• the financial statements are not in agreement with the accounting records and returns; or


• certain disclosures of Directors’ remuneration specified by law are not made; or


• we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS


As explained more fully in the Directors’ Responsibilities Statement on page 11, the Directors 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 Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company’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 Directors either intend to liquidate the Company 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 as to 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.


EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD


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 Company 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


• Inspecting correspondence with the funding bodies, regulators and tax authorities;


• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation, including the Code for Sports Governance, and fraud;


• Evaluating management’s controls designed to prevent and detect irregularities;


• Reviewing 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.


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.


USE OF OUR REPORT


This report is made solely to the Company’s members, as a body, 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 Company’s members 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 Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.


such as the Companies Act 2006 and the Code for Sports Governance.


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 income being recognised in the incorrect financial year. Audit procedures performed by the engagement team included:


David Cox (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place, London


EC4R 1AG 14th July 2021 RYA ANNUAL REPORT AND ACCOUNTS 2021 17


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