Annual Accounts

The Lucifer Golfing Society – The posting of the annual accounts for the year to

31st December 2019 on the LGS website

Click here for Lucifer GS 2019 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, Ross Graham.

Commentary

Overview

The 2019 Accounts of the Lucifer Golfing Society are attached. The results are in line with expectation and contain no surprises. The following observations may assist in their comprehension.

A good profit of £10,441 was recorded reflecting, in part, the successful Commonwealth Tournament (“CT”) but also helped by contributions from Member events and other bits and pieces.

  • This year a Centenary Reserve has been set up of £52,500. The Centenary Levy has produced almost £11,500 so far and over £3,000 remains to be collected that will be added to the Centenary Reserve which should therefore grow to at least £55,000 by November 2021 when the celebrations are due to commence. The balance of the Centenary Reserve has been created by utilising Funds accumulated over the years.
  • The Society’s cash position is strong. The year-end position was some £10,000 below the balance at the previous year-end as a result mainly of a reduction in advance payments for the CT and higher than normal deposits paid for future events (including The Savoy). As the CT has been abandoned for 2020, all advances both received and paid out have been reimbursed with the deposits for The Savoy rolled over to next year and the year after.

 

With all the uncertainties on the period of the current lock-down, it would be folly to make any firm predictions. However, barring anything untoward, the Society should record a surplus for 2020 of around £15,000 thereby helping to bolster our reserves still further, making us resilient to the turmoil all around.

Ross Graham, Hon Treasurer.

 

Click here to view the 2018 Accounts.