CLUB ACCOUNTS Aims Be familiar with the officers and their roles Prepare and analyse receipts and payment accounts Prepare an accumalated fund and a bar trading account. Prepare an income and expenditure account(incorp. adjustments for H.L) Prepare a balance sheet Present a simple treasurer’s report

A Club is an organisation set up by its members. Officers are elected annually at the annual general meeting (AGM) e.g. Chairperson, Treasurer, Secretary. Clubs are non profit making organisations e.g. Golf Club, Rugby Club, Hurling Club, Hockey Club Role of Chairperson Calls meetings Chairs meetings Keeps order in the meetings Puts motions to a vote

Role of Treasurer Collects Subscriptions Lodges money into the club bank account Makes all payments on behalf of a club Prepares annual accounts for the AGM Keeps accurate records

Role of Secretary Sends out notices of meetings Sends out an agenda Arranges dates and venues of meetings Keeps minutes of meetings

AGENDA A List of topics to be discussed at the meeting, the meeting follows the sequence of the Agenda. Cork City Golf Club has its Annual General Meeting on Thursday 10 th April 2012 at 8pm in the Club Minutes of last meeting Chairperson’s Report Secretary’s Report Treasurer’s Report Election of Officers Fund Raising AOB Signed June Cooney Secretary

Analysed Cash Book It is the same as a cash book for business. Receipts on the debit side Payments on the credit side It is analysed into suitable columns to meet the requirements of the club.

Bar Trading Account The club operates a bar and the end of the year it produces a Trading Accounts and the profit/loss is then transferred to the Income and Expenditure Account. Example Bar Sales€20,000 Bar Purchases€8,000 Bar opening Stock€3,500 Bar closing Stock€2,100

Bar Trading Account Solution Bar Trading Account€€ Bar Sales COST OF SALES Opening Stock Bar Purchases Bar Closing Stock Bar Profit 3,500 8,000 11,500 2,100 20,000 9,400 11,600

Accumulated Fund The accumulated fund is the capital of the club and s the difference3 between the assets and the liabilities of the club at the beginning of the year

Solution

Receipts and payment account Cash balance at start of the year Receipts – on the debit side Payment on the credit side

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Receipts and Payments Solution

Income and Expenditure a/c Only record those receipts and payments that actually relate to the period in question. Match like items Include bar profit Include depreciation Do working where necessary Do not show the purchase or sale of assets Do not show the opening bank/cash balance

Income & Expenditure Solution

Balance Sheet Fixed Assets – Buildings and machinery etc Adjustment-depreciation Current Assets – Stock Adjustments - Amounts prepaid and subscriptions due Current Liabililites – Bank overdraft Adjustments - Amounts due and subscriptions prepaid Finanace By – accumlated fund, long term loan Adjustments - Add/subtract the figures from your income and expenditure account.