Club accounts

JudyC

I have been trying to find out where having two years for profit & loss and balance sheet figures originated from. I presume it was from a Finance Act.
The reason why I am asking is that I have seen some club accounts figures in the clubs own magazine with only the current years figures which tells the members nothing about the club at all. There is a profit and loss but no balance sheet in the magazine. :ohmy:
I would like to approach the club with my concerns of them displaying their accounts in this way. I presume club accounts are no different to any other accounts as I have never got involved before. They are not a charity.
I am also assuming the accounts the committee receives from the auditor are in the usual format and that the magazine figures have just been edited from them.
Your feedback would be much appreciated.

T.C.

Have they actually been audited or are they simply club accounts prepared by a committee member? Sometimes that is all that is required.

JudyC

Club Accounts

Thank you for your reply. The accounts are audited but does not say by whom.

T.C.

I would start with that then!

Bookworm55

I'm assuming you're a curious, financially-knowledgeable club member rather than a committee member or their accountant directly.

Is there a club treasurer? I'd suggest asking them for more information.

I'd expect that they have detailed data about the club's income and expenses. It's probably those data that are given to the accountant who prepares the accounts. You might, if you were so inclined, be able to go from those to create something more useful to you.

JudyC

My husband is the club member. I was asked to look at these figures and to give my opinion by him and his mate as having been in accounts for several years and passed my AAT earlier this year.
My first thoughts were that the figures tell you only what has been spent and what has been received this year but there is nothing to compare it with so if there was a discrepancy it would not be seen by club members. My second thoughts were that if I was the treasurer I would have the two years comparison to protect myself and to show everything was running smoothly and in the correct manner.
I am sure that it is and that the committee is happy with what is going on but to outsiders who are inquisitive it does not give that professionalism and probably will ask members to ask more questions than neccessary. You are not given the whole picture!
The aim is to get them to publish the full audited accounts so that they can be read and understood by those who are accounts minded. Perhaps we are in the minority but we like to see things done properly.:thumbup:

deanshepherd

There is no prescribed format for club accounts. It is down to the club themselves how they want the information presented and the constitution should state whether the accounts are to be audited.

I have seen some pretty bizarre looking club accounts over the years but few clubs will want to commit precious funds to have an accountant or auditor engaged so it usually relies on the competence of whoever had their arm twisted to become treasurer.

Perhaps you should volunteer?

Luma

hello
The club accounts should be published in line with the club constitution. I'm the treasurer of my sailing club, and I show a monthly balance sheet, which also has the previous year showing. At the end of the year we have them audited and the balance sheet and profit and loss are distributed amongst the members, again this shows a comparision to the previous year.