13 JUL 2022
Governing Council has taken the decision to change RICS’ current financial year end from 31 July to 31 December 2022, so as to align the Institution’s financial year with both the calendar and membership year. This will also align the Institution with many member firms.
This will deliver increased transparency and alignment between subscription renewals and the Business Plan. As a result, we will be in a better position to provide insight and commentary to our members of where budget is being allocated ahead of each new financial year and outline how subscription fees will support this. RICS is committed to openness and transparency with members about the Institution’s finances and performance and we believe this step will aid that process.
Making the change at this time will also enable the Institution to fully reflect the progress made on the implementation of the Bichard Review during the remainder of 2022 in the 2023 business plan, and be explicit about how the plans and process for implementing the balance of the recommendations will be completed during 2023. Governing Council is fully committed to delivering the transformation of the Institution at pace.
At this year’s AGM in early December 2022, we will formally present the Annual Report and Financial Statements for 2020/2021 which can be found here. That report and statements demonstrate the sound financial basis on which RICS is operating; and that continues. Additionally, we will also present a full report on RICS’ financial and business performance for the twelve months to 31 July 2022 so there is transparency on performance for that period.
Our commitment to producing financial statements and reports promptly at the end of the financial year and in accordance with best practice remains, which will see us publish reports for the current year ending on 31 December 2022 by 1 May 2023.
This change is being implemented now to enable us to enter 2023 with absolute clarity on the ongoing delivery of the Bichard RICS Review recommendations, ahead of our target of full implementation by 1 January 2024.