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|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|
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|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|
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|||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|
##
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##
|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
v)
Fì
(t)|||
|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
37L;J.06||+\
7z
Þro
cDã
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|||||||||UJ||
||||||||||Þ|
||||||||||oo
(/t|
|||||||||i|||
|---|---|---|---|---|---|---|---|---|---|---|
||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
Boardtime
Stafftime
Stafftime
Stafftime
Stafftime
Stafftime
Stafftime
Stafftime|t{
t)o
(ô-l
(t)|+r:z
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<Ø
(laPo
FI F'
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Q.E
tì
F:|s¡
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FH
U)
(n
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lr
a)
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lD
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||||||||||N)(,|Ê|
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(/¡Ê|
##
|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)
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|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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