THE NEEDHAM RESEARCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
NEEDHAM RESEARCH INSTITUTE FINANCIAL sTATE[s FOR THE YEAR ENDED 30TH SEPTEf%tBER 2024 CHARITY INFORMATION Charity R¢gistralion Number 311459 Trustees.. Professor Martin Jones (chair&) Lord Brners SCD, FRS, FREng (resigned l March 2024) Dr Christopher Hugh¢s Mr Stephcn Perry (resigncd 8 Novcmber 2024) Professor Roel Sterckx (r¢si8ned 5 Jun¢ 2024) Mr MiGhael Womack Ms Elizabeth Wright Dr Mary August& Brdzelton Dr Imre Galambos Dr Charles Harpurn Ms Katie Lee Professor Ying Jin (appointed 8 November 2024) Members of thc Financc Committee: Professor Martin Jones (Chairn]anl Dr Christopher Hughes Mr Michael Womack Ms ElizabEth Wright Professor Roel Sterckx (resigned 5 June 2024) Director and Bursar in attendance Mombcrs of tbe Manag¢m¢nl comlttee,. Protessor Jianjun Mei {Cbairman) Ms Susan Bcnnett Mr John Moffett Dr Chri8tophcr Jaggcr Mttmbcrs orth¢ PubliGatii)ns Board., Profe0[ Jianjun Mei ICILairman) Ms Susan Bcnnctt Mr John Moffett Dr Christopher Jagger Principa] olcU$.. Director- Bursar.. Librdrian.. Administrative Managcr Protessor JiaDjUD Mei Dr Cbrislopher Jaggcr Mr John Moffett Ms Sus8m Bennett PriD¢ipal Officc Addres5: 8 Sylvesl¢r Road Cambridge LB3 9AF Auditors: Prentis & Co LLP Cbarlered Accoun1ants & SkntLrtory Auditors 115C Mihon.Road Cambridge CB4 IXE Bankcrs and Deposit Hold¢rs'. National WestmiJister Ballk plc 23 Markct Strcct L.brIdge CB2 3PA Quilter Cheviot Limited Senator l-louse 85 Queen Victoria Strect London EC4V 4AB Solicitors.. King & Co SL Andrcws House St. Andrews Street Cambridge CB2 3DD
NEEDHAM RESEARCH INSTI'rur.E FINANCIAL STATEMENFS FOR THE YEAR ENDED 30TH 8BPTEMBER 2024 TRUSTEES REPORT Tlie Trustees present their I'epoit and fiiiancial st&tements fur die yeai. ended 30 Septeniber 2024. Thc financial ,8tateniei)ts coinply with the Charities AGI 2011 and A¢counting Reportiiig by Cliarilies.. StatemLnt ot. Recommended Practi¢e applicable to ch8Yities pi'eparing Ilieir accouiits in accordaii¢e with the fi inancial Rcporting Staiidard applicable in the UIC Rcpublic of Irelaiid (FRS 102) (eff¢¢tive l Jaiiuary 2019). REFERENCE AND ADMINISTRATIVE DBTAILS The Needliam ReseaTch Iiistitute, f0rn1erly t'itled "The East Asian I-listory of Sci¢nLe Trusff, is situated al 8, Sylvester Road, Cambi'idge CB3 9Af. Cl]llY Registration No. 311459. The Iiaines oFthe Trust¢es serviiig duriiig the fLn&ncial year l October 2023 10 30 Sept¥inber 2024 and serYiTrg on the date wliich Ihis rcport was approved are givcn on the coiilents P¥Lge. Professor.TiaiijuLI Mei is tlie Director of thc Institute and rcspoi)sible for its day-lo.day management. The nanlles of tli¢ ITLStilute's stsff are given on the contents page. OBJECTIVES AND ACTIVITIES PURPOSES OF THI TRUST AS SEI, OUTJN THE GOVERAfiNG DOCUMENT Buildiiig on tlie foundation laid by the work of tlic late Dr.Toseph Needhain, the Inslitulc scclcs lo tacilitatc, prornote tllid dcvelop acadunic research, publication ]d teaching of the Iii8liest possible st}d&1'd in the fields of the Iiislory of science, teclinology and m¢dicin¢ in East Asia. Beyoiid the purely academic spherc, it also seeks to raise public awarLiiess of tlios# aspects of ils work tliat are Dr wider sigiiifi¢ance for hujnaii progress. Thiough the pursuit of those goals it aims lo exploit aiid fui-llier dcvclop its role as the world's leading intcrnational centre tor reScch in ils field. It s¢¢lcs c105ei' and muth&lly beneficial ¢oop¢r&tLDlI Wlth Cuiibi'idgc Uiiiversily wliilst mainlaining il's prescnl autoiiomy as an iiidependent ¢haritsble Fouiidation. AJNACTJIIJTES UNDERTAK&VJN RELAIION TO THOSE PURPOSL9 Tlie InstitutL ai111S to eiisure the suGGessful complelioii of thc"SLience ]d Civilisation iii Cliina" pi'ojcct. Twenty-five voluines Iiav¢ been published and woi'k is proce¢diiig on a furtli¢r tlvee iiolum¥s in the series; in addition, eiglileen volumes have bccii publishcd in tlie Moiiograph Sci'ics aiid work is continuing oli a iiuiiiber of otlici'5. The Institule also publislies & Itss foi'inèil 'Workiiig P£Lpcrs' 8¢ries. I'lie In,4titutc has ali active progi'animc of Research FelloMJships fllid Stlldentships which 18 lai'gely funded by gi'ants froin severEtl outgide foundations ld which enables s¢hol[S fi'om East Asia and elsewhcrc to study at Ilie InsLilLltc, It also oi'gaiiises worlcsliops and confcreiiceq witli major &cadeLnic organisalions iii ancl outside thc UK. It n]118 regular academic seiiiinaTs during the Univei'sity lerm. '1l1#1iistitutc also hosls scholars and acadcn)ics durllig thcyttar. allowing them access to its diversc librury, archives ar)d catalogue ofworks ]d publicatioi)s ii) the fields oiilic liistory of scieiice, tcchnology and nie(IiLine in East Asia. TRUSTEES REGARD TO THE CHARITY COMIilISSION 3 GUIDANCE ONPU13LIC BENEhir Thc Institule and it5 Library off¥rs scholArs facilitits for i'escar¢h and wriling unrivaiSed by aiiy other acadcmiL iiistilution in its field. In SLddition to its collection of niojiogruplis, the Library subqcribcs to & wide selectioi) of.journals, maiiy of whicli are Cliiii¢se publications rarely available ¢lsewlici'e ILI F.urope. Thc Library also Iiouses the archives of Ihe l&lc Di. Needliain i'elatiiig to hib reseai'ch in the field cst&bli%l)ed. A 2-ye<ll' pi'ojecl (2023._ 2021) fundcd partly by thc Joseph Nc¢dht1 F01111dation for Scieiice atld Civilisation (Hoiig l<ongl is cui'reiitl), bcing c&rried out 011 these ch1vC5 to make ilicm more accessiblc to reseai'chers. DiLyilised rcsearcli m&terials arc freely ttv&ilablc on Lhe Cainbi'idge Ilnivcrsily Digjlal LibrLIry. All Iliis nialci'i&i is dcsci'ibed ai)d catalogiied electronically, and may be 5etiiclied 01)liiic for no fee. Any persoii with & scrioiis iiilcre5t in the subjc¢ts' ¢ovttred by the In,8lilute is w¢lcon)e use its facilities witlioul Lliarge. In coses ivhci'¢ scliolws &i'e sii£ficieiitly wcll fuiidtd, die Institute will Elccept a LontribLltioii to its i)vei'lieads, but tliis 1.% not an absolute conditioii for use or its faLilities. In addilion to maiiitaining tlic1118tiLuLe's facilities facilitating CesS to dicni, Ilie Ti'ustees CLICDLlI'age ilie Dii'ectoi. to pl&y an twliverolc in mal¢ing EL widcr public aware of thc &i'eawith whicli it de$. Tlie Direilor114s delivci'cd public lectLircs in C&nibridge and ovttY8eas. I'he Dii'ecloT lias bcen appoiiiled 'Dire¢tor of Rescai'ch, by Tlie McDoiiald 1Th8tilutc foi. Arcli&eological Rcscai'cli in UiiiveTsity of Cambi'idgc,
NEEDHAM RESEARCH INSTITUTE PAGB 2 FINANCIAL STATEMEN'fs FOR THB YEAR ENDED 30TH SEPTEMBER 2024 TRUSTEES REPORT ACHIEVEMENTS AND PERFORMANCE SUMJUR Y OF THEMAwACHIEVEITs OF THE TRUST During thc PeTiod of October 2023-SeplembeT 2024, the fellowship Prograrnmes, Such a5 IndepetLdent School Foundation (ISF) Fellowshi Lloyd-DaJ David (LDD) Fellowship. Li boundation Fdlowship, Ho Peng Yoke (HPY) Fellowships. Jing Brand Fellowships. Soon-young Kim (SYK) awards. and the Sino-British Fellowship TNst (SBFT) award were all in op¢ration. The ISF Fellowship progrdmme established in October 2013 resumed its operlltion in Cambridge for three weeks in June-july 2024 under the supervision of Dr. Jenny JinRyi Zh&o, who took this fellowship position on a three-year contract In F¢bruary 2021, and has been Working as a Research Fcllow at the Institute since then. She was promoted to a Senior Research Fellow position in October 2022 and hcr contract was exlendcd on 22nd January 2024 for a fiwther three years uniil 3 Ilt January 2027. She also hold5 a Joscpb Needham Visitln8 Fellowship at ClaTe Hall College. Dr. Arthur Harris took his LDD fellowship position on a three-year contract in October 2021, aDd has been working as Postdoctoral Fellow at the Jnstitute since then. His fellowship tenure was extelldcd iu August 2024 for a further y¢ar until Septcmber 2025. The Li Foundatton Fellow (2023-2024. East Asia). Dr. John Alekna of Peking University complcted his research visit to the Institute during Octob¢r-Decembcr 2023. Dr. Dong Junqing. A550CLatc Professor of th¢ Shan8hai ID5tituts of Optics alld Fi Mcchanics, Chinese Academy of Science. completed his research visit in Carnbridge during NoYeJllber 2023- April 2024. Guo Jianbo. ajunlor researcher at tbc Siehuan PmvInci Institute for Culthral Relics 8J)d Archaeology, completed his research stay at our InstitLrtc during octob 2023- mch 2024. Dr. Liu Nian of the Institutc of Aychtteology. Chinese Academy of Social Sciences, complctcd her 6-montlL fellowsbip tenurc and returncd to China in October 2024. FO scholars were awarded Li Fowidation fellowships (USA) for the year 2023-2024, He Ypfiui, a Pl)D candidat¢ of Stanford University and a 6-montb fellowship holder, compleÉed her tenutt in Cambridge in January.June 2024. Liang Yue. a PhD aDdldatc of Binghamton UnlveTSity anda 3-month fellowship holdcr. carried out her study visit in Cambridge in January-march 2024. Dr. Liu Xinyi. Associatc Pmfcssor of Arcbatology, Washington University in SL Louis and a 3-rnonth fellowship holder, compl¢t¢d his fellowship tenwe in May-Au8Us12024. Niall Cbithel¢n, a PhD student at University of Californi4 San Diego and a 6-rnonth fellowship holder, ha8 been perItted to Postpone his fellowship t¢nur¢ IOT a year and so will begin his research viskt in OCber 2024. Two six-month HPY fcllows, Dr. Yang Shujia (a postdoctoral researcher at the Palace Museum in Beijing) and Dr. Wang Shengyu (a visiting fellow at Hcidelber¥ Universtly) completed th¢ir res¢ar¢h visits in Cambridge in January-july 2024. Dr. Iluang Yijie, a 12-moDth Jing Brand scholaTsILiP holder for 2022-23. stayed at the Institute for 6 months during May- November 2023 bcforc taking up a new posltion in Gerniomy, Dr. Li Xinsheng of Southeast University. our Jing Brand Fcllow for 2022-23. complctcd his research visit in Cambridge in July-Decembcr 2023. Professor Liu Dun of Tsinghu& University, a 6- ontb Jillg Brdnd scholarship holder for the year of 2023-24, complctcd his visit and rerned tL) China by the end of August 2U24, Dr. Jiang Xiaochengyang of Pcking Univcrsity, who was awarded a 6-month Jing Brand 5cholgrship for 2020-21, arrived in Cambridge in M&y 2024 and left in latr August 2024, Professor Zh&o fcng of Zhcjiang University, a Jing Brand Fellow for 2020-21, completed his scholorsbip tenure in Muy- October 2024. Dr, Yu Jia was awarded & 12-month SYK fcllowship for 2023-24 ond completed her fellowship Eenure during September 2023- August 2024. Aftcr unavoidable poslponement fortbree ycurs. Dr. Shi Zhilin, Associale Professor atLanzhou University and a six-month Silk Road fellowship holdcr for 2020-2021, arrived in Cambridge in FebnJary 2024 and complelcd his resear¢h visit in August2024. Dr. Liu Peifeng, Assistant Professor of the Scbool of ArcEtacology and Museology, Jingdezh¢n Cer8rnic University. a SBFT tellow for 2023-2024, completed bis six-month fellowship tenure during Mar¢h-S¢pt¢rnber 2024. The Instilutr also hosted visits for a few rnonths or ayear from the following scholars.. Dr. Zhou Chang, visiting scholar. Xi'an University of Post and Tclccommunications, 2023.09-2024.08. Dr. Liu Jie, visiting sGholar, Shanxi University, 2023.10-2024.09. Dr. Hu Haohu4 visiting scholar, China Academy of ATL 2023.10-2024.05- Professor Oh Chaekun, Daejon University. 2024.01-2025.01. On 3¥4 Novemb¢r2023, the 6tb Nccdham Mcmorial Lecthre. sponsor¢d by tbe Jing Brand L'o. Ltd.. Cbina, took place at the Rilcy Auditoriw Clare College. Professor Jessica Rawson of OxfoNt Univcrsity dclivcrcd the lecture entided 'Finding China Preseul in Its Pt2St'.
NEEDHAM RESEARCH INSTITUTE PAGE 3 FANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 TRUSTEES REPORT The Director delivered & lethre entitled 'San¥ingdw Bronzes and Metallurylcal Nenvork in the Shang DynuBty' at tbe two diff¢rent venues., (l) The Instityte of Arch&eology, UCL. i>n 17th January 2024. (2) Tbe Instithte of Archaeology, University of Oxforl 2nd February 2024. He also offered a Icethre on 'Joseph Néedhapn (vld SCiee and Clviltsddon In China. to a group of sthdents and teachers from tb¢ Xinya Colle8e, Tsinghua Universlty on 23rd january 2024. He dellvcred a lectyT¢ on 'The Developmenl ofApchaeolo£v in China." Eawly Bronze Technolo, to uDd¢rgraduate students at th¢ D¢paTimetLt of Archaeology. University of Cambridge on 20th February 2024. To cel¢brat¢ Pmfcssor Sir Geofftey Lloyd's 9111 birthday, the Ins11te orgar)ised a tea receptii)n with & specially ¢ommissioned c&k¢ otL25th January 2024. The Chairniall thanked Sir Geofftty forhis in)mense contributionto the intellectual life ofthe Institute. On 18tb M8rch 2024, the workshop on 'Marerlal Cu1tt4pe In rhe Hmiory of ScienceJ and Arts.. Mobility, Eychange, and Innovation,. organized by Dr. Yu Jia{SYK Fellow) andDr. Hu Haohua (NRI visiting scholar). took place atthe Whippl¢ Muyeum Lcarnlng Gallery. University of Cambridge. FToro 25th March ¢0 17Lb May 2024, tbc Dircctor travclled to China and ComPliShed a number of institLrtional and academic tasks as follows.. l) visitin¥ the Southw¢st University to aTrange tbe 2024-2025 SBFT fellowship program (1-3 April),. 21 delivering a lecture to ib¢ public at the Palace Mu5cum in Beijing {9 April); 3) vislttng the Sanxin8dui Museum in Gu4ngha Chengdu (14 ApTiI)- 4) attending a book launch event ID Beijing {19 April); 5) visiting the Zhgjiang University and Liangzhu Muscum to strengthen cooperation links (25-26 April). 6) meeting Professors Zhang Daqing and Chen Qi atthe School ofHealth Humaniti¢5. P¢king Univcrsity (8 May); 7) delivcring a lecture at the University of Sclence and Teclmology Beijing {9 Mty). 8) VlSlting the Inner Mongolia Norn]al University alld meeting Professors Guo Sbirong (1997 Li Foundation Fellow) and Jiang Hongiun (2020 SBFf Fellow) (13-14 May). 9) attending thc celebration cvent for the 7th Anniversary of th¢ Founding of1h¢ Departfllcnt of History of Scienc4 Tsinghua UJiversity (16 May). On 20th May 2024. thc Dircctor offered a lectwe entitled 'StDLYINgth41 BroptrÉtr andMetttlJurglcal Network in the Shang DYty, lo a group of studcnt8 and rcscarcher8 of the University of Cambridg¢ at the Department of Arcbacology. Duting 6) 8th June 2024, the 4th conference on'science in ihe Forest, Scien¢e in the Pasf, OTgallised by Profe550r Sir Geoffrey Lloyd was held at the Institt, co.ordinated by the Administrative Manager, 8md with the fincial supports from th¢ Needham Res¢arch InstItte and other institutsons in the UK. On 23, July 2024, Dr. Shi Zhilin (Needbam-silk Road Fellow) org8nlz¢d the workshop cntitlcd Culiural E¥ckng£ aloryg the silkROa in the K. P. Tin Hall at the NRI, About 20 scholars fron) China and the UK participated in the workshop. On 23rd Ju]y 2024, the Director participated in a workshop on thc S8nxingdui culture and delivered an online paper entiiled 'The culthral aAdtechnologicalfealures of tke Sanxirtgdtti bronz seÉnfropn the Honzkong branzEs'. On i ith August 2024 the invitation of Dircctor Pang Yali of tbe Shaanxi Historical Mus¢um. the Director deliycred an online public lecture entitled 'The development ofeapfy metallWCaE technolo in Chino and its linky Iviih neighbouring rEgions'. On 17tb Au8USt 2024, the Dircctor presented an online paper entitled 'New progr£ss in the s&dles of early copper and bronze artefact8foz4nd in Chint3' to the workshop Fire-Arl and C'ivilisation" held . the T8inghua Art Mllseum. The Instit¢ organised ttventy-five in-per50n seminars during the University Michaelmas Lent and Easter tcmis from October 2023 to Jw)e 2024. REVJEIY QF THEFINANCIAL POSITIONA T THE END OF THE YE4R Funds are invested to provide incoD]e to mcct dLC day-to-day rullning of the In8titutc. They aT¢ split betwcen the Endowment Funds, Restricted Funds (related to grants to expend for the purpose sp¢¢ified, these are shown in notc 15 on pagc 20) and Unrestrictcd Funds. As at 30 September 2024 funds invested amoullted to £16,352,304 (2023.. £14,758,859). The Prin¢ipal tunding sourccs of tbe Institule are its income fro the Invcstmcnt Portfolio, donations grants from outside Foundations, royalties, iDterest on deposit aw)uDts and retLt ofNo. 2 Sylvcstcr Road. No. 2 Sylv¢ster Road bas becn leased to Robinson College for fifteen years from 3rd May 2018. A Teview ot investmcnt perforniance and the InstiEutc's investment policy are detsiled on page 4. The Instilute has a potential liability relating to th¢ employees who are in thc 'Ulliversitics Superannuation Scheme.. Notc 14 and 20 to the accounts set out the basis of a provision that h¥s been ]llade of £211,101 (2023.. £31,717). R£SER V£SPOLICY Th¢ TTU5tccs hav¢ considered that thc most appropriate policy is to m&intatn all surplus filnds split between inve8Éments held with Quilter Cheviot and th a level of balanccs held as cash at bank sufb¢ient to maintain thc day to day C4)Sts of n]nning and seryicing the Institute. This policy is kcpt under review, having reEard to thc levcl of fimds available. I'he Trnstees, investment powers &rc govcrncd by the Tnlsi D¢¢d which permits TILC Nccdham Research Instit8 to invest the montes of thc Instilute not irnmediately required for its purposes in such way5 as the Institut¢ 8h8ll ill its absolute discrction think rit.
NEEDHAM RESEARCFI INSTITUTE PAGE FJNANCIAL STATEMC,NTS FOR THE YEAR ENDED 30TII SEPTEMBER 2024 TRUSTEES REPORT STRUCTURE. GOVERNANCE AND MANAGEMENT NA TURC OF THE GOVLRNWG DOCUMLVT The Iiistitute fis ali educalioiial cliai'it)i i'egistered iii EnglaLid ]d subject to tl)e provisions OL. tlic 1968 Trust Deed, as amended by Scheines of tlie chilY CoinLnissioners dated 29 March 1988. 17 March 1992 aiid 27 Noveinber 2000, THE BOARD OF TRUSTE Tlie Trustee5 provide an appi'opriate mix of skills, diversity and expei'ieiice; each is appoii)ted foi. a tttrin of five ycars by a resolution of the TrusLees pas5cd at & Ineetiiig and may be re-appointed for further terms in tlie samc way, The Ti'ustees ine¢t thi'ee liimes a ycar to receive reports fi'oin tlic Director, the Bursar Ilirough the Finance Cominillee and the Librai'ian. Tlie Chaii'inan and the Dii'ector are iii ¢lose touch. All majoi. decisi0113 are referred to the Trustees. Tlie Ti'ustees have giveii coiisidcration to tlie niajor I'isl(s to which the Charity is exposed tuid have satisfied themselve,% tliat systeims or procedures have been establishcd in order to manage those rislis. The Iiistitute has beeii Inoving towai'ds a ILirnover of Ti'ustees more consisteL)t with Charity Comniission guidelines, RCCRUITMEAfi OFNEW TRUSTEES New Trustees arc given an induction by the Chaimiaii and a lour of the Iiistilut¢. Following forin&l election to the Board, thcy arc sent an inforin¥Ltion pack contsiiiing ilie Charity CoillmL5SiOn Investnient Guide foi. Trustees, the Institute's newsletter, aiid two forms foi. complelioii.. aDcclaralioLi of Intei'est &iid a Dcclaralion of Eligibility. Cominunicatioiis froni tlie Cliarity Coinini5.%ion r¢gdIng training etc. 8re circulated by eLm&il. MANAGEMENTPERSONNEL REMUNEIUTIO The ultimate responsibility for th¢ man8gen]ent of Ihc Institute rcsts with the Truqtees of the Needliwn Research htilUtI and the day-ID-day running of the Institule is overseen by & full-tinic s&lai'ied Director. He is supported by & full-tiine Libi'aritui, tl full-lime Administrative Managcr and a pai'l-time Bursar, who logciher with the Dircctoi. coniprisc the Anagemeiit Cominil1ec of the Tnstitutc. I 'rrustees give theii. tiine freely and no Triistee received aiiy reiiiunei'ELtion iLi thc year. Details of Ti'uslces, expens¢8 are disclosed iii note 8 to thc fknancial slalcinents. The k¢y off1cers ot'the Institiite dctailBd dbove rccciv¢ mLI11el.aLLoI1 in liiie with tliosc in similai. positions wilhiii the Uiiivei'sily of Cainbridge, Iiccordingly reinuiieLat¢d in line with llic Uiiiv¢rsity of Canibridge's PÉly Scale. Otficii's receive Ilie small "cost c)r living" salaiy incre&8cs awarded by thc UnivLI'sily of CELmbridge. PJIINCIPAL RtSKsAAfD LSrfCI,'12TAINTJLS InterntJ coiitrols over all torms of iiicoillc, asscls, commitsncnt and expenditrirc continue lo bc rcfiti¢d to iniprovc efFi¢iency id ¢ffrectivciiess. Perfom]anLe is monitorcd aiid &ppropriatc management iiiformdtion is preparecl &nd rcvicwa regularly by th# InAn&gcmenl team and Trustees. The liistitute curi'eiitl), PLodu¢es annual budget and repoi'Ls al Trustecs Intteting,% agauist tlial budgct. I'he Trustees hav¢ delegELted authority from tlie Board to cnsure Ihal activc rislc Inanagenicnl pfo¢cbb 18 in place aiid form5 parl of I'he Needham Rescarch InsLilLltc's oiigoing organisation t[Vity. INVESTJVEAITPOLICYILVJ) PERFOIU4ANCE I'he Invesliiicllt Poitfolio coiitlllULS lo be maiiaged by QuiltTh' Cheviot LimiLed (now pt ocold MLltiial). Jn ilie ycar to 30 Septenibcr 2024, a to1 returii of 14..30/o was aGhievecl. [-5,8 /D itl 20231 PLANS FOR FUTURE. PERIODS Thc Institute will sccl< to maximi8c its Lontribulioii to TCSear¢h, teaching and international relation%, in ils field, focusing principally Dn Cliina but in the broader cvntexi o'f East Asia, tind will tak< cvcry opportLllllty to devclop Iruiifiil cooperation with the Universily oECanibridge in tliose ai'eas, a8 well as witli other iiislitutions of rebe81.cli fllid higher leai'iiii)g world-widc. Work will COLi¢inue 01) Ilie Science and Civilisalion in ChLntt sci'ies 2uid other publications including & planned ,SciÉnce Ci11iltts(Jtion In Korea s¢rics. fundi'aisiiig eftoi'ts. will coiitinue to IllLreaqe the Institute's Ei)dowmenL and lo support (ellowship pi'ogr&inincs. The aiinual 'Ne¢dhn Meinorial LecluLe" in collaboraiion ivith otlicr institution8 iii Cambi'idg¢, li&$ beci) establibhed &nd will ¢01ltinuc. The fi'iendsliip Association establishcd iii Beijing on 9th Jline 2018. 11 lias i'aiscd funds lo be addcd to tlic Flo Peiig Yoke Fellowsliip alld Miill coiitiiiLlC to do s'o.
NEEDHm RBSEARCH INSTfrLfrE PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 301H SEFTEMBER 2024 TRUSTEES BEPORT TRUSTEES. RESPONSILITIEs IN RELATION TO THE FJNANCJAL STATENLINTS The Trustees we responsibl¢ for preparing & TrJst¢¢s' RGport ond financial statEments in a¢¢wdanc¢ with applicable law and Unitrd Kingdojn Accouuting Standards (United Kingdorn Gcnerally Accepted Accounllng Practice). Th¢ l&w applicable to charitics in Englw)d and Walcs requires the Trustees to prepare f]Jw¢lal stat¢m¢nts for Cach year wblch give a true and fair view of the state of affairs of the charity and of the incomin£ ff 50urccs 9Dd appli¢atiDn of re80urc¢& of the hyrity for thatperiod. lft prepaTing the finallcia] ststements, the $te¢S ar¢ required to: select suiLabl¢ aoUnting policieB 8nd then apply them consistently: obrVE th¢ methods and PTinciples In thc applicablc Charitie5 SORP., makejudgemcnts and ¢slin]at¢s that are rea50j]e and prndeDL state whdher appli¢ablB accowlling standards hav¢ been followed. subicct to ally material dcpeJlur¢s th4t nust be disc105cd and ¢xplain¢d in the fll)aDcial statcrnents: prcparc thr finallcial statemeDts Oll the goitig concern ba818 unless it 15 inappropriate to presume that th¢ ¢h8rity wi11 ¢ontinlle in business, TILe TThslees are responsibl¢ for kneping pmpcr accountin8 rordS that disclosc with reasonable accllracy at any lime the financial position of the cbarity to ellable thejn tv ensure that th¢ fllwicial statement8 Gomply with the Charities Aet 2011, the applic&ble Charilies (Accoutrts and Rewts) Rcgulation& and the provisions ()f the Trnst deed. They are also responsible foT s&fegllardingthe assets ofthe charity and taking reasouable stCP81orth¢ pr¢ventiots and dctectionof frd Bttd otherirregularitics. APPROVAL Thi5 r¢port wms approved by thc Board of TnISte and signcd on its behalf, on th£y- MSEL TRUSTEB EfH WRIGI
T14E NEEDHAM RESEARCH fNSTITUTB PAGE 6 FINANCIAL STAIEMEwfs FOR THE YEAR ENDED 30TH SEPTEMBER 2024 INDEPENDENF AUDITOR'S PIPORT TO THE TRUSTEES OF THE NEEDHAM RESEARC14 INSTITUT OPINION We have audited the financial ststeinents of Tli¢ Needham Research liistilute for the ycar elided 30th S¢pt¢mber 2024, whicli comprise the Statemeiit of Financial Activities, the Balance Slieet, th# Ststeinciit of Casli FIOMTS and the related notcs. Tlie tinaiicial reporting frainework IliaL lias bcen applied in their prsparation is applicable law and Unitcd Kiiigdom Accounting. Standards, including Fintjncial Rcportiiig Stai)dai'd 102 "Tlie financial Reporting Standard applicable in thc UK ancl Republic of Irelund" (Uiiited I&ngdo]n G¥ii¢rally Accepted Accounting Praclicel. In our opinioii the financial statcin¢nts: giv¢ a Irue aiid f&ir view of ihe Stale of Lhe chai'ity's affairs as al 30th Septenibei. 2024. ]d of its iiicomiLig resouices and appliLatioll of resour¢eg, 'for tile year then ended. have been properly preparcd in a¢cordanc¢ witl) United Kingdora GcLicrally Accepted AcLounting Prnclice,. aTLd Iiave been prepared in accoi'daiice with the requiremciits of the Cliarities Act 2011. BASIS OF OPINJON Wc conducted our audit iii &ccordaTLCe ivith Inteniational Slaiid&rds OLI Auditing (UIC} (ISAS (UIQ)) 2L)d applic&ble law. Oiii. responsibililies under Iliose staLid1< rds w'e liji'ther describcd in the Auditor's responsibilitics foi. the audit of the financi statements scction of our I'epoi'l, W# are iiidepeiident of the charity in accord]ee with the ethiLal Tequircinents tliat arc relevgnt to our audit of the finaiicitLI 5tatemciits in the UK, includiiig the FRC'S EtiiicLI Slandai'd, aLid the pi'ovisioiis available for sniall enl'itics, iii the cii'cuinstances set oul in Iiote 9 to th¢ fJiiwicial statcments. aiid wc have'lul'filled our ollier ethical respgLisibililies in accoi'daiice with these rcquircmcnls. We believe th&t tlie &udit evidenc¢ wc h1< ve obt%Liiied is sufficiciit and appropi'iate to provide a basis foi. oiir opinion. CONCLUSIONS REI.ATING TO GOTNG CONCERN In audiling Ilie fiiiaiicia] statsintnls. we have eoiicludcd tliat Ilie TLuslee8' use of tlio going coiicei'li basis of accoLlllting in tILe preparatioii of the firLalici stat#ir¢iits is api)ropri&te. Based on d)e work wc h&ve pei'formed. w¥ litlve iiot idcnlified ]Y Inatcrial Uncerlainties rel¢ltinLS to evcnts or coiiditioiis iliaL individually or collcctively. njay cast SLgni'ficant doubt on the Chity's d)ility lo continiic a going concei'ii 101. 2< period of &1 Icast twglve months from whcrL the financi&l slateniuits ttre &utkLorised for issue, Our responsibilities. aiid the respoiisibilities of the'fruslees with rcspcel to goii)g conccrn dl'e de%cribcd in tlie relevEuiI 5CCtions of this repo)rl. OTHER INF0'[I0N Tlie othei. inlDfiMELtion compri8es the inforiii8lion ilicludcd in the Ti'ustees, Report, oilier Ilian th¢ financial 8tateJnLiils ld oui. auditor's repoit tliei'eoi1. The Truslces 'e responsible for die Ti'ustCCs' Ileporl. Oui. opinion on the financial slatcmenl8 does not covcr thtt oth. iiifotrnalitsi) td we do not ¢xpress any forin of assurai)¢e coiiclugion thereon. In tyOliLlCCtion willi our audit of the fiiiancial staleinents, our Lesponsibility is lo read tlic Ti'LlSt¢es' Rei?oi't 8JicI, in doiiig qo, consider whether llie Triistce5' Report is nialcrially inconsistent with Uie lin&Jicial statenieiils oi. OLII. kiiowl¢dge obtained ii) the audit oi. otherwise appeal's to b# Inatcrially misstaleil, If w6 idcLltify 5ucli maierial iii¢oiisisl¥nciei oi. &ppareiil me1.11 miqsl&tcincnts-, we are r¢quir¢d Lo detcrniine wheLhei' diere is a Inaleriai misslatcinent iii the financial stalemttnts or & m&leriL] Inisst&teiM¢iit of the othcr inlorniatioii. Ir. b&¢d on Ilie work we have pei'foi'iiied, wc coiiclude tliat thci'c is a Inalerial misstateineiit of tliis otli¢i' in'foi'ii)ation, we &re I'equircd to I'epoit Il)&l I'acl. We l)avt nothing to rcport iii tL)i8 regard.
TFIE NEEDFIAM RESEARC14 STITuTE PAGE 7 FINANCIAL STATEMENTS FOII THE YEAR ENDED 30TFI SEPTBN(BER 2024 INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES or TFJE NEEDHAM RESEARC14 INSTITUTE MATTERS ON WHICH WE ARE REQUlliED TO REPORT B Y EXCEPTION We hav¢ notliing to I'¢port ill respect of tl)e following mattel's in rel&tiOLi to whicli the Chariti¢s (Accounts at)d Reports) Regulations 2008 r¢quu'e us to reporl to you 1£ in oui. opiiiion.. the infoi'Lnati011 given in the finClaI stslemcnts is inconsisleJLt in any materia] i'espect witli the Tru8le¢s' Report. or sufficieiit accounting i'¢ci)rds liave not been kept. or the financial statements ale not in &gr¢¢ment witli the accounting records and returns. oi. we have not received all the infornution aTLd expland'ions we require for ow. audit. RESPONSIBILITIBS OF ITrUSTEES As explaiiied more fully iii the Trustees, responsibilities stateJnciil set out on pagc 5. tILe Truslecs ¥Lre I'&8ponsible for Lhe prepai'ation of th¢ fi1)ancial statements c1nd for being salisfLed that Iliey give 8 ti'uc aiid fuir view, and for such intei'iial coi)Ii'ol g15 the Triistees deteriiiiDe is neSSary lo cnable tlie preparatioii of liii&ncial statcm#nts Il)at arc free li'om matctial misstatenieiil, whether du¢ to fi'aiid or #rror, In preparing the financial statenieiits, the Trustees are responsible for asscssing tl)e cliarity's abilily to coiitinue is a goiiig coiiccrLI, disc105ing, as applivdble, matlers related to going Luncern aiid using the going conL#rn basis of accounliiig unless the Truslees eithcr iLll¢nd to liquidate the chtLrity or to cea8e oper&tions, or have no realistic alternative but lo do so. AUDITOR'S RESPONSIBILITJES FOR THE AUDIT OF TFIE FINANCIAL STA"fEMENTS Wc Iiaye b#en appointed bs auditor under .iection 144 of the Cliw'ities Act 201 l and report in a¢cordancc with Ihe Act ]d rclevaiit regulations Inade or liaving effect ihereiindci.. Our objcctives are lo obtaii) reasoLiable assui'aiice about wlietlier ilie fiLiaiicial st&leiellts as a wliole are free froin inatei'ia] misstuteLnenL whethei. due to fraud or error, and to issue a Report of Ili¢ Auditor5 tliat inLludes our opiiiion. Reasonable assurance is a high l¢vel of assurance, biit it IS Llot a gugu'antcc that &11 4wdit conduGtcd in aCcordECe With ISAS (UK) will always detect a tel'la1 niissLateii)eLIt wlicji it ¢Xl8ts. Misstatemeiil8 can arise from liaud or crroi. wid al'e coiisid¢r¢d iJ&tei'ial if, individually oi. iii the &ggi'egat4 th¢y could rcasondbly be expcctcd ID iiitlLicnce th¢ e¢uiiomic dccisiDii& ofusers tAkcii on the basis of these fiii&i¢ial slaieinenls. THE PXTENT TO WHICH OUR I)ROCBDURES ARE CAPABLE Ob DETECTING IIiTIEGULARITIES. TNCLUDING Irregularities. including fi'aud, FLfc jLlStanL¢S of iioii-compliance with laws aiid regulatioiis. Tlie primai'y I'cspoiisibilily for the prevcntÉoii and dctection ol'irregularitiey including fraud rests witli both thc manageinent and those chargcd with govei'naiicc of ilie cliarLty. W¢ design procedui'es in line witli our responsibilities, outlincd &bove, kn detect matei'ial misstratcm¢iils i re8PCCt of irreguloritics, including tLaud. Wc have considcr¢d the iialure of the induslry tllid scctor, coiitrol enviroiiinciit, IdW8 and regulation,% and busiiie5S pcrfoi'mance of tlic charily, Laivs and regul£LtiOLlS considered includcd, but wci'e not liinitsd to thc Cliku'itie,s Act 2011. rRs102, Clillrity SORP ld UK tox&tion legislatioii. We have ¢nquired with tlie maiiageLnClIt iii regards to tlieir own assBssmeiit of the rislcs 01 irregularitie8, incliidiiig fi'aud. Wc also ¢nquired of managcrncnt tuid those chargcd witli uiovei'iiance as to Ékliy knoi¥n instanccs of iioi)-coinpliance or suspected noii-complianLe with laws and rtgulaLions. We obtained I'elevant docuLnentalioii &rkd rcprcscntations ii) ordcr lo form ali opinion oil potenti irr¢gularities, in¢luding fi'aud. Wc COLisidei'¢d thc opportunities and incci)tivcs that may cxist witl)iii tlie orgaiiisation for fi'aLId. Bascd on this underSLdin& wc dLsigiied specific audit proccdures to idei)lify iiistances of noii-compliancc with ILWS and regulations, including obtaining addilioiial cori'oborativc ci'idence requii'cd. Lxaini)les o'fproccdurcs included revieiving lui'ge aiid unusutd Ir8nsacliong, LEviewiiig large and uneXpted vll'iaiiccs, i'eviewing.journ&l entrics atjd I'eviewing i'clcvant legal coi'rc5pondence. I'here are inhcrcnt limilations in the audit piK)cedurcs dcscribcd wbove, not least as sampling is used under Iiitcrn&tioi)al Audiling Stalldards, theyefore not &ll transactions are revicwed. Th¥r#Lore, there is a ri51( we Nvill Iiot detcct all irregulai'ities includiiig thosc leading to a matsrial niisslateinent in thc fiiianLial ststenieiil8 or Iion-coinpli}ce witli regulations. Tlie i'islc of not dctectiiig a aterIaL iiiiysl<ineiil due to fraiid is also IiiEI)Lr tliaLi thc i'isk of noi deLecling one from errol., as fr&ud mEty involve delibcratc concedilleni byi foT cxamplfy forgei'y, colliision, oinission oi. inteiitional misrcprcseiitation.
THE NEBDFIAIW RESEARCH INSTITUTE I)AGE 8 FINANCIAL STATEMENT8 FOR TFIE YEAR ENDED 30T14 SEPTEMBER 2024 INDEPENDENT AUDITOR'S REPORT TO THB TRUSTEBS OF T&tE NEEDHALWI RESEARCH INSTITUTE A furih¢r descTiptioii of our respoiisibilities for the audit of the fanciaL slatenieiits is located on the Fi11anciL] Repoitiiig Council's w¢bsite at www.Fre.org.uklaudilorsrcspon.8ibilities, Tliis descj-iplion forinq part of our audiloi s rcport. This report is m&de Solely to tlie Trustees, as a body, in accordar)ce willi the Cliai'ities Act 201 l. Our audit work l)as bceLI undcrtaiieii so thai we iniglit 5t&te to tlie chai'iLy's Trustees those matters we are require(I to stfLle to then) in ali fLuditor's rcport and for no other purpose. To the fullest exteiit permilled by law, we do iiot ac¢Bpt or assume I'esiionsibility lo tYOne other th&Ln the chai'ity and the charity's TTuslees as & body, for oui. audil work, for Iliis report. or for tht opinions we l)&ve formed. LGL PREN'rtS & CO LLP CHARTERED ACCOtrNTANTS & STATUTORY AUDITORS 115c Milton RoELd Canibi'idge CB4 IXE Pi'ei)lis & Co LLP is eligible to &ct &s an audiioi. in tErnis of 8eetion 1212 of the Coinpanics Act 2006.
moo tn C4 C r- e4 C*0 r4. enm rry voth)ry V ¢JQ 4m * In
THE NEEDFIAM RESEARCH INSTITUTE PAGE 10 FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 30TH SEPTEMBER 2024 BALANCE SHEET Notrs 2024 2023 FIXED ASSETS Tangible ass¢ts Investsncnts io li 1,064,464 16.352.304 17,416,768 1,085,036 14,758,859 15.843,893 TOTAL FIXED ASSETS CURtiENT ASSETS Debtors Cash atbank and in hand 12 53,626 245,693 299,319 87,729 220,923 308,652 T(YfAL CURRENT ASSETS LIABILITIF.S.' Credii'ors: Anlounts falling duc within onc year 13 (35,830) (31,018) NET CURRENT ASSETS 263.489 277.634 TOTAL ASSETS LESS CURREN'r LBIllES 17,680,257 16,121.529 Provisions for liabilitiEs and charges TOTAL NEf ASSETS 14 (2&101) 17,652.156 (31,717) 16.089,812 18 THE FUNDS OF THE CHARITY.. R¢stricted funds EDdoMTnent fuThds U])restrictrd fld8., D¢signat¢d 6Jllds Other charitable funds 15 16 2.584,774 10.824,137 2.361.320 9,972,171 17 17 69.299 4.173,946 76,025 3,680,296 4.243,245 3,756,321 16.089,812 TOTAL CHARrrY FUNDS 18 17.652,156 The financi statcments were approved by th¢ TrustKs at its Ets.08 on HTJd siwd on it& b¢half by MS ELI}ABEfH IVRIGHT TRUSTEE The notey OD pages 12 tD 25 fornj part of th¢s¢ fllLancial statements.
THB NEEDI.IAM RESEARCH fNSTITUTE PAGE 11 riNANCIAL STATEMENfs FOR THE YEAR ENDED 30TH SF,PTEMBBR 2024 STATEMENT OF CASH FLOWS 2024 'lotal 2023 Tolcil Fuiids Not¢s C&sh flows from opLrating Activities: Net provided by/(u&edin) operating atrtvlrt 19 (488,151) (473.343) CAsh flows from invLsting wctivitios: Inv¢slineiit inconie PLwchas¢ of taiigible fixed assets Purchase of inveslinents Procceds from inveslm¢nts 447,580 409,413 (5,266) (2,073,138) (2,607,087} 2,176,869 2,145,987 551,311 (56,953) io Net cash provlilÉd by (uléd in) inwestlng aclivitiaw hAnge ift cttgh and casli equivaleAls in theyertr Cash.And cash equivalents br(PUEbi. forward Cash cash cquivalellts carried forward 63,160 342,734 (530,296) 873,030 19 405,894 342,734
THE NEEDHAM RESEARCH INSTII"U'I'E PAGE 12 riNANCIAL sTATE.NT8 FOR THE YEAR ENDED 30TH SBPTEMBFR 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (a) BASIS OF PREPARATION Tli¢ financsal statelnents liavtr bceii pi'epai'ed in accordance witli the Statement ol Roi1]in¢ned Pi'&cticÈ'. Acci>unting and Reportiiig by Chai'itics preparing theii, financial slatemeiits in accoi'dai)¢e with the Fiiiancial Rertillg Stand2u'd applicable in the UK and Republic of Ireland (fRS 102) (¢tfectivc l January 2019) - {Chgsities SORP (FRS 102)) and the Fin&nGi&l Reportiiig Standard applicable in tlie UK aiid Republic of Ircland (FRS 102). The Nccdliain Research Institute Ineets the definitioii of a PLiblic beiiefil entity Linder FRS 102. As8els and liabilities are initially i'ecognised ai historical ¢05t oi. transactioii Ya]ues unless otherwise stated in the relevant accouL]ting policy notes. (b) ASSESSMENT or GOING CONCERN The trustees consider Ihat lliei'e are Lio Inat¢rial uncutaiiilies &bouL tL]e Institute's ability to conliniie as a going ¢oncei'n, (c} INCOME RECOGNITION All iiicoining resources are Included in the Statement oFFknancial Activities wlicii the chlli'ity is legally eiititled to the money atLd Ilie amounts can be quantified with reasonabltt accuracy. The following specifi¢ polLCiCS al'e applied to particular ¢&tegoTies ol" inoome.. Donatio and legacies.. Donatioiis, are I.ecolised when th¢ Instilute h&s bceii iiolifLed iii writing of boih the aiTrouiil aiid 8ciil¢ineiit date. In the event that a donation is subject lo conditioiis tb&t rcouire & level ol perforinance beforE the chlli'ity LS entiiled to the funds, the iiicoine is dcterred and not i'ecognised untsl eilL]cr those conditions al'e fully Inet. or ihe'fjulfilment of those condltioiis is wh(Jlly within the control of the charity &nd il is prob&blc that those conditions will be full.illed iii the I'eporting period. Grakts Income.. Income fi'oLn grtts, whcther 'oapital' glaiits oi I'evenue, grfLnts, is rtteogniscd wlieii the Ii'LlSt has cntitlemeiit lo the funds, ally p¢rLorinai)ce conditions aitached to thc gr&nts have beeii mel, kt Is probable thELt tlic in¢oine will be re¢eived and the amount cali bc incasured reliably and is iiol defcri'cd. Jnvestmekjl income.. InLerest 011 fiiii(Is held oil dcposit 1,% included wlicii relYble aLid the amounl cali bc nieasured I'cliably by the tiusl. this is norinally Lipon notification of thc iiitere8t paid or payable by Lhe banlc. Dividcnds ¥41'e iEcogniscd Diice the dividend has been declarcd aiid n()lificalion lias been receivcd Dt the dividend du¢. Thi8 is nornkdly upon iioilficati0Li by oui. invesiniciil advi801' ol Ihc dividend yield of thc investmciit portfolio. (d) BXPBNDITURE AND IRRECOVF.RABLE VAT Lxpenditure is iccogiiis¢d once there is a Icgal or ¢onsttuctivc obligation to illake a P&yFnenl to a third pai'ty) it is probable Ilial settleinciit will be i'equired aiid the atnoLltJl of tlic obligation can be mcasui'ed reliably. All expendilw'e is &CCOULiicd for oil <ili accruals basis. All expenses includinE SLIPPQI'I costs tuid goveLnancc costs arc aJloL&ted or appoi'tioned to the following expeiidilLlI'e headingb follow5: RaisingJunds.' Costi of Jaising funds coiiiprisc tlic co%ls of seelcii)g applying for gi'ants and wsl8 associated with Ilie sccking and ranging of IiccLice le¢ agreements. Charilable acttvllies., Fxpendilure on chai'itable aclivilics includes the costs of activities undei'laken to fLlrtI)Èr the pui'poses of the iJ)slitute and their associated suppoi'l co¥ls. Costs relaling to a pai'licular activity al'e loc&ted clii'ectly, others al'e apportioiied on ali aPPl'OPLi&te basis, Governance cogts include all cxpenditiire Liot dii'ecily I'clated to Ilie charilable activity oi. frundiai,%ing vcnttii'cs. This incliides an appropriate propoi'lion of costs of stairsal.]eS foi. administratioty blaff ai)d audit fees. ILI'ecoverabSt VA'I. is ohargcd a8 Ic CO81 a8ain8t the activity foi. wliicl) the expcnditui'e w&8 incuritd.
TFIE NEEDHAM RESEARCFI INSTITUTE
PAGE 13
FtNANCLAL STATEMENTS FOR THE YEAR ENDED 30TH SEIJTEMBER 2024
NOTES TO THE FINANCJAL s'fATEMENTS
(e) TANGIBLE FIXED ASSBTS
Tlie chotily has a policy ol capitalising fixcd ass¢ls with a cost. in excess of £100. Deprlation is provided on all
tangible fixed assets at rates calculated to Nvriteq)ff t11e costs less estimated residual value of each a8,%eL ovcr its
expccted useful life as follows:
8 Sylvesl¢r Road (Long leasehold)
Fixtures and fittings
Equipment
over the period of the lease (97 ye&i'8)
10 y¢ars straight line
4 year8 straight line
(D fNVBSTMENTS FIXED ASSETS
)vestments are a forLm of basic tinancial instruinenl and are initially recogiiiscd at their tran,4action value tuid
subseqiiciitly Ineasured at Ilieir fail. value as at th¢ blll8nc¢ sheet date using Ihe closing quoLed In'ket price.
Tlic Statllent OE financial AcLivities includes tlie net gains
THE NEEDHAM RESEARCH INSTITUTE PAGE 14 FINANCIAL STATBMBNTS FOR THE YBAR ENDED 3H SEPTEMBER 2024 NOTES 'fo THE FINANCIAL STATEMENTS INCOME FROM DONATIONS AND LEGACIES FOR THE YEAR ENDED 30TH sEPTE1BER 2024 Unrcstricted Funds Restri¢t¢d Endowrnenl Funds Funds 2024 Donations 2.484 102.706 105,250 ]NCOME FROM DONATIONS AND LEGACIES FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Unreslricled Fund5 Restricted Endowment Funds Funds 2023 Totsl Donations GiftAid 365 60,270 1,250 61,520 60,635 1,250 61.885 365 INCOME FROM CHARITABLE ACTIVITIES YEAR ENDED 30TH SEpfEMBER 2024 Unrestricted Funds Restricted Endowment Funds Funds 2024 Total Grants 12,500 59,141 71,641 INCOMB FROM CHARrrABLE ACTIVITIES YEAR ENDED 30TH SBPTEMBER 2023 Unrestricted Fullds Rcstricted Endowrnent Funds Funds 2023 Total 5,500 170,386 175,S86 INCOME FROM INVESTMEwrs YEAR ENDED 30TH SEPTEMBER 2024 UDre5trictcd Funds R¢strlCted Bndowment Funds Funds 2024 Tots] Bank int¢re51 receivabl£ Dividends and gilts receivable Rents receivable (No 2 Sylvester Road) 2,173 64.874 39.691 399 62,943 2.572 405.317 39,691 277,500 106.738 63,342 277,500 447,580 INCOME FROM INVESTIKaBNTS YEAR LNDED 30T14 sEvfEIBER 2023 Unrestricted Funds Restricted Endowrneot Funds Funds 2023 To121 J3ank interest T¢¢¢ivablc Diyidcnds and gilts receivable Rents receivable (No 2 Sylvester Road) 485 49,581 36.974 86 56,169 571 371,868 36,974 409,413 266.118 87,040 56.255 266.118 INCOMB PIiOM (yfHER YEAR ENDED 30'1'H SEPTEMBLR 2024 Unrestricted Funds Restricted Endowment Funds Funds 2024 Total Royalties Sundry 1,625 7.177 1.625 7,177 8.802 11,802 INCOME FROM OT14ER YEAii BNDED 30TH SEPTEMIIER 2023 Unrestrici'ed Funds Rcstricted Endowment Funds Fw)ds 2023 Total Roya]ties Sundry 16,257 2.561 16,257 2,561 18,1118 18.818
THE NEEDHAM RESEARCH INSTITUTE PAGE 15 FINANCIAL STATEMBNTS FOR THE YEAR ENDED 30TH SEYfELWBER 2024 NOTES TO THE FINANCIAL STATEMENTS EXPENDITURE ON: CFIARJTABLE AC'fivITIES YEAR ENDED 30TH SEPTEMBER 2024 UAJfc5tricted Funds Restricted Endowment Funds Funds 2024 Totsl Academic and related costs Eslablishrnent costs OffiGe and support costs Governance costs 214,560 91,353 89,363 8,341 403,617 234,237 448,797 108.123 93.912 8,348 659.180 16,770 4,549 238,793 16,770 ANALYSIS OF EXPENDITURE ON CHARJTABLE ACTIVITIES YEAR ENDED 30TH SEYIEMBER 2024 A¢%demic and rel8ted costs Salaries (academic) Salaries (librarian) Research grants Books and publications Travcl and accommodation Computer costs Telephon4 postage and photocopying Other (incl. lectyre and exhibition cxpcnses) Uwestricted Funds Restrictcd Endowm¢nt Funds Funds 2024 Total 105,293 77,573 87,730 7,095 120,415 1.081 16,572 449 193,023 84,668 120,415 12,313 19.960 Jl.977 3,277 3,164 11,232 3,388 11,528 3,277 2,269 214.560 895 234,237 448,797 Establishment ¢osts RatEs Insurance Repairs and Jnaintenanc¢ Water, li8bt and bcat Cleaning Gardening aDd ground5 Deprcciation 16.759 10,603 25.643 20,031 9.863 8,454 16,759 10,603 25,643 20.031 9.863 8.454 16.770 16,770 16,770 91,333 108.123 Office and support costs Other salaries Depreciats'on Printing and statsonery EvcnÉ8 74,919 3.802 4,61% 6,024 74.919 3,802 4.618 10,573 4,549 4,549 89,363 93.912 Governance cosÉi Audit and accountallcy OthcT legal and profcssional tee8 8,340 8,340 8.341 8,348 659,180 403,617 238,793 16,770
TI.IB NEEDHAM RESEARCH INSTITUTE PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 NOTES TO TI-IE FINANCIAL STATEMENI'S EXPENDITURE ON., CHARITABLE AcfIviTIES YBAR ENDED 30TH SEPTEMBER 2023 Uiire8tricted Fundy R&iti'icted Endowment Funds 2023 Total Academic aiid related Gosts Establislinienl costs Office and suppoi't costs Govei'naiice costs 208,700 70,572 83,940 7,871 251,437 460,137 87,342 91.630 7,875 16,770 7,690 371.083 259,131 16,770 646.984 ANALYSIS or EXPENDITURC ON CFL4RETABLE ACTIVITIES YEAR ENDBD 30TH SBPTEMBFR 2023 Acpdemic related Cost5 Salaries (academic) Salaries (librarian) Research grants Bool(s ]d publications Travel and cO[nmodalion CompLilcr costs Telephone, postagc and pliotocopying Other (incl. lectui'e and exhibition expeitses) Ui)rests'icled Funds liestricled Endowment 4Linds Fiinds 2023 Total 105.451 70,561 90,025 23,020 121,800 4.317 10,790 885 195,476 93,581 121.800 18,078 15,416 5,998 3,472 6,316 13,761 4,626 5,113 3,472 5,716 600 208,700 251,437 460,137 I stablishmollt costs RELtcs Insui'8Lice RcpaiL'8 and in&inleiiance Water, light ar)d heat Cleaiiir)g (iEU'dcning aiid grouiids DepreciatLOII 14,388 9,532 14.303 13,689 10,113 8,547 14,388 9,532 14,303 13,689 10.113 8,547 16.770 16,770 70,572 16,770 87,342 OfficL support costs Otliei. s&larie8 D¢preciatioii Pi'inting and station¢ry Events 74,111 4,400 5,256 173 74,111 4,400 6,7)( 0 6,329 91,630 1,534 6,156 83,940 7,690 Governllnct eosts Audit and accountancy Other leg and pi'olessioil fec8 7.833 38 42 7,871 371,083 7,875 64CI.984 259.131 16,770
THE NE.EDIIAM RESEARCH INSTITUTE PAGE 17 FINANCIAL STATEMENI'S FOR THE YEAR ENDEf) 30TH SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS NET INCOME FOR Tt.LE YEAR Thi8 LS Stated aftei. charging.. Auditors remuneration extei'nal audit Depi'ecialion of tangible fixed assets 2024 2023 8,340 20,572 7,833 21,170 MANAGEMENT THRBAT fN RELATJON TO NON-AUDIT SERVICES In coinmon with iiiany other bu31Lie55es of OUL 8LZ£ and n&tLire we use ¢)ur auditoi's to assist witli the preptjration of Ihe financial stat¢inent5. ANALYSIS OF STAfF COSTS AND 1mUNERATION OF IIEY MANAGEMENT PERSONNEL Salarieg a11d wages Social sccurity costs Pcnsion conli'ibutions 2024 2023 274,399 29,131 57,037 266.305 28,581 75,744 370,630 360,567 Tlie pension contributions sliowi) above include an)ouiit8 relevant to the inclusion of the pen5iOli pi'ovisioii sliown in note 14 to the fincial statements as required"Following Ilie introduclion of fRS 102, The total number of CLmployees whose total stLlai'ies exceeded £60,000 1$ as follows: 2024 2023 £70,000- £80,000 £80,000- £90,000 'rhe average number of staff einployed, analysed by fuRctioii, einployed during the year iycre.. 2024 2023 Number Nuinbci. Acade]nic Admini,%li'ation Eslablishment The abov¢ nlimbci's do not include Trustces who not pttrJnilLed lo receive reinLinei'atioii f. tlieir duties. Related paity IL&Lisa¢tions in Lhe yeai. wei'e £Nil (2023- £Nil) No expcn8es wei'c reinibursed io Ilie 'lru5tecs, but & lotal of £16 was paid by tho Instilule for I'i'LlStees lo tLtlend ineetings (2023.. £35). TAXATION As a chaiity, The Needhtun Rcscai'cli InstiLute is cx¢iiipl fi'oin lax 011 inconic &ncl g&LiliS falling within seclion 505 of Ihc Ta¥es Act 1988 or section 252 of thc Taxcltion ol CliaTgeable Gains Act 1992 to tlie ttxtent thal these are ¢wplied to its ch.1.b1# vbjeGI8, No lax charge5 hglve fu'iscn iLi tlie year.
THE NEEDHALKI RESEARCH INSTITUTE PAGE 18 FINANCIAL STATEMEwfs FOR THE YEAR ENDED 30TH SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 10. TANGIBLE FD(ED ASSETS YEAR WNDED 30TH SEPTEMBER 2024 Long Lcasebold Fixtures & Fittings Eqllipm¢nt & Softwar¢ COST Balance at 1st OGtober 2023 Disposals Balance at 3ffth Septsmbcr 2024 DEPRECIATION Balan¢e at I st October 2023 chge for the year Eliminated 1.626.664 70,813 (13,625) 57,188 28,691 (1.077) 27.614 1,726,168 (14.702) 1,711,466 1.626.664 553,328 16,770 64,647 1,318 (13,6251 52,340 4,848 23,157 2.484 {1.077) 24,564 3,050 641,132 20,572 (14,702) 647,002 Balance at 30th September 2024 NET BOOK VALUE as at 30th Sep¢ember 2024 570,098 1,056.566 1,064.464 TANGIBLE FIXED ASSBTS YEAR ENDED 30TH SEPTEMBER 2023 Long Leasehold Fixthres & Fitting8 Eip]ipment & SoftwaTe Totsl COST B&lgnce at 1st October 2022 Additions 1,626.664 70.813 23,425 5,266 28.691 1,720,902 5,266 1,726.168 Balance at 30th September 2023 DEPRECIATION Balance at Ist October 2022 CharBe for thc ycar Balance at 30th Sq)tember 2023 NET BOOK VALUE as at 30th Seplember 2023 1,626,6fv1 70.813 536,558 16,770 63,110 1,537 20.294 2.863 619,962 21,170 641,132 1,085,036 553,328 64,647 6,166 23,157 1.073.336 5,534 INvEsTILI3NT FIXED ASSETS 2024 2023 Market Valuc Mark¢l Value Cost Cost Investment properties - long leasehold Listcd investsnents Capital account 111.548 11,280,256 160.201 1,200,IM)O 14.992,103 16U,201 111,548 10.755,379 121,811 1.200.000 13,437,048 121,811 11.552.005 16,352,304 10,988,738 14.758,859 Market va]ue 1st OGknber Listcd investtnents acquired Listcd inveslments disposed Realised (lossesl/gains Gainsl(losses) on reVlUatIonS at 30th Scptcmbcr Market value at 30th September 14.637,048 2,073,138 (1176,869) 204.024 1.454.702 13,751,311 2,607,087 {2,145,987) {28,1194) 453,531 14,637.048 16.191103 The long leasehold of 2 Sylvester Road wa5 valu¢d by the Westley & Huff on the basks of its markct value being £1,200.000. Westley & 14uff arc an established frm of Chartercd Surveyors and Valuers. Listed Inves]ents h&ve been valued at the prices as sbown on recoguiscd cychanges. No listed investment. cxcludingy cash balances, rnade up more th1 5% of the porrfolio. 12. DEBTORS DLJC Within one ycar: Prepayments and accrued income Other dcbÉors 2024 2023 2,916 50,710 53,626 1.790 85,939 87.729
THE NEEDHAM RESEARCH INSTITUTE PAGE 19 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 13. CREDITORS Duc within one yw.. Accru5 aud dcfcrrcd income Deposit hcld 2024 2023 33.805 2.025 28.993 2,025 35.830 31,018 14. PROVISIONS FOR LIABILITIES. 2024 Balance at 1st October 2023 Provision identified in the year Movement in provision Balance at 3(rth September 2024 31,717 (3,616) 28,101 PROVISIONS FOR LIABILITIES 2023 Balance ai 1st October 2022 Provision identified in the ycar Movement in provision Balance at 30th Septcmber 2023 35,162 (3,445) 31.717 The introduction of FRS 102 necessitates the inclusion of a provision to account for the full liability of any pensioJL deficit catGh up plan, The liability is b&sed on thE additional cxpectcd paymcnts rquired over the life of the c4tch up plan, allowing for discounting ratc8 and changes in *uture contributions. The provision relatcs to tbc USS. pcn5ion dcficit rccovcry plan as mcntioned in note l (i) to the finmcial statements.
O Y> ¢X ¥oY e4 ryory(y t Tt L) rA t& t ¢¢ & r) ry> w)*-.
rr cn cxi In rn rn rn cwo in ¢4 O KD C rryo ¢0 * cry rf cq In tnNoo oe¢to o > > > t£¥E Q) cn QI m,g > o) c) rA a) Ld o) Q bQZ-.
THB NEBDFIAM RESEARCH INS"IITUI PAGE 22 FANCIAL STATEMENTS FOR I'HE YEAR ENDED 30TH SEPTELWBER 2024 NOTES TO THE FINANCIAL STATEMENTS 16. ENDOWMENT FUNDS YEAR ENDED 301Tr1 SEPTEMBER 2024 Building Fund Buildillg Fund (Souih Wing) Bndowment Fund Endomrynent Fund Library Jos¢ph Ncedlwn Estate B8laDCC BIFwd. R¢valuation Gal$ Balance CIFwd. Incom¢ Expenditure Tr8nsfBrs 683.957 441,716 8,338,759 21,850 485,889 (10,650) (6.120) 673,307 435,596 9,207,495 21,850 485,889 (277,500) 10,824.137 277,500 868,736 1277.500) 9.972,171 277.500 (16,770) 868,736 The building timds WCTC provided for Bnd expended on the erectiott of permanent PTen)ises for th¢ Needham Research It)stitute and to house the East AsiaJ History of Science Library, Thc Endowment Fund ¢xists to PTovide capit&l for investment which in will produce income suffi¢i¢nt in tirne to s¢¢ure thc continuing operation of the Institute. END0wrENT FUND YEAR ENDED 30TH SEPTBMBER 2023 Building Fuod Building Fund (South Wingl Endowment Fund Endowrncnt Trund LibrBry J03eph Ncedham Estate Balanc¢ BIFwd. Revaluation Gains Balance CIFwd. Income Expendittjre Transfers 694.607 447,836 8,104,436 21.850 485,889 9.754.618 (10,650) (6,120) 683.957 441,716 8,338,759 21,850 485,889 9.972,171 266.118 234,323 {266.118) 266,118 (16,7701 234,323 (266,118) 17. UNRESTRICIED FUNDS YEAK ENDED 30TH SEPTEMBbR 2024 De51gn#ted funds: Huilding repairs fund Computer and equipmcnt Balance BIFwd. Revaluation Gains Balancc CIFwd. Income Exp¢nditure Transftrs 27,622 4,000 31,622 16,485 31.918 16,485 21,192 69,299 Library S'pecial Fund (5,499) (5,499) (457,700) (463,199) (5,227) {1,2271 288.375 76,025 Other Charitable funds 3,680,296 130.524 532,451 4.173,946 4,243,245 3,756,321 130,524 532,451 287.148 Purposc of designated fLmds: The building repairs fund arises from amounts set Hsidc towards major buildlng mainlenancc. Thc cornputer and equipmcnt fwid aTises frorn amounts set aside towards the updating repla¢ement of computers and cquipment. The Library Special Fund arises from amounts set aside ts)wards the purchase of books and publications for thc LibTary. UNRESTIUCTED VUNDS YEAR ENDED 30TH SEPTEMJ3ER 2023 Designated funds: Building repairs fund Compul¢r and cquipment Balance B/Fwd. Revaluation Gains BalAnG¢ CIFwd. Income Expenditure TTansfcrs 23,622 4,000 27,622 16,485 35,025 16,485 31,918 Library Special Fund (3,107) (3,107) 75,132 4.000 76,025 Other charitable funds 3.591612 111,723 (423,576) (426,683) 126,174 126,174 273.363 3,680,296 3.756.321 3,667,744 111,723 277,363
THE NEEDHAM RESEARCH rsTITUTE PAGE 23 FINANCL4L SfATEMENTS FOR THE YEAR ENDBD 30TH SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMEKrs 18. ANALYSIS OF NBT ASSETS BE'fwEEN FUNDS YEAR ENDED 30TH SEPTEMBER 2024 2024 Totsl Funds Unrestricted Fwkds R¢5tricÉed Endowment Funds Funds Fund balances at 30th Septomber are rcpiesented by,. Tangible fixed assets Investment fixed assets Debtors Cash at bank and in hand Current liabilities Prowsions for liabilities 7,898 4.076.781 33.597 186,068 (32,998) (28,101) 4.243,245 1,056,566 9,736,105 1.064,464 16,352,304 53.626 245,693 {35,830) {28.101) 17.652,156 2,539,418 20,029 28,159 {2.832) 31.466 Net assets 2.584.774 10,824,137 ANALYSIS OF NET ASSETS BETWEE,N FUNDS YEAR ENDED 30TH SBPTEMBER 2023 2023 Total Fulld5 Unrestricted Funds R¢strictcd EndowmenÉ Funds Funds Fund balances at 30th Septsmber arc represented by.,, Tangiblc fixed assets Investsnent fixed assets Debtors Cash at bank and in hand Current liabilities PIovisiolls for liabilltic8 11,700 3,662,230 42,264 100,389 (28.545) (31,717) 3,750,321 1,073,336 8,867,369 1.085.036 14.758,859 87,729 220,923 (31.018) (31,717) 16.089.812 2,229,260 45,465 89,068 (2,473) 31,466 Net assets 2,361,320 9.972,171 19. RBCONCILIATION OF NET MOVEMENT IN FUNDS'fo NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nct movernent in funds Add: Depreciation Ikss: Investsllenl illcom IKs5: Gains on invcstsnents Dccrease/(increase) in debtors Increase/(decrease) in ucditors Dccrease in provisions Net cash PTovidcd by (used in) operating activities 1,562,344 20,572 (447,580) {1,658,786) 34.103 4.812 (3.616) {488.151) 378,163 21,170 (409,413) (424,637) (34,129) (1,052) (3,445) (473,343) ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash held under investments Cash at ballk 160,201 245.693 405,894 121,811 220,923 342,734
TFIE NEEDHAM RESEARCH INSTITU'fE PAGLI 24 FINANCIAL STATEIWIENTS FOR TL-l£ YBAR ENDED 30TFI SEPTBMBER 2024 NOTES TO THE fiNANCIAL STATEMENrs 20. PENSIONS {a) Univcrsities SuperAtiiiuAtioll Sie¢m¢ The Institute pai'ticipales in the UniveL8itiC3 Siip¢ra11nu8tion Schcmt (the sch¢nio) with three active m¢mber5. Thi'oughout the cuNent ld pi.eced1i periods, the schemt wa8 a defined benefit oiily pension scheme until 31 Mar¢h 2017 which was COLilracled out of the State Sc¢ond Pension (S2pI. 'fii¢ a$8els ofthe s¢heme ELre held in a separale trLlStee-admiiiistered fLind. Bccau5¢ of the Iniitual natLirc oltli¢ srlieme, the schenie's assets are not hypothecq£ led to Ihe iiidividiial iiislituiiolis and a schenie.wide coiili'ibulion ric te is seL. Tlie Institule is tliei'cfore exposed to actLiarii< I rislc9 associated with oiliei. insliliilions, cinployees and is unable to identity its shFwe of thc uiidei'lyiiig assets aiid liabilities orth¢ 8clieine on a consistent and reasonabl¥ bosis ld tlieretore: as reqLurcd by Sectioii 28 of FRS 102 "Bmployee benefits account8 foi. the s¢heine LI.. it w¢re & defiiied conts'ibution sclieine. As a result, the mOU1]t Charged lo the Stateinent of fiiiancial Aclivitie5 rcpresents the coiiti'ibutions payable to the scheme. Since the Iiistitute has eiitered into an agreeLnent (the Rccovery Plan) tliat detemii11es how each eniployer within the scheine i¥ill fuiid the overall de*i¢it, the InstitLltc recognises a liability tor the coiiti'ibutions payable th&t llrise fi'om thc agrceniei?I to the extent tlilll the)1 rclate to Lhe deficit and the I'e,quliinE expele in the Statement of F4inaiiGia] Activities. The total cost charged to the St¢2teinent ot Finle1&1 ActAvilie5 for the Iiistilule is £30,555 (2022123: £38,481), Since the In,qlitute caiinot identify its sliare of the 8cheine assets and liabilities. th¥ followiLig disclo,8ures reflect those i'elevaiit foi. the 5cheine as a wliole. Tlie 2023 valuation was Ihe seventh valLialion for Ilie sclieLMe undei. the sch¢me-qpecific fiindi112 I'egime introduced by the Pensions Act 2004., which requires sclieL]ies to have siifficient aiid appropi'iate assets to cover tlieiL technical pi'ovi5ion5 (Il)e statutoi'y fuiiding objective). At the v&luELtion dRtc, the yUe of thc &gsels of the scheme was £73.1 billion 8nd the value ot the schenic's teolinical provisioLiS waq £65.7 billion iiidicatiiig & 8u1.plus of £7.4 billion and a fuiidiLig i'atio O'F The key 'fin8llcial assumptions used in the 2023 valuation are described below. Morc detail 1,% set out in Ihe SiateLnent of ruiidiiig Principles. CPI assumption Tei'in dependent raltts in line with the dillerencc bclween Ilie Fixcd Intei'e%t and Iiidcx Linked yield curvcs less: I.OO/o p.a. to 2030, Kducing lincarly by 0.] % p.IL from 2030 B#nefiL% ivith no cap.. CPI agsurL)Ption plus 3bps Bciicfits 511bjecL to a soft cap" of 50/a (providiiig inflatson&ry incre&%es up to 5 /0, and halfr ol. aiiy exccss inflation ovei. 50/• UP tu L maximuni of IOO/o)', CPI asgunipt1011 Ininus 3bp5 Discount l'ate (lorwai'd rat¢s) Fixed inLercst gilt yield Clirve plus- Pir-retii'einenL', 2.50/0 P,& Post relii'einent.. 0.9/0 P, Tlic maiii demogi'aphic assiimptions iiscd relate lo the inorlality &%%umplion. These 888uniptioiis ar# bk]sed on analysis of t]ie schcnic's expei'iencc c&-ried out as part of thc 2023 acLuarial v&]iialion, The illortalily assLllllPtioii used iii ilies figui'eb til'e FLS Folloivs.. Peiision inci'case (SLibjcGt to fL flooL of 0/0) 2023 valiialioii 101 /0 of S2PMA "light" foi. nialos and 950/0 nf £3pfA I'oi. females CMI 2021 with a sinoothing pl1ter DI 7.5 initial addilion of 0.4/0 p.a,, IOO/o w2020 and w2021 p&ram¢lei's, Trd a long-tcriii iinpi'oveiiicnt l'ate of 1.8 % p.a. for Inalcs aiid 1.6Qlu P,L for fcniales Moi'lality bL8e table Futui'e iinpi'ovcmeiits to mortality
THE NEEDHAM RESEAiiCH INS'fiTUTE PAGE 25 FINANCIAL STATBMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS PENSIONS ..(CONT.) The Current life expectancies OD r¢lirwncnt at gge of 65 arc.. 2024 2023 Males currently aged 65 (years) Fcmales currently aged 65 lyears) Males currently aged 45 (years) Female8 cuentlY aged 45 (years) 23.7 25.6 25.4 27.2 25.6 26,0 27.4 (b) C%mbrldge University Assl$tant$' Contrlbutsry PensioD Scheme The Instile participal¢s in the Cambridge University Assistants, Contributory Pension Scheme (CPS) which is a defined b¢nefiL scheme. The InstItte'S contributions t affecled by a surplus or deficiency in the CPS but the Institute is wlablc to identify its share of th¢ underl)ing assets and liabilities in the Scheme on a con515teTrt and rcasonabl¢ basis. The Institute thcrEfore accounts for its contributions to the CPS as if it were a defined contribution scheme. It had six active m¢mbers participating in the Scheme. The CPS was estsblished under the authority of IILC Universities of Oxford and Cambridge Act 1923. It is a registered pcnsion schemc for tbe purposes of the Finance Act 2004. The active Membe of the scheme are employee8 of the University and its subsidiary undertskings. The scheme's benefit structsre changed significantly from l January 2013, at which poitLt empl0c3 covcred by the schem¢s ¢e8sed to be contracted out of the State Secijnd Pcngion. Trlennial Yalu#tlon orthe scheme A full trieDnial valuation of the scherne was Garried out by thc acthary for the trllstees of the Scheme &g at 31 July 2021. The resuhs of valuation showed the actimtal value of thc scheme's &8sets &8 £814rn. These were suffici¢nt to covcr tb scheme's past service liabililies of £738m,' the scheme had a surylus of £76m and was I I/0 fuThded. Since l August 2013 employer contriblltlons havc becn set at 11.5% of pensionable pay for existing mcmbers at 31 December 2021 And 5.8QA of pensionable pay {tog¢ther with contributions at 5.oyo to a 5¢paraÉe defined contribution arrangement) fot ncw cntrants from l Januy 2013. On l August 2023. employer contributions will be adjusted 10 14. lQ/u of pensionablc pay for existing members at 31 December 2012 and 7.60A of pensioDable pay (together with contributions at 5 /0 to a scpardte defined contribution arrangement) tor new elltraDts from l January 2013. In additioo fixed employer contribulions totalling £14.6m pcr annum ar¢ payable ovcr the pcriod from l August 2011 to 31 July 2023. These payments arc subject to revicw at the next triennial valuatioll dlle as at 31 July 2024.