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Accounting for a Sports Club

How do I account for a sports club that hosts 5 different sports - Football, Volleyball, Golf, Table Tennis and Badminton?

Do I treat each sport as a subsidiary/restricted fund? So for example football equipment can only be paid via any income football generates etc?

Or do I keep things centralised and have all expenses run through myself before approving etc?

We are a fairly new sports club and 2019 will be our first accounting year.

When I compile the annual accounts, do I do seperate accounts for all the sports and then consolidate it?

And in terms of budgeting, same question as above.

Thank you for your help!

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22nd Jan 2019 19:12

You do whatever the management of the club require, in order to run the club correctly, and whatever the club's accountants advise having regard to the legal structure of the club. Simple as that, really.

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23rd Jan 2019 13:26

I act as a treasurer of one, which is a charity - is yours? Our organisation has each sport paying into the central fund an annual subscription, which pays the running costs The club owns the assets

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to bernard michael
23rd Jan 2019 19:04

Ours is not a Charity. We established in 2016 and we're still finding our feet.

I guess we need to agree what structure we want. Hence why I asked regarding keeping funds separate. For eg football expenditure is paid for by football etc.

Or does it make it more simple to keep it centralised?

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By Anita14
23rd Jan 2019 17:48

I doubt each activity would be a restricted fund. If the income is generated by people paying fees to play, for instance, they are getting something in return, therefore not making a donation, so it's unrestricted. It's then up to the club to decide what to spend it on. The exception would be if you got a grant for a particular facility and it was a condition of the grant that you generate income to sit alongside the grant.

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24th Jan 2019 09:41

My advice is keep each sport expenditure separate. It's then easier to identify whether they are worth continuing with

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