XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX RINA AFFAIRS Treasurer’s Report T


he summarised Statement of Financial Affairs for the year ending 30 September 2019 is included with the 2019 Annual Report of the Board which has been published


on the Institution’s web site. Te full version of the Statement of Financial Affairs is available from the Chief Executive. As verified by the auditors, Haysmacintyre LLP, the total value


of the Institution’s funds at 30 September 2019 was £10.14m compared with £10.15m at 30 September 2018. Te value of the Unrestricted Fund (which represents the


Institution’s investments, cash, fixed assets) was £8.24m at 30 September 2019 compared with £8.25m at 30 September 2018. Te value of the Restricted and Endowment funds held by the


Institution to finance scholarship, prize and benevolent activities, was £1.91m at 30 September 2019 compared with £1.90m at 30 September 2018. Te total value of the Institution’s investments was £4.46m at


30 September 2019 compared with £4.45m at 30 September 2018. Whilst this shows a modest increase, the value reflects the state of the financial market on that day. However, you will not be surprised to hear that the value of investments as at 22 April 2020 was £3.47m. Te continuing reduced of level of activity in many sectors


of the maritime industry and the global financial uncertainty continued to present a challenge to the Institution in maintaining the its income from all its activities, particularly from its conferences and publications advertising. At such a time, maintaining membership income – through retention and increased membership, rather than membership fee increase – continues to be essential. On a brighter note, during the 2019-2020 Financial Year, the


performance of the Institution’s investments and cash, together with the appreciation of the bricks and mortar asset represented


President’s Report T 4


his, the 2020 Annual General Meeting of RINA, takes place in circumstances that none of us


could have expected, or even imagined just a few weeks ago. Te onset of the global pandemic has affected us all, both personally and professionally, impacting on our home lives, our working lives, and on the organisations that we are involved with, including RINA. The London Head Quarters of our


organisation is closed, with all staff working from home, and all events for this year having been postponed, with the possibility of on-line delivery


being explored or alternative tentative dates being considered for next year. However, other activities carry on as close to normal as possible despite being undertaken in virtual formats: the Membership Committee meets regularly and professional reviews are undertaken; all technical committees continue with their work (although in some cases slightly delayed due to the intensity of Covid-19-related work-load for many members); and all publication deadlines are being met. So that is the status at this time, but although this pandemic is monopolising


the media, and almost monopolising our thoughts and energies, I do not want this year’s President’s address to be entirely about Covid-19 and its impact. It


is possible to review this last year


positively, so, from the many things that were achieved by RINA (that is before the entire world changed near the beginning of 2020) I will highlight just a few. Firstly, we now have members in over 90


countries, and continue to emphasise the recruitment of younger members. Here I must thank Trevor Blakeley for his efforts to encourage graduates from relevant educational courses at universities around


RINA Affairs May/June 2020


by the Headquarters building, continued to provide a the Institution with a sound financial basis for its future. Te Board of Trustees continues to review its investment strategy. Te auditors have expressed their satisfaction in the manner


in which the Institution’s Accounts were presented. Te Board has therefore approved the Annual Accounts as presented in the Statement of Financial Affairs. A copy of the accounts has also been submitted to the Charities Commission. However, I would be remiss in my report to you if I did not


comment on the financial impact of the Coronavirus on the Institution. Te most obvious impact, as ably demonstrated by this meeting, has been the closure of Headquarters, resulting in all conferences and courses being postponed, probably to the next Financial Year, with the total loss of income. Although the extent has yet to be determined, inevitably there will be a reduction in advertising revenue. Reduced investment income and loss of income from use of Headquarters will also contribute to what will be a deficit over this FY and will have an impact on the next FY. However, at the beginning of 2020, the Institution wisely


retained a high level of cash, and is in a good position to weather the financial storm for the remainder of 2020. At this time, the Board does not expect to have to realise any of its investments in order to meet its cashflow requirement, which of course, given the depressed state of the global market, is not a good time to do so. Tis position is no cause for complacency, particularly given the uncertainty of the continuing impact of the Coronavirus. Te Board will continue to closely monitor and manage the Institution’s finances at the challenging and testing time. That concludes my Report, and I am happy to take any


questions, referring the difficult ones to the Chief Executive! Jeff Frier


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