Speaking at the REC’s annual general meeting, the organisation’s 2023 annual report of financial activity, membership and profile-raising growth over the past year, Neil Carberry (pictured) pointed to a strong membership renewal rate of 91% for corporate members and the addition of 428 new corporate members as evidence of the organisation’s ‘membercentricity’. 

“2023 was a challenging year in all sorts of ways for our industry, and emphasised again how important it is that we are driven by one thing and one thing only – that’s membercentricity. And that’s not about members running the REC,” Carberry said. “It’s about everyone in this building being completely focused on tackling the major issues that members face.”

The REC was financially healthy during the period ended 31 December 2023, achieving a £126,028 surplus, gross profit of £5.9m and income of £7.3m.

Carberry highlighted numerous press engagements and government contacts the REC made during the year, development of business advice research products and other means by which the REC successfully grew its public profile and goodwill.

Also cited was the rise of member commitment to the REC’s compliance assessment, Carberry said, adding “we’re absolutely delighted with the progress we’re making there. A few years ago, we used to really struggle with member adoption of the compliance assessment. We don’t anymore. We had really strong support from members, so thank you for that. And as always, we had a group of members who were expelled on the back of it – 40 last year. The positive news is, while that’s still a substantial number, it’s the lowest number for a number of years.

“So,” he continued, “that creates a question for us now: are our current compliance expectations the ones we want to run with for the next five or 10 years? Or do you actually want to articulate new and higher standards that continue to build the REC as a brand mark that you want to look to?”

In the past year, the REC’s activity also included moving offices to new quarters that Carberry said better suited organisational needs.

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