The posting of the annual accounts for the year to 31st December 2022
In this era of transparency, the LGS Committee has decided that it is appropriate for the annual accounts of the LGS to be posted on the members’ section of the website. It is hoped that this will not prove too controversial and is seen, as it is intended, to be a genuine attempt to keep members informed on the state of the Society’s finances and how the membership fees are being spent.
If any member has a question or would like clarification on any item, please contact the Hon Treasurer, George Meakin.
The 2022 accounts of the Lucifer Golfing Society are attached.
The results differ considerably from those of 2021 because 2022 was the year in which the Centenary Commonwealth Tournament and associated events were held commemorating the Society’s Centenary Year.
The following comments may assist the reader’s understanding of the figures.
- During the previous 5 years, the Society built up a Centenary Reserve of £55,000 from a combination of member’s contributions and an appropriation from General Reserves.
- As shown in the 2021 Income and Expenditure Account, the deficit on the Centenary Dinner at Lords of £6,522 was set against the Centenary Reserve.
- In the 2022 Income and Expenditure Account, the deficit on the Centenary Commonwealth Event was £42,134. Combined with the £6,522 from 2021, the total deficit on the Centenary Events was £48,656. This meant that the £55,000 Centenary Reserve was underspent by £6,344. This is shown in the Reconciliation of Centenary Reserve Fund at the end of the Balance Sheet.
- The Centenary Reserve underspend will be transferred to General Reserves in the 2023 accounts.
- The total Income and Expenditure deficit in 2022 was £29,725. With the Centenary shortfall of £42,134, the Surplus on the Normal, non-Centenary activities in the year was therefore £12,409. This has been allocated to the General Reserves.
- The Balance Sheet for December 2022 shows the General Reserves (effectively the accumulated surpluses) at £80,204, which with the unspent Centenary Reserve of £6,344, provides the Society with Total Reserves of £86,548.
The balance sheet shows some dramatic year on year changes:
- The debtors and prepayments have increased from £2,490 in 2021 to £10,406. This is mostly as a result of a deposit of £8,126 paid to the Savoy for the 2023 dinner. It should also be noted that in future the Insurance premiums will be charged in full in the year in which they have been paid, rather than pro-rating them for the period after the year end. This change in policy has had one-off £910 effect on prepayments in 2022.
- The Cash at bank (Note 7) changed from £211,571 in 2021 down to £95,825 this year. This is mostly accounted for by the difference in receipts from Commonwealth entrants before the end of 2021 compared with 2022. Before the end of 2021 there was an unprecedented flow of funds in before the Centenary event, which was not matched by receipts in advance before the 2022 event.
- Under Creditors and Accruals (Note 8) the fall from £109,643 in 2021 to £30,794 is largely due to the fall in Commonwealth receipts in advance for the same reasons as the fall in cash reserves as explained above.
- The Application of Accumulated Funds at £86,548 reflects the overall deficit for the year of £29,725 (£42,134 Centenary activities deficit less £12,409 General activities surplus) set against the brought forward Accumulated Fund of £116,273.
- In line with current protocols, these accounts have been reviewed by the past Hon Treasurer, Ross Graham, who, prior to his sad and untimely death, gave them the go ahead for publication.
George Meakin, Hon Treasurer.