Golf Club Accounts

Golf Club Accounts

Didn't find your answer?

We have come across a golf club which takes depreciation directly to reserves. Members joining fees are also taken to reserves.

I would appreciate hearing from anyone who prepares golf club accounts to find out if the above is typical for golf clubs.

The club exists for the benefit of it's members. Are there specific accounting principles that should apply to them?

Replies (6)

Please login or register to join the discussion.

avatar
By carnmores
09th Dec 2011 14:30

i think we need slightly more information

are you saying that there is no charge in the income and expenditure account and that the FA go down by the annual depn charge and the resrevs down by the same amount

Thanks (0)
Replying to VickyP:
avatar
By Southbankdelboy
10th Dec 2011 09:35

Presentation

carnmores wrote:

are you saying that there is no charge in the income and expenditure account and that the FA go down by the annual depn charge and the resrevs down by the same amount

Yes, no charge in I & E account, instead depreciation is shown in the general reserves section of balance sheet.

Thanks (0)
avatar
By gerawson
09th Dec 2011 15:01

Golf club accounts

I do three, there's no special provisions, but some have strange idea's re presentation. I think it's because the treasurers are usually retired accountants! LOL

Thanks (0)
Replying to Paul D Utherone:
avatar
By Southbankdelboy
11th Dec 2011 09:34

Could you please share some information

gerawson wrote:

I do three, there's no special provisions, but some have strange idea's re presentation. I think it's because the treasurers are usually retired accountants! LOL

So what do they do for depreciation and for joining fees?

Is it therefore the position that because there are no special accounting provisions then "not for profit" golf clubs are not required to comply with any particular accounting standards for example to take depreciation to the I + E account, etc.?

Thanks!

Thanks (0)
avatar
By Chris Smail
11th Dec 2011 17:24

What is the underlying entity?

If it is a company (Gtee or shares) then companies acts apply

If it is an Industrial & Provident Society (or a Friendly Society) then specific rules apply and best to borrow the book from the Institute library.

If it is an unincorporated association then its Liberty Hall.

BUT if you are qualified then you will be obliged to follow GAAP if you are preparing them or on the Committe.

Thanks (0)
Replying to CMED:
avatar
By Southbankdelboy
11th Dec 2011 18:50

Unincorporated club

Thanks for reply Chris. Depreciation has always been shown as a debit in the reserves section of the balance sheet and is therefore consistent on an annual basis. I was interested to know if other clubs show it here too.

 

 

Thanks (0)