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|Contents|||Page|
|---|---|---|---|
|Reference|and Administrative<br>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|





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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<br>and legacies|||46,349||46,349|47,226|
|Charitable<br>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<br>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)<br>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<br>between funds||17|(324)|324|||
|NET MOVEMENT<br>IN FUNDS|||(2,120,294)|(4,585)|(2,124,879)|2,292,117|
|Reconciliation<br>offunds|||||||
|Total funds brought<br>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<br>Funds|||17|64,582|69,167|
|Unrestricted<br>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<br>by operating|||activities|21|(130,949)|(207,530)|
|Cash flows from investing|activities:||||||
|Interest and dividends<br>from investments||||4|298,695|275,310|
|Purchase offurniture<br>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<br>by/(used<br>in) investing|||activities||631,913|(36,855)|
|Change<br>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<br>ofthe cash and|cash equivalents||||||
|at the end ofthe reporting|period||||||
|Cash at bank and<br>in hand|||||770,175|269,211|
||||||770,175|269,211|





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|||||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<br>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<br>f|2022<br>f|2021<br>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<br>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<br>oftangible|fixed assets:||||||
|-owned<br>by|the charity||||2,567|2,517|
|Auditors'<br>remuneration|2022||||6,900||
|Auditors'<br>remuneration|2021||||600|5,500|
|Auditors'<br>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<br>monthly<br>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<br>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<br>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<br>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<br>- 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<br>income||42,410|46,555|
|||209,726|191,842|



## 

||||At 1|||||At 31|
|---|---|---|---|---|---|---|---|---|
||||January|Income|Expenditure|Transfers|Gains/|December|
||||2022||||(Losses)|2022|
|Unrestricted<br>funds|||||||||
|General<br>Funds|||16,913,357|821,295|(492,318)|(182,392)|(2,264,442)|14,795,500|
|Designated<br>funds|||||||||
|Henslow<br>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<br>Hopkins|||||||||
|Prize Fund|||3,297|114||333|(32)|3,712|
|Sir Joseph Larmor's|||||||||
|Fund|||250|9||(9)||250|
|G<br>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,<br>Robert Sweet, who is||||a Fellow ofthe Institute ofActuaries.<br>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<br>valuation as at 31 July 2021 was the Projected<br>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<br>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<br>caps and||||
||||||collars||||
|Rates of increases||in pensions|in deferment||||||
||GMP||||CPI + 1.5%||||
||Pensions<br>in excess of GMP:||||||||
||RPI||||BoEyield curve-0.2%to 2030; In 2031 increasing<br>to||||
||||||1.2% and then reducing<br>by 0.1% p.a to 2041when|||it|
||||||remains<br>at 0.2%||||
||CPI||||RPI - 1.0%to 2030; and RPI - 0.1%|from 2031|||
|Rate of mortality<br>before and after retirement:|||||115%ofS3PMA pension<br>Mortality tables for males|||and|
||||||100%ofS3PFA Pension<br>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<br>of0.25%|p.a.|||
|Expenses:|||||||||
||past service||||1.0%ofthe liability excluding<br>expenses||||
||future|service|||0.9%of Pensionable<br>Salaries||||
|Age at Retirement:|||||||||
||active|members|||64 for males and 63for females||||
||deferred<br>members||||62 for males and 61 for females||||





## 

|Assets:<br>Value o|fthe assets as shown<br>in the a|fthe assets as shown<br>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<br>Level|(b)/(a) x 100||110%|
|The result ofthe interim<br>valuation<br>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<br>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<br>for the year||||(2,124,879)|2,292,117|
|Depreciation<br>charges||||2,567|2,517|
|Losses/(Gains)<br>on investments||||2,264,474|(2,165,477)|
|Movement<br>on provision||||12,940|(6,969)|
|Dividends<br>and interest from investments||||(298,695)|(275,310)|
|Decrease/(increase)<br>in debtors||||(5,240)|(49,626)|
|Increase/(decrease)<br>in creditors||||17,884|(4,782)|
|Net cash (used in)/provided|by operating||activities|(130,949)|(207,530)|
|. PROVISIONS FOR LIABILITIES||||||
|||||2022f|2021<br>F|
|Defined benefit pension scheme deficit||||40,317|27,377|
|||||2022||
|Movement<br>in defined<br>benefit pension||provision:||||
|As at 1 January 2022||||27,377||
|Provision<br>increase/(decrease)||||22,573||
|Transferred<br>to creditors||||(9,633)||
|Interest||||||
|As at 31 December 2022||||40,317||



## 



## 

|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||Funds|Funds|Funds|
|||2021|2021f|2021f|
|INCOME FROM:|||||
|Donations<br>and legacies||42,226|5,000|47,226|
|Charitable<br>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<br>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)<br>on investments||2,165,208|269|2,165,478|
|NET INCOME/(EXPENDITURE)||2,285,148|6,969|2,292,117|
|Transfers<br>between funds||(821)|821||
|NET MOVEMENT<br>IN FUNDS||2,284,327|7,790|2,292,117|
|Reconciliation<br>offunds|||||
|Total funds brought<br>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|