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2023-12-31-accounts

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY

Report of the Council of Management and Financial Statements

For the year ended 31 December 2023

Registered Charity Number 213811

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Contents Page
Reference and Administrative Details 1
Report of the Council of Management 2 - 7
Independent Auditors' Report 8 - 10
Statement of Financial Activities 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 27

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

REGISTERED CHARITY NUMBER: 213811

COUNCIL MEMBERS

Professor L Greer, President Dr C Y Barlow, Vice-President Professor P Hewett, Vice-President Professor R R Horgan, Vice-President Dr T K Carne, Treasurer Dr J A Fraser, Biological Secretary Professor J Lasenby, Physical Secretary Professor M Dunajski, Mathematical Secretary Dr R Asher Professor J Carr Professor S Clarke Professor G Csanyi Dr D Fusco Professor W Harris Professor N Hopwood Dr A Liu Dr B Monserrat-Sanchez Dr N Pugh

REGISTERED OFFICE

17 Mill Lane Cambridge CB2 1RX

BANKERS

Barclays Bank PLC 9-11 St Andrews Street Cambridge, CB2 3PZ

SOLICITORS

HCR Hewitsons 50-60 Station Road Cambridge, CB1 2JH

INVESTMENT MANAGER

Rathbone Investment Management Limited 8 Finsbury Circus London, EC2M 7AZ

AUDITORS

Chater Allan LLP Chartered Accountants 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The Council of Management present their annual report together with the audited financial statements of Cambridge Philosophical Society (the charity) for the year ended 31 December 2023. The Council members confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document, Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Structure, governance and management

GOVERNING DOCUMENT

The Society was established on 15 November 1819 with the aim, in the words of that time ‘of promoting scientific inquiry, and of facilitating the communication of facts connected with the advancement of Philosophy and Natural History’. In modern terminology the aims of the Society are to promote research in all branches of science and to encourage the communication of the results of scientific research. The Society became a Body Corporate by virtue of a Charter granted by his late Majesty King William the Fourth and dated 6 August 1832.

METHOD OF APPOINTMENT OR ELECTION OF COUNCIL MEMBERS

The affairs of the Society are conducted by its Council, consisting of up to nine Officers and up to twelve Ordinary Members who are all senior scientists working within the University of Cambridge. The Council members who served during the year were:-

Dr C Y Barlow, President Professor L Greer, President-Elect Professor R R Horgan, Vice-President Dr T K Carne, Treasurer Dr J A Fraser, Biological Secretary Dr F J Leeper, Physical Secretary Professor G P Paternain, Mathematical Secretary Dr A Agarwal Dr R Asher Dr R Collepardo-Guevara Dr L Fruk Dr D Fusco Professor W Harris Professor P Hewett Professor N Hopwood Professor J Lasenby Dr B Monserrat-Sanchez Dr N Pugh

Council members are elected at the Society's annual general meeting.

The President, President-Elect, Vice-Presidents, Treasurer and Secretaries constitute the Officers of the Society. The Officers and at least four ordinary Members of the Council are elected at each annual general meeting and serve from the first day of January following their election. The President serves for no more than two years successively, the President-Elect for one year, the Vice-Presidents for no more than three years successively, the Treasurer for no more than twelve years successively and the Secretaries for no more than nine years successively. Ordinary Members of Council serve for no more than six years successively.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Council meetings are held six times a year at which scientific activities are decided, formal business is concluded, and strategy matters are discussed.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF COUNCIL MEMBERS

New members of Council following formal election after the Annual General Meeting are given a complete set of minutes for the previous Michaelmas Term, a list of the Council Officers and Ordinary Members, a copy of the Society’s byelaws, the Society’s most recent Financial Accounts and the Charity Commission Leaflet for Charity Trustees (CC3(a)). The Officers and Executive Secretary answer any questions they may have.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Council sets out the general policy of the Society and has sole management of the income and funds of the Society. The day to day affairs of the Society are delegated to the Executive Secretary, Mrs Beverley Larner and the Treasurer, Dr Keith Carne.

Employees' remuneration is bench-marked with the University of Cambridge to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

INVESTMENT POWERS

These are governed by the Charter and Bye Laws which permits the funds to be invested in any security listed on the London Stock Exchange and all the main Stock Markets of the World.

RISK MANAGEMENT

The Council of Management has examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks. The Council of Management have identified the loss of sales of journals and the collapse in the Stock Market resulting in a reduction in investment income as areas of risk.

Objectives and Activities

PUBLIC BENEFIT

The Council of Management, as charity trustees, confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. Cambridge Philosophical Society is a registered charity whose charitable purpose is defined within the Charities Act 2011 is the promotion of scientific enquiry and the publication of results of scientific research.

The Society provides public benefit primarily by the publication of its two journals, Mathematical Proceedings and Biological Reviews. In addition, the Society provides assistance to scientists by the award of travel grants and short-term research studentships and also arranges a series of lecture meetings which are open to the public. From 2010 the Society has been funding two to three, threeyear Research Fellowships each year.

STRATEGIES FOR ACHIEVING OBJECTIVES

The Society aims to publish six issues of Mathematical Proceedings and six issues of Biological Reviews every year, to make every effort to achieve the highest academic standards, to increase the circulation, readership and subscription to the journals to maintain and increase revenue.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Management of the Society’s investment portfolio to ensure secure financial protection for the Society’s activities and to generate funds for charitable distribution to support and advance science. In addition the Society aims to maintain its assistance to scientists by awarding Travel Grants and short-term Research Studentships to research student members.

The Society also arranges nine lecture meetings, open to the public, including an Honorary Fellow’s award and Lecture, and three named lectures. Two are in memory of Sir Geoffrey Taylor and Sir Joseph Larmor and in 2013 a new named Lecture was instituted called the A V Hill Lecture in the Lent Term. The Society also sponsors a one-day meeting open to all members of the University and members of the public.

The Society aims to maintain and recruit new Fellows by promotion of the Society to graduate students within the University of Cambridge; to make additional donations as agreed by Council in support of natural sciences; and to create Research Fellowships for terms of three years.

GRANT MAKING POLICIES

For 2023 the Society allocated a budget of £40,000 for Travel Grants and a budget of £180,000 for short term Research Studentships. The grant budgets are increased annually in line with inflation. Four Travel Grants meetings were held after the grant deadlines of 1 February, 1 May, 1 July and 1 November 2022 and two Research Studentship grant meetings were held after the grant deadlines of 31 March and 30 September 2023. Three members of Council constitute the panel at each of these Travel Grant meetings. The recommendations of the panel are submitted to Council for final approval. The Society also intended awarding at least eight bursaries up to a total of £4,000 to the Isaac Newton Institute for Mathematical Sciences to assist young scientists to attend symposia at the Institute. These grant budget figures are subject to increase at the request and agreement of Council at its meetings and approval by the Treasurer. In addition, six members of Council form two panels to consider and award three-year research fellowships, currently £180,000 for each. These recommendations from the panel are also submitted to Council for final approval.

Achievements and performance

GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

REVIEW OF ACTIVITIES

During the year the Society published six issues of Mathematical Proceedings and six issues of Biological Reviews . Two Editorial Boards (consisting of up to 30 members for Biological Reviews and 12-13 members for Mathematical Proceedings, all of whom are selected from senior academics), an Editor, and a Secretary are appointed by and report to Council. Mathematical Proceedings produced a surplus higher than the forecast and higher than the 2022 actuals. Biological Reviews produced a surplus higher than the forecast and higher than the 2022 actuals.

Wiley is the publisher of Biological Reviews and Cambridge University Press remains the publisher of Mathematical Proceedings .

In addition, the Society has maintained its assistance to scientists by awarding Travel Grants and short-term Research Studentships. During the year, eighty-four Travel Grants were awarded, and fiftyfive short-term Research Studentships were awarded. The Society awarded eight bursaries up to a total value of £4,000 to the Isaac Newton Institute for Mathematical Sciences to assist young scientists to attend symposia at the Institute. Three Research Fellowships for three-year terms were also awarded to commence in the Michaelmas Term 2023, in addition to those currently ongoing.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

A new named award, Sedgwick Studentships, was created in 2023 to award two Studentships for three year terms to Post graduate students at Anglia Ruskin University. These Post graduate studentship commenced October 2023.

During the year the Society arranged nine lecture meetings, including the three named lectures in memory of Sir Geoffrey Taylor, Sir Joseph Larmor and A V Hill . Lectures also continued to be videoed and hosted online in addition to the in-person lectures. Details of the named lecture bequests appear in note 9 to these financial statements. The Society’s Honorary Fellows Lecture took place in the Michaelmas Term 2023. The Society's Annual Sponsored One Day open to all members of the University and members of the public, took place in the Lent Term 2023.

There have been no material changes to policy during the year.

Financial review

RESERVES POLICY

Council has stated the policy to establish a financial base from which its activities at the present level would be secure in the event of future 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 liquid assets and free reserves at the year-end, a sum held equal to the budgeted expenditure of the Society for the forthcoming year as set out in the approved Estimates of the Society, plus a sum equal to the estimated financial commitments of the Society beyond that year. For 2023 this equates to the sum of £990,493. For the purposes of calculating the value of liquid assets and free reserves, cash deposits, money market funds and government and corporate bonds with a maturity of less than five years that may be liquidated within a one-day trading period are included in the definition of liquid assets and free reserves. As at 31 December 2023 the value of the Society's holdings of liquid assets and free reserves amounted to £650,280. Restricted reserves at the year-end were £65,155.

FUNDING AND RESULTS

The results for the year are set out in the attached financial statements.

Sales of current volumes during the year to 31 December 2023 totalled £489,980 compared with £478,463 in the previous year. Total incoming resources amounted to £874,974 (2022: £823,507) which, after resources expended of £629,232 (2022: £683,912), including a pension provision charge of (£34,272), resulted in net incoming resources of £245,741 (2022: £139,595) before investment gains and losses.

Council has established an Investment Committee which makes investment decisions in the light of advice from external bodies. The agreed investment policy is to maximise overall long-term return without undue risk by sustained investment in equities with significant exposure to all the main stock markets of the World. This involves purchases of securities and units in index-tracking and other funds which give exposure to equities listed in the US, UK, Europe and to a lesser extent Japan and the Far East.

The function of the Society’s assets is to provide security for its continuing activities, to provide for the development of future charitable activities and to provide in perpetuity for the achievement of the Society’s charitable aims – the advancement and promotion of science.

The value of the Society's investments has increased from £13,247,157 to £14,356,064 an increase of £1,108,907, due to a net investment of £359,666, coupled with unrealised gain of £749,241 on revaluation. At the end of the year the Society had net assets of £15,868,507 compared with £14,863,079 at the end of the previous year.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for the future

FUTURE DEVELOPMENTS

The Council plans to return back to all its pre-Covid activities outlined above in the forthcoming years i.e. the maintenance of its awards for Travel Grants four times a year and in addition the award of grants for Research Studentships twice a year; the fund allocated for these awards is reviewed annually and increased in line with current inflation. For 2024 it has been agreed to increase the maximum limit for these awards to £500 for Travel Grants and £5,500 for Research Studentships. The current level of bursaries awarded to the Isaac Newton Institute remains the same.

In 2022 Council agreed to increase the number of awards for Research Fellowship from the original figure of two a year. Four Research Fellowship grants for three-year terms were approved by Council to commence in 2023 and three Research Fellowships grants for three-year terms were approved by Council to commence in 2024. Further Research Fellowships are planned for both 2025 and 2026. Following a detailed review of the level of the stipends awarded for Research Fellowships it was agreed to increase the stipends from October 2024 onwards.

Nine public lectures are also confirmed for 2024 and nine are currently being planned for 2025 including a One-day meetings planned for March 2025, March 2026 and March 2027. The Council is also planning to continue the publication of its journal Mathematical Proceedings six times a year. Biological Reviews continues to be published as an online only publication having increased from four to six issues a year. No changes to the Publishers of the journals are currently anticipated. New editorial procedures and software to bring the editorial processes of both journals up to date have taken place and are ongoing. Digitisation of the back issues of both journals is now complete back to 1923 and further digitisation of the remaining back issues to 1819 is progressing. Again, modernisation and improvements in the promotion, production and editorial procedures of both journals will take place in 2024. It is anticipated that taking advantage of efficiencies in technology and making other changes will further decrease the costs associated with publishing.

The Council plans to continue all the activities outlined above for the longer term.

A comprehensive insurance policy is in place to cover the possibilities of any future litigious circumstances arising through the activities of the Society, including the publication of its Journals, and in particular claims arising from plagiarism.

COUNCIL MEMBERS' RESPONSIBILITIES STATEMENT

The Council members are responsible for preparing the Council members' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Council members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Council members are required to:

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The Council members are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Council members on 21 October 2024 and signed on their behalf by:

Professor L Greer

23 October 2024 Date:

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

We have audited the financial statements of Cambridge Philosophical Society for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of financial position, the Statement of Cash Flows and the related notes 1 to 23. The financial reporting framework that has been applied in their preparation is applicable law and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Council Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Council Members with respect to going concern are described in the relevant sections of this report.

Other information

The Council Members are responsible for the other information. The other information comprises the information included in the annual report , other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Council of Management’s report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Council Members responsibilities statement, the Council Members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Council Members are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council Members either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor's responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Through the above procedures, we did not become aware of any actual or suspected non-compliance with laws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of report

This report is made solely to 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 state to the charity’s Council members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Council of Management as a body, for our audit work, for this report, or for the opinions we have formed.

Chater Allan LLP Chartered Accountants and Statutory Auditors 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU

24 October 2024 Date

Chater Allan LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Investments
4
TOTAL
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL
5
Net income/(expenditure) before
gains and losses on investments
Net gains/(losses) on investments
14
NET INCOME/(EXPENDITURE)
Transfers between funds
17
NET MOVEMENT IN FUNDS
Reconciliation of funds
Total funds brought forward
Total funds carried forward 31 December 2023		 Unrestricted
Funds
2023
£
38,379
489,980
344,099
872,458
51,704
575,167
626,872
245,586
759,592
1,005,178
(323)
1,004,855
14,798,497
15,803,352		 Restricted
Funds
2023
£
-
-
2,516
2,516
-
2,361
2,361
155
95
250
323
573
64,582
65,155		 Total
Funds
2023
£
38,379
489,980
346,615
874,974
51,704
577,528
629,232
245,741
759,687
1,005,428
-
1,005,428
14,863,079
15,868,507		 Total
Funds
2022
£
46,349
478,463
298,695
823,507
49,813
634,100
683,912
139,595
(2,264,474)
(2,124,879)
-
(2,124,879)
16,987,958
14,863,079

All of the above results are derived from continuing activities. The statement of financial activities includes all gains and losses recognised in the year.

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
13
Heritage assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling due within one year
16
NET CURRENT ASSETS
PROVISIONS FOR LIABILITIES
22
NET ASSETS
THE FUNDS OF THE CHARITY:
Restricted Funds
17
Unrestricted funds:
17
General fund
Designated funds
TOTAL CHARITY FUNDS		 2023
£
9,500
894,640
14,356,064
15,260,204
238,352
578,800
817,153
(208,849)
608,303
-
15,868,507
65,155
15,800,022
3,330
15,803,352
15,868,507		 2022
£
8,323
894,640
13,247,157
14,150,120
192,827
770,175
963,002
(209,726)
753,276
(40,317)
14,863,079
64,582
14,795,500
2,997
14,798,497
14,863,079

The financial statements were approved by the Council members on 21 October 2024 and signed on their behalf by:

……………………………………………………

Dr T K Carne 22 October 2024 Date

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities:
Net cash (used in)/provided by operating activities
21
Cash flows from investing activities:
Interest and dividends from investments
4
Purchase of furniture and equipment
13
Proceeds from sale of investments
14
Proceeds from Investment redemption
Purchase of investments
14
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash at bank and in hand
Summary of the cash and cash equivalents
at the end of the reporting period		 2023
£
(184,653)
346,615
(4,116)
1,421,805
189,553
(1,960,578)
(6,722)
(191,375)
770,175
578,800
578,800
578,800		 2022
£
(130,949)
298,695
(2,207)
1,330,954
-
(995,529)
631,913
500,964
269,211
770,175
770,175
770,175

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Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

Governing document

The Society was established on 15 November 1819. The Society became a Body Corporate by virtue of a Charter granted by his late Majesty King William the Fourth and dated 6 August 1832.

Basis of preparation

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The presentation currency of the financial statements is the pound sterling (£).

Going concern

The Council members have a reasonable expectation that the charity has adequate resources to 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 uncertainties they believe there will be no material adverse impact on the Society's ability to continue as a going concern. Accordingly, they continue to 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 (SOFA) when the charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.

Subscriptions received in advance are included within creditors falling within one year.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within 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 for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated to activities on a basis consistent with use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Provisions

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation.

14

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

Critical accounting judgements and key sources of estimation uncertainty

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that are deemed significant in the context of the charity's accounts are set out below.

The present value of the Cambridge University Assistants' Contributory Pension Scheme (CUACPS), and the value of Heritage assets.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of Council members in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Council members for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with 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 specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date 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 their opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening carrying value (purchase date if later).

Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Furniture & Equipment

20% straight line

Heritage assets

Heritage assets represent books held by the Society for their contribution to knowledge and culture. The books were valued by an independent expert in 2014 based on insurance value. No depreciation is charged on the heritage assets as their economic life and high residual value mean that any depreciation would not be material. Heritage assets are reviewed at the year end for evidence of impairment and adjusted accordingly within the Statement of Financial Activities. The charity maintains paper records of the individual books held as heritage assets.

Foreign Currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

15

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

Pensions

The Society participates in the Cambridge University Assistants' Contributory Pension Scheme (CUACPS) which is a defined benefit scheme. The Society's contributions are affected by a surplus or deficiency in the CUACPS but the Society is unable to identify its share of the underlying assets and liabilities in the Scheme on a consistent and reasonable basis. The Society therefore accounts for its contributions to the CUACPS as if it were a defined contribution scheme. To the extent that the Society is committed to funding any deficit through additional monthly contributions, a liability is recognised in the accounts.

Stocks

Stocks of back issues of the Society's journals have not been valued.

Gifts in Kind

The University of Cambridge provides accommodation to support the Society as a Gift in Kind.

2. INCOME FROM DONATIONS AND LEGACIES

Bequests
Life members' subscriptions
Gift in kind - accommodation
Members' subscriptions &
donations		 Unrestricted
Funds
2023
£
8,929
-
3,050
26,400
38,379		 Restricted
Funds
2023
£
-
-
-
-
-		 Total
Funds
2023
£
8,929
-
3,050
26,400
38,379		 Unrestricted
Funds
2022
£
12,306
3,200
4,443
26,400
46,349		 Restricted
Funds
2022
£
-
-
-
-
-		 Total
Funds
2022
£
12,306
3,200
4,443
26,400
46,349

3. INCOME FROM CHARITABLE ACTIVITIES

Sales of journals
Royalties from journals		 Unrestricted
Funds
2023
£
314,232
175,748
489,980		 Restricted
Funds
2023
£
-
-
-		 Total
Funds
2023
£
314,232
175,748
489,980		 Unrestricted
Funds
2022
£
289,884
188,579
478,463		 Restricted
Total
Funds
Funds
2022
2022
£
£
-
289,884
-
188,579
-
478,463

16

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. INCOME FROM INVESTMENTS

Dividends and interest (gross)
Bank deposit interest		 Unrestricted
Funds
2023
£
344,098
1
344,099		 Restricted
Funds
2023
£
2,516
-
2,516		 Total
Funds
2023
£
346,614
1
346,615		 Unrestricted
Funds
2022
£
296,489
6
296,495		 Restricted
Funds
2022
£
2,200
-
2,200		 Total
Funds
2022
£
298,689
6
298,695

5. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Investment management costs
Governance
Costs of sales of journals &
grant funding		 Staff
Costs
2023
£
-
135,488
16,917
152,405		 Other
Costs
2023
£
51,704
414,247
10,877
476,828		 Total
Costs
2023
£
51,704
549,734
27,793
629,232		 Staff
Costs
2022
£
-
171,069
21,360
192,429		 Other
Total
Costs
Costs
2022
2022
£
£
49,813
49,813
431,754
602,823
9,917
31,277
491,484
683,912

6. EXPENDITURE ON RAISING FUNDS

Investment management costs Unrestricted
Funds
2023
£
51,704		 Restricted
Funds
2023
£
-		 Total
Funds
2023
£
51,704		 Unrestricted
Funds
2022
£
49,813		 Restricted
Funds
2022
£
-		 Total
Funds
2022
£
49,813

17

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Grants to individuals (see note 9)
Printing and publication costs
Donations
Expenses of meetings, including honoraria
Office costs
Wages and salaries
National insurance
Pension costs
Pension deficit provision release
Governance costs (see note 10)
Gift in kind - accommodation costs		 Publications,
Grant
Lectures &
Total
funding
meetings
2023
£
£
£
251,245
-
251,245
-
73,323
73,323
4,500
-
4,500
24,944
7,651
32,595
17,171
5,267
22,438
110,733
33,967
144,700
8,946
2,744
11,690
7,319
2,245
9,564
(23,315)
(7,152)
(30,467)
21,269
6,524
27,793
20,203
6,197
26,400
443,015
134,513
577,528		 Total
2022
£
294,750
76,685
-
18,165
15,153
136,544
6,022
28,503
-
31,877
26,400
634,100

Basis of allocation

Costs have been allocated between charitable activities based on proportion of the direct costs of each activity.

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES BETWEEN FUNDS

Unrestricted
Funds
2023
£
Grants to individuals (see note 9)
251,245
Printing and publication costs
73,323
Donations
4,500
Expenses of meetings, incl. honoraria
30,234
Office costs
22,438
Wages and salaries
144,700
National insurance
11,690
Pension costs
9,564
Pension deficit release
(30,467)
Governance costs (see note 10)
27,793
Gifts in kind - rent payable
26,400
575,167		 Restricted
Funds
2023
£
-
-
-
2,361
-
-
-
-
-
-
-
2,361		 Total
Unrestricted
Funds
Funds
2023
2022
£
£
251,245
289,750
73,323
76,685
4,500
-
32,595
16,076
22,438
15,153
144,700
136,544
11,690
6,022
9,564
28,503
(30,467)
-
27,793
31,877
26,400
26,400
577,528
627,010		 Restricted
Total
Funds
Funds
2022
2022
£
£
5,000
294,750
-
76,685
-
-
2,089
18,165
-
15,153
-
136,544
-
6,022
-
28,503
-
-
-
31,877
-
26,400
7,089
634,100

18

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. GRANTS TO INDIVIDUALS

Research Grants
Travel Grants
Isaac Newton Institute Bursaries
Henslow Fellowships
Total		 2023
2022
£
£
62,840
82,839
13,525
25,406
4,000
2,000
170,879
184,505
251,245
294,750

Research grants are awarded to fund the scientific research of post graduate students. Grants awarded range between £500 and £3,000. During the year, fifty-five short-term Research grants were awarded.

Travel grants enable postgraduate students to travel in order to meet their research goals. Grants are awarded up to the value of £350. During the year, eighty-four Travel grants were awarded.

Isaac Newton Institute Bursaries are awarded to young scientists to enable them to attend symposia at the Isaac Newton Institute for Mathematical Studies. During the year, eight bursaries were awarded to a total value of £4,000.

Henslow Fellowships are awarded to various Cambridge Colleges to fund scientific teaching positions. Fellowships awarded range between £14,000 and £35,000.

10. GOVERNANCE COSTS

. GOVERNANCE COSTS
Unrestricted
Funds
2023
£
Auditors' remuneration
7,000
Auditors' remuneration previous year
Auditors' non audit fees
1,075
Office costs
2,802
Wages
18,067
National Insurance
1,460
Pension cost
1,194
Pension deficit provision release
(3,804)
27,793		 Total
Unrestricted
Funds
Funds
2023
2022
£
£
7,000
6,900
-
600
1,075
1,125
2,802
1,892
18,067
17,049
1,460
752
1,194
3,559
(3,804)
-
27,793
31,877
Total
Funds
2022
£
6,900
600
1,125
1,892
17,049
752
3,559
-
31,877

19

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. NET INCOME/(EXPENDITURE) 2023 2022
This is stated after charging: £ £
Depreciation of tangible fixed assets:
- owned by the charity 2,940 2,567
Auditors' remuneration 2023 7,000 6,900
Auditors' remuneration 2022 - 600
Auditors' other financial services 1,075 1,125
Pension costs 10,759 32,062
Pension deficit provision release (34,272) -

12. ANALYSIS OF STAFF COSTS AND REMUNERATION TO KEY PERSONNEL

Wages and salaries
Social security costs
Other pension costs
Pension deficit provision release
The average monthly number of employees during the year was as follows:		 162,768
13,150
10,759
(34,272)
152,405
No.
8		 153,593
6,774
32,062
-
192,429
No.
8

No employee received remuneration amounting to more than £60,000 in either year.

. TANGIBLE FIXED ASSETS
Cost or valuation:
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Depreciation:
As at 1 January 2023
Charge for the year
Elimination on disposal
As at 31 December 2023
Net book value
As at 31 December 2023
As at 31 December 2022		 Heritage
assets
£
894,640
-
-
894,640
-
-
-
-
894,640
894,640		 £
equipment
Furniture and
8,323
9,500
26,535
-
2,940
23,595
36,034
-
4,116
31,918		 Total
£
926,558
4,116
-
930,674
23,595
2,940
-
26,535
904,140
902,963

13. TANGIBLE FIXED ASSETS

Heritage assets represent books held by the Society for their contribution to knowledge and culture. The books were valued by an independent expert in 2014 based on insurance value. There have been no additions, disposals or impairment of heritage assets during the current and four preceding years.

20

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. FIXED ASSET INVESTMENTS

Movement in fixed asset listed investments
Fair Value at 1 January 2023
Additions
Net gain/(loss) on revaluation
Fair value at 31 December 2023
Historical cost at 31 December 2023
Listed investments
Cash
Listed investments at fair value comprise:
UK
Overseas
Disposals (proceeds £1,421,805, profit on disposal of £10,446, cash
redemption of £189,553)		 2023
£
13,247,157
1,960,578
(1,600,912)
749,241
14,356,064
10,190,805
14,348,530
7,534
14,356,064
2023
£
6,859,807
7,488,723
14,348,530		 2022
£
15,846,856
995,529
(1,386,998)
(2,208,230)
13,247,157
8,701,074
13,050,070
197,087
13,247,157
2022
£
5,561,347
7,488,723
13,050,070

Material investments

Details of material investments at the balance sheet date of 31 December 2023, represents more than 5% of the total portfolio, are as follows:

Charifund - Equities Investment Fund for Charities
15. DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income
VAT		 2023
£
-
2023
£
153,893
-
76,575
7,885
238,352		 2022
£
1,127,453
2022
£
143,537
9,140
32,327
7,823
192,827

21

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors
Accruals and deferred income		 2023
£
581
162,947
45,322
208,849		 2022
£
4,549
162,767
42,410
209,726

Included in Accruals and deferred income above is income of £18,507 (2022: £17,546) that relates to the following year.

17. SUMMARY OF FUND MOVEMENTS

Unrestricted funds
General Funds
Designated funds
Henslow Fund
William Bate Hardy
Prize Fund
Total unrestricted funds
Restricted funds
William Hopkins
Prize Fund
Sir Joseph Larmor's
Fund
G I Taylor Trust Fund
Total Funds		 At 1
January
2023
£
14,795,500
-
2,997
14,798,497
3,712
250
60,620
64,582
14,863,079		 Income
£
872,458
-
-
872,458
145
10
2,361
2,516
874,974		 Expenditure
£
(455,992)
(170,879)
-
(626,871)
-
-
(2,361)
(2,361)
(629,232)		 Transfers
£
(171,535)
170,879
333
(323)
333
(10)
-
323
-		 Gains/
(Losses)
£
759,592
-
-
759,592
95
-
-
95
759,687		 At 31
December
2023
£
15,800,022
-
3,330
15,803,352
4,285
250
60,620
65,155
15,868,507

22

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. SUMMARY OF FUND MOVEMENTS (continued)

The Henslow Fund was established in 2010 when Council set aside the initial sum of £20,000 from General Funds to meet the cost of the Henslow Fellowships. An amount equal to the expenditure in the year is transferred from unrestricted General Funds. The fund is represented by net current assets.

The William Bate Hardy Prize Fund was founded in 1964 to fund a prize for the best original memoir, investigation or discovery by a member of the University of Cambridge in connection with Biological Science that may have been published during the three years immediately preceding. The prize is adjudged once in three years by three Fellows of the Society, nominated by the Council of the Society for each occasion. The fund is represented by net current assets.

The William Hopkins Prize Fund was founded in memory of William Hopkins (1793-1866) to fund a prize for the best original memoir, invention or discovery by a member of the University of Cambridge in connection with Mathematico - physical or Mathematico - experimental science that may have been published during the three years immediately preceding. The prize is adjudged once in three years by three Fellows of the Society nominated by the Council of the Society for each occasion. The fund is represented by investments with a market value of £1,751 and by net current assets of £2,534.

The Sir Joseph Larmor's Fund was set up with a bequest of £250, the terms of which were that the income thereof be used to promote the interest of undergraduate members of the University of Cambridge in the aims of the Society. The fund is represented by net current assets.

The G I Taylor Trust Fund was set up with monies subscribed in response to an appeal in 1976. The income of the fund is used to meet costs associated with a lecture to be held each year in Cambridge. The lecturer is appointed each year by the Council of the Society after consultation with the Heads of the Departments of Applied Mathematics and Theoretical Physics, Engineering and Physics in the University of Cambridge. The fund is represented by net current assets.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities		 Unrestricted Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
904,140
-
904,140
14,354,312
1,752
14,356,064
753,750
63,403
817,153
(208,849)
-
(208,849)
-
-
-
15,803,352
65,155
15,868,507		 Total
Funds
2022
£
902,963
13,247,157
963,002
(209,726)
(40,317)
14,863,079

23

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. PENSION COSTS

The Society participates in the Cambridge University Assistants' Contributory Pension Scheme (CUACPS) which is a defined benefit scheme. The Society's contributions are affected by a surplus or deficiency in the CUACPS but the Society is unable to identify its share of the underlying assets and liabilities in the Scheme on a consistent and reasonable basis. The Society therefore accounts for its contributions to the CUACPS as if it were a defined contribution scheme.

The most recent full actuarial valuation of the CUACPS was carried out as at 31 July 2021 by an independent actuary, Robert Sweet, who is a Fellow of the Institute of Actuaries. He is not an employee or officer of the Society. The CUACPS is not a closed scheme nor one in which the age profile of the 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”) Discount Rate (also referred to as “interest rate”) 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 of salary 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 BoE yield 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% of S3PMA pension Mortality tables for males and
100% of S3PFA 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 of 0.25% p.a.
Expenses:
. past service 1.0% of the liability excluding expenses
. future service 0.9% of Pensionable Salaries
Age at Retirement:
. active members 64 for males and 63 for females
. deferred members 62 for males and 61 for females

24

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. PENSION COSTS (continued)

Assets: Value of the assets as shown in the accounts

The result of the valuation using the above assumptions was: The result of the valuation using the above assumptions was:
Past Service (service to 31 July 2021) £
Value of Past Service Liability (a) 738,260,000
Market Value of Scheme's Assets (b) 814,650,000
Surplus/(Deficit)
(b) - (a)		 76,390,000
Funding Level
(b)/(a) x 100		 110%
The result of the interim valuation as at 31 July 2023 was:
Value of Past Service Liability (a) 907,000,000
Market Value of Scheme's Assets (b) 843,000,000
Surplus/(Deficit)
(b) - (a)		 (64,000,000)
Funding Level
(b)/(a) x 100		 93%

In respect of the future accrual of benefits, the expenses of administering the Scheme, death in service benefits and PPF levies, the Members and the Employers will pay contributions at the following rates of Members' Pensionable Salaries. The rates in brackets are the rates payable from 1 November 2022 until 31 June 2023 only; the main rates are then payable from 1 August 2023 onwards:

Salary SacrificeMembers Salary SacrificeMembers Non Salary Sacrifice
Members		 Non Salary Sacrifice
Members
Active
Members		 Employers Active
Members		 Employers
% % % %
Pre-2013Members paying Nil 22.6 (20.0) 8.5 14.1(11.5)
Other Pre-2013Members Nil 19.6 (16.5) 5.0 14.6 (11.5)
Post-2013Members Nil 10.6 (8.8) 3.0 7.6 (5.8)

In accordance with the Recovery Plan agreed by the Trustee and the University after the 2015 valuation, the Employers have been paying additional contributions at a rate of £14,595,000 p.a. to reduce the funding shortfall identified by the 2015 valuation. Following the 2021 valuation the Trustee and the University agreed that the Employers would continue to pay additional contributions at this rate until 31 July 2023.

25

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. PENSION COSTS (continued)

The fall in the funding level from 110% at 31 July 2021 to 100% at 31 July 2022 and to 93% at 31 July 2023 principally reflects the impact of the very high rate of inflation over this period. Most of the benefits provided by the CUAPS are linked to inflation, so this period has seen members’ benefits increase by much more than previously assumed.

The Trustee and the University have agreed that the funding position will be reassessed as at 31 March 2024. If at that point the funding level remains below 95%, then the Employers will commence paying additional contributions from 1 August 2024 at a rate of £10m p.a. to improve the funding position.

20. RELATED PARTY TRANSACTIONS AND TRUSTEES' EXPENSES AND REMUNERATION

The council members all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2022: £nil). No expenses were paid to the council members during 2023 or 2022.

There have not been any related party transactions during the year.

21. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the year
Depreciation charges
Losses/(Gains) on investments
Movement on provision
Dividends and interest from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating activities		 2023
£
1,005,428
2,940
(759,687)
(40,317)
(346,615)
(45,526)
(877)
(184,653)		 2022
£
(2,124,879)
2,567
2,264,474
12,940
(298,695)
(5,240)
17,884
(130,949)

22. PROVISIONS FOR LIABILITIES

Defined benefit pension scheme deficit
Movement in defined benefit pension provision:
As at 1 January 2023
Provision increase/(decrease)
Transferred to creditors
Interest
As at 31 December 2023		 2023
£
-
2023
£
40,317
(34,272)
(6,045)
-
-		 2022
£
40,317

26

Docusign Envelope ID: DB91F355-8F5D-488F-B05F-19420B31A6A9

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

23 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

In accordance with Charities SORP (FRS 102) (October 2019) the charity is required to disclose the comparative Statement of Financial Activities (SOFA). Set out below is the SOFA for the year ended 31 December 2022.

INCOME FROM:
Donations and legacies
Charitable activities
Investments
TOTAL
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL
Net income/(expenditure) before
gains and losses on investments
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
Reconciliation of funds
Total funds brought forward at 1 January 2022
Total funds carried forward 31 December 2022		 Unrestricted
Funds
2022
£
46,349
478,463
296,483
821,295
49,813
627,011
676,824
144,471
(2,264,442)
(2,119,970)
(324)
(2,120,294)
16,918,791
14,798,497		 Restricted
Total
Funds
Funds
2022
2022
£
£
-
46,349
-
478,463
2,212
298,695
2,212
823,507
-
49,813
7,089
634,100
7,089
683,912
(4,877)
139,595
(32)
(2,264,474)
(4,909)
(2,124,879)
324
-
(4,585)
(2,124,879)
69,167
16,987,958
64,582
14,863,079

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