21. RYA FOUNDATION


The RYA Foundation is the charitable arm of the Association. Its trustees have a remit to promote participation in boating by those who are disadvantaged by reason of youth, age, infirmity or disability, financial hardship or social circumstances. As stated in Note 1(c) the Association is the sole member of the RYA Foundation, a charitable Company limited by guarantee.


2022 £


Net income/(expenditure) for the year ended 31st March Total funds carried forward as at 31st March


101,380 186,601


2021 £


(4,636) 85,221


The Association provides administrative support to assist the RYA Foundation in carrying out its activities at no charge. During the year, the Association made a donation of £92,500 to the RYA Foundation and also received donations totalling £2,263 from our members and the public that were subsequently paid to the RYA Foundation (2021: £3,203).


22. LIABILITY OF MEMBERS


Every full member of the Association undertakes to contribute to the assets of the Association, in the event of the same being wound up while they are a member or within one year after they cease to be a member, for payment of the debts and liabilities of the Association contracted before they ceased to be a member, and of the costs, charges, and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1. The number of members of all categories at 31st March 2022 was 106,343 (2021: 105,338).


23. RELATED PARTY TRANSACTIONS


During the year grants totalling £nil (2021: £22,770) were made to a close family member of a then director of the Association. These grants were provided in accordance with the Association’s normal policies and procedures subject to the rules governing World Class Programme funding of which the recipient is a member.


24. CONTINGENT ASSET


Following the Covid-19 pandemic we submitted a Business Interruption claim to our insurers. A number of external factors impacted on the timing of our claim, such as when the High Court ‘test case’ by the Financial Conduct Authority, which was looking at how insurance policies reacted to Covid-19 related claims was held. Although our underwriters were not a party to the test case, some of the issues examined by the Court were considered relevant to the interpretation of our own insurance policies.


From our perspective, our claim was finalised during late 2021 but discussions with underwriters on the quantum of the claim continued until February 2022. An offer from underwriters was made in April 2022, however this limits the period of indemnity from the onset of the pandemic, to our policy renewal date in September 2020. We contend that the indemnity period under the policy is two years. There is a pending Court case which has relevance to this claim “Various Eateries Trading Ltd -v- Allianz” which we understand will consider a number of aspects, including the treatment of furlough payments and the length of the indemnity period. The case is expected to be heard in July 2022, although any decision is likely to be subject to appeal. There is an understanding that the future Court ruling may address the disputed aspects of our claim and the outcome may impact the amount payable to the Association. At this stage, the Directors consider that it is more likely than not (but not virtually certain) that the Association will receive between £500,000 and £1,000,000.


RYA ANNUAL REPORT AND ACCOUNTS 2022


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