2003 - the DHO

2003
Hon Treasurer's Report
Duncan Lonie
The accounts for the year to June 2003 now follow the standard company format. Whilst complete copies of the accounts will be
available at the AGM the essential pages are the balance sheet and trading profit and loss account which are published here.
The accounts show a substantial increase in turnover, which is due to the extended activities of the racing and training camps. Sadly
the disastrous snow conditions last Christmas led to some serious losses on that camp, but the overall loss in R 6c T was
approximately £3,000. This was covered by a donation of £4,000 from the Hepworth Trust.
Subscription income this year increased slightly, but not sufficiently to cover our costs. No substantial losses have been recorded
in our accounts because no rent was paid for the Breithorn apartment. We are therefore indebted to the Hepworth Trust this year
for a total of £9,000. I hope the members will therefore appreciate the need for the increase in the subscription level for the
coming season.
THE DOWNHILL ONLY CLUB
TRADING AND PROFIT AND LOSS ACCOUNT
for the Year Ended 30 June 2003
Income:
Subscriptions
Journal advertising
Donations
Training fees & schoolboys'
races
Sale of merchandise
Rental income
Coggins income
Cost of sales:
DHO journal
Training fees 8e schoolboys'
races
Coggins expenditure
GROSS PROFIT
Other income:
Deposit account interest
Expenditure:
I lonorariums
Telephone, stationery and
secretarial
Premises expenses
Subscriptions
Donations
Sundry expenses
Legal & professional fees
Rent
Insurance
Finance costs:
Bank charges
Depreciation:
Fixtures & fittings
NET LOSS
2003
£
29,836
2,909
4,000
193,704
46
1,090
6,628
238,213
7,883
195,414
6,976
210,273
27,940
38
27,978
15,714
533
2,000
1,300
1,521
115
2,966
500
1,418
26,067
1,911
623
1,288
1,477
£(189)
2002
£
28,666
998
-
132,905
727
500
6,600
8,213
128,376
5,948
27,859
13
27,872
15,982
254
1,678
800
250
301
4,117
5,500
1,195
(2,205)
633
(2,838)
980
£(3,818)
142,537
30,077
THE DOWNHILL ONLY CLUB
BALANCE SHEET
30 June 2003 2003 2002
Notes £ £ £ £
FIXED ASSETS:
Tangible assets 5
131,892
133,369
CURRENT ASSETS:
Stocks
Debtors 6
Cash at bank
1,200
367
22,798
1,200
111
8,867
24,365 10,178
170,396 CREDITORS: Amounts falling due within one year
7 47,338 41,439
NET CURRENT LIABILITIES: (22,973)
TOTAL ASSETS LESS CURRENT LIABILITIES:
108,919
CREDITORS: Amounts falling due after more than one year
8
102,020
RESERVES: Profit and loss account
£6,899
6,899
£6,899
(31,261)
102,108
95,020
£7,088
7,088
£7,088
The company is entitled to exemption from audit under Section 249A(1) of the Companies Act
1985 for the year ended 30 June 200.3.
The members have not required the company to obtain an audit of its financial statements for
the year ended 30 June 2003 in accordance with Section 249B(2) of the Companies Act 1985.
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Section 221 of the
Companies Act 1985 and
(b) preparing financial statements which give a true and fair view of the stare of affairs of the
company as at the end o( each financial year and of its profit or loss for each financial year in
accordance with the requirements of Section 226 and which otherwise comply with the
requirements of the Companies Act 1985 relating to financial statements, so far as applicable to
the company.
These financial statements have been prepared in accordance with the special provisions of Part
VII of the Companies Act 1985 relating to small companies and with the Financial Reporting
Standard for Smaller Entities (effective June 2002).
ON BEHALF OF II IE BOARD:
E D Lonic - Director