Notes to the Accounts - 5

Notes to the financial statements continued

10.	Income & expenditure reserve
			2007	2007
		Note	Group	Company
			£	£
	Accumulated Fund
	As at 1 January 2007		33,266	(77,228)

	Retained surplus/(deficit) for year		14,860	81,262

	Surplus carried forward		48,126	4,034

	An interim dividend for £80,000 was declared in the year from BSAC International Limited to
	British Sub-Aqua Club.

11.	Reconciliation of Movements in Members' Funds

			2007	2007	2006	2006
			Group	Company	Group	Company
			£	£	£	£

	Opening Members' funds		146,929	36,435	115,281	28,257

	Surplus/(deficit) for the financial year		14,860	81,262	31,648	8,178

	Closing Members' funds		161,789	117,697	146,929	36,435


12.	Operating Lease Commitments

	The following payments are committed to be paid:
			2007	2007	2006	2006
			Group	Company	Group	Company
	Expiring:		£	£	£	£

	Within one year		-	-	5,977	5,977

	Between two & five years		31,007	31,007	2,160	2,160

	Total lease commitments		31,007	31,007	8,137	8,137


13.	Revaluation Reserve
			Group	Company
			£	£

	Revaluation reserve brought forward		113,663	113,663

	Revaluation reserve increase/(decrease)		-	-

	Revaluation reserve carried forward		113,663	113,663

14.	Guarantees and Financial Commitments

	At the year end the company has a contractual commitment with regard to the publication of Dive
	Magazine. The terms of the contract provide for its termination with nine months notice in writing
	by either party. Should such notice not be given a contractual payment by the company would
	be due of £122,040 (2006:£117,450).

Page last modified: 19th Apr 2008 - 23:54:33

BSAC