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2022-12-31-accounts

Contents Page
Reference and Administrative
Details
Report ofthe Council of Management 2-7
Independent Auditors' Report 8-10
Statement of Financial Activities
Statement of Financial Position 12
Statement ofCash Flows
Notes to the Financial Statements 14-27

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS. REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2022 Auditor's responsibilities for th8 audit of tho financial statements Icontinuod) In response to the risk of irregularities and non-compliance with laws and regulallons, we designed procedures which included, but were not limited to.. Agreeing financial slalement disclosures to undedying supporting documentation., Reviewing minutes of meetings of those charged with governance., Enquiring of management as to actual and wtential liligalion and claims. Through the above procedures, we did not become aware of any actual or suspected non-compliance wilh18ws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalemenls in the financial statements, even though we have properly planned and performed our audit in accordan￿ with auditing standards. We are not responsible for preventing non- compliance and cannot be expected lo detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website at.. htlps.'Ilwww.frc.org.uklOur-WorklAudiVAudit-and-assurancelStandards-and- g¢JidancelStandards-and-guidance-for-audilorslAudilors-responsibililies-for-audiUDescription-of-audilors- responsibilities-for-audil.aspx. This description fomis part of our auditorfs report. Use of report This report is made solely lo the charity's Council of Management, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate to the charity's Council members those matters we are required to stale lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charitys Council of Management as a body, for our audit work, for this report. or for the opinions we have formed. Chaler Allan LLP Chartered Accountants and Statutory Auditors 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU Date Chaler Allan LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 10

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2022 2022 2022 2021
INCOME FROM:
Donations
and legacies		 46,349 46,349 47,226
Charitable
activities		 478,463 478,463 472,416
Investments 296,483 2,212 298,695 275,310
TOTAL 821,295 2,212 823,507 794,952
EXPENDITURE ON:
Raising funds 49,813 49,813 53,917
Charitable
activities		 627,010 7,089 634,100 614,394
TOTAL 676,824 7,089 683,912 668,311
Net income/(expenditure) before
gains and losses on investments 144,471 (4,877) 139,595 126,640
Net gains/(losses)
on investments		 14 (2,264,442) (32) (2,264,474) 2,165,477
NET INCOME/(EXPENDITURE) (2,119,970) (4,909) (2,124,879) 2,292,117
Transfers
between funds		 17 (324) 324
NET MOVEMENT
IN FUNDS		 (2,120,294) (4,585) (2,124,879) 2,292,117
Reconciliation
offunds
Total funds brought
forward		 16,918,791 69,167 16,987,958 14,695,841
Total funds carried forward 31 December 2022 14,798,497 64,582 14,863,079 16,987,958

Note 2022 2021
FIXEDASSETS
Tangible assets 13 8,323 8,882
Heritage assets 13 894,640 894,640
Investments 14 13,247,157 15,846,856
14,150,120 16,750,378
CURRENT ASSETS
Debtors 15 192,827 187,588
Cash at bank and in hand 770,175 269,211
963,003 456,799
LIABILITIES
Creditors: amounts falling due within one year 16 (209,726) (191,842)
NET CURRENT ASSETS 753,276 264,957
PROVISIONS FOR LIABILITIES 22 (40,317) (27,377)
NET ASSETS 14,863,079 16,987,958
THE FUNDS OF THE CHARITY:
Restricted
Funds		 17 64,582 69,167
Unrestricted
funds:		 17
General fund 14,795,500 16,913,357
Designated funds 2,997 5,434
14,798,497 16,918,791
TOTAL CHARITY FUNDS 14,863,079 16,987,958
Note 2022 2021
Cash flows from operating activities:
Net cash (used in)/provided
by operating		 activities 21 (130,949) (207,530)
Cash flows from investing activities:
Interest and dividends
from investments		 4 298,695 275,310
Purchase offurniture
and		 equipment 13 (2,207) (7,573)
Proceeds from sale of investments 14 1,330,954 853,462
Proceeds from Investment redemption
Purchase of investments 14 (995,529) (1,158,054)
Net cash provided
by/(used
in) investing		 activities 631,913 (36,855)
Change
in cash and cash equivalents		 in the year 500,964 (244,385)
Cash and cash equivalents at the beginning ofthe year 269,211 513,596
Cash and cash equivalents at the end ofthe year 770,175 269,211
Summary
ofthe cash and		 cash equivalents
at the end ofthe reporting period
Cash at bank and
in hand		 770,175 269,211
770,175 269,211

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
Members' subscriptions 8 12,306 12,306 12,150 5,000 17,150
donations
Bequests 3,200 3,200
Life members' subscriptions 4,443 4,443 3,676 3,676
Grant from Cambridge University
Gift in kind - accommodation 26,400 26,400 26,400 26,400
46,349 46,349 42,226 5,000 47,226
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
f f f
Sales ofjournals 289,884 289,884 307,772 307,772
Royalties from journals 188,579 188,579 164,643 164,643
478,463 478,463 472,416 472,416

.INCOME F ROM INVES TMEN TS
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
f f f
Dividends and interest (gross) 296,477 2,212 298,689 273,110 2,200 275,310
Bank deposit interest 6 6
296,483 2,212 298,695 273,110 2,200 275,310
.ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
Staff Other Total Staff Other Total
Costs Costs Costs Costs Costs Costs
2022 2022
F		 2022f 2021f 2021 2021f
Investment management costs 49,813 49,813 53,917 53,917
Costs ofsales ofjournals 8 171,069 431,754 602,823 135,722 452,268 587,990
grant funding
Governance 21,360 9,917 31,277 16,946 9,458 26,404
192,429 491,483 683,912 152,668 515,643 668,311

EXPENDI TURE ON RA ISING FUNDS
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2022f 2022 2022 2021f 2021f 2021
Investment management costs 49,813 49,813 53,917 53,917

Publications,
Grant Lectures & Total Total
funding meetings
f		 2022
f		 2021
f.
Grants to individuals (see note 9) 294,750 294,750 303,481
Printing and publication costs 76,685 76,685 87,834
Donations 750
Expenses of meetings, including honoraria 14,415 3,750 18,165 8,509
Office costs 12,024 3,129 15,153 25,294
Wages and salaries 108,353 28,191 136,544 119,948
National insurance 4,779 1,243 6,022 8,229
Pension costs 22,619 5,884 28,503 7,545
Governance costs (see note 10) 25,295 6,582 31,877 26,404
Gift in kind - accommodation costs 20,950 5,450 26,400 26,400
503,185 130,914 634,100 614,394

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
E f
Grants to individuals (see note 9) 289,750 5,000 294,750 303,481 303,481
Printing and publication costs 76,685 76,685 87,834 87,834
Donations 750 750
Expenses of meetings, incl. honoraria 16,076 2,089 18,165 8,009 500 8,509
Office costs 15,153 15,153 25,294 25,294
Wages and salaries 136,544 136,544 119,948 119,948
National insurance 6,022 6,022 8,229 8,229
Pension costs 28,503 28,503 7,545 7,545
Governance costs (see note 10) 31,877 31,877 26,404 26,404
Gifts in kind - rent payable 26,400 26,400 26,400 26,400
627,010 7,089 634,100 613,894 500 614,394

2022 2021
Research Grants 82,839 61,751
Travel Grants 25,406 4,662
Isaac Newton Institute Bursaries 2,000 (2,000)
Henslow Fellowships 184,505 239,068
Total 294,750 303,481

Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
2022f 2022
f		 2021 2021
Auditors' remuneration 6,900 6,900 5,500 5,500
Auditors' remuneration previous year 600 600
Auditors' non audit fees 1,125 1,125 800 800
Office costs 1,892 1,892 3,158 3,158
Wages 17,049 17,049 14,977 14,977
National Insurance 752 752 1,027 1,027
Pension cost 3,559 3,559 942 942
31,877 31,877 26,404 26,404

11.NET INCOME/(EXPENDITURE) 2022 2021
This is stated after charging:
Depreciation
oftangible		 fixed assets:
-owned
by		 the charity 2,567 2,517
Auditors'
remuneration		 2022 6,900
Auditors'
remuneration		 2021 600 5,500
Auditors'
other financial		 services 1,125 800
Pension costs 32,062 8,487
12.ANALYSIS OF STAFF COSTS AND REMUNERATION TO KEY PERSONNEL
Wages and salaries 153,592 134,925
Social security costs 6,774 9,257
Other pension costs 32,062 8,487
192,429 152,668
The average
monthly
number of employees		 during the year was as follows:
No. No.
3.TANGIBLE FIXEDASSETS Heritage Furniture and Total
assets equipment
Cost or valuation:
As at 1 January 2022 894,640 30,626 925,266
Additions 2,207 2,207
Disposals (914) (914)
As at 31 December 2022 894,640 31,918 926,558
Depreciation:
As at 1 January 2022 21,744 21,744
Charge for the year 2,567 2,567
Elimination
on disposal		 (715) (715)
As at 31 December 2022 23,595 23,595
Net book value
As at 31 December 2022 894,640 8,323 902,963
As at 31 December 2021 894,640 8,882 903,522

4.FIXEDA SSET INVESTMENTS
Movement in fixed asset listed investments 2022f 2021
Fair Value at 1 January 2022 15,846,856 13,376,787
Additions 995,529 1,158,054
Disposals (proceeds E1,330,954, loss on disposal off56,044) (1,386,998) (765,214)
Net (loss)/gain
on revaluation		 (2,208,230) 2,077,228
Fair value at 31 December 2022 13,247,157 15,846,856
Historical cost at 31 December 2022 8,701,074 8,580,514
Listed investments 13,050,070 15,760,874
Cash 197,087 85,982
13,247,157 15,846,856
Listed investments
at fair value comprise:
2022 2021
UK 5,561,347 6,595,383
Overseas 7,488,723 9,165,491
13,050,070 15,760,874

5'lo ofthe total portfolio, are as follows:
2022f 2021
Charifund
- Equities Investment		 Fund for Charities 1,127,453 1,129,728
15.DEBTORS 2022 2021
Trade debtors 143,537 130,756
Other debtors 9,140
Prepayments and accrued income 32,327 38,959
VAT 7,823 17,873
192,827 187,588
16.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021
Taxation and social security 4,549 3,820
Other creditors 162,767 141,467
Accruals and deferred
income		 42,410 46,555
209,726 191,842

At 1 At 31
January Income Expenditure Transfers Gains/ December
2022 (Losses) 2022
Unrestricted
funds
General
Funds		 16,913,357 821,295 (492,318) (182,392) (2,264,442) 14,795,500
Designated
funds
Henslow
Fund		 (184,505) 184,505
William Bate Hardy
Prize Fund 2,664 333 2,997
Post Graduate COVID
19Fund 2,770 (2,770)
Total unrestricted funds 16,918,791 821,295 (676,823) (324) (2,264,442) 14,798,497
Restricted funds
William
Hopkins
Prize Fund 3,297 114 333 (32) 3,712
Sir Joseph Larmor's
Fund 250 9 (9) 250
G
I Taylor Trust		 Fund 60,620 2,089 (2,089) 60,620
Dr Heywood 5,000 (5,000)
69,167 2,212 (7,089) 324 (32) 64,582
Total Funds 16,987,958 823,507 (683,912) (2,264,474) 14,863,079

The most recent full actuarial The most recent full actuarial The most recent full actuarial valuation ofthe CUACPS was carried out as at 31 July ofthe CUACPS was carried out as at 31 July 2021 by an 2021 by an
independent actuary,
Robert Sweet, who is		 a Fellow ofthe Institute ofActuaries.
He		 is not an employee
or officer ofthe Society. The CUACPS is not a closed scheme nor one in which the age profile ofthe
active membership is rising significantly.
The method used in the actuarial
valuation as at 31 July 2021 was the Projected
Unit method.		 The
main assumptions were:
Discount Rate (also referred to as "interest rate")
past service . RPI+ 1.9%
future service RPI + 1.9%
RPI inflation . Bank of England
RPI yield curve -0.2% p.a.
Rate ofsalary increases: . 4.5%for 2021/2022 and then CPI + 1.5%thereafter
Rate of increases in pensions in payment: based on yield curve rates with appropriate
caps and
collars
Rates of increases in pensions in deferment
GMP CPI + 1.5%
Pensions
in excess of GMP:
RPI BoEyield curve-0.2%to 2030; In 2031 increasing
to
1.2% and then reducing
by 0.1% p.a to 2041when		 it
remains
at 0.2%
CPI RPI - 1.0%to 2030; and RPI - 0.1% from 2031
Rate of mortality
before and after retirement:		 115%ofS3PMA pension
Mortality tables for males		 and
100%ofS3PFA Pension
Mortalities		 for females.
Plus a projection based upon the CMI 2020 model with
a long term 1.25% p.a. improvement; and an additional
initial rate of improvement
of0.25%		 p.a.
Expenses:
past service 1.0%ofthe liability excluding
expenses
future service 0.9%of Pensionable
Salaries
Age at Retirement:
active members 64 for males and 63for females
deferred
members		 62 for males and 61 for females

Assets:
Value o		 fthe assets as shown
in the a		 fthe assets as shown
in the a		 ccounts
The result ofthe valuation using the above assumptions was:
Past Service (service to 31 July 2021) E
Value of Past Service Liability (a) 738,260,000
Market Value ofScheme's Assets (b) 814,650,000
Surplus/(Deficit) (b) - (a) 76,390,000
Funding
Level		 (b)/(a) x 100 110%
The result ofthe interim
valuation
as at		 31 July 2022 was:
Value of Past Service Liability (a) 814,000,000
Market Value ofScheme's Assets (b) 815,000,000
Surplus/(Deficit) (b) - (a) 1,000,000
Funding
Level		 (b)/(a) x 100 100%
Non Salary Sacrifice
Salary Sacrifice Members Members
Active Active
Members Employers Members Employers
0/ 0/ 0/
Pre-2013 Members paying Nil 22.6(20.0) 8.5 14.1 (11.5)
Other Pre-2013 Members Nil 19.6(16.5) 5.0 14.6(11.5)
Post-2013 Members Nil 10.6(8.8) 3.0 7.6(5.8)

ACTIVITIES
2022 2021
Net (expenditure)/income
for the year		 (2,124,879) 2,292,117
Depreciation
charges		 2,567 2,517
Losses/(Gains)
on investments		 2,264,474 (2,165,477)
Movement
on provision		 12,940 (6,969)
Dividends
and interest from investments		 (298,695) (275,310)
Decrease/(increase)
in debtors		 (5,240) (49,626)
Increase/(decrease)
in creditors		 17,884 (4,782)
Net cash (used in)/provided by operating activities (130,949) (207,530)
. PROVISIONS FOR LIABILITIES
2022f 2021
F
Defined benefit pension scheme deficit 40,317 27,377
2022
Movement
in defined
benefit pension		 provision:
As at 1 January 2022 27,377
Provision
increase/(decrease)		 22,573
Transferred
to creditors		 (9,633)
Interest
As at 31 December 2022 40,317

Unrestricted Restricted Total
Funds Funds Funds
2021 2021f 2021f
INCOME FROM:
Donations
and legacies		 42,226 5,000 47,226
Charitable
activities		 472,416 472,416
Investments 273,110 2,200 275,310
TOTAL 787,752 7,200 794,952
EXPENDITURE ON:
Raising funds 53,917 53,917
Charitable
activities		 613,894 500 614,394
TOTAL 667,811 500 668,311
Net income/(expenditure) before
gains and losses on investments 119,940 6,700 126,639
Net gains/(losses)
on investments		 2,165,208 269 2,165,478
NET INCOME/(EXPENDITURE) 2,285,148 6,969 2,292,117
Transfers
between funds		 (821) 821
NET MOVEMENT
IN FUNDS		 2,284,327 7,790 2,292,117
Reconciliation
offunds
Total funds brought
forward at 1 January 2021		 14,633,968 61,873 14,695,841
Total funds carried forward 31 December 2021 16,918,295 69,663 16,987,958