Company registration numbeT". N100069 Chatity registration number. NIC101263 Royal Society of Ulster Architects known as RSUA {A conyany kimited by guarantee) Amiual Report and FillaDrkal Statements for the Year Ended 31 Mgrch 2023 Hopper & Co Charter¢d Accountants & Restered Auditors 6 Doagh Road Ballyclare Co Anttim BT39 9BG
Royal Society of Ulster Architects known as RSUA Contents R¢f¢renc# and Administrative Details Ito2 Tte¢s, Report 3tolO Independettt EKamineVs Rq)ort li Statement of Ftllancial Activities 12to13 Balance Sheet 14to 15 Notes to the Financial Statements 16to28
Royal Society of Ulster Arehfitects known as RSUA Reference and Administrative Detsils Truste¢$ P MoAlister, President J Lavery, Vice President (appointed 27 June 2022) D MacRandal, Immediate Past President K Sinwson. Hon Secretsry M Hare. Hon TreasuTer D Coyles K Crilly R Dougherty (appointed 28 May 2022) J Grieve R Hall C Fearon F Harron A Jones A Keys (Retired 28 May 2022) J LaTmour (Retired 28 May 2022) T Ltaker C Mallon N Matthews J Mccoy A McGee P Monagh2tt (Reiired 28 May 2022) A O'Dohety M Reid C Shaw H Stoleovah G Wilson (resigned 28 May 2022} C BTOWW Co-opted Member (appointed 26 September 2022) Secretary CFOX Other oificers R Caitbness D Mac Laimhin D Meenall S McGurk L Weston Page I
Royal Society of Ulster Architects known as RSUA Reference and Administrative Details Senior Managem¢llt l Leadershlp Mr Ciaran Fo& Director Charity Registratlon Number NIC101263 Compan), Registration Nuniber N100069 The chaLIty is incoTporated in Northern Ireland. 2 Mount Charles Belfast Co. Antrim BT7 INZ R¢gistered Offit¢ Auditor Hopper & Co Chartered Accowitants & Registered Auditors 6 Doagh Road Ballyclare Co Antr&m BT39 9BG Solicitors: King & Gowdy 298 Upper Newtownards Road Belfast Co. Antrin) BT4 3EJ Bankers Danske Bank Limited University Str¢¢t Belfast Co. Antiim BT7 IND Page 2
Royal Society of Ulster Architects known as RSUA Trustees, Report The trustees, who ar¢ directors for the putposes of company law, present the atsnual report together with the funCIal statements of the clwitable company for the year ended 31 MaTch 2023. ObJe¢tive$ and actiTritlvd Objects Aims The principal objectives of the Society are as follows: Good design matters because it biings so¢ial, economic and enviroom¢ntal benefit5. Well designed houses and neighbourhoods make our lives h¢althier, happi¢i and safer and our Conm]utieS stronger. students leam b¢tter and achieve more in inspiiing educationd buildill, r¢cov¢ry times IprOve in hospitals designed to meet the needs of patients and staff. and bu$in¢sses profit from greener, well congid¢r¢d premise8, Publit b4¢nefit The public benefit may be demonstrated by the increa8ing tsumber of awards and positive publicity given to the desi of buildings and the built environm¢nt in North¢rn Ireland. These are not just awards for design in tern)s of aesthetics but are s0 for cojjstrnction excellence and fictiOnal]ty- Such awards recognise sustainability, accessibility, the services the building gives to the public and the effect th¢ building has on the regeneration of a street or area. Articles on buildings in natioxHI as well as th¢ local aTchktectural and conslrnction pr¢8s also d¢monstrat¢s the benefit to the public, The beneficiaries aTe the users of buildings which would encompass all metnb¢TS of the pub]i¢. RSUA'S objectives and public benefit statement are accepted by The Charity Con)mission. The main strategies enwloyed to achieve public benefit by the Society can b¢ broadly categotised during the year as follows: * RSUA Design Awards * Publication of the Societ5Ps magazines. * RIBA Bookshop at the RSUA * Client Adkisory Service, including de8igu ¢ompetition8lcompetitive interview$ Practice Servic¢s Scheme * CPD Seminars and courses • Liaison with government bodies particutsriy in relation to public sector pro¢uremellt alld planning Thes¢ broad categorisations of activities are currently caTTied out for the Public benefit. The trust¢es confm that they have complied with the requirements of s¢dion 4 of the Cbarities Aet 2008 to have du¢ regard to the public benefit guidance published by The Clwity Commission for Nort1 Ireland. Page 3
Royal Society of Ulster Architects known as RSUA Trustees, Report Aebievements and performance In 2022123 RSUA'S income incTeased by around £84k prin]arily due to the following factors. . Active Travel proje¢t funding . Stydy Tour * RSUA Desi Awards retillting as att event • Judicial Review support from RIBA . Early Career Ar¢hitects ¢omp¢tltion fimding In 2022123 RSUA'S expenditure increased by around £130k pIimarily due to the following factors: . Event ¢Apenditure . Staff costs - increased staff and salary increases . Active Travel project funds spent . Early Career Architects funds sT)¢nt • Judi¢ial review ¢08ts Ill Tecent years RSUA has increased its free res¢TVeS. For 2022123 RSUA budgeted to spend more than the in¢om¢ we brougknt irL We were successful in doing so. RSUA spent roughly £40k more than the Éncome we generated in 2022123. RSUA intends to Gontinue to lower its free reserve over the next few yeard and will budget for anrn1 expenditure levels to be higher than aDnual illcome levels. Page 4
Royal Soeiety of Ulster Arcbitects known as RSUA Trustees, Report The income g¢neTated ill 2022123 has enabled RSUA to caTry Out a wide rnnge of charitsble activities in¢luding'. Continuous Professiongl Development: Provided a broad range of learning opportunities for members through on]ine events including an on-demand option. Archltecture Night: Major event attracting over 200 that celebrdtes ar¢hite¢ture in a unique way. This yw the event W&8 held at Riddel's Warehouse in Belfast ¢ity centre. Early Career Desfign Competition: Storylines was the RSUAIJP Corry Early Career Design Competition in 2022. The winning project, Yellow Box. was aonounced at knhlteCtLe Night and a Cash prize w&8 awarded. Engagement with clients: RSUA Iw engaged with Councils, centrdl govenunent bodies, univeT$ltie5, housing associations and others to promote the benefits of inv¢sting in design quality al to provide support in obtsining RSUA peer approved Design Quality Panel: The panel members provÈded expert assistaD¢e to a number of initiatives iELcludiug the Belfast Stories project. Professionydl Inslghts Programme: RSUA melle provided over 100 second y¢ar students from both unii'ersAties in Belfast with a ratsge of practical insights to the WO of an architect in practice. Proturement: RSUA contmu¢d to work with ¢lÉents and policy makers to inkprov¢ procllrem¢nt with a view to ¢reating condRti4)ns to allow architects to deliver of their b¢st. Engagen*nt with Counells: RSUA m¢t with a of local councils on a wide range of matters but with a particular fwus on plannin RSUA Design Awards: A robust judging pro¢S for the RSUA Design Awards 2023 took place in spring 2023 and the wiuners were announced at a Gala Evening in at PaTFiament BuiEdings in May 2023. CommuDicatfton$: A thll-page frabjre by an RSUA member appeared ea¢h month ID the Irish News. Th¢ new RSUA website Continued to be enhanced. General meetings: Two Gen¢raR Meetings this. year have been held in-person and hav¢ included an affhitect-led building tour. The other two General Meetings have be¢n held online and have include a 'My Arehitecttsre, PT¢S¢Atation by a mernb¢r. Publi¢ations: Perspective and Livillg Design magazines w¢r¢ published throughout the year. Practice Servlces Seheme.. B¢n¢fits for practice8 that subsaibe to the Practice Strvtces S¢heme wer¢ fLWtILer ¢nbanced this y¢ar. Study Trip: A Study Trip to Mathid took place in June 2022. A SaY trip to Cork w&$ planned for June 2023. Ask An Arehitett.. The initlattve raised £14,000 for Friends of the Cancer C¢ntre through its partnership with th¢ Jill Todd Trust wbilst raising th¢ profIl¢ to the publi¢ of the role of tbe architect. Local Groups: A range of RSUA Ro¢al groups met with the local Coullcil to seek ways to improve architecture and the built environment in the Council area. Page 5
Royal Society of Ulster Archltects known as RSUA Trustees, Report Bufildfing Inspiration Lecture.. The building iaspiration le¢lur¢ was postponed. RSUA Aims to restart the lecttjre series in lats 2023. Wider repre$entation'. RSUA actively participated in the NI Consknction Group, th¢ Strat¢gi¢ Design Group, NT Assen]bly All Party Group on Construction and the Expert Panel OJJ Building Safety Honorary Membership: lo r¢cognition of the important role that non-architects and archxte¢ts from outside Nl have on architecture in NI. RSUA conf¢Tr¢d Honorary M¢mbership this year on An&ew Haley. Committees alld Gr0p$.. During the year th¢ Committees and Groups continued with an active programme of work. The Edu¢atioll and Careers Committee was formed. Engagement with stud¢nts and younger members: RSUA Continued to increase its engagement with Sdellts and younger archifrGts this year througb: . Th¢ perfectly proportioned qUAZ of ar¢bitectLW¢ aod other thillgs iu pahllersbip with the universities held in the Black Box • The Storylines design ¢ow¢tition for eatly career architects . sdellt medalg . Awarded the Alan Barnes travelling s¢holarslitp • Increased the number of pra¢ti¢es sign¢d up to fair pay commitments for Part I graduates . Provided free or reduced price tickets for students at various RSUA events . Supported Ar¢Soc at QUB for a number of leclwes . Organxsed 'Preparing for Practi¢e' a PIArt 3 study evening Delivered the Professional Insights Programme for se£ond year sthdents in partttersbip wilh both Belfast universlti . Early Career Architects Forum held a number of events . Held a special celebration for all the n¢wly qualtfied archit¢Gts in NI Finan¢ial review Policy on Y¢serves The members of the Council have ¢st&blISh a policy whereby the unrestricted fluids not committed or invested in tangible fix¢d assets ('the free reserves,) held by the charity should be between 2 and 6 months of the resources expeuded, which equates to between £64,626 alld £193,877 in general fimds. At this leveL th¢ Council feel that they would be able to continu¢ the current activities of the chlty. In the event of a significattt drop in funding, it would obviously be necessary to Consider how the funding would be T¢placed or activities changed. At present the fr¢e resenres amount to £370,935 ex¢eed the Council's tsrget tange. The Council will continue to monitor their free reserves. RSUA has delivered a financial pcrfornian¢¢ thi8 year in line with its budget. The new accounting system and intsrnal a¢¢ounting prwesses introduced in 2018119 have been refined and ar¢ now providing bett¢r quality and more limely finan¢ial iOnatiOn. RSUA continues to undertake a fornlal budget r¢view proc¢$$ with Council each year. Page 6
Royal Society of Ulster itrcbitect$ known as RSUA Trustees, Report Principfdfvndlng sourtgs The matn incoming resources of the SocRety remain the memb¢rship subscription r¢bates from RIBA, CPD in¢ome, PSS incotne, sp)nsorship, bookshop) ¢omnJi$sions and other grant fimding. The Society is extr¢mely grateful to all its grant fillerS and sponsors, without whose support the siety would not be able to njn a number of its activities. Going con¢¢rn The financial statsments have been prepared on a going ¢oncern basis. The trustee5 assess Wheth the use of going concern is appropriate i.¢. whether th¢ are any matertal uncertainties related to events or CODditions that may rast significant doubt OD the abiltty of the charity to continue as a going concern. The trustees make tbi8 8ss¢ssntrnt in respect of a peTiod of one year from the date of approval of the fmancial statements. Structure> governanee and nngenIent N¢Y£uYÉ ofg¢veYning docu7nent The Royal Society of Ulster Arcbitects is a company limited by guarantee and as such the liability of ¢ach of the nkemb¢TS is limited. Under Section 62 of the Q>mpani¢s Act 2006, the Society is exempt from using th¢ word Limited. The Soctety's gOVlillg document is the Memorandum and Articles of Association. In the event of the company being wound up m¢mbus ar¢ r¢qviTed to contiibute £5.00. Recruitment dnd appointment oftrustees Under the requirements of the Memorandwn and Articles of Assoctation the members of the Council are elected to serve for a period of thrtt years after which th¢y need to staud foT re-election at the next Amiual General Meeting if they wisb to Gontinue to serve on Couticil. RSUA s¢¢ks to ensure that members wtth a range of ¢xperien¢e from within the architectural profrssion $mie on the Coun¢il. Indmclion training oftrMSte¢s M08t couo¢il members ar¢ familiar with the role of tbe clwity through their membership of the architectural profession. New council m¢mbers attend an ori¢ntation meeting to brief them on theiT legal obligations and re$1b1IItieS as memb¢rs of Council. Affangementsfor semng key n¢andgemeHtpersonnel remuft£r4tson The President and trnstees work wholly on a voluntary basis 8nd re¢¢ive no remuneratio bonuses, or benefits-in-kind or have any p¢nsi¢)n entitlements. Likewise, society volunteers are not Temunerated. The post of RSUA Dire¢tor Ès a remuneiat¢d position. The Dir¢¢tor's remuneration is set by the Honorary Offtcer8 Committee. Page 7
Royal Society of trister Archmtects l<nown as RSUA Trustees, Report Oyganimtional strn¢thre The So¢i¢ty is managed and directed by its Council. Vacant CouD¢iI seat5 are filled tbrough an election Process. The Cowicil me¢ts at le&st six tirnes during the period S¢ptemb¢r to June. Membership of the Society can be classtfied as: chartered members, honorary members, skndent members, associats members and affiliate members. Ea¢h category bas its own condition8 and tenns as outlined in the Society's governing document. The Society is in alliance with the Royal Institute of British knhktects (RIBA). The Council of tbe Society shall r¢late to the Council of the RIBA only in respect of matteTS relative to its stat$ in allian¢¢. RSUA sits on the Council of the Royal Jnstitut¢ of AbIteCts of Ireland as an observer. Relatiollshfips with related parties IUBA The Society is in alliallce with tb¢ Royal Instituts of British Architects (RIBAI. The Council of the Society shall relate to the Council of the RIBA only in T&8pe¢t of n]atters relative to its status in alliance. Major rlsks andntdftqgemenl ofthose rEsks Per&onnEI th¢ risk of losing key staff or Volte¢r4 with the associ4t¢d loss of expertise and expetience Reputation the risk that the society might b¢ suffer r¢putational damag¢ as the result of unauthorised public stal'ements Financial Risk the rksk that sofji¢ty could nuk into financial difficulties RSUA operate8 a risk register which fi)rmally rtcords th¢ key risks and actions taken to minimise those risks. The register is reviewed by Couucil allnually and is a p¢m&nent item on the agenda for the Honorary Offi¢¢rs meetings. Fjnincfial Instruments ObjectsvÉs ¢mdpolicies The clwity's activities expose it to a number of finan¢ial risks including credit risk, cash flow risk and liquidity risk. The of fmancial derivatives is £ovemed by the cFkaTity's policies appTov¢d by the board of ttustees. which provid¢ written principles or& the use of financial deri3Tatives to nwiage these risks. The charity does not use derivative financial instruments for speculative purposes. Cashflow risk The charity's activities expose it PTimarily to the financial rAsks of changes in foreigji currency exchangt rates and interest rates. The clthrity uses foreign exchange forward contraets and interest rate swap contr&ct$ to hedge these eXpoSLe5. Interest bearing assets and liabilities 2r¢ held Rt fixed rate to ¢nSUT¢ certainty of cash flows. Page 8
Royal Society of Ulstsr Architects knowll as RSUA Trnstees, Report Credit nsk The ¢haTity's piincipal financial assets ate bank balances and cash, trad¢ and other r¢ceivables, and investments. The ¢h8rity's credit risk is prinrIlY attnEutabl¢ to its trade receivables. The amounts presented in the balanc¢ sheet are net of allowances for doubtm Tweivables. An allowance for ithpain]]ent is nde where there is au identified loss evellt which, based on previous exp¢ri¢n¢e, is eviden¢e of a reduction in the recoverability of tbe cash flows. The credit risk on liquid fillS arLd derivative financial illstrumellts is limkted because th¢ counterparties are banks with high credit-rdtings assigned by internitional credit-rating agencies. The charity Iw no significant concentration of credit risk. with ¢xposure Spread over a 1gx£e number of ¢ount¢rparttes and customers. quidty nsk In ordw to maintain liquidity to en5¢ that sufficient funds are available for ongoing operations and tIre developments. the charity uses a mxxture of long-temj and short-teJm d¢bt finance. Furth¢r details regarding liquidity risk can be found in the Statement of accounting policies in the financial (atements. Creditor payment polley The society support prompt and taTgets payrnt for goods and servtces to be rtwie within agreed payment ternis or witbin 10 days of receipt of iuvoices not in dispute. Sm211 companle$ provision statement This Teport has b¢en prepared in accordance with the SLnall companies regime under the Companie5 Act 2006. Page 9
Royal Society of Ulstsr Arehiteets kuown as RSUA Trnstees, Report Statement of trustees, responsibilities Th¢ Irustees (who aIso the directors of Royal Soci¢ty of Ulster Architects for the PUryK)ses of Company law) are responsible for preparing the tThteeS, report and th¢ fin8mCtal statements in accordance with applicable law and United Kingdotn Ac¢ounting Standards Iunited Kingdom G¢n¢raLly Accepted Accounting Practice), including FRS 102 "The Ftnancial Reporting Standard applicable in the UK and Republic of Ireland The report and accounts bave been prepared in accordance with the provi$ioDS ill the Companies Act 2006 relating to snull companies. Company law requires th¢ trustees to prep&Te fmancial statements for each f¥Jwicial year. Under comp2my law the trnstees must ttot approve the financial statements esS they are satisfied that they give a lrne and fair view of the stst¢ of affairs of the charitable company and of the Kucoming resowces attd application of regowces, tncluding its income and expeuditure, of the charitable company for that period. In pieparing these financial statements, the trust¢¢s are required to: select suitable accounling policies and apply them consistently. observe the methods and principles in the Chl¢S SORP" make jlldEements and estiJnates that are reasonable and prudent; stste wbetheT appli¢abl¢ ac¢ounting standards, comprising FRS 102 have b¢cn followed, subject to any terIal departUTes discEosed and explained in the finan¢ial statements. and prepare the financÈal statenkents on the going conc¢tu basis unless it is inAppropriate to presume that tb¢ cbaritable ¢ompany will Continue in business. The trnst¢¢s are responsibl¢ for keeping proper a¢countiDg Tecords that can disclose with reasonable accuracy at any time the financial position of the ¢haritabl¢ company and enable them to ensure that the fancial Statements Comply with the eompanies Act 2006. They are also responsible for s&fegu2rding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other AegUlar1t1e$. Th¢ trnstets are r¢sponsibl¢ for the n]ailltenance and inteIty of the coryorate and financial inf()rn]ation included on the ¢haritsble company's website. Legislatioti governing the pr¢paration and dissemination of financial ststements may differ from legislation in other jurisdictions. The annual report was approved by the trnslees of the charity on 26 May 2023 alld signed on its behalf by: McAlister Trnstee Page 10
Royal Society of Ulstsr Architects known as RSUA Independent Examiner's Report to tbe trustees of Royal Society of Ulster Architects ('the Company,) I report Éo the chaTtty tntee$ on my examination of the a¢¢ounts of th¢ Cotnpany for the year ended 31 March 2023. Respon$ibRlities and basis of report As ihe charity's irnstees of Royal So¢i¢ty of Ulster Atchit¢¢ts (and also its directors for the pwposes of con]pany law) you are responsible for the preparation of the a¢¢ounts in accordan¢¢ wryth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the a¢¢ounts of lioyal Society of Ulster Architects are not required to be audited under Part 16 of the 2006 Act and aye eligible for independent examination, I report in Tespect of my examination of your charity's accounts as carried out UDdeT S¢Ction 65(3) of the Ch2Lities Act (Northern Ireland) 2008 ('th¢ 2008 Act,). In carrying out my examination I have followed the Directions giverL by the Charity Commission UDd¢r section 65(9Xb) of the 2008 Act. Xndependent exallner'S statement Since Royal Society of Ulster Architects's gross income ¢xr¢eded £250,000 your examiner must b¢ a m¢Dth¢r of a body listed in section 65(4) of the 2008 Act l Confjrni that I am qualifLed to undertake the examijktion be¢alls¢ l am a menth¢r of Chartered Accounfants ir¢lan41 wbich is one of the listed bodies, I hav¢ completed my ex2mination. I confirni that no matters have ¢om¢ to my attention ill cot)nection with the examination givillg me cause to believe: accounting records were not kept in respect of Royal Society of Ulster Architects as required by sectiott 386 of the 2006 ACL or 2. the accounts do not accord with those records. or 3. the accounts do uot comply with the accowiting requirements of s¢ction 396 of the 2006 Act otbcr than any requiremellt that the a¢cowits give a '1 and fair view, which is not a tter considered as part 0£ an independent exaTnination' or 4. tbe accounts have not been prepared in accordan¢e with the methods &nd prÉllciples of the Statement of R0MMended Practice for accounting knd reporting by ch&ities [applRcable to ¢harities preparing their accounts in ac¢ordarAGe wlth the Finau¢ial R¢porting Stsndard applicable in th¢ UK and RUbliC of Ireland (FRS 102)]. I hav¢ llo ¢0 should alld have corne across no other rnatters in comiection with the examination to Mthich attention in tbis report in order to eDable a proper understanding of the accounts to b¢ reached. Sitno ¢T CA Clwtered Accountants & Registeied Auditors Chartered AccourLtallts Txeland 6 Doagh Road Bally¢laTe Co Antsim BT39 9BG 26 May 2023 Page 11
Royal Society of Ulster Architects known as RSUA Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income 2nd Expenditure Aecollnt and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2023 Note In¢ome and Endowments from: Donations and legaoies Chatitable activities Generating Activity Investment income 139,532 189,157 19,127 978 139,532 208,157 19,127 978 19.000 Total income 348,794 19.000 367,794 ExpendAtur¢ on: Charitsble activities (Ither expenditure 18 19 (387,706) (48 (20,000) (407,706) 48) Total expenditure (387,754 (20,000) (407,754) Net ¢xp¢nditt¢ Transfers b¢tween fiwds {38,960) 1,000) (1,000) I,(K)O {39.960) Net movement in fimds (39,960) (39,960) Reconciliation of funds Total funds brought forward Total fid8 eattied forward 644,835 644,835 14 604,875 604,875 The notes on pages 16 to 28 fonn an integrnl part of th¢se financiaE statements. Pag¢ 12
Royal Society of Ulster Architects Iinown as RSUA Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Aecount and Statement of Total Recognised Gains and Losses) Unrestricted fullds Total 2022 Note Income and Eudowments from: Donatiolls and legacies Cbaritsble activitie8 Generating Activity Inveslment income 135,525 131,329 17,204 39 135,525 131.329 17,204 39 Total itwn 284,097 284,097 Expenditure on.. Charitable a¢tivities Other expenditure 18 19 (277,635) (418) (277.635) (418 Total eXpenditte (278,053) (278.053) Net income 6,044 6,044 Net movement ill fimds 6,044 Reconcillgtion of funds Total fill8 brought fonvard 638,791 638.791 Total fi1$ Cled forward 14 644 835 644,835 All of the clwity'6 a¢tivities dfflive from continuing operations during the above two periods. The fimds breakdown for 2022 is shown in nol'e 14. The notes on pages 16 to 28 forn] att integraj part of these financial statements. Page 13
Royal Society of Ulstsr Architects known as RSUA (Registration nvJJ)ber: N100069) Balance Sheet as at 31 March 2023 2023 2022 Note Fixed g$sets Tallgible assets io 230,460 237,IOE Current assets Debtors Cash at bank and in hand li 12 102,292 336,454 162,3 l4 315,260 438,746 477,574 Credltors: Amounts faljing due within one year Net current assets 13 {64,331 (69,840) 374,415 407,734 Net assets 604,875 644,835 Funds of the charity: Ujjrestricted iu¢oKne funds Unr¢stri¢t¢d funds 604,875 644,835 Total funds 14 604,875 644,835 For the financial year ending 31 March 2023 the charity was entitled to exemptioll from audit under section 477 of the Companies A¢t 2006 relating to small cornpanies. Directors, r¢sponsibilities', The members have not r¢quir¢d the charity to obtain an audit of its accounts for tb¢ year in qu¢stioTJ in a¢cordance with section 476. and The dir¢GtOTS acknowledge their responsibilities for wmplying with the requirenients of the Act with respect to accounting records and the PrepatiOn of a¢¢oullts. These financial statements have b¢¢n prepared in accordance with the special provisions relating to cotllpani¢5 subject to the small companies tegime within Part I S of th¢ Compani¢s Act 2(K)6. The notes on pages 16 to 28 f¢mn aa integral of these financial statements. Page 14
Royal Society of Ulster Arehltects known as RSUA (Registration number: N100069) Balance Sheet as at 31 March 2023 The financial statements on pages 12 to 28 w¢r¢ approved by the $tees, and authorIs £or issue on 26 May 2023 and signed on their behalf by. McAlister rustee M Hare Trustee The notes on pages 16 to 28 forni an integral part of t1$¢ fM]ancial ststements, Page 15
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 I Charity status The charity is limited by guarante¢, incokyorated in N¢)rthern Ireland, and consequeftjtly does not have share capital. Each of the tneeS is liable to ¢onthl)ute an amount not exceeding £5 towards the assets of the charity in the event of liquidation. The address of its registered office is.. 2 Mount Charles Belfast Co. Antrim BT7 INZ These fxnancial statements were authorised for issue by the truste¢5 on 26 May 2023. 2 Accoulltfing policies Summary of $Agnifi¢aRt accounting policles and key accountlng estinteS The prAncipal a¢coulltillg policies applied in the preparation of thes¢ fmanci&i stat¢m¢nts are set out below. These policies hav¢ been ¢onsistently applied to all the years presented. eSS OtheThse stated. ststement of compliance The financial ststements have been prepaTed in accordanc¢ with Accounting and Reporting by Chaxiti¢s: Statement of Rerommended Practice (applicable to cl]aritie$ pieparing their a¢¢ounts jn accordance with the Financial Reporting Standard applicable ill the UK alld Republic of Ireland (FRS 102)} (issued in O¢tober 2019) - (Charities SORP (FRS 102)), the Finattcial Reporting Standard applkcable in the UK 2nd R¢publi¢ of Ireland (FRS 102) and the Companies Act 2006. Baslg of preparation Royal Society of Ulster Architects meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognis¢d at historical cost or transaction value wiless othenvise stated in the relevant accounting policy notes, Golng eoncern The trte¢S consider that th¢re are no material un¢¢rtainti¢s about the clwity's ability to wntinue as a going concern nor any significant aTea8 of uncertainty that affect the carrying value of assets held by the ch8Tity. Exemptlon from preparing a ¢ash flow Statement The cIwity opted to early adopt Bulletin I published on 2 F¢bruary 2016 and have tberefore not included a cash flow statemellt ijj these fllwicial statements. Income and elldowments All iJJcome is recognised once the charity has entitlement to tbe income, it is probabl¢ that the income wiIl be received and the atDounÉ of the income receivable ¢an be measuT¢d reliably. Page 16
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 Ilonalions ¢¥nd legacies Donations are recognised when the chlty has been notified in wyiting of both the amount and settlem¢nt date. In the ¢vent that a donation is subject to conditions that require a level of perfornwi¢e by the ¢haTity before the ¢1]8rity is entitled to the fi]nds, the income is defeed and not recogllised until either those conditions are fiY rnet, or the fulfi]ment of those conditions is wholly within th¢ control of tbe Gharity and it probable that these conditions will be fvlfilled iti the reporting period. Grants receivable Grants are Co£llSed when the chlty has an entitlement to the funds and any conditions linked to the grants hav¢ been met. Where perforniance conditions aT¢ attached to the grant and are yet to be m¢t, th¢ tticome AS recogntsed as a liability and includ¢d on the balanc¢ yh¢et as defeed incom¢ to be released. Gift om Incoming resources from tax reclaims are included in the Stafrment of Finallcial Artivities at the same lime as th¢ gift to which they relate. Inveslmenl Dlvidends are recognised once the dividend bas b¢en declared and notification has been received of the divider Expenditure All expenditur¢ is recognised once there is a legal or constluctive obligatioll to that exndItre, it is probable settlement is required and the atnount call be measwed reliably. All oosts are allocated to the applkcable expendittwe heading that aggregate similar costs to that category. Where costs cam]ot be directly atttibut¢d to particular headings they have been allocated on a basis consistent the use of resources, witb centra] st2ff Costs allocatrd on the basts of time spent, 2nd d¢pTeciation charges allocated on the portion of the asset's use. Other support wsts aJe allocated bas¢d on the spread of staff costs. Charitable a¢liviii¢s Charitsble ¢xpellditur¢ ¢omprises those costs inGurred by the clkarity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocatsd dixectly to such activities and those costs of an indirect llature necessary to sw)port them. Support eosts Support costs in¢lud¢ central functions and have been allo¢at¢d to activity cost ca£egorkes on a basis ¢onsisteJJt with the use of re8OUTces, for exampl¢. allocating propety Gosts by floor areas, or per ¢apit4 staff costs by the time spent and other costs by tbeir usage. Govern2nee eosts These includ¢ th¢ ¢osts attributable to the chaTity's compliance with constitutional and statOry requirements, including audi( strategi¢ management and trustees meetings and reimbursed expeE)ses. Page 17
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statejnents for the Year Ended 31 March 2023 Taxation The chlty is considered Éo pass the tests sot out xn Paragraph I Sch¢dule 6 of the Finance Act 2010 and defOre it meets the definition of a charitable conjpany for UK ¢otporation tsy purposes. A¢eordingly, the charity 15 Potentially exempt from tsxation iji respe¢t of income or capital gains received within categories covered by Chapter 3 Part I l of the Cow)ration Tax Art 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that guch income OT gaiDS are applied exCI91Ve[Y to Chitabl¢ punseS. TallgiTrle fixed a85ets Indlvidual fixed assets costing £100.00 or more e initially recorded at cost. Deprecxation #nd amortisation Depreciation is Provid on tangible fixed assets so as to write off ihe cost or vaiuatioffj less any estimated residual valu¢, over th¢ir eAp¢cted USefi e¢onomic Eife as follows: Trade debtors Trade debtors #Te amounts du¢ from custoweTS foT m¢T¢harAdise sold or services perfomied in the ordinary ourse of business. Trdde debtors are retognised initially at the transaction price. They are subsequendy measured at amortised cost using the effective interest metbo¢ less provision for impaimietst. A provision for the impairnient of trade debtors is ¢stablished when there is objective evidence that the charity will not be able to collect all amounts due according to the oikginal tems of th¢ receivables. Cash and eAsh equivalents Cash and cash equivalents tompJise cash on hand and call deposits, and other 3hort-tenn highly liquid investJn¢nts that are ieadily convertil)le to a kno amount of cash and are subject to an insignifi¢arAt risk of change in value. Trnde creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of busitte$s from suppllers. Accounts payable are ¢lassIfi as cuttent liabilities if the charity does not have an unconditional right, at the end of th¢ reponing peri(Id, to defer settlenient 'of tbe creditor for at least twelve months after the reporting date. If there is all uttconditional right to d¢feT settlement for at least twelve months aftrf the Teporting date, they atr presenfrd as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Page 18
Royal Society of Ulster Architects klloivn as RSUA Notes to the Flnallcial Statements for the Year Ended 31 March 2023 Borrowings Inter¢st-beaTing boowingS are initially recorded at fair value, net of transaction costs. InteTest-beaTing bottowings are subs¢quently Carried at amortised cos¢ with the diff¢r¢nr¢ between the pmceeds, net of ttansaction costs, and the amount due on redemption being recogntsed as a charg¢ to the Statern¢J]t of Financial ActiNuties over the period of the relevant borrowing. Tnterest expense is recognised on the basis of the effective int¢rest method and is included in interest payable and similar charges. Borrowings are classified as ¢UTrent Liabilities unless the charity has 8n un¢onditional right to defer settlement of the liability for at l¢ast twelve mouths after the reporting date. Foreign exchange Transactions in forei.(w currencies recorded at the rate of exchange at the date of the transaction. Monetary assets aad liabilities d¢nomÉn8ted in forei curr¢ncies at th¢ balance sh¢e¢ datr are Teported at the rates of exchange prevailiDg at that date. The results of overseas operations arc translated at the average rat¢s of Challge during the period and their b21ance shettts at the rates ruling at the balance sheet date. ExcFJange differences arisiug on translation of the opening net assets and results of overneks opeTatiolls are reported in other con]preh¢nsiv¢ inco¢ and ac¢umulated in ¢quity (attiibuted to non-controlling interests as appropriate). Other exchange differences aye recogrtised in the Stat¢mellÉ of Financial Activities in the period ill whAch they arise except for: l) exchange differences on tmsactiOn5 entered into to hedge certain foreign ewrency risks (see above); 2) exehange difftten¢¢s arising ou gaius or losses on non-monetary items which are r¢¢ogllised in other compTehensive incotn¢; and 3) in the case of the conso]idated fmthncial statements, exchange diff¢rences on rnonetary Afrms receivable from or payable to a foreign operation for which sertiement is neither planned nor likely to occur {ther¢fore fonning part of the net investment in th¢ foreign operation). wbi¢h are recognised in other comprehensive income and reported under ¢quity. Flllld structure Unrestricted income fimds are gen¢Tal fL]nds that are available for use at the tmqtees discTetion ill fitherance of th¢ objectives of the charity. Designated fid5 are unrestricted funds set aside for specific pu4x)s¢s at the discretion of the ttustees. Page 19
Royal Society of Ulster itrchitects knovyn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 FlnaDefi21 imstruments Classifi¢ation Financial assets and fillallcial lÈabilities recognised when tbe ¢lwity becornes a party to the contractual PTovisions of the instnJtn¢nL Financial liabilititt aad equity instnrnents are ¢lassified according lo the substance of the c(sntractsal aLTangements entsred into. An equity instrument is ally ¢ontract that evid¢nces a residual interest in the assets of the charity aft¢r deducting all of its liabilities. ecognition trAd m¢wuremenl All financial assets and liabilities are initially nieasured at traos2¢tion price (including trasOll costs), except for those fu1] asscts Classified as at fair valu¢ tILTough profit or loss, wbicb are initially measured at fair value (Ilthich is norn]ally the nsaCtiOn price excluthng transa¢tiou costs), unless the aTrangement constitutes a fTrallcing lrnnsaction. If au arrangernent constitutes a financing taCtiOll, the financial asset or fu}C1a1 liability is measured at the PTes¢nt value of the tre p8)Thents discounted at a market rate of intsr¢st for a similar debt instnunenL Financial assets and liabilities are only offs¢t ill the ststement of financial posttion WIn, and only when th¢r¢ exists a legally enforceable right to set off the Tecognis¢d n0ts and the Chlty intends eitber to settle on a n¢t basis, or to T¢alis¢ the asset and settle the liability simultan¢ously. Financial assets are derecognised and only when a) the contractual rights to the cash flows from the financial asset ¢xpire or are settled, b) the charity transfers to another paty substantially all of the risks and rewar(ts of ownership of th¢ fiDancial asseL or c} the ckn'ty, despite having retained some, but It alL sig]ifLcant risks rewards of ommership. has transf¢Tred coatrol of th¢ asset to another paty. Financial liabÉlities are deretognised only when the obligatioll specified in the contract is th"s¢harged, cancelled or expires. Page 20
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 Ilebt ¥nstrupHents Debt instLuments which meet the following conditions are subsequendy m¢a8ured at anwTtis¢d cost using the efftctive xnter¢st method: (a) The ¢ontraetual return to the holder is (i) a fixed amounl" {ii) a positive fixed rate QI a positive variable rate. or (iii) a combiDation of a positive or a negative fjxed Tate and a positive variable rate. (b) The contract may provide for repayments of the principal OT the retun to the holder (but not both) to be linked to a single relevant obseThrable index of general price inflation of the curr¢n¢y in which the debt instrum¢nl is denorft1nate prolryded such links are not leveraged. {¢) The contract may provide for a deterninable variation of the retLun to the hold¢r duTing the life of the instrurn¢nl provided that (i) the new rate satisfies condition (a) and the variation is not contingent on tllre events other than (l) a Change of a contracal variable rnt¢" (2) to protect the holder against credit deterioration of the issuer, (3) changes in levies applied by a central bank or aTising from Changes in relevaot tsxation or law; or (li) the new rnt¢ is a tnarket rate of interest and satisfies Condition (a). (d) There is no ContraCttl provision tbat coul¢ by its texms, result in the holder losin£ the principal amount or any int¢r¢st atsibutable to the current period or priorperio(ts. (e) Contracth21 provisions that pernjit the iSSU¢T to prepay a debt instrLlln¢nt OI perniit the holder to put it back to the issueT b¢for¢ rnaturity are not contingent on events. other than to protect the holder agaTnst the ci¢dit d¢t¢rioration of the issu¢r or a ¢hang¢ in control of the issu¢i, or to protect the holder or issuer against changes in levies applied by a centrdl bank or arising from clwEges ID Televant tsxation or law. (fj Contractual provisions may pern]it the ¢xtellSiOll of the tenn of the debt insttThnent, provided that the return to tbe holder 2nd any other contractual pro%qsioDS applicabl¢ during the extended tenn satisfy the conditions of paragraphs (a) to (¢). Debt instNments that are classified as payable or r¢ceivable within one year on initial Tecognition and which meet the above conditions are me&sured at the undtscounted amount of the cash or other ¢onsideration exp¢¢t¢d to be paid or re¢eiv¢C net of impainnent. With the exception 0£ some hgIllg in8ttuments, other debt instnllnents not meding these conditions are measured at fair value thmugb profit or loss. Cotnmitments to make and receive loat whx¢h meet the ¢onditions mentioned above ore m¢asured at cost (which tnay b¢ nil) less impaimlent. Ixvoythients Investments in non-convertible preference sbares and norA-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurabl¢) 2r¢ measured at fair value thiough profit or loss. Where faix value cannot b¢ m¢asur¢d reliably, invMents are measured at cost less impairment. Investments in subsidiaries and asso¢iates 8Te measured at cost less itnpainnent. For investments in wbsidiaries acquired for consideratioa including the issue of shares qualifying for merger relief, cost is 8$ured by reference to the nomi value of the shares issued plus faiI value of Oth consideration. Any Premium is iguor¢(L Page21
Roy21 SocAety of Ulster Architects known as RSUA Notss to the Financial Statements for the Year Ended 31 March 2023 DenV4tivefnnCluI instruments The charity uses derivative fmancial instrnments to reduce ¢xposure to foreigD ex¢hange risk and int¢Test rate movements. The charity does not bold or issue derivative financial instrumetts for speculative pu4)oses. Derivatives are initially recognised at faiI value at the date a derivative ¢ontract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is re¢ognis¢d in staternent of fancial aGtivities immediately unless the derivative is designated alld effective as a hedging insln]menl in whicb event th¢ tsming of the reeognition in statement of financial activities depends on the nature of the hedge Ielationship. Falr vathe me4sArem¢n¢ The best edellce of fair value is a quoted price for an identical asset in an active market. Illen quoted pri¢ ar¢ wjavailable, th¢ price of a r¢¢ent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change iti e¢onomic circumslan¢¢s or a significant lapse of time since the transaction took pla¢¢. If the market is not active and Tecent transactions of an identical ass¢t on their own are not a good estim*¢ of fair value, the £aiT valu¢ is ¢stirnated by using a valuation teci)nique. 3 Income from donations and legaeles Unrestricted funds General Total funds Grants. in¢luding capRtal grants" Grants 139.532 139,532 Total for 2023 139.532 139,532 Total for 2022 135,525 135,525 4 Ineome from eharltable aetivities Unrestricted funds General Restricted runds Total funds Promotion of Archttecture Promotiott of Knowledge Promotion of D¢sign Excellen¢¢ Provision of Alternative Dispute Resolution Total for 2023 58,151 79202 51,004 800 19,000 77,151 79,202 51.004 800 189,157 19,000 208,157 Totsl for 2022 131,329 131,329 Page 22
Royal Society of Ulster Architects known as RSUA Notes to the Financial Ststements for the Yvar Ended 31 March 2023 5 lucotne from otber trading aCtitIeS Unrestri¢ted nds General Totsl fund$ Trading income. Bookshop and Online Sales BooL8hop Con]Jlli8sion Website Income OtheT Trading In¢on Events income. Exhibition- Art Sales P.I. Commission M2gazinelAdvertising Commission T&tg1 for 2023 6298 3,082 825 218 6,298 3,082 825 218 1,204 4,500 3,000 1,204 4,51)0 19,127 19,127 Total for 2022 17,204 17,204 6 Investment thcome Unr¢stri¢ted runds General Total unds Int¢st recetvable aud similar income" Interest Teceivable on bank deposits Total for 2023 978 978 978 978 Total for 2022 39 39 Page 23
Royal Society of Ulster Architects known as RSUA Notes to the Fillan¢iaR Statements for the Year Ended 31 March 2023 7 Trnstees remuneration and expenses During the y¢ar th¢ charity made the followitig trnisactions with trustees: P McAll$ter £182 (2022: £Nil) of expen8e8 wer¢ r¢3mbwsed to P McAli$*r duTillg the year. £107.79 for help with trav¢1 Costs for a RJBA Council meeting. £73.85 fr>r ¢overillg cost of lullch for judges when judging the students President's med awards. J Grieve £230 (2022.. £Nil) of expenses were rekmbuT$ed to J Grieve during the year. £229.50 for r¢imbursement with costs for the Early Career ATchitects Summer Soctal Event No trnstees, nor Y p¢rsons connected with the have received any remuneration from tho charity dwing the 8 Independent examiner's remuner2tion 2023 2022 Examination of the fiaancial statements 1,750 1.750 9 Taxation The ¢1[1ty is a regxstered Glwity and is therefore ¢x¢mpt from taxation. 10 Tanglblt ed assets Land and buildings Furniture and equipment Computer equipment Total Cost At l April 2022 Additions 446,041 8.861 75,631 3,769 SJO,533 3.769 At 31 March 2023 446,041 8,861 79,400 534,302 Depreciation At l April 2022 Charg¢ for the year 211,889 8,921 8,572 139 72,970 1,351 293,431 10,411 At 31 Ilfyrch 2023 220,810 8.711 74,321 303,842 Net book value At 31 MaT¢h 2023 225,231 150 5,079 230,460 At 31 March 2022 234,152 289 2,661 237,102 Page 24
Royal Soclety of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 11 Debtors 2023 2022 Trade debtQTS Prepayments Other debtors 40,659 2,505 59,128 32,603 7,718 121,993 102,292 162,314 12 Cash and ¢ash equiva]ents 2023 2022 Cash on hatsd Cash at bank 279 336,175 250 315,010 336,454 315260 13 Credfitors: &mollnt$ falllllg due wttbth one year 2023 2022 Trade creditors Other taxation and social security Other creditors Accrnals 9,706 18,156 23,254 13215 64,331 5,878 19,337 29,194 15,431 69,840 14 Funds Balw¢e at 31 March 2023 Balance at I April 2022 Incoming resourtes Resources eended Transfers Unrestrieted thnds General 641,355 348.794 (387,754) (1,000) 601,395 D¢signated 3,480 3,480 Total unrestrfeted funds 644.835 348,794 (387,754) (20,000) (1,000) I,ooo 604,875 Re$trAct¢d funds 19,000 Total funds 644,835 367,794 (407,754) 604,875 Page 25
Royal Soeiety of tjlster Arehiteets knoTrvn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2023 Balance at 31 March 2022 Balance #t I AprRI 2021 Incoming resources Resources expended Transfers Unrestricted funds General 632,111 284,097 (278,053) 3,200 641,355 D¢siguaÉed 6,680 3,200 3,480 Total ndS 638,791 284,097 278,053 644,835 15 Anysts of net assets behyeen fiwds Unrestrieted funds G¢neral Total funds at 31 March 2023 Tangible fixed ass¢ts Cuent assets Cent liabilities 230,460 438,746 (64,331} 604,875 230,460 438,746 (64,331) Total net assets 604,875 UnTestricted funds General Total funds at 31 March 2022 Tangible fixed assets Current Sets CLrrent Itabilities 237.101 477,574 (69,840) 237,101 477,574 (69,840) 6H,835 Totsl llet assets 644,835 Page 26
Royal Society of Ulster Arcbitects knoivn a$ RSUA Notes to the Financial Statsments for the Year Ended 31 March 2023 16 Analysis of govtrnance and support costs Governance eosts Unrestrfteted funds General Total funds Staff costs Wages and salaries Independent examiner fees Examination of the financial stat¢nwits Allo¢ated support costs 12,677 12,677 1,750 5,880 1,750 5,880 Totsl for 2023 20,307 20,307 Total for 2022 18,300 18,3( 17 Expenditure on rafisfing funds Total costs 18 ExpendRture on ¢hariÉabl¢ activities Unrestricted funds General Restricted fuuds funds Note Promotion of Archite¢ture Promotion of Knowledg¢ Inwme Generating Activities Protnotlon of Design Excellence Staff costs AILo¢ated support Costs Governance costs 70,462 60,232 9.423 51,031 176239 12 20,307 20,000 90,462 60,232 9.423 51,031 176239 12 20,307 16 16 Total for 2023 387,706 20,000 407,706 Total for 2022 277,635 277,635 Page 27
Royal Society of Ulster Architects known as RSUA Notes to the Flnancial Statements for the Year Ended 31 March 2023 In addition to the expendithre analysed above. there are also governance Costs of £20,307 (2022 - £18,300} which relate directly to ChItsb1c activities. See note 16 for further detsils. 19 Other expenditure Unrestri¢ted funds General Total funds Note 16 Allocated support oosts 48 48 Total for 2023 48 48 Total foT 2022 418 418 2Q Staff eosts The aggregate payroll costs were as follows: 2023 2022 Staff costs during the year were: Wages and salaries Other staff costs 188,408 508 166,541 1,410 188,916 167,951 The monthly average number of p¢rsons (lucdIng senior management / Eudership team) eLIlOye41 by the Chty during the year expressed as time equival¢ats was as follows: 2023 2022 Clwitable A¢tAvities 21 Net Incontingloutgoing resources N¢t {outgoing)/incoming resources for the year include: 2023 2022 Depreciation of fixed assets 10,411 Page 28