20. RYA Foundation As stated in Note 1c the Association is the sole member of the RYA Foundation, a charitable company limited by guarantee.
2024. £.
Net income/(expenditure) for the year ended 31st March Total Funds carried forward as at 31st March
(43,535) ----------
261,533. ----------
2023. £.
118,467.
---------- 305,068.
----------
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 £35,000 to the RYA Foundation and also received donations and legacies totalling £2,785 (2023: £3,055) from our members and the general public that were subsequently paid to the RYA Foundation.
21. 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 aſter 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 2024 was 107,504 (2023: 107,003).
22. Related party transactions There were no related party transactions in year (2023:nil).
RYA Annual Strategic Report 2024
35
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