Annual report and Accounts now out. No sign of the detailed Auditors Report promised by the CEO,
First glance at the format is that little has changed and therefore no detailed breakdown of allocation of expenditure by GB Climbing or how grant income was allocated. So same old, same old ie clear as mud.
Plenty of excuses in the chair's report if you are interested.
Headline figure only of £950k by the BMC to support GBClimbing (ie above and beyond grant and other income) so little doubt of the scale of support there on £4.85m overall expenditure. No indication whether that includes the cited £200k shared costs in the rebuttal letter for example.
As for the £625k loss the annual report says this:
The BMC made a larger than expected loss of £625k in 2023. The main reasons for these losses are grouped as follows:
1. Reconciliation of grants relating to GB Climbing and poor controls of budgets resulting in additional cost to the BMC. £361,284
2. Inaccurate accounting of VAT resulting in additional cost to the BMC.£61,420
3. Profit reconciliation across several areas including bad debtors and fees for services owed. £62,037
4. Loss of insurance income in July 2023. £41,627
5. The costs of restructuring, redundancies, and staff departures due to not tracking ambitious growth targets. £102,816
https://www.thebmc.co.uk/bmc-annual-general-meeting
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