la Annual Report & Financial Statements 2023 Royal Astronomical Society Royal Astronomical Society Senlorstaff Executwe Director.. Philip DkAmond Deputy Executi4E Director.. DrRobert Massey Council Memberswhoserved during 2023 Prof. Mike Edmund5lPresidenL Universtyofcardiffl Prof. Mike Lockwood (Prg￿dent-EleCtfrOM May2023, Unwersityof Readingl Reglstered and Prfncipal Offtce Burlington House Piccadil London W1J OBQ Drmandy BaileylSeniorSecrerary.A. until May2023 Open Universityl Drlo BarstowlCtsJncillor,A, Open University) DrNigel M Berman(fre3£u￿r, A, until September 2023) Prof. Mike Cruisellnterim Treasurer,A, frorn September2023, un￿e￿ItyOf Birmingham) DrAan CaylesslCouncillorAfrom May2023. Open Unwersity, retired) Prof. Phil CharleslCouncillor,A, until May2023, Universityof Souihamptonl Prof. AndrewCurtlslvic&P￿sldenL G, from May 2023, Unwer5ityof Edinburgh) Dr Hannah Dalglei5h ICouncillor,A, until May2023, Universtyof OxfordlArmagh Obserwatoryand Pknerariuml Prof. Stephen Eale51Wice P￿SIdent,￿ Universityof Cardiffl Drlmogen Gingell (Councillor G from May 2023, unp￿[SityOf Southamptonl Prof.lames Hammond1Secretary, G.from Mèy2023, Birkbeckcollegel DrOIMa Keenan Icouncillor, & ￿.￿g,sCo1Iege London) Prof. markLester(Se￿tary. G. until May2023,SeniorSecretaryfrom hAay2023, Unr￿rs1ty0f Leicesterl Dr Matthew Middleton IWice-Prèsiden(Afrom May2023, Unwerytyof Southamptr)nl Prof. Steven Miler (Councilbr, G, Universitycollege Londo DrAr%fjnd Parmar ICouncillor.A, until May2023, European spa￿￿￿encY) Prof Nick R￿1r￿On (Vice-President, G, Universityofcambrldgel Prof Ian Robson (ViCe-PreS￿enLA, until May2023, Un￿erSty0[ Edinburyh, STFCI Drla5mine Kaursandhulcouncillor, G, Un￿er￿ty Df LeI￿Ster) Prof. Camline Smith (Councillor, G, Natural Hi5toryMLJseuml Drcolin Snodgrass Icouncillor, G. until May2023, Universrtyof Edinburgh) DrAshleySpindlerlCounollor, A,from May2023, Universityof Hertfordshirel Mrs Patricia Tomkins ICouncillor,Al Drsheona Urquk￿rt(5ecretèry,A Open Univergty) Prof. cla￿ Watt(vi￿ PresidenL G, NorthLjMbr￿ University) Prof. DerekWard-Thompson Icouncillor, A,from May2023, Unwersiryofcentral Lancashirel Prof. Belinda Wilkes ICouncillor,A, Universityof Bristoll Prof. &lviaZ3nelC(yJnullor.& unversityco1￿ge London) Charityreglstratlon number 226545 Audltor Buzzacott LLP 130Wood Street London EC2V6DL Bankws HSBC Bank pk West End Corporate Banking Centre 70 Pall Mall London SW1Y5EZ Nationalwestminster Bank Silames'& PIc(adil￿Br3nch POBox2DG 208 Piccadil London SWI 9HE Investment managers Newton Investmentmanagement Ltd The BankofNewYorkMelbn Centre 160Queen Wictoria Street London EC4V4LA So11¢￿Or3 Brisiows 3 Lincoln'slnn Fiekls London WC2A 3AA Note." A ggnifies allareas ofastronomyand astrop￿￿'G.cOVerSge0Phy5￿, sokir-terre5tri31 physicsand planetarysciences. Contents Our Mission and Values From Our P￿sident Objectives sh￿ing K￿￿edge Our O￿aniSa￿on 17 Looking Forward Stsucture and GOve￿Th Fmancial Statements 31 ANNUALREPORT& F]NANCtALSTATEMENTS 3 Our Mission & Values Our Mission Statement The Royal Astronomical Society supports and connects astronomers and geophysicists, in the UK and globally, throughout their careers. We assist them to sustain and advance the rigorous scientific study of the origins and evolution of our own planet and the whole wider cosmos. We promote a better understanding ofthe relevance and value of our subjects throughoutall society, from inspiration for young people to advice to government. Ourvalues We are a supportive community We are passionately curious about the universe, and recognise the importance of mutual support in its study. We are custodians of the past, learning from the history of our sciences but looking to apply our knowledge for the future. We promote the need for vital research support, for appropriate collaboration and scrutiny, and forthe sharing of methods and results. We share our expertise in astronomy and geophysics We are a respected, independent, self-governing organisation, free to speak frankty on behalf of our members, the science and the profession. For over 200 years, we have been a credible, independent source of the latest scientific discoveries in the field. Within our resource limitations, we willingly prowde professional advice on all aspects of our subjects. We are an inclusive and welcoming Society We celebrate and encourage diversity, understanding that every individual is unique and recognising and appreciating our individual differences. We will provide an inclusive environment where every member of the Society is welcome and supported, and acts with respect to all other members. We play our role in understanding and protecting our environment We care aboutthe future of humanity, the sustainability of our planet and the impact of our activities. We seekto understand our role in the wider universe and use our knowledge and expertise to the benefit of humankind. 4 ANNUAL REPORT&F]NANC]ALSTATEMENTS Welcome From Our President It is a pleasure to introduce the Annual Report of the Royal Astronomical Soaetyfor 2023, and to start with Fellows of the Societywho were recognised in the 2023 New Year Honours list. CongratuLHtions to Prof Gillian Wright C8E, director of the UKAstronomy Technology Centre, Libbyjackson OBE, of the UK space Agency, Prof Terry Moore OBE ofthe University of Nottingham and Sir Brian May CBE. In 2023 the Society continued its excellent programme of scientific meetings, bringing a wide range of outstanding speakers to keep Fellows in touch with developments in their fields of interest. The hybrid format is a permanentfeature of these meetings. We have now changed the name of our OrdinarymeetingstoAand G Highlights, which we feel better describes the nature of these meetings. The National Astronomy Meeting in card￿thiS year was a great success. We were honoured to e the First Minister of Wales, the Rt Hon Mark Drakeford MS, give an inspirational welcome. He was and. I would suggest, a testamentto our work over characteristically on top of his brief, which perhaps manyyears, that what matters to us, also matters to cannot be said of all our political leaders. those in the corridors of power. In April Prof Gillian Wright was presented with the At our December Council meeting the Trustees Caroline Herschel Medal from the Royal Astronomical approved our strategy, which outlines objectives Society and the German Astronomical S(Kiety. The in fjve priority areas.. meeting the needs of our remonywas generousty hosted by Miguel Berger, members, education and oLrt￿aCh, library and the German Ambas5adorto the UK, at his London herr(age, publishing, and colL3boration with exterrkal home. Gillian is the first UKwinner of this medal, and partners. Work has already begun. At a seminar to it was a pleasure to congratulate her in person. mark the completion ofthe very successful outreach Towards the end of the year, we held the firstjohn programme RAS200, we heard howwe and our Brimn Memorial Lecture, honouring the esteemed partner organisations had benefitted. Whatwe have late Astronomer Royal for Scotland and tireless learned is already informing our outreach strategy. supporter of the RAS. The University of Glasgow In March 2024, afier many negotiations, I signed kindly hosted this fitting tribute tojohn's lifelong work an agreement that secL¢res our home in Burlington at the interface between astronomyand the arts. House on a 999-year lease. We now have stability, The Society continues to advocate on behalfof but also new responsibilities, including the upkeep of our communities. In September, the Parlhamentary the building, and enhanced outreach for our Society Science Innovation and Technology Committee and with our neighbours in Budington House, in the launched an inquiry into the potentral of UK future. Ourwork in this and in everything we do will Astronomy. The invitation to submit to the inquiry succeed on￿With the willing support of our Council, began with the words"Astronomy matiers because committees, the RAS staff and our Fellovv5. it seeks to answerfundamental questions about the Prof Michael G Edmund5 origins and evolution of the universe". It is gratifying President ofthe RA52023 ANNUALREPORT&FINANCTAL¥fATEMENTS Objectives The RAS exists to advance, and to record the history of, our understanding of the Earth, the solar system, the stars and galaxies, and the nature of the universe. It does this ty promoting astronomy and geophysics, interdisciplinary sciences that encompass and further our understanding of physics, chemistry, mathemati￿, biology, engineering and computer science to answer deep questions about the origin and fate of the cosmos, and people's place in it. Through this, the Societycontributes to the growth and dissemination of knowledge and thereby fulfils its charitable objective of serving the public interest. The Society refers to the Charity Commission's general guidance on Public Benefit when reviewing its aims and objectives and in planning future attivities. These disclosures comply wtth the Charities Act 2011. Our objectives for 2023 fell within two broad areas: advancing understanding and sharing knowledge. The organisation of the Society SUPPOrts these goals. During 2023, the RAS developed an overarching strategy for the next five years, and identified five key areas for development. The Societws principal objectlves are to: publish high-quality peer-reviewedjournals,. support students and early-career scientists through research fellowships and grants,. recognise achievement through medals and prizes; maintain high-quality research meetings, including the National Astronomy Meeting, and Public Lectures,. sustain our Library and Archwe service,. continue our political engagement., maintain our programme of education and outreach activty, including Friends of the RAS,. promote the work ofthe Society and Fellows in the media and on social media,. build our outreach workwith other Courtyard Societies. In 2023 the Society worked, In addition. on: supporting and developing the Ear￿ Career Network,. ensuring that the RA5 nurtLAres, supports and improves diversity and indusivitywithin its core community,. increasing both the engagement and satisfaction of our Fello reviewng the RAS and Norman Lockyer Fellowship Schemes with a view to ensuring maximum impacL increasing the involvement of Fellows in education and outreach activf(ies,' ensuring our subscription rates are fair, equitable and in line wth modern best practice., achiemng maximum impact from the library, archwe and object collertions, within available resources,. increasing the impact. reach and focus of our public engagement activities by prioritising events targeted at under-served comMUn￿les. ANNUAL REPORT& FINANCIALSTATEMETrirs Advancing Understandi TheJWST proved a powerful tool to explore dusty environments. such as the Ring tyebula discovered bywilliam Herschel ILS-JIY¢MNA*(Q.I w.¥ox.R Wewnj ADVANCING UNDERSTANDING Journals The Societysjournal portfolio consists of three peer-reviewed, 5cholarEy publications: month￿Notice5 ofthe RoJol AstronomicalSociety(MNRASJ, Geophysical Joumallntern(3tional(GJl) and RAS Techniques ondln5truments (RASTI). MNR45 is one of the workl's leading a5tronomyl0urna￿ and publishes articles in astronomy and astrophysics, including workwhich is observational, theoretical or concerned wrth astronomical instrumentstion and 50ftware. The MNRA5 edttorial board of 26 scientific editors continuesto be led by Prof David Flower as Editor-in-chief. In 2023 MNRAS received 5045 submissions, published 4241 papets, and had 5,324,975 downloads. Its two-year impact factorfor 2022 was 4.8. Gjlis an internationaliournal publishing primary research articles on all aspects of theoretical, computational, experimental, applied and observational geophysics. The Editor-in-chief, Profjoerg Renner leads an edtiorial board of 33 scientific editors. In 2023 GJI received 1152 submissions, published 617 papers, and had1,850,903 downloads. Its two-year impact factorfor 2022 was 2.8. The R￿,5 newestjournal, RA￿1, published it second volume in 2023. RASTI is broad in scope and encourage5 submission of papers that cover topics in both astronomy and geophysics, ranging from instrumentation, data science, machine learning, software, and numerical and statistical methods. The editorial board, led by Profjonathan Tennyson, consists of 15 academics appointed to ensure RASTI maintains the high editorial standards set by MNRAS and GJI. During 2023, RASTI received 73 submissions, published 56 articles and had 17,245 downloads. I threejournals are published in partnership with Oxford Unwersity Press (OUP). OUP will remain the Societys The RAS is committedto advancing understanding of our sciences by: Publishing journals Supporting scientists financialtywith fellowships and grants Organising scientific meetings Recognising excellence through awards Running a ￿brary and Archive for research Producing a magazine for our members Advocating forthe communfcywith government Promoting diversity in our community Supporting ear￿-(areer researchers publishing partner forthe next five years until the end of 2028. RA571is a fulwopen Access10A1 ttile which means authors pay an Article Processing Charge IAPCI for publication. The payment ofAPCs allows worldwide access to the schoL4rW research in RA5ri, removing barrErs to readership and reuse. MNRAS and Gjlcontinued to be published as'hybrid'journals during 2023 whereby OUP sells institutional subscriptions to thejournals, at the same time as offering optional OA publication. The transttion to fulw OAfor both MNRAS and GJI began on1 October 2023. AII papers accepted in late 2023, to be published in 2024volumes of MNRASand Below.'Ano>tlrepettting fosrrudiobur5twith J distinctivefrequen(y dmpreportedinmonth Notsce50fthe Royal stronomical society. f*2.*thetil..sentrwL ANNUAL REPORT& FINANCIALFfATEMENTS ADVANCING UNDERSTANDING GJI, were processed as OA papers with Creative Commons licences. Two part-time publishing managers manage the RASjournal team, and eight assistant editors oversee the administration of the peer review process. The peer review process on RASTI is provided by OUP. In April, the journal team, editors-in-chief and OUP presented their annual reports to the RAS Publications Management Committee. There was an increase injoumal marketing in 2023 to promote the move to OA. OUP organised marketing that included'why Publish?'webpages, Cal￿ for papers, online adverts, email campaigns, high-impact article collertions and booth5 at the American Astronomical Society, European Geophyscal Union and American Geophysical Union Conferences. The RAS also exhibited at the European Astronomical society Annual Meetirng and the International Union of Geodesy and Geophysics General Assembly. At the National Astronomy Meeting {NAMI at Cardiff Universf(y OUP promoted thejournal portfolio alongside the RAS. Also at NAM, thejournal team ran two workshops for early-career re*archers. In October, an online publishing workshop was held for early-career researchers from the Chinese Academyof Sciences. ThejournaE were actively promoted on the RAS social media pLarforms priMari￿onx I@RASJournaLs1, and supported author press releases with the RAS Communications Team. The wrtual collection series of the 100 most influential geophyscs papers published bythe Society published a further 10 collections of GJI papers selected bythe GJIeditors, with eadi collection introduced by different editors. The winner5 of the GJIStudentAward for the best paper by an earty career scientist were Lauren SAbrahams and Quentin Nicolas, who each received a ￿rtificate and cash prize. Further detaiL% on the RASjournals, the editors and editorial boards can be found on our website at ras.ac.ukljournals Research Fellowships and grants The grants, research fellowships and awards support research, education and outreach activities. 109 grants, fellowships and awards, totslling £252,511 Grant for iiistrtiilleiitation With a history of planetary exploracion now going back decades, there is aways pressure to make the most of the archive of data records. An RAS grant made it possible for PhD studenr George Xystouris of Lancaster University to v￿lt the Laboratory forAtmospheric and Space Physics ILASPI in Boulder, Colorado from September to December 2023 in order to reanalyse, recalibrate, and archive data from Voyager 2 Plasma Science IPLSI experimer)t for Uranus and Neptune. Voyager PLS data from the Jupiter flybys in1979 had already been recalibrated and the project inVo￿ed applying a similar process forthe outer pL4nets. The visit allowed George to work with researchers who had been involved in building the PLS and in working on the software during and after the flybys, gaining valuable insights,. he plans to publish the methodology and results. ANNUAL REPORT& FtNANCIALSTATEMENTS 9 ADVANCINGUNDERSTANDING 12022- £178,412}were awarded to institutions and 37 grants, medals and awards totalling £20,68312022- £28,066) were made to individuals. Expenditure supporting an RAS Research Fellowship totalled £35,36512022- £32.0001. The 2023 Norman Lockyer Fellowship totalled £57,000. Adjustments to other grants resulted in credits to expenditure totalling £21,76812022- £54,180}. Afull list of all grartses and analysis can be found on the Societys web51te. THE RAS AWARDED £252.5111N GRANTS, FELLOWSHIPS &AWARDS TO INSTITUTIONS contribution of non-merger prOCe￿e5 to supermassive black hole growth,. Scientific meetings The Society held 15 Specialist Discussion Meetings in 2023, attended by1012 people, 4496 in person and 56116 online. Abiotic baselines in astrobiology New generation multl-dlmensional (2D13D) and multl-scale modelling of solar flares," from reconnection to particle energisation and beyond Towards a consistent and coherent strategyfor RAS outreach. engagement and educatlon artivities Harvesting spectroscopic and time series data with machine learning and artificial intelligen Solar control of energytransport and deposition in the terrestrial magnetosphere-ionosphere system Evidence for supermassive black hole binaries Understanding solar system evolution Using outer solar system Samples Radio frequency systems in astronomy, space science and ionospheric physics Impart Earthl protecting the UK and further afield from impacts by near Earth objects Geomagnetic twin satellites MSS-1: progress and future plans Exploring a High-resolution Stabili5ed SpectroscopyTele5cope Network New eyes on the cold universe.. star formation In the Milkyway and beyond in the era ofJWST and ALMA Coronal Condensatio￿ formation, evolution, and energytransport Science opportunities enabled by next-generation gravitstional-wave obserrfatories Halfway for Halley. Current and future horizons in cometary science The Norman Lockyer Research Fellowship In 2023 the Norman Lockyer Research Fellowship was awarded to Dr Christopher Osborne (University of Glasgow) to work on'unifwng Solar Non-Equilibrium Radiatwe Transfer and Magnetohydrodynamic Models,. Below.. A4eteoritesand otherprtstsne5(Fffjple5fr(Nn theotstersol0r5￿￿rnWere thefvcustsf05peod￿¢ L)iSc￿lOnMee¢1￿9 {TheTN5teE5￿theN*LY4MIawY kluswmi The RAS Research Fellowship The RAS Fellowship wa5 held by Dr Rebecca Smethurst {University of Oxford), working on'co-evolution cracked.. the 10 ANNUALREPQRT& FINANCIALSTATEMENTS ADVANCING UNDEFt5TANDING Highlights Meetings The RAS held five Ordinary Meetings fromjanuary until May, from October rhe name forthese meebngs changed to A&G Highlights Meetingsforthe remaining three of the year. 1165 people attended over the year, 43% in person and 57% online. The following presented at the meetings.. Profjoop Schaye (Leiden Universtyi Cosmological simulations of galaxy ft)rmation- RA5 GroupAward Prof Alan Fitzslmmons (Queen's University Belfast) Small body impacts across the galaxy- George Darwin Lecture Prof Eleri Pryce IAberystwyth Unwersity} Extending astronomy outreach through Eisteddfodau in Wales Prof Andy Newsam IDverpoolJohn Moores University) Access to the unwerse for all DrAshley King {UK Fireball Allkince, Natural History Museum}The fall, recovery, and ana￿S15 of the Winchcombe Meteorite- RAS Group Award Dryuan-sen Tlng IAustralian National ADove.'Muttifftes5enger ostronomycamerothe[ore ataSpecKFlistDscussN)rt Meebngcntheseorthfvr stJpenn05&vebluckhok binuTie5114AWTun*in Universiiyl From high-redshift precursors to present-day galaxies: a new frontier in astronomy with graph neural networks Dr Nicholeen Vlall (NASAIGoddard Space Flight CenterlThe grand challenge questions of solar wind physics Dr Mark Clampin1Science Mission Directorate, NASA) Overview of the NASA Astrophysics Program Prof Rhodri Davles Wustralian National University) Linkn'ng intra-plate volcanism to under￿.ng mantle dynamics- Harold Jeffreys Lecture 2021 Prof Mike Edmunds {University of Cardifn The mechanical universe- the 2023 Presdential Address DrTim Lichtenberg IETH Zurich) Molten exoplanets as a window into the earliest Earth- Winton Award Dr OliverAllanson (University of Exeter) Understanding the Earth's radiation belts.. our local, superscale, relativistic particle accelerator- FowlerAward DrAnnelies Mortier (Universty of Birmingham) Weighing exoplanets through a telescope network Dr Beatriz Sanchez-cano (Universty of ANNUALREPORT&FINANCL4LSTATEMENTS 11 ADVANCING UNDERSTANDING Leicesterl Mars, ionosphere.. from our current knowledge to the future of Mars exploration- Fowler Award Dr Elizabeth Watkins Iuniversity of Manchester) Characterising superbubble populations and their energetics in nearby gaLaxies usingJWST I and ALMA Prof Marlna Galand Ilmperial College Londonl Revealing plasma interactions under auroral skies in the solar 5yStem- James Dungey Lectureship Dr Daniel Belteki (Science Museum) The making of an observatory. the earfy years of the Cambridge Observatory- RAS DiaryTalk Prof Rob Fender and Prof Ian Heywood (University of Oxford) MeerKAT- RAS GroupAward Dr David Hosking (Princeton Centerfor Theoretical Studies/Gonville & Caius College, Cambridge)Are cosmic voids filled with reconnerting magnetic fields from the ear￿ universe?_ Michael Penston ThesL5 Prize Above.. The20235roup AchievementAbtrordwent t0lhemeerK4T￿n5ortIum DuthIfrKanRadioA5troY 2023 Medals and Awards Gold Medal Sn Astronomy Profjohn Peacock, University of Edinburgh Gold Medal in Geophysics Prof Timothy N Palmer, University of Oxford Herschel Medal Prof Heino Falcke (Radboud University, the Netherlands, and Max PLHnck Institute ft)r Radio Astronory ir) Bonn, Germany) Eddington Medal Dr Monika Moscibrodzka (Radboud University, the Netherlands) Chapman Medal Prof NichoLasAchilleos (University College London) Price Medal Dr Rhianjones {Unwersityof Manchester, UK) Jackson-Gwilt Medal Prof Roberto Abraham (University of Toronto, Canada} and Prof Pietervan Dokkum (Yale UnNers1ty, USA) Agnes Mary Clerke Medal Profjim Bennett ILinacre College, Oxford) Annie Maunder Medal Black In ￿trO team led by Ashley Walker.. Caprice Phillips, Dr Ronald Gamblejr, AJ Linl Esq., Keshawn Ivory, Cheyenne Polius, Obs¢wwNRAO National Astronomy Meeting 2023 The National Astronomy Meeting held with meetings of UK Solar Physics and MISTatthe Univergity of Cardiff had one of the largest attendances in its history. Some 920 people attended overthe weel th 120 taking part online,. thavs more than 650 people regIste￿d each day. The meeting had specialist sessions grouped into themes, each spread overtwo days, under the broad banner of'origins,. There were also a range of plenary lectures from distinguished speakers, including Richard Mushotzky of the University of Maryland, winner of the 2022 American Astronomical society Henry Norris Russell prize. Regular NAM features included community lunches, poster piizes and the conference dinner celebrating the wnners of RAS Meda15 and Awards. THE NATIONAL ASTRONOMY MEETING HADONEOF THE LARGEST ArrENDANCES IN ITS HISTORY 12 ANNUAL REPORT& F]NANCtALSTATEMENTS ADVANaNG UNDERSTANDING Bryné Hadnott, Dakotah TY￿r, Robert Washington III and Naia BLrtler-Craig Primary Education Award Inga Helmecke (Europa School UKI Secondary Education Award Dr David Boyce (Uppingham School, Uppinghaml Higher Education Award Dr Ravindra T Desai Ilmperial College, London) Award for Service in Astronomy Charles Barc Winton Award IAstronory) Dr Alexandra Amon {University of Cambridge} Winton Award {Geophysics) Dr Ravindra T Desai Ilmperial College, London) FowlerAward (Astronomy) Dr Christopher Berry (University of Glasgow) FowlerAward (Geophysics) Dr Oliver Allanson Iuniversity of Exeterl Group Achievement Award {Astronomy} The MeerKATteam James Dungey Lerture Prof Marina Galand Ilmperial College, London, UK) George Darwin Lecture Dr Dominic Bowman IKU Leuven, the Netherlands) Honorary Fellow5 Prof Erik Hog INiels Bohr Insbtute, Copenhagen, Denmarkl,. Dr Premana Premadi (Director of the 8os5cha Observatoryand Bandung Institute of Technology, Indonesial,. Dr Rita Sambruna (NASA Goddard Space Flight Center, USA) The new prize was launched in 2021 by the UK Government in honour of former German ChancellorAngela Merkel. It commemorates astronomer Caroline Herschel11750-18281, who, with her brotherwilliam, revised and great improved catalogues of stars, clusters and nebulae, and herse￿disCOvered eight comets. The medal recognises both her legacy and the deep and endLJring scienttfic links between Germaryand the UK. The award recognises outstanding research by women astrophysicists and is awarded in Germanyand the UK in alternate years. Student Prizes The RAS awards prizes for the best PhD theses submitted during 2022 in the fields of astronomy and astrophysics (the Michael Penston Prize), geophysics and planetary science (the Keith Runcom Prize), and instrumentation (the Patricia Tomkins Prize). There is also an annual Patricia Tomkins Prize for undergraduate work in instrumentab'on. Dr David Hosktng IPrinceton Universty, USAI won the Michael Penston Prize for 8elow.'ProfGillA7n Wrigh¢ rewienioAtheCorolirte HerSchelmedgl￿Asl laird V4EL 41¢.- The Caroline Herschel Medal The Caroline Herschel Medal was awarded to Prof Gillian Wright CBE FRSE, long- Standing European Principal Investigator of the Mid-lnfrared Instrument IMIRII ontheJWSTand directorofthe UK AstronomyTechnology Centre in Edinburgh. Prof Wright, the first UK recipient of the award, received the medal and citstion in a ceremonyon 13April 2023 at the residence ofthe German Ambassador, Miguel Berger. NNUAL REPORT&FINANC]￿$TATEMENTs 13 ADVANCINGUNDERSTANDING Unde￿radUate bursaries Iuniversty of Leeds) was the runner-up for Analysis of Mantle Heterogenefcy through Arrayobservations of Muitipathing and its Expansion to a Global Scale,. Dr Daniel Mortimerluniversity of Exeter) won the Patricia Tomkins Thesis Prize for his University of Cambridge I thess'.'Designing a beam combiner I forfaint limiting magnitudes in optlC31 interferometry. In addition, the Patricia Tomkirns Undergraduate Prize was awarded in 2023. Brad Lewis of Lwerpooljohn Moores Universitywon the award for his work creating a system to characterise atmospheric turbulence dose to ground level, for the New Robotic Telescope. The RAS funds research placements of 6-8 weeks for undergraduates, gwing them hands-on experience of research and the necessary technical skil&. The 13 projects this year included.. mapping the cosmic web using 55000 galaxies at the University of Nottingham,. tracking differences between solar cycles,. simulating structure above sunspots,. modelling strurture within flares,. simulating accretion disks around black holes,- studying the contribution of women to 17th century astronomical calendars and almanacks,. a search for images of a low surface-brightness stellar stream,. experimenting with ways to overcome radio frequency interference,. measurement of remanent magnetism in rocks form during a possble geomagnetsc reversal,. the Brazilian branch of the Liverpool tronomical Society,. the role of modest ground-based telescope5 in asteroseismology,. and composing music forthe game Astera Evolution, based on the Astera gaLaxysimulation project. Comments from the students focused on the value of practical experience with both astrornomical and geophysical data, but also thi software and coding- and of their positsve experience of the skills needed for the ￿searCh environment. TheRAShÉlpedtofurJQ L*ecompos,'Iionol musicforthegomeAsremEvoluoon Library and archives Library research vigts to consult the Societys archives, photographs, book andjournal co15ections are back at pre- pandemic levels, wth 107 visits ty Fellows and Friends of the RAS and 79 by external researchers. Library staff handled 173 research enquiries remotety. 2023 sawthe publication ofa book chapter on some of the oldest books in the RA5 Library collection.. Prosser, S120231."Chapter10 An A5tronomerfs Incunabula.. The Library of Edmond Herbert Grove-4ills". In Spotlights on Incunabula. Leiden, The Netherlands: Brill. doi.org110.116319789004681378_012 his thesis at the Unwersityof Oxford: The decayof MHD turbulence and the primordial origin of magnetic fields in cosmicvoidg. Runners-up were Dr Nora Eisner{Universityof OxFordl for'People Powered Planet Hunting with TESS, and DrAndrew Mummery (also Oxford) forTidal Disruption Events wth a Time DependentTheory of RelatlV15tic Accretion Di5ks'. Dr Peter Stephenson Iunwergty of Arizonal won the Keirh Runcorn Thesis Prize for his Imperial College thesis entitled. Origin, evolution and impact of electrons at comet 69P'. Drjames Ward Our membership magazine A&G continued to share news of scientific progress, outreach, achievements and awards- with some 200 news items over the year- and a more in-depth exploration of current research with 42 longer feature articles, including reports from RAS Specialist Discussion Meetings and the National Astronomy Meeting in Cardiff. A total of174,364 downloads demonstrates the wdespread online engagement 14 ANNUAL REPORT& FINANCIALSTATEMENTS ADVANCING UNDERSTANDING Norking for diversity WEWERE DELIGHTED TO HAVE AN ARTICLE FROM OUR OLDEST AUTHOR... SO FARI Findiiig radfo traiisients VIKL with the magazine. Highlights include an in-depth exploration of Betelgeuse, a starthat has been especialty variable of late, a taste of the explorarion of Mercury by the Bepi-colombo mission from our outgoing president, and discussion of the transition of all ourjournals to Open Access pUbl￿h1￿9. We were also delighted to have an article from our oldest author so far. in 2023 Prof Franas Graham-smith celebrated his 100th birthdayand gave A&G his account of pulsar science, from the first detections through to current observations and the future. It's a treat to hear from someone whose career has been atthe centre of things and whose interests remain current. That his overview sat alongside an appeal to ensure better monitoring of the pulsars and other radio transients thatwill be discovered bythe next generation of radio telescopes gives a snapshot of the breadth of research interests among the RAS Fellowship. Last but not leasi, the Editor thanks Fellows for their readiness to write forthe maga2ine and share their work across the Society,. the whole RAS network benefits. Political engagement The Society continLJes irs work in public policy, initially addressing the delayed association to Horizon Europe, which eventually took place in September. We welcomed the agreemenL which meant that UK research groups could apply for European Research Fund support fromjanuary 2024. The Society submitted written emdence to the House of Lords Science and Technology Committee inquiry into ￿ght Pollutior) and Human Heakh and to the Commons Science and Technology Committee inquiry into UKAstronomy. Light pollution continued to be an area of concern. The Society gave evidence to a Greater London Assemb￿ Enmronment Committee inquiring into light and noise pollution. The Mayor of London later refused planning permission for the MSG Sphere, a large and intemally illuminated dome-5haped entertainmentvenue in the Olympic Park area. The Society provides the secretariat for the All-Paty Parliamentary Group for Dark Sknes, and hosted a meeting ANNUALREPORT&FIMANCtALsfATf MENTS 15 ADVANCING UNDERSTANDING in October with specialists from Buglife and the Unwersity of Plymouth (covering the impact of light pollution on marine lifel. At the instigation of the RAS, group members wrote to ministers regarding protection of dark skies in planning policy and supported an Earw Day Motion on International Dark Sky Week. The co-chair 15ir Peter Bottomley MPI also wrote on our behalf to Steve Reed MP, the new Shadow Secretary of State for the Department of Environment, Food and Rural Affairs. In January the Society convened a one- dayconference with the UK Space Agency on this topic, with speakers from the Agency, the Departmentfor Scienc¢ Innovabon and Technology, Oneweb, Ofcom and CPRE. The RAS continues as a contributing member of the International Astronomical Union Centre for the Protection of the Dark and Quiet Styfrom Satellite ConstelL3tion Interference, wth representation in its Policy Hub. Working with the IAU, we successfulW lobbied the UK delegation to the G7 Science and Technology Ministerfs summit in Sendai to endorse a statemeni that recogni5ed space sustainability including dark and quiet skies. InJuly the Society a5S4Sted with the drafting of and signed the Memorandum of Principles for the new Earth Space Sustainability Initiatwe. TRAINING FOR RAS STAFF IN 2023 INCLUDED BRITISH SIGN LANGUAGE AND DEAF AWARENESS been contracted. The Chairwill share the commrttee's work th Fellows through regular reports inA&G. Training for RAS staff in 2023 included British Sign Language and deaf awa￿neSS staff have also gwen allyship training for the Science and Technology Facilities Council and Lancaster unive￿ity, and dwersity talks for ESTEC, ESA and MIST. The RAS is once again working wth the Institute of Physics and the Royal Society of Chemistryto support LG￿+ scientists. The Society is also now a member of the Business Disability Forum and the Forum forthe Tackling of Bullying and Hara￿rnent. Early Career Network At the National Astronomy Meeting in Cardiff, the Ear￿ Career Network Committee organised a career panel, exploring the different opportunities open to those starting out on careers in astronomy and geophysics. Exemplifying academic career paths, two of the panellists were Rebecca Bowler, at the Unwersity of Manchester, and Tana Joseph, at the University of Amsterdam. From industrywere Tim Waskett, who does statistical research for Liverpool FC and David Nutterof EDF. Afterall ofthe panellists had introduced themselves, there was a question-and-answersession, allowing attendees to seekthe panel's advice on the COU￿ of their careers. For many eady-career researchers who started during the pandemic, there have been limited opportunities to meet others in their position, and to forge the connectionswhich will sustain them throughouttheir careers. Forthat reason, also at NAM, the Committee hosted a networking lunch, which enabled ECRS to establish new relationships, and succe5sfulty elicited many questions and much discusson. Diversity Aworking group was fom)ed in order to create actions and recommendations based on the report and data collected in 2021 on Bullying and hara￿rnent in astronomy and geophysics. A report including actions and recommendations is in preparation. A new Chairwas appointed to the R Commrttee on Dwersity in Astronomy and Geophysics and a part-time Equality, Diversty and Inclusion 5UPPOrt offI￿r has 16 NNNUALREPORT& FINANCtALSTATEMENTS Sharing Knowledge -, I Prof. Sanne Cottaar P., hi9hlighted work on the Earth's core in the Haroldjeffreys Lecture. one ofthe RAS nam¢d.4 lectureships awarded SHARING KNOWLEDGE Education and outreach events The RASreach event for science communicators took place at Glasgow scien￿ Centre eady in 2023 with 60 people attending in person and morethan 300taking partonline. RAS staff delivered Connecting the Dots constellation workshops to mark British Science Week, for the Courtyard Societie Coronats'on Late event on the eve of the King's coronation in May, during the Open House event in September and in partnership with Westyorkshire Astronomy Society in November,. more than 200 people built electrical circuits initially inspired bythe theme of British scien￿ Week- that lit up constellations depicted in Urania's Mirror, a gem from the RAS archives. School visits continued, with more than 1000 children participating in assemblies about space across primary schools, and approximatety100 participating in workshops about space and careers in secondaryschools. In addition, a Wodd Space Week primary event took place in Blackburn with an assemblyfor 300 secondary school students and an The Society disseminates knowledge to students, the press and the wider public by.. Organising education and outreach event5 Arranging a programme of Public Lectures Exploiting the resources of the Library and Archwes Promoting research in the media and social media Supporting the Friends of the RA5 Working with specialist partners through RAS200 Working with the Coutyard Sooeties as a cu￿Ural hub online S￿$10n wth 40 children at a school in Ghana, Africa. Staff are teaching GCSE Astronomy in schools in London and northwest England, with 30 students planning to take the exam in 2024. Aday-long Iwestream in partnership with Northumbria Universityand the University of Leicester proved to be so successfijl thatthe same team ran another session a few days later, to indude the most-UP- to-date observations. During'Eyeing the Ionosphere,, the team of researchers shared their live observations as NASAS Juno spacecraft passed behindjupiter, and their obseNations ofjupiterwth theJWST. 150 peoplejoined the livestream over two days and there have been more than 1000 views on the RASYouTube channel. RAS staff supported education and outreach events associated with the N3tional Astronomy Meeting in Cardiff, including the Celebratson Space Community event and the Astro Pop-up stall in St David's Dewi Sant shopping centre, wth artivities and a Space Quest scavenger hunt for12 space posters. The RAS has also initiated a partnership programme with STEM Ambassadors to recognise the outreach undertaken by our members. Almost 300 Fellows are now registered wth us as STEM Amb￿sadOr5. Ab()liE'AnRN.SP{Iblic lectLITeconsiderÉdbvlKJt JWSTi5tellingu5olJo¢rtthe soIGrg5tsrn Th5i50fflVST imo9eofEurtrpJiNIs4ESKK I f Public lectures The Society presented seven public lectures during 2023, offering in-person and online options and movingthrough Above.'PowerfulX.royemis5ionbv05 d￿cOveredfr0￿}q￿￿strrj1l44byreseatr[hersComblnI￿9 dattrfromfotsrspoce-bosedob5ervoror￿5, andrep0rtingih￿rTeS￿tsfftMOnthIY Nou￿9f the Royalklronomical Souety. IESWAM4kntmlDrEfkis￿Mrnu￿) 18 ANNUALREPORT& FtNANCIALSTATEMENTS SHARING KNOWLEDGE the year back to lunchtime and evening presentations.1313 people allended in total., 2696 in person and 74% online. The public lectures have so far been viewed more than 4000 times on the RAS YouTube channel. Markwrigley Education and disruption: outreach, telescopes, tinkering and gumption. Jennffer G A Donohue Rebooting and hacking space ageing in exploration using the'space Age Pathways.. Dr Alexandra Amon Unveiling the dark universe with the Dark Energy Survey {Caroline Herschel Prize Lecture). Dr Robert MasseyAcluttered and noisy sky Dr Iris van Zelst Venus.. cloudywith a chance of earthquakes Prof Haley Gomez Ashes to ashes, dustto dust.. a search forthe stolen starlight Dr Naomi Rowe-Gumey Our solar $Y￿eM from JWST. The firsttwo years Rlght.'SurprLfingtyred NeptUnKTn Troionswere thesubJectofonR45press rthisemmorch. bc7sed onre5eorchpublishedin MonthlyNoticesofthe RoyalA5tronomical Society. children's'connecting the Dots, activity sessions, and 11 iours attended ty 267 people. We had more visitr)rs in one day than during the nine-day series of events that took place in 2022. Spectrum Drama aclors playing the roles of Caroline Herschel and Isaac Newton were complemented by speci31 library display5. the RAS bicentenary quilt, and tours led by staff and Open House volunteers. A replica of the Pearson Orrery made by Peter Rigby and recently donated by him to the RAS was on display. Funding school astronomy in rural India RAS grantfunding and distributed te1￿CopeS supported astronomy to all the schools involved. in schools in rural East They trained teachers and Rukum, India. A£tronory some of the students to workshops and an observing use the telescopes and left session in October 2023 each school with a video took'astro-kits'to students tutorial and more astro- from 12 local schools. Local kit equiprnent. The team communities were also reached 2000 people- aged involved. The team led berween 13 and 50- from from Pokhara Astronomical varied geographical and Society demonstrated ethnic backgrounds, 10096 the use of clinometers, ofwhom were excited about sundials, Star wheels and having a telescope in their star Cloc￿ in the astro-kits, local school. John Brown Mernorial Lecture The Society held the inauguraljohn Brown Memorial Lerture, hosted bythe University of Gthgow, celebrating the life and work of Astronomer Royal for ScotLand, Profjohn Brown. Prof Randall Stevenson of the Unwersty of Edinburgh spoke on'celestial visitants- comets and culture in the 19th centuryand beyond,, focusing on the extraordinary number of striknng comet5 and their impact in wider culture. including the writings of Thomas Hardy. Poet Rab Wilson, co-author with Brown of the book'our Big Braw Cosmos, also addressed the audience of colleagues, friend5 and fami￿ of the late professor. Library and Archive outreach This year we returned 10 the single-day format forthe annual Open House event. On Saturday16 September, Burlington House was open to the public with four ANNUALREPORT&FINANCJALsfATEMENTS 19 SHARING KNOWLEDGE ,"ri JI ', I IllJ•&, I, I￿ If, 11 We hosted a further416 visitors during 13 group Msits and other library-centred events, rangir)g from Open Age and RA5200 project partners, to children and families tskn'ng part in British Science Week and the Coronation Courtyard Late in May. As in premousyears, display5 of archive and rare book materials suggesied by Fellows and visiting speakers were put togetherto complement public lectures, Specialist Discussion Meetings, A&G Highlights talks and other scientsfic conferences. Library and archive-related events which took place offsite included exhibiting a letter by Georges Lemaitre during a letture tyThom3s Hertog at the Royal Lnstitution, and displaying the RAS BicentenaryQuilt at the Royal Societys Above." ForOpenHou5e 2023,stofffvthCoroline Her5cheland15wcN&vt fromSpectrumDramtr) Ekomgd>isitorsto Burtill9ton Hou5ebvith childrens(7ttwitie&LibrGry thsploysondtheR45 8icentenoryQuik.w) Space Late. Lectures on the Herschel archives were delwered to astronomical societies in Milton Keynes and Luton, and onlinetothe Open University spa￿ Society. The team behind the popuLir 'ObjectivityYouTube channel returned to make additional videos about interesting objects in the collections. Videos released so far this year featurejohn Ru￿ell'S Selenographia and pastel drawings ofthe Moon, works ty Galileo Galilei, and the RAS Bicentenary Quilt (the full plaOist is available here: tinyurl.com13cea6umS1 We provided a Iwe display of relevant library and archive material to support 'Eyeing the Ionosphere a six-hour observation ofjupiter usingjuno and ZD ANNUALREPORT&FINANCIALSTATEMENTS SHARING KNOWLEDGE JWST. We included some of the earliest drawings of the Great Red Spoi and diagram5 ofjupiter and its four brightest satellites in Galileo Galilei's 5idereus Nuncius Itinyurl.corn/y7rrypcv}. There were 275 attendees during the livestream, and the YouTube recording has been seen over 500 times so far. Sharing STEM enthusiasm through astronomy The RAS supported STEM from university students who education in South Africa were theMSe￿e5 graduates through grantfunding for of ￿P￿s summer schools the MPASS Summer School in Ihe pasi. The grant for high school students in supported catering and STEM and astronomy, based supplies for siudents and at Magwagwaza High School tutors, and tutorg stipends, in Acornhoek, South Africa. making the event possible. This 3-week school in which Students reported that they students learnt maths physics felt more positive about STEM and chemistry included an in general, and astronomy in introduction to astronomy particular, afterthe school. RAS200 The bicentenary outreach project RAS200'. Sky & Earth concluded in Februarywith a meeting for all our partner5 followed by a reTrption atthe Royal Institution ir) London. The final evaluation report fromjenesys gave an idea of the reach of the project.. some 220,000 people had a direct erngagementwith astronory and geophysics through these12 projects. That figure includes those attending an event, workshop or presentation, as well as those staff of our partner organisations trained to deliver information about our soences, and those watching events online. The audience included those already interested in our subject5, and those with no prior knowledge or interest. And the partner organisations the RAS worked with meantthatwe engaged with isolated adults, carers, prison inmates, refugees, and young people outside formal education, among others. The success of the partnership model used in RAS200 and, especial￿, the value of systematic evaluation of the impact of different aspects of outreach through the different programmes, has been a benefit of the project forthe RAS. Future outreach activities will use a similar approach, making the most olour resources. the National Astronomy Meeting INAMI in Cardiff, and announcements such as our awards and medaLs. The releases with the highest impact included the NAM stories on ancient stars in the heart of the Milky Way, solar shooting stars, sandvwch planets and a black hole'switch on,. NAM releases alone resulted in at least 296 media articles and interwews. MNRAS releases on the discovery of an ultramassive black hole in March, the'largest cosmic explosion ever seen" in a paper in May, and the Lirgest ever cosmological computer simulation in October were among the more successful this year. These resulted in more than 180 media arncles. Stories related to our press releases and events appeared in national and local 8elow.'Onlinewtrrtshops lorFellobv5regisieredos srEMAmbossttdotsoffered 5upporitoourmembers 'PROGRA tso RAS in the media In 2023 the Society issued 37 press releases comprising papers published in MonthtyNotices ofthe RoyalA5tronomicol SocietyiMNRAS), scientific presentations at STEM ANNUALREPORT& FINANCtALSTATEMENTS 21 SHARING KNOWLEDGE newspapers and nevvs outlets, radio and TV broadcasts, such as the Doifjlmail, Telegraph, Guardian, Doify5tar, Sky, BBC N, Metro, space.com, ffL Science, Forbe5, AstronomyNow. Sky at Night and CNN. RAS staff and trustees gave 25 radio and TV interviews overthe course of the year, with at least one syndicated to an esbmated 400 local radio stations. The RAS has accounts on the social media plarfomis F3￿book, Linkedln, Instagram, Bluesky, Threads, Mastodon {on the Astrodon server) and X. Bythe end of 2023we had 13800followers on LinkedIn, around 11800 in Instagram, 54200 on X and18500 on Facebook. We have some, bui farfewer, followers on the newer social media channels. Social media engagement sometimes but not a￿ayS aligns with interest from media outlets. For example, in 2023 an X post on the largest bL3ck hole was retweeted 146 times, while on the same platForm the announcement of our journals, move to Open Access publishing gathered 240000 impressions, but no conventional media coverage. The countries with the13rgest numbers of OLJr followers on Facebook and Instagram are the UK itself, the United States, India and Brazil. NEARLY 40% OF THE SUPER- MASSIVE PODCASTS LISTENERS AREWOMEN Sean Mcmahon False biosignatures on Mars? Ian Robson The Pluto story Gavin Dalton WEAVE- the WHTS new defield spectroscopyfaci1￿tY Lauren Rhodes Radio transienrs: studying the most powerfLfrI explosions in the universe. Nicolas Laporte The questfor Cosmic Dawn.. new insights from the JWST Emma Chapman First stsrs and sensationalism. Ear￿ universe research ir) thejames Webb Space Telesco￿ era Ziri Younsi Peering at the edge of spa and time Tim HorburyThe Sun up clos¢ results from the Solar Orbiter mission Cyrielle Opitom DART- a great success for N￿A5 first planetary defence mission. Burlington House Courtyard Societies The RASjoined other courtyard Societies for several events thisyear. With other Coutyard Societies, we took part in the Courtyard Coronation Late event on the eve of the King's Coronatson, offering a crown themed Connecting the Dots session and tours of the Library. We also joined other Courtyard Societies atthe annual Open HoLJSe event on Saturday16 September, offering children's'connecting the Dots, actMtySessions, tours and special library displays. Below.. Connettingthe Dots,onebvchiOren ritbvtydEkElope6forBr SCIen￿￿tel. 150wp odelight-upconsteuotion cJrc15b60%1 having transitioned to Open Access publishing Affordability ofthe rent and serwce charge5 in place in 2023 for the premises at Burlington House-, these have changed with the agreement of new lease ierms Isee note 17 p571. has less-formal arran9ements with several other bodies. These include: The British Geophysical Assocwtion, Joint￿ sponsored bythe RAS and the Geological Society of Londor) to represent solid-Earth geophysicists whose interests fall within the remits of both parent societies The Paneth Meteorite Fund that the Societyadministers underthe direction of the Paneth Fund Trust The Societyisthe UKnational member organisation of the International Astronomical Union and the European Astronomical Societyand is represented on the UK Panel of the International Union of Radio Science The Society is represented on a number of organisations including the Science Council, the Parliamentary and Scientific Committee and the Campaign for Science and Engineering The Society recognises the appeal of <￿trOnOmY and geoptysics to the general public tyoffering annual membershipto Above.'Structtsfeformotyon intheeortyunTrEtsefv thekJrgeFtAMINGO SNntslot￿fi/eJt￿redln0 The Finance Committee regular￿ revi the Society's risk register and the Council annually reviews the major risks to which the Society is exposed and the systems that have been estsblished to manage those risks. In regard to the most significant risks.. The Society insists that rigorous peer review is used ￿ maintain the quality olthe threejournals and therebythe demand ty authors and readers for the highWsuccessful publications and, with the publishers, ensures that it adopts a robust business model for produrtion and sales. Maintenance of the (listed) premises is ensured by regular repair and refurbishment Other key risks idenbfied and their mitigation measures include.. Maintenance of the size of the membership (by regular review of serwces and subscriptions and RIGOROUS PEER REVIEW IS USEDTO MAINTAIN THE QUALrrY OFTHE THREE JOURNALS ANNUALREPORT&FINANCIAL STATEMENT5 STrUCTUREANDGOVERNANCE outreach ath'vities to potential new members) The implementation of a broad range of statutory regulation, for example GDPR lusing expert extemal assistance where necessary). The Trustees consider the ff uctuations in investrnentfund values and variability of investment returns to be a risk forthe Society. The fund, Newton Growth and Income Fund for Charities, is actively and expertly managed and administered ty Newton Irwestment Management who were reappointed after a competitwe tender. Funds are invested in a dwerse portfolio comprising mainly equities and bonds. Triis managed strategy mitigates fluctuations in fund values and seeks opportunities for fund growLh and income. The Trustees consider this approach mitigate5 the subsequent exposure to any investment risk. Below."RestsltsofrhelJrge Rttmingocosmolo9icttI sifflulotion We￿PUbliShed MonthtyNotice50fthe Rry8lAsrronomicalSociety 1Dr￿rtk￿lne) 30 ANNUAL REPORT& FINANCIALSTATEMEMrs Financial Statements NGC 1365-great barred spiral in Fornax- image5 bythe Dark Energy Survey. whose workto under6tand the dark universe was described in a public lecture I""" Ikby FINANCLALREVIEW FINANCIAL REVIEW Communities IDLUHC} to purchase a 999 year lease, alongside four other Courtyard Societies, at a peppercorn rentthereby giving greater certairnty to the future of the premises but making the Society liable for the costs of backlog maintenanc£ environmer)tal improvements and greater aC￿SSIbl1￿y. The Societys total funds increased from £23,477,081 to £25,823,874 during theyear, both figure5 including a large contribution from the Societys heritage assets (rare books, docks, telescopes and fine artl which totalled £9,470,87912022- £9,470,879). Income increased to £7,082,69512022- £5,280,990) due to increased income from publishing and irwestments. Publishing income increased by £1,631,120, Significant￿ increased by the ￿rnewa1 of the contractwith Oxford University Press. The Societys expenditure increased to £5,276,13212022- £4,733,200) which is mainly due to a full return to pre Covid-19 actsvities. The Accommodation and Building funds are detailed in note 17, page 57, along with the other Designated funds. The Open Access Fund and the Burlington House Fund a￿ currently maintained at high levels to support any significant changes to the Societys operations and the General Fund is available to Policy on reserves provide further financial support if either of these The reserves policy aims to maintain adequate risks materialise. The General Fund is also available, financial cover for the main risks to the Societyand should it ever be needed, to enable an order provide in the normal wayfor an efficientwinding-up winding up of the Society. At present the free if that ever became neCe￿arY. Working cash reserves reserves of the Society, defined as unrestricted, are maintained so the Society does not re￿ on undesignated funds, excluding tangible fixed assets, realisation of investments gains, or capital invested. re £7,659,98212022- £7,028,151) and these would The total funds amounted to £25,823,874 of which allow operation of the Societyfor at least 16 months if £9,470,879 are held in heritage assets, leaving fvnds publishing were continued and expenditure incurred of£16,352,995 (2022- £14,006,202) to cover the main during that period and 42 months if publishing were risks and the operational needs of a going concem. halted. The trustees are satisfied that the current The requirement for significant reseNes falls into level of reserves is appropriate given the risks and o areas.. uncertainties outlined above. It has been the policy ofthe Society to fund grant activity from the Research and Grants fund, which is now included in the balance of designated reserves. The need to have contingency plans in pLice to maintain publication income now that, from 2024, the two mainjournals, Mornth￿ Notices of the Royal Astronomical Society and Geophysicaljoumal International, are ful￿ Open Access. The need to make some provision forsubsiantial increases in the cost of our accommodation. In March 2024 it was agreed, (after a full discussion bythe trustees and subject to contract), with the Department for Levelling Up, Housing and lrniestment policy Investrnents are held wfch BNY Mellon Charities Fund.. Newton Growth and Income Fund for Charities, with the aim ofgenerating capital growth and income overthe medium to long term, with activew managed assets hekl in global equities and fixed income securities. Surplus cash is held in the COIF Charities 32 ANNUALREPORT& FINANCIALSTATEMENTS FINANCIALREVJEW Deposit Fund with CCLA Investment Management, been discussed marytimes at Council and serve the which provides a high1evel of capital security, interest purpose of encouraging entrants to the profession and liquidity. The Fund has an actively managed and extending the activtties of the Societyto diversrfied portfolio of sterling denominated members and the public outside London. money market deposits and instruments. Income In addition to these grants to individuals the Society and gains from these investments contribute to funds a series of fellowships to promote the careers fund the Societys charitable activities. Investment of the highest qualityyoung postdottoral scientists. performance is monitored by the accountanL These currentw include RAS Fellowships lon any treasurer, finance committee and Council. subject) and the Norman Lockyer Fellowship lon The trustees, by resolution, adopted a total returns an astronomical topio including solar system and approach to the invested endowment funds in planetary science). The Norman Lockyer Fellow is accordance with the requirements of the Charity funded from an endowmentfund set up forthat ComMi￿10n believing that this approach is in the purpose. best interests of the Society. The fund reconciliation is Afurther activity funded bythe Society is the award disclosed in note 12. This approach was applied from of medals to recognise the highest qualitywork in 1 January 2015 when the value of the endowment vanous categories. These awards are proposed to funds at that date of £1,652,682 was used as a proxy Council ty a separate awards panel and no awards for the original value of the endowment funds. In are made 10 serving councillors. adopting this policy, permanent endowment funds The grants, fellowships and awards are funded will noi be perm￿ed to fall belowthe original value from several sources including the restricted and of £1,652,682. The trustees aim to maintain the real endowment funds invested with Newton Investment value ofthe permanent endowment as a measure Management. The income and gains from these againstthe movements in the retail prices index. This investments and interestfrom the CCLA COIF was 5.296 for theyear12022- 13.50%}. No transfers Charities Deposit Fund, are used to support the to the restricted funds were made during the year, grants expenditure in accordance with the bequests. 12022- nill. The granrs panel deliberates twice a year and further grants are awarded by the Education and Outreach Committee. 176 applications were received forthe Mo deadlines in February and in August. Panel members observe strict rules on conflirt of interest, taking no part in decisions on grant applications from their home institutions. In addition, it is usual for panel members to absent themselves from discussions on grant applications from scientsts wfch whom they have had recent close conta¢ such as research students superwsed in the past five years. Information relating to RAS200 can be found on page 21. Grant making policy The RA5 has for manyyears promded small grants to SLJPPOrt the community in artivities not funded tythe research councils. Primarilythese have been awarded to help students atthe start of their careers, either with funding for summer bursaries enabling them to experien￿ worknng in a research environmentwhile still an undergraduate, orto enable PhD students to present wort< at research conferences. The RAS has also supported scienttfic meetings in the UK, eSpecial￿thOSe held outside London. These broad categories of support have ANNUALREPoftT&F]14ANC￿￿ATEmENTS 33 FINANCIALREVJEW FINANCIAL REVIEW(CONTINUED) regard these as assets which can be converted to their cash value, except in the most dire circumstances. The Society continues to periodically re￿1ve donated items. All such donations are gratefLJI received and appreciated bythe Socity. Where a valuation is available for additions to the collection, this is reflected in the financial statements. A valuation will always be obtsined for additions that are firnancial￿ material to the whole collection Key management personnel The key management personnel of the charity in charge of directing and controlling, running and operating the charity are the trustees, the Executwe Director and the Deputy Execub've Director,. the latter Mo are employees. Theyare assisted bythe Accountant, a further five managerial level officers and other staff. Council ensures that the Societycarries out a salary comparison exercise every 3-5 years. The Investment performance comparability study compares the staff salaries The Newton Growth and Income fund for Charities to other simiLHr external positions to reassure prowded a yield of2.32% and a total return gross of the trusiees that the leve& of remuneration are 9.2196 in theyear. Annual management charges of appropriate. The last comparison exercise was carried 0.696 are taken from the capital of the fund. Interest out in 2023 and the new￿ created Remuneration from the COIF Charities Deposit Fund yielded 4.496. Committee started the process of a full review in Perfomiance of the fund managers is kept under January 2024. continual review. The Society doe5 not have a perft)rmance related pay scheme. The trustees set up the Remunerats'on Committeeto athse on the appropriate level of salary increase in response to the cost of Iivlng increases for all staff. TRUSTEES. RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS The trustees are responsible for preparing the Trusrees, report and thefinancial statements in Pension scheme accordance with applicable LHwand Untted Kingdom The Societys defined benefit pension surplus and Accounting Standards {United Kingdom Generally its accour)ting treatment is explained in note 20 of Accepted Accounting Practice). these financial statements. This scheme is closed to The L3wapplicable tr) charities in England and Wales new members and has two deferred members on requires the trustees to prepare financial statements and nine annuitant5. The Society operates a defined for each financial yearwhich give a true and fairview contribution group personal pension scheme for of the state ofaffairs ofthe charityand of the income current staff. and expenditure of the charity forthat period. In preparing these financial statements, the trustees are Legacies and donations required to.. The Societyencourages Fellowsto include donations • select suitable accounting policies and then apply to the Society in their wills and receives donaty'ons them conslstently,. during theyearfrom Fellowsand membersof the observe the methods and principles in Accounting public. During the year the Society received donations and Reporting by Charities.. Statement of of £2,16712022- £4,009) and legacies of £10,000 Recommended Prattice applicable to charities 12022- £12,324). preparing theirfinancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021,' makejudgments and estimates that are reasonable and prudenL state whether applicable Unrted Kingdom Heritage assets The Societys collection of rare boo￿, fine art, telescopes and clocks was valued in 2011 at approximate￿£9.5 million. The Society does not 34 ANNUAL REPORT& F]NANCtALSfATEKIENTS TRUSTEEYREPORT Accounting Standards have been followed, subject maintenance and integrity of the charity and finanaal to any material departures disclosed and explained information included on the charitls website. in the financial statements,. The Council of the Society believes that it has car- prepare the financial statements on the going ried out these requirements. concern basis unless it is inappropriate to presume thatthe char'tywill conbnue in operab'on. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posttion of the charity and enable them to ensure that the financial Statements Comp￿ with the Charities Act 2011 and the provisions ofthe Royal Charter and Bye Laws. They are a￿0 responsible for safeguarding the assets of the charity and hen￿ for takn'ng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the AUDITORS A resolution to appoint Buzzacottfor 2024 will be proposed at the Annual General Meeting. Approved bythe Council and signed on its behalf Prof. Michael G Edmunds President Date.. 10 May 2024 ANNUALREPORT& FINANCTALSTATEMENTS 35 INDEPENDENT AUDIT0￿sREP0RT INDEPENDENT AUDITOR'S REPORT TOTHETRUSTEES OF ROYAL ASTRONOMICAL SOCIETY basis of accounting in the preparation of the financial statemenr5 is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to Opinion events or conditions tha¢ indimdualty or collectivety, We have audited the financial statements of Royal may cast significant doubt on the charity's abilityto Astronomical Society Ithe'charity}for the year ended continue as a going concem for a period of at least 31 December 2023, which comprise the statement of tWe￿e months from vwhen the financial statements financial actThiities, the balance sheet, the statement are authorised for issue. of cash flows, the principal accounting policies and Our re4)onSibil￿eS and the responsibilities of the the notes to the financial statements. The financial trustees wth respectto going concem are described reporting framework that has been applied in their in the relevant sections of this reporL preparation is applicable Liw and United Kingdom Accounting Standards, including Financial Reporting Other information Standard102 The Financial Reporting Standard The trustees are resPOn5ible for the other applicable inthe UKand Republicof Ireland'lunited information. The other information comprises ngdom GenerallyAccepted Accounting Practice). the information included in the annual report In our opinion, the financial statements.. and financial statements other than the financial give a true and fairmew of the state ofthe charitys statements and our auditorfs report thereon. Our affairs as at 31 December 2023 and of its income opinion on the financial statements does not cover and expendfcure for the year then ended,. the other informatiorTr and we do not express any have been properly prepared in accordance wth form of assurance conclusion thereon. United Kingdom General￿ACCepted Accounting In Connertion￿th ourauditofthe f1nancial Practice,. and statements, ourresponsibilityisto readthe other have been prepared in accordancewth the information and, in doing so, consider whetherthe requirements of the Charities Act 2011. other information is materially inconsistent wtth the financial statements or our knowledge obtained in the audit or othemise appearsto be materkilly misstated. If we identify such material inconsistencies or apparent mterial misstatements, we are required to determine whether there is a materk31 misstatement in the financial statements or a material misstatementofthe other information. If, based on theworkwe have performed,wecondudethatthere is a material fflis5tatement of this other information, we are required to reportthat fact. We have nothing to report in this regard. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs {UKII and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities forthe auditof the financial statements section of our report. We are independentofthe charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these Matters on which we are required to report requirements. We believe thatthe audit evider7ce we by exceptlon have obtained is sufficientand appropriate to provide We have nothing to report in respect of the following a ba5￿f0[0u[opinI0n. matters in relation to which the Charitie5 Act 2011 requires us to report to you if, in our opinion.. the information given in the trustees, annual ￿port is inconsistent in any material respect with the financial statements,. or Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees, use ofthe going concern 36 ANNUALREPORT&FINANCIALSTATEMEfhtts INDEPENDENT AUDtroiYsREPORT sufficient accounting ￿ordS have not been kepL Our approach to identifyirlg and 35sessng the risks or of material msstatement in respect of irregularilies, the financial statements are not in agreementwtth including fraud and non-compliance with laws and the accounting records and returns,. or regulations, was as follows.. we have not received all the information and the engagement partner ensured thatthe explanations we require for our audit engagement team collectivety had the appropriate competence, capabilities and ski115 to identify or Responsibilities of trustees recognise non-compliance with applicable laws As explained more fully in thetrusteeg responsibilities and regulations,. statement, thetrusteesare responsible for the we identified the laws and regulations applicable to preparation of the financial statemer)ts and for being the charty through discussions wth mar)agemen¢ sat￿rIed that they give a true and fairview, and for and from our knowledge and experience of the such internal control as the trustees determine is sector, necessary to enable the preparation of financial we focused on specific laws and regulations which statements that are free from material misstatement, we considered may have a direct material effect whether due to fraud or error. on the financial statements or the operations of In preparing the financial statements, the trustees the charity, including the Charities Act 2011, data are responsible for assessing the charrtfs ability to protection legislation, anti-bribery, employment, continue as a going concem, disclosing, as applicable, pensions and health and safety legi51ation,' matters related to going concern and using the going • we aSse￿ed the extent of compliance with the13WS concem basis of accounting unless the trustees either and reguktions identified above through maknng intend to liquidatethe charty orto cease operations, enquiries of management,. and or have no realistic alternative but to do so. identified laws and regulations were communicated within the auditteam regularly Auditorfs responsibilities for the audit of the nd the team remained alert to instances of non- financial statements compliance throughout the audit. Our objectwes are to obtain reasonable assurance We assessed the susceptibility of the charitys about whetherthe financial statements as a whole financial statements to material misstatemenL are free from material mi55tatemenL whether due including obtaining an understanding of how fraud to fraud or error, and to issue an auditorfs report might occur, by. that includes ouropinion. Reasonable assuran￿ is making enquiries of management and those a high level of assurance, but is not a guaranteethat charged with governan￿ as to where they an audff( conducted in accordancewith ISAslUKlwill considered there was susceptibility to fraud, their always detecta material misstatementwhen itexists. knowledge of actual, suspected and alleged fraud,. Misstatements can arise from fraud or error and are and considered material if, individually or in the aggregate, considering the internal controls in place to they could reasonably be expected to influence the mitigate risks of fraud and non-compliance with economic decisions of users taken on the basis of laws and regulations. these financial statements. To address the risk of fraud through management trregularities, including fraud, are instances of non- bias and override of controls, we.. compliance with laws and regulations. We design performed analytical procedures to identify any procedures in line wtth our responsibilities, oudined unusual or unexpected financial relationships., above, to detect material misstatements in respect of • tested joumal entries to identify unusual financial irregularities, including fraud. The extent to which our transactions., procedures are capable of detecting irregularities, tested authorisation controls during substantive including fraud is detailed below. testing of expenditure,. ANNUALREPORT& FLNANaALSTATEMENTS 37 INDEPENDENT AUDITOIYS REPORT assessed whetherjudgements and assumptions made were indicative of potential bias,. and investigated the rationale behind significant or unusual financial transactions. In response to the risk of irregularities and non- Use of our report compliance with laws and reguLitions, we designed This report15 made S01e￿ to the charitys trustees, procedures which included, but were not limited t(y. as a body, in accordance with section 144 of the agreeing financial statement disclosures to CharitiesAct 2011 and with regulations made under Under￿ng supporting documentstson,. section 154 of thatAct. Our audit work has been reading the minutes of meetings of those tharged undertaken so that we might state to the charitys with governance,. and trustees those matters we are required to state to enquiring of management and those charged with them in an audf(orfs report and for no other purpose. governance as to actual and potential litigation and To the fullest extent permitted by law, we do not claims. accept or assume respongbilityto anyone other than There are inherent limitations in our audtt procedures the charity and the charity's trustees as a body, for described above. The more removed that laws and our audit work, forthis report, orfor the opinions we regulations are from finanaal transactio1￿, the have formed. less likety it is that we would become aware of non- compliance. Auditing standards also limttthe audit procedures required to identify non-compliance with Buzzacott LLP laws and regulations to enquiry of the trustees and 10 May 2024 other management and the inspection of regulatory Registered ALfditor and legal correspondence, if any. 130 Wood Street Matenal misstatements that arise due to fraud London can be harderto detect than those that arise from EC2V6DL error as they may invO￿e deliberate concealment or collusion. Afurther description of our respongbilities forthe audit of the financial statements is located on the Financial Reporting Council's website atwww.frc.org. uk/auditorsresponsibilities. This description forms part of our audf(orfs report. Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 38 ANNUALREPORT&FINANCtPLSTATEMENT5 5TATEMENTOF FINANCIALAcnvrriES STATEMENT OF FINANCIALACTIVITIESYEAR TO 31 DECEMBER2023 2023 Total funds 2022 Toial funds Vnrestrlcted funds Restrlcted funds Endowment funds Notes Income Donat￿nS and kgacies Other trading attNities Investment income 11.176 12.167 16,333 13.181 13.181 9,309 299.888 17,905 429.590 252,030 Charitable actiVitiL 6.627.757 6.627.757 5,003,318 Total Income 6.952.002 18,896 111.797 7.081695 5,280,990 Expenditure Ra￿1ng funds Chantable l￿WitIeS 19.615 19.615 42,313 5.191332 64.185 5.2%.S17 4,690,887 Total expendlture 5.211.947 64.185 S.276.132 4,733,200 Net Income {expenditure) before Investment 94lns •nd losses 1.740.055 145.2891 111,797 1.806.563 547,790 Nel gains Ilossesl on Investsnenfs 12 371759 23.119 144.352 540.230 17,1821 Net income (expenditure) for the year and net movement In funds 2.112.814 121170) 256.149 1346.793 1169,3921 Reconclllatlon of fund5: Total fvnd5 broughtforward ai 1 january 2023 20.494.288 1.058.292 1.924.501 23.477.081 23,646,473 Total funds carried forward at 31 December 2023 21607.102 1.036.122 1180.650 25.823.874 23,477,081 Atl gains and losses forthe year are recognised in the above statement. All activities are classed as continuing. The notes on pages 47 to 61 form part of these financial statements. ANNUALREPORT& FINANCTAL ￿ATEmENTs 39 ATEMENTOFFINANCIALAcnvrrIES STATEMENT OF FINANCIALACTIVITIES YEAR TO 31 DECEMBER 2022 2022 Total lunds Unrestricted funds Resliitted funds Endowment lunds Notes Income Donation5 and leg3cles Other trading actMtie5 Investrnent income 3,232 16,333 9,309 9.309 174,271 10,623 67,136 252,030 Ch3rit3ble acuviiies S.003,318 5,003,318 Total income 5.199,999 13,855 67,136 5,280,990 Expendrture Raising funds Charitable adivities 42,313 42,313 4,687,107 3.780 4,690,887 Total eyenditure 4,729,420 3,780 4,733,200 Nei income before inveslmeni losses 470,579 10.075 67,136 547,790 Nei losses on in¥eslmenis 12 1494,8561 130,3711 (717,1821 Net expenditure forthe year and nel rnovemenl in funds 124.2771 120,2961 1124,8191 1169,3921 Reconciliation of fund5'. Totalfunds broughiforward at I lanuary2022 20,518,565 1,078,588 2,049,320 23,646A73 Totsl fund5 carried fo￿ard at31 December2022 20.494,288 1.058,292 1,924,501 23,477,081 Al gains and losses forthe year are recognised in the above statement. All actwities are classed as continuing. The notes on pages 47 to 61 form part of these financial statements. 40 ANNUALREPORT&FINANCIALSTATEMENTS BALANCESHEET BALANCE SHEET31 DECEMBER 2023 2023 2023 2022 2022 Notes Flxed assets Tangible assets . Heniage assets . ￿her assets 9.470.879 9,470,879 482.016 570,167 Investments 12 9.696.013 9,155,783 19.648.908 19,196,829 Current assets Debtors 13 1.051260 1.141,492 sh al bankand in hand 7.415,452 4,853,609 8.467.712 5,995,101 Credltors: amountsfalling due within one year Net current assets 14 11228.7471 11,643,346) 6.238.965 4,351,755 Total assets less current liabilities 25.887.873 23,$48,584 Credltors: amounts falling due after one year 14 163.999) (71,5031 Total net assets 25.823.874 23,477,081 The funds of the charlty Endowment funds 15 2.180.650 1,924,501 Restricted income funds 16 1.036.122 1,058.292 Unrestncted income funds . Designated fund5 . General funds 17 14.870A34 13,385,888 7.736.668 7,108,4C 22.607.102 20,494,288 25.823.874 23,477,081 The financial statements were approved by Council on10 May 2024 and signed on its behalf by Prof. Michael G Edmunds President The notes on pages 47 to 61 form part of these financial statements ANNUALREPORT&FINANCtALsfATEMENTS 41 STATEMENTOFCASH FLOWS STATEMENT OF CASH FLOWS YEAR TO 31 DECEMBER 2023 2023 2022 Notes Cash fl¢)w from operatlng artlvltles Nei cash prowded tyoperaling 3clivilies 1169.313 191,163 Cash Inflow from Investlng artlvltl•s Dmdendsand interestfrom invesiments 429.590 252,030 PU￿hase of tangiblefixed assets Net cash provided by Investlng actlvltles {37.0601 136,1531 391530 215.877 Change in cash and cash equlvalents In the year 2.561.843 407,040 Cash and cash equlvalents at 1 January 2023 4,853.609 4,446.569 Cash and cash equivalents at 31 December 2023 7,415.452 4,853,609 NOTESTO THEsfATEMEKfoFCASH FLOWS FOR THEYEAR T031 DECEMBER2023 A Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net movement In funds {as per the Statement of flnanclal artivitles) 2.346.793 1169,3921 Adjustmentsfor. Depreciation charge Netlgaln5110sses on investments Dwidènds and interest from iTrve5tments 125.211 122,311 1540.2301 1429.590) 717.182 1252,0301 Decrease lincreasel in debtors 89.232 577.897 128,6381 1198,2701 191,163 Increase Idecreasel in creditors Net cash provided by operating a¢tivltles Analysis of cash and cash equivalents 1169.313 2023 2022 Total cash and cash equlvalents: Cash atbank and in hand 7,415.452 4,853,609 C Reconciliation of net funds 31 December 2Q2Y 1 january 2023 Cash fl Cash and cash equwalents 4,853,609 2,561,843 7A15.452 42 ANNUAL REPORT&FINANCIALSTATEMENTS PRINapALACCOUNllNG pouaES PRINCIPAL ACCOUNTING POLICIES risks of increased c05t5 for the accommodation in Burlington House, the possible risk posed by Open Access and a possible impact on the business model that relies on the publishing income and also of a low probability, albeit high impatt risk, that the quality and Suc￿sS of the Societys publications will Basis of preparation decrease. These financial statements have been prepared for WhiL£t recognising these risks the trustees are theyearto 31 December2023. content that the Society has strategies in place to The financial statements have been prepared under manage them and are of the opinion that the Society the historical cost convention with items recognised has adequate free reserves and therefore suffioent at cost or transaction value unless othenM5e stated in resources to meet its liabilfties as theyfall due. The the relevant accounting policies below or the notes to Rese￿ Policy in theTrusteeg report provides more these financial statements. detail. The financial statements have been prepared The trustees have also considered the continuing in accordance with Accounting and Reporting by impact of the Russian invasion of Ukraine. The Charities.. Statement of Recommended Practice Newton Growth and Income Fund for Charities applicable to charities p￿parIng their financkil has little or no exposure to Russian or Ukraine statements in accordance with the Financial and subsequent interest rate rises during the year Reporting Standard applicable in the UK and Republic increased income significantly from the CCLA COIF of Ireland (Charities SORPI the Financial Reporting Charities Deposit Fund. The Societys publishing Standard applicable in the UK and Republic of Ireland athvities are world-wide, but there are no editors IFR51021 and the Charities A(t 2011. based in Russia or Ukraine, and Oxford University The charityconstitutes a public benefit entity as Press reports the impart on these publishing defined by FRS 102. artwities is minimal. Higher energy costs did The financial statements are presented in sterling not materially impact the Society. The trustees and are rounded to the nearest pound. have concluded thatthere are no other material uncertainties related to events or conditions thai may &￿t significant doubt on the ability of the charityto continue as a going concem. The tnost significant areas ofjudgement that affect items in the financial statements are mentioned above and detail provided in the section on risks in the Trustees, report. The principal accounting policies adopted, judgements and keysources of estimation uncertainty in the preparation of the financ￿1 statements are laid out below. Critical accounting estimates and areas of judgement p￿paration of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include.. the liabilityfor multi-year grant commitments", and Income recognition the useful economic life of tangible r￿ed assets. Income is recognised in the period in which the charity has entitlementto the income, the amount of income can be measured reliab￿ and it is probable that the income will be received. Income comprises donations, irwestment income, income from the sale of publications, membership subscriptions, and other reLited income. Donations, are recognised when the charity has confirmation of both the amount and sett￿rnent date. In the event of donations pledged but not recewed, the amount is accrued forwhere the Assessment of going concern The trustees have assessed whetherthe use of the going concern a55umption is appropriate in P￿paring these finanoal statements. The trustees have made this assessment in respect ofa period of at least one year from the date of approval ofthese financial statements. The trusiees are fully cognisant of the risks that the Soaety is carryir)g such asthe uncertainty and ANNLJALREPORT& FINANCIALsfATEMENTS 43 PRINCIPALACCOUNTINGPOUCIES receipt is considered probable. 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 recogni*d until either those conditions are fully met, orthe fulfilment of those conditions is whollywithin the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established thatthere are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legary are within the Allocation of support and governance costs control of the charity. Support COSt5, including governance costs, represent The Society has a contract with oxford University indirect charitable expenditure. In order to carry out Press for the publication ofjoumals, which gives a the primary purposes of the charity it is necessary percentage of the surplus made to 31 December to provide sUPPOrt in the form of personnel each year to the Society. Although payments are development, financial procedures, provision of received net, income is recognised in the financial office services and equipment and a Suitable working statements on a gross basis which reflect5 thatthe environment. society retain5 the underlying long term rights. All Governance costs comprise audit fees, legal publication income is accounted for on a receivable advice fortrustees and costs associated with basis. constitutional and statutory requirements, e.g. cost Membership subscriptions are payable in respect of trustee meetings and preparing statutoryfinancial of a twe￿ month period in advance. The unearned statements as well as costs associated with the portion of income received relating to the period strategic management ofthe Society after 31 December is carried forward as deferred Support costs are apportioned based on the income. proportion of floor area occupied by, or proportion of Investrnent income i% recognised once the dividend staff time Spent on, the activity. has been declared and notification has been received of the dmdend due. Taxation Interest on funds held on deposit is included when The Society is a registered charity and no liability recewable and the amount can be measured reliably to taxation arises on the results of it5 artivity'es as tythe charity, this is normal￿ upon notification of the applied for charitable purposes, with the exception of interest paid or payable bythe bank. investment income, which is taxed at source. Grants payableforthesupportof research or study in any areas of astronomy and geophysics are recognised in the financial 5tatement5 as 500n as the obligation has been authorised tythe Grants Committee, which meets twice-year￿{Ca. February and August) to allocate funds, the recipient has a reasonable expectation that theywill receive a grant and any condition attaching to the grantls outside the control of the Society. The costs of raising funds consist of room hire expenditure and RAS diaries boughtfor resale. Expenditure recognition Expenditure is recognised as soon as there is a legal or cor)structive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure on Charitab￿ artivities includes all costs associated with furthering the charttable purposes of the charity a5 described in the Trustees, Report Operating leases Rentals under operating leases are charged to the statement of financial aciwities on a straight-line basis over the term of the lease. Pension costs The Society operates pension schemes for employees and former employees. The assets of the Schemes are held separatew from those of the Society. The Societyoperates a defined benefit pension 44 ANNUALREPORT&FINANCIALSTATEMENTS PRINCIPALACCOUNTING POUCIES scheme for former employees, whojoined its service to immaieriality based on their extremely long useful before 1 January 2002, providing benefits based lives and high residual values. upon final pensionable earnings. Royal London mar)ages the pension scheme, the investments Other tangible fixed assets held by Royal London. The Society capitalises tangible fixed assets with a The latest actuarial valuation shows a pension cost greater than £250 and an estimated useful life surplus which 15 not recognised on the balance sheet over one year. a5 an asset because it is not available to the Society by Tangible fixed assets are deprechated on cost on a way of reduced future contributions. straight line basis from the date of acquisition over Actuarial gains and losses arising from new their expected usefijl lives as follows.. valuations and from updating valuations to the Telephone and security system and computer balance sheet date are recognised in the statement equipment...................................................... 4years of financwl activities as other recognised gains and Leasehold Improvements .. . 20years losses. PL4ntand machinery ..........................10years The Society ha5 established a second pension scheme la defined contribution scheme) for Investments employees who began service with the Society after1 L6ted irwestments are a fomi of basicfinancial January 2002. The amount charged in the statement instrument and are initially recognised at their of f1nancral activities in respect of the defined transaction value and subsequently measured at contribution pension Scheme isthe contributions theirfairvalue as atthe balance sheet date using the payable in the year. closing quoted market price. Realised gains lor losses} on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value where the investment is acquired subsequent to the fir* day of the financial year. Unrealised gains and losses are calculated as the difference between the fairvalue attheyear end and their carrying value atthat date. Realised and unrealised investment gains lor losses) are combined in the statement of financial activities and are credÈed lor debited) in the year in which they arise. Heritage assets Heritage assets are included in the financial statements at a historic valuation which s being treated as deemed cost. There are two main classes of heritage assets that the Society possesses, which are.. Rare Books and Manuscripts Fine Art and Collectibles- Historic books, portraits, busts, instruments and antique furniture. The Societys rare bookand manuscript collection is reported in the balance sheet at a valuation by Christies in 1996, wth a number of items re-valued by Debtors B Quaritch Limited in 2011. The valuation basis was Debtors are recognised at their settlement High Auction Estimate. amount, less any provision for non-recoverability. The Societys fine art and collectibles are reported Prepaymernts are valued atthe amount prepaid. in the balance sheet at a valuation by Bonhams in 1992, induding index linking, wth a number of items Cash at bank and in hand revalued ty Bonhams in 2011. Cash at bank and in hand represents such accounts The Society continues to periodically re￿1ve and instrumentsthat are available on demand or donated items. All such donations are grateful have a maturity of less than three months from the received and appreciated bythe Society. The Society date of acquisition. would only obtain a valuation of the donaknon, if it was deemed to materially affectthe overall value of the Creditors and provisions heritage asset portfolio. Creditors and provisions are recognised when Depreciation is not charged on heritage assets due there is an obligation at the balance sheetdate as ANNUALREPORT& F]NANCtALsfATEMENTS 45 PRINCIPALACCOUNTING POUCIÈS a result of a past event, it is probable that a transfer of economic benefit will be required in settlemenL and the amount of the settlement can be estimated liably. Creditors and provisions are recogni5ed at the amountthe charity anticipates it will pay to settle the debt. Fund structure Endowment funds comprise assets which nomial must be hekj as capital. The income arising therefrom IS Used to support speafic activits'es detemiined in accordance wth the wishes of the donor. Restricted funds comprise monies raised for, ortheir use restricted to, a specific purpose, or contributions subject to donor imposed conditions. Designated funds represent monies set aside out of unrestricted funds and designated bythe trustees for a specific purpose. Unrestricted funds representthose monies which are free￿ available for application towards achiemng any charitable purpose thatfa￿lS within the Societys charitable objects. 46 ANNUALREPORT&FtNANCIALSTATEMEpirs NOTESTOTHEFINANCIALSTATEMENTS 1. Donations and legacies 2023 Total funds 2022 Total funds Unrestrirted funds Restrlrted funds Uniestricted lund5 Restricted funds Donations 1.176 991 2.167 3,000 4,009 Legacies Total funds 10.000 10.ODO 12,092 232 12,324 11.176 991 12.167 13,101 3,232 16,333 2. Investment income 2023 Total funds Unrestritted funds Restritted Endowment funds funds Incomefrom listed investments 155.914 9.670 60.379 225.963 nk iniere5t 143.974 8,235 51.418 203.627 2023 Total funds 299.888 17.90S 111.797 429.590 2022 T￿al fund5 LJnre5tri(ted funds Resirirted funds Endowment fund5 Incomefroill listed investments 141,776 8,703 55,000 205,479 nk iniere%i 32,495 1,920 12,136 46,551 2022 Total funds 174,271 10,623 67,136 252,030 3. Income from charitable activities Unrestrlrted funds 2023 2022 Publicbiions Inote41 Membership Scientthc meetings Public policy Libtsry Educational 6,209.917 4,578,797 370.606 369,762 30.225 27,958 731 2,105 3.492 4,677 210 543 Olher 11576 19,476 Total funds 6.627.757 5,(K)3,318 ANNUALREPORT&FINANCIALsfATEMENTS 47 NOTESTOTHE FJNANCIALSTATEMENTS 4. Publications 2023 2022 Income {see note) Monlhty Noty'cesolthe Royal ￿trOnomical Society Geophysi(alloumèl Inrernational Astronomy& Geoph￿1($ Royal h5tlOnDmi￿I S￿ietyTe(hn1qUeS& InstnJmentS Other 4.758.987 3,437,2&8 1.278.672 1,046,550 106.360 81,118 60.032 7,518 6,323 6.209.917 4,578,797 Expendlture Monthty Noiices olthe ROyal￿[rOnoMical Society Geophy5i(a1lou￿￿l InternatioD31 Astronomy& Geoph￿1 Reyal Asrronomical SocietyTechniques &lnstwments Oiher 173S.624 686.333 2,447,568 699,828 187.045 168,291 56.020 20,959 5.982 33,714 3.671.004 3,370,360 Publications income includes additional income due to the renewal of the publishing agreement with Oxford University Press 5. Expenditure on charitable activities ExpenditLAre on charitable activities is anaW5ed as follows.. Dlrect Support costs costs Dirert Support costs 2023 costs 2022 3,196.294 9fj.917 474.710 3.671.004 2,948,115 422,245 3,370,360 5cienlific meeting5 Membership Educational 229.999 326.916 95,751 204,579 300,330 10.377 54618 64,995 8,842 48,582 57,424 93.225 436.565 147,795 80.590 228,385 RAS 200 18.602 3.000 21.602 86,930 5,000 91,930 Library Public rKJli(y 104.699 445.004 549.703 102,583 395,822 498,405 94.379 91,353 185.732 62,796 81,257 144,053 3.864.608 1.391.909 5.256.517 3A52,812 1,238,075 4,690,887 Grants, fellowships and awards in SUPF)Ort of research are principalty included under Educational and RAS 200 above to ￿flect the responsibilities forthe management and administration of grants. 109 grants, fellowships and awards. totalling £252,51112022- £178,412) were awarded to insttLutions and 37 grants, medals and awards totalling £20,683 {2022 - £28,066) were made to individuals. Expenditure supporting an RAS Research Fellowship totalled £35,36512022- £32,000). The 2023 Norman Lockyer Fellowship totalled £57,000. Adjustrnents to other grants resulted in credits to expenditure totalling £21.76812022 - £54,180). Total grant making support costs were £36,000 {2022- £35,000). Afull list of all grantees and anatysis can be found on the Societys website. All expendthre on charitable activities is unrestricted ex￿pt for £64,185 Iwhich is entire￿ included within the educational category) which is restricted12022- £3,780). ANN￿ REPORT& FINANCIALSTATEMENTS NOTESTOTHE FINANCfALSTATEMENTS 6. Support costs Support costs analysed byfunction are as follows: 2023 2022 Executwe 144.233 124,102 Finan 100.298 96,280 111288 99,890 Mefflbership IT 47.534 41,625 154.975 84,202 Policy, developmeniand press Burlington House Other 118.719 107,819 173,584 168,808 379.035 362,237 Governance Inole 71 161.243 153,112 1.391.909 1.238,075 Staff time (based on a review of staff time apportionment) and floor area, are used as bases of apportioning support costs over Charitab￿ activities. 7. Governance costs 2023 2022 Audllors remuneraiion Inote 81 Trustees, and Comrnittee costs 25.510 24.100 41.235 18,921 AGM expense5 Stsff lime and other expenses 4.330 9,107 90.168 100,984 161.243 153,112 8. Net income (expenditure) for the year This is stated after charging.. 2023 2022 Depreiialion Auditoffs remuneration.. 125.211 122,311 Charity audii Pension s(heme audii 19.61)0 17,500 5.160 5,850 Otherservices 750 750 Operating ￿3$e renta Office equipment 10,830 7,449 ANNUALREPORT&FINAtr4CtALfATEMENTS 49 NOTESTOTHE FINANCIALSTATEMENTS 9. Staff costs and remuneration of key management personnel 2023 2022 Wage5and salaries Social securitycos Per6ion costs Isee note 201 1.035.906 972,010 110.409 106,197 Stakeholder pension 51herne Death in 5eNce contributions 86.248 82,315 8.469 6,924 1.241.032 1,167,446 During theyear one employee earned between £90,000 and £100,000 {2022-no employee) no employee of the Society earned between £80,000 and £90,00012022- one employee), one employee earned between £70,000 and £80,00012022- one employee) and one employee earned between £60,000 and £70,00012022 - one employee). Employer contributions to the stakeholder pension scheme for employees earning over £60,000 were £24,08012022- £21,980). The average number of employees was 23 (Administration 6, Outreach 2, Editorial10, Library 2, House 1, Press & Policy 2112022- 24}. The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees and the Executive and Deputy Executive Director5. The total remuneration (including taxable benefits and employerfs pension and national insurance contributions} of the key management personnel for the year was £222,491 {2022- £202,413). 10. Transactions with trustees The trustees recewe reimbursement fortravel expenses incurred in attending meetings. The amount reimbursed during the yearfor 22 trustees was £23,89112022- £11.5611. Remuneration of £11,570 was paid to two trustees during 202312022- £6,292 to one Trustee). By agreement with the Charity Commissioners {dated 14June 2004, case No. 299189, Sealing No. 3441041 the Treasurer is paid an Honorarium. This Is formalW approved each year by Council. Grants Made to Councillors The following grants were made to Councillors during the year as part of the RAS grant awarding process. The recipients had no influence or part in the decisions on the award ofthese grants. For the most part the grant holderswere notthe main personal beneficiaries as the supwrt was directty received bytheir students or meeting attendees. Excluding Councillors from the grants round completely is not seen as a satisfactory policy. Itwould Strang￿ dissuade members from standing for elertion as Councillor5 and would be aivariance with the accepted practice in Research Councils where members of grants panels are not excluded from appwing. The process of grant review and award fully complies wth the Nolan Principles and cloSe￿fOllOWS Govemment Research Council practice. The grants were.. Sir Norman Lockyer Memorial Trust as disclosed in note 22 (which shares the Same board of tru5tee5 as the Society). F A Paneth Meteorite Collection as disclosed in note 22. Dr Nigel Bemian, Treasurer, was a trustee, and Prof A M Cruise, Treasurer, is a trustee. A £1,000 P TomkinsThe515 Prize and a £500 PTomkins Undergraduate Prize were awarded during the year. Patricia Tomkins is a trustee. The Society awarded funding of £4,000 to the British Geophygcal Association IBGA). BGA Committee members Profjames Hammond and ProlAndrew Curtis are trustees. 50 ANNUAL REPORT& F]NANctALSTATEmEr￿[S NOTESTOTHE FMNCIALSTATEMENTS 11. Tangible fixed assets a) Heritage assets Rare books and manuscripts Fine art and (olle(tibles Total At1 january 2023 and 31 December 2023 4,951,500 4,519,379 9.470.879 Fine art and collectible additions of £30,000 were recorded in 2020. There were no other additions in the last five years. The rare book collection is preserved by storing in an air-condttioned, temperature-controlled environmeit the fine art and collectibles are also Continual￿ preserved in orderto maintain their values. Certain heritage assets are on public display at exhibitions. The Societys Librarian controls access to those heritage assets which are kept at Burlington House. b) Other assets Telephone, security & computer equipment Leasehold impro¥e- ments Pknt and machinery Past Presidents, Portraits Total Cost At1 january 2023 Add￿0￿5 1,879,422 38,360 339,459 9,994 2267.235 9,057 515 27,488 37.060 At 31 December 2023 1M8.479 38.875 366.947 2.304.295 Depreclatlon At I lanuary2023 Charge lor the year At 31 December 2023 1,388,536 21,071 287,461 1.697.068 94,613 3,879 26,719 125.211 1.483.149 24.950 314,180 1.821279 Net bgok values At 31 December 2023 405.330 13.925 51767 481016 At 31 December 2022 490,886 17,289 51,998 9,994 570.167 ANNUAL REPORT&FINANCIALsfATEMENTS 51 NOTESTOTHE FINANCtALSTATEMEMrs 12. Investments 2023 Total funds 2022 Total funds MarketV31ueat I lanuary2023 Nel unrealised Investment gains Ilossesl Market value at 31 December 2023 9.155.783 9,872,965 1717,1821 9,155,783 540.230 9.696.013 Hlstorlcal cost as at 31 De¢ember 2023 4,917,081 4,917,081 Investments comprise BNY Mellon.. Newton Growth and Income Fund for Charities The permar)ent endowmentfund investments and movements in the unapplied total return are set out below. Trust for Unapplied Investment total return Total endowment At 1 January2023 d.. Total return 1.651682 271.819 1.924.501 Inve5tmeni Income 111.797 111.797 144.352 256.149 Nel gains on listed investments 144.352 256.149 At 31 December 2023 527.968 1180.650 Trustfor investment Unapplied total rewrn endowment At 1 january2022 Add.. Total retum 1,652,682 396.638 2,049,320 Investmeni income 67,136 67,136 . Net1055es on li51ed investments 1191,9551 1124,8191 At 31 December2022 1,652,682 271,819 1,924,501 When adopts'ng total applied return with effect from 1 January 2015, in the absence of reliable records of the original donations, the trustees considered thatthe marketvalues of the investments as ￿cOrded as at l January 2015 were approprk4te to be considered as the initial value of the trust for investment. Since that figure sets the baseline below which disposals may not be made, taking a higher value than the actual original donations was considered to be prudent. The trusiees have res0￿ed thattheywish to maintain the ￿al value ofthe permanent endowment using the retail price index as 3 measure. No transfers to the restricted funds were made in the year {2022- £nil). 52 ANNUALREPORT&F]f4ANCLthLSTATEMENTS NOTESTOTHEFINANCIALSTATEMENTS 13. Debtors 2023 2022 T￿de debtors 8,492 Prepayrnents and acirued in(ome Other debtors 1.046.255 1,107,943 659 25,057 1.052.260 1,141,492 14. Creditors a) Amounts falling due within one year 2023 2022 Trade (￿dItOrS 28.486 26,128 A(cruaL 107.788 234,353 G￿nts payable Tax3nd social security Deferred income 168.647 71,503 552.937 208,691 1.299.417 1,038,917 Other creditors 71.472 63,754 1228.747 1,643,346 b) Amounts falling due after more than one year 2023 2022 Grants payable 71,503 c) Deferred income 2023 2022 Balance as al1 january 2023 Releèsed 10 income 1.038.917 1,039,016 (1.038.917) 11,039,0161 56,540 950,000 Income ￿(eived Irom Fell￿ in advance 47.428 PUbli￿tIonS in(ome received in advance 1.250.000 Other income received in advance 1.989 32,377 Balance as at31 December 2023 1.299.417 1,038,917 ANNUALREPORT& FINANCtALSTATEMENTS 53 NOTESTOTHE FINANCIALsfATEMENT5 15. Endowment funds 1 January 2023 Investment galns 31 December 2023 Income Resear(h ènd Grants funds.. . Sir Norman Lockyerfund . Other fvnds 1.488,797 149.304 86A86 8.673 111.671 1.686.954 169.176 1.638,101 95.159 122.870 1.856.130 Benevolent fund 93.711 7.028 106.183 'braryfund Lertures &Awardsfund 44.512 1586 3.339 50.437 148.177 1.924501 8,608 111.797 11,115 144.352 167.900 2.180.650 1 january 2022 Investment losses 31 December 2022 Income Research and Gran15funds'. . Sir Norman Lockyerfijnd Otherfund5 1,585,356 51,937 1148,4961 1A88,797 158,988 5,208 114,8921 149,304 1,744,344 57,145 1163,3881 1,638,101 Benevolentfund 99,789 3,269 19,3471 93,711 Library lund Le(tures&Aw3rdsfund 47,399 1,553 14,4401 44,512 157,788 5,169 114,7801 148,177 2,049,320 67,136 1,924,501 16. Restricted income funds 1 January 2023 Investment galns 31 December 20Z3 Income Expendlture Rese3rch & Grants fund 781.837 8.994 {61,300) (218) 11,613 741.144 Benevolenifund 41.81S 41.597 Libraryfund EducatioTr fund 48.517 1.9Z1 S1.926 127.789 58,334 1.058.292 8.414 {1.lJOO) 9.585 144.788 Lertures &Awardsfund (1.667) {64.185) 56.667 18.8% 23.119 1.036.122 54 ANNUALREPORT&FINANCIALSTATEMENTS NOTESTOTHEFINANCIALSTATEMENTS 16. Restricted income funds (continued) 1 lanLJary 2022 Inveslmenl in5 31 December 2022 IncoTne Expenditure Researih & Grant5fund 788,269 8,468 70 114,9701 781,837 Benevokentfund 42,527 17121 41AI5 Libraryfund Education fund 50,178 894 12,5551 48,517 137,142 4,493 11,0001 112,8461 127,789 Lellure5 & Awards fund 60.472 12,1381 58,334 1,078,588 13,855 13,7801 130,3711 1,058,292 The Restricted Funds are consolidated into five group5 to serve the Council's priorfcies and address modern needs.. Research & Grants. BenevolenL Library, Education and Lectures &Awards. A detailed ￿nd summary can be found on the website. ANNUAL REPORT& F]NANCIALSTATEhAENTS NOTESTOTHE FINANCL4LSTATEMEMts The restrirted funds were clasgf1ed to either Restricted {Rl, Endowment IE}, Designated {Dl, or General (GI funds as indicated below.. Research & Grants fvnd Ewarin Bu5hell Fulld119641 Go￿horp Bequest119691 lan Ridpath ConseNation Fund120061 R Devthurst Fund120131 EAG StillhamerTru5t Fund119371 D EW Brown Trusr Fund119391 ummer Beque5t119461 G General Rvirtor Nadarov Fund119501 E Sir Norman Lockyer MemorialTrusl119901 R Hosie Bequest120001 Mrs.l Mlelley-FTeernan Beque5t120001 D BearparkTrusi120001 R Patricia Tomkins Fund120111 G Special Purpose5 Fund EA Milne Travel Fund120131 R R Potter Researth Fvnd120171 R05ma5ton Fund120201 Educatlon fund R Newbigen Fund119901 R Michael Penston Memorial Fund119911 R SirWilli3m Hullter Mccrea Mernorial Fund12(KJDI R Paul Ruffle Memorial Fund120141 D EduiatlDll Committee Lectures & Awards fund H3nnahla(kson-GwiltTrust Fund11861118931 E George Darwin Lettureship Fund119261 E George Darwn Support Fund DAS Eddington Commemoration Fund119481 Haroldleffreys Le(ture5hip Fund119621 EAT Price Medal Fund119991 Benevolent fund Lee &lansen Trust Fund11834118791 Gerald Merton Fund119861 G Donald R. Barber Fund120011 E Gerald Whiirow Memorial Letture Fund120011 Llbraryfund E Turnor Fund and Horr(Kk5 Memorial Fund11853118761 Fowler Prize5 Fund120041 Harrywatson Mernorial Fund119231 17. Designated funds 1 Janvary 2023 Utlllsedl released 31 December 2023 New designatlon5 Accommodation fund 1,500.00 1.500.0110 3.000.IJOO Burlington House fund Heritage Asseilund Building fund Open Atce55fund S200 458.823 (94,6131 364.210 9.470,879 9.470.879 1.405.635 94.613 1.51K).248 392.596 (7.4991 (55.5031 385.097 55.503 Research and grants fund Total deslgnated funds 102,452 47,548 150,IXKI 13385.888 1.642.161 {157.6151 14.870.434 56 ANNUALREPORT& FINANc￿LSrATE￿ENTS NOTESTOTHEFINANCIALsfATEMENTS 17. Designated funds (continued) I lanu3ry 2022 New desig- nation Utilised/ released 31 Oeiember 2022 Accommodation fund 1,000,000 500,000 1,500,000 Burlington House fvnd Heritage Asset fund Building fund Open AccessfurKI R45 200 552,836 194,0131 458A23 9,470,879 9,470379 1,311,622 94,013 1,405,635 392,596 392,596 142,433 186,9301 55,503 Research and grants fund Total designated funds 122,661 120,2091 1107,1391 102.452 12,993,027 500,0 13,385,888 (i) Accommodation fund This fund represents the requirernentfor accommodation at Burlington House or elsewhere. In 2024, after a full discussion bythe trustees, tt was agreed to sign a Heads ofTermsAgreement vwth the Departmentfor Levelling Up, Housing and Communities IDLUHC} to purchase a 999 year lease at a peppercorn renL This fund will Subsequently enable this acqui%tion and the total outlay is in the ￿gion of £4,400,000 over ten years. (li) Burlington Housefund Ln 2006-7, the Society executed a refurbishment project on the interior of the apartments. Expenditure incurred on the project has been capitalised and designated as the Burlington House fund. With the prospective change of the lease, further intemal renovation of the building may be necessary. (iii) Heritage Assetfund Afund has been estsblished to include the Societys heritage assets to recognise that there is no intention to dispose of these assets and the amount is not readily available to meet expenditure. (iv) Building fund The repairs and maintenance of the exterior of the building, its insurance and some securitycosts are currendy carried OLrt bythe landlord for all the occupants and a proportion recharged to the Society. The prospectwe change of the lease will placethe liabilityfor backbg maintenance, en}￿rOMmental reguL4tion compliance and accessibility improvements on the Society using these funds. The Finan￿ Commtttee will recommend how much more to accumulate in this fund and at what rate. The timescale for expenditure is difficult to forecast but in principle could start within two years. Current estimates are in the region of £3,000,OOOto £4,000,000. (v) Open Access fund Afund has been established to provide agalr￿the risk of the possible loss of incomefrom publishing due to the Oi)n ofOFen Ac£ess.TrEtimeSCa￿foreXpendthre￿ drfr1cu￿t0fyeCaSt butcoukl in prirK7p￿5tsrtWrthin fveyear& (vi) RAS 200 The original fund balance of £1,000,000 was the total committed grant expenditure for RAS 200. RAS 200 grant expenditure was being charged to this fund from 2015 to 2023. {vii) Research and grants fund This represents those funds to be used for research and grants. ANNUALREPORT& FJNANCIALSTATEMENTS $7 NOTESTOTHE FINANCIALSTATEMENTS 18. Analysis of net assets between funds Fund balances at 31 December 2023 are represented by. 2023 Total funds General Deslgnated funds funds Restrlcted Endowment funds funds Tangible as5et5 Herrtage assets Other fixed assets 9.470.879 9A70.879 76.686 405.330 482.016 InV￿MentS 4,343.369 1135.872 1.036.122 1180.650 9.696.013 Current assets Debtor5 1.052.260 1.052.260 Cash at bank and in hand 4.358.452 11094.099) 3.OlJO.000 57.01)0 7A15.452 IIZ28.747) 177.648) {57.OlXI) {63.999) (63.999) Total net assets 7.736.668 14870.434 1.036.122 2,180,650 25,823.874 2022 Total funds General funds Designated funds Rellricted funds Endo%vment funds Tangible assets . Heritage a55ets . Otherfixed assets 9,470,879 9,470,879 80,249 489,918 570,167 Investments 4,320,008 1,852,982 1,058,292 1,924,501 9,155,783 Currentassets . Debtors 1,141,492 1,141,492 Cash at bankand in hènd 3,098,990 1,752.189 2.430 4,853,609 11,532,339) 1108,5771 12,4301 11,643,346) Non