CHAPTER 5 (c) Fixed Assets


Clubhouse & Pitch Equipment


Balance Sheet for Tulla GAA Club as at 31/12/12 Cost Dep -


[1] [2]


Investments 4% Govt. Investments Credit Union


Current Assets Bar Debtors Bar Stock


Investment Interest Due (2,000 - 1,500) Bank


Current Liabilities Bar Creditors


Subscriptions prepaid Working Capital Total Net Assets


Financed By Life Membership (45,000 + 10,000 - 5,500) Levy Reserve Fund (25,000 + 25,000) Accumulated Fund


Excess Income over Expenditure Capital Employed


(d)


Points to make at the AGM • The Excess Income over Expenditure for Tulla GAA Club in 2012 is €78,512. • The Subscriptions for 2012 amounted to €10,250. In the event of this recurring, this would result in a reduction of €2,562.50 (10,250 @ 25%). [6]


• However, entrance fees amount to €2,000 and sponsorship amounts to €22,000. This income is a large proportion of total income. It is important to note that this is not guaranteed income from year to year. Therefore it is not prudent to reduce subscriptions. [3] In the event of the sponsorship deal falling through, this would have a large impact on the club’s excess income.


• Following assessment of the club’s accounts, I feel the club is financially capable in the short term of reducing its subscriptions by 25%. [3]


• A reduction in subscriptionswould attract more members which may have a knock-on effect on entrance fees and bar sales.


• However, considering all factors, I think that Tulla GAA Club should not reduce subscriptions but instead they should invest money in improving the club’s facilities in order to attract new members. [3]


[1] 650 [1] 7,000 (7,650)


163,362 500,562


[2] [2]


[1]


49,500 50,000


322,550 78,512


500,562


Life Membership The balance (less the write- off) of the life membership account is treated as long-term liability in the Financed by section of the Balance Sheet.


[1] [1] [1] 500


3,000 [3]


500


167,012 171,012


Bank €167,012 is the closing figure on the Receipts and Payments Account.


250,000 34,000


284,000 6,800 [1] NBV 250,000


[1] 6,800 27,200 277,200


[1] [1]


50,000


10,000 337,200


The club bought more equipment during the year (20,000 + 14,000)


5


63


Note


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