SCOTTISH LADIES' GOLFING ASSOCIATION LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2013

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1 Company Registration No. SC (Scotland) SCOTTISH LADIES' GOLFING ASSOCIATION LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS

2 COMPANY INFORMATION Directors Mrs Elizabeth Paterson (Appointed 19 January 2013) Mrs Isabel Crawford Mrs Dawn Butchart Mrs Audrey Sturgess (Appointed 19 January 2013) Mrs Janet Griffiths Mrs June McEwan Miss Lorna Bennett Mrs Pamela Malton Mrs Eileen Scott Secretary Company number Registered office Auditors Business address Bankers Mrs Karin Sharp SC The Den 2 Dundee Road Perth PH2 7DW Thomson Cooper 3 Castle Court Carnegie Campus Dunfermline Fife KY11 8PB The Den 2 Dundee Road Perth PH2 7DW Royal Bank of Scotland South Street St. Andrews KY16 9QB Aldermore 1st Floor, Block B, Western House Lynch Wood Peterborough Cambridgeshire PE2 6FZ

3 COMPANY INFORMATION Solicitors Burness Paull LLP Union Plaza 1 Union Wynd Aberdeen AB10 1DQ

4 CONTENTS Page Directors' report 1-2 Independent auditors' report 3 Profit and loss account 4 Statement of total recognised gains and losses 5 Balance sheet 6 Notes to the financial statements 7-12

5 DIRECTORS' REPORT The directors present their report and financial statements for the year ended 30 September Principal activities The principal activity of the company is the governing body for Ladies and Girls Golf in Scotland. Directors The following directors have held office since 1 October 2012: Mrs Elizabeth Paterson (Appointed 19 January 2013) Mrs Isabel Crawford Miss Shona Malcolm (Resigned 19 January 2013) Mrs Dawn Butchart Mrs Audrey Sturgess (Appointed 19 January 2013) Mrs Janet Griffiths Mrs June McEwan Miss Lorna Bennett Mrs Pamela Malton Mrs Eileen Scott Mrs Fiona Cowan (Resigned 19 January 2013) Auditors In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditors of the company will be put at a General Meeting. Statement of directors' responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 directors are required to: - select suitable accounting policies and then 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

6 DIRECTORS' REPORT (CONTINUED) Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information. Legal status The company is limited by guarantee in accordance with the provisions of the Companies Act This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act On behalf of the board Mrs Elizabeth Paterson Director 25 November

7 INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTTISH LADIES' GOLFING ASSOCIATION LIMITED We have audited the financial statements of Scottish Ladies' Golfing Association Limited for the year ended 30 September 2013 set out on pages 4 to 12. 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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act Our audit work has been undertaken so that we might state to the company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on pages 1-2, the directors 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 A description of the scope of an audit of financial statements is provided on the APB s web-site at Opinion on financial statements In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2013 and of its profit 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 Companies Act Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires 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 - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report. Alan Mitchell (Senior Statutory Auditor) for and on behalf of Thomson Cooper, Statutory Auditor Accountants Dunfermline 25 November

8 PROFIT AND LOSS ACCOUNT Notes Turnover 531, ,663 Cost of sales (371,781) (339,333) Gross profit 159, ,330 Administrative expenses (154,791) (143,672) Operating profit 2 4,826 48,658 Other interest receivable and similar income 3 8,540 6,701 Profit on ordinary activities before taxation 13,366 55,359 Tax on profit on ordinary activities 4 (3,446) (1,340) Profit for the year 10 9,920 54,

9 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Profit for the financial year 9,920 54,019 Unrealised (deficit)/surplus on listed investments - 3,450 Total recognised gains and losses relating to the year 9,920 57,

10 BALANCE SHEET AS AT 30 SEPTEMBER Notes Fixed assets Tangible assets 5 1,716 3,518 Investments ,809 1,717 27,327 Current assets Stocks 13,568 21,842 Debtors 7 10,930 3,487 Cash at bank and in hand 553, , , ,315 Creditors: amounts falling due within one year 8 (50,213) (43,586) Net current assets 527, ,729 Total assets less current liabilities 529, ,056 Capital and reserves Revaluation reserve 10-13,350 Other reserves 10 67,510 93,072 Profit and loss account , ,634 Shareholders' funds 529, ,056 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008). Approved by the Board for issue on 25 November 2013 Mrs Elizabeth Paterson Director Mrs Pamela Malton Director Company Registration No. SC

11 NOTES TO THE FINANCIAL STATEMENTS 1 Accounting policies 1.1 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). 1.2 Turnover Turnover represents amounts receivable for subscriptions, grants, donations, sponsorship and sundry sales. 1.3 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Leasehold improvements Fittings, computers and equipment Straight line over 5 years Straight line over 3 to 5 years The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account. 1.4 Investments Fixed asset investments are stated at market value. 1.5 Group accounts The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. 2 Operating profit Operating profit is stated after charging: Depreciation of tangible assets 1,910 2,081 Auditors' remuneration 4,600 5,190 Directors' remuneration 4,800 3,200 Directors' emoluments represent Honoraria paid during the period. 3 Investment income Bank interest 8,540 6,701 8,540 6,

12 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 4 Taxation Domestic current year tax U.K. corporation tax 3,446 1,340 Total current tax 3,446 1,340 5 Tangible fixed assets Plant and machinery etc Cost At 1 October ,898 Additions 108 At 30 September ,006 Depreciation At 1 October ,380 Charge for the year 1,910 At 30 September ,290 Net book value At 30 September ,716 At 30 September ,

13 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 6 Fixed asset investments Listed investments Shares in group undertakings and participating interests Total Cost At 1 October , ,809 Disposals (23,808) - (23,808) At 30 September Net book value At 30 September At 30 September , ,809 Market value Directors' valuation At 30 September At 30 September ,808 23,808 Holdings of more than 20% The company holds more than 20% of the share capital of the following companies: Company Country of registration or Shares held incorporation Class % Subsidiary undertakings SLGA (Projects) Limited Scotland Ordinary The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: Capital and reserves Profit/(loss) for the year Principal activity SLGA (Projects) Limited Dormant

14 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 7 Debtors Other debtors 10,930 3,487 8 Creditors: amounts falling due within one year Trade creditors 18,318 17,276 Taxation and social security 5,861 4,635 Other creditors 26,034 21,675 50,213 43,586 9 Pension costs Defined contribution The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund Contributions payable by the company for the year - 1,

15 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 10 Statement of movements on reserves Revaluation reserve Other reserves Profit and loss account Balance at 1 October ,350 93, ,634 Profit for the year - - 9,920 Transfer from revaluation reserve to other reserve (13,350) 13,350 - Movement during the year - (1,075) 1,075 Distribution to county golf members - (37,837) - Balance at 30 September , ,629 County golf reserve Balance at 1 October ,562 Movement in the year (25,562) Balance at 30 September Specific reserves Balance at 1 October 2012 & at 30 September ,510 The revaluation reserve relates to assets held in the county golf reserve. Included in Specific reserves is: International Match reserve - 67,510 There was no movement in this reserve during the year. During the year the investments in the County golf reserve were disposed and the free proceeds were distributed to the respective counties

16 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 11 Financial commitments At 30 September 2013 the company was committed to making the following payments under noncancellable operating leases in the year to 30 September 2014: Land and buildings Other Operating leases which expire: Within one year 7, Between two and five years 7,866-3,923 3,923 In over five years - 14, ,449 14,000 3,923 3,

17 MANAGEMENT INFORMATION

18 DETAILED TRADING AND PROFIT AND LOSS ACCOUNT Turnover Subscriptions 358, ,862 R & A grants 35,000 30,000 sportscotland funding 122,000 99,000 Other grants 5,000 7,250 Donations Sponsorship 10,000 12,500 Other income , ,663 Direct expenses Championships 75,324 73,940 Performance 179, ,751 Handicapping and course rating 25,270 22,092 Subscriptions and donations 64,328 71,348 Uniforms and trophies 22,871 9,178 County golf 4,937 (976) (371,781) (339,333) Gross profit 30.04% 159, % 192,330 Administrative expenses (154,791) (143,672) Operating profit 4,826 48,658 Other interest receivable and similar income Bank interest received 8,540 6,701 Profit before taxation 2.52% 13, % 55,359

19 SCHEDULE OF ADMINISTRATIVE EXPENSES Administrative expenses Wages and salaries (excl. N.I.) 53,995 52,703 Directors' remuneration 4,800 3,200 Employer's N.I. contributions 4,160 5,178 Staff pension costs - 1,545 Staff training 1, Rent and rates 19,329 19,689 Insurance 3,115 3,605 Repairs and maintenance 6,299 - Postage and stationery 12,708 15,405 Public relations 2,000 4,277 Telephone 2,228 2,350 Computer running costs 3,490 3,080 Travelling expenses 7,575 5,730 Entertaining Legal and professional fees 5,048 - Consultancy fees Audit fees 4,600 5,190 Bank charges 2,089 2,082 AGM, board and management meetings 4,039 4,007 Amalgamation costs 2, Sundry expenses 2, Irrecoverable VAT 9,607 11,207 Depreciation on fittings and equipment 1,910 2, , ,672