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2023-12-31-accounts

RIBA Annual Report and Financial Statements — 31 December 2023

Contents
Introduction
4
Our strategy
6
Our year in numbers
8
Theme 1: Delivering for our members
10
Membership
12
Practice
16
Education
17
Infuencing
19
Marketing and communications
20
Equity, Diversity and Inclusion
22
Theme 2: Improving our cultural ofer and
24
celebrating great architecture
RIBA— Annual Report and Financial Statements December 2023		 Theme 3: Developing a high–performing organisation
30
Equity, Inclusion and Diversity
32
Products and services
33
People
35
Technology
35
Governance
35
Fundraising and Investments
36
Energy and Carbon Reporting
38
Streamlined Energy and Carbon Reporting (SECR)
39
Methodology
40
Longer term environmental sustainability
40
Financial Review
42
Total income
43
Total expenditure
46
Charitable expenditure
47
Structure, governance and management
54
Independent auditor’s report
57
Consolidated statement of fnancial activities
62
Balance sheets
63
Consolidated statement of cash fows
64
Notes to the fnancial statement
65
Legal and Administrative details
104
Principal Advisors
107
Supporters
109

2 RIBA — Annual Report and Financial Statements December 2023

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Introduction RIBA RIBA - Annual Report and Financial Statements December 2023 Architecture.com

Introduction

In 2023, RIBA set to work as a re-organised, streamlined operation – focused on delivering for architects and architecture worldwide.

Our members continued to contend with a myriad of challenges – from fee pressures and insurance complexities, to the task of delivering a low carbon future. But our own business intelligence revealed a resilient profession, one that bounced back from the pandemic, with revenue increasing amongst Chartered Practices and returning to a long-term trajectory of modest growth.

For the profession, 2023 was also marked by the introduction of the Building Safety Act – the greatest regulatory shake-up of the industry, in England, since the 1980s. Much of RIBA’s work therefore focussed on preparing and supporting members for the introduction of new legislation, and launching a Principal Designer Register, enabling members to demonstrate their knowledge, skills, experience and behaviours to fulfil the Principal Designer duty holder role.

We spent a significant amount of time recalibrating our finances, and scoping some substantial long-term investment plans. Commercially, we reviewed, re-shaped and redefined the way we work, developing new business models and partnerships to ensure revenue streams contribute to our long-term financial sustainability.

The highlights in this report reflect only a fraction of the work that took place across the organisation, drawing on the expertise of our many volunteer members to support our global membership and fulfil our charitable purpose.

We have an exciting future ahead.

Addressing the climate emergency topped our agenda. From helping to develop the UK Net Zero Buildings Standard, to influencing government policy and regulation, and engaging in discussions at COP28, we continued to support our members and promote our vision for a low carbon future built environment. We also successfully campaigned for critical new building safety measures, supported our members through a time of significant regulatory change, and ploughed ahead with our education reform agenda, calling for flexible study routes to make architecture more accessible.

Diversity and Inclusion was central: we looked inwards and outwards, revising our own policies and processes as well as equipping practices and members with tools and actions to drive change.

Muyiwa Oki President

Jack Pringle Chair of Board of Trustees

Valerie Vaughan–Dick Chief Executive

We also, of course, continued to celebrate and showcase excellence through our globally standardsetting awards, talks and exhibitions; and we laid the foundations for House of Architecture – our major investment programme to make architecture more accessible for everyone.

RIBA — Annual Report and Financial Statements December 2023

5

Our strategy RIBA RIBA - Annual Report and Financial Statements December 2023 Architecture.com

Our strategy

Our purpose is to make the future a better place , advancing architecture and the built environment for the benefit of society. We do this by championing and celebrating excellence in design, fostering innovation and promoting sustainability. We also advocate for the highest standards of professionalism and ethical conduct.

Our strategy has three strands. Our 2034 Masterplan provides us with a vital, long–term outcome to guide our activity to 2034, the date at which we celebrate our 200th anniversary. This framework is underpinned by a succession of Biennial Plans , reflecting our Presidents’ . priorities. In 2023, we also took the opportunity to distil our longer–term Strategic Priorities These link everything together and, critically, ensure everything we do supports our Royal Charter objective: ‘for the general advancement of Architecture, and for promoting and facilitating the acquirement of the knowledge of the various arts and sciences connected therewith’.

Our Strategic Priorities focus on ramping up our work on inclusion, diversity and access to the profession; tackling the climate emergency; investing to better engage and support our global membership; influencing; and building a physical and virtual hub for the debate and promotion of architecture excellence.

‘for the general advancement of Architecture, and for promoting and facilitating the acquirement of the knowledge of the various arts and sciences connected therewith’

RIBA Royal Charter

2034 Masterplan Biennial Plans Strategic Priorities

RIBA — Annual Report and Financial Statements December 2023

7

Our year in numbers RIBA RIBA - Annual Report and Financial Statements December 2023 Architecture.com

total

income

£28.5m

expenditure on ordinary activities

£1.8m

net result after tax

£8.8m

membership income

£6.6m

other trading activities

9

1,500

new Chartered

Members

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RIBA — Annual Report and Financial Statements December 2023
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300

new Chartered

Practices

£404.7m

net assets

Theme1 Delivering for our members RIBA 10 RIBA - Annual Report and Financial Statements December 2023 Architecture.com

RSAW Annual Conference 2023, Cardiff © Vince Jones

——> é RIBA — Annual Report and Financial Statements December 2023

11

Membership

In 2023, we focused on activity we know our members value the most: supporting our member networks, enabling community engagement, developing our life–long education and skills programmes, and sharing business– critical resources.

In terms of overall membership development and support, we:

Key UK membership achievements included:

94%

of our Chartered Members with over six years’ experience have been retained

14,000

attendees engaged at our delivery of 408 events

RIBA — Annual Report and Financial Statements December 2023

12

RIBA Awards North West May 2024

© Rob Battersby

RIBA — Annual Report and Financial Statements December 2023 ,

13

Membership

Internationally, we worked hard to strengthen relationships between members, chapters, international offices and other institutes, and built strategic partnerships.

Key achievements included:

We also worked hard to foster international relations. This included:

£48k

granted as part of the Local Initiative Fund to support Chapters in Hong Kong, Sri Lanka and the Gulf.

19

Chartered Practices delegated at MIPIM

RIBA — Annual Report and Financial Statements December 2023

14

RIBA and ADC Saudi Arabia Memorandum signing ceremony © Jackie King

15 RIBA — Annual Report and Financial Statements December 2023

Practice

We continued to support our members with professional knowledge and guidance, specifically around addressing the climate emergency, navigating the complexities of the Building Safety Act and preparing our members for the new Building Control regimes in England and Wales.

We also took time to help members understand the implications of technological change for the practice of architecture, not least in the evolving field of AI. In total, more than 80,000 people visited our professional features pages on architecture.com.

Key achievements included:

80,000+

people visited our professional features page on architecture.com

350+

members completed our Principal Designer CPD course

RIBA — Annual Report and Financial Statements December 2023

16

Education

We continued to engage and share our expertise with the Architects Registration Board (ARB), education providers, practices and government so that together we can create a system that works for all. Our education reform agenda seeks to create greater flexibility in study structures to make access to the profession more inclusive.

Key achievements included:

6,500

people took part in our learning programmes

21 UK 13 international validation visits

348

students nominated for President’s Medals awards by 100 schools of architecture in 35 countries

RIBA — Annual Report and Financial Statements December 2023

17

Nobody Wants to Live in a Care Home’ by Ellie Harding (London School of Architecture), winner of the 2023 RIBA Silver Medal © Ellie Harding

18 RIBA — Annual Report and Financial Statements December 2023

Influencing

We advocated on behalf of the profession and society, sharing members’ expertise and providing solutions to societal and environmental challenges. We sought to demonstrate the value of architecture and architects to clients, the wider industry, government and society.

Key highlights included:

100+

meetings with Ministers, Members of Parliament and civil servants attended

22 Govt.

consultations and parliamentary inquiries responded to

350+

media moments secured, promoting our policy and public affairs activities

19 RIBA — Annual Report and Financial Statements December 2023

Marketing and Communications

year, driven by our Royal Gold Medal hero film based on the career of pioneering architect Yasmeen Lari, and the Stirling Prize and House of the Year films series.

We focused on delivering targeted campaigns through the media and digital platforms, making sure our voice was heard on debates and issues that matter to our members and society. We worked hard to position our senior representatives as industry thought leaders and forged new media partnerships, reaching millions of people across the world.

One film – Saltmarsh House, on the House of the Year shortlist – was featured by YouTube as an example of outstanding and relevant architectural content, leading to over 100,000 views of that film alone. Our House of the Year film content drove traffic to architecture.com, with 107,000 page views (which was in large part due to our new content partnership with the global media brand Conde Nast).

We employed an always–on approach to our membership value campaigns, and made changes to streamline and improve the performance of our emails and social channels – maximising cut–through and impact. Our average social media post engagement rate was 11.67% against non–profit, media and real estate industries benchmarking at 1.3% – 2%. We also grew follower numbers to over 580k across the core RIBA Facebook, Twitter, Instagram and LinkedIn accounts. Our weekly newsletter, Member Update, received a 50% open rate and 12% click rate, a year–on–year open rate increase of 4% and click rate increase of 5.7%.

This shows an improvement on 98,000 page views in 2022. Our flagship website architecture.com continues to be an essential source of information and content for RIBA members, as well as wider public audiences: in 2023 we had 11.5m page views and total 1.9m users.

580k

followers across our core RIBA social media accounts

9.67%– 10.37%

above non–profit, media and real estate industries benchmarking of social media engagement

400k

views of our intelligent films content across the year

We commissioned intelligent films and created engaging content to inspire, educate, celebrate excellence and raise the profile of our work and our people. Working with independent filmmakers, our film content had 400,000 views across the

RIBA — Annual Report and Financial Statements December 2023

20

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John Morden Centre, Stirling Prize 2023 winner
© Jim Stephenson
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21

Equity, Diversity and Inclusion

We developed a range of programmes to attract a greater diversity of entrants into the profession and to equip practices and members with tools and actions to drive change.

Key achievements included:

22 RIBA — Annual Report and Financial Statements December 2023

RIBA LGBTQ+ Community internal group Y1+*. ri. ¥J Rl RIBA - Annual Report and Financi atements December 2023 chiteclure.com

24 RIBA — Annual Report and Financial Statements December 2023

RIBA Exhibition, Wide Angle View 2024 © Agnese Sanvito

25 RIBA — Annual Report and Financial Statements December 2023

We laid the foundations for the House of Architecture – our major investment programme. From bringing together our world–class collections and developing a virtual programme that will expand our digital reach and accessibility on a global scale, to the essential modernisation of our London landmark building – we made steady progress. We also continued to celebrate and showcase excellence through our globally standard–setting awards, talks and exhibitions.

increase in visitor numbers to our exhibitions and public programmes

%

26 RIBA — Annual Report and Financial Statements December 2023

BO Hongt30 Shougang Chang'An Mills Building Contemporary China Dale: 2022 Location.. Beijlng li •. RIBA 27 RIBA - Annual Report and Fina tements December 2 Architecture.com

Our public programme, collections and awards

Public programme highlights included:

Collections highlights included:

253%

increase in visitor numbers to our exhibitions and public programmes

Awards highlights included:

59%

increase in researchers accessing more than 14,000 items

130k+

images are now available to the public

28 RIBA — Annual Report and Financial Statements December 2023

Royal Gold Medal 2023 recipient Yasmeen Lari in conversation with Alisha Morenike Fisher © Jackie King

29 RIBA — Annual Report and Financial Statements December 2023

Theme 3 Developing a high–performing organisation

30 RIBA — Annual Report and Financial Statements December 2023

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RIBA President Muyiwa Oki speaking at a joint Tate Liverpool
and RIBA event, 2023 © Tate, Brian Roberts
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31 RIBA — Annual Report and Financial Statements December 2023
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Equity, Diversity and Inclusion

Highlights included:

32 RIBA — Annual Report and Financial Statements December 2023

Products and services

We formed a new, specialist directorate drawing together the various products and services offerings under one umbrella to better serve our members, customers and clients. We reviewed, re–shaped and redefined the way we work, developing new business models and partnerships to ensure we remain financially sustainable.

Key highlights included:

240k 22k

RIBAJ circulates in the UK and a RIBA Academy further 12,000 internationally accounts were activated £1.1m+ of income secured

33 RIBA — Annual Report and Financial Statements December 2023

Joint Tate Liverpool and RIBA event © Tate, Brian Roberts - > = P es | f/ He Pid ‘ 34 RIBA — Annual Report and Financial Statements December 2023

People

We increased our investment in attracting and retaining a diverse community of talented colleagues and launched our new employee value proposition (EVP), to support RIBA to become a high performing, innovative organisation and a great place to work.

Key highlights include:

Technology

Governance

We made steps to become a digital–first organisation and agreed an ambitious programme of work to improve our infrastructure, including a database platform that will enable us to better provide tailored information and services to members.

We implemented new governance structures to ensure that RIBA’s governance framework is fit for purpose and adheres to best practice. Good governance is fundamental to RIBA’s success and it is vital to ensure compliance with our legal and regulatory requirements.

Key highlights include:

Key highlights include:

35 RIBA — Annual Report and Financial Statements December 2023

Fundraising and Investments

RIBA is about to embark on a journey of transformation, following a board decision in 2022 to approve a significant investment programme – the House of Architecture programme - which gathered momentum in 2023.

The programme contains five separate workstreams including; the essential renovation of our London landmark building, transition arrangements, plans for a new centre to bring together our world-class collections, investment in our digital technology and fundraising activity to support the programme.

RIBA’s total unrestricted general reserves are such that we can continue to assert that RIBA is a going concern. However, within the funding strategy to achieve the aims of the House of Architecture programme, the Board has determined that significant fundraising will be undertaken in the next five years.

In undertaking the House of Architecture programme, the Board of Trustees have carefully considered the fund structure of the charity. In doing so, they have been even-handed in assessing the needs of both future and current beneficiaries. This careful balance has been considered with long term financial sustainability in mind, to ensure the board maximises the benefits of membership. Indeed, the Charity has been working hard over recent years, in order to diversify income, to help subsidise the cost of membership.

36 RIBA — Annual Report and Financial Statements December 2023

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A House for Artists, Neave Brown Award 2023 winner
© Apparata Architects
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37 RIBA — Annual Report and Financial Statements December 2023

Energy and carbon reporting RIBA 38 RIBA - Annual Report and Financial Statements December 2023 Architecture.com

Streamlined Energy and Carbon Reporting (SECR)

We recognise that climate change is one of the most important issues facing every one of us today. As architects, our members play a crucial role in the reduction of carbon emissions through sustainable design and RIBA aims to help the profession contribute towards the UK net zero carbon target and mitigate climate change more generally.

In light of this, we believe it is important that RIBA is transparent about its own carbon emissions. Whilst not legally required to do so, we are voluntarily reporting our energy and carbon emissions in compliance with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This requires an annual report on greenhouse gas emissions from UK energy use and business vehicles travel.

The table below summarises emissions in the year.

The carbon footprint for the year ended 31 December 2023 was 403.5 tonnes of CO2 emissions (2022: 543 tCO2e), which represents a carbon intensity a carbon intensity of 1.62 tCO2e per full time equivalent employee (2022: 1.70 tCO2e).

Locations Quantity (KWh) Dec 2023 Carbon Footprint (CO2e) Dec 2023
Electricity, 66 Portland Place, 889,866 184.3
London, Mann Island, Liverpool
and the Piper Centre, London
Gas, 66 Portland Place, London 1,198,339 219.2
and the Piper Centre, London
Total Quantity 2,088,205 403.5

RIBA — Annual Report and Financial Statements December 2023

39

Methodology

Our reporting methodology is based on the UK Government’s 2019 Environmental Reporting Guidelines and these carbon footprints have been calculated using the UK Government GHG Conversion Factors for Company Reporting for 2022. Energy use data was collected from energy bills. We have excluded all managed offices where we do not receive a separate charge for energy (which includes the Group’s overseas offices).

All of the electricity at the three sites is from renewable sources. However, in compliance with reporting standards, the carbon saving this creates is not included in the standardised carbon footprint reported above.

Whilst the Institution does not own any vehicles and thus does not purchase any vehicle fuel directly, UK staff and volunteers do sometimes use their own cars for the Institution’s business. Due to a lack of data to date, it is not possible to voluntarily disclose this, or business travel metrics in the information above.

Longer term environmental sustainability

RIBA is committed to the improvement of its environmental performance. The management of resources is an important issue for the Charity. RIBA is operating within the constraint that the 66 Portland Place building has listed status and requires comprehensive renovation, to improve its energy efficiency and energy use. The new House of Architecture programme will help RIBA improve its energy efficiency, rationalise the number of Collection sites in use, and eliminate the use of gas consumption at 66 Portland Place site.

In the meantime, RIBA has a number of measures in place to recycle paper, minimise paper use, minimise environmental waste and reduce the carbon footprint from work–related travel.

RIBA — Annual Report and Financial Statements December 2023

40

Houlton School, Reinvention Award 2023 winner © James Brittain

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41 RIBA — Annual Report and Financial Statements December 2023 es ee
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Financial Review RIBA 42 RIBA - Annual Report and Financial Statements December 2023 Architecture.com

The purpose of this financial review is to assist readers with interpreting the Financial Statements presented later (see pages 63 to 65), the format of which is as specified by the accounting Statement of Recommended Practice (“SORP”) used by Charities. To supplement this, the information presented below in bold are headings used in the Consolidated Statement of Financial Activities (the “SOFA”).

Total income increased in the year by 15%/£3.5m to £26.8m.

This was mainly due to £3.3m higher investment income. Membership subscription income grew by 7% to £8.7m (2022: £8.2m). Overall Membership numbers at year end grew by 1.9% to 57,561 (2022: 56,486). Trading income has reduced by 7% to £6.6m, (2022: £7.1m) Student numbers will be validated during 2024.

Total expenditure on ordinary activities decreased by £2.7m in the year to £28.5m.

Three large contributors to the cost reduction were a reduction of £341k in the Cost of Raising Funds, a reduction of £572k support costs under the Competence Charitable Activity and a reduction of £681k support costs under the Confidence Charitable Activity. A reduction in Defined Benefit Pension finance costs including actuarial remeasurements, accounted for £1.3m of the cost reduction.

Staff Full Time Equivalents dropped from 258 to 250 with a corresponding reduction in Total Staff Costs of £445k.

However, due to gains in relation to our investments, the net movement in funds improved from a £10.1m adverse figure in 2022 to a £1.8m favourable figure in 2023.

Total income increased by

15

%

In addition, RIBA’s strong balance sheet including £124m of investment funds (2022, £114m) and Heritage Assets, valued at £266m offer opportunities to contribute directly to funding the House of Architecture programme and leveraging the Collection for fundraising purposes.

RIBA — Annual Report and Financial Statements December 2023

43

5

Total income £26.8m The following chart shows the split of income in 2023.

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1. Individual subscriptions £8.8m
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  1. Trading activities £6.6m

  2. Charitable activities £6.1m

  3. Interest and dividends £5.1m

  4. Donations £0.2m

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44 RIBA — Annual Report and Financial Statements December 2023

v

Total income

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Year on year movement
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The following chart shows
the year–on–year income
movement.
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2022

2023

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£9m
£8m
£7m
£6m
£5m
£4m
£3m
£2m
£1m
£0m
Individual Trading Charitable Donations and Investment
subscriptions activities activities legacies income
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RIBA — Annual Report and Financial Statements December 2023

45

Total expenditure

£28.5m

Total expenditure of £28.5m (2022: £31.2m) is broken down into charitable expenditure of £22m (2022: £23.1m), cost of raising fund of £6.1m (2022: £6.4m) and pension finance costs of £0.4m (2022: £1.7m)

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Pension finance
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Cost of raising fund
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Charitable expenditure
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RIBA — Annual Report and Financial Statements December 2023

46

Charitable expenditure

£22.0m

Expenditure on Charitable activities, like income, is allocated to one of the three main strategic priorities (pillars). However, the summary presentation in the Statement of Financial Accounts makes it difficult to identify exactly where or how the money is spent.

The chart on the right shows more specifically where the £22.0 million has been spent.

  1. Premises & Facilities £2,518k

  2. International £806k

  3. Depreciation £1,657k

  4. Communications, Policy & Public Affairs £1,695k

  5. Governance £895k

  6. Client Services £966k

  7. President & Group Exec £1,360k

  8. Library £1,282k

  9. Finance, Business Planning, HR, ICT £4,843k

  10. Education & Research £1,665k

  11. Celebration of Good Architecture £479k

  12. Membership £1,148k

  13. Network of Offices £1,599k

  14. Practice & Profession £1,116k

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RIBA — Annual Report and Financial Statements December 2023

47

Financial Review

Income (i.e. Where RIBA’s money comes from)

RIBA is a UK–registered charity, set up under Royal Charter. It is a membership organisation with strong commercial businesses and a large investment fund, helping it contribute to central operating costs and future investment plans.

RIBA received a Total Income of £26.8m (2022: £23.2m); this figure represents all the income received. The Total Income in 2023 excludes a £3.2m unrealised gain on investment holdings and a £379k actuarial gain on the defined benefit pension scheme.

Within the £26.8m Total Income figure, £8.8m was generated from individual membership subscriptions (2022, £8.2m). The main contributor to this increase in income was from an approved subscription fee rise in 2023.

£6.6 million came from other trading activities (2022, £7.1m), which includes income generated by the Venues business based in RIBA’s headquarters building at 66 Portland Place, commercial income, publishing income and retail income.

Other Charitable activities (i.e. other than subscription and trading income) generated £6.1m (2022: £5.8m) income. This income has been allocated to one of the three groupings of strategic priorities of the Institute, although only two of these areas generated income in 2023. Examples of income in respect of each of these are below:

came from other trading activities

Competency (Education, Research, Knowledge & Data)

Competitions and publications, Continuing Professional Development (CPD) courses, CPD Providers Network, and RIBA Chartered Practice.

Confidence (Advocacy, Policy & Influence D&I, Culture)

Talks and lectures, architecture festivals, design reviews and the Awards programme, RIBApix sales and royalty income.

Donations and legacies contributed £0.2m income (2022: £0.2m).

came from donations and legacies

Investment income (interest received and dividends) of £5.1 million was received in 2023 (2022: £1.8m). As in other charities, the funds are managed professionally in diversified portfolios.

RIBA — Annual Report and Financial Statements December 2023

48

Financial Review

Expenditure (i.e. how RIBA spends its money)

Total expenditure excluding pension finance costs during the year was £28.1m (2022: £29.5m).

Expenditure on raising funds is effectively the costs of running RIBA’s commercial operations which generate the trading income explained above. Total expenditure on raising funds was £6.1m (2022: £6.4m).

Expenditure on charitable activities , like income, is allocated to one of the three strategic priorities. The chart on page 48 shows more specifically where the £22.0m (2022: £23.1 million) has been spent.

Expenditure on pension finance costs were £0.4m (2022: £1.7m), these directly offset with a £0.4m gain on the scheme.

Gains and losses

The listed investments held by RIBA generated a £3.2m unrealised net gain due to market fluctuations (2022: £3.8m unrealised net loss). The Investments Fund has been set up with performance targets and diversification to reduce its market value volatility over the medium term, whilst allowing investment income to be used to help fund charitable activities.

Pension scheme funding reserve

RIBA operates a defined contribution pension scheme whereby it pays a percentage of employees’ salaries into a pension scheme and has no further liability. However, historically, like many employers, it provided a defined benefit (or final salary) pension scheme to its employees, whereby the pension received relates to the number of years’ service and the salary paid on leaving the company’s employment. Although this latter scheme was closed to new employees back in 1994 and now has no active members, it is subject to fund value volatility.

Note 25 shows that the actuarial valuation provides a £9.7m surplus (2022 £9.5m) resulting in an overall actuarial valuation that is capped to £0m (2022: £0m capped).

The Financial Reporting Standard (FRS102) governs some of the assumptions used and how the information is presented, in an attempt to take out any subjectivity in the numbers. However, this is unnecessarily complex and valuations can fluctuate from year to year. The most important point to note is that every three years, the Trustees of the 1974 Pension Scheme reach an agreement with RIBA Trustees on the valuation of the surplus or deficit, using a set of assumptions agreed by both parties and jointly establish a contribution (or deficit funding) schedule.

The last full triennial valuation of the scheme, as at 31 December 2022, valued the surplus at £4.5m. The next full triennial valuation will be prepared as at 31 December 2025.

The actuarial movement on the defined benefit pension scheme was a £0.4 m gain (2022: £1.7m gain), the fund is still in surplus.

Net movement in funds

Overall, the net movement in funds during the year was a £1.8m surplus (2022: £10.1m deficit).

Balance sheet

The Balance Sheet on page 64, shows the value of RIBA’s assets as at 31 December 2023, the last day of the accounting year. The net assets of RIBA have increased by £1.8 m during the last twelve months, to £404.7m (2022: £402.9m).

The vast majority of the value in the balance sheet is not readily accessible to RIBA, as reflected in the reserves policy with £383.6m held in designated funds (2022: £394.7m).

RIBA — Annual Report and Financial Statements December 2023

49

Financial Review

The most significant item is the value placed upon RIBA’s cultural (or heritage) assets comprising drawings, paintings, busts, books, periodicals, photographs and other archives. (See note 12). Whilst the balance sheet includes the value of the materials in the RIBA Collections, this does not mean that either this value could be realised or that the material in the collections could be sold. Conditions relating to the original acquisition of material by RIBA going back to 1834, RIBA’s standing as a cultural organisation, and its need as an accredited museum to follow the Museums Association’s Code of Ethics relating to disposal (which presumes against any financially motivated disposal), mean that disposal of any parts of our collection by sale is not possible.

A heritage asset is defined as “a tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture”. The value placed on such assets as at 31 December 2023 is £266.5 m (2022: £266.5 m) and this is a significant figure which clearly dominates the balance sheet. There is no doubt that RIBA has a world–renowned collection of great architectural significance. The Trustees have a duty to protect these assets, which have been acquired by RIBA either through donation or by acquisition since its formation in 1834. RIBA considers itself responsible not only for ensuring the

continued preservation of the archives and collections for future generations, but for making them available to a wider audience. The House of Architecture programme includes plans to improve public accessibility.

Other investments of £124.1m (2022: £113.9m) include both restricted and unrestricted investments. £111.5m of this is held in an Investment Fund that was created in 2021 from the proceeds of the sale of Williams TopCo Ltd; Note 15 provides further information.

RIBA has total debtors of £3.1m (2022: £2.8m), which includes amounts owed from sponsors, customers and RIBA members, in addition to prepayments and accrued income.

RIBA has total creditors within one year of £6.6m (2022: £7.9m), which includes amounts owed to suppliers and accrued expenditure.

Cash flows

During the year there was a net decrease in cash of £0.7m which reduced cash and cash equivalent holdings at the year end to £3.0m (2022: £0.7 m decrease to £3.7m).

Basis of preparation

The financial statements have been prepared on the basis of the accounting policies set out in note 1 to the financial statements and comply with the Royal Charter, applicable law and the requirements of the Statement of Recommended Practice, ‘Accounting and Reporting by Charities’ revised and issued in July 2014.

Going concern

The financial statements have been prepared on the basis that RIBA has adequate resources to continue in operational existence for the foreseeable future (going concern basis), with assets and liabilities recognised as they will be realised and discharged in the normal course of business.

In support of this assumption, the Investment Fund valued at £124.1m provides enough funding to cover any financial uncertainties over the twelve months following accounts signing and beyond. Given the size of the investment fund, the trustees have concluded that the entity is a going concern.

RIBA — Annual Report and Financial Statements December 2023

50

Financial Review

Risk management

Economic

Investment policy

People

In July 2023, a Head of Risk, Planning and Performance was appointed to improve the management of risk within RIBA. This role was created to ensure risks are identified, monitored and mitigated against in a timely and objective manner. As a result, the Executive Team undertook a comprehensive review of their identified set of strategic risks, moving away from a set of narrow and unfocussed risks, to a clear and cohesive Strategic Risk Register, linked to business priorities and strategic objectives. This review was undertaken with advice from the Audit and Risk Committee and RIBA’s Internal Auditors.

Towards the end of 2023, RIBA began the process of identifying risks for the House of Architecture programme. These focussed on governance arrangements, ensuring the programme is structured properly, effective decision making takes place and the programme is delivered on time. These change management risks, if not managed, would compromise RIBA’s ability to deliver its strategic aims.

Each strategic risk is owned by a member of the Executive Team and they are regularly reviewed by the Executive Team, RIBA Board, and Audit and Risk Committee.

The resulting strategic risk register consisted of strategic risks with various risk mitigations covering the following risk categories:

Lane Clark Peacock LLP advise RIBA on its investment policy for the Investment Fund. The overriding intention is for the Investment Fund to maintain its value in real terms, whilst also producing enough returns to help RIBA remove its current deficit. All investments managers appointed go through a selection programme that also required the Ethical Social and Governance aims of RIBA to be fulfilled.

Reputational

Political

The degree of risk is measured by considering likelihood and impact. To describe our appetite for each category of risk, the Executive Team sets the minimum ‘residual risk’ ratings it expects to achieve once the suite of mitigations have been delivered.

RIBA’s investment policy is based on guidance from the RIBA’s investment managers with regard for fund restrictions. The main investment policy objectives are to maintain the earning value of the capital, so that the value of the sum available for disbursement is maintained. This will ensure that the risk–adjusted returns are maximised.

We regularly assess our operating environment based on the categories listed above and will add or remove risks along with associated mitigations as required. As far as possible, we incorporate risk mitigations into our business–as–usual activities, reinforcing the message that risk management is the responsibility of all staff. Short and medium–term additional governance structures are introduced for high– value projects and programmes as appropriate.

RIBA defined benefit pension scheme has a separate investment strategy overseen by the pension scheme trustees, who are an independent body.

RIBA is satisfied that we manage and mitigate risks, and where necessary, that we take action to contain the impact of risk. We are confident that our risk management approach has been comprehensive, allowing the Executive Team to identify early, and respond to, any possible threats to ensure the achievement of our objectives.

RIBA — Annual Report and Financial Statements December 2023

51

Financial Review

Reserves policy

All charities need to have reserves to underwrite their day– to–day activities. The level of reserves held is a matter of judgement for the Trustees, who have decided to take a risk–based approach to determining the level of reserves required, based on their understanding of the business model faced by the Charity. The target level for unrestricted general reserves has been assessed after considering the following key factors:

Reliability of its income, and;

Flexibility of its costs in terms of whether they are fixed or variable.

The target for general reserves at the end of 2023 remains between £3m and £5m. The level of general reserves at the end of the year was £14.4m, following the sale of the 76 Portland Place property (2022: £1.7m).

The Heritage Assets reserves show the value of Donated Heritage assets that RIBA holds is £265.7m as at December 2023 (2022: £265.7m). Whilst the balance sheet includes the value of the materials in the RIBA Collections, this does not mean that either this value could be realised or that the material in the collections could in fact be sold. Conditions relating to the original acquisition of material by RIBA going back to 1834, RIBA’s standing as a cultural organisation, and

its need as an accredited museum to follow the Museums Association’s Code of Ethics relating to disposal (which presumes against any financially motivated disposal) mean that disposal of any parts of our collection by sale is effectively not possible.

As at the end of 2023 the level of unrestricted reserves held were:

2023
£’000		 2022
£’000
Heritage Assets reserves 265,740 265,711
Fixed assets reserve – 12,000
Investment fund 111,496 110,546
Revaluation reserves 6,380 6,444
General reserves 14,404 1,771
Total unrestricted funds 398,020 396,472

The fixed assets reserve covered the capitalised lease and associated capital costs of 76 Portland Place. After sale of the asset, this reserve became unrestricted general reserves.

The investment fund reserve was created after the sale of Williams TopCo Ltd. which generated £112.7m cash proceeds. It is valued at £111.5m at the end of December 2023 (£110.5 m 2022). The intention of the fund is to provide RIBA with a new perpetual income stream through investment returns that will be used to support the cultural programme of activities and other high priority activities. The Financing Policy provides further details and is available on RIBA’s website.

The revaluation reserve was created in 1987 for a revaluation of 66 Portland Place, as described further in note 22a.

The level of reserves held provides comfort that RIBA will remain in a strong financial position as discussed more in the going concern note.

RIBA — Annual Report and Financial Statements December 2023

52

Financial Review

Fundraising

Supporters of RIBA are a key element in the fundraising activities, including supporting the House of Architecture programme and we are committed to employing a transparent and ethical approach to all our fundraising activities.

To help guarantee the availability of continuing funds to support the work of RIBA, we aim to maintain a broad base of funding sources. RIBA invites contributions from funders but does not pressure supporters to make gifts. It respects any funder’s decision to stop giving. The regulatory landscape for fundraising is evolving and we will continue to monitor and adapt with these changes, as we did with the introduction of General Data Protection Regulation in 2018.

No professional fundraisers or commercial participators were used to approach individuals on behalf of RIBA in 2023. As at 31 December 2023, one complaint was received by the Fundraising Regulator; this was addressed immediately and subsequently closed.

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53

Structure, governance and management

be, Chartered Members of RIBA. The President, Honorary Secretary and Honorary Treasurer are Trustees ex officio. The additional nine trustees are appointed by Council, following recommendations from the Nominations Committee. RIBA Board members generally serve an initial three–year term and may be appointed for further three–year terms.

Structure

RIBA was incorporated by Royal Charter (its Trust Deed, by which it is governed) in 1834 and was registered as a Charity on 14 August 1962 (Registration Number 210566). A list of current Trustees is included on page 107, together with a list of principal advisors.

The role of the Council is to be the representative body of the membership of RIBA, to provide strategic advice and guidance to the Board and to hold the Board to account. There are up to 51 RIBA Council Members in total during any session (from 1 September to 31 August). Council Members are elected by RIBA members as stated in the Regulations. Council Members generally serve an initial three–year term and may be appointed for further three–year terms.

Throughout 2023, RIBA had two main subsidiary companies, RIBA 1834 Ltd and RIBA Financial Services Ltd.

In 2023 the RIBA Membership Experience UK teams based in the North, Central, South, London and Wales, provided governance and support to 11 regions formed of a network of over 90 RIBA affiliated branches and groups.

Board and Council may delegate elements of their respective functions, decision–making authority and the implementation of agreed activities to committees, advisory groups and/ or individuals. Board has two mandatory committees – the Audit & Risk Committee, which reports to both Council and Board, and the Remuneration Committee. Council also has two mandatory committees – the Standards Committee and the Nominations Committee.

Governance

The Board of Trustees is responsible for the management of RIBA’s business and are the charity trustees of RIBA. The Board of Trustees works closely with the Council, which is made up of elected representatives of the membership, and the Executive team, headed by the CEO, to whom the day– to–day management of the charity is delegated.

In October 2023, RIBA commenced a comprehensive review of the effectiveness of its governance which will see RIBA committed to updating its governance framework during 2024.

There are up to 12 trustees, the majority of whom must be Council Members. Trustees may, but are not required to

RIBA has begun reviewing long–term changes to its Charter and Byelaws. Subject to Privy Council approval, RIBA is working towards implementing these long–terms changes during 2025.

Members volunteering

An estimate of the total time given by volunteers to further RIBA’s charitable activities indicates that over 40,000 hours (excluding travel time) were freely given by our members. This reflects very well on all of our members (and others) who give up their time in a wide variety of ways to support RIBA at all levels and promote architecture to the public.

Management

RIBA’s Chief Executive has a number of delegated powers and reports directly to the RIBA Board. From 1 January 2023 and through to 8 January 2023, the Chief Executive responsibilities were held by Adrian Dobson and Pamela Harding, before Valerie Vaughan–Dick was appointed as the new Chief Executive Officer on 9 January 2023. Members of the Group Executive and Senior Staff teams are listed on pages 107 and 108.

RIBA — Annual Report and Financial Statements December 2023

54

Structure, governance and management

Remuneration policy

RIBA’s Board sets the pay of the Chief Executive, based on independent benchmarking advice. The Executive Directors’ pay is also independently benchmarked and determined by the Chief Executive and Remuneration Committee where appropriate. Any changes to the remuneration of other posts are made in accordance with internal remuneration policy and procedures. The annual pay review was determined by the RIBA Board.

Equity, diversity and inclusion

RIBA continues to be committed to ensuring that we have an equitable, diverse and inclusive workplace where all visible and invisible differences are valued, accepted and respected. We have four active employee EDI communities supporting our work in this area and helping to embed progress.

We are continuing our focus on building a more inclusive and equitable culture so that all of our colleagues feel welcome, valued and included. We are delivering on our aims to reduce our gender and ethnicity pay gaps but recognise we still have work to do to close them completely. We have five active employee inclusion and diversity communities supporting our work in this area and helping to embed progress.

Engagement with employees

Every employee was required to have an Individual Activity Plan, with clear objectives. Exceptional performance against the organisation’s values was recognised and celebrated at our twice annual awards ceremonies.

We employ a number of methods to engage with colleagues, supported by a range of communication channels.

A combination of in–person and virtual meetings were held with all colleagues on a regular basis, led by the leadership team and featuring presentations by representatives from across the organisation, plus live Q&As. ‘Knowledge Exchange’ sessions were also programmed and open to all colleagues, as an opportunity to share updates and insight into the work of specific teams.

Statement of the trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and the Financial Reporting Standard applicable in the UK and Republic of Ireland (Financial Reporting Standard 102).

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 the Group and of the incoming resources and application of resources of the Group for that period.

Our communication channels include a regularly updated intranet, fortnightly e–newsletters, an organisation–wide messaging channel on Microsoft Teams, and organisation– wide emails for key updates. An email was sent to all employees each day to highlight news stories impacting RIBA and the wider architecture profession.

Colleague Representatives (‘Reps’) were appointed in 2022, with each member representing a different area of the organisation. Reps have the opportunity to share colleague feedback at regular meetings and make suggestions to the leadership team on potential opportunities to improve the colleague experience and engagement.

RIBA — Annual Report and Financial Statements December 2023

55

Structure, governance and management

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report has been approved by the Trustees and signed on their behalf by:

Jack Pringle Board Chair

The Trustees are responsible for keeping adequate 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 trust deed. They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RIBA — Annual Report and Financial Statements December 2023

56

Independent auditor’s report to the members of the Royal Institute of British Architects (RIBA)

Opinion

We have audited the financial statements of The Royal Institute of British Architects (‘the parent charity’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the 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 FRS 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:

Conclusions relating to going concern

Give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2023 and of the group’s incoming resources and application of resources, for the year then ended

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 Royal Institute of British Architects’ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Basis for opinion

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 group 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.

RIBA — Annual Report and Financial Statements December 2023

57

Independent auditor’s report to the members of the Royal Institute of British Architects (RIBA)

Other Information

Matters on which we are required to report by exception

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 respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 group and the parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

We have nothing to report in this regard.

RIBA — Annual Report and Financial Statements December 2023

58

Independent auditor’s report to the members of the Royal Institute of British Architects (RIBA)

Auditor’s responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non–compliance with laws and regulations, our procedures included the following:

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 are set out to the right.

laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.

RIBA — Annual Report and Financial Statements December 2023

59

Independent auditor’s report to the members of the Royal Institute of British Architects (RIBA)

Because of the inherent limitations of an audit, there is a 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 involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

RIBA — Annual Report and Financial Statements December 2023

60

Use of our report

This report is made solely to the parent charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent 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 parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

4 October 2024

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

RIBA — Annual Report and Financial Statements December 2023

61

Consolidated statement of financial activities

For the year ended 31 December 2023

Income from:
Donations and legacies
Charitable activities
Membership subscriptions
Confdence (Advocacy, Policy & Infuence D&I, Culture)
Competency (Education, Research, Knowledge & Data)
Cashfow (Practice & Business Skills, Delivery)
Other trading activities
Investments		 Unrestricted
funds
Restricted
and endowed
funds
2023
Total
Unrestricted
funds
Restricted
and endowed
funds
2022
Total
Note
£’000
£’000
£’000
£’000
£’000
£’000
30
218
248
34
207
241
8,750
–
8,750
8,204
–
8,204
922
43
965
633
394
1,027
5,122
–
5,122
4,812
5
4,817
–
–
–
–
–
–
2
6,580
–
6,580
7,116
–
7,116
4,918
170
5,088
1,659
171
1,830
26,322
431
26,753
22,458
777
23,235
6,050
–
6,050
6,391
–
6,391
12,379
127
12,506
12,797
390
13,187
8,447
194
8,641
8,907
306
9,213
884
–
884
694
–
694
27,760
321
28,081
28,789
696
29,485
379
–
379
1,667
–
1,667
4
28,139
321
28,460
30,456
696
31,152
(1,817)
110
(1,707)
(7,998)
81
(7,917)
15
2,986
176
3,162
(3,362)
(482)
(3,844)
5
1,169
286
1,455
(11,360)
(401)
(11,761)
13
–
–
–
–
–
–
25
379
–
379
1,667
–
1,667
1,548
286
1,834
(9,693)
(401)
(10,094)
396,472
6,404
402,876
406,165
6,805
412,970
398,020
6,690
404,710
396,472
6,404
402,876
Total income
Expenditure on:
Raising funds
Charitable activities
Confdence (Advocacy, Policy & Infuence, D&I, Culture)
Competency (Education, Research, Knowledge & Data)
Cashfow (Practice & Business Skills, Delivery)
Total expenditure on ordinary activities before pension fnance costs
Pension fnance costs
Total expenditure on ordinary activities
Net income/(expenditure) before net gains/(losses) on investments and exceptional items
Net gains/(losses) on investments
Exceptional items
Net income/(expenditure) before other recognised gains and losses
Gains on revaluation of heritage assets
Actuarial gains/(losses) on defned beneft pension schemes
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in notes 21 to 22 inclusive to the financial statements.

RIBA — Annual Report and Financial Statements December 2023

62

Balance sheets

As at 31 December 2023

Approved by the trustees on 8 August 2024 and signed on their behalf by

Jack Pringle Board Chair

The group
The charity
2023
2022
2023
2022
Note
£’000
£’000
£’000
£’000
~~a~~		 The group
The charity
2023
2022
2023
2022
Note
£’000
£’000
£’000
£’000
~~a~~		 The group
The charity
2023
2022
2023
2022
Note
£’000
£’000
£’000
£’000
~~a~~		 The group
The charity
2023
2022
2023
2022
Note
£’000
£’000
£’000
£’000
~~a~~		 The group
The charity
2023
2022
2023
2022
Note
£’000
£’000
£’000
£’000
~~a~~
Fixed assets:
Intangible assets 10 1 1 – –
Tangible assets
Heritage assets		 11
12		 15,231
266,530		 25,901
266,453		 15,231
266,530		 25,901
266,453
Investments in subsidiary undertakings 13 – – 1 1
Investments – other 15 124,124 113,888 124,124 113,888
405,886 406,243 405,886 406,243
Current assets:
Stocks
Debtors
Cash at bank and in hand		 16
17		 1,503
3,121
3,020		 1,475
2,804
3,671		 –
5,775
2,336		 –
5,167
2,927
7,644 7,950 8,111 8,094
Liabilities:
Creditors: amounts falling due within one year		 18 (6,574)
(7,938)
(5,830)
(6,800)
Net current assets 1,070 12 2,281 1,294
Total assets less current liabilities
Provisions		 19 406,956
406,255
408,167
407,537
(2,246)
(3,379)
(2,246)
(3,379)
Net assets excluding pension liability
Defined benefit pension scheme asset		 25 404,710
–		 402,876
–		 405,921
–		 404,158
–
Net assets 20 404,710 402,876 405,921 404,158
Funds:
Restricted income funds
Endowment funds
Unrestricted income funds:
Revaluation reserves
Heritage assets reserves
Fixed assets reserve
Investment fund
General reserves		 21
21
22		 2,524
4,166
6,380
265,740
–
111,496
14,404		 2,414
3,990
6,444
265,711
12,000
110,546
1,771		 2,524
4,166
6,380
265,740
–
111,496
15,615		 2,414
3,990
6,444
265,711
12,000
110,546
3,053
Total unrestricted funds 398,020 396,472 399,231 397,754
Total charity funds 404,710 402,876 405,921 404,158

63 RIBA — Annual Report and Financial Statements December 2023

Consolidated statement of cash flows

For the year ended 31 December 2023

Cash fows from operating activities
Net cash provided by operating activities
Cash fows from investing activities:
Dividends, interest and rents from investments
Sale of fxed assets
Purchase of fxed assets
Acquisition of heritage assets
Sale of investments
Purchase of investments		 2023
2022
Note
£’000
£’000
£’000
£’000
23
(7,063)
(7,003)
5,088
1,830
11,700
–
(3,254)
(1,670)
(48)
(92)
38,545
44,024
(45,619)
(37,826)
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year		 6,412
6,266
(651)
(737)
3,671
4,408
Cash and cash equivalents at the end of the year 3,020
3,671
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand		 At 1 January
2023
Cash fows
Other
non–cash
changes
At 31
December
2023
£
£
£
£
3,671
(651)
–
3,020
Total 3,671
(651)
–
3,020

RIBA — Annual Report and Financial Statements December 2023

64

Notes to the financial statement

For the year ended 31 December 2023

preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1 ACCOUNTING POLICIES

a) Statutory information

Royal Institute of British Architects is a charity incorporated by Royal Charter registered with the Charity Commission in England & Wales. The registered office address is 66 Portland Place, London, W1B 1AD.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts (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 Accounting and Reporting by Charities

These financial statements consolidate the results of the charity and its wholly–owned subsidiaries on a line by line basis. Transactions and balances between the charity and its subsidiaries have been eliminated from the consolidated

financial statements. Balances between the group companies are disclosed in the notes of the charity’s balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented as the summary of the result for the year is disclosed in the notes to the accounts

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The financial statements have been prepared on the basis that RIBA has adequate resources to continue in operational existence for the foreseeable future (going concern basis), with assets and liabilities recognised as they will be realised and discharged in the normal course of business. In support of this assumption:

RIBA — Annual Report and Financial Statements December 2023

65

Notes to the financial statement

Long leasehold buildings 2% per annum Short leasehold buildings over the remaining period of the lease Property improvements 3.3% – 20% per annum Motor vehicles 20 – 25% per annum Office equipment 10 – 25% per annum Computer equipment 20 – 33% per annum Website 10% per annum Website software 33% per annum

The budget for 2024 shows RIBA has removed its operating deficit when supported by the investment income from the Investment Fund;

Management have undertaken detailed forecasting and sensitivity analysis to December 2024. The Board has considered uncertainties and liquidity risks.

Based on the above, the Board consider there are no material uncertainties associated with the Group’s ability to remain a going concern.

e) Tangible fixed assets

Tangible Fixed assets are valued at historic cost less depreciation. The assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.

Depreciation is provided on a straight line basis at an annual rate calculated to write down each asset (which are capitalised if the cost exceeds £500) to its residual value over the term of its expected useful life. The rates in use are as follows:

f) Intangible assets

The copyright is valued as previous years and not amortised.

g) Heritage assets

A heritage asset is defined as “a tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.” The Institute has estimated a value in these financial statements in respect of its various collections of drawings, paintings, busts, books, periodicals, photographs, archives and other heritage assets. The methodology for the valuations, was reviewed in 2012 by an independent firm of auditors and allowed for a proportion of these assets to be re–valued on an ongoing rolling basis. Following the transition to the new SORP/FRS102 in January 2015, the previous valuations were able to be frozen as ‘deemed cost’. The valuations have been carried out using RIBA’s curatorial staff, recognised as leading experts in the field, using a number of methods, including the use of average costs for certain categories of heritage assets. Any acquisitions since January 2015 are shown either at acquisition cost, or in the case of donations, at an estimated valuation on the date of receipt. Any gains or losses on revaluation are recognised in the Statement of Financial Activities.

RIBA — Annual Report and Financial Statements December 2023

66

Notes to the financial statement

Whilst the balance sheet includes the value of the materials in RIBA Collections, this does not mean that either this value could be realised or that the material in the collections could in fact be sold. Conditions relating to the original acquisition of material by RIBA going back to 1834, RIBA’s standing as a cultural organisation, and its need as an accredited museum to follow the Museums Association’s Code of Ethics relating to disposal (which presumes against any financially–motivated disposal) mean that disposal of any parts of our collection by sale is not possible.

to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

h) Taxation

RIBA is a registered charity and benefits from tax exemptions available to charities. The main subsidiaries of RIBA are subject to corporation tax on their taxable profits. Taxable profits are donated under gift aid to RIBA where possible.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

i) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

j) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached

the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

k) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

l) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

RIBA — Annual Report and Financial Statements December 2023

67

Notes to the financial statement

The income of Endowment funds is to be used for specific purposes as laid down by the donor. This income forms a Restricted fund of the same name.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

n) Allocation of support costs

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

m) Expenditure and irrecoverable VAT

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. Expenditure is classified under the following activity headings:

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Support and governance costs are re–allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.

57%

Competency (Education, Research, Knowledge & Data) 39% 4% Cashflow (Practice & Business Skills, Delivery)

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

o) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

p) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

RIBA — Annual Report and Financial Statements December 2023

68

Notes to the financial statement

q) Investments in subsidiaries

Investments in subsidiaries are at cost.

r) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis and includes transport and handling costs. Provision is made where necessary for obsolete, slow moving and defective stocks.

s) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

t) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

u) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount

are charged to the statement of financial activities within staff costs. They are allocated to the different categories within resources expended on the statement of financial activities on the same basis as other costs. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses.

due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

v) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

The group also contributes to a defined contribution scheme for eligible employees. The cost of the group’s contributions to this scheme is charged to the income and expenditure account in the year to which it relates.

x) Regions and branches

w) Pensions

Regions’ accounts are included in the figures of RIBA, along with an estimate of assets held in RIBA branches.

Retirement benefits to employees are funded by contributions from both the Institute and its subsidiaries to a defined benefits scheme. The assets and liabilities of the scheme are held separately from the Institute. The charity has adopted in full the provisions of FRS 102 (retirement benefits). The FRS 102 approach requires the movement in the pension scheme for the year to be reported in the statement of financial activities and the accumulated deficit or surplus to be reported in the balance sheet.

The current service costs of the defined benefit pension scheme together with the scheme interest cost less the expected return on the scheme assets for the year

RIBA — Annual Report and Financial Statements December 2023

69

Notes to the financial statement

2 Analysis of the results of subsidiaries

RIBA has two main wholly owned subsidiaries, both of which are incorporated in the UK. The other main subsidiary RIBA Financial Services Ltd is 100% owned by RIBA 1834 Ltd. A summary of the results of the main subsidiaries are shown below. Profits made by the subsidiaries are gift aided to RIBA where possible.

RIBA 1834 Hong Kong Limited and RIBA Business Information Consulting (Shanghai) Company Limited (a Wholly Foreign–Owned Enterprise in China) have been accounted for in RIBA 1834 Ltd as the activities are financially immaterial.

Retained
Turnover Expenditure Proft earnings Assets Liabilities
2023 £’000 £’000 £’000 £’000 £’000 £’000
Company
RIBA 1834 Ltd 18,096 18,025 71 (1,210) 3,793 5,003
RIBA Financial Services Ltd 519 199 320 – 781 781
Retained
Turnover Expenditure Proft/(loss) earnings Assets Liabilities
2022 £’000 £’000 £’000 £’000 £’000 £’000
Company
RIBA 1834 Ltd 18,785 19,113 (328) (1,282) 3,823 5,105
RIBA Financial Services Ltd 483 220 263 – 593 593

Included above are intra–group sales of £11,811k (2022: £12,063k) included as turnover and £12,511k (2022: £13,007k) included as costs.

The parent charity’s gross income and the results for the year are disclosed in note 14.

3 Other similar named organisations

RIBA is Custodian Trustee to the British Architectural Library Trust (BALT), which is a separately registered but a dormant Charity (Registration number 267936), having transferred all its assets in 2010 to RIBA.

RIBA — Annual Report and Financial Statements December 2023

70

Notes to the financial statement

4a Analysis of expenditure (current year)

Charitable activities

Cost of
raising funds
Cashfow
Competence
Confdence
Pension
fnance costs
Governance
costs
Support
costs
2023
Total
2022
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Staf costs
Other
Depreciation
Support costs
Governance costs		 1,685
244
2,103
3,196
–
362
5,506
13,096
13,541
4,365
77
1,662
2,142
379
533
4,549
13,707
16,237
–
–
30
–
–
–
1,627
1,657
1,374
6,050
321
3,795
5,338
379
895
11,682
28,460
31,152
–
523
4,501
6,658
–
–
(11,682)
–
–
–
40
345
510
–
(895)
–
–
–
Total expenditure 2023 6,050
884
8,641
12,506
379
–
–
28,460
–
Total expenditure 2022 6,391
694
9,213
13,187
1,667
–
–
–
31,152

Other support costs of £4,549k include premises costs (eg rent, rates, utilities and maintenance costs), insurance, training, bank charges and ICT costs. Allocation is made based on staff cost.

Governance costs consist of legal fees, auditors’ fees and expenses for trustee meetings.

RIBA — Annual Report and Financial Statements December 2023

71

Notes to the financial statement

4b Analysis of expenditure (prior year)

Charitable activities

Cost of
raising funds
Cashfow
Competence
Confdence
Pension
fnance costs
Governance
costs
Support
costs
2022
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Staf costs
Other
Depreciation
Support costs
Governance costs		 1,830
160
2,108
3,262
–
346
5,835
13,541
4,561
129
1,731
1,937
1,667
609
5,603
16,237
–
–
30
–
–
–
1,344
1,374
6,391
289
3,869
5,199
1,667
955
12,782
31,152
–
377
4,972
7,433
–
–
(12,782)
–
–
28
372
555
–
(955)
–
–
Total expenditure 2022 6,391
694
9,213
13,187
1,667
–
–
31,152

Other support costs of £5,603k include premises costs (eg rent, rates, utilities and maintenance costs), insurance, training, bank charges and ICT costs. Allocation is made based on staff cost.

Governance costs consist of legal fees, auditors’ fees and expenses for trustee meetings.

RIBA — Annual Report and Financial Statements December 2023

72

Notes to the financial statement

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

5 Net (expenditure)/income for the year This is stated after charging/(crediting):

2023
2022
£’000
£’000
Depreciation
Loss on disposal of fxed assets
Operating lease rentals:
Property
Auditors’ remuneration (excluding VAT):
Audit
Underprovision in previous years
Other services		 1,657
1,374
567
325
434
419
55
50
10
26
7
10
2023
2022
£’000
£’000
Salaries and wages
Redundancy and termination costs
Social security costs
Employer’s contribution to defned
contribution pension schemes		 10,993
10,909
56
564
1,148
1,187
899
881
13,096
13,541

£4,994 of redundancy and termination costs were unpaid as at December 2023 (2022: £nil)

All staff members are employed by RIBA 1834 Ltd and costs are charged to the relevant subsidiary company. These are shown under either charitable expenditure or costs of generating funds. The average number of employees (head count based on number of staff employed) during the year was as follows:

RIBA group 2023
2022
No.
No.
Royal Institute of British Architects
Raising funds (RIBA 1834 Limited &
RIBA Financial Services Limited)
Cashfow
Competence
Confdence
Governance
Support costs		 35
39
4
3
49
45
69
72
6
5
87
94
Total 250
258

RIBA — Annual Report and Financial Statements December 2023

73

Notes to the financial statement

The number of employees of RIBA and its subsidiaries whose emoluments (excluding employers national insurance) fell in the following bands were as follows:

7 Trustee remuneration and expenses

Trustees of RIBA are reimbursed reasonable expenses for travel and subsistence expenses incurred on RIBA business. Seven trustees claimed such expenses (2022: 5) and the total amount reimbursed was £30,230 (2022: £37,901).

2023
2022
No.
No.
12
12
7
5
1
2
2
2
2
6
2
–
4
–
–
–
–
–
–
1
–
–
–
1
–
–
1
–

reimbursed was £30,230 (2022: £37,901).
The Chair of the Board of Trustees receives an annual
remuneration of £35,000 gross to compensate for time spent
on RIBA business (2022: £35,000); the remuneration was
authorised by the Charity Commission. In addition the President
receives £60,000 gross (2022: £nil). The Trustees’ positions
are unremunerated, therefore no other payments were made to
RIBA Trustees (2022: £nil).
Trustees have been asked to sign declarations to confrm any
payments that need to be disclosed. No other such payments
have been declared.
8 Related party transactions
There are no donations from related parties which are outside
the normal course of business and no restricted donations from
£60,000 – £69,999
£70,000 – £79,999
£80,000 – £89,999
£90,000 – £99,999
£100,000 – £109,999
£110,000 – £119,999
£120,000 – £129,999
£130,000 – £139,999
£140,000 – £149,999
£150,000 – £159,999
£160,000 – £169,999
£170,000 – £179,999
£180,000 – £189,999
£190,000 – £199,999

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

The total employee benefits including employers national insurance and pension contributions of the key management personnel were £1,036,982 (2022: £876,357).

Other than as noted shown in note 7, there were no other related party transactions (2022: £nil).

9 Taxation

The charity is exempt from corporation tax as all its income is
charitable and is applied for charitable purposes. The charity’s
trading subsidiaries Gift Aid available profts to the parent
charity. Their charge to corporation tax in the year was £0
(2022: £nil).
10 Intangible assets
Copyright
Total
£’000
£’000		 The charity is exempt from corporation tax as all its income is
charitable and is applied for charitable purposes. The charity’s
trading subsidiaries Gift Aid available profts to the parent
charity. Their charge to corporation tax in the year was £0
(2022: £nil).
10 Intangible assets
Copyright
Total
£’000
£’000
£’000
£’000
RIBA Group
Cost:
As at 1 January 2023
Disposal in year		 1
1
–
–
As at 31 December 2023 1
1
Amortisation:
As at 1 January 2023
Eliminated on disposal		 –
–
–
–
As at 31 December 2023 –
–
Net book value:
As at 31 December 2023		 1
1
As at 31 December 2022 1
1

74 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

11 Tangible fixed assets

Land with a value of £5m (2022: £5m) is included within freehold property and not depreciated.

The heading Properties includes 66 Portland Place which was last valued on 22 October 1987 when the property was valued at £8.5m an upwards revaluation of £7.9m. In the opinion of the trustees, the value of the property is in excess of this amount – trustees have done a discounted cashflow on the peppercorn annual rental value of the land rental, giving an indicative value in excess of £50m. The valuation of 66 Portland Place is therefore not at the market value, but refers to the historic cost. Additional capital works have been undertaken on 66 Portland Place since its last valuation and they are recognised at their carrying value in the accounts; in the opinion of the trustees no impairment is required to the value of these assets. The lease on the 66/68 Portland Place property expires on 6 July 2930.

The lease on the facilities at the Victoria and Albert Museum, which is rent free, will end by mutual consent in 2027.

Properties
Ofce and
Computer
equipment
Motor
vehicles
Total
£’000
£’000
£’000
£’000
36,919
12,387
77
49,383
1,989
1,265
–
3,254
(17,495)
(571)
–
(18,066)
21,413
13,081
77
34,571
16,120
7,292
70
23,482
559
1,095
3
1,657
(5,673)
(126)
–
(5,799)
11,006
8,261
73
19,340
10,407
4,820
4
15,231
20799
5095
7
25901		 Properties
Ofce and
Computer
equipment
Motor
vehicles
Total
£’000
£’000
£’000
£’000
36,919
12,387
77
49,383
1,989
1,265
–
3,254
(17,495)
(571)
–
(18,066)
21,413
13,081
77
34,571
16,120
7,292
70
23,482
559
1,095
3
1,657
(5,673)
(126)
–
(5,799)
11,006
8,261
73
19,340
10,407
4,820
4
15,231
20799
5095
7
25901
Cost:
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation:
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value:
At the end of the year
A h f h
t te start o te year ,
,

,

RIBA — Annual Report and Financial Statements December 2023

75

Notes to the financial statement

12 Heritage assets

As at 31 December 2011, RIBA estimated a value in respect of its various collections of drawings, paintings, busts, books, periodicals, photographs, archives and other assets following the introduction of the new reporting standard FRS30. As custodian of one of the finest architectural collections in the world, it was agreed with the auditors that RIBA’s curatorial staff had sufficient detailed knowledge of the collections for it to be valued and accordingly no external valuers were engaged. During the year, the Institute acquired and were also donated further heritage assets. All donations have been included in additions at a fair valuation. The values of all assets are shown below against each category. Whilst the balance sheet includes the value of the materials in RIBA Collections, this does not mean that either this value could be realised or that the material in the collections could in fact be sold. Conditions relating to the original acquisition of material by RIBA going back to 1834, RIBA’s standing as a cultural organisation, and its need as an Accredited museum to follow the Museums Association’s Code of Ethics relating to disposal (which presumes against any financially– motivated disposal) mean that disposal of any parts of our collection by sale is not possible.

Drawings and
collections
Books and
periodicals
Photographs
Other
Total
2023
£’000
£’000
£’000
£’000
£’000
Heritage assets at valuation
As at 1 January
Additions – purchases
Additions – donations		 203,178
17,930
40,023
5,322
266,453
–
48
–
–
48
25
–
4
–
29
As at 31 December 203,203
17,978
40,027
5,322
266,530
Total
2023
Total 2022
Total 2021
Total 2020
Total 2019
£’000
£’000
£’000
£’000
£’000
Five year summary
As at 1 January
Additions – purchases
Additions – donations
Revaluation		 266,453
266,327
265,267
265,116
264,983
48
92
75
41
74
29
34
985
110
59
–
–
–
–
–
As at 31 December 266,530
266,453
266,327
265,267
265,116

RIBA — Annual Report and Financial Statements December 2023

76

Notes to the financial statement

Archives

Drawings

RIBA has over one million drawings. The most valuable of these drawings have been valued individually by a staff member, who is deemed to be suitably qualified to be able to do so. All other drawings have been stratified into value ranges and an average value.

The archives consist of a number of internal documents, together with letters and other papers relating to individual architects. The internal documents are not considered to have any significant value attached to them and have not been valued. The letters and other papers are organised into about 800 separate collections and have been valued.

Books and periodicals

Books held for permanent retention, which form the majority of books held are regarded as heritage assets and are valued as such. The books available for loan to members are deemed to be operational assets. The periodicals collection includes runs of major journals worldwide. In total, RIBA owns about 110,000 books and has over 23,000 bound journal volumes.

13 Investments in subsidiary companies

2023
2022
£’000
£’000
RIBA charity –
Investments in group companies:
Ordinary shares
RIBA 1834 Limited
RIBA Financial Services Limited		 1
1
–
–
1
1

Photographs

RIBA holds about 1.5 million photographs in a variety of format and type of medium. An increasing number of these can be viewed on the website www.architecture.com and images can be purchased, which in turn provides funding for more to be made available.

RIBA owned two main trading subsidiary companies (which are 100% subsidiaries (see note 2) and registered in England and Wales) as at December 2023.

Company
Name Number Principal activities
RIBA 1834 Ltd 4604934 Venues, RIBA Competitions and
RIBA Publishing.
RIBA Financial 4604947 Provision of middleware for
Services Ltd customers to access pension solutions
and other services.

RIBA also owns 100% of RIBA Journals Ltd which did not trade in 2023. RIBA has a related company, RIBA Insurance Agency Ltd, which is also dormant. There is no change from 2022.

14 Parent charity

The parent charity’s gross income and the results for the year are disclosed as follows:

2023
2022
£’000
£’000
Gross income
Result for the year		 21,350
16,067
1,443
(10,029)

RIBA — Annual Report and Financial Statements December 2023

77

Notes to the financial statement

15 Listed investments

The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain / (loss) on change in fair value		 113,888
123,930
113,888
123,930
45,619
37,826
45,619
37,826
(38,545)
(44,024)
(38,545)
(44,024)
3,162
(3,844)
3,162
(3,844)
Fair value at the end of the year 124,124
113,888
124,124
113,888
Investments comprise: The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Unitised funds
Cash		 117,916
113,886
117,916
113,886
6,208
2
6,208
2
124,124
113,888
124,124
113,888

The listed investments include those held as part of the Investment Fund, restricted fund investments, and any other investments RIBA may hold as part of its day to day operations.

£4.5m included in cash above is short term investments held in a high interest short term deposit account.

RIBA — Annual Report and Financial Statements December 2023

78

Notes to the financial statement

16 Stocks

The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Goods for resale 1,503
1,475
–
–
17 Debtors The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Trade debtors
Prepayments and accrued income
Other debtors
Due from subsidiary undertakings		 988
787
432
170
2,074
1,641
1,545
1,065
59
376
31
350
–
–
3,767
3,582
3,121
2,804
5,775
5,167

RIBA — Annual Report and Financial Statements December 2023

79

Notes to the financial statement

18 Creditors: amounts falling due within one year

The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Due to subsidiary undertakings		 1,909
2,076
1,909
2,068
790
286
487
–
309
307
119
36
3,566
5,269
2,818
4,298
–
–
497
398
6,574
7,938
5,830
6,800

Deferred income is primarily comprised of membership fees paid in advance:

The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year		 3,090
2,443
2,911
2,209
(3,046)
(2,399)
(2,887)
(2,174)
949
3,046
890
2,876
Balance at the end of the year 993
3,090
914
2,911

RIBA — Annual Report and Financial Statements December 2023

80

Notes to the financial statement

19 Provisions

The group
The charity
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Provisions 2,246
3,379
2,246
3,379
2,246
3,379
2,246
3,379
20a Analysis of group net assets between
 funds (current year)
Unrestricted
funds
Restricted
funds
Endowment
funds
Total
funds
£’000
£’000
£’000
£’000
Intangible fxed assets
Tangible fxed assets
Heritage assets
Investments
Net current assets
Long term liabilities
Defned beneft pension liability		 1
–
–
1
15,071
160
–
15,231
266,530
–
–
266,530
119,450
508
4,166
124,124
(786)
1,856
–
1,070
(2,246)
–
–
(2,246)
–
–
–
–
Net assets at the end of the year 398,020
2,524
4,166
404,710

RIBA — Annual Report and Financial Statements December 2023

81

Notes to the financial statement

20b Analysis of group net assets between funds (prior year)

General
unrestricted
Restricted
funds
Endowment
funds
Total
funds
£’000
£’000
£’000
£’000
Intangible fxed assets
Tangible fxed assets
Heritage assets
Investments
Net current assets
Long term liabilities
Defned beneft pension liability		 1
–
–
1
25,711
190
–
25,901
266,453
–
–
266,453
109,383
515
3,990
113,888
(1,697)
1,709
–
12
(3,379)
–
–
(3,379)
–
–
–
–
Net assets at the end of the year 396,472
2,414
3,990
402,876

21a Movements in funds – restricted and endowed funds (current year)

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
Restricted funds (note 21b)
Endowment funds (note 21c)		 2,414
431
(321)
–
2,524
3,990
176
–
–
4,166
Total restricted and endowed funds 6,404
607
(321)
–
6,690

RIBA — Annual Report and Financial Statements December 2023

82

Notes to the financial statement

21b Movements in funds – restricted funds (current year)

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – restricted funds
Goldfnger Trust
Gordon Ricketts
RIBA Education Fund
Rosenberg Memorial
Banister Fletcher History of Architecture
Library Restricted Donations
RS Reynolds Award
RIBA East CPD
Rare Books
Clore Learning Studio
Wilson Cataloguing Project
John & David Hubert legacy
Notley Student Support Fund
Notley Bursaries
Notley Student Travel Fund
RIBA Collections Research
Closed Collections Access		 205
6
(1)
–
210
16
–
(2)
–
14
126
147
(39)
–
234
42
38
(9)
–
71
42
14
–
(24)
32
13
–
–
(1)
12
14
–
–
–
14
15
–
–
–
15
51
–
(9)
–
42
190
–
(30)
–
160
58
–
(47)
–
11
88
3
(19)
–
72
150
–
–
–
150
40
–
(1)
–
39
150
–
–
–
150
90
–
(3)
–
87
50
–
(3)
–
47

RIBA — Annual Report and Financial Statements December 2023

83

Notes to the financial statement

21b Movements in funds – restricted funds (current year) continued

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – restricted funds
Joanna Lewinski fund
Annie Spink Memorial
WJ Parker Trust
Lord Norman Foster Travelling Scholarship
Research Trust
Bannister Fletcher Library Bequest
WH Ansell Bequest
HM Fletcher Memorial
Nadine Beddington
Giles Worsley
BALT
Thomas Malvern Prize
LKE Ozolins Bequest
C Jencks Exchange
RIBA Award Trust
Henry Jarvis Bequest
UN Habitat
Other		 59
–
(9)
–
50
125
7
(10)
–
122
52
17
(3)
–
66
20
9
(8)
–
21
126
41
(17)
–
150
8
5
–
–
13
41
2
–
–
43
18
1
–
–
19
38
8
–
–
46
187
11
(8)
–
190
34
4
–
(10)
28
18
–
–
–
18
103
10
(1)
–
112
22
5
–
–
27
92
20
(2)
–
110
33
2
–
–
35
43
–
–
–
43
55
81
(100)
35
71
Total restricted funds 2,414
431
(321)
–
2,524

These funds are held to serve a number of purposes principally educational and funding the Library/Collections. These restricted funds can only be used for the express purpose for which they have been given.

Transfers represent amounts transferred from one fund to another within the same restrictions, to enable a total project spend to be reported under one fund.

84 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

21c Movement in funds – endowment funds (current year)

Endowment funds are invested to generate income, which is then held in a series of separate restricted funds (see note above).

At the start
of the year
Incoming
resources
Unrealised gain
on investments
At the end
of the year
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – endowment funds
Prizes Trust
77
–
3
80
Annie Spink Memorial Scholarship
101
–
5
106
W J Parker Trust
459
–
21
480
Lord Norman Foster Travelling Scholarship
273
–
12
285
Research Trust Funds
1122
–
49
1,171
Sir Banister Fletcher Library Bequest
131
–
6
137
W H Ansell Bequest
27
–
1
28
Nadine Beddington Trust
201
–
9
210
Giles Worsley Fund
143
–
6
149
BALT
90
–
4
94
LKE Ozolins Bequest
680
–
30
710
C Jencks Exchange Fund
142
–
6
148
RIBA Award Trust
500
–
22
522
Henry Jarvis Bequest
24
–
1
25
Other
20
–
1
21
Total endowment funds
3,990
–
176
4,166

85 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

21d Movements in funds – restricted and endowed funds (prior year)

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
Restricted funds (note 21e)
Endowment funds (note 21f)		 2,333
777
(696)
–
2,414
4,472
(482)
–
–
3,990
Total restricted and endowed funds 6,805
295
(696)
–
6,404

RIBA — Annual Report and Financial Statements December 2023

86

Notes to the financial statement

21e Movements in funds – restricted funds (prior year)

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – restricted funds
Goldfnger Trust
Gordon Ricketts
RIBA Education Fund
Rosenberg Memorial
Drawing Collection Fund
Banister Fletcher History of Architecture
D Heinz Exhibition Fund
Library Restricted Donations
RS Reynolds Award
RIBA East CPD
Rare Books
Clore Learning Studio
Wilson Cataloguing Project
Palladio Catalogue
Donald and Nancy Notley Legacy
John & David Hubert legacy		 204
6
(5)
–
205
16
–
–
–
16
165
37
(76)
–
126
15
63
(36)
–
42
10
–
–
–
10
30
15
–
(3)
42
11
–
–
–
11
13
–
–
–
13
14
–
–
–
14
15
–
–
–
15
60
–
(9)
–
51
220
–
(30)
–
190
114
–
(56)
–
58
24
–
–
–
24
–
–
–
–
–
101
6
(19)
–
88

87 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

21e Movements in funds – restricted funds (prior year) continued

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – restricted funds
Clore Dufeld Grant
Notley Student Support Fund
Notley Bursaries
Notley Student Travel Fund
RIBA Collections Research
Closed Collections Access
Joanna Lewinski fund
Annie Spink Memorial
WJ Parker Trust
Lord Norman Foster Travelling Scholarship
Research Trust
Bannister Fletcher Library Bequest
WH Ansell Bequest
HM Fletcher Memorial
Nadine Beddington		 22
–
–
–
22
150
–
–
–
150
49
–
(9)
–
40
150
–
–
–
150
95
–
(5)
–
90
50
–
–
–
50
50
50
(41)
–
59
118
7
–
–
125
36
16
–
–
52
25
10
(15)
–
20
80
44
2
–
126
15
–
–
–
15
39
2
–
–
41
17
1
–
–
18
30
8
–
–
38

88 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

21e Movements in funds – restricted funds (prior year) continued

At the start
of the year
Income
and gains
Expenditure
and losses
Transfers
At the end
of the year
£’000
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – restricted funds
Giles Worsley
BALT
Thomas Malvern Prize
LKE Ozolins Bequest
C Jencks Exchange
RIBA Award Trust
Henry Jarvis Bequest
UN Habitat
Other		 190
11
(14)
–
187
30
4
–
–
34
17
1
–
–
18
80
26
(3)
–
103
14
5
3
–
22
74
19
(1)
–
92
32
2
(1)
–
33
(87)
355
(225)
–
43
45
89
(156)
3
(19)
Total restricted funds 2,333
777
(696)
–
2,414

These funds are held to serve a number of purposes principally educational and funding the library/collections. These restricted funds can only be used for the express purpose for which they have been given.

Transfers represent amounts transferred from one fund to another within the same restrictions, to enable a total project spend to be reported under one fund.

89 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

21f Movement in funds – endowment funds (prior year)

Endowment funds are invested to generate income, which is then held in a series of separate restricted funds (see note above).

At the start
of the year
Incoming
resources
Unrealised gain
on investments
At the end
of the year
£’000
£’000
£’000
£’000
RIBA group and RIBA charity – endowment funds
Prizes Trust
86
–
(9)
77
Annie Spink Memorial Scholarship
114
–
(13)
101
W J Parker Trust
514
–
(55)
459
Lord Norman Foster Travelling Scholarship
307
–
(34)
273
Research Trust Funds
1257
–
(135)
1,122
Sir Banister Fletcher Library Bequest
147
–
(16)
131
W H Ansell Bequest
30
–
(3)
27
Nadine Beddington Trust
225
–
(24)
201
Giles Worsley Fund
160
–
(17)
143
BALT
100
–
(10)
90
LKE Ozolins Bequest
763
–
(83)
680
C Jencks Exchange Fund
159
–
(17)
142
RIBA Award Trust
561
–
(61)
500
Henry Jarvis Bequest
27
–
(3)
24
Other
22
–
(2)
20
Total endowment funds
4,472
–
(482)
3,990

90 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

22a Unrestricted funds – current year

At the start
of the year
Transfers
Net movement –
unrestricted
funds
At the end
of the year
£’000
£’000
£’000
£’000
RIBA Group
Revaluation reserve
Heritage assets reserves
Fixed assets reserve
Investment fund
General reserves		 6,444
(64)
–
6,380
265,711
–
29
265,740
12,000
(12,000)
–
–
110,546
950
–
111,496
1,771
11,114
1,519
14,404
396,472
–
1,548
398,020
RIBA charity
Revaluation reserve
Heritage assets reserves
Fixed assets reserve
Investment for growth fund
General reserves		 6,444
(64)
–
6,380
265,711
–
29
265,740
12,000
(12,000)
–
–
110,546
950
–
111,496
3,053
11,114
1,448
15,615
397,754
–
1,477
399,231

RIBA — Annual Report and Financial Statements December 2023

91

Notes to the financial statement

22b Unrestricted funds – prior year

At the start
of the year
Transfers
Net movement –
unrestricted
funds
At the end
of the year
£’000
£’000
£’000
£’000
RIBA Group
Revaluation reserve
Heritage assets reserves
Fixed assets reserve
Investment fund
General reserves		 6,508
(64)
–
6,444
265,677
–
34
265,711
12,000
–
–
12,000
112,729
(2,183)
–
110,546
9,251
2,247
(9,727)
1,771
406,165
–
(9,693)
396,472
RIBA charity
Revaluation reserve
Heritage assets reserves
Fixed assets reserve
Investment for growth fund
General reserves		 6,508
(64)
–
6,444
265,677
–
34
265,711
12,000
–
–
12,000
112,729
(2,183)
–
110,546
10,205
2,247
(9,399)
3,053
407,119
–
(9,365)
397,754

RIBA — Annual Report and Financial Statements December 2023

92

Notes to the financial statement

23 Reconciliation of net (expenditure)/income to net cash flow from operating activities

2023
2022
£’000
£’000
Net income/(expenditure) for the reporting period
(as per the statement of fnancial activities)
Depreciation charges
Amortisation of goodwill
(Gains)/losses on investments
Heritage assets donated
Dividends, interest and rent from investments
Impairment of tangible fxed assets
Loss on disposal of fxed assets
(Increase)/decrease in stocks
(Increase) in debtors
(Decrease) in creditors
Pension reserve funding movements
Movement on investment in associate		 1,455
(11,761)
1,657
1,374
–
–
(3,162)
3,844
(29)
(34)
(5,088)
(1,830)
–
–
567
325
(28)
109
(317)
(53)
(2,497)
(644)
379
1,667
–
–
Net cash provided by operating activities (7,063)
(7,003)

93 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

24 Operating lease commitments The group’s total future minimum lease payments under non–cancellable operating leases is as follows for each of the following periods:

Property
2023
2022
£’000
£’000
Less than one year
Between two and fve years
Over fve years		 945
948
894
914
3,731
4,202
5,570
6,064

The charity’s total future minimum lease payments under non–cancellable operating leases is as follows for each of the following periods:

Property
2023
2022
£’000
£’000
Less than one year
Between two and fve years
Over fve years		 945
948
894
914
3,731
4,202
5,570
6,064

RIBA — Annual Report and Financial Statements December 2023

94

Notes to the financial statement

25 Pension schemes

RIBA makes contributions to two pension schemes as described in note 1, one of which is a stakeholder scheme and one of which is a defined benefit scheme.

Stakeholder pension scheme

RIBA operates one stakeholder pension scheme for the benefit of all staff who are not members of the defined benefit scheme. This is a money purchase scheme where the employee contributes at least 3 – 6% salary and the employer 5 – 12% depending on age. The amount of this contribution was £899,000 (2022: £881,000).

Defined benefit scheme

The group operates a defined benefit scheme in the UK. An actuarial valuation was carried out at 31 December 2023 by a qualified actuary.

Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Change in defned beneft obligation
Defned beneft obligation at beginning of year
(Gain)/loss on curtailments/changes/introductions
Interest expense
Cash fow: Beneft payments from plan assets
Remeasurements:
Efect of changes in assumptions
Efect of experience adjustments
 37,664
54,266
–
1,100
1,818
965
(2,601)
(2,461)
(408)
(16,788)
(383)
582
Beneft obligation at end of year 36,090
37,664

RIBA — Annual Report and Financial Statements December 2023

95

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Change in fair value of plan assets
Fair value of plan assets at beginning of year
Interest income
Cash fows:
Employer contributions
Beneft payments from plan assets
Administrative expenses paid from plan assets
Remeasurement: Return on plan assets (excluding interest income)		 47,178
66,743
2,273
1,172
–
–
(2,601)
(2,461)
(834)
(774)
(199)
(17,502)
Fair value of plan assets at end of year 45,817
47,178

RIBA — Annual Report and Financial Statements December 2023

96

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Amounts recognised in the balance sheet
Defned beneft obligation
Fair value of plan assets
Funded status
Efect of asset ceiling
 36,090
37,664
45,817
47,178
(9,727)
(9,514)
9,727
9,514
Net defned beneft (asset) –
–

RIBA — Annual Report and Financial Statements December 2023

97

Notes to the financial statement

25 Pension scheme (continued)

Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Cost relating to defned beneft plans
Cost (excluding interest):
(Gain)/loss on curtailments/changes/introductions
Net interest cost:
Interest expense on DBO
Interest (income) on plan assets
Total net interest cost
Administrative expenses and/or taxes (not reserved within DBO)
 –
1,100
1,818
965
(2,273)
(1,172)
(455)
(207)
834
774
Cost relating to defned beneft plans recognised in SOFA 379
1,667
Remeasurements (recognised in other comprehensive income):
Efect of changes in assumptions
 (408)
(16,788)
Efect of experience adjustments (383)
582
(Return) on plan assets (excluding interest income) 199
17,502
Changes in asset ceiling (excluding interest income) 213
(2,963)
Total remeasurements included in other comprehensive income
 (379)
(1,667)
Total cost related to defned beneft plans recognised in SOFA –
–

RIBA — Annual Report and Financial Statements December 2023

98

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Net defned beneft liability (asset) reconciliation
Net defned beneft liability (asset)
Cost relating to defned beneft plans included in SOFA
Total remeasurements included in other comprehensive income
 (9,514)
(12,477)
379
1,667
(592)
1,296
Net defned beneft liability (asset) as of end of year (9,727)
(9,514)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Defned beneft obligation
Defned beneft obligation by participant status
Vested deferreds
Retirees		 4,777
7,126
31,313
30,538
Total 36,090
37,664

RIBA — Annual Report and Financial Statements December 2023

99

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Plan assets
Fair value of plan assets:
Equity instruments
Debt Instruments
Other
Cash and cash equivalents		 –
–
44,432
42,503
473
1,182
912
3,493
Total 45,817
47,178
Actual return on plan assets 2,074
(16,330)

RIBA — Annual Report and Financial Statements December 2023

100

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Signifcant actuarial assumptions
Weighted–average assumptions to determine beneft obligations:
Discount rate
Price infation rate (RPI)
Pensions–in–payment increase rate
Pre 1.1.1989 – simple
Post 1.1.1989 – compound
Assumed life expectations on retirement at age 65
Male retiring today (member age 65)
Male retiring in 20 years (member age 45 today)
Female retiring today (member age 65)
Female retiring in 20 years (member age 45 today)
Weighted–average assumptions to determine cost relating to defned beneft plan:
Discount rate
Rate of pension increase – Pre 1 January 1989 (simple)
Rate of pension increase – Post 1 January 1989 (compound)
Price infation rate (RPI)		 4.80%
5.00%
3.10%
3.20%
7.00%
7.00%
5.00%
5.00%
22.2
22.6
23.6
24.1
24.2
24.6
25.8
26.0
5.00%
1.80%
7.00%
7.00%
5.00%
5.00%
3.20%
3.40%

101 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

25 Pension scheme (continued)

25 Pension scheme (continued)
Year ended
31 December
2023
Year ended
31 December
2022
£’000
£’000
Sensitivity analysis
Present value of defned beneft obligation
Discount rate – 25 basis points
Discount rate + 25 basis points
Price infation rate – 25 basis points
Price infation rate + 25 basis points
Post–retirement mortality assumption – 1 year age rating
Weighted average duration of defned beneft obligation (in years)
Discount rate – 25 basis points
Discount rate + 25 basis points		 37,042
38,640
35,180
36,729
36,065
37,623
36,115
37,705
38,094
39,634
10.4
10.2
10.2
10.1
Expected cash fows for following year
Expected total beneft payments
Year 1
Year 2
Year 3
Year 4
Year 5
Next 5 years		 2,769
2,519
2,948
2,685
3,140
2,862
3,344
3,050
3,562
3,251
21,620
19,780

102 RIBA — Annual Report and Financial Statements December 2023

Notes to the financial statement

25 Pension scheme (continued)

Membership statistics
Census date
31/12/2022
31/12/2019
Active:
a. Number
b. Total annual pensionable pay
c. Average pensionable pay
d. Average age
e. Average past service
Vested deferred:
a. Number
b. Average annual pension
c. Average age
Retirees:
a. Number
b. Average annual pension
c. Average age		 –
–
–
–
–
–
–
–
–
–
40
57
4,828
5,564
59.3
57.0
135
128
17,171
16,689
75.1
74.4

26 Fixed asset disposal

In June 2023 the lease for 76 Portland Place was sold to Howard de Walden for a consideration of £11.7m.

27 Legal status of the charity

The charity is a company incorporated under Royal Charter and has no share capital.

103 RIBA — Annual Report and Financial Statements December 2023

Legal and Administrative details

Name of charity: Royal Institute of British Architects Charity number: 210566

Philip Allsopp (The Americas) 2023–2026 Zafir Ameen (Student) 2022–2025 Karen Anderson (RIBA Scotland North) 2022–2024 Alice Asafu–Adjaye (Middle East and Africa) 2020–2023 Jo Bacon (Council) 2021–2024 Julian Baker (North West) 2021–2024 Duncan Baker–Brown (South East) 2023–2026 Tom Bell (Wessex) 2023–2026 Dan Benham (RSAW President) 2023–2025 Mark Benzie (South) 2022–2025 Philippa Birch–Wood (West Midlands) 2023–2026

Registered office and operational address: 66 Portland Place, London, W1B 1AD

Council Members

Page 55 provides more information on RIBA’s governance. The following is a list of Council members and their term of office. The term years run from 1 September to 31 August each year.

Muyiwa Oki (President) from 1 Sept 2022

Funmbi Adeagbo (London) 2023–2026 David Adjei (London) 2020–2023 Sarah Akigbogun (London) 2020–2023 Maryam Al–Irhayim (Student) 2022–2025 Simon Allford (President/Immediate Past President) 2023–2024

Graham Boyce (Yorkshire) 2021–2024 Yuli Cadney–Toh (Wessex) 2020–23 Tim Clark (Europe ex UK) 2020–23 Niralee Casson (London) 2023–2026 Catherine Davis (Americas) 2020–23 Graham Devine (South West) 2020–23 Nenpin Dimka (Associate) 2023–2026 Jennifer Dixon (Council) 2023–2026 Graeme Dodd (North East) 2021–2024 Calum Duncan (Scotland South) 2023–2026 Tom Foggin (VP Membership) 2023–2025

104 RIBA — Annual Report and Financial Statements December 2023

Legal and Administrative details

Richard Hanley Timmins
(South East) 2023–2026
Mark Harris
(Middle East and Africa) 2023–2026
Mina Hasman
(Council) 2022–2025
Simone de Gale
(National) 2020–23
Jon Greenfeld
(East) 2022–2025
Greta Jonsson
(London) 2023–2026
Félicie Krikler
(London) 2023–2026
Waldemar Koehler
(Europe ex UK) 2023–2026
Chithra Marsh
(North West) 2021–2024
Paul MacMahon
(Associate) 2023–2026
Paul McAlister
(RSUA President) 2022–2024		 Joan McCoy
(RSUA) 2022–2025
Alfred Munkenbeck
(Council) 2022–2025
Timothy Onyenobi
(Council) 2023–2026
Femi Oresanya
(London) 2023–26
Jack Pringle
(London) 2023–2026
Roger Shrimplin
(East) 2022–2025
Sumita Singha
(Council) 2021–2024
Danka Stefan
(South East) 20–23
Chris Stewart
(RIAS President) 2022–2024
Ryan Stuckey
(RSAW) 2021–2024
Rufna Thilakaratne
(Asia & Australasia) 2023–2026

Gavin Traylor (RSAW President) 21–23 Philip Twiss (West Midlands) 20–23 Ken Wai (Asia and Australasia) 20–23 Anna Webster (London) 20–23 Warren Whyte (South) 2022–2025

RIBA — Annual Report and Financial Statements December 2023

105

Legal and Administrative details

RIBA Board of Trustees

Roger Shrimplin Honorar Secretar – from 27 Se tember 2023 y y p

The members of the Board are also trustees of RIBA. Page 55 provides more information on RIBA’s governance.

Graham Devine Honorar Secretar – to 31 Au ust 2023 y y g

Jack Pringle Chair of the Board from 1 Jan 2021

Murray Orr

Business and Enter rise – from 9 A ril 2020 p p

Sumita Singha Education – from 17 Jan 2022

Simon Allford from 1 Se t 2021 p

MaryAnne Stevens Herita e – from 9 A ril 2020 g p

Nik Benford Di ital – from 17 Jan 2022 g

Marjorie Strachan Or anisational Chan e – from 15 Ma 2020 g g y

Sarah Boon

Communications – from 17 Jan 2022 to 10 June 2023

Jennifer Dixon Membershi En a ement – from 17 Jan 2022 p g g

Group Executive Team

Jo Bacon Culture and Events – from 9 A ril 2020 p

Valerie Vaughan–Dick Chief Executive – from 9 Januar 2023 y

Simone de Gale Honorar Treasurer – to 31 Au ust 2023 y g Femi Oresanya Honorar Treasurer – from 27 Se tember 2023 y p

Karen Beamish Executive Director of Products & Services – from 10 October 2022

Adrian Dobson

Pamela Harding

Interim Executive Director of People & Transformation – to 3 Februar 2023 y Melanie Mayfield Executive Director of Communications & Marketin g Oliver Urquhart–Irvine Executive Director of Architecture Programmes & Collections – from 3 October 2022

Laura Webb

Executive Director of Membership Experience – from 19 Se tember 2022 p

James Hiley

Executive Director of Corporate Services – from 14 Au ust 2023 – 22 Se tember 2023 g p

Executive Director of Professional Knowled e and Standards g

RIBA — Annual Report and Financial Statements December 2023

106

Principal Advisors

Bankers

Barclays Bank, 1 Churchill Place, Canary Wharf, London, E14 5HP

Auditors

Sayer Vincent LLP, Chartered Accountants and Statutory Auditors, 110 Golden Lane, London, EC1Y 0TG

Sayer Vincent LLP were re–appointed as the Group and charity’s Independent (statutory) auditors in 2019.

RSM UK Risk Assurance Services LLP, Internal Auditors, One London Square, Cross Lanes, Guildford, Surrey, GU1 1UN

Solicitors

Capsticks Solicitors LLP, 1 St George’s House, East St George’s Road, Wimbledon, London, SW19 4DR

Investment Managers and Advisors

Endowment fund: Schroders, 12 Moorgate, London, EC2R 6DA

Investment fund advisors: Lane Clark & Peacock LLP, 95 Wigmore Street, London, W1U 1D

Senior Staff

Helen Castle

Director of Publishin & Learnin Content g g

Christine Cavanagh Director of Membershi Ex erience & Su ort UK p p pp

Steven Cross

Director of Commercial Develo ment p

Jenny Edwards

Director of Governance & Legal Affairs to 09 August 2023, then Jamie Hunt

Belinda Irlam-Mowbray Director of Commercial Pro rammes & Deliver g y

Kamaljit Kandola Director of Professional Standards

Nick Klee Director of Technolo gy

Alison Mackinder

Director of Professional Education Programmes

Steven Plimmer

Director of Marketin g

Jenny Russell Director of Education & Learnin g

David Sawyer

Director of Finance & Property to 04 August 2023, then Francesca Ticozzelli

Adrian Steel

Director of Librar & Collections y

Carl Straw

Director of Human Resources

Alex Tait

Director of Practice & Individual Knowled e g

Robbie Turner

Director of Inclusion & Diversit y

107 RIBA — Annual Report and Financial Statements December 2023

Principal Advisors

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives they have set. RIBA provides public benefit in a number of ways. To provide public benefit, we:

108 RIBA — Annual Report and Financial Statements December 2023

Supporters

The following trusts and foundations, individuals and companies have supported RIBA through donations, legacies and grants of over £1,000 in 2023.

Trust and Foundations

The British Architectural Library Trust (USA) The Charles Peel Charitable Trust

Individuals and Legacies

Granville Trevor Dod son le ac g g y

Joanna Lewinski

The family of Kenneth Mark and others who wish to remain anonymous.

Rosenber Memorial Fund g

The Shanta Foundation

Practices and Companies

AHR

Hawkins/Brown

ORMS

Wren Insurance Association

RIBA — Annual Report and Financial Statements December 2023

109

Royal Institute of British Architects 66 Portland Place London W1B 1AD Charity No. 210566 Telephone: +44 (0)20 7307 5355 support@riba.org architecture.com — Design: darkhorsedesign.co.uk