The posting of the annual accounts for the year to 31st December 2021

Click here for Lucifer GS 2021 accounts

Introduction

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.

Commentary

Overview

The 2021 accounts of the Lucifer Golfing Society are attached. The results differ considerably from those of 2020 because, although there was no Commonwealth Tournament (CT) there was the first Centenary event, the Lords Dinner, in November and the entry fees for the 2022 CT from overseas participants were being received. The following comments may assist the reader’s understanding of the figures.

  • In the Income and Expenditure Account the overall surplus of income over expenditure for normal activities in the year was £11,937, which has been allocated to General Reserves. The Lords Dinner was funded to the extent of £6,522 from the £55,000 Centenary Reserve, leaving the net addition to the Society’s overall reserves of £5,415.
  • The Commonwealth Meeting figures are only included as part of the accounts presentation pack but obviously there has been nothing to report for this or the previous year.

 

The balance sheet shows some dramatic year on year changes:

  • The debtors and prepayments have reduced from £18,845 in 2020 to only £2,490 in 2021. As shown in Note 6 to the Balance Sheet, the main reason is that in 2021 there have been no deposits paid out on Lords, Matfen Hall or The Savoy. These 3 alone account for almost the entire difference.
  • The Cash at bank movement (Note 7) from £84,242 to £212,571 reflects the unprecedented enthusiasm from overseas invitees for this year’s Commonwealth and Centenary events and for the exceptional amount (£103k) they paid in advance in December alone.
  • Under Creditors and Accruals (Note 8) again the increase from £4,566 in 2020 to £109,643 in 2021 is chiefly as a result of the £103k of Overseas receipts as well as the final invoice from Lords (£5k), which only arrived after the year end.
  • The Application of Accumulated Funds resulting in the Total Overall Reserves (Note 9) of £116,273 at the end of the Balance Sheet shows how the overall surplus of £5415 shown on the Income and Expenditure account has been allocated between the Centenary and General Reserves, including the Note at the end.
  • In line with current protocols, these accounts have been reviewed by the past Hon Treasurer, Ross Graham, who has given them the go ahead for publication.

 

George Meakin, Hon Treasurer.

September 2022

 

Click here to view the 2020 Accounts.