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2023-06-30-accounts

CAMBRIDGE SOCIETY FOR THE APPLICATION OF RESEARCH

Report and Financial Statements for the year ended 30 June 2023

Registered Charity No: 1142337

DRAFT 1

Cambridge Society for the Application of Research

Trustees who served during the year

Dr V J Anderson Dr J Baker Dr CTO Benfield Dr JM Cook (from 14/03/23) Dr R M Catchpole Dr P R Coxon Ms U Dunn Professor Sir Richard Friend (Chairman) Mr J B Grieve Mrs S M McMeekin (until 30/09/22) Mrs S Wright (from 1/10/22)

Registered Address

Churchill College Cambridge CB3 0DS

Registered Charity Number

1142337

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Page 2

Cambridge Society for the Application of Research Trustees Report For the year ended 30 June 2023

The trustees present their report and financial statements for the year ended 30 June 2023.

Structure, Governance and Management

The Cambridge Society for the Application of Research, also known as CSAR, is governed by its constitution and became a registered charity on 9 Jun 2011. The constitution was updated in 2019.

The Charity is managed by its Council and the members of Council are the Trustees of the Charity.

The membership and voting rights of the Charity are as follows:

Category Number of Votes
Individual 1
Family 2
Pay-As-You-Go None
Undergraduate, postgraduate and recent PhD None
Teacher and school students None
Honorary, complimentary, donor 1
Business and institution 1

Trustees

The trustees who served during the year were:

Dr V J Anderson Ms U Dunn Dr J Baker Professor Sir Richard Friend (Chairman) Dr CTO Benfield Mr J B Grieve Dr JM Cook (from 14/03/23) Mrs S M McMeekin (until 30/09/22) Dr R M Catchpole Mrs S Wright (from 1/10/22) Dr P R Coxon

Investment Powers and Investment Policy

The investment powers are governed by the Constitution which permits the fund to be invested in any way that the trustees see fit.

The trustees are following an investment policy which is to invest in a common investment fund for charity investment, with the objective of earning an increasing income while maintaining the value of investments in real terms, after adjusting for inflation.

Cambridge Society for the Application of Research

Trustees Report for the year ended 30 June 2023 (Continued)

Objectives and Activities for the Public Benefit

The Charity was formed to encourage an appreciation and understanding of the application of research. The charity provides educational lectures, debates and book evenings which are open to all. There are regular visits to industry and research establishments.

CSAR has an outreach program for schools and awards are given to PhD students.

Public Benefit Statement

The trustees have considered the Charity Commission's guidance on public benefit and believe that they have complied with their duties.

Achievements and Performance

Page 3

CSAR has kept a strong programme of activity throughout this year. The Society is able to engage the very best speakers across a wide range of research areas. The Society has set up a successful on-line delivery of lectures, using a Zoom system, and on-line attendance has remained comparable to in-person attendance throughout the year. On-line delivery has allowed members to listen to, and engage in the question and answer sessions, from home or anywhere in the world. The in-person attendance has grown back but does still run considerably below pre-pandemic levels, reflecting broader changes in society. Thus, the Society will continue to operate the current 'hybrid' mode.

The CSAR Student Awards program continues to run strongly, thanks to the wonderful support of our donors. 138 applications were received for the 2023 program and 12 Awards were made. The Awards were presented by Professor Andy Neely, the University’s pro-Vice Chancellor for Business and Enterprise, at a ceremony held in Sidney Sussex College in June 2023.

This program is funded entirely by donations to CSAR and awards are made to students whose work shows a real-world application. In addition to helping the winners pursue their research or careers, the short presentation from the award holders prior to the main lecture adds great variety to the evening, and shows younger students how research can have an immediate impact.

We have greatly appreciated the contributions of new volunteers and would be pleased to hear from others willing to become more involved with the Society

Looking forward to the 2023/2024 year the Society will continue to monitor the balance between in-person attendance and the online delivery of lectures. The charity was able to secure additional funding to support the student awards scheme at current levels in 2023 due to a new grant from the University.

Reserves Policy

The trustees have a policy of retaining sufficient liquid assets to meet on-going commitments which are considered to be a 12 month lecture program. Studentships are only awarded if sufficient funds have been received

Cambridge Society for the Application of Research

Trustees Report for the year ended 30 June 2023 (Continued)

Achievements and Performance (continued)

Financial Review

The Charity received sufficient funds during the year to pay for all of the activities that it wished to carry out. 12 student awards made during the year and were funded from funds received, including those from the University

The trustees consider that the financial statements fully reflect the financial activities and affairs of the Charity and have nothing further to report.

ON BEHALF OF THE TRUSTEES

Professor Sir Richard Friend Trustee

Date:

Cambridge Society for the Application of Research Statement of Trustees Responsibilities for the year ended 30 June 2023 (Continued)

Statement of Trustees' Responsibilities

Page 4

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011 , the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Professor Sir Richard Friend Trustee

Date:

Page 5

Independent examiner’s report to the trustees

I report to the trustees on my examination of the accounts of the Cambridge Society for the Application of Research (the Society) for the year ended 30 June 2023, which are set out on pages 7 to 10.

Responsibilities and basis of report

As the society's trustees you are responsible for preparing the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Society’s accounts, carried out under section 145 of the Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention from the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the society as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts, set out in the Charities (Accounts and Reports) Regulations 2008, 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.

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, to enable a proper understanding of the accounts to be reached.

Signed:

Name: P R Bligh FCA Independent Examiner

Address: 14 Avalon Way, Trumpington, Cambridge CB2 9DX Date: 29 December 2023

Cambridge Society for the Application of Research Balance Sheet As at 30 June 2023

Note
Fixed Assets
Investments
3
Total Fixed Assets
Current Assets
Cash at Bank and in Hand
Gift Aid due from HMRC
Debtors
Less: liabilities: Amounts falling due within one year
Income received in Advance
Trade Creditors
Net Current Assets
Net Assets
THE FUNDS OF THE CHARITY
Income Funds
Unrestricted Income Funds
Restricted Income Funds
Total Charity Funds		 £
£
33,318
33,318
8,965
-
15,545
24,510
1,166
1,166
23,345
56,663
47,347
9,316
56,663
2023		 £
£
32,295
32,295
14,337
2,672
3,000
20,009
-
1,553
1,553
18,456
50,751
46,377
4,374
50,751
2022		 £
£
32,295
32,295
14,337
2,672
3,000
20,009
-
1,553
1,553
18,456
50,751
46,377
4,374
50,751
2022
32,295
18,456
24,510 20,009
1,166 -
1,553
1,166 1,553
50,751
46,377
4,374
50,751

7

Cambridge Society for the Application of Research Notes to the Financial Statements For the year ended 30 June 2023

1 Accounting Policies

(a) Basis of Preparation

The financial statements have been prepared in accordance with 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) (effective 1 January 2019) - (Charities SORP 2019 (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for accounting periods commencing on or after 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 January 2019 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note

(b) Fund Accounting

The unrestricted Income Fund represents funds for the appreciation of the application of research

primarily through lectures and visits.

The restricted Income Fund represents income specifically given to the Trust for the payment of student awards and related costs.

(c) Investments

Investments held for the medium to long-term to generate income or capital growth are carried at market value as fixed assets at the balance sheet date (bid price).

(d) Income

Income from grants receivable, investments and bank deposits is included in the Statement of Financial Activities. Interest is included gross. There is no longer a fixed subscription date so subscriptions are included fully as income on date of receipt.

(e) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance expenditure comprises those costs associated with meeting the constitutional and statutory requirements of the Charity and costs linked to the strategic management of the Charity.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

8

Cambridge Society for the Application of Research Notes to the Financial Statements (Continued) For the year ended 30 June 2023

(f) Realised and unrealised gains and losses on investment assets

Realised gains and losses are recognised as arising at the time of disposal from the portfolio by comparing the sale proceeds with the market value at the start of the year.

Any unrealised increase or decrease in the value of investment assets is shown as an unrealised gain or loss in the Statement of Financial Activities.

(g) Going Concern

The lecture programming is continuing in an on-line format. The Trustees are carefully managing costs and the Charity has enough cash reserves to meet net expenditure over the next 12 months.

The trustees therefore consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. As such, they continue to adopt the going concern basis in preparing the financial statements.

2 Trustees Remuneration

Trustees did not receive any remuneration in the year. Reimbursement of expenses of £2,723 (2021/22: £2,795) was made to Trustees.

3
Investments
Market value at 1 July 2022
Net gain on revaluation
Market value at 30 June 2023		 2023
Market
Value
£
32,295
1,023
33,318		 2022
Market
Value
£
34,029
(1,734)
32,295

4 Statement of Financial Activities for the year ended 30 June 2023

Income
Expenditure
Revaluation Gain on Investment
Net Movement in Funds
Reconciliation of Funds
Total funds brought forwards
Total Funds Carried Forward		 2023
£
8,028
(8,082)
1,023
Unrestricted
Funds		 Restricted
Funds
2023
£
20,249
(15,307)		 Total
Funds
2023
£
28,277
(23,388)
1,023
970
46,377		 4,942
4,374		 5,912
50,751
47,347 9,316 56,663

9

Cambridge Society for the Application of Research Statement of Financial Activities For the year ended 30 June 2023

INCOME
Income from Subscriptions
Income from Temporary Attendees
Income from Visits
Donations received
Gift Aid
Sponsorship
Income from Investments
Total Income
EXPENDITURE
Lecture Visit and Awards
Lecture Expenses
Student Awards
Award Expenses
Visit Expenses
Other Expenses
Website and Publicity
Membership Expenses
Meetings and Administrative Expenses
Total Payments
Unrealised Gain on Investment
Net Movement in Funds
Funds at 1 July 2022
Funds as at 30 June 2023
Net Surplus/(Deficit) before other gains and
losses		 2023
4,535
495
150
811
1,026
1,011
8,028
7,186
-
7,186
-
896
896
8,082
(54)
1,023
970
46,377
47,347
Unrestricted
Funds
 2023
-
-
-
4,249
1,000
15,000
-
20,249
-
12,000
3,307
-
15,307
-
-
-
-
15,307
4,942
-
4,942
4,374
9,316
Restricted
Funds		 Total
Funds
2023
4,535
495
150
5,060
2,026
15,000
1,011
-
28,277
7,186
12,000
3,307
-
22,493
-
896
-
896
23,388
4,889
1,023
5,912
50,751
56,663		 2022
5,167
-
-
8,770
2,493
1,312
954
Total
Funds
18,696
5,697
12,000
1,986
-
19,683
-
962
792
1,754
21,437
(2,741)
(1,734)
(4,475)
55,226
50,751

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