INTERNATIONAL
TREASURER'S REPORT ON THE ACCOUNTS
FOR THE YEAR ENDED
31ST DECEMBER 2002
The accounts for the year show a surplus of £3,101
following a surplus of £5,918 in 2001.
Income from subscriptions shows a minor decrease
from that of the prior year as noted in the Treasurers report for the year
ended 31 December 2001, as a result of the recording of £1,730 of subscription
income relating to 2000 in 2001. The 2000 income was recorded in 2001 as the
Association amended the revenue recognition policy from that of recognising
revenue on receipt of cash to recognition of revenue when invoiced. The policy
of recognising revenue when subscriptions are invoiced continues in the current
year.
New boat registrations fell from 31 in 2001 to 19 in 2002
which accounts for the majority of the decrease shown. The gross amount of registration income of
£85 per registration continues to be shown as income and actual expenditure
shown separately.
The debtor figure continues to remain high in relation to
turnover. This has arisen predominantly as invoicing of subscriptions occurs
when the Association is advised of member numbers by the representative of each
member country. The Association is generally advised as to membership numbers
close to or after the year end which means that a high proportion of the
invoices are raised with a 31 December date, which accounts for the high level
of debtors on this date. The majority
of debts are settled within 3 months, although there are a few persistant late
payers.
During the year, the Association committed to the payment
of £4,500 in relation to the filming and production of a television programme
of the 505 Worlds in Freemantle, Australia. The payment relating to this
production occurs in the next financial year. This will result in an
exceptional increase in advertising expenditure in the year ended 31 December
2003 of £4,500.
COMPARATIVE
INCOME/EXPENDITURE STATEMENT (STERLING)
Notes 2002 2001 2000 1999
INCOME: £ £ £ £
Subscriptions 6,425 7,775 5,320 5,645
Registrations 1,615 2,890 1,045 1,815
Duplicates and replacements 125 100 - -
Interest 25 72 143 196
Category B levies - 289 - -
Sundry income - 177 125 621
Dividend - Woolwich plc 91 81 185 250
Profit on disposal of shares - 1,868 - -
8,281 13,252 6,818 8,527
EXPENDITURE:
Secretary 1,500 1,500 1,500 1,500
Measurement
Retainer 750 500 500 500
Expenses - - - 51
Travelling 698 356 133 -
Office expenses 499 423 664 416
ISAF Registration fees 999 1880 940 1,175
ISAF Subscriptions 247 247 247 -
Royalties 190 340 - -
Provision for bad debts 85 - - -
Bank charges 46 35 - 9
World Championship Boat Charter - 2,032 - -
Depreciation 166 21 - -
5,180 7,334 3,984 3,651
SURPLUS/(DEFICIT) 3,101 5,918 2,834 4,876
INCOME STATEMENT
US
Sterling Euros Dollars
1.53EUR
= £1 1.61 = £1
INCOME
Subscriptions 6,425 9,830 10,344
Registrations 1,615 2,470 2,600
Duplicates
and replacements 125 191 201
Interest
(net of tax) 25 39 41
Category
B levies - - -
Sundry
income - - -
Dividend
- Woolwich plc 91 139 147
Profit
on disposal of shares - - -
8,281 12,670 13,333
EXPENDITURE
Secretary 1,500 2,295 2,415
Measurement
Retainer 750 1,147 1,207
Expenses - - -
Travelling 698 1,068 1,124
Office
expenses 499 765 805
ISAF
Registration fees 999 1,528 1,608
ISAF
Subscriptions 247 378 397
Royalties 190 291 306
Provision
for bad debts 85 130 137
Bank
charges 46 70 74
World
Championship Boat Charter - - -
Depreciation 166 254 267
5,180 7,926 8,341
SURPLUS
FOR THE YEAR 3,101 4,744 4,992
BALANCE SHEET
US
Euros Dollars
Notes Sterling 1.53EUR = £1 1.61 = £1
FIXED
ASSETS
Tangible
assets 2 641 981 1,032
CURRENT
ASSETS
Investment 3 - - -
Debtors 4 3,840 5,875 6,183
Cash
on deposit 25,277 38,673 40,695
Cash
at bank and in hand 7,352 11,249 11,837
36,469 55,797 58,715
CURRENT
LIABILITIES
Creditors 5 352 539 567
36,758 56,239 59,180
RETAINED
SURPLUS
At
31st December 2001 33,657 51,495 54,188
Surplus
in 2002 3,101 4,744 4,992
At
31st December 2002 36,758 56,239 59,180
NOTES TO THE ACCOUNTS
1. REGISTRATIONS
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Number |
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2002 |
2001 |
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Australia |
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10 |
11 |
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France |
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1 |
3 |
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Germany |
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1 |
5 |
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Sweden |
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2 |
1 |
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UK |
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1 |
4 |
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USA |
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2 |
6 |
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Denmark |
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1 |
1 |
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18 |
31 |
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2.
FIXED
ASSETS
£
US
Euros Dollars
Sterling 1.53EUR = £1 1.61
= £1
Cost
At 1 January 2002 828 1,267 1,333
Additions - - -
At 31 December 2002 828 1,267 1,333
Depreciation
At 1 January 2002 21 32 34
Provided for the year 166 254 267
At 31 December 2002 187 286 381
At 31 December 2002 641 981 1,032
At 31 December 2001 807 1,235 1,299
NOTES TO THE ACCOUNTS
3. INVESTMENT
The Association received free
shares from Woolwich plc from the Woolwich Building Society conversion during
1997. In 2001 Woolwich plc were taken over by Barclays Bank plc and the
Association received a combination of cash and Barclay’s shares for the
Woolwich shares.
4. DEBTORS
US
Euros Dollars
Sterling 1.53EUR = £1 1.61
= £1
Subscriptions 2,505 3,833 4,033
Registration fees 1,275 1,950 2,053
Duplicate certificates 60 92 97
3,840 5,875 6,183
Included within debtors is the sum
of £1,030 which is greater than 90 days old as at 31 December 2002.
5. CREDITORS
US
Euros Dollars
Sterling 1.53EUR = £1 1.61
= £1
BA Levy payable 10 15 16
Royalties 310 475 499
Accruals 32 49 52
352 539 567