LOCSU Annual Report 2013/14 - page 29

29
BALANCE SHEET
2014
£
2014
£
2013
£
2013
£
FIXED ASSETS
Tangible assets
17,833
28,334
CURRENT ASSETS
Debtors
26,217
22,245
Cash at bank and in hand
373,978
568,384
400,195
590.629
CREDITORS:
Amounts falling due within one year
115,237
122,433
NET CURRENT ASSETS
284,958
468,196
TOTAL ASSETS LESS CURRENT LIABILITIES
302,791
496,530
RESERVES
Income and expenditure account
Balance brought forward
496,530
260,060
(Deficit) Surplus for the year
(193,739)
236,470
MEMBERS’ FUNDS
302,791
496,530
NOTE:
These summarised financial statements are an extract from the
statutory financial statements for the year ended 31st March 2014
which have been audited by Menzies LLP, who gave an unqualified
audit report on 1st August 2014.. The auditors have confirmed
to the directors that these summarised accounts are consistent
with the statutory financial statements.
FINANCIAL REPORT 2013/14
The result for the year ended 31st March 2014 was a deficit of
£194,000 on a turnover of £1,035,000 compared with a surplus
in the previous year of £236,000 on a turnover of £1,225,000.
The substantial but planned reduction in turnover arose because
of the reduced levy from 0.5% to 0.4% of GOS sight test fees from
1st April 2013 announced last year.
The budget for the year ended 31st March 2014 was a deficit budget
to bring LOCSU’s reserves down to the Board’s reserves strategy level
of three month’s costs and the budget for the current year is to
remain at that level.
There was a one-off charge in the year for the DVLA contract bid of
£32,000 which included legal fees and project management costs.
Software development and associated costs increased by £70,000
as the scale of LOC Companies and their requirements developed.
As is now well established, LOCSU only incurs expenditure on
projects that are of benefit to LOCs and to help them develop
services and LOCSU budgets accordingly with rigorous Board
oversight.
1...,19,20,21,22,23,24,25,26,27,28 30,31,32
Powered by FlippingBook