CHORLEY RUGBY UNION FOOTBALL CLUB UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 30 APRIL, 2017
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL, 2017 CONTENTS Page Club Information 2 Committee s Report 3 Accountant s Report to Members 4 Income and Expenditure Account 5 Operating Expenses 6 Balance Sheet 7 Notes to the Financial Statements 8-9 1
CLUB INFORMATION AS AT 30 APRIL, 2017 REGISTERED ADDRESS c/o 21 Lauren Bank Terrace Feniscowles Blackburn BB2 5JA REPORTING ACCOUNTANTS Ryans Chartered Accountants 67 Chorley Old Road Bolton BL1 3AJ SOLICITORS Kevills Astley House 5 Park Road Chorley PR7 1QS BANKERS HSBC Bank plc 26 Market Street Chorley PR7 2RX 2
COMMITTEE S REPORT The committee present their annual report, with the financial statements of the Club for the year ended 30 April, 2017. STATEMENT OF COMMITTEE S RESPONSIBILITIES Law requires the committee of management to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Club and of the excess of income over expenditure of the Club for that period. In preparing those financial statements, the committee is required to: select suitable accounting policies and then apply them consistently; make adjustments and 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 committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Club and to enable them to ensure that the financial statements comply with the relevant accounting standards. They are also responsible for safeguarding the assets of the Club and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The committee confirms that these financial statements comply with these requirements. Signed on behalf of the committee Dated:. 3
ACCOUNTANT S REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS OF We report on the accounts for the year ended 30 April, 2017, set out on pages 5 to 9. RESPECTIVE RESPONSIBILITIES OF COMMITTEE AND REPORTING ACCOUNTANTS As described in the Committee s Report, the committee is responsible for the preparation of financial statements and they consider that the Club is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion. BASIS OF OPINION Our work was conducted in accordance with the Statement of Standards for Reporting Accountants, and so our procedures consisted of comparing the accounts with the accounting records kept by the Club, and making such limited enquiries of the officers of the Club as we considered necessary for the purposes of the report. These procedures provide any the assurance expressed in our opinion. OPINION In our opinion: a. the accounts are in agreement with the accounting records kept by the Club. b. 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 relevant accounting standards. Ryans Chartered Accountants 67 Chorley Old Road Bolton BL1 3AJ 15 June 2017 4
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL, 2017 2017 2016 BAR SALES - - COST OF SALES Stock as at 30 April, 2016-300 Bar purchases - 486-786 Stock as at 30 April, 2017 - - - 786 GROSS (DEFICIT) - (786) OTHER INCOME Subscriptions 1,805 1,670 Match fees 1,250 1,418 Net social and fundraising 58 80 Sponsorship 250 - League rebate 50 - Community Trust Income 5,280 8,693 5,475 8,643 8,693 7,857 OPERATING EXPENSES per schedule (7,127) (7,034) OPERATING SURPLUS FOR THE YEAR 1,566 823 OTHER INCOME Introduced by Chorley Rugby Union Charitable Trust - - 1,566 823 EXTRAORDINARY EXPENDITURE Gift to Chorley Rugby Union Charitable Trust - - 1,566 823 Corporation Tax payable - 24 NET SURPUS FOR THE YEAR 1,566 799 The notes on page 8 to 9 form part of these financial statements 5
OPERATING EXPENSES FOR THE YEAR ENDED 30 APRIL, 2017 2017 2016 ESTABLISHMENT EXPENSES Rent & rates - (33) Insurance (71) 494 Light & heat (114) 188 Ground vacation - 995 (185) 1,644 ADMINISTRATION EXPENSES Printing, postage & advertising 174 - Telephone 206 419 380 419 FINANCIAL EXPENSES Accountancy fees 696 925 696 925 SPORTS AND MEMBERS AMENITIES Clothing costs 2,909 220 Subscriptions & sundries 334 275 Social events 757 - Hire of sports hall & pitch 1,650 1,491 League expenses 40 150 Match & ground expenditure 139 182 Room hire 30-5,859 2,318 DONATIONS AND OTHER EXPENSES Donations - 43 Other expenses 302 422 Loss on disposal of fixed assets - 939 Deprecation 71 324 Bank charges 4-377 1,728 TOTAL EXPENSES carried to Income & Expenditure Account 7,127 7,034 The notes on page 8 to 9 form part of these financial statements 6
BALANCE SHEET AS AT 30 APRIL, 2017 Notes 2017 2016 FIXED ASSETS Tangible assets 2 286 357 CURRENT ASSETS Stocks - - Debtors - - Chorley & District Building Society - - Bank current account 8,278 6,726 8,278 6,726 CREDITORS: amounts falling due within one year Creditors and accruals 3 840 925 Loans - - 840 925 NET CURRENT ASSETS 7,438 5,801 NET ASSETS 7,724 6,158 ACCUMULATED FUND 4 7,724 6,158 TOTAL MEMBERS FUNDS 7,724 6,158 These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities, (effective April, 2008). Approved by the committee on and signed on its behalf by:. The notes on page 8 to 9 form part of these financial statements 7
NOTES TO THE FINANCIAL STATEMENTS AT 30 APRIL, 2017 1. ACCOUNTING POLICIES a. Basis of preparation of Financial Statements The financial statements are prepared under the historical cost convention. b. Tangible Fixed Assets and Deprecation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Plant and Equipment 20% reducing balance c. Stocks Stocks and work in progress are valued at the lower of cost and net realisable value. 2. TANGIBLE FIXED ASSETS Plant & Equipment Total Cost As at 30 April, 2016 8,039 8,039 Disposals - - As at 30 April, 2017 8,039 8,039 Depreciation As at 30 April, 2016 7,682 7,682 Disposals - - Charge for year 71 71 As at 30 April, 2017 7,753 7,753 Net Book Value As at 30 April, 2017 286 286 As at 30 April, 2016 357 357 8
NOTES TO THE FINANCIAL STATEMENTS AT 30 APRIL, 2017 2. TANGIBLE FIXED ASSETS (continued) a. The Club gifted the interest in the freehold title of the site to Chorley Rugby Union Football Trust after a unanimous vote of Club members in favour of that proposal at the Annual General Meeting in 2012. b. Following discussions between the Trust and Westbury Homes holding company, Persimmon, the Trust has agreed a development strategy for the site which will facilitate the Club being able to play on the site, in enhanced facilities provided by the Trust, on land to which the freehold title will be held by the Trust. c. The Club vacated the site for the complete 2014/2015 Rugby season, to enable the construction of the new development on site by the Trust. d. Once the new development is completed, it will be wholly owned by the Trust and used by the Club, under an agreement vested in a Licence to Operate, granted by the Trust. The development will be operated by a Community Interest Company, which will be a subsidiary of the Trust. 3. CREDITORS: amounts falling due within one year 2017 2016 Trade creditors and accruals 840 925 840 925 4 ACCUMULATED FUND 2017 2016 Retained surplus at 30 April, 2016 6,158 5,359 Surplus for the year 1,566 799 Retained surplus at 30 April, 2017 7,724 6,158 9