Annual Report 12/13 - The English Table Tennis Association

English Table Tennis Association Limited
Notes to the Financial Statements
For The Year Ended 31 March 2013
1. Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost convention and the Financial Reporting Standard for Smaller
Entities (effective April 2008). The directors have adopted a format for the income and expenditure account that is considered
more suitable than the format laid down in the Companies Act 2006.
1.2 Limited liability status
The company is limited by guarantee and is a non-profit making body. In the event that the company is wound up and funds
are insufficient to pay creditors, members each guarantee to pay such amount as may be required not exceeding £10.
1.3 Turnover
Turnover represents amounts receivable from members affiliation fees, goods and services net of VAT, grants receivable from
Sport England (including Lottery Grants) and income associated with events and competitions and sundry other activities.
1.4 Grants received (see Note 13)
The Sport England Core Funding Grant is shown in full as it is a contribution towards ETTA expenditure. Other Grants are
matched against related expenditure as a surplus should not occur from these grants. The exception to this is where the
English Table Tennis Association Limited makes a contribution to a specific programme and then the expenditure will exceed
the income by the value of the contribution made.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less
estimated residual value of each asset over its expected useful life, as follows:
Fixtures and fittings, equipment, and vehicles
25% - straight line on cost
1.6 Leasing
Any rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7 Stock
Stock is valued at the lower of cost and net realisable value.
1.8 Foreign currency transaction
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling
at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All
differences are taken to income and expenditure account.
1.9 Regions
Ten regional committees operate around the country under the auspices of English Table Tennis Association Limited. All
income and expenditure of Regions is included in the income and expenditure account. The net funds of Regions are included
in the Balance Sheet.
2. Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United
Kingdom.
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