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2024-12-31-accounts

Trustees Report and Consolidated Financial Statements 2024

April 2025

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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
The Society is dedicated its 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 Our 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: Professor Dame Jane Francis

Director’s report: Professor Joe Smith

As I complete the first of my four years as the Society’s President, it is a pleasure to be writing this foreword – reflecting on what we have achieved over the past year and looking forward to the opportunities yet to come.

Writing my annual report provides a rare opportunity for me to pause and take stock, and I am always struck by how much the Society manages to achieve over the course of a single year.

As you will read in the following pages, 2024 was another year brimming with activity and purpose. Over the course of the year, the staff team again delivered impact beyond what might be expected given their number. This is made possible by our committed Trustees and engaged members who contribute in a myriad of ways, including by providing good governance, organising events and offering wise counsel.

One area where we will be continuing to focus is improving our technical infrastructure. Our new member database and website went live in autumn 2023, however the implementation of the database has proved to be very challenging over the last year. We continue to experience issues which we’re aware have affected many of you at one time or another, and for this I am sorry. However, I would like to assure you that the team are committed to resolving these issues as soon as possible.

The last five years have been challenging with a global pandemic, war in Europe, and economic uncertainty underlining what we at the Society already know – that geography and geographical skills are needed more than ever. I have therefore been impressed, as I’ve got to know the Society better, at how the efforts of our members, Trustees, staff and supporters, enable us to have an impact that belies our size. The Society’s strength and influence undoubtedly comes from the breadth and commitment of our community.

I have very much enjoyed my first year as President, and meeting you, our Fellows, Members and supporters, has been a highlight. Whether at Monday night lectures, committee meetings or other events, it is clear how engaged you are with our mission to advance and disseminate geographical science. For this, I thank you wholeheartedly and I look forward to meeting many more of you over the coming years.

During 2024, we asked more than usual from our members and the wider community as we undertook a membership development research project to discover more about what our existing members value and what potential members are looking for. Over 6,600 people responded to the initial survey, including more than 4,000 members, and this unprecedented response has enabled us to get a clear picture of where we are meeting your needs, and what needs some further work before we’re able to consistently attract new members.

As Director of the UK’s learned society for geography, I am deeply concerned at the current challenges facing higher education and the potential impact on opportunities to study geography. More and more people are concerned with, and committed to addressing, issues of climate change, sustainability, and social and economic inequality – themes that sit at the core of geography. Rather than looking for cuts, universities should choose to invest in this vital, purposeful discipline and make it more accessible to all.

The Society has not escaped the effects of this demanding external environment, however it remains our aim to return to covering the costs of running the charity from the income we earn from membership, RGS Enterprises and other charitable activities in the next couple of years. The investments in people and resources resulting from the strategic review undertaken in 2023 are being made with this aim in mind. We will see the fruits of this focused investment in 2025 and beyond, especially with the recruitment of a Deputy Chief Executive who will have responsibility for commercial activities and fundraising to help underpin the longterm financial future of the Society.

Anyone in any doubt as to the value and calibre of contemporary geographical research need only look at the programme of the Society’s annual conference. Attending a variety of sessions at our conference each year is one of my annual highlights as it always reminds me what a vibrant community we support.

Other investments implemented over the past year have seen us reinforce our commitment to making geography truly a subject for everyone by focusing on activities that not only demonstrate the value of studying geography, but also support those for whom geography has not previously been seen as a rewarding basis for a career. Encouraging the next generation of geographers, whatever their background, to fulfil their potential is not only vital for the Society’s future, but also for addressing global challenges including climate change and biodiversity loss.

Among my other personal highlights during 2024 was helping to select the winners in the Young Geographer of the Year competition. The energetic and imaginative responses to the theme of ‘Choose geography’ was a great reminder of the huge benefits of our subject, but also of the quality of students and teachers we have in our community. I was also thrilled by the very positive reactions from varied audiences to the refresh of a number of rooms at the Society, which now contain a mix of unique historical material from our Collections, examples of modern geographical work as well as contemporary art and photography.

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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 2024. The report presents the Society’s activities, significant achievements and successes in 2024 against plans derived from the current strategy and is set out under the four key strategic aims:

Aim 1

Empowering and supporting geographers in the development and sharing of geographical knowledge.

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

Aim 2

Aim 3

Engaging , serving and developing the Society’s membership.

Aim 4

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

Working for the 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 better 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.

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 wide 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.

6 Our grants programme supported 70 field research Main image: Expedition members hike across and school fieldwork projects in 34 countries. Isunnguata Sermia, a glacier of the Greenland Ice Sheet. Small Research Grant 2024

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1 Earth Photo, run in 2 Our Explore weekend partnership with Forestry brought together over 330 England and Parker Harris, people from 23 countries showcased stories about to support expedition our impact on the planet. planning.

3 Over 1,000 pupils 4 Our Annual International entered creative and Conference was one of our engaging posters to our largest to date, with over Young Geographer of the 400 sessions across four Year competition. days.

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Empower and support geographers, and those Aim applying geographical expertise and approaches, in the 1 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. geographical field research and 4 Work with employers to ensure expeditions in order to facilitate recognition for the subjectsafe, ethical and purposeful specific skills, insights and fieldwork. knowledge of geographers, and those applying geographical

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

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Our key
achievements
in 2024
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futures is increasingly recognised. through our range of accredited While A Level numbers this year courses. Our support for trainee were down slightly compared teachers of geography through to 2023, the overall long-term in person and online sessions, trend is also positive with 36,314 which introduce them to the work students in England, Wales and of the Society, were also popular Northern Ireland sitting A Level and attended by trainees from 12 geography in 2024 compared to initial teacher training providers. 33,538 in 2018.

Supporting geography in schools

We hosted a variety of events Throughout the year, around aimed at students in 2024, 1,000 teachers took part in more including our popular School than 50 CPD events, including Member lectures which attracted a series of sessions across the over 600 A Level students. UK providing training and support These cover curriculum-linked using GIS in the classroom and themes - such as glacial events focusing on topics such environments, changing places as creativity in the geography and the impacts of climate curriculum, top tips for teaching change – and are delivered by A Level geography, getting leading researchers who provide to grips with data analysis (in students with the latest insights partnership with Field Studies and up to date case studies Council) and harnessing the to support their learning. Our power of artificial intelligence for popular in-person A Level study teaching history and geography day, which combines subject (in partnership with the Historical knowledge and examination skills, Association). We also continued was attended by almost 400 to provide dedicated support to students and teachers. We also Educational Visits Coordinators continued to support students

The Society’s commitment to geography in schools and cultivating a new generation of geographers capable of addressing global challenges remains unwavering as we champion the discipline’s impact and evolve how we approach this work.

The sustained growth in the number of students sitting GCSE geography in recent years (up 12% since 2019 to 297,111 in England, Wales and Northern Ireland in 2024) demonstrates how the importance of geography to young people’s

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considering studying geography at university through online sessions with admissions tutors, as well as providing training for teachers wishing to support their students in applying successfully.

Our school competitions allow us to engage directly with pupils. The 2024 Young Geographer of the Year competition asked pupils to produce a poster to encourage young people to ‘Choose geography’, and around 1,000 pupils submitted creative entries that shared information about the benefits of studying geography, the pathways you can follow and the types of jobs that geographers do to make a real difference. The 2024 School Essay Competition, run in conjunction with the Financial Times , invited 1618 year olds studying A Level geography or equivalent to explore the question: ‘Drawing on information from your daily life, what sustainability action points would you prioritise?’. We also celebrated excellence in school geography through the Ron Cooke Award for the best Non Examined Assessment (NEA) at A Level, as well as the Rex Walford Award for early career teachers wishing to showcase their resource development.

In September 2024, the Government launched an open call for evidence to inform its curriculum and assessment review for England, which is being chaired by Professor Becky Francis CBE. Using feedback collected from our Fellows, Members and wider networks, including schools, higher education and employers,

for schools in 2024 alongside the Geographical Association by submitting a joint consultation response to the Advanced British Standard (ABS), which has now been paused by the Government. We have also provided ongoing feedback to the Department for Education (DfE) on the proposed Natural History GCSE, plans for which have also been paused.

the Society submitted a response outlining areas where improvements could be made as well as recommendations for change. In our response, we signalled the value of a geographical education for all young people and also offered our support for the next stage of the review – the subject deepdives – including volunteering to convene an expert working group to make specific evidence-based recommendations.

The core of our work for the to make specific evidence-based schools community focuses on recommendations. developing teaching resources, During 2024, drawing on the providing continuing professional latest studies of university development (CPD) training researchers, we published a for teachers, and highlighting wide range of resources for the range of study and career schools, including ‘Disaster opportunities available. The risk and hazard management’ Society’s strategic review in in conjunction with Dr Martin 2023 resulted in a reorganisation Parham, ‘Maps of Ukraine’ with of senior team responsibilities, Dr Katie Parker, and ‘Population with the Schools team becoming change in Britain since the part of a new Research, 19th century’ with Professor Education and Professionals Alice Reid (all podcasts with an team. In addition, resource was associated resource for School allocated to enable a member Members). We also produced a of the Schools team to take range of free resources including on full time responsibility for ‘I can see the sea’ with Royal our progression and careers Holloway, University of London education work and ensuring (a set of 9) and news-related we reach a wider range of items including ‘Flood alert!’ and schools and pupils, increasing ‘Made in India’. the number and diversity of young geographers who are In 2024, we relaunched able to benefit from high quality the Society’s Professional geographical teaching and Ambassador scheme, which learning in schools.

In 2024, we relaunched the Society’s Professional Ambassador scheme, which is mapped against the Gatsby Benchmarks of Good Careers Guidance and allows teachers to easily find professional geographers to visit their schools and talk to students about their careers in geography.

To help foster the development of geographical skills and empower young people to make a difference for nature, the Society continued to be a partner with the Natural History Museum, Royal Horticultural Society, Royal Society, and others in the DfE funded project, the National Education Nature Park,

In addition to our response to the Government’s curriculum review, we continued our advocacy work

to provide educators with the resources, support and guidance needed to put nature at the heart of education.

Supporting geography in higher education

Our Annual International Conference for 2024 was held at the Society in London and included more than 400 sessions across four days with over 2,000 delegates attending. The theme, chosen by the conference Chair, Professor Stephen Legg of the University of Nottingham, was Mapping . The conference explored mapping in all its forms in a world that is saturated with maps – from historical cartography to the newest technologies and digital practices. This included a series of ‘map room conversations’ featuring speakers presenting a selection of maps from the Society’s cartographic holdings and engaging with attendees in a close reading of them. One of the conference’s five plenary sessions was organised to align with the 35th International Geographical Congress taking place in Dublin, with Professor Rob Kitchin’s lecture on digital twins and the future of mapping being livestreamed from Dublin, with two respondents in London continuing the conversation.

As well as being active in organising webinars and events for their members, such as a workshop on decolonising development geography (the Development Geographies Research Group) and a discussion panel related to COP29 (the Climate Change

Research Group), and awarding supported the Society’s ongoing prizes for outstanding work Postgraduate insights webinar within their areas of the series, which supports geography discipline, several Research postgraduate students. Groups celebrated significant The Society worked closely milestones in 2024. For with the Editors of our scholarly example, the Social and Cultural journals during the year to drive Geography Research Group submissions, readership and marked its 50th anniversary with citations. As a result, articles from a day of discussion, debate and our journals were downloaded celebration at the University of over one million times in 2024 Nottingham in November. During and were accessible by over the year, a new Landscape 10,000 institutions around the Geography Working Group was globe. Across the year, we formed, taking the number of received 546 journal submissions Research Groups to 32.

The Society worked closely milestones in 2024. For with the Editors of our scholarly example, the Social and Cultural journals during the year to drive Geography Research Group submissions, readership and marked its 50th anniversary with citations. As a result, articles from a day of discussion, debate and our journals were downloaded celebration at the University of over one million times in 2024 Nottingham in November. During and were accessible by over the year, a new Landscape 10,000 institutions around the Geography Working Group was globe. Across the year, we formed, taking the number of received 546 journal submissions Research Groups to 32. and published 203 papers. New Several of the Society’s editors were appointed to Area, Research Groups have been Transactions of the Institute collaborating on an online of British Geographers , The event series focusing on Geographical Journal , and the professional development and RGS-IBG book series. In addition, mentoring for early and mid four editorial board members career academics. Sessions were appointed for Transactions in 2024 included the Political and three for the book series. Geography Research Group on Our journals are dependent on what mentoring is, the Energy reviewers, to whom we are very Geography Research Group on grateful. To increase the public navigating interdisciplinarity in job reach of research published in our applications, and the Gender and journals, we started a new series Feminist Geographies Research of research summaries that are Group on challenging the scripts published monthly on our website. of ‘failure’ in academia.

During 2024, we published the last two books in the RGS-IBG book series with Wiley and started our new partnership with LSE Press. The move to LSE Press was in response to the changing publishing and funding landscapes both in the UK and internationally and all our future titles will be fully open access, allowing the series to reach a broader audience and achieve greater impact for the research featured. Together, the Society and LSE Press are committed to creating a publishing programme

During the year, new funding was made available to enable Research Groups to better respond to external events, for example by convening panel discussions on topical issues.

The Postgraduate Forum (PGF) held their Mid Term Conference in person at the Society in April. Over 80 postgraduate geographers presented their research and enjoyed presentations from two keynote speakers on Emerging geographies. The PGF also

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that increases equity and diversity in scholarly publishing.

Our accreditation of university degree programmes has continued this year, with 51 programmes in 11 institutions approved (two new, the others reaccredited). In total, we have now accredited 250 programmes in 60 universities.

Supporting geography in the workplace

The Society accredited 65 Chartered Geographers (CGeogs) during 2024, recognising their competence and experience in the use of geographical skills and understanding in the workplace. There are now a total of 721 active Chartered Geographers with a strong pipeline of professional geographers moving through the application and assessment process. Among the support and guidance we provide for those applying for chartership are a series of application accelerator webinars, tailored events for those working in different sectors, and in-person and online networking events for existing and potential CGeogs to expand their professional networks. In 2024, a proposal was developed for a structured CGeog pathway for geographers working in government, and a new ‘retired’ category was introduced.

Our Geography in practice series of webinars continued to celebrate the contribution of geographers and geography in professional practice. Webinars in 2024 included a series with Queens University Belfast on

secondary school fieldwork. The Geographical Fieldwork Grant scheme enables teams of undergraduate and master’s students to get into the field. The Fieldwork Apprenticeships give first year undergraduate students the opportunity to join a summer field research project, who would otherwise not have the chance to do so.

how their work on the Ethnic Group Deprivation Index can be used to understand ethnic inequalities in local areas, and individual sessions on biodiversity net gain and rural net gain. As well as the live webinars, which provide continuing professional development for professional geographers, the webinar recordings, relevant geovisualisations and case studies make up a valuable reference library of resources.

In 2024, with the generous support of our donors, the Society allocated £166,000 in funding to support 70 fieldwork projects in 34 countries across six continents. Research topics cover the full breadth of geography, from quantifying snow change and its effects on water availability in the warming Greek mountains to understanding the spatial dynamics of home and work among migrant construction workers in India. Throughout

The UK is a leader in geospatial technology and applications, however for this vibrant sector to continue to grow, there needs to be a skilled workforce of geospatial analysts and geographical data scientists. Throughout 2024, the Society continued to support the development of the new Level 7 integrated master’s spatial data specialist apprenticeship, which had gained ministerial approval in December 2023.

specialist apprenticeship, which the year, we shared stories of had gained ministerial approval in the field research we support December 2023. through our website, ‘From the field’ social media series, and The Small/Medium Enterprise by welcoming grant recipients Professional Practice Group in person to speak about their (SME PPG) was set up during research at Monday night 2024 to enable Society members lectures and the annual Explore who work for SMEs to network symposium. and share best practice. The SME PPG joined the Disaster In March, the Society published Risk Management PPG which a statement on the value of actively supported its members fieldwork in schools and higher throughout the year. education, setting out the

In March, the Society published a statement on the value of fieldwork in schools and higher education, setting out the multiple benefits it provides.

Supporting geography in the field

In October, the Society took over the grant awarding responsibilities of the Transglobe Expedition Trust and set up the Ran and Ginny Fiennes Award, which will support purposeful travellers and expeditioners, reflecting the spirit, dedication

The Society offered a variety of funding opportunities to help support students, researchers and schools undertake fieldwork in 2024. Grants include the Frederick Soddy Schools Award, to support primary and

A review of the Society’s risk management procedures for regional committee organised field visits was undertaken and Looking improvements made to the forward, in processes involved. BS 8848 2025 we are was reconfirmed in May 2024, and ISO 31031 for school and youth visits was published in October. The Society’s Off-Site • Expanding our work to Safety Management courses embed careers education remain popular and 161 people into the curriculum, including took part in the training at 16 the production of a range venues during 2024, while a of teaching resources new cohort of 11 attended a showcasing real people with workshop to become trainers in real geographical jobs. October.

and inspirational values of the Transglobe Expedition.

In early autumn, the new post field visits was undertaken and Looking of Expeditions and Fieldwork improvements made to the forward, in Manager was created to build processes involved. BS 8848 2025 we are capacity in this area of the was reconfirmed in May 2024, Society’s work. The third RGS and ISO 31031 for school and Expeditions and fieldwork festival youth visits was published in took place from 28 October October. The Society’s Off-Site • Expanding our work to to 4 November, and included Safety Management courses embed careers education the 48th Explore expedition remain popular and 161 people into the curriculum, including planning weekend. Attendance took part in the training at 16 the production of a range over the weekend exceeded venues during 2024, while a of teaching resources pre-pandemic levels for the new cohort of 11 attended a showcasing real people with first time with 331 attendees workshop to become trainers in real geographical jobs. from 23 countries learning October. from 84 speakers delivering 21 • Playing a key role in the main-stage talks, 24 thematic Throughout the year, we also next phases of the postworkshops, and innumerable helped teachers to successfully 16 and curriculum and informal conversations. The deliver school fieldwork sessions, assessment reviews. festival also provided an with workshops supporting newly • Delivering our annual opportunity for 82 expedition and appointed and experienced wilderness medics to meet up Educational Visits Coordinators conference in Birmingham with a large community and develop their skills. to ensure best practice for offelement. site visits, and sessions exploring The expedition planning podcasts, approaches teachers can use • Supporting the higher produced as part of The to raise students’ grades in the education community Adventure Podcast during 2023, Non-Examination Assessment.

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Amplify the contribution that geography makes Aim to understanding the world and how it makes a 2 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:

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

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

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, breadth and interdisciplinarity.

2 Recognise excellence in advancing geographical knowledge and practice.

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tourism and the state of UK awards ceremony as part of climate policy, we continued to the Earth Photo competition, experiment with event formats highlighting powerful stories to encourage the participation about our planet, its inhabitants, of a more diverse audience. and environments. Out of over In July we invited people to 1,900 entries, a judging panel observe and record nature made up of experts from the through art and upload their fields of photography, film, findings to the iNaturalist app, geography and environment contributing to a global citizen selected the Earth Photo 2024 science project. Through live shortlist: 112 images and 12 performances, poetry, and short videos by 31 photographers films, Underworld: a descent and 13 filmmakers from around through poetry , celebrated the world. A selection of the the hidden networks of nature. shortlisted images and films Due to an increase in both the were displayed at the Society number and quality of speaker over the summer months, which applications received, there were was visited by over 5,000 people, two Geographical journeys: followed by exhibitions at several microlectures during 2024 - one Forestry England and National as usual in the spring and an Trust sites. Earth Photo also additional one in the autumn. resulted in a significant amount of media coverage for the Other events during the year Society including image galleries

The Society continued to

deliver a wide variety of public events exploring all aspects of geography in 2024, drawing a collective audience of over 5,300 individuals across 48 events held at the Society in London and online. The number of event attendees is lower than in 2023 due to a commercial letting on the same weekend as the Great Exhibition Road Festival, meaning we were unable to participate in that large event.

Alongside panel discussions on poverty in Britain, responsible

Other events during the year included an exhibition and

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in the Guardian , New Scientist and on the BBC’s website among many others.

Since the creation of the new role of Digital Communications Officer in autumn 2023, we have been able to better monitor and understand the impact of our social media presence and implement changes to increase engagement with our content. We have improved our storytelling techniques across our social channels and this showed results during 2024 with posts regularly scoring higher engagement rates, demonstrating more people are paying attention to what we are saying.

The second Esmond B. Martin Royal Geographical Society Prize, recognising outstanding achievement in the pursuit of geographical research with a particular focus on wildlife conservation or environmental studies, was awarded in April. The recipient, Dr Lola Fatoyinbo, is a Research Scientist in the Biospheric Sciences Lab at NASA Goddard Space Flight Center who develops and uses advanced remote sensing technologies and data to understand forested and coastal ecosystems.

Everest 24 , the Society’s new book marking the centenary of the 1924 expedition to Everest was published in May. The book uses images and archive materials from the Society’s Collections to explore the vital roles played by the people and communities of India, Tibet, and Nepal in the expedition. The

book’s publication, along with the discovery of Andrew Irvine’s boot on Everest in October, led to a large number of media mentions for the Society with the Director quoted in the Guardian , the Telegraph and Daily Mail , among other outlets. The Society’s Licensing Manager was also interviewed for ITV news.

In June, we recognised the recipients of our 2024 medals and awards as part of our Annual General Meeting, celebrating the outstanding contributions of 26 individuals and organisations to geographical research, fieldwork, teaching, policymaking and public engagement. The Professional Geography Award and the Geographical Engagement Award were new in 2024. A full list of recipients for 2024 is available on p28.

The Society’s Earth Stories initiative supports engagement and action on environment and sustainability issues, by bringing together leading climate, biodiversity and sustainability specialists with key media industry figures, as well as top creative talent, to find new ways of telling some of the biggest, and most tricky, stories of the day. In 2024 we held a programme of well-received events, including two fieldtrips (to Kew and Wakehurst), and two seminars.

A new partnership initiative for 2024 was with the Open University and the International Geographical Union – Voices from the global south – which sought to amplify voices often overlooked in global discussions,

foster understanding, and inspire action to combat climate change. The open access educational resources created as part of the project highlight Indigenous knowledge and diverse perspectives on the climate crisis.

alliance, in alignment with the objectives and strategies of both organisations, will strengthen communications to maximise the impact of messaging in the geographic sector and beyond,

The Society signed a new memorandum of understanding (MoU) with the Association for Geographic Information (AGI), the UK membership organisation for companies and individuals working in the geospatial sector, to further collaboration between our organisations. This strategic

and deliver activities to support three priority areas: leadership, developing people, and knowledge sharing.

During the year we also signed MoUs with the Royal Institution of Chartered Surveyors (RICS) and the Chartered Institution of

Civil Engineering Surveyors to further collaboration between our organisations. These strategic relationships will deliver activities to support knowledge sharing, developing professional skills and leadership.

The Society continued to work closely with the Geographical Association, developing a clear plan for our partnership around advocacy, professional development for teachers of geography and joint communications.

Looking forward, in 2025 we are

• Continuing to celebrate the outstanding work of geographers, including through our medals and awards.

• Improving our marketing of events through better use of digital marketing techniques, enabled by the introduction of a new Communications and Marketing Manager role.

• Expanding the number of tour venues that the Earth Photo exhibition will visit.

• Advocating for the critical place of geography in any revised English schools’ curriculum and exploring new opportunities in the new post-16 skills landscape.

• Defending the position of geography in higher education during a period of very significant change.

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

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, the use of digital media to communicate and engage with Fellows and Members, while ensuring positive engagement for those without digital access is maintained.

4 Respond to the changing expectations and needs of potential members, in particular young people, in order to provide membership experiences that are valued at all stages of life.

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

meaningfully participating in the discipline.

The Society also took proactive steps during the year to Our key foster inclusivity and equality achievements of opportunity by supporting in 2024 strategic initiatives. This included financially supporting the Fi Wi Road internship, which supports Black students in building The promotion of equality, networks, voice and experience, diversity and inclusivity (EDI) encouraging them to remain in are core values for the practice, the discipline after graduation. study and teaching of geography During the summer of 2024, we and for the Society. In schools welcomed our fourth cohort of Fi and universities, inequalities in Wi Road interns, providing them uptake across race, ethnicity with direct support and practical and socio-economic background experience as they helped with are significant. The Society’s the planning and coordination of our Annual International pilot project Geography for all , was completed at the end of Conference. This project is just 2023, and during 2024 time was one example of how we are using spent reviewing the evidence positive action to effect change uncovered by the project and and work towards a geographical understanding how we could community where all sections take this work forward with the of society are represented and greatest impact.

Partnerships and collaborative work that amplify initiatives by others in the geographical community with expertise and knowledge are a core aspect our EDI work. For example, the Society was a formal partner in the second phase of the EQUATOR project, which aims to enhance equity and inclusion in Geography, Earth, and Environmental Science (GEES) disciplines through evidencebased interventions that target barriers to ethnic minority participation and retention. By the end of the year, the project had produced a series of recommendations and guidance on recruitment to master’s and doctoral programmes in higher education.

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Such initiatives recognise and confront systemic underrepresentation and barriers in the discipline of geography, particularly concerning race, ethnicity, and

to the numbers pre-covid. The Society is currently exploring ways to make School Membership more

accessible to a wider number of

schools, including those that are part of a multi-academy trust.

income. These provide immediate opportunities and benefits to under-represented communities but also create a ripple effect, influencing other sectors and disciplines to adopt similar values and practices

new joiners across all categories for 2024 compared to the 2023 In the second half of 2024, we and 2022 figures of 376 and undertook a significant piece 420, respectively. In addition, of membership development we had 505 re-joiners, which is research to help us understand higher than both the 2023 and what existing members value 2022 figures of 345 and 343, about the Society, what potential respectively. Taken together, members would value from Fellow joiners and re-joiners for us and how we reach new 2024 are 234, which is higher audiences. The insights from than last year and 192 more than this research project highlighted in 2022. where we need to focus our School Membership decreased recruitment and retention by 18% during the year to a total resources in 2025, including of 478 School Members at the ensuring that the work that we end of 2024, which is similar do to support the geographical

In-person attendance at the Society’s AGM on 3 June was the highest for any year postcovid and participation in online voting was the same as 2023 at 17.5%.

School Membership decreased by 18% during the year to a total of 478 School Members at the end of 2024, which is similar

The 2024 Fellowship renewal rate was 90%; 1% above the 2023 rate of 89%. We had 450

in 2023. We also have regional committees in Singapore and Hong Kong. Each committee organises a programme of local events and is seeking new members who can help plan fascinating lectures, guided walks, field visits or social events. Regional Committees held 80 events for over 3,000 attendees in 2024. Among these events was The ship beneath the ice: the discovery of Shackleton’s Endurance in Oxford, which was a success both financially and in terms of engagement with over 400 people in attendance. Furthermore, in the autumn term, there were three sold out events: Private view: George Mallory exhibition (East of England); Tales from the Jurassic Coast (South); and Low carbon landscapes: exploring the Sizergh country estate (North West). The committees also continue to support and promote the wider work of the Society, for example organising social events to accompany the Earth Photo exhibitions in Moors Valley and Bedgebury.

community is as visible as possible and different groups can more easily find what they value on our website. Alongside the research project, we have continued to improve the stewardship of new members, including the re-introduction of new member events and improvements to the onboarding experience.

The ability to pay membership subscriptions by monthly instalments was introduced in November. This important new facility was made possible by a combination of the new CRM system and a new direct debit service provider, GoCardless. This option will offer us a useful tool in supporting retention of Fellows and Members who find a single payment of the full subscription difficult to afford.

At the April Regions Committee meeting, it was agreed to redraw regional committee boundaries so that they match nationally recognised boundaries and make more sense to public audiences. This will result in 11 regional committees from 2025 across England, Northern Ireland and Wales, including the London committee which was created

Looking forward, in 2025 we are

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Aim Sustain the reputational, financial and institutional 4 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.

fundraising and tribute event was held in October to celebrate Sir Ran and Ginny Fiennes and the transfer of Transglobe Expedition Trust expedition grant funds into the Society’s grants programme.

the organisation to greatly improve user experience, making Our key the most of the more intuitive achievements navigation and the capability we now have to develop our digital in 2024 presence further in future.

In 2024, we successfully The Society received a registered with the Fundraising Special Award from the Royal A major strand of work in Regulator, demonstrating our Commission for the Exhibition of 2024 has been continuing the longstanding commitment 1851 to significantly enhance our implementation of our new to ethical fundraising. The visitor experience both digitally membership database, which registration confirms that, in line and in person. Many members went live in 2023 but has, with the Code of Fundraising have already benefitted from unfortunately, proved more Practice, we are legal, open, both the enhanced broadcasting complex than anticipated, honest and respectful in all our capabilities in our meeting requiring ongoing development fundraising activities, including rooms as we live stream events, throughout 2024 to rectify membership subscriptions, gifts and the improved exhibition outstanding issues. Despite in wills, applications to trusts display system in our Pavilion. ongoing issues, by the end of and foundations, and donations We have also recently received the year, many of the planned from individual and corporate conservation-grade display cases efficiencies were beginning to supporters. which will allow us to showcase be realised, for example in the a programme of globally unique set up of events and ability to In April, Ordnance Survey historical and contemporary pay membership subscriptions signed a renewal contract for a geographical exhibition content monthly. further three years of Corporate across the building.

In April, Ordnance Survey signed a renewal contract for a further three years of Corporate Benefactor support. Jaguar Land Rover also confirmed an additional year of support under the current terms in August. A

The Society’s website was replaced in 2023, and a new Web Editor, appointed in April, has worked with staff across

Work to repair and maintain the Society’s building continued during 2024, including

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Structure, governance and management

installation of an upgraded WiFi infrastructure, which benefits both the staff team and Venue Hire clients. Work was also completed on a number of other improvements in the building, including an expansion in the coverage of the CCTV system; improvements to the fire alarm system; switching to LED lighting throughout the ground floor; and refurbishment of spaces on the second and third floors to bring them up to standard for letting out.

During 2024, research on the Society’s historic Collections continued, and we welcomed 2,660 visitors to the Foyle Reading Room from January to the end of October (compared to 2,284 in the same period in 2023) to consult or research items from the Collection. We also enabled access to the Wiley Digital Archive for members of the Confluence Collective based in Nepal as part of their involvement with the Other Everests project marking the centenary of the expeditions to Everest in the 1920s. Three AHRC-funded Collaborative Doctoral Award (CDA) studentships started in September 2024 exploring the Society’s artefact collection, fossil fuel colonialism and the global histories of cacao. In addition, during the year, Alice Oates and George Tobin completed their CDA doctoral projects.

We have been bringing more Collections material into view throughout the Society’s building and, over the summer added interpretation panels to existing

and new paintings, photographs and artefacts in the Main Hall, Education Centre and Map Room. In addition, in August, a new mural by Hormazd Narielwalla inspired by our map collection, was installed in the Map Room.

At the end of the year, as part of the reorganisation of senior team responsibilities resulting from the strategic review, the Collections team moved to become part of a newly formed Communications and Engagment team.

Looking forward, in 2025 we are

• Continuing the improvements to the operation of the new CRM system to ensure that the benefits of the new systems are realised.

• Developing plans for a legacy campaign as well as day-to-day management of legacy administration.

• Continuing improvements to Lowther Lodge including renovating the toilets, replacing worn carpets, and more sustainable use of our heating and cooling systems.

• Redisplaying the Everest through the lens exhibition as a backdrop to encourage sales of Everest platinum prints and the Everest 24 book.

The Royal Geographical Society was established by Royal Charter in 1830 to advance geographical science. 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.

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.

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 four times a year.

There are 12 Council members elected by and from the Society’s Fellowship and up to four further Council members may be co-opted, 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.

One of the changes to the Society’s Bye Laws brought in from June 2023, was an increase in the length of each trustee’s term of office from three to four years. This change only applies to new trustees elected from June 2023, so trustees elected before then still serve a three-year term.

In line with recommendations of good practice from the Charity Commission, Council identifies the skills

Co-optees

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

Honorary Secretary Dr Emma Rawlings Smith (Education)

Paul Dickinson

Professor Tariq Jazeel

Councillors Prem Gill

The following also served as Council members until 3 June 2024 when they completed their terms of office:

President Professor Dame Jane Francis

(Expeditions & Fieldwork) Clare Hadley (Membership) Dr David Preece (Education) Professor James Esson (Research & Higher Education) Professor Beth Greenhough (Research & Higher Education) David Wood

Vice Presidents Stephen Jones (Expeditions & Fieldwork) Alan Parkinson (Education) Ashley Parry Jones (Professional Practice) Matt Pycroft (Membership) Professor Jamie Woodward (Research & Higher Education)

Nigel Clifford

Rt Hon Baroness Lynda Chalker of Wallasey

Dr Melanie Norman

Professor Helen Walkington Narinder Mann Dr Vandana Desai

(Professional Practice)

Honorary Treasurer David Scott

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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, Professional Practice, and Research and Higher Education. Attendance at these committee meetings averaged 84% across the year. 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. During 2024, the Collections Advisory Group approved a series of policies that clarify the Society’s activities in relation to our historical Collections. 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 2024 but were neither Council members nor Trustees of the Society:

HRH The Princess Royal KG KT GCVO

Professor Sir Ron Cooke DSc

Sir Christopher Ondaatje KT CBE

Sir Michael Palin CBE

Key management personnel

The daily management of the Society is delegated by Council to the Director and Directors. The Director reports to the Council and has responsibility for coordinating the Society’s activities and a staff that numbered 56 in December 2024.

Director and Secretary Professor Joe Smith

Director of Finance and Services Andrew Munro

Director of Public Engagement and Communications Caitlin Watson

Director of Research, Higher Education and Professional Dr Catherine Souch

In April 2024, the job titles of senior managers changed from ‘Head of’ to ‘Director of’ to better reflect their responsibilities and to make any future recruitment into these roles easier.

In 2024, the Society recruited a new Director of Commercial and Fundraising. After mutual consideration within the probation period, this appointment was discontinued. The job description and requirements of the Society have been carefully reviewed, and we will be seeking to appoint a Deputy CEO in 2025.

All staff members are based at the Society’s headquarters in Kensington, London, but are able to request to work remotely up to three days per week if their role allows.

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

Corporate Benefactors in 2024

Esri UK supported many aspects of our education work, including a GIS CPD programme for teachers.

Land Rover supported our Earth Photo exhibition which inspires people to get out into the landscape and appreciate their surroundings.

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 Donor

Inflexion Foundation supported our work to widen access to geography and to engage public audiences with key environmental and sustainability topics.

Corporate Business Member

Silversea engaged the Society to provide informative enrichment materials for their cruise itineraries.

The Society’s Grants Programme is generously supported by

20th IGC Fund

Albert Reckitt Award

Dorothy Hepworth Expedition Award

Edinburgh Trust

Frederick Soddy Award Fund

Geographical Club

Gilchrist Educational Trust Gumby Foundation

Henrietta Hutton Memorial Fund

Hong Kong branch

H.R. Mill Trust Fund

Jasmin Leila Award

Jeremy Willson Charitable Trust

John and Anne Alexander

John Pilkington

Monica Cole Bequest Neil Thomas Proto

Neville Shulman, CBE

Paul and Mary Slawson

Peter Smith Award

Postgraduate Grants Appeal Fund

Ralph Brown Memorial Fund

Ray Y Gildea Jr Award

Rob Potter Award

The Late Sultan of Oman – Thesiger-Oman International Fellowship

Walters Kundert Charitable Trust

Other donors and funders during 2024

Anonymous donors

Arts and Humanities Research Council

British Council

Department for Education, through the Natural History Museum Programme (National Education Nature Park)

Economic and Social Research Council

Foreign, Commonwealth and Development Office

Hakluyt Society

Jewel of Arabia Expedition led by Mark Evans, MBE

Mathematics in Education and Industry / Advanced Mathematics Support Programme

Natural Environment Research Council

Rolex Perpetual Planet

Royal Commission for the Exhibition of 1851

The Edinburgh Trust No 2

The Tern Trust

Transglobe Expedition Trust

UKRI

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Recognising excellence: medals and awards 2024

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’.

Back Award

Professor Peter Hopkins

For sustained and outstanding contributions to policy development through research

Professional Geography Award Dr Ed Parsons

In 2024 His Majesty the King approved the award of the Royal Medals as follows:

For excellence in the use of geography in professional practice

Founder’s Medal

Dr Vanessa Lawrence, CB

Geographical Engagement Award Professor Ed Hawkins, MBE For excellence in public engagement with climate change through ‘Climate Stripes’

For outstanding contributions to the Society and to the promotion of geography in the UK and internationally

Patron’s Medal

Cuthbert Peek Award

Stephen Venables

Professor Peter Atkinson For scientific advances transforming the understanding of geographical data

For his lifetime’s contribution to geographical discovery in the high mountains of the world

Gill Memorial Award (two awards) Dr Iestyn Woolway Dr Kean Fan Lim For exceptional early career research with a remarkable track record of achievement

The Society also celebrated the following awards:

Ordnance Survey Awards (two awards) Dr Cyrus Golding Fiona Sheriff

Victoria Medal

Professor Lily Kong

For conspicuous merit in social and cultural geography and in urban research

For excellence in geography education at secondary level

Busk Medal

Taylor and Francis Award

Professor Chris Clark

For profound influence on the understanding of glacial systems through the ‘British-Irish Ice Sheet’ reconstruction

Professor Daniel Arribas-Bel

For excellence in the practice and promotion of teaching in higher education

Ness Award

Cherry Kearton Medal and Award Leon McCarron

Colonel Chris Hadfield

For enhancing the wider understanding of our world and exploration in space

For dedication to unearthing the importance, beauty and fragility of natural history

Alfred Steers Dissertation Prize

Murchison Award

Kelsey Monteith

Professor Stefan Doerr

For pioneering research influencing policy and management of environmental risks from wildfires

For the undergraduate geography dissertation judged to be the best in 2023: Time is not our

master. I will not bow to time on this fair.

Honorary Fellowship

Dr Sophie Bowlby

Area Prize (two prizes)

In recognition of outstanding support for geography

Dr Ana Laura Zavala Guillen

For her paper Feeling/thinking the archive: Participatory mapping Marronage Manannan Donoghoe

Steve Brace

In recognition of outstanding support for geography and the Society

For the best article in the journal in 2023 by an early-career researcher: Intimate extraction: Geological matter, extractive afterlives, and the denial of a Black sense of place in Southern Louisiana

Professor David Higgitt

In recognition of outstanding support for geography

Dr Tony Juniper CBE

In recognition of outstanding support for conservation

Ron Cooke Award

Ella Herbert

Carol Lawson

For the best A Level independent investigation (NEA): To what extent are the key players impacting the development of Cambers sand dunes

In recognition of outstanding support for the Society

Geographical Award

The Ulysses Trust

For providing outstanding support for individuals and groups through expeditions

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Financial review

In 2024, the Society’s General Fund increased from £5.70m to £6.47m (2023: reduced from £5.94m to £5.70m), an increase of £0.77m (2023: reduction of £0.24m). Excluding gains on investments of £0.19m (2023: losses of £0.02m), but including transfers, the General Fund movement was a surplus of £0.58m (2023: deficit of £0.23m).

The total General Fund income of £6.02m (2023: £5.31m) was £0.71m higher than the previous year. Total Society income was above that for 2023 by 11.8% at £6.53m (2023: down 3.2% to £5.84m). Total Society expenditure was above that for 2023 by 3.7% at £6.30m (2023: increased by 9.4% to £6.08m). The expenditure on charitable activities increased in the year to £5.02m (2023: £4.89m) and amounts to 79.6% (2023: 80.3%) of total expenditure.

The increase in the Society’s total income relative to 2023 of £0.69m results primarily from increases in income from membership subscriptions of £0.12m, donations and legacies of £0.19m and RGS Enterprises turnover of £0.29m. Proportional income is summarised in the first pie chart above.

The Society’s expenditure as a whole increased in 2024 by 3.7%. The total increase in expenditure in the year of £0.22m comprises increases in a number of areas of activity, most significantly increases of £0.09m in Research and Higher Education expenditure, £0.05m in RGS Enterprises costs and £0.13m in Public Understanding, Policy and Public Affairs spending. The increase in Research and Higher Education spending arose from increased expenditure across many activities. The increase in RGS Enterprises costs results from the higher activity in the year, with turnover up by 19%.

The increase in spending on Public Understanding, Policy and Public Affairs results partly from the

second award of the Esmond B. Martin Royal Geographical Society Prize in the year, at an increased level having benefitted from the first full year of investment income during which the endowed funds had been invested by the Society’s investment managers and partly from additional investment in the area following the strategic review undertaken during 2023.

Total Society Income by Source 28% Membership subscriptions 27% RGS Enterprises turnover 17% Charitable activities 12% Investment income 10% Donations and legacies 5% Corporate supporters 1% Tenants

The second pie chart shows expenditure by activity.

The consolidated balance sheet shows an increase in net assets of £1.17m (2023: reduction of £0.26m).

This movement is the result of increases in all fund types, with Unrestricted Funds increased by £0.58m, Restricted Funds up by £0.07m and Endowment Funds £0.51m higher.

Further details of the Society’s reserves 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 three 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.

Total Society Expenditure by Activity 23% Research, higher education, grants 14% RGS Enterprises costs 13% Membership services 13% Education, expeditions, fieldwork 13% Information services and resources 11% Engaging wider audiences 7% Policy, communications, media 6% Other, inc governance

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, Director 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 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, there is no risk that vulnerable people or other members of the public will be exposed to an unreasonable intrusion on their privacy, experience unreasonably persistent

requests or be placed under undue pressure to give to the Society. The Society is registered with the Fundraising Regulator demonstrating we are in line with the Code of Fundraising Practice across all our work with subscriptions, gifts in wills, trusts and foundations, and individual and corporate supporters. 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 2026, 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. On 31 December 2024, the Society held unrestricted cash and deposit balances of £1.90m and unrestricted investments of £7.63m. The Trustees have reviewed in detail the Society’s position and the appropriate basis on which to prepare the financial statements, including the presently challenging economic conditions. 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

On 31 December 2024 total reserves were £28.33m (2023: £27.16m) of which £6.47m (2023: £5.70m) represents the General Fund, £7.60m (2023: £7.79m) Designated Funds, £1.35m (2023: £1.28m) Restricted Funds and £12.91m (2023: £12.40m) 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. 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

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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 expenditure, equivalent to approximately £3.2m at current levels of activity.

Council has defined the Society’s free reserves as being the General Fund £6.47m (2023: £5.70m), less any defined benefit pension scheme liability £nil (2023: £nil), plus the Pension Contingency Reserve Fund £0.13m (2023: £0.13m). The combined total of these items as at 31 December 2024 was £6.60m (2023: £5.83m). The targeted level of free reserves was therefore significantly exceeded at the 2024 year-end. However, this excess is presently considered desirable and is expected to reduce substantially over the next few years as an extensive building improvement programme is anticipated along with associated and unavoidable disruption to some of the Society’s income streams.

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.

(b) Investments

The investment objective of the Society’s investment portfolios representing part of the Unrestricted Funds and the Endowment 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 under contract by Newton Investment Management Ltd, Ruffer LLP and Sarasin Partners 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 Sub-Committee 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.

The Society has recently reviewed its investment policy and will be adopting a new policy to include a Total Return approach with effect from 1 January 2025. As the new policy was not in effect at the balance sheet date, Total Return accounting has not been adopted in the preparation of these financial statements.

Risks

In respect of establishing the basis for the Society’s risk appetite, the Society’s objective as a learned society for ‘the advancement of geographical science’ provides the context for the delivery of its activities, so that the upholding of its brand and reputation, the quality, balance, and professionalism of its outputs, and the need to engage with, and demonstrate relevance to a wide range of audiences (including public ones), are paramount. Overall, the Society has a low appetite for risk.

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:

• The identification and management of key risks, which are reviewed throughout the year by the Society’s management team and recorded in a Risk Register that is reviewed twice a year by the Society’s Finance Committee and formally reviewed by the Trustees annually.

• A strategic plan and an annual budget approved by the Finance Committee and Trustees.

• A rolling implementation plan agreed with the Trustees for the delivery of the strategy.

• 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.

• 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 principal risks and uncertainties facing the Society and the plans and strategies for managing those risks are as follows:

• Financial, due to the continuing challenging economic environment and the inevitable detrimental effects on the Society’s income. However, the Society has adequate reserves and a willingness to use them to maintain its charitable activities. In addition, the Society has a plan, following the strategic review undertaken during 2023, to invest in its operational capacity and significantly increase income.

• Reputational, as a result of pressure from members or external groups to support specific causes disproportionate to the breadth of the Society’s activities and agreed strategy. To mitigate against this risk the Society remains alert to how it might be misrepresented and continues to develop its policies and reporting in key areas.

• Operational, through business disruption because of the destruction of the premises through fire, terrorism or collapse or resulting from cyber-attack or IT failure. The Society mitigates and manages these risks through a combination of ongoing building maintenance, an annual review to ensure appropriate insurances are in place and the continuing investment in its IT infrastructure and security framework.

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

Sarasin & Partners LLP Juxon House, 100 St Paul’s Churchyard, London, EC4M 8BU

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

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Statement of Trustees’ responsibilities

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

Legislation in the United Kingdom governing 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.

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:

By order of the Council made on 7 April 2025

David Scott Honorary Treasurer

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 Trustees are responsible for the maintenance and integrity of the group and charity and financial information included on the charity’s website.

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

Opinion

Conclusions relating to going concern

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 2024 which the Group Statement 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 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.

In our opinion the financial statements:

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.

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.

We have nothing to report in this regard.

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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:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, set out on page 34, 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 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: 14 April 2025

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.

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Group Statement of Financial Activities (SOFA) for the year ended 31 December 2024

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 (loss)/gain on investments
Net income/(expenditure)
before transfers
Transfers
Transfers between 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
4
7
17/18/19
23		 Unrestricted
Funds
£’000
1,821
541
2,193
427
1,094
6,076
160
973
57
4,692
5,882
251
445
57
502
81
(1)
582
13,485
14,067
Restricted
Funds
£’000
-
92
14
351
-
457
-
3
-
328
331
-
126
(57)
69
-
4
73
1,278
1,351
Endowment
Funds
£’000
-
-
-
-
-
-
-
-
90
-
90
604
514
-
514
-
-
514
12,400
12,914
Total
2024
£’000
1,821
633
2,207
778
1,094
6,533
160
976
147
5,020
6,303
855
1,085
-
1,085
81
3
1,169
27,163
28,332		 Total
2023
£’000
1,706
439
1,834
764
1,100
5,843
148
922
126
4,885
6,081
133
(105)
-
(105)
(147)
(8)
(260)
27,423
27,163

The notes on pages 42-67 form an integral part of these financial statements.

Group Balance Sheet as at 31 December 2024

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		 2024
£’000
3
825
2,530
724		 2024
£’000
194
4,966
20,541
4,082
(1,451)
2,631
28,332
-
28,332
14,067
1,351
12,914
28,332		 2023
£’000
3
771
1,644
1,057		 2023
£’000
233
5,149
19,833
3,475
(1,527)
1,948
27,163
-
27,163
13,485
1,278
12,400
27,163

The notes on Approved by Council and pages 42-67 form authorised for issue on an integral part of these financial 7 April 2025 and signed

statements. on its behalf by:

Professor Dame Jane Francis (President)

David Scott (Honorary Treasurer)

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Group and Society (Charity) Cash Flow Statements as at 31 December 2024

Society Balance Sheet as at 31 December 2024

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		 2024
£’000
3
698
2,530
378		 2024
£’000
194
4,966
20,541
3,609
(978)
2,631
28,332
-
28,332
14,067
1,351
12,914
28,332		 2023
£’000
3
492
1,644
841		 2023
£’000
233
5,149
19,833
2,980
(1,032)
1,948
27,163
-
27,163
13,485
1,278
12,400
27,163

The notes on Approved by Council and Professor Dame Jane Francis pages 42-67 form authorised for issue on (President) an integral part of these financial 7 April 2025 and signed David Scott

statements. on its behalf by: (Honorary Treasurer)

Net cash (used in)/provided by
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
Analysis of cash and cash
equivalents
Cash on deposit
Cash at bank and in hand
Notes
21
22		 Group
2024
£’000
(60)
613
553
553
2,701
3,254
2,530
724
3,254
Society
2024
£’000
(190)
613
423
423
2,485
2,908
2,530
378
2,908		 Group
2023
£’000
(659)
414
(245)
Society
2023
£’000
(651)
414
(237)
(245)
2,946
2,701
(237)
2,722
2,485
1,644
1,057
2,701
1,644
841
2,485

The notes on

pages 42-67 form an integral part of these financial statements.

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Notes to the Financial Statements for the year ended 31 December 2024

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 2019) 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 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary company Royal Geographical Society Enterprises Limited on a line by line basis. A separate detailed Statement of Financial Activities (‘SOFA’) is not presented for the charity itself.

(e) Functional currency

The financial statements are presented in sterling which is also the functional currency of the Society.

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

(c) Public benefit entity

Commercial trading activities in support of the Society’s The Society constitutes a public charitable activities are carried benefit entity as defined by FRS 102. out by the subsidiary company Royal Geographical Society Enterprises Limited. The income (d) Going concern and expenditure of the company is shown as two rows in the The Trustees confirm that at the SOFA because the nature of time of approving the financial those activities is different from statements, and based on their the remainder of the Society’s forecasts until 31 December operations.

The Trustees confirm that at the time of approving the financial statements, and based on their forecasts until 31 December 2026, 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 2024, the Society held unrestricted cash balances of £1.90m and unrestricted investments of £7.63m. The

(g) Income

Membership subscription

income is accounted for on an accruals basis. Amounts received in the year in respect of life subscriptions are taken to the Statement Of Financial Activities in the year in which they are received.

Grants and sponsorship receivable are credited to the SOFA in the period to which they relate. Amounts deferred to future accounting periods as a result of conditions imposed by the funder or received in advance of the estimated value of work to which the grant relates being carried out, are included as deferred income in the balance sheet.

Trustees have reviewed in detail the Society’s position and the appropriate basis on which to prepare the financial statements, including the presently challenging economic conditions. The Trustees have concluded that it remains appropriate to prepare the financial statements of the Society on the going concern basis.

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: - the charity received a distribution from the estate or - the charity has received notification of an impending distribution.

Investment income consists of dividends and distributions from the investment portfolios, and interest earned on bank deposits and current accounts. Income is regularly distributed from the Newton and Sarasin portfolios. 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 comprises income from sponsorship, commission, venue hire, image

sales, merchandise sales, and secondary education and licensing royalties, net of value teaching. Liability for the grant is added tax. Turnover is recognised recognised when a contractual when the company provides the obligation is created, on the service or sells the goods. approval for payment of the grant by the relevant grants committee Rental income from the and on receipt of confirmation Society’s tenants at Lowther that the grantee is capable of Lodge is credited to the SOFA in fulfilling the work for which the the period to which it relates. grant is awarded.

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

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

(h) Expenditure

Charitable activities in

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

Central support costs

• Information Services and incurred in running the Society’s Resources premises, on finance (including irrecoverable VAT), Society staff • Membership Services comprise recruitment costs, information both direct expenses incurred technology, governance costs on the defined charitable and depreciation of fixed assets, purposes of the Society and the whilst necessary to assist in the support costs of the spending delivery of the core charitable department in each operational activities, are not in themselves area. Direct expenses include the output of that charitable a proportion of staff costs activity. Finance, recruitment where the staff concerned are costs and information technology directly associated with the costs have been allocated to dissemination of geographical each of the Society’s core information, education and charitable activities, expenditure advice. on raising donations and legacies, Grants payable in furtherance and in the proportion that each activity’s directly identifiable of the Society’s charitable costs have to the total of all objects, included within such costs. Premises costs and expenditure on charitable depreciation have been allocated activities, comprise grants and to each of the Society’s core awards payable to individuals charitable activities, expenditure and institutions in support of expeditions and fieldwork, on raising donations and legacies, and tenants based on estimates research and higher education, of the use of the premises

Grants payable in furtherance

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and of the depreciable fixed assets. Governance costs that consist of expenditure on annual compliance with constitutional and statutory requirements have been allocated to each of the Society’s core chargeable activities, expenditure on raising donations and legacies and tenants, in the proportion that each activities and all other costs have to the total of all other costs.

Investment management

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.

(i) 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.

(j) Intangible fixed assets and amortisation

Intangible assets acquired separately are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over

additions at the following rates on a straight line basis having regard to their estimated useful economic lives.

their useful economic lives on a straight line basis. Computer software 10% - 25% p.a.

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

(k) Tangible fixed assets and depreciation

Expenditure of a capital nature below £500 is not capitalised but charged to the SOFA in the year of expenditure.

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

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

Freehold property – the historic property

The freehold property, consisting of the Society’s historic Grade II* Plant and equipment – Listed building Lowther Lodge audio-visual equipment and associated 1930’s additions 15% - 25% p.a. and the land on which it stands, Fixtures and fittings is stated at its 1912 cost plus all material additions since 1 4% - 10% p.a. January 1985. No depreciation is No depreciation is charged on provided because, in the opinion assets when under construction, of the Trustees, any depreciation but is charged on the above rates charge and the accumulated as applicable from the date when depreciation are immaterial. The the assets are first brought into Trustees assess whether there is use. any indication that the property may be impaired at the end of The Society’s historic each financial year. If such an Collections of heritage assets indication is present the Trustees No capitalised cost or will estimate the recoverable depreciation is provided in the amount and compare this to its financial statements for the carrying value. 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 entrance reception completed bequests of materials to the in June 2004 are stated at cost. Society, or as a direct or indirect Depreciation is charged at rates result of the Society’s historical between 2% - 4% p.a. on a activities in supporting research straight line basis from that date. and expeditions. Insignificant Plant and equipment; fixtures expenditure on the acquisition of and fittings Collection items is written off as incurred. The Trustees are of the Depreciation is charged on these opinion that it would be highly

No depreciation is charged on assets when under construction, but is charged on the above rates as applicable from the date when the assets are first brought into use.

Freehold property – new ‘Unlocking the Archives’ building

The new basement, pavilion and entrance reception completed in June 2004 are stated at cost. Depreciation is charged at rates between 2% - 4% p.a. on a straight line basis from that date.

impracticable, significantly costly, number of designated funds. The years, and contributions are and potentially highly misleading General Fund is an unrestricted adjusted in accordance with the to potential funders and others, income fund that is used towards actuary’s advice. Pension costs to obtain a valuation of such meeting the charitable objectives are included in the SOFA in heritage assets and therefore of the charity at the discretion accordance with SORP FRS 102, the assets are excluded from the of the Trustees. Designated with current service cost included balance sheet. In accordance funds are unrestricted income in Expenditure, and the actuarial with the requirements of Section funds set aside out of the gain or loss arising in the year 34 of FRS 102 and Module 18 General Fund and designated included under ‘Other recognised of SORP FRS 102, note 12b) for specific purposes by the gains or losses’. Contributions to the financial statements Trustees in line with the Society’s are charged to expenditure so provides additional disclosures strategy. Restricted funds as to spread the regular cost on the nature and scale of the represent donations, legacies, or of pensions over the expected Society’s Collections assets, as other grants, given for specific working lives of the employees well as the Society’s Collections purposes to be expended in in the Scheme. Any difference management policies and accordance with the terms of between the cumulative amounts the extent to which access is the donation, legacy or grant. charged and contributions paid is permitted to the Collections. Restricted funds also include the included as an asset or liability in accumulated unspent income the balance sheet. from endowment funds that (l) Investments The Society also operates a can only be used in accordance group personal plan for all Investments are included in with the requirements of the staff, save for those who by endowments. Endowed funds the balance sheet at their fair nature of their specific post are value at the end of the financial represent donations or legacies members of the Universities given to the Society, the terms of period. Realised and unrealised Superannuation Scheme. The which stipulate that the original gains and losses are credited or amounts charged to expenditure debited to the SOFA in the year capital cannot be spent. The represent payments made by funds are invested to generate in which they arise. Investment the Society into these schemes income is accounted for on an an income and capital growth during the year. accruals basis. Portfolio cash which can then be expended in held for investment is included in accordance with the purposes the value of investments. stated by the donor. (p) Financial Instruments

(l) Investments

(p) Financial Instruments

Financial instruments are (o) Pension costs classified and accounted for according to the substance of The Society operates a defined the contractual arrangement benefit pension scheme (‘the as financial assets, financial Scheme’), which until 31 August liabilities or equity instruments. 2010, provided benefits to An equity instrument is any certain staff on permanent contract that evidences a employment contracts based residual interest in the assets of on pensionable annual salary. the entity after deducting all of The Scheme was closed to its liabilities. new entrants with effect from 1 August 2003, and was closed Financial assets which are to future service accrual at receivable within one year 31 August 2010. The funding are initially measured at the of the Scheme is reviewed transaction price. Financial by an actuary every three

(m) Publication stock

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

(n) Fund accounting

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

Financial assets which are receivable within one year are initially measured at the transaction price. Financial assets are subsequently

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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.

(q) 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 23 for details).

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.

• the valuation of the liabilities of the Society’s defined benefit pension scheme, which is now closed to new members and to future service accrual. More details of the scheme and the assumptions made in its valuation are contained in note 23 Pension schemes.

2 Membership subscriptions

Subscriptions
Taxation recovered under Gift Aid
Joining fees
Life membership		 2024
£’000
1,610
203
5
3
1,821		 2023
£’000
1,487
213
4
2
1,706

In 2024 and 2023 all membership income was attributable to unrestricted funds.

3 Donations and legacies

Donations
Legacies		 2024
£’000
182
451
633
Unrestricted
Funds
£’000
90
451
541
Restricted
Funds
£’000
92
-
92
Endowment
Funds
£’000
-
-
-		 2023
£’000
73
366
439

In addition to the the legacy income recognised in the SOFA of £451,000 (2023: £366,000), on the 31 December 2024 the Charity had been notified of 1 residuary legacy (2023: 2 residuary legacies) with total estimated value of £237,000 (2023: £629,000).This legacy does not satisfy the criteria relating to probability and/or reliable estimate required by our accounting policy to recognise the income during the year. It is therefore disclosed here as a contingent asset.

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

Dividends and investment portfolio distributions
Bank interest
Total
Attributable to:
Unrestricted Funds
Restricted Funds		 2024
£’000
534
244
778
427
351
778		 2023
£’000
528
236
764
434
330
764

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

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6 Other trading activities

Conferences and events, including RGS-IBG Annual International
Conference and regional programme
Research group activities/grants for research
Funded education projects
Academic journals
Geography Outdoors courses and activities
Books, maps and other sales
Arising from:
Grants awarded in support of charitable activities
Income generated by charitable activities
5
Income from charitable activities		 2024
£’000
480
5
84
420
43
62
1,094
84
1,010
1,094		 2023
£’000
462
27
57
476
34
44
1,100
57
1,043
1,100

In 2024 and 2023 all of the income from charitable activities was attributable to unrestricted funds.

2024 2023
Income £’000 £’000
RGS Enterprises
Tenants rents and service charges
Licence Fee Income Attributable to Restricted Funds		 2,104
80
13		 1,754
80
-
Local Council and Other Grants
Expenditure		 10
2,207		 -
1,834
RGS Enterprises 914 862
Costs attributable to tenancies 62 60
976 922
In 2024 £13,000 (2023: £nil) of income from other trading activities was attributable to restrict
funds. All other income and expenditure from other trading activities was attributable to unrestr
funds. The Society benefcially owns the entire share capital of Royal Geographical Society
Enterprises Limited (company number: 01322564), a company incorporated in England, and thr
which the Society’s commercial activities are carried out. The annual profts of the company are
distributed to the Society, under Deed of Covenant, in support of the Society’s charitable activiti
Summary of proft and loss account
Turnover 2,104 1,754
Cost of sales (893) (843)
Gross proft 1,211 911
Administrative expenses (21) (19)
1,190 892
Operating proft after distribution (1,190)
-		 (892)
-

In 2024 £13,000 (2023: £nil) of income from other trading activities was attributable to restricted funds. All other 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.

7 Expenditure on charitable activities

2024
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
2023
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		 2024
Total
£’000
1,281
683
1,429
811
816
5,020
Grants
and
awards
£’000
132
-
187
-
-
319
Direct
charitable
costs
£’000
550
318
741
184
404
2,197
Activity
support
costs
£’000
126
82
100
42
131
481
Central
support
costs
£’000
473
283
401
585
281
2,023
2023
Total
£’000
1,124
820
1,341
774
826
4,885
77
-
189
-
-
266
486
412
683
179
403
2,163
116
100
94
39
131
480
445
308
375
556
292
1,976

In 2024, £328,000 (2023: £285,000) of expenditure on charitable activities was attributable to restricted funds with the balance of £4,692,000 (2023: £4,600,000) attributable to unrestricted funds.

The net assets of RGS Enterprises at 31 December 2024 were £100 (2023: £100) matched by the issued share capital of £100.

50

51

Allocation of central support costs

2024
Core charitable activity
Public Understanding, Policy,
and Public Affairs
Education and Outdoor Learning
Research and Higher Education
Information Services
and Resources
Membership Services
Sub-total
Expenditure on raising
donations and legacies
Tenancies
Total central costs 2024		 Premises
£’000
125
94
102
305
54
680
16
58
754		 Finance
£’000
186
105
203
83
109
686
21
1
708		 Finance
£’000
186
105
203
83
109
686
21
1
708		 IT
£’000
30
17
37
10
24
118
5
-
123		 Dep’n
£’000
77
34
19
179
67
376
2
3
381		 G’nance
£’000
55
33
40
8
27
163
-
-
163		 G’nance
£’000
55
33
40
8
27
163
-
-
163		 Total
£’000
473
283
401
585
281
2,023
44
62
2,129
2023
Core charitable activity
Public Understanding, Policy,
and Public Affairs
Education and Outdoor Learning
Research and Higher Education
Information Services
and Resources
Membership Services
Sub-total
Expenditure on raising
donations and legacies
Tenancies
Total central costs 2023		 122
91
99
296
53
661
15
57
733		 165
130
190
64
126
675
24
1
700		 23
19
28
8
20
98
4
-
102		 78
34
19
180
67
378
2
2
382		 57
34
39
8
26
164
-
-
164		 Total
£’000
445
308
375
556
292
1,976
45
60
2,081
Governance costs include normal annual governance, compliance with regulations, Council
meetings, audit, and senior management team input to the review of the Society’s strategy.		 and committee
Analysis of grants and awards payable
2024 2024
2024		 2023 2023 2023
Individ Instit
Total		 Individ Instit Total
Support for: £’000 £’000
£’000		 £’000 £’000 £’000
Research 136 158
294		 84 152 236
Expeditions and feldwork 5 12
17		 10 17 27
Education and teaching - 8
8		 - 3 3
141 178
319		 94 172 266

8a Analysis of grants and awards payable

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.

Recipients of institutional
grants:
Ardnamurchan High School
Barrhead High School
Bath University
Birkbeck, University of London
Bolder Academy
British Antarctic Survey
Coventry University
Durham University
Eton College
Ferndown Middle School
Glasgow Caledonian University
High Ongar Primary School
Highgate Wood School
Hillhead Primary School
Holy Family Catholic School and
Sixth Form
Islington Arts and Media School
King’s College London
Lancaster University
Leopold Primary School
Lincoln University
Liverpool John Moores University
London School of Economics
LSE
Mill Hill School
Newcastle University
Northumbria University
Ohio State University
Ormiston Bolingbroke Academy
Oxford Brookes University
Pachyderm Journal
Pedmore High School
Queen Mary University of
London
Queen’s University Belfast
Reading Blue Coat School
Royal Holloway University of
London
Sheffeld Hallam University
University College London
University of Aberdeen
University of Brighton
University of Bristol
University of Cambridge
University of Central Lancashire
University of Edinburgh
University of Exeter
University of Hull
University of Leeds
University of Leicester
Recipients of institutional
grants:
University of Manchester
University of Oxford
University of Plymouth
University of Reading
University of Salford
University of Sheffeld
University of Southampton
University of St Andrews
University of Sussex
University of Tübingen
University of York
York St John University
Other Return of Unused Grant
Funds
2023
£
-
600
-
-
-
10,000
500
4,500
-
-
-
-
600
600
-
-
-
-
600
14,999
14,911
-
3,000
-
20,500
1,000
8,000
-
3,500
5,850
-
1,000
1,000
600
3,000
1,000
2,250
500
-
3,000
3,000
-
1,000
11,000
-
8,500
500
2024
£
325
-
2,500
1,250
325
-
2,000
12,950
1,000
515
1,250
600
-
-
325
324
23,949
4,000
-
-
-
500
-
1,000
13,000
-
-
600
-
8,661
500
2,250
-
-
2,750
-
750
10,000
4,085
3,000
6,934
12,343
-
-
11,452
1,000
-		 2023
£
17,830
18,113
(14,256)
1,500
-
1,000
-
5,068
10,750
7,832
4,033
-
(5,398)
171,982
2024
£
5,000
24,750
-
3,750
4,500
-
1,750
5,000
1,000
-
500
2,000
(558)
177,830

52

53

8b Grants and awards programme – grants payable Grants and awards programme – grants payable (for information) 9 Staff costs and emoluments
2024 2023 2024 2023
£ £ £ £
20th International Geographical Congress 3,500 - Salaries and wages 2,255 2,323
Albert Reckitt Award Trust 4,700 7,250 National Insurance 237 242
Alexander Awards 4,500 3,000 Employer pension cost 177 230
Dorothy Hepworth Award 1,500 1,500 2,669 2,795
Dudley Stamp Memorial Fund - 3,000
Edinburgh Trust 1,000 2,000 The average number of employees was 62 (2023: 59), and the average numb
Esmond Bradley Martin Royal Geographical employees was 38 (2023: 50). The emoluments (excluding pension contribut
Society Prize Fund 132,002 77,472 employee benefts in excess of £60,000 were in the salary bands:
Fredrick Soddy Award Fund 19,158 28,850
Geographical Club 1,000 2,000 2024 2023
Gumby Award 8,000 7,500 £60,001 - £70,000 1 -
Henrietta Hutton Memorial Fund 1,000 1,000 £70,001 - £80,000 - 1
Hong Kong branch of RGS-IBG 2,000 2,500 £90,001 - £100,000 1 1
HR Mill 4,375 6,000 £100,001 - £110,000 - 2
Jasmin Leila Award 750 2,000 £110,001 - £120,000 1 -
Jeremy Willson Award 1,000 1,000 £120,001 - £130,000 1 1
John Pilkington - 5,000 £150,001 - £160,000 - 1
Monica Cole Bequest 1,500 1,000
Neil Thomas Proto Award
Neville Shulman CBE
Pachyderm Journal Fund
Paul and Mary Slawson
Peter Smith Memorial Fund
Postgraduate Grants Appeal Fund
Ralph Brown Memorial Fund
Ray Y Gildea Jr Award		 1,000
5,000
8,661
1,250
1,000
9,300
26,795
2,000		 1,000
5,000
5,850
1,000
500
3,500
16,500
2,000		 Of these employees, 2 (2023:2) had benefts accruing under defned beneft p
2024. The key management personnel of the parent charity, the Society, and th
Director and three Senior Managers.
The total employee benefts of the key management personnel during the year,
benefts, were £454,090 (2023: £657,613 and Employers National Insurance
During the year redundancy payments was £nil (2023: £153,549).
No remuneration was paid to the Trustees (2023: £nil).
RGS-IBG SRG Research Endowment Funds 22,750 10,361
Rob Potter Award
SUN Institute formally Deutsche Post
Thesiger-Oman International Research Fellowships
Walters Kundert Charitable Trust		 -
14,949
23,700
10,000		 3,000
22,246
16,832
19,830		 10 Intangible Fixed Assets – Group and Society
Computer
software
312,390 258,691 Cost
 £’000

The average number of employees was 62 (2023: 59), and the average number of full-time equivalent employees was 38 (2023: 50). The emoluments (excluding pension contributions) of employees who had employee benefits in excess of £60,000 were in the salary bands:

Of these employees, 2 (2023:2) had benefits accruing under defined benefit pension schemes as at 31 December 2024. The key management personnel of the parent charity, the Society, and the group comprise the Trustees, the Director and three Senior Managers.

The total employee benefits of the key management personnel during the year, which comprised salary and pension benefits, were £454,090 (2023: £657,613 and Employers National Insurance of £51,257 (2023: £65,526). During the year redundancy payments was £nil (2023: £153,549). No remuneration was paid to the Trustees (2023: £nil).

Cost
 Computer
software
£’000
At 1 January 2024
Additions
Disposals
At 31 December 2024
Amortisation
At 1 January 2024
Charge for the year
Eliminated on disposals
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 245
13
-
258
12
52
-
64
194
233

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

RGS-IBG from General Fund
Society research group support
Total grants and awards		 2023
£
763
6,726
7,489
2024
£
3,000
3,996
6,996
266,180
319,386

54

55

11a Tangible Fixed Assets held at cost less depreciation - 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 2024
At 31 December 2023		 2024
Total
£’000
11,870
152
-
12,022
Freehold Land
& Property
£’000
4,538
-
-
4,538
Plant &
Equipment
£’000
5,592
152
-
5,744
Fixtures &
Fittings
£’000
1,740
-
-
1,740
6,721
335
-
7,056
1,270
64
-
1,334
4,048
218
-
4,266
1,403
53
-
1,456
4,966
3,204
1,478
284
5,149
3,268
1,544
337

Tangible Fixed Assets held at cost less depreciation - Society only

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 2024
At 31 December 2023		 2024
Total
£’000
11,870
152
-
12,022
Freehold Land
& Property
£’000
4,538
-
-
4,538
Plant &
Equipment
£’000
5,592
152
-
5,744
Fixtures &
Fittings
£’000
1,740
-
-
1,740
6,721
335
-
7,056
1,270
64
-
1,334
4,048
218
-
4,266
1,403
53
-
1,456
4,966
3,204
1,478
284
5,149
3,268
1,544
337

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 subdisciplines”. 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

Fair value
At 1 January
Acquisitions at cost
Investment Management Fees
Withdrawals
Net (losses) / gains on revaluation
At 31 December
Historical Costat 31 December
(including portfolio cash)
Unrestricted
Funds
£’000
7,439
-
(57)
-
251
7,633
5,292
Restricted
Funds
£’000
-
-
-
-
-
-
-
Endowment
Funds
£’000
12,394
-
(90)
-
604
12,908
10,702
Group
Trade debtors
Other debtors
Prepayments
Accrued income
Amounts due from RGS Enterprises
Debtors and accrued income
2023
£’000
214
2
258
297
-
771
2024
£’000
248
-
265
312
-
825		 Unrestricted
Funds
£’000
7,439
-
(57)
-
251
7,633
Restricted
Funds
£’000
-
-
-
-
-
-
Endowment
Funds
£’000
12,394
-
(90)
-
604
12,908		 Unrestricted
Funds
£’000
7,439
-
(57)
-
251
7,633
Restricted
Funds
£’000
-
-
-
-
-
-
Endowment
Funds
£’000
12,394
-
(90)
-
604
12,908		 Total
2024
£’000
19,833
-
(147)
-
855
Total
2023
£’000
19,826
-
(126)
-
133
-
12,908		 20,541
19,833
5,292 -
10,702		 15,994
16,432
Group
2023
£’000
214
2
258
297
-
771
2024
£’000
248
-
265
312
-
825		 Society only
2023
£’000
44
1
259
223
(35)
492
2024
£’000
68
-
253
248
129
698

13 Debtors and accrued income

56

57

Carrying amount of fnancial assets:
Equity instruments measured at cost less impairment
Debt instruments measured at amortised cost
Carrying amount of fnancial liabilities:
Liability instruments measured at amortised cost
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
14
Cash at bank and in hand
16
Financial instruments
15
Creditors and accruals
2024
Designated Funds
New Initiatives (Appeal) Fund
Major Building Repair and
Renovation Reserve
Pensions Contingency Fund
Research Groups Balance
Fixed Asset Book Value Fund
General Fund
Pension Reserve
Total Unrestricted Funds
Balance
1 Jan
2024
£’000
1,780
371
134
123
5,381
7,789
5,696
-
13,485
17
Unrestricted Funds
Income
£’000
40
-
-
16
-
56
5,886
134
6,076
Cash at bank
Cash in hand
Cash held by research groups		 Carrying amount of fnancial assets:
Equity instruments measured at cost less impairment
Debt instruments measured at amortised cost
Carrying amount of fnancial liabilities:
Liability instruments measured at amortised cost
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
14
Cash at bank and in hand
16
Financial instruments
15
Creditors and accruals
2024
Designated Funds
New Initiatives (Appeal) Fund
Major Building Repair and
Renovation Reserve
Pensions Contingency Fund
Research Groups Balance
Fixed Asset Book Value Fund
General Fund
Pension Reserve
Total Unrestricted Funds
Balance
1 Jan
2024
£’000
1,780
371
134
123
5,381
7,789
5,696
-
13,485
17
Unrestricted Funds
Income
£’000
40
-
-
16
-
56
5,886
134
6,076
Cash at bank
Cash in hand
Cash held by research groups		 19,833
513
20,346
849
254
432
163
435
243
1,527
209
(950)
984
243
19,833
233
20,066
512
247
143
122
435
85
1,032
91
(678)
672
85
20,541
560
21,101
726
225
388
113
464
261
1,451
243
(1,209)
1,227
261
20,541
445
20,986
391
205
102
84
464
123
978
85
(810)
848
123
Balance
31 Dec
2024
£’000
-
2,187
134
118
5,160
Expend-
iture
£’000
(12)
(1)
-
(30)
(386)
Gains /
(Losses)
£’000
61
-
-
-
-
Transfers
£’000
(1,869)
1,817
-
9
165
Group
Society only
2023
£’000
981
2
74
1,057
2023
£’000
765
2
74
841
2024
£’000
646
4
74
724
2024
£’000
302
2
74
378		 Society only
2023
£’000
765
2
74
841
2024
£’000
302
2
74
378
247
143
122
435
85
1,032
205
102
84
464
123
978
91
(678)
672
85
85
(810)
848
123
19,833
233
20,066
20,541
445
20,986
512
391
7,789
56		 7,599
(429)
61
122
5,696
-
5,886
134		 6,468
-
(5,238)
(215)
189
81
(65)
-
13,485
6,076		 14,067
(5,882)
331
57
2023
Designated Funds
New Initiatives (Appeal) Fund
Major Building Repair and
Renovation Reserve
Pensions Contingency Fund
Research Groups Balance
Fixed Asset Book Value Fund
General Fund
Pension Reserve
Total Unrestricted Funds		 Balance
31 Dec
2023
£’000
1,780
371
134
123
5,381
7,789
Balance
1 Jan
2023
£’000
1,787
411
134
115
5,412
7,859
Income
£’000
40
-
-
-
-
40
Expend-
iture
£’000
(10)
(6)
-
(5)
(381)
(402)
Gains /
(Losses)
£’000
12
-
-
-
-
12
Transfers
£’000
(49)
(34)
-
13
350
280
5,696
-
13,485
5,941
-
13,800
5,307
147
5,494
(5,318)
-
(5,720)
(16)
(147)
(151)
(218)
-
62

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

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) and allocated for use by the Society’s research groups.

Fixed Asset Fund: The Fixed Asset Fund 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.

58

59

18 Restricted Funds

Group and Society
2024
Research (Appeal) Fund
Postgraduate Grants appeal fund
Special purposes funds
Restricted research funds
Trust Funds
Group and Society
2023
Research (Appeal) Fund
Postgraduate Grants appeal fund
Special purposes funds
Restricted research funds
Trust Funds		 Balance
31 Dec
2024
£’000
130
47
481
149
544
1,351
Balance
1 Jan
2024
£’000
127
57
436
153
505
1,278
Income
£’000
27
-
106
30
294
457
Expend-
iture
£’000
(22)
(9)
(52)
(31)
(217)
(331)
Gains /
(Losses)
£’000
-
-
-
-
4
4
Transfers
£’000
(2)
(1)
(9)
(3)
(42)
(57)
Balance
31 Dec
2023
£’000
127
57
436
153
505
1,278
Balance
1 Jan
2023
£’000
111
61
497
149
465
1,283
Income
£’000
27
-
19
30
273
349
Expend-
iture
£’000
(10)
(4)
(51)
(24)
(196)
(285)
Gains /
(Losses)
£’000
-
-
-
-
(7)
(7)
Transfers
£’000
(1)
-
(29)
(2)
(30)
(62)

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

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.

18a Restricted Funds – Special Purposes Funds

i) Special Purposes Funds – Balance Income Expend- Gains / Transfers Balance
Grants and Awards 1 Jan iture (Losses) 31 Dec
2024 2024
£ £ £ £ £ £
Gumby Award 30,000 10,000 (8,000) - - 32,000
Journey of a Lifetime Award 53,316 - - - - 53,316
Slawson Award 1,253 - (1,250) - - 3
Geographical Club Award 36 2,300 (1,100) - (100) 1,136
IGC2004 Fund 44,675 - - - - 44,675
Goldsmiths’ Company Award 2,802 - - - - 2,802
Hong Kong Research Grant 362 2,750 - - - 3,112
Jeremy Willson Award - 1,100 (1,000) - (100) -
Land Rover ‘Go Beyond’ Bursary 31,479 - - - - 31,479
Luke Molar Memorial Fund 1,770 - - - - 1,770
Rio Tinto Award 6,809 - - - - 6,809
Rex Walford Award 9,870 - - - - 9,870
Deutsche Post Award 34,043 - (14,949) - (1,495) 17,599
The Alexander Awards 9,237 - (6,000) - 1,050 4,287
Neil Thomas Proto - 3,300 (1,000) - (100) 2,200
Edinburgh Trusts GFG 1,595 1,000 (1,000) - - 1,595
Rob Potter Award 300 1,500 (550) - - 1,250
Hepworth Expedition Award 4,950 - - - (1,650) 3,300
Philby Award 1,120 13,455 - - - 14,575
Ran and Ginny Fiennes Award - 50,300 - - - 50,300
233,617 85,705 (34,849) - (2,395) 282,078
ii) Special Purposes Funds –
Funded Projects
Earth Story 80,000 - - - - 80,000
Media Seminars 4,678 - - - (4,678) -
Jewel of Arabia Expedition
Resources - 20,000 - - (1,200) 18,800
Transglobe Expedition Trust 46,945 - - - - 46,945
Earth Photo 19,425 - - - - 19,425
Infrastructure Improvement 51,000
202,048		 -
20,000		 (16,794)
(16,794)		 -
-		 -
(5,878)		 34,206
199,376
435,665 105,705 (51,643) - (8,273) 481,454
Restricted Funds – Research Funds – Income

18b Restricted Funds – Research Funds – Income

Thesiger Oman Research
Fellowships
Neville Shulman Challenge
Award
Dr Ray Gildea Jr Award
Rob Witney Ward Award
Totals		 Balance
31 Dec
2024
£
100,614
13,027
27,161
8,014
148,816
Balance
1 Jan
2024
£
107,070
12,617
25,933
7,218
152,838
Income
£
19,614
5,410
3,250
796
29,070
Expend-
iture
£
(23,700)
(5,000)
(1,822)
-
(30,522)
Gains /
(Losses)
£
-
-
-
-
-
Transfers
£
(2,370)
-
(200)
-
(2,570)

60

61

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
2024
£
1,541
785
643
5,892
2,106
1,679
17,290
9,477
15,497
83,798
4,835
64,587
8,864
3,669
19,325
26,904
1,454
Balance
1 Jan
2024
£
1,431
729
597
6,493
1,956
1,559
20,524
8,800
15,922
77,812
4,842
76,724
8,621
(345)
14,761
32,871
2,102
Income
£
110
56
46
499
150
120
1,579
677
1,225
5,986
743
40,255
5,413
3,661
15,564
15,107
452
Expend-
iture
£
-
-
-
(1,000)
-
-
(4,375)
-
(1,500)
-
(750)
(26,767)
(4,700)
353
(10,000)
(19,158)
(1,000)
Gains /
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
£
-
-
-
(100)
-
-
(438)
-
(150)
-
-
(25,625)
(470)
-
(1,000)
(1,916)
(100)
268,346
275,399
91,643
(68,897)
-
(29,799)
4,911
5,561
5,320
5,440
6,482
238
185,766
4,560
5,164
4,940
5,051
6,019
53
144,533
351
397
380
389
463
185
184,018
-
-
-
-
-
-
(134,469)
-
-
-
-
-
-
3,892
-
-
-
-
-
-
(12,208)
213,718
170,320
186,183
(134,469)
3,892
(12,208)
2,585
4,309
11,479
2,400
4,001
10,659
185
308
820
-
-
-
-
-
-
-
-
-
18,373
17,060
1,313
-
-
-
5,388
10,769
5,003
8,498
385
10,514
-
(8,670)
-
407
-
20
16,157
13,501
10,899
(8,670)
407
20
27,884
28,953
4,431
(4,950)
-
(550)
544,478
505,233
294,469
(216,986)
4,299
(42,537)

19 Endowment Funds

Group and Society
2024
Research (Appeal) Fund
Restricted research funds
Trust Funds
Group and Society
2023
Research (Appeal) Fund
Restricted research funds
Trust Funds		 Balance
31 Dec
2024
£’000
1,117
1,167
10,630
12,914
Balance
1 Jan
2024
£’000
1,082
1,136
10,182
12,400
Income
£’000
-
-
-
-
Expend-
iture
£’000
(8)
(9)
(73)
(90)
Gains /
(Losses)
£’000
43
40
521
604
Transfers
£’000
-
-
-
-
Balance
31 Dec
2023
£’000
1,082
1,136
10,182
12,400
Balance
1 Jan
2023
£’000
1,081
1,142
10,117
12,340
Income
£’000
-
-
-
-
Expend-
iture
£’000
(7)
(8)
(61)
(76)
Gains /
(Losses)
£’000
8
2
126
136
Transfers
£’000
-
-
-
-

The Endowed Funds currently comprise the following:

Research (Appeal) 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.

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.

19a Endowment Funds – Research Funds – Capital

Thesiger Oman Research Fellowships
Neville Shulman Challenge Award
Dr Ray Gildea Jr Award
Rob Witney Ward Award
Totals		 Balance
31 Dec
2024
£
799,196
202,707
132,461
32,389
1,166,753
Balance
1 Jan
2024
£
774,629
201,420
128,389
31,391
1,135,829
Income
£
-
-
-
-
-
Expend-
iture
£
(5,884)
(1,669)
(975)
(238)
(8,766)
Gains /
(Losses)
£
30,451
2,956
5,047
1,236
39,690
Transfers
£
-
-
-
-
-

62

63

19b Endowment Funds –Trust Funds - capital

20 Analysis of net assets between Funds

----- Start of picture text -----
Balance Income Expend- Gains / Transfers Balance Group and Society Unrestricted Restricted Endowment Total
1 Jan iture (Losses) 31 Dec Fund balances as at 31 December 2024 Funds Funds Funds 2024
2024 2024 are represented by: £’000 £’000 £’000 £’000
- -
Expeditions and travel grants £ £ £ £ £ £ Intangible fixed assets 194 194
- - - -
Penruddocke-Park Lander Fund 6,502 (53) 134 6,583 Tangible fixed assets 4,966 4,966
- - -
Stephens Bequest 3,667 (29) 76 3,714 Investments 7,633 12,908 20,541
Gough Island Fund 6,693 - (54) 138 - 6,777 Other net assets 1,274 1,351 6 2,631
Henrietta Hutton Memorial Fund 51,831 - (421) 1,070 - 52,480 Net assets 14,067 1,351 12,914 28,332
- -
Barling Fisher Bequest 6,733 (55) 139 6,817
Violet Cressy-Marcks Fisher Trust Fund 9,702 - (79) 200 - 9,823 Group and Society Unrestricted Restricted Endowment Total
H.R. Mill Trust Fund 91,439 - (742) 1,887 - 92,584 Fund balances as at 31 December 2023 Funds Funds Funds 2023
Andrews Bequest 44,600 - (362) 920 - 45,158 are represented by: £’000 £’000 £’000 £’000
Monica Cole Bequest 58,379 - (474) 1,204 - 59,109 Intangible fixed assets 233 - - 233
Marjorie Sweeting Bequest 188,975 - (1,534) 3,901 - 191,342 Tangible fixed assets 5,149 - - 5,149
Jasmin Leila Award 29,184 - (223) 1,089 - 30,050 Investments 7,438 - 12,395 19,833
Other net assets 665 1,278 5 1,948
Ralph Brown Memorial Fund for
Expeditions 1,589,853 - (12,075) 62,519 - 1,640,297 Net assets 13,485 1,278 12,400 27,163
- -
Albert Reckitt Award Fund 209,800 (1,638) 6,639 214,801
- -
Dudley Stamp Memorial Award Fund 142,012 (1,108) 4,546 145,450
Walters Kundert Award Fund 593,711 - (4,746) 14,847 - 603,812 21 Reconciliation of income to net cash inflow/(outflow) from operating activities
- -
Frederick Soddy Award Fund 592,452 (4,547) 21,606 609,511
Peter Smith Memorial Fund 17,294 - (138) 450 - 17,606 Group2024 Group2023
3,642,827 - (28,278) 121,365 - 3,735,914 £’000 £’000
Medals and awards
- Net income before transfers 1,085 (105)
Murchison Bequest 6,458 (52) 133 6,539
Back Bequest 6,967 - (57) 144 - 7,054 Amortisation of intangible fixed assets 52 17
- - Depreciation of tangible fixed assets 335 363
Cuthbert Peek Fund 6,441 (52) 133 6,522
- - Net pension movements, excluding actuarial surplus or deficit 81 (147)
Gill Memorial Fund 7,300 (59) 151 7,392
- - Investment income (778) (764)
Mrs Patrick Ness Award 7,854 (64) 162 7,952
- - - - Net losses/(gains) on investments (708) (7)
Ron Cooke Award Fund 5,000 5,000
- (Increase)/decrease in debtors and accrued income,
Esmond B Martin RGS Prize Fund 5,954,453 (40,324) 371,517 (20) 6,285,626
5,994,473 - (40,608) 372,240 (20) 6,326,085 excluding accrued investment incomeIncrease/(decrease) in creditors and accruals, (54) (105)
Lecture funds
Dickson Asia Lecture Foundation 2,032 - (16) 42 - 2,058 excluding defined benefit pension scheme liability (76) 97
- - Gain on currency revaluation 3 (8)
Mrs Will Gordon Foundation 3,361 (27) 69 3,403
- -
Eva G.R. Taylor Lecture Fund 19,381 (157) 400 19,624
24,774 - (200) 511 - 25,085 Net cash generated/(used) in operating activities (60) (659)
Publications and Collections
- -
Sir George Fordham Fund 4,981 (40) 103 5,044
Pachyderm Journal Fund 340,254 - (2,304) 21,228 (20) 359,158 22 Cashflows from investing activities
345,235 - (2,344) 21,331 (20) 364,202 Group Group
Advancement of geography in 2024 2023
the UK £’000 £’000
- -
Geographical Congress Fund 174,144 (1,332) 6,499 179,311 Dividends and distributions received 534 528
Interest received 244 236
-
Trust Funds – Capital 10,181,453 (72,762) 521,946 (40) 10,630,597 Payments to acquire tangible fixed assets (165) (350)
- -
Payments to acquire investments including portfolio cash
- -
Receipts from investment portfolio activity
613 414
----- End of picture text -----

64

65

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.

The Society is aware of the Virgin Media v NTL Pension Trustees Limited Court of Appeal judgement which may give rise to adjustments to the Scheme. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities.

23a Triennial actuarial valuations

The most recent triennial actuarial valuation was carried out as at 30 June 2023, and finalised in September 2023, using the accrued defined benefit method. In addition to the assumptions on mortality, another fundamental assumption made relates to the expected rate of increase in pensionable salaries (3.8% p.a.). Following the Scheme Trustees’ decision to reduce the mismatch risk, the Scheme’s assets are only invested in gilts and therefore there has been no allowance made for return-seeking assets in the financial assumptions. The valuation indicated that the Scheme was 143% funded (30 June 2020 valuation: 97% funded), with a surplus in respect of past service pension benefits of £2,633,000 (2020 valuation: deficit of £291,000).

23b FRS 102

The actuarial valuation of the Scheme for FRS 102 purposes was separately prepared as at 31 December 2024. The principal actuarial assumptions used as at 31 December 2024, and for the previous year, are shown below:

below:
2024 2023
Assumptions % p.a. % p.a.
Future pay increases
Future increases to pensions in payment
Pre August 03
Post August 03
Discount rate		 4.00
5.00
3.30
5.50		 4.00
5.00
3.30
4.60
Deferment increases
Price infation (RPI)
Mortality tables:		 2.90
3.40		 3.00
3.40
Males
Females		 S3PMA, CMI 2023 M
1.5% LT
S3PFA, CMI 2023 F
1.25% LT		 S3PMA, CMI 2022 M
1.5% LT
S3PFA, CMI 2022 F
1.25% LT

The FRS 102 asset of £2,469,000 at 31 December 2024 (2023: £3,023,000) is different to the statutory funding surplus of £2,633,000 at 30 June 2023 (see Note 23(a) above), due to differences in the point at which the valuations were made and in the underlying assumptions used.

The surplus in the Scheme as at 31 December 2024 has decreased since the previous year due to lower than expected investment returns in the year which were only partially offset by the higher discount rate reducing the value of the liabilities.

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.

The next triennial actuarial valuation is to be carried out as at 30 June 2026.

The net assets of the Scheme at 30 June 2024, including annuity policies acquired to secure member retirement benefits, were £8,533,011 (2023: £8,836,621).

66

67

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
Expenses paid from the Scheme
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
Expenses paid from the Scheme
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
Bonds and gilts
Cash and other
Total
Assets do not include any property occupied by the Society.		 2024
£’000
134
(215)
5,035
229
(23)
(625)
(125)
4,491
(1,121)
23
625
(473)
(2,469)
3,023
81
8,058
363
(1,121)
-
(125)
(215)
6,960
(4,491)
6,960
2,469
(2,469)
-
6,921
39
6,960
2023
£’000
147
4,795
228
117
(3)
(102)
5,035
(80)
(117)
3
(194)
(3,023)
3,070
(147)
7,865
375
(80)
-
(102)
8,058
(5,035)
8,058
3,023
(3,023)
-
7,980
78
8,058

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. 52 employees were in the plan at 31 December 2024 (2023: 47 employees).

The Society also makes contributions to the Universities Superannuation Scheme (‘USS’) in respect of two members of staff (2023: 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 £1,566 for 7 Trustees (2023: £1,008 for 8 Trustees) were reimbursed in the year. No Trustees received any remuneration during the year for their role as Trustees (2023: 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 (2023: £5,100).

25 Auditor’s remuneration and other professional fees

Auditor’s remuneration in respect of audit fees amounted to £39,100 (Society: £31,000, RGS Enterprises: £8,100) and £38,000 in 2023 (Society: £30,100, RGS Enterprises: £7,900). The auditor was also remunerated £8,475 (2023: £8,100) for other services.

26 Related parties

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. In the year, the Society paid £900 to a company controlled by a Trustee in respect of a contract for services entered into before the individual became a Trustee (2023: £3,000). Two Trustees received honoraria totalling £3,000 for their editorships of one of the Society’s journals, Transactions of the Institute of British Geographers (2023: no Trustees and £nil). With the exception of this contract for services and the editor’s honoraria, neither the group or the Society have identified any related party transactions other than those referred to in note 24.

27 Post Balance Sheet Event

As of 15 January 2025 The Gino Watkins Memorial Fund became a linked charity to the Society for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. As a result of the linking, during 2025 the Society will receive a transfer of restricted funds totalling in the region of £940,000.

68

Royal Geographical Society (with IBG) 1 Kensington Gore London SW7 2AR

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