Full screen background video

A Review of RUSI's Year 2017-18

Highlights from the Royal United Services Institute

Download Annual Report (pdf)

Scroll down to read more

A Message from the Chairman

The Rt Hon the Lord Hague of Richmond - Chairman RUSI

“Our mission is to be a world-class centre of excellence and the principal professional forum for those concerned with national and international defence and security.”

At RUSI, we are increasingly well placed to achieve our objectives for the coming years. These include expanding research of the highest quality, increasing our membership, building up our Leadership Centre, raising the funds to transform our historic headquarters, and improving further our many events, publications and communications. Our mission is to be a world-class centre of excellence and the principal professional forum for those concerned with national and international defence and security. 

In the past year we have advanced towards all these goals, and I wish to thank the outstanding executives, staff and researchers who work under Karin von Hippel’s very effective leadership. All areas of research and activity have made progress. I have seen for myself many of the impressive conferences we have hosted, now encompassing land, sea, air, hybrid and urban warfare. Much of our work has been praised as definitive, and has influenced the approach of policymakers on matters as diverse as the UK’s own defence policies, to efforts to counter violent extremism in the Horn of Africa and nuclear negotiations with North Korea.

The great value of this and much other work has been reflected in an increase in both individual and corporate membership of the Institute. We have also seen a sharp improvement in our financial position, which the Trustees are determined to maintain for the future, providing a firmer financial footing for work that will only become more vital in the years ahead.

I am grateful to my fellow Trustees for their unstinting diligence, service and enthusiasm, and to members of our Advisory Board for sharing their time and wisdom. With their support, RUSI in the coming year will be able to do more than ever, and will be as relevant to global and national challenges as at any time in our long history.

The Rt Hon the Lord Hague of Richmond
Chairman of the Council

A Message from the Director-General
Karin von Hippel

“We strive to ensure that our research is empirically driven and embodies an ethos of impartiality, quality and objectivity.”

The Institute continues to grow, and I am very proud of our achievements over the past year. 

As a charity, RUSI contributes to the public benefit through its research, publications, outreach, media commentary, advisory work, training and events – all intended to make a real difference to the security of Britain and its allies. We strive to ensure that our research is empirically driven and embodies an ethos of impartiality, quality and objectivity, whether it be a study on Russia’s new ground forces, the future accommodation model or in new areas, such as the use of artificial intelligence in policing. RUSI’s small size enables research to be integrated across teams – for example our work on proliferation finance, which is jointly managed by two research directors.

Over the past year, we have focused on the critical issues facing the UK and the world. These include the security and defence implications of Brexit, President Donald Trump’s approach to a range of issues, the concerns about nuclear war on the Korean Peninsula, the evolution of the Islamic State of Iraq and the Levant, the civil war in Syria and the multi-dimensional threat posed by Russia to NATO. RUSI experts have appeared across all media platforms – on almost a daily basis – to provide their informed views, with over 26,000 media mentions. RUSI experts regularly give evidence in Parliament, meet with government officials from the UK as well as from a range of partner countries, and confer with leaders from the private and third sectors to understand various perspectives and offer advice, when appropriate.

We have been honoured to host leading political and military figures, as they share their views on UK and world events, such as former Secretary for Exiting the European Union David Davis, Norwegian Prime Minister Erna Solberg, Australian Foreign Minister Julie Bishop and General Mark Carleton-Smith, Chief of the General Staff. Earlier this year, we were delighted to announce the first recipient of the Duke of Wellington Medal for Military History, Lieutenant General (Rtd) Sir John Kiszely, for his outstanding book, Anatomy of a Campaign: The British Fiasco in Norway, 1940. A particular thank you to our Trustee, the 9th Duke of Wellington, for sponsoring the award and for serving as a judge on the panel.

Last year we welcomed four new Trustees, and I am delighted this year to welcome former Shadow Secretary for Foreign and Commonwealth Affairs Douglas Alexander as a new Trustee. As ever, we are extremely grateful for RUSI’s many supporters, including our Chairman and Vice-Chairman, our Trustees and Advisory Board members, our Associate Fellows, our corporate partners, RUSI’s dedicated staff and, last but not least, our members, who have supported RUSI since it was founded in 1831.
We are also committed to transparency at RUSI, and are pleased to share our latest financial statements. Looking ahead, we will soon be launching our capital campaign to raise necessary funds to cover the costs of the development, refurbishment and renovation of 61 Whitehall, a building that was built for RUSI in 1895. You will be hearing more about this in the coming months, but do please get in touch if you are interested in learning more.

Thank you for your support!

Dr Karin von Hippel

RUSI in the World
Research at RUSI

“The continuing growth of RUSI’s research programmes reflects the ability of the Institute to place itself at the cutting edge of new thinking.”

RUSI has completed a wide-ranging and active programme of research in the year ended 31 March 2018. The breadth of our work covers traditional areas of study including defence, and national and international security. We have also addressed  new areas of research into cyber security and technology, and financial and environmental crime. In 2017/18, the Institute carried out 126 research projects (2017: 102) and gross research income was £5,954,573 (2017: £5,240,398). 

This continuing growth of RUSI’s research programmes reflects the ability of the Institute to place itself at the cutting edge of new thinking about security at a time of rapid change. While the past year has not seen dramatic new geopolitical shocks, it has seen the full implications of the two largest shocks of the previous financial year – the start of the Brexit process and President Donald Trump’s election – beginning to unfold. In addition, UK concerns over relations with Russia have intensified in the aftermath of the Salisbury attack in March, concern over terrorism in the UK has remained at a heightened level and the government’s defence review – now in the form of the Modernising Defence Programme – continues.

RUSI’s research over the past year has been shaped by these issues. We have responded rapidly to new topics as they arise and contributed to evidence-based understanding of the new policy challenges that these create. Importantly, much of our research focuses on selected longer-term security challenges. An increasing proportion of our research funding is on a multi-year basis, enabling us to further build our core capacity and institutional knowledge across defence and security issues.

None of this success would have been possible without the unstinting dedication of staff across the Institute. Without so many remarkable talents – creative, organisational and intellectual – RUSI would not have been able to make the remarkable progress that it has made in recent years.

Professor Malcolm Chalmers
Deputy Director-General and Director of Research

Research Highlights
Centre for Financial Crime and Security Studies
Centre for Financial Crime and Security Studies

RUSI’s Centre for Financial Crime and Security Studies addresses the risks posed by financial crime for the UK and international security. In 2017/18, the Centre:

  • Launched a new programme, ‘Financial Crime 2.0’, to assess what reforms are needed to tackle money laundering in today’s technological landscape.
  • Reviewed international approaches to combating terrorist financing. 
    Conducted a study on the role of virtual currencies in terrorist financing for the European Parliament. 
    Hosted high-level policymakers, including the Financial Action Task Force executive secretary, the director of Europol and the UK security and economic crime minister. 
  • Achieved high-profile recognition of research output, cited by the UN secretary-general and the UK government; gave oral evidence to several UK parliamentary inquiries (including the Foreign Affairs Committee in relation to Russia). 
  • Contributed to UK and international financial crime forums, including the Joint Money Laundering Intelligence Taskforce and the Financial Action Task Force.
  • Briefed the working group co-leads of the Global Coalition to Defeat the Islamic State of the Iraq and Levant (ISIL) as it considers its role after the territorial defeat of ISIL in Syria and Iraq.
Defence, Industries and Society
Defence, Industries and Society

RUSI’s Defence, Industries and Society research group promotes understanding of defence as a complex enterprise, embracing the public and private sectors. In 2017/18, this research group:

  • Authored a study on the development of a UK defence industrial strategy, which was described by a former defence minister as ‘the definitive guide to the subject’.   
  • Worked with NATO’s Joint Analysis and Lessons Learned Centre on defence innovation and on approaches to research in defence. 
  • Attended the Seoul Defence Dialogue in September 2017 as the UK civilian head of delegation. Presented a paper on RUSI’s research into advanced defence technologies. The Turkish minister of defence was the respondent to the paper at the conference. 
  • Represented the UK in the EU’s permanent monitoring and analysis programme to research EU defence spending. 
International Security Studies
International Security Studies

RUSI’s International Security Studies research group analyses security and foreign policy developments in key countries and regions across the world. In 2017/18, this research group:

  • Organised Track 2 security dialogues with Iran, China and Russia as well as other bilateral engagements with India, Pakistan and other Eurasian powers. 
  • Published a study examining the impact of China’s Belt and Road Initiative, part of a broader range of activity examining China’s flagship foreign policy concept. This includes workshops in Central and South Asia, and China, and joint research activities with research institutions across the region. 
  • Conducted research in Iraq on mobilisation and recruitment to armed groups and related community tensions.  
    Examined the proliferation of drone technology in the Middle East in order to understand the spread of technology, norms, training, processes and ethical considerations. 
  • Contributed to public debate on foreign and security policy questions in South Asia, with influential opinion articles and papers highlighting the new Bajwa doctrine in Pakistan, Sino-Indian relations, trends in militancy in Afghanistan and Delhi’s regional policy.
Military Sciences
Military Sciences

RUSI’s Military Sciences research group examines the utility of military power – from strategic concepts to technical platforms. In 2017/18, this research group:

  • Authored research on the National Security Capability Review, with particular reference to the Modernising Defence Programme, military concepts and capabilities, and convened expert meetings (including with the defence secretary). 
  • Organised conferences on land, maritime, air, hybrid, and urban warfare, hosting military leaders from around the world. 
  • Partnered with industry to improve understanding of UK force drivers for ballistic missile defence. 
    Worked with the Ukrainian Centre for Defence Reform to understand contemporary active measures being used by Russia. 
  • Published research with the US Naval War College on the link between military strategy and technical innovation. 
  • Organised war-gaming on space dependencies, UK force design and possible future NATO–Russia crises. 
    Researched into the future of alliances. 
  • Published a report on the risks of war with North Korea and worked with the BBC to analyse military options. 
    Started research on the proliferation of UAV technology in the Middle East.
National Security and Resilience
National Security and Resilience

RUSI’s National Security and Resilience research group analyses major issues such as terrorism, espionage, organised crime, policing and cyber threats, and how best to deal with them. In 2017/18, this research group:

  • Implemented the EU’s first external countering violent extremism programme, STRIVE Horn of Africa, working among communities in Kenya and Somalia. The results have influenced new projects across the globe. 
  • Carried out a major study of the countering violent extremism (CVE) field, identifying challenges and opportunities for donors, implementers and beneficiaries, as part of an ambitious project to understand empirically the impact of CVE interventions. 
  • Conducted an eighteen-month study in five countries on how organised crime groups benefit from corruption at European borders and exploit limited controls in international free-trade zones to make substantial profits through illicit trade. 
  • Launched the Strategic Hub for Organised Crime Research (SHOC), bringing together academics, practitioners and policymakers. 
  • Researched the drivers and consequences of environmental crime, particularly the illegal wildlife trade and illegal fishing.
    Published a major study on the use of technology and data in UK police forces, which showed that forces are not exploiting the data and technology available to them, and which identifies opportunities to increase police efficiency and effectiveness.
Proliferation and Nuclear Policy
Proliferation and Nuclear Policy

RUSI’s Proliferation and Nuclear Policy research group tackles the full scope of nuclear weapons issues, from deterrence to disarmament, from non-proliferation to nuclear security. In 2017/18, this research group:

  • Worked on nuclear disarmament verification, which contributed to US and South Korean preparations for their 2018 summits with North Korea. 
  • Published innovative research into countering proliferation finance (especially in relation to North Korea), recommendations of which have been incorporated into national laws and UN and Financial Action Task Force action plans. Related work on North Korean sanctions evasion was cited during confirmation hearings in the US Senate. 
  • Ran the UK Project on Nuclear Issues (UK PONI), a cross-generational network of more than 1,000 young scholars and professionals that engages with experts on contemporary nuclear issues through an extensive programme of events. 
  • Continued to lead the UK delegation to high-level Track 2 UK–US–France Trilateral Nuclear Dialogues. The dialogues, in turn, influence nuclear policy in all three states on issues such as the US Nuclear Posture Review, Iran and North Korea.
RUSI Leadership Centre
RUSI Leadership Centre Logo

The Leadership Centre develops the skills and knowledge needed for governments and security practitioners in today’s security environment.

Since its establishment in 2015, the Centre has organised its executive education programmes by drawing on RUSI’s expert network to provide world-class training at all levels. The Centre’s diplomatic training courses – mostly aimed at young diplomats – provide a solid grounding for government careers and promotion. Its military courses focus on force structures and the full gamut of complex military operations and expeditionary capabilities and are aimed at more senior military officials. A new, and even higher-level, short ‘refresher’ course is being offered to top military and civilian officials.

Most of the courses are held at RUSI’s headquarters in the heart of Whitehall, but some are delivered on location elsewhere. All our courses provide qualification certificates, and full academic accreditation is now being arranged. The Centre has also organised one-off major conferences on counterterrorism and good governance.

In 2017/18, the Centre:

  • Delivered a training course on strategic military planning to Qatar’s Ministry of Defence.
  • Conducted an intensive diplomatic training course for Qatar’s Ministry of Foreign Affairs.
  • Delivered a three-week course on strategic analysis in Morocco.
  • Conducted an intensive crisis management training programme in Saudi Arabia.
Library of Military History

The RUSI Library of Military History hosts a unique collection of national importance, which underscores the Institute’s heritage and its charitable purpose. The collection is dedicated to developing our knowledge of war, shaping theoretical approaches to modern military thinking, and engaging more widely in social and cultural discourses.
Over the past year, the Library initiated various activities, including:

  • First World War book collection project: identifying and improving access to historic books published around, during or immediately after the Great War. Art collection digitisation: partnered with Art UK to photograph, digitise and showcase RUSI’s art collection on the ART UK website.
  • Celebrating 75 years of women at RUSI: discovered and highlighted the first women who were admitted to RUSI in 1942. The Library also created a women’s studies book collection and delivered a webinar on ‘Women, The Institution and the Collections’ for ALISE, the Association for Library and Information Science Education.
  • Digitising the Archive: worked with King’s College London in the delivery of a module for its MA programme in digital humanities which looked at approaches to creating digital archives using the catalogue of RUSI’s ‘lost’ museum (1831–1962).

Through its membership, the Institute maintains a relationship with a large community of individuals and organisations. RUSI members have access to the very best defence and security analysis and are introduced to a network of peers, specialists and decision-makers. Our membership packages are tailored to suit large and small organisations, companies and governments, as well as individuals at various stages of their career.

During the year ended 31 March 2018, RUSI took a number of steps to enhance its membership offering and to build up its membership base. The Institute began a series of breakfast briefings for higher levels of corporate membership. It also commenced a systematic marketing campaign, beginning with an initiative to expand its engagement with London’s diplomatic community.
In 2017/18, RUSI’s individual membership stood at 1,668 (2017: 1,598). RUSI’s Under-35s Forum grew and now has 361 members (2017: 350). RUSI’s corporate membership grew from 119 last year to 129 this year.

The Institute offers packages that include publications, invitations to events, networking opportunities and other benefits designed to meet the needs of individuals and organisations. The individual membership packages include Online, Standard, Platinum and RUSI Ambassador memberships, with special rates for students, military officers and those under the age of 35.

For corporate members, the Institute offers Standard, Major and Platinum corporate membership packages, and concessionary corporate rates for diplomatic and military units.
We have also introduced elite tier membership in the form of the Chairman’s Circle and Patron’s Circle.

Members access the Institute’s high-level networks through intimate and tailored networking experiences, exclusive meetings with RUSI’s senior research staff and private briefings, among other benefits.

Corporate Members
This list is correct as of 1 July 2018. 
Chairman’s Circle

Caxton Europe Asset Management

Countrywide Developments Limited


Pool Reinsurance Company Ltd

Trafigura Group Pte. Ltd 

Platinum Corporate

Accenture Ltd


Airbus Group Ltd

BAE Systems Plc

British Army, Directorate of Force Development


Leidos Europe Ltd

Leonardo (Finmeccanica UK)

Lockheed Martin UK

McKinsey & Co

Ministry of Defence


Northrop Grumman

Renaissance Strategic Advisors

Major Corporate Members


AKO Capital LLP

Atkins Limited


Babcock International Group

BT Group Plc


CTF Partners

Cyber Conflict Documentation Project

DXC Technology


Exxonmobil International

Foreign & Commonwealth Office

Fujitsu Defence

General Dynamics UK Limited 



Japan Bank for International Cooperation

Jones Day Krull Corp.

L-3 Communications

MBDA UK Limited


NHK Japan Broadcasting



Raytheon Systems Limited

Rolls Royce Plc

Royal Navy

Sarasin & Partners

Serco Ltd

Shell International

Thales UK

Ultra Electronics

Standard Corporate Member

4C Strategies Europe UK Ltd

Aktis Strategy Limited


Asahi Shimbun




Berry Palmer & Lyle Limited

Business Systems (UK) Ltd


Cabinet Office

Command and Control Research Program


Eversheds LLP

General Atomics Aeronautical Systems, Inc

Goodenough College

Harmonic Limited

HARRIS Corporation

House of Commons Library

Imperial War Museum

International Committee of the Red Cross (ICRC)

International SOS

ITSC Library (Ohio, Beavercreek)

KCD Resources Ltd

King’s College London

Korea Institute for Defense Analyses

L-3 Communications ASA Ltd

London School of Economics

Marshall Aerospace and Defence Group

Morgan Stanley & Co Intl Plc

National Defence University of Malaysia

PA Consulting Group

Pfizer Inc

Portland PR Ltd


Public Safety Canada Information Centre

Reaction Engines Ltd

Roke Manor Research Ltd

Royal College of Defence Studies

Securecloud+ Limited

The Dulverton Trust

The Standard Bank of South Africa Limited

The Yomiuri Shimbun

TP Group Plc

Turner & Townsend Ltd

UK Defence Solutions Centre


UK Vestey Foods UK Ltd

Wilson James Limited

Wilsons Auctions

Military Membership

Army War College

HQ Allied Rapid Reaction Corps

Land Intelligence Fusion Centre

The Royal Tank Regiment

Diplomatic Members

Australian High Commission

Austrian Embassy

British Defence Staff United States

British Embassy Ankara

Canadian High Commission

Chinese Embassy

Embassy of Finland

Embassy of France

Embassy of Israel

Embassy of Japan

Embassy of Sweden

Embassy of the Arab Republic of Egypt

Embassy of the Czech Republic in London

Embassy of the Federal Republic of Germany

Embassy of the Kingdom of Bahrain

Embassy of the Republic of Korea

Embassy of the Republic of Poland

Embassy of the Republic of Slovenia

Embassy of the Republic of Turkey

High Commission for The Islamic Republic of Pakistan

High Commission for the Republic of Singapore

High Commission of the Republic of Cyprus

Royal Danish Embassy

Royal Netherlands Embassy

Royal Norwegian Embassy

US Embassy


RUSI is a research-led think tank. Our experts and our research inform, influence and enhance the public debate on a safer and more stable world. RUSI’s public engagement takes place in a number of ways: 

RUSI Journal April 2018 163.1

We publish periodicals, reports and studies that are timely, innovative and relevant, designed to meet the needs of our members, policymakers, researchers and others interested in defence and security. 

Last year, we published 38 papers and reports, in addition to 47 articles and 34 book reviews in the RUSI Journal, now in its 161st year. Our digital magazine, RUSI Newsbrief, provides weekly analysis of contemporary events. We published three longer studies as part of our Whitehall Papers series. These included a groundbreaking analysis of Russia’s ground forces, an examination of China’s new Silk Road and an assessment of European geopolitics. Our blog, RUSI Commentary, provides authoritative and timely expert analysis of events in the news, publishing three new pieces a week. 

RUSI’s publications are essential for disseminating the Institute’s work. They are of the highest quality, ensuring that RUSI continues to be a trusted source on defence and security issues, both in the UK and internationally.

Events and Conferences

In the past year, the Institute hosted over 162 events, many of which were open to members of the public. 4,433 (2017: 2,485) people registered to attend these events. Speakers included senior UK and international representatives from the military and government, as well as the public and private sectors more generally. 

RUSI also had a very busy conference agenda, including annual policy conferences on counterterrorism, land warfare, space, defence acquisition, urban warfare, hybrid threats in Europe and cyber security. 

RUSI’s schedule was complemented by innovative new formats. The Institute staged an immersive event on artificial intelligence featuring actors and responses from policymakers. RUSI also hosted a commemoration of the hundreds of thousands drafted into the Labour Corp during the Great War. The event featured a performance by the Jazz musician, Courtney Pine.

Media and Digital

RUSI’s research is widely cited in the media, as are our experts who are the first port-of-call for comment on developing news stories in defence and security. Last year, the Institute had 26,265 mentions in the media (2017: 20,163). 

In 2017/18 the website had 450,000 users, up 18% from the previous year. The Institute increasingly relies on social media to disseminate its research, and currently has over 53,000 Twitter followers (2017: 42,000) and over 28,000 Facebook ‘likes’ (2017: 27,000). 

RUSI has also increased its multimedia output, making more of its events available on video. It produced podcasts and 27 videos showcasing analysis from experts and new publications. RUSI’s podcasts were downloaded over 8,000 times and videos had 131,000 views (2017: 147,574). The average view duration rose 28% to 6 minutes and 18 seconds.

Our Network of Senior Associate Fellows

This list of Senior Associate Fellows is accurate as of 1 July 2018. 

General John Allen 

Professor Ali Ansari 

General Sir Richard Barrons KCB CBE ADC 

General Sir Adrian Bradshaw KCB OBE 

Patrick Calvar 

Lieutenant General (Rtd) Sir David Capewell KCB OBE 

The Lord Carlile of Berriew CBE QC 

Professor Michael Clarke 

Professor Paul Cornish 

The Honourable Alexander Downer AC 

The Lord Evans of Weardale KCB DL 

Admiral Sir Ian Forbes KCB CBE 

Sir Simon Gass KCMG CVO 

Robert Hannigan CMG 

Lieutenant General (Rtd) Ben Hodges 

Dr Frank Hoffman 

The Lord Hogan-Howe QPM 

Dr Randolph Kent 

Dr David Kilcullen 

Mike Maiden 

Dr Paul Martin CBE

Tom McKane 

Sir Christopher Meyer KCMG 

Major General (Rtd) Mungo Melvin CB OBE 

Professor Sir Jon Murphy QPM 

Lieutenant General (Rtd) Sir Paul Newton KBE 

Sir David Omand GCB 

General Sir Nick Parker KCB CBE 

Professor Patrick Porter 

The Lord Ricketts GCMG GCVO 

The Rt Hon Sir Malcolm Rifkind KCMG QC 

Sir John Sawers GCMG 

Dr Joanna Spear 

Professor Gareth Stansfield 

Professor Doug Stokes 

The Rt Hon Jack Straw 

Sir Kevin Tebbit KCB CMG 

Jim Townsend 

Sir Rob Wainwright KCMG 

Richard Walton 

Christine Wormuth

RUSI’s Governance

The Patron
Her Majesty The Queen

The President
His Royal Highness the Duke of Kent KG GCMG GCVO ADC

Senior Vice-President
General (Rtd) David H Petraeus

The Rt Hon the Lord Hague of Richmond 

Sir John Scarlett KCMG OBE


Dr James Hay 

The Rt Hon the Lord Hutton of Furness 

Sir Paul Lever KCMG 

Vice Admiral Rory McLean CB OBE 

Professor Sir David Omand GCB 

John Weston CBE


His Grace the Duke of Wellington OBE DL 

The Rt Hon Douglas Alexander 

The Rt Hon the Baroness Ashton GCMG 

Sir Roger Bone KCMG 

John Dowdy 

Nik Gowing 

The Rt Hon the Lord Hague of Richmond 

General the Lord Houghton of Richmond GCB CBE ADC 

Andrew Jamieson 

Alison Levitt QC 

Sir John Scarlett KCMG OBE 

Stephen Phipson CBE 

Ian Willis

Advisory Board

The Rt Hon the Lord Arbuthnot of Edrom 

Jane Attwood 

The Rt Hon the Lord Campbell of Pittenweem CH CBE QC 

Lieutenant General (Rtd) Sir Robert Fry KCB CBE 

Bob Keen 

Sarah MacIntosh CMG 

Dr Greg Mills 

Andrew Parker 

Kathryn Parsons MBE 

William Nye LVO 

Dr Rhodri Williams 

Rory Bremner FKC 

Harper Reed 

David Giampaolo 

Mark Fox 

Michael Ridley 

Mina Gerowin 

Caroline Wyatt 

Chris DiBona 


Brigadier General Lowell Thomas 

Brigadier Chris Parson 

Brigadier General Ralf Raddatz 

Brigadier General Christopher Short 

Rear Admiral Patrick Chevallereau 

Air Commodore Brian J Edwards

Management Group
Senior Management

Dr Karin von Hippel


Professor Malcolm Chalmers 
Deputy Director-General 

Dr Jonathan Eyal 
Associate Director, Strategic Research Partnerships 

Deborah Pourkarimi 
Chief Finance Officer and Chief Operating Officer


Michael Codner
Director of Personnel Services 

Dr Emma De Angelis
Director of Publications, Editor of RUSI Journal 

Sabrina Downey
Director of Projects and Events 

Dr Andrew Glazzard
Director of National Security and Resilience 

Tom Keatinge
Director of Centre for Financial Crime and Security Studies 

Professor John Louth
Director of Defence, Industries and Society 

Saqeb Mueen
Director of Communications 

Raffaello Pantucci
Director of International Security Studies 

Tom Plant
Director of Proliferation and Nuclear Policy 

Professor Peter Roberts Director of Military Sciences

Financial Report
Rusi CEO

“The Institute is now stepping up its fundraising efforts to raise the funds to pay for the building transformation.”

RUSI has performed extremely well in the year, with total income up by £664,383 on the previous twelve months, to £7,363,843, of which £7,262,999 (2017: £6,696,460) is in unrestricted funds. The principal source of funding is research activity, which accounts for over 80% of total gross income. Other important sources of funding are membership subscriptions, conferences and events, facilities/room hire, publications and donations. 

Costs remain under tight control, and charitable expenditure is 96% of total expenditure. The Institute has net income for the year of £745,009 (2017: £92,079), of which a surplus of £912,920 is in unrestricted funds and a deficit of £167,911 in restricted funds. Some of the Institute’s heritage assets were revalued in the year resulting in a revaluation surplus of £33,150. Overall the net movement in funds is £778,159.

The Institute owns the freehold of its headquarters building at 61 Whitehall. The freehold of the building has been valued at £12 million, resulting in a revaluation of £6,267,977, which forms the major part of the revaluation reserve. Shortly after the year end, planning permission was granted for the redevelopment and refurbishment of this building to make it fit for purpose in the twenty-first century. The Institute is now stepping up its fundraising efforts to raise the funds to pay for the building transformation.

The balance sheet shows net current assets of £589,441 (2017: £250,739); the figure for current liabilities on the balance sheet includes subscriptions in advance of £346,271, a non-cash item, which will be recognised as income in 2018/19. Net assets at year end have increased from £7,931,986 to £8,710,145. The Institute’s total funds at 31 March 2018 stand at £8,710,145, of which £138,109 (2017: £306,020) is restricted and not available for the general purposes of the charity. Of unrestricted funds, £7,382,562 (2017: £7,349,412) is invested in the RUSI building and its heritage assets; the general fund stands at £1,189,474 (2017: £276,554). 

RUSI defines its free reserves as the general fund. In the year ended 31 March 2018, the target which was set at the end of the previous financial year, to build reserves to at least £1 million, has been met. The Trustees are now of the opinion that in normal circumstances it is appropriate for RUSI to aim to maintain unrestricted reserves sufficient to cover future operating expenditure for at least six months. At the end of the year, the free reserves of £1,189,474 represented approximately three months of budgeted expenditure for the year ending 31 March 2019. RUSI believes that over time the six-month target can be achieved, but it will require existing income streams to be increased and new sources of revenue to be secured, as well as continued rigorous control of expenditure.

Deborah Pourkarimi ACA DChA
Chief Finance Officer and Chief Operating Officer

RUSI by Numbers

Annual Report 2017-18