2020-12-31-accounts

THE OPERATIONAL RESEARCH SOCIETY Annual Report and Accounts for the year ended 31 December 2020 The Operational Research Society 12 Edward Street, Birmingham, 81 2RX, UK Tel [phone]. Fax [phone] [e-mail] www theorsociety.com A registered eharity No 312713. A company limited by guarantee No 00662819

Foreword from the President It is a great pleasure to introduce this report. which desL'iibes Tl)è Op¥i'alioiial Research Society's achievements during 2020 and sets out our plans for the future. 2020 has been a year like no other for the Society, nor indeed for the whole country and the rest of the world. The coronavirus crisis had its origins al the end of 2019 and swiftly progress to a global pandemic early in the 2020. From mid-march. the UK, like much ol the rest of the world, has faced 3 series of restrictive measures aimed at combating the spiead of the virus. At the time of writing, these measures are still in place and likely lo continue to impact the Society's activities through much of 2021. Since these measures were first introduced, the Society's staff have been working from home and all of ils usual fac+to-face activities have been unable to take place. The Society s Iransition to offering Viftual alternatives has been swifi and very successful. The crisis has been a challenge for the entire operational research community, but OR thrives in times of change, albeit enforced 11) Iliis case. I remain hugely Proud of the contribution our community has made to the world-wide response, despite much of this effort being behind the scenes and not visible to the general public. This emphasises a point that I made at this point In the 2019 annual repart, that there's huge potential lor a step change in the visibility and influence of Operational Research. and for growth in our practice and research communities. Despite the pandemic, the programme of engaging more with government and policy- makers has progressed, with the most visible result to-date being the Blackett Memorial Lecture in November. The Sociely will continue its key co-ordinating role and hopes to build on the momentum generated by the lecture. This report describes some of The OR society's key achievements during 2020 in respoi)diiig lu Ilie opportunities and challenges presenled by the'new normal,. These have included." fast Iransitlon to virtual delivery of many of our services. the approval of the level 7 apprenticeship for an Operational Research Specialist,. and involvemer)t in a Royal Society inspired alliance to look at the professionalisation of data science. Edmund Burke OR Society President 2020-2022 May 2021

Introduction The Opeiaiional Research Society is a charity set up to advance knowledge. interest and education in operational reseaich IORI. Our vision is of a world improved by rigorous analysis and better, evidence-based decision-making. OR providing world class analysis for world class decisions. In this world OR would be seen as indispensable - not just a 'nice to have, bul a 'must have, and be used and acknowledged widely in all areas of industry, business, government and the third sector. As a charity, we must work for the public benefit, but we also aim to work for the good of our members, because without active, able and well-supporled researchers and practitioners, students and supporters, OR would not exist. We disseminate learning", promote awareness of OR,. support OR professionals and standards," and aim to ensure that UK OR has a 'voice at the table,, both in the international OR world and in wider UK arenas. This represenls a broad programme of activities and seivices, that has been growing year on year and that we continue to maintain and develop. Wilh the continuing dramatic changes in the world around us - the global coronavirus pandemic - our activities and services have had to adapt accordingly. These changes present great challenges for the whole world, but offer great opportunities for ihe OR discipline, OR professionals and The OR Society. Review of the Year 2020 2020 was the final year of our 3 to 5-year strategic planning period, during which we adapted our main priorities on lop of the '8usiness as Usual, services and activities. These are.. raising awareness of the Importance of OR., supporting OR knowledge development,. supporting OR education., growing membership and wider reach., ensuring financial sustainability ol Ihe Society,. and embeddirbg good diversity practice in OR and the ORS Whilst we aim to put EDI considerations at the heart of everything we do, we felt its importance deserves highlighting as a separate strategic strand. Highlights olthe Year This has been another year of highlights which, 31ong with our full range of activities, support our charitable aims lo advance knowledge, interest and education in OR. Advancing knowledge The Society's portfolio of academic journals was able to make a substantial contribution to both advancing and sharing knowledge specifically related to COVI D-19. All of our relevant content was made free to access and a significant volume of new research material was published in much condensed time-frames. The Society continues to work with Council for Mathematical Sciences on the next steps of the Big Maths Initialive, a possible outcome of which could be the establishment of a national Mathematical Sciences academy This could play a key role in the future advancement of knowledge in OR Other activities to advance knowledge are covered below in the Events, Publications and Research sections. Advancing interest The Society's strategic goal of advancing interest in OR was both hindered and helped by the global pandemic. Its Ljsual programme of factrto-face activities completely ground to a halt. but was soon up and running in a virtU81 format. While this did mean some limitation to networking opportunities, the glob31 reach achievable through the revised online events was impressive. This year's annual conference reached its biggest ever audience, and one that covered all corners of the globe.

The Society continued to implement Ilie recommendations of its Artificial Intelligence IAI) task and finish group. One such activity was the delivery of 3n extens1ve workshop at the BCS conference, highlighting how OR can conlribule lo Al piujeLls. Otl"ièi' aotivilieb lo advaiice iiiterest are covered below in the Events, OR in EdLJcation and Pro Bono OR sections. Advancing educalion A major highlight of the year was the Institute for Apprenticeships approval of the standard and assessment plan ol the level 7 (Masters) apprenticeship for Operational Research specialist. The Society is now pursuing approval as an End Point Assessment Qrganisation. It Is hoped that the first cohort of apprentices will commence in late 2021. Other activities to adv8nce education are covered below in the Education, Training and OR in Education sections. Other highlights Some Df our 2020 highlights made contributions lo all OLJr charitable aims. These included the expansion of our Women in OR and Analylics Network (WORANI with a number of virtual events held during the year This network provides a key focus for addressing Issues facing women in our profession. Finally, the Society is actively invo5ved in an alliance of learned societies (BCS, IMA, and RSS) to implement recommendations in the Royal Society repori Dynamics of d3t& science skills. including shaping professional standards for data science. This has the potential to be pivotal in improving trust in data analysis across all sectors of the economy. Achievements during theyear @It., . Equality, Equity. Diversity & Inclusion Part of the OR Society's vision is to have a vibrant and active membership drawn from diverse areas. support of this, the Society has been active over Ihe past year in the Equality, Equity. Diversity & Inclusion (EEDI) area. In line with its commitment to the Science Council declaration, the Society has a Board level Diversity Champion and a member of the Society's permanent staff working together to drive the realisation of our EEDI ambitions. Key achievements over the past year include the launch of our first Diversity and Inclusion survey where 65,￿ of respondenls felt we were an ine1usive Society. A key focus area moving forward, amongsl oihers, will be supporting social mobility within the OR profession. In support of this, the Society is working with In2Science, which is a charity focused on social mobility in STEfv1 and we are exploring how to broaderi the reach of our OR in education work. On our ambitions in the BAME area, the Society attended a Parliamentary & Science meeting on Racial Inequality in UK Science, and we are explorino some of the Issues raised from an OR perspective. We are also engaging with BB STEM to promote their University Alliance work and to identify ways to work together on education outreach. Finally, in the gender equality area, our Women in OR and Analytics Network had a very active programme of, well attended. on-line events. Moving into the next year, our EEDI work is focLJsed on delivering our strategy and supporting programme to cohere all the wonderful work, spread across ihe Society, related to EEDI, ensuring we live up to our inclusive value.. a vibrant communiiy united by a common passion and purpose. Conferences and Events Events and Conferences remain a key focus for both our membership and our target market for future members, this is clear from the feedback from our member surveys and post event communications. Upfront we must recognise that 2020 however, proved to be a year where the global pandemic tipped our planned schedule of events on its head, where many events were unfortunately but understandably cancelled and where we went Virtual with the rest, Zwm became our new Conference venue. Our prior experience of

running online events and seminars was not exlensive, but we were able lo draw on the knowledge we had and from some new team menibers who joined during the year. The Events Committee, all the staff at ORHQ, our generous volunteers, all rallied to the cause and with their energy and unclaunled commitment 'ihe show went on" Our thanks to everyone who assisted, spoke and attended our events during Ihe year. Despite the extraordin8ry circumstances, with a degree of creativity and stubbornness, we have delivered an extensive and varied programme of high-quality events again in 2020. In some respects, the inability to travel to specific meeting venues, meant that our events became more accessible to all our members and to an increased audience of non-members too. With people locked down, sometimes shielding at home, the opportunity to join an online meeting or event was no longer an inconvenience, but a greal outlet to listen, learn, share and meet up wilh kindred spirits. Annual Conference, on with the show... Our Annual Conference was once again the f18gship event. The planning started before the Covid-19 restrictions came into force and the Conference Committee were planning for a physical event at Warwick University. Anyone who has ever been involved in this evenl previously, will understand the hard work required to make it a success. Well, this year was extraordinary. Our thanks musl be given to Co-chairs Frances O'Brien and Juergen Branke for all the hard work they and their commitlee put in to making It such a success. Initial disappointment of not having an opportunity to meet physically were short lived and It was all h8nds to the pumps lo completely rebuild the conference to an online model. Three excellent keynote plenaries from Internationally acclaimed Professor Dimitris Bertsimas from MIT, professic>nal consultant Dr Ellen Lewis and Cornell University Professor Patrick Reed headlined each day perfectly The numbers registering, 1375 and attending the event 704, were indeed a record in the history of the confeience. Whilst our decision to follow similar conferences in making the event free of charge, would have no doubt contributed to this increased attendance, the content was at our usual high quality with some sessions attended by over 150 people and a peak of 357 for the first plenary We were able to accommodate the different lime zones of OLJr speakers and attendees, with the online model also allowing for recording of sessions so that these could be watched at the convenience of attendees. Despite the constraints, the attendees were able to enjoy a rich programtne of parallel streams, across a broad range of topic areas. As part of the pre-conference activity, we held a very successful Early Careers Research Network launch event. Speakers drawn from Universities (Edinburgh, Loughborough, Bath, Southampton), UKRI EPSRC and ESRC were joined by 70 live attendees and many watching the recording of the event. We further explored online networking and workshop sessions thru The Making an Impact programme, to offer a varied content-rich opportunily for everyone to share in best practices, successful implementation ol projecls and research. The normally wonderful social calendar, conference dinner, etc however, proved to be more difficult to deliver. We did manage an evening social Pub Quiz, which was well attended and as fiercely competitive as usual. Thanks to all the speakers and contributors for making this most unusual Annual Conference such a rewarding experience for all attendees. We look forward to a similarly great online event, OR63 in September 2021, organised by the team at CORMSIS in Southampton. We plan to resume our physical model at the University of Warwick in September 2022. Before things went virtual. Our last physical event was in late February, with the Annual Half Day, Beale Lecture. Held at the Royal Society in London, our speaker, Professor Russell Cheng presented 'The Enigma of Choice- When is a good decision possiblev Russell's work in the development of Simulation and the theoretical contributions lo the use of statistics therein were recognised by President Edmund Burke. The event was particularly special this year as we welcomed M8rtin Beale's children Rachel, Marcus and Nicholas, to the audience.

Sadly. many of our regularly planned events wefe cancelled in the wake of Covid-19 restrictions namely, Simulation Workshop 20, Analytics Summit 2020, ISMOR 37 8nd a number of Regional and Special Inleresl Group {SIGI events. The launch of Webinar Wednesdays... In an effort to continue our commitment lo our members and enhance their professional development, the launch of a regLJlar webinar programme pioved lu be i4 glgdl iiiitialive. Oiie wliic5i was both popular with members and non-members alike. An opportunity lo explore new subject areas across both academic research and practical examples in multiple industry sectors. Registrations of between 250 - 350 people, were beyond expectalions. Meghan Crawford's talk on using Behavioural Science to improve our response to pandemics was the most popular to date, with just short of 300 people joining live. The lessons learned from these events Was extremely useful in the planning and execution of the earlier mentioned Annual Conference. Other online events have included.. Our Women in OR and Analytics Network (WORAN) continues to grow and develop and have frequently met online during the course of the year. Sophie Carrfs Webinar on the subjecl of Trust.. Teams, numbers and data was especially pertinent, given the remote working we all found ourselves doing during the lockdown periods. The Pre-confcrence Panel discussion chaired by Sally Brailsford, comprised Julia Bennett from Leeds University Business School, Hiroko Plant from the Land Registry, Leila Seith Hassan, Hd of Data Science and Analytics at Digitas and Noel-Ann Bradshaw from London Metropolitan University. These occasions represent great opportunities to meet such inspirational women, lo share and discuss experiences. The final event was in November hosled by Dr N8di8 Papamichail, University of Manchester and Dr Nunzia Esposito-Amideo, University College Dublin. With a plenary, entitled 'Never a dull moment.. My life in Academia, from Professor Julia Buckingham CBE, Vice Chancellor and President of Brunel University and Chair of the Athena SWAN Sleeiiiig Giuup. Tlie ¥v¥iit welconied Laura Reid, CEO of SIMUL8 to share her 'how lo Iielwui k yuide.. A pei.fect Kibkstarter to ihe concluding group rielworking sessions. This series of meetings continues our celebration of the achievements and impacts of female colleagues, the events are recorded and remain open to all members. Our Special Interest Groups (SIG) and Regions Continue to provide specialist / expert subject matter and local support and networking opportunities to our members. Groups have enjoyed the online zoom platform to meet up during the year. The SIGS in partiCLJlar actively engaged with the main Conference organising ommittee in helping coordinate stream activities. Our AGM, preceded by a thought-provoking talk, was held online on 30 July It has been noticeable at many events, just how much the OR community have contributed to the understanding and decision making to reduce the impact of the COVID-I g pandemic. This was no exception. Christine Currie, Director of CORfvlSIS, University of Southampton presented a recent article from Ihe Journal of Simulation. The paper covered the use of OR methods to tackle operational problems, such as distribution of resources and societal issues. Despite the circumstances and the impact on the economy our Annual Careers Open Day was held in November. We would usually welcome over 300 students and 20 exhibitors to this evenl presenting a challenge to the organising team, seeking to transform into an online model. The support from employers was superb and the feedback from the students likewise. The one-to-one appointmenls sel up after the event going above and beyond the expectations of all involved. And finally, virtually...

Our Blackell Memorial Lecture was a rousing session from Rl Hon Chris Skidmore, f4AP for Kingswood and forrrier U. K. Science, Research and Innovation Minister. Under ihe umbrella of'superforecasters and Moo Shots, Chris spoke about the lutuie of R&D and the ambition for the U.K. to be a 'global science superpower.. On the question of how to prioritise resources lo meet this goal, he'believed. Ihal Operations1 Research was needed more than ever, to play a central role in planning this vision. The gaunilel has been thrown down, do we have the appetite to step forward to fulfil this role. A very animated Q&A and networking discussion followed. Nothing from this programme of events WOLJld be possible without the dedication and efforts of the ORHQ team, committee members and volunteers. We greatly appreciate the time they give and their ongoing support. Publications The OR Society has six academic journals. These are the Journ31 Gf 117e Ope18tion3/Research Society (JORS), European JoUi"n31of/nlor￿8t10n Systems (EJ/S), Knowledge A4anageinent BesearG17 & Practi (KMRPJ, Journ3/of S/inu/8tion (JOS), Health Systems (HS) 3ndthe Journa/ofBus/ness Analytics (JBA). All of the academic journals experienced an increase in submissions during 2020 compared with 2019. It is encouraging to see this evidence of the popularity of our journals among contributing authors. In 2020, Health Systems grew from three to four issues and in 2021, JORS will have an increased page budget, while maintaining twelve issues per year. 2020 was also an excellent year for our Society's journals in terms of the number of papers downloaded. In 2020 there were 332k more down102ds than in 2019. In total, there were 71 g,730 downloads from our academic journals. In addition lo our academic jOLJrnals, the Society publishes Impact magazine aimed at practitioners and potential users of OR. It saw a doubling in downloads in 2020 compared to 2019 with the 2020 total reaching over 18k. JORS and EJIS are now live on the Taylor & Francis EPUB pilot. This means that as well as being able to download articles in HTML and PDF formats, the EPUB format allows papers to be read more easily on a mobile device Dr e-reader. Authors are now being encouraged to publicise their research papers using social media. Comparing 2020 to 2019, there is a marked increase in the number of downloads cr)ming directly from Twitter increasing from 603 to 2,554 and the number of downloads coming directly from Linkedln increasing from 472 to 4,200. Driven by the restrictions on physical meetings due to the Covid-l g pandemic, 2020 saw a shift from physical to virtual editorial board meelings for the first time and it generally proved very successful. The virtual format allowed for much greater attendance than usual from board members, some of whom may be located thousands of miles apart. The Society monitors our journals, seriices to authors, particularly in terms of turnaround times for dealing with papers. The mean time to 2 first decision has been reduced by 15,6 overall for journals when comparing 2020 10 2019. with most journals showing some reduction. 2020 was a year in which the whole world has been impacted by the effects of the Covid-I g pandemic and the efforts to contain it. Papers have been published in ourjournals and promoted elsewhere that aim to contribute lo dealing with the crisis. We are continuing to monitor developments in Open Access {OA). The Society responded to the consultalion launched in 2020 by UKRI, but are still awaiting to hear details of their OA policy.

The Society's newsleller for members, Inside OR, is normally published at the beginning of each month. However, the Board decided to make the publication bi-monthly for the last six months of 2020, in response to budget pressures Its publication has been reinstated to a monthly basis from the beginning of 2D21. During 2020, John Crocker, who has been ably editing /i?siJe OR for the last ten years, expressed his wish to stand down and the Society is looking to recruit a replacement for him. Our thanks go to all the editorial teams, Ihe staff in the OR SuLiely uIIILe aiid Tayloi. & Fraiicis foi. tlieir work over the past year in supporting and promoting ihe OR Society publications. Education The meetings of the Education Committ& IECI transitioned to an onlirle format during 2020, in line with the rest of the Society. The change has not been detrimental to performance of EC which has achieved a lot We would like to start by thanking Eve Hardy, our Education Qfficer, who has taken forward Ihe continuing work of our OFI in Education (ORIEI programme during a very challenging year Our appreciative thanks go to Matthew Robinson, the ORIE Taskforce chair, and to all volunteers who have participated in online events. The major achievement in 2020 was the final development and approval of the Level 7 postgraduate Apprenticeship Standard in Ihc occupation of 'OR Specialisl.. Apprenticeships at all levels, not just Level 7, enable employers to leverage their Apprenticeship Levy payments to provide employees with education and training. For the OR Society, an OR Apprenticeship at the postgraduate level is 3 strategic project to compensate for the drop in the number of UK-based graduates from UK Msc courses. many of which are composed mainly of international students. The NASC route iiito the OR profession used to account for over 75% of new UK entrants into the UK OR workforce, but nowadays 8ccounts for under l 0%. EC worked closely with the Trailblaier Giuup uf OR ¥ii"Iployei"s tliat was foi'med in 201 g to develop an 'ocLupdtlUll¢il sldiidai"d' foi" a postgi"aduaie Level f Apprenticeship for ali 'OR Specialist. The standard vvas approved in 2020 and the roll out of the apprenticeship is being led by GORS, the Government OR Service, building on the interest shown by several UK universities in becoming providers of teaching for apprent￿CeS in partnership with the employers. In addition, the OR Board approved an EC proposal that the Society should become an EPAQ, an "End Point Assessment Organisation. to provide assessment services to all apprenticeship employers. A concern in 2020 was that no Russell group universities seemed interested in being a provider, maybe because such universities see no financial or political need to participate. This was fortunately counler-balanced to some extent by some highly respected OR-oriented white-tile / beigtrbrick / post-92 universities who showed active interest in being providers. The committee also welcomed Nicola Morrill, the OR Society's diversity champion, to its September meeting. A diversity survey indicated most ORS members have parents with degree-level or equivalent education and suggests people from lower-income backgrounds are under-represented in both the OR Society and wider OR community. Nicola proposed focusing on soci85 mobility to address this. Ensuring that people are aware that there are a variety of roL)tes into OR is critical. This will require reaching students at a pre-university level and working with Alliance universities as well as Russell Group universities. The new Apprenticeship is also a vehicle for social mobility in that it provided postgraduate level education for OR employees who might not be able to afford Msc fees. The Training Working Gioup (TWG) is now under the remit of EC David Halsall, the new TWG chair. participated in the March EC meeting where it was agreed that a closer working relationship between EC and TWG would be beneficial. TWG has successfully run online courses and all the feedback has all been positive.

There is a lot ol interest in the 2021 online course calendar. TWG Is working with the Marketing department to increase bookings for 2021. Finally, we would like lo thank Alistair Clark lor all his work during his spell as the chair of EC and his outstanding contribution to the Society. Research The Research committee has continued to drive the Society's engagement with research issues. Its work has been enhanced by recruiting four additional senior academics who have excellent networks with research councils, the Council for Mathematical Sciences. and businesses. The committee has also been strengthened by a representative from the early researcher community. We have made significant progress in understanding our early career researchers, geographical spread and demographics through a survey undertaken for the 2019120 academic year. The survey has highlighted areas that we need io investigate further, such as fewer women in OR than men at the ECR stage, and fewer UK nationals in OR than people born Dverseas at the sarne stage. These differences become greater at later stages of an ECR career, so there is work to be done. One of the outputs of the survey was ihat the committee launched an Early Career Researcher network. This launch took place at our ECR bi-annual event held before the annual corlference, OR62. The network is now a lively community of over 80 ECRS. We also started a new initiative to encourage members to join the EPSRC Peer Review College. It is essential that OR is represented and engages with the Council, particularly given the government's additional £300m funds made available to mathematics. These new funds will be available for research that delivers real impact, and OR is well placed to deliver on this. Some of the new funds were made available at the end of the year via Small and Programme grants opportunities, and we were able to give mernbers advance notice. Committee members have played an active role in developing the new EPSRC Fellowship scheme and participated in the EPSRC Strategic Advisory Council, REF, and the Big Mathematics Initiative. This means we have been able to update the community on critical developments. Training During 2020, the Society delivered 1 g courses covering a range of OR topics, attracting a total of 150 delegates. Take up of courses was Strong in the first quarter of the year before the onset of the coronavirus pandemic. All face-to-f8ce courses were cancelled for the remainder of the year, but the Society was able to rapidly transition to online versions, running second courses late in the year. These courses were extremely well-received by participants with the average score being over 8.98 out of l O. It IS 8ntlClP8ted that all courses will be run virtually during 2021. We thank our pool of excellent tutors for the rapid switch to the virtual delivery. Publicity and Membership The Society website and other communications have been updated throughout the Covid pandemic. As well as informing members of the status of events and training, we have made sure that we have shared wider resources and opportunities lo a broad audience. This has helped get OR people involved in responding to the crisis and demonstrating purpose in action. We also developed 'With OR Without, campaign material to help encourage people to see the value in OR for decision-making and the opportunities to come together as community. With changes to website navigation and enhanced membership landing pages, we're trying to make it as easy as possible for people to join the Society and further their engagement with QR as a profession.

Despite the pandemic, our membership levels have stayed fairly flat as we continue lo offer valued services and create a sense of community. We have also been sensitive to increased workload for many of Our members, combined with the fin3r)cial difficulties others may have faced. We put on hold our plans to push I"iieiiibei'sliip and a revised approach will be developed and implemented in 2021. This will include a focus on making sure we 8re inclusive and tackle potential barriers to diverse membership and participation. OR in Education In the academic year 2019-20 there was a total of 29 individual visits and events nationally. There were seven individual visits to schools, five extracurricular visits (such as New Scientist Live) and 17 university events. Other headline results include running two volunteer training segsions, five teacher CPD events and attending one Enterprise Network meeting. Enteiprise Networks consist of businesses that deliver careers services and advice in their community. Outreach efforls from March - August 2020 were severely impacted by COVID-I g as many events were cancelled or postponed. Prior to the impact of COVID, volunteer availability remained the main barrier to attending more events. Teachers and volunteers gave lots of positive feedback from ORIE events. Volunteer feedback.. Ihe sf8nd w8s verybusy. Raisedaw3rei?ess olthe OR Societyas a lot ofstudents didn'tknow what you do. Students were keen to take thegr3duate opportunities booklet 8ndt17e nekv trifold. The new tiilold was goodbecause itg3ve scei?arios Gfhow OR helps in the re31 world which students fouipd Interesting. The st3nd waspopul3r considering it Was competing with more high-tech stands, I Ihink that demonstrates there is an interest in OA. Teacher feedback (from Teacher CPD webinars) I thought that thepresentation and the support OR Education have to offer were well thotsght out and of a high standard. Illbe investig3fing further into how ourmaths department coulduse rhe resources 3nd/orrun a workshop. You havejusl made teaching Discrete maths nexfyearmuch less d3unting- thankyoul Student feedback has been limited this year due to the change from in person to online events. This period saw ORIE volunteers 8ttend Online events for the first time, which bought a unique set of challenges and opportunities. This provided an opportunity to review the materials made available lo volunteers, with an updated handb(￿k and a new guide lo virtual volunteering. The first ORIE video resources were also created and have been used at several online science fairs. At one science f8ir, the ORIE video was the most popular video of the whole event. Pro Bono OR Pro Bono OR'S fantastic volunteers worked on 24 proieets throughout the year, using 8 variety of OR methods to help organisations tackle food poverty, reduce and solve crimes, safeguaid children in Ghana and promote social justice and human rights. Despite the difficulties caLJsed by coronavirus, Pro Bono OR volunteers completed 12 projects in 2020, helping organisations to create business plans, develop simulation computer models, improve data analysis io

and collection, understand their slrengihs, and implement measurement tools (to name but s few). Feedback from third sector organisations and volunteer analysts has remained positive. During 2020. COVID forced the majority of the Third Sector to focus less on seeking exleinal aid to improve their processes and to Instead focus on simply keeping their doors open and SLJpporling their ever-increasing number of service users. For the PBOR scheme, this manifested in a reduced number of expressions of Interest from Third Sector organisations and consequently 8 reduced number of PBOR projects. The Pro Bono steering group understands that these difficulties are likely to continue well into 2021, and as such are focused Dn creating new initiatives to both help the struggling Third Sector and engage the scheme's under- utilised volunteer base. The Pro Bono OR scheme has been managed by Amy Hughes since summer 2018 and the Steering Group is chaired by Ruth Kaufman. In 2020 five new members were invited to join the group, in order to bolster its capacity and improve succession planning. At the end of 2020 the group consisted of". Jane Parkin, Shamim Rahman, Graham Rand, lan Sealh, Mike Boyles, Owen Bowden, Kate Hammond, John Lincoln, Ashleigh Monks and Felicity McLeister. The steering group began work on a series of while papers for struggling Third Sector organisations, who rN8y not have the internal capacity to commit to a PBOR project but could still use OFI techniques to their advantage. These white papers aim to introduce a Third Sector audience to the different ways in whieh OR can help them. We have so far produced three examples and will now be developing those with the ORS marketing team and some third sector employees, to test their value and adapt before launching if these steps are successful. These white papers will be finalised and published in 2021 and will also be used by the PBOR volunteer base as examples as a reference when creating their own white papers, drawing on their OR experience expertise. The steering group hopes to engage a few volunleers to create these white papers, which will be reviewed, and ultimately published on the PBOR website. In addition lo the white papers, the steering group also began planning a series of webinars to start in March 2021. These webinars will be aimed 81 those who work in the Third Sector with the aim of helping them to improve their operations, efficiency, and decision making. The first series of webinars will initially be devised and run by members of the steering group and volunteers. It is hoped that the volLJnleer base will be encouraged to contribute further webinars following this first series, either by showcasing their PBOFI project case studies or outlining how their particular OR expertise could be used to aid the Third Seclor. PBOR hopes to capilalise on the success The OR Society has had in running and publicising the Webinar Wednesday programme 8nd the Society's current expertise with online events. As always, PBOR took part in UK Volunteers week, this lime working closely with The OR Society's inhouse graphic designer lo refine the quality and quantity of posts shared with the social media campaign. The scheme's involvement resulted in two organisations citing the Twitter campaign as the way they heard about the scheme's offering Throughout 2020 Pro Bono OR continued to make new contacts and worked well with both new and familiar organisations. Pro Bono OR was once again a part of the OR annual conference, this time collaborating with the University of Warwick's Data Science for Social Good IDSSGI initiative to host a successful workshop focused on providing third sector organisations with knowledge of the scheme itself as well as an opportunity to talk with OR consultants to search for an answer lo their organisation's issues. As the event was held online for the first time, attendance was the highest ever recorded for a PBOR involvement with the annual conference and the event was well received by those who attended. On the day, the workshop was joined by 12 charities vvith eight Pro Bono OR expressions of interest generated following the event. It is hoped that these will turn into projects in 2021. li

Thp aim of raising awareness in the third sector has also been facilitated through 8ttendance at external events. In November, PBOR hosted an online event 'Data. Decisions and Impact, alongside The Royal Sldlibliial Suiiely. Tlie eveiit wab ainied at helping the third sector appreciate the need for a better understanding of data, ils collection 8nd analysis. Other organisations irivolved in the event included The National Lottery Fund, Red Cross and Social Investment business group. The session had over 90 attendees from a variety of Third sector organisations and resulted in three expressions of interest. Organisations registering for the PBOR scheme have also identified discovering Pro Bono OR through publicity in similar organisations, and voluntary services, newsletters, referrals through Small Charities Coalition, via a Google and website search, via Twitter due to our involvement in UK volunteers, week, via recommendations from previous project contacts and through our online presence as an official partner of UK charity week. Members. Affiliates andFellows.,,,, ,,, ,,,.,,. ... .,,,-.,., ,-,. ,-. . At the end of the year, The OR Society had 3,121 members. The Analytics Network boasted 2,105 members, Ihe Society's Linkedln group had 5,189 members and we had 5,118 Twitter lollowers. In additioii, Ihei"e were ten corporate partners CORDA (part of BAe Systems), Natwesl Group, Ministry of Justice, Home Office, Dept for Work & Pensions, AWE, Office for National Statistics, Ministry of Defence, NHS Wales and The Smith Institute - representing 567 affiliates. There were 344 accreditees, comprising 160 Fellows. 74 Associ8te Fellows, 49 Associates and 61 Candidate Agsociales. There were 22 members accredited as Chartered Scientists and one as a Registered Scientist. 12

-A wards Goodeve Medal (awarded for best paper published in JORS in 2019): Awarded lo Esra Adiyke, Semra Agrali and Elhem Canakoglu "Risk Averse Investment Strategies for a Private Electricity Generating Conipany in a Carbon Constrained Environment." Jouin31 of The Operationa/Research Society(2019) 70, 2056-2068. Stafford Beer Medal (awarded for best paper published in SJISin 2019). Awarded to Bjorn Ross, Laura Pilz, Benjamin Cabrera, Florian Brachten, German Neubaum and Slefan Stieglitz 'Are social bots a real threat? An agent-based model of the spiral of silence lo analyse the impact of manipulative actors in social.. 5urope3n Journ31of /nfori??3tion Systems, 28 394-412, Cook Medal (awarded for best paper published in KMRPin 2018/2019).. Awarded to Eleni-maria Kalegeraki, Dimitrios Apostolou, Nineta Polemi and Spyridon Papastergiou 'Knowledge management methodology for identifying threats in maritime/logistics supply chains.. Ki?ow/edqe Management Research & Practice, 16 508-524. Ranyard Medal (awarded for best paper PLJblished in Journalof gusiness Analytics in 201812019).. Awarded to Amir Hassan Zadeh and Anand Jeyaraj 'Alignment of business and social media strategies." insights from a text mining analysis.. Journ3lofBusiness An3/yfics, l 117-134. Doctoral Award (awarded for the most distirlguished body of research leading to the award of a doctorate in the field of OR in 2019).. Awarded jointly to Marton Benedek, University of Southamplon, Computing the nucleolus of cooperative games. and Lucy Morgan, Lancaster University, 'Quantifying and Fleducing Input Modelling Error in Simulation.. President's Medal (awarded for the best practical application of ORI.. Awarded to Harminder Mann, Jordan Low, Kim Brett, Lizzie Baggot, Mary McKee, Sara Smith and Sam Rose (Department for Transport) for"Creating new population movement insight lo shape the UK Government's response to the Coronavirus pandemic.. Beale Medal (awarded for a sustained contribution to the theory, practice, or philosophy of ORI.. Awarded to Val Belton. Companionship of OR (awarded for sustained support and encouragement for the development of operational research or for those in influential positions who are in broad sympathy with the subject area). Awarded to Alec Waterhouse. 13

Finance Structure of the Funds The Society's funds are unrestricted but are organised into.. the General Fund, through which the ongoing operations of the Society are conducted," the Fleserve Fund. comprising the Seymniir Hoiisp propprty trjqp.thpr with invpstments and cash on deposit to cover potential risks of a general nature, the most significant of which would arise if the Society were forced to move quickly to a financial regime in which Its publications income wss significantly reduced,, and the Designated Award Fund which represents a bequest received from Mrs May Hieks In 2002 and which is used for purposes consistent with her wishes, by providing awards for the best student OR projects undertaken for a client organisation. Review of Operations The Society's income and expenditure oiccounl showed a sui plus Of £15k during the year, on a turnover of £1.2m. This comp8res with 8 deficit of £234k in 2019. Whilsl much of that deficit was planned. financial management processes were reviewed and tightened to preveiil <3 iepeJl ul Ilie disdppointiiig peiformaiice c>f 2019, and the 2020 outcome is very pleasing, The performance is particularly gratifying considering the impact the coronavirus pandemic had on much of the Society's normal operations. Income for the year was down over £300k compared to 2019, with conferences and everils taking the biggesl hit1£270kl Training income also suffered, but a good start to the year (prior to the first lockdown) and a switch to online delivery later In Ihe year, minimised the impact. The Society implemented a package of cost-saving measures to ensure its financial health. Nearly all bookings for fac&to-face events were pith.er cancelled or resc.hediilF5d for 20?l. Whil8t wp wprp Rhlp. to replace many of these events in a virtual format, Board decided to waive delegate fees to enable the community to continue to benefit from the opportunities despite the difficulties of the pandemic. We anticipate much of our conferencing activity will remain online in 2021 but delegate fees will be re-introduced. The publications income was almost £30k above the 2019 level, with our publishing partners, Taylor & Francis. continuing to realise the full potential of Dur journal portfolio. It is anticipated that in 2021 publications income will improve further under the partnership. The existing contract with Taylor & Francis comes to an end in 2022 and discussions on a contract extension are underway. In 2019, Board approved a significant budget1£30kl for a membership recruilment and retention project for 2020. A proportion of this funding was used lo cre8te the supporting assets, but the balance for paid promotion was not deployed. It was agreed that the coronavirus pandemic would impact it adversely. The campaign will go ahead in 2021. Income from membership subscriptions was almost £1 I k down on 2019. Almost £6k of this was as a result of a timing issue on payment from one of our larger corporate partners., the rest is due primarily to a loss of 'full' members. Most operations to support the charitable aims of the Society such as conferences, special events, regional societies, special interest groups, education. publicity and outreach initiatives, the monthly Inside OR magazine and special charitable projects result in deficits to the Society. To support them the Society relies primarily on subscriptions and income from its academic journals - particularly the latter which in 2020 contributed over £81 Ok net of all associated costs. This serves as a reminder of the Society's current financial dependence on the academic publication system,. see the section on 'Risk' below. 14

The Society employed 16.8 members of staff during 2020 (averaged over the year, 16.5 lull-timfreqLsivalenlsl, compared lo 17 8116.6 FTE) during 2019. Assets, Reserves and Investments The tolal net assets of the Society decreased slightly to £2.395m over the year, with the small SLJrplus on income and expenditure being counter-ba13nced by a decrease in investment values arTrd a nel £46k capital loss (realised and LJnrealised) on our investment funds. This relatively small decrease masks an extremely turbulent year for the markets as a result of the coronavirus pandemic. The value of the Society's investments fell by almost £200k in the first quarter of the year, but staged a remarkable recovery over the year to finish just below the 2019 level. Prudent financial management meant the Society did not need to draw down any of ils investment funds during the year, allowing ihe recovery to take place. It is important that the Society maintains an appropriate level of reserves in relation to perceived financial risks. During the year the Board reviewed the Sociely's reserves policy. In setling its reserve policy, the Board distinguished between Lhe funds held in the General Fund, which arise from the normal operating activities of the Society, and the Reserve Fund held to ensure that the Society can continue long-term operations in the evenl of financial risks materialising. The policy review considered the minimum and maximum levels for the amount required in the Reserve Fund.11 was agreed that this steadier approach to reserves, based on the costs of the Society rather than the (publications) income, remained valid. Based on the usual annual costs of running the Society, one yearfs costs of £900k should be a minimum value for the reserves and the maximum value would then be two years, costs giving a value of £1.8 million. This would cover any growth of the Society over the next few years and release funds to further the Society's aims. Fixed costs in 2020 were £821 k, slightly lower than normal as a result of costcutting measures in place during the pandemio. At 31 December 2020, the Society's reserves - its investments and cash held within the Reserve Fund - amounted to £l.74m. The reserves are therefore within their prescribed limits. The Board will bear this in mind when considering opportunities for spending on worthwhile one-off projects that further the Society's objectives, and may be more inclined to do so on securing an extension to its publications contract. The Society's investments and their performance are kept under review by the Investment Committee in accordance with policies decided by the Board. The Commitlee is chaired by the Treasurer and, in addition to other members of the Society, includes representatives from the Society's investment managers. Risk The Scoiety's dependency on journal income is the most significant material risk. Our contract with Taylor & Francis to a large extent mitigates this risk for the Society, for the five years of ihe contract (finishing in December 20221, by Ir3nsferring much of it to the publisher. The risk has not disappeared though, and we could never be wholly insulated from any impact that might result from this risk on our publisher. In addition, beyond the contract period our exposure to the risk is unchanged and the risk may in fact have Increased following moves to ensure that Eu-funded research is, in future, made available via the open-access business model. A key strategic risk is that OR could be seen as less relevant in the rapidly changing environment, as big data and increasing computing power drive technical developments and as new discipline descriptions compete for attention and funding. We have been mitigating this through a number of initiatives led by our Analytics Development Group and are also actively promoting the relevance of OR to data science, robotics and artificial intelligence as well as other overlapping fields. More generally, we 3im to raise the visibility of OR and support outward-looking practice and membership through outreach to other professional societies and to 15

organisalions and businesses vvho may benefil from what OR has to bring and through the variety of topics and speakers at our events. A lui Iliei key i isk is Ilidt Tl"ie OR SucieLy could be seen as less relevant lo OR professionals. We have been mitigating ihis through the whole range of activities 8ddressing our strategic goals and described elsewhere in this report. I he Esoard regularly reviews the risk register covering a wide range of operational risks, including IT risks, and, where feasible, puts mitigating action in place. Brexit Position The impact of the exit from the EU by the UK remains under consideration. Whilst the trustees expect the likely direct impact on the Society to be low, the greatest threat would be that of a UK recession brought on trading difficulties. This could impact all sources of income as might happen during any period of economic downturn. The terms of its current publications contract give it considerable proteclion from such risks. It faces no threat in terms of the origin of ils employees. The threats to the community could be more widespread, from the number of EU citizens working in the field through to access to funding and collaboration on EU research projects. COVID-I g Position The COVID-19 pandemic has had an imp8Ct on businesses across the world, and in this respect ihe Society is no different. During, the Society has had to cancel ils fac*tD-face meetings, networking events. training courses and conferences. Online alternatives continue to fill the void and are expected to be in place through the whole of 2021. The Society updated its IT Infrastructure during 2019 and this has enabled ils staff lo all switch to homeworking withoul disruption. Budgets and cashflow forecasts for 2021 have been revised to account for the loss of income from events. 8nd surplLJS budget is still planned. The over311 cashllow situation remains healthy. In this case, the Society's publishiiig LonliaL'I provides yioieLliuii li uiii buLli dibl Uptioii. Tl-ie Society does noi foresee the need to lay off or furlough any of its staff during 2021. Our investment portfolio value has all-but recovered from its initial loses as a result of the crisis, and fortunately the Society is able to take a long-term position during which the investments Can fully recover their value. In the longer term. the biggest threat will be the impact of the subsequent worldwide economic difficulties. In summary, the Society's accounting status as a 'going concern, is not changed. Key Management Personnel The Key Management Personnel for the Society comprise the trustees (its Board of Directors) and the Executive Director. No remuneration is pay8ble to trustees for service on the Board. Basis for Remuneration The President, Treasurer and President Elect or Immediate Past President review the Executive Directof s salary and, when agreed by Finance Committee, a written recommendation is made to Board. The Executive Director leads the process for other staff which is again initially discussed by Finance Committee before the recommendations go to Board for final approval. 16

Voluntary Contributions The Society's work in 2020 benefited from voluntai'y contributions of time, from members and others, through these principal lines ol work.. refereeing of journal papers,. editing of journals,. conference organisation," 3Uthorship and delivery of talks to regional societies and special interest groups,. organisation of regional societies and special interest groups," the work of the Society's officers,. contributions to the administration of the Society, its Awards and its accreditations through service on Board and the Society's committees. The coronavirus pandemic has meant that some of the usual volunteering opportunities have been unable to take place. The Society is delighted in the w8y Its pool of volunteers has responded to the switch to online activities where this has been possible, especially with our two main outreach projects, OR in Schools and Pro Bono OR. Their work benefits the OR communily, the future development of the profession and the wider society and is a fine contribution lo The OFI Society's charitable objectives. It ig estimated that a total of 4,000 person-days were contributed in 2020. If this time is valued at £500 per day, its value is £2M. The Society is most grateful lo all who contributed volur)tary effort, without which the Society could not accomplish its goals. 17

Objectives for 2021 At the slarl of 20, Board produced a revised version of its 3-5 year goals and priorities. These build on those in place lor the previous slr8tegic planning phase and represent exciting opportunities tor the Society and the wider OR community. The revised strategic pillars are to. raise awareness of the importance of OR," support OR knowledge development,. support OR education,. grow membership and wider reach. ensure financial sustainability of the Society. and address diversity and inclusion challenges in OR and the OR Society Work has already started on many of the initiatives that we hope will come to fruition in the next year or so.. working with Taylor & Francis to capitalise on its strategy to maximise the value of our current publications contract, develop robust publishing models to deal with opportunities and challenges presented by open access publishing and Plan S., ensuring that OR is fLJlly involved In the Big Mathematics Initiative (following up the recommendations of the Bond review of knowledge exchange in the mathematical sciences),. building policy influence with key Government contacts and connect with other key decision makers,. implemenliiig an engagement p131i for the analyLics l artificial Intelligence /data science community. and specifically implementing the recommendations of the artificial intelligence lask-and-finish group,. supportiiig the full esldblisliriieiil <)iid yiuwili ul Ilie WuiTieii iii OR (Iiid Edl ly Cdl eel s i)elwoi ks-, maximising benefit from thp. npw wpbsilp.,-8c)cial medir1 campaign8 and other marketing activity to raise the brand profile of OR itself,. once coronavirus restrictions are lifted, launching its museum-based travelling exhibition to raise public awareness of OR., progress its bid to come an End point Assessment Organisation and further support the launch of the level 7 OR 8pprenticeship scheme for OR Specialist., strengthening relationship with key bodies such UKRI, Rc>yal Society, Science Council and other learned societies,. investigating diversification of income, including exploring new streams (accrediting University courses, fundraising / donations, sponsorship). implementing our diversity plan based on recommendations from the diversity champion,. creating and disseminating thought leadership pieces (with the initial focus on ethics)., demonstrating the relevance of OR lo complex problems and big issues. These developments will be on top of our existing broad sweep of services. conferences, events, lectures and training,. publications,. Pro Bono OR and OR in Schools," representing The OR Society on bodies including The Council for Mathematical Sciences, the Science Council, EURO and l FORS., and our more inward-looking activities to improve sustainability, efficiency and effectiveness. For a relatively small professional body in an uncertain world, there are many challenges to overcome. By undertaking these activities, we aim not just to meet the challenges. but lo grow the profession and The OR Society's contribution and make the most of the Dpporlunities awaiting us. 18

Information about the Society (I l The Operational Research Society is a company limited by guarantee (no. 6638191 It is also a charity registered in accordance with the provisions of the Charities Act 2011 Iregislralion no. 313713) 12) The objects of the Society are given in its Memorandum and Articles and can be summarised as.. lal the advancement of knowledge by fostering, promoting and furihering interest in operational research., and (bl the advancement of education by providing facilities for and, by subsidising it, endowing, organising or supporting scholarships or educational or training schemes,. and conducting examinations or advising on their content. 131 The Society is empowered to do all proper things in pursuit of these objectives. (4) The affairs of the Society were managed during 2020 by the elected officers and members of the Board listed below. Together they constitLJte the Board of Directors of the limited company and Trustees of the charity and the members of its management committee. Specific matters are delegated to particular committees of the Society by resolution of the Board and in accordance with the Society's Articles. The following served as members of the Board in 2020 E K BURKE President J BATSON J R HOPES Immediate Past President A R CLARF( S HOWICK Vice President R W EGLESE A P ROBINSON Vice President J MEDHUFIST J E WILLIAMS Hon. Treasurei N MORRILL R A SCOT[ Unless otherwise stated, changes in the membership of the Board occur at the end of a calendar year. The Board is supported by a General Council with a maximum membership of thirty-six. These two bodies assist the Society in its ongoing commitment to involve as many members as possible in its affairs The Board of Directors is responsible for governance and strategy and the General Council, with its wide representation, provides advice, feedback and challenge and monitors the Board's activity. Members of General Council have also, in all cases, been assigned to one of the Society's four main committees. Public3tions,' Publicity, Membership and Website,. Education and Research,. and Events and the Chairs of those committees are currently Board members. The structure is set out in the diagram below. 19

THE (PERATIONAL RESEARCH SOCIETY General Council Board atfe tspolgll memkis ol Board and Ihe four main commilteeB.electedas. 36 NaI￿n31 AeprèsÈniaii¥es . g RtyiDnaS Represeniaiives Sp￿lat Inle(es1 Grolsp Bepre$eniaiwS 50fficers Up lo 6thledfr￿ GC Publicity, Membership & Website Committee Education Committee Publications Research Committee TraKHng WorwKJ nu&1 Conferer Committce Editors of joumals Awards Pan Fe¥identthti Pas1 PFesidwTts Committee Nor￿￿&￿ mmit*e Group Committee lkimmittee siwng Group . DR Socletystaff .... (5) The committees are established to implement policies of E3Dard & tseneral Louncil with respect to meeting the Society's objectives and to conirolling expenditure. The names OT the eommiiiees are sei out as follows, together with the object l(a) or (b) as above) towards the achievement of which they contribute. Accreditation Panel {al Analytics Development Group (al Awards Panel lal Education Ib) Events (a), (b) Finance Investment Nominations Past President'slPresident Elect's Pro Bono Steering Group Publications Publicity, Membership & Website Research Training Working Group Management of financial aspects Management of investments Volunteer recruitment to governance roles Elections, planning & administrative reviews (a) (a) (al (al (b) 161 Other Committees are set up from time to time for specific purposes, but they are given no delegated powers. In addition, the Society has a large number of active Special Interest Groups which are listed in the Journal of the Society They contribute particularly to object (al, 20

(7) The registered address of the Society is. Seymour House 12 Edward Street BIRMINGHAM BI 2RX Its Executive Director is", l G Blackett The OFI Society 12 Edward Street BIRMINGHAM BI 2RX Its Bankers are.. The Co-operative Bank Delf House Southway SKELMERSDALE WN8 6WT Its Solicitors are.. Sydney Mitchell and Co Cavendish House Waterloo Street BIRMINGHAM 82 SPU Its Auditors are.. Mazars LLP 45 Church Street BIRMINGHAM B3 2RT Its Investment Adviser is.. Tom Quicke Investec 30 Gresham Streel LONDON EC2V 7QN Its Slockbrokers are.. Investec 30 Gresham Streel LONDON EC2V 7QN (8) The Society's investment policy is governed by the legislative provisions relating to charity investments, but the Society is not otherwise restricted in the way in which it can invest. However, it is the Society's policy not to invesl in tobacco shares, (9) These particulars are published in compliance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019) 21

Public Benefit The OR Society is a charity and meets the public benefit test as set out in the Charities Act 2011 in various ways.. Advancement of education.. Through the OR in Schools inilialive. its marly networking, training and conferencing activities in schools, universities and workplaces and extensive on-line resources, The OR Society promotes the understanding of OR and how il can be applied for the wider benefit. The OR Society is a participating society (with voting rights) on the Joint Mathematical Council of the UK. Advancement of science: Through its publications, conferences and nelworking activities,. representation on the Council for Mathematical Sciences, Science Council, funding bodies and international federations,. and on-line rllaterials arid facilities, The OR Society supports, promotes and PLJblicises research", raises standards of research and pra¢tice,' and promotes the effeclive application of OR for wider social benefit. Through its accreditation and awards schemes. The OR Society recognises and promotes engagement, effectiveness and development in its members, further raising stand3rds. Advancement of community development: The OR Society encourages volunteering and involvement through its Pro Bono OR initiative, involvement of members in outreach to schools and universities and networks of Regional and Special Interest Groups. The OR Society funds educational, development and research projects that are in line with its charitable aims of advancing knowledge and education through fostering OR AII OR Society events and training are open to all who may be interested. In additior), it minimises barriers to access by (l) ensuring that many of ils on-line resources are publicly and freely 3vailable,' (2) keeping membership fees low and offering reduced fees for unw8ged groups., and (31 supporting Regional and Special Interest Group networks which offer free meetings. In governing The OFI Society, the Trustees have had regard to the Charity Commission's public benefit guidance. Statements as to disclosure of information to auditors In accordance with Company Law, as the charity's trustees, we certify that.. so far as we are aware, there is no relevant audit information of which the Charity's Auditor is unaware., and we have taken all the steps that we ought to have taken in order 10 make ourselves aware of any relevant audit information and lo establish that the Charity's Auditor is aware of that information. 22

Statement of responsibilities of the elected officers and members of the Board Company law requires the elected officers and members of the Board to prepare financial statements for each year which give a true and fair view of the state of affairs of the Society and of the surplus or deficit of the Society for that period. In preparing those financial statements, the elected officers and members of the Board are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., sl8te whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare ihe financial statements on the going concern basis unless it is inappropriate to assume that the Society will continue in business. The elected officers and members of the Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Sociely and hence for laking reasonable steps for the prevention and deteclion of fraud and other irregularities. Appointment of trustees The officers and other members of the Board are elected by secret ballot of Ihe Sociely's membership and the members of General Council respectively, to serve for a thre*year term (except for the President, who serves one year as President-Elect, two years as President and a further year as Immediate Past-President). A member of the Board, other than the President. whose first term of office has expired may stand for election for one further term. At the end of 2020. two members of the Board completed theii terms of office.. J BATSON and A R CLARK. Induction of new trustees New trustees receive a comprehensive information pack, setting out details of iheir role and responsibilities as both trustees and company directors, the nature of a charity, the Society's constitution, its policies on members, interests and expense claims and including the Charity Commission's 'welcome' leaflet. Members, interests In accordance with Article 46 of its constitution, the Society requires that members of Board or committees having an interest in a malter to be debated should declare that interest and leave the room whilst the matter is discussed and decided. Members of the Training Working Group 8re drawn from organisations which have no Interest In bidding for courses and wherever appropriate, recommendations on major charitable projects are made by a special expert committee comprised entirely of disinterested parties. 23

Approval of report We approve ihis report and the audited accounts for the year l January to 31 December 2020 and recommend their adoption by the Society al its Annual General Meeting. E K BURKE President J E WILLIAhAS Hon Treasurer R BYDE N MORRILL R W EGLESE A P ROBINSON J R HOPES FI A SCOTT S HOWICK V SENA J MEDHURST Being the elected officers and members of tlie Board of The Operational Research Society as at 18 May 2021. l G Blackett Executive Director IB May 2021 24

Accounts for the year ended 31 December 2020 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF OPERATIONAL RESEARCH SOCIErY Opinion We have audited the financial statements of Operational Research Society (Ihe'charily'l for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to ihe financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs 8$ at 31 December 2020 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the firlancial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ielating to going concem I n auditing the financial stalements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern ale described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and OLJr auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial 25

statements or oui kiiowledge obtained in the course of the audit, or otherwise appears lo be materially mi%slaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in thp financial s13tements or a material misslalement c>[ Lli¥ ulliei iiifui'iiidlii>ii. If, babèd uii tlie woi-k we have performed, we Conclude that Ihere is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit. the information given in the TrLJStees' Report which includes the Directors, Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. and Ihe Directors, Report included within the Truslees, Report has been prepared in accordance with applicable legal requirements. Matters OD which we are required to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report included within the Trustees, Report We h8ve nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statemenls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneraLion specified by law are not made. or we have not received all the information and explaiialions we ietjuire foi uui ciudil, (Jr the trustees were not entitled to prepaie the financial statemenls in accordance with the small companies regime and take advantage of the small companies, exemption in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the Irustees, responsibilities statement set out on page IXI, the trustees (who are 81so the directors of the charitable company lor the purposes of company lawl are responsible for the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitrfs ability to continue as a going concern, disclosing, 8s applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 3 high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, 26

they could reasonably be expected to Iiifluenee the economic decisions of users taken on the basis of the financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect ol irregu13rilies, including fraud. Based on our understanding of the charity and its activities, we Identified that the principal risks of non-compliance with laws and regulations related to Ihe Charities Act 2011, the Charities Statement of Recommended Practice. employment regulation and fraud, and we considered the extent to which non-compliance might have a material effect on the financi81 statements. We 81so considered those laws and regulations that have 8 direct impact on the preparation of the financial statements, such as the Companies Act 2006. We evaluated the trustees, and management's incentives and opportunities for fraLJdLJlent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, In particular in relation to use of restricted funds, and income cut off at year end. Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material lo the financial statements. OLJr audit procedures included but were noi limited to.. Discussing with the Iruslees and management their policies and procedures regarding compliance with laws and regulations., Communicating identified laws and regulations throughout our engagement team and remaining 31ert to any indications of non-compliance throughout our audit,. and Considering the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. Our audit procedures in relation to fraud included but were not limited to.. Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud,. Gaining an understanding of the internal controls established to mitigate risks related to fraud. Discussing amongst the engagement team the risks of fraud", and Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-deteclion of irregularities, as these may involve eollusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or auditorsr ibilities. This description forms part of our auditorfs report. Use of the audit report This report is made solely to the charity's members as a body in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audil work has been undertaken so that we might slate to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the 27

Ian Holder

Ian Holder (Jul 13, 2021 16:11 GMT+1)

Jul 13, 2021

OPERATIONAL RESEARCH SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2019 Unrestricted Funds- Designated Award Fund General Fund Reserve Fund Total Funds Total INCOME FROM: Ch•fllabl¢ a¢tlvlti¢$ Subscriptions Events and Conferences Training Publi¢81ions Accreditation Websites l Digital SeNices 136,390 11,641 73,084 9,653 8.315 1,9(X) 136.390 11.641 73,084 969.653 8.315 146,995 283,219 115,140 939.057 8.710 1,580 1.200,983 1,2CKJ,983 1,494,701 Investment Incom 39.888 2,249 42,140 54,903 Total Incomg 1.2￿,986 39,888 2,249 1.243,123 1,549.604 EXPENDITURE ON . Raising Funds Investment Management Costs 11,672 11.672 12.192 Direct charitsble expenditure '. Subscriptions Events and Conferen￿$ Training Pu￿1¢atIonS AcGredilation Websites l Digital SerVT￿5 Other Charitable Expenditure Governance and Support Costs 120,430 162,037 83.144 247,533 7.523 162,653 297,289 105.002 691 673 220 121,121 182,710 83.364 248,437 7,551 163.860 300,e69 108.030 149,728 382,179 102.(￿8 346,689 7,774 195.762 422.462 131,986 28 1,207 1,880 3.028 1,500 1,185,611 8,631 1,500 1.195,742 1,738,648 Total Expendlture 1,185,611 20,303 1,500 1,207,414 1,750,840 Net 9alnslllossesl on Investments 18 146,4261 2,078 144,3481 192,098 NET INCOMEIIEXPENDITUREI and NET MOVEMENT IN FUNDS FOR THE YL4R 15,375 126.8411 2,827 18,6391 19,1381 Reconciliation of funds Totsl funds brought forwafd 435,729 1,909,397 58,895 2.404,021 2,413,159 Total funds carried forward 451,104 The notes on pages 32 to 41 form part of the58 ￿￿unts. 1,882,556 61,722 2,395,382 2,404,021 The statement ol financ181 activities includes all gains and kjsses recognised in the year. All income and expenditure derive from continuing activities. 29

OPERATIONAL RESEARCH SOCIETY l A company limited by guarantee. No. 6838191 BALANCE SHEET- 31 DECEMBER 2020 2020 2019 FIXED ASSETS Fixed Assets Tangible Intangible 262.922 87,608 21T,181 138,405 Investments Listed al Markei Value Cash Deposited with Invgslment Brokers Charities Aid Foundation 1,721,276 20,008 ,927 1,732,828 29,047 73,600 10 2 169741 2.191 061 CURRENT ASSETS Debtors Cash al Bank and In Hand 221,479 390,237 261,440 149,178 611,716 410,618 CREDITORS (amounts falling due within on• y•arl 12 386,075 197,658 NET CURRENT ASSETS 225,641 212,960 TOTAL ASSETS LESS CURRENT LIABILITIES 2.395,382 2,404,021 FUNDS General Fund 451,104 435,729 Reserve Fund 1,882.556 1,909,397 Designated Award Fund 15121 61.722 58,895 TOTAL FUNDS 2,395,382 2,404.021 **************aa*** These financial statements have been prepared in accordan￿ wrth the special provisions relating lo ompanies subject to the small companies regime within Part 15 of the Companies Act 2006. ********A*•+•*•****** J. E. WILLIAMS Honorary Treasurer E. K. BURKE President 18 May 2021 The notes on page5 32 to 41 form part of these accounts. 30

OPERATIQNAL RESEARCH SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Reconciliation of net Incomlng resources to net cashflow from operating aclivltles . Net Movement in Funds Depreciation Charge - Tangible Assets Depreciation Charge - Intangible Assets Loss on Disposal of Fixed Assets Decreaselllncreasel in Debtors Increasel(Decreasel in Creditors IGainsllLosses on Investments Investment Income 18,639) 26,969 50,797 (9,1381 24,366 51,717 39,961 188,417 44,348 (42,140) 856.826 {910,223) (192,098) {54.903} Cash Flows from Operating Actlvlues 299,713 1233,453} Investment Income Purchase of Tangible Assets Purchase of Inlangible Assets Puchase of Investments Proceeds on Disposal of Investments 39,891 {72,7101 52.941 (20,718) {17,536) (172,771) 108.588 1462,7121 427,838 Cash Flows from Investing Activities 167,693) {49,496> Increasel{Decreasel in Cash and Cash Equival8nts in the Year 232,020 1282,9491 Cash and Cash Equivalents at the Beginning of the Year 178,225 461,174 Cash and Cash Equivalents at the End of the Year 410,245 178,225 Balance includes £178,382 of VAT deferred from March 2020 to be paid by March 2021. 31

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES 111 Basis of preparation The accounts have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the Charitie8 ,Slatement of Recommended Practice IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and under the historical cost convention in accordance with applicable Accounting Standards as modified by the accounting policy for investments quoted on a recognised stock exchange, whi¢h are staled at market value (see 1181 below) The Operational Research Society meets the definition of a public benefit society under FRS 102. 121 Preparation of th¢ accounts on a going concern basi8 The Operational Research Society operates as a going concern and the trustees are of the view that it will continue to do so for the foreseeable future. 131 Key estimates and judggments Vvhen preparing the financial stalements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The estimate that has the most significant effect relates to intangible fixed assets. The company amortises fixed assetg over their estimated useful lives. The eslimalion of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions lo be applied by management. The actual lives of these assets can vary depending on a number of factors, including the maintenance and level of upkeep of the software Systems. 141 Designation of funds Income and expenditure arising from the normal charitable activitie9 of the Society is included within the General Fund. The Reserve Fund consists of resources of the Society which are represented by land and buildings,fixed asset investments and cash deposiled wth the Society's investment brokers. The Designated Award Fund repre$ent$ a legacy received in 2002 which will be used to fund an annual award. The Society operates a reserves policy that reflects its critical dependence on journal income. The policy sets the minimum level of reserves at one year's fixed running cost5 of £831 k lo keep the charity viable whilst altemative funding is found. The maximum level is lo be sel al 2 years running costs or £1.7 million 151 Dividends and investment in¢ome Dividends and investment income are recognised when receivable. 161 Other Income and expenditure Income and expenditure other than dividends a￿ a¢¢ounted for on an accruals basis. (Tl Value added tax The Society has part121 exemption status for Value Added Tax and Value Added Tax on apportionable costs which cannot be reclaimed is disclosed $eparately within administration costs. This item was £Nil in 2020 (2019 - £Nill. 181 Investments Inveslrnents quoted on a recognised stock exchange are included in the accounts at their market value. 32

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Icontinued) 191 Tangible and Intangible fixed assets Tangible and intangible fixed assets costing more than £1,000 and with a useful economic life in excess of 3 years are ¢apitalised and included al cost including any incidental expenses of acquisition. Depre¢ialion of tangible fixed assets is charged on a straight line basi5 at the following rates Long leasehold building Office machines and computer equipment Fixtures and fittings 250 100 Amortisalion of Intangible fixed assets is charged on a straight line basis at the following rate SofbNare systems 25,/0 Th8 amortisalion rate charged is based on management's best estimate of the useful life of the software systems. 1101 Debtors Trade and other debtors are recognised at the selllement amount due after any trade dis¢ount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. 1711 Cash at bank and in hand Cash at bank and cash in hand includes cash and short lem highty liquid investments. 1121 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation Can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1131 Pensiong The Society contributes to individual pension schemes established for each eligible employee. 1141 Allocation of costs Salaries, depreciation, websites I digital services expenditure and other central and establishment overheads a¥e allocated lo appropriate cost categories using consistently applied ratios based on estimates of actual lime and costs expended in each area. 1151 Financial instruments The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instrum8nts. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. LEGAL STATUS OF THE SOCIETY The Society is a company limited by guarantee, has no share ¢apital and is a registered charity. The objectives of the Society are the advancement of knowledge and edueation in operational research. The liability of each member in the event of a winding-up is limited to £1. 33

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl PUBLICATIONS 2020 2019 Incoming resources . Journal l KMRP I JOS Inside OR EJIS l Health Systems l JBA Other Publications 661,494 1.728 301,944 4,487 969,653 707,487 2,822 225,688 939,057 Resources used . Journal l KMRP I JOS Inside OR EJIS l Health Systems IJBA Impact Magazine Other Publications 103,420 87,396 48,159 5,392 4,070 248 437 146,495 110,802 72,722 11.680 4,990 346,689 OTHER DIRECT CHARITABLE EXPENDITURE Non-revenue eaming activltles In pursult of charitable aims IAOR Online - Members access Library Foreign Affairs Expenses Regional Societies Special Interest Groups Public Information about OR Science of Better Leam about OR General Publicity Third Sector Pro Bono Sponsorship of OR Conferences Medals, Awards and S¢holarships Strategic Initiatives Research Supwrt Other Costs Total 7,871 975 17,992 14,293 16,821 10,115 11.841 10,370 16,661 16,824 76,383 63,931 31,530 52,056 58,044 31,839 20,883 55,173 19.073 5,649 300.669 28,601 148,015 8,191 422,462 GOVERNANCE AND SUPPORT COSTS Board and Committees 86,623 108,683 Auditors, Fees '. for audit for other services 8,000 1,449 7,450 850 Other Legal and Professional Fees 11,958 15.003 108,030 131.986

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontlnued TOTAL RESOURCES EXPENDED Expèndlturo analysed by typ• of cost: cialion Total 2020 Total 2019 Staff Costs Other Costs &Amo Investment Management Costs Subscriptions Events and Conferences Training Publications Accrèditation Websites Other Charitable Expenditure Governance and Support Costs 11.672 27,616 33,944 49,725 163,024 420 29.769 91,010 29,554 11.672 121,121 162,710 83,364 248,437 7,551 163,860 300,669 108,030 12.192 149.728 382,179 102,068 346,689 7,774 195.762 422.462 131.986 90,767 123,075 32,988 82,327 5,838 78,846 202,532 76,541 2.738 5,691 651 3,086 1,293 55,245 7,127 1,935 692,914 436,734 77,766 1,207,414 1,750,840 Staff costs . Wages and Salaries Social Security Cost5 Pension Costs 574,088 56,051 62,775 609,069 58.189 63,623 692,914 730 881 The average number of employees of the Society, calculated on a full time equivalent basis, during the year was .' 2020 Headcount 2019 Headcount FTE FTE Charitable activities Management and administration 132 128 13.3 13.7 16.5 16.7 16.6 17.8 During this and the previous year one employee of the Society eamed between £80,000 and £90,000, excluding pension ctsnlributiony. Contributions of £9,217 were paid to their pension scheme12019- £9,063). The key management personnel of the Society ¢omp¥ise the trustees and the Executs"ve Direelor The total employee benefits of the key management personnel of the Society were £94,686 {2019 - £93.1021 No remuneration was paid or is payable lo Trustees for senrice on the Board for the year12019- £NIl} During the year 11 Truslees12019 - 10 Trusl*sl received a total of £2.204 (2019- £6,965) in reimbursement of expenses incurred on Society business 2020 Other external costs include Other Operats'ng Leases 8,771 3,655 35

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued) INTEREST RECEIVABLE AND SIMILAR INCOME 2020 2019 Income from Listed Investments Interest on Bank Deposits Distributions - CAF 39,888 52,941 2,249 1.962 54,903 FIXED ASSETS -Tangible Intsngible Long Leasehold Land and Buildin Office Fixtures Software Cost Cost Al 31 December 2019 Additions Disposals 314,306 145.194 1,160 90,192 549.692 71,550 72.710 206,672 At 31 December 2020 314306 146354 161742 622,402 206 672 Depreciation Amortisation At 31 December 2019 Charge for the Year Disposals Write offs Al 31 December 2020 163,436 124,687 6,286 7,966 44,388 332,511 12,717 26,969 68.267 50.797 169,722 132,653 57,105 359,480 Net Book Value Net Book Value At 31 December 2020 144,584 13 701 104 637 262,922 87,608 At 31 December 2019 150,870 20,507 45 804 217,181 138,405 Capital expenditure authorised but not contracted for at 31 December 2020 and not provided for in the accounts amounted lo £012019 - £70,050). The Trustees ConS￿erIhe market value ofthe Long Leasehold Land and Buildings to be materially in exces5 of the book written down value shown above. The Trustees do not consider that the difference can be accurately defined without the benefit of a professional valuation. Amortisalion is allocated across the various expenditure categories within the St8tement of Financial Activities. Please see Nole 6 for further information. 36

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl LISTED INVESTMENTS AT MARKET VALUE 2020 2019 Market Value at 1st January 1.732,828 1,480,746 Additions al Cost 462.712 172,771 PrcKeeds on Disposal 1427,838} 1108,5881 Net Investment Gain IILossl {46,4261 187,899 Maiket Value al 31 sl December 1721276 1732 828 Cost 1323,634 1324 699 Al the above investments are either listed on a recognised stock exchange in Great Britain or are represented by unil trusts which are traded on a daily basis in the UK, and fall within the wider range of investments as defined by the Trustees Act 1961. The Societvg narr¢)wer range of inve$lmenl$ as defined by the Trustees Act 1961 is eovered by deposits held at Investec. 10 CHARITIES AID FOUNDATION Al 31 December 2019 this investment is represented by 56.05812018 - 56,0581 shares in the FP CAF Fixed Interest B Aceumulation Fund. having a mathet value of £73,80012018 - £67,437). 202 2019 Market Value at 151 January 73,600 67,439 Net Investment Gain IILoss} Dislribulions not remitted 2,078 2,249 4,327 6,161 Mart(el Value at 31st December Cost 56,IKO 37

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 {¢ontinuodl 11 DEBTORS 2020 2019 Trade Debtors Taxatton Recoverable Prepayments Accrued Income 39,741 72,316 32,534 59,741 96,849 42.853 138,885 221.479 12 CREDITORS 2020 2019 Trade Creditors Other Creditors Taxation and S¢xial Security Accruals Deferred Income 22,724 24,985 177,634 93,434 67,298 51,185 16.718 94,207 35,548 386,075 197658 Def$￿ed income brought fonverd Released lo incoming resources during the year Deferred income ansing in the year Defe￿d income Garrted forward 35,548 (35, 548) 67.298 67 298 Defefred income consists of 2020 subscription income paid in advance and income relating lo 2021. 13 FINANCIAL COMMITMENTS Al 31 st De￿rnber 2020 the Society had commitments under other non-cancellable operating leases as follows '. 2020 2019 Expiry date '. Under one year Two lo five years Over five years 7,783 13,436 8,527 20,656 563 29,746 The Society has a COTnmilment lo a setvice charge on the car park of the leasehold propety over the next 90 years eslimaled at £263,610 (Under one year £3,030,. Two-five years £t2,120', Over five years £248.4801 These items are not shown in the above table. 38

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontlnu&dl 14 RELATED PARTY TRANSACTIONS A member of Key Management Personnèl Is a Director of Edward Street Management Limited. the company that manages the Soeiells buildings car parf(. During the year the Society paid ￿nt to the company of £3,03012019- £3,030). As at 31 December 2020 there was a creditor balance owing lo Edward Street Management Limited of £Nil12019 - Nil). The wife Of a member of key management personnel is employed by the Society. This empbyee reeeived remuneration of £27,21412019- £25,981) (including employers pension conlributionsl during the financial year. 15 DESIGNATED FUNDS The funds of the charity include the following designated fLtnds whi¢h have been sel aside out of unreslrided funds by the trustees for specific purposes .' 111 Reserrfe Fund The reserve fund consists of resources of the Society which are represented by land and buildings, fixed asset investments and a cash deposf( with the Society's investment brokers. The Society operates a reseryes policy that reffecls ils critical dependen￿ on journal income. 121 Deslgnated Award Fund The Designated Award Fund represents a legacy receNed in 2002. The Legalor, Mrs May Hicks, expressed a non-binding wish that the Society uses ils bequest lo fund an annyal award lo be detemiined by the Council of the Society. The legacy is currentty invested in the Charities Aid Foundation Fixed Interest B Accumulation Fund. 16 STATEMENT OF FINANCIAL ACTIVITIES .. COMPARATIVE FIGURES BY INDIVIDUAL FUND Designated Award Reserve Fund 2020 2019 020 2019 2020 2019 INCOME FROM .' Charitable activth'es 1,200,983 1,494,701 Investment income 39,888 52,941 2,249 1,962 Total 1,200.986 1,494.701 39,888 52.941 2,249 1.962 EXPENDITURE ON .. R818ing funds 11,672 12,192 Direct chantable èxpenditu 1,185,611 1.728,512 8,631 8.636 1.500 1,500 Total 1,185,611 1.728,512 20.303 20.828 1,500 1,500 Inve8tsnent G8lnsllLossè$l 146,4261 187.899 2,078 4,199 Net IncomellExpendlturel 15.375 233.811 26,8411 220.012 2.827 4,661 39

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Designated Award Fund General Fund Reserve Fund Tangible Fixed Assets Intangible Fixed Assets Investments Cash Deposited with Investment Brokers Net Current AssetslLiabililies 118.338 87.608 144.584 262,922 87,608 1,799,203 1,721,276 77,927 20,008 {3,3121 20,008 225,641 245,158 116,2051 Total Net Assets 451,104 1882 556 61 722 2.395 382 18 RECONCILIATION OF MOVEMENTS IN UNREALISED IGAINSIILOSSES ON INVESTMENT ASSETS Designated Award Fund Reserve Fund Total Unrealised gains at 31 Dec 2019 Realised investment {gainsl I losses during the year Nel unrealised investment gainsl Ilossesl arising during the year 408.129 1,454 409.583 76,526 76,526 187,0131 2,078 184,935} Unrealised Ilossesllgains included in net assets at 31 Dec 2020 397 642 401,174 DISPOSAL OF INVESTMENTS Book GainllLossl Di5 05al Rgalised R8valuation Gainl loss Cost Proc9trds Resgrve Fund 463,777 427,838 40,587 76.526 Net unrealised investment gainsl Ilossesl arising during the year as above 187,0131 PeT Statement of Financial Activrties 46,426 40

OPERATIONAL RESEARCH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontlnuedl 19 PENSION FUND The Society conlribulgs lo individual pension schemes established for e8¢h individual employee. The assets of these schemes are held separately from those ol the Society in independently administered funds. The pension charge represents contributions payable by the Society lo the schemes and amounted lo £62,75512019 - £63,623). Pension payments oulslanding at the end of the year were £7,57712019- £1421. 41

History In ihe autumn of i g47, at a dinner discussion convened at Ihp. Athpnae.Iim P,IiJb in London, il was decided to form ihe Oper2tional Research Club The club was inaugurated in April 1948 with an Initial membership of 50, under the chairmanship of Sir Charles Goodeve and with Mr J A Jukes as the first secretary. The exclusivity associated with the word 'club' was deliberately chosen for the initial period, to ensure clarification of what was meant by operational research and to allempl to develop a wholeness in what was otherwise a somewhat vague field The club met regularly in the rooms at the Royal Society for technical discussions. By 1953 the initial objectives had been achieved and the pressure to form a normal "learned and professional. society had become strong. Therefore, the club was transformed into The Operational Research Society and its first president W3s Sir Owen W8nsbrough-Jones and the hon secretary Mr B H P Rivett. Presidents of the Society Sir Owen Wansbrough-Jones Sir William K Slatcr Professor M G Kendall The Earl of Halsbury Protessor 8 H P Rivett Professor G A Barnard Piofessor R T Eddison Mr E C Williams Mr S Beer Professor K D Tocher Mr R C Tomlinson MrAMLee Professor M G Simpson M," G H Pliltchell Professor K B Haley Dr Fl S Stainton Professor J V Rosenhead Dr J C Ranyard Mr P N Thornton Professor C B Chapman Professor L C Thomas Mr l J Disley Professor R G Dyson Professor M Pidd MrJ Gibb Professor V Belton Professor J D Griffiths Mrs S M Merchant Professor R W Eglese Dr G H Royston Professor S L Robinson Ms R A Kaufman 08E MrJ R Hopes Professor E K Burke 1954155 1956157 1958159 1960161 I gb21b3 1964165 1966167 1968169 I g70/71 1972173 1974175 1976n7 1978tt9 1980181 1982183 1984185 1986187 1988189 I ggD191 I gg2193 1994195 1996197 I g981g9 2000101 2002103 2004105 2006107 2008109 2010111 2012113 2014115 2016117 2018119 2020122 42

OR Society Awards Companion of Operational Research Sir Hermann Bondi Mr D Hicks Piofessor R V Jones Professor B H P Rivett Mr H R Wwatkins Professor Sir David Cox Lord Ezra Mr P Hughes Lord Zuckerman Sir John Kingman Sir Dennis Rooke Sir Charles Carter MrT P Frost Professor H.MLJller-Merbach Mr D A Quarmby Professor R C Tomlinson Mr R A Showell Mr G H Mitchell Professor P Whittle Mr J Plymen Professor S Vajda Professor K B 4aley Professor M F Shutler Professor D J White Professor K C Bowen Dr R A Forder Professor F Kelly MrGKRand DrJ C Ranyard Professor J V Rosenhead DrJ F Miles 1983 1983 1983 1983 Ig84 1985 1985 Ig85 1985 1986 1986 1987 1987 1988 1989 1990 Ig91 1992 1994 1994 Igg5 1996 1996 2001 2001 2005 2005 2005 2005 2005 2006 Professor R G Dyson MrEKGJames Professor J Friend Dr G Royston Professor R J Paul Professor A Mercer Mr T O'connor Professor V Belton Ms R A Kaufman Professor M Pidd Professor P H Millard Professor O M Ryan Professor R M Davies Mrc R Humby Mrs S M Merchant Professor S C Brailsford Professor J D Griffiths Professor E K Burke Professor P R Harper Professor R W Eglese Mr A Waterhouse 2007 2007 2008 2008 2009 2010 2010 2011 2011 2011 2012 2013 2014 2014 2015 2016 2016 2017 2018 2019 2020 Beale Medal J V Rosenhead D J White A A Christer G H Mitchell H Pwilliams R C Tomlinson P Checkland C Eden L C Thomas 1992 1993 1995 1998 1g9g 2005 2006 2007 2008 J D Griffiths K H Haley F Kelly M D Elder K D Glazebrook R Fildes J Friend R Ormerod M Jaekson 2009 2010 2011 2012 2013 2014 2015 2016 2017 R Cheng A Land V Belton 2018 2019 2020 43

Silver Medal C F Goodeve P M lth(il'be K D Tocher 8 H P Rivett R T Eddison 1964 1965 1967 1968 1969 AMLee R L ALkoll C G Vickers E.K.G.James EMLBeale 1970 1971 1975 1979 1980 S Eilon G Ddiil£iy L V Kantorovich 1982 1986 1986 Bronze Medal R M Adelson J Stringei T A Burgin 1965 1967 1967 AR Wild D J Chambers M F Cantley 1967 1968 1969 F K Lyness AM Duguid CGMoss 1970 1972 1972 Goodeve Medal B H Mahor) 1976 R J M Bailey 1976 N R Tobin 1977 I Sanderson 1979 AJ Williams 1980 J G Shepherd 1981 F K Lyness 1982 L P Fatti 1984 A H Christer 1985 W M Waller 1985 G Best 1987 G Parston 1987 J V Rosenhead 1987 D Rowland 1988 l R Turner 1989 R Bandyopadhay 1990 S Datla Iggo D Schrady 1992 D Wadsworih 1992 A Bouzaher Ig93 S Offutt 1993 DW8unn 1994 E R Larsen 1994 K Vlahos 1994 G M Campbell 1995 C F Davis 1995 M Carey 1996 D Lockwood 1996 C M Yeats 1997 T Rehman 1997 D-W Tcha 1998 T-J Choi 1998 Y-S Myung Ig98 F Duckworth 1999 A J Lewis 1999 J 8dlldsik J N Crook L C Thomas R Korporaal A Ridder P Kloprogge R Dekker S Howick C Eden J E Beasley H Howells J Sonander R HdrLley G Lanot S C Brailsford V Lattimer P Tarnaras J Turrlbull K Taylor B Dangerfield S C Brailsford D Evenden V Narinda P Harper A Medina-Borja K S Pasupathy K Trianlis D Ronen C A Goodhart S Kumar D A Nottestad E E Murphy L C Thomas F R Johnston E A Shale 2000 2000 2000 2001 2001 2001 2001 2002 2002 2003 2003 2003 2004 2004 2005 2005 2005 2005 2006 2006 2007 2007 2007 2007 2008 2008 2008 2009 200g 2010 2010 2010 2011 2012 2012 S Kapoor A Sheth R True P Kemmer 2012 2012 2012 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2017 2017 2017 2018 2018 2019 2019 2019 2019 2020 2020 2020 T Winter J Bengtsson D Bredstrom P Flisberg M Ronnqvist S Crowe P Bennett Fvl DarakLLhiev M Utley S C Brailsford D De Silva A Backie B Baesens G Claeskens A l Ali G Ince A Brice RBye J Oppen J Royset E Adiyeke S Agrali E Canakoglu

Stafford Beer Medal JJ Jahng H Jain K Ramamurthy R Lindgren D Stenmark J Ljungberg S Sarker S Sahay S Madon C Middleton W Cukier SKSia Csoh C Ashurst N Doherty J Peppard F Thiesse J Al-Kassab E Fleisch 2003 2003 2003 2004 2004 2004 2005 2005 2006 2007 2007 2008 2008 2009 2009 2009 2010 2010 2010 P O'Reilly P Flanegan R Lederman R Johnston Koch E Gonzalez D Leidner D Denyer M Hall E Kutsch E Lee-Kelley P Tallon J Gerow J Thatcher V Grover A Ulesheva J Simpson D Cece2- Kecmanovic 2011 2011 2012 2012 2013 2013 2013 2014 2014 2014 2014 2015 2016 2016 2016 2017 2017 2017 Fl Pai'ks Hxu C-H Chu P Lowry N Hikmet A Connolly C Davis A Bhattacherjee F Brachten B Cabrera G Neubaum L Pilz B Ross S Stieglitz 2018 2D18 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 Tocher Medal K Kotiadis T Pitana E Kobayashii C Boer Y Saanen K-H Chang A-L Chang 2009 2011 2011 2013 2013 2015 2015 C-Y Kuo Jxu E Huang L Hsieh LHLee QJia C Chen 2015 2017 2017 2017 2017 2017 2017 M Cabrera-Rios D E Arias Gonzalez E Nino-Perez Y M Mendez- Vazquez 2019 2019 2019 2019 Cook Medal P Jackson J Klobas D Pentland K Forsyth D Maclver 2014 2014 2016 2016 2016 M Walsh R Murray L Irvine F Oi Vincenzo D Mascia 2016 2016 2016 2018 2018 D Apostolou E Kalogeraki S Papastergiou N Polemi 2020 2020 2020 2020 Griffiths Medal N Witteman J Stahl M Mihaylow P Smet W Van Den Noortgate 2015 2015 2017 2017 2017 G Vanden Berghe 2017 V Mabin 2019 Jyee 2019 S Babington 2019 R Moore 2019 V Caldwell 2019 45

Ranyard Medal A Jeyaraj A Zadeli 2020 2020 Lyn Thomas Impact Medal Scrowe C Pagel M Ulley 2019 201g 201g Doctoral Award K Kaparis A Strauss F Liberatore R Wood K Rustogi t Joint winners 2008 2009 2010 2011 2012 T Lidbetter M Takac CKOC l Megiddo JFSze 2013 2014 2015 2016 2017 G Palmer M Bedenek L Morgan 2018 2019t 2019t 46

President's Medal D R Corkindale M L Chambers R G Dyson M Slornan J V Rosenhead P Doyle J Fenwick G P Savage D B Gilding C Lock B Fokkens M Puylaert R S Hamblelon A W Nimmo C B Chapman D F Cooper A B Carnmaert P Doyle J Saunders M Pidd S R Clarke A H Christer K A H Kobbacy B C Dangerfield C A Roberts M B Wright C P Thunhurst C J Ritchie A Khakee K Stromberg JJGlen H Tsoukas D B Papoulias J H Powell G Laporte F Semet V V Dadeshidze L J Olsson Fvasko H Gilles D Bright V Kocatulum E Wolf J Moffat JJRace D Burnell M Neighbour t￿1 Acutt 1976 1977 1977 1978 1979 7980 1980 1980 1981 1981 1982 1982 1983 1984 1985 1985 1985 1987 1987 1988 1989 1990 1990 1991 1991 1992 1993 1993 Ig94 1994 1996 1997 1997 1998 1999 Ig99 1999 1999 2000 2000 2000 2000 2000 2000 2001 2001 2002 2003 P Loader M Bryant P Bates C Mccuckin D Kelly P Loucopoulos F(G Zagrafos Y Pyrgiotis D Bels A Swain A Floss A Lewins M Sykes A Moon M Allwright J Ball D Pankhurst I Wright P Frangos S Hughes S Hammond K Slater C Marston P Rose S Mardle L Fildes A Lewins E Husemann D Lane E Munro G Owusu S Shakya R Dorne A Mohamed A Mccormick A Liret O Buhlinger C Henzel M Clocherty M Knapton H Pap3christou C Legge R Leese J Blaavand C Centazzo A Bejan P Munday A Booker 2004 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2007 2007 2007 2008 2008 2008 2008 2010 2010 2011 2011 2012 2012 2013 2013 2013 2014 2014 2014 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 M Wauben P M8cdent B Marshall E Baggol Brett JLOW H Mann M McKee S Rose S Smith 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 47

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