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Opinion

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







Accumulated Income (£)




Virgo Awards Appeal (£)




Stanley Blow & Ole Kverndal Awards Appeal (£)




Ivy Hawkes Awards Appeal (£)




2010 Total (£)




2009 Total (£)

INCOMING RESOURCES



































Income


































Annual subscriptions

5347




-




-




-




5347




4,154

Income tax recoverable on covenanted subscriptions

91




-




-




-


91





81




5,438




-




-




-




5,438




4,235

Competitions income

-




-




-




-




-




68

Five Club Golf Competition

5,143




-




-




-




5,143




5,650

Donations, collecting boxes etc

5,754


-





-




-




5,754




4,282

Loan administration charges recovered

75




-




-




-




75




15

Online filling incentive HMRC

75
















-




75




100




11,047




 




 




-



11,047





10,115

Investment Income


































Interest on loans

1,291




-




-




-




1,291




1,856

Interest on investments

1,907




-




-




-




1,907




1,751

Interest on bank deposit account

19




-




-




-




19




2

Interest on Charities deposit fund

455




-




-




-




455




2,202







































3,672




 -




 -




-




3,672


5,811


TOTAL INCOMING RESOURCES

20,157




-




-




-




20,157




20,161

RESOURCES EXPENDED






































































Direct Charitable Expenses
































Grants

9,712




470




2,400




2,445




15,027




9,894

Administrative Expenses


































Administrative secretary salary

17,463




-




-




-




17,463




14,059

Conference expenditure

867




-




-




-




867




221

Rates, heating & insurance

1,561




-




-




-




1,561




1,527

Postage, telephone & travelling

1,551




-




-




-




1,551



1,701


Stationary & office expenses

1,237




-




-




-




1,237




1,690

Cleaning & maintenance of premises

205




-




-




-




205




303

Audit fees

1170




-




-




-




1170




1,087

Patron’s Award

378


-





-




-




378




-

Sundries

253




-




-




-




253




233

Depreciation

144




-




-




-




144




169




24,829




-




-




-




24,829




20,990

TOTAL RESOURCES EXPENDED

34,541




470




2,400




2,445




39,856




30,884




NET INCOMING RESOURCES BEFORE TRANSFERS

(14,384)




(470)




(2,400)




(2,445)




(19,699)




(10,723)

Transfers between funds

(2,500)





-




2,500




-




-




-

NET INCOMING RESOURCES

(16,884)




(470)




100




(2,445)




(19,699)




(10,723)

Unrealised gain / (loss) on investments

1,679




-




-




-




1,679




6,458

NET MOVEMENT IN FUND

(15,205)




(470)




100




(2,445)




(18,020)




(4,265)

Balance brought forward

239,419




6,067




(576)




2,610




247,520




251,785

BALANCE CARRIED FORWARD

224,214




5,597




(476)




165




229,500



247,520




BALANCE SHEET – At 30th November 2010




Notes




£




2010 £




£




2009 £

FIXED ASSETS

5










8,898










9,042

LOANS

6










113,600










37,900














122,498










46,942

CURRENT ASSETS




























Investments

7




43,130










40,383







Debtors

8




587










1,010







Cash at bank in hand





66,290










161,505
















110,007










202,898







CREDITORS: amounts falling due within one year

9




3,005










2,320







NET CURRENT ASSETS













107,002










200,578

TOTAL ASSETS LESS CURRENT LIABILITIES














229,500










247,520

FUNDS




























Unrestricted funds

10










229,500










247,520
















229,500










247,520


The financial statements were approved by the Trustees on 16th February 2011 and signed on their behalf by Mrs H Skellorn (Chairman) and Mr G J Cooke (President).


NOTES TO THE FINANCIAL STATEMENTS

1 STATEMENT OF ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice - “Accounting by Charities”, the Charities Act 1993 and applicable accounting standards.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments.
Donations

Donations and similar income are accounted for on a receipts basis.



Investments and investment income

Investments are valued at their market value at 30 November each year, and realised and unrealised gains or losses are shown in the Statement of Financial Activiti

Investment income is included in the accounts on a receivable basis


Depreciation of tangible fixed assets

Depreciation is provided on all tangible fixed assets, other than freehold property, at the following rates:

Office furniture; 15% reducing balance basis.

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

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

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.



  1. TRUSTEE REMUNERATION

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

21,829 13,447
Allocated to Five Club Competition 4,366 3,514

Included in Administrative Expenses 17,463 14,059



21,829 13,447

4 COMMITMENTS

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).




5 TANGIBLE FIXED ASSETS

Land & Fixtures &

buildings fittings Total

£ £ £


Net book values

At 1 December, 2009 8,083 959 9,042

Additions - - -

Disposals - - -

Depreciation charge for year - (144) (144)

At 30 November, 2010 8,083 815 8,898


6 LOANS 2010 2009

£ £

Balance outstanding at 1 December, 2009 37,900 48,200

Loans advanced during the year 88,000 7,500

125,900 55,700

Less repaid during the year (12,300) (17,800)

Balance outstanding at 30 November 2010 113,600 37,900





  1. INVESTMENTS

2010 2009

£ £

Market value brought forward 40,383 32,988

Additions in the year 1,068 937

Unrealised investment gain/(loss) 1,679 6,458

Market value carried forward 43,130 40,383
Historical cost 49,269 48,201

The above investments are 1943.31 shares in COIF Charities Investment Fund, and 18,544.355 units in a CAF Balanced Growth Fund.


  1. DEBTORS

2010 2009

£ £

Trade debtors - 161

Other debtors 587 849 587 1,010

9 CREDITORS: amounts falling due within one year

2010 2009

£ £

Sundry creditors and accruals 1,772 1,087

Other taxes and social security costs 1,233 1,232

3,005 2,319

10 UNRESTRICTED FUNDS

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:

2010 2009

£ £

Virgo Awards 5,597 6,067

Stanley Blow and Ole Kverndal Awards (476) (576)

Ivy Hawkes Awards 165 2,610



Non-designated funds 224,214 239,419

229,500 247,520
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


(2006 TO 2010 INCLUSIVE)
Details Year




2006

2007

2008

2009

2010




£

£

£

£

£

Income (other than investment income)

8,510

11,805

10,156

14,350

16,485

Expenses - administration

12,907

12,127

15,529

20,990

24,829

Surplus (Deficit)

930


7,005

(13,408)

(4,265)

(18,020)

Capital Account - General fund

258,188

265,193

251,785

247,520

229,500

Loans outstanding at previous year end

66,608

44,500

57,400

48,200

37,900

Loans advanced during the year

-

34,000

10,000

7,500

88,000

Loans repaid during the year

22,108

21,100

19,200

17,800


12,300

Grants made during the year

8,666

2,635

3,350

9,894

15,027

Membership

496

440

417

428

370



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.




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