## **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: 

- give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and 

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: 

- adequate accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. 

## **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 identified the laws and regulations applicable to the Charity through discussions with Council Members and other management; 

- We obtained an understanding of the legal and regulatory framework applicable to the Charity and how it is complying with that framework; 

- We obtained an understanding of the Charity's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance. 

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

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- Considering the internal controls in place to manage risks of fraud and non-compliance with laws and regulations. 

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**<br>**INCOME FROM:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Investments<br>4<br>**TOTAL**<br>**EXPENDITURE ON:**<br>Raising funds - Investment management costs<br>6<br>Charitable activities<br>7<br>**TOTAL**<br>5<br>**Net income/(expenditure) before**<br>**gains and losses on investments**<br>Net gains/(losses) on investments<br>14<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>17<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of funds**<br>**Total funds brought forward**<br>**Prior year adjustment**<br>22<br>**Total funds brought forward (as restated)**<br>**Total funds carried forward 31 December 2024**|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>41,150<br>565,201<br>379,137<br>985,488<br>61,451<br>819,009<br>880,460<br>105,028<br>832,121<br>937,150<br>(324)<br>936,826<br>15,803,352<br>23,000<br>15,826,352<br>16,763,177|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-<br>-<br>2,437<br>2,437<br>-<br>2,268<br>2,268<br>169<br>91<br>260<br>324<br>584<br>65,155<br>-<br>65,155<br>65,739|**Total**<br>**Funds**<br>**2024**<br>**£**<br>41,150<br>565,201<br>381,574<br>987,925<br>61,451<br>821,277<br>882,728<br>105,197<br>832,212<br>937,410<br>-<br>937,410<br>15,868,507<br>23,000<br>15,891,507<br>16,828,916|**Total**<br>**Funds**<br>**2023**<br>**£**<br>38,379<br>489,980<br>346,615|
|---|---|---|---|---|
|||||874,974|
|||||51,704<br>577,528|
|||||629,232|
|||||245,741<br>759,687|
|||||1,005,428<br>-|
|||||1,005,428<br>14,863,079<br>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<br>**FIXED ASSETS**<br>Tangible assets<br>13<br>Heritage assets<br>13<br>Investments<br>14<br>**CURRENT ASSETS**<br>Debtors<br>15<br>Cash at bank and in hand<br>**LIABILITIES**<br>Creditors: amounts falling due within one year<br>16<br>**NET CURRENT ASSETS**<br>**NET ASSETS**<br>**THE FUNDS OF THE CHARITY:**<br>Restricted Funds<br>17<br>Unrestricted funds:<br>17<br>General fund<br>Designated funds<br>**TOTAL CHARITY FUNDS**|**2024**<br>**£**<br>8,594<br>917,640<br>15,852,617<br>16,778,851<br>264,665<br>35,048<br>299,713<br>(249,648)<br>50,065<br>16,828,916<br>65,739<br>16,759,514<br>3,663<br>16,763,177<br>16,828,916|**2023**<br>**£**<br>**(as restated)**<br>9,500<br>917,640<br>14,356,064|
|---|---|---|
|||15,283,204|
|||238,352<br>578,800|
|||817,153<br>(208,849)|
|||608,304|
|||15,891,507<br>65,155<br>15,823,022<br>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 -----**<br>
Note 2024 2023<br>£ £<br>Cash flows from operating activities:<br>Net cash (used in)/provided by operating activities 21 (258,364) (184,653)<br>Cash flows from investing activities:<br>Interest and dividends from investments 4 381,574 346,615<br>Purchase of furniture and equipment 13 (2,622) (4,116)<br>Proceeds from sale of investments 14 1,884,381 1,421,805<br>-<br>Proceeds from Investment redemption 189,553<br>Purchase of investments 14 (2,548,722) (1,960,578)<br>Net cash (used in)/provided by investing activities (285,389) (6,721)<br>Change in cash and cash equivalents in the year (543,752) (191,375)<br>Cash and cash equivalents at the beginning of the year 578,800 770,175<br>Cash and cash equivalents at the end of the year 35,048 578,800<br>Summary of the cash and cash equivalents<br>at the end of the reporting period<br>Cash at bank and in hand 35,048 578,800<br>35,048 578,800<br>**----- End of picture text -----**<br>


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<br>Gift in kind - accommodation<br>Members' subscriptions &<br>donations|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>11,301<br>3,449<br>26,400<br>41,150|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>11,301<br>3,449<br>26,400<br>41,150|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>8,929<br>3,050<br>26,400<br>38,379|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2023**<br>**£**<br>8,929<br>3,050<br>26,400|
|---|---|---|---|---|---|---|
|||||||38,379|



## **3. INCOME FROM CHARITABLE ACTIVITIES** 

|Sales of journals<br>Royalties from journals|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>359,631<br>205,570<br>565,201|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>359,631<br>205,570<br>565,201|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>314,232<br>175,748<br>489,980|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2023**<br>**£**<br>314,232<br>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)<br>Bank deposit interest|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>379,133<br>4<br>379,137|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>2,437<br>-<br>2,437|**Total**<br>**Funds**<br>**2024**<br>**£**<br>381,570<br>4<br>381,574|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>344,414<br>1<br>344,415|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>2,200<br>-<br>2,200|**Total**<br>**Funds**<br>**2023**<br>**£**<br>346,614<br>1|
|---|---|---|---|---|---|---|
|||||||346,615|



## **5. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE** 

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



## **6. EXPENDITURE ON RAISING FUNDS - INVESTMENT MANAGEMENT COSTS** 

|Investment management costs|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>61,451|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>61,451|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>51,704|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-|**Total**<br>**Funds**<br>**2023**<br>**£**<br>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)<br>Printing and publication costs<br>Donations<br>Expenses of meetings, including honoraria<br>Expenses of special one day meetings<br>Office costs<br>Wages and salaries<br>National insurance<br>Pension costs<br>Pension deficit provision release<br>Governance costs (see note 10)<br>Gift in kind - accommodation costs|**Publications,**<br>**Grant**<br>**Lectures &**<br>**Total**<br>**funding**<br>**meetings**<br>**2024**<br>**£**<br>**£**<br>**£**<br>394,654<br>-<br>394,654<br>-<br>109,233<br>109,233<br>-<br>-<br>-<br>13,625<br>4,120<br>17,745<br>-<br>10,103<br>10,103<br>24,870<br>7,520<br>32,390<br>129,172<br>39,059<br>168,231<br>9,536<br>2,884<br>12,420<br>10,335<br>3,125<br>13,460<br>-<br>-<br>-<br>28,134<br>8,507<br>36,641<br>20,271<br>6,129<br>26,400<br>630,597<br>190,680<br>821,277|**Total**<br>**2023**<br>**£**<br>251,245<br>73,323<br>4,500<br>32,595<br>3,746<br>22,438<br>144,700<br>11,690<br>9,564<br>(30,467)<br>27,793<br>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**<br>**Funds**<br>**2024**<br>**£**<br>Grants to individuals (see note 9)<br>394,654<br>Printing and publication costs<br>109,233<br>Donations<br>-<br>Expenses of meetings, incl. honoraria<br>15,477<br>Expenses of special one day meetings<br>10,103<br>Office costs<br>32,390<br>Wages and salaries<br>168,231<br>National insurance<br>12,420<br>Pension costs<br>13,460<br>Pension deficit release<br>-<br>Governance costs (see note 10)<br>36,641<br>Gifts in kind - rent payable<br>26,400<br>819,009|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>2,268<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,268|**Total**<br>**Unrestricted**<br>**Funds**<br>**Funds**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>394,654<br>251,245<br>109,233<br>73,323<br>-<br>4,500<br>17,745<br>30,234<br>10,103<br>3,746<br>32,390<br>22,438<br>168,231<br>144,700<br>12,420<br>11,690<br>13,460<br>9,564<br>-<br>(30,467)<br>36,641<br>27,793<br>26,400<br>26,400<br>821,277<br>575,167|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>-<br>-<br>2,361<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,361|**Total**<br>**Funds**<br>**2023**<br>**£**<br>251,245<br>73,323<br>4,500<br>32,595<br>3,746<br>22,438<br>144,700<br>11,690<br>9,564<br>(30,467)<br>27,793<br>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<br>Travel Grants<br>Isaac Newton Institute Bursaries<br>Henslow Fellowships<br>Sedgwick Studentships<br>Total|**2024**<br>**£**<br>135,457<br>26,959<br>(6,000)<br>191,168<br>47,070<br>394,654|**2023**<br>**£**<br>62,840<br>13,525<br>4,000<br>157,268<br>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**<br>**Funds**<br>**2024**<br>**£**<br>Auditors' remuneration<br>7,000<br>Auditors' non audit fees<br>1,360<br>Office costs<br>4,044<br>Wages<br>21,005<br>National Insurance<br>1,551<br>Pension cost<br>1,681<br>Pension deficit provision release<br>36,641|**Total**<br>**Unrestricted**<br>**Funds**<br>**Funds**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>7,000<br>7,000<br>1,360<br>1,075<br>4,044<br>2,802<br>21,005<br>18,067<br>1,551<br>1,460<br>1,681<br>1,194<br>-<br>(3,804)<br>36,641<br>27,793|<br>**Total**<br>**Funds**<br>**2023**<br>**£**<br>7,000<br>1,075<br>2,802<br>18,067<br>1,460<br>1,194<br>(3,804)|
|||27,793|



19 



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


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


**12. ANALYSIS OF STAFF COSTS AND REMUNERATION TO KEY PERSONNEL** 

|Wages and salaries<br>Social security costs<br>Other pension costs<br>Pension deficit provision release<br>The average monthly number of employees during the year was as follows:|189,237<br>13,970<br>15,141<br>-<br>218,347<br>**No.**<br>9|162,768<br>13,150<br>10,759<br>(34,272)|
|---|---|---|
|||152,405<br>**No.**<br>8|



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

|**13. TANGIBLE FIXED ASSETS**<br>Cost or valuation:<br>As at 1 January 2024<br>Additions<br>As at 31 December 2024<br>Depreciation:<br>As at 1 January 2024<br>Charge for the year<br>As at 31 December 2024<br>Net book value<br>As at 31 December 2024<br>As at 31 December 2023|**Heritage**<br>**assets**<br>**£**<br>917,640<br>-<br>917,640<br>-<br>-<br>-<br>917,640<br>917,640|**£**<br>**equipment**<br>**Furniture and**<br>9,500<br>8,594<br>30,063<br>3,528<br>26,535<br>38,656<br>2,622<br>36,034|**Total**<br>**£**<br>953,674<br>2,622|
|---|---|---|---|
||||956,296<br>26,535<br>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**<br>Fair Value at 1 January 2024<br>Additions<br>Disposals proceeds<br>Net gain/(loss) on revaluation<br>Fair value at 31 December 2024<br>Historical cost at 31 December 2024<br>Listed investments<br>Cash<br>Listed investments at fair value comprise:<br>UK<br>Overseas|**2024**<br>**£**<br>14,356,064<br>2,548,722<br>(1,884,381)<br>832,212<br>15,852,617<br>11,232,420<br>15,932,026<br>(79,409)<br>15,852,617<br>**2024**<br>**£**<br>7,196,645<br>8,735,381<br>15,932,026|**2023**<br>**£**<br>13,247,157<br>1,960,578<br>(1,611,358)<br>759,687|
|---|---|---|
|||14,356,064<br>10,190,805<br>14,348,530<br>7,534|
|||14,356,064<br>**2023**<br>**£**<br>6,859,807<br>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**<br>Trade debtors<br>Prepayments and accrued income<br>VAT|**2024**<br>**£**<br>-<br>**2024**<br>**£**<br>196,847<br>67,819<br>-<br>264,665|**2023**<br>**£**<br>-<br>**2023**<br>**£**<br>153,893<br>76,575<br>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**<br>**2024**<br>**£**<br>Taxation and social security<br>-<br>VAT<br>1,011<br>Other creditors<br>205,186<br>Accruals and deferred income<br>43,452<br>249,648<br>Deferred income brought forwarrd<br>18,507<br>Released in the year<br>(18,507)<br>Accrued in the year<br>18,989<br>Deferred income carried forward<br>18,989<br>Included in Accruals and deferred income above is income relating to the following year.<br>**. SUMMARY OF FUND MOVEMENTS**<br>**At 1**<br>**January**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Gains/**<br>**2024**<br>**(Losses)**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**(as restated)**<br>**Unrestricted funds**<br>General Funds<br>15,823,022<br>985,488<br>(642,222)<br>(238,895)<br>832,121<br>**Designated funds**<br>Henslow Fund<br>-<br>-<br>(238,238)<br>238,238<br>-<br>William Bate Hardy<br>Prize Fund<br>3,330<br>-<br>-<br>333<br>-<br>**Total unrestricted funds**<br>15,826,352<br>985,488<br>(880,460)<br>(324)<br>832,121<br>**Restricted funds**<br>William Hopkins<br>Prize Fund<br>4,285<br>160<br>-<br>333<br>91<br>Sir Joseph Larmor's<br>Fund<br>250<br>9<br>-<br>(9)<br>-<br>G I Taylor Trust Fund<br>60,620<br>2,268<br>(2,268)<br>-<br>-<br>65,155<br>2,437<br>(2,268)<br>324<br>91<br>**Total Funds**<br>15,891,507<br>987,925<br>(882,728)<br>-<br>832,212|**2023**<br>**£**<br>581<br>-<br>162,946<br>45,322|
|---|---|
||208,849<br>17,546<br>(17,546)<br>18,507|
||18,507<br>**At 31**<br>**December**<br>**2024**<br>**£**<br>16,759,514<br>-<br>3,663|
||16,763,177|
||4,869<br>250<br>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<br>Fixed asset investments<br>Current assets<br>Creditors due within one year|**Unrestricted Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>926,234<br>-<br>926,234<br>15,850,774<br>1,843<br>15,852,617<br>235,817<br>63,896<br>299,713<br>(249,648)<br>-<br>(249,648)<br>16,763,177<br>65,739<br>16,828,916|**Total**<br>**Funds**<br>**2023**<br>**£**<br>927,140<br>14,356,064<br>817,153<br>(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<br>|. RPI + 2.5%|
|---|---|---|
|**.**|future service<br>|. RPI + 2.8%|
|Rate of salary increases:<br>||. 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:<br>Value of the assets as shown in the accounts|Assets:<br>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)<br>(b) - (a)|38,516|
|Funding Level<br>(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<br>Members|Non Salary Sacrifice<br>Members|
|---|---|---|---|---|
||Active<br>Members|Employers|Active<br>Members|Employers|
||%|%|%|%|
|Pre-2013 Members paying<br>additional contributions<br>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<br>Depreciation charges<br>Losses/(Gains) on investments<br>Movement on provision<br>Dividends and interest from investments<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash (used in)/provided by operating activities**|**2024**<br>**£**<br>937,410<br>3,528<br>(832,212)<br>-<br>(381,574)<br>(26,314)<br>40,799<br>(258,364)|**2023**<br>**£**<br>1,005,428<br>2,940<br>(759,687)<br>(40,317)<br>(346,615)<br>(45,526)<br>(877)<br>(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:**<br>Donations and legacies<br>Charitable activities<br>Investments<br>**TOTAL**<br>**EXPENDITURE ON:**<br>Raising funds<br>Charitable activities<br>**TOTAL**<br>**Net income/(expenditure) before**<br>**gains and losses on investments**<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of funds**<br>**Total funds brought forward at 1 January 2023**<br>**Total funds carried forward 31 December 2023**|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>38,379<br>489,980<br>344,099<br>872,458<br>51,704<br>575,167<br>626,872<br>245,586<br>759,592<br>1,005,178<br>(323)<br>1,004,855<br>14,821,497<br>15,826,352|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>-<br>2,516<br>2,516<br>-<br>2,361<br>2,361<br>155<br>95<br>250<br>323<br>573<br>64,582<br>65,155|**Total**<br>**Funds**<br>**2023**<br>**(as restated)**<br>**£**<br>38,379<br>489,980<br>346,615|
|---|---|---|---|
||||874,974|
||||51,704<br>577,528|
||||629,232|
||||245,740<br>759,687|
||||1,005,428<br>-|
||||1,005,428<br>14,886,079|
||||15,891,507|



27