Key Metrics
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PHOTO: ELAINE WHITE
British Sub-Aqua Club Financial Review 2024
Financial Summary
In 2024 BSAC achieved a significant improvement in financial performance compared to 2023 and indeed most other recent years. The 2024 profit before tax and exceptional items was £ 5.6k, compared to a loss of £ 100.3k in 2023. The improvement in performance is attributable to increased revenue in a number of areas whilst costs generally held steady.
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Key Metrics
Unfortunately, though retail activity has declined in recent years as the move to digital training packs and other items has been faster than previously anticipated, accordingly, it was necessary to write down an amount of stock that had been printed some years ago and is becoming obsolete. This meant that the post-tax deficit for the year was £ 38.5k, compared to a deficit of £ 104.1k in 2023.
Key to the overall health
As at 31 December 2024 2023 MEMBERSHIP Fully paid-up Members 23,214 23,447 New Members during the Year 4,263 4,342 Members of Egypt Franchise 1,062 726 FINANCIAL Turnover 1,923.2 1,811.4 Expenditure( 1,917.6)( 1,911.7) Surplus /( deficit) before taxation 5.6( 100.3) Tax( 5.0)( 3.8) Exceptional Item: write down of old stock( 39.1)- Deficit after tax and exceptional item( 38.5)( 104.1) Revaluation of Property 37.4 Deficit for the Financial Year( 38.5)( 66.7) of BSAC is of course the membership numbers and these have continued to decline consistent with the trend over the last 10 years or so. The overall number of fully paid members dropped slightly by 233 from 23,447 to 23,214. When the more volatile Egypt memberships are excluded the membership numbers have declined from 22,721 to 22,152.
Highlights of the Year
BSAC is aware that the diving community generally and BSAC more specifically have challenges to address. In consultation with clubs and members, BSAC HQ staff and Council led by the Vice Chair Yasmine Thorn have updated and revised the fiveyear strategy. This has been communicated to members and implementation work is underway. The new strategy focuses on five core ambitions: grow our capacity to train, improve accessibility, protect our seas, inspire and promote and increase member value and engagement.
The BSAC 2024 conference was the first conference since Covid. It was a positive platform for members to get together, share ideas and listen to both
BSAC and external speakers. It also proved an opportunity for members to engage with some of the key manufacturers in the diving trade. Over 250 clubs attended with 550 delegates, including overseas clubs and representatives from BSAC Japan and BSAC Korea. Feedback was very positive, and the next challenge will be to decide on how often we hold a conference.
In 2024, BSAC joined the Clean Water Alliance, which includes 14 other National Governing Bodies in England and Wales. Ensuring that the Government recognises how important water is for all of our sports and improving the health of UK waters is the main objective of the Alliance, and we feel good progress is being made.
The year also saw the appointment of Sophie Heptonstall, a National Instructor and former National Diving Officer, as the Head of Diving & Training. This appointment significantly strengthens the Diving Resources team and provides the necessary support to the National Diving Officer.
Having acknowledged that our technology needed an upgrade and after a rigorous tender process, Sport 80