Accounts 2008 Jun

FOR MEMBERS ONLY

ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

Reg.No.10626R

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FINANCIAL ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2008

To be presented at the half yearly General Meeting of members on Monday 29 September 2008 at 7.30pm prompt YOU ARE EARNESTLY REQUESTED TO ATTEND *

* Members having queries regarding the statement of accounts should contact the secretary 48 hours before the meeting.

*

*

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MORRELL MIDDLETON AUDITORS LTD REGISTERED AUDITOR CHARTERED CERTIFIED ACCOUNTANTS YORK

page 1 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 AGENDA 1 2 3 4 5 6 7

Notice convening meeting. Minutes of last meeting. Secretary's report Balance sheet. Auditors report. Committee report. Any other business, of which due notice has been given.

Committee Attendances

Possible

Absent

Actual

T McDaid (President) J Lane (Secretary) A Redhead (Assistant Secretary) R Harris (Head of Finance)

19 19 19 19

-

19 19 19 19

D Bell J Green K Sweeting D MacGregor P Morgan T Richardson T Ridsdale T Hagues F Slade S Thompson

19 19 19 19 19 19 19 6 6 2

4 8 10 -

19 19 19 19 15 11 9 6 6 2

Membership as at 30 June 2008 – 1,649

STATEMENT OF COMMITTEE MEMBERS RESPONSIBILITIES The law governing Industrial and Provident Societies requires the Committee to prepare financial statements for each period which give a true and fair view of the state of the affairs of the club and its income and expenditure for that period. In preparing those financial statements the Committee are required to: -

select suitable accounting policies and apply them 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 Committee are also responsible for: -

keeping proper accounting records; safeguarding the club's assets; taking reasonable steps for the prevention and detection of fraud

page 2

Independent Auditors' report to the members of Acomb Working Men's Club and Institute Limited

We have audited the financial statements of Acomb Working Men’s Club & Institute for the period ended 30 June 2008 on pages 3 to 9. These financial statements have been prepared in accordance with the Friendly Societies Act 1974 and the Friendly and Industrial & Provident Societies Act 1968, under the historical cost convention and the accounting policies set out therein. This report is made solely to the clubs members. Our audit work has been undertaken so that we might state to the club’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 club and the club’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of committee and auditors The committee are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom accounting standards. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Friendly Societies Act 1974 and the Friendly and Industrial & Provident Societies Act 1968. We also report to you if, in our opinion, the club has not kept proper accounting records or if we have not received all the information and explanations we require for our audit. We also consider any other information presented with the financial statements and report if we are aware of any apparent misstatements within it. Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board, except that the scope of our work was limited as explained below. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the director in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We planned our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements give a true and fair view of the state of the club’s affairs as at 30 June 2008 and of it’s surplus for the period then ended They have been properly prepared in accordance with the Industrial and Provident Societies Act 1965 and the Friendly and Industrial & Provident Societies Act 1968.

29 September 2008

Morrell Middleton Auditors Limited Chartered Certified Accountants Registered Auditor

page 3 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED TRADING AND PROFIT AND LOSS ACCOUNT for the Period ended 30 June 2008

Note

01/01/08 -30/06/08 £ £

Sale of refreshments

01/01/07 -30/06/07 £ £

260,251

Purchases

(133,675) ──────── 48.64% 126,576

Gross Profit

263,457 (147,534) ──────── 44.00% 115,923

Other operating income Subscriptions and affiliation fees Gaming machines Pool table Tombola Raffles Resale items Billiards Open the Box Telephone (deficit)/surplus Joe 90 Donations received Room hire and sundry income

8,520 16,258 410 6,361 575 339 1,547 4,053 (161) 1,132 153 80 ────────

5,462 13,853 344 8,670 822 21 1,740 4,352 190 1,325 485 ──────── 39,267

37,264

Other income Bank Deposit account Scottish Widows Investment Income Lapsed members Scottish and Newcastle UK Ltd loan written off Scottish and Newcastle UK Ltd retrospective discount Cash difference

18 394 290 2,187 8,424 ────────

2 833 1,000 3,430 15,973 2,059 ──────── 11,313 ──────── 177,156

23,297 ──────── 176,484

Expenses Salaries and expenses Rebates to members Grants and donations Games and entertainments Machine rents and licences General expenses Establishment costs Financial costs and depreciation

Surplus/(Deficit) for the period

2 3 4 5 6 7 8 9

73,785 142 2,657 27,015 3,906 8,917 31,951 20,883 ────────

102,555 116 3,363 29,503 3,276 8,109 38,084 12,305 ──────── 169,256 ──────── 7,900 ════════

197,311 ──────── (20,827) ════════

page 4 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED BALANCE SHEET at 30 June 2008

2008 Note

£

2007 £

£

£

Fixed assets Tangible assets

10

172,068 ──────── 172,068

185,580 ──────── 185,580

Current assets Stocks Debtors and payments in advance Investments Cash at bank and in hand

11 12 13 14

10,487 13,280 23,608 6,764 ──────── 54,139

16,267 5,345 22,055 23,410 ──────── 67,077

Creditors Amounts due within one year

15

(65,294) ────────

(80,810) ────────

Net Current (Liabilities) Total Assets less Current Liabilities Creditors: amounts falling due after more than one year

16

(11,155) ──────── 160,913

(13,733) ──────── 171,847

(22,965) ──────── 137,948 ════════

(16,419) ──────── 155,428 ════════

8,245 129,703 ──────── 137,948 ════════

7,840 147,588 ──────── 155,428 ════════

Capital and reserves Called up share capital Accumulated Fund

17

────────────────────T McDaid (President) ────────────────────J Lane (Secretary) ────────────────────A Redhead (Assistant Secretary)

────────────────────R Harris (Head of Finance)

Date: 29 September 2008

page 5 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 1

Accounting policies Basis of accounting The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. Depreciation Depreciation is calculated to write off the cost or valuation of all fixed assets over their estimated useful lives as follows: Freehold buildings Property extension Furniture and fittings

2.5%pa reducing balance method 2.5%pa reducing balance method 20% pa reducing balance method

Going Concern The club has net current liabilities at the period end. The committee is continuously considering ways of easing cashflow pressures, including generating additional revenues and/or reducing expenditure. The committee’s thorough review of the club’s activities has identified sufficient cashflow improvements to be able to assure the continuation of the current facilities offered to the members and they continue to work towards implementing those improvements. On this basis the committee considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from there being insufficient cash inflows to meet the club’s obligations. Stocks Stocks are valued at the lower of cost and net realisable value. 2

Salaries, wages and expenses Steward and wife Bar assistance including relief steward Cleaners Office staff Secretary Assistant secretary Concert secretary President Concert chairman Committee fees Finance committee Games secretary Subscriptions secretary Scrutineers Secretary's expenses Assistant secretary's expenses Concert secretary's expenses Delegates fees and expenses Taxis for staff Employers' national insurance

2008 £ 11,305 41,016 8,799 446 2,250 1,250 100 250 530 2,208 78 80 60 60 100 589 2,435 2,229 ──────── 73,785 ════════

2007 £ 19,480 41,893 22,604 1,736 4,500 1,250 100 250 770 2,597 156 80 130 60 445 2,869 3,635 ──────── 102,555 ════════

page 6 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 3

Rebates to members Members draw

4

Grants and donations Convalescent homes - sundry costs Convalescent homes – accommodation Pensioners grants Grants and donations

5

Games and entertainments Performing Rights Society Entertainment Television licence and maintenance Games expenses Tombola books and draw tickets

6

Machine rents and licences Gaming machine rental Gaming machine licence

7

General expenses Stationery, postage and advertising Computer software and training Telephone line rental Affiliation matter Licences and fees AGM drinks Sundries Journals Bar requisites and glasses Stocktaking Health and safety

2008 £ 142 ──────── 142 ════════

2007 £ 116 ──────── 116 ════════

2008 £ 351 2,185 121 ──────── 2,657 ════════

2007 £ 74 3,169 120 ──────── 3,363 ════════

2008 £ 748 20,554 2,919 2,133 661 ──────── 27,015 ════════

2007 £ 644 19,919 3,021 3,629 2,290 ──────── 29,503 ════════

2008 £ 2,383 1,523 ──────── 3,906 ════════

2007 £ 2,340 936 ──────── 3,276 ════════

2008 £ 1,098 1,652 574 3,067 253 232 289 43 824 545 340 ──────── 8,917 ════════

2007 £ 1,387 1,149 520 3,076 245 150 43 898 510 131 ──────── 8,109 ════════

page 7 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 8

Establishment costs Electricity Gas Rates and water Insurance General repairs and renewals Hire of equipment and leasing costs Cleaning materials and hygiene equipment

9

Financial costs and depreciation Bookkeeping and accountancy Audit Legal fees Bank charges Freehold property depreciation Property extension depreciation Furniture & fitting depreciation Late Filing Penalties re Corporation Tax Corporation Tax VAT surcharges and interest

10

2008 £ 3,263 1,473 6,968 1,177 5,946 8,327 4,797 ──────── 31,951 ════════

2007 £ 11,284 1,213 7,546 1,942 4,816 7,339 3,944 ──────── 38,084 ════════

2008 £ 2,088 3,750 4,853 1,647 1,547 502 6,412 84 ──────── 20,883 ════════

2007 £ 265 4,035 393 1,120 380 5,427 200 159 326 ──────── 12,305 ════════

Tangible fixed assets

Cost 1 January 2008 30 June 2008

Fixtures & Fittings £

Freehold Property £

Property Additions £

Total £

274,287 ──────── 274,287 ────────

185,668 ──────── 185,668 ────────

40,067 ──────── 40,067 ────────

500,022 ──────── 500,022 ────────

209,748 6,412 ──────── 216,160 ────────

99,127 1,547 ──────── 100,674 ────────

10,619 502 ──────── 11,120 ────────

319,494 8,461 ──────── 327,955 ────────

58,127 ════════ 66,995 ════════

84,994 ════════ 88,515 ════════

28,947 ════════ 30,070 ════════

172,068 ════════ 185,580 ════════

Depreciation 1 January 2008 Charge for Period 30 June 2008 Net book amount 30 June 2008 30 June 2007

page 8 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 11

Stocks Refreshment and bar requisites Other stock

12

Debtors and payments in advance Prepayments Accrued Income

13

Investments Scottish Widows – 60 days account

14

Cash at bank and in hand

2008 £ 7,587 2,900 ──────── 10,487 ════════

2007 £ 12,192 4,075 ──────── 16,267 ════════

2008 £ 6,280 7,000 ──────── 13,280 ════════

2007 £ 2,839 2,506 ──────── 5,345 ════════

2008 £ 23,608 ──────── 23,608 ════════

2007 £ 22,055 ──────── 22,055 ════════

2008 £

2007 £

Cash at bank Lloyds Bank plc - Buildings & Rec Business Call Lloyds Bank plc - steward's bond Associates accounts

372 95 655 ────────

119 92 9,933 ──────── 1,122

10,144

Cash in hand Stewards float Takings (banked after period end)

800 4,842 ────────

800 12,466 ──────── 5,642 ──────── 6,764 ════════

13,266 ──────── 23,410 ════════

page 9 ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED NOTES ON FINANCIAL STATEMENTS 30 June 2008 15

Creditors Refreshments and bar requisites Sundry creditors and accruals Bank overdraft Stewards bond VAT payable PAYE and social security Corporation Tax

16

2007 £ 32,254 17,266 18,088 92 8,375 3,796 939 ──────── 80,810 ════════

2008 £ 13,203 11,949 (2,187) ──────── 22,965 ════════

2007 £ 19,849 (3,430) ──────── 16,419 ════════

2008 £ 125,178 (3,375) 7,900 ──────── 129,703 ════════

2007 £ 171,259 (2,844) (20,827) ──────── 147,588 ════════

Creditors: amounts falling due after more than one year

Scottish and Newcastle UK Ltd write off loan Advance in the period Less: written off during period

17

2008 £ 20,352 9,549 21,571 95 11,836 1,807 84 ──────── 65,294 ════════

Accumulated fund At 1 January Associates fund movement Surplus/(Deficit) for the period At 30 June