 184, ,476 Trustee Club Accounts 76,857 61, , , CREDITORS: AMOUNTS DUE WITHIN ONE YEAR At 31 Aug 2016 At 31 Aug 2015 Other creditors 109,785 6, ,785 6, CREDITORS: AMOUNTS DUE AFTER ONE YEAR At 31 Aug 2016 At 31 Aug 2015 Bank Loans 1,603,496 1,603, STATEMENT OF MOVEMENT ON RESERVES Accumulation Revaluation account reserve At 31 August , ,642 Surplus for the year 8,549 Revaluation 14,127 At 31 August , , RESERVE FUND At 31 Aug 2016 At 31 Aug 2015 At 31 August ,173 29,173 At 31 August ,173 29, CYRIL SEARLE MEMORIAL FUND At 31 Aug 2016 At 31 Aug 2015 At 31 August At 31 August

13 NOTES TO THE ACCOUNTS for the year ended 31 August COLETS GROUND APPEAL FUND At 31 Aug 2016 At 31 Aug 2015 At 31 August ,633 97,633 At 31 August ,633 97, COLETS SWIMMING POOL APPEAL FUND At 31 Aug 2016 At 31 Aug 2015 Donations and loans received At 31 August , ,013 At 31 August , ,013 Representing: Donations 89,765 89,765 Loans 23,248 23,248 At 31 August , ,013 12