Society of Chemical Industry Annual Report and Accounts 31 Decemb8r 2021 Charity ReglriDn Number 3J6883
Conttnts Roports Reference and administrativè information Trustees. report IndeFendent audltorfs report 15 Accounts Consolidate(I statement of financial a¢tivities 19 Balance shaets 20 Consdidatsd Statemgnt of cash flows 21 Princip81 accounting pcAictes 22 Notgs lo the 0rrtS 28
R8f&r•nce and administrntive inforniatlon Trusts•s Mr H Swan (Chairman} Dr G Fowler IHonorary Trèasurar) Dr D Allen Dr B Alston Mr D Bifkett Ms L Bru¢e-Gardyn8 Dr N Challoner Dr C Crowhurst Dr J Hague Prof R Jones Dr K Matthews Prof J MordLTrLuntz Dr J Ramakers Dr S Skerratt Prof J Sweeney Prof K C Thompson Dr A Walker Dr D Witty Dr T Wood Chlef Exgcutive Officgr Ms S E Todd Principal office 14-15 Belgrave Square London SW1X 8PS Charlty registration number 2(883 Auditor Buzzacott LLP 130 Wocxl Street London EC2V 6DL Inv•$tm•nt manag•r Quilter Cheviol Investment Management 1 ngSWaY London WC2B 6AN Bankers HSBC Bank plG Thg Peak 333 Vauxhall Bndg8 Road London SW1V 1EJ Sollcltors Stone King LLP 16 Sl John's Lang London EC1M 4BS So¢iety of ch9m11 Industry
Tru$t••$' R•port Year ended 31 Decembttr 2021 Th8 trustees present their statutory report together with the audited awounts of the S(1&ty of Chami¢al Industry I'SCI" or'lhe S¢Kiety'l for the year ended 31 0g¢embgr 2021. The accounts have been prepared in ac¢ordan¢e with the accounting policies set out on pages 22 to 27 of th• attached a¢¢ounts and comply with the charitls governing d¢xument. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommendèd Practicè applicable lo charitiès prèparing their 8ccounts in accordance with the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland IFRS 1021. GOVERNANCE. STRUCTURE AMD MANAGEMENT Constitution The S¢xiety of Chemical Industry was founded in 1881 and incorporated by Royal Ch8rter in 1907. A copy of tha Royal Charter, By-laws and Rules which governs the charity's activities may be obtained on ieque5t from the principal office al 14-15 Belgrave Squar8, London. SW1X 8PS or vi8w8d on Dur wèbsile, www.soGi.or SCI regi51eied itself with the Charity Commission in 1962 Icharity Registration No 2068831. Board of Trustè•s Overall responsibility for the affalrs of the ¢h8rty lies with its Board of Trustees I'the Board. or °BoT'I. The following trustees w8r& in offic8 throughout thè periexl of r8Ptsrt and up to the date of pproval of the annual report and accounts. except where shown.. Trv5ts9 AppolntedlReslgned Or A D Baylis Ichairmanl Dr D Allen Dr B Alston Mr D Birktttt Ms L Bruce-Gardyne ttr N Challoner Dr C Crowhursl Dr G Fowler (Honorary Treasurerl Dr J Hague Dr M Harrison Dr R Harrison Mr M Heijbioèk Prof R Jones Dr K Matthews Prof J Mordue-Luntz Dr J R8makers Dr S Skerratt Mr H Swan Ichaimianl ProfJ SWeeY Prof K C Thompson Dr A W81k8r ttr D Witty Dr T Wood Rgsigned July 2021 ApFM)inted July 2021 AprK)irrted Juty 2021 Apw)int&l July 2021 Appointed Juty 2021 Resigned July 2021 Resigned July 2021 Resigned July 2021 Appointed July 2021 Appointed Juty 2021 )pDinted July 2021 Appointsd July 2021 Society of Chemical Indu$lry
Trust••s' Report Year ended 31 December 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl Govemance Structure and Management SCI is goveingd by the Board of Trusleps, supported by govgmance committees. to provide 8dvi¢e and support lo thè Board and the GEO on aspects of the Souety. Authority is delegated to the Chief Executive and her tearn lo manage the operations of the Society. Tnjstees are kept up-to-dale wth best practice standards and dèvelopments in governance through the Chief Executive and the Society's prof&8sional advisors. SCI s8eks to compty with the Charty Governance Code for the voluntary and community sector. New trustees and those taking office on Standing Committees are mad8 aware of the responsibilities of Iruslees and Offi bearers under the Charities Act 2011 and under the SocAety'8 governing documents. Members ar8 818cted to gov8manca committees via an annual 8lection prcws. Mèmbers may also be co-opted onto govemance committees. SCI pursues an overall Policy of transparen 8nd clear communication. Minutes are taken at all governance meetings and acticffts ar& recorded. 2021 Gov•rnanco Rovlew SCI rur a pre$S of rolling review of its gov8m3nc8 and conllnues to implèmènt ¢hawe8. supportad by its wofessional advksors. d8sign8d to slrgnglhgn th$ organisation. A govemance review into the senior levels of the organisation ¢ulminaled in an EGM being held in January 2021 to agree various changes to the Charter and By Laws. Thg key changes approved by mèmbers al the EGM included the change to move from an elected lo an appointed chair of thè Board of Trustees, and a change lo the President's role from being an Honorary one lo an executiv8 onè. In addrtion, a new Presiden15 Council was18unched, chaired by the President. The new psIdentS Council, is made up of senior stakeholders, and acts as an 8dvisory body lo the Board of Trustees and the Chief Executive on strategic and governance matters. Appointment of trust8•s and standlng ¢ommitt•• Momr$ Elections to the Board of Trustees and the other govomance committees are held each y88r lo ensure the succession management of gov8mance and compliance with statèd pèriods of office. This process is directed by tho Board of Trustees and managed by the Chief ExecutlV8. In addttion lo elected positions on thè Board, Co-opted positions are used lo attrad trustees wtth skilLs and talent to complement the ITteeS elected by the membership of the Society. Induction and trainlng of thoso ¢harg•d wlth gornan¢t Trustees and others Involv in SCI'S governance are kept upto-dale with best pract& slandards and d8velopments in gov8rn8nce through the Chief Execullve 8nd the Soc4ety's professional adviS(s. SCI saoks to comply wth the Charity Governance Code for the voluntary and communty Sector. Society of Chemical Industry
Tru$t•gs' Report Year frnded 31 De¢èmb&r 2021 GOVERNANCE. STRUCTURE AND MANAGEMENT {conlinuedl New trustees and those taking office on Standing Committees are made awarg of the responsibilities of trustees and office bearers under the Charities Act 2011 and under th& Society's goveming documents. Standing Commitieos and 5ublommltt•es The Board is supported by one Stsnding Committee and five Sub-cornmitlees. which advise on spacffic asp8Cts of SCI'S work. The Chair5 of each are also m8mb8rs of thè Board of Trusteos. Flnance and Investments Advisory Committee (FIAC) FIAC is a Standing Comtnittee and advi5e5 the Board on all financial matters lating lo the Society including investments. investrn&nl pcAicy issues. reserves policy, budgets (annual and project r818t8d}. IT policy and property. Memb8rship Commltt8• (MC) The Membèrship Committee advises the Board and the Chief Executive on ways and me8ns of enhancing the value of SCI membership from ihe members. perspective. Publications Commlttaè (PC) The Publlcalions C¢mmittee is responsible for advising the Board on SCI publishing actiwties Ènd strategies. Careets Committee (CC) The Careers Committ9e advises on servhGe5 and inilialives to sUPPOrt careers members of SCI. CC also manages thè Collego of Scholars and ov8rse8s key awards. Senior Appointmènts aftd Remyner•tion Committee (SARC) SARC'S role is to appoint the Chlef Executive and to approve overall pay increases for staff. Nomln8tlons Commiltee (NC) The Nominatn$ Committee, chaired by the SCI President, has the r8mit to oversee and strengthen th8 proc8$8 of appointment or election of members to govemance positions. Organlsatlon and Management The Chief Executive is r8sponsible to thè Board for the efficient Gonduct of SCI'S affairs in accordance with th8 Royal Charter, 8y-L8ws and Rules. Th8 d81ivery of the strategy and the day-104ay management of SCI is delegatèd to the Chief Ex8CUtive, and then further delegated lo the line managers. Staff work to an agreed operationa1 plan, tsrgels and budget agreed with the Board al the beginning of the ygar and report progress to the trustees on 3 regular and fonnal basis. The management and staff work within a framework of delegated authority. &)ciety of Chemical Industry
Tru$tges' Rgwl Year gnd8d 31 Dgc&mb8r 2021 GOVERNANCE. STRUCTURE AND MANAGEMENT Icontinuedl SCI pursues an overall policy of transparency and clèar communication. Minutes are taker) al all govemanc8 meetings and aCtiLs are recorded. SCI communicates with its membership and other audiences through the SCI member news pages in Chemistry & Industry magazine, via ils website, www.soci.tsr and through electronic nèwslett8rs and emails that promotè its conf8rènc8 programme and other membership aclivitigs. SCI has a blog, SCIBlog. 8nd also has pre88nce in social m8dia. such as Linkedln, FabOOk and Twitter. Key Managam*nt P?rsonng1 tnjstèas consider Ihatthey. logetharwith thè Chiaf Executive. comprise the key management pèrsonn81 of the Charity in charge of dir8Cting and njnning th8 opèrations of the charty. Trustees are not remunerated for their services to the charity. The remuneration of the Chief Executive is determined through the Senior Appointments and Rernuneration Committee, Benefits provlded lo the staff include a defined contribution pension scheme. BUPA cover and paid holidays in excess of the legal enlitlemenl. Executlve Managemant The Chief Executive is responsible to the Board for the efficient conduct of SCI'5 affairs in accordance wrth the Royal Charter, By-Laws and Rules. The delivery of the strategy and the day- tr).day management ol SCI is delegated lo the Chiel Executive, and thèn furthèr dèlegated lo the &X8CUtwe t8am. Th8 management and staff work within 8 framèwork of delègat8d authortiy. Tradlng subsldlary SCI owns and ¢ontrols the operations of a wholly owned subsidiary company, SCI Business Limited (Company Registration Number 029945411. It undertakes trading aclivilies, which are 8nci118ry lo, but not part of, SCI'5 C4)re aclivilies, and donate5 the annual profits lo SCI in the fomi of 8 Gift Aid donation. The accounts accompanying the annual report are consolidated and incorpora18 the fina181 resulls and year end position of both SCI and its wholly owrd subsidiary. iety of Chemical Industy
Trustees. Report Y8ar &nd8d 31 December 2021 OBJECTIVES AND ACTIVITIES SCI was established in 1881 by forward thinking sclentists, inventors and entrepreneurs to h8lp support and accel8rate the commercialisation of chemistry and r&laled sciences, into industry for the benefit ol society. During its 140 years SCI'5 communty has developed a multitud8 of naw products and proc8558s in a wide lange ol industy sectors, from new medicines to new materials. bringing extensive beneffts to society. Operating as an intemalional memb8rship oryanisation. SCI connects sclentlsts, industry, govarnmant and other key stak8hold8rs to come together to solve some of th8 biggost global challenges faGing sooety. Global Health issues to delivering solutions lo Net Zero. By hamessing its unique nelworks novel solutions are developed, new entrepreneurial businesses a Supported and knowl&dgè is ¥har8d across bound8ries. SCI'S i8 a unique rnullidi5e4plinary organisalion, bringlng together p80pI8 from different disciplines, businesses and backgrounds, and from a wide range of sectors including agrifood, energy, environment, health and wellbeing and materials. Members inGlude a wide range of scienlisls, engineers and businesspetsple (senior 8xe¢utives. h&ads of R&D and innovation, markèting and businèss dèvèlopmènt profèssionals and patent lawyers) from a wide rangè of s¢iencè-b8s8d industries. Scl's current strategy has focussed on SCI cL¥nmitting to: 11 Accelerating Innovation - hèlping to promote and support the 8¢celeralion of emerging technologies into industry for the benefit of society thfough thg translation of knowlodge via ¢onfeftnce5, publi¢atK)ns and by buikling communitles. 21 Supporting the Ngxt Ggngration providing valuabla r8sourc8s members including gaining rwi knowledge, p8rson81 development and traSning. and support to build new networks. 31 R¢¢ognlslng and fewardlng Ex¢•ll•n¢• In Innovatlon- recognisin9 individuals or teams who show18adership in innovation or who ex¢el in the application of science. 4) Public Outreach engaging the wbic in the benefits of the applic81ion of science vi8 events, publications, C&1 Magazine, SCIBlog, and the SCITalks Public Lecture PrtyJramme. In formulating the Society's aims and in planning the work of the charity, the tru8tees confirm that Ihey have hatj du9 Tagard tothe general guidanc8 published by the Charity Commission on public benefit. Society of Chemical Industry
Tru8tee8' Report Year 8nd8d 31 Decamb8r 2021 YEAR IN REVIEW 2021 continu8d lo be a challenging yèar with the ongoing COVID pandèmic. How8ver. all operations ran throughout the year. mostly via onlinè events bul with a return to Some InrsOn event towards tha end of th8 year. Income w8s ag8in nègatively impacted, however expenditure was tightly managèd and the ov8rall pèrfomiance r•Sued in a srnall operational deficit, despite the drficull operating environment. We are delighted that membership numbers continued to grow. with year on year increas85 over the last 4 years. During the year all existing corporate partners eontinued their support for SCI and r8n8wed their m8mbèrships. The corporat8 partnership programme continues to èxpand and w• wèrè dalightèd to w&1comè a turthèr corporata partners during the year, including BASF, Evotak and Givaudan. Accelerating Innovation Innovation Communltios SCI supports a18rg8 numb8r of communitiés which bring together industry and academia to work together to accelerate the development and commercialising of new technologies for the benefft of society. Two of our ¢ore areas are in Climate Change and Health and Wellbein9 with the comfflunily working in critical arèas such as èlèctit vèhidès, nèw fomis of èn8rgy such as hydrogen. sustainabl6 materials and hèahhcara d8v8lopmènls such as new cancer treatments. The SCI Communrties a often the first lo showcase emergin9 technologies as they start lo b8 adopted by industrythrough SCI'S extensive conference programme. The conference prograrnme was busy throughout the year with conferences covering advancements in the areas of agrifood, materials. health and wellbeing, and energy and environment. Through the ytsar conferen income in¢reased by over 90t)A from tha previous year, and the dgbgale numbers grew consKlerably from 2020. New Communities addresslng Cllmaee Change SCI continues to evolve and over recent years has been launching new Communilles In emerging tochnology areas. During the year tsvo new communities in Battery Mal8ri81 and Sustainable Materials were established, the first looking lo progress technologies for electric vehicles and tha second lo address the challenge of developing Sustainable materials for consumer products. FoGus on Lrfesciences Scl's well estsblished Fine Chemicals Group is well kn¢)wn as Ing a leader in the field of emerging science for healthcare. The group run5 a series of conferences bringing together academia and industry. From ils Process Development Symposium, pushing the boundaries of technologie5 10 improve the efficiency of production of medicines to What's New In Immunoth8r8Py, the pre-eminent ¢ference in SGienlific advancements in this important area of naw cancer treatments. During the year FCG ran a full programffle of events wth several surcessful in-p8rson events running through the autumn. Society of chern1 Industry
Trustees. Report Year ended 31 December 2021 YEAR IN REVIEW Icontinued) Highlighting COP-26 During the year SCI pariicipat•d in COP26. h8ld in Glasgow. The event featured a number of earfy career scientists from within our netsyork who are working on solutions to Glimate chang8. Th8 pan8llists shwased ngw fhnOlogIeS in ienewable enorgies. sustainability and process technologies for the manufactur8 of mèdicinès. Thè èvènt highlighted the important work of our communfiy and was well feceived by 8n online and in-person audience. Publications The global pandemicconlinued to disrupl sci8ntific r8s8arch, and Ihis translated into sorne income decline in publication8 income. Readership across all publications continues lo grow, how&ver. in particular in the digrtal media. During the year SCI launched a new joumal, JSFA Reports, as a sSstsr lournal to its w811- estsblished Journ81 JSFA. Investlng In th• Next Generatlon SCI continues to hav8 a strcA)g fuS on supporting and devèlopins 88rfy and mid-career members. Activitl8s are aimèd al educating and developing this critlC81 group of future saentists. inventors and entreprèn8urs. Evènts covered a wwde range of te¢hnology areas as well as lunclional areas covered in various Iraining programmes. such as developing and managing commerci31 intelleal property portfolio. During the year all programmes. such as th8 Mgntoring Programm8, continu8d to oper81e very 8ffe¢tively online. As part of the ongoing governance review SCI restructured its governance structure through the year and launched a new Careers Committee focus5ed on helping to coordinate and amplrfy SCI'S ext8nsive careers activities. Rèeognlslng Ex¢ellence in Innovation SCI runs an extensive international Awards Programme, promoting and T8cognising excellence in innovation and industry. Excellence in leadership is recognised through the awarding of SCI Medals and through the Memorial Lectures. Excellen¢e in research is r8cognised through a wide rang8 of scholarships, awards. and prvzes given lo earfy and mid-care8r scientists from academia and industry, lo help 8UPPOrt their personal development or to fund research. COVID once again impactèd on thè awards programme during 2021, however nearty 90 scholarships. fellowships and pri2es were awarded during thè year, up from 2020. Society of Chemi1 lThYu5try
Trust•e$' R•port Year ondod 31 December 2021 YEAR IN REVIEW lconlinuedl Public Outr•a¢h Dèspita the ongoing global pandemic we were delighted to see continued interest in tho SCITalks public lecture programme. The programme attracted audiences from around the world wi(h talks ranging from 'lnlerstellar Chemistry., by Dame Jocelyn Bell Bumell (who was awarded the Nobel Priz8 in Physics in 19741 lo a talk by Professor Neil Ferguson, advisor to the UK govemmenl on COVID, tslking about 'lnfeGtious Diseases.. epiderniological facto and proc&ss6s'. The pramme is an important part of SCI'S outreach programme, helping to educat8 and engage the public on the impx)rtance of science and industry for SOcty. ContrSbution$ from volunteer5 The Society ¢ontinues lo run a wide range of activTties thanks to the incredible contribution of th8 many members and volunteers who support SCI. We ccMlinue to recognise their important contribution and be grdteful for their vision and passion for delivering scientific innovalicffts that will benefit soci8ty. FUTURE PLANS SCI Strategy As we enter our141Sl year SCI is developing a new strategy, f¢xussed on d81iv8ring our charitable objectives into lh9 future. The previous strategic period of SCI 2016 to 2021 focuss8d on developing the important LJnd8rpins to accelerating innovation, such as establishing a strong tnembership base, ensuring a strong governance slructuie and inv8Sting in new capabiliti8s suth as the digrtal a5sels, and the new stratègy will build on this base. 11 is anticipated that the ¢urrenl programme of SCI activities, such as the disseminatioft of knowledge and facilitation of innovation through conferèn, publications and eady car8&r programmes, will continue to grow and develop. howev8r these may lake new fomis into the futur8. In addition, opportunities lo fvrth•r our charitable Cause by provKling new producÈs and Services in new forms will be revbewed. Est8blighed in 1881 with the purpos8 of acc8leraling sGienlifiG innovation into industry for the bénefit of society, SCI believes this charitable purpose Is just as relevant today as it was in 1881. Whilst the societal needs were around improving access to fcxxl and improving health. today sletY ne3 science to address the climate em8rgency and to improve health and wèllbeing for Society of Chemical Industry
Truste•s' R•port Year endad 31 Dacambor 2021 FINA14CIAL REVIEW Results for the year A summary of the yearfs resuts is provided on page 19 of the attachod accounts. Total income for the ygar amounted lo £2,593k12020- £2.873kl. The principal funding sources were.. publications £1,681 k 12020 - £1.943kl. conf8r8nc8s £165k 12020 £89kl, inveslfflent income £225k 12020 - £191kl. income from letting and licensing of premises £261 k12020 £342kl, commercial Irading operations £24k12020- £66kl', and member subscriptions of £163k 12020- £152k}. The impact ol COVID-19 continued to be felt in our ability to leas8 offiGo space in Belgrave Square through either short or long-term lettings however wè continued to develop r online wèbinar ¢onlerence programme. r8sulting in ov8r 80 8v8nts being held in 2021, and fijrther dèveloping oui Corporate Partnership programme. We also received a ftjrther £22k {2020 - £79kl of grant inwme via the Coronavirus Job Retention &hemp. Continuèd Cost manag8m8nt, particularly around the building. effected In order to n8gate the impact of COVICk19 meant that total 8xpendrfture for the ygar amounted to £2,960k12020 - £3,121 kl. £2,867k12020 - £3.033kl of the expenditure incurred in th8 y88r. rèpresenting 97% 12020_ 970kl of the totsl expendituie incurred, bwas spent on charitable activities. whhch includes directly attributable costs, project costs and overhead costs supporting core charitable objectives. Other exp8nditure incurred of £93k12020- £88kl was on trading a1vitI9$. letting and hiring of premises and on investment managamenl. The nel expenditure for thè yèar before investment gains and lossos was thereforg £367k12020 nèt expenditure of £248kl. After accounting for the net gains g&nèrat8d oth thg rgvalualion and disposal of listed invoslments tolalling £896k12020- gains of £395kl. the charity's overall fund5 increased by £529k12020 - £147kl. The slaty's wholly owned trading subsidiary. SCI Business Limfted. reported a profit baforè Grft Aid donations of £1 k12020- £39kl. The profrt eamed was payable to the parent charity under Gift Aid in ler to assist in meeting its obJ'6CtNès. Fundraising The SClsty does not currently engage in Iradstional foms of fijndraising activity such as collections or appeals, and as such, the Iruste9s do not consider il necessary at the moment for tha SoGiety lo adopt any particular code of practice in this area. However, the Swi8ty has conducted an initial scoping exercise in thè arèa of fundraising, incorporating proc8ss, procedure. governance and compliance. No complaints have been received by the Society In relation to ftjndraising. Soci¢ty ol Chsmi¢al Industry 10
Trustees, Report Year ended 31 December 2021 FIMANCIAL REVIEW Icontinuedl Investment Policy and Pertormane• All funds of the Society not immediat8ty r•quir8d to be used or appli8d for the ordinary purposes of, or in carrying OUÈ the objects of, the Society an(1 any Pfopety held by the Society. subject to th8 terms of any Irusl, may bg invested by the Board of Trustees on behalf of th8 Society in any permitted investment. The Board may appoint and lerwnin8le the appointment of ir)veslmenl managers upon such terms and conditions as thèy may from lirne to lime determine. except that no person should be appointed as inveslmaril manager unless authorised for this purpc)se in accordance with the Financial Samces Act 2010 or any slalutory modification theraof or r8placamanl thereof. Under delegated authority from the Board ofTrust8es. admintstrabon of the funds of the Society, subj8Ct lo the overall authority ofth8 Board, are ovetseen by the Finance, Investments and Audit Committe8 I'FIAC')- FIAC members lake advice on the investment portfolio and performancè from an ind8p8ndent advisor, auiller Cheviot Investment Managemgnl, who are also responsible for the management of the charity's investrnents. They assist the Committee to review th8 investment policy, asset reallo¢alion and risk level. The Committe8 reviewed SCI'S investment policy in late 2018. The ov8r811 poliy is for a broadly modeiate risk appetite. with balanced expectations of incomp and gains, Stjfplus cash is hold in deposit accounts with the Soci8ty's bankèrs. HSBC. The market valu8 of investmgnls at 310ecember 2021 was £8.433k mpared with £7.578k 8t 31 December 2020. Incom8 from lisl&d Investents during the year amounl&d to £194k12020- £166kl representing an incomè yield of approximately 2.86%12020_ 2.6Qkl. The ng1 gains on the listed investments in 2021 were £928k12Q20- £348kl. The total retum on tho portfolio forthè yèar lo 31 Decembér 2021 was 14.29h Compared with the benchmark return of 12.3% as per1 pUblh0d ARC Steady Growth Charity Indèx12020.. 7.9% vs 3.5.1.1. Reserves pollcy and financial posltlon Part of the charity's net assets is repre5erTted by the net bcrt)k value of SCI'S Snterest in its tangible fixèd ass8ts. The availability of these assgts is essential lo the d8y-tspday work of the charty and as such. the value of these assets cannot be regarded as funds that would be realisae with eas&, in order lo meet future contingencies. As such. an amount equ81 lo the nel book value of the tangible fixed assets has been separat8d from the charity's general funds and hèld as a separat¢ designated fund, At the year end, the balance on this fund was £4.385k 12020 £4,419kl. At 31 December 2021. funds lotslling £2.417k12020- £2.247kl comprk8ed restricted lunds that must be applied in accordance with the wishes of the donor. Society of ChemiGal Industry 11
Trustees. Report Year ended 31 December 2021 FINANCIAL REVIEW {wnlinu&d} Reserves pollcy and finan¢lal posltlon Icontinuedl FIAC has considèrèd SC5's free reseeS requirements and advised on the same lo the charity's Board. Free resèrv8s comprisa thè general funds of the Society, excluding designated and restrictèd funds. When setting the reserves policy. FIAC and the Board have giv8n consideration to the following.. + Funds being employed lo invasl in tha infrastructure of SCI, specrfically in 2022 around internal maintenance and a continuèd programme of systems development. Capital expenditure outlay of £215k is forecast for 2022. • A prudent fiscal policy should be adopted in order to ensure funds are not unduly depleted during a period where additional investment is required. • The tnember5 have a consensus lo ensure the Society preserves tho valu8 of its capital in line with the long-temi rale of inflallon. In July 2008 FIAC aged lo maintain a minitHum level of free reserves li.e. unrestricted general funds which are frèèly availablè for application towards the gener81 charitable objectives of the charity) at £6 milli(In. The RPI inflation adjusted v81uè in 2021 is £8.8 million based on an inflation rate of 46.7% ovèr the past fvlelvo and a ho years. • A significant proporb"or) of Ihg Society's net 0$s8ts are reprgsgnled by li818d investments. Such assets are subj8ct to fluctU8tions in market value due to the Inhent volatility in equity markets and investment arketS du8 to wider economic conditions. the attitude of investors lo investment risk, and change5 in sentiment concerning equitiès and within partular sectors or sub sectus. As such, the reserye requirèment need8 to take account of an èlement of unpredictability. At 31 D8cember 2021, the charity held free reserves tolalling £7.64m12020 - £7.24ml. While the 8¢tual level of free reserv8s is below the desired level, the Iruslees are satisfied with ihe progress of the increase in free reserves over recent years, taking into a¢¢ount the significant inveslmenl in the infrastructure in 2019 and the dSsruption associated with the COVID pandemic. A review of the reserves. initially anned for 2021, is now pl8nned for 2022. Going eoncèm Therg is a reasonable expectalion that the Society of Chemical Industry has adequate SourCeS to continu8 in operational extsten¢e for the I0seable future. The trustees believe that th8rè a no material uncertainties that call into doubl the charty's ability lo continue operating as a going ¢on¢em. In making this decAsion. thè tnjstees have taken into consideration the risks and uncertainties arising from the Coronavirus pandemic and conclude that the charity can sustain Its operations for a perh)d of at least twelve mor)ths from date of signing these accounts. Consequently, the financial statements have therefore been prepared on the basis that thè ¢harty temains a going conc8m. Society of Ch8mi¢al Industry 12
Trust88s' RÈport Year ended 31 December 2021 FINANCIAL REVIEW l¢onlinuedl Ralat•d ontitlO8 During 2019 SCI established two Dutch legal entitiès to support and promote SCI'S activities in Europe post Brexit. SCI Europe B.V. Irégistration no. 8607298131 and Slichling SCI Europe {8607297951 were both registered on 16th D8cèmbèr 2019 and rèmained dormant lo 31 December 2021. Funds held as Custodlan Trustee Th& Society acts as Custodian Trustee for the SCI Benevolent Fund and Rideal Trust. The financial resuhs of these tharitlès are Consolidated into SCI'S accounts and full accounts for the trust funds are produced in notè 22 in compliance wf(h Charty Commission guidelines. SCIBgfteYolent Fund The object of SCI'S Benevolent Fund is lo provide financAal relief to persons who ar8 or havè been members of th8 Society and to their spouses, childr8n and dep&ndent$ and to the dowslwidowers, Ghildren and dependents of deceased members. The assèts as at 31 Decernber 2021 are investments, which amounted lo £146 The Rldoal Tmst Th& object of the Rideal Trust is thè general advancement of chemical sci8nca and. in particular. branches relating lo chemisorption, ¢olloid SGieric8, intsrface scien, catasiS and related topics. Thè Trust is jointly administered by SCI and the Royal Society of Chemistry. The a¢tivib8s of the Trust diré¢tty support the overall object ol the Society whKh is lo advan¢e the sciencè of applied chèmistry and related sciences for the public benefit by providing information, granting bursaries. awards 8tc. The assets as al 31 December 2021 are investments, which amounted to £20k. RISK MANAGEMENT The trustees pursue a system of risk management through FIAC. the Executive. ond the Board of Trustees. A Risk Register is in place and 15 regulady review8d throughoul thg year by FIAC. the Executive and BOT. The trustees règularly review the high-level risks to which the charity is exposed. in particular those related to th8 operati¢S and finances of the charity and are sati%fied that systems are in place to mitigate exposure lo the major risks. The main risks to the Socièty corrtinue to be market related- in particularfrom the potential impact of op8n 8¢cess on publishing income and the potential volatility in the inveslmenl eamings. The pot8n1181 loss of income from publishing Is managed by havsng programmes in place lo deliver income grovrth and appropriate agreements with the publishing partner. The investments are viewed by FIAC regularly against bènchmarks to determine th& èrf8ctivan8ss ol the investment strategy. which can then be modified rf required. Society of Chemical Indu8ty 13
Trustees. Rèport Year ended 31 tJe¢emb8r 2021 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruste8s are r9sponsible frjr preparing the Irustees, r8t>ort and aoUnt$ in a¢¢ordance with applicable law and United Kingdom Ace¢xJnting Standards (Unitèd Kingdom Generally Accepted Accounting Pra¢ticel. Th8 law applicable lo charities in England and Wales requires the trustees to prepare a¢¢ounts for each financial year which give a true and lair view of the state of affairs of the charty and the group and ofthe income and expenditure ofth• charty and the group for that period. In preparlng these accounts. the trustees are required to.. • select suitablè accounting policies and then apply them consislenly- obsetve the methods and principles in Accounting and Reporting by Charities.. Stat8m8nt of Recommended Practice applicable lo charitips preparing their accounts in accordan with the Financial Reporling Standard applicabl8 in tha UK and R•public of Ireland (FRS 1021- * make judgements and estimatès that a 8$Onable and prudent- + state whether appIabl0 Unft8d Kingdom Accounting Stsndards have been followed. subject to any materlal departures disclosed and 8xplain8d in the accounts.. and prepare the accounts on the going concam basis unless it is inapproprialo to presume that the charty will continue in operation. The trustees are responsible for ke8ping proper accounting reGords that disclose with reasona8 accuracy at any time the financial position of the charity and the group and enable them lo ensure that the accounts comply with the Charities Act 2011. appIlble Charliy IA¢counts and Reports) Regulations and the provisions of the charity and the group's constitution. They are a150 responsible for safeguarding the assets of th8 ch8city 8nd the group and henc8 for taking reasonable steps for the prevention and det•ct'on of fraud and othgl irregularf(195. The trust88s are responsible for the maintenance and integrity of the charity and the group and rinancial inlom8tion in¢luded on the charity and the group's w8bsite. Lagislation in the Unf(ed ngdom governing the prepaTation and diss8mination of accounts may dlffer from legis181ion in othèr jurisdictions. Approved by the Iruslees and suned on their t*half by: Honorary Treasur8r Approved by the Board of Trustees on.. 18 May 2022 Society of Chemical Industy 14
Indep•nd•nt audltor'$ r•port 31 December 2021 Ind•p•nd•nt auditorfs Y•F)Ortto the m•mbgrs and tru5tegs of So¢i•ty Df Chèmical Industry Opinlon We have audited the accounts of Society of Chemi¢al Industry ltha 'parent charity.) including Its subsidiary Icolle¢tiYely the 'group'l for the year ended 31 December 2021 which comprise the group stsl&ment of financial activities, group and parent charity balance sheets, group slalemenl ol Cash fl¢)ws, the principal accounting policies and notès to the accounts. The financial reporting frameworti that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Repottins Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practicel- In our opinion. the accounts.. give a true and fair view of the stale of the group's and of the parent charity's affairs as at 31 December 2021 and of thttir in¢ome and expenditure for the year then ended-, • have been properfy prepared in accordance with Unf(ed Kingdom Generalty Accèpted Accounting Practice.. and • have beèn prepar9d in aGcordance byith Ihe requirements of the Charities Act 2011. Basis for opinion W8 conductad our audit in a¢¢ordance with International Standards on Auditing (UK) {ISAs IUKII and applicable law. Our r8sponsibililie5 under those standards are further described in the Auditor's respr)nsibllilies for the 3udil of the accounts section of our report. We are independènt of the group in accordance with tha ethical requirerllen15 that are relevant to ouraudil of th8 accounts in the UK, including the FRC'S Ethical Standard, and we have fuffilled our other ethical rèsporh5ibililies in accordanc& with thasè requiremgnts. We bdieve that the audit evidence we have oblain8d is sufficient and appropriatè to provide a basls for our opinion. Conclusions relatlng to golng ¢on¢em In audrting the accounts, we have conduded that the trustees. us8 of th8 going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not id8ntffi8d any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charty's alty trj ¢onlinue as a going concem for a pèriod ofal least iwelve months from when the finanrAal stalemgnts are aulhorised for issue. Our responsibilitias and the responsibilrf(ies of the trustees with respect to g¢ing Ce&M are described in the relevant sections of this report. Other information Tha trustees are rest)onsible for the other information. Th8 Othei inf(m181ion comprises the infomiation includad in the annual report other than the accounts and our auditorfs report Ihereon. Society of Chemical Industry 15
IndgPgnd•nt auditor's r•port 31 Dèc8mbsr 2021 other Informatlon {conlinuedl Our opinion on the accounts does not Gover the other infomiation and we do not express any form of a55uranGe conclusion thereon. In connection with our audit ofthe accounts, our responsibility is lo rèad thg Othèr information and, in doing so, consider whether the other informatK•n is materially in¢onsistgnl wilh the accounts or our knowledge obtained in the audit or otherwise appears lo be materially misstsled. If we idenltfy such material inconsistencies or apparent material misslalements. we are requirad to deleimine whether there 15 a material misslalement in the accounts or a matèrial misstatement of the other information. If, based on the woth we have perfomied. we conclude that there is a material misstatamanl of thi$ oihgl information, we arg requirèd to r8POrt that fact. Wè have nothing lo report in this regard. Matters on whieh we are required to rep¢)rt by exception Wè h8ve nothing lo report in respect of the following matters in rèlation to which the CharTties Act 2011 requires us to report lo you if, in our opinion- • the information given in the trustees, report is inconsistent in any material respect with tha accounts., or sufficiont accounting records have not been kept by the parent charity,. the parent charty aCcnts are not in agernent with the a¢¢ounling red$ and retums; or we have not received all tha infom)alion and 8xplanations we require for our audit. R•sponsibilitigs of tryst99 As explained moro fully In th& statemenl of Irustges, r8sponsibllities. the trustees are responsibl8 for the preparatson of the aecounts and for bèing satisfièd that thèy give a true and fair vi8w. and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misststemenl, whether due lo fraud or error. In preparing the accounts. the trustees are responsible for assessing the group's and the parent charty's ability lo continue as a going concern. disclosing, as applicable, matters related to going ¢on¢em and using the going concern basis of accounting unless the INstee5 either intend lo liquidate the group or th8 parent charity or to ase operations, or have no realislK alternab.ve bul to do so. Auditoes responsibilities for tho audit of th• accounts Our objective5 are to obtain reasonable assurance about whether the accounts as a whole are fe from material misstatement. whether due to fraud or erTor, and lo issue an auditor's Teport that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will alway5 delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influenc8 tha economic decisions of usets tsken on the basis of these accounts. Society of Chemical Industry 16
Ind•p•nd•nt auditor's report 31 Dècèmbèr 2021 Audltorfs respons1blllt1 ftir tho audlt of tho accounts {conlinuedl Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material mi55tstement8 in respect of irregularilies, including fraud. The extent lo which our procedurès are capable of detecting irregularities, in¢luding fraud, is delai18d below. How the audrf considered capable of detecfvng inpgulanties including fr8ud Our approach to identifying and assessing the risks of material misstslement in respect of irregularities. induding fraud 8nd non4ompliance with laws and règulations. was as follow5.. • The engagemgnl partner ensured that the engagement team CO1ctIvelY had the appropriate competence, capabilitl8s and skills to identrfy or recognisa non-complianc8 Wlth applicable laws and rogulations., • We identified laws and regulations applicabl8 to the Charity through discussions wsth key management and from our knowledge and experten ofthe charity sector.. • W8 IIKused on specific laws and regulations which we considered may have a dire¢l matsrial effect on the accounts or the activities of the ¢harily. These included bLrt werè not limit8d to th& Charilies A¢1 2011, Accounting and Reporting by Charf(ies.' Slatgmenl of Recommended praCte applicable to charitiès praparing th8ir accounts in accordaneè with the Financial Reporting Standard applicabl8 to th8 Unitèd Kingdom and Rapublic of Ir8land IFRS 102) {effeclive 1 January 20191.. and We assessed the extent of compliance with the laws and regulations id8ntlfie(l above through making enquiri8s of kay managèment and review of minutes of trustees, meetings. We assessed the susceptibilty of the charity's accounts to material misstatement. including obtaining an undèrstanding of how fraud might occur, by.. Making enquiries of kèy manag8m8nt as lo Whe they considered there was susceptibility to fraud, their knowl8dga of actual. suspe¢lgd and alleged fraud,. and • Consid8ring the internal controls in place to rniligate risks of fraud and non-compliance with laws and regulations. To addr8S8 the tbsk of fraud through management bias and override of controls. we.. • Performed analytical predre$ lo identify any unusual or un9xpected relatiShIps- • As8essed whether judgements and assumptsons made in delem)ining the accounting estimates were indi¢aliv8 of potent bias,. and • Invesllgated the rationale behind significant or unusual transactions. Society of Chemical Industry 17
Independent auditorfs r•port 31 December 2021 Audltof s respgnsibiliti•s for the audtt of tho a¢¢ounts Icontinuedl In responsa to th8 risk of iffegularities and nDn-compl1an wrth laws and regulations, we designed PTocaduras which includ8d. but wer8 not limited to-. Agreeing accounts dIlOSUreS to underfying sUPPOrtir)g dentatIon- + R8ading the minutes of meglings of trustees- and • Enquiring of as to actual and wtential Iitigalion and claims. There are inherent limitations in our aud(t procedures d8scribed above. The more removed that laws and regulations are from financial transactions. the less likely il is that we would become aware of non-cornpliance. Audits'ng Standards also limit the audit prDC8dures required lo identify non-compliance with laws and regulations lo enquiry of key management and the inspection of regulatory and legal CorresporenCe, if any. Matèrial misstatements that arise due lo fraud can be harder lo delecl than those that arise from error as thay may invofve delib8r818 COnG8almenl or collusion. Afurther descriplK)n of our respOnsi.1111eS for the audit of the aCCjTrts is located on the Financial R8porting CounGiI's website at www.frc.org.uklauditorsresp0rlblliIle$. This descriptr'on forms part of our auditor's report. Use of our report This r8P()rt is made solety to Ihe charity's trustees, as a body. in accordance with section 144 of the Charities Act 2011 and wrth regulations made under section 154 of that Act. Our audit wixk has been undortaken so that we might stste to the charity's trustees those matters we are rèquired to slate to them in an auditoes rèport and for no other purpose. To the fullest extent permittad by law. we do not accèpt or assumè r8sponsibility 10 8nyone other than the charity and the charty's trustees as a body, for our audit work. for this report. or for the opinions we have formed. Buzzacott LLP Statuiory Auditor 130 Wood Street London EC2V 6DL Date.. 29June 2022 Buzza¢ott LLP is eligible to act as an auditor in temis of section 1212 of th8 Companies Act 2006. Socièty ol Chèmical Industry 18
COnlidated statem•nt of ftnan¢lal activities Yèar to 31 December 2021 2021 Tvtsl Unr8StriCbJ Restrtcted nds funds funds £'ODO £'ooo £'ooo 2020 Total funds Unre8lrl¢iod Rostrlctthd fund$ funds £'ODO £'wo Income fr(•n'. Charita? xtivI8s Olhgr Irthling aclmlies Inwesbnents Grèni Inttom& IQRSI Other imome Total Incorn 2.009 285 172 2.D09 255 225 22 52 2.184 2.184 146 45 191 79 2,828 45 2.873 Expenditure Raisiw funds Charilablg actlvlll85 TDtsI expendSlur• 93 2,758 2051 93 2.88T 2.960 88 77 77 3.033 3.121 3.044 Nèt èxp8ndlbJrè btslorÈ galn8 and1088è& on invtstmÈnts and transfers 1561 13671 12161 1321 12481 Yransfgrs 14 Net expenthturo befor8 gains and losses on investrnents P251 1367) 12241 1241 12481 Nai gains on the rovaluatlon and dist¥)$81 of li%ted knv651Jnents 13 212 301 395 Ngt Incom8 and nèt amènt In fund& 10 35 170 529 77 70 147 Reconclllatlon of funds: FurKI balances broughl forw8rd al 1 January Fund balar carried fCArd at 31 December 11.662 2,247 13,9)9 11.585 2,177 13,782 12.021 2.417 14,438 11.662 2,247 13,9 All of the group's a1vIlle$ derived from continuing operations during the above tsvo financial periods. The group has no recognised gains and Ioss98 Other than those shown in the consolidated statement of financial activities. Society of Chemical Industry 19
Balanv $h*ets 31 December 2021 Group 2021 £'ooo Group 2020 £'ooo Charlty 2021 £'ooo Charity 2020 £'ooo Noles Flx•d assots Tangiblè a$set5 Investrn8nts 12 13 4.385 8,433 11818 4,419 7.578 11,997 4,385 8,433 12.818 4,419 7.578 11,997 Current assets DebtDrs Cash at bank and in hand 14 928 1A58 2,386 925 1,913 2.838 935 1,435 2,37D 984 1,841 2,825 Credfdors.. amounts falling due within one year Net ¢urrent asse18 15 16621 1.724 18391 1.999 16461 1,724 18261 1,999 Total assets less ¢urrent liabiliti83 14,542 13.996 14.542 13, Creditors.. arnounts falling due after rnore th8n one year 16 11041 1871 11041 1871 Total nel assèt$ 14.438 13.909 14,438 13.909 The funds of tha group and ¢haflty: Unre5tric18d funds D&signatsd funds General funds 17 4.385 7,636 12.021 2.417 14,438 4.419 7.243 11,662 2,247 13,909 4,385 7,636 12,021 2,417 14,438 4.419 7.243 11,662 2,247 13,909 Restricted fund$ 18 Approved by the trustees and signed on th8ir behalf by= &- S) Honorary Tre8sureT Approved by the Board of TrUstS on.. 18 May 2022 Society of Chemical Industy 20
Con$olldated statement of cash flows Year to 31 December 2021 2021 £'DOO 2020 £'ooo Notes Ca8h IIow8 Irom operatln9 a¢tlvltlÈs'. Ngt cash lused inl provided by operating activities 14381 117 Cash fluw$ frrrn inv•51in9 acbviti85: Inve5ttnent incoffle Purch8s8 of tangible fixed assets Proc8eds frorn the disposal of invesiments Purchase of inve5trnen15 Net ca$h provlded by lused Inl Investlng actlvilios 225 12831 1,047 11,1051 1116} 191 11371 1,332 19361 450 Change in cash and ¢agh equlvalents in th• year {5541 567 Cash and cash equivalents at 1 January 2,085 1.518 Cash and ¢a$h 9qu1vant$ at 31 D8¢8mb8r 1,$31 2,085 N¢t•s to the statement of cash flows for th8 yèar ta 31 D8cèmb•r. A R•conciliation of net incom• to not eash (US inl providèd by op¢r•ting octivitias 2021 £'ooo 2020 £'O(K) Net In¢oTne la$ perthe statement of finandal a¢tl¥ltle$l Adjustments for: Depreoation charge Loss on the disp0581 of fixed assets IGain51 on inv8slments Inve8tm8nl in)rne Ilncr&as81 e¢aSe in debl015 IDe¢reasel inCrtra in creditors N•t Cash (used Inl pmvlded by op•rnlin9 activitlO5 529 147 316 301 18 13951 18961 12251 131 11601 14381 132 10S 117 Analysis of changs in net debt 2021 £'ooo 2020 £'ooo Cash al bank 8nd in hand Cash held by investtnent managers Total cash and $h 0gul¥aients 1.458 73 1,531 1.913 172 2.085 So¢iety of Chgmi¢81 Industry 21
Principal accountin9 FJollcl•s 31 December 2021 Th& principal accounting policies adopted. judg&menls and key SoUS of estimation uncertainty in the pparatiOn of the 8ccounls arè laid out bèlow. Basis of prnparatlon These accounts have been prepared for the year to 31 December 2021 wth comparativ8 information in respect of the year to 31 Dember 2020. They are presented in sterling and are rounded lo th8 n&are8t thousand pounds. The accounts have been prepared undér the historical Cost convention with r(ems reccyJnised al cost or transaction value unless otherwise stated the leVant a¢UntIng policies b81(w or the notes lo these accounts. The accounts have been prepared in accordance wilh Accounting and Reporting by Charilw. Slalemenl of Recommended Practice applicable lo charities preparing their aGcounls in aGGordanGe with the Financial Reporting Standard applicable in the Un((ed Kingdom and Republlc ol Ireland {FRS 1021 (Charities SORP FRS 102}. the Financial Rewrting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity ccfflstitut8s a public b8neffit entity as deffin8d by FRS 102. Basls of consolldatl¢n The consolidated statement of financial activities and group balan sheet consolidate thè results of SCI and its who11y owned subsidiary company. SCI Business Limited, groups and applicable trust funds, made up at the balance sheet dale. The results arg consolidated on a line-by-linè basis. The r85uIts ofall the groups were hjlty incorporated into the SocAeVs aCcnts with the exc8Ption of the Macro Group which 15 jThnlty administered with the Royal sIety of Chemistry. The charity is taking advantage of the concession lo only provide a consolidated statement of nancial activities 8nd inGome and expenditure account as permitted by the Charities SORP FRS 102. No sep8rate stslement of financial activities ha8 b8en presented for the charity alone as P8rmitted by SeGtion 408 of the Companies Act 2tK)6. Crltl¢al ac¢ountlng estimates and area$ of judgom•nt Prgparab'on of the accounts qUireS the trustees and managem8nl to make svjnificant judgements and estimates. The items in the accojnts where these judgements and estimates hav8 been made indude: • the estimat8s of th8 useful aconomic lives of tsngible fixed assets used to determine the annual d8preciati1 charge.. * the assumptions adopted by the trustees and management in determining the value of any ¢Jesignalw)ns required from the charity's general unrestricted funds.. Society of Chemical Industry 22
Principal accounting policies 31 Decemb8r 2021 Critical accounting estimates and areas of judgement Icontinuedl • the basis on which support costs have been allocated across expenditur8 headings., and • assessing future income and expenditure flows for the purpose of assessing going conrn Isee below). Asse$sment of going conc•rn The Iruslees have assessed whathar th8 us8 of tha going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The most signrfi¢ant areas of judgement that affect items in the accounts a detailed above. With regard lo the next accounting perSod. the year gnding 31 December 2022. the most significant arèas that affect the carying value of the assets held by the charity are the level of investment return and th& performance ol the investment markets. Income recognition Income is recognised in the period in which th8 chariiy and thè group hav8 8ntillement to th8 in¢ome, th8 amount of income can be measurgd reliably and il is probable thal the income will be received. 1t 8xcludes VAT where charged. Income is deferred On when the charity and the group has to fulfil conditions beforè becoming entitled to it or whèrè the donor or funder has specified that the income is lo be expanded in a future accounting wrlod. Income comprises donati)$. 18ga¢ies. grants. income from charitable aclivitses including conferences and events. publications and membetship subscription,. income from other trading activities including the leth'ng and lic8nsing of the th8rity's premise5,' and investrnent incom& and interest receivable. Donations are recognised when th8 charity has Confirmati of both the amount and settl8m8nt dale. In the event of donations pledged but not received, the amount is accrued for where the rÈ¢eipl is considered probable. In the ev8nt that a donation is subjed to condttions that requir8 a level of performance before the charity is enlilled to the funds. the income is deferred and not rerngnised until eitherthose ¢ondilions are fully mel, or the fulfilment of those conditions is whol wf(hin the contrd of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacies are irlUded In the ststement of financial activities when the charity i8 8ntiled to the legoGy, the 8xe¢ulors h8V8 established that there are sufficient surplus assets in the estate lo pay th818g8cy, and any condTtions attached to the legacy ar8 Wlthin tha contrd of tha tharity. In accordance with the Charities SORP FRS 102 vdunleer time is not recogni58d. Grant funding is recognis8d as and when the work is cornpleted and the grant conditions are fu1fi118d. Soci8ty of Chemical Industy 23
Prfnclpal accounting policie$ 31 December 2021 Incomo re¢ognlilon l¢onlinued) Incorne from conferences and èvents arè r8cognis8d irb the financial perioj in which the conference or event was hostad. Incom8 from publications and royalties ar8 recognised in the pèriod in which thg royalties w8rè accruad or tha publications sold. Annual membership subscriptions are recognised as income on an accnjals basis applicablè to the membership period. and part of the subscription applicable lo the following year is carried forward as deferred income. Life membership can be purchased based on 10 years standing and aged 60 or over on a sliding scale. depending on age. To refle¢l the cc6ts of providing future membership benefits to such members, a provision is calculated muV£iplying the annual membership subscription by the estimat&d numb8r of y8ars that the benefits will be provided for e8Gh life member. Income derived from thelotting and licensing of the charty's premi8es, is re¢ognised in the period lo which the letting or lic8ncing relates. Rent free period income is re¢ognis8d as a deferred eblor which is written down over the lease perlod or the lease break clause dale. whichever is Dividends are recognised oncethe diviijend has been declared and notification has been reiVed ol the dividend due. Interest on funds held on deposit is included when receivable and the amount r£n be measured rèliably by the charity- thi5 is normalty upon notification of the intar8st paid or payablg bythe bank. Expenditur• rocognltlon Liabilities are recognised as expondilure as soon as Ihgr& is a legal or conslruclwe OblatiOn committing the charity and the group to make a payment to a third party. rt is probable that a transfer of economic benefits will be requir8d in s8ttlemènt And the amount of the obligation can bè measured reliably. Irrecoverable input VAT is included in the expenditure. Expendf(ure cDmprisès direct costs and support Costs. All expenses. including support costs. are allocated or apportioned lo Ihe applicable expenditure headings. The classification bofvloan a¢tiviUes is as follows: • Expendf(ure on raBing funds includ8s all 9xpendilure asso¢lated with raising funds fix the charity and the group. This includes the fees payabl8 to tha invèstment man8ger in connection with the management of the charit*s listed investments. the costs in connection wtM the management and upkeep of th8 charity's prèmises, and other direct ¢osts associated wth th8 charity's other trading activities. • Expendlturg on charitable activities comprises expenditure in support of the charity the group's primary charitable purposes as described in the truslegs. r8POrt. This includes the costs associated wf(h the servicing of members, costs in connectlon with hosting events and conferences for the Society's beneficiaries, costs asso¢ialed wth the production of publications, grants and awards lo individuals for endeavour in the fields of science, engineering and technology as well as bursaries and s¢holarships. Society of Chemical Industry 24
Principal accounting polici•s 31 D8c8mb&r 2021 Expendituro recognltlon Icontinuedl Grants are awarded from various restricted funds by the Early Career5 Committee to successful Bpplicants. Each fund has ils own particular criteria. They are accounted for in the statement of financial 8Ctiwlies in the year in which they are awarded. ExndItUre on charitable activities includes both costs which can be directly attributed to the four key activities as well as an allocation of shared support costs (see below). Allocatlon of support and governance cost$ Support Costs represent indirect charitabl8 gxpendttur8. In ordèrto carry out thè primary purposes ofth8 charity and the group it is necessary to provide support in the forni of 8 finance function. IT and human resources function. and facilities management support. Furthermore, support costs include gov8rnanGe costs. These comprise the costs involving the public accountability of th8 charty and the group IinGluding audit costs) and costs in respect lo its compliance th regulation and good praclie. Support costs including govgmance costs are allocated lo the various categories of charitable expend(£ure on an appropriate basis such as the number of stsff Serviced in èach area, lloor space, or in proportion to dirgd costs. The basis of 8110¢81ion is further explained in note 8 to the accounts. Tangible fixed assèts Tangible fixed assets costing 18SS than £1.000 are not capitalised and are wrrtten off in Ihg year of purchase. T8ngible fixed assets which ar• capitalised a induded al cost (including any incidgntsl expenses of acqui5ilionl. stated at cost less accumulated depreGialion. Depreciation is provided at rates calculatèd to WTite off the cost less estimated residual value of each asset over its expected useful lif8. as follows- • Long leasehold propety by equal instalments over the life of the18as8 • Leasehold improvements ten to nty years on ¢05t • Fumilure, IT & other equipment three to five years on cost Assets under the Gourse of construction ar8 not daprg¢satg¢J until the asset is complete and available for use. The propety is subject lo an annual impairment review. So¢iety of Chemical Industry 25
Prln¢ipal accounting Policies 31 D8c•mr 2021 Inv•stm•nts Listed Investments are a fomi of basic financial instrument and are inibally r8cognised at theii transaction value and subsequenlly measured at th8ir fair valu8 as at the balance sheet date urtg the closing quoted markat pric8. As noted above, the main fomi of financial risk faced by the th8ri1y and the group is that of volatility in equity markets and investment markets due to wider econom conditions, the attitude of investors to investment risk, and changes in sentiwnent conceming equities and within particular sectors or sub sactors. The Society'8 investment in its wholly owned trading subsidiary is induded in the charity balan sheet al wsl. Debtors Debtors are recognisgd at their settlement amount, less any provision for non-recoverability. PrepaYentS are valuèd al the amount prepaid. They have been discount8d lo the present value of the future cash receipt where such dis¢ounkn"ng is material. Cash at bank and In hand Cash at bank and in hand represents such accounts and inslrumènts that are availabl& oft demand or have a maturity of less than thre8 months frcm the date of acquisition. Deposts for more than three months but1Èss than one year have been disclosed as short t8mi dgposits. Cash placgd on deposit lor rnue than onè year is disdosed as a fixed asset investment. Creditors and provisions Creditors and provisions are recognlsed when there is an obligation at the balanc8 sheet date as a result of a past event. il is probable that a transfer of economic benefit will b8 required in settlement. and the amount of the s8ttlement can be estimated Teliably. Creditors and provisions are recognised at the amount the ch81ily and the group anticipate it will pay to settle tha debt. They have been discount8d to the present value of the future &ish payment Whe such discounting is material. Fund accounting Restricted fvnds compris8 monies raised for, or their use restricted lo, a $peGific PUTP05e, or contributions subject to donor imposed conditions. Designated funds comprise monies set aside out of unreslrided general funds for specific future purposes or projects. Unrestricted general funds r8pras8nl those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable obj8ctive5. Society of Chemical Industy 26
Principal aoUnting pollci•s 31 Dembar 2021 Leasod asset5 R8nla55 applicable to operating leas85 where substantially all of the benefrts an¢Y risks of ownership remain with the lessor are charged to the statement of financial 8clivities in equal annual amounts over the 5ease term. Forglgn ¢urr•n¢l•s Assets and li8bilrties in f¢xeign currencies are translated into sterling at the rates Df 8xchang8 ruling al the balance sheet dale. Transactions in foreign currencies are translated into sterfing at the rale of exchange ruling at the date of th8 transaction. Monetary assets and liabilities denominated in fol9n cUrnCleS are translated into stèrting al the rat8s of exchange ruling al the balance sheet da19 or if appropriate at thp forward contract rate. Al drfferences are taken lo Incom8 and expenditur8 through tho stsloment of financial activities. Taxation SCI is a UK registered charity and. therefore, is not liable lo income lax or COTporatlon lax on income derived from 115 charitable activities. as it falls within the various exemptions availate to gislered charfties. SCI Businass Limited passes all it5 taxable profi15 as Gift Aid lo Ihe Society in accordance wrth an agreed Deed of Covenant. Cuslodian arranggrnents The Society acts 8$ Custodian Trustee for the SCI Benevolent Fund and Rideal Trust. The ffinancial results of Ihoso iwo charities are consolidated into SCI'S accounts and full accounts for the trust funds ar8 producèd in note 22 in cornpliance wth Charity Commission guidelinès. Flnan¢ial instruments The Gharity only holds basic financial instwmenls as defined in FRS 102. The ffinancial assets and financial liabilities of the charity and th8ir measurement b85is are 85 follows: Financial assets othgr debtors arg basic financial instruments and are debt instruments measured at amortised cost. Prèpaymènts are not financial instrurnenls. Cash at b8nk- classrfied as a basic financial instrument and is measured al face value. Financial liats-lilies- accwals and other creditors are financial instruments. and are measured al amortis$d cost. SIKiety of Chemical Industry 27
Notes to th• accounts 31 Decamber 2021 1 Contributions from volunteer5 Mèmbars ol SCI. its trust8ès, committees and many other voluntèèrs make major practical contributions to SCI'S mèètings. publications and other op&r81ions as well 8S to tts overall gov8manca. Tha trusteès consid9r that there is no objecbvg way of putling a financial value of this effort and therefore. in accordance wilh the guidance provided in the Charities SORP FRS 102, the value of volunteer lime not iecognised in these accounts. However, Trustees wish to record their gratitud8 to thÈsÈ volunteers land in many ¢8ses Iheii employ8rsl for this onsiderable and essential contribution. 2 Income from charltable actlvltles Untrted fvnds 2021 2020 £'ooo £'ooo Conf8rences Publi¢ats"cns Member5 5ub5uiptions 165 1,681 163 2,009 89 1,943 152 2,184 3 Income from olh9r tradlng activities Unr&stricted funds 2021 2020 Total Total funds funds £'ODD £'ooo Commercwl trdding 0ratiOnS Letting and Iic8n8ing of prèmises 24 261 285 66 342 408 4 Income from Inv•stmènls 2021 Total fund5 £'ooo UreStled fund8 £'ooo R88tricted funds £'Doo Incom8 Irom li8ted investrnEnts Inieresl r8ceivable 2021 Total funds 172 225 172 225 2020 rot81 fvnds n$tricted Restrided fvnds funds r(X)O Income Irom lisl8d inv8Stm&nts Int8r8St rec8jv8ble 2020 Total lunds 143 45 188 14 45 191 slety of Chemical Industry 28
Notes to thè accounts 31 December 2021 5 Expendltur• on ral$ing funds Unrestrictèd fund8 2021 2020 £'ooo £'ooo Commercial trading cost5 Investment management cosls 56 32 88 93 6 Exp•nditure on charltabl• actlvltles 2021 Total funds £'ooo Un$tn¢ted lund5 £'ooo Restricted funds £'oDD Conferences Direct ¢osts Support Costs (note 81 163 184 347 163 184 347 Publications . DI¢t costs . Support costs Inote 81 305 225 530 305 225 530 Membarship actiY1ti88 . Direct cosis . Support Costs (note 81 1,011 805 1,818 805 1.816 Aw8rds, bursarigs and scholarships Gr8nls p8yable (note 71 . 0lh8r dire¢t wsts . Suprx)rt costs (note 81 109 109 65 65 65 174 109 2021 Totol fund5 2.756 109 2,867 So¢ioty of Chemical Industry 29
N¢>tes to the accounts 31 December 2021 6 Expgndlturg ¢)n ¢harltabl• a¢tlvitles Icontinuedl 2020 Total fund$ E'ooo UnrgstriG¢od Restri¢tod funds lund$ £'ooo £'ooo Conferences . Direct Gosls Support costs (nole 81 201 193 394 201 193 394 PLtblic81ions . Direct cost& . Support costs (note 8) 341 2T8 619 341 278 619 MwTrbgrship acElviEIg8 . Direct ¢ts . Support costs {not• 81 1,101 802 1.903 1,101 1.903 A15. bvrsariss and scholarships Grants paable (nol8 7) . Dther threct Gosls . Support costs (note 6) 77 T7 39 40 39 177 77 2020 Total funds 2,958 77 3,033 7 Grants payable 2021 £'ooo 2Q20 £'ooo Awards. buarleS and 8cho18rships to individu818 77 2021 Mumber 2020 Numbpr Grants payable to Indhlduals comprlsed: Awarijs of £1,000 or more Awards of up to £1,0(K) Total number of grants awarded 13 21 10 Grants which have bgen agreed inlgmally. bul forwhi¢h no legal or construclive obligation exlsted al 31 Decernber 2021 and thus not accrued in these accounts totalled £nil12020 - £nill Society of Chemical Industry 30
Notès to the accourts 31 Drnber 2021 8 Support costs Awatds. bLwsaries Memb2r- Pu Irations stholar- ships £'ODO Totsl 2021 £'ooo Basis of allatiOn feren5 activthes È'ooo £'o( Financè IT and Human Rasourcas HEaJ Executwe Offi Head count Facihtie5 Managernwl aThJ sh8j Floor space Premises ènd Cost 328 43 133 47 12 count Cost 78 74 443 31 1,279 Gove[nato5 IrK)19 91 2021 Tolal 21 805 184 225 65 bu?11p8 anLI shlp stholar- 8CINitle$ Tole 2020 Basi5 0 srencs Fh78rK& Ir8nd R&wuThs Execthwe Office F8ciNtles &andshd RoorspaG8 Premises hea ount Cost Cc*St 62 13 34 105 17 337 45 117 529 76 104 276 27 Govern8nGe costs o) 2020 rrtal 40 1.312 193 278 39 9 Govemance costs Unreslricl8d funds 2021 2020 £'ooo £'ooo Audilorfs rernuneration current year prioryear Tru51ees' expenses Leg81 and professi¢M81 fees 16 15 21 31 40 10 Net l•xp•ndltur¢l and net movement in funds This is stated after charging= 2021 £'ooo 2020 £'ooo Audito¢s remuneration Statutory audil - other seNic Depr8ciation Operating lease rentals 19 15 316 301 So¢iety of Chemical Industy 31
Notes to the accounts 31 08camber 2021 11 Staff costs and remunaratlon of k•y managemont personnel Staff costs during the year were as follows.. 2021 £'ooo 2020 £'ooo Wage5 and salaries Soci81 setritY CO515 Other pension costs Staff r8Struclurino Costs Other 1,252 107 97 1,410 119 106 15 13 1,663 12 1,468 A salary sacrifi¢& pension scheme was introdu¢ed during 2012. Under the scheme staff members can choose to sacrifice part of their gross Salary. The amount sacTificed is paid into the individual's pension plan directly by SCI. togèther wtth the asswiated employer's national insurance saving. The average numbei of efftployees during thè year. analysed by function. was as follows.. 2021 Numb•r 2020 Number Conferences support Membetship support PublicHtions support Administrabon and 8UPPOrt 13 15 10 12 36 Of the tgtal average monthly number of employees, 2312020- 291 wère full time and 7 were part time12020- 71. The number of employees whose remuneration was £6D,000 or nM)re were as follows= 2021 Numl>gr 2020 Numbgr 8etweeTr £60,O- £TO.000 Between £70.¢X>O- £80.000 Bett¥een £110,000- £120.000 The key management personnel of the charity in d)arge of directing and ¢onlrolllng the charity and the group on a day-to-day basis comprise the trustees and the Chi8f Exaculive Officer. The total remunèration linGluding employer's national Snsurance and employer p8nsion Gonlributionsl and on-costs of th& key management personnel for the year was £164.58412020- £158.3351. None of the Iruslees received any remuneiation during the year12020- £nill. Society of Chemical Industry 32
Notss to th• a¢¢ounts 31 December 2021 12 Tangibl• fix•d assgts Assets in the course of Construction £'ooo Long leasehold prnIses £'ooo Leasehold Improve- ments £'ooo FumibJre. IT & othèr equipmeni £'OOD Total £'ooo Group and Charlty Cost At 1 J8nu8ry 2021 Addltlons Transfe Disposals At 31 December 2021 2,100 70 33 1691 1.503 105 65 171 1,666 7,073 283 {81 7.348 3.400 2,249 33 O•prociatlon At 1 January 2021 Charge for the year Released on di5P05&1 At 31 Decernber 2021 753 25 830 132 1,071 159 171 1.223 2.654 316 778 962 2,963 Not book value At 31 December 2021 At 31 December 2020 2,622 2.847 1,287 1.270 443 432 4.385 4,419 70 13 Inv•stm•nts 2021 £'ooo 2020 £'ooo Group and Charfty Llsted inv&stment8 al market v•5ue Mark8t V81u8 at 1 January Additions at cost Disposal proceeds Reali$ed gains11055esl Disposals at opening book Ve Unrealisod gains Market value 8131 December 7M06 1.105 11,0471 61 19861 835 8,36 7.407 936 11,3321 1391 11,371 434 7,406 Cash held by inv051rnent manager tor .1v&strnet 73 8.433 172 7,578 Historl¢al cost of Ilstod Inv•stments.. 6.780 At 31 December, listed investment at market value comprised the following= 2021 £'ooo 2020 £'OQD Fixed incorne Equiiies ternatives 1,072 5,360 974 7.406 6,119 1,201 8.360 Society of Chemical Industy 33
Not•s to the accounts 31 December 2021 13 Invostmgnts l¢onlinuedl Al 31 December 2021 listed investments included no individual holdings deemed material when compared with the ovèrall portfolio valuation (including cash held by the investm&nt manager) as of that dale12020- no holdings deemed maleriall. InStment in subsldlary SCI owns 100°/o of the shar8 capital of SCI Business Limited. a company in¢ortx>raled in England and VVa19s, Company Registration Numb&r 02994541. The investment in the subsidiary is held at cost on the charity's balance sheet. The main aGtwities of the company are advertising in SCI'S publicatsons and the hiiing of meeting rDDms. The Gompany donates 011 its taxable proffils lo SCI under the Gift Aid schème. The net assets of the subsidiary at 31 Dec8mbÈr 2021 are £100 represented in full by the share capitsl owned by SCI. A summary of thè subsidiary's financial results for the year is provided below.. 2021 £'ooo 2020 £'ooo Sales Adverb$ing in Ch8rniStry and Industry Room hire sssociated services 22 24 72 74 Cost5 Ilncludlng SCI 8ory1¢è charg881 Advetbsing in Chemistry and Industry Room hire and associated services Accounting and general adrnini5tratlDn 15 26 35 Profrt forthe year b•for8 Gift Ald Gift Aid to SCI 39 1391 Net profit for the yoaf A summary of the subsidiary's financial p05ilion as al 31 December is provided below.. 2021 £'ooo 2020 £'ooo Balance Sheet Current assets Current liabilities Net as$otS 40 1401 82 1821 Represented by.. Share Cgpital Profit 8nd loss account Society of Chemical Industry 34
Not•s to th• a¢¢ounts 31 December 2021 14 D&btors Group 2021 £'ooo Group 2020 £'ooo Charlty 2021 £'ooo Charity 2020 £,)0 Ttade deblor5 Afflounl due frrm subsidiary undertaking Other d&blors Prepaymènts and accrued illrne 120 100 24 94 T17 935 113 95 717 928 751 925 751 15 Credltors.. amounts falling due within one year Group 2021 £'ooo Group 2020 £'ooo Ch8rity 2021 £'ooo Chanty 2020 £'ooo Trade creditors Taxes and social SeGurity LinSee rent deposits Other creditors Deferred incomg (see below) 57 43 66 289 57 249 178 839 57 66 57 236 178 826 327 227 662 311 227 646 Deferrod lft¢ome Def8rrèd inwme relates to annual subscriptions received in advan¢8 from SCI'S members. income from corporate partner agreements covering years, rent invoiced in advance, income re1Ve in the y8ar for confer8nGes taking place next year and royalties relating to Scl'sjournals invoiced in advance. Movements on thè dafèrrèd income balance during the yearwerè aslollows.. Group 2021 £'ooo Group 2020 £'ooo ¢harfty 2021 £'ooo Charity 2020 £'ooo Deferred incorne at 1 January Amounts rdeased lo inco Cash rece¢ved in advan during thg year Deferred incorne at 31 D8cember 178 11581 207 227 339 13221 161 178 178 11581 207 227 339 13221 161 178 16 Creditors: amounts falllng due aft&r mom than one year Group 2021 £'ooo Group 2020 £'ooo Charity 2021 É'ooo Charity 2020 £'ooo Licensee rent deposits Memb8Tship income Conference incorne Lifo cotnposilion f888 (see below) 40 29 29 28 30 87 28 30 87 28 104 28 104 Society of Chemical Industry 35
Not95 to the accounts 31 December 2021 16 Creditor5: amounts falllng due aftèr mor? than ono year Icontinuedl As al 31 December 2021 the charity held a total of £47.74912020 - £86.0131 In eight separale Client Deposit Accounts at HSBC in relation to rent deposits. A deF4)Sit is lègally required to b8 paid by eath of SCI'S tenants on the commen¢emenl oflheir rentsl leasg and is usgd as protÈGtv)n againstthe tK>tgnlial default of rent payment. The deposits are repayable atth8 8nd of the relovanl lease term. The life composition fees are in respect of incom8 r8c8iv8d from m&mb8rs who have opled for life membership of the Society. A life membership payment is released into the accounts as income ovèr a period of nine years. 2021 £'ooo 2020 £'ooo At 1 January D8creas8 In provk%itsn Al 31 Dec8mb8r 38 141 34 131 31 Arnounts falling due wfthin ong year Afflounts falling duo after one yèar 30 31 17 Deslgnatod fundts The income fvnds ofthè charity and the gTOUP inolude the following d8sunated fijnds which have been set aside of unrestricted funds by the trust&8s for specific purp05es'. 2021 £'ooo 2020 £'ooo Group and Charlty Tanglblo fixod ass•ts fund At 1 January Movernenl during th8 year At 31 00¢gmb¢r *k419 4,601 11821 4.419 1341 4,385 The balance on the tangible fixed assets fund at 31 December 2021 rèpr8sènts the c8rying valu8 of SCI'S tangible fixed ass8ts. The availabillty of these assets (which is primarily the aSehOld interest in the property occupied by SCI) is essential lo the day-to-day work of the charity and the group as such, the value ofthès8 assets cannot be regarded as funds that would be realisable th 88se, in order lo meet futLJre ¢onlin9encies. As such, an 8mr)unl equal lo the net book value of the tangible fixed assets has been separated from the Gharty and the group's general funds and held as a s8parat8 designated fund. Society of Chemical Industry
Notes to th• x¢ounts 310gcember 2021 18 R•strict•d funds The income funds of the charty include restricted funds comprising the following to be applied for specrfic purposes: Other galns, 1108sesl & transfers At1 January 2021 £'ooo At31 D¥cembgr 2021 £'ooo Incoma £'DOO Exponditure £'ooo Grovp and charfty £'ooo A J Banks Commemoration Levgrhulrne Priz9 Mes591 S91igman BBnevolent Rideal Trust S P S Andrew ISEC 367 109 35 10 410 122 107 78 131 18 1,387 46 2.247 25 120 87 148 20 1,456 51 2,417 12 33 1941 130 53 11091 226 Atl January 202Q £'ooo Olher gains & Ilo&s@s) At31 D8C8mber Income Expenditur8 eooo 2020 £'ooo Group and chari A J Banks Gommen>orali Levethulfflg Pnz8 Mes5el S81igm&n Benevot Rid081 Tmsl S P SAndrÈw ISEC 345 103 15 367 IQ9 IOT 73 123 [15) 13 107 78 131 18 1,387 46 2.247 1,363 43 2.177 27 (62) 59 {77) lQ2 The maln purpose of each fijnd is 8s follows.. A J Banks Fund- suppts research Sn the ManaCture of foodstuffs and dissemlnation of science. Commemoration Fund- supports the advancement of public education in science according lo the objeclives of SCI. Leverhulm8 PrEe Fund- distributes trBvel bursari88. Messel Fund- supports the advancem8nt of scientific research and includes a pemianerit endowmgnl fvnd of £97,000. Sèligman Fund- assists current or former members of tha Society who may be in financlal need. Society of Chamul Industry 37
Notes to tha accounts 31 December 2021 18 Restricted funds Icontinu8dl 8enèvolent Fund - a5S15ts current or former m8mb8rs of th8 Soci8ty who may be in financial negd. Rid631 Trust Fund- 15 a fund jointly administ8r8d with th8 Royal Socièty of Chemistry. SUPPDrting the advancement of chemical science and colLoids in parb'cular. S P S Andrew Fund- is a fund for lectures and research into neglected sci8n¢e. ISEC Fund - 18 a restricted lund, felaling to conferences on solvent extraction njn by the International Committee for Solvent Exlraclion. 19 Analysis of nat ass•t8 b8tween funds General funds £'ooo Designatsd fndS £'ooo Restricted funds £'ooo 2021 Total £'ooo Group Fund balances al 31 Dgcember 2021 arn rapr8sent8d by: Tangib18 fixed assèts Inv8strnenls Current ssets Creditot5.' amount8 fall1r du8 withln one year Creditor5'. amounts falling due after mort thèn one year 4.385 4.38S 8.433 2.386 16621 6.016 2,386 16621 2.417 11041 7,636 11041 14,43B 4.385 2.417 Gènetsl Dgswnated lunds funds £000 £,0 R8stri¢ted ILinds £'ooo 2020 Tolal Group Fund b8lan¢&s at 31 D8cemb8r2020 a r8prosented by.. T8ngible lixedass8ls Inv&stments Cnt 8s$ets Cr8ditors.' amounts falling due within on8year CrgditorE.' amounts fallirNJ du8 after mor8 Ih8n oneyear 4,419 4,419 7.578 2,838 1839) 5,331 2,838 (839) 2,247 {87) 7,243 (87) 13.909 4,419 2,247 Society of Chemical Industry 38
Notès to th¢ accounts 31 December 2021 19 Analysis of net ass•ts bètw••n funds (Gontinuedl General De$i9nated funds fun¢Js £'ooo £'ooo Restricted funds £'ooo 2021 Total £'ODO Charity Fund balan¢o$ at 31 December 2021 are represented by.. Tangible fixed as5et5 Investments Current assets Creditots.. aTnount5 falling due within Dne year Creditors.. arnounts f811ing due after More tha one year 4,38S 4,385 8.433 2,370 16461 016 2,370 16461 1417 11041 T.636 11041 14.d38 4,385 2.417 Gengral De&gn8ted funds lunrls £'ooo £'ooo Restricted funds 2020 Tol81 Charity Fund balances at 31 Docembar 2020 are represented by.. Tangible fixed assets Investmenis Curr8nta$$ÈtS Cthditors.. amounls falling du& thIn on8y8er cor$.. 8mounls f811in9 due afterrn0 th8n one y8ar 4.419 4,419 7,578 2,824 (825) 5.331 2,824 (825) 2,247 (87) 7,243 (87) 73,909 4.419 2.247 The total unrealisgd gains a5 at 31 Decemb8r included in the above constitute movements on revaluation of thè charty's listed investmants. Movemen15 during the year were as follows.. 2021 £'ooo 2020 £'ooo Reconclliallon of movoments in unwllsed gains.. Total unrealised gains Ilossesl èt 1 January Add118ssI in respect 10 disposals in the year Add gains arlsing on revaluations in the year Total unrealised gains at 31 D8C8mber 221 1391 444 826 61 703 1,390 20 Commitments under opgratSng lea$es At 31 December the group and charity were commrtt8d to totsl future minimum leasa payments under n-canCelIable operating leases as follc)ws: Office equipment 2021 2020 £'ooo £'ooo Within one year Within two to fNe ye8rs iely of Chemical Industy 39
Notes t¢ th¢ accounts 31 December 2021 21 Rglated party transactions SCI Busin6ss Limited is a wholly owned subsidiary of SCI. The subsidiary donates all profts to SCI in the form of a Gift Aid donation (see note 131. Tme accounts do not include disclosure of any furthertransaclions belwe8n SCI and SCI Business Limited. By virttje of SCI Business Limrted being a wholly owned subsidiary undertaking of SCI. SCI is exernpt from the requirement lo disclose such transactions under seclion 33.1A of FRS 102. None of the trustees lor any persons connected with them} received any remuneration during the year. but one of them was r&imbursed a total of £197 in expenses12020- 12 were reimburs8d £4,068) travel and meeting costs. All of the Iruslees are members of the Society and as such. pay an annual membership SLtrbscriplion. The trustees do not benefft from any discounts in the subscription rat88 set by the Sooety for all other m&mbers. 22 Raglstered trusteés funds and joint accounts Th8 rèsults of tha tsvo charities below ar& consolidated into SCI'S accounts as restrict8d funds (see note 181. SCI Benevolent Fund Registered Charity NuMr 277329 Regist8r8d Charity Numbèr 271558 Rideal Trust SCI 8en•volgnt Fund The object of SCI'S Bengvolent Fund is lo provide finan¢k41 relief to persons who are or h8ve be6n members of the Society and tg their spouses, chlldren and dependents and to the widowslwidowers, children and dependents of deceased mambers. The ass8ts as at 31 Decembar 2021 amounted to £146,000. The Rideal Twst The object of the Rideal Trusl is the general advancement of chemical science and. in particular. branches relating to the chernisorption, colloid science, int8rfa¢e science. catstysis and related topi¢s. The Trust is jointly adminstered by SCI and thè Royal Society of Chemistry. The activitiès of the Trust directly support the ov8rall object of thè Society which is to advanc the scienca of applied chemisty and related sci8nces for the public benefit by providing information. granting bursari8s, awards etc. The assets as at 31 December 2021 amounted to £20,000. Society of Chamal Induslry 40
N¢>tes to th• accounts 31 Decembèr 2021 22 Rg91StgTed trustoes funds and jolnt accounts lconlinuadl All resources are restri¢¢ed by the Tru5( D86d8 BnOI0nt Fund Rldgal Trust 2021 £'ooo 2020 £'ooo 2021 £'ooo 2020 £'ooo ststement of financSal actlvlllgs Donations Inve5ttn8nt Total In¢orn8 Grants and award5 Other expendilur8 Total expondr• Ngt Income Galns on Investment8 12 Income and movement In funds 15 Total funds brought fon¥ard 123 18 1T Total fund5 carrled fOard 146 131 20 18 Balancg sh¢et Invg$tm•nts At market value Totsl net a8sel$ 131 20 20 18 18 146 sletY of Chemical Industry 41