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2022-12-31-accounts

2022 SCI® ANNUAL REPORT & ACCOUNTS

The SCI ® Community

w h e r e s c i e n c e m e e t s b u s i n e s s

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REPORTS Reference and administrative information ................................... 5 Trustees’ report.............................. 6 Independent auditor’s report ........ 18 ACCOUNTS Consolidated statement of financial activities ................... 23 Balance sheets ............................. 24 Consolidated statement of cash flows ............................... 25 Principal accounting policies ........ 26 Notes to the accounts .................. 30

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 3

2022 SCI[®] ANNUAL REPORT & ACCOUNTS

S O C I E T Y O F C H E M I C A L I N D U S T R Y REPORTS

4 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

W H E R E S C I E N C E M E E T S B U S I N E S S

REFERENCE & ADMINISTRATIVE INFORMATION

TRUSTEES

Mr H Swan (Chairman) Ms C Frankish (Honorary Treasurer) Dr D Allen Dr B Alston Ms L Bruce-Gardyne Dr N Challoner Dr C Crowhurst Dr G Fowler Dr J Hague Prof R Jones Dr G Mackey Dr S Malik Dr K Matthews Dr J Parker Dr J Sheridan Dr S Skerratt Prof J Sweeney Dr A Walker Prof A Waterhouse Dr T Wood CHIEF EXECUTIVE OFFICER Ms S E Todd

No. CHARITY REGISTRATION NUMBER 206883

AUDITOR

Buzzacott LLP 130 Wood Street London EC2V 6DL

INVESTMENT MANAGER

Quilter Cheviot Investment Management 1 Kingsway London WC2B 6AN

BANKERS

HSBC Bank plc The Peak 333 Vauxhall Bridge Road London SW1V 1EJ

PRINCIPAL OFFICE

SOLICITORS

14-15 Belgrave Square London SW1X 8PS

Stone King LLP 16 St John’s Lane London EC1M 4BS

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R E P O R T S A C C O U N T S

W H E R E S C I E N C E M E E T S B U S I N E S S

TRUSTEES’ REPORT

The trustees present their statutory report together with the audited accounts of the Society of Chemical Industry (“SCI[®] ” or “the Society”) for the year ended 31 December 2022. The accounts have been prepared in accordance with the accounting policies set out on pages 26 to 29 of the attached accounts and comply 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 United Kingdom and Republic of Ireland (FRS 102).

OBJECTIVES & ACTIVITIES

SCI[®] was established in 1881 by forward thinking scientists, inventors and entrepreneurs to help support and accelerate the rate of adoption of chemistry and related science into industry for the benefit of society. During its 142 years SCI[®] ’s community has developed a multitude of new products and processes across a wide range of industry sectors, from new medicines to new materials, bringing extensive benefits to society.

Operating as an international membership organisation, SCI[®] connects industry with academia, government and other key stakeholders to come together to solve some of the biggest global challenges facing society, whether that is developing scientific solutions to Climate Change or Health and Wellbeing issues. By harnessing its unique networks novel solutions are developed, new entrepreneurial businesses are supported, and ideas are developed into reality.

SCI[®] ’s is a unique community, being multidisciplinary, bringing together people from different disciplines, businesses and backgrounds. A wide range of industry sectors are represented, including agrifood, energy and materials, pharmaceutical and consumer products. Members range from C suite and Heads of R&D and Innovation to marketing and business development professionals, patent lawyers and a wide range of scientists and engineers. Academics include chemists, biochemists, biologists, horticulturalists, environmental scientists, digital scientists and engineers.

In formulating the Society’s aims and in planning the work of the charity, the trustees confirm that they have had due regard to the general guidance published by the Charity Commission on public benefit.

SCI[®] ’s current strategy has focussed on SCI[®] committing to:

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1. 2. 3. 4.
Re c ognising &
Accelerating Supporting the Public
Rewarding Excellence
Innovation Next Generation Outreach
in Innovation
Helping to promote and Providing valuable Recognising Engaging the pubic
support the acceleration of resources for members individuals or in the benefits of
emerging technologies into including gaining new teams who show the application of
industry for the benefit knowledge, personal leadership in science via events,
of society through the development and innovation or publications, C&I
translation of knowledge via training, and who excel in Magazine, SCIBlog,
conferences, publications and support to build the application and the SCITalks Public
by building communities. new networks. of science. Lecture Programme.
ANNUAL REPORT & ACCOUNTS 2022
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CHARITABLE PURPOSE

As a charity SCI[®] is focussed on its charitable purpose and delivering impact for society. Our community is working to provide scientific solutions to the most difficult challenges facing society today. These range across Climate Change, Sustainability and Health and Wellbeing.

ADDRESSING CLIMATE CHANGE

SCI[®] ’s communities continue to work on addressing the energy transition, developing new forms of energy, new materials and recycling technologies. SCI[®] continues to publish cutting edge translational research in these areas and run conferences showcasing emerging technologies.

ADDRESSING HEALTH & WELLBEING

SCI[®] ’s communities work on addressing a range of societal challenges across new therapies and treatments to address cancer and other major diseases. Health and sustainability of agriculture and food production is a key thematic area, as is new sustainable materials for consumer products, the everyday products we use every day. Throughout the year SCI[®] published emerging research that could be applied in these areas and ran a range of conferences and events addressing how emerging technologies are being adopted by industry.

CONVENING COLLABORATIONS

Collaboration is a key underpin to accelerating scientific innovation and this was seen very clearly with the rapid development of the covid vaccines. One of SCI[®] ’s roles is to convene communities across multidisciplinary boundaries so that ideas can be developed, and new alliances formed to work together to solve societal challenges.

Over the last 5 years SCI[®] has connected up over 900 companies with 500 Universities to help accelerate science out of the lab and into industrial products for society.

INVESTING IN THE NEXT GENERATION

SCI[®] continues to have a strong focus on supporting and developing early and mid-career members. Activities are aimed at educating and developing this critical group of future scientists, inventors and entrepreneurs. Events covered a wide range of technology areas as well as functional areas covered in various training programmes, such as developing and managing a commercial intellectual property portfolio. During the year all programmes, such as the Mentoring Programme, continued to operate.

PUBLIC OUTREACH

The SCITalks public lecture programme ran throughout 2022. The programme is an important part of SCI[®] ’s outreach programme, helping to educate and engage the public on the importance of science and industry for society.

Talks given ranged from developing solutions to climate change, such as ‘Why we ignore climate change, and what we can do about it’ and ‘Agrifood science in a time of climate change’ to improving education around the science

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A C C O U N T S

of everyday products, such as ‘A Century of Ingredients: The Chemistry Behind Beauty & Personal Care Products’.

DIVERSITY

SCI[®] ’s charitable purpose is built on diversity – fostering collaboration, working with others with diverse backgrounds and experiences and supporting others for a common purpose are at the heart of the organisation’s Purpose. SCI[®] strives to ensure that these values are operating in action within the organisation. Over recent years we have sought to encourage a broadening of the age range of members within the organisation and encouraged gender diversity. The age demographic has moved over recent years as shown below and the representation of females in the Society has increased from 26.6% in 2016 to over 30% in 2022, with strong representation in the student member group, where

50% are female. The widening of age ranges is shown in Figure 2. The Society supports the Daphne Jackson Trust and funds scholarships to assist those who are seeking to come back into the workplace. It has sought broader representation across its governance committees, including the Board of Trustees, and has recently elected its first female Honorary Treasurer. We will continue to focus on recognising and valuing diversity, and on making SCI[®] a welcoming environment for all.

CONTRIBUTIONS FROM VOLUNTEERS

The Society continues to run a wide range of activities thanks to the incredible contribution of the many members and volunteers who support SCI[®] . We continue to recognise their important contribution and are grateful for their vision and passion, giving their time and expertise to the charity.

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100%
26.6%
30%
80%
60%
40%
20%
Female
0% Male
2016 2022
FIGURE 1: Gender split
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100%
80%
60% 18-25
26-35
40% 36-45
46-55
20%
56-65
0% 66+
2016 2022
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FIGURE 2: Age demographic period 2016-2022

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50% of SCI [®] ’s award recipients were female and 50% male.
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YEAR IN REVIEW

2022 has been a transitional year as the organisation has emerged from the covid pandemic, with income across all areas growing throughout the year. Membership has continued to grow, publications have recovered, and conferences are stabilising back into a mix of in-person and online events.

MEMBERSHIP

Membership numbers have continued their steady growth, with year on year increases seen over the last 6 years resulting in a continued growth in membership income.

Readership across all publications continues to grow, in particular in the digital media area, with increases of +35% on C&I and +23% of the online news.

CONFERENCES

During the year all existing corporate partners continued their support for SCI[®] and renewed their memberships and we were delighted to welcome Givaudan, Innospec and Evotec as new partners during the year. SCI[®] ’s community of start-up and Small to Medium Enterprises (SMEs) also continues to grow with around 300 companies being active in the organisation.

Throughout the year a number of regular SCI[®] conferences resumed, with 55 events being held during the year, across a range of topics covering our Societal Challenge areas of Climate Change, Health and Wellbeing and Sustainability. Delegate numbers held up but were down on 2021, reflecting the mix of conferences held.

PROPERTY

SCI[®] now represents organisations with revenues in excess of $400 Billion, with research and development investments amounting to around $20 Billion per annum globally.

The membership continues to grow in diversity. Members range from early career to mid-career and C-suite, over 30% are female and the average age of members is 47.

Income from property has seen an increase as both longterm rentals and short-term room hire started to recover post covid. Two new tenancy agreements were put in place and rental of the conference facilities increased, although not recovering to pre-covid levels.

Property income increased by 62% from 2021.

We are the largest R&D focussed community – with over $30bn invested in R&D globally.

PUBLICATIONS

The global pandemic significantly disrupted scientific research, and this translated into some income decline in publications income. During the year some income recovered although the picture was not consistent across SCI[®] ’s publishing portfolio. Competition is increasing, in particular as the market move to open access continues to accelerate.

AWARDS: RECOGNISING EXCELLENCE IN INNOVATION

SCI[®] runs an extensive international Awards Programme, promoting and recognising excellence in innovation and industry. Scholarships and awards are presented to early and mid-career scientists from academia and industry, to support their personal development or to fund research. During the year over 120 awards were presented, including scholarships, fellowships and prizes to recipients in organisations across 5 countries. This was an increase on 2021 (90 awards). 50% of award recipients were female and 50% male.

During 2022 one of the senior medals, the Lister Medal, was awarded to Sir Patrick Vallance, Chief Scientist to the UK Government, for his leadership during the covid pandemic. The Medal was awarded at the Royal Society of Edinburgh.

FUTURE PLANS

SCI[®] STRATEGY

SCI[®] is in the process of developing a new strategy that will delivery our charitable objectives into the future. The previous strategic period of SCI[®] 2016 to 2021 focussed on developing the important underpins to accelerating innovation, such as establishing a strong membership base, ensuring a healthy govern-

ance structure and investing in new capabilities such as the digital assets. The new strategy will build on this base and will be focussed on how we can accelerate developments across our identified societal challenge areas of Climate Change, Sustainability and Health and Wellbeing.

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GOVERNANCE, STRUCTURE & MANAGEMENT

CONSTITUTION

The Society of Chemical Industry was founded in 1881 and incorporated by Royal Charter in 1907. A copy of the Royal Charter, By-laws and Rules which governs the charity’s activities may be obtained on request from the principal office at 14-15 Belgrave Square, London, SW1X 8PS or viewed on our website, www.soci.org. SCI[®] registered itself with the Charity Commission in 1962 (Charity Registration No 206883).

BOARD OF TRUSTEES

Overall responsibility for the affairs of the charity lies with its Board of Trustees (“the Board” or “BoT”). The following trustees were in office throughout the period of report and up to the date of approval of the annual report and accounts, except where shown in Table 1.

EXECUTIVE MANAGEMENT

The Chief Executive is responsible to the Board for the efficient conduct of SCI[®] ’s affairs in accordance with the Royal Charter, By-Laws and Rules and the delivery of the strategy and the day-to-day management of SCI[®] . The Chief Executive delegates to the line managers. Staff work to an operational plan and budget agreed with the Board, with progress reported to the trustees on a regular basis. The management and staff work within a framework of delegated authority.

GOVERNANCE STRUCTURE AND MANAGEMENT

The SCI[®] is governed by the Board of Trustees, supported by governance committees, to provide advice and support to the Board and the CEO on aspects of the Society. Authority is delegated to the Chief Executive and her team to manage the strategy and operations of the Society. The trustees consider that they, together with the Chief Executive, comprise the key management personnel of the charity in charge of directing and running the operations of the charity.

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BOARD OF TRUSTEES TABLE 1
TRUSTEE APPOINTED/RESIGNED
Mr H Swan (Chair)
Ms C Frankish
Appointed July 2022
(Honorary Treasurer)
Dr D Allen
Dr B Alston
Mr D Birkett Resigned July 2022
Dr N Challoner
Dr C Crowhurst
Dr G Fowler
Dr J Hague
Prof R Jones
Dr G Mackey Appointed July 2022
Dr S Malik Appointed July 2022
Dr K Matthews
Dr J Parker Appointed July 2022
Dr J Sheridan Appointed July 2022
Prof J Mordue-Luntz Resigned July 2022
Prof J Sweeney
Prof K C Thompson Resigned July 2022
Dr A Walker
Prof A Waterhouse Appointed July 2022
Dr D Witty Resigned July 2022
Ms L Bruce-Gardyne
Dr S Skerratt
Dr T Wood
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Trustees are kept up-to-date with best practice standards and developments in governance through the Chief Executive and the Society’s professional advisors. SCI[®] seeks to comply with the Charity Governance Code for the voluntary and community sector. New trustees and those taking office on Standing Committees are made aware of the responsibilities of trustees and office bearers under the Charities Act 2011 and under the Society’s governing documents.

Members are elected to governance committees via an annual election process. Co-opted positions are used to attract trustees with skills and talent to complement the trustees elected by the membership of the Society. Trustees are not remunerated for their services to the charity.

SCI[®] pursues an overall policy of transparency and clear

communication. Minutes are taken at all meetings and actions documented. SCI[®] communicates with its community through a range of publications, such as C&I, electronic newsletters, via the website and social media.

TRADING SUBSIDIARY

SCI[®] owns and controls the operations of a wholly owned subsidiary company, SCI[®] Business Limited (Company Registration Number 02994541). It undertakes trading activities, which are ancillary to, but not part of, SCI[®] ’s core activities, and donates the annual profits to SCI[®] in the form of a Gift Aid donation.

The accounts accompanying the annual report are consolidated and incorporate the financial results and year end position of both SCI[®] and its wholly owned subsidiary.

STANDING COMMITTEES AND SUB-COMMITTEES

The Board is supported by one Standing Committee and five Sub-Committees, which advise on specific aspects of SCI[®] ’s work. The Chairs of each are also members of the Board of Trustees.

Finance and Investments Advisory Committee (FIAC)

FIAC is a Standing Committee and advises the Board on all financial matters relating to the Society including investments, investment policy issues, reserves policy, budgets (annual and project related), IT policy and property.

Membership Committee (MC)

The Membership Committee advises the Board and the Chief Executive on ways and means of enhancing the value of SCI[®] membership from the members’ perspective.

Careers Committee (CC)

The Careers Committee advises on services and initiatives to support careers members of SCI[®] . CC also manages the College of Scholars and oversees key awards.

Senior Appointments and Remuneration Committee (SARC)

SARC’s role is to appoint the Chief Executive and to approve overall pay increases for staff.

Nominations Committee (NC)

Publications Committee (PC)

The Publications Committee is responsible for advising the Board on SCI[®] publishing activities and strategies.

The Nominations Committee, chaired by the SCI[®] President, has the remit to oversee and strengthen the process of appointment or election of members to governance positions.

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A C C O U N T S

FINANCIAL REVIEW

RESULTS FOR THE YEAR

Total income for the year amounted to £2,921k (2021 – £2,593k). The principal funding sources were: publications £1,745k (2021 – £1,681k), conferences £188k (2021 – £165k), investment income £235k (2020 – £225k), income from letting and licensing of premises £424k (2021 – £261k), commercial trading operations £116k (2021 – £24k); and member subscriptions of £197k (2021 – £163k).

Total expenditure for the year amounted to £3,234k (2021 – £2,960k) due primarily to the resumption of the conference programme. Of the expenditure incurred in the year, £3,073k (2021 – £2,867k) representing 95% (2021 – 97%) of the total expenditure incurred, was spent on charitable activities, which includes directly attributable costs, project costs and overhead costs supporting core charitable objectives.

Other expenditure incurred of £161k (2021 – £93k) was in respect of trading activities, letting and hiring of premises and investment management.

The net expenditure for the year before investment gains and losses was therefore £313k (2021 – net expenditure of £367k).

After accounting for the net changes generated on the revaluation and disposal of listed investments of £1,213k (2021 – gains of £896k), the charity’s overall funds decreased by £1,526 (2021- increased by £529k).

The Society’s wholly owned trading subsidiary, SCI[®] Business Limited, reported a profit before Gift Aid donations of £42k (2021 – £1k). The profit earned was payable to the parent charity under Gift Aid in order to assist in meeting its objectives.

Total income for the year amounted to £2,921k

SCI[®] ’s TOTAL INCOME 2022

1,745k Publications 424k Letting and licensing premises 235k Investments 188k Conferences 197k Member subscriptions 116k Commercial trading operations 16k Other

FUNDRAISING

The Society does not currently engage in traditional forms of fundraising activity such as collections or appeals, and as such, the trustees do not consider it necessary at the moment for the Society to adopt any particular code of practice in this area. However, the Society has conducted an initial scoping exercise in the area of fundraising, incorporating process, procedure, governance and compliance. No complaints have been received by the Society in relation to fundraising.

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£2,921k
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In 2022, SCI[®] income was £2,921k

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ISSUE 01 | JANUARY 2023
EVOLUTIONDISORDERULTRASOUND ROUTE TO HIGH ENTROPY MATERIALS DEVELOPING LACTOSE INTOLERANCE MORE RESEARCH APPLICATIONS
ARE WE
READY FOR
A MAJOR
EVENT?
£1,745k
In 2022 total publication
revenue was £1,745k.
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£313k
£367k
2022 2021
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The net expenditure for the year before investment gains and losses was £313k.

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£3,234k
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2022 total expenditure amounted to £3,234k was spent on charitable activities.

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£540k
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In 2022 total revenue income from lettings and room hire was £540k.

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+£529k
£1.53M
2021
2022
The charity’s overall funds
decreased by £1.53M.
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A C C O U N T S

INVESTMENT POLICY AND PERFORMANCE

All funds of the Society not immediately required to be used or applied for the ordinary purposes of, or in carrying out the objects of, the Society and any property held by the Society, subject to the terms of any trust, may be invested by the Board of Trustees on behalf of the Society in any permitted investment.

The Board may appoint and terminate the appointment of investment managers upon such terms and conditions as they may from time to time determine, except that no person should be appointed as investment manager unless authorised for this purpose in accordance with the Financial Services Act 2010 or any statutory modification thereof or replacement thereof.

Under delegated authority from the Board of Trustees, administration of the funds of the Society, subject to the overall authority of the Board, are overseen by the Finance, Investments and Audit Committee (“FIAC”). FIAC members take advice on the investment portfolio and performance from an independent advisor, Quilter Cheviot Investment Management, who are also responsible for the management of the charity’s investments. They assist the Committee to review the investment policy, asset reallocation and risk level. The Committee reviewed SCI[®] ’s investment policy in late 2018. The overall policy is for a broadly moderate risk appetite, with balanced expectations of income and gains.

£7,178k The market value of investments at 31 December 2022 was £7,178k.

£235k Income from listed investments during the year amounted to £235k.

£1,213k The net losses on the listed investments in 2022 were £1,213k.

-12.1% The total return on the portfolio for the year to 31 December 2022 was -12.1%.

£4,219k At the year end, the balance of the separate designated fund was £4,219k.

The market value of investments at 31 December 2022 was £7,178k compared with £8,433k at 31 December 2021.

Income from listed investments during the year amounted to £235k (2021 – £225k) representing an income yield of approximately 2.78% (2021 – 2.86%). The net losses on the listed investments in 2022 were £1,213k (2021 – gains of £896k). The total return on the portfolio for the year to 31 December 2021 was -12.1% compared with the benchmark return of -10.2% as per the published ARC Steady Growth Charity Index (2021: 14.2% vs 12.3%).

£2,195k

At 31 December 2022, funds totalling £2,195k comprised restricted funds that must be applied in accordance with the wishes of the donor.

Surplus cash is held in deposit accounts with the Society’s bankers, HSBC.

RESERVES POLICY AND FINANCIAL POSITION

Part of the charity’s net assets is represented by the net book value of SCI[®] ’s interest in its tangible fixed assets. The availability of these assets is essential to the day-to-day work of the charity and as such, the value of these assets cannot be regarded as funds that would be realisable with ease, in order to meet future contingencies. As such, an amount equal to the net book value of the tangible fixed assets has been separated from the charity’s general funds and held as a separate designated fund. At the year end, the balance on this fund was £4,219k (2021 – £4,385k).

At 31 December 2022, funds totalling £2,195k (2021 – £2,417k) comprised restricted funds that must be applied in accordance with the wishes of the donor.

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FIAC has considered SCI[®] ’s free reserves requirements and advised on the same to the charity’s Board. Free reserves comprise the general funds of the Society, excluding designated and restricted funds. When setting the reserves policy, FIAC and the Board have given consideration to the following:

operational existence for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue operating as a going concern. In making this decision, the trustees have taken into consideration the risks and uncertainties arising from the Coronavirus pandemic and conclude that the charity can sustain its operations for a period of at least twelve months from date of signing these accounts. Consequently, the financial statements have therefore been prepared on the basis that the charity remains a going concern.

RELATED ENTITIES

During 2019 SCI[®] established two Dutch legal entities to support and promote SCI[®] ’s activities in Europe post Brexit. SCI[®] Europe B.V. (registration no. 860729813) and Stichting SCI[®] Europe (860729795) were both registered on 16 December 2019 and remained dormant to 31 December 2022.

FUNDS HELD AS CUSTODIAN TRUSTEE

The Society acts as Custodian Trustee for the SCI[®] Benevolent Fund and Rideal Trust. The financial results of these two charities are consolidated into SCI[®] ’s accounts and full accounts for the trust funds are produced in note 22 in compliance with Charity Commission guidelines.

European expansion

At 31 December 2022, the charity held free reserves totalling £6.5m (2021 – £7.6m). While the actual level of free reserves is below the desired level, the trustees are satisfied with the level of free reserves, taking into account the significant investment in the infrastructure in 2019 and the disruption associated with the COVID pandemic. A review of the reserves is now planned for this year.

GOING CONCERN

There is a reasonable expectation that the Society of Chemical Industry has adequate resources to continue in

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A C C O U N T S

SCI[®] Benevolent Fund

The object of SCI[®] ’s Benevolent Fund is to provide financial relief to persons who are or have been members of the Society and to their spouses, children and dependents and to the widows/widowers, children and dependents of deceased members. The assets as at 31 December 2022 are investments, which amounted to £132k.

The Rideal Trust

The object of the Rideal Trust is the general advancement of chemical science and, in particular, branches relating to chemisorption, colloid science, interface science, catalysis and related topics. The Trust is jointly administered by SCI[®] and the Royal Society of Chemistry. The activities of the Trust directly support the overall object of the Society which is to advance the science of applied chemistry and related sciences for the public benefit by providing information, granting bursaries, awards etc. The assets as at 31 December 2022 are investments, which amounted to £16k.

The Rideal Trust is jointly administered by SCI[®] and the Royal Society of Chemistry.

RISK MANAGEMENT

The trustees operate a system of risk management through FIAC, the Executive, and the Board of Trustees. A Risk Register is in place and is regularly reviewed throughout the year by FIAC, the Executive and BoT.

The trustees regularly review the high-level risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks.

The main risks to the Society continue to be market related – in particular from the potential impact of open access on publishing income and the potential volatility in the investment earnings. The potential loss of income from publishing is managed by having programmes in place to deliver income growth and appropriate agreements with the publishing partner. The investments are reviewed by FIAC regularly against benchmarks to determine the effectiveness of the investment strategy, which can then be modified if required.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the income and expenditure of the charity and the group for that period. In preparing these accounts, the trustees are required to:

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Sir Eric Keightley Rideal Credit: NPC, by Hills & Saunders, Creative Commons
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16 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity and the group’s constitution. They are also responsible for safeguarding the assets of the charity and the group 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 the group and financial information included on the charity and the group’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Approved by the trustees and signed on their behalf by:

Honorary Treasurer Approved by the Board of Trustees on: 24 May 2023

Chloe Frankish

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A C C O U N T S

W H E R E S C I E N C E M E E T S B U S I N E S S

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s report to the members and trustees of Society of Chemical Industry

OPINION

We have audited the accounts of Society of Chemical Industry (the ‘parent charity’) including its subsidiary (collectively the ‘group’) for the year ended 31 December 2022 which comprise the group statement of financial activities, group and parent charity balance sheets, group statement of cash flows, the principal accounting policies and notes to the accounts. The financial reporting framework that has been applied in their preparation is 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).

In our opinion, the accounts:

We conducted our audit in

accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these require-

ments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon.

Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

18 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the group’s and the parent charity’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 19

R E P O R T S

A C C O U N T S

How the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

20 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of key management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/ auditorsresponsibilities.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Date: 26 October 2023

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 21

2022 SCI[®] ANNUAL REPORT & ACCOUNTS

S O C I E T Y O F C H E M I C A L I N D U S T R Y ACCOUNTS

22 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

W H E R E S C I E N C E M E E T S B U S I N E S S

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Year to 31 December 2022

Unrestricted Restricted 2022 Unrestricted Restricted 2021
funds funds Total funds funds funds Total funds
£’000 £’000 £’000 £’000 £’000 £’000
Income from:
Charitable activities 2 2,130 — 2,130 2,009 — 2,009
Other trading activities 3 540 — 540 285 — 285
Investments 4 179 56 235 172 53 225
Grant income (CJRS) — — — 22 — 22
Other income 16 — 16 52 — 52
Total income 2,865 56 2,921 2,540 53 2,593
Expenditure
Raising funds 5 161 — 161 93 — 93
Charitable activities 6 3,086 (13) 3,073 2,758 109 2,867
Total expenditure 3,247 (13) 3,234 2,851 109 2,960
Net (expenditure) income
before gains and losses on
investments and transfers (382) 69 (313) (311) (56) (367)
Transfers — — — (14) 14 —
Net (expenditure) income
before gains and losses on
investments (382) 69 (313) (325) (42) (367)
Net (losses) gains on the
revaluation and disposal of
listed investments 13 (922) (291) (1,213) 684 212 896
Net (expenditure) income and
net movement in funds 10 (1,304) (222) (1,526) 359 170 529
Reconciliation of funds:
Fund balances brought forward
at 1 January 12,021 2,417 14,438 11,662 2,247 13,909
Fund balances carried forward
at 31 December 10,717 2,195 12,912 12,021 2,417 14,438

All of the group’s activities derived from continuing operations during the above two financial periods.

The group has no recognised gains and losses other than those shown in the consolidated statement of financial activities.

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 23

R E P O R T S A C C O U N T S

W H E R E S C I E N C E M E E T S B U S I N E S S

BALANCE SHEETS

31 December 2022

Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000
Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due
within one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
16
Total net assets
The funds of the group and charity:
Unrestricted funds
Designated funds
17
General funds
4,219 4,385 4,219 4,385
7,178 8,433 7,178 8,433
11,397 12,818 11,397 12,818
1,135 928 1,226 935
1,240 1,458 1,133 1,435
2,375 2,386 2,359 2,370
(681) (662) (665) (646)
1,694 1,724 1,694 1,724
13,091
14,542
13,091
14,542
(179)
(104)
(179)
(104)
12,912 14,438 12,912 14,438
4,219 4,385 4,219 4,385
6,498 7,636 6,498 7,636
10,717 12,021 10,717 12,021
Restricted funds
18		 2,195 2,417 2,195 2,417
12,912 14,438 12,912 14,438

Approved by the trustees and signed on their behalf by:

Honorary Treasurer

Approved by the Board of Trustees on: 24 May 2023

24 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

W H E R E S C I E N C E M E E T S B U S I N E S S

CONSOLIDATED STATEMENT OF CASH FLOWS

Year to 31 December 2022

Notes 2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Cash flows from operating activities:
Net cash (used in) operating activities
A
Cash flows from investing activities:
Investment income
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
B
Cash and cash equivalents at 31 December
B
(387)
(438)
235
225
(182)
(283)
1,090
1,047
(1,050)
(1,105)
93
(116)
(294)
(554)
1,531
2,085
1,238
1,531

Notes to the statement of cash flows for the year to 31 December:

A Reconciliation of net income to net cash (used in) operating activities

2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Net (expenditure) income (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Loss on the disposal of fixed assets
Losses (gains) on investments
Investment income
(Increase) in debtors
Increase (decrease) in creditors
Net cash (used in) operating activities		 (1,526)
529
348
316
—
1
1,214
(896)
(235)
(225)
(208)
(3)
20
(160)
(387)
(438)

B Analysis of changes in net debt

2022
£’000
2021
£’000
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,240
1,458
(2)
73
1,238
1,531

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 25

R E P O R T S

A C C O U N T S

W H E R E S C I E N C E M E E T S B U S I N E S S

PRINCIPAL ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

BASIS OF PREPARATION

These accounts have been prepared for the year to 31 December 2022 with comparative information in respect of the year to 31 December 2021. They are presented in sterling and are rounded to the nearest thousand pounds.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by

FRS 102.

CRITICAL ACCOUNTING ESTIMATES

AND AREAS OF JUDGEMENT

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

ASSESSMENT OF GOING CONCERN

The trustees have assessed whether the use of the 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.

BASIS OF CONSOLIDATION

The consolidated statement of financial activities and group balance sheet consolidate the results of SCI[®] and its wholly owned subsidiary company, SCI[®] Business Limited, groups and applicable trust funds, made up at the balance sheet date. The results are consolidated on a line-by-line basis.

The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets.

The results of all the groups were fully incorporated into the Society’s accounts with the exception of the Macro Group which is jointly administered with the Royal Society of Chemistry.

The charity is taking advantage of the concession to only provide a consolidated statement of financial activities and income and expenditure account as permitted by the Charities SORP FRS 102. No separate statement of financial activities has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006.

INCOME RECOGNITION

Income is recognised in the period in which the charity and the group have entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. It excludes VAT where charged.

Income is deferred only when the charity and the group has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

26 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

Income comprises donations, legacies, grants, income from charitable activities including conferences and events, publications and membership subscription; income from other trading activities including the letting and licensing of the charity’s premises; and investment income and interest receivable.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Grant funding is recognised as and when the work is completed and the grant conditions are fulfilled.

Income from conferences and events are recognised in the financial period in which the conference or event was hosted.

Income from publications and royalties are recognised in the period in which the royalties were accrued or the publications sold.

Life membership can be purchased based on 10 years standing and aged 60 or over on a sliding scale.

Annual membership subscriptions are recognised as income on an accruals basis applicable to the membership period, and part of the subscription applicable to 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 reflect the costs of providing future membership benefits to such members, a provision is calculated multiplying the annual membership subscription by the estimated number of years that the benefits will be provided for each life member.

Income derived from the letting and licensing of the charity’s premises, is recognised in the period to which the letting or licencing relates. Rent free period income is recognised as a deferred debtor which is written down over the lease period or the lease break clause date, whichever is earlier.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 27

R E P O R T S

A C C O U N T S

EXPENDITURE RECOGNITION

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity and the group to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Irrecoverable input VAT is included in the expenditure. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Grants are awarded from various restricted funds by the Early Careers Committee to successful applicants. Each fund has its own particular criteria. They are accounted for in the statement of financial activities in the year in which they are awarded.

Expenditure 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).

ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity and the group it is necessary to provide support in the form of a finance function, IT and human resources function, and facilities management support.

Furthermore, support costs include governance costs. These comprise the costs involving the public accountability of the charity and the group (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs including governance costs are allocated to the various categories of charitable expenditure on an

appropriate basis such as the number of staff serviced in each area, floor space, or in proportion to direct costs. The basis of allocation is further explained in note 8 to the accounts.

TANGIBLE FIXED ASSETS

Tangible fixed assets costing less than £1,000 are not capitalised and are written off in the year of purchase.

Tangible fixed assets which are capitalised are included at cost (including any incidental expenses of acquisition), stated at cost less accumulated depreciation.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Long leasehold property by equal instalments over the life of the lease Leasehold improvements ten to twenty years on cost Furniture, IT & other equipment three to five years on cost

Assets under the course of construction are not depreciated until the asset is complete and available for use.

The property is subject to an annual impairment review.

INVESTMENTS

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

As noted above, the main form of financial risk faced by the charity and the group is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

The Society’s investment in its wholly owned trading subsidiary is included in the charity balance sheet at cost.

DEBTORS

Debtors are recognised at their settlement amount, less

28 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

CASH AT BANK AND IN HAND

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

income and expenditure through the statement of financial activities.

TAXATION

SCI[®] is a UK registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

SCI[®] Business Limited passes all its taxable profits as Gift Aid to the Society in accordance with an agreed Deed of Covenant.

CUSTODIAN ARRANGEMENTS

CREDITORS AND PROVISIONS

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity and the group anticipate it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

FUND ACCOUNTING

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.

The Society acts as Custodian Trustee for the SCI[®] Benevolent Fund and Rideal Trust. The financial results of these two charities are consolidated into SCI[®] ’s accounts and full accounts for the trust funds are produced in note 22 in compliance with Charity Commission guidelines.

FINANCIAL INSTRUMENTS

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets –

other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

LEASED ASSETS

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities in equal annual amounts over the lease term.

Cash at bank –

classified as a basic financial instrument and is measured at face value.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or if appropriate at the forward contract rate. All differences are taken to

Financial liabilities –

accruals and other creditors are financial instruments, and are measured at amortised cost.

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 29

R E P O R T S

A C C O U N T S

W H E R E S C I E N C E M E E T S B U S I N E S S

NOTES TO THE ACCOUNTS

1. CONTRIBUTIONS FROM VOLUNTEERS

Members of SCI[®] , its trustees, committees and many other volunteers make major practical contributions to SCI[®] ’s meetings, publications and other operations as well as to its overall governance. The trustees consider that there is no objective way of putting a financial value of this effort and therefore, in accordance with the guidance provided in the Charities SORP FRS 102, the value of volunteer time is not recognised in these accounts. However, Trustees wish to record their gratitude to these volunteers (and in many cases their employers) for this considerable and essential contribution.

2. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds Unrestricted funds
2022
£’000
2021
£’000
2022
£’000
Conferences
Publications		 188
165
1,745 1,681
Members subscriptions 197 163
2,130 2,009

3.

INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted funds
2022
2021
Total funds
Total funds
£’000
£’000
Commercial trading operations
Letting and licensing of premises		 116
24
424
261
540
285

4. INCOME FROM INVESTMENTS

Unrestricted
funds
£’000
Restricted
funds
£’000
2022
Total funds
£’000
Income from listed investments
Interest receivable		 178
56
234
1
—
1
179
56
235
Unrestricted
funds
£’000
Restricted
funds
£’000
2021
Total funds
£’000
Income from listed investments
Interest receivable		 172
53
225
—
—
—
172
53
225

30 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

5. EXPENDITURE ON RAISING FUNDS

Unrestricted funds Unrestricted funds
2022
£’000
2021
£’000
Commercial trading costs
Investment management costs		 127
58
34 35
161 93

6.

EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted
funds
£’000
Restricted
funds
£’000
2022
Total funds
£’000
Conferences
Direct costs
Support costs (note 8)
Publications
Direct costs
Support costs (note 8)
Membership activities
Direct costs
Support costs (note 8)
Awards, bursaries and scholarships
Grants payable (note 7)
Other direct costs
Support costs (note 8)		 291
—
291
247
—
247
538
—
538
434
—
434
309
—
309
743
—
743
1,063
—
1,063
723
—
723
1,786
—
1,786
—
(24)
(24)
4
11
15
15
—
15
19
(13)
6
3,086
(13)
3,073

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 31

R E P O R T S A C C O U N T S

6. EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Unrestricted
funds
£’000
Restricted
funds
£’000
2021
Total funds
£’000
Conferences
Direct costs
Support costs (note 8)
Publications
Direct costs
Support costs (note 8)
Membership activities
Direct costs
Support costs (note 8)
Awards, bursaries and scholarships
Grants payable (note 7)
Other direct costs
Support costs (note 8)
2021 Total funds
163
—
163
184
—
184
347
—
347
305
—
305
225
—
225
530
—
530
1,011
—
1,011
805
—
805
1,816
—
1,816
—
109
109
—
—
—
65
—
65
65
109
174
2,758
109
2,867

7.

GRANTS PAYABLE

2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Awards, bursaries and scholarships to individuals in the year 31 109
Drop of previous year provisions (awards not claimed) (44) —
(13) 109
Grants payable to individuals comprised:
2022
Number
2021
Number
Awards of £1,000 or more 13 13
Awards of up to £1,000
Total number of grants awarded		 13 8
26 21

Grants which have been agreed internally, but for which no legal or constructive obligation existed at 31 December 2022 and thus not accrued in these accounts totalled £nil (2021 - £nil).

8. SUPPORT COSTS

Basis of
allocation		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2022
£’000		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2022
£’000
Finance
Cost		 82
123
301
(3)		 503
IT and Human Resources
Head count
Executive Office
Head count
Facilities Management and
Shared Premises
Floor space and
Head count		 14
16
36
2
68
46
51
116
5
218
98
109
246
11
464		 68
218
Governance costs (note 9)
Cost		 7
10
24
—		 41
247
309
723
15		 1,294

32 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

8. SUPPORT COSTS (CONTINUED)

Basis of
allocation		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2021
£’000		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2021
£’000		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2021
£’000		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2021
£’000		 Conferences
£’000
Publications
£’000
Membership
activities
£’000
Awards,
bursaries
and
scholarships
£’000
Total
2021
£’000
Finance
Cost
IT and Human Resources
Head count
Executive Office
Head count
Facilities Management and Shared
Floor space and		 53 99 328 47 527
12 11 43 1 67
38 35 133 5 211
Premises
head
count
Governance costs (note 9)
Cost		 78 74 280 11 443
3 6 21 1 31
184 225 805 65 1,279

9.

GOVERNANCE COSTS

Unrestricted funds
2022
£’000
2021
£’000
Auditor’s remuneration
- current year
- prior year
Trustees’ expenses
Legal and professional fees		 19
—
16
3
7
1
—
11
26
31

10. NET (EXPENDITURE) AND NET MOVEMENT IN FUNDS

This is stated after charging:

2022 2021
£’000 £’000
Auditor’s remuneration
- Statutory audit 19 19
- Other services — 1
Depreciation 348 316
Operating lease rentals 1 1

11. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

Staff costs during the year were as follows:

2022
£’000
2021
£’000
Wages and salaries
Social security costs
Other pension costs
Other		 1,337
1,252
119
107
95
97
14
12
1,565
1,468

A salary sacrifice pension scheme was introduced during 2012. Under the scheme staff members can choose to sacrifice part of their gross salary. The amount sacrificed is paid into the individual’s pension plan directly by SCI[®] , together with the associated employer’s national insurance saving.

The average number of employees during the year, analysed by function, was as follows:

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 33

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11. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL (CONTINUED)

2022
Number
2021
Number
Conferences support
Membership support
Publications support
Administration and support		 4
4
11
13
5
3
11
10
31
30

Of the total average monthly number of employees, 23 (2021 - 23) were full time and 8 were part time (2021 - 7). The number of employees whose remuneration was £60,000 or more were as follows:

2022
Number
2021
Number		 2022
Number
2021
Number
Between £60,000 - £70,000
Between £110,000 - £120,000		 3
2
1
1
4
3

The key management personnel of the charity in charge of directing and controlling the charity and the group on a day-to-day basis comprise the trustees and the Chief Executive Officer. The total remuneration (including employer’s national insurance and employer pension contributions) and on-costs of the key management personnel for the year was £155,312 (2021 – £164,584). None of the trustees received any remuneration during the year (2021 – £nil).

12. TANGIBLE FIXED ASSETS

Long leasehold
premises
£’000
Leasehold
improvements
£’000
Assets in
the course
of construction
£’000
Furniture,
IT & other
equipment
£’000
Total
£’000
Group and Charity
Cost
At 1 January 2022
Additions
Transfers
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Released on disposal
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 3,400
2,249
33
1,666
7,348
—
129
30
23
182
—
1
(7)
6
—
—
—
—
(23)
(23)
3,400
2,379
56
1,672
7,507
778
962
—
1,223
2,963
25
142
—
181
348
—
—
—
(23)
(23)
803
1,104
—
1,381
3,288
2,597
1,275
56
291
4,219
2,622
1,287
33
443
4,385

34 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

13. INVESTMENTS

2022
£’000
2021
£’000		 2022
£’000
2021
£’000		 2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Group and Charity
Listed investments at market value
Market value at 1 January
Additions at cost
Disposal proceeds
Realised (losses) gains
Disposals at opening book value
Unrealised (losses) gains
Market value at 31 December
Cash held by investment manager for re-investment
Historical cost of listed investments:
8,433 7,406
1,050 1,105
(1,090) (1,047)
(110) 61
(1,200) (986)
(1,103) 835
7,180
8,360
(2)
73
7,178 8,433
6,764
6,969

At 31 December, listed investment at market value comprised the following:

2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Fixed income
Equities
Alternatives		 1,066
1,040
4,970 6,119
1,144 1,201
7,180 8,360

At 31 December 2022 listed investments included no individual holdings deemed material when compared with the overall portfolio valuation (including cash held by the investment manager) as of that date (2021– no holdings deemed material).

Investment in subsidiary

SCI[®] owns 100% of the share capital of SCI[®] Business Limited, a company incorporated in England and Wales, Company Registration Number 02994541. The investment in the subsidiary is held at cost on the charity’s balance sheet.

The main activities of the company are advertising in SCI[®] ’s publications and the hiring of meeting rooms. The company donates all its taxable profits to SCI[®] under the Gift Aid scheme. The net assets of the subsidiary at 31 December 2022 are £100 represented in full by the share capital owned by SCI[®] .

A summary of the subsidiary’s financial results for the year is provided below:

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 35

R E P O R T S

A C C O U N T S

13. INVESTMENTS (CONTINUED)

2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Sales
Advertising in Chemistry and Industry
Room hire and associated services
Costs (including SCI service charges)
Advertising in Chemistry and Industry
Room hire and associated services
Accounting and general administration
Profit for the year before Gift Aid
Gift Aid to SCI
Net profit for the year
2 2
114 22
116 24
1 1
63 15
10 7
74 23
42
1
(42)
(1)
— —

A summary of the subsidiary’s financial position as at 31 December is provided below:

2022
£’000
2021
£’000
Balance sheet
Current assets
Current liabilities
Net assets
Represented by:
Share Capital
Profit and loss account		 149
40
(149)
(40)
—
—
—
—
—
—
—
—

14. DEBTORS

Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000
Trade debtors
Amount due from subsidiary undertaking
Other debtors		 182
116
141
100
— — 133 24
27 95 27 94
Prepayments and accrued income 926 717 925 717
1,135 928 1,226 935

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000
Trade creditors
Taxes and social security
Licensee rent deposits
Other creditors
Deferred income (see below)		 120
57
118
57
62 43 62 43
— 8 — 8
223 327 209 311
276 227 276 227
681 662 665 646

36 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CONTINUED)

Deferred income

Deferred income relates to annual subscriptions received in advance from SCI[®] ’s members, income from corporate partner agreements covering two years, rent invoiced in advance, income received in the year for conferences taking place next year and royalties relating to SCI[®] ’s journals invoiced in advance. Movements on the deferred income balance during the year were as follows:

Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000
Deferred income at 1 January
Amounts released to income		 227
178
227
178
(202) (158) (202) (158)
Cash received in advance during the year
Deferred income at 31 December		 251 207 251 207
276 227 276 227

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000		 Group
2022
£’000
Group
2021
£’000
Charity
2022
£’000
Charity
2021
£’000
Licensee rent deposits
131
40
131
40
Membership income
23
36
23
36
Conference income
—
—
—
—
36 23 36
— — —
Life composition fees (see below)
25
28
25
28
179
104
179
104		 25 28 25 28
104 179 104

As at 31 December 2022 the charity held a total of £131,214 (2021 - £47,749) in eight separate Client Deposit Accounts at HSBC in relation to rent deposits. A deposit is legally required to be paid by each of SCI[®] ’s tenants on the commencement of their rental lease and is used as protection against the potential default of rent payment. The deposits are repayable at the end of the relevant lease term.

The life composition fees are in respect of income received from members who have opted for life membership of the Society. A life membership payment is released into the accounts as income over a period of nine years.

2022
£’000
2021
£’000
At 1 January
Decrease in provision
At 31 December
Amounts falling due within one year
Amounts falling due after one year		 31
34
(3)
(3)
28
31
3
3
25
28
28
31

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 37

R E P O R T S A C C O U N T S

17. DESIGNATED FUNDS

The income funds of the charity and the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

2022
£’000
2021
£’000
Group and Charity
Tangible fixed assets fund
At 1 January
Movement during the year
At 31 December
4,385
4,419
(166)
(34)
4,219
4,385

The balance on the tangible fixed assets fund at 31 December 2022 represents the carrying value of SCI[®] ’s tangible fixed assets. The availability of these assets (which is primarily the leasehold interest in the property occupied by SCI[®] ) is essential to the day-to-day work of the charity and the group and as such, the value of these assets cannot be regarded as funds that would be realisable with ease, in order to meet future contingencies. As such, an amount equal to the net book value of the tangible fixed assets has been separated from the charity and the group’s general funds and held as a separate designated fund.

18. RESTRICTED FUNDS

The income funds of the charity include restricted funds comprising the following to be applied for specific purposes:

At 1 January
2022
£’000
Income
£’000
Expenditure
£’000
Other gains,
(losses)
& transfers
£’000
At 31
December
2022
£’000		 At 1 January
2022
£’000
Income
£’000
Expenditure
£’000
Other gains,
(losses)
& transfers
£’000
At 31
December
2022
£’000
Group and charity
A J Banks
Commemoration		 410
9
(5)
(49)
122
3
(6)
(14)		 365
105
Leverhulme Prize
Messel
Seligman
Benevolent
Rideal Trust
S P S Andrew		 5
—
—
(1)
4
120
3
(4)
(15)
104
87
2
(3)
(10)
76
146
3
—
(17)
132
20
1
(2)
(3)
16
1,456
34
38
(176)
1,352		 4
104
76
132
16
1,352
ISEC 51
1
(5)
(6)		 41
2,417
56
13
(291)		 2,195
At 1 January
2021
£’000
Income
£’000
Expenditure
£’000
Other gains &
(losses)
£’000
At 31
December
2021
£’000		 At 1 January
2021
£’000
Income
£’000
Expenditure
£’000
Other gains &
(losses)
£’000
At 31
December
2021
£’000		 At 1 January
2021
£’000
Income
£’000
Expenditure
£’000
Other gains &
(losses)
£’000
At 31
December
2021
£’000		 At 1 January
2021
£’000
Income
£’000
Expenditure
£’000
Other gains &
(losses)
£’000
At 31
December
2021
£’000		 At 1 January
2021
£’000
Income
£’000
Expenditure
£’000
Other gains &
(losses)
£’000
At 31
December
2021
£’000
Group and charity
A J Banks
Commemoration		 367 8 — 35 410
109 3 — 10 122
Leverhulme Prize
Messel
Seligman
Benevolent
Rideal Trust
S P S Andrew		 4 — — 1 5
107 3 (15) 25 120
78 2 — 7 87
131 3 — 12 146
18 — — 2 20
1,387 33 (94) 130 1,456
ISEC 46 1 — 4 51
2,247 53 (109) 226 2,417

38 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

18. RESTRICTED FUNDS (CONTINUED)

The income funds of the charity include restricted funds comprising the following to be applied for specific purposes:

The main purpose of each fund is as follows:

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2022
Total
£’000
—
4,219
—
4,219
4,983
—
2,195
7,178
2,375
—
—
2,375
(681)
—
—
(681)
(179)
—
—
(179)
6,498
4,219
2,195
12,912
General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2022
Total
£’000
—
4,219
—
4,219
4,983
—
2,195
7,178
2,359
—
—
2,359
(665)
—
—
(665)
(179)
—
—
(179)
6,498
4,219
2,195
12,912
General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2021
Total
£’000
—
4,385
—
4,385
6,016
—
2,417
8,433
2,386
—
—
2,386
(662)
—
—
(662)
(104)
—
—
(104)
7,636
4,385
2,417
14,438
Group
Fund balances at 31 December 2022 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Group
Fund balances at 31 December 2021
are represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Charity
Fund balances at 31 December 2022 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 39

R E P O R T S A C C O U N T S

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2021
Total
£’000		 General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2021
Total
£’000		 General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2021
Total
£’000		 General
funds
£’000
Designated
funds
£’000
Restricted
funds
£’000
2021
Total
£’000
Charity
Fund balances at 31 December 2021 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
— 4,385 — 4,385
6,016 — 2,417 8,433
2,370 — — 2,370
(646) — — (646)
(104)
—
—
_(104) _
7,636 4,385 2,417 14,438

The total unrealised gains as at 31 December included in the above constitute movements on revaluation of the charity’s listed investments. Movements during the year were as follows:

2022
£’000
2021
£’000		 2022
£’000
2021
£’000
Reconciliation of movements in unrealised gains:
Total unrealised gains (losses) at 1 January
(Less) add in respect to disposals in the year		 1,390
626
(110)
61
626
61
(Less) add gains arising on revaluations in the year
Total unrealised gains at 31 December		 (864)
703
416
1,390		 703
1,390

20. COMMITMENTS UNDER OPERATING LEASES

At 31 December the group and charity were committed to total future minimum lease payments under noncancellable operating leases as follows:

cancellable operating leases as follows:
Office equipment
2022
£’000
2021
£’000
Within one year —
—
Within two to five years —
—		 —
—

21. RELATED PARTY TRANSACTIONS

SCI[®] Business Limited is a wholly owned subsidiary of SCI[®] . The subsidiary donates all profits to SCI[®] in the form of a Gift Aid donation (see note 13).

The accounts do not include disclosure of any further transactions between SCI[®] and SCI[®] Business Limited. By virtue of SCI[®] Business Limited being a wholly owned subsidiary undertaking of SCI[®] , SCI[®] is exempt from the requirement to disclose such transactions under section 33.1A of FRS 102.

None of the trustees (or any persons connected with them) received any remuneration during the year, but eight of them were reimbursed a total of £4,716 in expenses (2021 – one was reimbursed £197) travel and meeting costs.

All of the trustees are members of the Society and as such, pay an annual membership subscription. The trustees do not benefit from any discounts in the subscription rates set by the Society for all other members.

40 | SCI[®] ANNUAL REPORT & ACCOUNTS 2022

22. REGISTERED TRUSTEES FUNDS AND JOINT ACCOUNTS

The results of the two charities below are consolidated into SCI[®] ’s accounts as restricted funds (see note 18).

SCI[®] Benevolent Fund Registered Charity Number 277329 Rideal Trust Registered Charity Number 271558

SCI[®] Benevolent Fund

The object of SCI[®] ’s Benevolent Fund is to provide financial relief to persons who are or have been members of the Society and to their spouses, children and dependents and to the widows/widowers, children and dependents of deceased members. The assets as at 31 December 2022 amounted to £132,000.

The Rideal Trust

The object of the Rideal Trust is the general advancement of chemical science and, in particular, branches relating to the chemisorption, colloid science, interface science, catalysis and related topics. The Trust is jointly administered by SCI[®] and the Royal Society of Chemistry. The activities of the Trust directly support the overall object of the Society which is to advance the science of applied chemistry and related sciences for the public benefit by providing information, granting bursaries, awards etc. The assets as at 31 December 2022 amounted to £16,000.

22. REGISTERED TRUSTEES FUNDS AND JOINT ACCOUNTS (CONTINUED)

All resources are restricted by the Trust Deeds All resources are restricted by the Trust Deeds All resources are restricted by the Trust Deeds
Benevolent Fund Rideal Trust
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Statement of financial activities
Donations
Investment income
Total income
Grants and awards
Other expenditure
Total expenditure
Net income
(Losses) Gains on investments
Income and movement in funds
Total funds brought forward
Total funds carried forward
Balance sheet
Investments at market value
— — —
—
3 3 1
—
3 3 1
—
—
—
(2)
—
— — —
—
— — (2)
—
3
3
(1)
—
(17)
12
(3)
2
(14)
15
(4)
2
146
131
20
18
132
146
16
20
132
146
16
20
Total net assets 132 146 16
20

SCI[®] ANNUAL REPORT & ACCOUNTS 2022 | 41

SCI[®] is a global organisation - connecting science with business.

Society of Chemical Industry, 14/15 Belgrave Square, SW1X 8PS, London, UK T: +44 (0)20 7598 1500 E: membership@soci.org www.soci.org

SCI[®] founded in London 1881 and in New York 1894 | Incorporated by Royal Charter 1907 | Registered as UK Charity 206883 Recognised as a not for profit organisation across the world | SCI[®] is a trademark of Society of Chemical Industry