The RIBA is facing a £500,000 budget deficit for the year 2012/13.

Contributing to this is a loss of revenue from venues income, which stands £388,000 short of expectations. The institute has blamed this on the impact of the recession, the Olympics and less demand for weddings. It has also spent more than expected faciliating the Tuesday Lates programme.

Andrew Munro, RIBA chief financial officer, said: “We are looking at a variance of £500,000 for the year if we don’t do anything to pull things back.”