THE LEARNED SOCIETY OF WALES CYMDEITHAS DDYSGEDIG CYMRU Annual Report and Accounts 2021-22 N,,Iik EARLY CAREER RESEARCHERS NETWORK RNWYDWAITH YMCHWILWYR GYRFA 14 www.learnedsociety.wales
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## The Fellowship as a Whole Proportion of Men and Women Fellows Elected by Year **----- Start of picture text -----**
120
9
100
80
15 8
60 6
110
32
40 55 58 61 7 14 12 15 14 13 12 17
20 36 26 34 27 26 34 31 28 34
0
Number of Women Elected as Fellows Number of Men Elected as Fellows
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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Number of Fellows Elected in 2022, by Discipline Women and Men as a Proportion of the Total Fellowship **----- Start of picture text -----**
18
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General & Public Service HASS STEMM **----- Start of picture text -----**
Women Men
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Annual Report and Accounts 2021-22Annual Report and Accounts 2019-20 **15** ## Honorary Fellows 2022 ## Professor Julia King, Baroness Brown of Cambridge DBE CEng FREng FRS FInstP Baroness Brown of Cambridge, Professor Julia King, is one of the British women engineers who have reached the top of their profession and are now influential on many fronts. She is particularly well known for her work on climate change and she chairs the UK Climate Change Committee’s Adaptation sub-committee. ## Mr Charles Burton Charles Burton has been the most intellectually driven painter in Wales since 1945. His mastery of structure and colour is breathtaking, from early landscapes of the Rhondda to his late depictions of the built environment, from haunting memory portraits of family or war-torn soldiers of the Great War to exquisite geometrical compositions of domestic objects and interiors. ## Dame Sue Ion DBE OBE FRS FREng FINucE Dame Sue Ion has made outstanding contributions to the world of learning, excelling in her field and through national and international leadership roles. She is internationally recognised for her contributions to energy policy and the safe and efficient use of nuclear power and for building strong UK and international academic research links that inform government policy. ## Sir Karl Jenkins CBE D.Mus FRAM LRAM Sir Karl Jenkins is an internationally renowned musical composer. The most noteworthy aspect of his music, typified by the global “cross-genre” phenomenon Adiemus, is its innovative quality and sheer originality. The Armed Man: A Mass for Peace is perhaps his best-known work, approaching 3000 performances since its premiere in 2000. ## Fellows Elected in 2022 ## • Professor Sondipon Adhikari FRAeS FLSW Honorary Professor, Swansea University and Professor of Engineering Mechanics, Glasgow University - Professor Davina Allen FAcSS FLSW Head of Research, Innovation and Impact, School of Healthcare Sciences, Cardiff University - Mr Pedr ap Llwyd YH BA MA DAA FLSW Chief Executive and Librarian of the National Library of Wales, National Library of Wales - Professor Rachel Ashworth FLSW Dean of Cardiff Business School and Professor of Public Services Management, Cardiff University - Professor Duncan Baird FLSW Professor of Cancer and Genetics, Cardiff University - Professor David Beerling FRS FLSW Director of the Leverhulme Centre for Climate Change Mitigation and Sorby Professor of Natural Sciences, University of Sheffield - Dr Carol Bell FLSW Board Director, Financier, Archaeologist and Charity Trustee, Development Bank of Wales, Innovation Advisory Council of Wales, National Museum Wales, Cyfarthfa Foundation, Football Association of Wales, Wales Millennium Centre, Research England, Museum of London Archaeology - Professor Farah Bhatti FRCS OBE FLSW Consultant Cardiothoracic Surgeon, Swansea Bay University Health Board - Professor Stéphane Bordas FLSW Professor of Computational Mechanics - Head Data and Computational Sciences, University of Luxembourg - Professor Paul Boyle CBE FBA FRSE FRSGS FLSW Vice-Chancellor, Swansea University - Ms Louise Casella FLSW - Director, The Open University in Wales, Open University - Professor Sin Yi Cheung FLSW Professor of Sociology, Cardiff University - Professor Peter Collins FRCP FRCPath FLSW Professor of Haematology and Honorary consultant Haematologist, Cardiff University ## • Professor Elaine Crooks FLSW - Professor of Mathematics and Head of the School of Mathematics and Computer Science, Swansea University - Professor Richard Day FInstP FRAeS FIMMM FLSW Pro Vice Chancellor Research, Wrexham Glyndwr University - Dr Robert Deaves FIET FHEA FLSW Senior Principal Engineer, Dyson Ltd Annual Report and Accoun **Annual Report and Accounts 2021-22** s 2021-22 **1717** - Professor Stefan Doerr FLSW Professor (Wildfire Science), Swansea University ## • Professor Iain Donnison FRSB FRSA FLSW Head, Institute of Biological, Environmental and Rural Sciences, Aberystwyth University - Professor Kamila Hawthorne MBE FRCGP FRCP FAcadMEd FLSW Head of Graduate Entry Medicine, Swansea University - Mrs Nadia Hikary-Bhal FHEA FLSW Consultant Gynaecologist and Menopause Specialist, Cwm Taf Morgannwg University Health Board - Dr Cameron Durrant FLSW Chairman and Chief Executive Officer, Humanigen Inc • Professor David Egan FRSA FCCT FLSW Emeritus Professor of Education, Cardiff Metropolitan University, currently seconded to the Welsh Government - Professor Martina Feilzer FHEA FLSW Professor Criminology and Criminal Justice; Dean of College of Arts, Humanities and Business, Bangor University - Professor Francis Griffiths FIET FLSW Founder/CEO, Maiple Limited - Professor Judith Hall OBE FLSW Executive Dean, Faculty of Health Sciences and Veterinary Medicine, University of Namibia • Professor Christopher Hancock FIET FInstP FLSW Chief Technology Officer and Founder, Creo Medical Ltd - Rev Dr Sally Harper FRHistS FLSW Honorary Research Fellow, Bangor University - Professor Lucy Huskinson FLSW Professor of Philosophy and Deputy Head of School of History, Law, and Social Sciences, Bangor University - Professor Uzo Iwobi OBE FLSW Founder/CEO, Race Council Cymru - Dr Layla Jader FMPHM FLSW Retired. Formerly Consultant in Public Health Genomics, Public Health Wales - Sir Simon Jenkins FSA FRSL FLSW Journalist and author, The Guardian - Professor Geraint Jewell FLSW Professor of Electrical Engineering, University of Sheffield - Professor E Yvonne Jones FRS FMedSci FLSW The Sir Andrew McMichael Professorship of Structural Immunology, University of Oxford - Professor Julia Jones FLSW - Professor of Conservation Science, Bangor University **18** www.learnedsociety.wales • Dr Kathryn Jones FLSW Managing Director, Iaith - Professor Lesley Jones FLSW* Professor of Neurogenetics, Cardiff University - Professor Rhys Jones FRGS FLSW - Professor of Human Geography, Aberystwyth University - Professor Frances Knight FRHistS FLSW Professor Emeritus, University of Nottingham - Dr Anju Kumar FRCOG FLSW Consultant Obstetrician and Gynaecologist, Clinical Director, Cwm Taf Morgannwg University Health Board - Professor William Lee FREng FIMMM FLSW Sêr Cymru Professor in Materials for Extreme Environments and Director Nuclear Futures Institute, Bangor University - Professor Colin McInnes FAcSS FRSA FLSW Pro Vice-Chancellor (Research, Knowledge Exchange and Innovation), Aberystwyth University - Professor Rebecca Melen FHEA FLSW Professor in Chemistry and EPSRC Fellow, Cardiff University - Mr Steve Morris FLSW Honorary Research Fellow in Applied Linguistics, Swansea University - Professor Olivette Otele FRHistS FLSW Professor of History of Slavery and Memory of Enslavement, University of Bristol - Ms Rachel Podger FLSW Baroque Violinist & Director; Jane Hodge Foundation International Chair in Baroque Violin, Royal Welsh College of Music; Micaela Comberti Chair of Baroque Violin, Royal Academy of Music; London Artist in Residence, Juillard School of Music, New York, USA, Brecon Baroque - Professor Dipak Ramji FLSW Professor of Cardiovascular Science and Deputy Head of Cardiff School of Biosciences, Cardiff University - Professor Omer Rana FHEA FLSW Professor of Computer Science; Dean of International for the Physical Sciences and Engineering College, Cardiff University - Professor Robert Read FRCP FIDSA FESCMID FLSW Professor of Infectious Diseases and Honorary Consultant Physician; Director of the NIHR Southampton Biomedical Research Centre, University of Southampton - Professor Kathryn Monk FRES FRGS FRBS FIEnvSc FLSW Honorary Professor, Swansea University *Professor Lesley Jones FLSW died in July 2022, shortly after being elected as a Fellow. Annual Report and Accounts 2021-22 **19** ## • Professor Susan Rosser FRSB FRSE FLSW Professor of Synthetic Biology, University of Edinburgh - Professor Andrew Rowley FRSB FLSW Professor (Personal chair) in Biosciences, Swansea University - Professor Karin Wahl-Jorgensen FLSW Dean of Research Environment and Culture/Professor, School of Journalism, Media and Culture, Cardiff University - Professor Roger Whitaker FLSW Professor of Collective Intelligence, Cardiff University - Professor Bettina Schmidt FLSW - Professor in the Study of Religions and Anthropology of Religion, University of Wales Trinity Saint David ## • Dr Hamsaraj Shetty FRCP(London) FRCP(Edinburgh) FLSW Retired Consultant Physician & Honorary Senior Lecturer, Cardiff and Vale University Health Board - Professor Steven Smith FLSW - Professor of Political Philosophy and Social Policy, University of South Wales - Professor Stuart Taylor FRSC FLSW Professor of Physical Chemistry, Cardiff University - Professor Thora Tenbrink FLSW - Professor of Linguistics, Bangor University ## • Professor David W Thomas BDS FDSRCSEng FFDRCSI FDSRCSEd MScD FLSW Professor/Hon Consultant in Oral and Maxillofacial Surgery, Cardiff University - Dr Eryn White FLSW Reader in Welsh History, Aberystwyth University - Professor Paul Wigley FLSW - Professor of Avian Infection & Immunity, University of Liverpool - Professor Charlotte Williams OBE FLSW Honorary Professor, Bangor University - Dr Goronwy Wynne FLSW Retired. Formerly Director of Studies: Science, North East Wales Institute of Higher Education, Wrexham (now Wrexham Glyndŵr University) ## • Dr Rowland Wynne FLSW Retired. Formerly Deputy Director of the Open University in Wales - Dr Emma Yhnell FHEA FLSW Senior Lecturer, School of Biosciences, Cardiff University - Professor Howard Thomas FLSW Emeritus Professor of Strategic Management and Management Education, Singapore Management University **20 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 FLSW 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 - Dr Sally Davies (re-elected May 2022) - Professor Claire Gorrara - Professor Alma Harris - Professor Ieuan Hughes - Professor Ambreena Manji ## Treasurer - Professor Terry Threadgold FLSW - Professor Iwan Morus (re-elected May 2022) - Professor Qiang Shen - Professor John V Tucker ## General Secretary - Professor K Alan Shore FInstP FLSW - Professor Carol Tully - Professor Meena Upadhyaya - Dr Lynn Williams ## 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 three years. Annual Report and AccounAnnual Repor **t** and Accounts 2021-22s 2021-22 **2121** ## Financial Review This was another positive year for the Society’s finances. Although the effects of the pandemic continued to impose difficult circumstances on higher education, we were pleased to retain the support of all the universities in Wales. Throughout the year, our Council and Finance Committee played an active role in the Society’s budgeting, financial management and investment policies. ## Income Their financial recognition of our role as the national academy enabled us to carry out all our planned activities, albeit often in different forms. 2021-22 also saw a significant increase in funding from the Higher Education Funding Council for Wales (HEFCW). Both organisations formed a new partnership agreement to develop a national support scheme for researcher development, which includes expanding our Early Career Research Network. The Society achieved a surplus of £25,984 during the year, consisting of an unrestricted surplus of £4,600 and a restricted surplus of £21,384. Most of this underspend is to cover activities programmed for August 2022 in line with the HEFCW funding period. Our total income was £380,401, up from £304,258 the previous year. Universities continued to provide our largest income source, with their combined grants total of £166,700. Our Fellows’ admission and subscription fees this year amounted to £76,211. HEFCW provided a grant of £103,263. Gift aid was not processed before year end, but will be claimed with no loss next year. The University of Wales Trinity Saint David continues to provide the Society with generous in-kind support, including office space, payroll and IT services. **----- Start of picture text -----**
Sources Grants from Universities 44%
of Income Other Grants 29%
Membership Fees 20%
Donated Services 4%
Investments 2%
Donations and Sundry 1%
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www.learnedsociety.wales ## Expenditure Total expenditure this year was £352,902. Our expenditure on activities (for example, events, roundtables, developing our Fellowship, awarding Medals and the ECR Network) was £224,644 (64% of spending). Our other main categories of expenditure were public policy development (£56,013 – 16%), publications (£50,003 – 14%) and governance (£22,242– 6%). **----- Start of picture text -----**
Categories of Expenditure
0 10 20 30 40 50 60 70
Governance 6%
Publications 14%
Policy
16%
Development
Activities 64%
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## Reserves On 31 July 2022, the Society held free reserves of £435,521 (2021: £428,819). Our reserves policy remained unchanged during the year. We retain sufficient unrestricted funds to cover at least six months of our core costs (£190,500), 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 (£245,021). Our use of investment funds and fixedreturn savings accounts helped produce a modest additional income stream for re-investment. ## Future developments On 28 July, the Society received confirmation of continued funding from HEFCW for 2022/23. LSW has been awarded £171,959, an increase of nearly £70k on last year’s award, to continue our partnership to develop a national support scheme for researcher development. The Society’s full financial statements have been independently examined. The full accounts can be viewed at www.learnedsociety.wales Annual Report and Accounts 2021-22Annual Report and Accounts 2019-20 **23** ## 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 Olivia Harrison Clerk Amanda Kirk ## Bankers HSBC (UK) Limited, 56 Queen Street, Cardiff CF10 2PX Annual Report and Accounts 2021-22Annual Report and Accounts 2019-20 **24** **24** www.learnedsociety.wales ## 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 17 for a list of those elected in 2021-22). There are currently nearly 650 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 - Industry, Commerce, The Arts and Professions. 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. Annual Report and Accounts 2021-22 ## 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 2021-22 In addition to their regular work overseeing the Society’s strategy, activities and finances, Council and Committees: - Collated information from the 2020-21 Equality, Diversity & Inclusion review, resulting in the formation of a working group that will assess recommendations from our externally commissioned EDI report. - Continued to achieve a gender balance on Council and made progress on genderbalanced Committees. - Agreed the need for a Human Resources Committee that will become operational in 2023. - Embedded the use of remote working to ensure all Committees are accessible to Fellows regardless of geographical location. - Identified the significant proportion of Fellows living and/or working outside Wales to improve engagement. - Reviewed the C1 Fellowship category, now renamed and reorganised as Industry, Commerce, The Arts and Professions (ICAP). - Monitored the impact of the Charities Act 2022, with the Clerk and Finance Officer attending a one-day event to understand the implications for the Society. - Agreed in principle to divest from fossil fuels and began work with an independent financial adviser to review appropriate options and next steps. - Reviewed and updated HR Policies to maintain compliance. www.learnedsociety.wales ## Risk management The Society actively monitors and seeks to mitigate five main types of risk: staffing, operational, reputational, financial and governance. Individual risks are scored by their impact and likelihood, with the system flagging the highest risks to prompt action planning. Council has 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 grew in 2021-22. Funding from HEFCW allowed for the recruitment of a new team comprising a manager and officer to deliver the Researcher Development Programme. The rest of the staff team comprised the Chief Executive, Clerk, Policy and Public Affairs Manager, Communications Officer, Fellowship Officer, and Finance Officer. A new position of Team Support Assistant was appointed towards the end of the year. In total there were three full-time and six part-time staff members (6.07 full-time 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. Annual Report and Accounts 2021-22 ## 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 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. - 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 report was approved by the Council on the 9th of November 2022 and signed on its behalf by: Professor Hywel Thomas (President) ## Professor Terry Threadgold (Treasurer) Date: 9th November 2022 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 2022 which are set out on pages 30 to 48. ## 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: 9th November 2022 Annual Report and Accounts 2021-22 **2929** ## Statement of Financial Activities (incorporating the Income and Expenditure account) for the year ended 31 July 2022 **----- Start of picture text -----**
Note Unrestricted Restricted TOTAL TOTAL
funds funds FUNDS FUNDS
2022 2022 2022 2021
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 96,268 - 96,268 109,244
Charitable activities 4 168,659 108,963 277,622 190,658
Investments 5 6,511 - 6,511 4,356
Total Income and Endowments 271,438 108,963 380,401 304,258
EXPENDITURE ON:
Charitable activities 6 265,323 87,579 352,902 295,412
Total Expenditure 265,323 87,579 352,902 295,412
Net gains on investments 12 (1,515) - (1,515) 16,700
Net Movements in Funds 4,600 21,384 25,984 25,546
RECONCILIATION OF FUNDS / CYSONI CRONFEYDD
17,
Total funds brought forward 437,648 6,376 444,024 418,478
18
18,
Total funds carried forward 442,248 27,760 470,008 444,024
19
The Statement of Financial Activities includes all gains and losses recognised in the year.
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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 32 to 48 form part of the financial statements. www.learnedsociety.wales ## Balance Sheet as at 31 July 2022 **----- Start of picture text -----**
Note £ £
2022 2021
FIXED ASSETS
Tangible assets 10 1,581 1,019
Intangible assets 11 5,146 7,810
Investments 12 123,437 119,640
Total Fixed Assets 130,166 128,469
CURRENT ASSETS
Debtors 13 23,770 18,365
Cash at bank and in hand 372,067 333,509
Total Current Assets 395,837 351,874
LIABILITIES
Creditors: Amounts falling due within one year 14 (55,993) (36,319)
NET CURRENT ASSETS 339,844 315,555
NET ASSETS 470,008 444,024
THE FUNDS OF THE CHARITY
Restricted income funds 17 27,760 6,376
Unrestricted funds 18 442,248 437,648
TOTAL CHARITY FUNDS 470,008 444,024
These financial statements were approved by the Board of Trustees on 9th November 2022.
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Professor Terry Threadgold (Treasurer) Hywel Thomas (President) The notes on pages 32 to 48 form part of the financial statements. Annual Report and Accounts 2021-22 ## 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 Report and Accounts 2021-22 ## 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 Report and Accounts 2021-22 ## 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 2022 2021
£ £ £ £
Membership
subscriptions 76,211 - 76,211 71,516
and fees
Donated 18,153 - 18,153 16,090
services
Donations 1,904 - 1,904 10,682
Gift Aid - - - 10,956
96,268 - 96,268 109,244
Donated services:
Serviced 15,000 - 15,000 14,000
office space
Venues for
meetings 1,000 - 1,000 -
and events
Professional 536 - 536 520
services
Computer 1,617 - 1,617 1,570
equipment
18,153 - 18,153 16,090
**----- End of picture text -----**
Annual Report and Accounts 2021-22 ## 4. Income from Charitable Activities **----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds 2022 2021
£ £ £ £
Grants 166,700 108,963 275,663 190,658
Sundry income 1,959 - 1,959 -
168,659 108,963 277,622 190,658
Grant income was received from the following sources:
Aberystwyth 15,000 - 15,000 16,000
University
Bangor University 27,350 - 27,350 27,350
Cardiff Metropolitan 15,000 - 15,000 15,000
University
Cardiff University 43,000 - 43,000 48,000
Higher Education
Funding Council for - 103,263 103,263 12,458
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 Trust - - - -
University of South 15,000 - 15,000 15,000
Wales
University of Wales 15,000 - 15,000 15,000
Trinity Saint David
Welsh Government - 1,700 1,700 1,500
Wrexham Glyndŵr 5,000 - 5,000 5,000
University
166,700 108,963 275,663 190,658
**----- End of picture text -----**
www.learnedsociety.wales ## 5. Income from Investments **----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds 2022 2021
£ £ £ £
Bank interest 22 - 22 10
Dividend income 6,489 - 6,489 4,346
6,511 - 6,511 4,356
6. Expenditure on Charitable Activities
Policy Total Total
Activities Publications Governance
development 2022 2021
£ £ £
£ £ £
Staff costs 149,217 37,304 49,739 12,435 248,695 206,072
Travel 1,346 - - 246 1,592 -
Accommodation - - - 48 48 -
Staff Travel 756 - - - 756 20
Premises 9,750 1,500 2,250 1,500 15,000 15,500
Computing 3,962 2,377 1,189 396 7,924 13,973
Professional - - - 2,220 2,220 2,220
charges
Supplies and 45,440 1,736 - 1,146 48,322 32,981
services
Administration 14,173 7,086 2,835 4,251 28,345 24,647
224,644 50,003 56,013 22,242 352,902 295,412
**----- End of picture text -----**
Governance costs includes payments to the independent examiners of £2,220 (2021: £2,220). Annual Report and Accounts 2021-22 ## 7. Net Income for the Year This is stated after charging: **----- Start of picture text -----**
2022 2021
£ £
Depreciation and amortisation 3,037 2,941
Independent examination fee 2,220 2,220
8. Analysis of Staff Costs, Trustee Remuneration
and Expenses, and the Cost of Key Management
Personnel
2022 2021
£ £
Wages & salaries 219,456 184,134
Social security costs 16,650 12,480
Pension costs 12,589 9,458
248,695 206,072
**----- End of picture text -----**
**----- Start of picture text -----**
2022 2021
£ £
Depreciation and amortisation 3,037 2,941
Independent examination fee 2,220 2,220
8. Analysis of Staff Costs, Trustee Remuneration
and Expenses, and the Cost of Key Management
Personnel
2022 2021
£ £
Wages & salaries 219,456 184,134
Social security costs 16,650 12,480
Pension costs 12,589 9,458
248,695 206,072
**----- End of picture text -----**
No employee earned over £60,000 during the current or prior year. ## 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. ## 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 £72,695 (2021: £64,631). Under the normal course of trustee business, the charity paid for travel, hotel and subsistence for the trustees amounting to £1,716. www.learnedsociety.wales ## 9. Staff Numbers **----- Start of picture text -----**
The average monthly number of staff employed during the year was as follows:
Total Total
2022 No 2021 No
Chief Executive 1 1
Clerk 1 1
Executive officers 9 5
11 7
The average number of full time equivalent employees employed during the year
was as follows:
2022 2021
No No
Chief Executive 1.00 1.00
Clerk 0.80 0.71
Executive officers 4.27 3.71
6.07 5.42
10. Fixed Assets
Office Total
equipment £ £
Cost
At 1 August 2021 5,490 5,490
Additions 935 935
At 31 July 2022 6,425 6,425
Depreciation
At 1 August 2021 4,471 4,471
Charge for year 373 373
At 31 July 2022 4,844 4,844
Net book value
At 31 July 2022 1,581 1,581
At 31 July 2021 1,019 1,019
**----- End of picture text -----**
Annual Report and Accounts 2021-22 ## 11. Intangible Fixed Assets ||||||Computer
software £||Total
£|||| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||| |||Cost||||||||| |||||||||||| |||At 1 August 2021|||10,740||10,740|||| |||||||||||| |||||||||||| |||At 31 July 2022|||10,740||10,740|||| |||||||||||| |||||||||||| |||Amortisation||||||||| |||||||||||| |||At 1 August 2021|||2,930||2,930|||| |||||||||||| |||||||||||| |||Charge for year|||2,664||2,664|||| |||||||||||| |||At 31 July 2022|||5,594||5,594|||| |||||||||||| |||||||||||| |||Net book value||||||||| |||||||||||| |||At 31 July 2022|||5,146||5146|||| |||||||||||| |||||||||||| |||At 31 July 2021|||7,810||7,810|||| |||||||||||| |||||||||||| |||12. Investments||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||Balance brought forward|||119,640||42,039|||| |||||||||||| |||Additions to investment during the period|||5,312||60,901|||| |||||||||||| |||(Loss)/gain on revaluation of portfolio|||(1,515)||16,700|||| |||||||||||| |||||||||||| |||Fair value as at 31 July 2022|||123,437||119,640|||| |||||||||||| |||||||||||| |||||||||||| ||||||Computer
software £||Total
£|||| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||| |||Cost||||||||| |||||||||||| |||At 1 August 2021|||10,740||10,740|||| |||||||||||| |||||||||||| |||At 31 July 2022|||10,740||10,740|||| |||||||||||| |||||||||||| |||Amortisation||||||||| |||||||||||| |||At 1 August 2021|||2,930||2,930|||| |||||||||||| |||||||||||| |||Charge for year|||2,664||2,664|||| |||||||||||| |||At 31 July 2022|||5,594||5,594|||| |||||||||||| |||||||||||| |||Net book value||||||||| |||||||||||| |||At 31 July 2022|||5,146||5146|||| |||||||||||| |||||||||||| |||At 31 July 2021|||7,810||7,810|||| |||||||||||| |||||||||||| |||12. Investments||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||Balance brought forward|||119,640||42,039|||| |||||||||||| |||Additions to investment during the period|||5,312||60,901|||| |||||||||||| |||(Loss)/gain on revaluation of portfolio|||(1,515)||16,700|||| |||||||||||| |||||||||||| |||Fair value as at 31 July 2022|||123,437||119,640|||| |||||||||||| |||||||||||| |||||||||||| www.learnedsociety.wales |||Analysis of investments:|Analysis of investments:|Analysis of investments:|Analysis of investments:|Analysis of investments:|Analysis of investments:||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||Listed investments|||||2022
Fair value
£
123,437||2022
Book cost
£
108,520||202
Fair value
£
119,640|||||2021
Book cost
£
108,520|||| ||||||||||||||||||||| ||||||||123,437||108,520|||119,640||||108,520|||| ||||||||||||||||||||| |||13. Debtors|||||||||||||||||| ||||||||||||||||||||| |||||||||||||2022
£||||2021
£|||| ||||||||||||||||||||| |||Trade debtors||||||||||16,745||||14,986|||| ||||||||||||||||||||| |||Prepayments and accrued income||||||||||7,025||||3,379|||| ||||||||||||||||||||| ||||||||||||||||||||| |||||||||||||23,770||||18,365|||| ||||||||||||||||||||| ||||||||||||||||||||| |||14. Creditors:|||||amounts falling due|||||within|one year||||||| ||||||||||||||||||||| |||||||||||||2022
£||||2021
£|||| ||||||||||||||||||||| |||Trade creditors||||||||||11,868||||866|||| ||||||||||||||||||||| |||Deferred income||||||||||2,871||||3,415|||| ||||||||||||||||||||| |||Accruals||||||||||37,838||||30,015|||| ||||||||||||||||||||| |||Other creditors||||||||||3,416||||2,023|||| ||||||||||||||||||||| ||||||||||||||||||||| |||||||||||||55,993||||36,319|||| ||||||||||||||||||||| ||||||||||||||||||||| ||||||||||||||||||||| Annual Report and Accounts 2021-22 |||Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|||| |---|---|---|---|---|---|---|---|---|---|---| |||which the fees relate:||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||Brought forward|||3,415||3,620|||| |||||||||||| |||Amounts received|||75,667||71,311|||| |||||||||||| |||Income released|||(76,211)||(71,516)|||| |||||||||||| |||||||||||| |||Carried forward|||2,871||3,415|||| |||||||||||| |||||||||||| |||15. Financial Instruments||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||||||||||| |||Carrying amount of financial assets||||||||| |||||||||||| |||Instruments measured at fair value through the profit or loss|||123,427||119,640|||| |||||||||||| |||||||||||| |||16. Retirement Beneft Schemes||||||||| |||Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|Deferred income relates to fellowship fees received in advance of the period to|||| |---|---|---|---|---|---|---|---|---|---|---| |||which the fees relate:||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||Brought forward|||3,415||3,620|||| |||||||||||| |||Amounts received|||75,667||71,311|||| |||||||||||| |||Income released|||(76,211)||(71,516)|||| |||||||||||| |||||||||||| |||Carried forward|||2,871||3,415|||| |||||||||||| |||||||||||| |||15. Financial Instruments||||||||| |||||||||||| ||||||2022
£||2021
£|||| |||||||||||| |||Carrying amount of financial assets||||||||| |||||||||||| |||Instruments measured at fair value through the profit or loss|||123,427||119,640|||| |||||||||||| |||||||||||| |||16. Retirement Beneft 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 £12,589 (2021: £9,458 ). At the year-end amounts outstanding totalled £2,499 (2021: £1,637). www.learnedsociety.wales ## 17. Restricted Funds **----- Start of picture text -----**
At 31 July
At 1 August Income Expenditure
2022
2021 £ £ £
£
HEFCW 3,373 103,263 (82,151) 24,485
South Wales Institute
of Engineers
3,003 4,000 (3,728) 3,275
Educational Trust
(SWIEET)
Welsh Government - 1,700 (1,700) -
6,376 108,963 (87,579) 27,760
**----- End of picture text -----**
HEFCW relates to funding received to develop the Society’s new Early Career Researchers’ 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. 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 the award of the annual Frances Hoggan Medal. HEFCW relates to funding received to develop the Society’s new Early Career Researchers’ 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. Annual Report and Accounts 2021-22 ## 17. Restricted Funds (continued) **----- Start of picture text -----**
Previous year
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
18. Unrestricted Funds
At 31 July
At 1 August Income Expenditure Loss on
2022
2021 £ £ £ investments
£
General fund 437,648 271,438 (265,323) (1,515) 442,248
437,648 271,438 (265,323) (1,515) 442,248
Previous year
At 31 July
At 1 August Income Expenditure Gains 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
**----- End of picture text -----**
**----- Start of picture text -----**
Previous year
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
18. Unrestricted Funds
At 31 July
At 1 August Income Expenditure Loss on
2022
2021 £ £ £ investments
£
General fund 437,648 271,438 (265,323) (1,515) 442,248
437,648 271,438 (265,323) (1,515) 442,248
Previous year
At 31 July
At 1 August Income Expenditure Gains 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
**----- End of picture text -----**
www.learnedsociety.wales ## 19. Analysis of Net Assets between Funds **----- Start of picture text -----**
Unrestricted funds Restricted funds Total funds 2022
£ £ £
Tangible fixed assets 1,581 - 1,581
Intangible fixed 5,146 - 5,146
assets
Fixed asset 123,437 - 123,437
investments
Current assets 312,084 27,760 339,844
442,248 27,760 470,008
Previous year
Unrestricted funds Restricted funds Total funds 2021
£ £ £
Tangible fixed 1,019 - 1,019
assets
Intangible fixed 7,810 - 7,810
assets
Fixed asset 119,640 - 119,640
investments
Current assets 309,179 6,376 315,555
437,648 6,376 444,024
**----- End of picture text -----**
|||Unrestricted funds
£|Restricted funds
£|Total funds 2022
£| |---|---|---|---|---| ||Tangible fixed assets|1,581|-|1,581| ||Intangible fixed|||| ||
assets|5,146|-|5,146| ||Fixed asset
investments|123,437|-|123,437| ||Current assets|312,084|27,760|339,844| |||442,248|27,760|470,008| ## 20. Related Party Transactions There were no disclosable related party transactions during the year (2021: none). Annual Report and Accounts 2021-22 |||21. Operating Leases|21. Operating Leases|21. Operating Leases|21. Operating Leases||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||| ||||||||||2022 £|||2021 £|||| ||||||||||||||||| ||||||||||||||||| |||Within one year|||||||||-
667||||| ||||||||||||||||| ||||||||||||||||| ||||||||||||-
667||||| ||||||||||||||||| ||||||||||||||||| |||22. Comparative Statement of|||||Financial Activities||||||||| ||||||||||||||||| |||||Unrestricted funds
£|||Restricted funds
£|||||Total funds
2021 £|||| |||Income and endowments from:|||||||||||||| |||Donations and legacies|||108,534||||710|||109,244|||| |||Charitable activities|||166,700||||23,958|||190,658|||| |||Investments|||4,356||||-|||4,356|||| |||Total income and endowments|||279,590||||24,668|||304,258|||| |||Expenditure on:
Charitable activities|||260,809||||34,603|||295,412|||| |||Total expenditure|||260,809||||34,603|||295,412|||| |||Net (loss)/gains on investments
Net movement in funds
Reconciliation of funds|||16,700
35,481||||-
(9,935)|||16,700
25,546|||| |||Total funds brought forward|||402,167||||16,311|||418,478|||| |||Total funds carried forward|||437,648||||6,376|||444,024|||| ||||||||||||||||| ||||||||||||||||| |||21. Operating Leases|21. Operating Leases|21. Operating Leases|21. Operating Leases||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||| ||||||||||2022 £|||2021 £|||| ||||||||||||||||| ||||||||||||||||| |||Within one year|||||||||-
667||||| ||||||||||||||||| ||||||||||||||||| ||||||||||||-
667||||| ||||||||||||||||| ||||||||||||||||| |||22. Comparative Statement of|||||Financial Activities||||||||| ||||||||||||||||| |||||Unrestricted funds
£|||Restricted funds
£|||||Total funds
2021 £|||| |||Income and endowments from:|||||||||||||| |||Donations and legacies|||108,534||||710|||109,244|||| |||Charitable activities|||166,700||||23,958|||190,658|||| |||Investments|||4,356||||-|||4,356|||| |||Total income and endowments|||279,590||||24,668|||304,258|||| |||Expenditure on:
Charitable activities|||260,809||||34,603|||295,412|||| |||Total expenditure|||260,809||||34,603|||295,412|||| |||Net (loss)/gains on investments
Net movement in funds
Reconciliation of funds|||16,700
35,481||||-
(9,935)|||16,700
25,546|||| |||Total funds brought forward|||402,167||||16,311|||418,478|||| |||Total funds carried forward|||437,648||||6,376|||444,024|||| ||||||||||||||||| ||||||||||||||||| www.learnedsociety.wales