Company reglstration number: N100069 Charity registration number: NIC101263 Royal Society of Ulster Architects known as RSUA (A company limited by guarantee) Annual Report and Financial Statement5 for the Year Ended 31 March 2024 Hopper & Co Chartered Accountants & Registered Auditors 6 Doagh Road Ballyclare Co Antrim BT39 9BG
Royal Soeiety of Ulster Archxtects knojvll as RSUA Contents Reference and Administrative Details Ito2 Trustees, Report 3toll Independent Examinevs Report 12 Statsment of Financial Activities 13to14 Balance Sheet 15to16 Notes to the Financial Ststements 17to29
Royal Society of Ulster Architects known as RSUA Reference and Administrative Details Trusteès P McAlister, President J Lavery, Vice President D MacRandaL Imm¢diate President K Simpson, Hon S¢cretary M Har@ Hon TreaSur D Coyles K CrAIIy R Doughety {Resigu¢d I l December 2023) J Gri¢ve R Hall (Resigned 26 May 2023) C Fearon F Harron A Jones, Universty RepresentatAv6 (QUB) T IEAker C MaIlon N Matthews (Resigned 26 May 2023) J Mccoy A McGe¢ (Resigned 26 May 2023) A ODoh¢rty M Reid C Shaw H Stolcov&h C Brow] S Brady (appointed 26 May 2023) A Dutrent (appointed I l October 2023) O IAughlin (appointed 26 May 2023) R Mccann (appointed 26 May 2023) L Park (appointed 26 May 2023) S SaIley (appointed I l December 2023) Secretary CFOX Other Offie¢rs A Mecha RtAI Observer {appotnted 26 May 2023) C OKane, stUdtt Representative (UU) (appointed 26 May 2023) R Murphy, Student Representative (QUB) (appoinfrd 26 May 2023) Page I
Royal Society of Ulster Architscts Iinown as RSUA Reference and Administrative Details Senior Management l Leadershfip Mr Ciatan Fox, Director Te81n Charity RegtstratRoM Number NIC101263 Compally Registration 1¥4umber N100069 Th¢ charity is incorporated in Northern Ireland. 2 Mount Charles Belf&st Co. Antrim BT7 INZ Registered orfiee Auditor Hopper & Co Chartered Acc4)untants & ReElSter¢d AuditQTS 6 Doagh Road Ballyclare Co Antrim BT39 9BG Solicxtors: King & Gowdy 298 Upper Newtownards Road Belfast BT4 3EJ Ballkews Danske Bank Limited University Street Belfast Co. Antrim BT7 IND Page 2
Royal Society of Ulster Architects known as RSUA Trustees, Report Th¢ trustees, who are directors for the puryse$ of company law, present th¢ annual report together with the fitla1 statements and auditors, Teport ofthe charit8bl¢ company for the year ended 31 March 2024. Objectives aDd aethTitfies Objects ttnd aims Th¢ principal objectlves of the Society ar¢ as ftillows: Good design matters because it brtngs so¢ial, economic and enviromnental benefft5. Well designed houses and neighbourhoods make our lives healthier. happier and safer and our cou)munities stronger. Students learn bett¢r and achieve more in inspiring educational buildings, r¢¢overy times improve iu hospitals deSied to zneet the needs of patients and staff. and businesses profit from gre¢ner. well considered piemises. Public benefft The public benefft may be demonstrated by the increasing number of awards and positive publicity given to the design o£buildings and the built environjnent in Northern IrelarKI. These are not just awards for design in tsrms of aesthetics but aTe also for conslrnction excellenc¢ and fi]nctionality. Such aNvards r¢cogt)ise sustainability, ac¢essibility. the services the building gives to the public and the effect the building has on th¢ regeneralion of a street or are& Articles on buildings in natio11 as well &8 the local architectural and coYtstLuction press also demonslrntes the benefit to the public. The beneficiarias are the users of buildings which would encompass all members of the publtc. RSUA'S objeotives and publi¢ ben¢frt statement are ac¢epted by The Charty Commission. The main strate2ies employed to achi¢ve public benefrt by the Society can be broadty vategorised during the year as follows: * RSUA Design Awards * Publication of the Society's magazines. IP RIBA Bookshop at the RSUA * Client Asfvisory Service, including design CoMpetition¢0mpetitiv¢ interviews * Practice Services Scheme * CPD S¢minars and colleS * Liaison with govermnent bodies particularly in rel&ion to publt¢ sector procurernent and planning These broad categorisations of activities are currently carried out for the Public benefFL The trustses confirm that they have Complied with the T¢quirements of se¢tion 4 of the Charities Act 2008 to bave due regard to the publ1¢ benefit guidan¢e published by Tbe Clwity Commission for Northern Jreland. Pagc 3
Royal Society of Ulster Architects known as RSUA Trustees, Report Achievements #nd perfornunce In 2023124 RSUA'S unrestricted income incre&sed ty around £IOk primarity due to the following factors. . Increase in subscription rates . Growth in Ask an Ar¢hite¢t . Running th¢ RSUA Sustainability Conference In 2023124 RSUA'S unrestrictsd expenditure increased by around £4k primarily due to the following factOT$: . IncTease in staff costs • Increase in support costs In re¢ent years RSUA has incr¢ased its free r¢5¢rves. For 2023124 RSUA budgeted to spend more than the income we brought in. We wore successful in doing so. RSUA spent roughly £33k more than the income we generated in 2023124. RSUA intends to ¢ontinue to lower its free reserve ov¢r the next few years and will budget for annual expenditure levels to be htgh¢r than annual incom¢ levels. Page 4
Royal Society of Ulster Architeets known as RSUA Trustees, Report The income generateJ in 2023124 has enabled RSUA to carry out a wide range of charTtable a¢tiVkties including: CoDtinuous ProfessioDil Development: Provided a broad raDge of learning opportimities for members througb online events including an on-d¢mand Option. ArehitectUTe Nfight: Major event attrtIng over 300 that celebrates architecture in a unique way. This year the event w&s held at the Kings Hall Belfast. Early Career DesigD Competition: Please Replace the H8ndt and Try Again was the RsUJP Corry Early Career Design Comp¢tition 2023. The winners were announced at Architecture NRght and a red phone box in central Belfast will be transforni¢d in 2024. Engagement whh ellents.. RSUA has eng3g¢d with Councils, central government bodie4 utiiverstties, housing &ssociations and others to PTOmOte the benefits of inv¢sting in design quality and to Provide support in obtaining RSUA peer approved DesSgn Quality PaDel: The panel menthers provtd¢d expert &85istance to a nwnber of initiatives including th¢ Belf&8t Stories project and lo Tourfftsm Nl. Professional Insights Programme.. RSUA members pTovided over 100 second year sÉudents from IN)th universities in Belfast with a Tange of practical imsights to the work of au architect tn practioe. Proeurement. RSUA ntinUed to work wtth clients and policy makers to improv¢ procuMent with a view to creating conditions to allow architects to deliver of their best. Engagement wlth Councils: RSUA met with a number of local ¢oun¢ils on a wide range of llmtters but with a particutar focus on plannin RSUA Design Awards: A robust judging process for the RSUA Design Awards 2024 took place in spring 2024 and the winners were announced at a Gala Evening in th¢ MAC theatre ill Belfast ill May 2024. Communications: A 11-page feature by an RSUA member appeared each month in the Irxsh News. RSUA launched a new site SibOard servic¢ to members in September. General meetings: Two Generat Meetings this year have been held in-person 2nd have included an architeet-led building tour. The other two General Meetings have been held OD]ine and have include a 'My ArchRtscture' preselltation by a member. Publieatlons: Perspertive and Living Design magazines were published througboth the year. Practice Services Schem¢: Benefits for praotices that subscribe to the Practi¢e Seryices Scheme were fijrther enhanced thts year. Study Trlp: A Study Trip to Cork took place in June 2023. A study trip to Vientta Wds planned foi June 2024, Ask An ArclAite¢t: The initiative raisa £16,000 for Friends of the Cancer Centre thri)ugh its partnership with the Jill Todd Trnst whilst raising the profile to the publi¢ ofthe role ofthe ar¢hitect. Pag¢ 5
Royal Society of Ulster Architects known as RSUA Trustees, Report IA)t21 Groups: A range of RSUA lo¢al groups llt with the local Council to seek ways to improve architectur¢ and the built environment in the Council are BufiJdiDg Inspiration Lerture: The building Inspiration l¢cttre was postponed. RSUA aims to restart th¢ lecture series in late 2024, Wider represelltatlon.. RSUA activ¢ly participat¢d in the Nl const1ctIOn Group, the Strategi¢ Design Group, Nl Assembly All Paty Group on ConStntion and the Expert Panel on Building Saftty onordry Membership: In recognition of the important role that non-architects and chItects from outside Nl hav¢ on architecture in Nl, RSUA conferred Honorary Membership this yw on broadcaster William Crawley. Committees and Groups.. During the ye2T the ComMi¢S and GTOUPS ¢ontinued with an a¢tive programme of work. The Edueation and CaT¢ers Committ¢e was forn]cd. Engagement with students and younger members." RSUA continued to increosG its etrdagement with students and younger arGhite¢ts this year tbrough: • Tkn perfectly PTOPOrtioned quiz of architecture and other thAllgs in parlnership with the universrties beld in the Black Box . The design competition for eaTty career archit¢cts . Sthdent medals - Awarded the Alan Barnes travelling scholarship • Increased the number of practi¢¢s signed up to fair pay Gommltinents for Part i graduates . Provided fre¢ or reduced price tickets for sthdents at various RSUA events . Offered Support to Ar¢Soc at QUB for a numkr of lectures • Organised 'Preparing for Practice, a Part 3 study evening Delivered the ProfessAonal Insigjits Progran)me for second y¢ar students in p8rthershÉp with both Belfast univeTsities . Early Career Architects Forum held a nvmber of events . Held a speci81 celebration for all the newly quaIified architr¢ts in Nl Finandal review Tbe total uMestri¢Éed tncoming iesouwes for the year amounted to £358212 (2022123: £348,794A with ¢xpendÉttre of £391,494 (2022123: £387,754) resulting in a net decrease in fimds of £33,282 (2022123: £39.960). This leaves ullrestricted funds of £571,594 (2022r23." £604.876) at the year end of which £224,387 (2022123: £230,460) relales to fixed assets. There were no restiicted activities undertaken duriD8 the year, 22123 in¢oming Tesources weTe £19,000, with expendittwe of £20,000. Pag¢ 6
Royal Society of Ulster Architects known as RSUA Trustees, Report Pollcy on resenvs Th¢ RSUA Council has established a policy whereby the unr¢stiictsd knds not commttted or invested in langible fixed assets ('the free reserv¢s') held by the chaTÉty should be between 2 and 6 months of the resourc¢s expended. which equates to bettveen £65249 and £195,747 in general fid$. At this level, the CDuncil thinks tbat RSUA would be able to ¢ontinu¢ the curyent activities of the Chlty. In the event of a significant drop in fimdin& it would obviously be necessary to consider lW the thnding would b¢ replaced or activities chang¢d. At present the free reserves amount to £347,207 and ex¢eed the Council's tsrget range. The Council will contimie to mouttor RSUA'S fre¢ r¢serves. ILSUA has delivered a financial perfonnance this year in line with its budget. The new accounting syst¢n] and internal accounting processe5 introduced in 2018119 hav¢ been refined and are now providing better quality and more timely financial information. RSUA continues to undertake a formal budget review PTo¢ess with Council each year. PrÈncipalfundingsources The nTrin incoming resources of the Society remain the membership subscription Tebates from RIBA, CPD in¢ome, PSS income. sponsorship, bookshop. coJmnissioDs and other grant fimding. The Society is extremely gratefLd to all Ats grant fiJndeTS and sp)nsors, without whose support the Soclety would not be able to a nlltnber of its activities. Plans for future periods Alms andkey objec1¥vforfH1llrper1Qds The Society plans to continue the activities outlined above in the forthcoming years subject to Satisfactory fiwding arrangements. Gokng ¢oJJeern The financial statements have been prepared on a going eon¢¢TU basis. The trustees assess whether the use of going ¢on¢ern is appropriate i.e. whether there are arty material ua¢¢rtainties related to events or conditions that may signifi¢ant doubt on the ability of the charity to continue as a going coocern. The tStee$ make this assessment ij) Tespect of a pwiod of one year from th¢ date of approval of the financial statsments. Structur4 governance aEd maDagement Nathre Ofgovernlng documenl The Royal Swi¢ty o£Ulstsr Architects As a ¢ompany limited by guarantee d as such the liability of each of the tnembers is limited. Under selOn 62 of the Companies A¢t 2006, the Society is exempt from using the word Limited. Tbe Society's governing document is the Memorandum #nd Articles of ASlatiOn In the event of the company being wound up members are required to contribute £5,00. Pa8¢ 7
Royal Society of Ulster Archit£cts known as RSUA Trustees, Report Recrultment aAdappolntip¢ Of1rlee Under the requir¢ments of the Memorandum Articles of Association the members of the Council are elected to s¢rve for a period of three years after which they need to stand for rfrelection at the next Annual General Meeting if th¢y Mrysh to continue to serve on Council. RSUA seeks to ensure that members with a range of ¢xperien¢e from withill the awhitrctural PTofes$ion serye on the Coun¢il. Inducli4>A andtraining oftruslees Most council members are familiar with the role of the charity throuth their membership of the architecttual profession. New council members attend an orientation meeting to brief them tbeir legal obligatiQn5 and responsibilities as members of Council. Arrangementsforsetting nMn&gementpersonnei remuneralion The Presid¢nt and trnstees work wholly on a voluntary basis and receive no Temuneration, bonuses, o benefits-in-kind or have any pension entitlements. Likewise, society volunteer5 are not remulleTated. The post of RSUA Director is a remunerated position. The Director's remuneration is set by the Honorary Officers Con)mitt¢e. Organisalional stn4cÉure The Society is managed and directed by its eoun¢il. Vacant Council seats are filled through an election process. The Council meets at least six times during the period September to June. Membership of the Society be cl&ssifi¢d &q.' ¢lwtered member4 honorary members. student member associats members and 2ffi1iats members. Each category has its conditions and Éfflns Is outlined in the Society's governing doGument. The Soclety is in alliance with the Royal Institute of British ArchitS (RIBA). The Coun¢il of the Society shall relate to the Council of the RtBA only in respect of matters relative to its status in alliance. RSUA sits on the Council of th¢ Royal Instite of Architects of Treland as an observer. Page 8
Royal Society of Ulster Architects known as RSUA Trustees, Report Relationships with relgted parties The Socity is in alliance with the Royal Institute of British Ar¢hitects (RIBA), The Council of th¢ Society shall relate to the Council ofthe RIBA only IER respect of matters relatKve to its status in alliance. Moior ri¥kf andmanagemenl ofthose risks Personngl the risk of losing key staff or volunteers, with the associated loss of expertise and experience Repulatlon the risk that the so¢i¢ty might be SLffer reputational damage as the Tesult of unauthorised public statements Finan¢ialRisk the risk that SO¢i¢ty Could run into fmanGial dIlcUltieS RSUA operates a risk register mlch fornllY records the k¢y risks and actions taken to minin]ise those risks. The registsr As reviewed by Council annually and is a pemianent itenj on the agenda for the Honorary Offi¢•s m¢eting& Fillan¢ial instruments obJediv andpolici The charitys activitres expose it to a number of fwancial risks including CT¢dit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies 2pprov¢d by the board of trust¢¢s, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use dttivative financial instruments for speculative pwposes. Cashflow rtsk The charity's a¢tivRties expose it primarlly to the financial risks of Gbanges in foreigTL cUencY exchange rates and int¢Test rates. The charAty uses foreign exchange foThvard contracts and interest rate swap Contracts to hedge these exSur¢S. Interest bearing assets and liabilities are beld at fixd rate to enwr¢ certainty of cash flows. Credl¢ri3k The clwity's principal fman¢ial assets are bank balances and cash. trade and other receivables, and investments. The charity's credit risk is primarily attrilTrutabl¢ to its trad¢ receivables. The amounts presentsd in the balance sheet ar¢ net of allowces for doubtfjjl receivables. An allowance for impairn]ent is made where there is au identified loss event which, based on previous experienc4 is eviden¢¢ of a reduction in the TecoveTabilty of the cash flows. The credit risk <)n liquld fiJDds and deriv&ive 6nanciaT instruments is limited because th¢ counterparties banks with high credit-ratings assigned by Ithernatiot credit-rating agencies. The charity has no sigaificant concentration of cTrdit risk. WAth exposure spread ov¢r a large numb¢r of count¢rparties and customers. Page 9
Royal Society of Ulster Architects known as RSUA Trustees, Report Liquidty risk In Ord to maintain liquidity to $re that sufficient funds are available for ongoing operations and tUre developments, th¢ charity uses a mixtur¢ of long-temi and short-terni debt finance. Furth¢r detsils regarding liquidity risk can be fow in the Statement of accounting policies in the financial statements. Credltor payment policy The society support prompt and tsrgets payment for goods and s¢rvi¢es to be made within agreed payrnent terms or witlLin 10 days of receipt of invoices not in dispu*. Dlsclosure of inforn]atlon to auditor Each tnistee ha5 taken steps tlpat they ought to have tsken a5 a trustee in order to Jnake themselves aware of any relevant audit itifomiation and to establish that the charity's auditor is aware of that infornmtion. The trtstees confimi that there is no relevant information that they know of and of Mthich they know the auditor is unawkre. Sm211 eomp#llie$ provision stsÉement This report has been prepared in aordanCe Thith th¢ small wmpanies regirn¢ under the Comp]¢$ Act 2006. Page 10
8.¥ RS'UA Trlls Rtport 8tatern¢nt of trn5t'ees' r¢sponslb- The trLPStte¥ ¥who e ai%0 tho dirts%crs of Ro>"81 Society of Lt¢." ArhIte£ for the pwpo¥eg of comp?Y w) &r¢ r51b1e for pieparing h¢ trwÉ£¢6' Yeport und the fMw]ciAS %tsttrfj¢nts in accorda2yoe applicable la¥v linited Kits#dom Aewuntin2. Siaudards {l.ltsit Kingdom GettallY Accepted A¢CoiJnÈ£ Praciicc), ncludin¥ I'R¥ IQ2 'The Fwtn¢ial R¢Forlins Standard éppliatLle. the LK aThl Reythb¢ of Irelalld" The tport &Ad bavt been prep3Jea 14 aLord8tt¢e with 1¢ provisions in the Comp1£$ Art ?OG6 relats'ng to small comparaps, Comp&mv law. reQ-&5 112¢ tmstt¢s Éo prepare fllwncial tswtnktsits lor each fir&.1&8 >etsT. Under la the £n2Stet5 tDust 0t dpprove the firjaClaI stst¢m=r¢ts iudesy thei 8t¢ %atisll¢d tIt 21y gi¥,¢ a tru¢ and tAif Tr2eVv" of the #atÈ ot. Qthirs of the charitsble M[j, [d of the itikoming testsur appticattoll of yesree3. %acludiJig ils Èuwme ¢xwditure, of Ibe ¢naritsbAle LoirhPf4ti? for ti?at period. lu pr¢p#ritt¥ these finaneidi statenienLE, L4e troit¢e$ #re WLirl to: stltxt ¥llyi#ble mtstins policE#s ¥sKI apply then? knQ.VAStyntty" obser¥¥ tkn methody pri#¢iples i# th¢ CkarYti¥s SORP. jak¢2kndnelltS attd estinjates th£ts aT¢ z¢&sonAbl and pntd¢iy' her qJplic.abl& Stsiidr,Is, 102 k#i'¥ beem followed, subjeKt t¢ dll> Elter]&, dep&rtiJre¥ th'sclo¥t(i atki e-¥plained lit tbe. fi¥BA,'i¢ial st&iem&t$' prepape i!e stoteJtiett )n the x.iW3 0Ctr uthess ti 1£ inaFvmpti&¢e KQ P&11 Ihlrt tv.¢ ritle ¢ompn> will conti4ue ir• b3[1&$. I"h¢ Ixusives u¥0 ¥£.bllQll$i.bl¢ for kneputg accoknlltills. ¥VI.d5 ti2111 dis¢lfjx %YJth reoable acounttry at Ily tim¢ th financr21 po8tlitsn tsfLle L!i&t!t&bl¢ eJabl¢ then? to ensiw¢ th the fiiitmc'id 8tateEnts LompLI' with thè C,<)syipanies 2006. I'hev 8.'e r#5PDNTrible. f4)r safegu8rdSng th¥ ass¢t6 of th¢ clwit4bl= compafji and for tsking" feasoiRdble stsps ror th¢_pr¢Ntyfttov. &Yl 4tlLiLtion of ITa4d and oibei iffeIan.e%. Thè trustees are respoibible for tho m&iW&Liieac¢ ar.d tsf the ¢oryordt¢ and financi infon)Jation in¢lisd¢d the ¢lwi"table. comp&ny'R web$r4¥. 8OVtrttittg tkn prwlia &nd éiss¥fftRnati02k of fjnancial stnlS )]18y letsi4aticD ir4 Otbth Jtirlsdliott& 'I'lie #nuu&l report approved by tlle intsts¢s ot th= ckn2tJT On J. flj - I ,Viay 2024 &nd sigoed on its b¢balt'by: I IcAlister Trus*e PasL!I
Royal Society of Ulster Arehiteets known as RSUA Independent Examiner's Report to the trustees of Royal Society of Ulster Architects Cthe Con)pany') I r¢port to the eharity trustees on my ¢xamination of the accounts of the Company for th¢ year ended 31 March 2024. Responsibilities and basis of report As the ¢harity's trustees of Royal Society of Ulstsr Architects (and also its directors for the purposes of ciympany law) you are responsible for the preparation of the coUntS in accordance with the requirements of the Companies Act 2006 ('the 2006 A¢t'). Having satisfied myself that th¢ accounts of RoyaI Society of Ulstsr Awhitscts are not requir¢d to be audited under Part 16 of the 2006 Act and are eligible for independent examitiation. I report in respect of my examination of your charity's accounts as carri¢d out under section 65(3) of the Clwities A¢t (Northern Ireland) 2008 ('the 2008 A¢t'). En carrying out my examination I have followed the Direclions given by the Charty Commission undeT s¢¢tion 65{9)(b) of the 2008 A¢t. Indeptndent eXalDer'S ststement Since Royal So¢iety of Ulster Architects's gross income exceeded £250,000 your examiner must be a member of a body listed in section 65(4) of the 2008 Act. I confirni that l am qualified to undertake the examination beGause l am a member of Chartered Accountants Irelan(t whi¢h is one of the listed bodies. I have completed my examination. I cOnfM that no rnatters have c4)me to my att¢ntion in connection with the examijthtion giving me cause to believe: accounting records were not kept in resp6ct of Royal Society of Ulster Architects as required by section 386 of the 2006 Act. OT 2. the accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirements of s¢otion 396 of the 2006 other than any requirement the accounts give a 'true and faiT view which is not a matter considere41 as part of an independent examinattory or 4. the &counts have not been Prepared in ac¢ordan¢e Mryth the methods and principles of the Statement of Reconullended Practice for accounting and reporting by charities [applicabl¢ to charities preparing their accounts tn accordance with the Financial Reporting Stsndard applicable in the UK and RepubIic of Ireland (FRS 102)]. I have no Concen and have come across no other nutters in connection with the examination to which attention should in this report in order £0 enabl¢ a proper understanding of the accounts to b¢ reached. erFCA Chartered Accounlants & Regist¢rd Auditors Chartered Accountants Ireland 6 Doagh Road Ballyclar¢ Co Antrim BT39 9BG 31 May 2024 P88e 12
Royal Society of Ulster Architects known as RSUA Statement of Financial Activities for the Year Ended 31 March 2024 Unduding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) UDrestrict funds Total 2024 Note Ineome and Endowmtnts from: Donations oJ]d legacies Charitable activities Generating Activity Investrnttnt income 149,655 186.597 18,018 4J04 149,655 186,597 18.018 4,304 TotaE inconie 358,574 358,574 Expenditure on: Charitable activities 19 391,494) (391,494 Totsl expenditure 391,494 (391,494) Net expenditure 32,920 (32.920 Net movement in fimds (32.920) (32,920) Recon¢iliation of funds Total funds brought forward Totsl funds carried forward 604,876 604,876 14 571,956 571,956 The notes on pages 17 to 29 forni an integral part of these financial Statellnts. Page 13
Royal Society of ster Architects known as RSUA Statement of Financial Activities for the Year Ended 31 March 2024 (Induding Income alld Expenditure Account and Statement of Totsl Recognised Gains and Losses) Unrestricted nds Restrfrcted fuDds Total 21)23 Note Income and EndowmeDts frojn: Donations and legacies Charitable activitLes Generating Activity Investment iocome 139,532 189,157 19.127 978 139,532 208,157 19,127 978 19,000 Total in¢ome 348,794 19,000 367,794 Expenditure on: CharAtable activities Other expendAture Total expenditure 19 (387,706) 48 (20,000) (407,706) (48) (387,754) (20,000) (407,754) Net expenditure Transfers between funds (38,960) (1,000 (1,000) 1,000 (39.960) Net mov¢ment in funds (39,960) (39,960) Reeon¢illation of fullds Totsl funds brought foThwd Total funds catried forward 644,835 644,835 14 604,875 604,875 All o£the charty's activities derive from cortinuing operations during the abov¢ two periods. The fimds breakdown for 2023 is shown in note 14. The notes on pag¢s 17 to 29 form an integrnl part of the financial statements. Page 14
Royal Society of Ulster Architects known as RSUA (Registration number: N100069) Balallce Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangibl¢ assets Current Sets D¢btors Cash at bank and in band io 224,387 230.460 li 12 157,359 279,309 102,292 336,454 438,746 436,668 Credffttors: knounts fallillg dJ¢ within one yvar Net current assets 13 (89,099) (64,331) 347,569 374,415 Net assets 571.956 604,875 FlldS of the charity.. Unrestrfieted income Unrestricted fidS 571,956 604,875 Total 14 571,956 604,875 For the financial year ending 31 March 2024 the charity was entitled to ex¢mpttoll from audit under sertion 477 of the Conwanies Act 2006 relating to snTrll companies. D1CtorS, reSnsibIlitIes. Th¢ members have not required the chaTity to obtairt an audit of Its accounts for the year in question in acc4)rdance with section 476- and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accoullting records 8nd the preparation of aocounts. These financial statements have been prepared in ac¢ordance with the spe¢sai provisions relating to ¢ompani¢5 subJt to the Sn11 companies regim¢ Thithin Part 15 of the Companies Act 2006. The notes on pages 17 to 29 forni an integra] part of these financial staten]¢nts. Page 15
Royal Soeiety of Ulster Archltects knoivn as RSUA (Registration nllmber: N100069) Balance Sheet as at 31 March 2024 The financial statements orA pages 13 to 29 were approved by the trustees. and authoris¢d for issue on 31 May 2024 d signed on their behalf by", P McAlister are Trustee The notes on pag¢s 17 to 29 form an inÉegra] part of thes¢ financial statements. Page 16
Royal Society of Ulster Architscts known as RSUA Notes to the Finaneial Statements for the Year Ended 31 Mareb 2024 I Charity $t4tus The Chlty is limited by guamtee, inwry)orated in Northern Ireland, aTrd consequently does not have sly¢ capital. Ea¢h of the trustees is liable to contribute an amount not exceeding £5 towards the assets of the charity in the event of liquidation. The adilress of its iegist¢r¢d Offi is: 2 Mount Charles Belfast Co. Antrim BT7 INZ These fAnanciaK statements were authorised for issue by the trustees on 31 May 2024. 2 Aecountlug polieies Summary ofslgnAfieant aceollntAAg policies alld key aceountiug estInte8 The principal accouuting policies applied in the pr¢paration of these fir)ancial statements are set out below. These policies have been consistendy applied to all the years pr¢s¢nte¢ UesS otherwise stated. Stattment ofcompliance The finaucial statements have been PT¢pared in accordance with A¢counting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in acrdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK aud Republic of Ireland (FRS 102) and tbe Companies Act 2006. Basis ofpreparation Royal Soci¢ty of Ulster Archttects meets the defmition of a public b¢nefit entity under FRS 102. Ass¢ts and liabilities aTe initially recognised at historical cost or traactIon value lesS othernise stated in the relevant accounting policy notss. Going Colleer The trust¢es wnsider that there are no nterIal uncertainties about the charty's ability to continue &s a going concern nor any significant ar¢as of uncertainty that affe¢t the carrying vajue of assets held by th¢ Charity. Exemptlon fronk preparing a eash flow statement The charity opted to early adopt Bulletin I pubIished on 2 Febn]ary 2016 and have therefore not included a cash flow statement in these financÈal sttrments. Ineoffje and endojvments All income is recognised 00¢¢ the chlty has entitlement to the income, it is probable that the income Thill be received alld the atnount of the income receivable Can be measured reliably. Page 17
Royal Society of Ulster Architects knoTrvn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 Don(tslons and legacles Donations are recognis¢d when the chaTity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by th¢ ¢harity before the Charity is entitled to the funds. the income i5 deferr¢d and not recognised until either those conditions are fillty mel or the fulfilment of those Conditions is wholty within the ¢ontrol of the charity and it is probable that these nditions will be fillfilled in the reporting peTlOd. Grants receivable Grants are Rcognised when the charity has an entitletnent to the funds and any conditions linked to the grants have been met. Where perforniance ¢onditions are attached to the grant and are yet to be the inc¢)me is olsed as a liability and Includ on the balance sheet as deferred income to be relSed. Inveslment incomt Divid¢uds are recogDised once the dividend has been declared aud notificlon has been received of the dividend Ypenditure All expenditure is recognised once there ts a legal OT eonstructive obligation to that expenditure, it is probable settlement is required and th¢ amount ¢all be meaqllred reliably. All costs are allocated to the applicable expenditur¢ heading that aggregate similar oosts to that Gategory. Where oosts cannot be directly attributed tr> particular headings they have been allocated on a basis ¢onsist¢nt with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation ¢harg¢s allocated on the portion of th¢ asset's use. Other support ¢osts are alloated based on th¢ spread of staff costs. CharitablÉ ttetiviilLs ChRtable expenditure comprRses those costs incurred by the Charity Én the delivery of its activities and services for its benefi¢iaries. It tncludes l)oth ¢osts that can be allocateal dtrectly to such activities and those costs of an indirect nattre 0¢ssary to support them. Support costs Support costs Ènclude central fimctions and have been allocated tr) activity cost categories on a basis consiStt Mryth tbe use of resources. for example. allocatiog propety ¢osts by floor eas, or per capits, staff costs by the time spent and other Costs by thelr usage. Governance eosts Tbes¢ include the costs attributable to the chRty'S ¢ompliance M)Kth constitutional and ststutory T4uirements, including audit, strategic n]anagement and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paaph I Scbedule 6 of th¢ FinanGe Act 2010 and therefore it meets the definition of a charitable company for UK Corporation tax pvrposes. A¢¢ordin8ty, the cha¥ity is potentially exempt fronx t&xation in respect of income or capital gains re¢eived within catsgories ¢ov¢red by Chapter 3 Part I l of the Coo)oration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains aTe applied excluskvely to Chatitable purpos¢s. Page 18
Royal Society of Ulster Architects l<nown as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 Tanglble fixed a5set8 Indkvidual fed assets costing £100.00 or mor¢ are initially recorded at ¢ost. Depreciadon and amortfisation Depreciation is provid¢d on tsngible fixed wets so as to write off the ¢ost or Valuatio less any estimated Tesidual value, over their ¢xpected useful economi¢ lif¢ as fnllows: Trade debtors Trade debtors are amounts due from Customers for m¢rchandise sold or services perfornjed in the ordinary course of business. Trade debtOTS are recognised inktially at th¢ transaction prtce. They 8Tr subsequ¢ntly measured at amortiwl cost using the ¢ff¢¢tive Ént¢Test method, less provlsion for impairnient. A PTOViSiOll for the impairnKnt of trade debtors is establithed wher£ tbere is objective eviden¢t that the charity will not be able to colle¢t all amounts due according to the Orinal terms of the e1VableS. Cash and cash equivaltnts Cash and cash equival¢Dts comprise Cash on hand and call deposits, and oth¢r short-teTEll highly liquid iDveslrnents that are readily convertible to a known alnount of cash and aTe subject to an insi8nifi¢ant risk of chal¢ in value, Tr4de creditors Trade creditors are obligations to pay for goods ox s¢Tvice$ that have been acquired in the ordinary course of business from supplieTS. Accounts payable are classified as current liabtlities if the 011ty does not have an unconditional right, at the end of the reporting perirf to defer settlement of the ¢reditor for at least twelve months after the reporttng date. If theTe is an unconditional right to defer settlement for at least twelve months after the reporting dat4 they are present¢d as non-GUJTent liabilities. Trade Greditors are recognised inKtially at the transaction pri¢¢ and subsequently measured at amortised cost using the effective inter¢st method. Borrowings Interest-bearing bomwings are initially r¢¢oTde41 at faRr valuc, net of transaction Gosts. Interest-bearing boOWing$ are subsequently carried at amortised cost, with the differen¢¢ between ibe proceeds, net of transaction eosLs, and the amount due on redemption being recognised as a charge to the Statement of Financial Athivities over the period of the relevant b0WIng. Interest expense is r¢¢ognis¢d on the basis of the eff¢¢tive interest Enethod and is included in inteTest payable and Si71ar charges. 00ringS are classified as current liabilities unless the charity ljas an unconditionak right to defer settlement of th¢ liability foT at least twelve months after the reporting date. Page 19
Royal Socxety of Ulster Arehiteets known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 Foreign exthange Trnnsactions in foreign currencies are recorded at the rat¢ of exchange at the date of the Iransaction. Monetsry assets and liabilities d¢nominated in forei currencies at tbe balance sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operations are tr8nsEated at the av¢rage rates of exchange during the period and their balance sheets at the Tates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and a¢cumulated in equity (attributed to non-eontrolling interests as appropriate). Other exchange differences are recognised in the Ststement of Financial Activities in the period in whR¢h they arise except for: l} exchange differences on transactions entered int() to hedge certain forekgll curr¢ncy TAsks (see above). 2) exchange diff¢ren¢es arising on gains or loss6s on non-monetary itsms Mthich are regniSed in other comprehensive income. d 3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from OT payable to a foreign operation for which settlement is neilher planned nor lQely to occur (therefore forniing Part of th¢ net investment in the foreign operation), M@ich are recOlSed in oiher compreh¢nsive in¢ome and Teported under equity. Fund strueture Unrestricted income fimds ar¢ general ftmds that &re availabl¢ for use at the trustees diwretion in thrtherance of the objectives of the ¢harity. Designated ndS are unr¢stricted fimds set aside for specific purposes at the discretion ofthe tnjstees. Flnallelal in$truznellt$ aassificailon Finan¢ial assets and financial liabilities are egniSed when the ¢haLIty becomes a paty to the contractual wovisions of th¢ instrun]enL Financial liabilities and equity instruments are ¢la&sified according to the substan¢e of the ¢ontrac¥ual arrdllgements entered into. An equity instrument is any c¢)ntract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. P2Ee 20
Royal Society of Ulster Architects knoivn as RSUA Notes to the FinancRal Ststements for the Year Ended 31 March 2024 Recognition andmeasurement All financial assets and liabilities are initially me&gur¢d at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nornally the transaction ptice &x¢luding transaction costs), unless the arrangement constikntes a financing transaction. If On wrangenllt constitutes a financing transaction, the fllwicial asset or financial liability R5 measured at the present value of the future payments discounted at a mayket rate of infrrest for a similar debt instrurnent. Financial assets and liabiliti¢s are only offset Èn the statement of financial position Th*en. and only when there exists a legally enforce8ble right to set off the recognised amounts and the ¢harty intends either to sett]e on a net basis, or to realise the asset and settle the liabAIity simultaneously. Financial assets are dcrecognFsed when and only when a) the contractyal rights to the cash flows from the financial asset expxre or are sottl¢d, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the finall¢ial asseL or c) the charity, despite having retsined some, but not all, significant risks and rewdtds of owlership. has transferred control ofthe &8set to another party. Financial liabilities are derecognised only Mllen the obligation specified in the Contract is discharged, ¢ancelled OT expires. Page21
Royal Society of Ulster Arehitects known as RSUA Not&s to the Financial Statements for the Year Ended 31 March 2024 Debt i1ments Debt instnllnents which meet the following ¢onditis)ns are subsequently measured at amortised ¢ost using the effective interest method: (a) The contractual return to the holder is (i) a fixed amount. (li) a positiv¢ fixed rate or a positive variable rate. or (iii) a combxnation of a positive or a negative fixed rate al a positive variable rdt¢. (b) Th¢ Gontract may provide for repayments of the principaI or th¢ return to the holder (but not both) to be linked to a singl¢ relevant observable index of g¢nernl price inflation of the cencY in which the debt instrument is denomintrd, provided such links not leveraged. {c) The contract may provide ft>r a determinable variation of the retrrn to the holder duTing the life of the instrumenL provided that (i) th¢ new rnte satisfies condition (a) and the variation is Dot ¢ontillgent on thture events other than (l} a change of a Contractual vatiable rate. (2) to protect the holder against credit deterioration of tke issuer. (3) changes in levies applied by a central banli or arising from changes in r¢levant tatiOll or law" or (li) the new rate is a market rate of interest and satisfies condition (a). {d) Ther¢ is no contractual provision that could, by its tsmjs, result in the holder losing the principal amount or any interest attributable to the current period oi prior periods. (e) Contractual provisions that permit the issuer to prepay a d¢bt instrument orperniit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the ¢Tedit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against Changes in levies applied by a central bank or arising from changes in r¢levant taxation or law. (fj Contractual provisions may pennit the extension of the term of the debt instrument, provided that the reknrn tr> the holder and any other contractual provisions applicable during the ext¢nded tenn satisfy the conditions of paragraphs (a) to (c). Debt instrunnts that atr cl&8sified as payable or receivable 7th1n one y¢ar on initial recognition and Mthich meet the above conditions are measured at the undis¢ounted amount of the cash or other ¢onsideratioD expe¢ted to be paid or re¢eive¢ net of impatnnent. Wtth the exception of some h¢dging Instrumen other debt inslnunents not meeting th¢s¢ conditions are m&%ured at fair value through profit or loss. Commttinents to nmke and ree¢ive loans which meet the condltions mentioned abov¢ are Mellred at Cost (whi¢h may be nil) less impairnient. Inveslments Investrnents in non-convertible preference shares and non-puttable ordinary or preference shares (wher¢ shares are publicly traded or their fair value ts reliably measurable) are measured at fair valu¢ through profit or loss. Where fair value cannot be measured reliabty, inv¢siments are mvdsured at cost less impairnient. Investments in subsldiaries and asso¢iates ar¢ n]easwed at cost less impainnenL For invesknents in Subsidiaries acquired for consideration including the issu¢ of shares qualifying for merger r¢lief, cost is measured by refrren¢e to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 22
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 DerivattvÉJin4ncialinstruments The ch2rity uses derivativ¢ financial instruments to reduce exposur¢ to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative finauciaI instruments for Spe&tIVe purposes. Derivatives are initially reColS¢d at fair value at the date a d¢rtvative contract is entered into and are subsequently remeasllr to their fair value at each reporting date. The re$ting gain or 10&8 is recoglsed in statement of financial activities immediately unles5 the derivative is designated and effectiv¢ as a hedging instrument, in whi¢h event th¢ timing of the r¢cognÈtion xn ststement of financial actÈvities depends on th¢ nalure of the hedge relationthip. Fair volue eIreMent The best evidence of fair value is a quoted pri¢e for an identicaI asset in an active maA(eL When quoted prices are unavailable, the price of a recent transaction for an id¢nti¢al &sset provides eTriden¢e of fair value as long as there h2s not been a significant change in economic circumstances or a S11r1eallt lapse of tim¢ since the trafjsaotton took place. If the market is not a&ive and Tecent trat)sactions of an identi1 asset on their own are not a good estimate of faiT value, the fair value is estimated by using a valuation techniqu¢. 3 llleome from donalions and leg2tfies UJArestrietsd fuDds General Total funds Donations and legacies. RSUA Subscriptions Grants, includtng ¢apitai grnnts" Graats 60 60 149,595 149,595 Total for 2024 149,655 149,655 Totsl for 2023 139,532 139,532 4 Income from eharltable aetfvlties Unrestricted funds General RestrA¢t¢d funds Total funds Promotton of Ar¢hitscthre Promotion of Knowl¢dge Promotion ofDesign Excellence Total for 2024 54,444 81.931 50222 54.444 81,931 50,222 186,597 186597 Total for 2023 189.157 19,000 208.157 Page 23
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 5 Ineome from other trading activfities Ullr¢strieted funds Genernl Total nds Trading income; Bookshop and Online Sales Bookshop Commission Website Income Events income. Exhibition - Art Sales P.I. Commissioll Magazin¢lAdvertising Conmiission 6,431 3,555 936 6,431 3,555 936 740 3.356 3,000 740 3,356 3,000 Total for 2024 18,018 18,018 Total for 2023 19.127 19,127 6 Investment illeon Unrestrieted Total fuDds General Interest re¢eivable and sijnilar income. Int¢rest r¢¢¢ivable on bank dq)osits Total for 2024 4304 4.304 4,304 4,304 Totxl for 2023 978 978 Page 24
Royal Society of Ulster Architects knoivn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 7 Trustees remull¢ration and expensos During the year the Chlty made the following transactAons with trustees: P M¢AJister £823 (2023: £182) of expenses were reimbursed to P M¢Alister during the year. £823 reimbursement for travel cliams Telating to RSUA council matters. J GrEeve £50 (2023: £230) of expenses were reimbursed to J Grieve during the year. £50 for reimbursement with costs for the Earty Career Architects Event. No Inistecs, nor any persons connected with the have re£eived ally remuneration from the chaTity during the yeaT. 8 1lldep¢ndent examiner's remuneration 21124 2023 Examinatton of the financial statsments 1,925 9 Taxation The charity is a stered charity and is therefoTe exempt from t&¥atio 10 Tangible fixed assets Lalld and buildings Furniture and equipment Computer equlpment Tot41 Cost At l April 2023 Additions 446,041 8.861 79,400 4,800 534,302 4,800 At 31 March 2024 446,041 8,861 84200 539,102 Depreeiation At l April 2023 Charge for the year At 31 Mah 2024 220,810 8,921 8,711 139 74,321 1,813 303,842 10,873 229,731 8,850 76,134 314.715 Net book v#lue At 31 March 2024 216,310 8,066 224,387 At 31 March 2023 225,231 150 5,079 230,460 Page 25
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 11 Debtors 2024 2023 Trade debtors Prepayments Oth¢r debtOTS 24,309 33,146 99,904 40.659 2,505 59,128 157,359 102292 12 Cash alld eash equivalents 2024 2023 Cash on hand Casb at baDk 538 278,771 279,309 279 336,175 336,454 13 Creditors: amouDts falling dne witlthi one yeir 2024 2023 Trdde creditors Other taxation at sociaI se¢wity Other ¢r¢ditors A¢¢ruals 25,114 15,529 36,336 12,120 89,099 9,706 18,156 23254 13215 64,331 14 Funds BalaDe¢ at I April 2023 Incoming resourees Resoureès expended B4lante At 31 Mareh 2024 UnTestricted funds General 601,396 358,574 (391,494) 568,476 Desigt)atsd 3,480 3,480 Total funds 604,876 358,574 391,494) 571.956 Page 26
Royal Society of Ulster Architects known as RSUA Notes to the Fillancial Statements for the Year Ended 31 March 2024 Balance at 31 March 2023 Balanee at I April 2022 Incoming r¢sourees Res0rreS expended Trdnsfers Unrestrieted funds General 641,355 348,794 {387,754) (1,000) 601.395 Designat¢d 3,480 3,480 Total unrestrirted fullds 644,835 348,794 {387,754) (20,000 (1,000) 1,000 604,875 Restricted tsnds 19.01)O Total funds 644,835 367,794 (407,754 604,875 The specifi¢ purposes for which the fid$ are to be applied are as follows: Trtee$ have designated fill amounting to £3,480 (2023: £3,480) towards activiti¢s previously underntken by PLACE (Planning, Landswe, Architecthre, Community & Envirojllnellt). 15 An21y$is of net assets between funds Unrèstrieted funds General Total funds at 31 March 2024 Tallgible fixed assets Current assets Current liabilities 224.387 436,668 (89,099 224,387 436,668 (89,099) 571,956 Total net assets 571.956 11 UnrtrIcted funds General Total funds 4t 31 March 2023 Taugible fixed assets Current assets cUent liabilities 230,460 438.746 (64,331) 604,875 230,460 438,746 64.331 Totsl net assets 604,875 16 Related party trgnsaetions There were no related paty transactions in the year. Page 27
Royal Soeiety of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2024 17 Analysis of governanee and support cost$ Govtrnance costs Unrestrlcted funds General Total funds Staff wsts Wages and saiarÉes Indq)endent examiner fees Examination of the fmanciaI statements Allo¢ated support costs Total for 2024 19,125 19,125 1,925 4,766 1,925 4,766 25,816 25,816 Total for 2023 20,307 20J07 18 Expendjtllre oll raising funds Allocated support eosts Total costs DRrvt costs Costs of trading activiti¢s 7,634 13,831 21,465 Total for 2024 7,634 13.831 21,465 Total for 2023 6,600 13,180 19,780 19 Ewnditure on charAtable a¢tlvl*fes Unrestricted funds General Restricted funds Total funds Note Promotion of Architecmre Promotion of Knowledge Income Generating Activities Promotion of Design Excellence Staff costs Governance costs 45298 50,751 10,797 64,688 194,144 25,816 45298 50.751 10,797 64,688 194,144 25,816 17 Total for 2024 391,494 391,494 Total for 2023 387,706 20,000 407,706 Page 28
Royal Soclety of Ulster Architeets known as RSUA Notes to the Financial Staternents for the Year Ended 31 March 2024 In addition to the expenditlwe analysed above, tIwe are also goverEwi¢e costs of £25,816 (2023 - £20,307) which relate directly to oharitable activities. See note 17 for further d¢tsils. 20 Staff costs The aggregate payroll costs were as follows: 2024 2023 staff Costs dllring the year w¢r¢.' Wages and saiaTi¢S Other staff costs 212,495 774 188,408 508 213 269 188916 The monthly aVee number of persons (including senior nwiagement I leadership kam) employed by the charity during the year expressed as 1] time equivalents was as follows: 2024 2023 No Charitable Activities 6 (2023 - 5) of the above employees participated ill the Defined Contribution Pensiou Schemes. ContriTrutions to the employee pension schemes for th¢ year totslled £14,831 (2023 - £12,386). The number of employees whose emoluments fell within the following b4nds was,. 2024 No 2023 £60,001- £70,000 21 Net incominglolltgolng resovrees Net outgoing resources for the year include: 2024 2023 Deweciation of fixed assets 10,873 10,411 Page 29