Directors’ Report
THE DIRECTORS WHO HELD OFFICE FROM 1ST APRIL 2020 TO 14TH JULY 2021 WERE AS FOLLOWS: EXECUTIVE
NON-EXECUTIVE
Christopher Preston, Chair Christophe Boulanger Peter Catterall Natasha Gladman**
Ronan Harte Fiona Kidd John Scott* Katie Snowball
*End of term of office 20th November 2020 **Resigned 20th April 2021
Sarah Treseder OBE, Chief Executive David Strain, Finance Director
STATUS
The Royal Yachting Association is a company limited by guarantee and is referred to in this Report and Financial Statements either as “the Association”, “the Company” or “the RYA”.
CORPORATE GOVERNANCE STATEMENT
The RYA supports the principles and procedures of good corporate governance as set out in the Code for Sports Governance published by Sport England and UK Sport.
The affairs of the RYA are managed by the staff under the direction of the CEO. The Finance Director is appointed as a Director by the Board. The election (whether by the membership or by the Board) of the non-executive Directors is informed by a matrix of the competencies and skills desired to be represented on the Board. The Board carries out an annual exercise to review its own performance and that of individual Directors.
Non-executive members of the Board may not be financially rewarded for their work as Directors. A register of Board members’ interests is maintained which details any personal or business interests that could give rise to a conflict of interest. The Association maintains Directors’ and Officers’ Insurance in line with S.234 of the Companies Act 2006.
Policy-forming committees are established for each area of the Association’s activities. Members of these committees are volunteers who have demonstrable expertise in the relevant areas. Their primary function is to ensure that the members’ boating interests, rights and wishes are reflected in the Association’s policies and high level strategies.
The Audit and Risk Committee assesses financial reporting, risk management, safety issues and procedures and it reports to the Board in this role.
The Chief Executive is responsible for implementing the strategy approved by the Board in accordance with RYA policy, leading and managing the staff and overseeing the RYA’s day-to-day operations.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Strategic Report, Directors’ Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice (UK Accounting Standard and applicable law) including FRS 102 “The financial reporting standard applicable in the UK and Republic of Ireland”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to: • select suitable accounting policies and apply them consistently; • make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDIT INFORMATION
As far as the Directors are aware, there is no relevant audit information of which the Company’s Auditor is unaware. The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information. The Board of Directors confirms it has complied with the above responsibilities.
AUDITOR
A resolution re-appointing Haysmacintyre LLP will be proposed at the AGM in accordance with S.485 of the Companies Act 2006.
On behalf of the Board on 14th July 2021 David Strain FCCA Director
Registered Office: RYA House, Ensign Way, Hamble, Hampshire SO31 4YA
RYA ANNUAL REPORT AND ACCOUNTS 2021
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