S
Steve Flanagan
I have been asked to become treasurer of a small local sports and
social club (less than 100 members).
Our main income is obviously from yearly subscriptions and profits
from our bar area. We also have a snooker table which members use via
a light meter and a fruit machine which also provides some small
income.
There is a steward who receives a wage from the club and mainly deals
with serving behind the bar, but also some other admin duties (paying
cash into the bank, etc).
The club owns the building it is based, and has a small loan from a
bank.
My main questions are:
In what format "should" (as far as I am aware there are not set
standards here in the UK for social clubs) the yearly accounts and
balance sheet be shown. I believe that the format used in the past
may not provide the best information to the members.
Also, we obviously pay the VAT element of the bar sales to the Inland
Revenue whilst claiming VAT back from bar supplies purchased. Should
I show the gross amounts in the "Bar Trading Account" and then show
VAT paid to the Inland Revenue in the Expenditure section of the
"Income and Expenditure Account" or should everything be shown
irrespective of VAT? My feeling is that it doesn't make all that much
difference - but I could be wrong on this.
In respect of income from the snooker table and the fruit machine,
should these be shown in the "Bar Trading Account"? If this is a
matter of decision and we decide to do so, should the "Bar Trading
Account" be re-named "Trading Account"?
Whilst paying the steward, the cost of wages is included within the
"Bar Trading Account" as an additional expense, however, should the NI
contributions paid by the club be also included, or should these be
shwon in the "Income and Expenditure Account" under a separate
heading?
Finally, does anyone know of a website or such that provides a basic
format of reporting such accounts?
Many thanks in advance
Steve Flanagan
social club (less than 100 members).
Our main income is obviously from yearly subscriptions and profits
from our bar area. We also have a snooker table which members use via
a light meter and a fruit machine which also provides some small
income.
There is a steward who receives a wage from the club and mainly deals
with serving behind the bar, but also some other admin duties (paying
cash into the bank, etc).
The club owns the building it is based, and has a small loan from a
bank.
My main questions are:
In what format "should" (as far as I am aware there are not set
standards here in the UK for social clubs) the yearly accounts and
balance sheet be shown. I believe that the format used in the past
may not provide the best information to the members.
Also, we obviously pay the VAT element of the bar sales to the Inland
Revenue whilst claiming VAT back from bar supplies purchased. Should
I show the gross amounts in the "Bar Trading Account" and then show
VAT paid to the Inland Revenue in the Expenditure section of the
"Income and Expenditure Account" or should everything be shown
irrespective of VAT? My feeling is that it doesn't make all that much
difference - but I could be wrong on this.
In respect of income from the snooker table and the fruit machine,
should these be shown in the "Bar Trading Account"? If this is a
matter of decision and we decide to do so, should the "Bar Trading
Account" be re-named "Trading Account"?
Whilst paying the steward, the cost of wages is included within the
"Bar Trading Account" as an additional expense, however, should the NI
contributions paid by the club be also included, or should these be
shwon in the "Income and Expenditure Account" under a separate
heading?
Finally, does anyone know of a website or such that provides a basic
format of reporting such accounts?
Many thanks in advance
Steve Flanagan