British Marine Federation turnover increased by £7,773,862 during its last accounting period.
The rise was due to two Southampton International Boat Show (SIBS) revenues being recorded after the membership organisation opted to extend its year end to cover an 18-month period from July 2022 to December 2023.
The latest accounts to be published show debtors for the group – British Marine and its subsidiaries – amounted to £777,739 for the period compared to £4.1 million in 2022.
The amount owed to creditors was to £4.2 million as at 31 December 2023 compared to £8.8 million in 2022. The consolidated negative was £3,232,965 2023 versus £3,581,098 in 2022.
The total assets less current liabilities for the period was a negative balance of £2,218,611 compared to a negative balance of £1,863,242 in 2022.
Overdraft
The bank overdrafts for the group were £2,057,297 as at 31 December 2023 (2022: £2,182,619) which are secured by a fixed and floating charge over the group’s assets.
The accounts show the group made a profit of £1,24,845 after tax for the 18-month period compared to a loss of £1 million for the 2022 period.
The group has estimated tax losses of £2,699,370 as at 31 December 2023 (2022: £3,323,781) available to carry forward against future profits.
As of 31 December 2023, British Marine had net assets of £856,530 (2022: £731,685) while the cash held in British Marine’s investment portfolio was down to £16,910 compared to £318,406 in 2022.
The directors’ remuneration was £330,114 (2022: £179,713) with a remuneration of £277,744 with £26,350 company pension contributions paid to the highest paid director.
The total remuneration of the directors and senior management team was £839,226 (30 June 2022: £429,302 including employer’s national insurance).
1,300 members
British Marine has a membership of around 1,300 members across multiple sectors.
The organisation represents the leisure marine, small commercial marine and superyacht sectors of the UK marine industry and also organises the Southampton International Boat Show and London Afloat.
During the last 18 months, the organisation says it resolved thousands of member enquiries, provided hundreds of networking opportunities, held stakeholder meetings, provided industry updates, supported members at international events and also helped thousands of people get out on the water.
Year on year improvements to SIBS have seen the performance of the show return towards pre-pandemic levels with the 2024 event set to see further improvements to help position the show as a great day out.
British Marine is also continuing to invest in professional development offerings and supporting members at international events.
In an email to the British Marine Council, Earle Stanner, British Marine finance director,
explained that the contribution from the boat show included within the accounts is £31.4m from 2022 and £31.65m in 2023.
In addition, as part of an audit, Marine House at Egham has been independently valued at £33m and remains as security for British Marine’s overdraft.
