American Women's Club Limited - Limited company accounts 16.3

REGISTERED NUMBER: 00552731 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

AMERICAN WOMEN'S CLUB LIMITED

Page

Company Information

1

Report of the Directors

2

to

3

Report of the Independent Auditors

4

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

7

to

10

DIRECTORS:

Terry Richard

Lauren Ratner

Jennifer Skor

Sarah Van Staveren

Amy Haskill

Eva Chu

Zehra Quershi

Elizabeth Serven

Tatiana Lesnikova

Lorinda Kamerman

Pamela Brandt

Mary Jane Eckert

Yvonne Veger

REGISTERED OFFICE:

68 Old Brompton Road

London

SW7 3LQ

REGISTERED NUMBER:

00552731 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of a social centre for American

women in London.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this

report.

Terry Richard

Lauren Ratner

Jennifer Skor

Elizabeth Serven

Tatiana Lesnikova

Lorinda Kamerman

Pamela Brandt

Mary Jane Eckert

Yvonne Veger

Other changes in directors holding office are as follows:

Naina Mistry - resigned 31 January 2016

Sarah Van Staveren - appointed 26 April 2016

Elizabeth Gonna - appointed 24 April 2016 - resigned 15 June 2016

Amy Haskill - appointed 27 January 2016

Lynn Loring - appointed 27 January 2016 - resigned 24 April 2016

Eva Chu - appointed 27 January 2016

Zehra Quershi - appointed 27 January 2016

Beverly Ornik - resigned 27 January 2016

Debora Pulver - resigned 27 January 2016

Anne Anspach - resigned 27 January 2016

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the surplus or deficit of the company for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have

taken as a director in order to make herself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mary Jane Eckert - Director

25 April 2017

We have audited the financial statements of American Women's Club Limited for the year ended 31 December 2016 on

pages five to ten. The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the FRC's website at

www.frc.org.uk/apb/scope/private.cfm.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its deficit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Guy Rolliston (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

10 May 2017

TURNOVER

3

29,327

27,317

Administrative expenses

64,034

58,457

(34,707

)

(31,140

)

Other operating income

4

21,819

25,606

OPERATING DEFICIT

6

(12,888

)

(5,534

)

Interest receivable and similar income

1,296

1,642

DEFICIT BEFORE TAXATION

(11,592

)

(3,892

)

Tax on deficit

261

342

DEFICIT FOR THE FINANCIAL YEAR

(11,853

)

(4,234

)

FIXED ASSETS

Tangible assets

7

1,345

2,263

CURRENT ASSETS

Stocks

201

201

Debtors

8

11,358

9,390

Cash at bank and in hand

148,580

159,250

160,139

168,841

CREDITORS

Amounts falling due within one year

9

28,330

26,097

NET CURRENT ASSETS

131,809

142,744

TOTAL ASSETS LESS CURRENT LIABILITIES

133,154

145,007

RESERVES

Income and expenditure account

11

133,154

145,007

133,154

145,007

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 April 2017 and were signed on its behalf by:

Mary Jane Eckert - Director

Terry Richard - Director

1.	STATUTORY INFORMATION

American Women's Club Limited is a private company, limited by guarantee , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for member

refunds and other similar allowances.

Revenue from the membership subscriptions is recognised in equal instalments over the course of the

subscription year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture and fittings

-

25% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.

TURNOVER

The dues per member charged during the year, were as follows:

New Member

Annual Dues

Administration Fee

To 31 October 2016

£120

£20

From 1 November 2016

£120

£20

The annual dues are payable for the year to 31 October. If a new member joins the Club between 1 May and 31

October in any year, 50% of the annual dues is charged, otherwise the dues for the full year are charged, plus

the new member administration fee in each case. From 1 November 2016 the annual dues remained at £120

and the new member administration fee at £20. There is also an additional 5% charge for members renewing

subscription by paypal to cover the additional costs.

4.	OTHER OPERATING INCOME

2016

2015

£

£

Fund raising activities - income

87,879

135,364

Donations received

2,900

3,876

90,779

139,240

Fund raising activities - expenses

(68,960

)

(113,634

)

21,819

25,606

5.	EMPLOYEES AND VOLUNTEER DIRECTORS

The average number of volunteer directors in the year was 13 (2015: 10).

The average number of employees in the year was 1 (2015: 1).

6.	OPERATING DEFICIT

The operating deficit is stated after charging:

2016

2015

£

£

Depreciation - owned assets

918

915

Auditors' remuneration

1,080

1,080

Auditors' remuneration for non audit work

4,470

4,520

7.	TANGIBLE FIXED ASSETS

Furniture

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

2,774

10,828

13,602

DEPRECIATION

At 1 January 2016

1,387

9,952

11,339

Charge for year

694

224

918

At 31 December 2016

2,081

10,176

12,257

NET BOOK VALUE

At 31 December 2016

693

652

1,345

At 31 December 2015

1,387

876

2,263

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

162

357

Prepayments

11,196

9,033

11,358

9,390

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Tax

259

343

Social security and other taxes

214

103

VAT

2,568

854

Dues unearned

14,351

16,469

Receipts in advance of activities

1,549

1,850

Accrued expenses

9,389

6,478

28,330

26,097

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

16,500

16,500

Between one and five years

4,125

20,625

20,625

37,125

11.

RESERVES

Accumulated

Fund

£

Deficit for the financial year

(11,853

)

Net decrease in funds

(11,853

)

Accumulated Funds at 1 January 2016

145,007

Accumulated Funds at 31 December 2016

133,154

12.	LIMITED BY GUARANTEE

Each member's liability is limited by guarantee to £1, which may be called if the company is wound up.

13.	FIRST YEAR ADOPTION

The company's date of transition to FRS 102 was 1 January 2015.

No transitional adjustments have been made to the comparative figures and the company's financial position and

performance have not been affected by the transition to FRS 102. There have been no significant changes to the

accounting policies as a result of the new financial reporting framework.