9706 · 3.1.3
Clubs and Societies flashcards
Revision flashcards for Cambridge 9706 Clubs and Societies (syllabus 3.1.3). Flip, recall, then mark a real past-paper question.
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Accumulated Fund
The non-profit equivalent of capital or equity. It represents the net worth of the club, calculated as Total Assets minus Total Liabilities.
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Receipts and Payments Account
A summary of the cash book, showing all cash inflows and outflows for a period. It includes both capital and revenue items.
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Income and Expenditure Account
The non-profit equivalent of a Statement of Profit or Loss. It is prepared on an accruals basis to calculate the surplus or deficit for a period.
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Life Membership
A one-off fee paid by a member for lifetime membership. It is usually treated as a capital receipt and credited directly to the Accumulated Fund.
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Subscription in Arrears
Subscriptions owed by members from the current or previous periods. It is a current asset (accrued income) in the Statement of Financial Position.
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Subscription in Advance
Subscriptions paid by members for a future period. It is a current liability (prepaid income) in the Statement of Financial Position.
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Specific Donation
A donation given for a particular purpose (e.g., a new building). It is treated as a long-term liability until the funds are used for that purpose.
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Surplus / Deficit
The result of the Income and Expenditure Account. A surplus occurs when income exceeds expenditure, and a deficit occurs when expenditure exceeds income. The surplus/deficit is added/subtracted from the Accumulated Fund.