Scotscraig Golf Club. Financial Statements. for the year ended 28 February 2016

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 Graeme Smart (Captain) George Anderson (Vice Captain) Sheila Johnston (Ladies Captain) John Rankin (Immediate Past Captain) Colin Ross (Finance Convenor) Colin Lowe (House Convenor) Scott Edwards (Match Convenor) Dennis West (Marketing Convenor) Lindsay Mure (Junior Convenor) Alan Kidd (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 on pages 3 to 11, which have been prepared under the historical cost convention and in accordance with the rules and constitution of the Club. This report is made solely to the members of the Club, as a body. Our audit work has been undertaken so that we might state to the 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 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 constitution of the Club requires the Members of the Council to prepare financial statements for each financial year in accordance with the rules and constitution of the Club which show the state of affairs of the Club as at the end of the financial year and of the surplus or deficit of the Club for that period. In preparing these financial statements, the Members of the Council are required to:- apply the rules and constitutions of the Club 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 Club will continue in business. The Members of the Council are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any one time the financial position of the Club and to enable them to ensure that the financial statements comply with the rules and constitution of the Club. They are also responsible for safeguarding the assets of the Club and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 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. True and Fair Consideration In forming our opinion, we have considered that there is no statutory requirement for the financial statements to give a true and fair view. Page 1

5 Opinion In our opinion, the financial statements have been properly prepared in accordance with the rules and constitution of the Club. Lesley Campbell CA Senior Statutory Auditor Chartered Accountants and Statutory Auditors 11 Dudhope Terrace Dundee DD3 6TS Page 2

6 Trading and Profit and Loss Account Notes Income Subscriptions 5 312, ,920 Temporary members 145, ,268 Rental and locker income 4,312 4,500 Commissions receivable from Links with History 2,222 2,320 Sponsorship, fundraising, donations & grants 1,828 4,114 Open tournament 8,025 11,599 Net profit on bar & catering 9 11,081 16,029 Caddy car income 1,247 1,275 Expenses 486, ,025 Course 6 245, ,460 Clubhouse 7 124,027 82,962 Administration 8 129, ,141 VAT 32,720 23,423 (531,892) (496,986) Profit / (Loss) before interest and tax (45,403) (1,961) Interest received Bank loan interest paid (458) (22) Ordinary Profit (45,695) (1,462) Corporation tax (1,666) (744) Net Profit / (Loss) (47,361) (2,206) Page 3

7 Balance Sheet as at 28 February Notes Fixed Assets Tangible assets 2 649, ,584 Current Assets Stock 3 17,937 11,567 Debtors 21,029 16,147 Current account 106, ,092 Investment accounts 23,010 24,959 Petty cash 1,107 1, , ,184 Current Liabilities Trade creditors 11,874 11,095 Bank loans and overdrafts 5,846 - Other creditors 15,830 13,000 Creditors and accruals 233, , , ,645 Net Current Liabilities (97,939) (92,461) Total Assets Less Current Liabilities 551, ,123 Bank loan (20,746) - Net Assets 530, ,123 Reserves 4 General reserve 374, ,373 Revaluation reserve 137, ,252 Bi-Centenary fund 18,171 17,073 Junior coaching fund 636 1, , ,123 We approve these accounts and confirm that we have made available all relevant records and information for their preparation. Barrie Liddle Managing Secretary Graeme Smart 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 , ,127 91,896 34, ,312 Additions - 4, ,180 Disposals - - (15,597) - (15,597) At 28 February , ,367 77,239 34, ,895 Depreciation At 28 February , ,365 65,718 27, ,728 On disposals - - (11,890) - (11,890) Charge for the year - 14,427 3,965 1,147 19,539 At 28 February , ,792 57,793 28, ,377 Net book Values At 28 February , ,575 19,446 6, ,518 At 28 February , ,762 26,178 7, ,584 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 3,166 4,155 Catering 2,658 2,390 Course 12,113 5,022 17,937 11,567 Page 6

10 Notes to the Accounts 4. Reserves Bi- Junior General Revaluation Centenary Coaching Reserve Reserve Fund Fund Total At 1 March , ,252 17,073 1, ,123 Entry fees 2, ,762 Surplus / (deficit) for year (39,801) - 1,098 (789) (39,492) 382, ,252 18, , Subscriptions Income Adult members 309, ,675 Junior members 3,221 3, , , Course expenditure Pension 1,287 1,286 Wages 128, ,569 Equipment hire and lease 53,808 40,408 Repairs & maintenance 25,745 26,725 Seeds & fertilisers 4,455 6,228 Materials & supplies 3,514 6,502 Oil & petrol 5,370 8,907 Tools & equipment 383 1,166 Heat & light 2,453 2,466 Workwear/safety 2,509 2,259 Sundries Staff training 1,045 1,195 Depreciation 15,573 16, , ,460 Page 7

11 Notes to the Accounts 7. Clubhouse Expenditure Clubhouse wages 8,838 7,622 Clubhouse pension 2,525 - Heat & light 17,820 17,013 Rates 7,185 11,418 Insurance 7,621 7,606 General house charges 7,043 6,868 Repairs 15,755 14,335 Roof and Car Park repairs 37,388 - Sky TV 4,728 4,406 Cleaning 2,921 2,752 Health & safety 2,653 1,694 Lease of furniture Rental of equipment 4,425 2,904 Stocktake Alarm system Depreciation 3,965 4, ,027 82,962 Page 8

12 Notes to the Accounts 8. Administration expenditure Management pension 2,707 3,845 Pension life cover 3,388 - Management wages 57,465 56,230 Professional 29,799 26,790 Trophies, engraving & prizes 8,138 9,463 Advertising 4,757 2,755 Bank charges 3,875 3,510 Post, printing & stationery 3,536 4,540 Computer expenses 4,230 3,877 Telephone 3,335 3,371 Audit fee 4,400 4,157 Licences 884 1,212 Legal & professional fees 2,168 1,463 Profit on disposal of assets (126) - Sundries Travel & subsistence , ,141 Page 9

13 Notes to the Accounts 9. Bar trading account Sales 73,766 84,345 Cost of sales Opening stock 4,155 4,285 Purchases 30,751 36,289 Closing stock (3,166) (4,155) 31,740 36,419 Profit 42,026 47,926 Catering trading account Sales 120, ,716 Cost of sales Opening stock 2,390 2,980 Purchases 41,628 41,693 Closing stock (2,658) (2,390) 41,360 42,283 Profit 79,546 72,433 Summary Profit on Bar 42,026 47,926 Profit on Catering 79,546 72, , ,359 Less: wages (112,413) (106,065) Loyalty card scheme 1,922 1,735 Combined Profit/(Loss) 11,081 16,029 Page 10

14 Notes to the Accounts 10. Reconciliation of Membership Honorary/Life 2 2 Playing Non-Playing Distant and Country Friends & Family Overseas 10 8 Youth Day and 5 Day Plus 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 9,907 (2015-5,131). No contributions were outstanding at the balance sheet date. 12. Financial commitments At the year end the club had annual commitments under non-cancellable operating leases as follows: Within one year 20,043 10,188 Between one and five years 17,425 14,112 37,468 24,300 Page 11