Devon and Somerset Gliding Club Limited

Transcription

1 Registration number: 14946R Devon and Somerset Gliding Club Limited Annual Report and Unaudited Financial Statements for the Year Ended 30 September Redwoods Chartered Certified Accountants 2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB

2 Contents Company Information 1 Directors' Report 2 to 4 Statement of Directors' Responsibilities 5 Accountants' Report 6 Profit and Loss Account 7 Balance Sheet 8 Statement of Changes in Equity 9 Notes to the Financial Statements 10 to 13

3 Company Information Chairman Directors Company secretary Mrs L Humphries Mrs L Humphries Mr N Jones - Vice Chairman Mr T Sides - Treasurer Mrs J Harmer Mr S Proctor Mr J Hood Mr J Street Mr M Courtney Mr J Flory Mr S Minson Mr M Sloggett Mrs J Harmer Registered office Accountants North Hill Airfield Sheldon Honiton Devon EX14 4QW Redwoods Chartered Certified Accountants 2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB Page 1

4 Management Committee Report for the Year Ended 30 September Thedirectors present their reportand the financial statements for the year ended 30September. Incorporation The company was incorporated on 27 March Directors of the company The directors who held office during the year were as follows: Mrs L Humphries - Chairman Mr N Jones - Vice Chairman (appointed 26 November ) Mr T Sides - Treasurer Mrs J Harmer - Company secretary and director Mr S Proctor Mr P Summers (resigned 26 November ) Mr J Hood Mr J Street Mr T Johns (resigned 26 November ) Mr M Courtney Mr M Woolner (resigned 26 November ) Mr L Vile (resigned 26 November ) Mr J Flory (appointed 26 November ) Mr S Minson (appointed 26 November ) Mr M Sloggett (appointed 26 November ) Page 2

5 Management Committee Report for the Year Ended 30 September Treasurer`s Annual Report It s no surprise to say we didn t have particularly good gliding weather this year, and the accounts correspondingly reflect a reduction in flying income to a level not seen for many years. Moreover, member turnout on reasonably good flying days declined, thus also hurting our flying income. One-half of the scheduled group evening flying dates had to be cancelled due to weather. With our trial voucher flight sales at an all-time high, we had to have several catch-up voucher flight days because so many visitors had their first, second, etc. booking dates cancelled due to weather. We gave rebates on three of the six courses because weather curtailed so many flying days. Despite the overall weather situation, the club was fortunate to have had an outstanding week to successfully host the Competition Enterprise with nearly 40 visiting pilots. The event was profitable to DSGC, but most importantly, the participants flew 7 out of 8 days! So although the club s overall turnover increased by over 10%, we still need to be concerned about the flat/declining level of flying fees. On the expense side, we saw higher than normal tug maintenance this year, plus field and site infrastructure maintenance increased. Countering that, we delayed the re-gel work on KEK until next year due a delay by the refinishing company would have taken this glider out of service during the prime flying season. Overall glider maintenance was lower than expected and our fleet insurance cost came down after last year s spike. You will hopefully be aware of several significant investments this year, including replacing our 50 year old underground aviation fuel tank with a new and larger above ground tank. The entry lane to our field has been resurfaced, so it not only looks better but should stand us in good stead for many years to come. This year marks the fiftieth anniversary of the purchase of the North Hill airfield. Not only is this symbolically important, but it marks the completion of our requirement to permit sheep grazing on the field. To be fair, we ve not had sheep on site for almost two years, and it s been a wonderful improvement. The downside of this was that we re having to expend more effort, and most likely we ll need to make capital investments in the future to keep our grass cut at a safe level. Similarly, the club will have to continue its spending every year on field maintenance and smoothing. The club cash reserves remain robust, but will be significantly affected by the new glider purchase and other investments. We are purchasing more outside services to keep the club running properly and I expect that will increase in the future. But let me offer my thanks to my fellow club members who help keep that to a minimum by responding to volunteer call-outs and offering their expertise and labour on tasks which may only indirectly affect flying but definitely improve the club environment. Once again, I d like to offer particular thanks to the significant number of hours and work put in by my top notch financial colleagues: William Pope and Robert Lee. Tom Sides - Treasurer Principal activity The principal activity of the company is private members gliding club Page 3

6 Management Committee Report for the Year Ended 30 September Small companies provision statement This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act The committee considers that the club is exempt from an audit. Approved bythe committee on 25November and signed on its behalf by:... Mr T Sides - Treasurer Director... Mrs J Harmer Company secretary and director... Club member Page 4

7 Statement of Management Committee Responsibilities The management committee are responsible for preparing the Management Committee Report and the financial statements in accordance with applicable law and regulations. Company law requires the management committee to prepare financial statements for each financial year. Under that law the management committee have elected to prepare the financial statements in accordance with the provision applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015). Under company law the management 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the management committee are required to: select suitable accounting policies and apply them consistently; make judgements and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The management committee are responsible for keeping adequate accounting records that are sufficient to show and explain the society s transactions and disclose with reasonable accuracy at any time the financial position of the society and enable them to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act They are also responsible for safeguarding the assets of the society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5

8 Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Devon and Somerset Gliding Club Limited for the Year Ended 30 September We report on the financial statements for the year ended 30 September. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicablein the UK and Republic ofireland' and the Companies Act Respective responsibilities of the management committee & reporting Accountants As explained more fully in the statement of management committee's responsibilities, the officers 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 carry out procedures designed to enable us to report our opinion in accordance with applicablelaw and standards for reporting accountants applicablein the United Kingdom. This report is made solely to the club s members, in accordance with the Co-operative and Community Benefit Societies Act Our work has been undertaken so that we might state to the club s members those matters we are required to state to them in our report and for no other purpose. To the fullest extent permitted by the law we do not accept or assume responsibility to anyone other than the club and the club s members, as a body, for our work, for this report or for the opinions we have formed. Basis of opinion Our work was conducted in accordance with the Statements of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the company and making such limited enquiries of the management committee as we considered necessary for the purposes of this report. These procedures provide the only assurance expressed in our opinion. Unqualified opinion In our opinion: 1/ The accounts, including the revenue account and balance sheet, are in agreement with the accounting records kept by the society under s75 of the Co-operative and Community Benefit Societies Act 2014; 2/ Having regard only to, and on the basis of, the information contained in those accounting records the revenue account and balance sheet comply with the requirements of the Co-operative and Community Benefit Societies Act 2014; and 3/ For the preceding year of account, the financial criteria for the exercise of the power conferred by section 84 were met in relation to the year.... Redwoods Chartered Certified Accountants 2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB 25 November Page 6

9 Profit and Loss Account for the Year Ended 30 September Note Turnover 183, ,961 Administrative expenses 157, ,964 Operating profit 26,900 17,997 Other interest receivable and similar income 2, , Profit before tax 2 29,472 18,867 Taxation Profit for the financial year 28,970 18,693 The above results were derived from continuing operations. The notes on pages 10 to 13 form an integral part of these financial statements. Page 7

10 (Registration number: 14946R) Balance Sheet as at 30 September Fixed assets Tangible assets 3 209, ,078 Investments Note 210, ,253 Current assets Stocks 5 2,058 8,211 Debtors 6 19,271 20,755 Cash at bank and in hand 302, , , ,290 Creditors: Amounts falling due within one year 7 (38,778) (36,342) Net current assets 284, ,948 Total assets less current liabilities 494, ,201 Creditors: Amounts falling due after more than one year 7 - (2,422) Net assets 494, ,779 Capital and reserves Called up share capital Capital redemption reserve 2,102 2,063 Other reserves 7,955 4,144 Profit and loss account 484, ,360 Total equity 494, ,779 Approved and authorised bythe committee on25november and signed onits behalf by:... Mr T Sides - Treasurer Director... Mrs J Harmer Company secretary and director... Club member The notes on pages 10 to 13 form an integral part of these financial statements. Page 8

11 Statement of Changes in Equity for the Year Ended 30 September Capital redemption reserve Memorial funds reserve Profit and loss account Share capital Total At 1 October 212 2,063 4, , ,779 Profit for the year ,970 28,970 Other comprehensive income - - 3,811 (3,811) - Total comprehensive income - - 3,811 25,159 28,970 New share capital subscribed Other share capital movements (39) (39) Capital redemption reserve movements - lapsed memberships At 30 September 218 2,102 7, , ,794 Share capital Capital redemption reserve Memorial funds reserve Profit and loss account Total At 1 October ,027 3, , ,594 Profit for the year ,693 18,693 Other comprehensive income (270) 449 Total comprehensive income ,423 19,142 New share capital subscribed Other share capital movements (36) (36) Capital redemption reserve movements - lapsed memberships At 30 September 212 2,063 4, , ,779 The notes on pages 10 to 13 form an integral part of these financial statements. Page 9

12 Notes to the Financial Statements for the Year Ended 30 September 1 Accounting policies Statement of compliance These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act Basis of preparation These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. Revenue recognition Turnover represents amounts chargeable in respect of the sale of goods and services to customers Other grants Grants received in respect of capital expenditure have been written off in the income and expenditure accounts. Depreciation Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: Asset class Improvements at North Hill Airfield Clubhouse including furniture and fittings Motor vehicles Gliders and sundry equipment Depreciation method and rate 10% straight line basis 10% straight line basis 20% straight line basis 10% straight line basis Business combinations Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. Investments Fixed asset investments are stated at historical cost less provision for any diminution in value. Stocks Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Financial instruments Classification Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account. Page 10

13 Notes to the Financial Statements for the Year Ended 30 September 2 Profit before tax Arrived at after charging/(crediting) Depreciation expense 18,274 19,077 Amortisation expense (5,167) (2,782) Page 11

14 Notes to the Financial Statements for the Year Ended 30 September 3 Tangible assets Land at North Hill Airfield Clubhouse Improvement at North Hill Airfield Gliders and sundry equipment Clubhouse furniture and fittings Motor vehicles Cost or valuation At 1 October 23,028 2, , ,299 4,872 4, ,749 Additions , ,200 7,200 Disposals - - (332) (13,228) - (3,700) (16,928) At 30 September 23,028 2, , ,071 4,872 8, ,021 Depreciation At 1 October , ,892 4,114 4, ,185 Charge for the year - - 3,467 13, ,483 14,807 Eliminated on disposal - - (312) (10,300) - (3,545) (13,845) At 30 September , ,840 4,190 2, ,147 Carrying amount At 30 September 23,028 2,815 58, , , ,874 At 30 September 23,028 2,815 34, , ,564 Total Page 12

15 Notes to the Financial Statements for the Year Ended 30 September 4 Investments Fixed asset investment Stocks Other inventories 2,058 8,211 6 Debtors Trade debtors 18,497 19,352 Other debtors 774 1,403 19,271 20,755 7 Creditors Creditors: amounts falling due within one year Due within one year Accruals and deferred income 38,276 36,168 Other creditors ,778 36,342 Creditors: amounts falling due after more than one year Due after one year Deferred income - 2,422 Page 13

16 Detailed Profit and Loss Account for the Year Ended 30 September Turnover (analysed below) 183, ,961 Gross profit (%) 100% 100% Administrative expenses Establishment costs (analysed below) 72,457 62,235 General administrative expenses (analysed below) 78,049 63,400 Finance charges (analysed below) 1,253 1,098 Depreciation costs (analysed below) 13,107 16,295 Other expenses (analysed below) (7,847) , ,964 Operating profit 26,900 17,997 Other interest receivable and similar income (analysed below) 2, Profit before tax 29,472 18,867 This page does not form part of the statutory financial statements. Page 14

17 Detailed Profit and Loss Account for the Year Ended 30 September Turnover Flying fees 64,781 65,725 Subscriptions 37,021 38,304 Quarterly membership and trial lessons 35,535 25,643 Courses 11,946 12,380 Rents received 13,187 12,222 Sundry receipts (inc. donations) 1,701 2,392 Competition Enterprise 8,623 - Memorial funds 6, Club merchandise and recharged expenses 4,988 4, , ,961 Establishment costs Rent, rates and water 3,191 2,719 Light, heat and power 7,116 4,601 General insurance 6,928 6,866 Repairs and maintenance 26,703 28,167 Building repairs and renewals 28,519 19,882 72,457 62,235 General administrative expenses Telephone and fax 1,492 1,858 Tug fuel 14,022 11,446 Winch fuel 3,109 1,791 Land vehicles fuel 2,608 1,796 Postage, stationery and advertising 2,449 2,220 Membership subscriptions 7,521 7,562 Grants to members Sundry expenses 7,030 7,740 Courses & expenses 8,001 8,576 Competition Enterprise 11,770 - Memorial funds 2, Accountancy fees 1,512 1,680 Flying insurance 15,272 16,329 Legal and professional fees - 1,488 78,049 63,400 Finance charges Bank charges and interest 1,253 1,098 This page does not form part of the statutory financial statements. Page 15

18 Detailed Profit and Loss Account for the Year Ended 30 September Depreciation costs Grant amortisation (5,167) (2,782) Depreciation charges 18,274 19,077 13,107 16,295 Other expenses (Profit)/loss on disposal of tangible fixed assets (7,847) 936 Other interest receivable and similar income Bank interest receivable (2,572) (870) This page does not form part of the statutory financial statements. Page 16