In our opinion, the financial statements give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice (applicable to Smaller Entities) of the Association’s affairs as at 30 November 2010 and of its incoming resources and application of resources in the year then ended and have been properly prepared in accordance with the Charities Act 1993.
Larkings (S.E.) LLP
Chartered Accountants and Registered Auditors
Cornwallis House, Pudding Lane,
Maidstone, Kent ME14 1NH Dated: 24.3.2011
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2010
Depreciation has not been provided on the freehold property as, in the opinion of the Trustees, the market value is in excess of the costs to date.
Grants payable are disclosed in the accounts when paid rather than when approved.
Netted off expenses
With the exception of the Five Club Golf Competition, all income and expenditure is shown gross. For this year 20% of the Secretary’s salary has been apportioned to the Five Club golf competition to reflect the amount of time spent.
The gross income for the Five Club golf competition was £11,771 (2009 £10,036) and the gross expenditure was £6,628 (2009 £4,386).
Life membership subscriptions
Life membership subscriptions are recognised in the year of receipt.
Funds are all unrestricted funds. There are two designated funds, being the Virgo Awards Appeal, set up to assist young cricketers with their sport, and the Stanley Blow and Ole Kverndal Awards Appeal, set up to assist clubs and organisations with new initiatives, training and coaching of youngsters in their particular sporting field.
There were no payments made in respect of Trustee remuneration or Trustee expenses during the year.
3 EMPLOYEE EMOLUMENTS
2010 2009£ £
Administrative Secretary Gross Pay 20,000 16,217
National Insurance Contributions 1,829 1,356
21,82913,447 Allocated to Five Club Competition 4,366 3,514
Included in Administrative Expenses 17,46314,059
There were no commitments for loans approved for which provision has not been made in these accounts (2009 £nil). There were commitments amounting to £2,250 for grants from non-designated funds at the year end (2009 £4,000).
Included within unrestricted funds are designated funds in respect of the Virgo Awards Appeal and the Stanley Blow and Ole Kverndal Awards Appeal and the allocation of these funds are as follows:
Virgo Awards 5,597 6,067
Stanley Blow and Ole Kverndal Awards (476) (576)
Ivy Hawkes Awards 165 2,610
Non-designated funds 224,214239,419
229,500247,520 The designated funds are represented by part of the cash at bank and the non-designated funds are represented by all the other assets and liabilities of the Association.
SUMMARY OF ACCOUNTS FOR THE PAST FIVE YEARS
MAJOR FINANCIAL RISKS In accordance with the revised Charities Statement of Recommended Practice, the Management Committee confirms that they are satisfied that adequate systems are in place to mitigate against major financial risks.