At Burnley Crown Court, Gemma Louise Evans, 37, of South Road, Morecambe, received 22 months imprisonment suspended for 18 months plus 180 hours of unpaid work.
She was also sentenced to 15 days rehabilitation and ordered to pay £156 victim surcharge.
A proceeds of crime hearing which allows authorities to recover the ‘proceeds of crime' will take place at Preston Crown Court on October 31.
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A spokesman from the Jubilee Social Club said: “The law has been allowed to run its course and Mrs Evans has received her sentence for the theft of £46,398.04, an amount that has left the Jubilee Club with a large hole in its finances.
“The committee would like to thank all their members for their support over this difficult time and they look forward to their continuing support in their aim of moving forward, rebuilding the finances and keeping the club open for the members and the community.”
In 2015 the Jubilee social club was nearly brought to a halt after a man employed there admitted stealing £11,000 from them.
James Barker, 23, of Barley Cop Road, Lancaster, was employed in a financial role at the Jubilee Working Men’s club in Slyne Road, Torrisholme, which almost had to cease trading after 80 years, Preston Crown Court was told.
He admitted theft by employee after a two year probe.
Judge Pamela Badley said: “ This is a case where a small institution has been greatly affected by dishonesty.”