RYA issues COVID-19 support on financial planning

In these unforeseen and unprecedented circumstances, the RYA is offering guidance and advice to Affiliated Clubs and Recognised Training Centres to assist with emergency financial planning.

The financial planning club guidance includes advice on reviewing income and expenditure, how to utilise savings, plus ideas to help generate revenue.

Clubs and training centres can also access a COVID-19 Financial Toolkit which has been created to support those working on emergency planning and budgeting processes.

The RYA is also asking clubs and training centres to complete a survey designed to help venues to work through some of the help and support currently available. This information will also help the RYA to target the most needed support and guidance and effectively influence major stakeholders including the UK Government.

RYA Director of Sport Development Alistair Dickson explains: “We know many clubs will already have existing forecasts or well developed business plans in place however these are now unlikely to reflect the reality of the situation ahead. Therefore it’s important to undertake some urgent planning as soon as possible and we hope that this guidance will provide some support during this process.”

Club Commodores and Training Centre Principals may have also seen that the Government has launched a new ‘support finder’ tool to help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the pandemic.

Alistair concludes: “We hugely appreciate the efforts and challenges that those running clubs and training centres are facing at this current time. If you have more specific questions or are seeking more detailed advice, please contact your Regional Development Officer who will be happy to help. Please also help us focus our support by filling in the Access to Support Survey; it will really help us to help you and influence major stakeholders like the UK Government.”