Scotscraig Golf Club. Financial Statements. for the year ended 28 February 2014

Transcription

1 Financial Statements

2 Information Auditors Findlay & Company Peasiehill Road Arbroath DD11 2NJ Business Address Scotscraig Golf Club Golf Road Tayport Bankers Members of Council Royal Bank of Scotland South Street St Andrews KY16 9QB John Rankin (Captain) Graeme Smart (Vice Captain) Teresa McGill (Ladies Captain) Gordon Landsburgh (Past Captain) Rachael Francis (Marketing Convenor) Derek Gordon (Match Convenor) Alan Kidd (House Convenor) Chris Goode (Greens Convenor) Lindsay Mure (Member of Council) Stephen Schofield (Member of Council)

3 Contents Auditors' report 1 Page Trading, profit and loss account 3 Balance sheet 4 Notes to the accounts 5-11

4 Independent auditors' report to the members of Scotscraig Golf Club We have audited the financial statements of Scotscraig Golf Club on pages 2 to 9, which have been prepared (in accordance with the Financial Reporting Standard for Smaller Entities or the appropriate accounting framework) under the historical cost convention (as modified by the revaluation of certain fixed assets) and the accounting policies set out on page 4. This report is made soley to the Golf Club members as a body. Our audit work has been undertaken so that we might state to the Clubs members those matters we are required to them in an auditor's 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 Club and the Club members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the Council and Auditors The Council are responsible for the preparation of 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). Thoses standards require us to comply with the Auditing Practices 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 a 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 Club's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Council; and the overall presentation of the financial statements. Opinion on financial statements In our opinion the financial statements: - give a true and fair view of the Clubs affairs as at 28 February 2014 and of its profit for the year then ended; - have been properly prepared in accordance with the Financial Reporting Standard for Smaller Entities. Page 1

5 Matters on which we are required to report by exception We have nothing to report in respect of the following matters required by us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.... Lesley Campbell CA Senior Statutory Auditor For and on behalf of: Findlay & Company Chartered Accountants and Statutory Auditors 11 Dudhope Terrace Dundee DD3 6TS Page 2

6 Trading and Profit and Loss Account Notes Income Subscriptions 5 315, ,640 Temporary members 111, ,322 Net profit on pool table Rental and locker income 4,330 4,520 Sponsorship, fundraising, donations & grants 6,444 3,147 Open tournament 9,814 6,117 Net profit on bar & catering 9 20,040 8,109 Caddy car income 1,170 1,060 Net profit on strokesavers ,060 Expenses 469, ,003 Course 6 266, ,614 Clubhouse 7 75,117 86,398 Administration 8 122, ,943 VAT 18,424 18,036 (482,800) (494,991) Profit / (Loss) before interest and tax (12,847) (12,988) Interest received Bank loan interest paid - (1,099) Ordinary Profit (12,277) (13,669) Corporation tax (285) (3,092) Net Profit / (Loss) (12,562) (16,761) Page 3

7 Balance Sheet as at 28 February 2014 Notes Fixed Assets Tangible assets 2 677, ,767 Current Assets Stock 3 10,760 12,592 Debtors 19,884 6,148 Current account 65,009 62,256 Investment accounts 51,962 41,397 Petty cash 1,419 1, , ,598 Current Liabilities Trade creditors 17,460 13,148 Bank loans and overdrafts - 8,652 Other creditors 21,861 13,502 Creditors and accruals 212, , , ,413 Net Current Liabilities (103,136) (110,815) Total Assets Less Current Liabilities 574, ,952 Reserves 4 General reserve 418, ,746 Revaluation reserve 137, ,252 Bi-Centenary fund 17,073 16,941 Junior coaching fund 1,348 2, , ,952 We approve these accounts and confirm that we have made available all relevant records and information for their preparation. Barrie Liddle Managing Secretary John Rankin Captain Page 4

8 Notes to the Accounts 1. Accounting Policies 1.1. Accounting convention The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets Sales and profits Turnover from trading activities comprises income received on a cash basis, exclusive of value added tax. When deposits are received in advance, any amounts outstanding at the balance sheet date are credited to deferred income. Subscriptions from members are received in advance for the following year. At the balance sheet date, amounts received in respect of the following accounting period are credited to deferred income Tangible fixed assets and depreciation The Club's policy is to provide depreciation at rates which are calculated to write off the cost of acquisition or valuation. The depreciation rate for course equipment and furniture and fittings was changed from 20% reducing balance to 15% reducing balance as the Council felt that this would provide a better estimate of the assets useful economic life. Course - 10% Reducing Balance Course Equipment - 15% Reducing Balance Furniture and fittings - 15% Reducing Balance Caddy car shed - 20% Straight Line Lockers - 5% Straight Line Irrigation System - 4% Straight Line 1.4. Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term Stock Stock is valued at the lower of cost and net realisable value Pensions The Club operates a defined contribution scheme and the pension charge represents the amounts payable by the Club to the fund in respect of the year. Page 5

9 Notes to the Accounts 2. Tangible assets Clubhouse Lockers, & caddy Golf fixtures Course car shed course & fittings equipment Total Cost At 28 February , ,184 83,101 34, ,574 Additions - 3, ,730 At 28 February , ,544 83,471 34, ,304 Depreciation At 28 February , ,973 56,715 23, ,808 Charge for the year - 14,851 4,078 1,867 20,796 At 28 February , ,824 60,793 25, ,604 Net book Values At 28 February , ,720 22,678 9, ,700 At 28 February , ,211 26,386 11, ,766 No depreciation is charged on the value of the land which is included in "Course". Additionally, no depreciation is charged on the value of the clubhouse as, in the opinion of the Council, its long useful economic life (in excess of fifty years) and high residual value means that any depreciation charge and resultant accumulated depreciation would be immaterial. The Council believes that no impairment of the carrying value has occurred during the year. The clubhouse was valued by Hardies LLP at 420,000 on 22 May Stocks Bar 4,285 3,804 Strokesavers Catering 2,980 2,823 Course 3,495 5,855 10,760 12,592 Page 6

10 Notes to the Accounts 4. Reserves Bi- Junior General Revaluation Centenary Coaching Reserve Reserve Fund Fund Total At 1 March , ,252 16,939 2, ,952 Entry fees 3, ,705 Surplus / (deficit) for year -12, , , ,252 17,073 1, , Subscriptions Income Adult members 312, ,111 Junior members 3,762 5, , , Course expenditure Pension 1,541 1,640 Wages 150, ,294 Equipment hire and lease 39,922 38,386 Repairs & maintenance 24,124 27,134 Seeds & fertilisers 9,077 7,021 Materials & supplies 9,571 11,822 Oil & petrol 8,044 5,868 Tools & equipment 1,087 1,763 Heat & light 2,284 2,161 Workwear/safety 2,364 2,704 Sundries Staff training 1,089 1,595 Depreciation 16,718 18, , ,614 Page 7

11 Notes to the Accounts 7. Clubhouse Expenditure Clubhouse wages 9,875 7,198 Heat & light 17,770 17,585 Rates 12,387 9,936 Insurance 8,216 9,000 General house charges 6,040 5,850 Repairs 5,129 18,015 Sky TV 3,968 3,900 Cleaning 2,527 2,548 Health & safety 1,814 1,853 Lease of furniture 636 1,053 Rental of equipment 1,409 2,290 Stocktake Staff travel Alarm system Depreciation 4,078 5,840 75,117 86, Administration expenditure Management pension 3,693 3,519 Management wages 54,414 54,197 Professional 27,362 29,996 Trophies, engraving & prizes 8,835 7,438 Advertising 7,614 6,056 Bank charges 4,247 4,506 Post, printing & stationery 3,850 4,978 Computer expenses 4,070 3,723 Telephone 3,669 3,645 Audit fee 3,430 3,440 Licences - 1,904 Legal & professional fees Sundries - - Travel & subsistence , ,943 Page 8

12 Notes to the Accounts 9. Bar trading account Sales 80,314 79,295 Cost of sales Opening stock 3,804 4,541 Purchases 36,464 34,183 Closing stock (4,285) (3,804) 35,983 34,920 Profit 44,331 44,375 Catering trading account Sales 115, ,052 Cost of sales Opening stock 2,823 2,645 Purchases 44,647 42,481 Closing stock (2,980) (2,823) 44,490 42,303 Profit 70,599 60,749 Summary Profit on Bar 44,331 44,375 Profit on Catering 70,599 60, , ,124 Less: wages (97,095) (99,812) Loyalty card scheme 2,205 2,797 Combined Profit/(Loss) 20,040 8,109 Page 9

13 Notes to the Accounts 10. Strokesavers Sales 817 1,992 Opening stock 110 1,042 Purchases - - Closing stock - (110) , Reconciliation of Membership Honorary/Life 1 3 Playing Non-Playing Country Friends & Family Overseas Youth Day Junior Members Boys Girls Pension commitments The Club operates a defined contribution scheme. The assets of the scheme are held separately from those of the Club in an independent administered fund. The pension cost charge represents contributions payable by the Club to the fund and amounted to 5,234 (2013-5,159). No contributions were outstanding at the balance sheet date. Page 10

14 Notes to the Accounts 13. Financial commitments At the year end the club had annual commitments under non-cancellable operating leases as follows: Within one year 1,146 4,032 Between one and five years 35,208 35,208 39,240 39,240 Page 11