Audited Accounts year ended 2014

PUBLIC SERVICE FRIENDLY SOCIETY

INCOME & EXPENDITURE ACCOUNT

YEAR ENDING 31ST DECEMBER 2014

_______________________________________________________

 

Income 2014 2013
 
Contributions 650,610 679,807
Dividends 33,481 50,312
Interest

9,263

________

30,211

________

 

693,354

_______

760,330

________

Administration Expenses

Computer 4,492 3,581
Printing Stationery & Advertising 623 701
Postage - 650
Travel & Subsistence 4,443 7,534
Telephone - 439
Bad Debts Provision 25,000 -
Accountancy 3,260 3,260
Meeting Expenses 1,213 1,722
Bank Charges 839 661
Sundry

1,775

________

2,551

_______

41,645

________

21,099

_______

 

NET INCOME FOR THE YEAR

 

651,709

 

739,231

Grants

695,375

_______

620,659

________

(Deficit) Surplus of Income over Expenditure

(43,666)

118,572

Appreciation (Depreciation) in value of Investments

25,114

_______

21,144

_______

(Deficit) Surplus to Accumulated Fund (18,552) 139,716
Accumulated Fund Balance 1st January 2014

2,860,203

_________

2,720,487

__________

Balance forward on Accumulated Fund

2,841,651

_________

2,860,203

__________

These accounts were approved at the Annual general Meeting on ____________ and signed on its behalf by:

PUBLIC SERVICE FRIENDLY SOCIETY

BALANCE SHEET

YEAR ENDING 31ST DECEMBER 2014

________________________________________________________

INVESTMENTS – MARKET VALUE

2014 2013
 
Life & Perm 4% (GTD Mtn 10.03.15) (Note 1) 201,332 205,857
Government Bond (T-Bds 18.04.20) (Note 2) 362,085 328,946
An Post Bond 250,000 250,000
6020 Prize Bonds 7,644 7,644
BIL SecureAdvantage 35

346,500

________

350,000

________

1,167,561

________

1,142,447

________

 Current Assets

   
Bank Deposit Account 198,682 300,654
Bank Current Accounts 64,756 56,225
Building Society Accounts 566,966 557,741
Sundry Debtors 1,071,767 1,006,342
Bad Debts (225,000) (200,000)
Petty Cash

179

__________

54

__________

1,677,350

__________

1,721,016

__________

TOTAL ASSETS 2,844,911 2,863,463

Current Liabilities

Creditors

3,260

__________

3,260

__________

2,841,651

__________

2,860,203

__________

REPRESENTED BY ACCUMULATED FUND

2,841,651

__________

2,860,203

__________

 

These accounts were approved at the Annual general Meeting on ____________ and signed on its behalf by:

_______________                                                                 ____________

Chairman                                                                                 Treasurer

 

 

PUBLIC SERVICE FRIENDLY SOCIETY

ACCOUNTING POLICIES

 YEAR ENDING 31ST DECEMBER 2014

These financial statements have been prepared in accordance with applicable Accounting and Financial Reporting Standards.  The following accounting policies have been applied consistently, in dealing with items which are considered material in relation to the financial statements.

  1. 1.         Accounting Convention

The financial statements are prepared under the historical cost convention.

  1. 2.         Financial Assets

Financial assets are included in the balance sheet at market value.

 

PUBLIC SERVICE FRIENDLY SOCIETY

 YEAR ENDING 31ST DECEMBER 2014

ACCOUNTANTS REPORT

We have examined the Balance Sheet of funds and effects of PUBLIC SERVICE FRIENDLY SOCIETY at 31st December, 2014, the related general account and the supplementary information for the year ended on that date which are contained in Sections A and B of this return.

We have obtained all the information and explanations, which we considered necessary.  In our opinion, the society has kept proper books of account in accordance with the requirements of the Friendly Societies Regulations, 1988 (S.I. No. 74 of 1988) with which the accounts in (1) above are in agreement.

In our opinion, the accounts set out in Sections A and B, which have been prepared under the historical cost convention (as modified by the revaluation of certain assets), give a true and fair view of the state of affairs of the Society at 31st December, 2014, and of the income and expenditure for the year ended on that date and comply with the provisions of the Friendly Societies Acts, 1896 to 1977.

 

Terry Noone

For and on behalf of

Lynn O’Neill & Co.

Chartered Accountants

& Registered Auditors,

Taney Hall

Eglinton Terrace

Dublin14

 

Date: