Annual Accounts - Lucifer Golfing Society

Accounts and Commentary for the financial year end 31st December 2023

Click to download the 2023 Accounts

Introduction

In this era of transparency, the LGS Committee decided some years ago that it would be 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.

Commentary

The 2023 accounts of the Lucifer Golfing Society are attached.

The results differ considerably from those of 2022 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.

The exceptional effect on the overall results for the Centenary year 2022 can be summarised as follows:

During the 5 years to December 2022, the Society built up a Centenary Reserve of £55,000 from a combination of member’s contributions and an appropriation from 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.

For the year ended 31 December 2023

The loss for the year was £13,374, of which the Commonwealth Tournament recorded a loss of £11,815
It must be borne in mind that the comparative figures between 2023 and 2022 are reporting the relatively straightforward year in 2023 against the exceptional Centenary year in 2022, which benefitted from the £55,000 Centenary Reserve Fund.
Members event losses and Dinner losses totalled £3,400. This includes the VPar Scoring system (£354) but it should be remembered that the Meetings income was reduced by the £40 per head subsidy for all entrants.
The Trophies figure of £98 is an “adjusting” amount in order to ensure that the Stock of Trophies figure now reflects the physical Stock as shown in the Stock Counts undertaken by the Scribes.
It should be noted that the Website expenses have increased by approx. £4,000. This is partly due to the Net72 new agreed annual running costs – from £700 pa to £2088 pa. In addition there was a further £2,800 of extra charges for time spent on the development of a more efficient CT and Events recording system.
Print costs are higher because 2023 was a year that included the fully revised and updated Member’s List (carried out every 2 years).
The Commonwealth Meeting and Events Analysis (4th page of the Accounts package) has been presented in a revised and hopefully more user-friendly format.
The overall deficit in the year of £13,374 reduces the Society’s Total Reserves to £73,134.
As requested by the Committee this has been allocated as £50,000 Special Reserve and £23,134 General Reserve.