CEO’s strategic report


I am pleased to introduce this year’s Annual Report, reflecting on another year of progress as we continue to bring our strategy to life.


Throughout the year we have remained focused on creating an environment where people from all backgrounds and ability feel safe, welcome and inspired to take part. We have also worked on several initiatives that have been designed to ensure the benefits of boating and watersports can be enjoyed for generations to come.


Business review


During the year the RYA returned to surplus following two years of planned deficits. Those deficits reflected significant investment in digital infrastructure and website platforms which remain central to the delivery of the long-term strategy. The benefits of that investment are now beginning to be realised through improved efficiency and an enhanced member and customer experience.


The return to surplus was supported by strong income from training and examinations. Demand for courses and qualifications remained encouraging, demonstrating the continuing strength of one of the RYA’s core activities. As candidate behaviour evolves, particularly through increased use of digital channels, the RYA continues to adapt its delivery model accordingly.


Digital transformation remains a key strategic priority. The organisation is continuing to strengthen its systems, platforms and digital capabilities to respond effectively to future needs, trends and opportunities. This will require ongoing investment, and the Board has agreed that reserves could be deployed prudently to support delivery of the organisation-wide strategy and to help secure long-term sustainability and relevance.


The RYA continues to maintain a strong balance sheet and healthy cash reserves, providing resilience and flexibility in an uncertain environment. Investment assets also continue to be actively managed.


Overall, the RYA remains in a strong financial position with a clear strategic direction. The return to surplus, alongside continued investment in digital development and the prudent use of reserves, leaves us well placed to respond to future challenges and opportunities.


Principal risks and uncertainties


The RYA continues to operate in an uncertain external environment. The UK economic outlook remains challenging, with inflation, cost-of-living pressures and wider market uncertainty affecting both consumer behaviour and organisational costs. Geopolitical tensions, including the conflicts in Ukraine and the Middle East, also contribute to global uncertainty and may indirectly affect training income, investment returns and the outlook for the retirement benefit scheme.


The closed defined benefit (final salary) pension scheme remains a significant long-term liability. Its funding position is sensitive to changes in interest rates, inflation and investment performance. The Board continues to keep this risk under close review and takes professional advice to ensure that liabilities are managed prudently.


Delivery of the digital programme remains a key strategic risk. Investment in digital capability, including the use of evolving AI technology, is important to the RYA’s future success, but also gives rise to risks such as implementation challenges, cost overruns and delays in realising expected benefits. In response, the RYA continues to apply strong governance, close oversight and phased delivery of key initiatives.


The RYA is also exposed to income risk, particularly because of its reliance on membership, training and examination activity. Any reduction in demand, whether arising from economic pressures or changes in the market, could affect financial performance. Trends continue to be monitored closely, and the offer is kept under review to maintain relevance and accessibility.


RYA Annual Strategic Report 2026 5


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