SCUBA May 2021 Issue 114 May 2021 issue 114 | Page 17

SCUBAHUB
Report of the Independent Auditors to the Members of the British Sub-Aqua Club
We have examined the summary financial statements which comprise the Summary Group Income Statement and Summary Group and Company Statement of Financial Position .
Respective responsibilities of Directors and Auditors
The directors of the company are responsible for preparing the summarised financial statements in accordance with applicable United Kingdom law . Our responsibility is to report to you our opinion on the consistency of the summary financial statements within the summarised annual report with the full financial statements and Council ’ s Annual Report and its compliance with the relevant requirements under section 427 of the Companies Act 2006 and the regulations made thereunder . We also read the other information contained in the summarised annual report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies within the summarised financial statements .
Basis of opinion : We conducted our work in accordance with Bulletin 2008 / 3 “ The auditors ’ statement on the summary financial statements ” issued by the Auditing Practices Board . Our report on the Group ’ s full annual financial statements describes the basis of our audit opinion on those financial statements .
Opinion : In our opinion the summary financial statements are consistent with the full financial statements and Council ’ s Annual Report for the Group for the year ended 31 December 2020 and comply with the applicable requirements under section 427 of the Companies Act 2006 , and the regulations made thereunder .
Azets Audit Services Statutory Auditors Chartered Accountants Brynford House Brynford Street Holywell CH8 7RD

Group Income Statement

For the year to 31 December 2020
Notes
2020
2019
Income
£
£
Subscriptions
1,129,200
1,305,491
Retail sales , exhibitions & related events
166,839
359,317
Diver training / Instructor courses
86,765
186,706
Overseas royalties & fees
12,676
52,340
Sponsorship
5,000
12,000
Other income
3,261
12,010
1,403,741
1,927,864
Expenditure Membership direct costs
( 567,133 )
( 688,989 )
Retail , exhibitions & related events
( 147,766 )
( 251,049 )
Diver training / Instructor courses & development
( 236,481 )
( 319,459 )
HQ , Council , NDC , AGM , IT & other administration costs
( 560,305 )
( 600,335 )
BSAC International & other overseas activities
( 22,897 )
( 7,208 )
Sponsorship utilised
( 5,000 )
( 12,000 )
Depreciation
( 21,725 )
( 23,418 )
( 1,561,307 ) ( 1,902,458 )
Operating ( deficit )/ surplus
3
( 157,566 )
25,406
Exceptional income from grant funding
4
249,567
--------
92,001 25,406 Bank interest receivable 389 1,226 Surplus from ordinary activities before taxation 92,390 26,632 Taxation 5 ( 4,873 ) ( 2,645 )
Surplus from ordinary activities after taxation
& transferred to reserves
12
87,517
23,987
Total comprehensive income for the year 87,517 23,987

Group and Company Statement of Financial Position

As at 31 December 2020
2020
2019
Group
Company
Group
Company
Fixed assets
£
£
£
£
Property , plant & equipment
376,448
376,448
393,808
393,808
Financial assets
--------8
-------10
--------8
-------10
376,456
376,458
393,816
393,818
Current assets Inventories
189,904
189,904
200,404
200,404
Debtors
151,119
155,119
125,987
131,880
Cash at bank & in hand
559,618
523,143
238,201
190,601
900,641
868,166
564,592
522,885
Current liabilities
Creditors : Amounts falling due within one year
( 826,466 )
450,631
( 816,078 )
428,546
( 648,372 )
310,036
( 642,301 )
274,402
Net current assets
450,631
428,546
310,036
274,402
Creditors : Amounts falling due
after more than one year
( 53,078 )
( 46,297 )
-
-
Net assets 397,553 382,249 310,036 274,402
Funded by Reserves :
Income & expenditure reserve
397,553
397,553
382,249
382,249
310,036
310,036
274,402
274,402
Accumulated fund
397,553
382,249
310,036
274,402
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