TRUSTEES’ ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
© COPYRIGHT ROYAL INSTITUTE OF NAVIGATION 2024.
Issue 1-00 17 April 2024
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TABLE OF CONTENTS
| 1 | ROYAL INSTITUTE OF NAVIGATION REFERENCE DETAILS ................................................................................. 4 |
|---|---|
| 2 | OBJECTIVES AND ACTIVITIES ............................................................................................................................................ 4 |
| 2.1 | RIN OBJECTIVES ................................................................................................................................................................ 4 |
| 2.2 | STRATEGY............................................................................................................................................................................ 4 |
| 2.3 | DELIVERING THE VISION AND STRATEGY ............................................................................................................ 6 |
| 3 | ACHIEVEMENTS AND IMPACT .......................................................................................................................................... 7 |
| 3.1 | IMPACT SUMMARY ........................................................................................................................................................... 7 |
| 3.2 | OVERVIEW OF ACTIVITIES AND INFRASTRUCTURE ......................................................................................... 9 |
| 3.3 | RIN AS A LEARNED SOCIETY: ENABLING INSIGHTS AND PROMOTING KNOWLEDGE................. 11 |
| 3.4 | GROWTH AND DEVELOPMENT .............................................................................................................................. 13 |
| 3.5 | INCLUSIVITY AND DIVERSITY ................................................................................................................................... 13 |
| 4 | FINANCIAL REVIEW ............................................................................................................................................................. 14 |
| 4.1 | PERFORMANCE................................................................................................................................................................ 14 |
| 4.2 | INVESTMENT AND RESERVES POLICY ................................................................................................................... 15 |
| 4.2.1 | RESERVES...................................................................................................................................................................... 15 |
| 4.2.2 | RESERVES POLICY..................................................................................................................................................... 15 |
| 4.2.3 | INVESTMENTS ............................................................................................................................................................ 15 |
| 4.2.4 | INVESTMENT POLICY ............................................................................................................................................. 15 |
| 4.2.5 | GRANT AND SPONSORSHIP FUNDING ......................................................................................................... 15 |
| 4.2.6 | LEGACY GIVING AND THE GREAT CIRCLE GROUP ................................................................................. 15 |
| 4.3 | AUDITORS ......................................................................................................................................................................... 16 |
| 4.4 | FUTURE PERFORMANCE.............................................................................................................................................. 16 |
| 5 | STRUCTURE, GOVERNANCE AND MANAGEMENT ............................................................................................... 17 |
| 5.1 | GOVERNING DOCUMENTS ....................................................................................................................................... 17 |
| 5.2 | RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES............................................................................ 17 |
| 5.3 | TRUSTEE DECLARATION OF INTERESTS AND INDUCTION OF NEW TRUSTEES .............................. 17 |
| 5.4 | TRUSTEE SKILLS ASSESSMENTS ................................................................................................................................. 17 |
| 5.5 | ORGANISATION AND DECISION-MAKING STRUCTURE ............................................................................. 17 |
| 5.6 | MANAGEMENT & STRUCTURE ................................................................................................................................. 18 |
| 5.7 | RELATIONSHIP WITH OTHER ORGANISATIONS ............................................................................................. 18 |
| 5.8 | RISK MANAGEMENT ...................................................................................................................................................... 18 |
| 6 | REFERENCE AND ADMINISTRATIVE DETAILS ........................................................................................................... 18 |
| 6.1 | CHARITY TRUSTEES....................................................................................................................................................... 18 |
| 6.2 | DIRECTOR ......................................................................................................................................................................... 19 |
| 6.3 | RELEVANT ORGANISATIONS .................................................................................................................................... 19 |
| 6.3.1 | BANKERS...................................................................................................................................................................... 19 |
| 6.3.2 | SOLICITORS ................................................................................................................................................................ 19 |
| 6.3.3 | AUDITORS................................................................................................................................................................... 19 |
| 7 | STATEMENT OF TRUSTEES’ RESPONSIBILITIES.......................................................................................................... 19 |
| 8 | DECLARATIONS .................................................................................................................................................................... 20 |
| 9 | INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ROYAL INSTITUTE OF |
| NAVIGATION .......................................................................................................................................................................... 21 | |
| 10 | STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 ............................ 24 |
| 11 | BALANCE SHEET AS AT 31 DECEMBER 2023 .............................................................................................................. 25 |
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12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ....................... 26
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1 ROYAL INSTITUTE OF NAVIGATION REFERENCE DETAILS
Charity name: The Royal Institute of Navigation
Charity registration number 1117254 Address 1 Kensington Gore, London, SW7 2AT
2 OBJECTIVES AND ACTIVITIES
2.1 RIN OBJECTIVES
The RIN’s objectives, as set out in its Royal Charter, are to unite in one body those interested in navigation; to advance the art, science and practice of navigation; and to promote knowledge in navigation and its associated sciences, including positioning, timing, tracking and conduct of a journey, whether on, in, over or under land, sea, air or space.
2.2 STRATEGY
RIN’s Council reviews strategy on an annual basis. Council reviewed the RIN’s strategy at its December 2022 meeting and concluded that the published 2019-2024 strategy[1] remains appropriate fora 2023. Council also noted that a strategy review would be needed in 2024. As such, in December 2023 Council held a kickoff workshop to start to review the RIN’s strategy for the 2025-2030 period.
RIN vision
In line with the Royal Charter objectives and the vision, the RIN’s strategy is to bring diverse disciplines together, sharing ideas and knowledge to improve understanding and perspectives. Through its work, the RIN aims to inspire the next generation, generate insights and foster innovation. Uniquely, the RIN spans the science, technology and practice of navigation. RIN groups, events and development resources seek to add value across all of these areas.
1 https://rin.org.uk/page/RIN_Strategy
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RIN strategy summary 2019-2024
Figure 1 RIN Strategy "Pillars" Summary
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2.3 DELIVERING THE VISION AND STRATEGY
Each year the RIN’s Council reviews priorities to implement the strategy. The resulting “dashboard goals” are each owned directly by Council, with responsibility for review and oversight being allocated to the most appropriate Standing Committee of Council. Council then receives a report of progress at each meeting, including a red-amber-green status. Council discussion and support is then prioritised in areas of red or amber status.
A key objective of Council is to ensure inclusivity and diversity to enable the broadest possible engagement and participation. To that end, Council works to ensure that the RIN’s activities are balanced and offer value to as many stakeholders as possible. This includes a commitment to deliver content online and inperson; to ensure that the RIN’s programme covers all areas of science, technology and practice; to ensure use of inclusive language and to welcome everyone’s participation and engagement.
Areas where RIN is seeking to collaborate with other organisations is summarised in the Development Plan, which is also published on the website[2] . Successful collaboration examples from 2023 are summarised in the figure below.
Figure 2 Successful Collaboration Examples From Development Plan
The Trustees would hereby like to particularly recognise the ongoing active support of the RIN’s membership volunteers, whose support enabled the running of Council, Committees, groups, events, publications, communications activities and much more through 2023. The Trustees would also like to thank all members, and also non-members, who attended events, engaged with the RIN and indeed contributed in any way to the RIN’s work through 2023.
2 https://rin.org.uk/page/RIN_Strategy Development Plan
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3 ACHIEVEMENTS AND IMPACT
The Royal Institute of Navigation’s work aims to bring diverse disciplines and views together to stimulate insights and knowledge sharing towards a more navigable world. The Trustees continue to have due regard to the Royal Charter provisions, the Charity Commission's guidance and for the requirement for the RIN’s work to be of public benefit beyond the RIN Membership.
3.1 IMPACT SUMMARY
The following two figures provide a summary of the RIN’s 2023 impact against key performance categories.
Figure 3 2023 Impact summary elements (1 of 2)
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Figure 4 2023 Impact summary elements (2 of 2)
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3.2 OVERVIEW OF ACTIVITIES AND INFRASTRUCTURE
March 2023 saw the end of a year of celebrations to mark the RIN’s 75[th] Anniversary. In early March the RIN held its 75[th] Anniversary Dinner at Trinity House. Sir Robin Knox-Johnston, FRIN, was the honorary guest and both he and Cynthia Robinson, President, spoke after the dinner.
75th Anniversary Dinner at Trinity House, 1 March 2023. John Pottle, Director, announces dinner (left). Top Table at dinner with Past President James Taylor, President Cynthia Robinson, Sir Robin Knox-Johnston, Jacqui Smith.
The final event to mark the RIN’s 75[th] Anniversary year was “Unlocking the Secrets of Time” at the Edinburgh International Conference Centre. This open even attracted over 250 attendees, with Clare Stead, RIN’s Conference and Events Manager, hosting a talk and discussion with David Rooney, author, and Tristan Gooley FRIN, The Natural Navigator. Those present agreed this was a fitting and most enjoyable conclusion for a key RIN milestone.
Figure 5 RIN at EICC Live: Unlocking the Secrets of Time
In terms of the wider environment, 2023 saw the worst of the direct impacts of the Covid-19 Pandemic in the past. However, significant other challenges impacted “normality” including ongoing and new geopolitical instability with Russia’s actions in Ukraine and, later in the year, between Hamas-led militant groups and
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Israel. Global inflation remained stubbornly high through much of the year and rail strikes in the UK did not help in encouraging in-person event attendance, directly impacting some RIN events.
Despite these wider events and circumstances, RIN was able to deliver a very full programme in 2023. The Website continued to be developed as the key resources portal, offering both open access information and member-only resources such as the RIN magazine, Journal of Navigation and a growing continuing professional development (CPD) portal. RIN continued to update and evolve its communications strategy, including the active development of engagement strategies to offer value across differing needs, encouraging the widest possible participation. For example, RIN has been building up non-member databases aligned to most special interest groups, allowing event alerts and updates of interest for opted-in participants; and RIN has been offering differentiated communications channels across different groups.
RIN continued with the existing “back end” [of the website] Association Management System provided by Community Brands. This system, while of course not perfect, brings a number of key advantages and productivity improvements, including integrated management of back-end functions such as membership, databases, events, groups and commercial functions such as invoicing and online payment processing.
RIN’s Navigation News published six editions during 2023. The breadth of articles in Navigation News truly reflects the breadth and diversity of the RIN’s engagement, as can be seen just by glancing at the 2023 cover images below.
Figure 6 Navigation News 2023 covers, showing the breadth of RIN's work at a glance
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The Journal of Navigation continued to focus on its strategic objectives of high quality and diversity of subject matter all anchored on navigation per the RIN’s Royal Charter objectives. The Journal’s latest impact factor showed a marginal decrease from 2.6 to 2.4 (2021 to 2022) whereas the Citescore increased from 4.7 to 5.8 (2021 to 2022). The Journal’s Editorial Advisory Board was reviewed in 2022 and continued throughout 2023 without major additional review being needed.
3.3 RIN AS A LEARNED SOCIETY: ENABLING INSIGHTS AND PROMOTING KNOWLEDGE
2023 was a year of significant developments in relation to recognition of the importance of resilient positioning and timing for critical national infrastructure (CNI). For the first time, the UK’s 2023 National Risk Register (NRR)[3] includes a section on the risks from a loss of positioning and timing services. In October 2023 the UK Government published a Policy Framework[4] for greater PNT Resilience, including the establishment of a National PNT Office to lead policy, coordination and delivery.
RIN has been engaged every step of the way in the journey leading to this recognition of both the importance of resilient PNT to modern society and critical infrastructure; and the potential for industrial and research strategy in these areas to stimulate growth of new and competitive capabilities for a modern world. The PNT Framework includes two clear policy objectives: to ensure CNI will continue to function in the event that satellite-delivered position and/or time are lost; and to increase productivity and growth.
During 2023 the RIN provided significant independent input to an experts group leading up to the release of the PNT Policy Framework. RIN was also invited to write a paper on Preparedness for a Loss of Positioning and Timing for the National Preparedness Commission[5] .
The RIN’s PNT Advisory Group increased its activities and impact during 2023, including seminars on Low Earth Orbit PNT held at Inmarsat in London; Defence PNT held at Aerospace Bristol; and the 2[nd] Annual PNT Leadership Seminar held at the Royal Society in London. The Science Minister and the Head of the National PNT Office each presented keynote addresses at the RIN’s PNT Leadership Seminar. RIN presented its resilient PNT White Paper[6] at this event and gained strong support from delegates representing the UK PNT industry for its work on guidance and best practices in this area.
RIN’s Small Craft Group proposed two sets of “minimum standards” for electronic leisure charts and the display systems they run on as part of the final report of the Pleasure Vessel Electronic Navigation Systems Working Group. This Working Group was sponsored by the Maritime and Coastguard Agency’s UK Safety of Navigation Committee and was chaired by RIN. This report is now being considered as part of work between UKHO and other Hydrographic Offices on standards for “sub-ECDIS” electronic charts, on which RIN is a listed consultee. The Small Craft Group also ran a range of talks and initiated a process to update its very popular guidance publication for electronic navigation systems on small craft[7] .
2023 represented a significant year for RIN’s “big ships” work, with the launch of a revitalised Maritime Navigation Group. This group now has a very broad-based Committee bringing together navigation technology and systems with practicing mariners and policy advisors. The group has developed its initial work plan and priorities, launching these at a reception on board THV Galatea during the September 2023 London International Shipping Week.
3 https://www.gov.uk/government/publications/national-risk-register-2023 , page 91.
4 https://www.gov.uk/government/news/critical-services-to-be-better-protected-from-satellite-data-disruptions-through-new-position-navigationand-timing-framework
5 https://nationalpreparednesscommission.uk/2023/10/preparing-for-a-loss-of-position-and-timing/
6 https://rin.org.uk/page/UKPNTAGWhitePaper1
7 https://rin.org.uk/page/ENav . This booklet has been downloaded over 5,350 times at the time of writing (January 2024).
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Figure 7 RIN Maritime Navigation Group Reception held on THV Galatea, September 2023. The top picture shows John Pottle, RIN Director, Ivana Carrioni-Burnett, Chair of the RIN’s Maritime Navigation Group and the heads of the three General Lighthouse Authorities with responsibility for aids to navigation across the UK and Ireland, Mike Bullock, Yvonne Shields O’Connor and Ian McNaught. The second picture shows the THV Galatea moored alongside HMS Belfast in the Pool of London on the evening of the reception.
The Maritime Navigation Group’s Webinar series on Autonomous Vessels started in late 2023.
In the air, the RIN’s General Aviation Navigation Group hosted its annual navigation skills competition, TopNav and attended two General Aviation air shows to promote safe navigation and best practices. On land, the Outdoor Adventure Navigation Group delivered a webinar series as well as a series of educational and awareness articles in Navigation News.
The RIN has always covered science as well as technology and practice. 2023 was no exception, with the three-day Conference on Animal Navigation taking place in April at Royal Holloway College, London. This is the 11[th] in the series, spanning over 3 decades of research and collaboration between world-renowned scientists. The 2023 Conference attracted over 100 delegates from research teams across Europe and North America.
In the South of the UK, the RIN’s Solent and South Branch had a very active programme throughout 2023, including visits to the maritime simulator at Southampton Solent University, local museums and the Port of London Authority. The Branch also held a wide ranging talks programme including on marine accident investigation and airspace integration.
The Croatian Branch of the RIN remained active, hosting the 16[th] Baška GNSS Conference on Krk Island. The Universities of Rijeka, Zagreb and Zadar were active supporters, with participation also including keynotes from the Nautical Institute and the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA).
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The RIN was also able to continue the theme of navigation heritage through into 2023, following on from the successful exhibition and virtual museum launch in 2022. In February the RIN and the Pacific Traditions Society, with the support of Royal Museums Greenwich, were able to offer a unique opportunity to hear from traditionalist pacific navigators. Delegates were able to hear directly from Pacific voyaging leaders about the proa rig and high performance sails, all using non-toxic and sustainable methods. The audience was truly inspired to hear about the efforts to keep traditional methods, handed down between generations, alive. On a completely different vein, in December RIN reviewed 50 years of GPS collaboration between the UK and USA. The review was led by the team who ran the UK GPS programme from 1990 through 2010 and included UK representatives to the GPS Joint Programme Office, the NATO team and from UK Ministry of Defence. The Webinar hosted by this team is now archived on the RIN’s virtual museum portal[8] .
3.4 GROWTH AND DEVELOPMENT
Much of the content which RIN generates can be classed as suitable for continuing professional development. As well as the more traditional conference attendance, online training seminars, webinars and RIN publications and content represent excellent opportunities for keeping up to date with the latest in navigation science, technology and practice.
The number of RIN members registered with the Engineering Council as professional Chartered Engineers, Incorporated Engineers or Engineering Technician has continued to grow. RIN now has 9 mentors and active candidates are assigned to a mentor to support applications. Offering a route to professional engineering registration remains a key part of the RIN’s strategy and is projected to grow steadily over time. The RIN is a Professional Affiliate of the UK Engineering Council and offers professional engineering registration via a Registration Agreement with the Royal Aeronautical Society. RIN’s Professional Affiliate licence was renewed in 2022 for a five-year term.
Collaboration with other organisations remains a key objective for the RIN. The RIN would like to acknowledge the following organisations with whom collaborative events or activities have been possible during 2023 (listed in alphabetical order): Cambridge Wireless, Cruising Association, Edinburgh International Conference Centre, Little Ship Club, Resilient Navigation and Timing Foundation, Trinity House, Zoo Nav. The RIN would also like to thank all corporate and supporter partners[9] and event sponsors.
3.5
INCLUSIVITY AND DIVERSITY
The third “pillar” of the RIN’s strategy is to offer an environment where everyone is welcome and can contribute. There has been a further range of activities and progress in relation to this objective during 2023.
The Younger Members’ Group transitioned its leadership from the inaugural Chair to new co-chairs based in the UK and Philippines. The Group’s key activities during the year were to run a NextGenNav conference at Cranfield University and a Navigate Your Future: Career Insights Webinar series.
8 https://rin.org.uk/mpage/VirtualMuseum
9 https://rin.org.uk/page/corporatepartnership
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Figure 8 NextGenNav 2023: sharing ideas and gaining insights
The RIN recognised an additional 10 members of 40 years or more standing. Ruby Members (there are more than 100!) receive a Ruby Membership lapel pin and it’s wonderful to see these being worn. Many of these members have been the driving force behind the RIN’s activities and have helped directly to build the organisation into what it is today.
The ongoing economic turbulence and persistent high inflation through 2023 saw several members benefiting from the RIN’s temporary financial hardship support offer. As a modern, progressive learned society and professional body the RIN also offers support and engagement options designed to be sensitive and inclusive to all circumstances.
4 FINANCIAL REVIEW
4.1 PERFORMANCE
The RIN’s income was £473,147 (2022: £443,646). Most of the increase was driven by additional conference income in 2023 (Animal Navigation Conference). Membership numbers overall held approximately flat, a good achievement in challenging economic times for many individual members.
Expenditure in the year was £485,962 (2022: £448,020). 2023 expenditure included additional expenditure linked to additional conference income.
Overall, the loss for the year before investment gains is £12,815 (2022: -£4,374), ahead of the approved budget.
The investment valuation at end 2023 was £66,229 higher than at the end of 2022 (2022: -£220,934). It should be noted that the investment movement represents unrealised gains/losses as the RIN did not need to sell or draw down on its investments during 2023. Overall, including the investment loss, the net reported result was a surplus of £53,414 (2022: loss of £225,308).
The RIN’s Financial Management Handbook was updated by the Audit and Risk Committee and approved by Council during the year. This Handbook contains the policies and processes for financial management and control.
No losses due to frauds occurred during the year.
The RIN’s Council has reviewed the going concern status of the RIN and has concluded that the RIN remains a going concern. The RIN risk register was reviewed and updated during the year, including the
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additional of a tracker of progress since last review being added. Council formally approves the Risk Register annually, with the highest risks being
4.2 INVESTMENT AND RESERVES POLICY
The RIN’s investment and reserves policy was reviewed in December 2023. Council noted that the investment environment remains volatile and inflation throughout 2023 remained high. The target return was not achieved in 2023. The RIN’s investment managers, Evelyn Partners, reported to each Audit and Risk Committee meeting during 2023 and the assessment of the Committee is that while in some respects recent performance is disappointing there is no obvious change that would improve the situation. The same conclusion was also reached by an October 2021 independent review of the RIN investment policy and management arrangements. There was no obvious need or benefit from commissioning a repeat independent review of investment management and performance in 2023. Council accepted the recommendation of the Audit and Risk Committee to continue with the present investment management arrangements into 2024.
4.2.1 RESERVES
The details of how the reserves are split between free, designated and restricted reserves is included in the balance sheet and notes to the financial statements.
4.2.2 RESERVES POLICY
The reserves policy, was not changed as part of the December 2023 review of the RIN Investment and Reserves Policy. The reserves policy is that the RIN aims to hold up to £300,000 of unrestricted reserves, excluding designated funds (see below), to cover unbudgeted costs or income shortfalls, with a minimum of £100,000 held as cash or convertible to cash within seven days. The level of unrestricted reserves at year end was £663,325 (2022: £445,381) which meets this level.
4.2.3 INVESTMENTS
The RIN’s investment portfolio is managed by Evelyn Partners (formerly Smith & Williamson). The team working with RIN was through 2023. Each Audit and Risk Committee meeting received a report of investment performance.
4.2.4 INVESTMENT POLICY
The investment policy is to preserve the value of the RIN’s reserves in real terms (relative to the Consumer Price Index) while delivering a reasonable overall total return and sufficient liquidity to fund cash flow shortfalls and any unbudgeted commitments.
The investment objective is to generate a return of inflation plus 3% per annum over the long term, after expenses.
4.2.5 GRANT AND SPONSORSHIP FUNDING
The RIN actively seeks funding from supporters with similar objectives, from corporate partnerships, sponsorships and for project-based funding. Such support must never compromise the RIN’s independence. The charity does not raise funds from the public and is therefore not registered with the fundraising regulator. There were no fundraising complaints during the year (2022: none).
4.2.6 LEGACY GIVING AND THE GREAT CIRCLE GROUP
Legacy gifts have a significant impact on the ability of the RIN to support the next generations of RIN members and do more to apply positioning, navigation and timing knowledge towards a more sustainable future.
Recent legacy gifts and donations in memory of RIN members have enabled multiple projects over the past five years, including:
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The set up and establishment of a growing Younger Members’ Group.
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Supporting students and early career professional to participate in navigation conferences (support for travel, accommodation and conference participation fee).
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An intern position to review the RIN’s archives and enabling a one-year contract to lead the curation of the Waves of Navigation exhibitions in 2022 and the initial set up of the RIN@75 Virtual Museum[10]
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� Establishment of the RIN as a professional body able to support a route to registration for suitably qualified members.
The impact of these projects has been significant in particular at bringing younger people into the RIN.
The RIN runs a Great Circle group for anyone pledging to remember RIN in their will. The group aims to offer an opportunity each year to participate in an event, presentation, reception or similar, with the aim of recognising, in a small way, the special contribution pledged to the RIN. (Further information available via the link in the footnote here[11] ).
4.3 AUDITORS
Price Bailey continued as RIN’s auditors following the decision of the 2023 RIN AGM. These accounts represent the third year Price Bailey has acted as auditors to the RIN.
4.4 FUTURE PERFORMANCE
As outlined in this Trustee Annual Report, 2023 was a year of encouraging progress in key areas of RIN’s work, from resilient positioning and timing through to safety in the air, on land and at sea.
Looking ahead, the activities planned for 2024 aim to deliver increased impact and benefit across RIN’s diverse membership and stakeholder interests. The 2024 budget envisages that membership number will continue to hold and that there will be a steady increase in the number of RIN members interested in professional engineering registration. RIN’s budget assumes that subscriptions will increase in line with a consensus view on predicted mid-2024 inflation. RIN’s engagement strategy consciously differentiates between identified different stakeholder groups and their needs.
RIN’s 2024 budget view includes an increase in grant income linked to projects in autonomous vehicles and resilient PNT guidance. These and other development projects are detailed in the 2024 RIN development plan[12] . Sponsorship, exhibitor and conference income is forecast to decline as RIN has consciously decided that the European Group of Institutes of Navigation’s European Navigation Conference (ENC) should become the RIN’s main focus as an annual academic peer-reviewed conference. As such, the RIN is leading the organisation of ENC2024[13] and encouraging corporates to sponsor and/or exhibit at that event. RIN is encouraging interested RIN members and stakeholders to also join ENC2024, recognising that RIN is leading the organisation. In other words, in 2024 RIN will deliver some of its objectives and impact through ENC2024. Note that RIN’s costs associated with running such a conference directly will not be incurred, nor will associated risks.
Academic publishing is going through major changes, with the emergence of Open Access rather than subscription-based models. The transition is gradual but puts RIN’s income from the Journal of Navigation on a tightening trend over the five-year horizon. Both RIN and the Journal’s publisher, Cambridge University Press, see continuing recognition of the value of peer-review in academic publishing as a key differentiator which will continue to be valued.
Investment income is assumed flat at budget in 2024. Investment growth is managed by Evelyn Partners in line with RIN’s investment policy objectives as summarised in this report.
Overall, the 2024 budget assumes a baseline deficit with upside “stretch” performance at break-even. It should be noted that approximately £20k of this projected deficit is in relation to designated funds received in 2023 to be applied against 2024 costs and activities.
10 https://rin.org.uk/mpage/VirtualMuseum
11 https://rin.org.uk/page/GreatCircle
12 https://rin.org.uk/page/RIN_Strategy
13 - https://enc series.org/2024/
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5 STRUCTURE, GOVERNANCE AND MANAGEMENT
5.1 GOVERNING DOCUMENTS
The RIN is a company incorporated by Royal Charter. It was registered as a charity on 14 December 2006. The governing documents are:
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The Royal Charter dated 14 November 2006.
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The By-laws annexed to the Royal Charter, last updated on 27 January 2022.
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The Members’ Rules, which were last updated on 29 June 2021.
Copies of these documents are available on the RIN’s website.[14]
5.2 RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES
The management of the affairs, business and property of the RIN is vested in the Council.
The Council of the RIN consists of sixteen Members, including Officers; they are elected by the Members in the manner provided for in the By-laws and the Members’ Rules. Individuals may be co-opted onto the Council in addition to the elected members. However, only the elected Members of the Council are also the Charity Trustees.
Any Fellow, Associate Fellow or Member of the RIN is eligible for election to the Council and can put forward their name for election. A reminder of this procedure is published every year in Navigation News , the RIN’s magazine, a copy of which is sent to every Fellow, Associate Fellow and Member of the RIN.
At the Annual General Meeting, an election is held to fill any vacancy for officers and members of the Council. The 2023 Annual General Meeting was held on 21 June 2023.
5.3 TRUSTEE DECLARATION OF INTERESTS AND INDUCTION OF NEW TRUSTEES
Each new trustee induction follows a structured approach to ensure that the regulatory and public information relating to Trustee appointments is updated. The approach to declaration of business interests has been updated for all Trustees and is in line with the current regulatory requirements, as advised by the RIN’s auditors.
5.4 TRUSTEE SKILLS ASSESSMENTS
Trustee skills and experience are collected and analysed annually and reviewed on an anonymised basis by Council. This approach enables both development opportunities to be identified and skills gaps to be identified and managed.
5.5 ORGANISATION AND DECISION-MAKING STRUCTURE
The Council is responsible for all strategic decisions relating to the RIN and for the overall direction and management.
The Officers of the RIN are the President, two Vice-Presidents, the Treasurer, and the Chairs of the four standing committees of the RIN:
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Audit and Risk Committee
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Membership and Fellowship Committee
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Technical Committee
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Remuneration Committee
Each committee is charged with responsibility for oversight of parts of the management of the RIN and for making appropriate recommendations to the Council. The terms of reference of the three standing
14 https://rin.org.uk/page/RoyalCharterByLaws
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6 REFERENCE AND ADMINISTRATIVE DETAILS
committees are reviewed annually by Council to align with the strategy and related implementation goals and objectives.
5.6 MANAGEMENT & STRUCTURE
Subject to direction and control from the Council, the Director is responsible for the overall management of the day-to-day affairs of the RIN.
The head-office team has contributed strongly to the performance summarised in this Report and their contribution is hereby recognised, with many thanks. Many RIN members give freely of their time to support the objectives of the RIN, covering many activities and events through the year. The contribution of each and every volunteer is invaluable and is also hereby recognised, again with many thanks.
5.7 RELATIONSHIP WITH OTHER ORGANISATIONS
The RIN is a member of the European Group of Institutes of Navigation (EUGIN) and the International Association of Institutes of Navigation (IAIN). Neither organisation has any direct impact on the operating policies of the RIN. As at 31 December 2023 John Pottle, the RIN’s Director, is also Immediate Past President of IAIN and Terry Moore, Trustee, is Chair of EUGIN.
Where appropriate, the RIN collaborates with other organisations if doing so enhances its ability to pursue its objectives.
5.8 RISK MANAGEMENT
A risk register is maintained and regularly reviewed by the Audit and Risk Committee and Council. A full annual review of the risk register to align with strategy implementation priorities, goals, objectives, as well as the environmental factors, was completed in April 2023. For each identified risk, the probability and impact are assessed quantitatively and the mitigation steps are recorded. The systems or procedures to manage identified risks are documented in the Risk Register and overseen by Council.
6.1 CHARITY TRUSTEES
The following were Trustees on 31 December 2023:
President and Chair of the Board of Trustees Cynthia Robinson Vice Presidents Paul Hanna Washington Ochieng Hon. Treasurer David Linsdall Chair of Technical Committee Ramsey Faragher Chair of Membership & Fellowship Committee Martin Foulger Chair of Audit & Risk Committee Phil Butlin Chair of Remuneration Committee Terry Moore Other trustees: Martin Bransby Michelle Brown Simon Gaskin Alan Grant Kate Jeffery Collette Jeffrey Tom Southall James Taylor
RIN Trustees' Annual Report 2023
Page 18 of 34
RIN 2023 TAR
6.2 DIRECTOR
John Pottle was Director of the RIN throughout 2023 and continues in this role.
6.3 RELEVANT ORGANISATIONS
The organisations listed below have not changed during 2023.
6.3.1 BANKERS
Handelsbanken 125 Kensington High Street Kensington London W8 5SF
6.3.2 SOLICITORS
Ignition Law First Floor, Moray House, 23-31 Great Titchfield Street, London, W1W 7PA
6.3.3 AUDITORS
Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ
7 STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities Statement of Recommend Practice SORP 2019 (FRS102);
-
Make judgements and estimate that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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RIN 2023 TAR
8 DECLARATIONS
The Trustees declare that they have approved the Trustees’ report above. Signed on behalf of the charity’s trustees
Cynthia Robinson President Date: 11th April 2024
John Pottle Director
RIN Trustees' Annual Report 2023
Page 20 of 34
RIN 2023 TAR
9 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ROYAL INSTITUTE OF NAVIGATION
Opinion
We have audited the financial statements of The Royal Institute of Navigation (the ‘charity’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
RIN Trustees' Annual Report 2023
Page 20 of 33
RIN 2023 TAR
Independent Auditor’s Report to the Trustees of The Royal Institute of Navigation (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
-
the charity has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, safeguarding, GDPR, health and safety, and tax legislation which is in compliance with the Charities Act 2011 and SORP 2019.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, and made enquiries of management and officers of the Charity. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission and reviewed data protection arrangements within the charity.
Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustment for appropriateness.
We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.
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RIN 2023 TAR
Because of the inherent limitations of an audit, there is the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involved intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge Cambridgeshire CB4 0WZ
Date: 13 May 2024
PRICE BAILEY LLP IS ELIGIBLE TO ACT AS AN AUDITOR IN TERMS OF SECTION 1212 OF THE COMPANIES ACT 2006.
RIN Trustees' Annual Report 2023
Page 22 of 33
| 2022 | Total | Funds | £ | 28,091 | 372,648 | 144 | 42,763 | 443,646 | 66,913 | 168,524 | 100,138 | 102,469 | 9,976 | 448,020 | (4,374) | (220,934) | (225,308) | -- | (225,308) | 2,260,408 | 2,035,100 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | Funds | £ | 10,275 | - | - | - | 10,275 | - | - | 6,000 | - | - | 6,000 | 4,275 | - | 4,275 | - | 4,275 | 37,902 | 42,177 | |||||||
| Designated | Funds | £ | - | - | - | 3,345 | 3,345 | - | - | - | - | - | - | 3,345 | - | 3,345 | - | 3,345 | 1,544,197 | 1,547,542 | |||||||
| Unrestricted | Funds | £ | 17,816 | 372,648 | 144 | 39,418 | 430,026 | 66,913 | 168,524 | 94,138 | 102,469 | 9,976 | 442,020 | (11,994) | (220,934) | (232,928) | - | (232,928) | 678,309 | 445,381 | |||||||
| 2023 | Total | Funds | £ | 34,399 | 395,788 | - | 42,960 | 473,147 | 67,117 | 119,248 | 186,134 | 96,708 | 16,755 | 485,962 | (12,815) | 66,229 | 53,414 | - | 53,414 | 2,035,100 | 2,088,514 | ||||||
| Restricted | Funds | £ | - | - | - | - | - | - | - | 11,000 | - | - | 11,000 | (11,000) | - | (11,000) | - | (11,000) | 42,177 | 31,177 | |||||||
| Designated | Funds | £ | - | - | - | - | - | - | - | - | - | - | - | - | 66,229 | 66,229 | - | 66,229 | 1,547,542 | 1,613,771 | |||||||
| Unrestricted | Funds | £ | 34,399 | 395,788 | - | 42,960 | 473,147 | 67,117 | 119,248 | 175,134 | 96,708 | 16755 | 474,962 | (1,815) | - | (1,815) | - | (1,815) | 445,381 | 443,566 | |||||||
| Notes | 4 | 5 | 6 | 7 | 8 | 9 | 12 | ||||||||||||||||||||
| Income and Endowments From: | Donations and Legacies | Charitable Activities | Other Trading Activities | Investments | Total | Expenditure On: | Raising Funds | Charitable Activities | Membership | Conferences | Publications | Other | Total | Net (Expenditure)/Income before | gains/(losses) | Net Gains/(Losses) on Investments | Net Income/(Expenditure) | Gross Transfers | Net Movement in Funds | Reconciliation of Funds: | Total Funds Brought Forward | Total Funds Carried Forward |
RIN 2023 TAR
11 BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes Fixed Assets: Intangible Fixed Assets Investments 13 Total Fixed Assets Current Assets: Debtors 14 Cash at Bank and in Hand Total Current Assets Liabilities: Creditors: Amounts due within one year 15 Net Current Assets /(Liabilities) Total Assets Less Liabilities The Funds of the Charity: Restricted Funds 18 Designated Funds 19 Unrestricted funds Total Charity Funds |
2023 2022 £ £ - - 2,073,011 1,976,805 |
|---|---|
| 2,073,011 1,976,805 |
|
| 63,192 90,824 108,288 142,359 |
|
| 171,480 233,183 |
|
| 155,977 174,888 |
|
| 15,503 58,295 |
|
| 2,088,514 2,035,100 |
|
| 31,177 42,177 1,613,771 1,547,542 443,566 445,381 |
|
| 2,088,514 2,035,100 |
Approved by the Trustees on 11 April 2024 and signed on their behalf by
D. Linsdall, Honorary Treasurer
The notes on pages 25 to 33 form an integral part of these financial statements
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 25 of 34
RIN 2023 TAR
12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 STATUS
The Royal Institute of Navigation is a Company incorporated by Royal Charter, granted on 14[th] November 2006. It is a registered Charity (No 1117254) and is a public benefit entity.
2 ACCOUNTING POLICIES
The financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Charities SORP 2019 (FRS 102) and in compliance with the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Royal Institute of Navigation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recorded at cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are stated in GBP which is the functional currency of the Charity. The level of rounding is to the nearest GBP. There were no significant estimates or judgements made by management in preparing these financial statements.
a Going Concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This determination includes consideration of risks related to the current COVID-19 pandemic.
b Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Annual subscriptions are payable on 1[st] July each year and are accounted for on an accruals basis. Gift aid on subscriptions is recognised on the same basis as the subscriptions to which the tax refunds relate.
Conference and publications income represent the net receivable value of goods, excluding VAT.
Grants are accounted for when receivable or when received, whichever is the earlier.
c Legacy Income and other income
Legacies are recognised when the charity is entitled to the legacy, the executors have established that there are sufficient assets in the estate after settlement of the liabilities to pay the legacy and any conditions attached to the legacy are either within the control of the charity or have been met.
Investment income and all other income is recognised on a receipts basis. Donations are accounted for as received. Gifts in kind to the RIN are included at the value specified by the donor or, if this is not available, at estimated cost to the RIN. Donated facilities and donated professional services are recognised in income at their fair value.
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Issue 1-00 11 April 2023
Page 26 of 34
RIN 2023 TAR
d Expenditure
- (i) Allocation
The RIN allocates expenditure under the categories required by the SORP. Expenses that cannot be directly attributed to one of these categories are allocated as follows:
Basis of allocations between categories Staff costs Estimated time spent on each activity Support costs Estimated expenditure and time spent on each activity
-
(ii) Equipment costs include repairs, maintenance and depreciation.
-
(iii) Finance costs include bank and credit charges and exchange rate adjustments.
-
(iv) Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis."
e Pension Costs
The RIN operates a defined contribution pension scheme, the assets of which are held separately in an independently administered fund. The pension cost charges represent contributions payable by the RIN to the scheme in the period. Any difference between amounts charged in the statements of financial activities and paid to the pension is shown in the balance sheet as a liability or asset.
f Taxation
The RIN is registered as a charity and as such tax exemption applies to the income arising from and expended on its charitable activities.
g Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate at the date of the transaction. All differences are taken to the statement of financial activities.
h Intangible Assets
Intangible fixed assets, consisting of website and database development costs are stated at cost less accumulated amortisation and any accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Intangible fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. They are reviewed annually and any impairment is recognised in the year in which it occurs and amortisation is calculated using the straight-line method to allocate the cost over its expected useful life of two years.
i Tangible fixed assets
Office equipment including IT equipment, is capitalised and written off over its expected useful life as follows:
Cost over £2,000: straight line over 3 years.
Items that cost less than £2,000 are written off in the year of purchase. Assets are reviewed for any indications of impairment at each balance sheet date.
j Investments
Investments are a form of basic financial instrument. All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to market value, using bid price. Asset sales and purchases are recognised at the date of trade at cost. All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value and are included in the Statement of Financial Activities.
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Issue 1-00 11 April 2023
Page 27 of 34
RIN 2023 TAR
Investments held as fixed assets are stated in the balance sheet at their open market value as at the balance sheet date. Any resulting unrealised gain or loss is taken to the fund to which it relates and is shown on the statement of financial activities together with realised gains or losses arising from the sale of investments in the year.
k Debtors
Debtors are recognised at their settlements amount, less any provision for non-recoverability.
Prepayments are valued at the amount paid.
l Cash at bank and in hand
Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity less than three months from the date of acquisition. Deposits for more than three months but less than one year would be disclosed as short term deposits. Cash placed on deposit for then one year would be disclosed as a fixed asset investment
m Creditors
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt.
n Financial Instruments
The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
The Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
o Accounting Estimates
In the application of the Charity’s accounting policies, the management are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The significant accounting estimate is considered to be the valuation of listed investments.
p Stock
No account is taken of the insured value of library stocks. The costs involved in valuing such assets would outweigh any potential benefit of showing the assets in the financial statements. Stocks of merchandise for resale are written off in the year of purchase on the basis of immateriality.
q Operating Leases
Charges relating to operating leases are recognised in the statement of financial activities as they fall due.
r Branches and Special Interest Groups
All income and expenditure, and assets and liabilities of branches and Special Interest Groups of the RIN are included within these financial statements.
s Unrestricted Funds
Unrestricted funds are those general funds received and utilised in furtherance of the objects of the RIN.
t Restricted Funds
Restricted funds are those funds which are subject to specified use, as laid down by the donor, or have been generated through a specific fundraising appeal.
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Issue 1-00 11 April 2023
Page 28 of 34
RIN 2023 TAR
u Designated Funds
Designated funds are monies set aside out of the general funds and designated for specific purposes by the trustees. Details of these funds are given in note 18.
| 3. NET INCOME AFTER: Operating Lease Costs Audit Fee 4. DONATIONS AND LEGACIES Grants Received Professor D Last Other Donations |
2023 £ 2022 £ 22,582 22,582 10,950 7,910 |
|---|---|
| 2023 £ 2022 £ 17,600 27,200 875 675 15,924 216 |
|
| 34,399 28,091 |
There were no restricted donations received in the year. (2022: £10,275).
| 5. CHARITABLE ACTIVITIES Members’ Annual Subscriptions Gift Aid Conference Income Journal Income Navigation News Special Interest Groups and Branches Sponsorship |
2023 £ 2022 £ 221,128 210,596 15,240 15,609 92,980 27,860 47,544 59,102 6,145 6,389 751 2,467 12,000 50,625 |
|---|---|
| 395,788 372,648 |
All Charitable activity income was unrestricted (2022: £nil).
- OTHER TRADING ACTIVITIES
Sales of Merchandise There was no restricted expenditure in the year. (2022: £0 unrestricted).
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| - | 144 | ||
| - | 144 |
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 29 of 34
RIN 2023 TAR
| 7. INVESTMENTS Investment Income Bank Deposit Interest All investment income in the year was unrestricted. (2022: £3,345). 8. EXPENDITURE ON RAISING FUNDS Investment Managers Fees Support Staff Costs Other Support Costs |
2023 £ 2022 £ 42,939 42,695 21 68 42,960 42,763 2023 £ 2022 £ 17,264 13,787 30,198 29,273 19,655 23,853 67,117 66,913 |
|---|---|
All expenditure in the year was unrestricted. (2022: £nil).
| 9. EXPENDITURE ON CHARITABLE ACTIVITIES Membership Costs of Collecting Subscriptions Special Interest Groups & Branches Professional development Promotion Conferences Conferences Publications Journal Costs Navigation News Other Other Costs |
Undertaken Directly Support Costs 2023 £ Undertaken Directly Support Costs 2022 £ 4,954 29,134 34,088 3,972 6,898 10,870 49,485 82,032 131,517 3,011 17,707 20,718 933 1,620 2,553 9,365 55,077 64,442 8,618 14,966 23,584 |
|---|---|
| 17,330 101,918 119,248 63,008 105,516 168,524 |
|
| 99,903 86,231 186,134 12,804 87,334 100,138 |
|
| - - - 42,908 53,800 96,708 46,477 55,992 102,469 |
|
| 42,908 53,800 96,708 46,477 55,992 102,469 |
|
| 11,110 5,645 16,755 2,240 7,736 9,976 |
|
| 171,251 247,594 418,845 124,529 256,578 381,107 |
All expenditure was unrestricted except for £11,000 of restricted expenditure. (2022: £6.000).
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 30 of 34
RIN 2023 TAR
| SUPPORT COSTS Meetings Occupancy Costs Office Expenses Other Finance Costs Governance Costs Staff Costs Allocated to: Expenditure on Raising Funds Charitable activities |
2023 £ 2022 £ - 9,355 22,582 22,582 15,563 26,458 28,762 44,129 11,711 8,843 218,829 212,124 |
|---|---|
| 297,447 323,491 |
|
| 49,853 66,913 247,594 256,578 |
|
| 297,477 323,491 |
10. SUPPORT COSTS
Governance costs include audit fees & relevant meeting expenses.
| 11. STAFF COSTS Salaries and Wages Employer’s National Insurance Contributions Pension Contributions (Note 17) Staff emoluments of £25,000 to £40,000 £40,001 to £50,000 £70,001 to £80,000 The average number of employees during the year |
2023 £ 2022 £ 185,891 187,388 20,577 12,572 12,361 12,164 |
|---|---|
| 218,829 212,124 |
|
| 2023 2022 2 2 1 1 1 1 |
|
| 4 4 |
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 31 of 34
RIN 2023 TAR
| 12. INVESTMENTS Market Value at 1stJanuary Disposal proceeds Purchases Net Gains/(Losses) on Investments in the Year Market Value at 31stDecember Cash held by Investment managers for reinvestment Market Value at 31stDecember The historical cost of the investments at 31stDecember 2023 The Investments Comprise: UK Equities Non-UK Equities UK Gilt and Fixed Interest funds Multi Asset funds Cash Alternative investments |
31 Dec 2023 31 Dec 2022 £ £ 1,976,805 2,123,905 (580,624) (565,616) 541,326 509,934 66,229 (220,934) |
|---|---|
| 2,003,736 1,847,289 69,275 129,516 |
|
| 2,073,011 1,976,805 |
|
| 1,931,725 1,783,506 342,133 384,469 1,057,498 966,654 350,487 37,011 60,606 124,252 69,275 129,516 193,012 334,903 |
|
| 2,073,011 1,976,805 |
None of the investments held as at 31 December 2023 were individually more than 5% of the overall market value of the RIN’s investments.
| 13. DEBTORS Trade Debtors Other Debtors Accrued Income and Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Creditors Other Creditors Accruals and Deferred Income Membership Subscriptions in Advance |
2023 £ 2022 £ 8,694 17,078 1,315 4,802 53,183 68,944 |
|---|---|
| 63,192 90,824 |
|
| 2023 £ 2022 £ 15,546 9,243 3,876 6,190 21,625 51,514 114,930 107,941 |
|
| 155,977 174,888 |
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 32 of 34
RIN 2023 TAR
The deferred income comprises of
| Deferred Income including fees in advance Balance at 1stJanuary 2023 Amount released Sponsorship for partner activities for business development Subscriptions in advance Balance at 31stDecember 2023 |
2023 £ 2022 £ 134,997 145,858 (134,997) (111,054) (19,734) 114,930 119,927 |
|---|---|
| 114,930 134,997 |
15. TRANSACTIONS WITH TRUSTEES
No payments are made in respect of Trustees’ time, or to compensate for loss of earnings and no remuneration is paid to Trustees.
There were £4,301 expense payments to Trustees during the year (£2,493 in 2022).
16. PENSION COSTS
Employees are given the option of joining the pension scheme operated for the RIN. The RIN operates a defined contributions pension scheme where the assets are held separately from those of the RIN and invested with an insurance company. The amount recognised in the statement of financial activities represents the amount payable during the year. There were no pension contributions outstanding at the year-end.
| 17. RESTRICTED FUNDS Young Navigator’s Fund PDL Tribute Fund Award sponsorship Training day sponsorship 4 Young Navigator’s Fund PDL Tribute Fund Award sponsorship Training day sponsorship |
At 1st January 2023 Income Expenditure Investment Return At 31st December 2023 £ £ £ £ £ 6,109 6,109 12,468 12,468 14,000 1,400 12,600 9,600 9,600 |
|---|---|
| 42,177 11,000 31,177 |
|
| At 1st January 2022 Income Expenditure Investment Return At 31st December 2022 £ £ £ £ £ 6,109 - -- - 6,109 11,793 675 - 12,468 20,000 (6,000) - 14,000 9,600 - - 9,600 |
|
| 37,902 10,275 (6,000) - 42,177 |
The Young Navigator’s Fund represents donations received to fund youth projects. The Professor D Last Tribute fund remains open to donations and is to support student participation in, and attendance at, navigation conferences.
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 33 of 34
RIN 2023 TAR
| 18. DESIGNATED FUNDS Legacy Legacy |
At 1st January 2023 Income £ £ 1,547,542 |
Expenditure Investment Return At 31st December 2023 £ £ £ 66,229 1,613,771 |
|---|---|---|
| 1,547,542 | 66,229 1,613,771 |
|
| At 1st January 2022 Income £ £ 1,544,197 3,345 |
Expenditure Investment Return At 31st December 2022 £ £ £ - - 1,547,542 |
|
| 1,544,197 3,345 |
- - 1,547,542 |
The designated funds are invested to maintain real-terms capital value, with income above this applied to deliver the RIN’s objectives in relation to professional registration, research grants, studentships or fellowships. The transfers represent an adjustment for investment activity in the year in the overall investment fund.
| .NET ASSETS BY FUND Unrestricted Funds Designated Funds Restricted Funds Unrestricted Funds Designated Funds Restricted Funds |
.NET ASSETS BY FUND Unrestricted Funds Designated Funds Restricted Funds Unrestricted Funds Designated Funds Restricted Funds |
Intangible Fixed Assets Fixed Asset Investments Net Current Assets At 31st December 2023 Total £ £ £ £ 443,566 443,566 1,613,771 1,613,771 15,674 15,503 31,177 |
|---|---|---|
| 2,073,011 15,503 2,088,514 |
||
| Intangible Fixed Assets Fixed Asset Investments Net Current Assets At 31st December 2022 Total £ £ £ £ - 429,263 16,118 445,381 - 1,547,542 - 1,547,542 - - 42,177 42,177 |
||
| - 1,976,805 58,295 2,035,100 |
19. NET ASSETS BY FUND
22. RELATED PARTIES
The RIN is a member of the European Group of Institutes of Navigation (EUGIN) and the International Association of Institutes of Navigation (IAIN). Neither organisation has any direct impact on the operating policies of the RIN. As at 31 December 2023 John Pottle, the RIN’s Director, is also Immediate Past President of IAIN and Terry Moore, Trustee, is Chair of EUGIN. The RIN paid a subscription of £425 to IAIN in 2023 (£425 in 2022) and to £225 to EUGIN (£nil in 2022). There were no other transactions with related parties during the year (2022: none).
Where appropriate, the RIN collaborates with other organisations if doing so enhances its ability to pursue its objectives.
RIN Trustees' Annual Report 2023
Issue 1-00 11 April 2023
Page 34 of 34