The RIBA suffered a £450,000 shortfall in the year ending 31 December 2012 – according to its latest annual report
The institute’s financial statement revealed a ‘tough year’ in which total income fell 2.5 per cent to £33.3 million in 2012, compared to £34.2 million during the previous year.
The shortfall resulted in a drop of total resources available for charitable expenditure to £15 million compared to total charitable expenditure in the period of £15.4 million.
Overall deficit at the end of the year was £446,000 compared to a surplus of £496,000 in 2011.
The drop was linked to a 2 per cent fall in income from members’ subscriptions and 9.6 per cent drop in money coming from its commercial arm and venue hiring business.
The report said: ‘The 2012 deficit was mostly anticipated, although it was higher than had been allowed for in the 2011 budget, with approval given by the trustees to increase expenditure on certain key areas of activity, such as the international programme, following on from a review of its main core activities during the course of the year.
‘This was achieved by calling on reserves despite the noticeable fall in income, caused by the effects of the recession on all types of income which continued through the year.’
At the close of the year RIBA had total free reserves of £3.6 million down from £5 million in 2011, according to the report.
The documents also revealed average staff numbers increased 1.5 per cent from 452 to 459.
The £15.4 million payroll suggests the cost of employing an average RIBA staff member to be around £32,680.
Six employees are however paid more than £100,000-a-year and 27 take home at least £60,000.
The report meanwhile valued RIBA’s collection of cultural assets – including books, photographs and models – to be worth £262 million.
It also said the 40,000 hours of voluntary work donated to the charity was equivalent to £1.8 million.