INTERNATIONAL 505 CLASS YACHT RACING ASSOCIATION

 

ACCOUNTS

 

FOR THE YEAR ENDED 31ST DECEMBER 2002

 

 

 

 

 

 

 

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.

 

 

 

STEPHEN BURWOOD

 

 

 

 

 

 

 

 

 

HONORARY TREASURER


 

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

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

 

 

 

2002

2001

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

10

11

France

 

 

 

 

 

 

 

 

1

3

Germany

 

 

 

 

 

 

 

 

1

5

Sweden

 

 

 

 

 

 

 

 

2

1

UK

 

 

 

 

 

 

 

 

1

4

USA

 

 

 

 

 

 

 

 

2

6

Denmark

 

 

 

 

 

 

 

 

1

1

 

 

 

 

 

 

 

 

 

18

31

 

2.                       FIXED ASSETS

 

              Measuring equipment

                                                                                                                                                     £

                                                                                                                                                       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

 

              Net book value

              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