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2024-12-31-accounts

CAMBRIDGE PHILOSOPHICAL SOCIETY

Report of the Council of Management and Financial Statements For the year ended 31 December 2024

Registered Charity Number 213811

CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

CAMBRIDGE PHILOSOPHICAL SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

REGISTERED CHARITY NUMBER: 213811

COUNCIL MEMBERS

Professor L Greer, President Professor J Carr, President Elect Dr C Y Barlow, Vice-President Professor P Hewett, 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 S Clarke Professor G Csanyi Professor L Hall Professor W Harris Professor N Hopwood Dr A Liu Dr B Monserrat-Sanchez Professor A Pitts 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

1

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Council of Management present their annual report together with the audited financial statements of Cambridge Philosophical Society Ilhe charity) for the year ended 31 December 2024. The Council members confirm that the Annual Report and financial statements of the charity comply with the current slatulory requirements, the requirements of the charity's goveming document, Charities Act 2011 and Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. structure. governance and management GOVERNING DOCUMENT The Society was established on 15 November 1819 with the aim, in the words of that lime 'of promoting scientific inquiry, and of facilitating the communication of facts connected with the advan￿ment 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 Imlliam 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 lo twelve Ordinary Members who are all senior scientists working within the University of Cambridge. The Council members who served during the year were". - Professor L Greer, President Dr C Y Barlow, Vice-Presidenl Professor P Hewett, Vi¢e-Presidenl Professor R R Horgan, Vice-President Dr T K Carne, Treasurer Dr J A Fraser, Biological Secretary Professor M Dunajski, Mathematical Secretary Professor J Lasenby, Physical Secretary Dr RAsher Professor J Carr Professor S Clarke Professor G Csanyi Dr D Fusco Professor W Harris Professor N Hopwood DrALiu Dr 8 Monserrat-sanchez Dr N Pugh Council members are elected at the Society's annual general meeting. The President, President-Elecl, 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 fi'rst day of January following their election. The President serves for no more than years Suc￿sSive1y, the President-Elect for one year, the Vice-Presidenls for no more than three years successively, the Treasurer for no more than twelve years suecessively and the Secretaries for no more than nine years su￿sSive1y. Ordinary Members of Council serve for no more than six years successively.

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Council meetings are held six limes a year al 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 a￿ given a complete sel 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 ICC3lall. 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 lo the Executive Secretary, Mrs Anna Turner and the Treasurer, Dr Keith Carne. Employees, remuneration is bench-marked with the University of Cambridge lo 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 lo 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 strat￿1¢, business and operational risks which the charity faces and confirms that systems have been established to enable regular reFlOrts to be prodU￿d so that the ne￿SSary steps can be taken lo manage these risks. The Council of Management have identified the loss of sales ofjournals 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 Iruslees, 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 scients'fic research. The Society provides public benefit primarily by the publication of its journals, Mathem8tlG81 Pmceedings and Biological Reviews. In addition, the Society provides assistance to sciènlisls by the award of Travel Grants and short-lerm 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 four, three- year Research Fellowships each year and from 2023 providing funding for two, three year Post Goduate Sludentships each year. STRATEGIES FOR ACHIEVING OBJECTIVES The Society aims to publish six issues of Msthemalical Proceedings and six issues of Biological Reviews every year, to make every effort lo achieve the highest academic standards, lo increase the circulation, readership and subscription to the journals lo maintain and increase revenue.

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Management of the Society's investment portfolio lo ensure secure financial protection for the Society's activities and lo generate funds for charitable distribution lo support and advance scien￿. In addition. the Society aims to maintain its 8SSlStance lo scientists by awarding Travel Grants and short-lerm Research Sludentships to research student members and in addition Research Fellowships and Post Graduate Siudentships. 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 inslituled called the A V Hill Lecture in the Lent Term. The Society also sponsors a one-day meeting open lo 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 scien￿S., and lo create Research Fellowships for terms of three years and Post Graduate Sludentships for terms of three years. GRANT MAKING POLICIES For 2024 the Society allocated a budget of £40,000 for Travel Grants and a budget of £180,000 for short term Research Sludentships. 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 2024 and two Research Studenlship grant meetings were held after the grant deadlines of 31 March and 30 September 2024. Three members of Council constitute the panel at each of these Travel Grant meetings. The recommendations of the panel are submilled lo Council for final approval. The Society also intended awarding at least eight bursaries up to a total of £4,000 to the Isa2C Newton Institute for Malhemalical Sciences lo assist young scientists to attend symposia al the Institute. These grant budget figures are subject to increase at the request and agreement of Council al its meetings and approval by the Treasurer. In addition, six members of Council form two panels lo consider and award Ihree-year Research Fellowships. These recommendations from the panel are also submitted to Council for final approval. Achievements and performance GOING CONCERN After making appropriate enquiries, the Iruslees have a reasonable expectslion 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 OFACTIVITIES During the year the Society published six issues of Mathematical Proceedings and six issues of SiologiGal Reviews. Two Editorial Boards (consisting of up lo 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 lo Council. Mathematical PK)ceedings prodU￿d a surplus higher than the forecast and higher than the 2023 8cluals. Biologic81 Reviews produced a surplus higher than the forecast and higher than the 2023 actuals. Wiley is the publisher of Biological Reviews and Cambridge University P￿sS is the publisher of Mathematical Proceedings. In addition, the Society has maintained its assistance to scientists by awarding Travel Grants and short-lerm Research Sludentships. During the year, eighty-eighl Travel Grants were awarded, and forty-one short-lerm Research Studentships were awarded. The Society intended to award eight

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 bursaries up to a total value of £4,000 to the Isaac Newton Institute for Malhemalical Sciences lo assist young scientists lo attend symposia al the InstilLJle. Three Research Fellowships for three-year terms were also awarded lo cornmen￿ in the Michaelmas Term 2024, in addition to those currently ongoing. A review of all the awards took place in 2024 and increases to the level of awards for both Research Students and Travel Grants for 2024 were approved by the Council. A new named award, Sedgwick Sludentships, was created in 2023 to award Studenlships for three-year terms to Post graduate students at Anglia Ruskin University, commencing in October 2023. Two more Post graduate sludentships were awarded in 2024. During the year the Society arranged nine lecture meetings, including the three named lectures in memory of Sir GeOff￿Y Taylor, Sir Joseph Larmor and A V Hill. Lectures also continued to be videoed and hosted online in addition lo the in-person lectures. Details of the named lecture bequests appear in note 9 to these financial stalemenls. The Society's Honorary Fellows Lecture look place in the Michaelmas Term 2024. 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 2024. There have been no material changes to policy during the year. Financial review RESERVES POLICY Council has staled the policy lo 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 lo aim to hold liquid assets and free reserves al the year*nd, a sum held equal to the budgeted expenditure of the Society for the forthcoming year as sel out in the approved Estimates of the Society, plus a sum equal to the estimated fi'nancial eommitmenls of the Society beyond that year. For 2024 this equates to the sum of £1,043,139. For the purposes of calculating the value of liquid assets and free reserves, cash deposits, bonds and equities on the main UK markets that may be liquidated within a five-day trading period are included in the definition of liquid assets and free resetves." As of 31 December 2024, the value of the Society's holdings of liquid assets and free reserves amounted to £1,141,202. Restricted reserves at the year-end were £65,739. FUNDING AND RESULTS The results for the year are sel out in the attached financial ststements. Sales of current volumes during the year to 31 December 2024 lotalled £565,201 compared with £489,980 in the previous year. Total incoming resources amounted lo £987,92512023.' £874,974) which, after resources expended of £882,72812023.' £629,232), including a pen510n provision charge of £Nil12023. 1£34,27211, reSU￿ed in net incoming resources of £105,19712023.' £245,741) before investment gains and losses. Council has estsblished 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 exFX)sure to equities listed in the US, UK, Europe and to 8 lesser extent Japan and the Far East. The function of the Society's assets is to provide security for its continuing activities, lo provide for the development of future charitable activities and lo provide in perpeluily 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 £14,356,064 to £15,852,617 an increase of £1,496,553, due lo a nel investment of £664,341, coupled with unrealised gain of £832,212 on

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 revaluation. At the end of the year the Society had net assets of £16,828,916 compared with £15,891,507 at the end of the previous year. Plans for the future FUTURE DEVELOPMENTS The Council plans lo continue with all its activities outlined above in the forthcoming years i.e. the maintenance of ils awards for Travel Grants four times a year and in addition the award of grants for Research Sludentships ￿l¢e a year,. the fund allocated for these awards is reviewed annually. For 2025 the maximum limit for these awards was increased to £500 for Travel Grants and £5,500 for Research Sludentships. The current level of bursary awards to the Isaac Newton Institute remains the same. Three Research Fellowship grants for three-year tems were approved by Council to commence in 2024 and two Research Fellowships grants for Ihree-year terms were approved by Council lo commence in 2025. Further Research Fellowships are planned for both 2026 and 2027. Following a detailed review In 2024 of the level of the stipends awarded for Research Fellowships, it was agreed to increase the stipends for Research Fellowships from October 2025 onwards. Two more Post Graduate Sludentships have been approved lo commence in 2025 and considered for 2026. Nine public lectures are also confirmed for 2025 and nine are currently being planned for 2026 including a One-day meetings planned for March 2025, and two planned for 2026 and one in March 2027. The Council is also planning lo continue the publication of its journal Mathematical Proceedings six times a year. Biological Reviews continues lo be published as an online only publication having increased from four to six issues a year. No changes lo the Publishers of the journals are currently anticipated. New editorial procedures and So￿are to bring the editorial pro￿sseS of both journals up to dale have taken place and are ongoing. Digitisation of the back issues of both jOLJrnals is now complete back to 1923 and further digitisation of the remaining back issues lo 1819 is progressing. Again, modernisation and improvements in the promotion, production and editorial procedures of both journals will lake place in 2025. 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 lo continue all the activities outlined above for the longer temi. 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 ststements in accordan￿ with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo 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 stale 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.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent", slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls", prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in operation.

DoGUSign Envelope ID." A402880D4B9D4BD7.B1A6-207348090ED7 CAMBRIDGE PHILOSOPHICAL SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 So far as the Council members are aware, there is no relevant audit information of which the charity's aLJditors are unaware, and each Council member has taken steps that he or she ought lo have taken as Council Member in order lo make himself or herself aware of any relevant audit information and to establish that the charity's auditors are aware of that infomialion. The Council members are responsible for keeping proper accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities A¢1 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the goveming document. They a￿ also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregLJlarilies. This report was approved by the Council members on 20 October 2025 and signed on their behalf by.. Professor L Greer Date.. 24 October 2025

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024

We have audited the financial statements of Cambridge Philosophical Society for the year ended 31 December 2024 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:

have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 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 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.

8

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024

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

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.

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 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:

9

CAMBRIDGE PHILOSOPHICAL SOCIETY INDEPENDENT AUDITORS' REPORT TO THE COUNCIL MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024

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;

Tested journal entries to identify unusual transactions;

Assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policy were indicative of potential bias; and Investigated the rationale behind significant or unusual transactions.

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

Agreeing financial statement disclosures to underlying supporting documentation; Reviewing minutes of meetings of those charged with governance; Enquiring of management as to actual and potential litigation and claims.

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 guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-

Use of report

the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been

them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept 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

Date

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

10

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Investments
4
TOTAL
EXPENDITURE ON:
Raising funds - Investment management costs
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
Prior year adjustment
22
Total funds brought forward (as restated)
Total funds carried forward 31 December 2024		 Unrestricted
Funds
2024
£
41,150
565,201
379,137
985,488
61,451
819,009
880,460
105,028
832,121
937,150
(324)
936,826
15,803,352
23,000
15,826,352
16,763,177		 Restricted
Funds
2024
£
-
-
2,437
2,437
-
2,268
2,268
169
91
260
324
584
65,155
-
65,155
65,739		 Total
Funds
2024
£
41,150
565,201
381,574
987,925
61,451
821,277
882,728
105,197
832,212
937,410
-
937,410
15,868,507
23,000
15,891,507
16,828,916		 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
23,000
14,886,079
15,891,507

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

11

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

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
NET ASSETS
THE FUNDS OF THE CHARITY:
Restricted Funds
17
Unrestricted funds:
17
General fund
Designated funds
TOTAL CHARITY FUNDS		 2024
£
8,594
917,640
15,852,617
16,778,851
264,665
35,048
299,713
(249,648)
50,065
16,828,916
65,739
16,759,514
3,663
16,763,177
16,828,916		 2023
£
(as restated)
9,500
917,640
14,356,064
15,283,204
238,352
578,800
817,153
(208,849)
608,304
15,891,507
65,155
15,823,022
3,330
15,826,352
15,891,507

The financial statements were approved by the Council members on 20 October 2025 and signed on their behalf by:

Dr T K Carne Date

12

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
Note 2024 2023
£ £
Cash flows from operating activities:
Net cash (used in)/provided by operating activities 21 (258,364) (184,653)
Cash flows from investing activities:
Interest and dividends from investments 4 381,574 346,615
Purchase of furniture and equipment 13 (2,622) (4,116)
Proceeds from sale of investments 14 1,884,381 1,421,805
-
Proceeds from Investment redemption 189,553
Purchase of investments 14 (2,548,722) (1,960,578)
Net cash (used in)/provided by investing activities (285,389) (6,721)
Change in cash and cash equivalents in the year (543,752) (191,375)
Cash and cash equivalents at the beginning of the year 578,800 770,175
Cash and cash equivalents at the end of the year 35,048 578,800
Summary of the cash and cash equivalents
at the end of the reporting period
Cash at bank and in hand 35,048 578,800
35,048 578,800
----- End of picture text -----

13

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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. 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

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 and other assets held by the Society for their contribution to knowledge and culture. The assets 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

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Life members' subscriptions
Gift in kind - accommodation
Members' subscriptions &
donations		 Unrestricted
Funds
2024
£
11,301
3,449
26,400
41,150		 Restricted
Funds
2024
£
-
-
-
-		 Total
Funds
2024
£
11,301
3,449
26,400
41,150		 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

3. INCOME FROM CHARITABLE ACTIVITIES

Sales of journals
Royalties from journals		 Unrestricted
Funds
2024
£
359,631
205,570
565,201		 Restricted
Funds
2024
£
-
-
-		 Total
Funds
2024
£
359,631
205,570
565,201		 Unrestricted
Funds
2023
£
314,232
175,748
489,980		 Restricted
Funds
2023
£
-
-
-		 Total
Funds
2023
£
314,232
175,748
489,980

16

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. INCOME FROM INVESTMENTS

Dividends and interest (gross)
Bank deposit interest		 Unrestricted
Funds
2024
£
379,133
4
379,137		 Restricted
Funds
2024
£
2,437
-
2,437		 Total
Funds
2024
£
381,570
4
381,574		 Unrestricted
Funds
2023
£
344,414
1
344,415		 Restricted
Funds
2023
£
2,200
-
2,200		 Total
Funds
2023
£
346,614
1
346,615

5. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Investment management costs
Governance
Costs of sales of journals &
grant funding		 Staff
Costs
2024
£
-
194,111
24,237
218,348		 Other
Costs
2024
£
61,451
590,525
12,404
664,380		 Total
Costs
2024
£
61,451
784,636
36,641
882,728		 Staff
Costs
2023
£
-
135,488
16,917
152,405		 Other
Total
Costs
Costs
2023
2023
£
£
51,704
51,704
414,247
549,734
10,877
27,793
476,828
629,232

6. EXPENDITURE ON RAISING FUNDS - INVESTMENT MANAGEMENT COSTS

Investment management costs Unrestricted
Funds
2024
£
61,451		 Restricted
Funds
2024
£
-		 Total
Funds
2024
£
61,451		 Unrestricted
Funds
2023
£
51,704		 Restricted
Funds
2023
£
-		 Total
Funds
2023
£
51,704

17

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Grants to individuals (see note 9)
Printing and publication costs
Donations
Expenses of meetings, including honoraria
Expenses of special one day meetings
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
2024
£
£
£
394,654
-
394,654
-
109,233
109,233
-
-
-
13,625
4,120
17,745
-
10,103
10,103
24,870
7,520
32,390
129,172
39,059
168,231
9,536
2,884
12,420
10,335
3,125
13,460
-
-
-
28,134
8,507
36,641
20,271
6,129
26,400
630,597
190,680
821,277		 Total
2023
£
251,245
73,323
4,500
32,595
3,746
22,438
144,700
11,690
9,564
(30,467)
27,793
26,400
577,528

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
2024
£
Grants to individuals (see note 9)
394,654
Printing and publication costs
109,233
Donations
-
Expenses of meetings, incl. honoraria
15,477
Expenses of special one day meetings
10,103
Office costs
32,390
Wages and salaries
168,231
National insurance
12,420
Pension costs
13,460
Pension deficit release
-
Governance costs (see note 10)
36,641
Gifts in kind - rent payable
26,400
819,009		 Restricted
Funds
2024
£
-
-
-
2,268
-
-
-
-
-
-
-
-
2,268		 Total
Unrestricted
Funds
Funds
2024
2023
£
£
394,654
251,245
109,233
73,323
-
4,500
17,745
30,234
10,103
3,746
32,390
22,438
168,231
144,700
12,420
11,690
13,460
9,564
-
(30,467)
36,641
27,793
26,400
26,400
821,277
575,167		 Restricted
Funds
2023
£
-
-
-
2,361
-
-
-
-
-
-
-
-
2,361		 Total
Funds
2023
£
251,245
73,323
4,500
32,595
3,746
22,438
144,700
11,690
9,564
(30,467)
27,793
26,400
577,528

18

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. GRANTS TO INDIVIDUALS

GRANTS TO INDIVIDUALS
Research Grants
Travel Grants
Isaac Newton Institute Bursaries
Henslow Fellowships
Sedgwick Studentships
Total		 2024
£
135,457
26,959
(6,000)
191,168
47,070
394,654		 2023
£
62,840
13,525
4,000
157,268
13,612
251,245

Research grants are awarded to fund the scientific research of post graduate students. Grants awarded range between £500 and £5,500. During the year, 41 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 £500. During the year, 88 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, no bursaries were awarded.

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

Sedgwick Studentships are awarded to young Post Graduate students at the Anglia Ruskin University for three year terms. In 2024, the annual award for each Sedgwick Studentship was £24,023.

10. GOVERNANCE COSTS

. GOVERNANCE COSTS
Unrestricted
Funds
2024
£
Auditors' remuneration
7,000
Auditors' non audit fees
1,360
Office costs
4,044
Wages
21,005
National Insurance
1,551
Pension cost
1,681
Pension deficit provision release
36,641		 Total
Unrestricted
Funds
Funds
2024
2023
£
£
7,000
7,000
1,360
1,075
4,044
2,802
21,005
18,067
1,551
1,460
1,681
1,194
-
(3,804)
36,641
27,793
Total
Funds
2023
£
7,000
1,075
2,802
18,067
1,460
1,194
(3,804)
27,793

19

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
11. NET INCOME/(EXPENDITURE) 2024 2023
This is stated after charging: £ £
Depreciation of tangible fixed assets:
- owned by the charity 3,528 2,940
Auditors' remuneration 7,000 7,000
Auditors' other financial services 1,360 1,075
Pension costs 15,141 10,759
-
Pension deficit provision release (34,272)
----- End of picture text -----

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:		 189,237
13,970
15,141
-
218,347
No.
9		 162,768
13,150
10,759
(34,272)
152,405
No.
8

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

13. TANGIBLE FIXED ASSETS
Cost or valuation:
As at 1 January 2024
Additions
As at 31 December 2024
Depreciation:
As at 1 January 2024
Charge for the year
As at 31 December 2024
Net book value
As at 31 December 2024
As at 31 December 2023		 Heritage
assets
£
917,640
-
917,640
-
-
-
917,640
917,640		 £
equipment
Furniture and
9,500
8,594
30,063
3,528
26,535
38,656
2,622
36,034		 Total
£
953,674
2,622
956,296
26,535
3,528
30,063
926,234
927,140

Heritage assets represent books and other assets held by the Society for their contribution to knowledge and culture. The assets 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

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. FIXED ASSET INVESTMENTS

Movement in fixed asset listed investments
Fair Value at 1 January 2024
Additions
Disposals proceeds
Net gain/(loss) on revaluation
Fair value at 31 December 2024
Historical cost at 31 December 2024
Listed investments
Cash
Listed investments at fair value comprise:
UK
Overseas		 2024
£
14,356,064
2,548,722
(1,884,381)
832,212
15,852,617
11,232,420
15,932,026
(79,409)
15,852,617
2024
£
7,196,645
8,735,381
15,932,026		 2023
£
13,247,157
1,960,578
(1,611,358)
759,687
14,356,064
10,190,805
14,348,530
7,534
14,356,064
2023
£
6,859,807
7,488,723
14,348,530

Material investments

Details of material investments at the balance sheet date of 31 December 2024, represents more than 5% of the total portfolio, are as follows:

15. DEBTORS
Trade debtors
Prepayments and accrued income
VAT		 2024
£
-
2024
£
196,847
67,819
-
264,665		 2023
£
-
2023
£
153,893
76,575
7,885
238,352

21

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Taxation and social security
-
VAT
1,011
Other creditors
205,186
Accruals and deferred income
43,452
249,648
Deferred income brought forwarrd
18,507
Released in the year
(18,507)
Accrued in the year
18,989
Deferred income carried forward
18,989
Included in Accruals and deferred income above is income relating to the following year.
. SUMMARY OF FUND MOVEMENTS
At 1
January
Income
Expenditure
Transfers
Gains/
2024
(Losses)
£
£
£
£
£
(as restated)
Unrestricted funds
General Funds
15,823,022
985,488
(642,222)
(238,895)
832,121
Designated funds
Henslow Fund
-
-
(238,238)
238,238
-
William Bate Hardy
Prize Fund
3,330
-
-
333
-
Total unrestricted funds
15,826,352
985,488
(880,460)
(324)
832,121
Restricted funds
William Hopkins
Prize Fund
4,285
160
-
333
91
Sir Joseph Larmor's
Fund
250
9
-
(9)
-
G I Taylor Trust Fund
60,620
2,268
(2,268)
-
-
65,155
2,437
(2,268)
324
91
Total Funds
15,891,507
987,925
(882,728)
-
832,212		 2023
£
581
-
162,946
45,322
208,849
17,546
(17,546)
18,507
18,507
At 31
December
2024
£
16,759,514
-
3,663
16,763,177
4,869
250
60,620
65,739
16,828,916

17. SUMMARY OF FUND MOVEMENTS

22

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 £1,843 and by net current assets of £3,026.

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		 Unrestricted Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
926,234
-
926,234
15,850,774
1,843
15,852,617
235,817
63,896
299,713
(249,648)
-
(249,648)
16,763,177
65,739
16,828,916		 Total
Funds
2023
£
927,140
14,356,064
817,153
(208,849)
15,891,507

23

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 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 2024 was the Projected Unit method. The main assumptions were:

. past service
 . RPI + 2.5%
. future service
 . RPI + 2.8%
Rate of salary increases:
 . 5.7%, then CPI + 1.5%
Rate of increases in pensions in payment: based on yield curve rates with appropriate caps and
collars
Mortality:
Base table 106% of S4PMA for all males, 98% of S4PFA for
female members and 118% of S4DFA for female
dependants.
Future projected improvements CMI_2023
Long term rates of improvement 1.25%p.a.
Additional initial rate of improvement0.25%p.a.
Smoothing factor 7.0
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 64 for females
. deferred members 62 for males and 62 for females

24

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. PENSION COSTS (continued)

Assets:
Value of the assets as shown in the accounts		 Assets:
Value of the assets as shown in the accounts
The result of the valuation as at 31 July 2024 was: £000's
Active Members' service on or before 31 July 2024 220,878
Deferred Pensioners 238,081
Current Pensioners 412,067
Expenses 8,710
Value of Past Service Liability (a) 879,736
Market Value of Scheme's Assets (b) 918,252
Surplus/(Deficit)
(b) - (a)		 38,516
Funding Level
(b)/(a) x 100		 104%

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 11 April 2025 until 31 June 2025 only; the main rates are then payable from 1 August 2025 onwards:

SalarySacrifice Members SalarySacrifice Members Non Salary Sacrifice
Members		 Non Salary Sacrifice
Members
Active
Members		 Employers Active
Members		 Employers
% % % %
Pre-2013 Members paying
additional contributions
under Rule 45.6		 Nil 21.6(22.6) 8.5 13.1(14.1)
Other Pre-2013 Members Nil 18.4(19.6) 5.0 13.4(14.6)
Post-2013 Members Nil 9.9(10.6) 3.0 6.9(7.6)

31 July 2027, with interim funding updates at 31 July 2025 and 31 July 2026.

25

CAMBRIDGE PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 (2023: £nil). No expenses were paid to the council members during 2024 or 2023.

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		 2024
£
937,410
3,528
(832,212)
-
(381,574)
(26,314)
40,799
(258,364)		 2023
£
1,005,428
2,940
(759,687)
(40,317)
(346,615)
(45,526)
(877)
(184,653)

22. PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to Heritage assets previously excluded from the accounts. The financial impact of the introduction of the assets is to increase Heritage assets by £23,000 with a corresponding increase in General reserves.

26

CAMBRIDGE PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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 2023.

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 2023
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
14,821,497
15,826,352		 Restricted
Funds
2023
£
-
-
2,516
2,516
-
2,361
2,361
155
95
250
323
573
64,582
65,155		 Total
Funds
2023
(as restated)
£
38,379
489,980
346,615
874,974
51,704
577,528
629,232
245,740
759,687
1,005,428
-
1,005,428
14,886,079
15,891,507

27