SCUBAHUB
British Sub- Aqua Club Financial Review 2021 Operating result
Income increased by £ 79k ( 6 %) on 2020 to £ 1,483k , and costs reduced by £ 72k ( 5 %) to £ 1,489k . Overall this resulted in an operating deficit of £ 6k . Given that the pandemic still impacted 2021 until July , Council is satisfied with this as it demonstrates a move towards a more sustainable financial position . In 2020 we successfully applied for a grant from Sport England . Some of this grant was used to support our operating costs in 2021 , and so is recognised in this year , leading to a total comprehensive surplus for the year of £ 100k , up 15 % on 2020 (£ 88k ).
Financial position and going concern The impact to BSAC ’ s balance sheet in 2021 is an improvement of £ 100k ( 2021 : £ 498k , 2020 : £ 398k ), with net current assets increasing from £ 74k to £ 131k at the balance sheet date . Cash at bank decreased from £ 560k to £ 537k in 2021 .
The directors of BSAC have a fiduciary duty to assess and report on whether the organisation is a going concern . In normal times this is a relatively straightforward question , however given the global pandemic , like many organisations the Board thought it appropriate to consider the matter in this context . The position at the end of 2021 is stronger than at the end of 2020 , and the directors are cautiously optimistic that the situation will continue to improve . The directors are pleased to report that having done so it is considered appropriate for the financial statements to be drawn up on a going concern basis .
BSAC also owns a long-leasehold property , which was used as its principal office . Like many organisations , we were forced by the pandemic to move to home-working . Given the success of this home-based approach , BSAC took the decision In November 2020 to actively market the property . A plausible and viable offer was received , and the directors voted to accept this offer , subject to the usual conditions associated with selling an asset of this nature . Unfortunately , this transaction fell through , and the property has been remarketed . A sale is anticipated in the current financial year .
Risks The major risk facing the organisation remains another period of lockdown with the associated negative impact on membership numbers . We continue to contingency plan against a range of scenarios both optimistic and pessimistic , and hope that our increased digital offering , clear guidance on diving in a Covid-safe way , as well as the wider benefits of BSAC membership continue to be a persuasive offering to members .
Strategic direction and outlook 2021 was a better year for BSAC than 2020 , however the pandemic is not over , and we remain vigilant . 2021 saw the launch of our new strategy that will transform the organisation .
At its very core BSAC is about people . BSAC ’ s purpose is to enrich people ’ s lives through growing , developing and protecting underwater sport and its community . This strategy requires BSAC to transform itself into an organisation that is both agile and responsive to a broader community of member interests . The aim is to create a National Governing Body fit for the future that will deliver better training and diving experience for all , alongside the opportunity to make lasting and positive impacts on both the underwater environment and wider society .
The strategy sets out five values , and four key aims : Our values :
1 ) Integrity - we work in a transparent and sincere manner , making balanced and impartial decisions
2 ) Togetherness - we are one team working towards our vision to be the ‘ go to ’ community for anyone wanting to learn about , enjoy and protect the underwater world
3 ) Excellence - we strive to attain the highest standards and help others to do the same
4 ) Inclusivity - we ensure diving is accessible and attractive to the most diverse audience possible
5 ) Conservation - we lead by example , promoting environmental stewardship for future generations
Our four key aims :
1 ) Diving and Training : Increase the quality , consistency and relevance of training and increase access to diving and training opportunities , enhancing BSAC ’ s leadership role in underwater sport
2 ) Community : Utilise enhanced communication methods and technology to understand , mobilise , and connect the BSAC community ; ensuring that community is accessible to all
3 ) Environment : Strengthen our active contribution in the protection and conservation of the underwater environment
4 ) Delivery : Increase the capacity and capability of BSAC to achieve its strategic ambitions
The new strategy can be found at bsac . com / strategy
Having launched the strategy in the summer of 2021 , the directors are pleased with progress to date . The recruitment of a Head of Diving and Training has sped up a range of initiatives , including the launch of the new Advanced Ocean Diver course .
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 . We would not have been able to survive 2021 and its challenges without you , and you are equally essential to the success of the new strategy and the future of BSAC .
Thank you .
Approved by the Board on 19 March 2022 and signed on its behalf by : M Harwood , Chair .
British Sub-Aqua Club Financial Statements The Directors confirm that the following summarised financial statements are a summary of the information extracted from the full statutory accounts , which were approved on 19th March 2022 . The summarised financial statements may not contain sufficient information to allow for a full understanding of the financial affairs of the Group , and of its policies , as would be provided by the full annual accounts and report . The summarised financial statements do not constitute full accounts within the meaning of the Companies Act 2006 . For further information , the full accounts , the auditors ’ report and the report of Council on those accounts should be consulted . Copies may be downloaded from the BSAC website bsac . com . A copy of the statutory accounts of the Group , upon which the auditors have reported without qualification , will be delivered to Companies House .
By order of the Board – JJA Suto , Honorary Treasurer , 19 March 2022 .
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 2021 and comply with the applicable requirements under section 427 of the Companies Act 2006 , and the regulations made thereunder .
Azets Audit Services Ltd Statutory Auditors , Chartered Accountants Brynford House Brynford Street Holywell CH8 7RD
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