Sage APA, Social Club Example

Transcription

1 Sage APA, Social Club Example Registered number: XXXXXXXX Financial Statements For the year ending 31 December 2012 List of officers: Name of officer Position held A. Smith President B. Smith Vice President C. Smith Secretary ANNUAL GENERAL MEETING To be held on Thursday 31st January 20XX Agenda for General Meeting 1. Chairman's opening remarks 2. Minutes of previous meeting 3. Balance Sheet 4. Candidates for election 5. Annual Subscriptions 6. Any other business

2 FINANCIAL STATEMENTS CONTENTS PAGE Independent accountant's report to the members 1 Profit and loss account 3 Balance sheet 4 Notes to the financial statements 6 The following pages do not form part of the financial statements Detailed profit and loss account 13 Notes to the detailed profit and loss account 15 Bar Account: Detailed profit and loss account 18 Draft Accounts 13 May 2014

3 INDEPENDENT ACCOUNTANTS' REPORT TO THE MEMBERS OF SAGE APA, SOCIAL CLUB EXAMPLE We report on the financial statements of the club for the year ended 31 December 2012 on pages 3 to 11. This report is made solely to the members as a body. Our reporting work has been undertaken so that we might state to the members those matters we are required to state to them in an independent accountant'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 members as a body, for our work, for this report, or for the opinion we have formed. RESPECTIVE RESPONSIBILITIES OF MANAGEMENT COMMITTEE AND THE INDEPENDENT ACCOUNTANT The Management Committee is responsible for the preparation of the accounts and they consider that an audit is not required for this year and that an independent accountant's report is needed. It is our responsibility to carry out procedures designed to enable us to report our opinion. BASIS OF THE INDEPENDENT ACCOUNTANT'S OPINION Our work was conducted in accordance with the Statement of Standards for Reporting Accountants. Our procedures included a review of the accounting records kept by the club and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Management Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required for an audit, and consequently we do not express an audit opinion on the view given by the accounts. Draft Accounts May 2014

4 INDEPENDENT ACCOUNTANTS' REPORT TO THE MEMBERS OF SAGE APA, SOCIAL CLUB EXAMPLE (continued) INDEPENDENT ACCOUNTANT'S OPINION In our opinion: (a) (b) (c) the accounts are in agreement with those accounting records kept by the club under section 1 of the Friendly and Industrial and Provident Societies Act having regard only to, and on the basis of, the information contained in those accounting records, the accounts have been drawn up in a manner consistent with the accounting requirements of the applicable legislation, and, the club satisfied the conditions for exemption from an audit of the accounts for the year specified in section 4A(1) of the Friendly and Industrial and Provident Societies Act 1968 and did not at any time within that year fall within any of the categories of societies not entitled to the exemptions specified in section 4A(3) of the Friendly and Industrial and Provident Societies Act SMYTHE & CO 19 Caledonian Street Chartered Accountants Reading Berkshire RD4 2DY 31 January 2013 Draft Accounts May 2014

5 PROFIT AND LOSS ACCOUNT Note REVENUE 594, ,856 Cost of sales 320, ,744 GROSS PROFIT 274, ,112 Administrative expenses 349, ,696 Other operating income 2 (65,252) (61,063) OPERATING LOSS 3 (10,293) (521) Interest receivable 7,867 7,288 Interest payable and similar charges (2,620) (2,700) (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (5,046) 4,067 (LOSS)/PROFIT FOR THE FINANCIAL YEAR (5,046) 4,067 Draft Accounts May 2014

6 BALANCE SHEET 31 DECEMBER 2012 Note FIXED ASSETS Tangible assets 5 428, ,412 CURRENT ASSETS Stocks 6 9,683 9,114 Debtors 7 11,548 9,962 Cash at bank and in hand 8 187, , , ,610 CREDITORS: Amounts falling due within one year 9 115,273 95,877 NET CURRENT ASSETS 92,999 92,733 TOTAL ASSETS LESS CURRENT LIABILITIES 521, ,145 CREDITORS: Amounts falling due after more than one year 10 56,125 61, , ,757 CAPITAL AND RESERVES Called-up equity share capital 13 2,190 1,996 Revaluation reserve , ,500 Profit and loss account , ,261 MEMBERS' FUNDS 464, ,757 The trustees of the Management Committee acknowledge their responsibilities for: (i) ensuring that the club keeps proper accounting records which comply with sections 1 and 2 of the Friendly and Industrial and Provident Societies Act 1968 (the Act), (ii) establishing and maintaining a satisfactory system of its books of accounts, its cash holdings and all its receipts and remittances in order to comply with sections 1 and 2 of the Act, and (iii) preparing financial statements which give a true and fair view of the state of affairs of the club as at the end of the financial year and of its profit for the financial year in accordance with the requirements of section 3, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the club. These accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The Balance sheet continues on the following page. Draft Accounts May 2014

7 BALANCE SHEET (continued) 31 DECEMBER 2012 These financial statements were approved by the Management Committee and authorised for issue on the 31 January 2013 and are signed on their behalf by: A. Smith B. Smith C. Smith President Vice President Secretary Club Registration Number: CL Draft Accounts May 2014

8 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Cash flow statement The Management Committee has taken advantage of the exemption in Financial Reporting Standard for Smaller Entities (effective April 2008) from including a Cash flow statement in the financial statements on the grounds that the club is small. Turnover Turnover represents monies received (excluding value added tax) from bar sales and other activities. ***Enter additional text in reportpad TurnoverUITF which will appear after the main turnover policy.*** Fixed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Freehold Property - 2% (straight line) Plant & Machinery - 20% (reducing balance) Fixtures & Fittings - 15% (reducing balance) An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Draft Accounts May 2014

9 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) Financial instruments ***Reportpad FinancialinstrumPol should be tailored for specific circumstances*** Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the Balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the Profit and Loss Account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. *** The following text should be included if there are any compound instruments**** Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the Balance sheet. 2. OTHER OPERATING INCOME Members' efforts 13,821 12,776 Entertainment section 2,061 1,912 Rent receivable 9,600 9,600 Sundry income 39,770 36,775 65,252 61,063 Draft Accounts May 2014

10 NOTES TO THE FINANCIAL STATEMENTS 3. OPERATING LOSS Operating loss is stated after charging: Trustees' remuneration Depreciation of owned fixed assets 15,286 15, PARTICULARS OF EMPLOYEES The average number of staff employed by the club during the financial year amounted to: No No Bar staff and cleaners Club management 3 3 Club administration 3 2 The aggregate payroll costs of the above were: Wages and salaries 203, ,619 Social security costs 22,404 20, , ,369 Draft Accounts May 2014

11 NOTES TO THE FINANCIAL STATEMENTS 5. TANGIBLE FIXED ASSETS Freehold Property Plant & Equipment Fixtures & Fittings Total COST OR VALUATION At 1 January ,000 29,349 97, ,849 Additions 3,655 1,250 4,905 At 31 December ,000 33,004 98, ,754 DEPRECIATION At 1 January ,500 19,481 68, ,437 Charge for the year 8,500 2,242 4,544 15,286 At 31 December ,000 21,723 73, ,723 NET BOOK VALUE At 31 December ,000 11,281 25, ,031 At 31 December ,500 9,868 29, ,412 In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows: Historical cost 45,000 45,000 Depreciation: At 1 January ,740 34,490 Charge for year 2,250 2,250 At 31 December ,990 36,740 Net historical cost value: At 31 December ,010 8,260 At 1 January 2012 (36,740) (34,490) 6. STOCKS Stock 9,683 9,114 Draft Accounts May 2014

12 NOTES TO THE FINANCIAL STATEMENTS 7. DEBTORS Other debtors 7,371 5,310 Prepayments and accrued income 4,177 4, CASH AT BANK AND IN HAND 11,548 9,962 Bank current account 2,044 Bank deposit account 171, ,386 Cash floats 1,750 1,750 Cash on hand - Treasurer Cash on hand - Steward 12,633 9, CREDITORS: Amounts falling due within one year 187, ,534 Overdrafts 3,205 Trade creditors 65,884 55,068 Brewery loan 7,741 7,741 PAYE and social security 9,565 8,222 VAT 5,699 4,813 Other creditors 7,371 5,310 Accruals and deferred income 15,808 14, CREDITORS: Amounts falling due after more than one year 115,273 95,877 Debenture loans 56,125 61,388 Included within creditors falling due after more than one year is an amount of 14,942 ( ,683) in respect of liabilities which fall due for payment after more than five years from the balance sheet date. Draft Accounts May 2014

13 NOTES TO THE FINANCIAL STATEMENTS 11. COMMITMENTS UNDER OPERATING LEASES At 31 December 2012 the club had aggregate annual commitments under non-cancellable operating leases as set out below. Operating leases which expire: Within 2 to 5 years 2,500 2, RELATED PARTY TRANSACTIONS ***** Amend text in REPORTPAD relparties ***** No transactions with related parties were undertaken such as are required to be disclosed under the Delete as appropriate Financial Reporting Standard for Smaller Entities (effective April 2008). Financial Reporting Standard SHARE CAPITAL At 1 January ,996 2,000 Shares issued Shares cancelled/forfeited (138) (184) At 31 December ,190 1,996 Amounts presented in equity 2,190 1, RESERVES Revaluation reserve Profit and loss account Balance brought forward 195, ,261 Loss for the year (5,046) Other movements - transfer to/from revaluation reserve (4,250) 4,250 Balance carried forward 191, , CAPITAL COMMITMENTS Amounts contracted for but not provided in the financial statements amounted to 1,740 (2011-6,250). Amounts authorised by the trustees, but not contracted for amounted to 2,750 (2011-8,300). Draft Accounts May 2014

14 MANAGEMENT INFORMATION The following pages do not form part of the statutory financial statements which are the subject of the independent accountant's report on pages 1 to 2. Draft Accounts May 2014

15 DETAILED PROFIT AND LOSS ACCOUNT Note REVENUE 594, ,856 COST OF SALES Opening stock 9,114 9,785 Bar purchases 320, , , ,858 Closing stock (9,683) (9,114) 320, ,744 GROSS PROFIT 274, ,112 GROSS PROFIT PERCENTAGE 46.1% 46.1% OTHER INCOME Members' efforts 1 13,821 12,776 Sundry income 2 39,770 36,775 TOTAL INCOME 327, ,663 OVERHEADS Administrative staff salaries 203, ,619 Employers national insurance contributions 22,404 20,750 Ground rent Rates and water rates 7,308 6,761 Light and heat 1,816 1,682 Insurance 8,518 7,880 Telephone 2,280 2,111 Equipment leasing charges 2,500 2,313 Repairs and renewals 3 42,660 31,723 Printing, stationery and advertising Laundry and cleaning 5,205 4,821 Sundry expenses 4 23,407 20,118 Glasses and bar requisites 5,422 5,007 Draymen's beer 2,000 1,850 TV rental and licence 5,844 5,410 Legal and professional fees Depreciation 15,286 15,133 Bank charges , ,696 LOSS ON CLUB TRADING (21,954) (12,033) Carried forward (21,954) (12,033) Draft Accounts May 2014

16 DETAILED PROFIT AND LOSS ACCOUNT Note Brought forward (21,954) (12,033) Entertainment section 5 2,061 1,912 Rent receivable 9,600 9,600 OPERATING LOSS (10,293) (521) Bank interest receivable 7,867 7,288 (2,426) 6,767 Loan interest (2,620) (2,700) (LOSS)/PROFIT ON ORDINARY ACTIVITIES (5,046) 4,067 Draft Accounts May 2014

17 NOTES TO THE DETAILED PROFIT AND LOSS ACCOUNT 1. MEMBERS' EFFORTS EFFORT INCOME Pool table receipts Gaming machine receipts 21,730 20,118 Tote/bingo receipts 23,170 21,425 Snooker table receipts 4,140 3,833 49,667 45,958 EFFORT EXPENSE Pool table expenses 4, Gaming machine expenses 15,210 14,083 Tote/bingo expenses and prizes 15,950 14,751 Snooker table expenses 3,883 35,846 33,182 SURPLUS OF INCOME 13,821 12, SUNDRY INCOME Members' subscriptions 22,478 20,765 Telephone receipts Cigarette machine commission Visitor's box receipts 6,706 6,209 Juke box/quiz receipts 9,518 8,809 Gift ,770 36,775 Draft Accounts May 2014

18 NOTES TO THE DETAILED PROFIT AND LOSS ACCOUNT 3. REPAIRS AND RENEWALS Kitchen installation 4,750 Roof repairs 2,365 2,192 Install gas supply Decorator (office) 855 Decorations/repairs (flat) 2,065 1,900 Sink fittings and tiles 2,780 Window bars Wallpaper, shelving and paint Alarm leasing, maintenance and repairs 3,350 3,099 Hand dryer rental and maintenance 2,500 2,313 Fire extinguisher and maintenance 1,750 1,619 Electrical repairs and maintenance 6,263 5,784 Cooler repairs Sound equipment 2,565 2,382 Plumber and drainage maintenance 8,876 8,231 Grass cutting 1,300 1,203 Sundry repairs SUNDRY EXPENSES 42,660 31,723 Club coach receipts (3,200) (2,964) Club coach expenses 5,851 5,408 Trade refuse 2,397 2,219 Accountancy 4,350 4,026 Stocktaking fees 1,900 1,758 VAT return fees 1,400 1,295 Rodent control 4,500 4,163 Solicitor's fees 1,350 1,256 Building regulation fees 395 Chartered surveyor 1,266 Rule books 1,155 1,069 Hospitality Committee hospitality 1, Restaurant promotion (1,000) (930) Wine promotion (1,700) (1,573) Sandwiches re: Funeral 2,060 1,909 Other 1, ,407 20,118 Draft Accounts May 2014

19 NOTES TO THE DETAILED PROFIT AND LOSS ACCOUNT 5. ENTERTAINMENT SECTION FUND INCOME Bingo receipts 2,697 2,496 Prize draw and raffle receipts 1,790 1,657 Racing trip receipts 1,643 1,528 Concert admission receipts 14,750 13,655 20,880 19,336 DIRECT FUND EXPENDITURE Bingo expenses 2,399 2,221 Prize draw expenses Racing trip expenses Artists' fees and groups 14,750 13,655 Entertainment licence Entertainment expenses ,819 17,424 SURPLUS OF INCOME 2,061 1,912 Draft Accounts May 2014

20 - BAR ACCOUNT DETAILED PROFIT AND LOSS ACCOUNT Note REVENUE 594, ,856 COST OF SALES Opening stock 9,114 9,785 Bar purchases 320, , , ,858 Closing stock (9,683) (9,114) 320, ,744 GROSS PROFIT 274, ,112 GROSS PROFIT PERCENTAGE 46.1% 46.1% OTHER INCOME Members' efforts Sundry income 10,361 9,591 TOTAL INCOME 284, ,820 OVERHEADS Administrative staff salaries 171, ,919 Employers national insurance contributions 18,873 17,482 Repairs and renewals 1,920 1,782 Sundry expenses 1,812 1,676 Glasses and bar requisites 5,422 5,007 Draymen's beer 2,000 1, , ,716 PROFIT ON ORDINARY ACTIVITIES 83,293 77,104 Draft Accounts May 2014