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2021-12-31-accounts

Trustees Report and Consolidated Financial Statements 2021

April 2022

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Contents

About the Society

The Royal Geographical Society (with IBG) is the UK’s learned society for geography and professional body for geographers. We are also a membership organisation and a registered charity in the UK (No 208791).

The Society was founded in 1830 to advance geographical science and this remains our core purpose. We achieve this through supporting geographical research, education, and fieldwork and expeditions, as well as by advocating on behalf of the discipline, supporting geographers in professional practice, and promoting geography to public audiences.

Our vision 4 Demonstrates professionalism in its work and For geography and geographers to be at the heart encourages the wider geographical community to do of developing a world that is more environmentally, likewise. socially, and economically sustainable.

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Our mission the impact of geography, and its
The Society is dedicated own work.
to the advancement of
6 Strives for high
geographical science
quality, and welcomes
and its application
constructive
to the challenges
feedback.
facing the world’s
people, places 7 Is innovative,
and environments. responsive, agile,
efficient and
Our principles
transparent.
The Society:
1 Seeks to reduce The strategy
the environmental is informed by
impact of its these principles
activities and and is structured
encourages others around four key
to do likewise. aims : to empower ,
amplify , engage and
2 Works towards greater
sustain , geography and
equality, diversity and
geographers.
inclusion within its practices
and activities as well as across the
wider geographical community.
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3 Recognises the breadth of geographical interests that people bring to the Society and reflects these in its governance and activities.

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Foreword from the President: Nigel Clifford

It is my great pleasure to write this foreword as President of our extraordinary Society. My first year as President has given me a privileged position from which to appreciate the breadth of influence that we have as an organisation, and the positive impacts that our wide range of work achieves.

an appreciation of ‘connectedness’, and a desire to make a real-world difference. This last year has seen the Society embody these skills while navigating national lockdowns, remote working, and ever-changing restrictions and relaxations.

After yet another exceptional and unprecedented year for us all, I would like to thank our members for their continued support of the Society and our dedicated staff for keeping the Society in good order. Alongside our roles as a learned society, a professional body and a charity, the Society is a membership organisation with an extremely engaged membership. This core of support throughout the second year of a global pandemic has enabled the Society’s staff to not only keep going, but to also innovate and develop their projects and initiatives to advance geographical education, research, professions, expeditions, and fieldwork.

I am proud of how the Society’s team built on what they learnt in 2020 about online events, remote learning and keeping audiences engaged to deliver the biggest ever Annual Conference with 2,500 delegates, Monday night lectures that were COVID-secure for members attending in person and accessible to those not able to travel to central London, and engagement with young people with over 12,000 entries to the Young Geographer of the Year competition.

We can look forward to yet another interesting year to come and I am delighted to be continuing to work with Professor Joe Smith, the Society’s staff team, Council, Fellows and Members, corporate sponsors and other stakeholders to spread the word, strengthen the Society and serve the discipline that we all love.

I would also like to thank the Society’s Trustees who, during 2021 in addition to their usual tasks, started the process of modernising the Society’s Bye Laws. Fellows voted at the Special General Meeting held in September 2021 overwhelmingly in favour of updates to introduce a new membership category (Associate Fellowship), remove age-related eligibility criteria for membership and update procedural information. This work continues into 2022, with Trustees thinking through how best the Society’s Council can be configured to ensure efficient and effective governance continues into the future.

I believe geography brings with it valuable life skills: insatiable curiosity about how our world is constructed and evolving, a collaborative mindset,

Director’s report: Professor Joe Smith

Three themes are at the front of my mind as I reflect on 2021 at the Society: resilience, support and inspiration.

The Society’s team, volunteers and partners that enable our work, and of course our membership, have all had to show great resilience in order to weather the immensely demanding conditions of this tough year. Everyone showed great spirit, and we worked behind the scenes to continue our work to professionalise and modernise the Society’s processes. This saw developments in our computing and communications that helped to make hybrid working more secure and efficient. The appointment of the Society’s first Human Resources Officer reflects the increasing importance we place on supporting performance and wellbeing among the team. And to create a more resilient foundation for our charity we continued with the governance review process, which saw us update the Bye Laws and create more intuitive and inviting membership categories.

are another important example of the vital role of enthusiastic voluntary support that comes bundled with diverse and high-level professional experience. They sustained a distributed programme of activities throughout the year working deftly, with the support of the Society’s in-house team, to cope with swings in and out of lockdown.

The Society benefits from great support that takes many forms. Membership subscriptions are a vital foundation for our charitable work. Alongside these, individual donations and the steadfast and longstanding backing we enjoy from our group of Corporate Benefactors greatly increase the reach of our work. The contributions made by the volunteers on our Council, Sub Committees and Advisory Groups felt particularly significant and generous in the demanding context of 2021. Everyone had plenty on their minds in their own lives, yet so many people found the time and energy to help to progress the Society’s work. For example, the relatively new Collections Advisory Group, generated insight and observations that enabled well-balanced decisions regarding our globally significant and unique Collections. We ran a competitive and open process to make new appointments to the Finance and Investment Sub Committees, and the Enterprise Board. This has brought fresh eyes to the management of our financial interests, complementing the exceptional experience we already enjoy access to. The regional committees

Inspiration has come in many forms, and the regional programme has been just one highlight in an astonishingly rich events programme that included a return to in-person events alongside livestreaming of the Annual Conference, the celebrated Monday night lectures, public events programme, and CPD for teachers and other professional geographers. We also had public impact at scale. A prominent example is the Society’s close partnership with the landmark BBC Radio 4 series 39 ways to save the planet , inspiring millions of listeners with ideas that can really make a difference on climate change. Our network of specialists supplied advice and ideas at the drawing board stage, were present on air, and the Society’s team supplied digital content for schools and the general public to support them as they extend their journey in pursuit of a better future.

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Report of Trustees

The Trustees of the Royal Geographical Society (with IBG) present their annual report for the year ended 31 December 2021. The report presents the Society’s activities, significant achievements and successes in 2021 against plans derived from the current strategy and is set out under the four key strategic aims:

Amplifying the Empowering and contribution that supporting geographers geography makes in the development and to understanding sharing of geographical the world and how it knowledge. makes a difference to everyone’s lives. 1 2 Sustaining the Engaging , serving and reputational, financial developing the Society’s and institutional future membership. of the Society. 3 4

Sustaining the reputational, financial and institutional future of the Society.

Working for the public benefit We deliver public benefit through a wide range of activities that support the professional development of geographers and those using geographical skills, knowledge and understanding in their work, the production and dissemination of geographical knowledge, and the demonstration of the relevance and value of geography to society. The Trustees confirm that they have paid due regard to the guidance issued by the Charity Commission on public benefit, and further confirm that the activities of the Society are carried out for public benefit.

Our activities reinforce our strategic aims and demonstrate our commitment to our charitable objective, as set out in our Royal Charter, to advance geographical science. Membership is open to everyone with an interest in geography. The Society actively pursues the involvement of the public in debates and discussions – through events, publications and resources – on geographical issues that help us understand the world’s people, places and environments and the connections between them. Members of the public can also access our historic geographical Collections, which contain over two million items covering 500 years of geographical discovery and research.

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The 2021 Earth Photo Members were Dreading the map competition was won welcomed back to installation in situ in by Rosie Hallam with in-person events from the Map Room her triptych The right September 2021. to education.

As travel restrictions relaxed, some grantfunded research projects were able to go in to the field.

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The right to education © Rosie Hallam
2021 membership card © RGS-IBG
© Damion Griffiths
Dreading the map
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Aim 1 Empower and support geographers, and those applying geographical expertise and approaches, in the development and sharing of geographical knowledge.

To advance the creation, interpretation, and dissemination of geographical knowledge, it is important that pupils, students, teachers, academics, professionals, and expeditioners have access to high quality resources, are well supported in their professional development and are able to achieve their full potential.

To achieve this, the Society will:

approaches and expertise, in the workplace, and increase the number of Chartered Geographers to ensure high professional standards.

careers, with additional support for underrepresented and underserved groups and schools.

1 Advocate for geography to ensure it remains a vibrant discipline in school and at university, and that the value of its research findings and its importance to supporting positive change in society, the economy, the environment and in policy decision making are fully recognised.

3 Convene and support the professional standards. academic community to advance, interpret and share 5 Demonstrate the many ways geographical knowledge fully, to in which geographical skills ensure geography students have and knowledge are embedded access to high quality courses in decision making at all levels that facilitate their development, of civil society, government, and to ensure higher education business, and industry, and institutions are able to meet the further promote their use. challenges of an ever-changing 6 Support those undertaking policy environment.

2 Support the teaching and learning of geography and its uptake in schools by providing high-quality resources, professional support to geography teachers, and demonstrating geography’s value to further study and

6 Support those undertaking geographical field research and expeditions in order to facilitate safe, ethical and purposeful fieldwork.

4 Work with employers to ensure recognition for the subjectspecific skills, insights and knowledge of geographers, and those applying geographical

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Our key
achievements
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Supporting geography in schools

With UK schools closed for the majority of the first three months of 2021, our online teaching and learning resources were in high demand from home-schooling parents as well as teachers. Over the course of the year, we produced many new teaching and learning resources, including ones that supplied bitesize facts on climate change in the run up to COP26; provided an insight into bike crime in partnership with Thames Valley Police; and introduced a series of lesson plans on a carbon calculator developed by the Department for Business, Energy and Industrial Strategy and which featured Sir Patrick Vallance, Government Chief Scientific Adviser. Our podcast series for A Level students and teachers, Ask the geographer , included discussions on the circular plastics economy, an interview with BBC journalist and trained geographer Chris Mason, and an exploration of the threats to chalk streams.

We also produced resources to support the AHRC funded Stay home stories research project led by Professor Alison Blunt (Queen Mary University of London), which looked at how the COVID-19 pandemic and multiple lockdowns have affected young people. In

with 40 teachers attending a GIS training session run in partnership with Esri UK.

addition to the resources, the with 40 teachers attending 2021 Young Geographer of the a GIS training session run in Year competition, and the Rex partnership with Esri UK. Walford Award for early career In a follow up to the 2020 report teachers, asked young people to Geography of geography , which create annotated maps revealing looked at who was studying how their lives had been shaped geography and where they were by the pandemic. doing so, we published I didn’t

The 2021 Schools Essay have any teachers that looked Competition, run in conjunction like me in October, which shared with the Financial Times , asked the experiences of trainee and students to explain how transport early career teachers from Black changes might help the world to and minority ethnic (BAME) achieve the goals of the Paris backgrounds. Both pieces of Agreement. The competition, research have, in different ways, which sought thoughtful and highlighted areas where the well-argued responses to the Society, and the wider geography topic, was open to all geography community, can focus initiatives students aged 16-18 and the on improving equity, diversity and judges were impressed with inclusion in geography in schools. the high quality of the entries received. The Society remains an influential subject body and continued Our continuing professional throughout 2021 to engage development (CPD) sessions for positively with the Department geography teachers remained for Education (DfE), including online-only for most of 2021, being asked to contribute to and the 60 training events were the development of the DfE’s attended by over 1,800 teachers. Sustainability and Climate In-person teacher CPD sessions Change Strategy. In addition, we began again in November, submitted eight consultation

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responses, contributing expert advice on geography education in schools to the policymaking process.

Supporting geography in higher education

The 2021 Annual International Conference had been held over from 2020 and was staged as a hybrid event with both online-only sessions and a small number of in-person sessions, which included the Chair’s plenaries. The conference’s theme, chosen by the Chair Professor Uma Kothari (University of Manchester), was Borders, borderlands and bordering . The conference was opened on Tuesday 31 August with an address by poet and broadcaster Lemn Sissay, a series of responses to the conference theme from Dr Patricia Noxolo (University of Birmingham), Professor Ysanne Holt (Northumbria University), and Dr Nishat Awan (University of Sheffield), and a musical performance by the Welsh harpist Catrin Finch and Senegalese kora player Seckou Keita.

The Society’s Research Groups rose to the challenge of organising online conference sessions, helping to make the 2021 conference the largest ever in terms of the number of papers and sessions. Being mainly online facilitated the participation of many who would otherwise have not been able to travel or commit to attending a four-day conference and over 2,500 delegates registered. Delegate feedback highlighted

with the result that we reached more students than ever before.

that while being online made the with the result that we reached conference easier to attend for more students than ever before. many, the lack of serendipitous Throughout the year, we networking opportunities was contributed to consultations something that would persuade on the teaching of sustainable them to attend the conference development and to regulating in-person in future. standards in higher education, During the course of the year, and played a very active role in we engaged proactively with the the drafting of a new Subject newly emerging skills landscape, Benchmark Statement for which includes the development Geography.

During the course of the year, we engaged proactively with the newly emerging skills landscape, which includes the development of apprenticeships and T Levels based on geographical skills and knowledge, and creates new and adapted training pathways. Alongside this, the Society accredited the first batch of Master’s programmes as part of our scheme to recognise good practice in geography learning and teaching across UK higher education, while supporting continuous quality improvement and promoting good student outcomes across the sector.

Supporting geography in the workplace

During 2021, our support for Chartered Geographers (CGeogs) was enriched with the provision of enhanced mentoring programme which now includes workshops and networking, alongside a significant refresh of the guidance and support we provide for assessors, which has reduced application processing times while maintaining quality levels.

Three new books in the RGSIBG book series were published during 2021, while the Society’s scholarly journals saw a 10% increase in submissions and a 25% increase in downloads. New national deals were also secured, increasing access to the geographical research the journals contain and increasing income for the Society. The journals are now available in 4,660 institutions through philanthropic deals.

A series of online events, including ‘application accelerators’ and monthly introductions to individual accreditation, supported those making applications and helped increase the number of CGeog applications during the year with 73 accredited.

Our series of online

geovisualisations that showcase how geographers across all sectors use data visualisations to help make sense of situations and communicate research findings in a more accessible way, continued in 2021. The 25 geovisualisations live on the website at the end of the year included colour blind accessible mapping, access to COVID-19

While undergraduate student visits to the Society were not possible during 2021, we developed a new series of online resources to support virtual visits and a programme of 12 Use geography webinars, on careers across a broad range of sectors

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The Earth’s surface resized by its human population © Benjamin Hennig
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testing and local food insecurity.

While our ability to host in-person

networking and knowledgeexchange events was limited, we delivered online events on the multiple co-benefits in blue-green cities, supported the CRESTING event on the circular economy, and a programme of events on Disaster Risk Management organised by our first Professional Practice Group. We also developed new resources and ran several events on spatial data ethics, as the Society supported the launch of the Locus Charter.

Explore, the Society’s annual the field as travel restrictions lift. fieldwork and expeditions • Introducing tailored support for planning weekend took place in November. While it had been early career geographers in the first stages of their professional hoped to deliver some elements, such as networking and advice careers surgeries, in person, increasing • Delivering the 2022 Annual rates of coronavirus meant the International Conference in whole event was moved online. Newcastle with in-person, online Despite the relatively late format and hybrid ways of participating. change, feedback from the 153 delegates was very positive. • Supporting the teaching and learning community in higher Work continued throughout the education to implement the year on developing the Society’s requirements of the new Subject Expeditions and Fieldwork Benchmark Statement, including Handbook into a series of digital delivering on elements related to resources that will be available equality, diversity and inclusion, through our website. and sustainability.

Supporting geography in the field

In 2021, the Society’s grants programme awarded £101,408 to 32 projects in 24 countries. In total, 33 projects (17 from 2021 and 16 from 2020) went into the field as fieldwork continued to be severely affected by the pandemic. Throughout the year, the grants programme released funding to projects only when it was safe and appropriate for projects to be undertaken.

Work continued throughout the year on developing the Society’s Expeditions and Fieldwork Handbook into a series of digital resources that will be available through our website.

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Aim 2 Amplify the contribution that geography makes to understanding the world and how it makes a difference to everyone’s lives.

For the unique contribution that geography brings to the understanding of an ever-changing world to be fully realised, it is vital that the discipline, and its ability to connect the physical and social sciences and humanities, is widely appreciated across all sectors of society including the general public, civil society, policymakers and business.

To achieve this, the Society will:

breadth and interdisciplinarity.

3 Develop the skills, infrastructure and partnerships needed to generate high quality geographical content that can be shared globally, including as mass media outputs.

5 Use the Society’s reputation and convening power to develop and maintain effective networks of influence.

1 Demonstrate the relevance and impact of geographical research, skills and knowledge to broad public, civil society, policy and business audiences.

4 Use an inclusive definition of geography and promote the distinctive capabilities that arise from its distinctive position,

2 Recognise excellence in advancing geographical knowledge and practice.

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well known stories from the 1922 and 1924 expeditions and bring the role of local intermediaries to the fore through the use of Captain John Noel’s films.

Forestry England and Parker Harris, we successfully promoted the Earth Photo competition, securing an exclusive with BBC News Online which featured a gallery of the shortlisted and winning images for 2021. Over 2,000 photographs and films were submitted for the competition, which was judged by a panel chaired by award-winning photojournalist Marissa Roth.

In autumn, our public events programme re-started in-person events, and while audiences were smaller than pre-pandemic, feedback from attendees was overwhelmingly positive, with people pleased to be able to return to the building. All our in-person events, including panel discussions on how we talk about migration, the value of slow travel and whether the Paris Agreement targets are being met, were also live streamed to increase their reach beyond those who were able to travel to South Kensington.

With COVID-19 restrictions in place for much of the year, the Society’s engagement with public audiences took place mainly online. The Society’s partnership with the production team of the BBC Radio 4 series 39 ways to save the plane t, which was presented by Fellow Tom Heap, resulted in contributions from departments across the organisation, including teaching resources, online and in-person talks, and a more in depth analysis of each of the featured suggestions on our website using expertise from our Fellowship.

An exhibition of the shortlisted images and films was on display in our Pavilion over the summer, but its duration was cut short due to coronavirus restrictions.

In mid 2021, we started working with the design agency Event, on a pro bono basis, to develop the narrative and design concept for an exhibition to mark the centenary of the first attempts to summit Everest. The exhibition, due to open in October 2022, will focus on some of the less

In December, we celebrated the medal and award recipients from both 2020 and 2021 in a COVID-secure ceremony in the

With competition partners,

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the Association of Geographic Information, the Geological Society, the British Geological Survey, the Geographical Association, the International Geographical Union, the Royal Canadian Geographical Society and the Royal Scottish Geographical Society.

Ondaatje Theatre that was also geography students to act as live streamed. The medals and advocates for the Society, and for awards were presented by the geography, on social media. Society’s Patron The Princess Our research blog, Geography Royal. The full list of the medal Directions , which showcases and award recipients for 2021 is the importance of geography on p26. and geographical expertise to We continued to use social understanding the issues facing media to good effect throughout society and the environment, the year, including sharing reached the milestone of 500 research from the Annual posts during the year.

geography students to act as advocates for the Society, and for geography, on social media.

We continued to use social media to good effect throughout the year, including sharing research from the Annual Conference, supporting a ‘take over’ of Instagram by geography students, showcasing the work of professional geographers, telling stories from our grants programme and profiling the recipients of our medals and awards. In addition, we launched a company page on LinkedIn to enable us to share our work with professional audiences more effectively, and started training

The Society has a range of well-developed partnerships and networks of influence, and these were actively maintained during 2021, for example by responding to challenges such as research cultures, changes to funding sources and climate action by working with the British Academy, the Academy of Social Sciences, the Science Council,

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Aim 3 Engage, serve and develop the Society’s membership.

For the Society to remain a vibrant and relevant membership organisation, learned society and professional body, it is essential to retain the enthusiasm and expertise of the Society’s current Fellows and members, while reaching and engaging new ones.

To achieve this, the Society will:

with a wide range of experiences, interests and expertise.

5 Further develop, and invest in, the activities and capabilities that are required to support a strong regional, national and international presence for the Society.

1 Ensure the vibrancy and relevance of geography and the Society’s work by actively seeking and enabling the participation of underrepresented groups.

3 Recognise and reward the importance of the contribution of Fellows and members to the Society’s work.

6 Increase, and better target, 4 Respond to the changing the use of digital media to expectations and needs of communicate and engage with potential members, in particular Fellows and members, while young people, in order to provide ensuring positive engagement for membership experiences that are those without digital access is valued at all stages of life. maintained.

2 Become more inclusive and diverse in terms of staff, members, trustees, audiences and outputs, and promote the Society as a welcoming institutional home for people

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Throughout 2021, the Society was a partner in the Creative approaches to race and (in) security in the Caribbean and the UK (CARICUK) research collaboration between artists and educators which aimed to transform discussions about race in UK higher education institutions by redefining race as an (in)security. The project, led by Dr Patricia Noxolo (University of Birmingham), included a series of artistic provocations and public discussions, the development of online learning packs for schools, and the creation of a series of short films, all of which enabled the Society to actively engage in timely discussions of race in geography and to build on a programme of work extending back over the last 20 years.

In April, the Society launched an equality, diversity and inclusion (EDI) action plan for the Research and Higher Education department to provide structures against which progress in EDI activities could be measured and communicated. One of the actions resulting from the plan was the production of a series of resources that share good practice and explore the impacts of supervision styles in order to help improve the recruitment, retention and success of Black PhD students.

for Ordinary Members, Young Geographers and School Members to join online and immediately access their online benefits such as watching event recordings, reading Geographical magazine and using the teaching and learning resources. At the same time, buying gifts for these membership categories also went live on the website.

for Ordinary Members, Young Laws included: removing out Geographers and School of date procedural instructions; Members to join online and removing age-related criteria immediately access their online from membership category benefits such as watching eligibility to avoid discrimination; event recordings, reading creating a new sub-category Geographical magazine of Fellowship called Associate and using the teaching and Fellow to recognise the learning resources. At the same importance of Fellows in the time, buying gifts for these early stages of their careers and membership categories also to be able to provide targeted went live on the website. support for them; renaming Young Geographer as Student As COVID-19 restrictions were Member to be clearer about who relaxed in September, Monday that membership category is for; night lectures for Fellows and removing the requirement and members returned to the for applications for Fellowship Ondaatje Theatre after 18 to be seconded by an existing months of being online only. Fellow, to remove this barrier While in-person audiences were to application. The Fellowship below pre-pandemic levels, the voted by an overwhelming return was welcomed by the majority (97% of votes cast) to membership. Many members who accept the changes, which were had lapsed while the building was implemented from September closed, rejoined in order to attend onwards. the lectures in-person.

Retention rates for 2021 were 73% overall and 93% for Fellowship. The renewal rate for Fellows was up from 89% in 2020, showing recovery from the slight decrease in Fellowship renewals at the height of the pandemic. Membership renewals were slightly down on 2020 reflecting the fact that Monday night lectures did not resume in-person until the autumn. The rate of new members joining was lower than pre-pandemic, following trends in the wider membership organisation sector while programmes have been limited by COVID restrictions.

Lockdowns and the enforced closure of the building for two thirds of 2021 meant that we were able to refine our online events offer and were ready to provide livestreaming of Monday night lectures alongside their delivery in-person. This has allowed us to extend the reach of the lectures to Fellows and members living outside of London and the South East, and this provision will continue.

In September, a Special General Meeting (SGM) was held to vote on a series of changes to the Bye Laws proposed by Council. In addition to enabling the Society to hold Annual and Special General Meetings online and allowing Fellows to vote digitally, the changes to the Bye

School Membership increased by 60 over the course of 2021, making a total of 615 School Members at the end of the year, reflecting sustained efforts

In June it became possible

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to maintain relationships with schools throughout the series of lockdowns. During the year, School Members benefitted from a series exclusive lectures including one on How to save our planet, which included a live Q&A from COP26.

Much of the Society’s work is supported by the generous contributions of the time and expertise of our communities – reviewers for grants and journals; editors; assessors for programme and CGeog accreditation; speakers, panellists and convenors for the full range of our events, talks and webinars; committee members for Research Groups,

the Postgraduate Forum and Regional Committees. Our work just could not be delivered without this generosity and diversity of contributions.

The Society’s regional committees responded with flexibility and timeliness to the shifting coronavirus restrictions throughout the year. Having moved to online-only events in 2020, many committees were keen to return to in-person events in the autumn of 2021. During the year, the committees organised over 100 events with 14 of these being in-person events. Over the course of the year, almost 10,000 people attended events organised by our

regional committees. Among the many highlights were talks about running across Africa, using maps for family history and the geography of COVID-19.

The Society’s Research Groups were particularly active organising online events, workshops, networking and mentoring supporting and developing their communities. The Population Geography group celebrated their 50th anniversary. A number of Groups directed their attention to inclusive and safe events and disciplinary spaces.

Looking forward, in 2022 we are

Thank you to all our Fellows and members who are involved in organising regional events. For more information on any of the events run by the regional committees or to get involved yourself get in touch with a regional coordinator:

Regional committees

Chair of the Regions

David Lovell: regionschair@rgs.org

Cheshire and North Wales

Christina Lees-Jones: cnw@rgs.org

East of England

Clare Brown: ea@rgs.org

Midlands

Martin Haslett: midlands@rgs.org

North Devon

• Continuing targeted interventions, such as internships for under-represented students, and investing in the evidence base to focus and evaluate programmes.

.

Martin Kemp: northdevon@rgs.org

Northern Ireland

Oliver Dunnett: ni@rgs.org

North West

Jonathan Stevens: nw@rgs.org

South

Henry Hogger: south@rgs.org

South West

Derry Corey: sw@rgs.org

West of England and South Wales Geoff Parkes: wesw@rgs.org

Yorkshire and North East

Dr Jonathan Bridge, Professor David McEvoy: yne@rgs.org

Singapore

Oliver Worsley: singapore@rgs.org

Royal Geographical Society (with IBG) Hong Kong Rupert McCowan: admin@rgshk.org.uk

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Aim 4 Sustain the reputational, financial and institutional future of the Society.

To deliver the Society’s objectives and achieve its Vision requires diverse income streams, well-supported and well-trained staff, appropriate technology, and good governance structures.

To achieve this, the Society will:

3 Sustain existing, and develop new, relationships with corporate and other sponsors and partners, valuing their financial support, while recognising the mutual benefits of collaborative activity towards shared goals.

5 Encourage research and support informed debate on its unique Collections and history, to enable critical engagement with the development of the Society as an institution and geography as a discipline.

1 Promote a working culture of collaboration, flexibility and mutual support, together with processes that enable the development of capable, empowered and motivated staff.

4 Invest in the Society’s building in South Kensington to lower running costs, reduce environmental impact, grow income, and provide an inclusive, welcoming and inspiring place for all.

6 Ensure the balance of representation at all levels of governance reflects the breadth of the Society’s purpose and constituencies.

2 Maintain an agile Enterprise strategy that pursues financial stability in the context of farreaching economic uncertainties, while also actively pursuing new sources of income.

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updating the staff handbook, refreshing recruitment practices and investigating potential online tools that could manage our HR procedures more efficiently. During the year, hybrid working policies and procedures were developed to enable an effective mix of remote and office-based working.

is built on was upgraded in December, improving performance and ensuring that the website’s underlying software remains supported by its developers, Kentico.

The House Project to conserve elements of the Society’s building in South Kensington progressed during the year with repair and care works to the South elevation being completed on time and budget, with other urgent repairs, including addressing several leaks, also being undertaken. In addition, new boilers were installed to refurbish the heating system, and a new cooling plant was designed. When the project is completed in 2022, these investments will reduce our consumption of energy and our climate impacts, as well as leaving us with reliable heating and cooling.

Throughout 2021, the Society’s staff worked remotely in accordance with government coronavirus advice, however relaxations in the restrictions compared to 2020 enabled some members of staff to work in the building when necessary. This would not have been possible without the very significant contributions of the Society’s staff with responsibility for keeping the building functioning, and the IT infrastructure for hybrid working operations.

In recognition that the Society’s current customer relationship management (CRM) database is approaching its end of life, a cross-departmental working group was convened to identify key requirements and shortlist potential replacements. Given the complexity and range of the Society’s activities, and the need to integrate the CRM with the website, the project to replace the CRM is due to last for two to three years.

In May, we appointed an HR Officer. Working part time, the HR Officer took the lead on

The platform that the website

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Structure, governance and management

Looking forward, in 2022 we are

• Piloting a balanced approach to hybrid working with core officebased days for staff and the ability to request remote working up to two days a week.

Our long-standing corporate benefactor, Jaguar Land Rover, renewed for a further three years securing funding to support our expeditions and fieldwork training activities.

meetings and events to take place.

During 2021, research on the Society’s historic Collections • Implementing an HR tool to help continued with one PhD funded manage and track HR processes. and supported through the AHRC Collaborative Doctoral • Maintaining our existing corporate benefactor Programme being completed (on relationships while seeking to Indigenous maps) and two new ones started (on place names agree a new one. and the role of the West India • Partnering on a series of regiments). In addition to this, Research Council funded 10 Wiley Digital Archive (WDA) projects researching our Fellowships were completed, Collections, with support from extending the reach of the departments across the Society Collections to those who are not able to visit the Society. Several • Progressing work to rehang of these Fellows went on to artwork, photographs and talk about their research at Be portraits in the Society’s Inspired events during the year, building. This will include adding including Dr Kate Simpson who photographs of contemporary spoke about the lost voices in the medalists and captioning existing archives. Her research was also images and objects. turned into an online exhibition, • Installing new chillers and an hosted on the Society’s website. air source heat pump to better Access to the WDA also enabled regulate the thermal comfort the Collections team to continue throughout the Society’s supporting researchers remotely building, and reduce costs and throughout the lockdowns. environmental impact

Crowe U.K. LLP were appointed in late 2021 as the Society’s new auditors after a competitive tender process. New appointments after an open process were also made to the Finance and Investment SubCommittees of Council, and to the Enterprise Board to ensure that the Society receives good financial and investment advice. Information on all the committees of Council was published for the first time on the Society’s website towards the end of the year. This represents a further step in the Governance Review, initiated in 2019, that is making our governance processes more transparent and fit for purpose.

• Partnering on a series of Research Council funded projects researching our Collections, with support from departments across the Society

• Progressing work to rehang artwork, photographs and portraits in the Society’s building. This will include adding photographs of contemporary medalists and captioning existing images and objects.

As the building reopened for venue hire in the final few months of the year, a social media marketing plan to raise awareness of the range of spaces available to hire and to increase sales was developed. One key element of the sales pitch was the improved audiovisual equipment that was installed during lockdown and that now enables properly hybrid

Artefacts from the Collections were lent to exhibitions held at National Geographic Society in Washington DC, the Bowers Museum in Los Angeles, Magdalene College in Cambridge, Winchester College and the Alpine Club in London.

The Royal Geographical Society was founded in 1830 to advance geographical science and was granted a Royal Charter in 1859. The affairs of the Society are regulated by our charter and Bye Laws, which are amended from time to time. The Society is a charity, with the registered number 208791.

Council is the Society’s governing body, and members of Council are the Society’s Trustees. Council has responsibility for ensuring the Society operates within its charitable objectives, providing strategic direction and monitoring performance against annual workplans, and ensuring the effective management of the Society’s assets. Council meets three times a year.

Council positions are elected for a single term of three years at the Annual General Meeting. In line with recommendations of good practice from the Charity Commission, Council identifies the skills and expertise gaps that would be most helpful to fill in the elections to the Council each June. Fellows standing for election are encouraged to state how they meet those identified gaps. However, this approach does not preclude any Fellow standing for election to positions relevant to their background. Council is also cognisant of the value of diversity, while seeking to attract the most appropriately qualified people to guide the Society’s governance.

There are 21 Council members elected by and from the Society’s Fellowship and up to four further Council members may be co-opted, including a postgraduate representative, to bring further breadth, expertise and contacts. An induction into the work of the Society, as well as their statutory obligations as a charity trustee, is provided for all new Trustees. The training requirement for Trustees is kept under regular review.

The following Council members were in office at the date of this report:

The following also served as Council members until 7 June 2021 when they completed their terms of office:

Honorary Secretaries

Grace Healy (Education) Stephen Jones (Expeditions and Fieldwork)

President Nigel Clifford

Professor Peter Kraftl (Research and Higher Education)

Robin Ashcroft

Immediate Past President Rt Hon Baroness Lynda Chalker of Wallasey

David Atkinson

Ordinary Members of

Professor Michael Bradshaw Professor Uma Kothari Professor Nina Laurie Dr Melanie Norman

Council

Philip Avery Jordi Buckley

Vice Presidents

Dr Melanie Norman (Education) Professor Alison Blunt (Research and Higher Education) Robert Lucas (Expeditions and Fieldwork)

Joanna Coles

Professor Steve Darby Dr Vandana Desai Professor Klaus Dodds Dr Vanessa Lawrence David Lovell Narinder Mann Dr Niall McCann Ashley Parry Jones Hugh Thomson Professor Helen Walkington

Honorary Treasurer Carol Lawson

Chair of Annual Conference

Professor Rachel Pain

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Elected Council members also serve on the appropriate Committee of Council to provide liaison between the two levels of governance. The Council is advised by specialist committees for Education, Expeditions and Fieldwork, Finance, and Research and Higher Education. The Finance Committee meets four times a year and comprises a core membership of accounting, financial, legal and investment professionals. The other committees meet twice a year, to give advice on their areas of expertise to Council and Society staff.

In addition, advice was provided by the Regions Committee, a small number of specialist sub committees, including one for investments and, where appropriate, individual professional advisors. RGS Enterprises Limited, a wholly owned subsidiary of the Society, is governed by its Enterprise Board.

The following were Honorary Vice Presidents of the Society in 2021 but are neither Council members nor Trustees of the Society:

HRH The Princess Royal KG KT GCVO

Professor Sir Gordon Conway KCMG DL HonFREng FRS

Professor Sir Ron Cooke DSc

Sir Christopher Ondaatje KT CBE

Sir Michael Palin CBE

The Earl of Selborne GBE KBE FRS DL (deceased February 2021)

Sir Crispin Tickell GCMG KCVO (deceased January 2022)

Key management personnel

The daily management of the Society is delegated by Council to the Director and Senior Managers. The Director reports to the Council and has responsibility for coordinating the Society’s activities and a staff that numbered 51 in December 2021.

Director and Secretary Professor Joe Smith

Head of Education and Outdoor Learning Steve Brace

The Society thanks everyone who has generously donated in support of our work.

Corporate Benefactors in 2021

Esri UK supported our Geography Ambassador scheme promoting the value of geography to further study and careers and bringing GIS expertise to the classroom.

Jaguar Land Rover supported our expedition and fieldwork training activities, ensuring best practice is shared.

Ordnance Survey supported our work to advance geospatial understanding among young people, policymakers and professional geographers.

Rolex supported our historic Collections, helping to increase public access and conserving our holdings for future use.

Trailfinders supported our work with the public, promoting the relevance and enjoyment of geography to foster a greater understanding of our world.

Corporate Business Member

Silversea engaged the Society to provide informative materials on their expedition cruise ships.

John Pilkington

Monica Cole Bequest

Neville Shulman, CBE

Peter Smith Award

Paul and Mary Slawson

Ralph Brown Memorial Fund

Ray Y Gildea Jr Award

Rob Potter Award

The Late Sultan of Oman

Thesiger Oman Award

Walters Kundert Charitable Trust

Other donors and funders during 2021

Advanced Mathematics Support Programme/ Department for Education

Anonymous donors

Arts and Humanities Research Council

Department for Business, Energy and Industrial Strategy

Department for Education

Estate of David Pickard

Head of Finance and Services Andrew Munro

Head of Public Engagement and Communications Caitlin Watson

Head of Research, Higher Education and Professional Dr Catherine Souch

Head of Resources and Enterprise Alasdair Macleod

All staff members are based at the Society’s headquarters in Kensington, London, but were working remotely during the COVID-19 pandemic in line with government guidance.

The Society’s Grants Programme is generously supported by

20th IGC Fund

30th IGC Fund

Albert Reckitt Award

Dudley Stamp Memorial Award Fund

Frederick Soddy Award Fund

Geographical Club

Henrietta Hutton Memorial Fund

Hong Kong branch

Estate of Gabriel Hutton

Estate of Peter Miller Clarke

Family and friends of Roger Heape

Family and friends of Marna Valerie Boyes

Flotilla Foundation

Hakluyt Society

Peter and Trudy Rabley

SUN Institute Environment & Sustainability

Thames Valley Police

Jasmin Leila Award

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Recognising excellence: medals and awards 2021

The Society’s medals and awards have recognised excellence in the breadth of geographical research, practice and public promotion since the foundation of the Society in 1830.

The two Royal Medals (The Founder’s and Patron’s Medals) are among the highest international accolades. They are awarded for ‘the encouragement and promotion of geographical science and discovery’.

The Society also celebrated the following awards:

Victoria Medal

Professor Chris Philo

For his promotion and contribution to research in health, social and cultural geographies

In 2021 Her Majesty the Queen approved the award of the Royal Medals as follows:

Busk Medal

Dr Emma Mawdsley

For exceptional engagements with fieldwork, research and knowledge production about the global South

Founder’s Medal

Andy Eavis

For his significant contribution in leading speleological expeditions, exploring and recording some of the largest caves in the world for over 50 years

Cherry Kearton Medal and Award

David Coulson

For providing outstanding resources through his photographic work to enable a better understanding of African Rock Art

Patron’s Medal

Dr Rita Gardner CBE

For the widespread advancement of geography across all its sub-disciplines through her Directorship of the Royal Geographical Society (with IBG)

Murchison Award

Dr Patricia Noxolo

For publications judged to contribute most to geographical science in preceding recent years, particularly through reconceptualising spatial ethics through place-based practices and her effective advocating of postcolonial and decolonial thought in geography and beyond

Back Award

Professor Terry Marsden

For outstanding contribution to the development of national and international rural planning and development public policy

Cuthbert Peek Award

Professor Philip Ashworth

For pioneering wide-reaching research methods through the modelling of river dynamics

Gill Memorial Award (two awards)

Dr Sarah Marie Hall

For outstanding early career research in human geography

Dr Louise Slater

For outstanding early career research in physical geography

Ordnance Survey Awards (two awards)

Geographical Award

Hafsa Bobat Garcia

Dr Suresh Paul/Equal Adventure

Kate Stockings

For contributions to inclusive and ethical practices in expeditions and fieldwork

For excellence in geography education at secondary level

Honorary Fellowship

Taylor and Francis Award

Paul Brown

Catherine White

Professor Allan Findlay Professor John Lewin

For sustained contributions to teaching and learning in higher education, supporting geographers through their transition across different stages of education

Dr John Hemming

Mark Humphreys

In recognition of outstanding support for the Society and geography

Ness Award

Isabella Tree

For the popularisation of geography through her writing on biodiversity and the relation between humans and the environment

The Society further recognised excellence through the Young Geographer of the Year Awards, the Rex Walford Award to recognise newly qualified teachers.

Alfred Steers Dissertation Prize

Alice Collins

For the undergraduate geography dissertation judged to be the best in 2020: ‘I’ve never seen it look like that’: The dronescape, tentative enchantments, and a passion to fly

Area Prize

Dr Ingrid Medby

For the best article in the journal by a new researcher: Political geography and language: A reappraisal for a diverse discipline

Ron Cooke Award

Hollie Daw

For her A Level Independent Investigation: An examination of the factors affecting infiltration rate at Ashford Hill National Nature Reserve

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Financial review

In 2021, the Society’s General Fund, excluding the movements associated with the FRS102 accounting requirements for the pension scheme, increased from £4.45m to £6.23m (2020: £3.70m to £4.45m), an increase of £1.78m (2020: £0.75m). Excluding gains on investments of £0.43m (2020: £0.14m) and one-off transfers between funds totalling £0.93m (2020: £1.26m) the General Fund movement was a surplus of £0.42m (2020: deficit of £0.65m). The transfers of £0.93m are explained below and comprise transfers from the Life Fund of £0.06m, the Capital Development Fund of £0.17m, the Members’ Room Fund of £0.21m, the Ondaatje Theatre Fund of £0.44m, the Strategic Reserve of £2.38m and the Unlocking the Archives Fund of £2.94m less the transfer to the Fixed Asset Fund of £5.27m (2020: £1.26m comprising transfers from the Contingency Fund of £0.22m, the Legacies Fund of £0.98m and the Endowment Fund of £0.06m). The surplus of £0.42m (2020: deficit of £0.65m) was generated on the total General Fund income of £4.19m (2020: £3.48m), £0.71m higher than the previous year, but below the budget, largely because of the continuing impact of the COVID-19 pandemic. Total Society income was down by 5.3% at £4.65m (2020: down 55.6% to £4.91m), the changes in recent years resulting from large legacies of $7.4m and £1.16m being recognised in the 2019 and 2020 accounts, respectively, and no legacy of a comparable size being included in the 2021 income. The expenditure on

charitable activities increased in the year to £4.14m (2020: £3.74m) and amounts to 83.4% (2020: 83.3%) of total expenditure.

Income

1% Services provided 2% Tenants

The increase in the Society’s General Fund income relative to 2020 of £0.71m results from increases in three areas, being RGS Enterprises turnover £0.27m higher than 2020 due to increased picture library and digital content licencing sales; income generated by charitable activities up £0.21m on the prior year, primarily as a result of running the postponed annual conference; and, donations and legacies £0.24m above the 2020 level, although this is primarily a result of legacies being recognised as income in the General Fund in 2021, but taken to a legacies unrestricted designated fund in prior years. Income in other areas was similar to 2020 levels. Proportional income is summarised in the first pie chart above.

General Fund expenditure as a whole increased in 2021 by 10.0%. 2021 total costs, at £4.97m, were 10.5% above 2020 (£4.50m). The Society’s expenditure on charitable activities increased by £0.40m, up 10.7% on 2020, to £4.14m. Of the total expenditure, 6.7% (2020: 5.6%) was from restricted

funds, with almost all the remainder from the General Fund. The main areas in which charitable expenditure increased was in Research and Higher Education activities, primarily as a result of running the annual conference in 2021, having postponed

Expenditure (excluding depreciation)

8% Policy, communications, media 10% Other inc governance 11% Engaging wider audiences 11% RGS Enterprises costs 13% Membership services 14% Information services and resources 14% Education, expeditions, fieldwork, grants 19% Research, higher education, grants

the one planned for 2020. The second pie chart shows expenditure by activity (with the effects of depreciation removed).

The consolidated balance sheet shows net assets increasing by £1.23m (2020: £0.82m), excluding the change in the liability of the defined benefit pension scheme, as calculated annually for FRS102. This liability reduced to nil at the year-end (2020: increased to £1.23m). The Society’s actual, legal obligation to funding the scheme is determined by the triennial actuarial valuation, the last one being at June 2020. The Society’s calculated Free Reserves at 31 December 2021 were £6.42m, being the combined value of the General Fund of £6.23m and the Pension Contingency Reserve Fund of £0.19m (2020: £4.27m, being the General Fund of £4.45m less the net book value of intangible and tangible fixed assets attributable to the General Fund of £1.30m, less the defined benefit pension scheme liability of £1.23m, plus the Strategic Reserve of £2.10m plus the Pension Contingency Reserve Fund

of £0.25m). Further details of the Society’s reserves are set out under the Reserves heading of the Major policies of the Society section below.

In preparing these financial statements, the Society has undertaken a major review of its funds. A review of underlying documentation on a number of funds has resulted in a reclassification from designated and restricted funds to endowed funds. A revised approach has also been taken in respect of funds raised for capital expenditure projects, where these have previously been treated as restricted funds, in so far as the related capital expenditure is not yet depreciated. They are now released to the General Fund, since the income has been applied for the purpose for which it was given. A new Fixed Asset Fund has been established and represents the net book value of the Society’s tangible and intangible fixed assets. The Strategic Reserve has now been consolidated into the General Fund. Full details of the changes are set out under the Reserves heading of the Major policies of the Society section below.

Key management personnel

The key management personnel of the Society comprise the Trustees, the Director and five Senior Managers. The Trustees receive no remuneration for their role as a Trustee. In determining the remuneration of the Senior Managers, the President and Honorary Treasurer jointly act as a remunerations committee, and can consider recommendations made by the Director in the light of the performance of individual Senior Managers in delivering on their workplans and their contributions through them to meeting the strategic goals, and on their contributions to the management of the Society as a whole as well as managing their own staff. The remuneration of the Director is considered independently by the President and Honorary Treasurer on similar grounds. As with all staff, Senior Managers can request benchmarking by a third party at any time, or be benchmarked at the request of the Director, Head of Finance and Services or Senior Trustees.

Fundraising

The Society is fortunate to receive grants, donations and legacies from Fellows and members, a wide range of supporters, trusts, and foundations. The

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Society does not currently fundraise from the public or use any external fundraising agencies for either telephone or face to face campaigns. As the Society does not engage in large scale fundraising campaigns with the general public, it has not considered it necessary to participate in any scheme for accreditation to a fundraising standard, although this is being actively researched, and the lead staff member is undertaking the relevant training. The Society has received no fundraising complaints in the year.

Going concern

The Trustees confirm that at the time of approving the financial statements, and based on their forecasts until 31 December 2023, there is a reasonable expectation that the Society has adequate resources to continue in operational existence. In arriving at this conclusion, the Trustees have taken account of current and anticipated financial performance in the current economic conditions, and the Society’s reserves position. At 31 December 2021, the Society held unrestricted cash balances of £2.0m and unrestricted investments of £7.0m. Since the significance of the economic impacts of the COVID-19 outbreak have become apparent, the Trustees have reviewed in detail the Society’s position and the appropriate basis on which to prepare the financial statements. The Trustees have concluded that it remains appropriate to prepare the financial statements of the Society on the going concern basis.

Major policies of the Society

(a) Reserves

At 31 December 2021 total reserves were £27.69m of which £6.23m represents the General Fund, £8.46m designated funds, £1.20m restricted funds and £11.80m endowment funds.

The General Fund, an unrestricted income fund, comprises those monies that may be used towards meeting the charitable objectives of the charity at the discretion of the Council. A Pension Reserve Fund, established under the accounting requirements in the case of a pension scheme deficit (see Note 23 to the financial statements) represents the actuarial deficit as calculated at each

financial year end on the Society’s defined benefit pension scheme, but where this annual valuation determines a surplus, this is not recognised in the financial statements. Other funds have been analysed in accordance with the Charity Commission guidelines between Unrestricted, Restricted and Endowment Funds.

In setting out its Reserves Policy, Council has considered what level of free reserves it is appropriate to hold in order to support the Society’s existing strategic objectives, its long-term development and sustainability, and its financial resilience in the event of any unexpected and significant shortfall in income in any given year. Council considers that the appropriate minimum level of free reserves should be set at 50% of the Society’s annual core (non-project funded) expenditures, equivalent to c £2.1 million at current levels of expenditure. Council has defined the Society’s free reserves as being the General Fund £6,231,000 (2020: General Fund £4,450,000 less the net book value of intangible and tangible fixed assets attributable to the General Fund of £1,304,000), less any defined benefit pension scheme liability £nil (2020: £1,225,000), plus the Strategic Reserve £nil (2020: £2,100,000) and the Pension Contingency Reserve Fund £191,000 (2020: £248,000). The combined total of these items as at 31 December 2021 was £6,422,000 (2020: £4,269,000). The targeted level of free reserves was therefore exceeded at the 2021 yearend, although the continued impact of the COVID-19 pandemic is expected to reduce this excess during 2021 and the remaining excess will be used over time for the Society’s charitable aims.

The Unrestricted Designated Funds are monies set aside out of the General Fund and designated for specific purposes by the Council in line with the Society’s strategy. Restricted Funds and Endowment Funds represent monies raised for, or donations and legacies received, subject to donor-imposed expectations or conditions. Certain restricted income funds will over time be drawn upon in full for the purposes for which they were established; other restricted funds consist of invested capital balances and endowments, the income from which is used for restricted purposes.

Following a review of underlying documentation, the capital elements of balances previously reported as restricted within the restricted research funds and trust funds have been reclassified as endowment funds. In addition, the Research (Appeal) Fund has been reclassified as an endowed fund and the accumulated unspent income from the invested capital reclassified as a restricted fund. The Research (Appeal) Fund had in previous years been treated as a designated fund. The revised categorisation of the restricted research funds, the trust funds and the Research (Appeal) Fund have been accounted for as prior year adjustments.

In previous years the Ondaatje Theatre Fund, the ‘Unlocking the Archives’ Fund, the Members’ Room Fund being the balance of donations received and National Lottery Heritage Fund grants received, less revenue costs not capitalised and the depreciation on the associated capital expenditure have been treated as restricted reserves. However, as the income received for this capital expenditure has been fully expensed, the funds have been released to the General Fund. Similarly, the Capital Development Fund, which had been established to fund certain capital projects, has also now been closed and the funds on this reserve have been transferred to the General Fund at the end of 2021, as the funds set aside have been fully spent on capital expenditure.

A new Fixed Asset Fund has been established and represents the net book value of the Society’s tangible and intangible fixed assets, all of which are now unrestricted. The Trustees consider that these assets are essential to the implementation of the Society’s operational strategy and that their disposal could adversely impact on the Society’s ability to deliver its aims.

The Strategic Reserve, a designated fund established at the end of 2020 to provide resilience against future economic shocks, has now been consolidated into the General Fund and the related funds therefore remain part of the Society’s free reserves.

The Major Building Repair and Renovation Reserve, a designated fund established at the end of 2020 to finance a specific programme of repair and

renovation work on the Society’s premises, has been partly spent during 2021 and is expected to be fully spent by the end of 2022.

The Life Composition Fund, which in previous years was a designated fund used to recognise life membership income, which was then released to the General Fund over the ten years from the date of the beginning of the life membership, has been closed at the end of 2021 and the funds transferred to the General Fund. This approach has been adopted as life membership income is now recognised in full in the General Fund when received.

(b) Investments

The investment objective of the Society’s investment portfolios representing the General Fund, the New Initiatives Fund, the Research (Appeal) Fund, the Restricted Research Funds and the Trust Funds is to achieve a balanced return from a broadly diversified blend of assets, with a moderate risk profile. The specific composition of the funds is orientated towards the long term with a spread of exposures in the UK and the wider global market. The investment funds are managed (with the exception of the Frederick Soddy Award Fund endowment which is managed by Sanlam) under contract by Newton Investment Management Ltd and Ruffer LLP within the above objectives and certain investment parameters, and with a responsible investment policy. The policy states that “The Council of the Society starts from the premise that its principal overall responsibility is always to act in the best interests of the charitable objectives of the Society. So far as the Society’s investment policy is concerned, the Council believes that companies that clearly depart from acceptable environmental, human rights, social, moral or commercial policies are unlikely in the longer term to produce sustained growth in shareholder value. The Society endeavours to avoid material investment in such companies.” The Society’s Investment SubCommittee monitors the responsible investment performance of its fund managers to ensure compliance with the policy. The Society’s Investment Sub-Committee meets three times a year to review the performance of the investment portfolios with the investment managers against the managers’ own and external benchmarks, reporting to the Finance Committee and Council.

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Statement of Trustees’ responsibilities

Risks

The Society operates systems of internal control designed to provide reasonable, but not absolute, assurance against the risks that it identifies across its operations as a whole, including financial risks of material misstatement or loss. These controls include:

1 The identification and management of key risks: governance and management; operational; financial; compliance; reputational; and external. These are reviewed throughout the year by the Society’s management team and Finance Committee, and a risk register formally reviewed by the Trustees annually;

2 A strategic plan and an annual budget approved by the Society’s management team, Finance Committee and Trustees;

3 An implementation plan and a business plan agreed with the Trustees for the delivery of the strategy;

4 Regular review by the management team, Finance Committee and Trustees of the financial results against budget, with input as appropriate from the Society’s major divisional Committees; and

5 The delegation of authority at appropriate operating levels; controls over the ordering of, and payment for, goods and services; and the segregation of duties.

The Society seeks at all times to evaluate the financial and other consequences of committing to new projects and activities, as it believes that heightened risk is created during periods of significant change. The Society’s risk profile remained relatively low during 2021, with financial approval procedures in place as staff continued to work from home at a significant level, in response to the COVID-19 control measures.

Other legal and administrative information

Royal Geographical Society (with IBG): registered and correspondence address 1 Kensington Gore, London SW7 2AR

Investment Managers:

Newton Investment Management Ltd Bank of New York, Mellon Centre 160 Queen Victoria Street, London EC4V 4LA

Ruffer LLP

80 Victoria Street, London SW1E 5JL

Solicitors:

Cripps Harries Hall Wallside House, 12 Mount Ephraim Road Tunbridge Wells, Kent TN1 1EE

Withers Worldwide 16 Old Bailey, London EC4M 7EG

Auditor:

Crowe U.K. LLP 55 Ludgate Hill, London EC4M 7JW

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources of the group and charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• state whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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

the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Crowe U.K. LLP has indicated its willingness to continue in office.

By order of the Council made on 11 April 2022

Carol Lawson

Honorary Treasurer

The Trustees are responsible for the maintenance and integrity of the group and charity and financial information included on the charity’s website. Legislation in the United Kingdom governing

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Independent auditor’s report to the Trustees of the Royal Geographical Society (with the Institute of British Geographers)

Opinion

We have audited the financial statements of Royal Geographical Society (with the Institute of British Geographers (‘the charity’) and its subsidiaries (‘the group’) for the year ended 31 December 2021 which comprise of the Group S tatement of Financial Activities, the Group and Society Balance Sheets, the Group and Society Cash Flow Statements and notes to the financial statements, including significant accounting policies. 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 financial statements:

give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 December 2021 and of the group’s income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities Act 2011.

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 financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 or the group’s ability to continue as a going concern for a period of at least 12 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

sufficient and proper accounting records have not been kept by the parent charity; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, set out on page 33, the Trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of

the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with

36

37

Group Statement of Financial Activities (SOFA) for the year ended 31 December 2021

which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were Taxation legislation, Health and safety legislation and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within income recognition, fund accounting, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, analytical procedures and sample testing of income, sample testing on the posting of journals, reviewing a sample of funds classifications against original donor information, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Crowe U.K. LLP

Statutory Auditor

London

Date: 22nd April 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Income from:
Membership subscriptions
Donations and legacies
Other trading activities
Investment income
Charitable activities
Total income
Expenditure on:
Raising funds:
Raising donations and legacies
and on membership marketing
Other trading activities
Investment management costs
Charitable activities
Total expenditure
Net gain on investments
Net income before transfers
Transfers
Gross transfers between Funds:
Restricted Funds
Net income before other
recognised gains/(losses)
Other recognised gains/
(losses)
Actuarial gain /(loss) on defned
beneft pension scheme
Gain on currency revaluation
Net movement in Funds
Reconciliation of Funds
Total Funds brought forward
Total Funds carried forward
Notes
2
3
6
4
5
6
7
17
23		 Unrestricted
Funds
£’000
1,652
271
1,153
204
1,009
4,289
128
582
61
3,815
4,586
860
563
3,710
4,273
1,184
-
-
5,457
9,233
14,690
Restricted
Funds
£’000
-
196
-
162
-
358
1
4
-
327
332
-
26
(3,710)
(3,684)
-
1
(3,683)
4,882
1,199
Endowment
Funds
£’000
-
-
-
-
-
-
-
-
49
-
49
675
626
-
626
-
56
682
11,123
11,805
Total
2021
£’000
1,652
467
1,153
366
1,009
4,647
129
586
110
4,142
4,967
1,535
1,215
-
1,215
1,184
57
2,456
25,238
27,694		 Total
2020
£’000
1,666
1,131
884
427
799
4,907
125
534
94
3,743
4,496
407
818
-
818
(1,359)
-
(541)
25,779
25,238

The notes on pages 41-68 form an integral part of these financial statements.

38

39

Group Balance Sheet as at 31 December 2021

Fixed assets
Intangible Assets
Tangible Assets
Investments
Current Assets
Publication Stocks
Debtors and Accrued Income
Cash on Deposit
Cash at Bank and in Hand
Current Liabilities
Creditors and Accruals
Net Current Assets
Net Assets before Pension
Scheme Liability
Defned Beneft Pension Scheme
Liability
Net Assets
Represented by:
Unrestricted Funds
Restricted Funds
Endowment Funds
Total Funds
Notes
10
11
12
13
14
15
23
17
18
19		 2021
£’000
3
6,390
1,495
1,639		 2021
£’000
22
5,249
14,184
9,527
(1,288)
8,239
27,694
-
27,694
14,690
1,199
11,805
27,694		 2020
£’000
3
7,137
1,933
615		 2020
£’000
39
5,338
12,759
9,688
(1,361)
8,327
26,463
(1,225)
25,238
9,233
4,882
11,123
25,238

The notes on Approved by Council and Nigel Clifford

pages 41-68 form authorised for issue on 11 April (President) an integral part of these financial 2022 and signed on its behalf by: Carol Lawson

statements. (Honorary Treasurer)

Society (Charity) Balance Sheet as at 31 December 2021

Fixed assets
Intangible Assets
Tangible Assets
Investments
Current Assets
Publication Stocks
Debtors and Accrued Income
Cash on Deposit
Cash at Bank and in Hand
Current Liabilities
Creditors and Accruals
Net Current Assets
Net Assets before Pension
Scheme Liability
Defned Beneft Pension Scheme
Liability
Net Assets
Represented by:
Unrestricted Funds
Restricted Funds
Endowment Funds
Total Funds
Notes
10
11
12
13
14
15
23
17
18
19		 2021
£’000
3
6,454
1,495
1,443		 2021
£’000
22
5,249
14,184
9,395
(1,156)
8,239
27,694
-
27,694
14,690
1,199
11,805
27,694		 2020
£’000
3
7,133
1,933
477		 2020
£’000
39
5,338
12,759
9,546
(1,219)
8,327
26,463
(1,225)
25,238
9,233
4,882
11,123
25,238

The notes on Approved by Council and Nigel Clifford

pages 41-68 form authorised for issue on 11 April (President) an integral part of these financial 2022 and signed on its behalf by: Carol Lawson

statements. (Honorary Treasurer)

40

41

Notes to the Financial Statements for the year ended 31 December 2021

Group and Society (Charity) Cash Flow Statements for the year ended 31 December 2021

Net cash used in operating activities
Cash fows from investing activities
Increase/(decrease) in cash
Reconciliation of net cash fow to balance of
cash at bank and in hand and cash held on
deposit
Change in cash and cash equivalents in the year
Cash and cash equivalents held at 1 January
Cash and cash equivalents held at 31 December
Relating to:
Short term deposits included in
“Cash on deposit”
Bank balances included in
“Cash at bank and in hand”
Notes
21
22		 Group
2021
£’000
455
131
586
Society
2021
£’000
397
131
528
Group
2020
£’000
(253)
387
134
Society
2020
£’000
(254)
387
133
586
2,548
3,134
528
2,410
2,938
134
2,414
2,548
133
2,277
2,410
1,495
1,639
3,134
1,495
1,443
2,938
1,933
615
2,548
1,933
477
2,410

1 Accounting Policies

(a) Charity information

The Royal Geographical Society (with the Institute of British Geographers) was established by Royal Charter in 1859. It is a registered charity in England and Wales (charity number: 208791).

(b) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value except for investments which are recognised at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the Charities SORP (FRS102), effective from 1 January 2015) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities in preparing these accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the Charities SORP (FRS102), effective 1 January 2015) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

the financial statements of the Society on the going concern basis.

These financial statements the financial statements of the consolidate the results of the Society on the going concern charity and its wholly-owned basis. subsidiary company Royal Geographical Society Enterprises (e) Functional currency Limited on a line by line basis. A separate detailed Statement The financial statements are of Financial Activities (‘SOFA’) presented in sterling which is is not presented for the charity also the functional currency of itself, however, a summary SOFA the Society. for the charity is presented in Note 10 below.

(f) Trading in support of the Society’s charitable activities

(c) Public benefit entity

The Society constitutes a public benefit entity as defined by FRS 102.

Commercial trading activities benefit entity as defined by in support of the Society’s FRS 102. charitable activities are carried out by the subsidiary company Royal Geographical Society (d) Going concern Enterprises Limited. The income The Trustees confirm that at the and expenditure of the company time of approving the financial is shown as two rows in the statements, and based on their SOFA because the nature of forecasts until 31 December those activities is different from 2023, there is a reasonable the remainder of the Society’s expectation that the Society has operations. adequate resources to continue in operational existence. In (g) Income arriving at this conclusion, the Trustees have taken account of Membership subscription current and anticipated financial income is accounted for on an performance in the current accruals basis. Amounts received economic conditions, and the in the year in respect of life Society’s reserves position. At subscriptions are taken to the 31 December 2021, the Society Statement Of Financial Activities held unrestricted cash balances in the year in which they are of £2.0m and unrestricted received. investments of £7.0m. Since the significance of the economic Grants and sponsorship impacts of the COVID-19 receivable are credited to the outbreak have become apparent, SOFA in the period to which the Trustees have reviewed in they relate. Amounts deferred to detail the Society’s position and future accounting periods as a the appropriate basis on which to result of conditions imposed by prepare the financial statements. the funder or received in advance The Trustees have concluded that of the estimated value of work it remains appropriate to prepare to which the grant relates being carried out, are included as

42

43

deferred income in the balance sheet.

Donations are credited to the SOFA in accordance with the recognition requirements of the SORP (being probability, entitlement and measurement). No financial value has been placed on the support given to the Society by way of volunteer assistance and donations due to the difficulties of attributing an economic value to such support.

Legacies that are pecuniary are recognised as income in the SOFA when entitlement is confirmed through the granting of probate. Residuary legacies are credited to the SOFA on a case by case basis in accordance with the requirement of the SORP (being probability, entitlement and measurement). Entitlement is taken as the earlier date on which either:

Investment income consists of dividends and distributions from the investment portfolios, and interest earned on bank deposits and current accounts. In respect of the Ruffer portfolio, 3.0% of the value of the portfolio at 30 November each year is distributed from the portfolio and credited to the respective Funds in the SOFA. Bank interest is credited to the SOFA on an accruals basis.

Income from charitable activities is accounted for on an accruals basis.

Turnover of Royal Geographical Society Enterprises Limited Turnover comprises income from sponsorship, commission, venue hire, image sales, merchandise sales, and licensing royalties, net of value added tax. Turnover is recognised when the company provides the service or sells the goods.

Rental income from the Society’s tenants at Lowther Lodge is credited to the SOFA in the period to which it relates.

(h) Expenditure

Charitable activities in furtherance of the Society’s charitable objects in the following operational areas:

Grants payable in furtherance of the Society’s charitable objects, included within expenditure on charitable

activities, comprise grants and awards payable to individuals and institutions in support of expeditions and fieldwork, research and higher education, secondary education and teaching. Liability for the grant is recognised when a contractual obligation is created, on the approval for payment of the grant by the relevant grants committee and on receipt of confirmation that the grantee is capable of fulfilling the work for which the grant is awarded.

Expenditure on raising funds comprise direct expenditure, staff, and support costs associated with fundraising activity, including in respect of encouraging donations and legacies, and in marketing with the purpose of attracting new members to the Society, together with an allocation of central support costs.

Central support costs incurred in running the Society’s premises, on finance (including irrecoverable VAT), Society staff recruitment costs, information technology, governance costs and depreciation of fixed assets, whilst necessary to assist in the delivery of the core charitable activities, are not in themselves the output of that charitable activity. Finance, recruitment costs and information technology costs have been allocated to each of the Society’s core charitable activities, expenditure on raising donations and legacies, and in the proportion that each activity’s directly identifiable costs have to the total of all such costs. Premises costs and depreciation

at cost less accumulated entrance reception completed amortisation and accumulated in June 2004 are stated at cost. impairment losses. Depreciation is charged at rates between 2% - 4% p.a. on a Amortisation is recognised so as straight line basis from that date.

have been allocated to each of the Society’s core charitable activities, expenditure on raising donations and legacies, and tenants based on estimates of the use of the premises and of the depreciable fixed assets.

Amortisation is recognised so as straight line basis from that date. to write off the cost or valuation of assets less their residual Plant and equipment; fixtures values over their useful economic and fittings lives on a straight line basis. Depreciation is charged on these additions at the following rates Computer software on a straight line basis having 10% - 25% p.a. regard to their estimated useful economic lives.

Governance costs that consist lives on a straight line basis. of expenditure on annual Computer software compliance with constitutional 10% - 25% p.a. and statutory requirements have been allocated to each of the Society’s core chargeable (l) Tangible fixed assets and activities, expenditure on raising depreciation donations and legacies and tenants, in the proportion that Expenditure of a capital nature each activities and all other costs below £500 is not capitalised have to the total of all other costs. but charged to the SOFA in the year of expenditure.

Plant and equipment – mechanical and electrical equipment 4% - 10% p.a.

Plant and equipment – furniture and storage equipment 3% - 10% p.a.

Investment management

Freehold property – the historic property

costs represent the investment fees charged by the investment managers in respect of the management of the Society’s investment portfolios. Dealing costs associated with the purchase, and sale, of investments within the portfolios are included within the costs of acquisition of the investments, and in reducing the disposal proceeds, respectively.

Plant and equipment – computer hardware 20% - 33% p.a.

The freehold property, consisting computer hardware of the Society’s historic Grade II* 20% - 33% p.a. Listed building Lowther Lodge and associated 1930’s additions Plant and equipment – and the land on which it stands, audio-visual equipment is stated at its 1912 cost plus 15% - 25% p.a. all material additions since

Fixtures and fittings 4% - 10% p.a.

1 January 1985. No depreciation 4% - 10% p.a. is provided because, in the opinion of the Trustees, any No depreciation is charged on depreciation charge and the assets when under construction, accumulated depreciation but is charged on the above rates are immaterial. The Trustees as applicable from the date when assess whether there is any the assets are first brought into indication that the property use. may be impaired at the end of each financial year. If such an The Society’s historic indication is present the Trustees Collections of heritage assets will estimate the recoverable No capitalised cost or amount and compare this to its depreciation is provided in the carrying value. financial statements for the Society’s Collections of maps and atlases, photographs, Freehold property – new books, manuscript archive and ‘Unlocking the Archives’ artefacts, as the Collections building have been accumulated either The new basement, pavilion and as the result of donations or

(j) Foreign exchange

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Material assets or exposure held in foreign currencies are converted at year end rates.

(k) Intangible fixed assets and amortisation

Freehold property – new ‘Unlocking the Archives’ building The new basement, pavilion and

Intangible assets acquired separately are recognised at cost and are subsequently measured

44

45

(o) Fund accounting

bequests of materials to the Society, or as a direct or indirect result of the Society’s historical activities in supporting research and expeditions. Insignificant expenditure on the acquisition of Collection items is written off as incurred. The Trustees are of the opinion that it would be highly impracticable, significantly costly, and potentially highly misleading to potential funders and others, to obtain a valuation of such heritage assets and therefore the assets are excluded from the balance sheet. In accordance with the requirements of Section 34 of FRS 102 and Module 18 of SORP FRS 102, note 12 b) to the financial statements provides additional disclosures on the nature and scale of the Society’s Collections assets, as well as the Society’s Collections management policies and the extent to which access is permitted to the Collections.

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Society’s general charitable objectives. Unrestricted funds comprise the General Fund and a number of designated funds.

The General Fund is an unrestricted income fund that is used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

Designated funds are unrestricted income funds set aside out of the General Fund and designated for specific purposes by the Trustees in line with the Society’s strategy.

Restricted funds represent donations, legacies, or other grants, given for specific purposes to be expended in accordance with the terms of the donation, legacy or grant. Restricted funds also include the accumulated unspent income from endowment funds that can only be used in accordance with the requirements of the endowments.

(m) Investments

Investments are included in from endowment funds that the balance sheet at their fair can only be used in accordance value at the end of the financial with the requirements of the period. Realised and unrealised endowments. gains and losses are credited or debited to the SOFA in the year Endowed funds represent in which they arise. Investment donations or legacies given to income is accounted for on an the Society, the terms of which accruals basis. Portfolio cash stipulate that the original capital held for investment is included cannot be spent. The funds are in the value of investments. invested to generate an income and capital growth which can then be expended in accordance (n) Publication stock with the purposes stated by the donor.

(n) Publication stock

Stocks of publications are included in the balance sheet at the lower of cost or net realisable value.

(p) Pension costs

The Society operates a defined

benefit pension scheme (‘the Scheme’), which until 31 August 2010, provided benefits to certain staff on permanent employment contracts based on pensionable annual salary. The Scheme was closed to new entrants with effect from 1 August 2003, and was closed to future service accrual at 31 August 2010. The funding of the Scheme is reviewed by an actuary every three years, and contributions are adjusted in accordance with the actuary’s advice.

Pension costs are included in the SOFA in accordance with SORP FRS 102, with current service cost included in Expenditure, and the actuarial gain or loss arising in the year included under ‘Other recognised gains or losses’. Contributions are charged to expenditure so as to spread the regular cost of pensions over the expected working lives of the employees in the Scheme. Any difference between the cumulative amounts charged and contributions paid is included as an asset or liability in the balance sheet.

The Society also operates a group personal plan for all staff, save for those who by nature of their specific post are members of the Universities Superannuation Scheme. The amounts charged to expenditure represent payments made by the Society into these schemes during the year.

(q) Financial Instruments

Financial instruments are classified and accounted for

according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial assets which are receivable within one year are initially measured at the transaction price. Financial assets are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial liabilities payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

(r) Critical accounting estimates and areas of

judgement

The Society makes estimates and assumptions concerning the future. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Critical accounting estimates and assumptions

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are those used by the scheme actuary in calculating the Society’s defined benefit pension scheme liability (see note 30 for details).

Critical areas of judgement Preparation of the financial statements requires the Trustees and management to make significant judgement.

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

• the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge together with the judgements involved in concluding on the non-depreciation of the land and building.

46

47

Subscriptions
Taxation recovered under Gift Aid
Joining fees
Life membership
2
Membership subscriptions		 2021
£’000
1,416
214
6
16
1,652		 2020
£’000
1,461
191
6
8
1,666

In 2021 and 2020 all membership income was attributable to unrestricted funds.

3 Donations and legacies

Donations
Legacies		 2021
£’000
218
249
467
Unrestricted
Funds
£’000
22
249
271
Restricted
Funds
£’000
196
-
196
Endowment
Funds
£’000
-
-
-		 2020
£’000
136
995
1,131

The Society benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in these accounts.

4 Investment income (gross of investment management costs)

Dividends and investment portfolio distributions
Bank interest
Total
Attributable to:
Unrestricted Funds
Restricted Funds
Endowment Funds		 356
10
366
204
162
-
366		 412
15
427
257
170
-
427

5 Income from charitable activities

Conferences and events, including RGS-IBG Annual International
Conference and regional programme
Research group activities/grants for research
Funded education projects
Academic journals
HMRC Coronavirus Job Retention Scheme Grants
Geography Outdoors courses and activities
Books, maps and other sales
Arising from:
Grants awarded in support of charitable activities
Income generated by charitable activities		 2021
£’000
227
12
291
388
14
26
51
1,009
305
704
1,009		 2020
£’000
88
2
254
351
64
13
27
799
318
481
799

In 2021 and 2020 all of the income from charitable activities was attributable to unrestricted funds.

6 Other trading activities

2021 2020
Income £’000 £’000
RGS Enterprises 1,024 758
Tenants rents and service charges 85 94
Local Council Grants 44 -
Services provided to third party - 32
Expenditure
RGS Enterprises
Costs attributable to tenancies		 1,153
518
68		 884
449
52
Costs attributable to services provided to third parties -
586		 33
534
In 2021 and 2020 all income and expenditure from other trading activities was attributable to u
funds. The Society benefcially owns the entire share capital of Royal Geographical Society Ent
Limited (company number: 01322564), a company incorporated in England, and through which
commercial activities are carried out. The annual profts of the company are distributed to the S
Deed of Covenant, in support of the Society’s charitable activities.
Summary of proft and loss account
Turnover 1,017 758
Cost of sales (501) (432)
Gross proft 516 326
HMRC Coronavirus Job Retention Scheme Grants 7 7
Administrative expenses (17) (17)
Operating proft before distribution 506 316
Gift Aid distribution to the Society (506) (316)
Operating proft after distribution - -

In 2021 and 2020 all income and expenditure from other trading activities was attributable to unrestricted funds. The Society beneficially owns the entire share capital of Royal Geographical Society Enterprises Limited (company number: 01322564), a company incorporated in England, and through which the Society’s commercial activities are carried out. The annual profits of the company are distributed to the Society, under Deed of Covenant, in support of the Society’s charitable activities.

The net assets of RGS Enterprises at 31 December 2021 were £100 (2020: £100) matched by the issued share capital of £100.

48

49

7 Expenditure on charitable activities

2021
Core Society activity
Public Understanding, Policy, and
Public Affairs
Education and Outdoor Learning
Research and Higher Education
Information Services and Resources
Membership Services
Total charitable expenditure
2020
Core Society activity
Public Understanding, Policy, and
Public Affairs
Education and Outdoor Learning
Research and Higher Education
Information Services and Resources
Membership Services
Total charitable expenditure		 2021
Total
£’000
999
728
943
795
677
4,142
Grants
and
awards
£’000
Note 8
-
-
133
-
-
133
Direct
charitable
costs
£’000
440
399
492
141
348
1,820
Activity
support
costs
£’000
106
86
69
35
114
410
Central
support
costs
£’000
453
243
249
619
215
1,779
2020
Total
£’000
920
783
653
720
667
3,743
-
-
25
-
-
25
415
453
366
143
347
1,724
103
90
57
35
114
399
402
240
205
542
206
1,595

In 2021 £311,000 (2020: £213,000) of expenditure on charitable activities was attributable to restricted funds with the balance of £3,816,000 (2020: £3,530,000) attributable to unrestricted funds.

Allocation of central support costs Allocation of central support costs
Premises Finance IT Dep’n G’nance Total
2021 £’000 £’000 £’000 £’000 £’000 £’000
Core charitable activity
Public Understanding, Policy,
and Public Affairs 214 97 19 65 58 453
Education and Outdoor Learning
75		 83 17 29 39 243
Research and Higher Education 73 97 19 16 44 249
Information Services
and Resources 415 34 6 151 13 619
Membership Services 34 77 16 56 32 215
Sub-total 811 388 77 317 186 1,779
Expenditure on raising
donations and legacies 9 16 3 2 2 32
Tenancies 65 - - 2 1 68
Total central costs 2021 885 404 80 321 189 1,879
Total
2020 £’000
Core charitable activity
Public Understanding, Policy,
and Public Affairs 173 86 21 67 54 401
Education and Outdoor Learning
61		 89 22 30 38 240
Research and Higher Education 59 70 17 17 42 205
Information Services
and Resources 335 33 7 156 11 542
Membership Services 28 73 19 58 29 207
Sub-total 656 351 86 328 174 1,595
Expenditure on raising
donations and legacies 7 15 4 2 2 30
Tenancies 49 - - 2 1 52
Total central costs 2020 712 366 90 332 177 1,677

Governance costs in 2021 include normal annual governance, compliance with regulations, Council and committee meetings, audit, and senior management team input to the review of the Society’s strategy.

50

51

8a Analysis of grants and awards payable

Support for:
Research
Expeditions & feldwork
Education & teaching		 2021
Individ
£’000
7
(3)
-
4
2021
Instit
£’000
126
-
3
129
2021
Total
£’000
133
(3)
3
133		 2020
Total
£’000
34
(9)
-
25
2020
Indiv
£’000
15
(9)
-
6
2020
Instit
£’000
19
-
-
19

In compliance with the definitions in FRS 102, grants made to individuals for the purposes of carrying out research projects are regarded as a grant to the institution to which the individual is connected, unless, in the opinion of the Society, the grant is of direct primary benefit to the individual’s personal development.

2021 2020
Recipients of institutional grants: £ £
College of Life and Environmental Sciences, University of Exeter 2,000 -
Coventry University 500 -
Department of Geography and Earth Sciences, Aberystwyth University 2,757 -
Department of Geography and Environment, LSE 6,000 -
Department of Geography and Environmental Science, University of Reading 2,000 -
Department of Geography and International Development, University of Chester 14,910 -
Department of Geography and Planning, University of Liverpool 9,530 -
Department of Geography, Birkbeck, University of London 1,865 -
Department of Geography, Durham University 1,000 1,000
Department of Geography, Royal Holloway, University of London 14,980 -
Department of Geography, University College London 1,750 -
Department of Geography, University of Sussex 1,400 -
Environment and Agrifood, Cranfeld University 12,500 -
Geography and Environmental Science, University of Southampton 3,947 -
Loughborough University (319) -
School of Environment, Education and Development, The University of Manchester 3,289 -
School of Geographical and Earth Sciences, University of Glasgow 11,000 -
School of Geographical Sciences, University of Bristol 1,800 -
School of Geography & Sustainable Development, University of St Andrews 2,000 -
School of Geography and Environmental Sciences, Ulster University 933 -
School of Geography and the Environment, University of Oxford 415 6,000
School of Geography, Earth and Environment Sciences, University of Birmingham 2,000 -
School of Geography, Earth and Environmental Sciences, University of Plymouth 2,780 -
School of Geography, Geology and the Environment, Keele University 1,113 -
School of Geography, Geology and the Environment, University of Leicester 2,340 -
School of Geography, Politics and Sociology, Newcastle University 1,712 -
School of Geography, University of Leeds 3,875 -
School of Geography, University of Nottingham 5,185 -
School of GeoSciences, The University of Edinburgh 500 -
The University of Texas at Dallas
University of Cambridge		 12,500
-		 -
18,700
University of Huddersfeld 3,000 -
University of Portsmouth - (8,441)
University of Stirling - 2,000

8b Grants and awards programme – grants payable (for information)

Albert Reckitt Award
Dudley Stamp Memorial Award
Frederick Soddy Award
Geographical Club Award
Geographical Congress Award
Henrietta Hutton Memorial Fund
International Geographical Congress 2004 Fund
Jasmin Leila Award
Land Rover Bursary
Monica Cole Bequest
Neville Shulman Challenge Award
Postgraduate Research Award
Ralph Brown Memorial Fund
Ray Gildea
Rob Potter Award
Slawson Award
SUN Institute formerly Deutsche post
Walters Kundert
Other small grants awarded		 2020
£
-
-
6,000
-
-
-
-
1,000
(13,979)
-
5,000
1,000
-
-
4,000
5,259
-
2,000
10,280
2021
£
4,000
16,028
6,000
2,967
644
500
644
1,250
-
1,000
(3,588)
-
25,750
2,000
1,500
-
39,132
11,000
16,846
125,673

In addition to the above grants, the Society also provided grant and award funding from its core funds in respect of the following:

respect of the following:
2021 2020
£ £
Society research group support 7,340 14,401
School geography prizes - 400
7,340 14,801
Total grants and awards 133,013 25,081

Staff costs and emoluments
2021 2020
£ £
Salaries and wages 1,949 2,002
National Insurance 204 212
Employer pension cost - normal contributions 173 180
2,326 2,394
The average number of employees was 54 (2020: 52), and the average number of f
employees was 48 (2020: 49). The emoluments (excluding pension contributions) o
employee benefts in excess of £60,000 were in the salary bands:
2021 2020
£60,001 - £70,000 - 1
£80,001 - £90,000 2 2
£90,001 - £100,000 2 2
£110,001 - £120,000 1 1

9 Staff costs and emoluments

The average number of employees was 54 (2020: 52), and the average number of full-time equivalent employees was 48 (2020: 49). The emoluments (excluding pension contributions) of employees who had employee benefits in excess of £60,000 were in the salary bands:

19,259

129,262

52

53

11a Tangible Fixed Assets

Of these employees, 2 (2020: 2) had benefits accruing under defined benefit pension schemes as at 31 December 2021. The key management personnel of the parent charity, the Society, and the group comprise the Trustees, the Director and five Senior Managers.

The total employee benefits of the key management personnel during the year, which comprised salary and pension benefits, were £604,247 (2020: £603,157) and Employers National Insurance of £66,492 (2020: £66,260).

No remuneration was paid to the Trustees (2020: £Nil). The Society pays expert external assessors a day rate of £250 in respect of services relating to scholarship assessments. No assessors were also Trustees of the Society in 2021 (2020: Two Trustees were each paid, at the normal day rate, totals of £2,125, and £250). Owing to the nature of the Society’s operations and the composition of the Council, transactions may take place with Council members or organisations in which a member of the Council has an interest. All transactions involving such organisations or individuals are conducted in accordance with the Society’s financial regulations and normal procurement procedures.

10 Intangible Fixed Assets – Group and Society

Cost
At 1 January 2021
Additions
At 31 December 2021
Amortisation
At 1 January 2021
Charge for the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020		 Computer
software
£’000
178
-
178
139
17
156
22
39
Group
Cost
At 1 January
Additions
Disposals
At 31 December
Depreciation
At 1 January
Charge for the year
Eliminated on disposals
At 31 December
Net Book Value
At 31 December 2021
At 31 December 2020
Society
Cost
At 1 January
Additions
Disposals
At 31 December
Depreciation
At 1 January
Charge for the year
Eliminated on disposals
At 31 December
Net Book Value
At 31 December 2021
At 31 December 2020		 2021
Total
£’000
11,109
235
(32)
11,312
Freehold Land
& Property
£’000
4,538
-
-
4,538
Plant &
Equipment
£’000
4,873
235
(32)
5,076
Fixtures &
Fittings
£’000
1,698
-
-
1,698
5,771
310
(18)
6,063
1,077
65
-
1,142
3,466
183
(18)
3,631
1,228
62
-
1,290
5,249
3,396
1,445
408
5,338
3,460
1,407
471
2021
Total
£’000
11,071
235
(32)
11,274
Freehold Land
& Property
£’000
4,538
-
-
4,538
Plant &
Equipment
£’000
4,847
235
(32)
5,050
Fixtures &
Fittings
£’000
1,686
-
-
1,686
5,733
310
(18)
6,025
1,077
65
-
1,142
3,440
183
(18)
3,605
1,216
62
-
1,278
5,249
3,396
1,445
408
5,338
3,461
1,407
470

54

55

11b Tangible Fixed Assets – Heritage Collections Assets – Group and Society

The following information is provided under the requirements of section 34 of FRS 102 and Module 18 of SORP FRS 102.

i) Nature and significance of the assets

The Society holds one of the world’s pre-eminent geographical Collections, an unparalleled resource of some two million separate items tracing 500 years of geographical discovery and research. At the time of the Society being founded in 1830, and throughout its history, the Society has been active in supporting British scientific expeditions and research. The Society has accumulated collections of the notes, photographs, paintings, maps, manuscripts and published records from sponsored expeditions and from many others.

The collections were awarded Designated Status by the Museums, Libraries and Archives Council in 2005.

ii) Policies in respect of management, acquisition, preservation, and disposal; and access to the collections

The management of the Society’s Collections is informed by a comprehensive ‘Archives and Collections Management Plan’, first drawn up in the late 1990s and which remains entirely relevant today. At the heart of the Plan is an overall collections development policy, which is “to maintain and develop a collection which focuses on its historic strengths and which provides an overview of the modern subject and its main sub-disciplines”. The Plan contains both strategic objectives and implementation and management policies and procedures, covering information provision, development and delivery of focused information services, access and charging, cataloguing, acquisition, storage and conservation, and materials rationalisation and transfer.

12 Investments – Group and Society

Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
Fair value £’000 £’000 £’000 £’000 £’000
At 1 January 6,994 - 5,765 12,759 12,345
Acquisitions at cost - - 147 147 -
Investment Management Fees (61) - (49) (110) (94)
Withdrawals - - (147) (147) -
Net gains on revaluation 860 - 675 1,535 508
At 31 December 7,793 - 6,391 14,184 12,759
Historical Costat 31 December
(including portfolio cash) 5,346 - 4,301 9,647 9,432

13 Debtors and accrued income

Trade debtors
Other debtors
Prepayments
Accrued income
Amounts due from RGS Enterprises
 Group
2020
£’000
159
5
158
6,815
-
7,137
2021
£’000
481
-
197
5,712
-
6,390		 Society only
2020
£’000
56
5
158
6,790
124
7,133
2021
£’000
26
-
177
5,708
543
6,454

The accrued income figure includes the sum of £5,518,000 (2020: £5,461,000) in respect of two endowments that were yet to be received at the year end, the Esmond B Martin RGS Prize Fund and the Pachyderm Journal Fund. These funds were received on 17 February 2022.

14 Cash at bank and in hand

Cash at bank and in hand
Cash at bank
Cash in hand
Cash held by research groups
Trade creditors
Other creditors
Accruals
Membership subscriptions in advance
Deferred income (see below)
Deferred income (analysis):
At 1 January
Amount released to income
Amount deferred in year
At 31 December
Creditors and accruals		 510
4
101
615
122
228
157
424
430
1,361
408
(707)
729
430
1,523
6
110
1,639
266
76
228
443
275
1,288
430
(1,097)
942
275		 373
3
101
477
1,327
6
110
1,443
121
225
146
424
303
1,219
236
73
217
443
187
1,156
235
(474)
542
303
303
(816)
700
187

15 Creditors and accruals

Deferred income represents amounts received in advance of the accounting period in which the income is entitled to be earned, primarily in respect of amounts received from corporate benefactors and from grants received prior to contracted work being completed.

16 Financial instruments

Carrying amount of financial assets at fair value: Equity instruments Debt instruments

Carrying amount of financial liabilities at fair value: Liability instruments

12,759
6,979
19,738
507
14,184
6,193
20,377
570		 12,759
6,975
19,734
14,184
6,272
20,456
492
526

56

57

Group and Society
2021
Designated Funds
New Initiatives Fund
Strategic Reserve
Major Building Repair and
Renovation Reserve
Life Composition Fund
Capital Development Fund
Pensions Contingency Fund
Research Groups Balance
Fixed Asset Fund
Total Designated Funds
General Fund
Pension Reserve
Total Unrestricted Funds
2020
Designated Funds
New Initiatives Fund
Major Repairs Fund
Contingency Fund
Legacies Fund
Endowment Fund
Strategic Reserve
Major Building Repair and
Renovation Reserve
Life Composition Fund
Capital Development Fund
Pensions Contingency Fund
Research Groups Balance
General Fund
Pension Reserve
Total Unrestricted Funds
17
Unrestricted Funds		 Balance
31 Dec
2021
£’000
2,019
-
869
-
-
191
109
5,271
Balance
1 Jan
2021
£’000
1,836
2,100
1,475
63
185
248
101
-
Income
£’000
39
56
-
-
-
-
-
-
Expend-
iture
£’000
(12)
(18)
-
-
(19)
-
8
-
Gains /
(Losses)
£’000
186
239
-
-
-
-
-
-
Transfers
£’000
(30)
(2,377)
(606)
(63)
(166)
(57)
-
5,271
8,459
6,008
95
(41)
425
1,972
6,231
-
4,450
(1,225)
4,194
-
(4,529)
(16)
435
1,184
1,681
57
14,690
9,233
4,289
(4,586)
2,044
3,710
Balance
31 Dec
2020
£’000
1,836
-
-
-
-
2,100
1,475
63
185
248
101
Balance
1 Jan
2020
£’000
1,771
33
215
1,587
1,763
-
-
62
204
378
68
Income
£’000
45
-
-
1,179
47
-
-
8
-
-
-
Expend-
iture
£’000
(10)
-
-
(4)
(11)
-
-
-
-
-
-
Gains /
(Losses)
£’000
47
-
-
22
59
-
-
-
-
-
-
Transfers
£’000
(17)
(33)
(215)
(2,784)
(1,858)
2,100
1,475
(7)
(19)
(130)
33
6,008
6,081
1,279
(25)
128
(1,455)
4,450
(1,225)
3,697
-
3,480
-
(4,209)
-
135
(1,359)
1,347
134
9,233
9,778
4,759
(4,234)
(1,096)
26
Group and Society
2020
Designated Funds
Research (Appeal) Fund
New Initiatives Fund
Major Repairs Fund
Contingency Fund
Legacies Fund
Endowment Fund
Life Composition Fund
Capital Development Fund
Pensions Contingency Fund
Research Groups Balance
General Fund
Total Unrestricted Funds		 Restated
Balance
1 Jan 2020
£’000
-
1,771
33
215
1,587
1,763
62
204
378
68
Prior Year
Balance
1 Jan 2020
£’000
1,048
1,771
33
215
1,587
1,763
62
204
378
68
Prior Year
Adjustment
£’000
(1,048)
-
-
-
-
-
-
-
-
-
6,081
7,129
(1,048)
3,697
3,697
-
9,778
10,826
(1,048)

The Designated Funds currently comprise the following:

New Initiatives Fund: Comprising funds set aside from unrestricted legacies invested for the long-term to generate investment return to support new initiative projects identified and approved by Council.

Major Repairs Fund: For property repairs projects. The balance on this fund was reduced to nil by expenditure in 2020.

Contingency Fund: For contingency purposes and for short-term new initiative projects. The balance on this fund was reduced to nil in 2020 and the related funds redesignated.

Legacies Fund: Monies received from legacies. The balance on this fund was reduced to nil in 2020 and the related funds redesignated

Endowment Fund: Monies raised from previous appeals, together with unrestricted legacies as designated by Council, with the purpose of providing support for the development and growth of the Society’s core activities for the longer term. The balance on this fund was reduced to nil in 2020 and the related funds redesignated. Strategic Reserve: Established in 2020 to provide resilience against future economic shocks, the funds on this reserve have been transferred to the General Fund at the end of 2021.

Major Building Repair and Renovation Reserve: A designated fund established to finance a specific programme of repair and renovation work on the Society’s premises.

Life Composition Fund: This fund, which previously was used to recognise life membership income, which was then released to the General Fund over the ten years from the date of the beginning of the life membership, has been closed at the end of 2021 and the funds transferred to the General Fund, as life membership income is now recognised in full in the General Fund when received.

Capital Development Fund: This fund, which previously had been established to fund certain capital projects, is now closed and the funds on this reserve have been transferred to the General Fund at the end of 2021. Pension Contingency Reserve Fund: Established in 2015 to provide for any future deterioration in the triennial actuarial valuation of the Society’s defined benefit pension scheme, which is now closed to new members and further contributions. The fund comprises the proceeds of the disposal of the Baines collection less the cumulative amounts paid to the Scheme in respect of deficit funding.

Research Groups Funds: Amounts held on reserves (principally cash balances) by the Society’s research groups.

Fixed Asset Fund: The Fixed Asset Fund was established at the end of 2021 and represents the net book value of the Society’s tangible and intangible fixed assets, all of which are unrestricted. The Trustees consider that these assets are essential to the implementation of the Society’s operational strategy and that their disposal could adversely impact on the Society’s ability to deliver its aims.

Prior year adjustment: Following a review of underlying documentation the Research (Appeal) Fund has been reclassified as an endowed fund and the accumulated unspent income from the invested capital reclassified as a restricted fund. The Research (Appeal) Fund had in previous years been treated as a designated fund

58

59

Group and Society
2021
Research (Appeal) Fund
Ondaatje Theatre Fund
Unlocking The Archives Fund
Members’ Room Fund
Field research appeal fund
Postgraduate Grants appeal fund
Combined appeal fund
Appeal Fund
Special purposes funds
Restricted research funds
Trust Funds
Group and Society
2020
Research (Appeal) Fund
Ondaatje Theatre Fund
Unlocking The Archives Fund
Members’ Room Fund
Field research appeal fund
Postgraduate Grants appeal fund
Combined appeal fund
Appeal Fund
Special purposes funds
Restricted research funds
Trust Funds
18
Restricted Funds		 Balance
31 Dec
2021
£’000
157
-
-
-
-
61
-
-
442
140
399
Balance
1 Jan
2021
£’000
147
467
3,093
238
13
19
30
20
356
109
390
Income
£’000
28
-
-
-
-
-
-
-
194
29
107
Expend-
iture
£’000
(16)
(23)
(154)
(23)
-
-
-
-
(44)
2
(74)
Gains /
(Losses)
£’000
-
-
-
-
-
-
-
-
-
-
1
Transfers
£’000
(2)
(444)
(2,939)
(215)
(13)
42
(30)
(20)
(64)
-
(25)
1,199
4,882
358
(332)
1
(3,710)
Balance
31 Dec
2020
£’000
147
467
3,093
238
13
19
30
20
356
109
390
Restated
Balance
1 Jan
2020
£’000
118
490
3,247
264
13
19
30
20
245
88
313
Income
£’000
31
-
-
-
-
-
-
-
114
32
138
Expend-
iture
£’000
(2)
(23)
(154)
(26)
-
-
-
-
3
(11)
(43)
Gains /
(Losses)
£’000
-
-
-
-
-
-
-
-
-
-
-
Transfers
£’000
-
-
-
-
-
-
-
-
(6)
-
(18)
4,882
4,847
315
(256)
-
(24)
Group and Society
Prior Year Adjustment
Research (Appeal) Fund
Ondaatje Theatre Fund
Unlocking The Archives Fund
Members’ Room Fund
Field research appeal fund
Postgraduate Grants appeal fund
Combined appeal fund
Appeal Fund
Special purposes funds
Restricted research funds
Trust Funds		 Restated
Balance
1 Jan 2020
£’000
118
490
3,247
264
13
19
30
20
245
88
313
Prior Year
Balance
1 Jan 2020
£’000
-
490
3,247
264
13
19
30
20
245
1,115
3,929
Prior Year
Adjustment
£’000
118
-
-
-
-
-
-
-
-
(1,027)
(3,616)
4,847
9,372
(4,525)

The Restricted Funds currently comprise the following:

Research (Appeal) Fund: Comprising the accumulated unspent income from monies raised from the 2000 – 2004 Fellowship Appeal, to provide an endowment to be invested for the long-term to generate investment return to support research and education grants.

Ondaatje Theatre Fund: Donations received in respect of the costs of the refurbishment project, less revenue costs not capitalised. As the donations received for this capital expenditure have been fully expensed, the funds have been released to the General Fund.

‘Unlocking the Archives’ Fund: Donations received and National Lottery Heritage Fund grants received, less revenue costs not capitalised. As the donations and National Lottery Heritage Fund grants received for this capital expenditure have been fully expensed, the funds have been released to the General Fund.

Members’ Room Fund: Donations received in respect of the costs of the refurbishment project, less revenue costs not capitalised. As the donations received for this capital expenditure have been fully expensed, the funds have been released to the General Fund.

Field research appeal fund: This fund represents the sums raised for the Field Research Programme in the 2014-16 appeal and not yet spent on the programme. Following the completion of the programme, the amount unspent at the end of 2021 has been transferred to the Postgraduate Grants appeal fund.

Postgraduate Grants appeal fund: This fund represents the sums raised in the 2014-16 appeal and not yet spent.

Combined appeal fund: This fund represents the sums raised in the 2014-16 appeal for the Field Research Programme and Postgraduate grants, but that was open to use on either. Following the completion of the Field Research Programme, the amount unspent at the end of 2021 has been transferred to the Postgraduate Grant appeal fund.

Appeal Fund: Funds received in support of funding the repair work on the South Façade of the Society’s premises. The work was completed in 2021 and the funds have been applied to these costs and the fund balance has reduced to nil.

Special purposes funds: These are sums of money received to fund grants and awards or particular projects. Restricted research funds: Comprising the accumulated unspent income from a number of endowments held to fund research fellowships, grants and awards.

Trust Funds: Comprising the accumulated unspent income from a number of Trust Funds held to provide ongoing funding to support expeditions and travel grants, medals and awards, lectures, publications and collections and the advancement of geography in the UK.

Prior year adjustment: Following a review of underlying documentation, the capital elements of balances previously reported as restricted within the restricted research funds and trust funds have been reclassified as endowment funds. In addition, the Research (Appeal) Fund has been reclassified as an endowed fund and the accumulated unspent income from the invested capital reclassified as a restricted fund. The Research (Appeal) Fund had in previous years been treated as a designated fund.

60

61

18a Restricted Funds – Special Purposes Funds

Restricted Special Purposes Funds are further analysed in the two following tables between those Funds held for the making of Grants and Awards (see also Note 8 b) and those held for the delivery of Funded Projects where funder conditions or expectations require.

i) Special Purposes Funds –
Grants and Awards
Gumby Award
Journey of a Lifetime Award
Slawson Award
Geographical Club Award
IGC2004 Fund
Goldsmiths’ Company Award
Hong Kong Research Grant
Land Rover ‘Go Beyond’ Bursary
Luke Molar Memorial Fund
Rio Tinto Award
Rex Walford Award
Deutsche Post Award
The Alexander Awards
Neil Thomas Proto
Edinburgh Trusts GFG
Rob Potter Award		 Balance
1 Jan
2021
£
10,500
15,196
(97)
2,200
50,384
6,927
2,862
31,479
1,770
6,809
9,870
87,209
19,137
2,200
3,595
1,875
251,916		 Income
£
10,000
50,000
-
2,200
-
-
-
30,000
-
-
-
-
-
-
-
1,875
94,075		 Expend-
iture
£
-
-
-
(2,967)
(644)
-
-
-
-
-
-
(39,131)
-
-
-
(1,500)
(44,243)		 Gains /
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Transfers
£
-
-
-
(297)
(5,064)
-
-
-
-
-
-
(3,942)
-
-
-
(150)
(9,453)		 Balance
31 Dec
2021
£
20,500
65,196
(97)
1,136
44,675
6,927
2,862
61,479
1,770
6,809
9,870
44,136
19,137
2,200
3,595
2,100
292,295
ii) Special Purposes Funds –
Funded Projects
Earth Story
Media Seminars
Transglobe Expedition Trust		 -
55,000
50,000
105,000
50,000
50,000
-
100,000		 -
-
-
-		 -
-
-
-
-
(55,000)
-
(55,000)		 50,000
50,000
50,000
150,000
356,916 194,075 (44,243) - (64,453) 442,295
Restricted Funds – Research Funds – Income
Balance Income Expend- Gains / Transfers Balance
1 Jan iture (Losses) 31 Dec
2021 2021
£ £ £ £ £ £
Thesiger Oman Research
Fellowships 74,692 19,782 - - - 94,474
Neville Shulman Challenge
Award 2,277 5,650 3,588 - - 11,515
Dr Ray Gildea Jr Award 26,998 3,282 (2,200) - - 28,080
Rob Witney Ward Award
Total Restricted Research Funds		 4,848
108,815		 820
29,534		 -
1,388		 -
-
-
-		 5,668
139,737

18b Restricted Funds – Research Funds – Income

18c Restricted Funds –Trust Funds – Income

Expeditions and travel grants
Penruddocke-Park Lander Fund
Stephens Bequest
Gough Island Fund
Henrietta Hutton Memorial Fund
Barling Fisher Bequest
Violet Cressy-Marcks Fisher
Trust Fund
H.R. Mill Trust Fund
Andrews Bequest
Monica Cole Bequest
Marjorie Sweeting Bequest
Jasmin Leila Award
Ralph Brown Memorial Fund for
Expeditions
Albert Reckitt Award Fund
Dudley Stamp Memorial
Award Fund
Walters Kundert Award Fund
Frederick Soddy Award Fund
Peter Smith Memorial Fund
Medals and awards
Murchison Bequest
Back Bequest
Cuthbert Peek Fund
Gill Memorial Fund
Mrs Patrick Ness Award
Ron Cooke Award Fund
Esmond B Martin RGS
Prize Fund - Income
Lecture funds
Dickson Asia Lecture Foundation
Mrs Will Gordon Foundation
Eva G.R. Taylor Lecture Fund
Publications and Collections
Sir George Fordham Fund
Pachyderm Journal Fund – Income
Advancement of geography
in the UK
Geographical Congress Fund
Total Trust Funds – Income		 Balance
31 Dec
2021
£
1,082
533
238
5,915
1,595
1,039
23,873
6,409
18,843
72,908
5,021
64,803
11,629
5,818
15,645
62,226
1,308
Balance
1 Jan
2021
£
906
434
56
3,059
1,412
776
21,393
5,199
18,359
67,782
5,489
69,524
10,379
20,310
11,660
50,416
852
Income
£
176
99
182
3,406
183
263
2,480
1,210
1,584
5,126
782
40,596
5,650
3,139
16,085
18,410
456
Expend-
iture
£
-
-
-
(500)
-
-
-
-
(1,000)
-
(1,250)
(25,750)
(4,000)
(16,028)
(11,000)
(6,000)
-
Gains /
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
£
-
-
-
(50)
-
-
-
-
(100)
-
-
(19,567)
(400)
(1,603)
(1,100)
(600)
-
298,885
288,006
99,827
(65,528)
-
(23,420)
4,214
4,791
4,595
4,660
5,599
-
32,087
4,239
4,802
4,620
4,862
5,586
-
38,515
175
189
175
198
213
-
858
(200)
(200)
(200)
(400)
(200)
-
(7,740)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
55,946
62,624
1,808
(8,940)
-
-
2,292
3,821
10,387
2,237
3,730
10,061
55
91
526
-
-
(200)
-
-
-
-
-
-
16,500
16,028
672
(200)
-
-
4,736
2,695
4,601
2,620
135
49
-
-
-
-
-
-
7,431
7,221
184
-
-
-
20,361
16,797
4,273
(644)
-
(64)
399,123
390,676
106,765
(75,312)
-
(23,484)

62

63

Group and Society
2021
Research (Appeal) Fund
Esmond B Martin RGS Prize Fund
Pachyderm Journal Fund
Restricted research funds
Trust Funds
Group and Society
2020
Research (Appeal) Fund
Esmond B Martin RGS Prize Fund
Pachyderm Journal Fund
Restricted research funds
Trust Funds
19
Endowment Funds		 Balance
31 Dec
2021
£’000
1,076
5,173
296
1,189
4,071
Balance
1 Jan
2021
£’000
955
5,120
293
1,066
3,689
Income
£’000
-
-
-
-
-
Expend-
iture
£’000
(9)
-
-
(9)
(31)
Gains /
(Losses)
£’000
130
53
3
132
413
Transfers
£’000
-
-
-
-
-
11,805
11,123
-
(49)
731
-
Balance
31 Dec
2020
£’000
955
5,120
293
1,066
3,689
Restated
Balance
1 Jan
2020
£’000
930
5,279
302
1,027
3,616
Income
£’000
-
-
-
-
-
Expend-
iture
£’000
(8)
-
-
-
-
Gains /
(Losses)
£’000
33
(159)
(9)
39
73
Transfers
£’000
-
-
-
-
-
11,123
11,154
-
(8)
(23)
-
Group and Society
Prior Year Adjustment
Research (Appeal) Fund
Esmond B Martin RGS Prize Fund
Pachyderm Journal Fund
Restricted research funds
Trust Funds		 Restated
Balance
1 Jan 2020
£’000
930
5,279
302
1,027
3,616
11,154
Prior Year
Balance
1 Jan 2020
£’000
-
5,279
302
-
-
5,581
Prior Year
Adjustment
£’000
930
-
-
1,027
3,616
5,573

The Endowed Funds currently comprise the following:

Research Fund: Monies raised from the 2000 – 2004 Fellowship Appeal, to provide an endowment to be invested for the long-term to generate investment return to support research and education grants. Esmond B Martin RGS Prize Fund: An endowment of US$7m to establish the Esmond B Martin Royal Geographical Society Prize Fund. The annual net income from this endowment fund will be used to award one or two prizes to recognise outstanding international achievement by individuals in the pursuit and/or application of geographical research across the breadth of the discipline, with a particular emphasis on wildlife conservation and environmental related studies. The prize will be known as the Esmond B. Martin Royal Geographical Prize.

Pachyderm Journal Fund: An endowment of US$400,000 to establish the Pachyderm Journal Fund. The annual net income from this endowment fund will be used to provide an annual grant in support of “Pachyderm: Journal of the African Elephant, African Rhino, and Asian Rhino Specialist Groups”, a bi-annual peer-reviewed educational journal, which deals primarily with matters related to African elephant and African and Asian rhinoceros conservation and management in the wild.

Restricted research funds: These are endowments held to fund research fellowships, grants and awards.

Trust Funds: The Society has a number of Trust Funds held to provide ongoing funding to support expeditions and travel grants, medals and awards, lectures, publications and collections and the advancement of geography in the UK.

Prior year adjustment: Following a review of underlying documentation, the capital elements of balances previously reported as restricted within the restricted research funds and trust funds have been reclassified as endowment funds. In addition, the Research (Appeal) Fund has been reclassified as an endowed fund and the accumulated unspent income from the invested capital reclassified as a restricted fund. The Research (Appeal) Fund had in previous years been treated as a designated fund.

19a Endowment Funds – Research Funds – Capital

Balance Income Expend- Gains / Transfers Balance
1 Jan iture (Losses) 31 Dec
2021 2021
Thesiger Oman Research Fellowships £
721,992		 £
-		 £
(6,234)		 £
92,985		 £
-		 £
808,743
Neville Shulman Challenge Award 194,892 - (1,862) 20,443 - 213,473
Dr Ray Gildea Jr Award 119,657 - (1,034) 15,426 - 134,049
Rob Witney Ward Award
Total Restricted Research Funds		 29,208
1,065,749		 -
-		 (259)
(9,389)		 3,857
132,711		 -
-		 32,806
1,189,071
Endowment Funds – Research Funds – Capital
Balance Income Expend- Gains / Transfers Balance
1 Jan iture (Losses) 31 Dec
2021 2021
Expeditions and travel grants
Penruddocke-Park Lander Fund
Stephens Bequest
Gough Island Fund
Henrietta Hutton Memorial Fund
Barling Fisher Bequest
Violet Cressy-Marcks Fisher Trust Fund
H.R. Mill Trust Fund
Andrews Bequest
Monica Cole Bequest		 £
6,240
3,519
6,424
49,747
6,462
9,312
87,762
42,806
56,032		 £
-
-
-
-
-
-
-
-
-		 £
(58)
(32)
(59)
(459)
(60)
(86)
(810)
(395)
(517)		 £
680
383
699
5,418
704
1,014
9,558
4,663
6,103		 £
-
-
-
-
-
-
-
-
-		 £
6,862
3,870
7,064
54,706
7,106
10,240
96,510
47,074
61,618
Marjorie Sweeting Bequest
Jasmin Leila Award
Ralph Brown Memorial Fund for
Expeditions
Albert Reckitt Award Fund
Dudley Stamp Memorial Award Fund
Walters Kundert Award Fund
Frederick Soddy Award Fund
Peter Smith Memorial Fund
Medals and awards		 181,375
27,208
1,481,797
197,541
131,579
565,474
588,583
16,473
3,458,334		 -
-
-
-
-
-
-
-
-		 (1,674)
(247)
(12,792)
(1,807)
(906)
(5,209)
(3,943)
(148)
(29,202)		 19,755
3,599
190,845
24,562
18,212
65,140
33,285
1,862
386,482		 -
-
-
-
-
-
-
-
-		 199,456
30,560
1,659,850
220,296
148,885
625,405
617,925
18,187
3,815,614
Murchison Bequest
Back Bequest
Cuthbert Peek Fund
Gill Memorial Fund
Mrs Patrick Ness Award		 6,198
6,687
6,182
7,006
7,539		 -
-
-
-
-		 (57)
(62)
(57)
(65)
(70)		 675
728
673
764
821		 -
-
-
-
-		 6,816
7,353
6,798
7,705
8,290

19a Endowment Funds – Research Funds – Capital

64

65

Balance
1 Jan
2021		 Balance
1 Jan
2021		 Income Expend-
iture		 Expend-
iture
Gains /
(Losses)		 Transfers Balance
31 Dec
2021
£ £ £ £ £ £
Ron Cooke Award Fund
Lecture funds
Dickson Asia Lecture Foundation
Mrs Will Gordon Foundation
Eva G.R. Taylor Lecture Fund
Publications and Collections		 5,000
38,612
1,951
3,226
18,601
23,778		 -
-
-
-
-
-		 -
(311)
(18)
(30)
(172)
(220)		 -
3,661
212
352
2,027
2,591
-
-
-
-
-
-		 5,000
41,962
2,145
3,548
20,456
26,149
Sir George Fordham Fund
Advancement of geography in
the UK		 4,780
4,780		 -
-		 (44)
(44)		 521
521		 -
-		 5,257
5,257
Geographical Congress Fund 163,338 - (1,352) 19,680 - 181,666
Total Trust Funds – Capital 3,688,842 - (31,129) 412,935 - 4,070,648
20 Analysis of net assets between Funds
Group and Society
Fund balances as at 31 December		 2021 Unrestricted
Funds
Restricted
Funds
Endowment
Funds		 Total
2021
are represented by:
Intangible fxed assets
Tangible fxed assets
Investments
Other net assets		 £’000
22
5,249
7,793
1,626


£’000
-
-
-
1,199		 £’000
-
-
6,391
5,414
£’000
22
5,249
14,184
8,239
Net assets 14,690 1,199 11,805 27,694
Group and Society Unrestricted Restricted
Endowment		 Total
Fund balances as at 31 December
are represented by:
Intangible fxed assets		 2020 Funds
£’000
39		 Funds
£’000
-		 Funds
£’000
-		 2020
£’000
39
Tangible fxed assets 1,385 3,953 -
5,338
Investments
Other net assets
Net assets		 6,995
814
9,233		 -
929
4,882		 5,764
5,359
11,123		 12,759
7,102
25,238

21 Reconciliation of income to net cash inflow/(outflow) from operating activities

Net income before transfers
Amortisation of intangible fxed assets
Depreciation of tangible fxed assets
Net pension movements, excluding actuarial surplus or defcit
Investment income
Net gains on investments
(Increase)/decrease in debtors and accrued income, excluding
accrued investment income
Increase/(decrease) in creditors and accruals, excluding
defned beneft pension scheme liability
Gain on currency revaluation
Net cash generated/(used) in operating activities
Dividends and distributions received
Interest received
Payments to acquire tangible fxed assets
Payments to acquire investments including portfolio cash
Receipts from investment portfolio activity
Cashfows from investing activities		 Group
2021
£’000
1,215
17
324
(41)
(366)
(1,425)
747
(73)
57
455
Group
2021
£’000
356
10
(235)
-
-
131		 Group
2020
£’000
818
13
325
(134)
(427)
(407)
(501)
60
-
(253)
Group
2020
£’000
412
15
(33)
60
(67)
387

23 Pension schemes

The Society operates, or participates in, three pension schemes; a defined benefit scheme, a group personal pension plan and the Universities Superannuation Scheme.

Defined Benefit Scheme

The Society operates a contributory defined benefit pension scheme which provides benefits to certain current and former permanent staff based on pensionable annual salary. The Scheme was closed to new members with effect from 1 August 2003, and closed to future service accrual for all remaining members as at 31 August 2010. The assets of the Scheme are held under an independent Trust, separately from those of the Society.

The Scheme is reviewed by an independent actuary every three years, and contributions are made in accordance with the actuary’s advice.

Two sets of information are required to be presented in respect of the Defined Benefit Scheme: the first (a) below provides information on the triennial actuarial valuations of the Scheme from which the actual funding levels and contributions to the Scheme are derived; the second (b) below provides an annual valuation of the Scheme’s assets and liabilities under the more prescriptive requirements of FRS 102, also carried out by the Scheme’s actuary.

66

67

23a Triennial actuarial valuations

The most recent triennial actuarial valuation was carried out as at 30 June 2020, and finalised in February 2021, using the accrued defined benefit method. In addition to the assumptions on mortality, two other fundamental assumptions made relate to the pre-retirement investment return on the assets of the fund (1.9% p.a.), and the expected rate of increase in pensionable salaries (3.4% p.a.). The valuation indicated that the Scheme was 97% funded (1 July 2017 valuation: 96% funded), with a deficit in respect of past service pension benefits of £291,000 (2017 valuation: deficit of £295,000).

The Society has agreed a Recovery Plan with the Scheme trustees in respect of the past service deficit that required that the Society make a contribution of £57,000 p.a. in each month of September from 2021 until and including 2024. The next triennial actuarial valuation is to be carried out as at 30 June 2023.

The net assets of the Scheme at 30 June 2021, including annuity policies acquired to secure member retirement benefits, were £9,675,811 (2020: £9,302,012).

23b FRS 102

The actuarial valuation of the Scheme for FRS 102 purposes was separately prepared as at 31 December 2021. The principal actuarial assumptions used as at 31 December 2021, and for the previous year, are shown below:

2021 2020
Assumptions % p.a. % p.a.
Future pay increases 4.00 3.60
Future increases to pensions in payment
Pre August 03 5.00 5.00
Post August 03 3.50 3.20
Discount rate 1.90 1.30
Deferment increases 2.70 2.30
Price infation (RPI) 3.70 3.30
Mortality tables:
Pre-retirement – males S3PMA, CMI 2019 M S3PMA, CMI 2019 M
1.5% LT 1.5% LT
Pre-retirement – females S3PFA, CMI 2019 F S3PFA, CMI 2019 F
1.25% LT 1.25% LT
Post-retirement – males S3PMA, CMI 2019 M S3PMA, CMI 2019 M
1.5% LT 1.5% LT
Post-retirement – females S3PFA, CMI 2019 F S3PFA, CMI 2019 F
1.25% LT 1.25% LT

The FRS 102 asset of £275,000 at 31 December 2021 (2020: liability of £1,225,000) is different to the statutory funding deficit of £291,000 at 30 June 2020 (see Note 23(a) above). The principal reasons for the FRS 102 asset, not liability at the year-end are: i) an increase in bond yields used to determine the discount rate, resulting in a lower value being placed on the liabilities of the Scheme; and ii) higher than expected asset returns. FRS 102 requires that the yield on long corporate bonds is used to value the Scheme’s liabilities and to determine the projected long-term returns on Scheme assets. This contrasts with the triennial actuarial funding valuation, under which the Scheme’s actual mix of assets, which include growth assets such as equities, is taken into account in determining the projected rate of long-term investment return on Scheme Investments.

The amounts recognised in the SOFA in respect of the defined benefit scheme are as follows:

Net interest charge on the net defned beneft pension liability
Changes in the present value of the defned beneft obligation:
Defned beneft obligation at 1 January
Interest cost
Actuarial gain on liabilities
Actuarial (gain)/loss due to change in assumptions
Benefts paid
Defned beneft obligation at 31 December
Actuarial gain/(loss) on assets
Actuarial gain on liabilities
Actuarial gain/(loss) due to change in assumptions
Less: unrecognised asset current year
Add: unrecognised asset brought forward
Actuarial gain/(loss) recognised in the SOFA
Changes in the fair value of Plan assets are:
Plan assets at 1 January
Return on plan assets
Actuarial gain/(loss)
Contributions (employer and member)
Benefts paid
Plan assets at 31 December
Defned beneft obligation at 31 December
Plan assets at 31 December
Pension scheme /asset/(liability)
Unrecognised asset
Defned beneft pension scheme liability recognised
in the balance sheet
The analysis of Scheme assets at the reporting date were as follows
Equities
Bonds and gilts
Property
Cash and other
Total
Assets do not include any property occupied by the Society.		 2021
£’000
(16)
8,816
114
(106)
(744)
(183)
7,897
2020
£’000
4
7,523
157
(35)
1,235
(64)
8,816
609
106
744
1,459
(275)
-
1,184
7,591
98
609
57
(183)
8,172
(7,897)
8,172
275
(275)
-
(286)
35
(1,235)
(1,486)
-
127
(1,359)
7,650
161
(286)
130
(64)
7,591
(8,816)
7,591
(1,225)
-
(1,225)
4,447
2,877
518
330
8,172
3,950
2,891
528
222
7,591

The Society’s actual, legal, obligation to the funding of the Scheme is that as determined by the triennial actuarial valuation as set out in Note 23(a), not the annually-assessed FRS 102 valuation.

68

23c Other pension schemes

The Society also contributes to a group personal plan for those staff on fixed-term employment contracts; from 1 August 2003, for new members of permanent staff; and from 1 September 2010 for members of the Society’s defined benefit pension Scheme. 47 employees were in the plan at 31 December 2021 (2020: 48 employees).

The Society also makes contributions to the Universities Superannuation Scheme (‘USS’) in respect of two members of staff (2020: two staff member) who are not members of the Society’s group personal pension plan. The Society is a participating institution in USS, which is the principal pension scheme for employees of UK universities and other higher education and research institutions. USS does not hold identifiable assets and liabilities in respect of the Society’s participation.

24 Trustees’ expenses

Trustees’ travel expenses of £81 for one Trustees (2020: £486 for three Trustees) were reimbursed in the year. No Trustees received any remuneration during the year for their role as Trustees (2020: No Trustees). The Society has an insurance policy that, inter alia, protects the charity from incurred losses arising from the wrongful acts and omissions of the Trustees and officers, and provides indemnity to the Trustees and officers against incurred losses arising from wrongful acts and omissions committed by them in their capacity as Trustees and officers of the Society. The approximate cost of the policy attributable to this insurance cover was £5,100 (2020: £5,200).

25 Auditor’s remuneration and other professional fees

Auditor’s remuneration in respect of audit fees amounted to £32,900 (Society: £26,070, RGS Enterprises: £6,830) and £41,175 in 2020 (Society: £34,345, RGS Enterprises: £6,830). Entities related to the auditor were remunerated £nil (2020: £6,886) for tax consultancy, compliance and payroll services.

26 Related parties

Neither the group or the Society have identified any related party transactions other than those referred to in notes 9 and 24.

Royal Geographical Society (with IBG)

1 Kensington Gore London SW7 2AR

+44 (0)20 7591 3000 enquiries@rgs.org www.rgs.org