CAMBRIDGE PHILOSOPHICAL SOCIETY Report of the Council of Management and Financial Statements For the year ended 31 December 2020 Registered Charity Number 213811
CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMEKf AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2020 Contents Page Reference and AdministralNe Details Report of the Council of Management Independent Audrtors, Rewrt statement of Financial Activi Stsloment ol Financial Posth"on 10 Statement of Cash Fkws Notes to the Financjal Ststemenls 12-24
OlllDQIDOI PlllLOQODMIQAL QOQIITV REFERENCE AND AOMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 REGISTERED CHARITY NUMBER: 213811 COUNCIL MEMBERS Professor R R Horgan. Presidenl Dr C Y Barlow, Presidenl-Elect Professor S Conway Morris, Vice-President Dr T K Came, Treasurer Dr F J Leeper. Physical Secretary Dr D K Surllmers, Biological Secretary Professor G P Palemain, Mathematical Secretsry Dr A Agarwal Dr R Asher Dr J Bemi Professor A F Blackwell Professor S Bohndiek Dr R Collep8rdo-GuevaTa Dr J Fraser Dr L Fruk Professor H Griffilhs Professor W Harris Professor A W JDnes Professor J Secord REGISTERED OFFICE 17 Mill Lane Cambridge CB2 1RX BANKERS Barclays Bank PLC 9-11 St Andrews Street Cambridge. CB2 3PZ SOLICITORS Hewiisons Shakespeare House 42 Newmarkel Road Cambndge, C85 8EP INVESTMENT MANAGER R31hbone Investment Management Limited 8 Finsbury Circus London, EC2M 7A2 AUDITORS Chater Allan LLP Chartered Accountants Beech House 4A Newrnarkel Road Cambridge, C85 8DT
CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 The Council of Management present their annual reFNt tcgether with the audiled finanaal statements of Cambridge PhiI05whical Souety (the charity) for the year ended 31 December 2020. The Cwncil members confim that the Annual Rep(wt and finanual slatements ol Ihe tharity (om&4y with the currenl Statutory requirement5, the reouirernents of the charitls werning document, charits Aci 2011 and A¢¢ounting and Reporting by Charities. Ststèment ol ReG(Kwwnende(I Practice aPFAicalJe to chaiities Preparing their accounts in accordance with the Financial Reporting Siandard appliCae in the UK and RèpuNic ol Ireland IFRS1021 leffecb've 1 January 20191. Strudur•. gov•m)nc• and managwn•nt GOVERNING DOCUMENT The Sooety was èstat4ished 15 Novembw 1819 tr •m, in th¢ of Ihal bme'of yomoting suents'fic inquiry, 8nL of lacslilating the wmrnunicatw)n ol facts nected with advancement of Philoscphy and Natural Hi$lory'. In mo(lem terminology the aim$ of the Soaety are lo promote research in all anCheS of soenee and lo encourage Ihe communication of the resulis ol Scien1¢ research. The Soo"ety berame a BcJy Coryxjrate by virtue ol a Charter granted by IN'S late Majesty King Wdliam Ihe Fourth and dated 6 August 1832. METHOD OF APPOINTMENT OR ELECTION OF COUNCIL MEMBERS The affairs ol the Society are cwducled ty ils Council. CsiSting of up to nine OlficeTS and up to twelve Ordinary Members who are all senior srienlisls Wrking I•1th the UniveFW of Cèmtrffidge. Tho Council ernber5 served the year We.- Prolessor R R Horgan. President Prolessor S Conway Moryis. VicePldent Prolessor J Wcodhouse. Vice-PTesKlenl Dr T K Carne, Treasurer Dr F J Leeper. Phy51cal See1•ry Dr O K Summers, B091Cal Secretary Professor A G Thomason, Mathemabcal Secretsry Dr C Y BaFI(M Dr J Bemi Prole550r A F Blackwell Professor S 8ohndiek Professor G l Evan Dr J Fraser Dr L Fruk Professor H Grthlhs Prolessor W Harris Professor A W j)eS Professor P Midgloy Prolessor J Secord Council membèrs are 8lected at the soCs annual general meeb"ng. The Presidènt, Pre5idenl-Elecl. Viee-Presidenls. Treasurer and Seuelaries conslilule the Officers of the Siety. The Officers and at least four ordinary Members of the Q)unal are elected al each annual general meeting and serye from the first day of Januwy fL41owng their electicA) The Pre5idenl Serves for no more than o years successively. the PTesident-Elect lor one year. the we-PreSIdentS for no more than the years successively, the Trea5uTef for no more than ttlve years succesyvely and the Se(xetaries lor no rn0 than nine y8ars successively. Ckdinary Members of Council serve ILw no than six years 5ucc855Nely. Council meetings are held six times a year al which Saents"f aclMt*s are decAded, frymal bu5ine55 15 concluded and slrategy mallers ar8 discussed.
CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF COUNCIL MEMBERS New membeTS ol Council following fomial election after the Annual General Meèting are given a complete set ol rninLJtes for the previous Michaelmas Term, a list of the Council Officer5 and Ordinary Members, a copy of the Society's byelaws, the Society s most recent Finanaal Accounts and the Charity Commission Leallet for Chanty TrL65tees ICC3lall. The Officers 8nd Executive Secretary answer any questions they rnay have. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Council sets out the 9eneral policy of the Society and has sole management of the income and funds ol thè Society. The day to day affairs ol the Society are ddegated to the Executive Secretary. Mrs Beverley Larner and the Treasurer, Dr Keith Came. Employees. remuneralson is benchqnarked wth the University of Cambridge lo ensure that ihe remuneration set is fair and not out ol line with thal generally paid lor slmilar roles. INVESTMENT POWERS These are governed by the Charter and Bye Laws which permits the funds lo be Invested in any security listed on the London Stock Exchange and all the main Stock Markets ol the Worfd i.e. US. Europe. Jap8n and the Far East. RISK MANAGEMENT Th& Council ol Managemenl has examined the major slr819gic, busings$ and operational risks vthich the charity laces and confirm that systems have been eslablished to enable regular reports lo be produced so Ihat thè necessary steps can be laken lo lessen these risks. The Council Df Management have idenlilied the loss ol sales of journals and the collapse in the Stock Market resulting in a reduction in inveslmenl income as areas of flsk. Oblectlves and Actlvltleo PUBLIC BENEFIT The Council of Management. ag charity trustee5, conf1rm that they have cornplied wth the duty in seclion 17 01 the Charities Act 2011 to have due regard lo the Charity Commission's general guidance on public benefit. Cambridge Philosophical Soaely is a registered ch8flty whose charitable purpose defined within the Ch8rilies Act 2011 Is the promotion of scientific enquiry and the putlication ol results of sctenlific research. The Society provides public benefit prim8rily by the publication of ils two journals. M8lhem8li¢81 Proce8ding$ and BiologiGal R6views. In addition, the Society provides assistance to SClEntist5 by the award ol travel grants and short-term research sludenlships and also arranges a series ol lecture meetings which are open to the publi¢. From 2010 ihe knieLy has been funding tsyo Ihree-year ResearGh Followships each year. STRATEGIES FOR ACHIEVING OBJECTIVES The Society aim5 to publish Six Issues ol MathematiC81 Proceedings and from 2019 51X Issues of 8iologlcal Reviews will be pub115hed every year, to make every effort to achieve the highest academic siandardg, to increase the ctrculalion. readership and Slibscriplion to the joumals to mainiain and increase revenue. Managemenl of the Society's Investment portfolio lo en$[j secure finanual protection for the Soci¢ty's activthes and lo generate fund5 for charitable distribution to support and advance 5csence. In addition the Society aims to maintain its as515t8nce tr) scientists by awarding Travel Grants and short-term Research Studentship5 to research student mernbeis.
CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 310ECEMBER 2020 STRATEGIES FOR ACHIEVING OBJECTIVES Icontinuedl The Soaety also arranges nine lecture meetings, wen lo the public, induding an Honorary Fellvw's award and Lecture, and three named leclures. Two are In memory of Sir Geoffrey Taylor and Sir Joseph Larmor and in 2013 a new named Lecture was instiluled called the A V Hill Lecture In the Lent Temi. The Society also sponsors 8 one-day meeting open to all members of the University and members or the PLJblic la Special Anniversary iwtrday meeting in 20191. The Society aims to maintain and recruit new Fellows by promoth)n of the Soaety to graduate students within the University of Cambridge". lo make additional donations as agreed by Council in support of natural saences., and lo create Research Fellowships lor temis of three years. GRANT MAKING POLICIES For 2020 the Socety allocated a budget of £40,000 for Travel Grants and a budget of £180.000 for Short term Research Sludenlship5 The grant budgets are increased annLJally in line wilh inflation. Only three Travel Gran15 meetings were held after the granl deadlines of 1 February. 1 IAay. 1 July and 1 November 2020. not the usual four and bNo Research Studentship grant meetings were held arter the grant deadlines 0131 March and 30 September 2020. Three rnernbers of Council constitule the panel al each ol these meetings. The recommendations of the panel are 5ubmrtted to CouThcil for final approval. The Society also intended awarding al least eight bursaries up to a total of £4.000 to the Is88¢ Newton Institute for Mathematical Saences to assist young 5LaentlSts to attend symp05ia al the Instilute. These grant budget figures are 5ubjed to increase at the request and agreernent of Council 81 its meetings and approval by the Treasurer. In addition four mefflber5 01 Council form a panel to award 0 thfee-year research fellowships, currently £180.C4)O for each. These recomm&ndatsons Iiom the panel are subrnitled lo Council lor final approval. Achievements and perfprman¢è GOING CONCERN After making appropriate enquiries. the trustees have a reasonaile expectation Ihat the charity has adeouate resources to continue in operational existence for the foreseeable future. For this reason they wntinue to adq)t the going concem basis in preparing the financial 5tatefflents. Further details regarding Ihe adoption of the going conTrrn basls Can be found in the Accounting Policies. REVIEW OF ACTIVITIES During the year the Society published six issues of hAalhem81ical Proceedlngs and six issues of 8iologlC81 Reviews. Two Editorial Board5 Iconsists'ng up to 30 members for Biological Reviews and 12-13 members for Mathematical ProedIngS. all ol whom are selected from senior aG3demicsl. an Editor, and a Secretary are appointed by and report Counol. M8ih8malical Proceedings produced 3 surplus lower than the forecast and Ihe 2019 actuals Bidogical Reviews produced a surplus higher than both the foreca518nd the 2019 actuals. Wiley Iformedy Blackwell Publishing LIlled} is the publisher ol Biological R8wiews and Cambridge University Press remain5 the publisher of Malhemalical PrOedings. In addition the Society has maintained ils assistsnce to scienlists by awarding Travel Grants and short-lenn Research Studentships Due to the restrictions on travel imposed by the Government on 24 March only nine Travel Granis were awarded io a 10(al value of £2.905.00 an(J forty-eight shon-ierm Research Studentships were awarded to a total value of £84,100.00. The Soaety intended to award at least eight bursaries up to a total value 01 £4,000 io the Issac Newton Institute lor Mathematical Sciences lo assist young scientists to attend symposia 31 the Institute, however these were not taken up due to the ban on travel during the year Two Research Fellowships for three-year terrn5 were also awarded lo commence In the Michaelmas Term 2020 in addition to those cu[ntIY ongoing The Society also aged to provide awards lo Posl-Docs for Covid-19 related hardship. £100,000.00 Vfds allocated and nine awards wefe made totalling £97,230.
CANBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 REVIEW OF ACTIVITIES Iconlinuedl During the year the Swiety arranged four leoturg meeb"ng5 in th8 Lent Term 2020. open to the public. including the named lecture In memory of Sir Geoffrey Taor. Due lo the ongoing dosure of the University Eslate in the Michaelmas Terrn 2020 the four lectures induding the Sir Joseph Larmor and the A V Hill named leclures were videoed and moved to online viewng. Details ol these beqLJests appear in note 9 to these financial statements. The Soryely's Honorary Fellows Lecturè look pla¢e in the Lent Tem 2020. The Society's Annual Sponsored One Day open to a11 members of the University and members of the public. due to have taken place at the end of the Lent Term 2020, had to be cancelled at short notice due lo the outbreak of Covid-19. There have been no material changes lo policy during the year. Financial review RESERVES POLICY Council has stated the pdicy to establish a financial base from which 115 activib"e$ 8t the present level would be secure In the event ol futu financial problems. such as might arise from loss of subscriptions to its publications as a result of electronic publishing. The Council has agreed to aim to hold al the year-end. a sum equal to the budgeted expendilure of the Society lor the forthcoming year as Set out In the approved Estimates of the Society. plus a 5Ufn equal to the estimated financial commilments ol the Society beyond th8t year. For 2020 this equates to the sum of £668,704. As at 31 Dember 2020 the Society's Iree reserves amounted to £415.488. Restricted reserves at the year end were £61.873. FUNDING AND RESULTS The results for the year are set out In the attached financial stateTnents. Sales of current volLJme5 during the year lo 31 December 2020 lolalled £451.588 compared with £460.711 in the previous year. Tolal incoming resources amounled to £759,225 12019.. £886,977) which, after resources expended of £664.10912019'. £688.9381, resulted In net incoming resources of £95.11612019.' £198,0381 before investment gains and losses. Council has established an Investment Committee which rnakes investment decisions in the light ol advice from external bodie5. The agreed investment policy is lo maximise overall long lerm return without undue nsk by sustailled investment in equtrlies with significant exposure to all the main stock markets of the Wodd. This involves purchases ol units. Ghtefly in index-tracking funds that track stock market indice5 01 the US, UK. Europe and lo a lesser extent Japan and the Far East. The function of the Soaety's assets is to provide security for its continuing activities, to provide for the development of future d)aritable activits'es and to provide in perpetuity ft)r the achievement of the Sooety'$ charitable aims- the advancement and promotion ol science. The valLJe of the Society's investments has incre8sed from £12,746,777 10 £13,376.787. an increase of £630.010, due to a net investment of £124,042), coupled with unrealised gains of £654.051 on revaluation. At the end of the year the Society had net assets of £14,695,841 compared wth £13,994,016 at the end of the previous year. Plans for the future FUTURE DEVELOPMENTS The CoLJncil plans to relum back to 811 il's pre-covid activities ouuined above in the forthcotlling years i.e. the maintenance of Its awards lor Travel Grants four times a year and In addition the award of grants lor Research Studentships twice a year., ihe fund allocated for these awards is reviewed annually and 1c2sed in line with current inflats'on. The cvrTÈnl level of bursarie5 awarded to the Isaac Newton Institute is reviewe£l annually an(J In 2012 the amotjnt for each individual award was increased from £250 to £500. Two additional Research Fe11owsh¢p 9rants for the-year terms We approved by Council to commence in 2021 and Research Fellows grants in 2022, and a further Iwo are planned for both 2023 and 2024.
CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FUTURE DEVELOPMENTS Iconlinued Nine public lectures are also confimied for 2021 and ninè are ¢urfenlly being planned for 2022 including a a One. day meeting planned for 2021. The 2020 One-day meeting byas cancelled at short notice, due to the travel re5tricbons imposed by the Gernrnent due lo Covid-19 virus in March 2020. The Council is also planning lo continue the publication of its joumal Malhemalical Pnxeedings six limes a year. A new Contract has been 51gned with Wiley lor a term ol seven years lor its journal Biological Rgvièws. From 1 January 2019 Biological Review5 will rnove lo online only publication and will increase from four tts six issues a year. No changes to the Publishers of the journals are currently anticipatèd. New editorial procedure5 and 50flware to bring the editorial processes of both journals up lo date are ongoing. Digit158lion of Ihe back issues ol both journals 15 now complete back to 1923 and further digilisalion ol the remaining back issues to 1819 is progressing. Ayain modernisation and improvements in the promotion, production and edilorial procedures ol both journals will 18ke place In 2020. 11 is anli¢ipaled thal t8king advantage of effic18ncies in teGhnology and making other changes will further decrease the cost5 a550ciated with publishing. The Council plans to continue all the activities outlined above for the longer term. A comprehènsivè Insurance policy is in placè to c(>ver the possibililias of any futuré litigious circLJmstanE9S arising Ihrough the activities ol the Society, induding the publication of ils Joumals. and in parts"cular clairns arising from plagiarism. COUNCIL MEMBERS. RESPONSIBILITIES STATEMENT The Council members are responslble for preparing the Council rnernbers, Report and the financial slalemenls in accordance with applicable18w and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practlcel. The law appli¢able lo charilies in England & Wales requlres the Council members lo prepare financi81 51alemtrnts for each financial year lthich give a Inje and lair view ol the state ol affair5 01 the charlly and ol the incoming re50urce5 and application ol resources of Ihe charity for that persod. In preparlng Ihese financial slalements, Ihe Council members are required lo.. se1eGt suitable accounting policies and then apply them congi8lenlly', observe the methods and principles in the Charities SORP.. rnake judgments and accounting estimates that are reasonable and prudent. stale whether applicable accounting 5t8ndards havè beèn Idlowed, subject io any material departUTe5 dlsclosed and explained in the financial slalernent5', prepare the finanGial statements on the going concern basis unless il 1$ inappropriate to presume that the charily wll continue in operation. The Council mernbors are responsible lor keeping proper accounting records that are sufficient 10 show and explain the chanly's transactions and disdose with reasonable accuracy al any lime the financial posilion of the char41y and enable them lo ensure that the linanual statements comply wth the Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions ol the governing document. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps lor the prevention and detection of fraud and other irre9ularities. This report Wa$ approved by the CouncAI members on i )Jul 2oJ and sign8d on their behalf by. kf Professor R R Horgan
CAMBRIDGE PHILOSOPHICAL SOCIEYY INDEPENDENT AUDITORS, REPORT TO THE COUNCIL IIEMBERS FOR THE YEAR ENDED 31 DECEMBER ZOZO We have audtleil the fancial statements ol carnt9e Phik)soph for Ihe year ended 31 Decernber 2020 which comprise the Statemenl of Fiar1 ACbVs, the Slalement of financial posibcm. the Statement ol Cash Flows and the related notes t to 23. The financ1 retIng framewoth Ihat has been applied In their preparaiion Is applicable law and the Statement ol Recrnrnende Practice.. Accounting and Rerk)rting by Charities preparing their accounts in acCxydarE ith the Financial ften9 Standarf applicable in the UK and Republic of Irelan¢J IFRS 1021 leffeciwe 1 January 20191 and the Finanrjal Repwbng Standard applicaNe In the United Kingdom and ReputrJK ol Ireland IFRS 1021. In our opinion the financial ststements.. g1ve a and fair view ol the slate ol the Chanlys affairs 85 at 31 Deceml)er 2020 and of rts incoming resources and application ol resJrces, for the year then ended., have been property prepared in accOrdce wilh UThted lQngTrJcrfn Generalty Acceptsd Accotsntsng Pracbce pplicable to Smaller Entibes. armj have been prepared in accordance Ih• r•quir8m•nts ol the Ch8nb•s Ad 2011. B8sls for oplnlon Respectlve rPonsIbIlItI•• ol Councll M•mb•rn and Audtto We cdUCted our audlt In accordance wlh Intomatic Standards cffl 4bDg IUKI IISAS IUKII and applicabk? law. Our re5ponsibilitses under Ihose stsndards are fvrther desCrit)ed the Audilor's re6ponsibilitie5 lor the audrt of the Iinanual siaiemènis section ol our rep)rt. We arè Indendn1 of lh8 Chanty in accordanca th the ethical rtquirements that are relevant lo our audrt of lh6 finanual stalemeni8 in the UK, tncluding the FRC. Ethical Slandard. and we have fulfil r other ethical reSpSlI111 In accordance Wih these rtsquifemenls Wt believe that the audil evidence we have oblained Is SUffnt and Bppropnate tts provide a bèsis lor our opinion. Conclu•lons r•latlng ¢0 golng c1)nM In 8uthling tho financlal slalements. we have (wdude(I Ihat the dir•ctors' ust of lh• going CLN)cam basis of 8c¢ounling in Ihe preparation ol the fina181 siatements is appropnale Based on Ihe work we have performed. we have Identif1 material uncrtainties relabng to evenls or conditions Ihal individually or c¢Ylectrvely, may cast sKJnfficani doubl on the chanvs abih.ty to continue as a gwg concern for a ol al least ve1Ve months from then lhe financi Sm$n arè authorised f 155ve. Our responsibilibes and tho rewM$ibilill•s of Ihè CcJncil Members with respe¢1 to gtyng ¢onc8m ara de5cnbed in the reltsvanl seclmjns of this repryl. The noles on pages 12 to 24 Icffm part of these fm41¥1 #tsttmènts Other Information The counc Members are responsible lor the othw inlNmatson. The othw lOal cornpriges Ihe infom)aiion In¢ludetJ In the annual report . olher than ihe finanual slaternents and our audiwr's pOr1 thereon. Our opinion on the financial stalemenls does noi ¢ovèr the other Infc*mation and. extopi to Ihe exlent otheTr¥ise eNpliciUy staled in our report, we do not exwess any fcwm of assurae COndusK thereon. In connection wlh our audit ol Ihe finanaal statements, cKJr reSps"1Y is to ad the other information and. in doing so, con5KJer vthelher ¢he olher inforrnatson ts matenally Inconsistent the finanual ststemenls or our knoedge otylBined In the 8udit or OlhelSe appears io be malerially m1$5taled. If we identify such maierial Inconsistencies or apparent matenal m1sstatnents. are required lo delemine %thelher there is a rnatenal mis5tatemenl in Ihe financTral statements or a maierial misslatement of Ihe other snffflnation. If. b85ed on the work we have performetj. we concltsde Ihat the is a m8len81 mis5tatemenl of this otr Information. we a required to rerxjrt that fad. We have nothing to report in this regard.
CAMBRIOGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS. REPORTTO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2020 Matters on whlch we are requlred to report by exception In the light of our knoMAedge and understanding of the Charity and its environment oblaine(I In the course of the audit. we have not identified material m155talen7ents in the Counc¢l of Management's report. We have nothing to report in respect of the following matters in relation lo which the Charilies Act 2011 require5 us to rèport lo you Il, In our opinion.. • adequate accounts.ng rècords hav8 not b88n k8pt,' or the financial statements are not in agreement wth the accovnb.ng records and returns.. or we have not ceiVed all the Inforrnation ard explanations we require foi our audit. R•sponslbllltle$ of trustO•S As explained me fully in the Council Members responsibilities statemernt. the Council Members are responsible lor the preparation of Ihe fillanci315t31ernents and for b81ng satisfied that Ih8y giv& a true and fair view, and lor such Inlemal control as the Council Members detemine is necessary lo enable the preparation ol financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial 5tatement5, the Council MeTnbers are responsible for assessing the chanty's abilty lo continue as a going concern. disdosing. as applicable. matters related to going concern and using the goiTrg concern basis of accounting Ljnless ttte Council Member5 erther Intend to liquidate the charity or to cease oper8ts"ons, or have no realistic alternats.ve but to do so. Audrtorfs responsibilities for the audit of the Thnancial stat8meniS Our objectives are to obtsin reasonable assurance about whelher the financial statements as a whole are free from rnalenal misstatemellt. whether due to fraud or error. and to issue an auditoi's report that includes our opinion. Reasonable assurance Is a ttigh level of assuran. but is not a guarantee th81 an audit conducted in accordance with ISAS IUKI wll always d8tect 5 Tnaterial rnisstatement when it exists. Misstatements Can arise frorn fT8ud or error and are considered material if. individually or in the aggregate, they could Teasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. A further description of our Tesponsibililtes for Ihè audit ol the financial statemersts is located on the Finanaal Reportlffg Council's website at." https'.lthw4.frc.org.uklOur-WorklAudrtlAudrt-and-aSsuTanlstadards-3Dd- guirJancelStandards-and-guidance-for-audrtor51Auditors-responsibilities-for-auditlDe5criptson-of-auditois- Tesponsibilib'es-for-audrt.a5px. This description fornis part of OUT auditorfs ieport. U58 of mport This report is made Sole to the charity's Council of Man8gement, as a body. in accordance wth 5ecb.on 145 01 the Chznties Act 2011 and regulations rnade under section 154 of that Act. Our audil work has been undertaken 50 that we might stale lo the charily's Council members those matters we are Tequired to stale lo Ihem in an Auditors, Report 8nd lor no olher purpose. To the fLJllest extent perniitted by law. we do not accepl or assume responsibility to anyone other than the charity and the charity's Council of Mana9ement as a body, for audit work, lor this report. or for the opinions we have lorrned. Chater Allan LLP Chartered Accountants 8nd Statutory Auditors BÈèch House 48 Newmarket Road Cambridge C85 8DT Da'.t 11 October 2021 Chaler Allan LLP are eligible to act a5 0¢Jdilors in terrns ol sects.on 1212 of the Companies Act 2006.
CAM8RIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTMTIES IFncorpor3ting incorne and exporthr•l FOR THE YEAR ENDED J1 DECEMBER 2020 Unrestricted Funds 2020 Restricted Funds 2020 Total Funds 2020 Totsl Funds 2019 INCOME FROM: Donations and legacies 50.779 50,779 101.373 Chatable activitses 451.588 451,58B 460,711 Inveslments 254,gJ7 1.950 256.857 324.893 TOTAL 757,275 1.950 759.225 886.977 EXPENDITURE ON- Ratsing ftjnds 42.180 42,180 34,573 Chantable adN5ts"es 621.W28 621.928 654.365 TOTAL 664,109 664,109 688.938 Net incornellexpenditurel before gain$ and losses on investments 93,166 95.116 198.038 Net gainslllo55esl Lw) investments 14 6C6.631 606.709 1.854,463 NET INCOMEIIEXPENOITUREI 699.797 2,028 701,825 2,052,501 Transfers betsveen fund5 17 13251 325 NET MOVEMENT IN FUNDS 699.472 2,353 701.825 2,052,501 Reconciliation ot funds Tot81 funds brght forward 13.934.495 59,521 13,994,016 11,941.515 Total fund5 carried forward 31 O¢cernber 2020 14,633, 61.874 14.695.841 13,994,016 All of the above sUltS a denved from (xmtinwng acbvibes. The ststemwi offinanu4 ai*'vilies inc¢udes all gain5 and losses recognised in Ihe year.
CAMBRIDGE PHILOSOPHSCAL SOCIETY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 2020 2019 FIXED ASSETS Tangible assets Henlage assets Inveslmenls 3,825 894.640 13,376,787 14.275,252 3.905 894,640 12,746,777 13,645.322 14 CURRENT ASSETS Oeblors Cash al bank and hand 15 137,963 513.596 651,559 117.861 603.488 721.350 LIABILITIES Credit$.. amounts falllng duè thIn one y88r 16 1196,6241 1367,6411 NET CURRENT ASSETS 454,935 353.709 PROVISIONS FOR LIABILITIES 22 134,3461 Is,oisi NET ASSETS 14.695.841 13,994,016 THE FUNDS OF THE CHARITY.. Restricted Funds 61,873 59.521 Unreslrielèd lunds.. 17 Gener81 fund DeSnated funds 14,628,867 5,101 14,633.968 13.932,497 1,998 13,934,495 TOTAL CHARITY FUNDS 14,695.841 13,994,016 Th8 financial statements re approved by the Councll m8mb8r$ on theif teh8lf by". 51ol Zozl signed on Dr K Larne 10
CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 Note 2020 2019 Cash flows from operating activities.. Net cash (used inllprovided by operating activities 21 322,043 133,955 Cash flows from investing activities: Interest and dividentts from Investments Purchase ol furniture and Èquipment Proceeds from sale ol investments Proceeds from Inv8Strnent redemption Purchase ol investments Net ca8h provided bylused In) Investlng actlvltles 256,857 11.4071 4.291.237 324,893 11,9591 1,693,581 13 14 14 4,314.537 232.150 1,762.226 254,289 Change In cash and cash equlvalents In tho year 189.8931 388,244 Cash and cash •quival•Dts at the bgglnnlng of tho y••r 603.488 215,244 Cash and cash •quivalents at the end of the year 513,595 603,488
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. Accounting policies Basis of preparation The financial 51atemenls have been prepared undei the historical cost convention, with the exception of investments which are included at market value, and in accordance nth Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charib.es preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 201518nd the Charities Act 2011. The charty constitutes a public benefrl entity as defined by FRS 102. The presentstion ¢tsrrency of th& financial slatements is Ihe pound slerting 1£). Going concern The Council members have a reasonable expectation that the charity has adequale resources lo continue in operational existence for the foreseeable future and the charity is well placed to manage its business risks. In particular the Council members have considered the impact of the global pandemic known as Covid-19. Though there are inevitable uncertainlie5 they believe there will bè no material advèrse impact on Ihe Sociells ability lo conlinue as a going concern. Accordingly, they continue lo adopt the going concern basis in preparing the annual report and accounts. Incoming resources All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entiued to the income, it is probable that the income will be received and the amount Can be quantified wih reasonable accuracy. Subscriptions received in advance are included within creditors falling within one year. Donations are re¢ognised when the charity has been notified in writing of both the amount and seitlement dale. In the evant Ihat a donation is subject lo condition5 th8t require a level of perfomiance before the charity is entitled to ihe funds, the income is dèferred and not recognised untsl either those Gondilions are fully mel. or the fullilment of those conditions is wholly wlhin the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Resources expended All expenditure Is accounted for on an accruals basis and has been included under expense categories that aggregate all costs lor allocation to activitiès. Where costs cannot be directly attributed to particular activities they have been allocaled to activities on a basis consislenl with use ol the resources. Grants P8yable are charged In the year when the offer is made except in those cases where Ihè offer is conditional, such grants being re¢ognised as expenditUTe when the wnditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitmènt, bkjl not accrued as expenditure. 12
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2020 1. Accounting policies Icontinuedl Fund accountlpg General funds are unreslricled funds which are available for usè at the discretiu) of Council m8mb8rs in furtherance ol the general objectives of th8 charity and whTrch have not been designated for other purposes. Designated funds comprise unrestricted funds ihat have been set asicse by ihe Council members for partitular purposes. The aim and use of each designated fund 15 Sel out in the notes lo the finanrial sialements. Restricted funds are funds which are io be used in accordance wth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specifiG fund. The aim and use of each restricied fund is set out in the notes lo the finanaal statements. Investment income. gains and 105ses a¥8 alli*2ted to the appropriate fund. Invèstmènts Investments are a form of basic financial Instrum8nt and are initially recognised at their transaction value and subsequently measured al their lair value as at the balance sheet dale using the closing quoted market price. All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and theif opening carrying value (purchase dale Il18terl. Unrealised gains and losses are caSculated as the difference between the lair value at the year end and opening carryin9 value (purchase date if later). Realised and unrÈ81ised investment gains and losses are corn.ned in the Statement of Financial Activitie5. Tangible fixed assets and depreciation Tangible fixed assets are ststed al cost less depreciation. Depreciation is provided at rates calculated lo write off the cost d fixed assels. le55 their estirnated residual value. over their expected useful live5 on the following bases". Furniture & Equipmenl 20¥0 siraight line Heritage assets Heritage assets represent books held by the Society lor theif rx)ntribution lo knowledge and culture. The book5 were valued by an independent expert in 2014 based on insurance valLJe. No depreciats'on is charged on the heritage assets a5 their economic life and high residual value mean that any depreciation would not be rnatenal. Heritage assets are reviewed at the year end fof evidence of impairment and adjusted accordingly within the Statement of Financial Activibes. Foreign Currenci•s Monetary asseis and liabilities denominated in foreign currencies are translated into sterfing at rates of exchange ruling al the balance Sheet date. Transactioris In foreign currencies are translated into sterfing at the rate njling on the dale of the tTansactson. Exchange gains and losses are recognised in the Statement of Finanual Activities. 13
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2020 1. Accounting policies Icontinuedl Pensions The Society particTrpates in Ihe caMdge University Assistants. Contn"butory Pension Scheme ICUACPSI which is a deline(I benelit sd*me. The Swews otriJboS a affected by a suruS or deficiency in the CUACPS bul the knety is unable to idenify its share of the undedwng assets and liakn'ltties in the Scheme on a consistent and reasonable ba&s. The Scriety therefore accounts for its contributions to the CUACPS 8s if it were a defined contrilKJbon scheme. To the extent that the Souety is commiit&J to funding the deficil throW addition81 monlhly contriL"0ns, a liability is reCOlSed in the accounts. Stock5 Stocks of back issues of So¢ieWs NmalS have not been vaued. Gifts in Kind The University ol Cambridge kYowde$ 8ccomTntxlation to jpt the Soryety as a Gift in Kind. 2. INCOME FROM DONATIONS AND LEGACIES Unrestricted R•strict•d Totsl Unrestrictsd Restricted Funds Funds Funds Funds Fund5 2020 2020 2020 2019 2019 Total Funds 2019 Members. subscripbons & donations Life rnembers, subscriptions Grant from Cambridge UniVetY Gift in knnd - a¢commcyJation 8.317 8,317 3.080 12.983 26.400 10.415 4.480 60.078 26.400 10,415 4,480 60,078 26 400 12,983 26.400 50.779 50,779 101.373 101,373 3. INCOME FROM CHARITABLE ACTMTIES UnwestTiCted Restrictert Total Unr•strlcted Restricted Funds Funds Funds Funds Funds 2020 2020 2020 2019 2019 Total Funds 2019 Sales ol Journals Royalties from joumals 317.229 134.359 317,229 134,9 340.511 120.200 340.511 120,200 451.588 451.588 460.711 460,711 14
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 4. INCOME FROM INVESTMENTS Unrestricted Restricted Total Unrestricted Restricted Funds Funds Funds Funds Funds 2020 2020 2020 2019 2019 Total Funds 2019 Dividends and interest Igrossl Bank deposit interest 254,885 22 1.950 256,835 22 321,803 121 2,970 324,773 121 254,907 1,950 256,857 321,923 2,970 324,893 5. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Staff Other Total Costs Costs Costs 2020 2020 2020 Staff C05ts 2019 other Costs 2019 Total Costs 2019 Investment management costs Costs ol sales of journals & grant funding 137,960 Governance 17,226 42,180 42,180 458.500 596,460 8.243 25,469 34.573 34.573 522,452 632.882 7,694 21,482 110.430 13,788 155,186 508.923 664,109 124,218 564,719 688.936 6. EXPENDITURE ON RAISING FUNDS Unrestricted Restricted Total Unrestricted Restrlcted Funds Funds Funds Funds Funds 2020 2020 2020 2019 2019 Tola1 Funds 2019 Investment rnanagement costs 42,180 42,180 34,573 34,573 7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Publications, Grant Lectures & funding meètings Total 2020 Total 2019 Grants to indiwduals (see note 91 Printing and publication costs DonatK)ns Prize awarded Expenses of meetings, including honoraria Expensès of special one day meetings 200th Exhibition costs Office costs Wages and salaTies National insurance Pension costs Govemance costs (see note 101 Gift in kind - accornmodalion costs 303,498 303,498 98.746 262,585 103.566 I,IX)O 98,746 2,241 774 6.075 750 4,581 23,665 2,064 9,686 6,538 6,777 3,015 6,075 2,920 17,846 92,187 8,041 37.731 25.469 26,400 13,923 2,170 13,265 68.522 5.977 28,045 18,931 19,623 101,572 13,406 86,162 5,356 18,913 21.482 26,400 462,272 159,656 621,928 654,365 Basis of allocation Costs have been allocated between charitable aclivilias based on proportion of the direct costs of each activity.
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES BETWEEN FUNDS Unrestricted Restrlcted Total Unrestricted R•strieted Total Funds Funds Funds Fund$ Funds Funds 2020 2Q20 2020 2019 2019 2019 Grants to individua15 Isee note 91 Printing and publication costs DDnation5 Pze awarded Expenses of meelings, ind. honoraria Expenses of special one day meetings 2001h Annivèrsary Office costs Wages and salaries National Insurance Pension costs Govèmance costs (see note 101 Gifts in kind rent payable 303,498 98,746 303,498 98,746 262.585 103,566 1,000 262.585 103,566 1,000 3,015 6.075 2,920 17,846 92.187 8,041 37,731 25,469 26,400 3,015 6,075 2,920 17.846 92,187 8,041 37,731 25.469 26,400 12,423 1,500 13,923 101,572 13.406 86,162 5,356 18,913 21,482 26,400 101.572 13.406 86,162 5,356 18.913 21,482 26,400 621,928 621.928 652.865 1,500 654,365 9. GRANTS TO INDIVIOUALS 2020 Number 2020 2019 Number 2019 Research Grants Travel Grants Isaac Ne0 Institute Bursaries Henslow Fellowships P05t Doc Covid-19 grants 19 59,005 3,035 50 123 83,279 29,572 4,000 145,734 15 144,248 97.230 16 Total 49 303.498 197 262,585 Research grants are awafded lo fund the scientific T85earth of post graduate students. Grants awarded r8nge between £500 and £3.000. Travel grants enable postgraduate students to travel in order lo mèèt their research 908ls. Grants are awarded lo the value of £350. Isaac Newton Institute Bursaries are awarded to young scientists to en8tAe them to attend syrnposia at the Isaac Newton Institute lor Mathem8tscal Studies. Henslow Fellowship5 are awarded lo variou5 Cambridge Cdleges to fund scientrfic leaching positions Fellowships awarded range beiween £14,000 and £35,000. 16
CAM8RIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. GOVERNANCE COSTS Unrestricted Funds 2020 Total Unrnstri¢ted Total Funds Funds Funds 2020 2019 2019 AudiliXS' Temuneralion AuditNs' non audit fees orrice costs Wages National InsLtrr3n Pension cost 5.3(M) 715 2.228 11.510 5.300 720 1.674 10.758 669 2,361 5.300 720 1,674 10,758 669 2,361 715 2,228 11.510 4.711 4,711 25.469 25,469 21,482 21,482 11. NET INCOMEIIEXPENorruRE) This is stated after charging". 2020 2019 Depreciation of tsngible fixed a5sets'. - (wned by the chanty AudItc, remuneration Auditors, other ftnancial services Pension costs 1.487 5,300 715 42.443 1.164 5,300 720 21.274 12. ANALYSIS OF STAFF COSTS AND REMUNERATION TO PERSONNEL 2020 2019 Wages and salaries Social security costs Other pension costs 103,698 9,045 42.443 96.920 6,025 21.274 155.186 124.219 The average monthty number of employees during the Jpar was as fdlows.. 2020 No. 2019 No emplow received remurwation amounting lo me than £60.0(K) in erther year. 17
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. TANGIBLE FIXEO ASSETS Heritage asset5 Furniture and equipment Total Cost or valuation". As at 1 January 2020 Additions Oisposals 894.640 21.645 1,407 916.285 1,407 As at 31 DecembeT 2020 894,640 23,053 917.693 Depreoiation.. As at 1 January 2020 Charge for the year Elimination on disposal 17.740 1,487 17.740 1.487 As at 31 December 2020 19,227 19.227 Net book value As at 31 Decernber 2020 894,640 3,825 898,465 As al 31 December 2019 894.640 3,905 898,545 Heritage assets represent books held by the Society for their contributson to knovAedge and culture. The books were valued by an independent expert in 2014 b8sed on Insurance vèlije. There have been no additions. disposals or impairm8nt of heritage assets during the current and four preceding years. 14. FIXED ASSET INVESTMENTS Movement in fixed asset 5isted invèstmènts 2020 2019 Fair Value at 1 January 2020 Additions Disposals (proceeds £4,291,237. loss on disposal of £47.3421 Net gainll105sI on revaluation 12,746.778 10.823.672 4.314.537 1,762.226 14,338,579) 11,626,219) 654.051 1,787,098 Fair value at 31 Oecember 2020 13.376.787 12,746.777 Hi5toriGal cost al 31 Dernber 2020 7,741.657 7.539,833 Listed investments Cash 13.376.787 12,449,019 297,758 13,376.787 12.746.777 Listed investments al fair value cprise.. 2020 2019 UK Overseas 7.980,241 5,396,546 7.735.948 4.713.071 13.376,787 12,449.019 18
CAMBRIDGE PHILOSOPHICAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2020 14. FIXED ASSET INVESTMENTS Icontinuedl Matèrial investments Details of material investments at the balance sheet date of 31 December 2020, represents more than 5QA of the tota1 portfolio, are a5 follow5. 2020 2019 charlund - Equities Investment Fund for Charlties 948,942 1.089,416 15. DEBTORS 2020 2019 Trade debtors Prepayments and accrued income VAT 80,078 47.951 9,934 106.578 11.283 137,963 117,861 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Taxation and social security Other creditors Accruals and deferred incorne 3,050 140,454 53,121 36.380 88.994 242,267 196,624 367,641 Included in Accruals and deferred income above is income of £nil12019.. £203.8371 that relates Lo the following year. 17. SUMMARY OF FUND MOVEMENTS At1 January 2020 At31 Decernber 2020 Incomè Expenditure Transfers Gainsl ILos5esl Unre5tricled fund5 General Funds 13,932,497 757,275 1422,6311 1244,9061 606,631 14.628,867 Designated funds Hen51ow Fund William Bate Hardy Prize Fund Post Graduate COVID 19 Fund 1144,2481 144,248 1,998 333 2,331 197,2301 100,000 2,770 Total unre5tri¢ted funds 13,934,495 757,275 664.109 325 606,631 14,633.968 Restrlcted funds William Hopkins Pllie Fund Sir Joseph Larmor's Fund G l Taylor Trust Fund 2.122 70 333 77 2,602 250 57,149 181 250 59,022 1.873 59,521 1.950 325 77 61.873 Total Funds 13,994,016 606.709 14,695,841 19
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. SUMMARY OF FUND MOVEMENTS (l1ued) The Henslow FLtnd was eslablished in 2010 wthen Cwnal set asmle the initial sum of £20.000 from Genèral Funds to meet the cost of the Henslow Fellowships. An amOUt equal to the expenditure in the year is transfeed from unrestricted General FuThls. The fu1 is Tepresented by net current assets. The William Bate Hardy PriTr Fun¢J was founded in 1964 to furKI a prize for the best original memoir. invests'gation or discovery by a member of the University of Cambndge in w)ne¢lion with Biological scnce that may have been published duriThJ the three years immediately PTeGedir7g. The pnze Is adjudged once in three years by three Fellows of the Society. rMinated by the Counul of the Society for each occasion. The fund is represented by net current assets. The Willsam Hopkins Pre Fund was founded in memory of William Hopkins11793-18661 lo fund a PTize for the best original memoir. invenb.on or discovery by a member of the uniVeity of Cambridge In connection with M8thÈm3ti¢o - physical or Mathemalio)- experirnental sryence that may have been published during the three years Immediately preceding. The pnze is adjudged once in thrèe years by three Fellows of the Society nominated by the Counul ol the knièty for èach oc¢asion. The fund is represented by inveslmenls with a Maet value of £1,663 8nd by net current asse15 of £938. The Sir Joseph Laffliorfs Fund was sel up vnth a bequest of £250, the terms of which wefe that the Income thereof be used to promote the Inleresl of undergraduale members of the University of Cambridge in the aims of the Souety. The fund Is represented by net current assets. The G l Taoor Trusi Fund wa5 Sel up vthh monies subscribed in respK)nse to an appèal in 1976. The Income of the fund is used to meet costs asswated wth a lecture to be held each year in Cambridge. The lecturer is appointed each al by the Council of the Society after consullabon wlh Ihe Heads of the Departmenls of Applied Malhemali(s and Theoreli¢al p1¢$, Engineering and Physics in the University of Cambndge. The fund is represented by net current assets. 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds 2020 2020 Total Funds 2020 Total Funds 2019 Tangible fixed assels Fixed asset inveslments Current assets Credrtors due wlhin one year Provisions for liabilitses 898,465 13,375.124 591,349 1196,624) 134,346) 898,465 1,663 13,376.787 60,210 651.559 1196.6241 (34,3461 898,545 12,746.777 721,350 1367.6411 {5,0151 14.633,968 61,873 14,695,841 13,994,016
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 19. PENSION COSTS The Society participates sn the Cambridge University Assistants, Conlribulory Pension Scheme ICUACPSI which is a defined benefit scheme. The Society's contribulions are affected by a surplus or deficiency in Ihe CUACPS but the Society is unable to identify rts share of the undedying assets and Iiabililies in the S¢heme on a Gonsislenl and reasonable basis. The Society Iherefore accounts for its Contributions to the CUACPS as il It were a defined contribution scheme. The most recent fiJll actuaThal valuation of the CUACPS was carried out 85 al 31 July 2018 by an independent actuary, Robert Sweet, who is a Fellow of the Institute of Actuanes. He is not an employee or officer Df the Sociely. The CUACPS is not a closed scheme nor one in which the age profile of Ihe active membership is rising 5ignificanUy. The method used in the a¢tuarsal valuation as at 31 July 2018 was the Projected Unit methcxl. The main assufTlPtions were.. Rate of inleresl.. in defemienl In payment 5.ISQ/o pa 5.15°/o pa Rale of salary increases.. 4.25Yo pa Rate of incrèasès in pènsions in paymenl.. 3.25Vo pa Rale of mortality before and after retirement.. 121 Qh of S2NMA pension Mortality tables for males and 90 /0 of S2NMA Pension Mortalities for lernales. Plus a projection based upon the CMI 2017 model wth a long t8mi 1.759k p.a. improvement. Expenses.. p851 service future service 1.0% of the liabilty excluding expenses 0.9Vo of Pensionable Salaries Age at Retirement.. active membeT5 deferred members 63 for males and 62 for females 61 for males and 61 for females Assets.. Value of the assets as shown in the accounts The result of the valuation using the above assumptions was.. Past Servicelservice to 31 July 20181 Value ol Past Service Liability lal 742,670,000 Actuarial Value of Assets Ib) 708,068,000 Deficiency (bl- lal 34,602.000 Funding Level blllal x 100 950 21
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 19. PENSION COSTS Icontinu8dl In respe¢t of the shortfall in lunding, Ihe Employer have agreed to continue to pay additional conlribubons of £14,595.000 p.a, payable monthly to 31 July 2025, whith will el¥minate the shortfall. In respect of the futurè acwal of beneffts. the expenses of administering the Scheme. dealh in swvice benefrt5 and PPF levies. members vtho jthned Ihe scheme pncK to 1 January 2013 will pay contributions at the rate of 5°k pa of Pensionatrje Salaries. members who joined 8fter 1 January 2013 wll pay contbut10nS at the rate of 3.lo pa of Pensionable Salaries and all Em 0yerS 11 Pay. Non Salary Sacrtfice Member5 Active Members Sala Sacrifice Members Active Members Emplo EmptD rs Pre-2013 Members pawng additional contributions 20.0 11.5 Other Pre-2013 Mernbers 16.5 11.5 Post-2013 Members Nil From 23 April 2010 10 31 Juty 2025. 26.3'k pa of Pensionable SaLarFes (Salary Sauifice Members)., and 20.3% pa of Penonae Sajaries (Other Membefsl. The contributions payable by the Sociely for the acwnting period ended 31 December 2020 amounted to £11,32312019.' £11.5051. The outstanding contributions al 310ecember 2020 amounted 10 £46,241 12019 £37,629). Material post valualion date events." On 26 October 2018 the High thjrt announced it5 deTh"sion in the Lloyds Bank GMP equalisation case. This confirrns that GMPS should be equalised from Ihe Barber judgment date, 17 May 1990. It Is far tcK> soon for the Trustee to have reviewed the impact of this on thè S¢herne. In paUlar, there are still questions to be answered around how the equalisats"(M should be appl*d in prath"ce. an¢J rt Is expected that thè DWP 11 be issuing further guklance on this matter. No allowance has been made f(K GMP equalisatKJn in this valu8ts"on. The next trtennial valuation wll be carried out as at 31 July 2021. A5 this Stheme has more than 100 member5. intellm acturial reports will be required as at 31 Juty 2019 and 31 July 2020. 20. RELATED PARTY TRANSACTIONS MD TRUSTEES. EXPENSES AND REMUNERATION The council members all gwe freely their time aNJ èxpertise vAthoLrt any form of Temuneratson or other benefrt in cash or kind12019.. £nll. No expenses ¥Te paid to the c1n¢11 members dunng 2020 or 2019. There have not been any related party transactions dumg the year. 22
CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21. RECONCILIATION OF INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2020 2019 Nel incomellexpenditurel fcw the year Deprecialion charge5 (Gainsinosses on investments Movement on provi&on Dividends and interest from investments Decreasellinfjreasel in debtors Increaselldecreasel in credrtors 701.825 2,052,501 1,487 1.164 (606,7091 (1,854.4631 29,331 4,472 1256,8571 1324,8931 120,1031 35,202 1171.0171 219,972 Net cash (used in)Iprovided by operating activities 322.043 133,955 22. PROVISIONS FOR LIABILITIES 2020 2019 Defined benefrt pension scheme deficit 34,346 5,015 2020 Movemenl in defined nerrt pens prov10n.. As at 1 January 2020 Provision Increaselldecreasel Transferred to (xeditors nte¥esl As al 31 December 2020 5,015 34.346 15,0151 34.346 The pension provision is in respect of pensiDn defiut recovery plan agreed for the peric*J to 31 July 2025
AM8RIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FIIIANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECÈMBER 2020 23 COMPARATIVE STATEMENT OF FINW4CIAL ACTIVITIES Unrestrictsd Funds 2019 Restricted Funds 2019 Total Funds 2019 INCOME FROM.. Donations and legacies 101,373 101.373 Charrtable 8ctsvitie$ 460.711 460,711 Inveslrnents 322.156 2,737 324,893 TOTAL 884,240 2,737 886,977 EXPENOFTURE ON.. Raising funds 34,573 34,573 Chantable a¢ts"vrties 652,865 1,500 654.365 TOTAL 687.438 1,500 688,938 N¢t Incomellexpenditurel before gains and losses on Investments 196.802 1.237 198,038 Nei gainsllltss5esl on investments 1,854,230 233 1,854.463 NET INCOMEIIÉXPENDITUREI 2,051,032 1,470 2.052.501 Transfers between fund$ 18211 821 NET MOVEMENT IN FUND5 2,050.211 2,291 2,052,501 Reconciliètitsn tsf ftjnds Total funds brought lorward at 1 January 2019 11,884.285 57,230 11.941,515 Totsl Yunds carried forward 31 December 2019 13,934.496 59,521 13.994,016 24