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FOR MEMBERS ONLY

ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

Reg.No.10626R

──────────────────────────────────────────────────────────────────────────

FINANCIAL ACCOUNTS FOR THE


PERIOD ENDED 30 JUNE 2008

To be presented at the
half yearly General Meeting
of members on Monday 29 September 2008
at 7.30pm prompt

YOU ARE EARNESTLY REQUESTED TO ATTEND

* *
Members having queries regarding the statement of accounts
should contact the secretary 48 hours before the meeting.
* *

──────────────────────────────────────────────────────────────────────────

MORRELL MIDDLETON AUDITORS LTD


REGISTERED AUDITOR
CHARTERED CERTIFIED ACCOUNTANTS
YORK
page 1
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008

AGENDA

1 Notice convening meeting.


2 Minutes of last meeting.
3 Secretary's report
4 Balance sheet.
5 Auditors report.
6 Committee report.
7 Any other business, of which due notice has been given.

Committee Attendances Possible Absent Actual

T McDaid (President) 19 - 19
J Lane (Secretary) 19 - 19
A Redhead (Assistant Secretary) 19 - 19
R Harris (Head of Finance) 19 - 19

D Bell 19 - 19
J Green 19 - 19
K Sweeting 19 - 19
D MacGregor 19 - 19
P Morgan 19 4 15
T Richardson 19 8 11
T Ridsdale 19 10 9
T Hagues 6 - 6
F Slade 6 - 6
S Thompson 2 - 2

Membership as at 30 June 2008 – 1,649

STATEMENT OF COMMITTEE MEMBERS RESPONSIBILITIES

The law governing Industrial and Provident Societies requires the Committee to prepare financial
statements for each period which give a true and fair view of the state of the affairs of the club and its
income and expenditure for that period. In preparing those financial statements the Committee are
required to:

- select suitable accounting policies and apply them consistently;


- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless
it is inappropriate to presume that the club will continue in business

The Committee are also responsible for:

- keeping proper accounting records;


- safeguarding the club's assets;
- taking reasonable steps for the prevention and detection of fraud
page 2

Independent Auditors' report to the members of

Acomb Working Men's Club and Institute Limited

We have audited the financial statements of Acomb Working Men’s Club & Institute for the period ended
30 June 2008 on pages 3 to 9. These financial statements have been prepared in accordance with the
Friendly Societies Act 1974 and the Friendly and Industrial & Provident Societies Act 1968, under the
historical cost convention and the accounting policies set out therein.

This report is made solely to the clubs members. Our audit work has been undertaken so that we might
state to the club’s members those matters we are required to state to them in an auditors' report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the club and the club’s members as a body, for our audit work, for this report, or for
the opinions we have formed.

Respective responsibilities of committee and auditors


The committee are responsible for the preparation of financial statements in accordance with applicable
law and United Kingdom accounting standards. Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.

We report to you our opinion as to whether the financial statements give a true and fair view and are
properly prepared in accordance with the Friendly Societies Act 1974 and the Friendly and Industrial &
Provident Societies Act 1968. We also report to you if, in our opinion, the club has not kept proper
accounting records or if we have not received all the information and explanations we require for our
audit.

We also consider any other information presented with the financial statements and report if we are aware
of any apparent misstatements within it.

Basis of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued
by the Auditing Practices Board, except that the scope of our work was limited as explained below.

An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant estimates and judgements made by
the director in the preparation of the financial statements, and of whether the accounting policies are
appropriate to the company's circumstances, consistently applied and adequately disclosed.

We planned our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error.

In forming our opinion we also evaluated the overall adequacy of the presentation of information in the
financial statements.

Opinion

In our opinion the financial statements give a true and fair view of the state of the club’s affairs as at 30 June 2008
and of it’s surplus for the period then ended They have been properly prepared in accordance with the Industrial
and Provident Societies Act 1965 and the Friendly and Industrial & Provident Societies Act 1968.

29 September 2008 Morrell Middleton Auditors Limited


Chartered Certified Accountants
Registered Auditor
page 3
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

TRADING AND PROFIT AND LOSS ACCOUNT

for the Period ended 30 June 2008

01/01/08 01/01/07
Note -30/06/08 -30/06/07
£ £ £ £

Sale of refreshments 260,251 263,457

Purchases (133,675) (147,534)


──────── ────────
Gross Profit 48.64% 126,576 44.00% 115,923

Other operating income

Subscriptions and affiliation fees 8,520 5,462


Gaming machines 16,258 13,853
Pool table 410 344
Tombola 6,361 8,670
Raffles 575 822
Resale items 339 21
Billiards 1,547 1,740
Open the Box 4,053 4,352
Telephone (deficit)/surplus (161) 190
Joe 90 1,132 1,325
Donations received 153 485
Room hire and sundry income 80 -
──────── ────────
39,267 37,264
Other income

Bank Deposit account 18 2


Scottish Widows Investment Income 394 833
Lapsed members 290 1,000
Scottish and Newcastle UK Ltd loan written off 2,187 3,430
Scottish and Newcastle UK Ltd retrospective discount 8,424 15,973
Cash difference - 2,059
──────── ────────
11,313 23,297
──────── ────────
177,156 176,484

Expenses

Salaries and expenses 2 73,785 102,555


Rebates to members 3 142 116
Grants and donations 4 2,657 3,363
Games and entertainments 5 27,015 29,503
Machine rents and licences 6 3,906 3,276
General expenses 7 8,917 8,109
Establishment costs 8 31,951 38,084
Financial costs and depreciation 9 20,883 12,305
──────── ────────
169,256 197,311
──────── ────────
Surplus/(Deficit) for the period 7,900 (20,827)
════════ ════════
page 4
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

BALANCE SHEET

at 30 June 2008

2008 2007
Note £ £ £ £

Fixed assets

Tangible assets 10 172,068 185,580


──────── ────────
172,068 185,580
Current assets

Stocks 11 10,487 16,267


Debtors and payments in advance 12 13,280 5,345
Investments 13 23,608 22,055
Cash at bank and in hand 14 6,764 23,410
──────── ────────
54,139 67,077
Creditors
Amounts due within one year 15 (65,294) (80,810)
──────── ────────
Net Current (Liabilities) (11,155) (13,733)
──────── ────────
Total Assets less Current Liabilities 160,913 171,847

Creditors: amounts falling due


after more than one year 16 (22,965) (16,419)
──────── ────────
137,948 155,428
════════ ════════

Capital and reserves

Called up share capital 8,245 7,840


Accumulated Fund 17 129,703 147,588
──────── ────────
137,948 155,428
════════ ════════

────────────────────T McDaid (President)

────────────────────J Lane (Secretary)

────────────────────A Redhead (Assistant Secretary) Date: 29 September 2008

────────────────────R Harris (Head of Finance)


page 5
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008

1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with applicable accounting standards and under
the historical cost accounting rules.

Depreciation

Depreciation is calculated to write off the cost or valuation of all fixed assets over their estimated useful lives
as follows:

Freehold buildings 2.5%pa reducing balance method


Property extension 2.5%pa reducing balance method
Furniture and fittings 20% pa reducing balance method

Going Concern
The club has net current liabilities at the period end.

The committee is continuously considering ways of easing cashflow pressures, including generating
additional revenues and/or reducing expenditure. The committee’s thorough review of the club’s activities
has identified sufficient cashflow improvements to be able to assure the continuation of the current facilities
offered to the members and they continue to work towards implementing those improvements.

On this basis the committee considers it appropriate to prepare the financial statements on the going
concern basis. The financial statements do not include any adjustments that would result from there being
insufficient cash inflows to meet the club’s obligations.

Stocks
Stocks are valued at the lower of cost and net realisable value.

2 Salaries, wages and expenses 2008 2007


£ £
Steward and wife 11,305 19,480
Bar assistance including relief steward 41,016 41,893
Cleaners 8,799 22,604
Office staff 446 1,736
Secretary 2,250 4,500
Assistant secretary 1,250 1,250
Concert secretary 100 100
President 250 250
Concert chairman 530 770
Committee fees 2,208 2,597
Finance committee 78 156
Games secretary 80 80
Subscriptions secretary - 130
Scrutineers - 60
Secretary's expenses 60 -
Assistant secretary's expenses 60 -
Concert secretary's expenses 100 -
Delegates fees and expenses 589 445
Taxis for staff 2,435 2,869
Employers' national insurance 2,229 3,635
──────── ────────
73,785 102,555
════════ ════════
page 6
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008
3 Rebates to members 2008 2007
£ £
Members draw 142 116
──────── ────────
142 116
════════ ════════

4 Grants and donations 2008 2007


£ £
Convalescent homes - sundry costs - 74
Convalescent homes – accommodation 351 -
Pensioners grants 2,185 3,169
Grants and donations 121 120
──────── ────────
2,657 3,363
════════ ════════

5 Games and entertainments 2008 2007


£ £
Performing Rights Society 748 644
Entertainment 20,554 19,919
Television licence and maintenance 2,919 3,021
Games expenses 2,133 3,629
Tombola books and draw tickets 661 2,290
──────── ────────
27,015 29,503
════════ ════════

6 Machine rents and licences 2008 2007


£ £
Gaming machine rental 2,383 2,340
Gaming machine licence 1,523 936
──────── ────────
3,906 3,276
════════ ════════

7 General expenses 2008 2007


£ £
Stationery, postage and advertising 1,098 1,387
Computer software and training 1,652 1,149
Telephone line rental 574 520
Affiliation matter 3,067 3,076
Licences and fees 253 245
AGM drinks 232 150
Sundries 289 43
Journals 43 -
Bar requisites and glasses 824 898
Stocktaking 545 510
Health and safety 340 131
──────── ────────
8,917 8,109
════════ ════════
page 7
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008

8 Establishment costs 2008 2007


£ £
Electricity 3,263 11,284
Gas 1,473 1,213
Rates and water 6,968 7,546
Insurance 1,177 1,942
General repairs and renewals 5,946 4,816
Hire of equipment and leasing costs 8,327 7,339
Cleaning materials and hygiene equipment 4,797 3,944
──────── ────────
31,951 38,084
════════ ════════

9 Financial costs and depreciation 2008 2007


£ £
Bookkeeping and accountancy 2,088 265
Audit 3,750 4,035
Legal fees 4,853 -
Bank charges 1,647 393
Freehold property depreciation 1,547 1,120
Property extension depreciation 502 380
Furniture & fitting depreciation 6,412 5,427
Late Filing Penalties re Corporation Tax - 200
Corporation Tax 84 159
VAT surcharges and interest - 326
──────── ────────
20,883 12,305
════════ ════════

10 Tangible fixed assets

Fixtures Freehold Property


& Fittings Property Additions Total
Cost £ £ £ £

1 January 2008 274,287 185,668 40,067 500,022


──────── ──────── ──────── ────────
30 June 2008 274,287 185,668 40,067 500,022
──────── ──────── ──────── ────────
Depreciation

1 January 2008 209,748 99,127 10,619 319,494


Charge for Period 6,412 1,547 502 8,461
──────── ──────── ──────── ────────
30 June 2008 216,160 100,674 11,120 327,955
──────── ──────── ──────── ────────
Net book amount

30 June 2008 58,127 84,994 28,947 172,068


════════ ════════ ════════ ════════
30 June 2007 66,995 88,515 30,070 185,580
════════ ════════ ════════ ════════
page 8
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008

11 Stocks 2008 2007


£ £
Refreshment and bar requisites 7,587 12,192
Other stock 2,900 4,075
──────── ────────
10,487 16,267
════════ ════════

12 Debtors and payments in advance 2008 2007


£ £
Prepayments 6,280 2,839
Accrued Income 7,000 2,506
──────── ────────
13,280 5,345
════════ ════════

13 Investments 2008 2007


£ £
Scottish Widows – 60 days account 23,608 22,055
──────── ────────
23,608 22,055
════════ ════════

14 Cash at bank and in hand 2008 2007


£ £
Cash at bank

Lloyds Bank plc - Buildings & Rec Business Call 372 119
Lloyds Bank plc - steward's bond 95 92
Associates accounts 655 9,933
──────── ────────
1,122 10,144

Cash in hand

Stewards float 800 800


Takings (banked after period end) 4,842 12,466
──────── ────────
5,642 13,266
──────── ────────
6,764 23,410
════════ ════════
page 9
ACOMB WORKING MEN'S CLUB AND INSTITUTE LIMITED

NOTES ON FINANCIAL STATEMENTS

30 June 2008

15 Creditors 2008 2007


£ £
Refreshments and bar requisites 20,352 32,254
Sundry creditors and accruals 9,549 17,266
Bank overdraft 21,571 18,088
Stewards bond 95 92
VAT payable 11,836 8,375
PAYE and social security 1,807 3,796
Corporation Tax 84 939
──────── ────────
65,294 80,810
════════ ════════

16 Creditors: amounts falling due


after more than one year
2008 2007
£ £
Scottish and Newcastle UK Ltd write off loan 13,203 19,849
Advance in the period 11,949 -
Less: written off during period (2,187) (3,430)
──────── ────────
22,965 16,419
════════ ════════

17 Accumulated fund 2008 2007


£ £
At 1 January 125,178 171,259
Associates fund movement (3,375) (2,844)
Surplus/(Deficit) for the period 7,900 (20,827)
──────── ────────
At 30 June 129,703 147,588
════════ ════════

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