Architectural Association School of Architecture
Annual Report
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Architectural Association (Incorporated) Company No 00171402
2023–24
## ANNUAL REPORT 2023–24
Architectural Association School of Architecture
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## Contents
Reports
6 Legal and administrative information 8 Trustees’ report, including strategic report 20 Independent auditor’s report
Financial statements
26 Group statement of financial activities 27 Balance sheets
28 Group statement of cash flows 29 Principal accounting policies 33 Notes to the financial statements
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## Welcome
The Council members of the Architectural Association (Incorporated) – the AA or the Association – present their statutory report together with the financial statements of the Architectural Association (Incorporated) for the year ended 31 July 2024. The results of the Association’s wholly-owned subsidiary, Architectural Association Publications Limited, have been consolidated into these financial statements on a line-byline basis.
The financial statements have been prepared in accordance with the accounting policies set out in the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable law and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The report has been prepared in accordance with Part 8 of the Charities Act 2011 and also constitutes a directors’ report as required by section 418 of the Companies Act 2006.
relies on the students to contribute continuously to the identity of the school and to critically engage with broader cultural discourse in London and beyond.
Today, the school occupies 10 Georgian houses in the centre of London, as well as a 350-acre woodland site at Hooke Park in Dorset. Quite unlike any other institution operating today, the school offers a broad range of flexible and self-directed programmes, courses and curricula that empower students and staff to challenge the accepted methods within contemporary architectural education and professional practice.
The AA is an Approved Provider registered with the Office for Students (OfS), England’s independent regulator of higher education (The OfS Register). The AA is a recognised body under the Education (Recognised Bodies) (England) Order 2020 following the authority to grant its own taught degrees (Foundation, Bachelor and Master level) by the Lords of Her Majesty’s Most Honourable Privy Council in October 2019 (The Education (Recognised Bodies) (England) Order 2020 (legislation.gov. uk)), and is licensed by UK Visas and Immigration (UKVI) to sponsor student visas. Register of licensed sponsors: students – GOV.UK (www.gov.uk).
The governance arrangements are explained in more detail in the Corporate Governance Statement.
## AA School
Legal and administrative information
Registered office: 34–36 Bedford Square London WC1B 3ES
Company registration number: 00171402 (England and Wales)
Charity registration number: 311083 (England and Wales)
Office for Students UKPN: 10008071
The Architectural Association (AA) is the oldest school of architecture in the UK. The AA was founded in 1847 as a student-centred collective that aspired to radically transform architectural education. The outcome of this is an environment that encourages students to speculate without limitations, take risks with confidence and cultivate individual, radical research agendas that will shape the future of the architectural discipline. Today, we continue to be a school that is constantly on the move, progressively redefining the nature of architecture both in academia and in practice worldwide. As a participatory democracy, this endeavour
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Trustees’ Report with Strategic Report 31 July 2024
Environmental Impact and Carbon Reporting
## Major Developments in the Year
This year, the AA introduced a new scholarship programme for applicants to the school’s five-year course in architecture thanks to the generous support of the Albukhary Foundation. The scholarships have been established to recognise the most academically talented students in need of financial support from one of the UN’s list of least developed countries (LDCs) as well as Ghana, Kazakhstan, Kenya, Kyrgyzstan, Malaysia, Palestine, Tajikistan, Turkmenistan, Uzbekistan and Zimbabwe. The first scholarship was awarded in the 2023–24 academic year, and the programme will continue for the next two years with a total of five scholarships available, contributing to our aim to make study at the school more financially accessible to the most promising students, regardless of their circumstance.
In September 2023, the AA expanded its collaboration with Open City’s Accelerate programme by becoming a university partner, and introducing a package of benefits to help Accelerate students pursue education at the AA. Accelerate offers learning and mentoring opportunities for 16- to 18-year-olds interested in studying architecture, empowering students from underrepresented backgrounds to pursue careers in this sector. As a university partner, the AA will host a series of workshops at Bedford Square throughout the Accelerate course, which will enable students to explore the school and the facilities it has to offer. The package of benefits offered by the AA for applicants through the Accelerate programme makes study at the AA more financially viable for its participants; this year, two Accelerate students were accepted to study on the AA’s academic programmes.
The second phase of refurbishment of the Lecture Hall took place in summer 2024, integrating new audio-visual equipment
and lighting into the space to improve its functionality as the school’s central venue for architectural and cultural discourse. The refurbishment enables swift transitions between different uses and audio-visual requirements, supporting the wide range of different events that take place in the Lecture Hall.
The school community came together to celebrate the end of the academic year in a jubilant graduation ceremony in Bedford Square Gardens, which culminated in the opening of the _Projects Review 2024_ exhibition. During this event, the AA Honorary Diploma was awarded to Farshid Moussavi to honour her achievements in architecture and education; Farshid began her teaching career at the AA.
The school’s international community of alumni enjoyed renewed opportunities to come together and connect with one another this year through a series of gatherings organised by the school in New York City, Seoul, Taiwan, Milan and Berlin, many of which were attended by AA Director Ingrid Schroder.
## RIBA 2020–25 Validation
In October 2020, the Royal Institute of British Architects (RIBA) unconditionally revalidated the AA for five years. The RIBA has revalidated our Part 1, Part 2 and Part 3 programmes until 2025.
## Objectives and Activities
In fulfilment of its charitable objects – to promote and afford facilities for the study of architecture for the public benefit – the AA operates a school of architecture (the school) and delivers a public programme of architectural lectures, symposia, exhibitions and publications.
## Financial Review
In summary, the total income for the year was £23.7m (2023: £23.8m) with expenditure of £23.1m (2023: £21.6m).
The net income of £0.5m (2023: £2.2m) results from some modest cost savings against a breakeven budget. Net assets increased by £0.5m (2023: £2.0m increase), including a net increase of fixed assets of £1.6m (2023: £1.9m increase), as we continue to improve our estate and infrastructure, most notably a refurbishment of the Mark Cousins Lecture Hall and improvements to our digital provision and reflecting the periodic revaluation of our heritage assets.
The financial statements consolidate the results of the wholly-owned subsidiary, Architectural Association Publications Ltd.
## Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty for the preparation of the financial statements are laid out on pages 29 to 32.
## Reserves Policy
In November 2023, the AA Council adopted a new reserves policy which takes a risk-based approach to evaluating the target reserves levels and which set a target level of unrestricted funds of £16.2m as well as a minimum cash holding of £11.6m. This policy reflects sector best practice and the Charity Commission guidance Charity reserves: building resilience (CC19), and will be reviewed regularly. At 31 July 2024, unrestricted funds were £25.8m (159% of minimum) (2023: £25.3m; 156%) and cash holding was £13.2m (114% of minimum) (2023: £13.4m; 116% of minimum).
In November 2024, the AA Council reviewed the target reserves levels in line with the Reserves Policy and has revised the target levels to £15.6m minimum unrestricted reserves and £10.4m minimum cash holding. The actuals as at the balance sheet date are in excess of these levels, as are future forecasts.
The AA is committed to minimising the environmental impact of its operations, as well as promoting sustainable and responsible architecture through our education and research. The AA Low Carbon project (lowcarbon.aaschool. ac.uk) promotes an open and honest dialogue, alongside Climate Matters Week, which brings together the entire school to consider this huge, global challenge.
Annual reporting of the school’s environmental impact, under Streamlined Energy and Carbon Reporting (SECR) requirements, is summarised below:
- UK energy use (kWh): 1,589,900
- • Associated greenhouse gas (GHG) emissions (tCO2e): 308.2
- GHG emissions (tCO2e) per student: 0.341
The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2024 UK Government GHG Conversion Factors for Company Reporting were used in emission calculations. The report has been reviewed independently by Zenergi Limited (trading as Briar Consulting Engineers Limited).
In the reporting period, the AA has taken the following energy efficiency actions:
- Improved metering and monitoring through the installation of five smart electricity meters.
- Students and staff are frequently reminded to switch off the lights where lighting is not required.
- Further installation of more thermostatic radiator valves across the school so users can turn down the heating and mitigate energy waste.
- The pipes in 33-36 Bedford Sq have been re-lagged, reducing heat loss and therefore enhancing energy efficiency for the sites.
- LED fittings are installed as and when needed.
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## Equal Opportunities
The AA aims to create conditions that ensure staff and students are treated solely based on their merits, abilities and potential, regardless of their gender, race, religious or political beliefs, ethnic or national origin, disability, family background, age, sexual orientation or other irrelevant distinction.
## Accessibility
The AA seeks to welcome and accommodate all visitors, staff and students. The Bedford Square premises are not fully accessible to wheelchair users and due to the restrictions associated with listed buildings, resolving this issue is not currently possible. Despite this, the AA is committed to making arrangements that facilitate participation in AA life as inclusively as possible for all visitors, staff and students. The school is actively working to find ways to overcome the accessibility limitations inherent in its premises, seeking solutions that will enable significant improvement in this regard in the future.
## Future Developments
The AA aims to continually enhance its learning and teaching methodologies by envisioning a student experience that is unparalleled within architectural education. The school is embarking upon a variety of projects that will help realise the AA’s five-year plan, which was presented by Director Ingrid Schroder in Term 1 of the 2023–24 academic year.
A new taught postgraduate programme in Conservation and Reuse has been developed by the school to open for applications in 2024, and will be validated at the end of the year ahead of its first intake of students in September 2025. The programme, which is led by Amandine Kastler and Rod Heyes, will result in either a Master of Arts (MA) or Postgraduate Diploma (PGDip) award, and for the first time will offer both full-time and part-time study options. It is central to a set of school-wide strategies at the
AA that ask how innovation in materials and fabrication can address problems of relative value, resource conservation and cultural significance.
Work will continue in the coming year on a project to interrogate and disseminate the contents of the DTA archives which are held at the AA. The school was awarded a Graham Foundation Institutional Grant in 2023 for the project, which is titled _Entangled Archive: A Digital Framework for Collecting and Sharing the Dispersed Legacy of the AA Department of Tropical Architecture_ . The project will catalogue and digitise existing archival material, and trace the legacy of the department through interviews, outreach and research. A new online platform for the project is in development, aligned with the work on the new AA website, to make the DTA material in the AA Archive more readily available to researchers worldwide.
As part of an enhancement to the Taught Postgraduate Programme and its nine programmes, courses will be introduced that connect students to shared research skills and methods through digital design tools, software, methods of fabrication and technique, and digital and physical model-making. The consolidation of courses will allow for cross-collaboration between the programmes, creating new forms of practice for students within and beyond their areas of focus.
Several new titles are in development and production as the school continues its renewal of publishing activities through AA Publications. A relaunch event for AA Publications is planned for Term 1 of the 2024 –25 academic year, to celebrate the publication of the first new titles to result from the open call for proposals issued by the AA Publications Editorial Board in 2023. The event intends to foster discussion around ways in which the school can continue its legacy of contributions to critical architectural discourse. Open calls for publication proposals will continue to be issued by the Editorial Board on an annual basis.
A project is underway to develop a new website for the AA, which will improve the design and user experience of this vital online resource for the school. Following the development of a brief by the Communications Studio, Digital Platforms and departments across the AA, the project was put out to tender, resulting in the appointment of Linked By Air as the web design and development consultancy for the project. The new website is scheduled to launch in autumn 2025 and will revitalise the AA’s digital presence, improving accessibility to our programmes and public activities for an international audience.
The new website project will also include a revamped Membership portal which will allow students, staff and alumni to make connections around the world and within the local communities in which they are working. A map-based design will provide members with the ability to locate individuals and groups based on similar interests, expertise and geographic location and will open up new links between our members and practices and institutions around the world.
## Status
The AA is a company limited by guarantee, incorporated on 13 November 1920, registered as a charity in England and Wales on 9 September 1963 and as an Approved Provider with the Office for Students on 18 March 2019.
## Public Benefit
The AA Council believe they have complied with the duty in section 4 of the Charities Act 2011 to have due regard for the public benefit as that term is understood for the purposes of the law relating to charities in England and Wales.
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## Public Benefit Statement
## Education and Research
The school offers the following courses and programmes: the Foundation Course (AA Foundation Award in Architecture); the Intermediate Programme (years one to three of the five-year course in architecture), leading to the award of BA(Hons) (ARB/RIBA Part 1); the Diploma Programme (years four and five of the fiveyear course in architecture), leading to the award of MArch and the AA Diploma (ARB/ RIBA Part 2); and nine Taught Postgraduate Programmes leading to MA, MSc, PG MArch, MFA and Taught MPhil awards.
The AA is an Accredited Research Centre (ARC) of the Open University for the delivery and validation of PhD degrees. Additionally, applications are taken throughout the year for two RIBA Part 3 courses. In addition to the full-time courses on offer at the AA, a vast array of short courses and workshops take place around the world throughout the year as part of the AA Visiting School, an Autumn and Spring Semester Programme available to students from other universities to experience the AA for a term, and a Summer School, which is accompanied by a dedicated series of Public Programme events. Led by notable architects, designers, critical thinkers and AA tutors from across the globe, these courses aim to generate new forms of discourse, and stimulate creative minds of all ages and backgrounds.
## Public Programme and Publications
The AA Public Programme is an ever-evolving collection of lectures, exhibitions, workshops, symposia, open seminars, gallery talks, building visits and performances dedicated to contemporary architectural culture. Speakers and participants include emerging architects, artists, scholars and professionals in related fields. Events are free and open to the public, and bring together interdisciplinary audiences locally within
the physical space of the Lecture Hall, and globally in the virtual realm of the AA YouTube channel.
The 2023–24 programme included a series of events entitled Portraits of Practice that explored themes and topics related to feminist practice and the gendering of spaces and objects within architecture and its related disciplines. As part of the Self-Organised: Models for Learning series, conversations aimed to envision a learning environment that can set itself apart from the prospect of a model solely shaped from the prospect of a bureaucratic, top-down model. Exhibitions included _Portraits of Practice_ , exploring the life and work of MJ Long; a series of _Chronograms of Architecture_ developed from Charles Jenck’s iconic evolutionary tree diagrams; an itinerant archive of models and drawings for seven different spaces occupied by the Warburg Institute; and _A Lot with A Little_ , which displayed sensitive and sustainable architecture projects that are economical in their use of resources. The year culminated with _Projects Review 2024_ : the annual end-of-year show which shaped the school’s many units and programmes into five thematic rooms of different scale to think about how we communicate our agendas and ideas.
AA Publications are essential to the cultural and academic production of the institution, and facilitate the development of critical architectural discourse worldwide. They are produced in-house by a team of editors and graphic designers operating under the aegis of the Communications Studio. The department is dedicated to the dissemination and communication of architectural writing and digital content, which includes _AA Files_ , the school’s journal of record, the student-led _AArchitecture_ pamphlet, and a series of books and e-books with authors internal and external to school, as well as social media initiatives. Works published during the year include: the _AA Book 2024,_ celebrating the work of students across the school during this academic year; _Pandemic Objects_ , a collaboration with the V&A and edited by Brendan Cormier; and the reprint of
Sebastian Marot’s _Sub-Urbanism and the Art of Memory_ . Interviews with our Public Programme speakers and a series of readings of essays in _AA Files_ formed part of our podcast initiative.
## Value for Money
By attending the AA school, our students are making a considerable investment in their future, both in time and money. The school provides a structure that allows for an individualised and personal experience, and there are a range of ways in which we provide good value for money.
As a result, this will vary from person to person, based on their course of study, individual needs and interests, and the services and facilities they access. There are four main ways that we offer value for money for students at the AA:
- The quality of teaching and learning, and the value that our students get from their experience of studying architecture both now and in the long term as alumni of a wellrespected architectural school with a global presence
- The wider benefit that studying provides, including transferable skills and career prospects
- The way that higher education institutions benefit society as a whole
- • The efficiency and effectiveness with which the school’s finances are managed – see this report and the Annual Review on Finances – income and outgoings
We are subject to regulation to ensure that we are behaving responsibly and fulfilling our obligations to our students through the Office for Students (OfS), as well as the requirement to publish our financial statements.
## AA Hardship Fund
The AA Hardship Fund (AAHF) continues to support students who made realistic and adequate financial provisions at the outset of the academic year but, due to unforeseen circumstances, were faced
with unexpected financial hardship impacting their ability to complete studies.
The AAHF comprises funds from the school’s annual operating budget and donations received specifically as support to the stated intention of the funding provision. During the year, the AAHF helped 119 students (2023: 130) with funding of £122,950 (2023: £119,500).
## Architectural Association Foundation
The Architectural Association Foundation (charity no 328455), established in 1989, supports the AA in its charitable objects by assisting in funding scholarships, bursaries, educational resources, named prizes and travel awards, as well as specific funding for our Public Programme and staff development opportunities. In 2023-24, the AA received philanthropic income of £246,000 (2023: £235,000) through the Architectural Association Foundation.
## Fundraising Arrangements
While the AA benefits from several generous financial benefactors, it does not engage external fundraisers and has not entered any commercial participation arrangements. All fundraising activity is conducted within the regulations and framework set out by the Office for Students (OfS), and the AA is committed to following best practice in respect of fundraising and guidance from the Charity Commission and Fundraising Regulator. When donations from individuals are received, the AA protects personal data and never sells or swaps data with other organisations. The AA is committed to investigating and responding to any complaints regarding fundraising activities and aims to learn from any issues to improve the institution’s service. During the year, the AA received no complaints about fundraising activities.
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## Corporate Governance Statement
## Governing Documents
The charity was established under a Memorandum of Association and is governed in accordance with the object and powers set out in its governing documents, the Articles of Association and By-laws (last amended 24 July 2017).
## Objects of the AA
The objects for which the AA was established are to promote and afford facilities for the study of architecture for the public benefit.
## School Community
The School Community, comprising students, staff and Council members (with the exception only of the School Director), is a feature of and forum in the AA’s corporate governance which facilitates the school’s ethos of participatory democracy by acting as both an advisory body to the School Director and as a voting body making recommendations to Council on important matters, including the future direction of the AA School.
## The AA Council
Council is the AA’s governing body. Led by the President, it is made up of Council members elected from the AA’s Membership together with others appointed specifically for skills necessary to oversee the delivery of the AA’s objectives and future strategic direction. Council includes the School Director, an elected staff member and an elected student member, ensuring all constituencies of the school are represented at the highest level of governance.
To facilitate the inclusion on the AA Council of the School Director, a staff member and a student member, the AA received Charity Commission approval in 2017 to include in its Articles of Association
(Art 6(b)) a provision which permits payment to a Council member who is an AA student in receipt of assistantship, bursary or scholarship, to the School Director, or to an employee of the AA, provided such payment is not made to remunerate the person for duties as a Council member and that the number of people so remunerated shall not exceed three. Details of such payments are disclosed within the Financial Statements. Council meets at least four times a year to provide strategic oversight, monitor financial health and review key policies, initiatives, activities and plans.
## Committees of Council
Council delegates authority to the following committees to consider and report on matters within their respective remits.
The Finance and Audit Committee has oversight of a programme of work that offers assurance to Council on the adequacy and effectiveness of the internal control mechanisms, risk management, governance and financial sustainability of the AA. The Committee is responsible for overseeing the financial performance of the AA and ensuring appropriate actions are taken by management in response to any opportunities or risk in respect of financial performance.
The Estates and Infrastructure Committee ensures that the AA is effectively managing and developing its estate and infrastructure for the benefit of AA staff, students and Members, in ways that further the strategic direction of the AA. The Committee ensures the AA is identifying and responding to risks arising from its estates and infrastructure, and is fulfilling its legal and regulatory responsibilities.
The Nomination, Remuneration and Governance Committee oversees the succession planning, selection and recruitment of Council and Committee membership, the President and the School Director. In so doing, it seeks to ensure Council has the right balance of skills and experience to meet the opportunities and
challenges at the AA. The Committee also sets senior mangement and the School Director’s remuneration packages, and keeps under review the effectiveness of the AA’s corporate governance.
The Academic Assurance Committee offers to Council assurance on the quality and standards of the academic provision and that the student learning experience at the school is being monitored, maintained and enhanced. The Committee ensures that the requirements of the validating partners, Professional Statutory and Regulatory Bodies (PSRB) and Office for Students (OfS) are being fulfilled.
## School Director Review and Remuneration
The Nomination, Remuneration and Governance Committee considers a wide range of evidence in assessing the remuneration proposals for those in leadership positions. These reflect the relevant aspects of the remuneration guidance set out by the Committee of University Chairs.
## Statement of Trustees’ Responsibilities
As the AA is constituted as a charitable company, Council members are both charity trustees and company directors. As such, Council members are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice).
Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group, and of the income and expenditure of the group for that period. Under company law, trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company, and of the income and expenditure of the group for that period.
In preparing these financial statements, trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities, the OfS Accounts Direction and the Financial Reporting Standard applicable in the UK and Ireland (FRS 102)
- Make judgements and estimates that are reasonable and prudent
- State whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation
Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confirms that:
- So far as he or she is aware, there is no relevant audit information of which the charitable company’s Auditor is unaware
- He or she has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant audit information and to establish that the charitable company’s Auditor is aware of that information
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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Trustees are responsible for the maintenance and integrity of financial information included on the AA’s website: www.aaschool.ac.uk. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Recruitment and Appointment of Trustees
Council recruits trustees through a variety of methods. Independent members of Council (ie members who are not employed by or studying at the AA) are either elected by the AA’s membership or appointed directly by Council for specific skills and experience following an open recruitment process. Council appoints a student trustee who is elected by the student body and a staff member trustee who is elected by staff. The School Director is an ex-officio member of Council. Independent trustees are appointed for an initial term of three years, renewable by mutual agreement for an additional three-year term. The student member trustee is appointed for one term of three years, on the basis they remain a student of the AA. The staff member trustee is appointed for one term of three years, on the basis they remain a staff member of the AA.
The process is overseen by the Nominations, Remuneration and Governance Committee, and any new appointees receive induction training to introduce them to the AA’s work and to ensure an appropriate level of understanding of governance, legal duties and regulatory duties. Ongoing training is available as and when required, using internal and external resources. Chairs of Committees ensure appropriate inductions for new members of their Committee.
Internal Control Statement and Risk Management
The key objective of the AA’s risk management activities is to ensure policies and internal controls are in place to
manage risks that could impact the AA’s ability to achieve its goals or maintain its reputation.
The AA considers risk under the following categories:
1. Strategy and Leadership 2. Education and Student Experience 3. Environmental 4. Political 5. Economic and Regulatory
The Finance and Audit Committee provides impartial advice to Council on the discharge of Council’s responsibilities for the effectiveness of risk management and internal control and management systems, and for the economy, efficiency and effectiveness with which the AA’s activities have been discharged.
All significant risks inherent to the AA’s operations are identified, assessed and managed as part of this process. The Senior Management Operations group regularly review the corporate risks faced by the AA and the effectiveness of the mitigation. The corporate risk register informs the annual operational plan of the AA, ensuring completion of the agreed mitigating actions.
The AA appointed Azets as the Internal Auditor in 2020–21 and the initial threeyear term ended in August 2024. Azets completed an internal audit of health and safety in 2023-24, with additional internal control and governance reviews being undertaken separately for specialist areas. These reviews included an UKVI immigration compliance audit undertaken by Penningtons Manches Cooper law firm, and an academic governance review being completed by an external HE consultant to support preparations for the AA’s indefinite taught degree awarding powers application. These reviews were all overseen by the Finance and Audit Committee with no significant or reportable concerns being raised. The internal audit services were re-tendered in June 2024, leading to the appointment of a new internal auditor – KGC Audit Ltd – from August 2024. The AA will continue
to utilise its internal auditors and other external specialists as required to support the AA’s oversight and improvements to compliance, risk management, internal controls and governance processes.
The AA adopted a new Risk Management Framework in March 2024, including a risk appetite statement which seeks to improve the identification and scoring of risks taking into account the strategic plan and related risk tolerance levels. For each risk identified, a score is assigned based on the likelihood and impact of the respective risks, and this is score is recorded alongside further mitigating actions to be taken on the Risk Register reviewed at every meeting of the Finance and Audit Committee and biannually by Council.
Council recognises that the application of risk management processes cannot eliminate all risk exposure, especially during a time of geopolitical challenges and vulnerability in the HE sector. This Internal Controls and Risk Management Framework covers the financial year to 31 July 2024 and the period to the date of approval of these financial statements.
## Significant Risks
The most significant risks and uncertainties that the AA faces as an organisation at the time of this report are:
1. Global tensions and instability across the world, and increased conflicts, particularly with the potential for conflicts to spread across the Middle East and beyond. The AA recognsies that these increasing tensions have the potential to cause or contribute to national governments (UK and Foreign) policy decisions that restrict or reduce the ability of students or staff to study at the AA.
The AA has a large international student body and the ongoing conflicts and geopolitical tensions around the world create potential instability for applicants in relation to financial security as well as the ability to obtain the required visas for study in the UK. There is also a risk
of increased use of financial sanctions that could impact the ability of students to come to the UK for study. The AA continues to increase its outreach work through the attendance of academic fairs and joining the Accelerate Programme. This outreach work aims to increase the diversity of students attending the AA.
2. Catastrophic / critical event, including cybersecurity incident, resulting in loss of access to whole or part of AA premises / contents, loss of high-risk personal data or inability to access vital IT systems.
The AA, like all higher education institutions, relies heavily on effective IT infrastucture for its day-to-day operations and for holding vital records. The AA recognises the heightened threat of cybersecurity attacks and the impact these have had on institutions within the UK including their ability to operate, loss of personal data, financial and resource difficulties, and the reputational damage. The AA has been increasing its focus and resources around information security in order to ensure this risk continues to be managed.
3. Failure to maintain the AA as a global leader in architectural education leading to reduction in student numbers impacting the long-term financial sustainability and viability of the school.
Higher education has seen a signficant shift in established business models in recent years, and while the AA has not seen any unplanned drop in student numbers resulting in deficit budgets, the AA must still seek to ensure it actively maintains and grows its reputation and responds to the changing needs and expectations of students of architecture, as well as architectural practices.
A corporate risk register is maintained and regularly reviewed by the Senior Management Team and AA Council.
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## Corporate Governance Statement
|Corporate Governance Statement||||
|---|---|---|---|
|Corporate Governance Statement||External Auditor|Buzzacott LLP
130 Wood Street|
||||London|
|The Council members, who were members throughout the year except where shown, were:|The Council members, who were members throughout the year except where shown, were:||EC2V 6DL|
||||www.buzzacott.co.uk|
|Council members|Appointment/Resignation|||
|23/24||Bankers|HSBC|
||||69 Pall Mall|
|Catherine du Toit (President)|||London|
|Ravin Ponniah (Vice President)|||SW1Y 5EY|
|Mark Bassett|Appointed 15 October 2024||www.hsbc.co.uk|
|Sara Biscaya||||
|Trevor Bolton|||Lloyds|
|Mark Burch|Appointed 15 October 2024||25 Gresham Street|
|Jonathan Brierley|Resigned 30 September 2024||London|
|Alison Brooks|Appointed 17 July 2024||EC2V 7HN|
|Pui Quan Choi|Appointed 17 July 2024||www.lloydsbank.com|
|David Dernie|Resigned 13 August 2024|||
|Omatayo Edem|Appointed 15 October 2024|Solicitors|Anthony Collins|
|David Edgerton|Resigned 15 July 2024||134 Edmund Street|
|Susannah Hagan|||Birmingham|
|Béné Jakel|Appointed 17 October 2024||B3 2ES|
|Caspar Llewellyn Smith|Appointed 15 October 2024||ww.anthonycollins.com|
|Simine Marine|Appointed 19 March 2024|||
|Steven Mertz||Internal Auditor|Azets|
|Trevor Morriss|Resigned 3 June 2024||45 King William Street|
|Joel Newman|Resigned 10 March 2024||London|
|Yael Reisner|Resigned 31 January 2024||EC4R 9AN|
|Madeleine Louise Rohan|Resigned 18 March 2024||www.azets.co.uk|
|Gayatri Salkar|Resigned 21 June 2024|||
|George Sawtell|Resigned 30 September 2024||KGC Audit Ltd|
|Ingrid Schroder|||7 Bell Yard Street|
|Ben Stirling|||London|
|Nick Viner|Resigned 22 June 2024||WC2A 2JR|
|Cynthia Walters|Appointed 17 July 2024||www.kcgaudit.co.uk|
|Stephen Ware|Appointed 17 July 2024|||
|School Director||
|---|---|
|Ingrid Schroder||
|Senior Management Team||
|Mike Aling, Head of Teaching|from 1 August 2024|
|Kate Davies, Head of Hooke Park||
|Ryan Dillon, Head of Communications||
|Belinda Flaherty, School Registrar||
|Anna Font-Vacas, Head of Learning|from 1 August 2024|
|Roberta Jenkins, Assistant to the School Director||
|Mark Morris, Head of Teaching and Learning|to 31 July 2024|
|Joel Newman, Head of Academic Resources||
|Anita Pfauntsch, Head of Estates and Facilities||
|Christopher Pierce, Head of Visiting School and QAA Facilitator||
|Ingrid Schroder, School Director||
|Robert Scully, Head of Finance||
|Manijeh Verghese, Head of Public Engagement|to 20 September 2024|
|Tiger Wang, Chief Technology Officer||
|Michael Weinstock, Chair Academic Committee|to 31 July 2024|
|Head of Research|from 1 August 2024|
|Louise Wilkins, Company Secretary and Head of Legal||
## AUDITOR’S INFORMATION AND SIGNATURES
The Association’s Auditor, Buzzacott LLP, is willing to continue in office and a resolution proposing their reappointment and authorising the Finance and Audit Committee to fix their remuneration will be put to the annual general meeting.
Company number: 00171402
Approved by Council Members on 26 November 2024 and signed on their behalf by:
Catherine du Toit President
Ingrid Schroder Chief Accountable Officer
Company Secretary
Louise Wilkins
18
19
Independent Auditor’s Report to the Members of Architectural Association (Incorporated)
## Opinion
We have audited the financial statements of Architectural Association (‘the charitable parent company’) and its subsidiary (‘the group’) for the year ended 31 July 2024 which comprise the group statement of financial activities, the group and charity balance sheet, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (the United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and the charitable parent company’s affairs as at 31 July 2024, and of the group’s income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- where applicable, funds from whatever source administered by the provider for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;
- the requirements of the Office for Students’ accounts direction 2023–24 have been met; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which is also the directors’ report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report, which is also the directors’ report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of
the audit, we have not identified material misstatements in the trustees’ report including the strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable parent company; or returns adequate for our audit have not been received from branches not visited by us; or
- the charitable parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.
20
21
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charitable company through discussions with management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, data protection legislation, and antibribery, safeguarding, employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, as well as their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reviewing the minutes of trustee’s meetings;
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Auditor’s report.
## Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.
Katharine Patel
Senior Statutory Auditor for and on behalf of Buzzacott LLP Statutory Auditors 130 Wood Street London EC2V 6DL
28 November 2024
22
23
Financial Statements
6T0
1,1
*/
25
Group statement of financial activities (including income and expenditure account) Year ended 31 July 2024
Balance sheets 31 July 2024
||Un-|||Un-|||
|---|---|---|---|---|---|---|
||restricted|Restricted||restricted|Restricted||
||funds|funds|Total 2024|funds|funds|Total 2023|
|Notes|£’000|£’000|’000|£’000|£’000|£’000|
|Income from:|||||||
|Donations and legacies
1
Investments
2
Trading activities
3
Charitable activities
4|-
739
381
22,273|260
9
-
-|260
748
381
22,273|-
9
378
23,118|300
1
-
-|300
10
378
23,118|
|Total income|23,393|269|23,662|23,505|301|23,806|
|Expenditure on:
Raising funds
3
Charitable activities
5|(162)
(22,751)|-
(230)|(162)
(22,981)|(167)
(21,228)|-
(223)|(167)
(21,451)|
|Total expenditure|(22,913)|(230)|(23,143)|(21,395)|(223)|(21,618)|
|Net income before investment gains / (losses)
Investment gains/(losses)
11|480
-|39
10|519
10|2,110
1|78
(1)|2,188
-|
|Net income for the year
Other recognised gains/(losses)
Gains/(losses) on revaluation
of fixed assets
Actuarial (losses)/gains
21|480
657
(60)|49
-
-|529
657
(60)|2,111
-
(160)|77
-
-|2,188
-
(160)|
|Net movement in funds
Reconciliation of funds
Total funds brought forward|1,077
25,338
1,416|49
2,213
(1,416)|1,126
27,551
-|1,951
23,387
-|77
2,136
-|2,028
25,524
-|
|Total funds carried forward|27,831|846|28,677|25,338|2,213|27,552|
The statement of financial activities has been prepared on the basis that all operations are continuing. Further details of restricted funds are given in note 19. The notes on pages 33 to 45 form part of these financial statements. The profit for the year for the purposes of the Companies Act 2006 is the net income for the year.
|||Group
Charity
~~a~~|Group
Charity
~~a~~|Group
Charity
~~a~~|Group
Charity
~~a~~|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
||Notes|’000|£’000|’000|£’000|
|Fixed assets||||||
|Intangible assets
Freehold properties
Long leasehold properties
Other tangible assets
Investments
Investment in subsidiary|8
9
9
10
11
11|499
4,001
13,811
6,893
66
-|383
3,910
13,954
5,352
56
-|499
4,001
13,811
6,893
66
50|383
3,910
13,954
5,352
56
50|
|Total fixed assets||25,270|23,655|25,320|23,705|
|Current assets
Stocks
Debtors
Cash at bank and in hand|12
13|255
1,279
13,177|231
1,168
13,430|45
1,661
12,944|46
1,425
13,293|
|Total current assets||14,711|14,829|14,650|14,764|
|Current liabilities
Creditors:
amounts falling due within one year|14|(6,918)|(7,001)|(6,910)|(6,988)|
|Net current assets||7,793|7,828|7,740|7,776|
|Total assets less current liabilities
Creditors:
amounts falling due after more
than one year|15|33,063
(4,386)|31,483
(3,764)|33,060
(4,386)|31,481
(3,763)|
|Net assets excluding pension liability
Pension liability|21|28,677
-|27,719
(167)|28,674
-|27,718
(167)|
|Net assets includingpension liability||28,677|27,552|28,674|27,551|
|Funds and reserves
Restricted funds|19|846|2,213|846|2,213|
|Total restricted funds||846|2,213|846|2,213|
|General fund
Pension reserve
Revaluation reserve|21
20|17,339
-
10,492|15,670
(167)
9,835|17,336
-
10,492|15,670
(167)
9,835|
|Total unrestricted funds||27,831|25,338|27,828|25,338|
|||||||
|Total funds|18|28,677|27,552|28,674|27,551|
Approved by Council Members on 26 November 2024 and signed on their behalf by:
The parent charitable company has taken the exemption from preparing a separate statement of financial activities, as permitted by section 408 of the Companies Act 2006. The net income for the parent charitable company was £0.521m (2023: £2.025m).
Catherine du Toit Ingrid Schroder President Chief Accountable Officer
Company number: 00171402
26
27
Group statement of cash flows 31 July 2024
Principal Accounting Policies 31 July 2024
**----- Start of picture text -----**
2024 2023
Notes ’000 £’000
Cash flows from operating activities:
Net cash provided by/(used in) from operating activities A 672 (1,241)
Cash flows from investing activities:
Investment income 748 10
Purchase of tangible fixed assets (1,426) (2,317)
Net cash provided by/(used in) investing activities (678) (2,307)
Cash inflow from financing activities:
Repayments of borrowing (193) (193)
Interest paid on borrowing (54) (45)
Net cash used in financing activities (247) (238)
Change in cash and cash equivalents in the year (253) (3,786)
Cash and cash equivalents at 1 August 2023 B 13,430 17,215
Cash and cash equivalents at 31 July 2024 B 13,177 13,430
A Reconciliation of net movement in funds to net cash (used in)/provided
by operating activities 2024 2023
’000 £’000
Net movement in funds, as per the statement of financial activities 1,126 2,028
Adjustments for:
Depreciation and amortisation charge 478 425
(Gains) on investments (10) -
(Gain) on revaluation of fixed assets (657) -
Investment income (748) (10)
Actuarial losses 60 160
Defined benefit pension scheme contributions (231) (231)
Defined benefit pension scheme interest cost 4 4
Mortgage and long-term loan interest 54 45
(Increase) in stocks (24) (4)
(Increase) in debtors (111) (273)
Increase / (decrease) in creditors 731 (3,385)
672 (1,241)
B Analysis of cash and cash equivalents 2024 2023
’000 £’000
Cash at bank and in hand 13,177 13,430
Total cash and cash equivalents 13,177 13,430
**----- End of picture text -----**
## Principal accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
## Basis of preparation
These financial statements have been prepared for the year to 31 July 2024.
The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest thousand pounds.
Critical accounting estimates and areas of judgement
Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.
The items in the financial statements where these judgements and estimates have been made include:
- impairment of fixed assets;
- the useful economic lives of tangible fixed assets;
- the pension scheme obligation;
- the bad debt position; and
- measurement of stock at the lower of cost and net realisable value.
## Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect of the period of one year from the date of approval of these financial statements.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
28
29
## Basis of consolidation
The results of the Association’s wholly-owned subsidiary Architectural Association Publications Limited have been consolidated into these financial statements on a line-by-line basis.
The charity has taken advantage of the exemptions in the Companies Act not to present a separate statement of financial activities. The net income of the charity was £521,000 (2023: £2,028,000).
## Income recognition
Income is recognised in the period in which the charity has entitlement to the income, where the amount of income can be measured reliably and it is probable that the income will be received.
Tuition and membership fees receivable and charges for services and use of premises are accounted for in the period to which they relate. Fees received in advance under the advance fee or deposit scheme are held in the Association bank account and recorded as liabilities until either taken to income in the term when used or else refunded.
## Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is recognised on an accruals basis, inclusive of VAT which cannot be recovered. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.
## Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to FRS 102 (1 August 2014) are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.
On adoption of FRS 102, the charity followed the transitional provision to retain the book value of certain classes of tangible fixed assets as deemed cost but not to adopt a policy of revaluations of these assets in the future.
Assets costing £10,000 or more are capitalised as tangible fixed assets.
Depreciation on freehold buildings is calculated on a reducing balance basis at 2% on cost/valuation for each full year of occupation. No depreciation is charged on freehold land.
Depreciation on long leasehold buildings is calculated on a reducing balance basis over the life of the lease.
A review for impairment of a building is carried out if events or changes in circumstances indicate that the carrying value of the building may not be recoverable.
Depreciation on owned furniture, fittings and equipment is calculated on a straightline basis at 20% per annum.
Library books, video collections and the slide library are included at the book amounts of previous independent professional valuations, subject to reviews for impairment. No depreciation is provided on these assets. The trustees consider that this shows a true and fair view because estimated residual value is equal to current use value. Costs incurred in maintaining the condition of these assets are charged to the statement of financial activities.
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
## Intangible assets
Intangible assets represent development costs incurred in the design and implementation of the Association’s student information system. It is stated at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are amortised over their estimated useful lives, which is estimated at five years and is applied using the straight-line method.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an asset, the amortisation of that asset is revised prospectively to reflect new expectations.
## Listed investments
Listed investments are stated at market value. Gains and losses on disposal and revaluation of investments are charged or credited to the statement of financial activities.
## Stock
Stock is valued at the lower of cost and estimated net realisable value.
## Debtors
Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## Cash at bank and in hand
Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
30
31
Notes to the Financial Statements 31 July 2024
Pension Schemes
## Defined benefit scheme
The Association operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Association. This scheme is being accounted for under FRS 102, with the annually calculated notional surplus or deficit on the funding of the scheme shown in the financial statements as a designated fund entitled ‘pension reserve’ which is deducted from unrestricted funds in the balance sheet. Any surplus or deficit in the scheme at the yearend is shown separately on the balance sheet. Independent qualified actuaries complete valuations at least every three years and, in accordance with their recommendations, annual contributions are paid to the scheme so as to secure the benefits set out in the rules. The trustees note that the calculated notional deficit or surplus can vary greatly from year to year depending on the assumptions made at the valuation date, but with normally little or no effect on short term cash flows. This scheme is now closed to the accrual of future benefits.
## Group personal pension scheme
Contributions payable to the group personal pension scheme are charged to the statement of financial activities in the period to which they relate.
## Operating leases
## Fund accounting
Restricted funds comprise monies raised for, or which have their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.
Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
The revaluation reserve is shown separately to general unrestricted funds.
Pension liabilities that are considered to be very long term are deducted from the general unrestricted funds to show the general reserves available in the short and medium term.
**----- Start of picture text -----**
1 Donations and legacies (Group)
Unrestricted Restricted Total 2024 Unrestricted Restricted Total 2023
funds £’000 funds £’000 £’000 funds £’000 funds £’000 £’000
Donations (bursaries - 230 230 - 223 223
and scholarships)
Donations (other) - 30 30 - 77 77
Total - 260 260 - 300 300
2 Income from Investments (Group)
Unrestricted Restricted Total 2024 Unrestricted Restricted Total 2023
funds £’000 funds £’000 ’000 funds £’000 funds £’000 £’000
Bank interest 737 6 743 8 - 8
Dividend income 2 3 5 1 1 2
Total 739 9 748 9 1 10
**----- End of picture text -----**
- 3 Income from trading activities and expenditure on raising funds (Group)
All income from trading activities and expenditure on raising funds relates to trading and is unrestricted (2023: unrestricted).
## 4 Income from charitable activities (Group)
||Unrestricted
funds£’000|Restricted
funds £’000|Total 2024
£’000|Unrestricted
funds £’000|Restricted
funds £’000|Total 2023
£’000|
|---|---|---|---|---|---|---|
|School fees
Membership subscriptions
Print Centre
Catering income
Other income|21,396
162
209
226
280|-
-
-
-
-|21,396
162
209
226
280|22,081
181
226
224
406|-
-
-
-
-|22,081
181
226
224
406|
|Total funds|22,273|-|22,273|23,118|-|23,118|
|Fee Income Analysis|Unrestricted
funds£’000|Restricted
funds £’000|Total 2024
£’000|Unrestricted
funds £’000|Restricted
funds £’000|Total 2023
£’000|
|Fee income for taught awards
Fee income from non-qualifying
courses|19,593
1,803|-
-|19,593
1,803|20,611
1,470|-
-|20,611
1,470|
|Total fee income|21,396|-|21,396|22,081|-|22,081|
Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.
## Taxation
The company is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
32
33
6 Staff Costs (continued)
5 Expenditure on charitable activities (Group)
**----- Start of picture text -----**
Unrestricted Restricted Total 2024 Unrestricted Restricted Total 2023
funds £’000 funds £’000 £’000 funds £’000 funds £’000 £’000
Cost of charitable activities
School expenses 20,596 230 20,826 19,357 223 19,580
Member services 335 - 335 252 - 252
Book and Slide Library 568 - 568 578 - 578
Print Centre 235 - 235 199 - 199
Publications and 403 - 403 274 - 274
Communications Studio
Exhibitions 129 - 129 96 - 96
Catering 485 - 485 472 - 472
Total funds 22,751 230 22,981 21,228 223 21,451
**----- End of picture text -----**
Included in school expenses above:
**----- Start of picture text -----**
||||
|---|---|---|
|Total 2024|Total 2023|
|£’000|£’000|
|Interest payable and similar charges|
|Long-term loan interest|54|45|
**----- End of picture text -----**
## 6 Staff costs (Group)
The number of employees with emoluments (including taxable benefits but excluding employer’s national insurance and pension contributions) within the following ranges was:
**----- Start of picture text -----**
||||
|---|---|---|
|Total|Total|
|2024|2023|
|No|No|
|£60,001 – £65,000|2|6|
|£65,001 – £70,000|10|8|
|£70,001 – £75,000|6|2|
|£75,001 – £80,000|4|2|
|£80,001 – £85,000|1|1|
|£85,001 – £90,000|-|5|
|£90,001 – £95,000|5|1|
|£95,001 – £100,000|2|2|
|£100,001 – £105,000|3|-|
|£105,001 – £110,000|-|1|
|£185,001 – £190,000|-|1|
|£200,001 – £205,000|1|-|
**----- End of picture text -----**
Contributions of £165,090 (2023: £138,382) were also made to a personal pension scheme in respect of higher paid staff. These contributions were in respect of 32 staff (2023: 27).
Staff costs during the year were as follows:
The School Director’s remuneration was:
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Total 2024|Total 2023|
|£’000|£’000|
|Wages and salaries|11,231|10,115|
|Social security costs|996|936|
|Pension costs|577|519|
|Redundancy costs|22|17|
|Total|12,826|11,587|
|The average number of employees for the year, including full-time equivalents (FTE), was:|
|2024|2024|2023|2023|
|FTE|No.|FTE|No.|
|Academic staff|100|322|88|273|
|Non-academic staff|119|146|108|121|
|Publications staff|3|3|3|3|
|Total|222|471|199|397|
**----- End of picture text -----**
**----- Start of picture text -----**
Total Total
2024 2023
£’000 £’000
Basic Salary 202 187
Pension Contribution 12 10
Total remuneration 214 197
**----- End of picture text -----**
The School Director’s basic salary is 3.4 times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff (2023: 3.7). The School Director’s total remuneration is 3.4 times the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff (2023: 3.7).
The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprised the Council members, the Director and the Senior Management Team. The total remuneration (including taxable benefits, employer’s national insurance and pension contributions) of the key management personnel for the year was £1,455,334 (2023: £1,399,442) in relation to 14 staff members (2023: 14).
No trustees received any remuneration from the group or charity during the year, with the exception of two employees of the AA elected to Council (who each served part of the year) (2023: one) and the School Director. The total remuneration, including pension contributions, made to these trustees during their terms was £295,744 (2023: £295,785).
Travel and subsistence expenses were reimbursed to four members of Council which amounted to £927 (2023: £2,218).
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7 Net income for the year (Group)
Net income for the year is stated after charging:
**----- Start of picture text -----**
Total Total
2024 2023
£’000 £’000
Depreciation
Freehold buildings 70 41
Long leaseholds 142 142
Other tangible fixed assets 202 179
Auditor’s remuneration
Statutory audit 46 44
Other services 3 3
Operating leases 2,014 2,096
**----- End of picture text -----**
## 8 Intangible assets (Group and Charity)
||||||Student||
|---|---|---|---|---|---|---|
||||||Information||
||||||System|Total|
||||||£’000|£’000|
|Cost or deemed cost|||||||
|At 1 August 2023|||||446|446|
|Additions|||||179|179|
||||||||
|At 31 July 2024|||||625|625|
||||||||
|Depreciation|||||||
|At 1 August 2023|||||63|63|
|Charge for the year|||||63|63|
|At 31 July 2024|||||126|126|
||||||||
|Net book value|||||||
|At 31 July 2024|||||499|499|
|At 1 August 2023|||||383|383|
||||||||
## 9 Properties (Group and Charity)
|Freehold land and buildings:
Hooke Park|Land
£’000|Buildings
£’000|Assets under
construction
£’000|Total
’000|
|---|---|---|---|---|
|Cost or deemed cost
At 1 August 2023
Additions|600
-|3,418
77|284
84|4,302
161|
|At 31 July 2024|600|3,495|368|4,463|
|Depreciation
At 1 August 2023
Charge for the year|-
-|392
70|-
-|392
70|
|At 31 July 2024|-|462|-|462|
|Net book value
At 31 July 2024|600|3,033|368|4,001|
|At 1 August 2023|600|3,026|284|3,910|
|Long leasehold properties|34–36|Bedford|37 Bedford|39 Bedford||
|---|---|---|---|---|---|
||Square||Square|Square||
||Restricted|Unrestricted|Unrestricted|Unrestricted||
||funds|funds|funds|funds|Total|
|Group and Charity|£’000|£’000|£’000|£’000|’000|
|Cost or deemed cost||||||
|At 1 August 2023
Additions|540
-|9,118
-|1,500
-|4,226
-|15,384
-|
|At 31 July 2024|540|9,118|1,500|4,226|15,384|
|Depreciation
At 1 August 2023
Charge for the year|59
5|965
84|162
13|244
41|1,430
143|
|At 31 July 2024|64|1,049|175|285|1,573|
|Net book value
At 31 July 2024|476|8,069|1,325|3,941|13,811|
|At 1 August 2023|481|8,153|1,338|3,982|13,954|
## 10 Other tangible fixed assets (Group and Charity)
||Furniture,||Library|Slide and||
|---|---|---|---|---|---|
||fttings and||books|video||
||equipment|Archives|collection|library|Total|
||£’000|£’000|£’000|£’000|’000|
|Cost or deemed cost||||||
|At 1 August 2023
Disposals
Revaluation
Additions|5,225
(2,609)
-
1,086|280
-
44
-|1,285
-
229
-|2,409
-
384
-|9,199
(2,609)
657
1,086|
|At 31 July 2024|3,702|324|1,514|2,793|8,333|
|Depreciation
At 1 August 2023
Disposals
Charge for the year|3,847
(2,609)
202|-
-
-|-
-
-|-
-
-|3,847
(2,609)
202|
|At 31 July 2024|1,440|-|-|-|1,440|
|Net book value
At 31 July 2024|2,262|324|1,514|2,793|6,893|
|At 1 August 2023|1,378|280|1,285|2,409|5,352|
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12 Stock
11 Investments
**----- Start of picture text -----**
Group Charity
2024 2023 2024 2023
£’000 £’000 £’000 £’000
Publications 63 53 - -
Bookshop 147 132 - -
Print Centre 14 19 14 19
Catering 4 2 4 2
Digital Prototyping Lab (DPL) 18 14 18 14
Model Workshop 3 3 3 3
Wood and Metal Workshop 6 8 6 8
255 231 45 46
**----- End of picture text -----**
**----- Start of picture text -----**
Listed investments
2024 2023
Group and Charity ’000 £’000
Market value at 1 August 56 55
Net unrealised investment (losses)/gains 10 1
Market value at 31 July 66 56
Historical cost at 31 July 6 6
The following listed investments are considered to be material within the Association's investment portfolio:
2024 2023
£’000 £’000
JPM UK Strategy Income Fund 61 52
Investments in subsidiary undertakings
Charity £’000
Cost at 1 August 2023 and 31 July 2024 50
**----- End of picture text -----**
13 Debtors
|13
Debtors||
|---|---|
||Group
Charity|
|Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
VAT debtor
Amount due from subsidiary undertaking|2024
£’000
2023
£’000
2024
£’000
2023
£’000
152
490
141
485
14
9
14
10
1,003
553
1,003
553
110
116
110
116
-
-
393
261|
||1,279
1,168
1,661
1,425|
The fixed asset investment in subsidiary undertakings represents the charitable company’s holding in its wholly-owned subsidiaries as follows:
||13
Debtors|
|
|---|---|---|
|||Group
Charity|
|||2024
£’000
2023
£’000
2024
£’000
2023
£’000|
||Due within one year||
||Trade debtors|152
490
141
485|
||Other debtors|14
9
14
10|
||Prepayments and accrued income|1,003
553
1,003
553|
||VAT debtor|110
116
110
116|
||Amount due from subsidiary undertaking|-
-
393
261|
|||1279
1168
1661
1425|
|Subsidiary undertaking
Architectural Association Publications Limited
Hooke Park Educational Trust
Principal activities
Sale and distribution of publications
Dormant
The results of Architectural Association Publications Limited (company registration number 2475416) are summarised below:
2024
’000
2023
£’000
Turnover
367
321
Cost of sales
(173)
(175)
Gross proft
194
146
Distribution costs
(41)
(18)
Administrative expenses
(162)
(146)
Operating (loss)/proft
(9)
(18)
Retained (loss)/proft
(9)
(18)
Capital and reserves
40
49||,
,
,
,|
||14 Creditors: Amounts falling due within one year|Group
Charity|
|||2024
£’000
2023
£’000
2024
£’000
2023
£’000|
||Trade creditors|578
178
577
176|
||Deposits from students and fees in advance|4,990
5,186
4,990
5,186|
||Other creditors and accruals|880
1,183
873
1,172|
||Long-term loan|200
193
200
193|
||Other taxes and social security costs|270
261
270
261|
|||6,918
7,001
6,910
6,988|
||15
Creditors: Amounts falling due after more than one year|Group
Charity|
|||2024
£’000
2023
£’000
2024
£’000
2023
£’000|
||Long-term loan|505
705
505
705|
||Deposits from students|3,881
3,058
3,881
3,058|
|||4,386
3,763
4,386
3,763|
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39
15 Creditors: Amounts falling due after more than one year (continued)
17 Capital commitments (Group and Charity)
## _Long-term loan_
In December 2012, the Association took a £2,600,000 long-term loan to fund the initial phase of its master plan. This is secured over all the Association’s freehold and leasehold properties, and is repayable over fifteen years from January 2013 by monthly instalments. The interest rate is set at 2.8% above the base rate for the term of the loan.
## _Analysis of debt maturity (Group and Charity)_
**----- Start of picture text -----**
2024 2023
Amounts payable for mortgage and long term loans £’000 £’000
Between one and two years 202 200
Between two and five years 304 510
506 710
In one year or less 200 193
706 903
**----- End of picture text -----**
## 16 Lease commitments (Group and Charity)
The charity has commitments in respect of non-cancellable land and building leases falling due as follows:
|The charity has commitments in respect of non-cancellable land and building leases falling due as follows:||
|---|---|
|2024
£’000|2023
£’000|
|Within one year
2,223
Between two and fve years
7,805
Between fve and ten years
2,985|2,276
8,770
4,475|
|13,013|15,521|
The charity has commitments in respect of capital projects falling due as follows:
**----- Start of picture text -----**
2024 2023
£’000 £’000
Within one year 552 58
**----- End of picture text -----**
This is in respect of ongoing works to refurbish the Mark Cousins Lecture Hall which completed in August 2024.
## 18 Analysis of net assets by funds (Group)
|18 Analysis of net assets by funds (Group)|||
|---|---|---|
|General and
revaluation
reserves
£’000|Restricted
funds
£’000|Total funds
£’000|
|Freehold properties
4,001
Long leasehold properties
13,335
Other tangible fxed assets
6,893
Intangible assets
499
Investments
-
Net current assets
7,489
Creditors fallingdue after more than one year
(4,386)|-
476
-
-
66
304
-|4,001
13,811
6,893
499
66
7,793
(4,386)|
|27,831|846|28,677|
|Analysis of net assets by funds (Group – Comparatives)
General and
revaluation
reserves
£’000|Restricted
funds
£’000|Total funds
£’000|
|Freehold properties
3,910
Long leasehold properties
13,472
Other tangible fxed assets
4,141
Investments
-
Net current assets
7,363
Creditors falling due after more than
one year
(3,763)
Pension liability
(167)|-
481
1,211
56
465
-
-|3,910
13,953
5,352
56
7,828
(3,763)
(167)|
|24,956|2,213|27,169|
|Analysis of net assets by funds (Charity)
General and
revaluation
reserves
£’000|Restricted
funds
£’000|Total funds
£’000|
|Freehold properties
4,001
Long leasehold properties
13,335
Other tangible fxed assets
6,893
Intangible assets
499
Investments
-
Investment in subsidiary
50
Net current assets
7,436
Creditors fallingdue after more than one year
(4,386)|-
476
-
-
66
-
304
-|4,001
13,811
6,893
499
66
50
7,740
(4,386)|
|27,828|846|28,674|
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41
19 Restricted funds (Group and Charity)
## 20 Revaluation reserve
**----- Start of picture text -----**
At 1 August Investment At 31 July
2023 Income Expenditure Transfers gain / (loss) 2024
£’000 £’000 £’000 £’000 £’000 £’000
John Dennys Memorial Fund 84 - - - 10 94
Long Leasehold Fund 511 - - (35) - 476
Hooke Park Fund 170 - - (170) - -
AA Foundation (DPL Fund) 1,211 - - (1,211) - -
Miscellaneous School Activities Fund 237 269 (230) - - 276
Total restricted funds 2,213 269 (230) (1,416) 10 846
**----- End of picture text -----**
Restricted funds (Group and Charity – Comparatives)
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|At 1 August|Investment|At 31 July|
|2022|Income|Expenditure|Transfers|gain / (loss)|2023|
|£’000|£’000|£’000|£’000|£’000|£’000|
|John Dennys Memorial Fund|84|-|-|-|-|84|
|Long Leasehold Fund|511|-|-|-|-|511|
|Hooke Park Fund|170|-|-|-|-|170|
|AA Foundation (DPL Fund)|1,211|-|-|-|-|1,211|
|Miscellaneous School Activities Fund|160|300|(223)|-|-|237|
|Total restricted funds|2,136|300|(223)|-|-|2,213|
**----- End of picture text -----**
**----- Start of picture text -----**
|||
|---|---|
|Group and Charity|£’000|
|Balance as at 1 August 2023|9,835|
|Movement in the year|657|
|Balance as at 31 July 2024|10,492|
**----- End of picture text -----**
The movement relates to a fair value adjustment following a valuation of the archive, library and special collection assets.
## 21 Pension schemes
## _Defined benefit pension scheme_
The Association operates a defined benefit plan, which is closed to any future accruals; The Architectural Association (Incorporated) Staff Retirements Benefits Plan.
Contributions are determined on the basis of triennial valuations by a qualified actuary using the defined accrued benefit method. The pension cost amounted to £231,000 (2022/23: £130,596), being the deficit funding contribution.
The most recent triennial valuation was as at 31 July 2021 and showed the market value of the scheme’s assets was £4,490,000 and that the ongoing funding level was 89%. The assumptions which have the most significant effect on the results of the valuation are as follows:
Further details of restricted funds are as follows:
- John Dennys Memorial Fund – To further the study of architecture by endowing an annual visiting lectureship.
- Long Leasehold Fund – Donations towards the purchase of the lease for 34–36 Bedford Square.
- The Hooke Park Fund and AA Foundation (DPL Fund) all relate to restricted funds for the purpose of funding fixed asset additions. These funds have been utilised for this purpose and have therefore been transferred to unrestricted funds.
- Miscellaneous School Activities Fund – Sponsorship for specific teaching programmes and bursaries and scholarships.
- RPI 3.10%
- • CPI 2.70% • Increases to pensions in payments 3.40%
The following information is based upon a full actuarial valuation of the scheme at 31 July 2021, updated to 31 July 2023 by a qualified independent actuary using the FRS 102 guidelines.
The next triennial valuation will be at 31 July 2024 and will be completed in 2025.
## Employee benefit obligations
The amounts recognised in the balance sheet are as follows:
**----- Start of picture text -----**
2024 2023
£’000 £’000
Present value of funded obligations 3,047 3,037
The fair value of scheme assets (3,112) (2,870)
(Surplus) / deficit in scheme (65) 167
**----- End of picture text -----**
The amounts recognised in the statement of financial activities are as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£’000|£’000|
|Interest on pension plan obligations|148|127|
|Return on plan assets|(144)|(123)|
|Total interest expense|4|4|
**----- End of picture text -----**
The pension scheme surplus of £65,000 has not been recognised in the financial statements.
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43
21 Pension schemes (continued)
21 Pension schemes (continued)
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
## _Defined benefit pension scheme (continued)_
The changes in the pension deficit are as follows:
**----- Start of picture text -----**
2024 2023
£’000 £’000
Opening pension deficit (167) (234)
Net interest (4) (4)
Actuarial gain/(loss) 5 (160)
Employer contributions 231 231
Closing pension surplus / (deficit) 65 (167)
**----- End of picture text -----**
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|%|%|
|Discount rate|5.00%|5.00%|
|Rate of increase of pensions in payment|2.80%|2.80%|
|Rate of increase of pensions in deferment|2.80%|2.80%|
|Inflation assumption|3.10%|3.10%|
**----- End of picture text -----**
The trustees have based the mortality assumption on the latest published mortality tables.
## _Group personal pension scheme_
Changes in the present value of the defined benefit obligation are as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£’000|£’000|
|Opening defined benefit obligation|3,037|3,782|
|Interest cost|148|127|
|Actuarial (gain)/loss|42|(760)|
|Benefits paid|(180)|(112)|
|Closing defined benefit obligation|3,047|3,037|
**----- End of picture text -----**
Changes in the fair value of plan assets are as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£’000|£’000|
|Opening fair value of plan assets|2,870|3,548|
|Return on assets|144|123|
|Actuarial gain|47|(920)|
|Employer contributions|231|231|
|Benefits paid|(180)|(112)|
|Closing fair value of plan assets|3,112|2,870|
**----- End of picture text -----**
With effect from 1 August 2007, the Association opened a Group Personal Pension Scheme with Scottish Widows which transferred to Aegon in 2012. The employer’s contribution rates vary depending upon the employees’ length of service. The pension cost charge amounted to £121,051 (2023: £113,778), representing the Association’s contributions payable for the year.
As from 1 April 2014 an Auto Enrolment Pension Scheme commenced with Aegon. The pension cost charge amounted to £507,144 (2023: £452,314), representing the Association’s contributions payable for the year.
## 22 Limited by guarantee
The charitable company’s liability is limited by the guarantees of its registered members. Each registered member has agreed to accept a liability not exceeding £1 should the company be wound up. At 31 July 2024 the total of such guarantees amounted to £16 (2023: £18).
## 23 Related party transactions
The Association expects to contribute £231,000 to the plan in 2024–25.
The major categories of plan assets as a percentage of total plan assets are as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|%|%|
|Equities|7%|7%|
|Gilts|32%|29%|
|Property|8%|9%|
|Cash|8%|5%|
|Diversified Credit Funds|10%|10%|
|Diversified Growth Funds|35%|40%|
|100%|100%|
**----- End of picture text -----**
During the year, the charity provided services of £153,935 (2023: £146,579) and purchased goods and services totalling £70,494 (2023: £46,790) from Architectural Association Publications Limited, a wholly owned subsidiary.
During the year, the charity received a grant of £246,000 (2023: £235,000) from the Architectural Association Foundation, a charity registered in England and Wales (Charity Number 328455) to help fund the studies of individuals through bursaries and scholarships.
44
45
Architectural Association Annual Report 2023–24
Architectural Association 36 Bedford Square London WC1B 3ES T +44 (0)20 7887 4000
Architectural Association (Inc), Registered Charity No 311083 Company limited by guarantee Registered in England No **00** 171402 Registered Office as above
Edited and designed by AA Communications Studio
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