I HEARD THAT THE WELSH MAE CANNOT Annual Report BE FELT IN ENGLISH. and Accounts AN AHLAN WA **2020-21** SAHLAN CONUNDRUM LEAVING US CLUES IN VAPOUR AND BREATH ON THE WINDOW. MAYBE IT SAYS:THIS IS OUR HOMELAND AND YOU ARE WELCOME HERE?
Annual Review 2019-20
## Contents
## 04
Championing Research
## 08
Contributing Expertise
10
Promoting Learning and Debate
15
Fellows Elected in 2020
19
Objectives and Charity Details
20
Structure, Governance and Management
24
Financial Review
26
Statement of Trustees’ Responsibilities
27
Independent Examiner’s Report
28
Statement of Financial Activities
Notes to the Financial Statements
30
THE LEARNED SOCIETY OF WALES REGISTERED CHARITY NUMBER 1168622 WWW.LEARNEDSOCIETY.WALES
## President’s Welcome
The past year has been an extraordinary one in many ways. The Covid-19 pandemic has had an enormous impact on our lives and communities. It has highlighted the shared challenges facing Wales and the world. In common with many organisations, it has also led to a significant change in the activities and working arrangements of the Learned Society of Wales.
Despite this upheaval, the Society has continued to thrive. In 2020, we were quick to innovate in our approach to events. This enabled us to reach larger and more global audiences than ever before. Our Trwy Brism Iaith/Through the Language Prism symposium was a prime example of what an internationally connected, cross-disciplinary academy can deliver. So too was this year’s launch of the Celtic Academies Alliance, which pools the expertise of Wales, Scotland and the island of Ireland in research and higher education policy.
The appetite for us to celebrate excellence in learning remains strong. I was delighted to welcome a further 45 academics, researchers and professionals to our Fellowship. We also received the highest ever number of nominations for our medals.
PAGES 2 TO 26 CONSTITUTE THE TRUSTEES’ ANNUAL REPORT. PAGES 27 TO 46 CONSTITUTE THE INDEPENDENT EXAMINER’S REPORT AND FINANCIAL STATEMENTS.
**2** www.learnedsociety.wales
It is my privilege to lead a Society that, increasingly, is investing in our next generation of leaders and Fellows. Our Early Career Research Network has expanded rapidly since its launch last summer. It offers important opportunities for researchers across Wales to meet and collaborate.
Across all these activities, we are redoubling our commitment to equality, diversity and inclusion in the Society. It is vital that we draw on the widest range of talents and perspectives as we make our contribution to Wales and the world.
I would like to thank all our Fellows for their contributions towards realising our goals. As ever, I am also grateful for the tremendous work delivered by our small but dedicated team of staff.
Professor Hywel Thomas President
## Chief Executive’s Review of the Year
When I joined the Society three years ago, I was struck by its commitment to being a truly national academy for Wales. The ability to reach across geographical boundaries, and to connect people working in seemingly disparate areas of research, has been a hallmark of our work.
That broad reach has also allowed us to respond positively to the difficult circumstances facing educational institutions during the pandemic. For example, in online roundtables on research and innovation, we have brought together more diverse voices and perspectives than was previously possible. And our Early Career Research Network has provided vital opportunities for researchers from different institutions to meet and collaborate.
Recognising these successes, the Higher Education Funding Council for Wales has agreed to provide significant new funding for our work to support researchers. I am moving on to new pastures, and this will be my last Annual Review. I am certain that my successor as Chief Executive will relish the opportunity to increase the Society’s impact as it grows.
Martin Pollard Chief Executive
Annual Review 2020-21 **33[3]**
## Championing Research
## The Early Career Research Network
The Society’s Early Career Research Network was launched this year. It marks an important stage in our development and is a part of our commitment to champion research.
The network includes researchers from all academic disciplines and institutions in Wales, as well as from the third sector, government and industry. It is aimed at anyone who is starting a career in research, with a particular focus on those at the postdoctoral stage. It was important that we identified several areas where we could add value to the existing work of individual universities and Welsh Crucible, the programme of personal, professional and leadership development for Wales’ future research leaders. Within its first few months, the network attracted over 400 early career researchers, beginning the work of developing strong connections and
opportunities for collaboration across disciplines and institutions. The pandemic might have slowed the network’s early progress but the opposite was, in fact, the case. Online meetings allowed large numbers of people to attend the sessions we ran, all of which aimed to engage them with creative and inspiring ideas, rooted in experience and practice. Over 80 people attended November’s first event, on research impact, and this was followed by sessions on public engagement and mental health. A number of Fellows were involved in delivering these sessions.
The early success of the network led us to recruit a new, part-time member of staff, herself an ECR, to help run it and was key to the Society successfully securing funding from HEFCW to develop a national support scheme for researcher development.
**4 www.learnedsociety.wales**
Maintaining Good Mental Health in Academia
One of the new ECR Network’s first events was an online session that explored the mental health challenges early career researchers may face throughout their academic career.
The panel focused on the experience of ‘impostor syndrome’, how to recognise it and where to seek support in countering it.
Annual Review 2020-21 **55[5]**
## The Society’s 2021 Medals
Menelaus Medal: For excellence in engineering and technology
Hugh Owen Medal: For contributions to educational research
Frances Hoggan Medal: For outstanding female researchers in STEMM
Winner: Dr. Drew Nelson FLSW
## Winner: Professor EJ Renold
## Winner: Professor Dianne Edwards FLSW FRS
Dr. Nelson is co-founder and President of IQE, which is at the forefront of South Wales’ emergence as a semiconductor technology and manufacturing hub. His work with government, academia and the private sector has developed the region into a ‘Cluster of Excellence’.
Professor Renold, Professor in Childhood Studies, Cardiff University, works on gender and sexuality education, supporting children and young people to speak about their experiences. They helped develop Wales’ new Relationships and Sexuality Education curriculum.
## Professor Edwards
specialises in the history of land plants and has identified species that existed over 400 million years ago.
“I have been privileged to receive support from a variety of funders to pursue my interests on the history of plants on Earth. I am hopeful such research will continue to be possible for young scientists, to enable them to enjoy its delights.”
“These technologies will be at the heart of all major societal developments, including wearable healthcare devices, electric and driverless vehicles and zero carbon power technologies.”
“This award is especially poignant because of the legacy it will leave for future generations of feminist education researchers of what can be possible when co-production and collaborations are sustained over time.”
www.learnedsociety.wales
## Recognising excellence in research
Dillwyn Medals: For outstanding early-career researchers
Social Sciences, Economics and Business category
Science, Technology, Engineering, Mathematics & Medicine category
Humanities & Creative Arts category
Winner: Dr. Annie Tubadji
Winner: Dr. Emrys Evans
Winner: Dr. Ben Guy
Dr. Tubadji, Senior Lecturer in Economics, Swansea University, works on cultural bias, inequality and discrimination. She has focused on inequality, mental health and polarisation during the Covid-19 crisis, gaining international coverage.
“I am overjoyed that of all medals possible, I am honoured with the Dillwyn one! The Dillwyn family have shown by example that my Culture Based Development paradigm works in practice.”
Dr. Evans, a Royal Society Research Fellow in Chemistry at Swansea University, works on organic semiconductors, studying a new class of materials with a range of applications.
“My research explores molecular materials that could enable more energy-efficient light generation and create the basis of new technologies. I grew up in Swansea and am excited to have returned last year and lead my research from Wales.”
Dr. Ben Guy is a Fellow of Robinson College, Cambridge University. He works on medieval Welsh genealogy and its relationship with Welsh culture and politics.
“Having grown up in Wales, I have always been motivated to learn more about its fascinating history and culture. I hope I can inspire others to seek a deeper understanding of this beautiful yet complex land.”
Annual Review 2020-21
## Contributing Expertise
## Celtic Academies Alliance
In March 2021, the Learned Society of Wales, the Royal Irish Academy and the Royal Society of Edinburgh launched the Celtic Academies Alliance.
The establishment of the Alliance comes at a critical time as the higher education and research sectors deal with the major twin challenges of Covid-19 and Brexit. It also presents significant opportunity, with the UK Government developing a new R&D strategy for the UK. This includes commitments to ‘levelling up’ investment across the whole of the UK with plans emerging for the UK Shared Prosperity Fund.
The aims of the Alliance are to work together to:
The Alliance will enable the three organisations to pool the wide-ranging expertise and practitioner experience that exists within their memberships to inform public policy developments at both the UK level and within the devolved nations. Celtic Academies Alliance activities in 2020-21 included:
- Submissions and responses to government initiatives and consultations, e.g. letter to the UK Secretary of State for Business, Energy and Industrial Strategy on the implementation of the UK Research and Development Roadmap;
- Provide independent expert advice on higher education and research matters and on other shared key issues;
- Support the evolution of more effective intra-UK and UK–Ireland governance;
- Ensure that the UK Government and its bodies take proper account of the needs and differing situations of the devolved nations, supporting communication and collaboration between the different levels of government.
- Roundtables on research and development in the devolved nations;
- Explainer notes, e.g. The European Structural and Investment Funds: contribution to UK research and innovation (with the British Academy).
www.learnedsociety.wales
## Draft Tertiary Education and Research Bill
In the autumn of 2020, the Society submitted comments to the Welsh Government’s consultation on the Draft Tertiary Education and Research Bill; the introduction of the Bill was postponed due to the coronavirus pandemic. The Bill is scheduled to be introduced in November 2021 and the Society will engage with its progress through the Senedd.
The Bill establishes the Commission for Tertiary Education and Research, a new Welsh Government sponsored body, and dissolves the Higher Education Funding Council for Wales. Its nine strategic duties will include civic mission, the importance of a global outlook and the need to develop a sustainable and innovative economy.
Annual Review 2020-21
## Promoting Learning and Debate
Trwy Brism Iaith/ Through the Language Prism
In November 2020, the Learned Society of Wales held a symposium on bilingualism and multilingualism. It brought together academics, practitioners and writers to discuss aspects of languages in Wales.
The symposium emerged from discussions around the need for a broader understanding of language and a holistic view of the experiences, benefits and impacts of living bi- and multilingual lives. A steering group, led by Professor Mererid Hopwood of University of Wales Trinity Saint David (now of Aberystwyth University), developed a programme to facilitate an inclusive and wide-ranging dialogue across all aspects of language, from communication, culture and creativity, to identity, understanding and empathy. Originally planned to be hosted at the Temple of Peace and Health in Cardiff in March 2020, the symposium was postponed due to the coronavirus outbreak. It was rescheduled for November, taking place virtually on Zoom over three days, and broadcast live on the AM platform. Videos of the panel discussions are available on our YouTube channel. Additionally, nine poets from Wales were commissioned to write poems on the subject of what language means to them.
The well-received poems were shown in the breaks between sessions and are also available to view on the Society’s website.
Bilingualism and multilingualism are crosscutting and multidisciplinary concepts that are not only the concern of linguists and educationalists. They also encompass politics, geography, psychology, literature, and sociology among others. The symposium made evident that there is an urgent need to build awareness in Wales of the wealth of opportunities and benefits that come with bi- and multilingualism that reach far beyond the superficial ability of being able to name objects with more than one word. The recommendations that emerged from the discussions offer some suggestions for the ways in which Wales can embrace and realise these opportunities and benefits and seize the advantages offered by its bilingual and multilingual experience.
- The new Curriculum for Wales has significant potential to develop language learning;
- The experience of bilingualism and multilingualism provides many benefits;
- People use languages in different ways, and we need to recognise this;
- Policies should be better integrated.
The report is available on our website.
**10** www.learnedsociety.wales
## Mary McAleese Event
The human rights of children was the topic of a conversation between Professor Mary McAleese HonFLSW, former President of Ireland, and Sally Holland, the Children’s Commissioner for Wales.
This was the first large-scale event we held online following the pandemic. It was co-hosted with Bangor University and attracted over 300 attendees. Professor McAleese explored what rights children can expect and how we can ensure they are protected. The wide-ranging conversation explored how Church Canon Law has been a road-block to progress, with its emphasis on obedience over-riding the individual right to freedom. The role for parents and the state, Professor McAleese said, is to guide children, “so that when they are given full adult rights they have confidence in handling and analysing what is good and bad in their world.”
The challenges are many, Professor McAleese argued, but concluded: “It’s a credit to us that we have raised children who can form a view and stand their ground.”
_Professor Mary McAleese HonFLSW_
It’s a credit to us that we have raised children who can form a view and stand their ground.
Professor Mary McAleese HonFLSW
Annual Review 2019-20Annual Review 2020-21
## Wales and the World
## Promoting Wales Internationally: The Next Steps
Our Wales and the World series reached its conclusion in October 2020 with an online event co-hosted with Aberystwyth University.
This drew together the themes from the first three events and considered the use of soft power strategies in promoting Wales internationally, with a focus on the arts, culture, Welsh language and universities. The event finished with a keynote speech by Professor Laura McAllister. She argued that the nation’s ambassadors (political, cultural, sporting) must have permission to be nimble and energetic. Interpersonal contacts and relationships need to come first; the economic and social dividends will then follow. A publication, Global Partnerships, Local Benefits, which brought together the themes from all four events, was published in February.
It made four headline recommendations:
- Wales should define its distinctive qualities more clearly and should be self-confident in promoting these internationally.
- Using our ‘soft power’ wisely leads to ‘hard benefits’.
- Longer-term planning and financial investment are needed.
- Wales should make better use of UK and international institutions and expect more of them.
The Society is grateful to the Welsh Government and Higher Education Funding Council for Wales for their financial sponsorship of this project. We also thank Cardiff Metropolitan University, National Museum Wales, Bangor University and Aberystwyth University for hosting the events.
www.learnedsociety.wales
Other Events
## **The Future of SHAPE**
Professor Julia Black, President of the British Academy, joined a roundtable to discuss the value of the Humanities, Arts and Social Sciences, the challenges and opportunities facing these subjects, and how investment in them can help Wales meet its Future Generations Act well-being goals.
## **Richard Jones Innovation Lecture**
Professor Richard Jones explored the opportunities for a R&D strategy in Wales, in the context of the BEIS R&D roadmap. He considered how to co-create the research strategy Wales needs, by building on existing strengths and creating new research capacity.
## **Sir Paul Silk: How Parliaments Work**
## **2021 Senedd Elections Science Hustings**
Candidates from the major political parties joined broadcaster and science champion Elin Rhys, ahead of the Senedd elections, to field audience questions on their manifesto commitments on science policy. The event was organised with the Royal Society of Chemistry, Institute of Physics and Royal Society of Biology.
## **Our Life in Science: Hoggan Medal Event**
Three former recipients of the Learned Society of Wales’ Hoggan medal, Dame Jean Thomas, Professor Tavi Murray and Professor Haley Gomez, joined broadcaster Elin Rhys to discuss their careers, the hurdles and discrimination they overcame and how perseverance and a thirst for knowledge are key to scientific advances.
Sir Paul Silk used his decades of senior civil service experience to look at how the UK and Welsh Parliaments operate. Drawing on comparative examples elsewhere in the world, he suggested some principles for more effective parliamentary activity.
## **CERN and the Large Hadron Collider**
Professor Lyn Evans, former project lead for the Large Hadron Collider, CERN, delivered a talk on the science behind the world’s largest and most powerful particle accelerator. This was part of the Learner Lockdown series of events we ran during the pandemic.
Annual Review 2020-21 **13**
## Developing the Fellowship
Becoming a Fellow of the Society is a mark of excellence, recognising an outstanding contribution to the world of learning. We encourage nominations from all the academic disciplines, public services and the private sector.
The 45 people named in the following pages were elected as Fellows after thorough consideration by our Scrutiny Committees. We also announced two new Honorary Fellows, both of whom attended and addressed our 2021 AGM. This, as in the year before, was held online and attended by more than 120 members.
It would be fitting if Wales with its history of mining for coal, copper, gold, lead and metal ores, could project its voice on the world stage in favour of the urgent task of eliminating all extraction and use of fossil fuels.
## Equality, Diversity and Inclusion Review
The Society has a strong commitment to equality, diversity and inclusion (EDI). This year we focused on gender-balance within our Fellowship, electing our highest ever proportion of women Fellows (38%). Our Council (board of trustees) was also gender balanced for the first time.
During the summer, we organised open information sessions for potential Fellowship nominees, helping to make the election process clearer and more transparent. In addition, 140 people completed an online survey about how the Society can be more welcoming and inclusive; 20 of the respondents took part in detailed follow-up interviews.
We are now reviewing the report from these consultations and will set further ambitious targets for EDI in 2021-22.
Professor Hazel Carby, Honorary Fellow, speaking at our AGM, May 2021.
**14** www.learnedsociety.wales
## Fellows Elected in 2021
- Professor Ann Ager FLSW Professor of Cellular Immunity and Immunotherapy, Cardiff University
- Ms Paula Gardiner FTCL FLSW Head of Jazz Studies, Royal Welsh College of Music and Drama
- Mr David Allen OBE HonLLD FLSW
- Formerly Chair, Higher Education Funding Council for Wales
- Professor Gwyn Bellamy FLSW Professor of Mathematics, University of Glasgow
- Professor David Benton FLSW
## **• Professor Neil Glasser FLSW**
- Pro-Vice Chancellor, Faculty of Earth and Life Sciences, Aberystwyth University
- Professor Helen Griffiths FRSB FLSW Pro-Vice Chancellor Research and Innovation, Swansea University
Professor of Psychology, Swansea University
- Dr Louise Bright FLSW
Director of Research and Business Engagement, University of South Wales
## • Professor Monica Busse FLSW
Director of Mind, Brain, Neuroscience Trials, Centre for Trials Research, Cardiff University
- Professor Alan Dix FBCS FLSW
- Director of the Computational Foundry, Swansea University
- Professor Edwin Egede FHEA FLSW Professor of International Law and International Relations, Cardiff University
- Professor Paul Emery OBE FLSW
Versus Arthritis Professor of Rheumatology, University of Leeds
- Professor Tess Fitzpatrick FAcSS FLSW Professor of Applied Linguistics, Swansea University
- Professor William Griffiths FRSC FLSW Professor of Mass Spectrometry, Swansea University
- Professor John Harrington FLSW Professor of Global Health Law, Cardiff University
- Professor Maria Hinfelaar FHEA FLSW
- Vice-Chancellor and Chief Executive, Wrexham Glyndŵr University
- Professor Wen Jiang MBE FRSB FRSM FLSW
Professor of Surgery and Tumour Biology, Cardiff University
- Professor Richard A.L. Jones FInstP FLSW FRS
- Professor of Materials Physics and Innovation Policy, University of Manchester
**Annual Review 2020-21 15**
• Professor Harshinie Karunarathna FHEA FLSW Professor in Coastal Engineering, Swansea University
• Professor Robert Knipe FGS FLSW Emeritus Professor of Structural Geology, University of Leeds
- Professor David Lamb FRSB FRSC FLSW Professor of Biomedical Sciences, Swansea University
- Rev Dorian Llywelyn SJ FLSW President, Institute for Advanced Catholic Studies at the University of Southern California
- Professor Marian Ludgate FLSW Professor of Molecular Endocrinology, Cardiff University
- Dr Steven Luke MBE FICE FISE FLSW Independent Consultant
- Professor Serena Margadonna FLSW Head of the Future Manufacturing Research Institute & Chair in Materials Engineering, Swansea University
- Professor Rachel McCrea FLSW Professor of Statistics, University of Kent
- Dr Wyn Meredith FLSW
Director, The Compound Semiconductor Centre
- Professor Helena Miguélez-Carballeira FLSW
- Professor in Hispanic Studies, Bangor University
- Professor Kevin Morgan FLSW Dean of Engagement, Cardiff University
- Professor Maxim Munday FeRSA FLSW Director Welsh Economy Research Unit and Professor of Economics, Cardiff University
- Professor Ruth Northway OBE FRCN PFHEA FLSW
Professor of Learning Disability Nursing/ Head of Research for the Faculty of Life Sciences and Education, University of South Wales
- Professor Emmanuel Ogbonna FLSW Professor in Management and Organization, Cardiff University
- Professor Leni Oglesby OBE FRSA FLSW Independent Consultant
- Professor Alan Palmer FRSB FLSW Chief Executive Officer, Elixa MediScience Limited
- Professor Nigel Richards ARCS FLSW Professor of Biological Chemistry, Cardiff University
- Dr Stephen Roberts FSA FRHistS FLSW Director, History of Parliament Trust
• Professor Zoe Skoulding FLSW Professor of Poetry and Creative Writing, Bangor University
- Professor Helen Stokes-Lampard FRCGP FLSW
Professor of GP Education, University of Birmingham/Chair of the Academy of Medical Royal Colleges
**16**
**www.learnedsociety.wales**
- Professor Gareth Stratton FBASES FECSS FRSA FLSW
- Deputy Pro Vice Chancellor Physical Activity, Sport, Health and Well-Being
- Professor Huw Summers FLSW Professor of Nanotechnology for Health, Swansea University
- Mr Geraint Talfan Davies OBE FRIBA FLSW Chair, The Cyfarthfa Foundation
- Professor David Toll FLSW Professor of Engineering, Durham University
- Professor David F Williams FREng FAIMBE FINAE FLSW Professor of Biomaterials and Director of international affairs, Wake Forest Institute of Regenerative Medicine, North Carolina, USA
- Ms Nia Williams FLSW
- Director of Learning and Engagement, National Museum Wales
- Professor Jianzhong Wu FEI FLSW Professor of Multi-Vector Energy Systems and Head of School of Engineering, Cardiff University
## Honorary Fellows
Professor Hazel V Carby HonFLSW Professor Emeritus of African American Studies and American Studies, Yale University
## **Professor Carby is a pioneer in the fields of black feminism, diasporic literature and culture.**
She is the daughter of a Jamaican father and Welsh mother and her recent autobiographical work engages with Wales’ multicultural history. She has mentored generations of students who have become prominent scholars in their own right. She has received the American Studies Association’s Jay B. Hubbell Medal for lifetime achievement in American Literature, and the British Academy’s Nayef Al-Rodhan Prize for Global Cultural Understanding.
•
Professor Sir Michael Berry FRS FRSE FRSA HonFLSW
Melville Wills Professor of Physics (Emeritus), Bristol University
**Professor Sir Michael Berry is one of the world’s leading theoretical physicists.**
He has made major contributions to mathematical physics in both the classical and quantum domains and at their interface. His work ranges from catastrophe optics to tidal bores to the philosophy of physics. His many prizes include the 1990 Royal Medal of the Royal Society, the 1996 Dirac Medal of the International Centre for Theoretical Physics, the 1998 Wolf Prize and the 2005 Polya Prize.
Annual Review 2020-21 **17**
## The Fellowship as a Whole
Proportion of Women in the Fellowship
**----- Start of picture text -----**
40
35
30
25
20
15
10
5
0
Women as a percentage of the total Fellowship
% Nominations for female candidates
% New Fellows elected female
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
**----- End of picture text -----**
Proportion of Women and Men Elected as Fellows in 2021
**----- Start of picture text -----**
38%
62%
Men Women
**----- End of picture text -----**
Breakdown of Fellows by Scrutiny Committee
Humanities, Arts, Social Sciences and Public Service Fellows:
Science, Technology, Engineering, Mathematics and Medicine Fellows:
Business, Public Service and Public Engagement Language, Literature and the History and Theory of Creative and Performing Arts
History, Archaeology, Philosophy and Theology
Economic and Social Sciences, Education and Law
Medicine and Medical Sciences Cellular, Molecular, Evolutionary, Organismal and Ecosystem Sciences Chemistry, Physics, Astronomy and Earth Sciences Computing, Mathematics and Statistics Engineering
**www.learnedsociety.wales**
## Objectives and Charity Details
The Society’s charitable object is: “for the benefit of the community, to advance education, learning, academic study and knowledge, so as to result in contributing to scientific, cultural, social, environmental and economic development within Wales and beyond”.
## Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## Administrative details
## Our main aims are to:
- Celebrate and recognise excellence
- in all scholarly disciplines and more widely
- Champion excellent research and researchers, catalyse ambition and inspire researchers, youth and society more generally
- Promote the advancement of learning, scholarship and education and their dissemination and application
- Act as an independent source of expert advice and to influence public discussion on matters affecting the research, scholarship, economy, languages and well-being of Wales and its people
## Charity Name:
The Learned Society of Wales
## Welsh name of Charity:
Cymdeithas Ddysgedig Cymru
Charity Registration Number: 1168622
## Principal Office and operational address:
The University of Wales Registry King Edward VII Avenue Cardiff CF10 3NS
## Website:
www.learnedsociety.wales /
www.cymdeithasddysgedig.cymru
Independent Financial Examiners Azets Audit Services, Ty Derw, Lime Tree Court, Cardiff Gate Business Park, Cardiff, CF23 8AB
## Chief Executive
Martin Pollard
Clerk Amanda Kirk
## Bankers
HSBC (UK) Limited, 56 Queen Street, Cardiff CF10 2PX
Annual Review 2019-20Annual Review 2020-21 **19**
## Structure, Governance and Management
The Society was incorporated as a Royal Charter Charity in 2015 (Registered Charity Number: 1168622). Our current governing documents are the Royal Charter and Bye-laws. These, along with the Society’s Regulations, constitute our governing instruments.
The members of the Society are its Fellows, who are elected by existing Fellows in an annual process (see page 9 for a list of those elected in 2020-21). There are currently nearly 600 Fellows. The Society holds an Annual General Meeting, which is open to all Fellows and includes the presentation and adoption of the independently examined accounts.
## Council
The Council has 18 members, all of whom are Fellows of the Society. Regulations ensure a balance of members from the three categories of Fellows:
- Humanities, Arts and Social Sciences
- Science, Technology, Engineering, Mathematics and Medicine
- Business, Public Service and Public Engagement
When a vacancy arises, any Fellow may apply to join Council. The applicants’ names and personal statements of skills and expertise are then put to a vote of the Fellowship. The term of office is three years, renewable for a further three years. After serving two terms, Fellows may not apply again until at least one year has elapsed.
The Society’s governing body is the Council. It determines the charity’s strategy and activities, ensures the effective and efficient use of its resources, and oversees its financial affairs in line with legal and regulatory requirements. Members of the Council are the Society’s trustees for the purpose of charity law.
The Society keeps a register of interests for all Council members and staff, and Council members are required to adhere to the Society’s Code of Conduct. All members of Council give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the Accounts.
www.learnedsociety.wales
## Trustee induction and information
Throughout the year, Council members receive regular relevant information and, where necessary, guidance on their responsibilities under the Charities Act 2011. Governance matters are discussed as a standard item on Council meeting agendas.
Council members are provided with copies of all relevant documentation to help them fulfil their responsibilities. They have wide experience of governance and the administration of charities, and all are familiar with the Society’s charitable objects, strategy and activities.
## Committees of Council
The Society’s Royal Charter gives Council the power to create governance committees. The current committees are the Executive Committee, General Purposes Committee, Finance Committee, Fellowship Committee and Governance Appointments Committee. Committee members are listed on the Society’s website.
## Governance work in 2020-21
In addition to their regular work overseeing the Society’s strategy, activities and finances, the activities of the Council and Committees included:
- Undertaking a major review of equality, diversity and inclusion in the Society – including a survey completed by 140 people and 20 indepth interviews
- Increasing our focus on gender balance within Council and committees, resulting in a balanced Council (9 women and 9 men) for the first time
- Adopting an open application process for all our governance committees, following the previous successful introduction of this system for Council
- Continuing to improve the transparency and fairness of our system for the election of new Fellows
- Redeveloping the Society’s risk register, ensuring that risks are managed actively by Council and all our committees
- Formalising the principles and processes that determine the Society’s policy work
- Improving our fee relief policy so that subscription fees are not a barrier to Fellows or Fellowship nominees
Annual Review 2020-21
## Risk management
The Society actively monitors and seeks to mitigate five main types of risk: staffing, operational, reputational, financial and governance.
During 2020-21 we overhauled our risk register to make it more dynamic and easier to assess risk levels. Individual risks are scored by their impact and likelihood, with the system flagging the highest risks to prompt action planning. Council has assumed overall control of the register, with certain areas of risk delegated as appropriate, e.g. financial risks to the Finance Committee.
## Staffing levels
The Society’s level of staffing remains small in comparison to other UK national academies, but will grow in 2020-21 as new grants start to be utilised.
During the year in question, the main staff team comprised the Chief Executive, Clerk, Policy and Public Affairs Manager, Communications Officer, Fellowship Officer, and Finance and Administration Officer. A Network Development Officer was appointed towards the end of the year, for a total of two full-time and five part-time staff members (in total there are 5.42 fulltime equivalent posts).
Currently, the Chief Executive is the charity’s sole member of **key management personnel** . Salaries for staff are paid using the University of Wales pay scale.
www.learnedsociety.wales
## Officers and Council
The Society was incorporated as a Royal Charter Charity in 2015 (Registered Charity Number: 1168622). Our current governing documents are the Royal Charter and Byelaws. These, along with the Society’s Regulations, constitute our governing instruments.
## Officers
## President
Professor Hywel Thomas CBE FREng FRS PLSW MAE
## Council Members
In addition to the Officers, the following Fellows formed the Society’s Council (board of trustees):
## Vice-Presidents
- Professor Michael Charlton FInstP MAE FLSW (Science, Technology and Medicine)
- Professor Helen Fulton FSA FLSW (Humanities, Arts and Social Sciences)
- Professor Roger Awan-Scully
- Professor Kirsti Bohata (from May 2021)
- Professor David Boucher (until May 2021)
- Dr Sally Davies
- Professor Claire Gorrara
- Professor Alma Harris
- Professor Ieuan Hughes
- Professor John Jones (until May 2021)
## Treasurer
- Professor Keith Smith
- FRSC FLSW (until May 2021)
- Professor Terry Threadgold
- (from May 2021)
- Professor Ambreena Manji (from June 2021)
- Professor Iwan Morus
- Professor Qiang Shen
- Professor John V Tucker
- Professor Carol Tully (from May 2021)
- Professor Meena Upadhyaya
## General Secretary
- Dr Lynn Williams
- Professor K Alan Shore
- FInstP FLSW
Professor Terry Threadgold was elected Treasurer in May 2021.
## Royal Patron
From June 2019, His Royal Highness, The Prince of Wales, graciously accepted the Society’s invitation to remain its Royal Patron for a further period of five years.
Annual Review 2020-21 **23 23**
## Financial Review
This was another positive year for the Society’s finances. Although the pandemic imposed difficult circumstances on higher education, we were pleased to retain the support of all the universities in Wales. Their financial recognition of our role as the national academy enabled us to carry out all our planned activities, albeit often in different forms.
2020-21 also saw the start of a new financial relationship with the Higher Education Funding Council for Wales (HEFCW), which funded us to develop our Early Career Research Network. The Society achieved a surplus of £25,546 during the year, consisting of an unrestricted surplus of £35,481 and a restricted deficit of £9,935. The Society had income of £304,258 and expenditure of £295,412. This result was particularly positive in light of the reduced core income received during the year.
The balance sheet shows that we carried forward a total fund of £444,024 at the end of the period consisting of unrestricted
funds of £437,648 and restricted funds of £6,376. Throughout the year, our Council and Finance Committee played an active role in the Society’s budgeting, financial management and investment policies.
## Income
Our total income was £304,258, down from £321,179 the previous year. Universities continued to provide our largest income source, although their combined grants total of £166,700 was slightly lower than in 2019-20 (£184,200). Our Fellows’ admission and subscription fees this year amounted to £71,516. We also held a 10th anniversary fundraising campaign and increased the proportion of Fellows claiming Gift Aid on their contributions. Finally, HEFCW provided a new grant of £12,458.
The University of Wales Trinity Saint David continues to provide the Society with generous in-kind support, including office space and IT services.
**----- Start of picture text -----**
Sources Grants from Universities 55%
of Income Membership Fees 21%
Grants and Donations 10%
Donated Services 9%
Miscellaneous 3%
Gift Aid 2%
**----- End of picture text -----**
www.learnedsociety.wales
## Expenditure
Total expenditure this year was £295,412. As in 2019-20, Covid-19 imposed restrictions on our work (especially a lack of physical events and meetings), leading to significant cost savings.
Our expenditure on activities (for example, online events, roundtables, developing our Fellowship and awarding Medals) was therefore primarily for staffing, and amounted to £177,783 (60.2% of spending). Our other main categories of expenditure were public policy development (£51,796 – 17.5%), publications (£45,192 – 15.3%) and governance (£20,641 – 7%).
**----- Start of picture text -----**
Categories of Expenditure
0 10 20 30 40 50 60
Governance 7%
Publications 15.3%
Policy 17.5%
Development
Activities 60.2%
**----- End of picture text -----**
## Reserves
On 31 July 2021, the Society held free reserves of £428,819 (2020: £391,651). Our reserves policy remained unchanged during the year. We retain sufficient unrestricted funds to cover at least six months of our core costs (£138,819), ensuring we can cover any sudden increase in expenses, one-time unbudgeted expenses, or unanticipated loss in funding. The remaining funds support the Society’s long-term development and are designated a Strategic Development Fund (£290,000). Our use of investment funds and fixed-return savings accounts helped produce a modest additional income stream.
## Future developments
At the end of the year, we received news of a much larger grant from HEFCW, which will help the Society contribute significantly to the development of the research sector in Wales. This opens up an important new programme of work and helps us to diversify our income streams. We also want to ensure that equality, diversity and inclusion are at the heart of our work. This will ensure that our Fellowship, policy work and public activities benefit from the widest range of perspectives.
**The Society’s full financial statements have been independently examined, and are provided below.**
Annual Review 2020-21
## Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- • observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- 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 maintaining proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/ constitution. 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The report was approved by the Council on 20 October 2021 and signed on its behalf by:
## Professor Hywel Thomas
(President)
## Professor Terry Threadgold
(Treasurer)
Date: 20 October 2021
www.learnedsociety.wales
## Independent Examiner’s Report
## To the Trustees of the Learned
## Society Of Wales
I report to the trustees on my examination of the accounts of The Learned Society of Wales (the charity) for the year ended 31 July 2021 which are set out on pages 28 to 46.
## Responsibilities and basis of report
As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 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 2011 Act.
## Independent examiner’s statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
for financial statement to provide a true and fair view in accordance with generally Accepted Accounting Practice effective for reporting period beginning on or after 1 January 2015.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust 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 in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulation but has now been withdrawn. I understand that this has been done in order
## Sarah Case FCA DChA Azets Audit Services
Waters Lane Chambers Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB
accountant’s signature and date
Date: 20 October 2021
**27**
Annual Review 2020-21
## Statement of Financial Activities
(incorporating the Income and Expenditure account) for the year ended 31 July 2021
**----- Start of picture text -----**
Note Unrestricted Restricted TOTAL TOTAL
funds funds FUNDS FUNDS
2021 2021 2021 2020
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 108,534 710 109,244 110,571
Charitable activities 4 166,700 23,958 190,658 207,480
Investments 5 4,356 - 4,356 3,128
Total Income and Endowments 279,590 24,668 304,258 321,179
EXPENDITURE ON:
Charitable activities 6 260,809 34,603 295,412 286,831
Total Expenditure 260,809 34,603 295,412 286,831
Net gains on investments 12 16,700 - 16,700 (10,209)
Net Movements in Funds 35,481 (9,935) 25,546 24,139
RECONCILIATION OF FUNDS / CYSONI CRONFEYDD
17,
Total funds brought forward 402,167 16,311 418,478 394,339
18
18,
Total funds carried forward 437,648 6,376 444,024 418,478
19
The Statement of Financial Activities includes all gains and losses recognised in the year.
**----- End of picture text -----**
The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources expended derive from continuing activities.
The notes on pages 30 to 46 form part of the financial statements.
www.learnedsociety.wales
## Balance Sheet
as at 31 July 2021
**----- Start of picture text -----**
Note £ £
2021 2020
FIXED ASSETS
Tangible assets 10 1,019 -
Intangible assets 11 7,810 10,516
Investments 12 119,640 42,039
Total Fixed Assets 128,469 52,555
CURRENT ASSETS
Debtors 13 18,365 20,544
Cash at bank and in hand 333,509 375,225
Total Current Assets 351,874 395,769
LIABILITIES
Creditors: Amounts falling due within one year 14 (36,319) (29,846)
NET CURRENT ASSETS 315,555 365,923
NET ASSETS 444,024 418,478
THE FUNDS OF THE CHARITY
Restricted income funds 17 6,376 16,311
Unrestricted funds 18 437,648 402,167
TOTAL CHARITY FUNDS 444,024 418,478
These financial statements were approved by the Board of Trustees on 20 October 2021.
**----- End of picture text -----**
Professor Terry Threadgold (Treasurer)
Hywel Thomas (President)
The notes on pages 30 to 46 form part of the financial statements.
Annual Review 2020-21
## Notes to the Financial Statements
## 1. Accounting Policies
## Charity information
The Learned Society of Wales is a registered charity, incorporated by Royal Charter in 2015, whose principal office is University of Wales Registry, King Edward Vll Avenue, Cardiff, CF10 3NS.
## Basis of Preparation
The financial statements have been prepared in accordance with the charity’s governing document, the Charities Act 2011 and “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). The charity is a Public Benefit Entity as defined by FRS 102.
## Rounding
Figures contained in the financial statements have been rounded to the nearest pound.
## Cash Flow
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Assets and liabilities are initially recognised at historical cost or transaction value except that:
a) Investments held at fair value through the statement of financial activity.
The financial statements are prepared in sterling, which is the functional currency of the charity.
www.learnedsociety.wales
## Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The value of donated services and gifts in kind provided to the charity are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the statement of financial activities.
Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Grants receivable for the specific purpose of purchasing fixed assets for the continued use of the charity are treated as restricted funds. The restricted fund is then reduced by amounts equivalent to the depreciation charges on the assets concerned and will continue to do so over the expected useful lives of the assets concerned.
Income from charitable activities is recognised in the period to which the service relates with any amounts received in advance being deferred.
No amounts are included in the financial statements for services and time donated by volunteers.
Interest on funds and dividends from investments is included when receivable and the amount can be measured reliably by the charity.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Annual Review 2020-21
## Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. All gains and losses are taken to the Statement of Financial Activities as they arise.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
## Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment – 25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.
Costs where possible are attributed directly to the activity in which they relate.
www.learnedsociety.wales
## Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
CRM system – 25% straight line basis
## Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
## Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _Basic financial assets_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Annual Review 2019-20
## _Derecognition of financial assets_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _Basic financial liabilities_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## _Derecognition of financial liabilities_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## _Taxation_
As a registered charity, The Learned Society of Wales is entitled to the exemption from taxation in respect of income and capital gains received with sections 521-536 of the Income Tax Act 2007 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.
## Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## Retirement benefits
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## Leases
Rentals payable under operating leases are charged as an expense on a straight line basis over the term of the relevant lease.
www.learnedsociety.wales
## 2. Critical Accounting Estimates and Judgement
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## 3. Income from Donations and Legacies
**----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds 2021 2020
£ £ £ £
Membership
subscriptions 71,516 - 71,516 66,543
and fees
Donated services 16,090 - 16,090 29,370
Donations 9,972 710 10,682 6,919
Gift Aid 10,956 - 10,956 7,739
108,534 710 109,244 110,571
Donated services:
Serviced office 14,000 - 14,000 23,820
space
Venues for
meetings - - - 3,500
and events
Professional 520 - 520 510
services
Computer 1,570 - 1,570 1,540
equipment
16,090 - 16,090 29,370
**----- End of picture text -----**
Annual Review 2019-20
## 4. Income from Charitable Activities
**----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds 2021 2020
£ £ £ £
Grants 166,700 23,958 190,658 204,650
Curriculum income - - - 2,500
Sundry income - - - 330
166,700 23,958 190,658 207,480
Grant income was received from the following sources:
Aberystwyth
15,000 1,000 16,000 15,000
University
Bangor University 27,350 - 27,350 27,350
Cardiff Metropolitan 15,000 - 15,000 15,000
University
Cardiff University 43,000 5,000 48,000 43,000
Higher Education
Funding Council for - 12,458 12,458 5,000
Wales
Open University in 4,000 - 4,000 4,000
Wales
South Wales Institute
of Engineers - 4,000 4,000 4,000
Educational Trust
Swansea University 27,350 - 27,350 27,350
Thriplow Charitable - - - 2,000
Trust
University of South 15,000 - 15,000 15,000
Wales
University of Wales 15,000 - 15,000 32,500
Trinity Saint David
Welsh Government - 1,500 1,500 9,450
Wrexham Glyndŵr 5,000 - 5,000 5,000
University
166,700 23,958 190,658 204,650
**----- End of picture text -----**
www.learnedsociety.wales
## 5. Income from Investments
**----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds 2021 2020
£ £ £ £
Bank interest 10 - 10 217
Dividend income 4,346 - 4,346 2,911
4,356 - 4,356 3,128
**----- End of picture text -----**
## 6. Expenditure on Charitable Activities
**----- Start of picture text -----**
Policy
Activities Publications Governance Total Total
development
£ £ £ 2021 £ 2020 £
£
Staff costs 123,643 30,911 41,214 10,304 206,072 202,519
Travel - - - - - 1,252
Accommodation - - - - - 58
Subsistence - - - - - 44
Staff Travel 20 - - - 20 879
Speakers and - - - - - 1,020
guests
Premises 10,075 1,550 2,325 1,550 15,500 27,906
Computing 6,986 4,192 2,096 699 13,973 11,724
Professional - - - 2,220 2,220 2,796
charges
Supplies and 24,735 2,378 - 5,868 32,981 25,983
services
Administration 12,324 6,161 6,161 - 24,647 12,650
177,783 45,192 51,796 20,641 295,412 286,831
**----- End of picture text -----**
Governance costs includes payments to the independent examiners of £2,220 (2020: £2,220).
Annual Review 2019-20
## 7. Net Income for the Year
This is stated after charging:
**----- Start of picture text -----**
2021 £ 2020 £
Depreciation and amortisation 2,941 780
Independent examination fee 2,220 2,220
**----- End of picture text -----**
## 8. Analysis of Staff Costs, Trustee Remuneration and Expenses, and the Cost of Key Management Personnel
**----- Start of picture text -----**
2021 £ 2020 £
Wages & salaries 184,134 178,298
Social security costs 12,480 16,266
Pension costs 9,458 7,955
206,072 202,519
**----- End of picture text -----**
No employee earned over £60,000 during the current or prior year.
## Key Management Personnel
The total remuneration paid to key management personnel during the year (including gross salary, employer’s national insurance contributions and employer’s pension contributions) totalled £64,631 (2020: £68,426).
## Transactions with Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year.
During the year no trustees (2020: 5) were reimbursed expenses (2020: £1,337) relating to travel and subsistence.
www.learnedsociety.wales
## 9. Staff Numbers
The average monthly number of staff employed during the year was as follows:
**----- Start of picture text -----**
Total Total
2021 No 2020 No
Chief Executive 1 1
Clerk 1 1
Executive officers 5 4
7 6
**----- End of picture text -----**
The average number of full time equivalent employees employed during the year was as follows:
**----- Start of picture text -----**
2021 No 2020 No
Chief Executive 1.00 1.00
Clerk 0.71 0.77
Executive officers 3.71 3.61
5.42 5.38
**----- End of picture text -----**
## 10. Fixed Assets
**----- Start of picture text -----**
Office
Total £
equipment £
Cost
At 1 August 2020 4,236 4,236
Additions 1,254 1,254
At 31 July 2021 5,490 5,490
Depreciation
At 1 August 2020 4,236 4,236
Charge for year 235 235
At 31 July 2021 4,471 4,471
Net book value
At 31 July 2021 1,019 1,019
At 31 July 2020 - -
**----- End of picture text -----**
Annual Review 2019-20
## 11. Intangible Fixed Assets
||**Net book value**
At 31 July 2021
7,810
7,810
At 31 July 2020
10,516
10,516
**Amortisation**
At 1 August 2020
224
224
Charge for year
2,706
2,706
At 31 July 2021
2,930
2,930
Computer
software £
Total £
**Cost**
At 1 August 2020
10,740
10,740
At 31 July 2019
10,740
10,740
12. Investments
2021 £
2020 £
Balance brought forward
42,039
52,248
Additions to investment during the period
60,901
-
(Loss)/gain on revaluation of portfolio
16,700
(10,209)
Fair value as at 31 July 2021
119,640
42,039|
|---|---|
|||
||**Net book value**
At 31 July 2021
7,810
7,810
At 31 July 2020
10,516
10,516
**Amortisation**
At 1 August 2020
224
224
Charge for year
2,706
2,706
At 31 July 2021
2,930
2,930
Computer
software £
Total £
**Cost**
At 1 August 2020
10,740
10,740
At 31 July 2019
10,740
10,740
12. Investments
2021 £
2020 £
Balance brought forward
42,039
52,248
Additions to investment during the period
60,901
-
(Loss)/gain on revaluation of portfolio
16,700
(10,209)
Fair value as at 31 July 2021
119,640
42,039|
|---|---|
|||
www.learnedsociety.wales
**----- Start of picture text -----**
Analysis of investments:
2021 2021 2020 2020
Fair value Book cost Fair value Book cost
£ £ £ £
Listed investments 119,640 108,520 42,039 50,000
119,640 108,520 42,039 50,000
13. Debtors
2021 £ 2020 £
Trade debtors 14,986 16,350
Prepayments and accrued income 3,379 4,194
18,365 20,544
14. Creditors: amounts falling due within one year
2021 £ 2020 £
Trade creditors 866 2,108
Deferred income 3,415 3,620
Accruals 30,015 22,773
Other creditors 2,023 1,345
36,319 29,846
**----- End of picture text -----**
Annual Review 2019-20
||15. Financial Instruments
Deferred income relates to fellowship fees received in advance of the period to
which the fees relate:
2021 £
2020 £
Brought forward
3,620
4,965
Amounts received
71,311
65,198
Income released
(71,516)
(66,543)
Carried forward
3,415
3,620|
|---|---|
**----- Start of picture text -----**
2021 £ 2020 £
Carrying amount of financial assets
Instruments measured at fair value through the profit or loss 119,640 42,039
**----- End of picture text -----**
## 16. Retirement Benefit Schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The pension charge for the year totalled £9,458 (2020: £7,955). At the year-end amounts outstanding totalled £1,637 (2020: £1,345).
www.learnedsociety.wales
## 17. Restricted Funds
**----- Start of picture text -----**
At 1 August Income Expenditure At 31 July 2021
2020 £ £ £ £
Aberystwyth - 1,000 (1,000) -
University
Early Careers and 1,220 710 (1,930) -
Schools Appeal
HEFCW - 12,458 (9,085) 3,373
Multilingualism
(Trwy Brism Iaith) 6,798 5,000 (11,798) -
International
Symposium
South Wales Institute
of Engineers
8,293 4,000 (9,290) 3,003
Educational Trust
(SWIEET)
Welsh Government - 1,500 (1,500) -
16,311 24,668 (34,603) 6,376
**----- End of picture text -----**
Aberystwyth University relates to funding to support the final ‘Wales and the World’ series event – ‘Promoting Wales Internationally: The Next Steps’.
Early Careers and Schools Appeal relates to donations received to create a network for Early Career Researchers, and further outreach to schools.
HEFCW relates to funding received to develop the Society’s new Early Career Researchers’ Network by delivering seminars and training, developing the network’s reach and presence, and scoping the potential of future activities.
Multilingualism (Trwy Brism Iaith) International Symposium relates to funding and fees received towards the symposium, which was to be held in March 2020, but postponed due to Covid-19 to November 2020, when it was held as on online event.
South Wales Institute of Engineers Educational Trust (SWIEET) relates to support provided towards events, and activities to promote excellence in science, engineering and technology throughout Wales.
Welsh Government relates to funding for a series of conferences and events on the theme ‘Wales and the World’.
Annual Review 2019-20
## 17. Restricted Funds (continued)
**----- Start of picture text -----**
Previous year
At 1 August Income Expenditure At 31 July 2020
2019 £ £ £ £
South Wales Institute
of Engineers
9,093 4,000 (4,800) 8,293
Educational Trust
(SWIEET)
Multilingualism
(Trwy Brism Iaith) - 12,450 (5,652) 6,798
International
Symposium
Thriplow Charitable - 2,000 (2,000) -
Trust
Early Careers and - 1,370 (150) 1,220
Schools Appeal
Welsh Government - 4,500 (4,500) -
Higher Education
Funding Council for - 5,000 (5,000) -
Wales
9,093 29,320 (22,102) 16,311
18. Unrestricted Funds
At 31 July
At 1 August Income Expenditure Gain on
2021
2020 £ £ £ investments
£
General fund 402,167 279,590 (260,809) 16,700 437,648
402,167 279,590 (260,809) 16,700 437,648
Previous year
At 31 July
At 1 August Income Expenditure Gains on
2020
2019 £ £ £ investments
£
General fund 385,246 291,859 (264,729) (10,209) 402,167
385,246 291,859 (264,729) (10,209) 402,167
**----- End of picture text -----**
**----- Start of picture text -----**
Previous year
At 1 August Income Expenditure At 31 July 2020
2019 £ £ £ £
South Wales Institute
of Engineers
9,093 4,000 (4,800) 8,293
Educational Trust
(SWIEET)
Multilingualism
(Trwy Brism Iaith) - 12,450 (5,652) 6,798
International
Symposium
Thriplow Charitable - 2,000 (2,000) -
Trust
Early Careers and - 1,370 (150) 1,220
Schools Appeal
Welsh Government - 4,500 (4,500) -
Higher Education
Funding Council for - 5,000 (5,000) -
Wales
9,093 29,320 (22,102) 16,311
18. Unrestricted Funds
At 31 July
At 1 August Income Expenditure Gain on
2021
2020 £ £ £ investments
£
General fund 402,167 279,590 (260,809) 16,700 437,648
402,167 279,590 (260,809) 16,700 437,648
Previous year
At 31 July
At 1 August Income Expenditure Gains on
2020
2019 £ £ £ investments
£
General fund 385,246 291,859 (264,729) (10,209) 402,167
385,246 291,859 (264,729) (10,209) 402,167
**----- End of picture text -----**
www.learnedsociety.wales
## 19. Analysis of Net Assets between Funds
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Unrestricted funds Restricted funds Total funds 2021
£ £ £
Tangible fixed assets 1,019 - 1,019
Intangible fixed 7,810 - 7,810
assets
Fixed asset 119,640 - 119,640
investments
Current assets/
309,179 6,376 315,555
(liabilities)
437,648 6,376 444,024
**----- End of picture text -----**
## _Previous year_
**----- Start of picture text -----**
Unrestricted funds Restricted funds Total funds 2020
£ £ £
Intangible fixed 10,516 - 10,516
assets
Fixed asset 42,039 - 42,039
investments
Current assets 349,612 16,311 365,923
402,167 16,311 418,478
**----- End of picture text -----**
## 20. Related Party Transactions
There were no disclosable related party transactions during the year (2020: none).
Annual Review 2019-20
|21. Operating Leases|21. Operating Leases|21. Operating Leases||||||
|---|---|---|---|---|---|---|---|
|||||2021 £||2020 £||
||Within one year|||667||667||
|||||667||667||
|22. Comparative Statement of Financial Activities||||||||
|||Unrestricted funds
£|Restricted funds
£||Total funds 2020
£|||
||Income and endowments from:|||||||
||Donations and legacies|109,201||1,370||110,571||
||Charitable activities|179,530||27,950||207,480||
||Investments|3,128||-||3,128||
||_Total income and endowments_|291,859||29,320||321,179||
||Expenditure on:|||||||
||Charitable activities|264,729||22,102||286,831||
||_Total expenditure_|264,729||22,102||286,831||
||_Net gains on investments_|(10,209)||-||(10,209)||
||_Net movement in funds_|16,921||7,218||24,139||
||_Reconciliation of Funds_|||||||
||Total funds brought forward|385,246||9,093||394,339||
||_Total funds carried forward_|402,167||16,311||418,478||
|||||||||
www.learnedsociety.wales