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
s￿l¢ky. li lids ¥idiwii¢J ils iiii¢J'iiJiioJi41 Pi¢S¢Lli¢ by esiabSi511iiix s11di￿lL 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¢ Sur￿55 of these Initi￿1veS 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 b￿Y of the UK Engineering Council.
Vlsktrn - To be recognised Worldwide 85 the Maritime Professiot￿l 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$pe¢t for p¢ople the environment
Professionalism and Excellence
High ethical standards
Integrity
Innovation
OWECTIVES OF THE INSTJTUTION
The objectives of The Royal Instilution of Nav41 Architects are as set out in the Charter of IncoryM)ration 1910 - 'the
improvement of ships and a]1 that specially appertains to them. and the atTangement of Ftriodic meetings for the purwse
of dI￿uSsing practical and scientifi¢ subje¢ts b¢aring upon the design and constwclion of ships and their means of
propulsion, and all th&t relate$ 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 s￿iety.
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
StT*t¢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 cODfere￿te% thnd Profusional Engagement
Thrnughout the year, the Instit￿lOn delivered a strong. diverse and internatio￿allY 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¢ dI￿1p]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.
Publicat￿￿5 and Knowkdee I*ader5hip
The Institution mainthined an active and respected publishing pro8ramme throughout the year, reporting on technical
developments 2crosg the maritime sector and showc￿lng 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 li1￿1) braiich aiid scctioii actii-itie5 fo rcJrh
audiences bevond iheir iTnmediate ¥eouiraphic k*aiion. 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 Diglt*l 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$sue4
including but limited io:
IMO Committee-supporting engagement with international regul￿Ory d¢velopmertisand contributing to initiatives
addressing environmental perforniance and operational impa¢L
Mariti7n¢ Safety Committee- addressing Safety-re]￿ed matters acrosg desig￿ ¢ollsttu¢tionand operation, iThcludin8
¢mergin8 progrdtnmes and specialist areas of vessel safety.
Maritime Environmental Committee
contributing to discussions on ¢nvironrn¢ntrl proieciion and marine
renewable energy, while pr¢paring for refreshed membership and renewed themati¢ focus.
Maritime Innovation Committee - developing insight into the impact of emerging technologies on the maritAme
sector, PTofe55ional practice and the lttstitutiijn itself.
These exampl￿ represent only a small proportion of the ongoing contribution made by committee members in support of
the Institution's objectives and the wider profession, and a part of the 2026 delivery pl8J￿ing is lo more readily surface
this infomiation for members.
Recogwi¢ion, Governan¢e #nd L*&der8hlp
The Institution continued to recognise professional excellence and achieveTn¢nt across all career stsges through its
esthblished F*ogrdmme of prizes and awards.
The Board of Tnjstees remained cen￿} to strategic oversight and governance throughoui the year. Trustee succession
planning ¢ontinlled, ensuring an appropriate balance of skills, ex￿￿er￿¢ and expertise aligned to the Institution's evolving
needs. Trnstees were supported through ongoing development in chariry govemance, regulawry rest￿$]bIlitieS and
commercial and fllwicial oversighL inforn)ed by regular guidance and ￿￿lateS from the Charity Commissi(￿.
Systems Flnance and Investment Oversight
FU1th￿ enl￿ncementS 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¢Slrne￿t 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.
Fut￿re 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 cOmm￿nIcall0nS platfonns and enhanced access to digitsl publications and archives. Continued
investsnent in stsff development and Organ1&￿10￿aI 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, ind￿stry engagement, academic collaboration and OUtr¢￿h to future
geneTations through education and STEM iniiiatives.
Brand dtv¢li)wen¢ will progress in parallel ensuring the Insti￿tiOn 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 Tru*W ¢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
Tr￿tee$
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 Insti￿tiOn'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
t*of¢ssor J B Caldw¢ll OBE PhD Dsc FREng
Dr P J Ush¢r CBE DSC RCNC FR￿A 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 EnVirC￿Ment 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 No￿umberland 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 ￿$0¢l￿ted ¢xp¢nses.
Th¢ valu¢ of th¢ fixed and investment propw assets was £5.32m (2023124: £5.41m). RINA is CUTrently designating 35Vo
of th¢ Headquarters buildtng ￿ invesllnent propety use to gen¢ral¢ long frm rent income from its spare office space.
Net deficit before investtnent 1055es in 2024125 was £370k (2023124.. £810k) and li in¢ludes £SOk redundancy and
rcstrycturillg ¢o$ts. The Ope￿Ing deficit the un￿StriCted 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￿¢dthat1t￿erna1ns 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 Restri￿ed 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 pe￿Lartent 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¢$sional Dev¢lopment
Fund.
PRINCIPAL RISKS AND MITIGATION
The T￿stee$have identified the followingprineipal risks asthose most relevanttothe Inslitytion's king-terni sustainability,
reputation and str*egi¢ 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
incT￿l￿g1Y
ompe¢itiv¢
and
fr4mented
professional 18ndscape, resulting in
reduced relevance to current and
prO￿eCtive 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 ￿1￿8 embedded
¢ort%istently across membership, events. publi￿tiOnS, 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
Dllutk*ll
of
The Inst1￿110n 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 fi￿dr￿ls¢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$ibili¢lts
Law applicable to chariti¢5 in England and Wales requires the Thstees lo prepare financial statements for each fmancial
y¢ar which gtv¢ a true and fair view of the Institution's fmancial a¢tivi¢i¢s during the year and of ils financial position at
¢h¢ end of the year. In preparing fmancial statements giving a tsve and fair view, the Board of Trnstees should follow be
practice and..
Selecl suitable a¢¢ouniing Foli¢ies and apply them consistently.
Make judgements aDd estimates that are reasonable and prudent.
State whether applicable acwunting Standards have been followe4 subject to any material depa￿reS disclosed and
explained in the financial stat¢m¢nl$.
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 lnforn￿tion.
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 *Thieme￿i8 (Ff ihe RnvAI Inqiihtrinn nf Naval Architert* f*r 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¥ slartdiydappl￿abJe 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 reqUi￿￿entS 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 f￿￿claI 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
p￿10d 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 ¢0￿clude
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£' re4pon￿l￿llII1eS qtatement set oiit on pa￿* g the miqtee£ are ￿$[￿n81b]e for the
preparniion of ihL financial sweiiieiiis and for beiiig saiisfied thal the). ¥ive d ITU¢ aiid fair viem. and for sucli iiiierjial
¢ontrol &8 the tm5tees deterniine is necessary to enable the preparation of fmancia] staiements that are free from n￿terial
misststem¢nL whether due io fraud or em)r.
In preparing ihe financial sthtements, the trnstees are re5pons11)le for assessing the charity's ability to continue as a going
concern. disclosin& as applicable, matters related to going concern and using the going concern basis of a¢¢ountAtig
nless the trnstees either intend to liqutdate the charity or to operations, or have no realisti¢ alternative but tr) do so.
Audltor's r&8ponslbllltles for the audlt of the finan¢iwl s¢atem¢tsts
Our objectives are to obtain reasonable assuTance about whether the fu)ancial statements a5 a whol¢ ar¢ fr¢e from
mateTial misstatement, whether due to fraud or error. and to issue an auditor's report thal includ¢5 our opinion.
Reasonable assurance is a high level of a55uran¢¢ but is not a guarantee thai an audit Conducted in a￿1)rdance with ISA$
(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 i￿egular1tIes. 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 M￿jPUlatIon 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 ￿￿U￿tIng 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 aW￿e of instances of non-compliance. The risk is also greater regarding
irregularities OCCU￿1n8 due io fraud rather than c￿r. as fraud involv¢s intentional cimcealmenL fotEery, coll￿s1on,
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 re￿rt 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
Sta￿tOry 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 I￿rest￿rted
Funds
Re*lrirted Fftdhwment
FuDd$
Funds
Tntsl
2025
Tnt*l
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
Invest￿ent 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
Tr￿sttt
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
Oper*ting 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 {￿h￿lty nurn￿r. 211161). The Chority's
registered Orr￿e 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 Contirt￿t 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 Strea￿li￿]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 f￿a￿till 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 e￿￿tIon 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)
Signif￿ant judgments Hnd 50urets of estlmatlon uneertainty
Theprepardtion of f￿anCIal 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 mat*d value of the inv¢sttn•Jt prop¢ty and the split measurement8
were b￿d on Lamberts Chartered Surveyorsvalu*ion in ac￿rdance with the RICS Valuation- Professional
SI￿dards inc4)rtM)rating the Iniernational Vaknation Standards (January 2020 edilion).
The following principal accounting policies have been 8p4)lied".
Ineome end0wme￿ts
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 ￿n￿ne d￿1Ved 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
Oblig￿l0ft 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 s￿lf1¢
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
a￿Vired 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)
FIna￿cIal 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:
C￿h 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.
De￿or3 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 tran￿tIOn. 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 desi￿ated ￿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 I￿51 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
Insti￿tion 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 ARcH￿EcTs
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) memtr*ts 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
Tot*1
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
Adrnjnistr￿10n
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)
¢J￿p10>¢¢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 tr￿￿etS 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 Y*lM41I0
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 Septem￿r 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¢ gal￿11055)
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 de￿OrS
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: #mo￿nIS falli￿¢ due
withln one year
2025
2024
TTad¢ ¢r¢diiors
Ac£n￿lS
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
Move￿ent 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
Tr*D$fers
Generdl fvnds
5.935,116
1.869.342 (2.278,179)
(30,896)
114,329
5.609.711
15. RESTRIcfED FUNDS
Opening
Balan¢e
{losses) on
Investments
Cloglng
Bal8Dce
Exptndlture
Transfers
Scholarship funds
Benevolent funds
Prize fimds
265,202
74,472
25,481
30,381
27.047
2.245
(10,924)
(6.953)
(2,662)
{10.444)
(3,898)
(1,420)
(39,953)
(74,376)
234.262
16,292
23.645
365.155
59,673
(20,539)
(15,761)
'(114,329)
274.199
Th¢ lnstituli(￿,S restricted fundg comwise a 18r8e number of sma]I funds whi¢h have been amalgamated f
Teporting purpos¢s under the three main headings above. The Trustee5 administ¢r the funds and make awards from
them in acCi￿danCe with the t¢rn15 of each original gift. Further details appear in the Board of TTUStees' Rew)
The transftt from the Benevolent Fund represents an allocation of funds in resp¢¢t of relevant expenditure incuTr¢d
8nd charged to ihe Instituie's generdl fimd.
16. ENDOWMENT FUNDS
Openlng
G*1￿51(1￿$) 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 f￿￿￿5
Pern)an¢nt endowment
49,465
(2,385)
47,080
1,770J63
(85,344)
1,685,018
The Institution's endowment funds repre￿nt 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¢stn￿luting 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 {￿ne1￿￿ed)
FOR THE YEAR ENDED 311 SEFfEMBER 2025
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances ai 30 Septen)ber 2025 are reP￿sented 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 Elldo*tnent
Fuod$
Funds
Fllnds
Totsl
2024
Not
Ineome and expenditure
Ineome and elldowments frrlm:
Charltsble Actlvltks
Membership
Evw]t5
T￿b]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 eftdowm￿ts
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 ful￿5 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
(1￿￿e$) o
Investments
Opening
Balance
Closing
Balanee
ID¢ome
Eipenditure
Tran$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
re￿rti1)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 eXp￿ditUre 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