## **THE MIND ASSOCIATION** ## **REPORT AND FINANCIAL STATEMENTS** **for the year ended** **31 December 2020** **THE MIND ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |**Report of the Trustees**|**1 - 2**| |**Reference and Administrative Information**|**3**| |**Responsibilities of the Trustees**|**4**| |**Report of the Director**|**5 - 6**| |**Report of the Independent Examiner**|**7**| |**Statement of Financial Activities**|**8**| |**Balance Sheet**|**9**| |**Notes to the Financial Statements**|**10 - 12**| **THE MIND ASSOCIATION** **Report of the Trustees for the year ended 31 December 2020** The trustees present their report with the charity’s financial statements for the year ended 31 December 2020. ## **OBJECTIVES AND ACTIVITIES** The objectives and aims of the association are:- - (1) Overseeing production and publication of the philosophical quarterly journal _Mind_ ; - (2) Organisation (with the Aristotelian Society) of the Joint Session Annual Philosophical Conference; - (3) Sponsoring other philosophical conferences; - (4) Granting research fellowships. ## **How our activities deliver public benefit** We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. ## **ACHIEVEMENTS AND PERFORMANCE** The association has continued to circulate Joint Session registration papers and the annual accounts via the web, in the announcements section in the Journal and as inserts. The association saw an small increase in publishing and royalty income during the year, totalling £212,414 (2019 - £208,704). However overall income decreased to £219,363 (2019 - £221,967) as a result of a decrease in investment income. As a result of the decrease in income, the association decreased the grant and fellowship awarded, as detailed in the financial statements, totalling £102,612 (2019 - £105,797). A significant incline in global markets at the prior yearend compared to 2018, led to a large increase in investment valuations in 2019. As a result of COVID, valuations took a drastic decline during 2020 however this began to stabilise at the year end resulting in unrealised depreciation of £26,461 which could have been far worse if stock markets were not recovering. Overall, the association made a surplus for the year of £2,974 (2019 - £85,920). ## **FINANCIAL REVIEW** ## **Investment policy** There are no restrictions on the association’s power to invest. The investment strategy is reviewed by the trustees on an annual basis and takes account of recent demands for funds, the association’s income requirements and the risk profile. Since 2002, the trustees have followed the lead of the Analysis Trust and put the association’s investments with Charles Stanley and Co. The performance of the association’s investment advisors is periodically reviewed and has been found to be satisfactory. ## **Risk management** The trustees have examined the business and operational risks which the association faces and have established systems to enable regular reports to be produced so that necessary steps can be taken to lessen these risks. ## **Reserves** The reserves of the association are mainly represented by cash and investments. The income from these reserves is utilised in making grants. The association has made a net surplus for the year of £2,974 (2019 - £85,920). At the balance sheet date the unrestricted reserves, held for general purposes, stood at £723,812 (2019 - £720,838). ## **PLANS FOR FUTURE PERIODS** The trustees are focused on continuing to carry out the charity’s activities in future periods. This will be achieved through publishing the annual Mind journal and continuing to make both fellowship and conference grants. 1 **Report of the Trustees (cont) for the year ended 31 December 2020** **THE MIND ASSOCIATION** ## **STRUCTURE, GOVERNANCE & MANAGEMENT** ## **Governing document** The Mind Association is recognised as a charitable organisation and is governed by its Constitution dated July 1978, as amended in July 1987, July 1988 and November 2012. ## **Appointment of trustees** The trustees, officers and editor are elected directly by the executive committee. The president and vice president are elected for a period of one year. The director, treasurer, editor and the elected members of the executive committee are appointed for a period of three years. Retiring officers are eligible for re-election. The association committee keeps the skill requirements for the executive committee under review and in the event that a trustee permanently retires or additional new trustees are required, the committee sets up a sub committee to recruit the new trustee(s). ## **Trustee induction** The induction process for any newly appointed trustee comprises an initial meeting with the committee, followed by a series of meetings with the various officers on investments, the grant making process, and the powers and responsibilities of the committee. ## **Organisation** At the regular trustees’ meetings, the trustees agree the board strategy and areas of activity for the association, including consideration of grant making, investment, reserves and risk management, policies and performance. 2 **Report of the Trustees (cont) for the year ended 31 December 2020** **THE MIND ASSOCIATION** ## **Reference and Administration Information** ## **Executive Committee:** |**:**|| |---|---| |**(Trustees)**|| |President|Professor Jennifer Saul (from July 2019)| ||Professor Michael Morris (from July 2020)| ||Professor Brad Hooker (from July 2021)| |Vice President|Professor Michael Morris (from July 2019)| ||Professor Brad Hooker (from July 2020)| ||Professor Jessica Brown (from July 2021)| |Director|Professor Daniel Whiting| |Treasurer|Professor Sophie-Grace Chappell| |Publications Officer|Dr Sarah Sawyer| |Elected member|Dr Ben Colburn| ||Dr Mary Leng| ||Dr Louise Hanson| ||Professor Anna Marmodoro| ||Dr Arif Ahmed| ||Dr Eliot Michaelson| ||Professor Jonathan Webber| |The Editor, Mind|Professor Adrian Moore, St Hugh’s College Oxford| ||Professor Lucy O’Brian, University College London| |**Principal Office:**|Department of Philosophy| ||The Open University| ||Milton Keynes| ||MK7 6AA| |**Contact Address:**|Professor Sophie-Grace Chappell| ||2 Rosewood Terrace| ||Dundee| ||DD2 1NS| |**Registered Charity Number:**|269707| |**Independent Examiner:**|Derek Grant CA| ||MMG Archbold Ltd| ||Chapelshade House| ||78-84 Bell Street| ||Dundee| ||DD1 1RQ| |**Bankers:**|National Westminster Bank| ||121 High Street| ||Oxford| ||OX1 4DD| |**Investment Advisors:**|Charles Stanley & Company Limited| ||25 Luke Street| ||London| ||EC2A 4AR| 3 **THE MIND ASSOCIATION** **Responsibilities of the Trustees** **for the year ended 31 December 2020** ## **Trustees’ Responsibilities in Relation to the Financial Statements** The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP). Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements, giving a true and fair view, the trustees should follow best practice and: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Executive Committee and signed on their behalf by: ## **Professor Daniel Whiting (Director)** 5 October 2021 4 **THE MIND ASSOCIATION** **Report of the Director for the year ended 31 December 2020** ## **Officers** Prof Brad Hooker (Reading) is the President for 2021-22. Prof Jessica Brown (St Andrews) is Vice-President in 2021-22, and so President in 2022-23. On behalf of their colleagues on the Executive, I am pleased to welcome both to their roles. Prof Ursula Coope (Oxford) has accepted an invitation to be Vice-President for 2022-23, and so President for 2023-24. In the 2020-21 academic year, Dr Arif Ahmed (Cambridge) and Prof Jonathan Webber were elected—and welcomed—to the Executive Committee. The present Administrator—Dr Leonie Smith—will step down following the July meeting of the Executive Committee. Its members are grateful to Leonie for her hard work in recent years and wish her the best for the future. Following a call for expressions of interest, Mr James Ross, a postgraduate researcher at the University Southampton, has been appointed the new Administrator. ## **The Journal** The journal continues to flourish under its co-editors, Prof Lucy O’Brien (UCL) and Prof Adrian Moore (Oxford). The Executive Committee is extremely grateful to the editors and their colleagues on MIND’s editorial committee for their efforts in what has been an especially challenging year as a result of the ongoing coronavirus crisis. Under the present editors, the trend of broadening the range of articles in MIND continues apace. Alongside topics familiar from its pages, such as epistemology, philosophy of language, and metaphysics, the journal has accepted for publication articles in ethics, philosophy of religion, and political philosophy, as well as on figures in the history of philosophy, such as Augustine, Heidegger, and Spinoza. In accordance with and so as to promote this trend, the editors commissioned a survey of recent work in African Philosophy and a critical notice of George Eliot’s translation of Spinoza’s _Ethics_ . It is clear that MIND’s reputation as primarily a venue for theoretical philosophy, narrowly construed, is shifting. This year, with the support of the Executive Committee, the journal introduced the rule that no more than one article may be submitted by any corresponding author during any twelve-month period. This is intended to help in managing the number of manuscripts for review, which has grown enormously in recent years. In part as a result of the new rule, and likely also a result of the pandemic, there has been a reduction in the total number of submissions—157 as of the end of March 2021, compared to 251 in the previous year. Despite the desired reduction in submissions, there has also been a slowdown in the speed with which submissions are evaluated. In the first quarter of 2021, the average time from submission to final decision was approx. 94 days, in comparison to 66 days previously. The publisher, Oxford University Press, also reports an increase in production time from an average of 8.8 weeks in 2019 to 13 weeks in 2020 to 15.1 weeks in 2021 to date. There are two points worth noting here. First, in both cases, the reductions are from very fast turnaround times. Second, and again in both cases, the changes are primarily attributable to the aforementioned health crisis and the resultant demands on time and attention. ## **Research Fellowship Grants Awarded** Following a call for applications, the Executive awarded a 12-month Fellowship to Prof Nicholas Shackel (Cardiff) for a project titled “Bertrand’s Paradox and the Principle of Indifference”, and a 6-month Fellowship to Dr Luca Barlassina (Sheffield) for a project titled “The Cognitive Structure of the Affective Mind”. Both fellows will give presentations based on their research at the 2022 Joint Session at the University of St Andrews. The fellowship holders in the present year (2020-21) are Dr Heather Logue (Leeds) and Dr Elena Cagnoli Fiecconi (UCL). ## **Mind Association Studentship** The Mind Association Studentship scheme, run in tandem with the Analysis Trust Studentship scheme, is in its fourth year. The awards are made by a joint committee involving members of the executive committees of the Mind Association and the Analysis Trust. The Mind studentship for 2021-22 was awarded to Frederico Bongiorno to work at the University of Oxford on a project concerning delusions. The current award-holders for 2020-21 are James Laing (York) and James Openshaw (Warwick). 5 **THE MIND ASSOCIATION** **Report of the Director for the year ended 31 December 2020** ## **Conference Reports Awarded** As a result of the pandemic, the Mind Association’s long-running conference grant scheme was suspended in 2020. In early 2021, the Executive Committee decided to re-open a scaled back version of the scheme offering rewards of up to £600 for in-person conferences, circumstances permitting, as well as for innovative virtual events. After evaluating the applications, the Executive Committee made awards to 8 institutions in this round totalling £4,700. For this and future competitions, and in line with its commitment to the British Philosophical Association’s Environmental Guidelines, the Executive Committee also decided no longer to cover the cost of international or domestic flights except in exceptional circumstances. ## **Occasional Series** The latest addition to the Mind Association Occasional Series of edited volumes is Elizabeth Edenberg and Michael Hannon’s _Political Epistemology_ , published in May 2021. In press is J. T. M. Miller’s _The Language of Ontology_ . ## **The Joint Session** Due to the health crisis, the Executives of the Mind Association and the Aristotelian Society together with the local organisers decided that the 95[th] Joint Session at the University of Hertfordshire would be an online only event. The Executive applauds the organisers on their efforts to make this a success. ## **Professor Daniel Whiting, Director** 6 **THE MIND ASSOCIATION** **Report of the Independent Examiner for the year ended 31 December 2020** ## **Report of the Independent Examiner to the Trustees of The Mind Association** I report on the financial statements of The Mind Association for the year ended 31 December 2020, which are set out on pages 8 to 12. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required from this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the Charities Act; - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act; have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Derek Grant CA MMG Archbold Ltd Chapelshade House 78-84 Bell Street Dundee DD1 1RQ Date: 5 October 2021 7 ## **THE MIND ASSOCIATION** ## **Statement of Financial Activities (incorporating income and expenditure account) for year ended 31 December 2020** ||**Notes**|**Total**|**Total**| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**Funds**|**Funds**| |||**2020**|**2019**| |**Income and endowment from:**||**£**|**£**| |Charitable activities|2|212,441|208,704| |Investments|3|6,922|13,263| |**Total income**||219,363|221,967| |**Expenditure on:**|||| |Costs of generating funds|4|1,386|540| |Charitable expenditure|5|188,542|196,916| |**Total expenditure**||189,928|197,456| |**Net income before gains and losses on investments**||29,435|24,511| |Net (loss)/gain on investments|6|(26,461)|61,409| |**Net (deficit)/income**||**2,974**|85,920| |**Reconciliation of funds:**|||| |Total funds brought forward||720,838|634,918| |Total funds carried forward||723,812|720,838| ## **CONTINUING OPERATIONS** None of the association’s activities were acquired or discontinued during the current and previous years. ## **TOTAL RECOGNISED GAINS AND LOSSES** The association has no recognised gains or losses other than the surplus for the current and previous years. The notes on pages 10 to 12 form part of these accounts 8 **THE MIND ASSOCIATION** **Balance Sheet as at 31 December 2020** |**Notes**
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CREDITORS:**Amounts falling
due within one year
10
**NET CURRENT ASSETS**
**NET ASSETS**
**RESERVES:**
**Unrestricted funds**
General funds
11|**2020**
**Unrestricted**
**Funds**
**£**
**£**
369,285
223,446
132,473
355,919
1,392
354,527
723,812
723,812|**2019**
**Unrestricted**
**Funds**
**£**
**£**
393,146
167,022
162,014
329,036
1,344
327,692
720,838
720,838|**2019**
**Unrestricted**
**Funds**
**£**
**£**
393,146
167,022
162,014
329,036
1,344
327,692
720,838
720,838| |---|---|---|---| ||||720,838| ||||720,838| Approved by the trustees of The Mind Association and signed on its behalf by: ## **Professor Daniel Whiting (Director)** 5 October 2021 The notes on pages 10 to 12 form part of these accounts 9 **THE MIND ASSOCIATION** **Notes to the Financial Statements for the year ended 31 December 2020** ## **1. Accounting policies** The following accounting policies have been applied in dealing with items which are considered material in relation to the association’s accounts. ## **Basis of preparation** The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). ## **Fund accounting** Funds are classified as either restricted, endowment or unrestricted funds, defined as follows: _Restricted funds_ are funds subject to specific requirements as to their use, which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity. _Endowment funds_ are funds given on the condition that the original capital sum is not reduced, but that the income therefrom is used for the purpose defined in accordance with the objects of the charity. _Unrestricted funds_ are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund. ## **Incoming resources** Income is recognised when the charity has the entitlement to funds, any performance conditions attached to the item of income has been met, it is probable that the income will be received and the amount can be measured reliably. Income from charitable activities is recognised once notification has been received of the amount due. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **Resources Expended** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. ## **Investments** Investments are included at market value. Realised gains and losses, representing the difference between sale proceeds and cost are dealt with in the SOFA. Unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from their date of purchase if acquired during the financial year, are shown in note 9. In the case of a permanent diminution in the value of investments, provision is made in the SOFA to reduce the carrying value of the recoverable amount. 10 **THE MIND ASSOCIATION** **Notes to the Financial Statements for the year ended 31 December 2020** |**2**.
**Charitable activities**
Publishing income
Journal subscriptions and royalties
**3**.
**Investment income**
Dividends – UK equities
Interest on cash deposits
**4.**
**Costs of generating funds**
Professional fees
**5.**
**Charitable activities**
Grants (note 7)
Editorial costs
VAT
Independent examiners fee
Committee and other expenses
**6.**
**Net gain on investments**
Realised gain on investments
Unrealised (loss)/gain on investments
**7.**
**Grants**
The amount payable in the year comprises:
**Mind Fellowships and Studentships**
Fehige (fellowship)
Forbes (fellowship)
Openshaw (fellowship)
Lang (fellowship)
Jessica Brown (fellowship refund)
Simon Thumder (studentship)
Alex Moran (studentship)
Craig Bourne (fellowship)
Mona Simion (fellowship)
**Conference grants**
Conferences and workshops
Aristotelian Society|**2020**
**£**
**£**
-
22,666
7,643
7,643
-
7,504
-
-
-
45,456
57,156
-
57,156
102,612|**2020**
**2019**
**£**
**£**
210,013
206,883
2,428
1,821
212,441
208,704
6,838
12,998
84
265
6,922
13,263
1,386
540
102,612
105,797
55,000
55,000
27,837
27,089
1,392
1,344
1,701
7,686
188,542
196,916
-
-
(26,461)
61,409
(26,461)
64,409
**2019**
**£**
**£**
676
-
-
-
(4,025)
7,505
7,388
22,161
23,885
57,590
47,329
878
48,207
105,797|**2019**
**£**
206,883
1,821|**2019**
**£**
206,883
1,821| |---|---|---|---|---| ||||208,704|| ||||12,998
265
13,263
540
105,797
55,000
27,089
1,344
7,686|12,998
265| |||||13,263| ||||196,916|| |||||-
61,409| |||||64,409| ||||105,797|| ## **8. Trustees remuneration** – No remuneration was paid to the trustees during the year and no employee emoluments were paid (2019 Nil). Travel and other expenses amounting to £1,701 (2019 - £7,686) were reimbursed to 1 trustees (2019 - 9). Trustees’ indemnity insurance was purchased at cost of £Nil (2019 – £Nil). 11 **THE MIND ASSOCIATION** **Notes to the Financial Statements for the year ended 31 December 2020** |**9.**
**Investments**
Cost at 1 January 2020
Unrealised appreciation
Market value at 1 January 2020
**Movements in the year**
Retention of income
Additions in year
Disposals at cost
Increase in unrealised appreciation
**Market value at 31 December 2020**
Cost at 31 December 2020
Closing unrealised appreciation
M**arket value at 31 December 2020**|**£**
163,890
229,256
393,146
2,600
-
-
(26,461)| |---|---| ||369,285
166,490
202,795| ||369,285| In order to comply with the Statement of Recommended Practice for Charity Accounts, details of material holdings (i.e. over 5% of portfolio by value) must be disclosed. |||**Market**| |---|---|---| |||**Value**| |||**31.12.20**| |Baring Fund Managers Charitable Targeted Return Inc|32,441.200 units|37,697| |Blackrock Asset Management UK Ltd Charishare Inc|8,992.81 units|58,048| |Schroder Unit Trusts Charity Equity Inc|14,310.250 units|50,401| |AXA Framlington Unit Management Health Z|23,274.5824 units|39,055| |Aberdeen Standard Fund Managers UK Ethical Platform|72,622.5448 units|84,823| |M&G Inv Management Ltd Charifund|1,416.735 units|19,446| |BMO fund Management Responsible Equity 2 Acc|10,529.46 units|39,770| |Kames Capital plc Ethical Equity B Instl Acc|15,947.3043 units|40,045| |**10.**|**Creditors**||||**2020**|**2019**| |---|---|---|---|---|---|---| ||||||**£**|**£**| ||Professional fees||||1,392|1,344| ||||||1,392|1,344| |**11. **|**Funds**|||||| |||**At 1**||||**At 31**| |||**January**|**Incoming**|**Outgoing**|**Other**|**December**| |||**2020**|**Resources**|**Resources**|**gains/(losses)**|**2020**| |||**£**|**£**|**£**|**£**|**£**| ||**Unrestricted Funds**|||||| ||General fund|720,838|219,363|(189,928)|(26,461)|723,812| ||**2019 comparatives**|**At 1**||||**At 31**| |||**January**|**Incoming**|**Outgoing**|**Other**|**December**| |||**2019**|**Resources**|**Resources**|**gains/(losses)**|**2019**| |||**£**|**£**|**£**|**£**|**£**| ||**Unrestricted Funds**|||||| ||General fund|634,918|221,967|(197,456)|61,409|720,838| 12