Director’s report The Directors who held office from 1 April 2023 to 31 March 2024 were:


Non-executive Sir Michael Arthur, Chair**


* Resigned 10 November 2023 **


Corinne Cunningham Misha Engineer Ronan Harte


Appointed 10 November 2023


Adam Jay Polly Handford Fiona Kidd


Christopher Preston* Duncan Rutherford Pip Woods**


Executive David Strain, Finance Director Sara Sutcliffe MBE, Chief Executive


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” or “the Company”.


Corporate Governance Statement


The RYA supports the principles and procedures of good corporate governance as set out in the Combined Code published by the Financial Reporting Council. This code was drawn up for listed companies; the RYA is neither obliged nor able to follow it completely. However, the Board of Directors strives to implement it as far as is practicable for a sports governing body.


The affairs of the RYA are managed by the staff under the direction of the CEO. The Chair sits on the Board ex-officio. The Finance Director is appointed as a Director. The election 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 the performance 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. Directors and senior staff complete an annual certificate to confirm any related parties in accordance with FRS 102. The Association maintains directors’ and officers’ insurance in line with S.234 of the Companies Act 2006.


The Audit and Risk Committee assesses financial reporting, risk management, safety issues and procedures. 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.


Future Developments


Details of future developments are included in the Strategic Report, as permitted under Section 414C (11) of the Companies Act 2006.


Directors’ Indemnity Insurance RYA purchases directors’ and officers’ liability insurance in respect of itself and its directors.


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 United Kingdom Generally Accepted Accounting Practice. Company law requires the directors to prepare financial statements for each financial year which 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 estimates that are reasonable and prudent;


• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;


• 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 proper accounting records which 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


So 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 confirm that they have complied with the above responsibilities.


On behalf of the Board on 26 July 2024. D A Strain FCCA, Director


Registered Office: RYA House, Ensign Way, Hamble, Hants, SO31 4YA


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RYA Annual Strategic Report 2024


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