THE ROYAL INSTITUTION OF NAVAL ARCHITECIS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Charity No: 2J1161 Compny No: RC(MJ0489
THE ROYAL INSTITUTION OF NAVAL ARCHITEC13 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 CONTENTS P4g¢s Board of Trustees, Report 2- 11 Independent auditors, r¢port 12-14 Statement of Financial Activities 15 Balance sheet 16 stst¢m¢nt of C&8h Flows 17 Notes to the fmancial statemenls 18-28
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEvfEMBER 2025 PREAMBLE The Ros'al Insiitution of Naval Ar¢lJit¢cts remains a globalls. Tecogntzed professional organization and esieemed Learned sl¢ky. li lids ¥idiwii¢J ils iiii¢J'iiJiioJi41 Pi¢S¢Lli¢ by esiabSi511iiix s11dilL I. Ilje iiexL liwe Yek1 £ijiii¢d di exp*iJidiJi¥ membership iyorldii'ide. inspiring the next gfn¢r4tton, and identif)'ing the skills need¢d for ? Ist-century. Naval Archiieets aE]d MaTilim¢ EngiDe¢r5. Additionally, it is working towards becoming the International Centre of Excellence for Naval Archileclure and Mari¢ime Engineering. Th¢ Sur55 of these Initi1veS is reflected in the growing participation in online pre5entation5 and meetings. The Institution's standtng committees remain well-regarded throughout the marine industy and PTovide exwt adviee to promineni b(KJies such as the Inlemati¢)nal Maritime OrganizAtion. The high standard of technical paws published by th¢ Institution continue to deliver reference malertal for members and the maritime community. In accordan¢¢ with ihe objectives of the Instithlion a newly fornied Developing Careers Committee has tten formed to focug on.. STEM, University undergr•duat¢s, grJduates and earty eareer membe. Engineering Technicians and ihose who ¢ross over into Naval Architecthr¢ and Maritime Engine¢ring at a ]kter stage in their careers. The Institution is a150 a nominated and licensed bY of the UK Engineering Council. Vlsktrn - To be recognised Worldwide 85 the Maritime Professiotl Engineering Institutil)D of choice Stra x- To become a Professional Engineering Institution that is recognised &$ an International Centr¢ of Excellen for Naval Architecture and Marttime Engineerin& th focuses on meeting the needs of ow members and the wider maritime community ty the imtegration of our service4 our capabilities, and our global exFertise. The strategy is built on four key themes. Becoming an InternatiODal Centre of KJJowledge and Exc¢llenc¢ for the Naval ArchitectUTe and Maritime Engineering Comrnunity Identifying and developing the skills needed fortht 21. Centyry Naval Architect and Engirte¢r Inspiring the nexi generation Increasing M¢mbership globally Our values. Re$pe¢t for p¢ople the environment Professionalism and Excellence High ethical standards Integrity Innovation OWECTIVES OF THE INSTJTUTION The objectives of The Royal Instilution of Nav41 Architects are as set out in the Charter of IncoryM)ration 1910 - 'the improvement of ships and a]1 that specially appertains to them. and the atTangement of Ftriodic meetings for the purwse of dIuSsing practical and scientifi¢ subje¢ts b¢aring upon the design and constwclion of ships and their means of propulsion, and all th&t relate$ ihereio.. Today, reflecting th¢ wider rang¢ of activities of the Institution as both a profe5siono1 institution and leamed societyy the objectives ofthe Institution are more apily described as.to encourage and assist in the achievement of ihe safe and efficient d¢sign, construciii)n, maintenance and operdtion of marine vessels and structures." Thes¢ objectives are primarity achieyed by: S¢tting of internalionauy recognised and accept standaribof professith)al competence and integrityrequired for membership. Encouraging membership of the Institution at all levels and within ail professions associated with marine vess¢18 and structures. Facilitating the global exchange of iechni¢al expertise and development between all associated pmfesgiona]4 through the Instilulion's publi¢ations. conferences, events aThd meeti
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Contributing collective expertise to national and international maritime professtonals and organisation5 for the benefli of th¢ profession and siety. Subs¢4U¢IIL Iv d i¢ij¢w vlilJ¢ siiu¥LUI¢ dJLd d¢liw¢i4tbl¢) v(di¢ lji>lllULiUJI oui 111 ¢(LLly 202). Illi fsl d¥itLLi d JL¢%S 51rategy for ?0?6 onivard and a renewed focus on the Institution being ai the heart of th¢ wider global conversation providing excellence and leadership to the rnaritime sector in our events. publications and learning offers. In order to SUPPOrt this, the Institution has significantiy m(MJerniz£d its digital systems, with a new CRM, integrated Website and on- line self-servi¢¢ lacilities for members. a]1 put in place for the end of 2025 to enable the strategy roll-oui. AcfiviTIES, ACHIEVEMENTS AND PERFORMANCE StTt¢gie Colltsxt During 2025, the InstitutioTh wrated against a backdrop of accelerating technologickl change within the global maritime sertor alld inrr¢asin¥ expectations of professional institutions to provide leadership, relevance and connection. The year th¢r¢for¢repr¢5¢11ted not only a period of strong delivery across the Institution'sestablished activities, but also an importani ph&5¢ in shapin8 and preparing for the n¢xt sthge of RiNA's strategic developm¢nt. Ew¢nls cODferete% thnd Profusional Engagement Thrnughout the year, the InstitlOn delivered a strong. diverse and internatioallY distributed programm¢ of professional events, spamiing focused te¢hrtical seminar& major international wnferences and extended training activity. The programme covered the full breadth of contemporary maritime topi¢s, reflecting both the cor¢ dI1p]IneS of naval architecture and marine engineering and the expanding ecosystem of associated professional prdctice. The return to predominat)tIy iti-person delivery continue(L supported where appropriate by hybrid and r¢rnote portieipation oplions to maxirnise kecessibility for inteTnational members and industy stakeholders. This blended appn)ach enabled the Institution to combin¢ the d¢pth and quality of face-tfrface professional engagement with the reach and inclusivity requited of a global b(ty. A number of fiagship events attracted particularly strong participation and engagemenl. und¢ry)inned by c105e collaboration with intern2ti0nal divisions, patheT organisation5 and indllsty sponsors. The continued geographical spread of events reiJ)for¢ed the Inuitution's global footprint and its role as a coThvenor of high-quality professional discourse acros5 regions ond witin¢n Inveslmenl in digital event-manag¢ment tools enhanced delegate exp¢Ti¢nce, supported Denvo]ng and knowledge exchange, and strengthened dats insight. Conference activity Continued to ¢Ontribute positively to overall income, while consistently delivering profesgional value aligned to the Institution's objectives. Publicat5 and Knowkdee Iader5hip The Institution mainthined an active and respected publishing pro8ramme throughout the year, reporting on technical developments 2crosg the maritime sector and showclng research, innovation and prof¢sstonal practice. Publications continued to se¢ as a core mechanism for professional influence, knowledg¢ diss¢minatiort and member visibility. In responge to srrncturnl changes within a¢ad¢mic publishing and advertising mark¢Ls, the Institution progressed a strdtegic reshaping of Ats publications wrtfolio. Buildin8 on earlier review work, preparations advanced for a new digital offer of pr¢viously paper only magazines coming in Q2 2026. This approach will strengthen coherence across the portfolio, highlight the work of Technical Cornmittees, and place greater emphasis on rnember contribution, profrssional insighi Ind pr¥ti¢al relevance. The International Journal of Maritime Engineering continued to experience sector-wide chall¢nges tssociated with submission volumes, review processes and academic publishing dynamics. During2026,we will 5¢ek toestablish a focused relaunch prograrnme, aimed at improving visibility, streamlining editorial processes and strengththing the Journal's rel¢van¢¢ to both academic and industy audiences. Br#nehes, Seetfions and Global Mernber Engagement Local Branches and Sections r¢rnained an esseniial part of the Institution'5 professional ecosystem. delivering a s¢¢ady programme of meeting& lectures and events across regions. Topics addressed during the year reflected both emerging and
THE ROYAL INSTITufioN OF NAVAL ARCHrrECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 established are&8 of professional interest, including decarboniwion. safety innovation, alt¢mative digitali5ation and artificial intelligence, historica] engineering developments and environmental technologies. us¢ of di'ital plaiforiiis cnjblcd li11) braiich aiid scctioii actii-itie5 fo rcJrh audiences bevond iheir iTnmediate ¥eouiraphic kaiion. extending access to non-mernbers and international participants and 5UPPOrting gr¢a¢¢r global ¢onn¢¢¢ivity. Collectively, these activities reinfoT¢ed the Institution's role &$ a facilitator of professional exchange at both loral and global l¢vels. Member Experi¢n¢¢ nd Digltl Developmen¢ Ellhancing the m¢mb¢r ¢xFwi¢n¢e remained a k¢y operational priority during the y¢ar. Conlinu¢d successful investment di¥ital tool$ aftd platfomis improved a¢¢¢ss to services. professional development re5¢)IWf¢5 aDd Tnembership informati. Onlin¢ systems sitprorfing the recording and management of continuing professional d¢v¢l¢)PTn¢ntwere ffijrther embedde wlJil¢ additional digital services improved self.service accessibility toprofes5ional cred¢ntia15, documentation and member records. These dEvelopm¢nts supported greater flexibility and responsivenes4 partiwl4rly for internationally b&8ed m¢mb¢rs. The Institulion also continued to contribute professional expertise to natiiTrnal and international bodies. with its NGO status at the Intemational Maritime Organization remaining a Central mechanism for techmital influence and engagement on mattqs of global importance. Techthieal Commlttees and Profe5SiODal ContributiOD Members continued to play an active and centrnl role within the Institution's Technical Committee& drawing global participation and expertise. Committee activity address a wide range of teclmical, regulatory and strategic t$sue4 including but limited io: IMO Committee-supporting engagement with international regulOry d¢velopmertisand contributing to initiatives addressing environmental perforniance and operational impa¢L Mariti7n¢ Safety Committee- addressing Safety-re]ed matters acrosg desig ¢ollsttu¢tionand operation, iThcludin8 ¢mergin8 progrdtnmes and specialist areas of vessel safety. Maritime Environmental Committee contributing to discussions on ¢nvironrn¢ntrl proieciion and marine renewable energy, while pr¢paring for refreshed membership and renewed themati¢ focus. Maritime Innovation Committee - developing insight into the impact of emerging technologies on the maritAme sector, PTofe55ional practice and the lttstitutiijn itself. These exampl represent only a small proportion of the ongoing contribution made by committee members in support of the Institution's objectives and the wider profession, and a part of the 2026 delivery pl8Jing is lo more readily surface this infomiation for members. Recogwi¢ion, Governan¢e #nd L&der8hlp The Institution continued to recognise professional excellence and achieveTn¢nt across all career stsges through its esthblished F*ogrdmme of prizes and awards. The Board of Tnjstees remained cen} to strategic oversight and governance throughoui the year. Trustee succession planning ¢ontinlled, ensuring an appropriate balance of skills, exer¢ and expertise aligned to the Institution's evolving needs. Trnstees were supported through ongoing development in chariry govemance, regulawry rest$]bIlitieS and commercial and fllwicial oversighL inforn)ed by regular guidance and lateS from the Charity Commissi(. Systems Flnance and Investment Oversight FU1th enlncementS to $ystems ar¢hiiecture and digital infrastructure strengthened iDternal communication, organisational r¢sili¢nce and athninistrdiive capability. The Secretsriat Continued io drnw on spe¢ialist exwtise to irnprove operational ¢ffi¢i¢n¢y and ¢n&Lts¢r experience.
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR EIYDED 30 SEPTEMBER 2025 The Board rnaintained oversight of the Institution's financial position and inv¢Slrnet perforniance, supported by professional external advice. Invesknent KM)licy and perfomiance remained U[er Ktiv¢ r¢view and aligned with the In5titution'5 wider oovernance and risk framework. Futre Plans and Strntegle DlrtetiOD Looking ahea4 the knstitution will deliver a comprehensive programme of conferences. ¢owses and local meetings align wilh developments across ship design construction, operation and maint¢nance. It will continue to contribute professional expertise lo appropriate national and international organisalions for th¢ benefit of society and the profession. Digital delivery will remain a key enabler for international engageTnent, supported by expanded webinar activity. online seminars and enhanced CPD provision. Further enhancemenis io the online member experience delivered in 2025, are planned tneluding expanded self-5erYic¢ functionality, improvgj cOmmnIcall0nS platfonns and enhanced access to digitsl publications and archives. Continued investsnent in stsff development and Organ1&10aI capability will sthppon effective use of these tools. improve service delivery and support sustainable membership growth. Work will continue to modemise profe5siona] r¢gi5tration and membership pathways io include ass¢xiated prof¢s5ionals, alongside exploration of more flexible acces5 and paymeut options. The Insiitution will also continue to r¢vi¢w organisalioJ)al effectiveness gov¢Tnan¢¢ and resour¢e allocation to ensure long-terni sustainability. Alongside this. focused WO will ¢ontinue on the evolving role of the Naval Architect within the wid¢r maritime ecosystem, including Frof¢ssional d¢velopm¢nt, indstry engagement, academic collaboration and OUtr¢h to future geneTations through education and STEM iniiiatives. Brand dtv¢li)wen¢ will progress in parallel ensuring the InstitiOn remain5relevant, Credible and clearly positioned while maintaining # Strong operational focus for its worldwide membership. BOARD OF TRUSTEES The Royal Institutlon of Naval Architects, a150 known a5 "RINA," is a registered charity in England and Wale5 (number 211161) incorporated under Royal Charter. The Board of Trustees is the governing kndy of the Instituiion. Members of the lard are principalty elected members of Council, recomrnended by the Council to the Board for appointment a5 Trusle¢s. The Board of Tnjstees is responsible for the goveTnan¢e and rnanagement of the Inst]l10n. Respons1]Ilty for the day-to- day management of the Institution's affairs is delegaied to the Chief Executive, accountable through the Chairman io the Board of TTUStees. All Twst¢¢s ar¢ proYid¢d wilh guidance documentation and updatss issued by the Charity ComJnission concerning theirTesponsibiliti¢s. The members of the Board of TruW ¢onfimi ihey have complied with the duty in section 17 of th¢ Charities Act 2011 to have due regard to public benefii guidance published by the Charity Commission. In particular, ¢he Institution has acied as a Licensed Member of the UK Engineering Council in pmmoting higher education and professional standar, and as an NGO of the Int¢maiional Maritime Organization in improving maritiTn¢ safety and the proiection of the maritime environmeni. It ha5 also contribuied its collective expertise to otheT appropriate maritime organisauons. Board ofTrustets Chglrperson C L Savage VKe ChairpersoD R M Cripps TT¢aSurer D N Monioudis Trtee$ E Pang T D Strang T Allan K W Hutchins B Rosenblatt
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 N Chrissos A Pearce S Watts P Il'ilsoji N d'Hub¢ft The Board of Trustees fornially four iisnes in the year, during which its principal ¢onsAderdtions were the policy management and review of th¢ Institution's investy¢llts, the management and review of the Risk Register and Fund policy. In addition. th¢ Board h¢ld s¢v¢ral int¢Fi rn¢etings to address urgent matters that #rose between the scheduled sessions. In addiliou to this the Board s¢t up a Stwing C(mmittee with Ternis of R¢ference to allow agile decision making and progress to be made between meetings. Th¢ Str¢ring Commiitee is made up of the ChAÉr, the Vice Chair, the Trea5urerand an additional m¢mber of the Board. COUNCIL Th¢ me]nb¢rs elect the Council. It 15 r¢sponsible forcommunicating the views of the InstitiOn'S membershipto the Board of Trust¢¢5 and for providing guidanc¢ advice to the Board on all matters related to th¢ governance of the Institution. The Council hold5 del¢gat¢d authority from the Board of Trjsiees for the managemeni of the professional, technical, and learned society affairs of th¢ Institytion. Swch delegated authoriry is principally exer¢is¢d through the Institution's stsnding cornmitt¢¢s and th¢ Chief Executive. There are no connected organi5aiions. Pasl Presid¢Dts tof¢ssor J B Caldw¢ll OBE PhD Dsc FREng Dr P J Ush¢r CBE DSC RCNC FRA FREng Sir T J Parker FREng Profe&sor W Gernint 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 FRtNA Mr T Boardley FRtNA Professor R W Birniingham FRtNA Mr. Maurizio d'Amico FRINA Presldent Professor C Savage HoDorary Vice Prufident5 E C Tupper J D Frier P G Wri)bel Vice Pre5ideDts AKDev T Allan Dr D Aldwinckk CD¢MaT A Subahart D Molyneux IKAPUtoma JKPaik M Renilso Fellows D N Monioudis R L Downs PA Wilson K W Hutchinson R P Fernandez G S Choprd
THE ROYAL JNSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 S Inayatullah D Konovessis P J S Kujala ' Ratukalou J Ell8ck A Aithen Mewber5 N J MacLennan C Silitziotis H W Theunis%en Y K Demirel C BakeT A Kumar Assoelate-mtmbers S De Villiers R A Miller Y R Kamath H Dixo C Baxter C McNair N Michalakopyulos President of the AMstr4118w Divisio J Binns President of the New Zulattd Dfvlslon G Schweikart Chairs of Standing Committees P Wilson (Publications Committee) R Cripps (Maritime Innovation Comrnittee) F H Spencer (Disciplinary Committee} E Pang (IMO Committee) S Watts (Maritime Safety Committee) T Strang (Maritime EnVirCMent Cornmittee} J Kernaghan (Membership Committee) M Bartotj (Professional Affairs Committee) C McNair (Developing Car¢er5 Committee) Chief Executive P Jobson Auditors Hay5Mac LLP Bankers Th¢ Royal Bank of Scotland Inv¢$tmeDI Adv150 CCLA Invesknent Management Lid. RINA Headquarters principal office address 8-9 Noumberland Str¢eL iATrndon, WC2N 5DA + E¥ officio m¢mbers
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEpfEMBER 2025 FINA14CIAL REVIEW Total income (Restricted and Unrestricted) in ?0?4n5 ivas £1_93m (?0?3n4.. £?.08rn) and total elpendilure {Restri¢ted and UnresifiLied) in 2u2412i 2.iVllI 12V)ji24.' ? l OLJI iiiiujme Show il bli¥lii deLrras¢: 1111011)e Iroj institutional Inembership fees reii)ained broadly stabl¢ * £1,06ik {202J124'. 1,05 Ik). Events income for th¢ )¢ar w&8 £333k (2023124.. £489k}. The decrease primarily reflK15 th¢ ¢xc¢ptionally strthjg perfom)ance of last year's Warship Conference in Austr&li4 which wa5 nol T¢plicat¢d in 2025. Events income naturally fluctuates frotn y¢aT to y¢ar depending on the number, scale, and eommercial profile of ticketed events delivered. In¢¢)me from publications and advertising declined to £340k12023124.. £454k). This reduction reflects broader shifts in market condilioDs as well as the evolving landscape of both print and digital media. Total expendithre was significantly lower than in ihe previous year. largely due ¢0 th¢ consolidation of muliiple publications into a SitiEle membership magazine and a more cost-eifi¢ient delivery of the events progran]me. which resulted in reduced $0¢lted ¢xp¢nses. Th¢ valu¢ of th¢ fixed and investment propw assets was £5.32m (2023124: £5.41m). RINA is CUTrently designating 35Vo of th¢ Headquarters buildtng invesllnent propety use to gen¢ral¢ long frm rent income from its spare office space. Net deficit before investtnent 1055es in 2024125 was £370k (2023124.. £810k) and li in¢ludes £SOk redundancy and rcstrycturillg ¢o$ts. The OpeIng deficit the unStriCted Funds in 2024r25 was £409k (2023124: £841k). and the operaitng swplus in (he Restri¢ied Funds in 2024f25 was £39k (2023r24: £31k). Investment poliey and perform*n¢e The iDV¢$tTnent power5 of the Board of Trnstees are set out in the Royal Charter and By-Laws, ¢opiesofwhich areavailable from ihe Chief Executive at RINA Headquarters. UndeT the terms of those powers. management of the inv¢51m¢nt portfolio has been delegated to CCLA Investment M8nag¢ment Ltd whi¢h 1$ on¢ of the UK'S largest charity fund monagth The Boardof Truste¢s reviewed its investtnentpolicy and cOnfi¢dthat1terna1ns the PYTPOS¢ of the Inv¢stsnentPortfolio to provide the Institution with income whilst maintaining the value of capitsl in Tekl tern)s. As such the invesnneni aim is to generate aminimum iotslyetum in excess of inflation (UK RPJ)over 4 5 y¢ar [TrEr1(. The Board is currently undertaking a review of the use of ihe invested endowmeni funds, th¢ restricted funds and the income of those funds to maximise how these funds ttnefit the Organizalion alld its m¢rnkn' best inleres The value of the investments at end September2025 (£2.50m) has decreased by 12Y. from the previous fmallcial year. Due to continuing volatile market conditions, RINA rKognis¢d a £132k loss CCLA invesknents market value, however th¢ overall investment portfolio value decreas¢d b¢¢ause of the sale of £2(K)k CCLA investment kn f]nanc¢ the operational deficit. Reservu Pollcy The tot81 value of the Institution's fimds {Unrestricted. Restricted and Endowmeni} on 30 September 2025 was £7.37m (2024.. £8.07>. The value of the Unrestricted Funds on 30 September 2024 was £5.61m (2024.. £5.94m)- The value of Restricted Funds on 30 September 2025 was £274k (2024.. £365k). The value of Endowment Funds on 30 S¢ptember 2024 wa5 £1.69m (2024: £1.77m). The totsl value of the Institution's investments on 30 September 2025 was £2.50m {2024.. £2.83m). The Institution's free reserves (unrestricled fimds less designated funds and tangible fixed assets) Sti ai 30 Septrmber 2025 at £287k (2023.. £522k). Th¢ cash holdings stood at £206k on 30 September 2025 (2024: £267k). The Board of TTusiees' policy is to mainthin minimum cash reserves at the l¢v¢l of 3 rnonths fonvard cash outflow from HQ operatillg ¢osts net of rental and invesknent income, namety circa £250k, and to consider reserves in excess of this level for investsnent. To fmance the operating deficit th¢ Trustees rele&%ed £200k ol-investment to cash during th¢ y¢ar.
THE ROYAL INSTITUTION OF NAVAL ARCHITEcrs BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Restrictsd FuNds The Board of Trustees, policy is to use all dividend income from Restried Funds to assisl and enable the ¢oTrtinuing aiiid¢nii¥ dnd prtsi¢¥si(Trnal developineni 01 iiieinb¢TS. Prize funds are awarded for outsthndin¥ articles published in the Insiituiion'siounials. Srholarship funds supEx)n SDJdeni attendance at conferen¢es and other events and provide for onlin¢ learning. Benevolent funds provide membershipfitnding to rnernbers in fvll-timeeducattonand assis¢anceto other memb¢ requiring fjnancial support. Charity trnstees are expe¢ied to review the purposes and tenns of theiT fimds from tirne to time and to tsk¢ steps to change Ihem if they become oui of date or no longer provide an ¢ffective use of the fvnds. In 2024123 the Board of Trustees undertook an ¢xtensive review the use ofendowment fijndsand restricted funds and lh¢ in¢ome ofthose fundgto maximize how these funds benefit the Organization and its members best interests. The Board undertook extenslve consultation with various 5thk¢holders, in¢luding members, donors and academics. and resolv¢d to apply to the Charity Commission io amendlng the purposes of all of the scholarship and prizes funds to the advancement of education in ih¢ fi¢ld of naval architecture and maritime engineering and merging all the fimds tnto ffle fimd. ]n D¢¢ 2025 (post balance shttt) the Clwity Cornmi5$ion cottfirnied that they consent to th¢ restrncturing of the Scholarship and Prize nds. This that forn) that da all of the small Scholarship and Prize ttds are merged into one fund held for th¢ purpose of the advancement of ethcation in the field of naval architecture and mariiime engineering by suth means a$ IUNA thinks fit. The peLartent endowment restridions have been lifted, meaning that th¢ capital as well as the income can be spent. The new fund is called th¢ RtNA Education and Continuous Prof¢$sional Dev¢lopment Fund. PRINCIPAL RISKS AND MITIGATION The Tstee$have identified the followingprineipal risks asthose most relevanttothe Inslitytion's king-terni sustainability, reputation and stregi¢ success. These Tisks aTe activety mooitored through the Risk R¢¥is¢¢r and are subject to ongoing review by the BoaTd. RISK MJTIGATION Strategic Positioning and Rel¢v¥n¢t That the Institution fails to arti¢ulate and reinforce a clw, distinctlve ition within incTlg1Y ompe¢itiv¢ and fr4mented professional 18ndscape, resulting in reduced relevance to current and prOeCtive members. A new strategi¢ positioning has been adopted that reinforce5 RfNA's unique role &5 the onty professional body that is focuse(L globalty portable and internationally connected within naval archit¢ctur¢ and moritime engineering. This Fa)Sitioning 15 18 embedded ¢ort%istently across membership, events. publitiOnS, p&therships and ¢ommunications, SUPPDrted by regular Board oversight. 2. M¢mber$hip E#gxeemen¢ #nd Value PropositlOD That the Institution doe5 nol meet evolving membeT expectations for accessibility, professional d¢velopm¢nt and tangible value, leading to declining engagemeni and reiention. Inveslrnent 1% underway in a digitsl-fir5t membership expeTience, strengthened professional development and CPD provisTon, clearer progre55ion pathways, and enhanced access to tschnical knowledge. evenis and publications. Member insight feedback mechanisms inforn) continuous improvement, with PT0¢Ss monitored by the Inclu$iort Prof¢ssion41 Focus That efforts to broaden engagement with 0¢laled professions could Dllutkll of The Inst1110n has adopted a clear frBmewot* that protects prestige anchors for Naval Architects and Maritime Engineers. while engagiTJg associated professionals explicitly to strengthen professional dialogue rnther than to broaden chartered status. StsndaTth for PTofessioAvdl
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES? REPORT FOR THE YEAR ENDED 3(J SEPTEMBER 2025 dilute th¢ Institution's spectalist identiry, professional standards or rc¢ived prestige. recognition remain protected. ensuring inclusion strengthens rather than weakens the Inslitulion's positioning. Fin4ncial Sust#inability Revenue Dependence That declining membership OT over- reliance on a limited number of income stream5 could adversely affert f)nancial re5ilieDce and the Institution's ability to inv¢sl in strategic priorities. The Boyrd oversees a diversified income 5tral¢gy ¢n¢ompassing membership, evenis, publications, partnerships #nd business developrn¢nt. Finan¢ial controls. inyestment and r¢serve$ poli¢ies 4r¢ T¢vi¢w¢d annually. supported by intemal and external audit. A n¢w¢d focus on membership growth and experienc¢ und¢rpins lon8- tenn Tevenue susiainability. 5. Governance Capability Thot weaknesses in governonce, ITUStee capabi]ity or organisational capacity could undern)ine effective decision- makin& compliance or delivery of the strategy. and Organisational Trustees T¢C¢iV¢ l)ngoing training and guidance aligned with Charity Commission requirments. Governance stnJctUTe5, Ternis of Reference and luecession plaming are trviewed regularly. Inv¢5¢m¢nt in staff d¢v¢lopment and systems supports organi5ational capability, resilieDce and continuity. 6. Reputstton. Trllsl #lld ProfessiDDal Integrlty That failure to uphold the highest standards of professional integrity, ethics or quality could damage the Instituiion's reputation and public trnsl. The Institution's Royal Charter, Code of Conduct and prof¢55ional standanls remain Central to all a]VIty. Technical Committ¢e5, publications and ¢vents main¢ain rigorous quality control. NGO statUS at the International Maritirne Organization supports professional influence and r¢infoT¢¢S RINA'S standing as a tnjsred authority. The Board routinely reviews cashflow, income and expenditure in both short and long terni to manage fjnancial risk. Remunerntkjn of key p¢rsollnel The remuneration of senior members of tbe Secretariat is reviewed and d)geS approved annually by the TTusI¢¢s. Fllndratslng The Institution does not cany out any aclive fundraising. nordo¢s it engage with any third party or professional fidrls¢rs and therefore has not SI¢d up to any fundrnising standards. There have been no fundraising ¢¢)mplaints received during the year {2024: none). Complaints are ¢onsidered by th¢ Board or by independent non-Board m¢rnbers as appropriate. Statement of the Bo4rd of Trust¢¢s' r¢spott$ibili¢lts Law applicable to chariti¢5 in England and Wales requires the Thstees lo prepare financial statements for each fmancial y¢ar which gtv¢ a true and fair view of the Institution's fmancial a¢tivi¢i¢s during the year and of ils financial position at ¢h¢ end of the year. In preparing fmancial statements giving a tsve and fair view, the Board of Trnstees should follow be practice and.. Selecl suitable a¢¢ouniing Foli¢ies and apply them consistently. Make judgements aDd estimates that are reasonable and prudent. State whether applicable acwunting Standards have been followe4 subject to any material depareS disclosed and explained in the financial stat¢m¢nl$. Prepare the fmancial statements on a going concern basis unl$ it is inappropriate to PT¢surne the Instirntion will continue in operation. The Board of TEUSte¢s is rcsponsibk for keeping accounting records whith disclose with reasonable accuracy the fmanciai 10
THK ROYAL INSTITUTION OF NAVAL ARCHITECTS BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 21)25 position of the Institution, and which enable them to ascertain ihe flnancial position of the Instittjtion, and which enable them to ensure that the financial Statements comply with applicable law. Th¢y ar¢ also responsible for safeguarding the assets of the Instittition and hence for taking reagonable steps for the dde¢tion and prevention of fraud and other Dilelosure of informgtlOD to auditor The Trustees who held office at the dat¢ of approval of this Board of Tn)$tees' Report confm tha¢ as far gs they are each There is no leVant audi¢ information of whtch the auditor is unaware. and Each Tntstee has taken all steps that ihey ought to have taken as a TTUStee to make themselves aware of any relevant audit itrforniation and to establish that the auditor is aware of lnforntion. Awditor Haysmac LLP h&ve expressed their willingr*ss to continue in office as auditOTS and a resolution proposing their re- appointment will be submitted at the Annual General Meeting. Signed on behalf nf the Board of Trnstees: D N MonKbudis Trustet ]% January 2026
INDEPENDENT AUDITORS, REPORT TO THE BOARD OF THE ROY AL INSTITUTION OF NAVAL ARCHITECTS Oplnion We h&ve aiidited the finAnciAI Thiemei8 (Ff ihe RnvAI Inqiihtrinn nf Naval Architert fr ihe veHr ended 11) %epiemher 20?5 Ml)ich Loiiipris¢ the SiJteintriii ofFii)aiicial ALiiviiie& ihe Balajice Sheel, the StaL¢Jii¢Jit ofcd&h Flows aiid i)oies to the financial stat¢rnenls, including a summary of significani accounting policies. The fw¥n¢ial reporting framework that ha5 been applied in their pr¢paration is applicable law and United Kingdon] Accounting S¢andards. including Financial Reporting Standard 102 The Financial Reporlin¥ slartdiydapplabJe in ihe UK andR¢pNblic oflr¢lond(United Kingdom Gen¢rally A¢¢¢pted Accounting Ptzciice). In our opinion, the financial st2temenL8.' give a true and fair view of the stale of ¢h¢ charity's affairs as at 30 Sept¢mb¢T 2025 and of the charity's net movement in funds for the yeaT then ended,. have been Properly prepared in accordan¢¢ with United Kingdom Generally Accepted Accounting Prd¢¢K¢' and have been prepared in accordance with the reqUientS of th¢ Charities Act 2011. BASIS for oplnloD We have been appointed as auditor under section 144 of the Chariti¢5 A¢t 2011 and rel in accordance with the Ad and relevant regulations made or having effect thereuDder. We conduct¢d our audii in accordance with International St8ndards on Auditing (UK) (ISA5 (UK)) and applicable law. Our r¢sponsibilities under tbose standar(ts are further described in the Auditor's res}nsibl1]tieS for the audit of the fmanciol statememts section of our report. W¢ are independent of the chariry in accordance with the ethical requirem¢nl5 that are relevant to our audit of the f]nancial statements in the UK, includin¥ the FRC'S Ethical S¢andar4 and we have fijlfjlled our other ethical TespoDsibili¢i¢s in accordance with these requiremen15. We believe that the 4udii ¢vAdence we have Obtain is sutTicient and appTI)priate to provid¢ a basis for our opini(. Conclusions relating to going concern In audiiing the fclaI statements, we have conclud¢d th th¢ fr*teeS, use of the going concern basis of acwunling in the preparation of the fll)ancial slatements is appropriaie. Based on the WOTk we have FerfonD¢d. w¢ have nol identified any material uncertaintie5 relating to events eonditions that, individually or collectively, rnay ¢&st significani doubt on the Charity's ability to Continue going coneern for a p10d of at least Iwelve month5 frorn when the fmancial statements are authoT15ed for issue. Our responsibilities and th¢ r¢5w>nsibilities of the trustees with respect to going conc¢m are described the relevant se¢lions of this reporl. Other inforni¥tion The trustees ar¢ responsible for the other infornhation. The other inforniation comprises the infonnation included in the Trustees, Report. Our opinion on the fjnancial statements does not ¢over the other inforn)aiion and, except to the exlenl otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In tonnection with our audit of the fmancial statements, l)UT responsibility rs to read the other inforniation and, in doing so, consider whether the other inforn)ation is materially inconsistent with the financial statements or our knowledge obiained in the audit or oihenvise appears to be materiplly misstated. If we identify such material inconsistencies or apparent material misstatements, we are requir¢d to detemine whether there is a material missta¢ernent in th¢ financial statements or a material misstatement of the other infomiation. If, based on The work we have perfornie(L we ¢0clude that there is a material mi55latemtst of this IAher infomiation, we ore req]red to rq)ort that fad. We have nothing to repon in this regard. Matters on which we are required to report by exeep(lo We have nothing to report in respect of the following matters in Telation lo whieh the ChaTiiies (Accounts aDd Reports) Regulation5 2008 require us io report io you if, in our opinion.. adequate accounting records have noi been kept by the charity. OT sufficient accounting records have not been kept. or the charity financial statements are not in agreemeni with the accounting records and returns. or we have not received all the inforn)ation and explanations we require for our audit. 12
INDEPENDENT AUDITORS, REPORT TO THE BOARD OF THE ROYAL INSTITUTION OF NAVAL ARCHITECTS (continued) RespoJ)slbllllles of trustees for the 1Snaneial statements A8 explfvined mnre fiillii in rhe mioiee£' re4ponlllII1eS qtatement set oiit on pa* g the miqtee£ are $[n81b]e for the preparniion of ihL financial sweiiieiiis and for beiiig saiisfied thal the). ¥ive d ITU¢ aiid fair viem. and for sucli iiiierjial ¢ontrol &8 the tm5tees deterniine is necessary to enable the preparation of fmancia] staiements that are free from nterial misststem¢nL whether due io fraud or em)r. In preparing ihe financial sthtements, the trnstees are re5pons11)le for assessing the charity's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of a¢¢ountAtig nless the trnstees either intend to liqutdate the charity or to operations, or have no realisti¢ alternative but tr) do so. Audltor's r&8ponslbllltles for the audlt of the finan¢iwl s¢atem¢tsts Our objectives are to obtain reasonable assuTance about whether the fu)ancial statements a5 a whol¢ ar¢ fr¢e from mateTial misstatement, whether due to fraud or error. and to issue an auditor's report thal includ¢5 our opinion. Reasonable assurance is a high level of a55uran¢¢ but is not a guarantee thai an audit Conducted in a1)rdance with ISA$ (UK) will always detect a material misstateJn¢nt when it exists. Misstatements can ar15e from fraud or error and are considered material ic individually or in th¢ aggregate. th¢y could reasonably be expected io iDflu¢nc¢ the cconomic decisions of users taken on the basi5 of these fitYdncia] statements. ltT¢gularitie4 including fruu(L are inst4n¢¢s of nonThcompliance with law5 and r¢gulations. We design procedure5 in line with our responsibilitie8 outlined above, to detect material misstatements in re5PKt of irregularities, including frau(L The extent to which our pro¢Vre3 are ¢apable of detecting iegular1tIes. includillg fraud is drtailed below.. Based on our understandin¥ of the charity and the environment in whirh it OPEfdtes, we idenlified that ihe principal risks of non-¢ompliano¢ with laws and regulations related to the Chariti¢s Act 2011 and GDPIL and we considered the extent to which non-complianee might have a material effect on the fu)anfjial statements. We also considered those laws and regulations that have a direct impact on the preparation of the fuwirial Statements such as Charity SORP, and Considered other factors such as payroll tsx and VAT. We evaluated management's incentives and opportunities for fraudulent MjPUlatIon of the fthartcial statements (including ihe risk of ovetTide of controls) arjd d¢l¢rTnined that the principal risks were related to polling inapprwate joumal entries to income and management bias in UtIng estimates. Audit procedures perfomled by the engagement team included: Inspecting corresEx)ndence with regulatOTS and tsx authorities. Discu55101JS Wlth management including consideration of known or SuS¢ted instances of nott4ompliwJ¢e with laws and regulation and fraud. Evaluating Tnanagement's controls designed to prevent and detect irregularities. Identifying and testing journa15, in particular journal entries posted with unusual account combinatioms, postings by unusual us¢r5 or with unusual descriptions. and Challenging assumptions and judgem¢nl5 made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk thal we will not det¢¢1 all irregularities, including ihose leading to a material miss¢at¢rnent in the fthancial ststements or non-compliance with rcgulation. This risk increase5 the milre that compliance with a law or regulation is removed from the ¢vents and transaclions reflected in ihe financial statements, we will be less likely to become aWe of instances of non-compliance. The risk is also greater regarding irregularities OCCU1n8 due io fraud rather than cr. as fraud involv¢s intentional cimcealmenL fotEery, colls1on, omissiott or misrepresentation. A fvjther description of our responsibilitie5 for the audit of the financial stsiements is l¢)caied on the Financial R¢porting Council'5 webs&te at.. www.frc.or ilities. This description forms part of our auditor's rqx) 13
INDEPENDENT AUDITORS, REPORT TO THE BOARD OF THE ROYAL INSTITUTION OF NAVAL ARCHITECTS (continued) Use of our report 11)iq rert iq made snlelv rn rhe charirv'8 tnisiees aq a h¢V in arrnrrf%ncr with vcrinn 144 nf the Charitieq Acl ?nl I ai)d r¢¥ula(ioi)s iliad¢ und¢r S¢¢iioii 154 of Ihal ALt. Our audii work has b¢eii uiidertak.en so thai we Iniglii state to ¢h¢ charity's ¢nisiees those mattws we ore required to state to them in an Auditovs report and for no other putP05e. To th¢ fullest extent permitted by law. w¢ do not a¢¢qpt or assume responsibility lo anyone other than the charity's trjstees a5 a body for our audit WOTk. for this rel, or for the opinions we have fornied. Haysmac LLP StatOry Auditors Date.. 10 Queen Strttt Place London EC4R IAG HaysMa¢ LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 14
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 21125 I Irestrted Funds Relrirted Fftdhwment FuDd$ Funds Tntsl 2025 Tntl 2024 Notes Income 4Trd expenditure Ineome #Trd endowments from". Charitable Aelivilies Membership Events blications ,063,167 332,833 339,568 1.063,167 332,833 339.568 1.050,522 489.352 401,125 GrAD DoDatlon5 aDd legacies Investent IDcome 133.774 59.673 193.447 143,915 Total income endoiwm¢nts 1,809,342 59,673 1,929,015 2,084.914 Expenditure on: Charitabk Artivitits Membership Events Publications 991,961 556.392 729.826 14.446 3.016 3,077 ,006,407 559,408 732.903 ,052,716 658,156 ,184,506 Tolal expenditure 2,278,179 20,539 2298.718 2,895,378 Net iTrcorntl(expeNditure) before investment gains1(losse5) (408,837) 39,135 (369,703) (810,464) Gainl{105s) on investment assets 10,11 {30.896) (15,761) (85.344) (132,IJ02) 356.248 Net In¢ before trnnsfers {439.734) 23,373 (85,344} {501,705) (454.215) TTansfers betw¢¢n funds 14. 15 114,329 {114,329) Net movement i& fwnds (325,404) {90,956) (85.344) (501,705) (454215) R¢eon¢iliation of fwnd$ Totsl funds brought forward 5,935,116 365,155 .770,362 8.070,633 .524,849 Tothl carried forward 5,609,711 274,199 1,685,018 756&929 8,07Q634 All amounts r¢lat¢ to continuing a¢tiviti¢s. The notes ort pmges 18 to 28 fom part of these fmancial ststements. 15
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS BALANCE SHEET AS AT 30 SEPTEMBER 2025 Comp*ny No: RCI)00489 2025 2024 Nfiteq FIXED ASSETS Tangible &%sets Intangible tIS Investment Propety Inv¢stments 3.345.689 160,012 1.817,316 2,502,809 3,360.970 235,167 1,817.316 2,834.811 io 7,825.826 .248263 CURRENT ASSETS Debto Cash * bank and in hand 12 143,824 206.012 172.117 267.379 349.836 439.496 CREDITORS: amounts falling due wlthln one ytar 13 {606,734) (617,125) NET CURRENT ASSETS (256,897) (177,629) NET A&SETS 17 7.568.929 ,070,634 CHARITY FUNDS Unrestricted funds General funds Restricted Endowment 14 15 16 5,609.711 274.199 1.685.018 5,935,116 365,155 1,770,363 7.568,929 8,070.634 Th¢ financial stst¢ments were appmved and authorised for issue by the Board of Trn5tees on21January 2026 and signed on their behalf by.. D N Monioudis Trsttt The notes on pages 18 10 28 forn part of these f]nancial statements. 16
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEFfEMBER 2025 2025 2025 2024 2024 Operting actii'itles Net movement in funds Investment gain, (Ios5) Depreciation Investment income {Increa5eyDecrease in debtors In¢reastl(Decrwe) in crediiors (501.705) 13?,002 210,011 (193,447) 28,292 (10,393) (454.215) {356248) 117,152 (143,915) (42,083) 190,063 Net ¢$h outnow frorn operntlng 4etfvltl£s (335,239) {689244) Investlng aetlvltlts tltrch&se of iangible fixed assets Invesbnent ineome Procttds from s21e of investtnents 1119,576) 193,447 2(,(KKj (8205) 143,915 638.987 Net eash Inflow from IDvestiDg activities 273.872 774.697 Movement in eAsh And cash equivaleDts (61,367) 85,453 Cash and cash equivalents at l October 2024 267.379 181.926 Cash and cash equivalents ai 30 S¢pi¢mber 2025 206,012 267,379 Cath and cash ¢quiYalents wmprise Cash ai bank 206.012 267,379 Amalysls of ehanges In net debt Balance at l Oct 2024 Other movements Balance at 30 Sep 2025 C&8h flow Cash at bank 267,379 (61,367) 206,012 The notes on pages 18 to 28 fom] pan of these fmancial sthtem¢Dts. 17
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POLICIES Stgtement ufcoNipli#nee Th¢ finanrial statements are prepared under the historical Cost ¢onv¢niion as modified to include the r¢valuation of investme])ts. The fomiat of the financial statements has been present¢d to comply with ihe Chariiies Act 2011, The Finoncial Repor¢iNg &andard opplicubl¢ in lh¢ UK aFJdlreland ("FRS102") and the Statement of Recommended Practice Accvuming and Reporling ty Charili¢s C'SOIiP") second edition effeetive l January 2019. The Charity is & Public Benefit Eniity as deftned by FRSIO2. b) General Informatlon The Insiitution 18 a charity registered in England and Wal¢s {hlty nurnr. 211161). The Chority's registered Orre address is.. 8-9 Northumberland Str¢¢L London WC2N 5DA. Golttg eon¢ern The Trustees have considered the InstitutiOll'5 firtU budgd5 and c&8h flow forecasts, together with the current financial position within the balance 5he¢t and ar¢ of the view that the Instithtion is a going e¢)nce and there are no material uncertaintie5 which would rast doubt ffl the Institution's ability to Contirtt as going concem. Although there were a couple of high-deficit years and RINA is still foT¢castin8 a deficit year. the Board is actively addressing it including Streali]ng operations to fut costs and reStruCh]rtg the publications business line and addressing the inwm¢ side of the operattons. In addition, there are still significanl unrestricled r¢serve5. ba¢k¢d by investments that can be realised quickly. ¢nsures that the Institution can and will continue to meet it5 fatill obligations when they fall due. In Dec 2025 the Charity Conunis5ion coRf]rm¢d that they consent to the restructuring of the Sdiolarship and Prize funds for them lo be used for th¢ purpose of the advancemenl of etIon in the field of naval architecture and maritime engineering by such means as RINA thinks frt. The pernianent endomrynent restriction5 have be¢n lifted, m¢aning that the capithl as well as the in¢ome con be spent. This resolulion improve5 the going Concern wsili¢)n of IUNA moving forward. d) Signifant judgments Hnd 50urets of estlmatlon uneertainty Theprepardtion of fanCIal statements im compliance with FRS 102 requireythe use ofa¢countingestimate& It also r¢quires management to exercise judgment in applying the Chariry's a¢counting policies. The split between investment propety and fixed assets of the Headquarrer building required some significant esti]nates and judgements. The assumed matd value of the inv¢sttn•Jt prop¢ty and the split measurement8 were bd on Lamberts Chartered Surveyorsvaluion in acrdance with the RICS Valuation- Professional SIdards inc4)rtM)rating the Iniernational Vaknation Standards (January 2020 edilion). The following principal accounting policies have been 8p4)lied". Ineome end0wmets All income and endowmenis are recijgnised when the criteria of entitlemenL mea5ur¢nJ¢ni and probability of receipt have been satisfied. Membership subscriptions and other nne d1Ved from setvices is Tecognised in the period to which it relates. Events income ig recognised in the period in which the eve]]t tskes place. Publication and advertising income is rewgnl5 ihe date the publication is issued and the perfornw)¢e Obligl0ft satisfied. Inv¢sim¢ni income, including inlerest receivable, and 4)ther miscellaneous income aTe accounted for on a ree¢ivable basis. Donations aT¢ a¢counied for on a rtteived basi5. Income from the emdowmeni funds is split between restricted and urw¢5trieted funds according to the slf1¢ ternks of each fund. 18
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMENTS (eontirtued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTINC POLICIES (continued) EApenditur¢ Expendimre is recognised as SLMM as the related liability 15 incurred and has been classified under headings that aggregaie all costs relating to that category. Liabtlities are recognised as soon as there is a Icgal or consmictive obligation committing th¢ Charity to the expendinwe. Employment benefit& including holiday pay, are recognised in the period in which they are earned. Terniination benefits aTe recognised the p¢riod in which the decision 15 made and communicated to the relevant employee(s). Expellditure on ¢h4ritable activities comprises expenditure directly related to the provlsion of events, me]nbership seTvices arÈd publications as well &$ the related support costs. Support costs represent indirect costs relatingto rdising fvndsand the Charity'5 charitable activities. Supwt costs, including governance costs, are allocated to activities ort bases that represent the Trustees. best estimate of actual use. Production costs are allocated on the basis of a¢al expendirnre. other supwrt Costs are allocated prorthionalty b&sed on the income relating to the charitable a¢tivity. Governance cost5 comprise the costs of running the charity, including auditors, remuneration, certain lega] costs and cost5 of Board meetings. Tangible And Intangible Wixed Assets and DepTeci#iio Tangible fixed assets are initially recognised at Cost. Depreciation is provided on fixed asse15 to write off their cost less estimated residual value over their ¢stim*ed useful economic life by equal annual instalments L% follows.. Land Freehold buildings Equipment and fittiJ)gs IT equipment and software not depreciated 20/0 straight line IOVts straight line 20Vts straight line Intangible Assets are tnitialty recogftised at com providing l) it's probable that fufure ecommic benefits will flow to RINA and 2) the cost of the asset can be measured reliably. Directly attributable costs of wst- implementation updates to th¢ Intangible Asset are assessed on a ¢4se-by-¢&se b&gis and li is capitalised if it deem$ to significantly enhance the fvnctionality and value of the Intangible Asset. Intangible A%sets are amortised over their estimated usefvl econornic lif¢ by equal annual insthlments as follows.. 20Y• straight lin¢. The canying values of intangible and tsngible fixed assets ar¢ reviewed for impaiTment in a¢cordante with the requirements of FRSIO2. h) Inveslment5 Investments h¢ld for the I(8-1¢MI to gena3te income or capital growth are carried as fixed assets at faTr value. namety the quoied listed prirc. Realised gains ar¢ th¢ difference between sales proceeds and the carying Yalue of the invesknent. The a]ng value is the fair value at the beginning of the year or the purch&se cost where the investment W&8 aVired during the year. Unreali5ed gains are the change in vklue of investh)ents after tsking into account any movements in investment holdings such as purchases Ind diS}S of investments. Realised and unr¢alised goins ar¢ a¢¢ounted frff within the Statement of Firtaneial Activities. 19
THE ROY AL INSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMENTS {eoDtinued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POLICIES {contlnved) FInacIal iN5trunients fmancial instruments transaction5 that result in the rero8nitiom of financial Sets and liabilities su¢h
s trad¢ and other accounts receivable and payable are accounted for on the following basis:
Ch ond cush equlvalen15 Cash and cash equivalents include cash in hand. d¢posits held at bank& other short-tern) highly liquid investtnents Wlth original mattwiiies of three montlLS or Ic5s and bank overdrafts. Bank ov¢rdrafts, wh¢n applicable, art shown within current liabilities. Deor3 andcrfdirors Debtors and creditors are measured at the tran5adion price less any proyision for irnpairni¢nt. Any losses arisimg from impairnient att recognised a5 ¢xp¢Dditiwe. J) Pensions The Institution operdl¢s a group mon¢y rchase personal pension scheme on behalf of its employees. Contriburions to the scheme are r¢cognised as expenditure when they fall due. k) Leases Rentals paid under operating lease5 ar¢ charged to income (m a straight-line basis overthe lease tem). ForeigD currency transactions Trdll5action5 deDominat¢d in for¢i8n currencies are translated into sterling ai the rate njling on the date of the trantIOn. A55¢ts and liabilitie5 denominated in foreign currencies aretrat)slated into sterling at the ruling on thebalpn¢¢ sh¢¢t dat¢. All gains and losses arising from foreign ellrrencytransactionsare accounled for within th¢ Stat¢rn¢llt of FinaDrial Activilies. ) Funds G¢neral fiEnds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is ll¢itheT restricted nor desiated nds. They are Available for use at the discretion of lh¢ TTUSt¢es in furtherance of the general objectives of the charity. Restricted income funds comprise un¢xp¢nded balan¢es of donations and grants held ift Inj to be applled foT specific purposes or accumulated in¢ome derived fn)m investments held 0$ part of the Charity's endowmeni funds. Where funds are given to be held by the lnstiftjtio as capital, they are shown as endowment funds in the financial statements. Expendabl£ endowments are those where the I51 t¢rnis provide for conversion of income to capital under certaiti cir¢umskn)ces, pernianent endowmentg are those for which the capital may not ¢ver E¢ 8ppli¢d as in¢ome. INCOME FROM CHARrrABLE ACTIVITIES 2025 2024 Membership Instition fees EC ftts Prizes. Scholarships and Accreditstions 920,908 125,709 16.550 905,509 119,763 25.250 1,063.167 1.050.522 Events Publicati{S 332.833 339.568 489,352 401.125 £1.735.568 .940,999 20
THE ROYAL INSTITUTION OF NAVAL ARcHEcTs IYOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 30 SEvfEMBER 2025 INCOME FROM INVESTMENTS Tot81 Total 2n24 Dividend% Bank inierest Rents 78.500 5,016 109,931 94.333 5.191 44.391 193,447 143,915 MEMBERSHIP EXPENDITURE Total 2025 Totsl 2024 Salari¢5 Btanch grants EC fees (UK) Prizes and Scholarships Support costs 161.328 18,462 101,62J 8,073 710,919 261,023 13.096 96,727 9,114 672,756 I,(KJ6.407 1,052,716 {2025: 2,(6) memtrts received gt2nts during the year from the Testricled funds. EVENTS EXPENDITURE Tot#1 2025 Totsl 2024 Salaries Support cosls 126,054 433,354 94,S94 563,562 559,408 658,156 PUBLICATIONS EXPENDITURE Tot1 2025 To¢81 2024 Salaries Support ¢osts 391,028 341,875 642,500 542,006 732.903 1.184,506 21
THE ROYAL INSTITUTIO1¥ OF IYAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMEIYTS (eorttirtued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 SUPPORT COSTS Membershlp EveDts PvblicatlOllS Tot812025 HQ costs Comm.AT Production Gov¢rnan¢¢ 482.425 117260 62,665 54,569 151,027 36,709 228.535 17,083 154.083 37,452 132,911 17,429 787,535 191,421 424,111 89.081 716,919 433,354 341,875 1,492.148 Prior year Memlxrship Evelts Publieations Totsl 2024 HQ costs Comm.nT Production Governance 437,443 112,655 79,720 42,938 203,769 52.477 287,315 20,001 167,031 43,015 315,565 16,395 808,243 208,147 682.600 79.334 671756 563,562 s42,(6 1,778,324 HQ, COMAT and Governance costs are allocated to activity in r¢lalion to proportlon of income from activity. Produrtion costs are allocated on an athal basis across each cat¢gory. Governance costs compTiSe.' TotAI 2025 Totsl 2024 Council and Board travel Audit Other professtonal fees 653 19,0(KJ 69,428 1,027 18,0(K) 60,308 89,081 79,335 STAFF COSTS Total 2025 Total 21124 Wages and salarles Temiination payment National insurance Pension contributions 882,195 50,171 105,223 54,129 1,197,111 89,953 139.369 70.005 1,091,721 1,502,438 The av¢rdg¢ numkr of employees, analy5ed by function, was: No. Professional kffairs Events & Markeiing Publishing Adrnjnistr10n 19 24 22
THE ROYAL INSTITUTION OF NAVAL ARCHITEcf6 NOTES TO THE FINANCIAL STATEMENTS {eontlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 STAFF COSTS (contlnued) ¢Jp10>¢¢s re¢¢itr¢d rei)iuneration ii) tl)e rdiige £60,000-£70,000. einplo)'ee received rL"Jiiuntration In tlie range £70,00()-£80,0(X), one employee received renumerdtion in the range of £lOO.00(k£l 10,000. (2024.. Three employees rKeiv¢d reffluneEation in the range £60,000-£70,000, two employee received remuneration in the range £70.IM)0-£80,000, one employee received renumeration inthe range of£90,00(k£100,000 ond one employee received remun¢ratioD ill the rallge £140,000-£150,000). No Irustee5 received ttmunejxtiot) tn the year (2024.. No tretS received remuneration ID the year). Expenses iotalling £1686 w¢re reimbursed during the year in r¢lation to trav¢1 and subsistence (2024- Expenses iotalling £445 w¢r¢ reirnburs¢d}. The aggregate remuneration of the charity's key managemeni personnel 8mounted to £411.863 (2024: £665,605). T ANGIBLE FIXED ASSETS Frethold land d buildin¥5 IT equlpment Flxtures nd rJttiDgs Yotal Cost or YlM41I0 AI 30 September 2024 Additions Transfet DI$)SaI$ 3,546,057 283,366 18.707 65.438 3.894,862 243 18.950 (50,183) (7,567) 157.750) At 30 September 2025 3,546,058 251,890 58,113 3,856.062 Aceumulated depreciatio At 30 September 2024 Charge for the year Transfer5 Disposals 224,428 19,515 259,803 12,390 49,661 2,325 533.892 34.230 (50,183) (7,567) (57.750) At 30 S¢M¢mber 2025 243,944 222,010 44.419 510.373 Net Book V*lue At 30 September 2025 3,302,114 29,880 13.694 3,345.689 At 30 S¢pkmber 2024 3,321,629 23,563 15,777 3.360,970 A proportion of the head otTice pr¢mi$¢5 prop¢rty IS classified as tnvestment prop¢rti¢5 Wlthin tljese financial siatements. This is due to it partially being held for rental purposes. The value of the element of th¢ PTOP¢rty is shown in note 10 23
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMEIYTS (eontiTrued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 INTANGIBLE FIXED ASSETS Intsneible5 Digltsl wip Total Cost or Yaluatl At 30 September 2024 Additions Transfers Disrrt)sals 346,210 346,210 100.626 100,626 At 30 Septemi*r 2025 346.210 I,630 446,836 Acc•mulated depreciatio At 30 Septemr 2024 Charge foT the year Transfers Disposals 111.043 175.781 111,043 175,781 AI 30 September 2025 286.824 286,824 Net Book Value At 30 Sept¢mb¢r 2025 59J86 100,630 160,012 At 30 September 2024 235.167 235,167 111 INVESTMENT PROPERTY At w•luation At l Oet 2024 Additions Disposals Market valu¢ gal11055) 1,817J16 At 30 Sept 2024 1,817.316 Thirty-fiv¢ per¢ent of the RINA head otTice premises are held for Tentsl purposes and are therefore classified as investrnent property in these financial siatements. The investment property component is measured at fair value and is based on th¢ valuation provided by Lambeth Chartered Surveyors a5 at Sept¢rnber 2025. 24
THE ROYAL INSTITUTION OF NAVALARCHITEcrs NOTES TO THE FINANCIAL STATEMENTS (eoDtinued} FOR THE YEAR ENDED JII SEPTEMBER2025 11 INVF.STMF.NTS ITK QITnted Ini'Ntments Market value at l Oci 2024 2.834.811 Additions Disposals Gain (Loss) (200,000) (132,002) Market value at 30 Sept 2025 2.502,809 Th¢ abov¢ investsnents are all held in Unit Trnsts. 12. DEBTORS Due within one year 2025 2024 Trdde deOrS Prepayments Sundry Debtors Tax and social security 89,096 31.720 3,087 19,921 110,043 56,857 4,702 515 143,824 172.117 13. CREDITORS: #monIS falli¢ due withln one year 2025 2024 TTad¢ ¢r¢diiors Ac£nlS Deferred income & Income in advance Tax and soci21 security Other creditors 119.571 96,229 349,762 37.507 3,664 44.596 146,246 363,396 61,191 1.695 606,734 617,125 Moveent irt deferred income income in ¥dwance Brought forward Released into income during the year Inturred during the year 363,396 (363,396) 349,762 262,i06 (262,306) 363,396 CatTi¢d forward 349,762 363,396 Deferred in¢ome comprises membership subwriptions which are to be recognised in the subsequeni financial year. 25
THE ROYAL INSTITUTION OF NAVAL ARCHITECfS NOTES TO THE FIIYANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEFfEMBER 2025 14. UNRESTRicfED FUNDS rT8ln$l (losses) on Inve$tmeTh¢s OpeniNg Balanee Closing B814n¢¢ Income TrD$fers Generdl fvnds 5.935,116 1.869.342 (2.278,179) (30,896) 114,329 5.609.711 15. RESTRIcfED FUNDS Opening Balan¢e {losses) on Investments Cloglng Bal8Dce Exptndlture Transfers Scholarship funds Benevolent funds Prize fimds 265,202 74,472 25,481 30,381 27.047 2.245 (10,924) (6.953) (2,662) {10.444) (3,898) (1,420) (39,953) (74,376) 234.262 16,292 23.645 365.155 59,673 (20,539) (15,761) '(114,329) 274.199 Th¢ lnstituli(,S restricted fundg comwise a 18r8e number of sma]I funds whi¢h have been amalgamated f Teporting purpos¢s under the three main headings above. The Trustee5 administ¢r the funds and make awards from them in acCidanCe with the t¢rn15 of each original gift. Further details appear in the Board of TTUStees' Rew) The transftt from the Benevolent Fund represents an allocation of funds in resp¢¢t of relevant expenditure incuTr¢d 8nd charged to ihe Instituie's generdl fimd. 16. ENDOWMENT FUNDS Openlng G151(1$) o vestments Closing Balance Schoiarghip funds Pernianent endowment Expendable endow]nent 712,427 138,717 (34.344) (6.687) 678,082 132.030 851.144 (41,031) 810,113 Benevolent funds Pernianent en(k)wm¢nt 869,753 (41,928) 827.825 Prize f5 Pern)an¢nt endowment 49,465 (2,385) 47,080 1,770J63 (85,344) 1,685,018 The Institution's endowment funds reprent a large number of small fiu]ds Mthich have be¢n amalgamated for reporting putposes under the three main headings abo¥¢. The income arising from the underlying assets is allocated to the restricted funds shown in Note 15. POST BALANCE SHEET EVENT NOTE: Dated 18 Dec 2025 CharTrty Commission confwmed that they consent to ¢he r¢stnluting of the Scholarship and Prize funds. This means that forni that date all of the small Scholarship and Prize funds are merged into one nd held for the purpose of the advarKement of education in the field of naval archite¢ture and maritime engineering by such means as RINA thinks fit. The permanent endowment restriction5 have b¢¢D lifted, meaning that the capi(al as well as the income can be spent. The new fijnd is called the RINA Education and Continuous Professional Development Fund. 26
THE ROYAL INSTrruTJON OF NAVAL ARCHITECTS OTES TO THE FINAIYCIAL STATEMENTS {ne1ed) FOR THE YEAR ENDED 311 SEFfEMBER 2025 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances ai 30 Septen)ber 2025 are rePsented by.. Unrestricied FuDds Restricted ndy Endowment Funds Totsl Funds Fixed assets Investment Property Investhients CuTrent assers Current liabtlities 3,505.701 .817.316 506,601 349,836 (569,743) 3.505,701 1,817,316 2,502,809 349,836 (606,734) 311,190 1,685,018 (36,990) Total net assets 5.609,711 274,199 1,685.018 7,568,929 Fund balances at 30 September 2024 are repres¢n¢¢d by: Unrestricted Funds R¢stTi¢ted Funds Emdowment Funds Total Funds Fixed assets Investh)enl Proixrty Investh)ents Cu)Tent assds Cu)Tent liabilities 3,596.136 1,817,316 737,498 401,292 (617,125) 3.596.136 .817,316 2.834.811 439,496 (617.125) 326,951 38,21M 1.770.362 Total net assets 5.935,117 365,155 1,770,362 8.070,634 I& FUTURE FINANCIAL COMMITMENTS (a) OPERATING LEASES At 30 September 2025 the charity had annua] cornmilmenls under operdting leases as set out below: 2025 2024 Operating leases which expire.. In less than one year Jn the sewnd to fifth year 6,872 16,840 7,491 23,712 23.712 31,203 19. RELATED PARTY TRANSACTIONS The were no dis¢losabl¢ T¢ed tArty tran¢110n9 during th¢ year (2024.. Don¢), 27
THE ROYAL INSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEvfEMBER 2025 20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unre5trieteil R¢slricted Elldotnent Fuod$ Funds Fllnds Totsl 2024 Not Ineome and expenditure Ineome and elldowments frrlm: Charltsble Actlvltks Membership Evw]t5 Tb]IcatiOnS 1,050,522 489.352 401,125 1,050,522 489.352 401,125 Grants, DoDa1ions Dd ley¢i¢* IDves¢Jnent income 84.581 59234 143,915 Tot41 itt¢ome eftdowmts 2,025,580 59.334 2,084,914 Expenditure on: Charitable Aetfvbtles Membership Events Publications 1,024.345 658.156 1,184.306 28,371 1,052,716 658,156 1.184.506 TotAI expenditure 2,867,007 28,371 2.895,378 Net Incomel{expenditllr¢) before Investment gaiDsI(Ios) (841.427) 30,963 {810.464) Gainl(loss) on investment as5els 10.ii 150.308 32.104 173,837 356249 Net in¢om¢ before transfers (691,119) 63,067 173.837 (454,215) Transfers betsveen fund5 14. 15 46,490 {46,490) Net movement in fuDd3 (644.629) 16.577 173.837 (454215) Reconciliation of funds Total ful5 brought forwaTd 6,579.745 348.578 1,596.526 ,524,849 Total fund5 carried forward 5,93S116 365,155 1,770J03 &O70,634 28
THE ROY AL IIYSTITUTION OF NAVAL ARCHITECTS NOTES TO THE FINANCIAL STATEMENTS (¢ontittued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 21. UNRESTRicfED FUNDS Optning Balance {10sge5) on Inve5tm¢Dts C105ing B*lanee IAeome Expenditure Transfers Generdl fu 6,579.745 2.025,580 (2,867,007) 150.308 46,490 5.935,116 22. RESTRICTED FUNDS GAinsI (1e$) o Investments Opening Balance Closing Balanee ID¢ome Eipenditure Tran$lers holar5hip fvnds Ben¢volent fund5 Pri 234,490 87.524 26,564 30,209 26,893 2,232 (12,280) (9.884) (6,207) 21273 7.939 2.892 {8,490) (38,000) 265,202 74,472 25,481 348,578 59,334 (28,371) 32,104 (46,490) 365.155 The Institution's restricted funds comprise a large number Of small funds whi¢h have been am&lgamated for rerti1)g purp)ses under the three main headings above. The Trnsteeg Admitiister the fijnds and make awards from them in accordance with the tern)s of each original gift. Furth¢T d¢tails oppear in th¢ Board of TnJ#¢¢s' Report. The transfer from the Benevolent Fund represents an allo¢ation of fvnds in r¢sped of relevant eXpditUre incutTed and charged to the Institut¢'s gen¢ral fvnd. 23. ENDOWMENT FUNDS Gain([s} OpeDing BslaD¢¢ on lttvestments Closing Balance Scholarship funds Pernianent eDdowm¢nt Expendable enthwmenl 642,472 125,096 69,955 13,621 712,427 138,717 767,568 83.J76 851,144 Benevolent fuAd$ P¢miart¢nt endowment 784.350 85.403 869,753 Prlze Pernianent endowment 44,608 4,857 49,465 1,596,526 173,837 1,770,363 29