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2021-09-30-accounts

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Charity No: 211161 Company No: RC000489

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

CONTENTS Pages
Board of Trustees’ Report 1 – 9
Independent auditors’ report 10 – 11
Statement of Financial Activities 12
Balance sheet 13
Statement of Cash Flows 14
Notes to the financial statements 15 – 25

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

PREAMBLE

Despite challenges of the COVID pandemic, the Institution continues to be a leading professional body on the International platform. It has strengthened its global representation by developing newly formed branches which are bolstered by growing membership. This success can be measured by increased attendance in both on-line presentations and meetings.

The Institution's standing committees remain well regarded throughout the marine industry and provide expert advice to august bodies such as the IMO. The high standard of technical papers continues to deliver reference material for members and the maritime community.

As a commitment to the future, the Institution has embarked on a digital program to completely overhaul its operational systems and website. This will provide an improved interface for members and facilitate increased benefits such as on-line training.

COVID and a commitment to the Institution’s future has a financial impact. Fortunately, the Institution has adequate reserves to counter a short-term disruption in events while providing the necessary investment.

The Institution maintains its position as an internationally respected body and the investment in digital tools, people and new learned ways of working significantly increase the value proposition, making the Institution attractive to new members and will enhance the benefits and services for our valued members.

OBJECTIVES OF THE INSTITUTION

The objectives of The Royal Institution of Naval Architects are as set out in the Charter of Incorporation 1910 - ‘the improvement of ships and all that specially appertains to them, and the arrangement of periodic meetings for the purpose of discussing practical and scientific subjects bearing upon the design and construction of ships and their means of propulsion, and all that relates thereto’.

Today, reflecting the wider range of activities of the Institution as both a professional institution and learned society, the objectives of the Institution are more aptly described as “to encourage and assist in the achievement of the safe and efficient design, construction, maintenance and operation of marine vessels and structures.”

These objectives are primarily achieved by:

Building on the objectives for 2020, the Institution has continued to maintain and develop the internationalism of the organisation both in terms of both membership and activities. Furthermore, it has encouraged all members of the profession to become actively involved in events organised by the Institution and to strengthen its links with academia and industry. In order to support these initiatives, the Institution has reviewed all of its operations, systems architecture and secretariat support and has started to modernise the working practices and systems, such as digital tools and skills mapping. These remain the Institution’s specific objectives for the forthcoming year.

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The Institution organised/co-organised 14 courses and conferences, covering the full spectrum of maritime technology and ranging from one-day seminars to major 2-day conferences. Most of the courses and conferences were held online, but

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

several hybrid courses, which combined actual and virtual attendance, were organised. Throughout the program the Institution followed the advice issued by the UK Government regarding COVID restrictions.

During the year, the Institution published 9 journal titles and 5 eNewsletters, reporting on developments in the maritime industry and the results of research and development. Conferences and publications have also contributed to the Institution’s income.

The Institution’s local Branches and Sections have held regular meetings to present and discuss matters of professional interest. Subjects include but not limited to Pollution aspects for the Northern Sea Route – Dry Cargo Ships, The Added Value of Marine Warranty Surveyor (MWS) in the Offshore and Marine Industry, Nuclear Maritime Propulsion Roadmap for Australia and many more including branch/section administration.

The Institution also contributed its collective expertise to national and international organisations, particularly in matters relating to maritime safety and the protection of the maritime environment. Members participate in the following maritime groups:

The Institution continues to recognise and encourage the achievement of individuals at all stages of professional development through its custom of prizes and awards.

COVID led to certain restrictions with live events which were transferred online and/or to a hybrid arrangement, enabling an increase in their availability to both members and non-members. Feedback on activities confirmed that the Institution was maintaining the high standard and value of its conferences, publications etc., and meeting its objectives.

Trustees continue to develop the requisite skills that are required to maintain a balanced Board of Trustees. They were once again provided with a training course intended primarily for newly appointed trustees and will serve as an introduction to charity law and governance issues including:

Updates and information from the Charity Commission are distributed on a regular basis to ensure trustees remain conscious of their responsibilities.

In order to assess the performance of the Institution’s systems, a full gap analysis of the architecture was undertaken. This included but was not limited to the IT/OT facilities, Cyber Impact Assessment (CIA), skills mapping and benchmarking. A specialist third party was approved by the Trustees to process map the system’s architecture gaps, areas of risk and provide recommendations and risk mitigation. The Board appointed the same consultant to carry out a business case and return on investment study. The recommendations include modernising the Institution’s digital tools and skills, migrating to a cloud-based infrastructure, introducing bespoke Customer Relationship Management systems (CRM’s) and developing a new website.

The business case was approved by the trustees and a steering group formed to oversee the governance of the project and investment for the digital transformation. The tools will be developed in 2022 enabling the Institution to improve its communication and efficiency. Other activities include a review of the Institution’s HSE and HR policy and procedures which has been outsourced to Peninsula Group Ltd. to provide specialist support.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

The Board of Trustees also established a Fund Steering Group (FSG). The group consists of three trustees and is supported by the Chief Executive and the Institution’s Finance Director with third-party consultation from Independent Investment Reviews Ltd. The performance of the existing fund managers M&G was assessed and five prospective fund managers were short-listed to provide presentations to the FSG. Due diligence was carried out by IIR and the FSG against requisite return and policy standards. This process will continue in 2022 to appoint the new fund manager and update the Institution’s Investment policy.

COVID-19 impacted on our daily operations, but we continued to work smoothly and efficiently online providing learning and information to our members. Our risk assessment is maintained in accordance with HSE governance and a COVID policy is in place. We have remained vigilant and follow the Government guidelines, but this has had an impact on our ability to hold live events.

Future Plans

In the forthcoming year, the Institution plans a full programme of courses, conferences and local meetings, reflecting developments in the design, construction and maintenance of marine vessels and structures. It will continue contributing its collective expertise to appropriate national and international organisations, for the benefit of society and the profession. COVID will continue to have an impact on events, with a balance being found between online and live events as COVID restrictions relinquish and members appetites for live attendance increases.

The Institution will upgrade its systems architecture including a new membership CRM, reduce patchwork management and replace the existing systems with a turnkey Microsoft D365 platform which will enable cloud stabilisation and improve working processes and procedures. The Institution moves towards ISO27001 for security against the ever-increasing threat of cyber-crime and ISO9001:2015 for quality management standards.

Employee training will facilitate better individual performance using the improved tools which, in turn, will enhance the communication and accessibility for all members and reach out to attract new members.

The Secretariat has introduced a new HR system whereby staff roles are monitored and reviewed in accordance with an appraisal system which also reviews pay and remuneration and benchmarks against the pay structure of other professional engineering institutions or similar. This is work in progress and will be rolled out in 2022 and reported to the trustees.

The Secretariat has undergone an internal strategic review and is ‘fit for purpose’ post COVID with improved capability to support international membership. This included introducing a Communications Manager and a Technical Assurance manager reporting on governance. All staff roles and responsibilities will be reviewed with KPI’s set and measured during the annual appraisal.

Key to maintaining efficiency is the continuous review of the Secretariat decision making and reporting process and to ensure there are sufficient resources to cover the various roles and responsibilities.

The role and capabilities of the Naval Architect within the maritime community is the subject of a focus group whereby we continue to identify the value and relevance of today’s Naval Architect and raise our profile within Industry. We will be looking at continued professional development, engagement with Peers, Industry and Academia, but also how we attract youth into our profession and how they can become the ‘Total Engineer’ and ‘Systems Integrator’.

We will continue to review and refresh our brand whilst maintaining operational focus for worldwide membership.

The By-Laws will be reviewed to incorporate equality, diversity and inclusion and we maintain a consistent approach for everyone.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

BOARD OF TRUSTEES

The Royal Institution of Naval Architects, also known as “RINA”, is a registered charity in England and Wales (number 211161) incorporated under Royal Charter. The Board of Trustees is the governing body of the Institution. Members of the Board are principally elected members of Council, recommended by the Council to the Board for appointment as Trustees.

The Board of Trustees is responsible for the governance and management of the Institution. Responsibility for the day to day management of the Institution’s affairs is delegated to the Chief Executive, accountable through the Chairman to the Board of Trustees. All Trustees are provided with guidance documentation and updates issued by the Charity Commission concerning their responsibilities.

The members of the Board of Trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In particular, the Institution has acted as a Licensed Member of the UK Engineering Council in promoting higher education and professional standards, and as an NGO of the International Maritime Organization in improving maritime safety and the protection of the maritime environment. It has also contributed its collective expertise to other appropriate maritime organisations.

Board of Trustees

Chairman M d’Amico

Vice Chairman

P G Wrobel

Treasurer J D Frier

Trustees

C L Savage L A Santini R M Cripps R C Gehling T Allan E Pang J K Paik D Monioudis T D Strang

The Board of Trustees met formally four times in the year, during which its principal considerations were the policy, management and review of the Institution’s investments, the management and review of the Risk Register.

During the year, the Board continued to review progress and recommendations arising from the Strategic Review, identified by the Working Groups which were tasked with determining what changes were necessary to continue achieving the Objectives in 2050, in expectation of changes in the maritime industry and members’ professional needs.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

COUNCIL

The Council is elected by the members. It is responsible for communicating the views of the Institution’s membership to the Board of Trustees and for providing guidance and advice to the Board on all matters related to the governance of the Institution.

The Council holds delegated authority from the Board of Trustees for the management of the professional, technical and learned society affairs of the Institution. Such delegated authority is principally exercised through the Institution’s standing committees and the Chief Executive. There are no connected organisations.

Past Presidents

Professor J B Caldwell OBE PhD DSc FREng Sir T J Parker FREng Professor W Geraint Price FREng FRS Dr N Gee DEng BSc FREng Mr S Payne OBE Hon. PhD (Sc) BEng FREng Mr P French FRINA FREng FRSA Mr B S. Rosenblatt FRINA Mr T Boardley FRINA Professor R W Birmingham FRINA

President

Ing Maurizio d’Amico

Honorary Vice Presidents E C Tupper

Vice Presidents A K Dev T Allan Dr D Aldwinckle C De Marco A Subahani D Molyneux IKAP Utama J K Paik P Krishnankutty R Gehling

Fellows

B Y W Lau J D Frier D N Monioudis R M Cripps C L Savage D Vassalos R L Downs P A Wilson K W Hutchinson R P Fernandez G S Chopra S Inayatullah D Konovessis J Black P J S Kujala

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

M embers

D Viner R J H Blazejczyk P Crossland N J MacLennan C Silitziotis A J Aitken L A Santini H W Theunissen

Associate-Members

M H Ghaemi

O S Ologe S De Villiers R A Miller A Kumar Y R Kamath

President of the Australian Division

G MacDonald +

President of the New Zealand Division

C Stimson +

Chairmen of Standing Committees

N Overfield (Publications Committee) + R Cripps (Maritime Innovation Committee)

F H Spencer (Disciplinary Committee) +

E Pang (IMO Committee) +

A Bain (Maritime Safety Committee) +

T Strang (Maritime Environment Committee) +

C L Savage (Membership Committee)

A Bunney (Professional Affairs Committee) +

Chief Executive

C Boyd

Solicitors

Messrs Taylor, Joyson Garret & Co.

Auditors

Haysmacintyre LLP

Bankers

The Royal Bank of Scotland

Investment Advisors

M&G Investment Management Ltd

RINA Headquarters principal office address 8-9 Northumberland Street, London, WC2N 5DA

+ Ex officio members

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

FINANCIAL REVIEW

Total income (Restricted and Unrestricted) in 2020/21 was £1.72m (2019/20: £1.86m) and total expenditure (Restricted and Unrestricted) in 2020/21 was £2.12m (2019/20: £1.93m). The reduction in income has been due to reduced events activity in light of the pandemic, whilst membership and publications activity has remained stable. Expenditure increased due to digital and other investments identified earlier in this report.

Net deficit before investment losses in 2020/21 was £400k (2019/20: £74k). The operating deficit in the Unrestricted Fund in 2020/21 was £474k (2019/20: £148k), and the operating surplus in the Restricted Fund in 2020/21 was £74k (2019/20: £74k).

Investment policy and performance

In accordance with authority enabled by the Order of the Charity Commissioners for England and Wales, dated 1 Nov 2002 and issued under Section 26 of the Charities Act 1993, the Trustees have sought and gained approval to use a ‘Total Return’ policy with regard to the Endowment Funds. Whilst such policy has not yet been implemented, this status will change in the forthcoming year.

The investment powers of the Board of Trustees are set out in the Royal Charter and By Laws, copies of which are available from the Chief Executive at RINA Headquarters. Under the terms of those powers, management of the investment portfolio has been delegated to PruM&G Investment Management Ltd.

The Board of Trustees reviewed its investment policy and confirmed that it remains the purpose of the Investment Portfolio to provide the Institution with income whilst maintaining the value of capital in real terms. As such the investment aim is to generate a minimum total return in excess of inflation (UK RPI).

The value of the investments at September 2021 (£4.1m) has increased by 18.6% from the previous year, as a result of improving stock market conditions. Whilst dividend income generated a yield of 4.41% , comfortably exceeding the FTSE All Share Index of 3.41%, the actual dividends received decreased by 15%, as a consequence of declining dividend distribution policies throughout the economy.

Reserves Policy

The total value of the Institution’s funds (Unrestricted, Restricted and Endowment) at 30 September 2021 was £9.53m (2020: £9.05m). The value of the Unrestricted Fund at 30 September 2021 was £7.62m (2020: £7.58m). The value of Restricted Funds at 30 September 2021 was £312k (2020: £276k). The value of Endowment Funds at 30 September 2021 was £1.59m (2020: £1.20m). The total value of the Institution’s investments at 30 September 2021 was £4.07m (2020: £3.44m).

The Institution’s free reserves (unrestricted funds less designated funds and tangible fixed assets) stood at 30 September 2021 at £2.33m (2020: £2.17m). These free reserves will provide a barrier against the impact of Covid and enable the Institution to finance the overhaul of operating systems described in the Preamble.

The Board of Trustees’ policy is to maintain minimum cash reserves at the level of 3 months forward cash outflow from HQ operating costs net of rental and investment income, namely circa £300k, and to consider reserves in excess of this level for investment.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

Restricted Funds

The Board of Trustees’ policy is to use all dividend income from Restricted Funds to assist and enable the continuing academic and professional development of members.

Risk Management and Principal Risks

Operational and financial risks facing the Institution are listed in the Risk Register which is routinely reviewed and revised by the Trustees. Policies and procedures have been established to mitigate any risks identified during these reviews. Compliance with these policies and procedures is monitored by routine Internal Audit and Self-Assessment.

Risk and mitigation measures include, but not limited to:
RISK MITIGATION
GOVERNANCE
That effective governance of the Institution will be
prejudiced by a lack of knowledge and understanding by
individual Trustees of their responsibilities as a Trustee.		 All Trustees shall be familiar with Charity
Commission guidance on the roles and responsibilities
of Trustees through review of online guidance
documents and training. Terms of Reference for the
Board of Trustees are published and shall be reviewed
annually.
FINANCIAL
That Inadequate management of the Institution’s finances
and assets leads to financial losses. This could include
misconduct, wrongdoing or embezzlement.		 Financial controls and procedures are published and
reviewed annually.
An Investment and Reserves Policy is published and
reviewed annually.
An internal Audit of the implementation of financial
controls and procedures is carried out annually.
A statutory annual Audit is carried out by external
Auditors.
A Management Report by the external Auditors is
received annually.
A Trustee (the Treasurer) is appointed with lead
responsibility for financial matters.
Trustees receive financial activity reports.
Random checks of financial transactions are carried out.

COVID-19 has presented a significant risk to both the operation and finances of the Institution. Furthermore, the depressed global maritime industry, continues to have a negative impact on the Institution’s income from conferences and publications. The combination of these principal risks has the potential to undermine the Institution’s ability to maintain the current level of its activities and services to members.

The Board routinely reviews cashflow, income and expenditure in both short and long term to manage financial risk.

Remuneration of key personnel

The remuneration of senior members of the Secretariat is reviewed and changes approved annually by the Trustees. See future plans on page 3 for further details of this process.

Fundraising

The Institution does not carry out any active fundraising, nor does it engage with any third party or professional fundraisers, and therefore has not signed up to any fundraising standards. There have been no fundraising complaints received during the year (2020: none). Complaints are considered by the Board or by independent non-Board members as appropriate.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

Statement of the Board of Trustees’ responsibilities

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 Institution’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Board of Trustees should follow best practice and:

The Board of Trustees is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Institution and which enable them to ascertain the financial position of the Institution and which enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the Institution and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities.

Disclosure of information to auditor

The Trustees who held office at the date of approval of this Board of Trustees’ Report confirm that, so far as they are each aware;

Auditor

Haysmacintyre LLP have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment will be submitted at the Annual General Meeting.

Signed on behalf of the Board of Trustees:

J. Frier

J Frier Trustee

18 January 2022

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INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

Opinion

We have audited the financial statements of the Royal Institution of Naval Architects for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Board of Trustees’ 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS (continued)

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and GDPR, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charity SORP, and considered other factors such as payroll tax and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to income and management bias in accounting estimates. Audit procedures performed by the engagement team included:

−Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with 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 charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

…………………………………………. Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London, EC4R 1AG

Date …………………………………… 18 January 2022

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

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
Notes £ £ £ £ £
Income and expenditure
Income and endowments from:
Charitable Activities
Membership 2 898,492 - - 898,492 876,495
Events 2 99,003 - - 99,003 119,768
Publications 2 528,052 - - 528,052 601,487
Grants, Donations and legacies 7 - - 7 7,236
Investment income 3 113,878 83,778 - 197,656 252,399
-------------------- --------------------- ----------------- --------------------- ---------------------
Total income and endowments 1,639,432 83,778 - 1,723,210 1,857,385
------------------- --------------------- ------------------ --------------------- ---------------------
Expenditure on:
Charitable Activities
Membership 4 841,205 10,846 - 852,051 731,643
Events 5 309,021 (523) - 308,498 267,683
Publications 6 963,284 (891) - 962,393 932,023
------------------- --------------------- ----------------- --------------------- ---------------------
Total expenditure 2,113,510 9,432 - 2,122,942 1,931,349
-------------------- --------------------- ---------------- --------------------- ---------------------
Net income before investment (474,078) 74,346 - (399,732) (73,964)
gains/losses
Gain/(loss) on investment assets 10 483,791 - 397,029 880,820 (1,019,997)
------------------- ------------------- ------------------- ------------------- -------------------
Net income before transfers 9,713 74,346 397,029 481,088 (1,093,961)
Transfers between funds 13, 14 38,000 (38,000) - - -
------------------- ------------------- ------------------- ------------------- -------------------
Net movement in funds 47,713 36,346 397,029 481,088 (1,093,961)
Reconciliation of funds
Total funds brought forward 7,576,757 276,015 1,195,776 9,048,548 10,142,509
--------------------- ------------------- --------------------- ---------------------- ----------------------
Total funds carried forward £7,624,470 £312,361 £1,592,805 £9,529,636 £9,048,548
========== ========= ========== =========== ===========

All amounts relate to continuing activities.

The notes on pages 15 to 25 form part of these financial statements.

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AS AT 30 SEPTEMBER 2021

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

BALANCE SHEET
AS AT 30 SEPTEMBER 2021 Company No: RC000489
2021 2020
Notes £ £ £
£
FIXED ASSETS
Tangible assets 9 5,296,288 5,409,657
Investments 10 4,074,756 3,437,983
--------------------- ---------------------
9,371,044 8,847,640
CURRENT ASSETS
Debtors 11 122,442 196,875
Cash at bank and in hand 455,164 400,474
--------------------- ---------------------
577,606 597,349
CREDITORS:amounts falling due
within one year 12 (419,014) (396,441)
-------------------- --------------------
NET CURRENT ASSETS 158,592 200,908
--------------------- ---------------------
NET ASSETS 16 £9,529,636 £9,048,548
=========== ===========
CHARITY FUNDS
Unrestricted funds
General funds 13 7,624,470 7,576,757
Restricted 14 312,361 276,015
Endowment 15 1,592,805 1,195,776
---------------------- ----------------------
£9,529,636 £9,048,548
=========== ===========

The financial statements were approved and authorised for issue by the Board of Trustees on 18 January 2022 and signed on their behalf by:

J. Frier

J Frier Trustee

The notes on pages 15 to 25 form part of these financial statements.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2021 2021 2020 2020
£ £ £ £
Operating activities
Net income before investment gains (399,732) (73,964)
Depreciation 79,879 83,012
Impairment charge 122,778 -
Investment income (197,656) (252,399)
Decrease in debtors 74,433 26,429
Increase/(Decrease) in creditors 22,571 (658)
--------------------- ---------------------
Net cash outflow from operating activities (297,727) (217,580)
Investing activities
Purchase of tangible fixed assets (90,182) (76,149)
Investment income 197,656 252,399
Proceeds from sale of tangible fixed assets 894 -
Proceeds from sale of investments 244,049 -
------------------- -------------------
Net cash inflow from investing activities 352,417 176,250
------------------- -------------------
Movement in cash and cash equivalents 54,690 (41,330)
Cash and cash equivalents at 1 October 2020 400,474 441,804
------------------- -------------------
Cash and cash equivalents at 30 September 2021 £455,164 £400,474
========= =========
Cash and cash equivalents comprise
Cash at bank £455,164 £400,474
========= =========
Analysis of changes in net debt Balance at Other Balance at
1 Oct 2020 Cash flow movements 30 Sep 2021
Cash at bank £400,474 £54,690 £- £455,164
========= ========= ========= =========

The notes on pages 15 to 25 form part of these financial statements.

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THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES

a) Statement of compliance

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments. The format of the financial statements has been presented to comply with the Charities Act 2011, The Financial Reporting Standard applicable in the UK and Ireland (“FRS102”) and the Statement of Recommended Practice Accounting and Reporting by Charities (“SORP”) second edition effective 1 January 2019.

The Charity is a Public Benefit Entity as defined by FRS102.

b) General information

The Institution is a charity registered in England and Wales (charity number: 211161). The Charity’s registered office address is: 8-9 Northumberland Street, London WC2N 5DA.

c) Going concern

The Trustees have considered the Institution’s future budgets and cash flow forecasts, together with the current financial position within the balance sheet and are of the view that the Institution is a going concern, and there are no material uncertainties which would cast doubt on the Institution’s ability to continue as a going concern. Although there is a deficit for the year to 30 September 2021 and a forecast deficit for the following year, the existence of significant unrestricted reserves, backed by investments that can be realised quickly, ensures that the Institution can and will continue to meet its financial obligations when they fall due.

d) Significant judgments and sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of accounting estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The Trustees do not consider there to be any key judgements or significant sources of estimation uncertainty.

The following principal accounting policies have been applied:

e) Income and endowments All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.

Membership subscriptions and other income derived from services is recognised in the period to which it relates.

Events income is recognised in the period in which the event takes place.

Publication and advertising income is recognised at the date the publication is issued and the performance obligation satisfied.

Investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis.

Donations are accounted for on a received basis.

Income from the endowment funds is split between restricted and unrestricted funds according to the specific terms of each fund.

15

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES (continued)

f) Expenditure

Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure.

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Expenditure on charitable activities comprises expenditure directly related to the provision of events, membership services and publications as well as the related support costs.

Support costs represent indirect costs relating to raising funds and the Charity’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Trustees’ best estimate of actual use. Production costs are allocated on the basis of actual expenditure, other support costs are allocated proportionally based on the income relating to the charitable activity.

Governance costs comprise the costs of running the charity, including auditors’ remuneration, certain legal costs and costs of Board meetings.

g) Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially recognised at cost.

Depreciation is provided on fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows:

Land not depreciated Freehold buildings 2% straight line Equipment and fittings 10% straight line IT 20% straight line

The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements of FRS102.

h) Investments

Investments held for the long-term to generate income or capital growth are carried as fixed assets at fair value, namely the quoted listed price.

Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquired during the year.

Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments.

Realised and unrealised gains are accounted for within the Statement of Financial Activities.

16

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES (continued)

i) Financial instruments

Basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable are accounted for on the following basis:

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

j) Pensions

The Institution operates a group money purchase personal pension scheme on behalf of its employees. Contributions to the scheme are recognised as expenditure when they fall due.

k) Leases

Rentals paid under operating leases are charged to income on a straight-line basis over the lease term.

l) Foreign currency transactions

Transactions denominated in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Assets and liabilities denominated in foreign currencies are translated into sterling at the rate ruling on the balance sheet date. All gains and losses arising from foreign currency transactions are accounted for within the Statement of Financial Activities.

m) Funds

General funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is neither restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Restricted income funds comprise unexpended balances of donations and grants held in trust to be applied for specific purposes or accumulated income derived from investments held as part of the Charity’s endowment funds.

Where funds are given to be held by the Institution as capital, they are shown as endowment funds in the financial statements. Expendable endowments are those where the trust terms provide for conversion of income to capital under certain circumstances, permanent endowments are those for which the capital may not ever be applied as income.

2.

INCOME FROM CHARITABLE ACTIVITIES 2021 2020
£ £
Membership
Institution fees 779,149 755,095
EC fees 111,193 109,450
Prizes and Scholarships 8,150 11,950
-------------------- --------------------
898,492 876,495
Events 99,003 119,768
Publications 528,052 601,487
--------------------- ---------------------
£1,525,547 £1,597,750
=========== ===========

17

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

3. INCOME FROM INVESTMENTS Total Total
2021 2020
£ £
Dividends 185,842 218,866
Bank interest 54 913
Rents 11,760 32,620
------------------ ------------------
£197,656 £252,399
========= =========
4. MEMBERSHIP EXPENDITURE Total Total
2021 2020
£ £
Salaries 140,769 136,059
Branch grants 39,225 36,215
EC fees (UK) 89,253 87,102
Prizes and Scholarships 16,861 24,123
Support costs 565,943 448,144
------------------ ------------------
£852,051 £731,643
========= =========
2,224 (2020: 2,691) members received grants during the year from the restricted funds.
5. EVENTS EXPENDITURE Total Total
2021 2020
£ £
Salaries 117,314 120,957
Support costs 191,184 146,726
------------------ ------------------
£308,498 £267,683
========= =========
6. PUBLICATIONS EXPENDITURE Total Total
2021 2020
£ £
Salaries 357,167 354,570
Support costs 605,226 577,453
--------------------- ---------------------
£962,393 £932,023
========== ==========

18

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

7. SUPPORT COSTS Membership Events Publications Total 2021 Total 2020
£ £ £ £ £
HQ costs 328,882 41,357 220,585 590,824 634,945
Comm./IT 163,586 20,571 109,719 293,876 104,747
Production 51,257 126,462 260,020 437,739 412,139
Governance 22,218 2,794 14,902 39,914 20,492
------------------ ----------------- ----------------- ---------------------- ----------------------
£565,943 £191,184 £605,226 £1,362,353 £1,172,323
========= ======== ========= =========== ===========
Prior year Membership Events Publications Total 2020
£ £ £ £
HQ costs 327,240 51,096 256,609 634,945
Comm./IT 53,985 8,429 42,333 104,747
Production 56,358 85,552 270,229 412,139
Governance 10,561 1,649 8,282 20,492
------------------ ----------------- ----------------- ----------------------
£448,144 £146,726 £577,453 £1,172,323
========= ======== ========= ===========

HQ, Comm./IT and Governance costs are allocated to activity in relation to proportion of income from activity. Production costs are allocated on an actual basis across each category.

Governance costs comprise: Total 2021 Total 2020
£ £
AGM - 68
Council and Board travel 676 2,568
Audit 14,600 13,800
Other professional fees 24,638 4,056
---------------- ----------------
£39,914 £20,492
======== ========
8. STAFF COSTS Total 2021 Total 2020
£ £
Wages and salaries 886,928 876,532
National insurance 96,563 87,744
Pension contributions 59,259 51,081
Termination payments 11,335 -
--------------------- ---------------------
£1,054,085 £1,015,357
========== ==========
The average number of employees, analysed by function, was:
No. No.
Professional affairs 3 3
Events & Marketing 5 5
Publishing 5 5
Administration 8 8
--------------- ---------------
21 21
======= =======

19

NOTES TO THE FINANCIAL STATEMENTS (continued)

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

8. STAFF COSTS (continued)

One (2020: one) employee received remuneration in the range £60,000-£70,000, no (2020: one) employee received remuneration in the range £80,000-£90,000, and one (2020: no) employee received remuneration in the range £100,000-£110,000.

No trustees received remuneration in the year (2020: No trustees received remuneration in the year). Expenses totalling £Nil were reimbursed to trustees during the year in relation to travel and subsistence (2020: Expenses totalling £2,337 were reimbursed to 5 trustees in relation to travel and subsistence).

The aggregate remuneration of the charity’s key management personnel amounted to £351,038 (2020: £324,381).

9. TANGIBLE FIXED ASSETS Freehold land Fixtures and
and buildings IT fittings Total
£ £ £ £
Cost or valuation
At 30 September 2020 5,451,144 336,649 44,339 5,832,132
Additions - 90,182 - 90,182
Disposals - (1,591) - (1,591)
-------------------- ------------------ ----------------- -------------------
At 30 September 2021 5,451,144 425,240 44,339 5,920,723
--------------------- ------------------ ----------------- -------------------
Accumulated depreciation
At 30 September 2020 225,000 163,192 34,283 422,475
Charge for the year 30,000 46,416 3,463 79,879
Impairment charge - 122,778 - 122,778
Disposals - (697) - (697)
----------------- ------------------ ------------------ ------------------
At 30 September 2021 255,000 331,689 37,746 624,435
------------------ ------------------ ------------------ ------------------
Net Book Value
At 30 September 2021 £5,196,144 £93,551 £6,593 £5,296,288
========== ======== ======== ==========
At 30 September 2020 £5,226,144 £173,457 £10,056 £5,409,657
========== ======== ======== ==========

Land with book value of £4m is not depreciated, in line with accounting policy 1g. The impairment charge is in respect of developed software no longer fit for purpose.

10. INVESTMENTS
INVESTMENTS UK Quoted
investments
£
Market value at 1 October 2020 3,437,983
Additions -
Disposals (244,049)
Gains 880,820
---------------------
Market value at 30 September 2021 £4,074,756
==========

The above investments are all held in Unit Trusts.

20

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

11. DEBTORS 2021 2020
£ £
Due within one year
Trade debtors 65,181 122,962
Prepayments 42,998 52,552
Sundry Debtors 14,263 20,333
Staff loans - 1,028
------------------ ------------------
£122,442 £196,875
========= =========
12. CREDITORS: amounts falling due 2021 2020
within one year £ £
Trade creditors 21,366 52,130
Accruals 133,601 87,250
Deferred income & Income in advance 232,891 224,539
Tax and social security 25,789 26,276
Other creditors 5,367 6,246
------------------ ------------------
£419,014 £396,441
========= =========
Movement in deferred income
Brought forward 224,539 256,386
Released into income during the year (224,539) (256,386)
Incurred during the year 232,891 224,539
------------------ ------------------
Carried forward £232,891 £224,539
========= =========

Deferred income comprises membership subscriptions which are to be recognised in the subsequent financial year.

21

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

13. UNRESTRICTED FUNDS

Gains/
Opening (losses) on Closing
Balance Income Expenditure Investments Transfers Balance
£ £ £ £ £ £
General funds £7,576,757 £1,639,432 £(2,113,510) £483,791 £38,000 £7,624,470
======== ========= ======== ======== ======== =========
14. RESTRICTED FUNDS
Gains/
Opening (losses) on Closing
Balance Income Expenditure Investments Transfers Balance
£ £ £ £ £ £
Scholarship funds 165,307 41,517 (11,900) - - 194,924
Benevolent funds 89,023 39,919 - - (38,000) 90,942
Prize funds 21,685 2,342 2,468 - - 26,495
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
£276,015 £83,778 £(9,432) £- £(38,000) £312,361
======== ========= ======== ======== ======== =========

The Institution’s restricted funds comprise a large number of small funds which have been amalgamated for reporting purposes under the three main headings above. The Trustees administer the funds and make awards from them in accordance with the terms of each original gift. Further details appear in the Board of Trustees’ Report.

The transfer from the Benevolent Fund represents an allocation of funds in respect of relevant expenditure incurred and charged to the Institute’s general fund.

15. ENDOWMENT FUNDS

ENDOWMENT FUNDS
Gains/(Loss)
Opening on Closing
Balance Investments Balance
£ £ £
Scholarship funds
Permanent endowment 444,266 196,708 640,974
Expendable endowment 124,805 - 124,805
----------------- ----------------- -----------------
569,071 196,708 765,779
Benevolent funds
Permanent endowment 593,376 189,146 782,522
Prize funds
Permanent endowment 33,329 11,175 44,504
--------------------- ----------------- ---------------------
£1,195,776 £397,029 £1,592,805
========== ======== ==========

The Institution’s endowment funds represent a large number of small funds which have been amalgamated for reporting purposes under the three main headings above. The income arising from the underlying assets is allocated to the restricted funds shown in Note 14.

22

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 30 September 2021 are represented by:

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £
Tangible fixed assets 5,296,288 - - 5,296,288
Investments 2,481,951 - 1,592,805 4,074,756
Current assets 265,245 312,361 - 577,606
Current liabilities (419,014) - - (419,014)
---------------------- ----------------- ---------------------- ----------------------
Total net assets £7,624,470 £312,361 £1,592,805 £9,529,636
========== ======== =========== ===========

Fund balances at 30 September 2020 are represented by:

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £
Tangible fixed assets 5,409,657 - - 5,409,657
Investments 2,242,207 - 1,195,776 3,437,983
Current assets 321,334 276,015 - 597,349
Current liabilities (396,441) - - (396,441)
---------------------- ----------------- ---------------------- ----------------------
Total net assets £7,576,757 £276,015 £1,195,776 £9,048,548
========== ======== =========== ===========

17. FUTURE FINANCIAL COMMITMENTS

(a) OPERATING LEASES

At 30 September 2021 the charity had annual commitments under operating leases as set out below:

Office Equipment Office Equipment
2021 2020
£ £
Operating leases which expire:
In less than one year 1,244 2,640
In the second to fifth year 2,177 3,421
--------------- ---------------
£3,421 £6,061
======= =======

(b) At the year end the Institution had £nil capital commitments (2020: £50,079 in relation to the upgrade of the membership system software).

18. RELATED PARTY TRANSACTIONS

There were no disclosable related party transactions during the year (2020: none).

23

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Endowment Total
Funds Funds Funds 2020
Notes £ £ £ £
Income and expenditure
Income and endowments from:
Charitable Activities
Membership 2 876,495 - - 876,495
Events 2 119,768 - - 119,768
Publications 2 601,487 - - 601,487
Donations and legacies 6,881 355 - 7,236
Investment income 3 153,734 98,665 - 252,399
-------------------- --------------------- ----------------- ---------------------
Total income and endowments 1,758,365 99,020 - 1,857,385
------------------- --------------------- ------------------ ---------------------
Expenditure on:
Charitable Activities
Membership 4 709,684 21,959 - 731,643
Events 5 266,552 1,131 - 267,683
Publications 6 930,098 1,925 - 932,023
------------------- --------------------- ----------------- ---------------------
Total expenditure 1,906,334 25,015 - 1,931,349
-------------------- --------------------- ---------------- ---------------------
Net income before investment (147,969) 74,005 - (73,964)
gains/losses
Gain/(loss) on investment assets (560,234) - (459,763) (1,019,997)
------------------- ------------------- ------------------- -------------------
Net income before transfers (708,203) 74,005 (459,763) (1,093,961)
Transfers between funds 13, 14 47,000 (47,000) - -
------------------- ------------------- ------------------- -------------------
Net movement in funds (661,203) 27,005 (459,763) (1,093,961)
Reconciliation of funds
Total funds brought forward 8,237,960 249,010 1,655,539 10,142,509
--------------------- ------------------- --------------------- ----------------------
Total funds carried forward £7,576,757 £276,015 £1,195,776 £9,048,548
========== ========= ========== ===========

24

THE ROYAL INSTITUTION OF NAVAL ARCHITECTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

20. COMPARATIVE UNRESTRICTED FUNDS

Gains/
Opening (losses) on Closing
Balance Income Expenditure Investments Transfers Balance
£ £ £ £ £ £
General funds £8,237,960 £1,758,365 £(1,906,334) £(560,234) £47,000 £7,576,757
======== ========= ======== ======== ======== =========

21. COMPARATIVE RESTRICTED FUNDS

Opening Gains/
(losses) on Closing
Balance Income Expenditure Investments Transfers Balance
£ £ £ £ £ £
Scholarship funds 135,738 49,250 (19,681) - - 165,307
Benevolent funds 89,011 47,012 - - (47,000) 89,023
Prize funds 24,261 2,758 (5,334) - - 21,685
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
£249,010 £99,020 £(25,015) £- £(47,000) £276,015
======== ========= ======== ======== ======== =========

22. COMPARATIVE ENDOWMENT FUNDS

COMPARATIVE ENDOWMENT FUNDS
Gains/(Loss)
Opening on Closing
Balance Investments Balance
£ £ £
Scholarship funds
Permanent endowment 672,056 (227,790) 444,266
Expendable endowment 124,805 - 124,805
----------------- ----------------- -----------------
796,861 (227,790) 569,071
Benevolent funds
Permanent endowment 812,408 (219,032) 593,376
Prize funds
Permanent endowment 46,270 (12,941) 33,329
--------------------- ----------------- ---------------------
£1,655,539 £(459,763) £1,195,776
========== ======== ==========

25