Scotscraig Golf Club. Financial Statements. for the year ended 28 February 2015

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 John Rankin (Captain) Graeme Smart (Vice Captain) Teresa McGill (Ladies Captain) Chris Goode (Finance Convenor) Dennis West (Co-opted Marketing Convenor) Alan Kidd (House Convenor) George Anderson (Greens Convenor) Lindsay Mure (Member of Council) Stephen Schofield (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 2 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 23 June 2015 Page 2

6 Trading and Profit and Loss Account Notes Income Subscriptions 5 312, ,873 Temporary members 142, ,564 Net profit on pool table - 11 Rental and locker income 4,500 4,330 Commissions receivable from Links with History 2,320 - Sponsorship, fundraising, donations & grants 4,114 6,444 Open tournament 11,599 9,814 Net profit on bar & catering 9 16,029 20,040 Caddy car income 1,275 1,170 Net profit on strokesavers Expenses 495, ,953 Course 6 268, ,937 Clubhouse 7 82,962 75,117 Administration 8 122, ,322 VAT 23,423 18,424 (496,986) (482,800) Profit / (Loss) before interest and tax (1,961) (12,847) Interest received Bank loan interest paid (22) - Ordinary Profit (1,462) (12,277) Corporation tax (744) (285) Net Profit / (Loss) (2,206) (12,562) Page 3

7 Balance Sheet as at 28 February 2015 Notes Fixed Assets Tangible assets 2 667, ,700 Current Assets Stock 3 11,567 10,760 Debtors 16,147 19,884 Current account 103,092 65,009 Investment accounts 24,959 51,962 Petty cash 1,419 1, , ,034 Current Liabilities Trade creditors 11,095 17,460 Other creditors 13,000 21,861 Creditors and accruals 225, , , ,170 Net Current Liabilities (92,461) (103,136) Total Assets Less Current Liabilities 575, ,564 Reserves 4 General reserve 419, ,891 Revaluation reserve 137, ,252 Bi-Centenary fund 17,073 17,073 Junior coaching fund 1,425 1, , ,564 We approve these accounts and confirm that we have made available all relevant records and information for their preparation. Barrie Liddle Managing Secretary John Rankin 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 , ,544 83,472 34, ,305 Additions - 2,583 8,424-11,007 At 28 February , ,127 91,896 34, ,312 Depreciation At 28 February , ,824 60,793 25, ,604 Charge for the year - 14,541 4,924 1,659 21,124 At 28 February , ,365 65,717 27, ,728 Net book Values At 28 February , ,762 26,179 7, ,584 At 28 February , ,720 22,679 9, ,701 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 4,155 4,285 Catering 2,390 2,980 Course 5,022 3,495 11,567 10,760 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, ,564 Entry fees 2, ,688 Surplus / (deficit) for year (2,206) (2,129) 419, ,252 17,073 1, , Subscriptions Income Adult members 309, ,111 Junior members 3,245 3, , , Course expenditure Pension 1,286 1,541 Wages 154, ,911 Equipment hire and lease 40,408 39,922 Repairs & maintenance 26,725 24,124 Seeds & fertilisers 6,228 9,077 Materials & supplies 6,502 9,571 Oil & petrol 8,907 8,044 Tools & equipment 1,166 1,087 Heat & light 2,466 2,284 Workwear/safety 2,259 2,364 Sundries Staff training 1,195 1,089 Depreciation 16,199 16, , ,937 Page 7

11 Notes to the Accounts 7. Clubhouse Expenditure Clubhouse wages 7,622 9,875 Heat & light 17,013 17,770 Rates 11,418 12,387 Insurance 7,606 8,216 General house charges 6,868 6,040 Repairs 14,335 5,129 Sky TV 4,406 3,968 Cleaning 2,752 2,527 Health & safety 1,694 1,814 Lease of furniture Rental of equipment 2,904 1,409 Stocktake Staff travel Alarm system Depreciation 4,924 4,078 82,962 75, Administration expenditure Management pension 3,845 3,693 Management wages 56,230 54,414 Professional 26,790 27,362 Trophies, engraving & prizes 9,463 8,835 Advertising 2,755 7,614 Bank charges 3,510 4,247 Post, printing & stationery 4,540 3,850 Computer expenses 3,877 4,070 Telephone 3,371 3,669 Audit fee 4,157 3,430 Licences 1,212 - Legal & professional fees 1, Sundries Travel & subsistence , ,322 Page 8

12 Notes to the Accounts 9. Bar trading account Sales 84,345 80,314 Cost of sales Opening stock 4,285 3,804 Purchases 36,289 36,464 Closing stock (4,155) (4,285) 36,419 35,983 Profit 47,926 44,331 Catering trading account Sales 114, ,089 Cost of sales Opening stock 2,980 2,823 Purchases 41,693 44,647 Closing stock (2,390) (2,980) 42,283 44,490 Profit 72,433 70,599 Summary Profit on Bar 47,926 44,331 Profit on Catering 72,433 70, , ,930 Less: wages (106,065) (97,095) Loyalty card scheme 1,735 2,205 Combined Profit/(Loss) 16,029 20,040 Page 9

13 Notes to the Accounts 10. Strokesavers Sales Opening stock Purchases - - Closing stock Reconciliation of Membership Honorary/Life 2 1 Playing Non-Playing Country Friends & Family Overseas 8 14 Youth Day 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 5,131 (2014-5,234). No contributions were outstanding at the balance sheet date. Page 10

14 Notes to the Accounts 13. Financial commitments At the year end the club had annual commitments under non-cancellable operating leases as follows: Within one year 10,188 1,146 Between one and five years 14,112 35,208 24,300 36,354 Page 11