Company registration nutnber: N100069 Charity registration number,. MC101263 Royal Society of Ulster Architects known as RSUA (A company limited by guarantee) Annual Report aud Financial Statements £oT the Year Ended 31 March 2025 Hopper & Co Chartered Accountants & Registered Auditors 6 Doagh Road Ballyclare Co Antrim BT39 9BG
Royal Society of Ulster Architects known as RSUA Contents Reference and Administrative Details Ito2 Trnstees, Report 3to IJ Independent Examinevs Report 12 Stat¢m¢nt of Financial Activities 13to14 Balanc¢ Sheet 15to16 Notes to the Financial Ststements 17to30
Royal Society of Ulster Arehitects known as RSUA Reference and Administrative Details Trustees J Lavery, PT¢sid¢nt J Grieve, Vice President P McAlister, Immediate Past President J M¢Coy, Hon SecTetary M Hare, Hon Treasurer S Brady C Brown S Caitl)n¢ss (appoint¢d 18 Nov¢mbeT 2024) D Coyles K Crilly J Cronlle (appointed 3 J May 2024) A Durrent (resig1d 31 May 2024) C Fearon (resigned 31 May 2024) F Harron J Hassan (appointed 18 November 2024) A Jones, University Representative (QUB) A Knowles (appointed 31 May 2024) O Laughlin T Leaker (resiA¢d 31 May 2024) D MacRandal C MaIlon R Mccall A O'Doh¢rty L Park M Reid S Salley (appointed 9 September 2024) S Salley {resigned 31 May 2024} C Shaw K Simpson H Stolwvah Seeretary CFOX Page I
Royal Society of Ulster Architects known as RSUA Reference and Administrative Details Other Officers A Meehan, RIAI Observer D MacLaimhin, Associate Member Representative R Caithnegs. Universty Representstive (UU) A Murray, Student Representativ¢ (Lrui O Galligan, Sthdent Repr¢sentative (QUB) Senior Management l Leadership Mr Ciaran Fox, Director. TeAyn Charity Registration Nu]nber NIC101263 Company Registration Number N100069 The charity is incoFporated in Northern Ireland. 2 Mount Charles Belfast Co. Antrim BT7 INZ Registered Offite udltor Hopper & Co Chartered Accountsnts & Registered Auditors 6 Doagh Road Ballyclare Co Antrin] BT39 9BG Solicitors: King & Gowdy 298 Upper Newtownards Road Belfast Co. AntrAm BT4 3EJ B2nkers Danske Bank Limited University Street Belfast Co. Antrim BT7 IND Page 2
Royal Society of Ulster Architects knoivn as RSUA Trustees, Report The trustees, who are diTe¢tors for the purposes of company law. present the annual report together with the financial statements and auditors, report of the Chitable company for the year ended 31 March 2025. Objectives And 2ctivitie$ Objects dnd aims The principal objectives of the Society are as follows: Good design llrg because it brings social, economic and environmental benefits. Well designed houses and neighbourhoods make our lives healthier. happi¢T and safer and our ¢ommunities stronger. students learn better and achieve more in inspiring educational buildings. recovery times improve in hospitals designed to me& the needs of patients and stsff. and businesses profit from greener, well constdered premises. Public benefit The public benefit may be demonstrafrd by the increasing number of awards and positive publicity given to the d¢sign of buildings and the built ¢nvironm¢nt in Northern Ir¢land. These are not just awards for design in tern of aesthetkcs but are also for constrnction excellence and fLctiOnalIty. Sucb awards r¢cognise sustainability. accesskbility. the services the building gives to the public and the effect the building has on the regeneration of a street or area. Arti¢l¢s on buildings in nationat as w¢ll as the local architectural and constrnction press also demonstrates the benefit to the public. The beneficiaries are the users of buildings which would ¢ft¢ompass all members of tbe publi¢. RSUA'S obj¢ctives and public b¢nefit statement are accepted by Th¢ Charity Con3mxssion. The maiti strategies employed to achieve publie benefit by the Soeiety ean be broadly categorised during the yekr 2s follows: * RSUA Design Awards * Publication of the Society's MagleS. * RIBA Bookshop at the RSUA * Client AdlSOry Servrce. including design competitions/competitivt interviews * Prnctice SeIces Scheme * CPD Seminars and courses * Liaison with goven)ment bodies particularly in relation to publi¢ sector PTo¢urement and planning These broad categorisations of activities ar¢ cU¢n£ caryi¢d out for the Pllbli¢ benefft. The trustees confirm that they have complied with the r¢quiTtmtnts of section 4 of the Charities Act 2008 to have due re£ard to the public benefit guidance published by The Charity Commission frirNorthern Ireland. Page 3
Royal Society of Ulster Architects known as RSUA Trustees, Report Achievements PerfornB¢e In 2024125 RSUA'S unrestricted income increased by around £4Sk primarily due to the following factr)r&. . Active Travel proje¢t furAdiJ)g . Study Tour . RSUA Design AWdS Teturning as an event . Judicial Review support from RIBA . Early Carter Architects competition funding In 2024125 RSUA'S unrestricted expendiwre increased by around £54k prlmarily due to the following factors: . Event expendittlre . Staff costs- increased staff and salary increases Active Trav¢1 proj¢ct fjjnds spent . Early CareeT Architects fuDds spent Judicial review costs In r¢cent years RSUA l]as increased its free res¢rves. FOT 2024125 RSUA budgeted to spend more than the income we brought in. We were successful in doing so. RSUA spent Toughly £38k mor¢ than th¢ in¢ome w¢ g¢n¢rdt¢d in 2024125. RSUA intends to continue to lower its free reserve over the next f¢w years 2nd will budget for annual expenditure levels to be higher Éhan annual income levels. Page 4
Royal Society of Ulster Architects known as RSUA Trustees, Report The income g¢nerated in 2024125 has enabled RSUA to cany out a wide Tange of charitable artivities including: Continuous Professional Development: Provided a broad t2nge of learning opportunities for members through online events including an on-demand Option. Architecture Night: Major event attracting over 300 tb2t celebrates architecture in a unique way. This year the ev¢nt was held at the Kings Hall Belfast. Early Career Design Competition: Please Replace the Handset and Try Again was the RSu]P Cony Early CaT¢er iksign Competition in 2023. Th¢ winner5 w¢r¢ aTwounced at Architectu Night and a red phone box in central Belfast wa8 transfomied in 2024. Engagement with clients: RSUA has engaged with Councils, central government bodies, univeisiti¢s, housing associations and others to prornote the benefits of investing in design qualty and to provide support in obtaining it. RSUA peer approved Design Quality Panel: The panel members provided expert assistallce to a number of initiatives including the Belfast Stories project and to Tourism Nl. Professional Insights Programme: RSUA members provided over 100 second year students from both universities in Belfast with a range of prdCti¢al insights to the work of an abiteCt in practic¢. ProCUreent. RSUA conttnued to work wÈth clients and policy makers to improve procurement with a eW to creating condÉtions to allow ar¢hite¢ts to deliver of their besL Engagement with Councils: RSUA met with a number of local councils on a wide range of matters with a particu]ar focus on planning. RSUA Design Awards: A Tobust judging process for the RSUA DeSIg Awards 2024 took plw¢ in spring 2024 and the winners were announced at a GaIa Evening in th¢ MAC theatre in Belfast in May 2024. ComD]unRcations: A full-page feature by an KSUA m¢EnbeT app¢ared each month in the Irish News. RSUA launched a new sit¢ 5igYAboaTd service to members in September. General meetings: Two General Meetings this year have been held in-person and have included an architect-led building tour. The other two General Meetings have been held online ¥nd have iTJclude a 'My Architectwe, presentation by a menther. Pllblieatfions: Perspectlve and Living Design magazines were published throughout the year. Praetite Services Scheme: B¢nefJts for prarti¢es that subscribe to the Practice Services Scheme were fjjrther enhanced this year. Study Trip: A Study TTIP to Vi¢TllM took place in 2024. A Study trip to Paris is planned for June 2025. Ask An Architect: Th¢ ix)itiative raised £15,400 for Friends of the Cancer Centre through its partnership with th¢ Jill Todd Trust Nthilst raising th¢ profil¢ to the public of the role of the architect. Pag¢ 5
Royal Society of Ulster Architects known as RSUA Trnstees, Report Local Groups: A range of RSUA local groups met with the local Cout)ctl to seek ways to tmprov¢ ar¢hlte¢tLe and the built environment in the Council area. Building Iwpir#tion lknur¢.' The builditig inspiration l¢ctur¢ was postpon¢d. RSUA aims to restart the leoture series in late 2024. Wider representation: RSUA actively participated in the NI Construction Group, the Strategic Design Group. NK Assembly All Party Group on Constrnction and the Expert Panel on Building Safety Bonor2ry Membership: In recognition of the important role that nonTr2rchitects alld architects from outside Nl have on ar¢hite¢tUTe in Nl, RSUA conf¢rr¢d Honorary Membership this year on broadcaster William Crawjey. Committees and Groups.. During the year the Committees and Groups ¢ontinued with an a¢tive proEraEDme of wo. The Education and Careers Committee was fonn¢d. Engagement with students and younger members: RSUA continued to increase its engagement with stydents and younger ahitect$ this year through: • The perfectly proportioned quiz of architecture and other things in partnership wAth the univ¢rsities held in the Black Box . The design competition for early career architsctg Student medals . Awarded th¢ Alau Barnes travelling s¢holarship • Inereased the nnber of practices signed up to fair pay commiiments for Part I graduates . Provided free or redu¢¢d pri¢¢ tickets foT Students at various RSUA events . Offered Support to Ar¢So¢ at QUB for a number of le¢tur¢s * OrganÈscd 'Preparing for Practice. a Part 3 study evening . DeliveMI the Professional Insights Programme for second year students in partnership with both Belfast universities • Early Career Architects Fonun held a number of events . Held a special celebration for all the ntmdy qualified architects in Nl FiDalleial review The total unrestricted incoming resources for the year amounted to £406,925 (2023124: £358212), with exp¢nditur¢ of £445,437 (2023124: £291,494) resulting in a net deuease in ndS of £38,512 (2023124.. £32,920). This leaves unreslricted fimds of £533,443 (2023124: £571,594} at the year end of which £213.342 {2023124: £224,387) relates to fixed assets. There were no restricted a¢tiviti¢s undertaken during the year. Page 6
Royal Society of Ulster Architects known as RSUA Trustees, Report Policy on reserves The RSUA Council has estsblished a policy whereby the unrestricted funds not commxtted or invested in tangible fixed assets Cthe free reserves? held by the charity should be betsveen 2 and 6 months of the resources expended, which equates to beknreen £74,239 and £222,718 in general funds. At this lev¢l, th¢ CouncAI thinks tbat RSUA would be able to ntinlle the ¢unent activities of the charity. In the event of a significant drop in fimding, it would obviously be necessary to wnsid¢T how the funding would be replaced or activities changed. At present th¢ fr¢¢ Tes¢rves amount to £316.621 and ex¢eed the Council's target rang¢. The Council will conlinue to monitor RSUA'S free reserves. RSUA deIivered a financial perfonnance this year in line with ils budget. The new acwunting syst¢m ana internal accounting pr(55 introduced in 2018119 have been refined and are now providing better quality aod raore timely financial infOrntiOn. RSUA continues to undertake a forntsj budget review PTocess with Council each year. Prixcipulfunding sources The main incoming resources of the Society remain the m¢mbershkp subscription rebatts from RIBA, CPD income, PSS income, sponsorship, bookshop, Commissions and other gratkt thnding. The Society is extremely grateful to all its grant funders and sponsors, without ose support the Society would not be abl¢ to Tun a nuniber of its activities. Going eoncern The financial statements have been prepared on a going concem basis. Th¢ trustees assess whether the use of going concern is appropriate k.¢. Mthether there are any material un¢ertAinties related to events or conditions that may cast significant doubt on the ability of the charity to ¢ontinue as a going concern. The trustees rnak¢ this assessment ID respect of a period of one year frotn the date of approval of the financial statements. Structure? gov¢rnan¢c ond management Nature ofgoverning docuFnenl The Royal Society of Ulster Architects is a company IKmited by guarantee and as su¢h th¢ liability of each of the members is limited. Und¢r S¢¢tion 62 of the Companies A¢t 2006, th¢ Society is exempt from using the word Limited. The Societys governing document is the Memorandum and Articles of Association. In the event of the company being wound up members are required to wntiibute £5.00. Recrnitsnent andoppointmenl oflrusle Under the requirements of the Memorandum and Articles of Association the memberg of th¢ Council are electsd to s¢rve for a period of three years after which they need to stand for re-election at the next Annual General Meeting if they rysh to continue to serve on Council. RSUA seeks to ensure that members with a range of experience from within the architectural profession See OJ the Council. Page 7
Royal Society of Ulster Architeets known as ILSUA Trustees, Report Indudiott ondtrdining oftrusle Most council members are familiaT with the role of the ¢harity thrnugh their m¢mbership of the ar¢hit¢¢tsra] professioo. New council members attend an orientation meeting to brief them on their legal obligation5 and TesponsTri JilRti¢s as members of Coun¢il. Arnmgementsfor setting key manqgemenlpersonnel remuneralion The President and trustees Work wholly on a voluntary basis and receive no remuneration, bonuses, or b¢nefit5-in-kind or have any pension ¢ntÈtlements. Likewise, society volunteers are not r¢muncrated. The post of RSUA Director is a remuner4ted position. The Dire¢tor's remuneration is set by the Honorary Officers Conllnittee. Organisalional strudure The Society is managed and directed by its Council. Vacant Council seats are filled through an election process. The Council m¢ets at least six times during the period S¢ptsmber to June. Membership of the Society can be classified as". chartered members, honorary members, student members, 1gsociat¢ members ana affiliate members. Each catsgory has its own conditions terms as outlined in the Society's gov¢rning document. The Society is in aIli8n¢¢ with the Royal Institht¢ of British ATchite¢ts (RJBA). The Council of the Society $haEI late to the Council of the RIBA only in respect of matters Telative to its status in allian¢e. RSUA sits on the Council of the Royal Institute of Arehitetts of ITeland as an observer. Page g
Royal Society of Ulster Architects known as RSUA Trustees, Report Relationsbips with related parties The Society is in alliance with the Royal Institute of British Ar¢hiteGts (IUBA). The Council of the Soci¢ty shall relate to the Council of the RIBA only in respect of tnatters relative to its statys in alltance. Major risks and(agement ofthose risl(s Personnel the risk of lostng key staifor volunteers, with the associated loss of expertise and experience Reputation the risk that the society might be suffer reputstional dange as the result of unauthorised public ststements Fir¢1[ Rtsk the risk that society Gould into financial diffkculties RSUA operates a T15k Tegister which fornially records the key risks and a¢tions tsken to minimise those risks. The Tegistsr is reviewed by Council annually and is a pernwient item on the agenda for the Honorary Officers meeÉings. FinaTAcial instTllments Objecthiu andpolicies The charity's activities expose it to a number of finan¢ia] risks including ¢redit risl cash flow risk and liquidity risk. The use of fuMn¢ial derivatives is govern¢d by the charity's policies approved by the board of trustees, which provide MTitten principles on the use of financial derivxtives to manage these risks. The charity do¢s not use derivattve financial instruments for speculative puryoses. Cashflopv risk The charity's aGtiviti¢s expose it prinwily to the financial risks of ¢hang¢s in foretgn currency exchange rates and interest rates. The ¢haTkty uses foreign exchange forwaTd contracts and intrrest rate swap contracts to hedge these exposutts. tnt¢rest bearing assets and liabilities held at fixed rdte to ensure certainty of cash flows. Credlt risk The charity's principal finoncxal assets are bank balances and cash, trade and other receivabl¢s. and investments. The charity's credit risk is prImllY attrkbuthble to its trade receivables. The amounts presented in the balance heet are net of allowan¢es for doubt1 receivables. An allowance ft>r impairment is made where there is an identxfied loss event which, based on previous experience, is evidence of a reduction in the re¢overability of the cash flows. The credit risk on ]iqvid fLmds and dffrvattv¢ financial tn5truments is limited because the counterparties are bat]ks with high credit-ratings assigned by internationat credit.rdting a£en¢ies, The charity Iw no significant concentration of credit ri5K with exposure spread over a larg¢ numb¢r of counteiparties and customtrs. Page 9
Royal Society of Ulster Architects known as RSUA Trustees, Report quiility risk In order to maintain liquidity to ensur¢ that sufficient ndS are available for ongotng operations and future developments, the charity uses a mixture of long-terni and short-tsrni debt finance. Further details regarding liquidity Tisk Can be found in the Statement of a¢counting policies the financial statements. Creditor payment policy The society SUPPOrt prompt and targets payment for goods and services to be made within agreed payment temis or withill 10 days of Teceipt of invoices not in dispute. Diselosure of inforniation to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit inforntIon and to establish that the charity's audttor is aware of that infomiation. The trnstees confjrni that there is no rekevant inforniation that they know of and of Nvhich they know the auditor is uuaware. Small companies provision statement This report has been prepared in a¢cordanc¢ with the small companies regtme under the Companies Act 2006. Page 10
Royal Society of Ulster Architects known as RSUA Trustees, Report ststement of trustees, responsibilities The trustees (who are also the directors of Royal Society of Ulster Architects for th¢ purposes of Company law) are responsible for Prepillg the trust¢es' r¢port and the flltsncial statements in accordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generdlly A¢¢epted AClting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts hav¢ been prepared in aCrdance with th¢ provisions in the Companies Act 2006 lating to small wmpanies. Company law requires the trustees to prepare financial statements for ¢ach financial y¢aT. Und¢r company law the trustees must not appTove the fmancial statements unless they are satisfied that they gtv¢ a tru¢ attd fair view of th¢ stst¢ of affairs of the charitable company and of the Ancoming resources and application of resources, including its income and expenditure, of the charitabl¢ wmpany for that period. In prePTr8 these Imancial statem¢nts. the trustees are required to.. seleoÉ suitable accounting poli¢Res and apply them eongistently. observe the methods and principles in th¢ Charities SORP. umke judgements and estimates that 8r¢ T¢&80nable and prud¢nL state whether applA¢abl¢ a¢¢ounting standards. comprising FRS 102 have b¢¢n followed, subject tr) any material departures disclosed and explained in the financial statements. and prepare the financial ststements on the going concern basis unless it is inappropriats to presume that the haTitabl¢ Company will continue in business. The trustees aT¢ T¢sponsible for k¢eping proper accounting records that can dis¢los¢ with reasonable accurncy at any tim¢ th¢ fiEWi¢l position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responSile for 5af¢guarding the assets of the charitable oJnpany ¥nd hence for taking reasonable 5tsPS for the prevention and detection of fraud and other irregularities. The trustees are responsible for th¢ ninten81)et and integrity of the corporate Jnd fittaneial inforniation included on the Charitable eornpanys website. Legislation governing the preparation and di5minatIon of fjnancial ststements may differ from legislation in oth¢T jurisdictions. The atmual report was approved by the trustees of the charity on 30 May 2025 and signed on its behalf by. J Lav¢ry Trustee Pagell
Royal Society of Ulster Architects known as RSUA llldependent Examinerls Report to the trnstees of Royal Society of Ulster Architects ('the Company,) I report to the charity trlee5 on my examination of the of the Company foi th¢ y¢ar cndea 31 March 2025. Respon$lbilities and baits of report As the charÉty's trustees of Royal Society of Ulster Ar¢hite¢ts {2nd also its directors ft)r the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself tbat the accounts of Royal So¢iety of Ulster Ar¢hitects are llot Tequired to be audited under Part 16 of the 2006 Act ond are eligible for independent examination, I report in respect of my examination of your charity's as ¢aThRed out under 5e¢tion 65(3) of th¢ Charities Act (Northern Ireland) 2008 ('the 2008 Act.). In carrying out my examination I have followed the Diie¢tions given by the Charity Commission under section 65(9)(b) of the 2008 Act. lud¢peudent examiner's ststement Since Royal Society of Ulster Architects's gross inwtne exceeded £250,000 your ¢xaTniuer must be a member of a body listed in section 65(4) of the 2008 Act. I confirm that l am qualified to undertak¢ the examination becaus¢ l am a member of Chartered AccA)untallts Ireland. which is one of the listed bodies. I have compEeted exatnination. l ¢onfmn that no matters have come to my attention in connection with th¢ ¢xaminatAon giving me ¢ause to believe: accounting records were not kept in reSpt of Royal SociW of Ulster Archit¢¢ts as required by sectLOiI 386 of the 2006 Act; or 2. tbe accounts do not a¢Gord with thoge r¢cords- or 3. the a¢¢ounts do not comply with the accounting requirements of s¢ction 396 of the 2006 Act other than auy requirement that the accounts give a 'true and fair view, which is not a matter considered a8 part of an independent examination. or 4. the accounts have rjot been prepared in a¢¢ordanee with the methods and principles of the Ststement of Recommended Practice for accounting alld reporting by thltIeS [appli¢able to charities preparing their arwunts in a¢¢ordan¢¢ with the Financial Reporting StandaTd applicable in the UK aud Republic of Ir¢land (FRS 102)]. Ihavenoc should b rns and have Qome across no other matters in connection with the examination to which attention in this T¢POrt in order to enable a proper understanding of the accounts to be reached. Simon Hopper FCA Chartered Accountants & Registered Auditors Chartered Accountants Ireland 6 Doagh Road Bally¢lare Co Antrim BT39 9BG 30 May 2025 Page 12
Royal Society of Ulster Architects known as RSUA Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Aceount and Statement of Total Recognised Gains and Losses) UDrestri¢ted funds Total 2025 Note Income and Endowments froxll: Donations and lega¢i¢s Charitable athiviti¢s Generating Activity Investment income 150,648 229,667 19,599 150,648 229,667 19,599 7.011 Total income 406,925 406,925 Expenditure on: Charitable activities 19 (445,437) (445,437) Total expenditur¢ 445,437) (445,437) Net ¢xpenditure (38,512) (38,512 Net movement in funds {38.512) (38,512) Reconeiliation of fvnds Total fi)ttds brought forward 571,955 571.955 Total fimds ¢aTri¢d forward 14 533.443 533.443 The notes oJ] pages 17 to 30 forni an int¢gral part of these fancIal stat¢m¢nts, Page 13
Royal Society of Ulster Architects known as RSUA Statement of Financial Activities for the Year Ended 31 March 2025 (lllcludillg Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Income and Endowments from: Donations *)d legactes Charitable activities Generating Activity Inv¢stmetst income 149,655 186,597 18,018 4,304 149,655 186,597 18,018 4,304 Total in¢om¢ 358,574 J58,574 Expenditure on: Charitable activities 19 (391.494 (391.494) Total expenditure (391,494 (391,494 Net expenditure Net movement in thnds {32,920 32,920 (32.920) (32,920) Recontill#tion of funds Total funds brought fonvard 604,876 604,876 ToÉal funds ¢Tled fonvard 14 571,956 571,956 All of the charity's activit1¢5 derive from ¢ontinuing operatiot)s dwing the above tsvo periods, The fisnds breakdoiw for 2024 is shown in note 14. The notes on pages 17 to 30 forn] an integral part of these fu1¢La1 stat¢m¢nts. Page 14
Royal Society of Ulster Architects known as RSUA (Registration nun)ber: N100069) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets io 213,343 224.387 Current assets Debtors Casb at bank and in hand 153,535 260,390 157,359 279,309 12 413,925 436,668 Creditors: Amounts falling due within on¢ year 13 {93.825 (89,099 Net eurrent assets 320,100 347.569 Net assets 533,443 571,956 Funds ofthe charity: Unro8tricted income funds Unrestiicted thnds 533,443 571,956 Total funds 14 5J3,443 571,956 For the financial year ending 31 MarGh 2025 th¢ charity was entitled to exemption from audit Under setttion 477 of the Companies Act 2006 relating to small companrts. Directors, responsibilities." The members have not required the charity to obtain an audit of its accounts for the year in question in accordance 7th section 476" and The directors acknowledge th¢ir iesponsibilities for complying with the requir¢m¢nts of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordan¢¢ with th¢ sp¢¢ial provisions relating to compani¢s 5ubjert to the small ¢ompanies regime withio Part 15 of the Companies Act 2006. Tbe notss on pag¢s 17 to )0 fom an integral part of th¢s¢ fin8n¢ial statements. Page 15
Royal Society of Ulster Architects known as RSUA (Registration number: N100069) Balance Sheet as at 31 March 2025 The financial statements on pages 13 to 30 were approved by the trustees, and authorised for issue on 30 May 2025 and signed on their behalf by: J Lave Tn]stee bL M Hare Trustee The no*s on pages 17 to 30 forni an inlegral part of these fll)ancial statstnents. Page 16
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 I Charity ststus The ¢harAty is limited by guaranlee, incorporated in Northern Irelan(L and consequently does not have shar¢ ¢apitsl. Each of the trustees is liable to contribute an amount not exceeding £5 towards the assets of the charity in the ¢v¢nt of liquidation, The addr¢ss of its regist¢r¢d office is". 2 Mount Charles Belfast Co. Antrim BT7 INZ These financial statements were authorised for issue by the trustees on 30 May 2025. 2 Accounting policies Sunlloary of $ignific#nt xc¢ountiDg policies and key accounting estimates The principal aw)unting polici¢$ applied in th¢ preparation of these fillanciaj statements are s¢t out b¢low. These policies have been consistent]y applied to all the yeaTS presentsd, unless otherwise stated. St4t¢m¢ut of compliance The financial statements have been preped in accordance wÈth Accounting and Reporting by Charities: Statem¢nt of Recommended Practioe (applkcable to charities preparing their accounts in accordance w&th the Financkal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (CharAti¢s SOIiP (FRS 102)), th¢ FinanGial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Royal Society of UlsteT AKhitecÉs meets the defjnition of a public benefit entity under FBS 102. Assets and liabilities are initially recognised at histori¢al c05É or transaction value unlS otherwise stated in the relevant accountiog policy notes. Going concern The trustees Consider that there are no nterial uncertainties about the charity's ability to continue as a going onr¢rn nor any SAgnifJGant areas of un¢¢rtainty tl]at aff¢rt the canying value of a5ts held by the cIwity. Exemption from preparing a cash flow statement The charity opted to ¢3Fly adopt Bulletin I published on 2 Febwary 2016 and have therefore not included a cash flow statement in these financial staternents. Ineome and endowments All in¢om¢ is re¢ognised onGe th¢ Charity ha8 entidement to the ir&wme, Ét is probable that the inconie Mqll be recetved #nd the amount of the income recetvable can be measured reliably. Pag¢ 17
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 Donatsopu legacies Donations are recognised when the charity has been notified in witing of l)oth the amount and settlement date. In th¢ ¢vent that a donation is subject to conditions tbat require a level of performance by the charity before the charity is entitled to the fimds, the income is deferred alld not recognised until either those ¢onditions are llY rneL or the fulfilment of those conditions is ryhdlolly within the wntrol of the charity and it is probable that these conditions will b¢ fulfilled in the reporting period. Grnnts rételvable Grants ar¢ recognised when th¢ charity has an entxtl¢ment to the funds and any conditions Ixnktd to the gr2nts have been met. Where performance conditions are Attached to the grant and are yet to be meL the income is Tecognised as a liability and included oh the balance sheet as deferred income to be released. Dividends are Te¢ognised once the dividend bas been declared and notification has been Tetrived of the dividend due. Expendithre All expenditure is recog[kis oJ3ce there is a legal or oonstnjctive obligation to that expenditure. it is probabl¢ ettlem¢nt 15 required and the atnount can be m¢asured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where St5 ranuot be directly attril)uted to particular headings they have beer) 311ocated on a basis coJ)sist¢nt with the use of resources, wtth central staff costs allocated on the basis of tim¢ spent, and depreciation charges aJlo¢ated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charituble IriVIl1eS Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for rts benefieiaries. It includes both costs that can be allocat¢d dir¢¢tly to such activiti and those costs of an indirect nathre necessary to support them. Support costs Support costs include central furA¢tions and have been allo¢ated to activity cost categories on a basis consistent with the use of resour¢¢s, for ¢xample, allo¢ating property costs by floor areas, or per ¢apita, staff costs by the time spent and other costs by their usage. Governance costs These in¢lud¢ the costs attributable to the charity's wmpliance wlth ¢on5titutional 3nd StatOry reqvtr¢ments, including audi¢ strategic management and trusts¢s meetings and reimbursed exp¢ns¢s. Taxatio The chlty is considered to p&ss the tests set out in Paragraph I Schedule 6 of the Finamce Act 2010 and therefore it meets the d¢finition of a charitable company for UK cooration tWE purpose5. A¢¢ordingly) the charity is potentiaIly exernpt from taxation in respect of income OT ¢apitsl gains received wlthin ¢ategoTies covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1991 to the extent that such income or gains ar¢ applied exclusively to charitable purposes. Pag¢ 18
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ellded 31 March 2025 Tangible fixed assets Individual f¢d assets costing £IOO.110 or rnore are Ènitially rttord¢d at ¢osL Depreciation and amortisation D¢preciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual value, over their expected use1 economic life as follows: Trxde debtors Trade d¢btors are arnots due from custo]ners for merchandise sold or s¢Thi¢es perfonned in the ordinary course of business. TTad¢ debtors are Tecognised initialty at the transaction price. They are subsequently m¢asur¢d at amortised cost using the effective interest method, less pmvision for impairment. A provision for the impairnient of trade debtors is established when there is objective evidence that the charity will not be able to collect all amow]ts due according to th¢ original tern of the ieceivables. C2sh and cash equivalents Cash and cash equivalents compTiS¢ ¢&gh on hand and call deposits, and other short-kmi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignjficant risk of ¢hange In value, Trade Creditors Trade credttors are obligations to pay for goods or services that have been acquired Rn the ordinary course of business from suppliers. Accounts payable are classified as Current liabilities if the cIwity does not have an unconditional rigbt, at the end of th¢ reporting period, to defer sett]ement of the creditor for at least twelve months after the reporting date. If there is an unconditional Tight to defer settlement for at least twelve Months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction pTic¢ and subs¢quently measured at amortised cost using the eff¢¢tAv¢ interest method. Borrowings Interest-b¢8ring borrowings are initially recorded at fair value, net of transaction costs. Interest-beartng borrowings are subsequently carried at amortised cost, with th¢ difference between the pro¢¢ed$, net of transaction costs, and the amount due on redemption being re¢o£nised as a ¢haTge to the Statement of Finau¢ial Activities over the p¢riod of the relevant borrowing. Interest expens¢ 1$ rew8nis¢d on the basis of the efftctive interest method and is included in interest payable and simi18r cbarges. Borrowings are classified as fflent liabilities unless the clwity has an un¢onditional right to defer settlement of the liability for at least twelve months aft¢r the r¢portina date. Page 19
Royal Society of Ulster Architects known as RSUA Notes to tbe Financial Statements for the Year Ended 31 March 2025 Foreign exebaDge Transactions in foreign currencies are recorded at the rate of exchange at th¢ date of the transaction. Monetary assets and liabilities d¢nominated in foreign ¢umn¢i¢s at the balance sheet date are T¢POrt¢d at the Tates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of ¢xrhang¢ during the period and tbeir balance sheets at the rales ruling at the balan¢¢ sheet date, Exchange differences lsIllg on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated In equity (attributed to non-controlling inter¢5ts as appropriate). Other ex¢hange differtnces att recognised in the Staterttent of Finaucial Activities in the period in which they aris¢ except for.. l) exchange difftrenw on transactions entered into to hedge ¢ertain foreign CuencY risks (see above). 2) exchange differences l5]ng on gains or losses on non-monetary it¢ms which are recognised in other compTeh¢nsive inwtne. and 3} in the case of the consolidated financial statements, exchange differences on monetary items Teceivabl¢ from or payable to a foreign operation for thich settlement 15 neith¢T planned nor likely to occur (therefore forminE part of the net inv¢sttn¢nt in the frireign operation), which are Tecognised in other comprehensive income and r¢port¢d under equity. Fund strncturc Unrestricted income lldS are general funds that are available for use at the bste¢S dis¢r¢tion in firtherance of the objectives of the charity. Designated fimds are u[estrICted funds set aside for specific puryos¢s al the dis¢retion of the tste¢S. FinaB¢ial instruments aassificalion Financi assets and finan¢ial liabilities are re¢o8nised when the charity becomes a party to the ¢ontwtual provisions of th¢ instrwDent. Financial liabilities and equity instruments are classifjed a¢¢ordillg to the substance of the contractual arrangements entered into. An equity instrument is ally ¢03Jtra¢t Éhat evldences a residua] interest in the assets of the charity after deductiug all of its liabilities. Page 20
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 Recognition ond m¢rtgurement All financial assets and liabilitie5 are initially measured at transaction price (including transaction costs), except for those ftnallcial assets ¢l&ssified as at fair value througb profit or loss, whi¢h are initially measwed at fair value (which is nornially the transaction price excluding transaction costs), unless th¢ aTrangem¢nt constitutes a financing tRsactIon. If au aangernent ¢onstktutes a financing trdnsaction. the financial asset or financial liability is measured at the present value of the firture payments diswwrted at a market rate of interest for a similar debt inslrtnh¢nt. Financial assets and liabilities are only offset in the statement of financial POSAtion when, and only when th¢T¢ exists a legally enforceable rigllt to set off the recognised aOnts and the ¢harity intends either to s¢ttle on a net basis, OT to realise the asset and s¢ttle the liability simultaneously. Financial &ssets are derewgnised when and only ithen 3) the e4)ntractual rights to the Cash flows from the financial asset expire or are settled. b) the ¢haTity transfers to another party substantially all of the risks and rewards of olvnership of the financial assel or c) the charity, despite having retained 50m¢, but not all, $ignifiwJt risks and rewards of oThmership, has transferyed control of th¢ asset to anoth¢T party. FinancÈal liabilities are derecognised only when the obligation sp¢¢ifi¢d in the mrjtract is discbarged. cancelled or expires. Page 21
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 Debtinstrumep Debt iDstrum¢nts which mect the following ¢onditiODS are subsequently measured at amortised cost using the effective interest method: (a) The coDtra¢tual Tetum to the holder is (i) a red amount. (li) a positive fixed rate or a positive variable rate. or (iii) a combination of a positive or a negative red rate and a positive variable rnte. (b} The contract provide for repayments of the principal or th¢ Teturn to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the cenCY in which the debt instrument is denominated. provided such links are not levernged. (¢} The contract may provlde for 2 detemixnable variation of the Tetwn to the holder during the life of the insÉnunent, piovided that (i) the new rate satisfies condition (a) and the v&riation is not contingent on future events other than (l) a change of a contractual variable te. (2) to pft)tect the holder against Credit deterioration of the issuer. (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law, or (li) the new rnte is a market rate of interest and satisfies condition (a). (d) There is no contractual provision tbat could. by tts tern]s, r¢suIt in the holder losing the principal amount or any intsrest attributable trs the current period or prior periods. {e) Contractual provisions that pernilt the issuer to prepay a d¢bt instrument or perniit 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 dettrioration of the issuer or a chkwge in conknl of the issuer, or to protect the holder or issuer against changes in l¢vi¢s applied by a ¢entral bank or arising £rom changes in relevant tayation or law. (fj Contractual provisions may pemit the &xtension of the tem of the debt instnm]enL provided that the rethrn to the holder and any other contrathal provisions applicable duTing the extended terni satisfy the Gonditions of paragraphs (a) to (G). Debt instThments that are Classified as payable or r¢Geivable within one Y¢ on initial re¢ognition and whi¢h meet the above conditions ar¢ measured at the undis¢owited amouT)t of the ¢ash or other consid¢ration exp¢ct¢d to bc paid or received. net of impairment. With the exceptAoll 4)f some hedging instnmients, other debt instruments not meeting these conditions arc measured at fair value througb profit OT Ioss. Commilments to nk¢ reGeiv¢ loans which m¢¢t the wnditions m¢nÉion¢d abov¢ aTe me&8ured at cost (which may b¢ nil) Ress impairni¢nt. Investments in non-¢onv¢rttble prefer¢nce shares and non-puttable ordinary or preference shares (wher¢ shar¢s are publicly traded or their fair value is reliably MUble) are measled at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less ina]nent. Inv¢stments in subsidiaries and associatss are rneasured at ¢0st less impairment. For inv¢sthients in subsidiaries aGquired for consideration including the issue of Shar qualifying for merger relief, wst is measured by Teference to the nominal value of the thares 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 2025 Deriva¢lvefinaneial instrnments The charity e$ derivative financial instnunents to redu¢¢ exposure to foreign exchange risk and interest rat¢ movements. The charity does not Iwld or issue derivative finan¢iaJ instruments for speculative purpos¢s. D¢rivatTves 4r¢ initially recogntsed at fair value at the date a derivative contract is entered into and are subsequently Temeasured to their fair value at each reportlng date. The r¢sulting gatn or loss is recognised in statement 0£ financial activities inunediaÉety unless the derivative is designated and effective as a hedging instrum¢nt, in Nthi¢h event the timing of the recognition in statement of financial activities depends on th¢ nature of the hedge relationship. Fair value nieasurement The best evidence of fair value is a quoted price for an identtcal asset in an xettve market. When quoted prices are unavailable, the price of a T¢C¢lIt transa¢tion for an id¢nti¢al ass¢t provides evidence of fair value as long as ther¢ has not been a significant change in economt¢ ¢iTtumstatt¢es or a significant lapse of time since the transathion took place. If the market ts not active and recent traDsactions of an identical asset on their are not a g(Trod ¢stimat¢ of fair value, the fair value is estimated by using a valuation trchnique. 3 Income from donatioD$ aud lega¢i¢s Unrestricted funds Gtneral Total nds Donations and legacies. RSUA Subscriptions Grants, including capital grants" Grants 240 240 150,408 150,408 Total for 2025 150,648 150,648 Total for 2024 149,655 149,655 4 Income from charitable #rtivitfies Unre$trieted funds General Total funds Promotion of Architecthre Promotion of Knowledge Promotion of Destgn Excellen¢¢ Provision of Alternative Dispute Resolution 73,380 92.531 63.156 600 73.380 92,531 63,156 600 Total for 2025 229,667 229.667 Totsl for 2024 186,597 186,597 Page 23
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 5 Incoyne from other tr#dlng 8ctivlties Unrestricted funds General Tot funds Trading iu¢ome' Bookshop and Online SaIes Bookshop Commission Website Incom¢ Events income" Exi]ibitioD - Art Sales P.1. Commission Magazine/Advertising Conllnission 6,078 3,432 811 6,078 3,432 811 1,525 4,303 3,450 1,525 4,303 3,450 Total for 2025 19,599 19,599 Total for 2024 18,018 18,018 6 Investment ineome Unrestrfieted funds Ceneral Totsl funds Interest Te¢eivabl¢ and similar income- Interest receivable on bank deposits 7,011 7,011 Total for 2025 7,011 7,011 Totsl for 2024 4,304 4,304 Page 24
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 7 Trustees remuneratlon and expensos During the year the charity made the following transactlons with trustees: J Lavery £273 (2024: £Nil) of expenses were reimbursed to J Lavery during the year. £273 r¢imburs¢ment for travel cliams latillg to RSUA council matters. P McAlister £1,012 (2024.. £823) of exp¢ns¢s were reimbursed to P M¢Alister during the year. £1012 reimbursement for travel cliams relating to RSUA councll matters. J Grieve £150 (2024: £50) of expenses were Teimbursed to J Grieve during th¢ y¢ar. £150 for reinthursement with costs for the Early Career Archifrcts Event. No trustees, nor any persons connected with them. have recetved any remuneration from th¢ charity during the year. 8 Independent exAminer's remuner2tion 2025 2024 Examination ofthe fmancial stat¢ments 1,950 1,925 9 TAx#tioll The charity is a registered charÈty and is tberefore ¢xeEUPt from taxation. 10 Tangible fJ3ed 2ssets Land and buildings Furniture #nd equipjnent Computtr equipment Total Cost At l April 2024 446,041 8,861 84,200 539,102 At 31 Marth 2025 446,041 8,861 84.200 539,102 Depreciation At l April 2024 Charge for the year 229,731 8,921 8,861 76,123 2,123 314,715 11.044 At 31 Mwh 2025 238,652 8,861 78.246 325,759 Net book value Page 25
Royal Society of Ulster Architects knoivn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 L4Dd and buildings Furnitllre 2nd equipment Computer equipment Total At 31 March 2025 207,389 5.954 213,343 At 31 March 2024 216,310 8,077 224,387 Page 26
Royal Society of Ulster Architects known as RSUA Notes to the Finaneial Statements for the Year Ended 31 March 2025 11 Debtors 2025 2024 Trade debtors Prepayments Otber debtors 59,077 34,248 60,210 24,309 33,146 99,904 153,535 157,359 12 Cash and cash equivalents 2025 2024 Cash on h2nd Cash at bank io 260,380 538 278,771 260.390 279.309 13 Creditors: amowits falling due wlthip one yéar 2025 2024 Trade CTeditOTS Other tsxation and social security OtheT Ctedttors Accruals 9,924 15,112 54,163 14,626 25.114 15,529 36,336 12,120 89,099 93,825 14 Fullds B*lance #t I April 2024 lutoming resources Resoure¢s cxptnded Balanee at 31 March 2025 Unrestricted funds G¢n¢ral 568,475 406,925 (445.437} 529.963 Desi)2ted 3,480 3,480 Total funds 571,955 406,925 {445,437 533 443 Page 27
Royal Society of Ulster Arehitects knoTrvn as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at I April 2023 Ineoming resourc Resources expended Balance at 31 March 2024 Unrestrieted fun(Ls G¢n¢ral 601,396 358,574 (391,494) 568,476 Designated 3.480 3,480 Total funds 604,876 358,574 {391,494 571,956 The specific purposes for Ml]iGh the fimds are to be applied are as follows: TTUSt¢¢s hav¢ designated thnd arnounting to £3,480 {2023: £3.480) towards activities previously underdtken by PLACE (Planning, Landscape, Ar¢hite¢ture. Cotnmunity & Emiironment). 15 Analysis of net assets between funds Tot#1 funds at 31 March 2025 Unrestricted funds General D¢signattd Tangible fixed assets Current assets Current liabilities 213,343 410,445 (93,825} 213,343 413,925 93,825 3,480 Total llet ass¢ts 529,963 3,480 533,443 Total funds at 3111(arch 2024 Unrestrirted funds General Designated Tangible fixed assets Current assets Current liabilities 224.387 433,188 (89.099) 568,476 224,387 436,668 (89,099) 571,956 3.480 Total net wets 3,480 16 Related party transactions Page 28
Royal Society of Ulster Architects known as RSUA Notes to the Financial Statements for the Year Ended 31 March 2025 17 Anatysis of governanee #nd support costs Governnee costs Unresrieted fuTAds General Total funds Staff Costs Wages and salaries Independent examiner fees Examtnation of the financial statements Allocated support costs 16,925 16,925 1,950 1,950 6.516 Tot41 for 2025 25,391 25J91 Total for 2624 25,816 25,816 18 Exp¢nditllre oll raising fllnds Allocated support costs Total costs Direct costs Costs of trading aGtivkties 10241 12,994 23235 Total for 2025 10241 12,994 23,235 Totsl for 2024 7,634 13,831 19 Expenditure on eharitsble activities Unrestricted funds General Totgl funds Note Promotion of Architecture Prornotion of Knowledge Income Generating Activities Promotkon of Design Excellence Staff costs Governance costs 100,684 83,471 13202 27,778 194,911 25,391 100,684 83,471 13,202 27.778 194.911 25,391 17 Total for 2025 445,437 5,437 Total for 2024 391,494 391,494 Page 29
Royal Society of Ulster Architscts known as RSUA Notes to the FinanciaI Statements for the Year Ended 31 March 2025 In addition to the expenditure analysed above, there are also goven)allce costs of £25,391 (2024 - £25,816) wljich relate directly to charitable activities. See not¢ 17 for rther details. 20 Staff costs The aggregate payToII costs were as follows". 2025 2024 Staff costs during the year were: Wag¢s and salaTies Other staff costs 211,565 271 212,495 774 211,836 213,269 The monthly av¢rag¢ number of persons {in¢luding senior management / leadership team) employed by the tharity during the yeaT expressed as 1] tim¢ equivalents was as follows: 2025 No 2024 No Charitable Activities 6 (2024 - 6) of the above employees parti¢ipated in the Defmed Contril)lltion Pension Sthemes. Contributions to the employee pension schemes for the year totalled £12.294 (2024- £14.831). The oumber of employees whose ¢molwnents fell within the following bands was: 2025 2024 No £60,001- £70,000 21 Net incomingloutgoing resources Net outgoing resow¢es for the year include: 2025 2024 Deweciation of fixed a8sets 11,044 10,873 Page30