Registration of Clubs (Accounts) Regulations (Northern Ireland) 1997

Regulation 4

SCHEDULE 3 Form and Content of Annual Statement of Accounts

Section A General Rules

1.—(1) The annual statement of accounts shall include a statement of the accounting policies adopted in the preparation of the accounts; shall be comprised of a supplies account, an income and expenditure account and a balance sheet; and shall show the items listed in the format specified in Section B in the order and under the headings given in that format. Where items other than bar supplies are supplied a separate supplies account, in that format, shall be prepared in respect of each category of such supplies.

(2) The annual statement of accounts shall include a statement of the responsibilities of the officers and members of the committee for preparation of the accounts so as to give a true and fair view of the state of affairs of the club and of the income and expenditure of the club for the financial year. The description of these responsibilities shall include the requirement that the officers and members of the committee:

(a) select suitable accounting policies and then apply them consistently;

(b) make judgements and estimates that are reasonable and prudent; and

(c) prepare the accounts on the going concern basis, unless it is inappropriate to presume that the club will continue in business.

The description of the responsibilities of the officers and members of the committee shall also include keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the club and that help ensure that the accounts comply with these Regulations, safeguarding the assets of the club and taking reasonable steps for the prevention and detection of fraud and other irregularities.

(3) Any item required in accordance with this paragraph to be shown in the annual statement of accounts may be shown in greater detail than required by the format.

2.—(1) In respect of every item shown in the annual statement of accounts the corresponding entry for the immediately preceding financial year of the club shall also be shown.

(2) Where an amount in the corresponding entry mentioned in sub-paragraph (1) is not comparable with the amount to be shown for the item in question in respect of the financial year of the club in the annual statement of accounts for its current financial year, the former amount shall be shown as it was shown in the annual statement of accounts for its preceding financial year. The reason why the two amounts are not comparable shall be disclosed in a note to the annual statement of accounts and that note shall show an adjusted figure for the amount and the basis of the adjustment.

3.  Entries in the statement of accounts for the current financial year in respect of items representing assets or income shall not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be) or vice versa.

4.  Entries in the statement of accounts in respect of any item shall, where the club is registered for Value Added Tax, be shown net of that tax but otherwise shall be shown gross.

Section B Required Formats

5.—(1) References in paragraph 1 to items listed in a format are references to those items read together with any notes following that format.

(2) A number in a bracket following any item in a format is a reference to the note of that number in the notes following that format.

(3) In the notes following a format the heading of each note gives the required heading or sub-heading of the item in that format to which it applies.

SUPPLIES ACCOUNT FORMAT

A.

Income

1.

Bar supplies (1).

B.

Expenditure

1.

Bar stock at start of period/opening stock (2).

2.

Bar purchases (3).

3.

Sum of 1 and 2.

4.

Bar stock at end of period/closing stock (4).

C.

Total Expenditure (5)

D.

Gross Profit/Loss (6)

E.

Gross Profit Percentage (7)

F.

Preparation of Account

1.

Name and address of person who drew up the Supplies Account on behalf of the committee.

2.

Signature of person who drew up the Supplies Account.

3.

Date of signature.

G.

Approval of Account

1.

The foregoing Supplies Account was approved by the committee on

2.

Signature of official signing on behalf of the committee.

3.

Name of official signing on behalf of the committee.

4.

Position held by the official.

NOTES ON SUPPLIES ACCOUNT FORMAT

(1)

Bar supplies.

(Item A.1)

Gross income in respect of the supply of bar stock.

(2)

Bar stock at start of period/opening stock.

(Item B.1)

The valuation of the bar stock at the close of the immediately preceding supplies account as shown in the previous statement of accounts.

(3)

Bar purchases.

(Item B.2)

Expenditure on the purchase of bar stock net of all trade discounts.

(4)

Bar stock at end of period/closing stock.

(Item B.4)

The value of bar stock on hand shall be calculated using the quantity of each item as ascertained by a physical check and the lower of the cost price of the item or its net realisable value.

(5)

Total Expenditure.

(Item C)

Total Expenditure is the sum of B.3 minus B.4.

(6)

Gross profit (loss).

(Item D)

The difference between the Income (A.1) and Total Expenditure (C).

(7)

Gross profit percentage.

(Item E)

The gross profit achieved per £100 of bar stock (A.1) supplied calculated in accordance with the following formula—

INCOME AND EXPENDITURE ACCOUNT FORMAT

A.

Income

1.

Gross profit (loss) from supplies account(s) (1).

2.

Subscriptions (2).

3.

Gaming machines (3).

4.

Functions (4).

5.

Snooker tables (5).

6.

Bingo and other games (6).

7.

Interest on investments (7).

8.

Grants (8).

9.

Other income (9).

B.

Total Income

C.

Expenditure

1.

Pay.

2.

Honoraria (10).

3.

Gaming machine rental.

4.

Gaming licence (11).

5.

Functions (4).

6.

Rent (12).

7.

Rates.

8.

Insurance (13).

9.

Telephone.

10.

Donations (14).

11.

Utilities (15).

12.

Repairs, maintenance and renewals.

13.

Legal fees.

14.

Accountancy and audit fees (16).

15.

Other fees.

16.

Bank interest and charges.

17.

Loan interest.

18.

Depreciation (17).

19.

Bad debts written off (18).

20.

Other expenditure (19).

21.

Corporation tax (20).

D.

Total Expenditure

E.

Excess of Income over Expenditure/Excess of Expenditure over Income

F.

Preparation of Account

1.

Name and address of person who drew up the Income and Expenditure Account on behalf of the committee.

2.

Signature of person who drew up the Income and Expenditure Account.

3.

Date of signature.

G.

Approval of Account

1.

The foregoing Income and Expenditure Account was approved by the committee on

2.

Signature of official signing on behalf of the committee.

3.

Name of official signing on behalf of the committee.

4.

Position held by the official.

NOTES ON INCOME AND EXPENDITURE ACCOUNT FORMAT

(1)

Gross profit (loss) from supplies account(s).

(Item A.1)

Gross profit or loss from all supplies accounts shall be shown separately.

(2)

Subscriptions.

(Item A.2)

To include all sums due in respect of subscriptions falling due during the financial year to which the account relates. The number of subscriptions receivable, by class or category, is to be shown in a note to the account.

(3)

Gaming machines.

(Item A.3)

Gross income from gaming machines. Associated outlays to be shown as expenditure.

(4)

Functions.

(Items A.4 and C.5)

Gross receipts and expenditure in respect of attendances at, and the provision of, functions. The total number of functions and the date, deficit and general nature of all functions at which a deficit in excess of £250 was incurred shall be disclosed in a note to the account.

(5)

Snooker tables.

(Item A.5)

Gross receipts from snooker, billiard and pool tables.

(6)

Bingo and other games.

(Item A.6)

Gross receipts relating to bingo, raffles, draws, lotteries, card drives or other games.

(7)

Interest on investments.

(Item A.7)

Where receipts from this source exceed £500 details of the investments and the income derived from them shall be disclosed in a note to the account.

(8)

Grants.

(Item A.8)

Where the receipts from any source exceed £500 the date of the grant, the purpose for which it was made and the name and address of the person making it shall be disclosed in a note to the account.

(9)

Other income.

(Item A.9)

Where the total receipts from any source exceed £500 it shall be shown as a separate item in the account.

(10)

Honoraria.

(Item C.2)

The individual amounts paid and the name of the recipient are to be disclosed in a note to the account.

(11)

Gaming licence.

(Item C.4)

To include all payments for licences in respect of gaming of any kind.

(12)

Rents.

(Item C.6)

To include both property rental and lease, rental and hire charges for equipment and machinery other than gaming machines. A note to the account should provide a breakdown of the figure by category.

(13)

Insurance.

(Item C.8)

Where insurance cover is not in place in respect of any of the following categories this shall be disclosed in a note to the account. The categories are as follows—

(a)

Buildings

(b)

Fixtures and fittings

(c)

Stock

(d)

Cash

(e)

Other assets

(f)

Employee liability

(g)

Public liability

(14)

Donations.

(Item C.10)

Where the total paid to any donee during the period covered by the account exceeds £50 the name and address of the donee, the total amount paid and the date or dates on which the donation or donations were approved by the committee shall be disclosed in a note to the account.

(15)

Utilities.

(Item C.11)

To include expenditure on heat, light and cleaning. Pay for cleaning staff shall not be included in this item.

(16)

Accountancy and audit fees.

(Item C.14)

To include fees in respect of the provision to the club of book-keeping, accountancy and audit services.

(17)

Depreciation.

(Item C.18)

The supporting calculation including the method and rate employed is to be disclosed in a note to the account.

(18)

Bad debts written off.

(Item C.19)

The name of each debtor, the amount due and the date on which the committee agreed to write off the debt shall be disclosed in a note to the account.

(19)

Other expenditure.

(Item C.20)

Where the total expenditure on any category exceeds £500 it shall be shown as a separate item in the account.

(20)

Corporation tax.

(Item C.21)

The supporting calculation shall be disclosed in a note to the account.

BALANCE SHEET FORMAT

A.

Fixed Assets

1.

Land and buildings (1).

2.

Fixtures and fittings (2).

3.

Other fixed assets (3).

B.

Investments (4)

C.

Current Assets

1.

Bar stock (5).

2.

Other stock (6).

3.

Debtors and prepaid expenses (7).

4.

Cash at bank (8).

5.

Cash on hand (9).

6.

Other current assets (10).

D.

Current Liabilities

1.

Bank overdraft (11).

2.

Trade creditors.

3.

PAYE/NIC (12).

4.

VAT (13).

5.

Other creditors and accrued expenses (14).

E.

Excess of Current Assets/(Liabilities) over Current Liabilities/(Assets)

F.

Total Assets Less Current Liabilities

G.

Long Term Liabilities

1.

Bank loans (11).

2.

Other loans and mortgages (15).

H.

Total Net Assets/Liabilities

I.

Retained Reserves (16)

1.

Previous balance.

2.

Add (deduct) excess of income over expenditure/(expenditure over income).

J.

Capital Employed (17)

K.

Preparation of Account

1.

Name and address of person who drew up balance sheet on behalf of the committee.

2.

Signature of person who drew up balance sheet.

3.

Date of signature.

L.

Approval of Account

1.

The foregoing Balance Sheet was approved by the committee on

2.

Signature of official signing on behalf of the committee.

3.

Name of official signing on behalf of the committee.

4.

Position held by the official.

NOTES ON BALANCE SHEET FORMAT

(1)

Land and buildings.

(Item A.1)

The method of valuation and the supporting calculation shall be disclosed in a note to the balance sheet. The address of all properties and the value of each is to be disclosed in a note to the balance sheet. Where the value is other than the purchase price there shall be disclosed in the note the name, address and qualification of the valuer and the date of the valuation.

(2)

Fixtures and fittings.

(Item A.2)

The method of valuation and the supporting calculation shall be disclosed in a note to the balance sheet.

(3)

Other fixed assets.

(Item A.3)

The assets shall be categorised by type. The method of valuation and the supporting calculation shall be disclosed in a note to the balance sheet.

(4)

Investments.

(Item B)

All investments shall be disclosed in a note to the balance sheet showing their purchase price, their value at the date of the last balance sheet and their disposal value at the date of the current balance sheet.

(5)

Bar stock.

(Item C.1)

The valuation of bar stock shall be carried out using the quantities found at a check by an independent person and the lower of the cost of the item or its net realisable value.

(6)

Other stock.

(Item C.2)

To include stocks of all other items supplied by the club. Where the value of any type of stock exceeds £500 it is to be shown as a separate item in the balance sheet. The methods of valuation and the supporting calculation shall be disclosed in a note to the balance sheet.

(7)

Debtors and prepaid expenses.

(Item C.3)

In respect of all debts which have at the date of the balance sheet been outstanding for more than sixty days there shall be shown in a note to the balance sheet the name and address of the debtor, the date on which payment was due and the amount of the debt. Details of the prepayment and the amount taken into account at the balance sheet date shall be disclosed in a note to the balance sheet.

(8)

Cash at bank.

(Item C.4)

In respect of all bank accounts there shall be disclosed in a note to the balance sheet the name and address of the bank, the title of the account and the balance on the account.

(9)

Cash on hand.

(Item C.5)

The amounts in respect of any petty cash float, till floats, monies in machines and other monies shall be disclosed in a note to the balance sheet.

(10)

Other current assets.

(Item C.6)

Any individual item with a disposal value in excess of £1,000 is to be shown as a separate item in the balance sheet and the basis for the valuation shall be disclosed in a note to the balance sheet.

(11)

Bank loans and overdrafts.

(Items D.1 and G.1)

The name and address of the bank and the amount of the loan or overdraft shall be disclosed in a note to the balance sheet. Where any such loan or overdraft is secured or guaranteed full details shall be disclosed in a note to the balance sheet.

(12)

PAYE/NIC.

(Item D.3)

The figure stated shall be the total amount deducted but not yet paid irrespective of the date on which payment is due. The PAYE reference number of the club shall be disclosed in a note to the balance sheet.

(13)

VAT.

(Item D.4)

The figure stated shall be the net amount payable irrespective of the date on which payment is due. The VAT registration number shall be disclosed in a note to the balance sheet.

(14)

Other creditors and accrued expenses.

(Item D.5)

Where more than £100 has been owed to a creditor for more than 60 days the amount due to each and the date on which payment was due shall be disclosed in a note to the balance sheet. Details of the accrual and the amount taken into account shall be disclosed in a note to the balance sheet.

(15)

Other loans and mortgages.

(Item G.2)

The name of the lender or the mortgagee, the amount outstanding and the property mortgaged shall be disclosed in a note to the balance sheet. Where any such loan is secured or guaranteed full details shall be disclosed in a note to the balance sheet.

(16)

Reserves.

(Item I)

There shall be disclosed separately in the balance sheet any additional reserves resulting from revaluation of assets or any other reason.

(17)

Capital employed.

(Item J)

Capital employed is the total reserves at the balance sheet date.