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2024-03-31-accounts

THE RYA FOUNDATION (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
Mr Keith Bibby (appointed 19 November 2023)
Mrs Margaret Delany
Mrs Diana Gibbs
Mrs Alison Gunn
Mrs Katherine Nevlan (appointed 19 November 2023)
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

1

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT

The Trustees of the RYA Foundation 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 2024. 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 RYA Foundation 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 Foundation 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 Delany, Mrs Gibbs, Mrs Gunn and Mr Phillips retired by rotation in November 2023. They were re-appointed by the RYA. Mr Bibby and Mrs Neylan were appointed as Trustees in November 2023.

The Foundation does not have any employees and the Trustees and Company Secretary are unpaid volunteers. Financial and book-keeping 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 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 close, 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 Foundation, 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 of the Foundation 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 Foundation’s largest asset is its holdings in the M&G Charifund and the M&G Multi Asset Fund. These had a combined market value of £131,113 at the balance sheet date (2023: £163,451).

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.

2

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

OBJECTIVES AND ACTIVITIES (continued)

However, people with disabilities and other disadvantages are still 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.

The Foundation does not itself organise operational activities for its target audience. Rather, it carries out its objectives by making grants to activity providers (such as Sailability groups, sailing clubs and other charitable or volunteer-led organisations) who provide the necessary facilities, access to the water, training and equipment for their members/clients.

During 2023-24, the charity’s main priorities were:

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

2. To launch the new ‘Youth Fund’.

3. To establish a ‘Finance and Risk Committee’.

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

The Trustees approved 15 grants totalling £44,758 to organisations during the year ( 2023 : 11 grants totalling £37,342 ) and 51 grants totalling £58,679 to young people from the Youth Fund ( 2023: nil ).

The year was particularly notable for the launch of the Youth Fund in September 2023. This fund is intended to: “ assist young persons with a commitment to the sport, but with financial or other needs, to realise their potential through boating ”. It was endowed with the closing funds of the now-defunct John Merricks Sailing Trust and a matching financial commitment from the RYA. The endowment (and any future bequests and donations for this cause) will be held in a ‘restricted’ fund.

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 sites’, where the RYA’s Sailability Department is satisfied with both the equipment and availability of trained instructors and assistants. These 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 Foundation’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 £59,365 ( 2023: £159,589). Details of the grants made during the year are shown in Note 3 to the accounts.

3

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FINANCIAL REVIEW (continued)

The Foundation relies entirely on donations. Some donors wish to restrict their donation for a specific use that is close to their heart or interests. The statement at Note 10 shows the position with regard to these ‘restricted’ funds. Where possible, grants are made from restricted funds but, on the occasions that the award for a restricted grant is more than the remaining funds, the shortfall will be met from general funds.

Fundraising Activities

In general, the Trustees rely on donations and bequests for the Foundation’s income.

Reserves Policy

The Balance Sheet shows net assets of £261,533 as at 31 March 2024, which are held to meet future grant applications to the general and restricted funds. 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 capital growth. Having for many years held a single investment in the M&G Charifund, the Trustees decided in 2023 to re-balance their investment over time into the M&G Multi Asset Fund (which has a broader spectrum of underlying investments). This is in order to spread investment risk, whilst sustaining dividend income. These funds, with their steady dividend streams and opportunities for modest capital growth, are considered to remain a suitable home for the monies that are not required for disbursement in the near term.

‘GOING CONCERN’ BASIS

There has been no observable, detrimental impact on the charity from the Covid-19-related lockdowns and related factors. The number of grant applications dipped notably lower in 2020 and 2021, and this was understandable since sailing activities were curtailed. However, since late 2022 the number of grant applications has returned to, and currently exceeds, pre-Covid levels. The Trustees are conscious of the need to retain sufficient funds to meet unexpected events and to sustain the charity into the future. However, they continue to consider all applications that they receive and will, subject to the availability of funds, expect to approve those that meet their criteria for awards in full, or in part. 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

The Trustees have developed a Strategic Plan for the period 2024 to 2028. This has objectives aimed at: enhancing the charity’s status, visibility and marketing; increasing income from donations and bequests; better demonstrating the impact achieved by the charity’s grants and maintaining a well-rounded and appropriately skilled Board of Trustees.

There will be annual Operational Plans to guide the Trustees’ activities in pursuit of the strategic objectives. The 202425 Operational Plan has objectives in the following areas:

1. To establish a stronger presence in the RYA’s promotional channels.

2. To obtain the level of income required to meet the demands of grant making for the Youth Fund.

3. To develop the administrative procedures to cope with the high number of grant applications.

4. To produce a more developed ‘impact report’ based on the feedback reports detailing what the beneficiaries have been able to achieve with their grants.

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

4

THE RYA FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

RELATED PARTY TRANSACTIONS

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

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the RYA Foundation for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Auditors

A proposal to re-appoint Haysmacintyre LLP as auditors for the forthcoming year will be put forward at the Annual General Meeting.

This report was approved by the Board of Trustees on 11 September 2024 and signed on its behalf, by:

RYA House Ensign Way Hamble SO31 4YA

5

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 2024 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:

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:

6

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

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:

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:

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.

7

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) 10 Queen Street Place for and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG

Date: 16 September 2024

8

THE RYA FOUNDATION (A company limited by guarantee)

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

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted 2024 2023
Funds Funds Total Total
Notes £ £ £ £
Income & endowments from:
Donations and legacies 33,650 25,717 59,365 159,589
Investment income 11,732 - 11,732 6,930
----------------- ------------------- ------------------ ------------------
Total 45,382 25,717 71,097 166,519
----------------- ------------------- ------------------ ------------------
Expenditure on:
Charitable activities – supporting
sailing activities for disadvantaged 2 43,898 68,396 112,294 44,089
people
----------------- ------------------- ------------------- -------------------
Total 43,898 68,396 112,294 44,089
----------------- ------------------- ------------------- -------------------
Net income before investment
gains/(losses) 1,482 (42,679) (41,197) 122,430
--------------- ------------------- ------------------ ------------------
Realised loss on disposal of investments (2,886) - (2,886) -
Net gains/(losses) on investments 548 - 548 (3,963)
--------------- ------------------- ------------------ ------------------
Net income / (expenditure) (856) (42,679) (43,535) 118,467
--------------- ------------------- ------------------ ------------------
Transfers between funds - - - -
--------------- ------------------- ------------------ ------------------
Net movement in funds (856) (42,679) (43,535) 118,467
--------------- ------------------- ------------------ ------------------
Total funds brought forward
at 1 April 2023 173,887 131,181 305,068 186,601
---------------- ------------------- ------------------ ------------------
Total funds carried forward
at 31 March 2024 173,031 88,502 261,533 305,068
======== ========= ========= =========

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

9

THE RYA FOUNDATION (A company limited by guarantee)

Company Number: 04129560

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 6 131,113 163,451
----------------- -----------------
CURRENT ASSETS
Debtors 7 911 2,030
Cash at bank and in hand 144,134 145,837
------------------ ------------------
145,045 147,867
CREDITORS: Amounts falling due
within one year 8 (14,625) (6,250)
------------------ ------------------
NET CURRENT ASSETS 130,420 141,617
------------------ ------------------
NET ASSETS 261,533 305,068
========= =========
REPRESENTED BY:
Unrestricted funds:
Designated Fund (allocated to Youth Fund) 9 100,000 100,000 -
General 9 73,031 173,887
Restricted Funds 10 88,502 131,181
------------------ ------------------
TOTAL FUNDS 11 261,533 305,068
========= =========

The financial statements were approved and authorised for issue by the Trustees on 11 September 2024 and signed on their behalf, by:

10

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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).

The 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 2023/24 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 Foundation 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 in full, or in part. 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 Foundation 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 previously maintained to record funds earmarked for grants to Sailability sites 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.

11

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 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 2024 2023
(see Note 3) (see Note 4)
£ £ £ £ £
Charitable activities - 103,437 8,857 112,294 44,089
---------------- ------------------ ----------------- ---------------- ----------------
- 103,437 8,857 112,294 44,089
======== ========= ======== ======= =======

3. CHARITABLE EXPENDITURE – GRANTS AWARDED

Number Unrestricted Restricted Total Number Total
of grants funds funds 2024 of grants 2023
£ £ £ £
Sailing activities and training 6 14,810 - 14,810 1 301
Site Development - - - - 3 9,096
Boats and equipment 6 11,591 9,717 21,308 6 23,445
Participation 3 8,640 - 8,640 1 4,500
Youth fund 51 - 58,679 58,679 - -
------------ ------------ --------------- --------------- --------------- --------------
Total grants awarded 66 35,041 68,396 103,437 11 37,342
====== ====== ======= ======= ====== =======

12

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

3. CHARITABLE EXPENDITURE – GRANTS AWARDED (continued)

Number Unrestricted Restricted Total Number Total
of grants Funds funds 2024 of grants 2023
£ £ £ £
Analysed
between:
Grants paid to
institutions:
MS-SC - - - - 1 4,500
All-Aboard Watersports - - - - 1 7,000
Manor Park SC - - - - 1 2,250
Thames Sailability - - - - 1 1,950
Woolyerstone Project - - - - 1 1,096
FACT - - - - 1 4,000
Newhaven & Seaford SC - - - - 1 4,000
CYE SC - - - - 1 2,000
Staunton Harold Sailability - - - - 1 6,000
Arnside SC 1 2,300 - 2,300 - -
Break 1 3,340 - 3,340 - -
Chesil Sailability 1 1,091 717 1,808 - -
Oceans of Hope 1 2,000 - 2,000 - -
Roseland YST 1 3,000 - 3,000 - -
Royal Dart YST 1 3,360 - 3,360 - -
Swarkestone Sailability 1 - 4,000 4,000 - -
Lancashire Outdoor Activities Initiative 1 - 5,000 5,000 - -
Ellen MacArthur Cancer Trust 1 3,000 - 3,000 - -
AHOY Centre 1 5,000 - 5,000 1 4,245
Andrew Simpson Foundation 1 3,000 - 3,000 - -
Disabled Sailing Association 1 5,000 - 5,000 - -
St Mary’s Loch SC 1 2,500 - 2,500 - -
Lancaster University SC 1 450 - 450 - -
Covenham SC & Sailability 1 1,000 - 1,000 - -
-------------- -------------- -------------- --------------- -------------- --------------
15 35,041 9,717 44,758 10 37,041
Grants paid to
individuals:
Pedrick - - - - 1 301
Youth Fund 51 - 58,679 58,679 - -
-------------- ----------------- ----------------- ---------------- -------------- --------------
Total Grants 66 35,041 68,396 103,437 11 37,342
====== ======== ======== ======= ======= ========

13

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

4. SUPPORT COSTS 2024 2023
£ £
Insurance 96 96
Bank charges 40 44
Other costs 1,996 357
Governance – audit fee 6,725 6,250
--------------- ---------------
8,857 6,747
======= =======
Support costs have been allocated to activities based on the proportions of resources expended.
5. NET INCOME/(EXPENDITURE) 2024 2023
£ £
Net income/(expenditure) for the year is stated after charging:
Auditor’s remuneration 6,725 6,250
======= =======
Key management consists of the Trustees. No remuneration was paid to any of the Trustees. A total of £94 (2023:
£124) was reimbursed during the year to one trustee (2023: one trustee) in respect of travel expenses. The charity has
no employees. Administration and financial management services are provided to the Foundation by the RYA free
of charge.
6. INVESTMENTS 2024 2023
£ £
Market value at 1 April 2023 163,451 87,414
Additions - 80,000
Disposals during the year (32,886) -
Net investment gains/(losses) during the year 548 (3,963)
------------------- -------------------
Market value at 31 March 2024 131,113 163,451
========= =========
Historical cost at 31 March 2024 110,992 131,714
========= =========
Investments at market value comprise:
Listed investments 131,113 163,451
========= =========
All of the fixed asset investments are held in the United Kingdom.
Material investments:
M&G Charifund 48,286 82,072
M&G Multi Asset Fund 82,827 81,379
========= =========
7. DEBTORS 2024 2023
£ £
Other debtors 911 2,030
----------------- -----------------
911 2,030
======== ========

Key management consists of the Trustees. No remuneration was paid to any of the Trustees. A total of £94 (2023: £124) was reimbursed during the year to one trustee (2023: one trustee) in respect of travel expenses. The charity has no employees. Administration and financial management services are provided to the Foundation by the RYA free of charge.

14

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: amounts falling due within one CREDITORS: amounts falling due within one year 2024 2023
£ £
Accruals for grants payable 8,000 -
Accruals and deferred income 6,625 6,250
----------------- -----------------
14,625 6,250
======== ========
9. MOVEMENT IN As at Transfers As at
UNRESTRICTED FUNDS 1 April Expenditure/ Between 31 March
2023 Income Gains/(losses) Funds 2024
£ £ £ £ £
General fund 173,887
45,382		 (46,236) (100,000) 73,031
Designated fund -
-		 - 100,000 100,000
-------------------
-----------------		 ----------------- ----------------- -------------------
Total unrestricted funds 173,887
45,382		 (46,236) - 173,031
=========
========		 ======== ======== =========
As at Transfers As at
1 April Expenditure/ Between 31 March
2022 Income Gains/(losses) Funds 2023
£ £ £ £ £
General fund 163,869
50,519		 (40,501) - 173,887
-------------------
-----------------		 ----------------- ----------------- -------------------
Total unrestricted funds 163,869
50,519		 (40,501) - 173,887
=========
========		 ======== ======== =========

From 4[th] December 2013, income to the Foundation that was specifically stated, or deemed by the Trustees, to be for the support of disabled persons was credited to a ‘disability-related’ designated fund, and relevant grants made were debited to that fund. In July 2019 the Trustees resolved that the remaining balance of that designated fund should be transferred to the general fund.

Following the creation of the restricted Youth Fund in September 2023, the Trustees decided to support this initiative by reallocating £100,000 from the general fund into a designated fund for this purpose.

15

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

10. RESTRICTED FUNDS As at Transfers As at
1 April Between 31 March
2023 Income Expenditure Funds 2024
£ £ £ £ £
Boats and equipment 2,384 - - - 2,384
Laser Funds 110 - - - 110
Spilsbury bequest 11,640 - (9,000) - 2,640
Evans Memorial Fund 348 - - - 348
Barfoot-Gay donation 699 - - - 699
Roessler bequest 1,000 - - - 1,000
JMST – Youth Fund endowment 90,000 - (58,679) - 31,321
RYA – Youth Fund first annual 25,000 - - - 25,000
donation (1 of 5)
Donations in memoriam of the - 717 (717) - -
late Dr Kilburn
RYA - Youth Fund annual - 25,000 - - 25,000
donation (2 of 5)
----------------- ----------------- ----------------- ----------------- -----------------
131,181 25,717 (68,396) - 88,502
======== ======== ======== ======== ========
As at Transfers As at
1 April Between 31 March
2022 Income Expenditure Funds 2023
£ £ £ £ £
Boats and equipment 2,384 - - - 2,384
Laser funds 110 - - - 110
Spilsbury bequest 18,640 - (7,000) - 11,640
Evans Memorial Fund 348 - - - 348
Nokes donation 250 - (250) - -
Barfoot-Gay donation 1,000 - (301) - 699
Roessler bequest - 1,000 - - 1,000
JMST – Youth Fund endowment - 90,000 - - 90,000
RYA – Youth Fund first annual - 25,000 - - 25,000
donation (1 of 5)
----------------- ----------------- ----------------- ----------------- -----------------
22,732 116,000 (7,551) - 131,181
======== ======== ======== ======== ========

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.

Evans fund – to be used for sailing courses for people from Herefordshire. Spilsbury bequest – to be used to support elderly boaters to remain active in the sport. Nokes donation – to be used to provide equipment for a Sailability site. Barfoot - Gay donation – to be used for the training of young people. Roessler bequest – to be used to encourage young people to learn to sail. Youth Fund – to be used to support young persons to realise their potential through boating.

16

THE RYA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

11. ANALYSIS OF NET ASSETS Total
Unrestricted Restricted 31 March
Funds Funds 2024
£ £ £
Fixed assets
Investments 131,113 - 131,113
Current assets
Debtors 911 - 911
Cash at bank and in hand 57,632 88,502 144,134
Creditors falling due within one year (14,625) - (14,625)
----------------- ----------------- -----------------
173,031 88,502 261,533
======== ======== ========

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.

13. RELATED PARTY TRANSACTIONS

During the year the charity received donations from, and via, the RYA totalling £35,000 (2023: £115,000). In addition, donations collected on behalf of the charity from RYA members totalling £2,785 (2023: £3,085) were paid over to the Foundation. At the balance sheet date, there were no amounts (2023: £Nil) due to or from the RYA. Administrative and other supporting services are provided to the charity by the RYA free of charge. As the 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 RYA, a company incorporated in England and Wales and limited by guarantee (no. 00878357), by virtue of its being the sole member of the Foundation. The RYA is the recognised 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 RYA and its Trustee directors are appointed by the Association. However, the charitable company is not subject to its direct control.

17

THE RYA FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

15. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted 2023
Funds Funds Total
£ £ £
Income & endowments from:
Donations and legacies 43,589 116,000 159,589
Investment income 6,930 - 6,930
------------------ ------------------- ------------------
Total 50,519 116,000 166,519
------------------ ------------------- ------------------
Expenditure on:
Charitable activities – supporting
sailing activities for disadvantaged 36,538 7,551 44,089
people
------------------- ------------------- -------------------
Total 36,538 7,551 44,089
------------------- ------------------- -------------------
Net income before investment losses 13,981 108,449 122,430
------------------ ------------------- ------------------
Net losses on investments (3,963) - (3,963)
------------------ ------------------- ------------------
Net income 10,018 108,449 118,467
------------------ ------------------- ------------------

18