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2023-12-31-accounts

Chairman'sReport I-2
Secretary'sReport 3
The\Øorkofthe1851Royal Commission 4
Public Benefit 4
Grant-makingPolicies s-6
Achievementsin2023 7-1"0
FuturePlans 1.1
Awards Grantedin2023 1.2-21
AwardsCompletedin2023 22-40
AlumniAwards, HonoursandAchievements 4'1,-43
ReportbytheChairman oftheFinanceCommittee 44-47
StatementofCommissioners' Responsibilities 48
IndependentAuditor'sReport 49-51
Statementof Financial Activities 52
Balance Sheet 53
CashFlowStatement 54
NotestotheFinancialStatements ss-73
AdministrativeInformation 74-75
Commissioners,Co_mmitteeMembersand Staff 76-78
Professional Advisers 79

MohamedAzman InnovationDesignEngineering RoyalCollege ofArtand
ImperialCollegeLondon
ChrisBellamy BioDesign Universityof theArts
London
GraceBroom Global InnovationDesign RoyalCollege ofArtand
ImperialCollegeLondon
Ruta Czaplinska InnovationDesignEngineering RoyalCollege ofArtand
ImperialColleþeLondon
JosephJones Global InnovationDesign RoyalCollege ofArtand
ImperialCollegeLondon
TarikaKumar Global InnovationDesign RoyalCollege ofArtand
ImperialCollegeLondon
LucieLegrandois InnovationDesignEngineering RoyalCollegeofArtand
ImperialCollegeLondon
JulitaNapieralska ProductDesignEngineering BrunelUniversity
OriNevares, Global InnovationDesign RoyalCollegeofArtand
ImperialCollegeLondon
PeterNeyra Design Products RoyalCollegeofArtand
ImperialCollegeLondon
HollySouza-Newman GlobalInnovationDesign RoyalCollegeofArtand
ImperialCollegeLondon
JuliaSzewezy.k IntegratedIndustrialDesign LoughboroughUniversity
SabrinaTian Global InnovationDesign RoyalCollege ofArtand
ImperialCollegeLondon
GuyTurner InnovationDesignEngineering RoyalCollegeofArtand
ImperialCollegeLondon

Unrestricted Unrestricted Unrestricted
Funds Funds
Notes '
2023t		 2022I
Incomefrom:
Donations 4 1,000 3,300
Investments
'Other		 5
6		 2,559,839
5,103		 2,396,031
4,217
Total income 2,565,941 2,393,548
Expenditure on:
Generatingfunds 7 766,633 799,328
Charitable activities 8 4,957,163 5,470,448
Total expenditure 5,723,796 6,269,776
Net expenditurebefore gains andlosses
oninvestments (3,157,855) (3,876,228)
Netgains/(losses) oninvestments
Lossesonproperfy (559,000) (770,900)
Gains/(losses) oninvestmenrs 17,189,182 (1,5,61,9,781)
Totalofnetgains/(losses)on inyestments 1.6,630,182 (1.5,790,681)
Netincome/(expenditure) 13,472,327 (19,666,909)
Otherrecognisedgainsandlosses
Actuarialgains/(losses)on
defined benefit pensionscheme 14 (9,1.73) 13,087
Netmovementin funds :].3,463,154 (1,9,653,922)
Reconciliationoffunds
Totalfundsbroughtforward 130,375,737 1.50,029,559
Netmovementin funds 13,463,154 (I9,653,822)
Totalfunds carriedforward 143,838,991. 1,30,375,737

asat 3L De cember2 023
Total Total
Funds Funds
Notes 2023f 2022
Å
Fixedassetinvestments
lnvestment properties 15 1.9,595,350 20,765,350
Listed investments 1.6 129,01,5,825 112,318,792
Cashheldaspartofthe investmentportfolio 1,L1"4,1.60 3,672,1.52
1.49,725,335 136,756,294
Currentâssets
Debtors
Cash atbankandinhand		 17 318,91.6
1,425,099		 377,91.9
"1.,300,378
1,744,0L5 1,,678,297
Liabilities
Creditors:Amounts fallingduewithinoneyear 18 (4,078,902) (4,595,362)
Net currentliabilities (2,334,887) (2,91.7,065)
Totalassets lesscurrentliabilities 1.47,390,448 133,839,229
Creditors: Amountsfallingdueaftermore
thanoneyear 18 (3,206,557) (3,106,492)
Netassetsexcludingpensionliability 144,1.83,897 1.30,732,737
Defined benefitpensionschemeliability 1"4 (345,000) (357,000)
Netassets 1.43,838,891, 1.30,375,737
ThefundsoftheCharity:
CapitalFunds
Balanceasat1Januaty
Movement in year		 1.30,375,737
1.3,463,1.54		 1.50,029,559
(79,653,822)
Balanceasat3lDecember 143,838,891 130,375,737
by
Commissionerson9July 2024		 andsigned ontheirbehalfby:
Ro
Chairman,Finance Secretary

Total Total
Funds Funds
2023{ 2022
{"
Cashflowsfromoperating activities
Donationsreceived(excluding donarionsinkind) 1.,000 3,300
Grantsand awardspaid (4,691,655) (4,093,117)
Payments to suppliers (1,IT5,782) (L,033,626)
Payments inrespectof employees (350,414) (346,594)
Otherpayments (32,029) (24,638)
Cash usedin operating activities (6,189,880) (5,494,675)
Cashflowsfrominvestingactivities
Dividends,interestandrentfrominvestments 2,649,366 2,299,721
Proceedsfromsaleof investments 24,930,748 20,366,979
Purchaseofinvestments (23,823,555) (15,278,465)
Netcashprovidedby investingactivities 3,755,559 7,389,235
Changeincash and cashequivalentsin the
reporting period (2,433,321) '1",893,560
Cashandcashequivalentsbroughtforward 4,972,530 3,078,970
Cashandcaihequivalentscarriedforward 2,539,209 4,972,530
Disclosedas:
Cashheldaspârtof the investmentportfolio 1",114,110 3,672,152
Cashatbankand inhand 1,425,099 1,300,378
2,539,209 4,972,530

NotestotheFinanc
fortheYearEnded 31
5.INVESTMENTINCOME		 ialStatements
December2023
2023 2022
ç {,
Rental incomefromUK properties 776,165 52B,gg1
Incomefrommanaged investments 1.,735,350 1,947,680
Interest oncashdeposits 48,323 9,360
2,559,939 2,386,031
6.OTHERINCOME
2023 2022
Å {"
Licenceincome 5,103 4,2r7
5,103 4,217
7.COST OFGENERATINGFIINDS
2023f 2022
ç
Investment managementfees 567,067 542,i07
Propertymanagementfees 1"20,068 61,L85
Legalfees 27,094 32,438
IØriteoffs 1.04,183
Allocated supportcosts(note11) 52,404 58,821
766,633 799,328

CFIARITABLE ACTTVITES
Allocated
Grants Directsupport
costscosts		 2023 2022
(note 9)
{"		 (note10)(note 11)
{"
{,		 t ç
Fellowshipsand studentships
STEM educationandoutreach
Supportforlegacy estate		 3,673,356
246,075
340,255		 1"26,125164,409
141,42056,759
36,29056,759		 3,g63,ggo
444,253
433,303		 3,671.,284
416,247
1.,299,392
Archivesandalumni relations 51,991.63,726 115,717 83,525
4,259,686 355,926341,651 4,957,1.63 5,470,448

ANTSAWARDED
Felloushipsand studentshiPs
2023
No.		 2023
ç		 2022
No.		 2022I
ResearchFellowships 10 1,692,455 9 L,o27,845
IndustrialFellowships 15 1,1,29,088 10 1,,312,595
IndustrialDesign Studentships 14 501,850 1.3 437,789
BuiltEnvironment Fellowship 1. 100,000 21,598
DesignFellowship (37) 1. 100,000
Regenerative DesignFellowships 2 200,000
EnterpriseFellowships 4 250,000 5 250,000
SirMishaBlackAwardsBursaries 1. 4,500
Total fellowshipsand studentships 44 3,673,356 41. 3,354,327

STEMeducationand outreach
2023 2022
I
BritishScienceAssociation-Primarykitboxes
Primary Engineer-PrimaryEngineerCurriculum
BritishSchoolatRome-Summer Schoolplacements		 83,700
45,000
19,500
EducationandTraining Foundation-Tecinical
TeachingFellowships
OxfordUniversityDevelopmentTrust-OXbOXes		 15,000
1,5,000
UniversityofHult-HumberScienceFestival 11,000
KidsInventStuff-Inventors Club 10,000
AllPartyParliamentaryEngineeringGroup-Meetingsponsorship10,000
RoyalBotanicGardensKew-Growníild
10,000
FoundationforScience andTechnology -Debatesponsorship9,500
Geological Society =MegalosaurusMonrh
6,000
JMallinsonandETownsend-STEMmaterials
7SO
Glamb-STEMoutreach
500
MadeHereNow-'SØebsitedevelopmenr
2,000		 2,000
SmallpeiceTrust-ArkwrightScholarships/
General Engineeringcourse 23,000 10,000
WellNorthEnterprises-STEMdevelopmentin
RotherhamandLiverpool 75,000
SomerscienceThust-SomerscienceFestival
'WoMars-STEM outreach		 1,5,000
1,000
RoyalDesignersfor Industry-Summer Schools 92,500
EDT-RoutesintoSTEM 14,060
260,950 209,560
Less:Pastawardswrittenback wherenotutilised infull (14,875) (20,500)
246,075 199,060

ANTS A'ü/ARDED(continued)
Suþþortforlegøqtestate
2023
I		 2022I
ImperialCollegeT,ondon-GreatExhibitionRoad Festivai
2025and2026 200,000
ScienceMuseum-PowerHallrefurbishment 100,000
RoyalSocietyofSculptors-Florilegiumat GreatExhibition
RoadFestival2023 10,000
Natural History Museum-L851 Garden 500,000
RoyalHorticulturalSociety-Plantsforpurpose 300,000
ExhibitionRoadCultural Group-SouthKenZen+ 30,255 350,000
ExhibitionRoadCulturalGroup-Art installationon
ExhibitionRoad 25,000
RoyalCollegeofArt-Openresourceforpurposefuldesign L5,000
340,255 1,190,000

STEM l.l
Promotionand selectioncosts Fellowships
and
studentships
76,708
r		 education
outreâch
and
{		 Support
forlegacy
estate
f.		 Archives
andalumni
relations
f,		 2023
f.
76,70i8		 2022
Å
84,727		 L¡JôÈt)o
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Fì
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Networkingandeducationalevents 49,417 141,420 5,703 1.8,764 275,304 243,7!8
Estatememberships, proiects and advice 30;s87 30,587 30,035 Þ
Archivesupplies andacquisitions
Alumniwebsite andêxpenses		 t,t 26,r39
7,099
141,420 36,2905'J.,gg1		 26,1"39
.7,088
355,926		 6,457
6,175
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CostofFellowships
generating
and		 STEM
education
and		 Support
for
legacy		 Archives
and
alumni		 Basisof (h
o
Governancecosts(note12)
Staff costs(note1"3)
Retiredstaff pensioncosts
Facilirycosts
Officerefurbishment
Officecosts
Legalandprofessionalfees
Travel andentertaining		 fundsstudentships
t{,
6,795
6,795
36,61.1,126,519
2,0t8
6,976
637
2,200
4,409
981
952
52,403
1.5,239
_3,390
3,290
1.64,409		 outreach
5,436
41.,1.97
))7',)
717
4,g6;
'1,1.04
1.,07L
56,759
{"		 estate
f
5,436
41.,1.97
) )7)
717
relations
I
2,71.8
48,971.
2,700
852
5,899
L,3L2
1.,273
4,962
1,,1,04
1,07L
56,75963,725		 2023f
27,1.80
294,495
1.6,238
5,123
35,471.
7,89L
7,657
3:M!		 2022
40,807
299,569
7,240
1.2,322
I
33,91.9
23,487
7,432
424,776		 allocation
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Stafftime
Stafftime
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fortheYearEnded 3L December2 023
12.GOVERNANCECOSTS
2023 2022
f, Å
Auditfees(including VAT)
-Currentyear 15,000 13,800
--Prioryear under/(over) accrual 460
Actuarialfees 2,220 2,040
Consultancyfees 3,600
Annualreport 4,994 'J.,967
Meetingcosts 4,966 15,026
Commissionerrecruitmentcosts 4,020
27,780 40,807
13.STAFF COSTSANDRELATEDPARTYTRANSACTTONS
2023I 2022
{"
Salaries(includingbenefitsinkind) 231.,903 240,561
Employer'sNI 20,713 23,238
Pensioncontributions 40,954 34,889
Staffrecruitment
Traininganddevelopment 92s 881
294,495 299,569
Theaveragenumber öfemplojreesduringtheyea r ànalysed byfunctionwas:
2023 2022
No. No.
Supportandadministration
Archive		 4.0
1.0		 4.0
1.0
5.0 5.0
Thefull-timeequivalentnumberofemployeesduringthe year analysedbyfunctionwas
2023 2022
No. No.
Supportandadministration
Archive		 Z.B.
0.4		 2.9
0.4
3.2 3.3
:

Theprincipølassumptionsusedbytheactuar y uere:
FRS102 FRS102
Valuation Valuation
2023 2023
(%p.a.) (%p.a.l
Financialassumptions
Grossinvestmentreturn
In-service members
Pre-retirement N/A N/A
Post-retirement N/A N/A
Currentpensioners 4.5% 4.8%
Pensionable earningsincreases N/A N/A
Priceinflation 3.6% 3.4%
Pension increases 3.6% 3.4%
Allowancefor administrationexpenses 0.0% 0.0%
D emograph icassumptions
Mortality
Pre-retirement N/A N/A
Post-retirement 101%/104%S3PA S3PA
cMr20221% cMr20211%
nØithdrawal allowance Noallowance Noallowance
Early retirement allowance Noallowance Noallowance
Proportion married 90% 90%
Wife'sage 3yearsyounger 3yearsyounger
thanhusband than husband

Value ofSchemeassetsandliabilities:
2023
f,		 2022
f"
Marketvalue ofSchemeassets
Presentvalue ofSchemeliabilities (34s,000) (357,000)
Schemedeficit (345,000) (357,000)
Related deferredtaxasset
Netliability (345,000) (357,000)

PENSIONSANDOTHERLONG-TERMEMPL
Mouernentsintheyear:		 OYEEBENEFITS (continued)
2023 2022
t" Å
Schemedeficitatbeginning ofyear (357,000) (399,000)
Currentservicecost
Interest onobligation
Actuarialgain /(loss)onliabilities		 (1.6,238)
(9,173)		 (7,239)
1.3,087
Benefitspaiddirectlybyemployer 37,41.1. 36,152
Schemedeficitatendofyear (345,000) (357,000)

INVESTMENTPROPERTIESANDOPERATINGLEA SES
2023 2022
f" I
(a)Mouementsinualue ofinuestm.entproþerties
Balance at1January
Salesduringtheyear
Unrealised(loss)/gainonyear-endrevaluation		 20,765,350
(365,000)
(805,000)		 20,940,350
(175,000)
Valuationat 31 December 19,595,350 20,765,350

discountedforinflation, foreachof thefollowingpe
riodsareasfollows:
2023 2022
f. ["
Notlater thanoneyear 94,538 94,538
Later thanoneyeâr andnot laterthan fiveyears
Later thanfive years 10,943,421 1.0,429,261
1.o,gg7,g5g 1_0,523,799

INVESTMENTS
(a)Mouementsinlistedi.nuest nents 2023
Ã		 2022I
Marketvalue1January 112,318.792 133,023,295
Acquisitionsatcost 23,917,759 15,283,53B
Disposalsatcost (20,252,654) (L6,517,911)
Net(losses) /gains onrevaluation 1.3,03],929 (1.9,470,L301
Marketvalue 31 December 129,015,925 112,31,8,792
Valueatcost31December 96,844,702 93,1.79,599
(b)Geographicbreakdoun
2023{ 2022
{
2023
Å		 2022
f.
Listed Listed
investments investments
Cash		 Cash
IntheUK 54,650,993 52,328,177
\,114,072		 3,516;,273
OutsidetheUK 74,364,932 59,990,6!5
88		 155,879
729,015,825 1,114,160 112,318,7923,672,152

17.DEBTORS
2023
{"		 2022
I
Rents receivable
-inhandsofsurveyors
._inarrears		 '1.32,886
'126,391.		 48,647
299,01.6
259,277 3Lf63
Other debtors 28,244 338
Prepayments 3L,395 29,91.8
Accrued income
318,91.6 377,91.9
18.CREDITORS
2023 2022
f f
Amountsfallingduewithinoneyear
Grantspayable 3,966,077 4,379,636
Other creditors 2L2,825 2'1.5,726
4,078,902 4,595,362
2023
Å		 2022
{
Analysis of other creditors
Investmentmanagementfees		 1.45,301" '1-.34,891.
Propertymanagementfees 24,398 8,400
Auditfees 15,000 13,800
Otherlegal andprofessionalfees
Others		 1.2,478
'1.5,648		 17,588
41.,047
212,825 2L5,726

CREDITORS(continued)
2023
{"		 2022I
Amountsfallingdueaftermore thanone year
Grants payable 3,206,557 3106!:1
Dueinonetotwoyears 2,195,140 2,1B8,881,
Duewithintwoto fiveyears 1,011,417 917,611
3,206,557 3,106,492
The analysis of grants payable byaward isasfollows
Award Periodof
commitment		 2023
I		 2022
["
Fellowshipsandstudentships
-ResearchFellowships 3years 3,321,439 3,ogg,47g
-IndustrialFellowships 3years 2,296,549 1,595,090
-IndustrialDesign Studentships 2years 286,942 339,645
-BuiltEnvironment Fellowships 2years 80,000 58,402
-DesignFellowships 2yearc 55,000 142,500
-Regenerative DesignFellowships 2yearc 132,500
-EnterpriseFellowships 1.year 62,500 187,500
-SirMishaBlackAwardBursaries 1.year 1,,000
STEMeducation andoutreach 1year ,196,250 342,932
Supportforlegacy estate 3years 640,455 1,410,050
Archivesandalumni relations 1.year 26,500
7,072,634 7,486,129
FINANCIALINSTRUMENTS
2023
{		 2022
Carrying amountoffinancialassets
Debt instrumentsmeasured atamortised cost
(debtorsexcludingprepayments) 287,520 349,001
----------------
287,520 348,001
Carrying âmountoffinancialliabilities
Measuredatamortised cost 7,285,459 7,701.,854
7,285,459 7,70],854
l.J
At lJanuaryr IncomeExpenditureGains/(losses)
{.
f.
f.		 Tlansfers
f,		 At3lDecember
f.		 z
Unrestricted
General		 127,957,079 2,565,941(5,723,796)1.6,62L,009 (691,549) 1.40,728,684 (t)
Designated
-SpecialProjects 2,419,659 691.,549 3,1.L0,207
1.30,375,7372,565,941-(5,723,796)'j"6,621.,009 143,838,891 o
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ln2021,,theCommissionerssetupadesignatedSpecialProjects Fund.Itisanticipated thatthiswillbeusedto fund activitiesin aZ. H
connecrionwiththe77SthAnnivårsaryoTth.GreatExhibiiionin2026andp.rhrptalsoto fund activities aroundthetransition to
netzero,althoughCommissionersretainthediscretion to direct alternativeusesand remainmindfulof thedesirabilityofmaintaining
disbursementsthroughperiods of.inferiormarket Íeturn.The designatedfundcomprises listed investments.Itisadministeredaspartof		 (1 á
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