American Women's Club Limited - Limited company accounts 18.2

REGISTERED NUMBER: 00552731 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

AMERICAN WOMEN'S CLUB LIMITED

Page

Company Information

1

Report of the Directors

2

to

3

Report of the Independent Auditors

4

to

5

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

to

11

DIRECTORS:

Haley Green

Sarah Ann Kenney

Anne Kollar

Barbara Kim

Amy Richards

Sarah Van Staveren

Cara Dolence

Karen Steinman

Eva Chu

Pamela Brandt

Yvonne Veger

Charlene Degen

Christina Karna

Bea Mosdal

SECRETARY:

Barbara Kim

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

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 2017.

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 2017 to the date of this

report.

Eva Chu

Pamela Brandt

Yvonne Veger

Other changes in directors holding office are as follows:

Terry Richard - resigned 25 April 2017

Lauren Ratner - resigned 25 April 2017

Jennifer Skor - resigned 25 April 2017

Haley Green - appointed 25 April 2017

Sarah Ann Kenney - appointed 25 April 2017

Anne Kollar - appointed 25 April 2017

Barbara Kim - appointed 25 April 2017

Amy Richards - appointed 16 May 2017

Sarah Van Staveren - appointed 7 December 2017

Cara Dolence - appointed 7 December 2017

Karen Steinman - appointed 7 December 2017

Amy Haskill - resigned 25 April 2017

Zehra Quershi - resigned 8 December 2017

Elizabeth Serven - resigned 8 December 2017

Tatiana Lesnikova - resigned 8 December 2017

Lorinda Kamerman - resigned 8 December 2017

Mary Jane Eckert - resigned 25 April 2017

Charlene Degen , Christina Karna and Bea Mosdal were appointed as directors after 31 December 2017 but prior to the date of this report.

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:

Haley Green - Director

25 April 2018

Opinion

We have audited the financial statements of American Women's Club Limited (the 'company') for the year ended

31 December 2017 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements,

including a summary of significant accounting policies. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted

Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its deficit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial

statements section of our report. We are independent of the company in accordance with the ethical requirements that

are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of

the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	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; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Report of the Directors.

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.

Responsibilities of directors

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, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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.

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 July 2018

TURNOVER

3

28,596

29,327

Administrative expenses

66,512

64,034

(37,916

)

(34,707

)

Other operating income

4

25,615

21,819

OPERATING DEFICIT

6

(12,301

)

(12,888

)

Interest receivable and similar income

469

1,296

DEFICIT BEFORE TAXATION

(11,832

)

(11,592

)

Tax on deficit

100

261

DEFICIT FOR THE FINANCIAL YEAR

(11,932

)

(11,853

)

FIXED ASSETS

Tangible assets

7

428

1,345

CURRENT ASSETS

Stocks

201

201

Debtors

8

16,822

11,358

Cash at bank

135,203

148,580

152,226

160,139

CREDITORS

Amounts falling due within one year

9

31,432

28,330

NET CURRENT ASSETS

120,794

131,809

TOTAL ASSETS LESS CURRENT LIABILITIES

121,222

133,154

RESERVES

Income and expenditure account

11

121,222

133,154

121,222

133,154

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 2018 and were signed on its behalf by:

Haley Green - Director

Pamela Brandt - 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 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 2017

£120

£20

From 1 November 2017

£140

£30

Up until 31 October 2017 the annual dues were payable for the year to 31 October. If a new member joined the

Club between 1 May and 31 October in any year, 50% of the annual dues was charged, otherwise the dues for

the full year were charged, plus the new member administration fee in each case.

However, from 1 November 2017 the membership subscription now lasts for a full year or six months from the

point of subscription depending on if an annual or half year subscription is selected.

From 1 November the annual dues rose to £140 and the new member administration fee increased to £30. There

is also an additional 5% charge for members renewing subscription by paypal to cover the additional costs.

4.	OTHER OPERATING INCOME

2017

2016

£

£

Fund raising activities - income

76,189

87,879

Donations received

5,945

2,900

82,134

90,779

Fund raising activities - expenses

(56,519

)

(68,960

)

25,615

21,819

5.	EMPLOYEES AND VOLUNTEER DIRECTORS

The average number of volunteer directors in the year was 12 (2016: 13).

The average number of employees in the year was 1 (2016: 1).

6.	OPERATING DEFICIT

The operating deficit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

917

918

Auditors' remuneration

1,140

1,080

Auditors' remuneration for non audit work

6,100

4,470

7.	TANGIBLE FIXED ASSETS

Furniture

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

2,774

10,828

13,602

DEPRECIATION

At 1 January 2017

2,081

10,176

12,257

Charge for year

693

224

917

At 31 December 2017

2,774

10,400

13,174

NET BOOK VALUE

At 31 December 2017

-

428

428

At 31 December 2016

693

652

1,345

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,863

162

Prepayments

14,959

11,196

16,822

11,358

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

100

259

Social security and other taxes

284

214

VAT

1,211

2,568

Dues unearned

22,092

14,351

Receipts in advance of activities

1,991

1,549

Accrued expenses

5,754

9,389

31,432

28,330

10.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

-

16,500

Between one and five years

-

4,125

-

20,625

11.

RESERVES

Accumulated

Fund

£

Deficit for the financial year

(11,932

)

Net decrease in funds

(11,932

)

Accumulated Funds at 1 January 2017

133,154

Accumulated Funds at 31 December 2017

121,222

12.	LIMITED BY GUARANTEE

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