The posting of the annual accounts for the year to 31st December 2020
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.
The 2020 accounts of the Lucifer Golfing Society are attached. The results are in line with expectations bearing in mind that there was no Commonwealth Tournament (“CT”) in 2020. The following comments may assist reader’s understanding of the figures.
- The overall surplus of income over expenditure was £22,326 which was considerably higher than the prior year figure of £10,441. This was mainly as a result of recognising the full amount of the Centenary Levy collections (see the Centenary Levy note in the Income and Expenditure Account) and cost savings resulting from the cancelled CT.
- As explained in the Balance Sheet, Note 9, the Centenary Reserve has now reached its target of £55,000. This fund will be allocated towards defraying the costs of the Centenary Events to members. The first of these will be the Lords Dinner in November 2021 so the majority of the Reserve will be carried forward into 2022.
- The Cash position is strong with all the Centenary Levy cash received but still to be spent.
- The Debtors and Prepayments are almost unchanged from 2019, with the £11,300 Savoy deposit still in place. This will be part utilised towards the Dinner on July 7th this year with the balance being carried forward to the 2023 Savoy dinner (The 2022 Centenary dinner will be at the Mansion House).
- The creditors at £4,566 are much reduced from the figure of £20,348 in 2019 as there are no Centenary levies in advance (they have all been fully paid up) and nor have there been any up-front receipts for the now cancelled 2021 CT.
- In the current climate of uncertainty, one would hesitate to make predictions for the year ahead but the Society should be able to record a surplus in the region of £15,000 to further boost our reserves.
- 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.