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Financial Statements for the Year Ended 31 May - Limited company .DOC

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Financial Statements for the Year Ended 31 May - Limited company .DOC

Leyton Orient Fans Society Limited

Trading as Leyton Orient Fans Trust (LOFT)

Financial Statements for the Year Ended 31 May 2003

Leyton Orient Fans Society Limited

Trading as Leyton Orient Fans Trust (LOFT)

Contents of the Financial Statements

    for the year ended 31 May 2003

     Page

    Society Information 1

    Statement of Society Board’s responsibilities 2

    Report of the Auditors 3

    Profit and Loss Account 4

Balance Sheet 5

    Notes to the Financial Statements 6 7

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Company Information

    for the Year Ended 31 May 2003

     SECRETARY: Jess Slack

     REGISTERED OFFICE: 1 Rayleigh Avenue

     Westcliff-on-Sea

     Essex

     S50 7DS

     REGISTERED NUMBER: 29225R

     AUDITORS: Frank P Dongworth & Co.

     Chartered Accountants and Registered Auditors

     First Floor

     30 London Road

     Sawbridgeworth

     Herts

     CM21 9JS

     Page 1

Leyton Orient Fans Society Limited

Trading as Leyton Orient Fans Trust (LOFT)

for the Year Ended 31 May 2003

Statement of Society Board’s responsibilities

    The law requires the Society Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society and of the profit or loss of the society for that period. In preparing those financial statements, the Society Board is required to

- select suitable accounting policies and then apply them consistently;

    - make judgements and estimates that are reasonable and prudent;

    - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the society will

    continue in business.

    The Society Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the society and to enable the Society Board to ensure that the financial statements comply with the Industrial and Provident Societies Act 1965 and the Friendly and Provident Societies Act 1968. The Society Board is also responsible for safeguarding the assets of the society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

     Page 2

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Report of the Independent Auditors to the Members of

    Leyton Orient Fans Society Limited

    We have audited the financial statements of Leyton Orient Fans Society Limited for the period ended 31 May 2003 on pages four to seven. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.

Respective responsibilities of society board and auditors

    As described on page two the Society Board is responsible for the preparation of financial statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.

Basis of audit opinion

    We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the director in the preparation of the financial statements, and of whether the accounting policies are appropriate to the society's circumstances, consistently applied and adequately disclosed.

    We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

    In our opinion the financial statements give a true and fair view of the state of the society's affairs as at 31 May 2003 and of its profit for the year then ended and have been properly prepared in accordance with the Industrial and Provident Societies Act 1965 and the Friendly and Provident Societies Act 1968.

Frank P Dongworth & Co.

    Chartered Accountants and Registered Auditors

    First Floor

    30 London Road

    Sawbridgeworth

    Herts

    CM21 9 JS

     Page 3

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Profit and Loss Account

    for the Year Ended 31 May 2003

     Year Ended Period

     31.5.03 16.5.01 to 31.5.02

     ? ? ? ?

    Income:

    Membership subscriptions 732 527 Donations received 1,273 4,539 Sponsorship received 160 500 Sundry income 704 928

     2,869 6,494

Other income:

    Deposit account interest 2 1

     2,871 6,495

Expenditure:

    Printing, postage & stationery 564 675

    Sundry expenses 230 127

    Legal fees - 50

     794 852

     2,077 5,643

Finance costs:

    Bank charges 3 24

     2,074 5,619

    Amount written off investments: Amount written off shares in

     Leyton Orient Football Club Limited - 3,750

NET PROFIT ?2,074 ?1,869

     Page 4

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Balance Sheet

    31 May 2003

     2003 2002

     Notes ? ?

    FIXED ASSETS:

    Investments 5 - -

CURRENT ASSETS:

    Stocks 6 - 238

    Cash at bank 4,354 2,313

     4,354 2,551

    CREDITORS: Amounts falling

    due within one year 7 240 525

    NET CURRENT ASSETS: 4,114 2,026

TOTAL ASSETS LESS CURRENT

    LIABILITIES: ?4,114 ?2,026

CAPITAL AND RESERVES:

    Called up share capital 8 171 157

    Profit and loss account 3,943 1,869

     9 ?4,114 ?2,026

These financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act

    1985 relating to small companies.

ON BEHALF OF THE BOARD:

    ............................... Peter Osborne

............................... Society Board Member

    Approved by the Society Board on 10 July 2003

     The notes form part of these financial statements

    Page 5

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Notes to the Financial Statements

    for the Year Ended 31 May 2003

1. ACCOUNTING POLICIES

     Accounting convention

    The financial statements have been prepared under the historical cost convention.

     Financial Reporting Standard Number 1

    Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

    small company.

     Turnover

    Turnover represents net invoiced sales of services, excluding value added tax.

     Stocks

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

    moving items.

2. OPERATING PROFIT

    No items were charged to arrive at the profit on ordinary activities which need to be disclosed.

3. AMOUNTS WRITTEN OFF INVESTMENTS

     Period

     16.5.01

     Year Ended to

     31.5.03 31.5.02

     ? ?

     Amount written off shares in

     Leyton Orient Football Club

     Limited - 3,750

4. TAXATION

    The society is treated for corporation tax purposes as being mutually trading and is not liable to UK corporation

    tax on its trading profits. Corporation tax is chargeable on non mutual income including investment income but no

    provision for corporation tax is necessary for this period. No provision for deferred taxation is made if there is

    reasonable evidence that such deferred taxation will not be payable in the forseeable future.

5. FIXED ASSET INVESTMENTS

    The Trust owns 3500 (2002 3000) ordinary 25p shares at a total cost of ?3750 (2002 - ?3750).

    These shares are not easily transferable and, in the opinion of the society board, have no value and have therefore

    been written down to nil in the balance sheet.

6. STOCKS

     2003 2002

     ? ?

     Stock - 238

    Page 6

Leyton Orient Fans Society Limited

    Trading as Leyton Orient Fans Trust (LOFT)

Notes to the Financial Statements

    for the Year Ended 31 May 2003

7. CREDITORS: AMOUNTS FALLING

     DUE WITHIN ONE YEAR

     2003 2002

     ? ?

     Subscriptions in advance 240 303

     Other creditors - 222

     240 525

8. CALLED UP SHARE CAPITAL

    Each full member of the society owns one ordinary share of ?1 in the society which is not transferable. The share

    is cancelled if an individual ceases to be a member.

    Junior members cannot hold shares in the society nor have any voting rights.

    At 31 May 2003, the society had 171 (2002 - 157) full members and 7 (2002 - 13) junior members.

9. RECONCILIATION OF MOVEMENTS IN RESERVES

     2003 2002

     ? ?

     Profit for the financial year 2,074 1,869

     Share capital issued during the period 14 157

     Net addition to reserves 2,088 2,026

     Opening reserves 2,026 -

     Closing reserves 4,114 2,026

10. INCORPORATION AND COMMENCEMENT OF TRADING

    Leyton Orient Fans Society Limited was incorporated under the Industrial & Provident Societies Act on 16 May

    2001. Prior to this date, the company had traded from 1 February 2001 to 15 May 2001 as an unicorporated

    independent supporters (ISA) association and, on incorporation, all the assets of the ISA were transferred to the

    limited company.

    Of the total turnover of ?6689 for the period ended 31 May 2002, ?3029 was received prior to incorporation and

    the accounts show the total of income and expenditure for the period from 1 February 2001 to 31 May 2002

    Page 7

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