2022-03-31-accounts - The Rya Foundation

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THE RYA FOUNDATION (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Haysmacintyre LLP Chartered Accountants Registered Auditors London Company Number: 04129560 Registered Charity Number: 1084351

THE RYA FOUNDATION (A company limited by guarantee)

LEGAL AND ADMINISTRATIVE DETAILS

REGISTERED CHARITY NUMBER	1084351
COMPANY NUMBER	04129560
TRUSTEES	Mrs Debbie Blachford, Chair
	Ms Abigail Sater, Deputy Chair
	Mr Tim Beal (appointed 17thNovember 2021)
	Mrs Margaret Delany (appointed 17thNovember 2021)
	Mrs Diana Gibbs
	Mrs Alison Gunn (appointed 17thNovember 2021)
	Mr Richard Langford (resigned 9thDecember 2021)
	Mr Edward Phillips
The Trustees are also directors in accordance with the Companies Act 2006
COMPANY SECRETARY	Mr David Murray, FCMA
REGISTERED OFFICE	RYA House
	Ensign Way
	Hamble
	Southampton
	SO31 4YA
BANKERS	National Westminster Bank Plc
	Hampshire Corporate Park
	Templars Way
	Chandler’s Ford
	Hampshire
	SO53 3UD
SOLICITORS	Blake Morgan
	New Kings Court
	Tollgate
	Chandler’s Ford
	SO53 3LG
INDEPENDENT AUDITOR	Haysmacintyre LLP
	10 Queen Street Place
	London
	EC4R 1AG

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT

The Trustees of the Charity (who are the directors of the Charity for company law purposes) present their report and the audited financial accounts for the year ended 31 March 2022. The Trustees confirm that the annual report and financial statements comply with current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Charity is a company limited by guarantee. The Royal Yachting Association (RYA), the sole member, approved the Memorandum and Articles of Association in December 2000. The company was formed on 18th December 2000 and was registered as a charity on 5th January 2001. The assets and charitable activities were transferred on 31st January 2001 from registered charity 1049049, a charity with the same name but governed by a Trust Deed. Revised Articles, adopting new Objects and a change of name from RYA Sailability to the RYA Foundation, were approved by a Special Resolution at the AGM held on 3[rd] December 2013.

The Objects of the RYA Foundation are: “the promotion of participation in boating by those who are disadvantaged by reason of youth, age, infirmity or disability, financial hardship or social circumstances”.

STRUCTURE AND GOVERNANCE

The business of the Charity is managed by the Trustees. The sole member of the company is the RYA and the Trustees are appointed by the RYA. The Trustees are listed on page 1 together with other legal and administrative details. In accordance with the Articles, Mrs Gibbs and Mr Phillips retired by rotation in October 2021. They were re-appointed by the RYA. Mr Beal, Mrs Delany and Mrs Gunn were appointed in November 2021.

The Charity does not have any employees and the Trustees and Company Secretary are volunteers. Financial and bookkeeping services are provided to the Charity by the accounts staff of the RYA and general administration support is provided by the Sailability Department of the RYA.

The RYA Foundation, as a charitable body, is independent of the RYA, but both organisations work in partnership for the development and support of boating for those whose circumstances serve to exclude them from the sport. The Trustees recognise the considerable support that the RYA gives to the development of boating for all, and are determined that the partnership between the two organisations should continue to be lasting and fruitful.

Recruitment and Appointment of Trustees

The Articles provide that there will be not less than three and no more than ten Trustees. At every AGM one half of the Trustees retire by rotation; retiring Trustees are eligible for re-appointment.

The Charity, working in partnership with the RYA, recruits new Trustees by drawing up a list of the required competencies, taking into consideration the competencies of the existing Trustees and the needs of the Charity, and then publicising the vacancies. A selection process by interview then takes place.

MAJOR RISKS

As a body with no physical assets, and one whose purpose and activities concentrate on fund raising and grant making, the Trustees consider that the risk profile is limited and, at an operational level, is essentially confined to financial control issues. However, the Trustees do recognise the strategic risk of a failure to generate sufficient income to support the Charity’s objectives. In order to mitigate this risk, the Trustees closely monitor the availability of funds for grant-making, since this drives the achievement of the Charity’s objectives. Monthly accounts are produced to assist them in this.

The Charity’s single largest asset is its holding of the M&G Charifund. This had a market value of £87,414 at the balance sheet date (2021: £97,429).

OBJECTIVES AND ACTIVITIES

The Trustees believe that participation in boating can reduce social isolation, increase personal capacity and self-worth, improve physical health and develop mental well-being. It is also recognised that the development of integrated boating with people with disabilities at a club level can improve the holistic life of the organisation and develop social capital.

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

OBJECTIVES AND ACTIVITIES (continued)

However, people with disabilities and other disadvantages are under-represented in the boating world and there is a continuing need for improved facilities, equipment, training and awareness-raising in order to redress this imbalance.

The Charity does not itself undertake operational activities in support of its target groups. Rather, it carries out its objectives by providing funds to support boating providers (such as Sailability groups, sailing clubs and centres and the RYA’s Sailability Department) to provide the necessary facilities, access to the water and equipment for their members/clients.

During 2021-22, the Charity’s main priorities were:

1. To meet all requests for grants which satisfied the Trustees’ criteria.

2. To promote the Foundation’s position as the charity of the RYA.

3. To strengthen the Trustee Board by the recruitment of three new Trustees.

To continue implementation of the major elements of the strategic review of the Charity carried out in 2020.

The Trustees approved 7 grants totalling £22,386 during the year ( 2021 : 10 grants totalling £39,558 ).

Achievements and Performance

Boating for those with disabilities, and other disadvantages in life, relies heavily upon volunteers, all of whom work conscientiously to facilitate the participation of disabled people in these activities. The Trustees will continue to provide advice and encouragement to Sailability sites in UK in order to sustain volunteering. The Trustees thank all the volunteers who enable the disadvantaged members of our community to experience the joy and freedom of sailing, and are especially grateful for the continuing support and encouragement provided by the charity’s patron, HRH the Princess Royal.

PUBLIC BENEFIT

The sport of boating is open to all and is, indeed, a sporting activity where straightforward participation is largely unregulated. Nevertheless, it is, of course, equipment-based. For those with disabilities that means that both boats and launching/embarking facilities must be specially designed and provided. It is for this reason that the charity supports the network of ‘Sailability foundation sites’, where the RYA’s Sailability Department is satisfied with both the equipment and availability of trained instructors and assistants. The foundation sites are also sailing clubs for the able-bodied. The clubs are open to all members of the public – either through becoming a member of the club, or through ‘pay and play’ arrangements. For those whose disadvantages arise by reason of youth, age, financial hardship or social circumstances, the barriers to participation arise more from difficulties in gaining access to the water at reasonable cost and convenience.

The Charity’s activities potentially support all people with disabilities and other disadvantages who are capable of steering a boat, or crewing for others. There is no other restriction on the opportunity to benefit. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission.

FINANCIAL REVIEW

The financial results for the period show that income from donations and legacies made by RYA members and others was £109,805, ( 2021: £19,387). In addition, the sum of £9,252, being the unused portion of a prior year grant, was released from creditors into the Statement of Financial Activities. Details of the grants made during the year are shown in Note 3 to the accounts.

The Charity relies entirely on donations. A number of donors wish to restrict their donation for a specific use that is close to their heart or interests. The restricted fund statement at Note 10 shows the position with regard to restricted funds. Where possible, grants are made from restricted funds but, on the occasions that the request for a grant is more than the remaining funds, the shortfall has been met from general funds.

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FINANCIAL REVIEW (continued)

Fundraising Activities

At present, the Trustees rely on donations and bequests for the Charity’s income and no specific fundraising activities were carried out in 2021-22.

Reserves Policy

The Statement of Financial Position shows reserves of £186,601 as at 31 March 2022, which are held to fund future grant applications. The Trustees continue to minimise the Charity’s overheads and do not believe that there is a need for a reserves policy as such. In essence, grant making is restricted by the amount of available funds at any one time. Care is taken to record commitments as they arise and so avoid over-granting.

Investment Policy

The investment objective is to obtain a balanced return from income and from capital growth. All investments are held in the M&G Charifund. As part of the 2020 Strategic Review the Trustees considered whether the Charifund remained a suitable investment and whether the investment might be split between several different funds to minimise Market risk. It was decided that, in view of the relatively small size of the investment, there was no great advantage in holding several funds, and that the Charifund, with its steady dividend stream, remained a suitable home for the Foundation’s funds.

‘GOING CONCERN’ BASIS

There has been no specific, detrimental impact on the charity from the Government-imposed lockdowns and other Covid19-related factors. The number of grant applications has been notably lower since early 2020, and this is understandable since sailing activities were curtailed. The Trustees are conscious of the need to retain sufficient funds to meet unexpected events and to sustain the charity into the future. They continue to consider such applications as they may receive and will, subject to the availability of funds, expect to approve those that meet their criteria for awards. They have no hesitation in stating that it remains appropriate to prepare the charity’s accounts on the ‘going concern’ basis.

PLANS FOR THE FUTURE

In July 2020 the Trustees held a strategy review day to examine the current position of the charity and to develop their vision for the future. The outcome of the day was a ‘Strategic Matrix’ listing the various development objectives, the targets and methods of measuring success against these objectives, and the timetable for the necessary actions to be completed.

The Trustees have developed a Strategic Plan for the period 2021 to 2025, based on the Strategic Matrix, and this will be supported by annual Operational Plans to guide the Trustees’ activities in pursuit of their strategic objectives. During 2022-23, the Operational Plan has objectives in the following areas:

Working with the RYA to develop a fundraising initiative with Easyfundraising

2. Working with the RYA to implement a scheme to raise donations to support the Olympic Pathway sailors

3. Progressing actions within the Strategic Matrix

4. Promoting the role of the Foundation and its position as a leading charity in the boating world.

Progress against the strategic and operational objectives is reported annually to the RYA’s Board of Directors.

RELATED PARTY TRANSACTIONS

There were no related party transactions during the period under review, except as stated in Note 13.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE RYA FOUNDATION

We have audited the financial statements of The RYA Foundation for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial statements have been prepared under the accounting policies set out therein. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Charity’s affairs as at 31 March 2022, and of its net movement in funds, including the income and expenditure, for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Report (which incorporates the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE RYA FOUNDATION

Matters on which we are required to report by exception (continued)

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Charity; or
the Charity’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Charity and the environment in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to incorrect cut-off of donations and legacy income. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Reviewing donations and legacy income received prior and subsequent to the year-end to ensure that the income had been recognised in the correct period;
Identifying and testing journals; and
Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE RYA FOUNDATION

Use of our report

This report is made solely to the Charity’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s member those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s member, for our audit work, for this report, or for the opinions we have formed.

David Cox (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date: 22 July 2022

THE RYA FOUNDATION (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2022

		Unrestricted	Restricted	2022	2021
		Funds	Funds	Total	Total
	Notes	£	£	£	£
Income & endowments from:
Donations and legacies		108,555	1,250	109,805	19,387
Investment income		6,182	-	6,182	4,223
		-----------------	-------------------	------------------	------------------
Total		114,737	1,250	115,987	23,610
		-----------------	-------------------	------------------	------------------
Expenditure on:
Charitable activities – supporting
sailing activities for disadvantaged	2	19,591	-	19,591	46,290
people
		-----------------	-------------------	-------------------	-------------------
Total		19,591	-	19,591	46,290
		-----------------	-------------------	-------------------	-------------------
Net income before investment
gains/(losses)		95,146	1,250	96,396	(22,680)
		---------------	-------------------	------------------	------------------
Net gains/(losses) on investments		4,984	-	4,984	18,044
		---------------	-------------------	------------------	------------------
Net income / (expenditure)		100,130	1,250	101,380	(4,636)
		---------------	-------------------	------------------	------------------
Transfers between funds		-	-	-	-
		---------------	-------------------	------------------	------------------
Net movement in funds		100,130	1,250	101,380	(4,636)
		---------------	-------------------	------------------	------------------
Total funds brought forward
at 1 April 2021		63,739	21,482	85,221	89,857
		----------------	-------------------	------------------	------------------
Total funds carried forward
at 31 March 2022		163,869	22,732	186,601	85,221
		========	=========	=========	=========

All activities relate to continuing operations. All gains and losses in the year are included above.

		2022		2021
	Notes			f,	f,
FTXED ASSETS
Investments			87,414		97,429
CURRENTASSETS
Debtors		t,t26		2,220
Cash atbankandinhand		103,611		33,513
		104,73',7		1573i
CREDITORS:Amountsfallingdue withinoneyear		(5,550)		(47,94t)
NET CT]RRENTASSETS/
(LrABrl,rrrEs)			99,188		(12,208)
NETASSETS			196,601		85,221
REPRESENTEDBY:
Unrestricted funds:
General Restricted Funds	9 l0		163,869 ))12)		63,739 21,482
TOTALF'UNDS	11		186,601		85,221

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

General information

The RYA Foundation is a charitable company limited by guarantee incorporated in England & Wales and registered with the Charity Commission. The registered office address is:

RYA House Ensign Way Hamble Southampton SO31 4YA

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Basis of preparation

The financial statements have been prepared under the historical cost convention, with the exception of investments, which are stated at market value at the balance sheet date. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities SORP (FRS 102) (effective 1 January 2019).

RYA Foundation meets the definition of a public benefit entity under FRS 102.

Going concern

The number of grant applications has been notably lower since early 2020, and this is understandable since sailing activities were curtailed as a result of Covid-19 restrictions. However grant applications are expected to increase in 2022/23 as a result of resumption of normal sailing activities, and these can be funded through the sizeable donations received in the current year. The Trustees are conscious of the need to retain sufficient funds to meet unexpected events and to sustain the Charity into the future. They continue to consider such applications as they may receive and, subject to the availability of funds, expect to approve those that meet their criteria for awards. They have no hesitation in stating that it remains appropriate to prepare the Charity’s accounts on the ‘going concern’ basis.

Cash flow statement

No cash flow statement has been prepared for the current year as the charity qualifies as a small charity for the purposes of the SORP 2019.

Fund accounting

The Charity maintains various types of funds as follows:

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside in the past by the Trustees for particular purposes. In July 2019 the Trustees resolved to close the designated fund and transfer the balances to the general fund.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and include irrecoverable VAT. They have been included under expense categories that aggregate cost for allocation to activities.

Charitable activities consist of grants payable which are recognised on unconditional approval by the board of trustees.

Support costs are those costs incurred directly in support of expenditure of the objects of the company and include project management. They have been allocated to projects on the basis of resources expended. They also include governance costs, being those costs incurred in connection with compliance with constitutional and statutory requirements.

Investments

Investments are stated at market value. Realised and unrealised gains and losses are shown separately in the appropriate section of the Statement of Financial Activities.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price

2.

EXPENDITURE ON:	Direct	Grants	Support	Total	Total
	Costs	Awarded	Costs	2022	2021
		(see Note 3)	(see Note 4)
	£	£	£	£	£
Charitable activities	-	13,134	6,457	19,591	46,290
	----------------	------------------	-----------------	----------------	----------------
	-	13,134	6,457	19,591	46,290
	========	=========	========	=======	=======

3. CHARITABLE EXPENDITURE – GRANTS AWARDED

	Number	Restricted	Unrestricted	Total	Number	Total
	of grants	funds	funds	2022	of grants	2021
		£	£	£		£
Sailing activities and training		-			3	11,698
Site Development	2	-	6,636	6,636	-	-
Boats and equipment	3	-	8,500	8,500	5	19,860
Participation	2	-	(2,002)	(2,002)	2	8,000
	------------	------------	---------------	---------------	---------------	---------------
Total grants awarded	7	-	13,134	13,134	10	39,558
	======	======	=======	=======	======	=======

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

3. CHARITABLE EXPENDITURE – GRANTS AWARDED (continued)

		Number	Restricted	Unrestricted	Total	Number	Total
		of grants	Funds	funds	2022	of grants	2021
			£	£	£		£
Analysed
between:
Grants paid to
institutions
The Anderton Centre		1	-	5,000	5,000	-	-
MS-SC		1	-	4,250	4,250	-	-
Children’s Sailing Trust		1	-	3,000	3,000	-	-
Exe SC		1	-	2,500	2,500	-	-
Notts County SC		1	-	3,500	3,500	-	-
Barnet Green Sc		1	-	3,136	3,136	-	-
Somerset Youth	and	1	-	1,000	1,000	-	-
Community Sailing
Association
EST Birmingham Project		-	-	(9,252)	(9,252)	-	-
Docklands Sailing	&	-	-	-	-	1	3,000
Watersports Centre
Sea Sanctuary		-	-	-	-	1	5,000
Newhaven & Seaford		-	-	-	-	1	5,000
Roseland Youth		-	-	-	-	1	3,000
Blackwell Sailing Club		-	-	-	-	1	3,698
Islington Boat Club		-	-	-	-	1	5,000
CMC Adventure		-	-	-	-	1	3,500
EAST		-	-	-	-	1	5,000
Delph Sailing Club		-	-	-	-	1	3,360
Staunton Harold		-	-	-	-	1	3,000
		--------------	-----------------	-----------------	-----------------	--------------	--------------
Total Grants		7	-	13,134	13,134	10	39,558
		=======	========	========	=======	=======	========

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

4.	SUPPORT COSTS	2022	2021
		£	£
	Insurance	560	423
	Bank charges	99	280
	Other costs	348	829
	Governance – audit fee	5,450	5,200
		---------------	---------------
		6,457	6,732
		=======	=======
	Support costs have been allocated to activities based on the proportions of resources expended.
5.	NET INCOME/(EXPENDITURE)	2022	2021
		£	£
	Net income/(expenditure) for the year is stated after charging:
	Auditor’s remuneration	5,450	5,200
		=======	=======

Key management consists of the Trustees. No remuneration was paid to any of the Trustees. A total of £21 (2021: £89) was reimbursed during the year to one Trustee (2021: three Trustees) in respect of travel expenses. The Charity has no employees. Services are provided to the Charity by the Royal Yachting Association free of charge.

6.	INVESTMENTS	2022	2021
		£	£
	Market value at 1 April 2021	97,429	77,898
	Additions	-	1,857
	Disposals during the year	(14,683)	(370)
	Net investment gains/(losses) during the year	4,668	18,044
		-------------------	-------------------
	Market value at 31 March 2022	87,414	97,429
		=========	=========
	Historical cost at 31 March 2022	46,207	60,890
		=========	=========
	Investments at market value comprise:
	Listed investments	87,414	97,429
		=========	=========
	All of the fixed asset investments are held in the United Kingdom.
	Material investments
	M&G Charifund	87,414	97,429
		=========	=========
7.	DEBTORS	2022	2021
		£	£
	Other debtors	1,126	2,220
		-----------------	-----------------
		1,126	2,220
		========	========

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

8.	CREDITORS: amounts falling due within one	CREDITORS: amounts falling due within one	year		2022	2021
					£	£
	Accruals for grants payable				-	42,005
	Accruals and deferred income				5,550	5,936
					-----------------	-----------------
					5,550	47,941
					========	========
9.	MOVEMENT IN	As at			Transfers	As at
	UNRESTRICTED FUNDS	1 April		Expenditure/	Between	31 March
		2021	Income	Gains/(losses)	Funds	2022
		£	£	£	£	£
	General fund	63,739	114,737	(14,607)	-	163,869
		-------------------	-----------------	-----------------	-----------------	-------------------
	Total unrestricted funds	63,739	114,737	(14,607)	-	163,869
		=========	========	========	========	=========
		As at			Transfers	As at
		1 April		Expenditure/	Between	31 March
		2020	Income	Gains/(losses)	Funds	2021
		£	£	£	£	£
	General fund	61,015	23,610	(20,886)	-	63,739
		-------------------	-----------------	-----------------	-----------------	-------------------
	Total unrestricted funds	61,015	23,610	(20,886)	-	63,739
		=========	========	========	========	=========

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

RESTRICTED FUNDS	As at			Transfers	As at
	1 April			Between	31 March
	2021	Income	Expenditure	Funds	2022
	£	£	£	£	£
Boats and equipment	2,384	-	-	-	2,384
Laser funds	110	-	-	-	110
Mr Spilsbury	18,640	-	-	-	18,640
Sailability	-	250	-	-	250
Young people	-	1,000	-	-	1,000
Other restricted funds	348	-	-	-	348
	-----------------	-----------------	-----------------	-----------------	-----------------
	21,482	1,250		-	22,732
	========	========	========	========	========
	As at			Transfers	As at
	1 April			Between	31 March
	2020	Income	Expenditure	Funds	2021
	£	£	£	£	£
Boats and equipment	2,384	-	-	-	2,384
Laser funds	110	-	-	-	110
Mr Spilsbury	25,000	-	(6,360)	-	18,640
Other restricted funds	1,348	-	(1,000)	-	348
	-----------------	-----------------	-----------------	-----------------	-----------------
	28,842	-	(7,360)	-	21,482
	========	========	========	========	========

Explanations for restricted funds:

Boats and equipment – used to purchase boating equipment for the use of disabled people. Laser funds – used to fund sailing activities

Mr Spilsbury – to be used to support elderly boaters to remain active in the sport. Sailability – to be used to provide equipment for a Sailability site.

Young people – to be used to provide training for young people.

Other Restricted Funds – Small donations/fundraising by individuals to be released upon completion of their fundraising.

11. ANALYSIS OF NET ASSETS


ANALYSIS OF NET ASSETS			Total
	Unrestricted	Restricted	31 March
	Funds	Funds	2022
	£	£	£
Fixed assets
Investments	87,414	-	87,414
Current assets
Debtors	1,126	-	1,126
Cash at bank and in hand	80,879	22,732	103,611
Creditors falling due within one year	(5,550)	-	(5,550)
	-----------------	-----------------	-----------------
	163,869	22,732	186,601
	========	========	========

12. TAXATION

The company is a registered charity and does not trade; thus it is not liable to corporation tax on its surplus or deficit.

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

13. RELATED PARTY TRANSACTIONS

During the year the Charity received donations from the Royal Yachting Association totalling £92,500 (2021: £NIL). In addition, donations collected on behalf of the Charity totalling £2,263 (2021: £3,203) were paid by the Royal Yachting Association. At the balance sheet date, there were no amounts (2021: £NIL) due to or from the Royal Yachting Association. Administrative and other supporting services are provided to the Charity by the Royal Yachting Association free of charge. As the RYA Foundation has no employees of its own, the disclosures regarding key management personnel compensation are not relevant.

14. PARENT AND CONTROLLING PARTY

The charitable company is deemed to be wholly owned and controlled by the Royal Yachting Association, a company incorporated in England and Wales and limited by guarantee (no. 00878357), by virtue of its being the sole member of the RYA Foundation. The Royal Yachting Association is the national governing body for dinghy, motor and sail cruising, all forms of sail racing, RIBs and sports boats, windsurfing and personal watercraft. Its principal purpose is to get more people into boating and watersport activities, promote safe boating practices and raise the standards of yachting and sailing in the UK

The charitable company operates in co-operation with the Royal Yachting Association and its Trustee directors are appointed by the Royal Yachting Association. However, the charitable company is not subject to its direct control.

15. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

	Unrestricted	Restricted	2021
	Funds	Funds	Total
	£	£	£
Income & endowments from:
Donations and legacies	19,387	-	19,387
Investment income	4,223	-	4,223
	------------------	-------------------	------------------
Total	23,610	-	23,610
	------------------	-------------------	------------------
Expenditure on:
Charitable activities – supporting
sailing activities for disadvantaged	38,930	7,360	46,290
people
	-------------------	-------------------	-------------------
Total	38,930	7,360	46,290
	-------------------	-------------------	-------------------
Net expenditure before investment losses	(15,320)	(7,360)	(22,680)
	------------------	-------------------	------------------
Net losses on investments	18,044	-	18,044
	------------------	-------------------	------------------
Net expenditure	2,724	(7,360)	(4,636)
	------------------	-------------------	------------------