SCUBA Jul-Aug 2025 issue 157 | Page 17

were appointed as the new membership platform supplier for BSAC. Sport 80 is the leading technology supplier in this area, and they support over 80 sport governing bodies. Implementation work is well underway and we expect to see the benefits in the second half of 2025.
The Freshers and University project was a success this year, and the new appointment of Joe Westnedge as Uni Coordinator has helped support the work. 821 new freshers joined BSAC with the involvement of over 30 universities.
Finally, as most members were aware, there were a number of issues with Egypt liveaboards in 2024, and consequently, BSAC International has withdrawn from this market. Also, in Egypt, there have been changes to the licencing arrangements for snorkel instructors, resulting in a drop in membership for BSAC Egypt. Consequently, we expect that the performance of BSAC International will be significantly lower in 2025.
Financial Position and Going Concern
The impact of the deficit of £ 38.5k to BSAC’ s balance sheet, is that the accumulated reserves as at 31 December 2024 reduced to £ 271.9k( 2023: £ 310.3k). Cash at bank declined by £ 113.1k over the year to stand at £ 333.9k at the year end, this was partly due to the decision to pay the insurance premiums in full rather than incur a finance charge by paying monthly.
The directors of BSAC have a fiduciary duty to assess and report on whether the organisation is a going concern. The directors consider it appropriate for the financial statements to be drawn up on a going concern basis.
Council would like to thank HQ staff, all volunteers, at national, regional and club level, for their time and effort. We would also like to thank our centres, overseas licensees and trade partners, who help to take BSAC to a wider audience; you are essential to the success of the new strategy and the future of BSAC.
Consolidated Financial Statements
2024
2023
For the year to 31 December 2024
£
£
Turnover Subscriptions 1,269,687 1,242,298 Retail sales, exhibitions & related events 285,157 278,831 Diver training / Instructor courses 259,287 221,238 Overseas royalties & fees 86,290 56,635 Other income 2,376 2,971
Deposit account interest
20,367
⸺⸺⸺⸺
9,450
⸺⸺⸺⸺
1,923,164
1,811,423
Expenditure
Membership direct costs( 745,711)( 712,871) Retail, exhibitions & related events( 137,845)( 136,553) Diver training / Instructor courses & development( 430,223)( 467,254) HQ, Council, NDC, AGM, IT & other administration costs( 585,666)( 602,211) BSAC International & other overseas activities( 7,631)( 6,208) Depreciation( 10,526)( 9,236)
Gain / loss on revaluation of tangible assets
-
⸺⸺⸺⸺
22,588
⸺⸺⸺⸺
( 1,917,602)
( 1,911,745)
Surplus / deficit before stock write off 5,562( 100,322)
Exceptional stock write off
( 39,101)
⸺⸺⸺⸺
-
⸺⸺⸺⸺
Deficit before taxation
( 33,539)
⸺⸺⸺⸺
( 100,322)
⸺⸺⸺⸺
Taxation
( 4,951)
( 3,765)
Deficit for the Financial Year( 38,490)( 104,087) ⸺⸺⸺⸺ ⸺⸺⸺⸺
Balance Sheet as at 31st December
Fixed assets Intangible assets 75,000- Tangible assets 448,317 420,929
Investments
8
⸺⸺⸺⸺
8
⸺⸺⸺⸺
523,325
⸺⸺⸺⸺
420,937
⸺⸺⸺⸺
Current assets
Stocks 94,761 178,676 Prepayments 150,527 64,185 VAT 25,247 20,891 Trade debtors 2,700 4,129 Other debtors 1,946- Accrued income- 979
Cash at bank
333,900
⸺⸺⸺⸺
446,963
⸺⸺⸺⸺
609,081
⸺⸺⸺⸺
715,823
⸺⸺⸺⸺
Creditors
Trade creditors 101,178 78,559 Tax 4,951 3,765 Social security and other taxes 19,034 10,926 Other creditors 57,012 37,210 Accrued expenses 30,469 28,933
Deferred course income
29,139
⸺⸺⸺⸺
54,648
⸺⸺⸺⸺
241,783
⸺⸺⸺⸺
214,041
⸺⸺⸺⸺
Deferred membership subscriptions 618,762 612,368
NET CURRENT LIABILITIES( 251,464)( 110,586) ⸺⸺⸺⸺ ⸺⸺⸺⸺
⸺⸺⸺⸺
⸺⸺⸺⸺
TOTAL ASSETS LESS CURRENT LIABILITIES
271,861
⸺⸺⸺⸺
310,351
⸺⸺⸺⸺
FUNDED BY RESERVES Revaluation reserve 37,412 37,412
Income and expenditure Account
234,449
⸺⸺⸺⸺
272,939
⸺⸺⸺⸺
ACCUMULATED FUND
271,861
⸺⸺⸺⸺
310,351
⸺⸺⸺⸺
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