2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS


In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Association’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


Key areas subject to judgement and estimation are as follows:


(a) Investment property The Association carries its investment property at fair value, with changes in fair value being recognised in the Statement of Comprehensive Income. The property is a mixed use property and has been separated between tangible fixed assets and investment


property as the Directors consider that its value can be measured reliably. The property was last professionally


valued as at 31st March 2021 and the fair value of the investment property has been set as an apportionment of that valuation. Management have reviewed factors for impairment in light of COVID-19 and determined that no impairment is considered appropriate.


(b) Defined benefit pension scheme The Association has obligations to pay pension benefits under a defined benefit pension scheme. The cost of these benefits and the present value of the obligation depend on a number of factors including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. The Directors, in consultation with the scheme’s actuary agree the key factors and estimates that determine the net pension obligation in the Statement of Financial Position on the basis of historical experience and current trends.


3. REVENUE


Revenue is derived from the following sources: Subscriptions


Sales of goods and services Events and coaching


UK Sport grants receivable


Sports Council grants receivable Other income, grants and donations


Revenue is derived from the following geographical locations: United Kingdom Europe


Rest of the World


2021 £


4,698,196 3,833,367 730,664


4,748,066 1,536,287 91,592


15,638,172


13,834,339 1,285,224 518,609


15,638,172


2020 £


4,959,123 6,853,649 1,376,930 5,904,398 1,769,154 155,989


21,019,243


18,243,496 1,946,350 829,397


21,019,243


4. DIRECT EXPENDITURE Membership services and promotion Costs of goods and services sold Events and coaching


UK Sport grants disbursed Sports Council grants disbursed Other grants and donations directly disbursed


2021 £


2,160,977 1,752,678 1,158,677 4,748,066 1,536,287 -


11,356,685


2020 £


1,958,320 2,871,919 2,251,470 5,904,398 1,769,154 50,346


14,805,607 RYA ANNUAL REPORT AND ACCOUNTS 2021 23


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32