Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
Registered number: 04453016 Charity number: 1100273
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 23 |
Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Prof. Simon Dein (resigned 11 September 2024) |
|---|---|
| Prof. Nancy Howell (resigned 11 September 2024) | |
| Dr. Ignacio Alberto Silva (resigned 11 September 2024) | |
| Prof. Ronald Stephen Cole-Turner | |
| Prof. Edward John Larson | |
| Dr. Marius Dorobantu | |
| Prof. Jeffrey Schloss | |
| Prof. Niels Gregersen, President | |
| Prof. Berry Billingsley | |
| Dr. Shoaib Malik | |
| Dr Noah Efron (appointed 11 September 2024) | |
| Harris Wiseman (appointed 11 September 2024, resigned 20 February 2025) | |
| Company registered number 04453016 Charity registered number 1100273 Registered office Salisbury House Station Road Cambridge CB1 2LA Company secretary Prof Fraser Watts Executive assistant Mr Anthony Nairn Independent Examiner Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Solicitors Dechert LLP 2 Serjeants' Inn London EC4Y 1LT |
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2024 to 31 December 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
OBJECTIVES AND ACTIVITIES
The International Society for Science & Religion (ISSR) established in 2002 for the purpose of the promotion of education through the support of inter-disciplinary learning and research in the fields of science and religion conducted where possible in an international and multi-faith context.
ACHIEVEMENTS AND PERFORMANCE
REVIEW OF ACTIVITIES
ISSR continued its role as convenor of the annual Boyle Lecture on Science and Religion, given at St Mary le Bow in London. The Very Reverend Professor David Fergusson gave a lecture in February 2024 on “Is it ‘natural’ to believe in God?”, with a response from Professor Fiona Ellis. Both have been published in Zygon .
ISSR supported the ESSSAT conference in Split, Croatia, in September 2024, at which the winners of the 2024 book prize were announced, and there was an ISSR symposium on narrative in science and religion, chaired by the President of ISSR.
The ISSR Book Prize was awarded for the fifth time in 2024. In the academic category, the prize went to Peter N. Jordan for Naturalism in the Christian Imagination: Providence and Causality in Early Modern England (Cambridge University Press, 2022). In the category of books for a general readership, the prize went to Philip Goff for Why? The Purpose of the Universe (Oxford University Press, 2023). In the category of books for professionals and educators, the prize went to Nicholas Spencer for Magisteria: The Entangled Histories of Science & Religion (OneWorld, 2023). The Society is grateful to the Templeton World Charity Foundation for funding the Book Prizes for the first five years.
ISSR was also represented at the annual meeting of AAR in San Diego in November 2024, with two ISSR panels, one organized by Mark Harris on the book, God and Nature ; the other organized by Josh Reeves, and included Peter Harrison, among others from ISSR, on the categories of “science” and “religion”.
The Society secured a grant of £392,904 from the Templeton World Charity Foundation for scientific research on three different spiritual exercises. The project will involve collaboration with two practitioner partners, the Guild of Health and St Raphael, and Coventry Cathedral. The project will run from September 2024 to August 2027, and is led by Professor Fraser Watts as PI, with Professor John Groger and Dr Marius Dorobantu as Co-PIs, and Dr Harris Wiseman as Research Associate.
ISSR has continued to circulate a monthly newsletter, post online discussions on various topics on its YouTube and podcast channels, and post a monthly blog. It has also continued to circulate online copies each quarter of
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Reviews in Science, Religion and Theology , its joint journal with ESSSAT, edited in 2024 by Lluis Oviedo.
A particular focus of activity in 2024 has been the Society’s first thematic priority on environmental/ecological issues, and an advisory committee has met, chaired by Professor Susan Bratton. The Society has also pursued its organizational priority on regional development and activities, focusing initially on identifying scholars of science and religion around the world who should be invited to become Fellows of the Society.
PUBLIC BENEFIT
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. The Society exists to support the charitable provision of education and research. The activities reported under the heading of "Review of Activities" were all designed to be beneficial both to the academic community and the general public. In the exercise of our powers we have paid due regard to the published guidance from the Charity Commission on the Public Benefit requirement under the Charities Act 2011.
RESULTS FOR THE YEAR
This year there was income of £80,061 (2023: £308,167), which consisted of donation and grant income of £54,148 (2023: £275,972), conference and subscription income of £20,385 (2023: £32,195), and investment income of £5,528 (2023: £Nil). Expenditure amounted to £98,815 (2023: £251,854) of which £71,156 (2023: £228,395) was restricted project expenditure, on projects in progress during the year. At the year end closing funds were held for restricted projects of £12,599 (2023: £36,478) and unrestricted activities of £270,159 (2023: £254,127).
RESERVES POLICY
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level at least equivalent to two-three years’ worth of unrestricted expenditure. The Charity is aware that a high proportion of its current income arises from research grants, which is a highly unpredictable source of funding. It is also entering into new expenditure commitments. The Charity estimates that funds need to be available for unrestricted expenditure of £45,000 a year, possibly rising to £60,000 a year, which would equate to approximately £135,000 - £180,000. In comparison, subscription income, which is the Charity’s only dependable sources of income, is less than £25,000 a year. So, the Charity is very dependent on unpredictable sources of funding.
The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves will also allow the Trustees freedom to properly investigate potential new projects, which have to be funded from unrestricted reserves. The Charity had unrestricted funds totaling £270,159 (2023: £254,127) as at the year end, which is above the minimum required level. Given the current economic situation the Trustees are happy that a reasonable level of reserves has been maintained throughout the year and the excess provides a cushion against any unexpected reduction in funding. The Trustees anticipate that the Charity will be drawing on reserves to maintain activity from 2025 onwards. The Trustees will keep reserves under review and, if the Charity draws down more than 5% of reserves in any one year, they will review the implications.
INVESTMENT POLICY
The Charity’s investments are made exclusively with CCLA Investment Management. All investments are in the Charities Ethical Investment Fund (COIF). Additional investments into the above-named account are made by decision of the Executive Committee (either in a meeting or by email). Withdrawal of investments can be made by the Executive Secretary and Executive Assistant, as required. The Trustees are currently investing circa 80% of unrestricted funds. Their policy is never to invest restricted funds.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE, AND MANAGEMENT
CONSTITUTION
The company is registered as a charitable company limited by guarantee constituted under a Memorandum of Association dated 31 May 2002 and is a registered charity number 1100273.
The principal objects of the company are the promotion of education through the support of inter-disciplinary earning and research in the fields of science and religion conducted where possible in an international and multifaith context.
METHODS OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The Trustees have delegated the day-to-day responsibility of running the charity to the Company Secretary and Executive Assistant.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Relevant documents are sent to Trustees and correspondence with the Executive Secretary follows, in order to follow up queries in relation to any item.
FUTURE ACTIVITIES AND GOING CONCERN
The Boyle Lecture in 2025 is to be given by the Most Revd Dr Antje Jackelén on “Science, Technology, Theology and Spirituality -- A Necessary Partnership?”, with a response from Professor Arthur Petersen. A conference on environmental/ecological issues will be held at the Stanton House hotel in Swindon, UK, in June/July 2025. A further set of Book Prize winners will be announced in September 2024. ISSR will also be represented at the AAR meeting in Boston in November 2025.
The Society will continue its efforts to promote regional activities in science and religion.
ISSR will also send quarterly emails for new issues of its partner journal, Zygon: Journal of Religion and Science.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Prof. Niels Gregersen, President Trustee
Date: 29 August 2025
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (the 'company')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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the accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 03 September 2025 Nikki Loan Nikki Lean FCA
For and on behalf of Peters Elworthy & Moore Chartered Accountants Cambridge
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note INCOME FROM: Donations and legacies 2 Charitable activities 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Charitable activities 5 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET GAINS ON INVESTMENTS Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2024 £ 500 20,385 5,528 26,413 27,659 27,659 (1,246) 10,907 9,661 6,371 16,032 254,127 16,032 270,159 |
Restricted funds 2024 £ 4,803 48,845 - 53,648 71,156 71,156 (17,508) - (17,508) (6,371) (23,879) 36,478 (23,879) 12,599 |
Total funds 2024 £ 5,303 69,230 5,528 80,061 98,815 98,815 (18,754) 10,907 (7,847) - (7,847) 290,605 (7,847) 282,758 |
Total funds 2023 £ 7,830 300,337 - |
|---|---|---|---|---|
| 308,167 | ||||
| 251,854 | ||||
| 251,854 | ||||
| 56,313 12,235 |
||||
| 68,548 - |
||||
| 68,548 | ||||
| 222,057 68,548 |
||||
| 290,605 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 23 form part of these financial statements.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee) REGISTERED NUMBER: 04453016
BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Tangible assets | 8 | 4,214 | 6,017 | |||
| Investments | 9 | 223,142 | 162,235 | |||
| 227,356 | 168,252 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 10 | 13,642 | 505 | |||
| Cash at bank and in hand | 162,531 | 129,812 | ||||
| 176,173 | 130,317 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 11 | (120,771) | (7,964) | |||
| NET CURRENT ASSETS | 55,402 | 122,353 | ||||
| TOTAL NET ASSETS | 282,758 | 290,605 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds | 12 | 12,599 | 36,478 | |||
| Unrestricted funds | 12 | 270,159 | 254,127 | |||
| TOTAL FUNDS | 282,758 | 290,605 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Prof. Niels Gregersen President
Date: 29 August 2025
The notes on pages 9 to 23 form part of these financial statements.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The International Society for Science & Religion meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates or judgements made by management in preparing these financial statements other than those set out in the accounting policies below.
1.2 COMPANY STATUS
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.
1.3 GOING CONCERN
The Trustees have reviewed the financial position of the charity and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis. Further information is set out in the Trustees' Report.
1.4 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.5 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Grant income covering multiple periods, which is to be paid on the basis of agreed annual budgets, is not recognised until the appropriate period has arisen because the company is not entitled to the income until that date.
Subscription income is recognised in the period it is received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
1.6 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.7 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.8 FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the average rate of exchange for the year.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.9 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment - 25%
1.10 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.11 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.13 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.14 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. See Note 1.10 for the investments policy.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. INCOME FROM DONATIONS AND GRANTS
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Donations | 500 | 4,803 | 5,303 | 7,830 |
£500 of donation income in 2024 relates to contributions used for the Boyle Lectures.
£4,803 (2023: £7,830) of donation income relates to the transfer of net assets from Cambridge Institute for Applied Psychology and Religion (CIAPR) on its winding up.
3. INCOME FROM CHARITABLE ACTIVITIES
| Grants Conference fees Subscriptions TOTAL 2024 |
Unrestricted funds 2024 £ - - 20,385 20,385 |
Restricted funds 2024 £ 48,845 - - 48,845 |
Total funds 2024 £ 48,845 - 20,385 69,230 |
Total funds 2023 £ 268,142 10,500 21,695 |
|---|---|---|---|---|
| 300,337 |
All grant income in 2024 and 2023 was restricted.
All conference fee and subscription income in 2024 and 2023 was unrestricted.
4. INVESTMENT INCOME
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Bank interest | 5,528 | 5,528 | - |
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | 69,714 | 29,101 | 98,815 | 251,854 |
ANALYSIS OF DIRECT COSTS
| Latin American Libraries consultancy Latin American Libraries research Coventry research Coventry consultancy Travel for conferences Boyle Lecture costs Annual Book Prize donations, equipment, and books Foreign exchange gain SORSE consultancy SORSE research, travel, and sundry costs Spiritual Intelligence professional costs Other direct costs Spiritual Intelligence consultancy Spiritual Intelligence research, travel, and sundry costs Wages and salaries TOTAL 2024 |
Total funds 2024 £ - - 12,510 9,653 350 492 26,344 20 10,000 794 - 33 - - 9,518 69,714 |
Total funds 2023 £ 43,713 13,346 - - 64 138 25,509 467 - - 24,835 - 77,033 43,959 - |
|---|---|---|
| 229,064 |
In 2024, £68,852 of direct costs were spent from restricted funds (2023: £228,395), with £862 being spent from unrestricted funds (2023: £669).
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Accountancy fees (governance) (Note 6) Bank charges Executive Assistant cost Executive Secretary cost IT costs Grant application Sundry costs Depreciation TOTAL 2024 |
Total funds 2024 £ 4,584 2,289 9,695 6,000 3,747 883 100 1,803 29,101 |
Total funds 2023 £ 4,332 2,567 5,922 6,000 2,321 500 - 1,148 |
|---|---|---|
| 22,790 |
6. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner's remuneration amounts to an independent examiner fee of £3,208 ( 2023 - £3,032 ) , and accountancy fees of £1,375 (2023 - £1,300).
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. STAFF COSTS, KEY MANAGEMENT PERSONNEL, AND TRUSTEES' EXPENSES
| Wages and salaries Social security costs |
2024 £ 9,000 518 9,518 |
2023 £ - - |
|---|---|---|
| - |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Employees | 1 | - |
No employee received remuneration amounting to more than £60,000 in either year.
The charity uses independent contractors to support project delivery and management.
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The Trustees have delegated the day-to-day responsibility of running the charity to the Company Secretary and Executive Assistant, who are considered to be the key management personnel of the charity. The costs payable to key management personnel in the year are attributed to both restricted and unrestricted funds and total £37,729 (2023: £66,325).
During the year, 1 Trustee was employed by the Charity as a research associate on the SORSE project. With the authority of the ISSR Articles of Association, total remuneration amounted to £9,518 and did not relate to the Trustee's duties as a Trustee.
The Trustees all give their time and expertise for the management of the charity without any form of remuneration or other benefit kind (2023: £Nil).
During the year, 2 Trustees were reimbursed a total of £1,752 in respect of expenses incurred on the charity's behalf (2023: 4 Trustees totalling £9,958).
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 8. TANGIBLE FIXED ASSETS COST At 1 January 2024 At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for the year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Computer equipment £ 7,212 |
|---|---|
| 7,212 | |
| 1,195 1,803 |
|
| 2,998 | |
| 4,214 6,017 |
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 January 2024 Additions Revaluations AT 31 DECEMBER 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 All the fixed asset investments are held in the UK. |
Listed investments £ 162,235 50,000 10,907 |
|---|---|
| 223,142 | |
| 223,142 | |
| 162,235 | |
The Charity invests in COIF units - the Charities Ethical Investment Fund. This is managed by CCLA in accordance with the Charity's mandate. Holdings in common investment funds, unit trusts and openended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The Charity is operating an investment policy that provides for a degree of diversification of holdings within different unit trust investments. Potential returns have been sought from a combination of capital appreciation and income return. These returns have been sought from a combination of the assets used in Balanced Return’ portfolios, but also include a wider range of possible investments that are more volatile, but provide a higher potential return, such as investments in shares or overseas investments. The portfolio is well diversified by asset class and more weighted towards more secure investments such as British Government securities (Gilts) or bonds issued by other secure supranational organisations such as the European Investment Bank. It also comprises of other income producing investments, such as corporate bonds and preference shares but to a lesser extent than normally associated with ‘Income Return’ investors. The balance of the portfolio incorporates direct investments into shares of large and medium sized companies.
The Charity does not make use of derivatives as it takes the view that investments are held for their longer term growth and annual income.
The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. DEBTORS
| DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments |
2024 £ 77 - 13,565 13,642 |
2023 £ 330 175 - |
|---|---|---|
| 505 |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 January 2024 Deferred income in the year Amounts released from previous periods |
2024 £ - 177 120,594 120,771 2024 £ - 115,158 - 115,158 |
2023 £ 2,670 - 5,294 |
|---|---|---|
| 7,964 | ||
| 2023 £ 181,775 - (181,775) |
||
| - |
Deferred income relates to project grants received in advance of the related expenditure. These projects are set out in restricted reserves.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Book Prize Spiritual Intelligence CIAPR Coventry SORSE TOTAL OF FUNDS |
Balance at 1 January 2024 £ 254,127 28,648 - 7,830 - - 36,478 290,605 |
Income £ 26,413 - - 4,803 25,487 23,358 53,648 80,061 |
Expenditure £ (27,659) (28,648) - (34) (22,163) (20,311) (71,156) (98,815) |
Transfers in/out £ 6,371 - - - (3,324) (3,047) (6,371) - |
Gains/ (Losses) £ 10,907 - - - - - - 10,907 |
Balance at 31 December 2024 £ 270,159 |
|---|---|---|---|---|---|---|
| - - 12,599 - - |
||||||
| 12,599 | ||||||
| 282,758 |
Page 20
Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Latin American Libraries Book Prize Spiritual Intelligence CIAPR TOTAL OF FUNDS |
Balance at 1 January 2023 £ 167,900 - 54,157 - - 54,157 222,057 |
Income £ 32,195 64,110 - 204,032 7,830 275,972 308,167 |
Expenditure £ (23,459) (57,059) (25,509) (145,827) - (228,395) (251,854) |
Transfers in/out £ 65,256 (7,051) - (58,205) - (65,256) - |
Gains/ (Losses) £ 12,235 - - - - - 12,235 |
Balance at 31 December 2023 £ 254,127 |
|---|---|---|---|---|---|---|
| - 28,648 - 7,830 |
||||||
| 36,478 | ||||||
| 290,605 |
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. STATEMENT OF FUNDS (CONTINUED)
The Book Prize fund is a donation from the Templeton World Charity Foundation. The prizes are to be awarded over the period to 2024 at the discretion of the Trustees.
The Templeton World Charity Foundation awarded a grant to the charity for a project entitled "Understanding Spiritual Intelligence: Psychological, Theological and Computational Approaches" which aims to use Artificial Intelligence to advance the scientific understanding of spiritual intelligence. The project activities include books, journal articles, a computer program, hosting of workshops and a conference. The total grant awarded was £745,755 and was completed in July 2023.
The Templeton World Charity Foundation made a further grant of £392,904 for a project on the investigation of spiritual exercises, running from September 2024 to August 2027 (SORSE). The project is investigating, and comparing, three different spiritual exercises: listening to plainsong chanting, undertaking foundational exercises for Toaist internal arts, and an imaginative discussion of spiritual virtues. The project aims to integrate scientific, practitioner and scholarly approaches.
ISSR made a subgrant agreement with Coventry University on 27th February 2024, concerning a grant from the Templeton World Charity Foundation to Coventry University, called From the Heart: Testing the Efficacy of Heart-Centred Contemplation, under which a sum of up to £50,784 from the grant will be passed to ISSR, to administer on behalf of the project.
The John Templeton Foundation awarded a grant to the charity entitled "Latin American Libraries". which aims to offer recently published key works including translations and monographs in Spanish and Portuguese at the intersection of science, philosophy, and theology to Lain American Higher Education Institutions, as well as funding opportunities for early career scholars at these institutions to make use of these volumes for their ongoing research. The project activities include offering up-to 60 collections of scholarly resources which will enhance research and teaching in science and religion in the Latin American region. The total grant awarded was £118,095. The project was completed in 2023.
The CIAPR fund represents the funds received from Cambridge Institute for Applied Psychology and Religion on the charity's closure. As requested by the Trustees of CIAPR, the restricted fund will be used to continue to support the research of those who have been associated with CIAPR and also to support the work of early career scholars, consistent with the objectives of CIAPR.
The transfer between restricted and unrestricted funds reflects the amounts identified in the grants as available to support administration costs.
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Docusign Envelope ID: 586B5755-A0B6-4033-8B5A-ABDB7B1541BF
THE INTERNATIONAL SOCIETY FOR SCIENCE & RELIGION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL |
Unrestricted funds 2024 £ 4,214 223,142 47,000 (4,197) 270,159 |
Restricted funds 2024 £ - - 129,173 (116,574) 12,599 |
Total funds 2024 £ 4,214 223,142 176,173 (120,771) |
|---|---|---|---|
| 282,758 |
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL |
Unrestricted funds 2023 £ 6,017 162,235 92,639 (6,764) 254,127 |
Restricted funds 2023 £ - - 37,678 (1,200) 36,478 |
Total funds 2023 £ 6,017 162,235 130,317 (7,964) |
|---|---|---|---|
| 290,605 |
14. RELATED PARTY TRANSACTIONS
During the year, there were no payments to trustees for their services to projects (2023 - Three trustees for £14,000), other than as disclosed in Note 7. In 2023 this arrangement was approved by the trustees and the individuals concerned were not involved in the decisions.
One of the trustees of ISSR is also a trustee of TWCF, from which ISSR received a grant in the year.
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