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 reF*Nt 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, charit￿s 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 appliCa￿e 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 Scien￿1¢ research. The Soo"ety berame a Bc*Jy 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. C￿siSting of up to nine OlficeTS and up to twelve
Ordinary Members who are all senior srienlisls W￿rking I•1th￿ the UniveFW of Cèmtrffidge. Tho Council
ernber5 served the year We￿.-
Prolessor R R Horgan. President
Prolessor S Conway Moryis. Vice*Pl￿dent
Prolessor J Wcodhouse. Vice-PTesKlenl
Dr T K Carne, Treasurer
Dr F J Leeper. Phy51cal See￿1•ry
Dr O K Summers, B￿091Cal 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 soC￿s annual general meeb"ng.
The Presidènt, Pre5idenl-Elecl. Viee-Presidenls. Treasurer and Seuelaries conslilule the Officers of the
S￿iety. 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 w￿e-PreSIdentS for no more than th￿e years
successively, the Trea5uTef for no more than t*tlve 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 Soc￿ety 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 Pro￿edIngS. 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 LI￿lled} is the publisher ol Biological R8wiews and Cambridge University
Press remain5 the publisher of Malhemalical PrO￿edings.
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 ag￿ed 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 Ta￿or. 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 De￿mber 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 1￿c￿2sed 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 th￿e-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 G￿ernrnent 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 f￿ancial statements ol carnt￿9e Phik)soph￿￿ for Ihe year ended 31 Decernber
2020 which comprise the Statemenl of Fi￿ar￿1￿ ACbV￿￿s, the Slalement of financial posibcm. the Statement ol
Cash Flows and the related notes t to 23. The financ￿1 re￿tIng framewoth Ihat has been applied In their
preparaiion Is applicable law and the Statement ol Rec￿rnrnende￿ Practice.. Accounting and Rerk)rting by
Charities preparing their accounts in acCxydar￿E *ith the Financial fte￿￿n9 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 res￿Jrces, for the year then ended.,
have been property prepared in accOrd￿ce 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 r￿PonsIbIlItI•• ol Councll M•mb•rn and Audtto
We c￿dUCted 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 Inde￿nd*n1 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 reSp￿S￿lI111￿ In accordance Wih these rtsquifemenls
Wt believe that the audil evidence we have oblained Is SUff￿￿nt and Bppropnate tts provide a bèsis lor our
opinion.
Conclu•lons r•latlng ¢0 golng c1)n￿M
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 fina￿181 siatements is appropnale
Based on Ihe work we have performed. we have Identif￿1 material unc*rtainties 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￿ S*￿m$n￿ arè authorised f
155ve.
Our responsibilibes and tho rewM$ibilill•s of Ihè Cc*Jncil 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 fm4￿1¥1 #tsttmènts
Other Information
The counc￿ Members are responsible lor the othw inlNmatson. The othw ￿lO￿al￿ 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 assura￿e COndusK￿ thereon.
In connection wlh our audit ol Ihe finanaal statements, cKJr reSp￿s￿"1￿Y is to ￿ad the other information and. in
doing so, con5KJer vthelher ¢he olher inforrnatson ts matenally Inconsistent ￿ the finanual ststemenls or our
kno￿edge otylBined In the 8udit or Olhel￿Se appears io be malerially m1$5taled. If we identify such maierial
Inconsistencies or apparent matenal m1sstat￿nents. ￿ 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 ot￿r 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 m￿e 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-aSsuTan￿lsta￿dards-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
Cha￿table 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 br￿ght 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￿$.. amounts falllng duè ￿thIn one y88r
16
1196,6241
1367,6411
NET CURRENT ASSETS
454,935
353.709
PROVISIONS FOR LIABILITIES
22
134,3461
Is,oisi
NET ASSETS
14.695.841
13,994,016
THE FUNDS OF THE CHARITY..
Restricted Funds
61,873
59.521
Unreslrielèd lunds..
17
Gener81 fund
DeS￿nated funds
14,628,867
5,101
14,633.968
13.932,497
1,998
13,934,495
TOTAL CHARITY FUNDS
14,695.841
13,994,016
Th8 financial statements ￿re approved by the Councll m8mb8r$ 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 caM￿dge University Assistants. Contn"butory Pension Scheme ICUACPSI
which is a deline(I benelit sd*me. The Swews o￿tri￿Jbo￿S a￿ affected by a sur￿uS 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 reCO￿lSed in the accounts.
Stock5
Stocks of back issues of So¢ieWs N￿malS have not been vaued.
Gifts in Kind
The University ol Cambridge kYowde$ 8ccomTntxlation to ￿jp￿t 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 UniVe￿tY
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
P￿ze 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 Ne￿0￿ 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 m￿e 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 De￿rnber 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 c￿￿prise..
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
char￿lund - 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 (￿l￿1￿ued)
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 amOU￿t equal to the expenditure in
the year is transfe￿ed from unrestricted General FuThls. The fu￿1 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
sc￿nce 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. r￿Minated by the Counul of the Society
for each occasion. The fund is represented by net current assets.
The Willsam Hopkins Pr￿e 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 uniVe￿ity 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 Ma￿et 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 p￿￿1¢$, 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
cont￿but10nS 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 Pen￿ona￿e 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 pa￿Ular,
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 c￿1n¢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￿ prov￿10n..
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