15. Provisions for liabilities
Deferred taxation £
Balance at 1st April 2023 Debited to Statement of Comprehensive Income Balance at 31st March 2024 Deferred taxation relates to accelerated capital allowances.
101,562 9
-------------- 101,571
--------------
16. Financial instruments
Financial assets that are debt instruments measured at amortised cost: Trade debtors
Other debtors Cash at bank and in hand
2024 £
711,760 300,764
4,477,730
-------------- 5,490,254
--------------
Financial liabilities measured at amortised cost: Trade creditors
2023 £
528,022 905,408
5,004,088
-------------- 6,437,518
--------------
1,891,543 --------------
1,576,277 --------------
17. Pension benefits The Association provides pension benefits to employees as follows:
Defined contribution scheme
All eligible workers are enrolled into the Association’s group personal pension plan (GPPP) under automatic enrolment legislation (the GPPP satisfies the conditions of a qualifying scheme and all new staff have been eligible to join the GPPP since April 2003). The Association’s contribution to the GPPP is equivalent to 10% of annual salary (and the employee’s is 3%). Contributions are charged to the Statement of Comprehensive Income as they become payable. The premiums paid into these plans amounted to £789,156 (2023: £713,490).
Royal Yachting Association Retirement Benefit Scheme
The Royal Yachting Association Retirement Benefit Scheme is a non-contributory pension scheme for certain staff who joined before 31st March 2001 which provides retirement benefits based on final salary and length of service. The assets of the scheme are held separately from those of the Association. Future service funding rates (currently 33.2% of pensionable salary) are determined by the scheme actuary as part of the triennial valuation.
The most recent triennial valuation available was at 1st April 2023. The value of the assets represented 97% of the benefits that had accrued to members, aſter allowing for expected future increases in earnings. This was equivalent to a deficit of £258,000. The financial assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in pensionable salaries. The principal (non-financial) assumptions which have the most effect include mortality rates. The contributions for the year were £22,000 (2023: £92,000). The most recent FRS 102 valuation as at 31st March 2024 showed that the market value of the scheme’s assets was £9,517,000 (2023: £9,726,000). The valuation set out overleaf has been based on the triennial valuation at 31st March 2023, as updated by a qualified actuary, in order to assess the assets/liabilities) of the scheme in accordance with FRS 102 at 31st March 2024.
RYA Annual Strategic Report 2024
31
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