Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
President’s report and financial statements
Contents
President’s report
1
Statement of Society’s responsibilities
2
Independent examiner’s report to the members of Nottingham, Derby and Lincoln
Society of Chartered Accountants
3
Income and expenditure account
4
Balance sheet
5
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
President’s report
My year in office seems to have been one of change, both locally and nationally.
In September, we learned that our Regional Director, Gill Sykes, had been head hunted
to become ICAEW Head of Practice. Whilst a great opportunity for Gill, this was, of
course, a huge loss to us in the District Society. I would like to take this opportunity to
thank Gill for her hard work for the District over the years, and wish her continuing
success in her new role.
Nationally, there have been changes to the composition of Council that have been hotly
debated, but have finally been agreed.
During the year, I have attended a number of meetings and events, including branch
committee meetings, District Society meetings, District Society Office Holders
conferences and a number of annual dinners, both of other District Societies and other
local bodies.
The CPD needs of the members locally have continued to be well catered for by the
three branches. My thanks go to all those that ensure that these training courses are a
success, in particular to Richard Ransom and Elaine Franklin who arrange the courses.
To ensure that the Institute qualifications are at the forefront as a career, the District
Society has continued to sponsor awards to students at universities in Derby, Lincoln
and Nottingham. I have been honoured to present awards at some of these universities
during my year in office.
To further promote the qualification, a successful regional heat of the national interschools competition, Business Accounting and Skills Education (BASE), was held at
Nottingham University with a number of local schools participating.
My
congratulations go to the winners, Woodlands School, Derby, who will go on to
represent us in the national finals.
Our Annual Dinner was held in March in the impressive surroundings of the Old
Chemistry Theatre at the Nottingham Conference Centre. Although, again, only
supported by a limited number of members the dinner seems to have been enjoyed by
those attending. Macmillan, the chosen charity for the evening, received donations of
over £900, including gift aid.
I would like to express my thanks to the Branch Presidents and officers, the other
members on the District Society and Branch Committees as well as our Council
Members John Ball and Michael Hawley. My thanks go also to our new Regional
Director, Tom Madden and to Elaine Franklin and Heather Coath, our regional team
who work tirelessly on our behalf.
I wish my successor Jeremy Mumby a very successful and enjoyable year in office.
Cath Walker
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
Independent Examiner’s report to the members of Nottingham, Derby and
Lincoln Society of Chartered Accountants
I report on the accounts of the Committee for the year ended 31 December 2010.
Respective responsibilities of the committee and examiner
As the Committee of the Society, you are responsible for the preparation of the
accounts. It is my responsibility to state, whether particular matters have come to my
attention.
Basis of independent examiners’ report
My examination includes a review of the accounting records kept by the Society and a
comparison of the accounts presented with those records. It also includes consideration
of any unusual items or disclosures in the accounts, and the seeking of explanations
from you as the committee concerning any such matters. The procedures undertaken do
not provide all the evidence that would be required in an audit and, consequently, I do
not express an audit opinion on the view given by the accounts.
Independent examiners statement
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that, in any material respect, the
requirements:

to keep proper accounting records; and

to prepare accounts which accord with the accounting records
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
Name:
A West
Date:
Professional qualification
or body:
FCA
Address:
550 Valley Road, Basford, Nottingham, NG5 1JJ
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
Statement of Society’s responsibilities in respect of the President’s report and the
financial statements
The Society’s rules require Financial Statements to be prepared for each financial year,
which give a true and fair view of its state of affairs as at 31 December and of its
income for the year then ended. These statements are required to be reviewed by an
independent accountant and copies made available to members.
In preparing these statements the Committee of the Society will have due regard to:

Selecting suitable accounting policies

Making judgements and estimates that are reasonable and prudent

Observing applicable accounting standards

Preparing the Financial Statements on a going concern basis
The Committee of the Society is responsible also for keeping proper accounting
records which disclose with reasonable accuracy the financial position of the Society
and for safeguarding its assets.
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
Income and expenditure account
for the year ended 31 December 2010
£
2010
£
£
2009
£
Income
Surplus on events
Interest receivable
Miscellaneous income
4,478
65
144
9,804
822
-
4,687
10,626
Expenditure
Personnel
Communication
University bursaries
Member support activities
Administration and miscellaneous
(Deficit)/surplus
4,500
3,405
650
2,129
3,500
1,331
450
500
490
10,684
6,271
(5,997)
4,355
Nottingham, Derby and Lincoln Society of Chartered Accountants
President’s report and financial statements
31 December 2010
Balance sheet
at 31 December 2010
£
Fixed assets
Office equipment
Current assets
Debtors and prepayments
Cash at bank
Creditors: amounts falling due within one year
Creditors, accruals and deferred income
2010
£
2009
£
1
1
13,903
118,432
16,288
124,514
132,335
140,802
(31,053)
(33,523)
Net current assets
101,282
107,279
Net assets
101,283
107,280
Accumulated funds
Balance as at 1 January 2010
(Deficit)/surplus for the year
107,280
(5,997)
102,925
4,355
Balance as at 31 December 2010
101,283
107,280
These financial statements were approved by the Committee on 22 March 2011 and were signed on its
behalf by:
C Walker
President
M L Cooper
Honorary Treasurer