1.
General Information
The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
On 30 January 2025, the company registered as a charity with The Charity Commission for Northern Ireland.
The address of its registered office is:
Sketrick House
GE8 Jubilee Road
Newtownards
BT23 4YH
The presentation currency is £ Sterling and the level of rounding is to the nearest £.
2.
Statement of Compliance
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3.
Accounting Policies
3.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
3.2.
Going Concern Disclosure
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.
3.3.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.
Restricted funds are to be used for specific purposes as laid down by the donor.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3.4.
Incoming Resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- Legacy income is recognised when receipt is probable and entitlement is established.
- Income from donated goods is measured at fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- Income from contracts for the supply of services is recognised with the delivery of the contracted services. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
3.5.
Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- Expenditure on raising funds includes the costs of all fundraising activities activities, events, non-charitable trading activities, and the sale of donated goods.
- Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
3.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Sailing Equipment |
|
| Training Equipment |
|
| Office Equipment |
|
At each reporting period end date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
3.7.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
3.8.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
3.9.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
3.10.
Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
3.11.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
3.12.
Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3.13.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
4.
Income from Charitable Activities
| 2026 | |||
|---|---|---|---|
| Unrestricted funds £ | Restricted funds £ | Total funds £ | |
| Charitable activities: | |||
| Royal Yachting Association grants | 121,651 | - | 121,651 |
| Sport Northern Ireland grants | - | 294,000 | 294,000 |
| Dormant Assets Northern Ireland grants | - | 42,650 | 42,650 |
|
|
|
|
|
| 2025 | |||
|---|---|---|---|
| Unrestricted funds £ | Restricted funds £ | Total funds £ | |
| Charitable activities: | |||
| Royal Yachting Association grants | 104,899 | - | 104,899 |
| Sport Northern Ireland grants | - | 284,000 | 284,000 |
| Dormant Assets Northern Ireland grants | - | - | - |
|
|
|
|
|
5.
Income from Other Trading Activities
| 2026 | 2025 | |
|---|---|---|
| Unrestricted funds | Unrestricted funds | |
| £ | £ | |
| Performance and Development income | 40,092 | 24,423 |
| Courses and events | 8,160 | 12,943 |
| Other income | 457 | 1,216 |
|
|
|
|
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
6.
Net Income/(Expenditure)
The net expenditure is stated after charging/(crediting):
| 2026 | 2025 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets - owned | 6,922 | 5,475 |
7.
Analysis of Expenditure
| 2026 | |||
|---|---|---|---|
| Activities undertaken directly | Support costs (see note 8 ) |
Total | |
| £ | £ | £ | |
| Charitable activities |
|
|
|
| 2025 | |||
|---|---|---|---|
| Activities undertaken directly | Support costs (see note 8 ) |
Total | |
| £ | £ | £ | |
| Charitable activities |
|
|
|
Activities undertaken directly:
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Wages and salaries
|
256,700
|
224,300
|
|
|
Active clubs programme costs
|
7,250
|
-
|
|
|
Performance and Development programme costs
|
42,400
|
42,400
|
|
|
Sports club programme costs
|
7,300
|
7,300
|
|
|
Athlete Awards
|
20,000
|
10,000
|
|
|
Staff expenses
|
1,500
|
-
|
|
|
Training costs and equipment
|
1,500
|
-
|
|
|
Other charitable activties
|
121,651
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|
104,899
|
|
|
458,301
|
388,899
|
||
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|
|
8.
Support Costs
| 2026 | 2025 | |
|---|---|---|
| Charitable activities | Charitable activities | |
| £ | £ | |
| Governance costs | 4,140 | 3,240 |
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
9.
Auditor's Remuneration
Remuneration received by the charitable company's auditors and their associates during the year was as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
| Other Services | |||
| Taxation compliance service |
|
|
|
10.
Staff Costs
Staff costs were as follows:
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Wages and salaries
|
220,815
|
205,516
|
|
|
Social security costs
|
39,122
|
31,795
|
|
|
Staff pension costs
|
30,231
|
29,743
|
|
|
|
|
||
|
290,169
|
267,054
|
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
11.
Average Number of Employees
Average number of employees during the year was: 8 (2025: 6)
12.
Tangible Assets
| Sailing Equipment | Training Equipment | Office Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2025 |
|
|
|
|
| Additions |
|
|
|
|
| As at 31 March 2026 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2025 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 March 2026 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2026 |
|
|
|
|
| As at 1 April 2025 |
|
|
|
|
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
13.
Debtors
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 58,097 | - | |
|
|
|
||
14.
Creditors: Amounts Falling Due Within One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 93,335 | 74,752 | |
| Accruals and deferred income | 10,504 | 12,052 | |
|
|
|
||
15.
Movement in Funds
| As at 1 April 2025 | Income | Expenditure | As at 31 March 2026 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General: | ||||
| General unrestricted fund |
|
|
( |
|
| Restricted funds | ||||
| General Restricted Fund |
|
|
( |
|
| Total funds |
|
|
( |
|
| As at 1 April 2024 | Income | Expenditure | As at 31 March 2025 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General: | ||||
| General unrestricted fund |
|
|
( |
|
| Restricted funds | ||||
| General Restricted Fund |
|
|
( |
|
| Total funds |
|
|
( |
|
16.
Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
The Royal Yachting Association Northern Ireland
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
17.
Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.
18.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.