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2024-12-31-accounts

Annual Report

for the year ended 31 December 2024

The Operational Research Society 12 Edward Street, Birmingham, B1 2RX, UK Tel +44(0)121 233 9300. Fax +44(0)121 233 0321 email@theorsociety.com www.theorsociety.com

A registered charity No 313713. A company limited by guarantee No 00663819

Operational Research Society Annual Report 2024

Foreword from the President ................................................................................ 3 Introduction....................................................................................................... 4 Review of the Year 2024 ...................................................................................... 4 Highlights of the Year ....................................................................................... 4 Achievements during the year ........................................................................... 5 Members, Affiliates and Fellows ....................................................................... 14 Awards ......................................................................................................... 14 Finance ........................................................................................................ 15 Structure of the Funds ................................................................................. 15 Review of Operations ................................................................................... 16 Going Concern Statement ............................................................................ 16 Assets, Reserves and Investments ................................................................. 16 Risk ........................................................................................................... 17 Key Management Personnel .......................................................................... 18 Basis for Remuneration ................................................................................ 18 Voluntary Contributions .................................................................................. 18 Fundraising ................................................................................................... 18 Related Parties ............................................................................................ ..19 Objectives for 2025 .......................................................................................... 20 Information about the Society ............................................................................ 21 Public Benefit ................................................................................................... 24 Statement of responsibilities of the elected officers and members of the Board ........ 24 Approval of report ............................................................................................ 26 History ............................................................................................................ 27 Presidents of the Society .............................................................................. 27 OR Society Awards ...................................................................................... 28 Independent auditor’s report………………………………………………………………………………………….35 Statement of financial activities (incorporating an income and expenditure account).40 Balance sheet………………………………………………………………………………………………………………….41 Notes to the financial statements………………………………………………………………………………….42

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Operational Research Society Annual Report 2024

Foreword from the President

It is a great pleasure to introduce this report, which describes The Operational Research Society’s achievements during 2024 and sets out our future plans.

Our regular governance meetings, including Board and General Council, have continued to take place mostly online, with one in-person Board meeting in Birmingham. Traditionally, the Blackett lecture took place in the Royal Society in London and was very well attended. There was a change of the Executive Director in October 2024. The transition was smooth, because fortunately, the previous Executive Director, now in retirement but still active in the Society, was available and willing to temporarily take over the role. The main strategic priorities remained to be Visible, Valued and Vibrant. However, the operating environment of the Society is changing considerably, which is indeed the case for all the relevant sectors, including the industrial, healthcare, education, and third sector. Of particular concern to us is the change of income from publications. Together with Tailor & Francis, we have been taking steps to mitigate challenges in the evolving publications market, which includes preparing journals for a transition to open access and initiatives such as Applied Operations and Analytics , which is fully open access journal. We have to adapt our activities and service we provide to our members and carefully choose the cost-effective way to achieve our goals as a charity organisation.

Sanja Petrovic OR Society President 2025-2026 April 2025

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Introduction

The Operational Research Society is a charity set up to advance knowledge, interest and education in operational research (OR). 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’ but 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-supported 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 represents a broad programme of activities and services, that has been growing year on year and that we continue to maintain and develop.

With the continuing dramatic changes in the world around us our activities and services have had to adapt accordingly. These changes present great challenges for the whole world, but offer great opportunities for the OR discipline, OR professionals and The OR Society.

Review of the Year 2024

2024 was the second year into the current strategic planning cycle. As part of the earlier review, it was agreed that the strategic pillars and priorities for the Society remained fit for purpose. The strategic pillars are: raising awareness of the importance of OR; supporting OR knowledge development; supporting OR education; growing membership and wider reach; ensuring financial sustainability of the Society; and embedding 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. We also recognised the increasing importance of the Research element of our work by recognising the Research committee as a core subcommittee of the Board, with the Research committee chair joining the Board of Trustees with effect from the start of 2024.

Highlights of the Year

This has been another year of highlights which, along with our full range of activities, support our charitable aims to advance knowledge, interest and education in OR.

Advancing knowledge

The Society’s portfolio of academic journals continued to make a substantial contribution to both advancing and sharing knowledge. The publishing landscape is evolving, and the move towards Open Access has meant our content has become more widely available through the increasing number of ‘read and publish’ deals that are being signed across the world. More than one million downloads of academic papers were made during the year.

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Operational research apprenticeships took further steps towards becoming a serious route to training the analysts of the future, with the Society establishing itself at the heart of the quality assurance processes core to that route.

The Society continues to work with the Council for Mathematical Sciences on the next steps towards the establishment of the Academy for Mathematical Sciences. We supported the creation of the proto-Academy and are engaged across all levels of this work. This will play a key role in the future knowledge advancement 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 returned to a more normal footing with the return of in-person events. The opportunity to expand its global reach through a complementary programme of online events was well received.

The Society continued to implement the recommendations of its Artificial Intelligence (AI) task and finish group, especially through its links to the work of the ValidateAI group (validateai.org). The Society continues to be at the heart of the Alliance for Data Science Professionals, establishing standards for both practitioners and degree courses. Other activities to advance interest are covered below in the Events, OR in Education and Pro Bono OR sections.

Advancing education

In 2024 the Society finally achieved its goal of recognition as an End Point Assessment Organisation with Ofqual and the first of its Level 7 OR Specialist apprentices entered gateway, the start of their assessment journey. Other activities to advance education are covered below in the Education, Training and OR in Education sections.

Other highlights

Some of our 2024 highlights made contributions to all our charitable aims. These included the continuing growth of our Women in OR and Analytics Network (WORAN), both in terms of the number of participants and its activities during the year. We also continued our valuable charitable work through our Pro Bono OR projects.

Achievements during the year

Equity, Equity, Diversity & Inclusion

Heather Tewkesbury continued to act as the EDI Board Champion and Eve Hardy acted as the staff EDI representative in 2024. As of 2025, Christina Pagel assumed the role of EDI Board Champion and Chiara Carparelli has taken on the role of staff EDI coordinator.

EDI continues to be a key focus within ORS publications. Notably, we have achieved gender balance at the editor-in-chief level across three of our journals, which reflects our sustained efforts to promote representative and inclusion in publishing. However, there are still improvements to be made across the whole editorial boards. The Gender Equality: Opportunities and Challenges for the OR Community discussion paper was successfully published in JORS and a dedicated webinar on gender equality was hosted by the Women in OR and Analytics Network

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(WORAN), contributing to the ongoing discourse on gender equality in OR.

The WORAN Special Interest Group also held a well-attended event examining the barriers and enablers of career success, providing valuable insights into the systemic challenges faced by individuals in the OR community.

The OR in Education Taskforce has maintained EDI at the heart of its initiatives. The National Memorial Arboretum event ran successfully, with travel bursaries provided to state-funded schools, ensuring equitable participation. Our partnership with the Advanced Mathematics Support Programme, funded by the Department for Education, has enabled targeted outreach to schools in priority areas as identified by the DfE. This deliberate approach has helped to engage students from underrepresented backgrounds in OR education and careers. To further our understanding of outreach impact, we have begun collecting gender and approximate location data from ORiE events to inform our future goals and strategies for inclusive engagement.

EDI remains a key focus within the Research Committee. Plans are underway to commission an EDI-related research project in the coming year. We also continue to promote EDI best practice guidance, including the recently published guidelines by the EPSRC on hosting neurodiversityinclusive webinars.

We actively reviewed our EDI successes and areas for development using the Science Council Framework. This ensured we are well-prepared for the upcoming Science Council review in 2025 after which an action plan will be formulated.

Our partnership with In2Science UK continues to provide opportunities for students from low socioeconomic backgrounds. In 2024, we supported two students from disadvantaged backgrounds who took part in work placements at UCL in the field of engineering. This initiative aligns with our broader goal of increasing access to STEM careers for underrepresented groups and as such, we will be sponsoring another student in 2025.

Conferences and Events

The Events programme over the last year began with a hybrid Beale lecture and a well-attended start to a new series of one day joint SIG events with a session on Making Better Futures with Systems Approaches, with four SIGs coming together in an in-person event in Birmingham.

In June we held our first New2OR event since before the pandemic. Those attending were very enthusiastic about the new format and the content. Congratulations are due to the organising committee for establishing a successful new one-day format for this event.

July saw another first for the Society, with a special event at the House of Lords to celebrate our 75th anniversary. The reception was held on the terrace, with a fine view along the Thames towards the London Eye and Big Ben. The event was hosted by Lord Clement Jones on behalf of the Society, giving us an opportunity to say thank you to some of the volunteers whose efforts have built the Society over the past 75 years.

Continuing the new theme our ISMOR conference moved to a new venue in the National Oceanographic Centre in Southampton, with an unprecedented move to multiple sessions to accommodate demand and an outing to the Isle of Wight.

The annual conference in 2024 was in Bangor, with the OR community migrating to this beautiful and historic corner of North Wales for a very enjoyable event, with highlights including a hike

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in the mountains and the group photo in the historic courtyard at Bangor University. Many thanks to all those who contributed to the success of this event.

The WORAN Land Lecture was held in October and an inspiring talk and Q & A was given by Dervilla Mitchell DBE,FREng, FIEI on Building Change: a life in engineering.

The year ended with Professor Anna Nagurney giving the Blackett lecture in December at the Royal Society on the subject of NetwORks and Policies: OR to the rescue.

The Wednesday Webinar series continues to grow in numbers and popularity with the programme supporting topics across operational research, analytics and data science.

Publications

The OR Society now publishes seven academic journals. Six are hybrid – subscription based with the option for authors to make individual articles open access through an article processing charge (APC). These are: the Journal of the Operational Research Society (JORS), European Journal of Information Systems (EJIS), Knowledge Management Research & Practice (KMRP), Journal of Simulation (JOS), Health Systems (HS), and the Journal of Business Analytics (JBA). In November 2024, the Society launched a new fully open access journal – Applied Operations and Analytics (AOA) – which is published exclusively online. The Publication Committee is chaired by Professor Tom Archibald.

Usage statistics for the Society’s hybrid journals continue to show year-on-year growth. In 2024, article downloads exceeded 1.2 million – a 4.75% increase compared to 2023. Citation levels remained consistent with the previous year. As the use of X (formerly Twitter) declined, the Society, have shifted their promotional efforts to LinkedIn. Dedicated LinkedIn journal pages launched in 2024 attracted 3,935 followers.

The 2023 Impact Factor (released June 2024) for JBA showed improvement on the previous year, while KMRP maintained its score. The Impact Factors of the other hybrid journals fell after several years of growth. The volatility in Impact Factors has been reflected across the sector and is partly due to recent changes in the method of calculation of the score filtering through. CiteScores (Scopus-based metrics) for six journals were published in 2023 and indicated performance increases across the board – with EJIS and JORS showing the largest improvements.

Our editorial teams continue to play a vital role in ensuring the quality and rigour of the Society’s journals, providing authors with timely and constructive feedback. In 2024, Kostas Nikolopoulos (Durham University) joined the JORS editorial team, and Enlu Zhou (Georgia Institute of Technology, USA) replaced Christine Currie on JOS. Looking ahead to 2025, Kathy Kotiadis (HS), Richard Vidgen (JBA), and Tom Jackson (KMRP) will be stepping down, and recruitment for their successors will take place in early 2025.

Diversity on the editorial boards remains under review and active management. Some progress was made in 2024, but by year-end, boards remained predominantly male (70%), with most members based in Europe (41%) or North America (38%).

Peer review is a critical element of our publishing process, and we are grateful to our reviewers for their voluntary contributions. Reviewers may opt to receive recognition through Publons, and in 2024, the Society awarded certificates for the fourth consecutive year to reviewers who made particularly helpful contributions. The number of reviewers increased by 21.4% between

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2023 and 2024, this is a strong indication of the community’s ongoing commitment to maintain the quality of our journals. This growth was supported by targeted initiatives to recruit reviewers.

The Society’s strategy for open access and open data continues to evolve with guidance from Taylor & Francis. All journals encourage data sharing in line with Taylor & Francis’s basic data policy and offer authors the option to publish open access through the Open Select programme. In 2024, approximately 21% of articles across Society journals were published open access. Plans to convert Health Systems into a fully open access journal have been paused while efforts are made to grow submission volumes.

The launch of Applied Operations and Analytics (AOA) in 2024 marks a significant expansion of the Society’s portfolio. A dedicated working group established the journal’s positioning and consulted widely with leading academics. AOA complements our existing titles with a broader, interdisciplinary scope, welcoming contributions from areas including (but not limited to) Computer Science, Economics, Industrial Engineering, Mathematics, and Management Information Systems. AOA is led by Editor-in-Chief John Fowler (Arizona State University), with Editor-in-Chief Elect Asil Oztekin (University of Massachusetts Lowell), and supported by a strong international editorial board. Since its launch in November, AOA received 80 submissions, with two articles accepted for publication by the end of the year.

This year also marked a major milestone for the Society: the 75th Anniversary of JORS, the oldest journal in the field of operational research. A celebratory lunch was held in March 2024 to honour past and present editors. Several special initiatives marked the occasion, including the publication of a special encyclopedic article, Operational Research: Methods and Applications , which received over 29,000 views and 11 Crossref citations in 2024. Other highlights included a collaborative webinar with the Women in Operational Research and Analytics Network (WORAN), featuring a discussion paper on Gender Equality: Opportunities and Challenges for the OR Community , and the launch of the JORS Research in Focus webinar series, hosted by Emel Aktas, to highlight and discuss selected JORS articles.

The Society also publishes two magazines: Impact and Inside OR .

Impact is published biannually and is aimed at practitioners and potential users of OR. It is freely available in both print and electronic formats. Only one issue appeared in 2024 due to the editor, Maurizio Tomasella, being unavailable during the first half of the year.

Inside OR is the Society’s monthly news magazine for members. In 2024, John Crocker stepped down as editor and was succeeded by Gavin Blackett.

Carol McLaughlin and Sophie Rouse from the OR Society office, together with Richard Goodman from Taylor & Francis, continue to support and develop our publications strategy in partnership with the editorial teams. Our sincere thanks go to everyone who contributed over the past year to supporting and promoting the Society’s publishing programme.

Education

The key activities for the Education committee are laid out below under its various areas of influence.

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The committee is chaired by Vania Sena and supported by Chiara Carparelli, the Education Manager. The work in education is divided into two main areas: the main Education Committee and the ORiE Taskforce, which focuses on education outreach efforts.

OR in Education (ORE)

Throughout 2024, ORiE volunteers participated in various events. They attended four teacherfocused conferences, including the MEI and the Joint Conference of Mathematics Subject Associations, as well as 12 careers fairs and talks. We also exhibited at four science fairs, most notably New Scientist Live, where members Christina Pagel and Duncan Robertson gave a talk on Science Communication in Times of Emergency . Additionally, ORiE volunteers helped deliver workshops at six school events, including the OR STEM Day which was held in collaboration with the AMSP and the National Memorial Arboretum.

Volunteer engagement grew modestly compared to the previous year. However, challenges remain in retaining repeat volunteers.

Our teaching resources, available on the TES website, continue to perform strongly, with an average of 77 downloads per month. This consistent usage underscores the relevance and utility of our materials. The resources are reviewed and updated by the Education Manager with assistance from the ORiE Taskforce, ensuring their continued relevance. Also, the Termly Teacher Newsletter was re-launched this year to promote our resources and share relevant events and opportunities. The newsletter has maintained a 40% average open rate, receiving positive feedback.

To enhance our outreach efforts, two Master’s students from the University of Strathclyde were commissioned by one of our Taskforce members to analyse the collected data and provide recommendations. This review aims to ensure we are reaching a diverse audience and adhering to our EDI goals. Once the data has been analysed, the Taskforce will establish more appropriate KPIs.

In2Science UK

We continued our partnership with In2Science UK, a charity focused on social mobility and providing STEM opportunities for young people from under-resourced backgrounds. The charity arranges two-week summer STEM placements for students aged 17 – 18. We sponsored two young people for work placements in engineering at UCL in 2024.

Master’s Scholarship

Applications for our Master’s Scholarship increased slightly this year, from three applicants to five. The winner was awarded the scholarship to study and MSc in Operational Research at the University of Southampton.

Joint Mathematical Council (JMC)

The ORS actively participated in JMC meetings through the year. Key discussions included reviewing the UK’s performance in the latest PISA results, the election of the new JMC chair, the growing role of AI in education, the RS Mathematics Futures report and ongoing JMC projects related to mathematics education and AI, and the transition to secondary school.

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Involvement in the educational landscape

The engagement of the ORS within the educational landscape has grown in 2024, with participation in several high-profile discussions and initiatives.

A significant focus was the establishment of the Academy of Mathematical Sciences, with both the Education and Research Committees contributing to discussions. In 2024, we attended a round table discussion organised by DSIT on the future of the National Academy and participated in the inaugural Maths Summit. Additionally, we are actively involved in the education stream of the Academy of Mathematical Sciences, collaborating with other learned societies on educational initiatives.

The committee also contributed to several consultations, including the government’s curriculum assessment and review, led by Professor Becky Francis CBE. We also maintained involvement in the Maths Horizon project, which focuses on mathematics curriculum development.

Other notable engagements included the Parliamentary Maths Expo, which brought together leaders from academia, industry, and politics to discuss mathematical sciences. We also attended the “AI in Assurance in Education” event, hosted by Validate AI and Loughborough University. This event led to a series of articles on AI in education featured in Inside OR , which we plan to develop further in 2025.

In 2024, an academic newsletter was launched to highlight news and opportunities relevant to academics. Sent bi-monthly, it achieved an average open rate of 34% and was well-received by our members.

Although the Education Committee is available for consultation, a separate staff team was appointed to advance the development of the Level 7 Apprenticeship qualification.

Research

The Research Committee, chaired by Professor Christine Currie, supports the development of operational research (OR) knowledge and the increase in the scale and impact of OR research in the UK. In 2024, four long-standing members completed their extended terms. Thanks to a major recruitment drive in 2023, the committee was still able to nominate members to represent the Society across a range of key academic bodies and organisations, including the Heads of Departments of Mathematical Sciences, EPSRC, the Isaac Newton Institute (INI), and the International Centre for Mathematical Sciences (ICMS). This ongoing engagement ensures that the Society remains involved in important conversations and can keep members well informed.

In partnership with the Education Committee, a redesigned Academic Newsletter was launched in 2024 to support communication across the academic community. The newsletter has been well received.

The committee continued to participate in two major initiatives throughout the year: the Academy of Mathematical Sciences (AcadMathSci) and the Knowledge Exchange Hub for Mathematical Sciences (KE Hub). The Academy’s aim is to be a unifying voice for the UK mathematical sciences community, spanning academia, industry, and education. The OR Society continues to play a pivotal role, with several Research Committee members contributing to working groups led by the Council for the Mathematical Sciences (CMS). An example of this was the Maths Manifesto , produced by the CMS and the Academy, and launched alongside the Maths Summit held in London in March, to highlight the value of mathematics to the UK and present key asks to policymakers ahead of the Westminster elections. While the Academy did not receive

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expected government funding in September, its work has continued. In November, Research and Education Committee members attended the Maths Week Parliamentary Expo organised by the Academy and contributed to consultations.

Knowledge exchange (KE) has become an increasing focus for the committee. One major highlight was the KE Panel held at the Society’s annual conference (OR66) in Bangor, titled Making an Impact: Bridging the Gap – How to Deliver More Effective Knowledge Exchange Between Academia and Industry . The session was chaired by Professor Christine Currie and featured panellists from BT, the Welsh Government, and Simul8, alongside academic contributors, including Associate Professor Mosab Bazagarni, who also played a key role in organising the event. The committee has encouraged members to become KE Champions within their universities and OR groups, and the Society’s Research Database was updated to allow users to filter by members involved in KE.

The committee continues to maintain strong links with EPSRC. OR Society members are well represented across key EPSRC committees, including the Peer Review College and the Strategic Advisory Team (SAT). In 2024, Associate Professor Vadim Zverovich (UWE Bristol) became the Society’s SAT member, and Dr Laura Boyle (Queen’s University Belfast) joined the EPSRC Early Career Researcher Forum.

Finally, the committee supported the OR Early Career Researcher (ECR) Network. In 2024, the network ran several events, including a webinar on the academic job market, an in-person professional development event, and a session at OR66 on collaborating with industry.

Training

In 2024, the Society delivered 31 courses on a variety of operational research topics, attracting 331 delegates in total. Income from training exceeded expectations—23% above budget and nearly 150% higher than in 2023.

Course wording and titles were reworded to appeal more directly to those working in industry, and the list was refined to focus on those with proven success in previous years. Following the website update and course rewording, the Society secured five in-house bookings from corporate clients.

The training offer is continually reviewed to ensure content remains relevant.

Looking ahead, new courses for 2025 will explore the use of operational research with AI and data science. A sponsored LinkedIn advertising campaign is planned for the first six months of the year, with a focus on increasing attendance from industry.

Publicity and Membership

In 2024, the Society completed several major projects that build the foundations for an improved member offer and will support a growing member base. Alongside our regular operations, we developed a new CRM system, redesigned our website and completed a comprehensive rebranding exercise.

The CRM system is now fully functional, serving as a centralised hub for all member-related activities such as training, membership management, events, and volunteering. The new website was designed to prioritise user experience (UX) and user interface (UI) design, with an optimised member journey that ensures most information is accessible within three clicks. This

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transition was a strategic financial investment, expected to save substantial costs over the next three years while allowing flexibility for future enhancements as needs evolve.

In November the Society unveiled a refreshed logo, updated messaging and a stronger brand identity. The new brand reflects extensive feedback and embodies the Society’s vision for Operational Research.

PR activity in 2024 secured 94 pieces of coverage in key publications like Business Now , UK Tech News , Global Banking and Finance , Transport and Logistic Magazine , and National Health Executive . This resulted in a potential readership of 748,000 and an equivalent advertising value of £45,000.

Membership growth in 2024 included a 4.4% increase in full memberships, although student memberships declined. Looking ahead to 2025, a new student offering, featuring a dedicated network, is planned to boost student engagement.

The broader membership strategy remains focused on growth, emphasising both acquisition and retention. Seven new corporate members joined, and a digital welcome pack was introduced to enhance the onboarding experience. Additionally, the year saw the launch of a mentorship program, with 20 partnerships already underway.

Pro Bono OR

The Steering Group is chaired by Ruth Kaufman and at the end of 2024 the group consisted of: J Jane Parkin, Ian Seath, Shamim Rahman, Mike Boyles, Owen Bowden, Kate Hammond, John Lincoln, Ashleigh Monks and Hugo Herrera.

Louise Allison assumed responsibility for the Pro Bono OR Programme as Interim Manager from September to November 2024. Isma Shafqat commenced her tenure as the new Pro Bono OR Manager on 28 October 2024, with Louise providing training and support during the transition. Isma has settled into the role smoothly and is steadily working to develop the programme further.

Pro Bono OR’s dedicated volunteers worked on 23 projects throughout the year, of which they completed 10 and 13 remain ongoing. Volunteers applied a variety of OR techniques including impact evaluation, outcome measurement, forecasting, process improvement and optimisation to help third sector organisations tackle issues such as refugee crisis, children’s education, mental health, maternal and neonatal care, access to healthcare, cybersecurity and social exclusion.

Pro Bono OR is one of the OR Society’s main outreach activities, intended to promote and exploit the value of OR, provide opportunities for OR professionals to share their skills and give something worthwhile to society, and to help third sector organisations become more effective.

In 2024, here is some of the feedback:

Examples of feedback from third sector organisations:

“ …his approach to meet our specific needs, explained what was (for us) a new and very technical technology very clearly and simply and put a huge amount of work into the project that went far beyond anything we might reasonably have asked for. The result was a working pilot of the platform and apps, which has led to a fundamental change in our strategic approach… “

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Operational Research Society Annual Report 2024

"The ORS processes were seamless and smooth. We got what we were looking for, and then some. The final outcome was exactly what the NSPCC needed, and the training and upskilling provided have equipped them with a solution they can now use to accomplish things they couldn't do before."

Examples of feedback from our volunteers:

“Working on this project felt truly collaborative. It was clear from the start that, if done right, the outcome would make a real and meaningful impact. The experience was not only enjoyable but also rewarding, as it allowed me to apply my OR skills in a volunteering capacity. It’s great to contribute in a way that makes a difference."

“I was impressed with list of potential projects; the application process was simple, and it was easy to understand what was expected; liked the objectives and content of the project, which aligned with my interests. I felt that the coordination worked well – Eve was available enough to provide security, without unnecessary interference or micromanagement. Documentation was good. Client was wonderful to work with.”

We were able to generate 25 project leads against the yearly target of 50. Moreover, a total of 23 new PBOR projects were started in 2024 against the yearly target of 25.

To formally acknowledge the dedication of the volunteers, a small number of volunteers were sent an appreciation souvenir, accompanied by a personal letter from the President of The OR Society, Gilbert Owusu. These volunteers had contributed to multiple projects in the last two years. In addition to these tokens of appreciation, volunteers were prominently featured in the monthly PBOR newsletter, providing them with well-deserved visibility and showcasing their efforts to the wider community.

Pro Bono OR, in collaboration with our PR firm, applied for two third sector awards for the first time. The application for the Charity Times Award in the Charity Collaboration category section was shortlisted – an encouraging milestone, even though we did not win.

PBOR and ORIE jointly exhibited at the OR Society's stand at OR66. It was used as a central point for gathering insights on what would motivate people to volunteer and what types of activities they would be interested in. The two PBOR questions asked were: Which charities should we work with and How can you get involved in PBOR without doing a project. The answers were recorded and informed future marketing efforts for both PBOR and ORIE.

Pro Bono OR participated in the annual Volunteers’ Week (1-7 June) showcasing project outcomes and promoting the scheme to both volunteers and charities. Eve Hardy represented PBOR at House of Lords reception for Or volunteers, where OR Society President Gilbert Owusu and Ruth Kaufman and Christine Currie (Chair of the Research Committee) gave a speech thanking volunteers and acknowledging their numerous contributions to the society and wider OR community. Eve also exhibited at a joint SIG event and the Maths Summit in March, further boosting the PROR.

Relationships with other Pro Bono organisations such as the Pro Bono Association, RSS’s Statisticians for Society, Pro Bono Economics, DataKind and Data Orchard continue to be supported, enabling us to signpost charities to alternative Pro Bono providers where appropriate, and to share and learn from each other. Our relationship with the Cranfield Trust was rekindled, and they hosted a webinar delivered by Ian Seath, which discussed OR and promoted Pro Bono OR. An online meeting with HORAF was held in December, where Pro Bono OR was a key

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agenda item. The scheme was presented and discussed, with HORAF agreeing to support its wider promotion.

Members, Affiliates and Fellows

At the end of the year, The OR Society had 3,916 members, a total decline of 3.5% from 2023. However, this overall decline was due to a reduction in student members, while the number of full members increased by 4.4%.

In addition to the 19 existing corporate partners, there were 5 new corporate partners representing 1,224 members.

There were 418 accreditees, comprising 168 Fellows, 77 Associate Fellows, 56 Associates and 117 Candidate Associates. There were 27 members accredited as a Chartered Scientist and four as a Registered Scientist. There were four members accredited as an Advanced Data Science Professional, and one as a Data Science Professional.

Awards

The annual awards ceremony, held as part of the Blackett Memorial Lecture at the Royal Society in December, saw the usual array of awards plus a bumper crop of new Companions to make the end of the 75[th] anniversary celebrations. The award winners over the year were:

Operational Research Society Annual Report 2024

University, “Linking Predictive and Prescriptive Analytics for Modelling Healthcare Services for Frail and Elderly Patients".

Finance

Structure of the Funds

The restricted funds are made up of three separate components. The first is a long-standing one received from Mrs May Hicks in 2002 and is used for purposes consistent with her wishes, by providing awards for the best student OR projects undertaken for a client organisation. The second was received in 2024 upon the closure of the MISTA (Multidisciplinary in Scheduling: Theory & Applications) charity, with the Society agreeing to support the MISTA community within its existing programme of events and conferences. The final component relates to an amount received from the ISMOR (International Symposium on Military OR) trust of £14,600 to be used to fund ISMOR scholarships and an amount of £36,254 transferred from Multidisciplinary in Scheduling: Theory and Applications (MISTA) to be used for scheduling MISTA activity into ORS events and conferences.

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Review of Operations

The Society’s income and expenditure account showed a deficit of £279k during the year, on a turnover of £1.35m. This compares with a loss of £63k in 2023. The operating loss (before net gains or losses on investments) was £372k versus a £158k deficit in 2023.

The primary driver for the deficit was Board’s decision to invest heavily in development projects to support the Society’s future operations. These included a new website and CRM system, a significant re-branding and re-positioning exercise and support for the Society’s push to become an Ofqual-recognised End Point Assessment Organisation (EPAO). These efforts will support both future income streams and increased operational efficiency. Some elements of this expenditure were capitalised, however, under current accounting standards the re-branding costs could not be included. This made the deficit higher than Board had initially anticipated.

Combined with the investment projects, it was a challenging year for the Society as we continued to see the effects of the revised publications contract and reduced revenue through our journal portfolio. Both income and costs for Events & Conferences were substantially down on 2023, reflecting the operating decision to require delegates to book accommodation directly with suppliers rather than through the Society to remove pass-through cost risks. Attendance at the annual conference was good but other specialist conferences failed to attract the expected interest. Training income saw an impressive increase over 2023. The end of 2024 did see the first income for our work assessing the level 7 OR Specialist apprenticeship standard.

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 bi-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. In 2024, publications revenue once again equated to more than 60% of the Society’s total income. This serves as a reminder of the Society’s current financial dependence on the academic publication system; see the section on ‘Risk’ below.

The Society employed 21 members of staff during 2024 (18.4 full-time-equivalents), compared to 17 (14.4 FTE) during 2023. The increase was driven by the Society’s move into End Point Assessment activity for apprenticeships.

Going Concern Statement

The Society has undertaken analysis of its going concern status, reviewing the organisation’s cashflow position, budget position for 2025 and 2026, level of reserves and areas of consideration under sensitivity analysis. The Board of Trustees / Directors are confident in their assessment of the Society as a ‘going concern’.

Assets, Reserves and Investments

The total net assets of the Society fell by almost £300k to £2.03m over the year, with the loss on income and expenditure being offset by a modest increase in the value of our investments. There remains continued turbulence in the financial markets due to global events such as the wars in the Middle East and Ukraine and the impact of the new US administration.

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It is important that the Society maintains an appropriate level of reserves in relation to perceived financial risks. Based on the usual annual costs of running the Society, one year’s costs of £900k should be a minimum value for the reserves and the maximum value would then be three years’ costs giving a value of £2.7 million. This would cover any growth of the Society over the next few years and release funds to further the Society’s aims.

The Society’s reserves, with a definition slightly widened from previous years, cover funds which are neither restricted nor designated, less illiquid assets (such as tangible fixed assets). At 31 December 2024, this amounted to £1.8m. The reserves are therefore within their prescribed limits. The Board will bear this in mind when considering further opportunities for spending on worthwhile one-off projects that further the Society’s objectives or improve its operational efficiency and effectiveness.

The Society’s investments and their performance are kept under review by the Investment Committee in accordance with policies decided by the Board. The Committee is chaired by the Treasurer and, in addition to other members of the Society, includes representatives from the Society’s investment managers.

Risk

The Society’s dependency on journal income is the most significant material risk. Our current contract with Taylor & Francis to a large extent mitigates this risk for the Society, for the four years of the contract (finishing in December 2026), by transferring some 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. The publications market will be rapidly adapting to the demands of open access over the course of the current contract and this element of income remains at risk. The Society is already investigating its publishing options beyond 2026, and this may involve a full tender process to ensure it gets the best return on its journal assets.

Work on diversification of revenue streams continues. Apprentices have started work towards the Operational Research specialist level 7 standard which will provide a new source of income from 2025 onwards. However, the costs associated with applying for and subsequently acting as an End Point Assessment Organisation were higher than anticipated since the requirements have tightened considerably under the switch to Ofqual’s oversight. A Government review of funding for level 7 apprenticeships presents a threat to the Society, but options to diversify into other standards are under investigation to mitigate against this.

Training income improved significantly during 2024, but this also presents as an increased risk as the vast majority of that income was from the training programmes for analysts from the Government Operational Research Service. Further tightening of Government spending in 2025 and beyond could threaten this. Efforts are being made to make the training portfolio more interesting and relevant to the rest of the practitioner community.

The key strategic risk that OR could be seen as less relevant in the competitive analytics, data science and AI space remains. 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. The Government and society’s attitude towards mathematical education, understanding statistics and probabilities seem to be in our favour. More generally, we aim to raise the visibility of OR and support outward-looking practice and membership through outreach to other professional

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societies and to organisations and businesses who may benefit from what OR has to bring and through the variety of topics and speakers at our events.

A further key risk is that The OR Society could be seen as less relevant to OR professionals. We have been mitigating this through the whole range of activities addressing our strategic goals and described elsewhere in this report.

The Board regularly reviews the risk register covering a wide range of operational risks, including IT risks, and, where feasible, puts mitigating action in place.

Key Management Personnel

The Key Management Personnel for the Society comprise the trustees (its Board of Directors) and the Executive Director. No remuneration is payable to trustees for service on the Board.

Basis for Remuneration

The President, Treasurer and President Elect or Immediate Past President review the Executive Director’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.

Voluntary Contributions

The Society's work in 2024 benefited from voluntary contributions of time, from members and others, through these principal lines of work: refereeing of journal papers; editing of journals; conference organisation; authorship and delivery of talks to regional societies and special interest groups; organisation of regional networks 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.

It is estimated that a total of 5,000 person-days were contributed in 2024. If this time is valued at £500 per day, its value is £2.5M. The Society is most grateful to all who contributed voluntary effort, without which the Society could not accomplish its goals.

Fundraising

The OR Society does not engage in public fundraising activities by professional fundraisers or commercial participators. The charity has not received any fundraising complaints in the year.

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Related Parties

The Society is a member of EURO, the Association of European Operational Research Societies, and IFORS, the International Federation of Operational Research Societies. It shares information and works closely with other operational research societies around the world, particularly its counterpart in the USA, INFORMS. The Society pays membership fees to both EURO and IFORS.

The Society is also a member of the Council for Mathematical Sciences, CMS. It works with the other member bodies (Institute for Mathematics & its Applications, London Mathematical Society, Royal Statistical Society and Edinburgh Mathematical Society) on relationships to research funding bodies, relevant consultations and various other initiatives. Currently this includes the development of plans for a national academy for mathematical sciences.

The Society’s related party transactions for the year ended 31 December 2024 have been disclosed in note 8 of the financial statements.

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Objectives for 2025

During 2023, Board produced a revised version of its 3–5-year goals and priorities. These build on those in place for the previous strategic planning phase and represent exciting opportunities for the Society and the wider OR community. The strategic pillars were revisited and confirmed to remain relevant and fit for purpose. They 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:

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 Academy for the Mathematical Sciences, the Science Council, EURO and IFORS; 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 to grow the profession and The OR Society’s contribution and make the most of the opportunities awaiting us.

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Information about the Society

The following served as members of the Board in 2024

G OWUSU President T W ARCHIBALD S PETROVIC President Elect C CURRIE A C PAGEL Vice President J MEDHURST S L LORRIMER Vice President C J PHILLIPS R A SCOTT Hon. Treasurer V SENA H TEWKESBURY

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: Publications; 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.

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Accreditation Panel (a) Analytics Development Group (a) Awards Panel (a) Education (b) Events (a), (b) Finance Management of financial aspects Investment Management of investments Nominations Volunteer recruitment to governance roles Past President’s/President Elect’s Elections, planning & administrative reviews Pro Bono Steering Group (a) Publications (a) Publicity, Membership & Website (a) Research (a) Training Working Group (b)

(6)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 (a).

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(7)The registered address of the Society is: Seymour House 12 Edward Street BIRMINGHAM B1 2RX

Its Executive Director is: Its Bankers are: C Fletcher The Co-operative Bank The OR Society Delf House 12 Edward Street Southway BIRMINGHAM SKELMERSDALE B1 2RX WN8 6WT

Its Solicitors are: Its Auditors are: Sydney Mitchell and Co Sayer Vincent LLP Cavendish House 110 Golden Lane Waterloo Street LONDON BIRMINGHAM EC1Y 0TL B2 5PU

Its Investment Adviser is: Its Stockbrokers are: Tom Quicke Rathbones Rathbones 30 Gresham Street 30 Gresham Street LONDON LONDON EC2V 7QN 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 invest in tobacco shares and accept the standard ESG commitments of the Investment house Rathbones Investec.

(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 (FRS 102) (effective 1 January 2019).

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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 initiative, its many 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 it 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 networking activities; representation on the Council for Mathematical Sciences, Science Council, funding bodies and international federations; and on-line materials and facilities, The OR Society supports, promotes and publicises research; raises standards of research and practice; and promotes the effective 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 standards.

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

All OR Society events and training are open to all who may be interested. In addition, it minimises barriers to access by:

In governing The OR Society, the Trustees have had regard to the Charity Commission’s public benefit guidance.

Statement of responsibilities of the elected officers and members of the Board

The trustees (who are also directors of The Operational Research Society for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which

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give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Appointment of trustees

The officers and other members of the Board are elected by secret ballot of the Society’s membership and the members of General Council respectively, to serve for a three-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 2024, one member of the Board completed their term of office: V SENA and one resigned to take up another significant role: H TEWKESBURY.

Induction of new trustees

New trustees receive a comprehensive information pack, setting out details of their 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 matter to be debated should declare that interest and leave the room whilst the matter is discussed and decided. Members of the Training Working Group

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are 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.

The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approval of report

We approve this report and the audited accounts for the year 1 January to 31 December 2024 and recommend their adoption by the Society at its Annual General Meeting.

S PETROVIC President R A SCOTT Hon Treasurer

T W ARCHIBALD C CURRIE S LORRIMER J MEDHURST G OWUSU A C PAGEL C J PHILLIPS J THIJSSEN

Being the elected officers and members of the Board of The Operational Research Society as of 21 May 2025.

Sanja Petrovic President May 2025

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History

In the autumn of 1947, at a dinner discussion convened at the Athenaeum Club in London, it was decided to form the Operational 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 attempt 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 was Sir Owen Wansbrough-Jones and the hon secretary Mr B H P Rivett.

Presidents of the Society

residents of the Society
Sir Owen Wansbrough-Jones 1954/55 Dr G Owusu 2023/24
Sir William K Slater 1956/57 Professor S Petrovic 2025/26
Professor M G Kendall 1958/59
The Earl of Halsbury 1960/61
Professor B H P Rivett 1962/63
Professor G A Barnard 1964/65
Professor R T Eddison 1966/67
Mr E C Williams 1968/69
Mr S Beer 1970/71
Professor K D Tocher 1972/73
Mr R C Tomlinson 1974/75
Mr A M Lee 1976/77
Professor M G Simpson 1978/79
Mr G H Mitchell 1980/81
Professor K B Haley 1982/83
Dr R S Stainton 1984/85
Professor J V Rosenhead 1986/87
Dr J C Ranyard 1988/89
Mr P N Thornton 1990/91
Professor C B Chapman 1992/93
Professor L C Thomas 1994/95
Mr I J Disley 1996/97
Professor R G Dyson 1998/99
Professor M Pidd 2000/01
Mr J Gibb 2002/03
Professor V Belton 2004/05
Professor J D Griffiths 2006/07
Mrs S M Merchant 2008/09
Professor R W Eglese 2010/11
Dr G H Royston 2012/13
Professor S L Robinson 2014/15
Ms R A Kaufman OBE 2016/17
Mr J R Hopes 2018/19
Professor E K Burke 2020/22

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OR Society Awards

Companion of Operational Research

Sir Hermann Bondi 1983 Professor R G Dyson 2007
Mr D Hicks 1983 Mr E K G James 2007
Professor R V Jones 1983 Professor J Friend 2008
Professor B H P Rivett 1983 Dr G Royston 2008
Mr H R W Watkins 1984 Professor R J Paul 2009
Professor Sir David Cox 1985 Professor A Mercer 2010
Lord Ezra 1985 Mr T O’Connor 2010
Mr P Hughes 1985 Professor V Belton 2011
Lord Zuckerman 1985 Ms R A Kaufman 2011
Sir John Kingman 1986 Professor M Pidd 2011
Sir Dennis Rooke 1986 Professor P H Millard 2012
Sir Charles Carter 1987 Professor D M Ryan 2013
Mr T P Frost 1987 Professor R M Davies 2014
Professor H.Muller-Merbach 1988 Mr C R Humby 2014
Mr D A Quarmby 1989 Mrs S M Merchant 2015
Professor R C Tomlinson 1990 Professor S C Brailsford 2016
Mr R A Showell 1991 Professor J D Griffiths 2016
Mr G H Mitchell 1992 Professor E K Burke 2017
Professor P Whittle 1994 Professor P R Harper 2018
Mr J Plymen 1994 Professor R W Eglese 2019
Professor S Vajda 1995 Mr A Waterhouse 2020
Professor K B Haley 1996 Professor A C Pagel 2021
Professor M F Shutler 1996 Dr J E Williams 2022
Professor D J White 2001 Mr J Hopes 2023
Professor K C Bowen 2001 Professor T Archibald 2024
Dr R A Forder 2005 Mr I G Blackett 2024
Professor F Kelly 2005 Professor C Currie 2024
Mr G K Rand 2005 Professor D Robertson 2024
Dr J C Ranyard 2005 Mr A Robinson 2024
Professor J V Rosenhead 2005 Ms. F Sneddon 2024
Dr J F Miles 2006

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Beale Medal

Beale Medal
J V Rosenhead 1992 J D Griffiths 2009 R Cheng 2018
D J White 1993 K H Haley 2010 A Land 2019
A H Christer 1995 F Kelly 2011 V Belton 2020
G H Mitchell 1998 M D Elder 2012 C Potts 2021
H P Williams 1999 K D Glazebrook 2013 R Dyson 2023
R C Tomlinson 2005 R Fildes 2014 S Brailsford 2024
P Checkland 2006 J Friend 2015
C Eden 2007 R Ormerod 2016
L C Thomas 2008 M Jackson 2017
Silver Medal
C F Goodeve 1964 A M Lee 1970 S Eilon 1982
P M Morse 1965 R L Ackoff 1971 G Dantzig 1986
K D Tocher 1967 C G Vickers 1975 L V Kantorovich 1986
B H P Rivett 1968 E.K.G.James 1979
R T Eddison 1969 E M L Beale 1980
Bronze Medal
R M Adelson 1965 A R Wild 1967 F K Lyness 1970
J Stringer 1967 D J Chambers 1968 A M Duguid 1972
T A Burgin 1967 M F Cantley 1969 C G Moss 1972

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Goodeve Medal

oodeve Medal
B H Mahon 1976 P Kloprogge 2001 S Crowe 2015
R J M Bailey 1976 R Dekker 2001 P Bennett 2015
N R Tobin 1977 S Howick 2002 M Daraktchiev 2015
I Sanderson 1979 C Eden 2002 M Utley 2015
A J Williams 1980 J E Beasley 2003 S C Brailsford 2016
J G Shepherd 1981 H Howells 2003 D De Silva 2016
F K Lyness 1982 J Sonander 2003 A Backiel 2017
L P Fatti 1984 R Hartley 2004 B Baesens 2017
A H Christer
1985		 G Lanot 2004 G Claeskens 2017
W M Waller 1985 S C Brailsford 2005 A I Ali 2018
G Best 1987 V Lattimer 2005 G Ince 2018
G Parston 1987 P Tarnaras 2005 A Brice 2019
J V Rosenhead 1987 J Turnbull 2005 R Bye 2019
D Rowland 1988 K Taylor 2006 J Oppen 2019
I R Turner 1989 B Dangerfield 2006 J Royset 2019
R 1990 S C Brailsford 2007 E Adiyeke 2020
Bandyopadhay
S Datta 1990 D Evenden 2007 S Agrali 2020
D Schrady 1992 V Harinda 2007 E Canakoglu 2020
D Wadsworth 1992 P Harper 2007 G Gehret 2021
A Bouzaher 1993 A Medina-Borja 2008 J Weir 2021
S Offutt 1993 K S Pasupathy 2008 A Johnson 2021
D W Bunn 1994 K Triantis 2008 D Jacques 2021
E R Larsen 1994 D Ronen 2009 G Bruno 2022
K Vlahos 1994 C A Goodhart 2009 M Cavola 2022
G M Campbell 1995 S Kumar 2010 A Diglio 2022
C F Davis 1995 D A Nottestad 2010 G Laporte 2022
M Carey 1996 E E Murphy 2010 C Piccolo 2022
D Lockwood 1996 L C Thomas 2011 E Gökalp 2023
C M Yeats 1997 F R Johnston 2012 I Kougkoulos 2023
T Rehman 1997 E A Shale 2012 M Selim Cakir 2023
D-W Tcha 1998 S Kapoor 2012 B Rostami- 2024
Tabar
T-J Choi 1998 A Sheth 2012 A Syntetos 2024
Y-S Myung 1998 R True 2012 M Zied Babai 2024
F Duckworth 1999 P Kemmer 2013
A J Lewis 1999 A Strauss 2013
J Banasik 2000 T Winter 2013
J N Crook 2000 J Bengtsson 2014
L C Thomas 2000 D Bredstrom 2014
R Korporaal 2001 P Flisberg 2014
A Ridder 2001 M Ronnqvist 2014

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Stafford Beer Medal

JJ Jahng 2003 D Denyer 2014 A Baiyere 2021
H Jain 2003 M Hall 2014 H Salmela 2021
K Ramamurthy 2003 E Kutsch 2014 T Tapanainen 2021
R Lindgren 2004 E Lee-Kelley 2014 A Hanelt 2022
D Stenmark 2004 P Tallon 2015 S Firk 2022
J Ljungberg 2004 J Gerow 2016 B Hilebrant 2022
S Sarker 2005 J Thatcher 2016 L Kolbe 2022
S Sahay 2005 V Grover 2016 N Gillespie 2023
S Madon 2006 A Utesheva 2017 S Gregor 2023
C Middleton 2007 J Simpson 2017 M Indulska 2023
W Cukier 2007 D Cecez- T Rinta-Kahila 2023
S K Sia 2008 Kecmanovic 2017 C Chua 2024
C Soh 2008 R Parks 2018 K Ivaturi 2024
C Ashurst 2009 H Xu 2018
N Doherty 2009 C-H Chu 2018
J Peppard 2009 P Lowry 2018
F Thiesse 2010 N Hikmet 2019
J Al-Kassab 2010 A Connolly 2019
E Fleisch 2010 C Davis 2019
P O’Reilly 2011 A 2019
Bhattacherjee
P Flanegan 2011 F Brachten 2020
R Lederman 2012 B Cabrera 2020
R Johnston 2012 G Neubaum 2020
H Koch 2013 L Pilz 2020
E Gonzalez 2013 B Ross 2020
D Leidner 2013 S Stieglitz 2020
Tocher Medal
K Kotiadis 2009 Q Jia 2017 S Chick 2023
T Pitana 2011 C Chen 2017 C Kaligotla 2023
E Kobayashii 2011 M Cabrera-Rios 2019 E Yücesan 2023
C Boer 2013 D E Arias 2019
Y Saanen 2013 Gonzalez
K-H Chang 2015 E Nino-Perez 2019
A-L Chang 2015 Y M Mendez- 2019
C-Y Kuo 2015 Vazquez
J Xu 2017 E Applegate 2021
E Huang 2017 G Feldman 2021
L Hsieh 2017 S Hunter 2021
L H Lee 2017 R Pasupathy 2021

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Cook Medal

ook Medal
P Jackson 2014 F Di Vincenzo 2018 B Govaerts 2024
J Klobas 2014 D Mascia 2018 J Hellin 2024
D Pentland 2016 D Apostolou 2020 M Jahn 2024
K Forsyth 2016 E Kalogeraki 2020 T Lunt 2024
D MacIver 2016 S Papastergiou 2020 N Verhulst 2024
M Walsh 2016 N Polemi 2020
R Murray 2016 C Guthrie 2022
L Irvine 2016 A Gardeazabal 2024

Griffiths Medal

riffiths Medal
H Witteman 2015 V Mabin 2019 J Wilkerson 2021
J Stahl 2015 J Yee 2019 L Millburg 2021
M Mihaylow 2017 S Babington 2019 T Robberts 2021
P Smet 2017 R Moore 2019 D Morgareidge 2021
W Van Den 2017 V Caldwell 2019 P Harper 2023
Noortgate T Young 2021 J Moore 2023
G Vanden 2017 S Soorapanth 2021 T Woolley 2023
Berghe
anyard Medal
A Jeyaraj 2020 V Dixit 2022 C Janiesch 2024
A Zadeh 2020 A Wani 2022 J Wanner 2024
S John 2022 K Heinrich 2024
B Shah 2022 L Herm 2024

Ranyard Medal

Lyn Thomas Impact Medal

S Crowe 2019 D Behrens 2021 A Harper 2022
C Pagel 2019 V Knight 2021 T Kaplan 2022
M Utley 2019 G Palmer 2021 S Chakravarty 2022
P Harper 2021 M Tuson 2021 S Martin 2022
I Spernaes 2021 S Bale 2021 A Fordyce 2022
D Gartner 2021 N Mustafee 2022 B Baesens 2024
T England 2021 J Powell 2022

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Doctoral Award

Doctoral Award
K Kaparis 2008 C Koc 2015 G Alozie 2021
A Strauss 2009 I Megiddo 2016 S Pougkakiotis 2022
F Liberatore 2010 J F Sze 2017
R Wood 2011 G Palmer 2018
K Rustogi 2012 M Bedenek 2019 †
T Lidbetter 2013 L Morgan 2019 †
M Takac 2014 J Clarkson 2020
† Joint winners

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President's Medal

D R Corkindale 1976 P Loader 2004 M Wauben 2019
M L Chambers 1977 M Bryant 2004 P Macdent 2019
R G Dyson 1977 P Bates 2004 B Marshall 2019
M Sloman 1978 C McGuckin 2004 E Baggot 2020
J V Rosenhead 1979 D Kelly 2004 K Brett 2020
P Doyle 1980 P Loucopoulos 2005 J Low 2020
J Fenwick 1980 KG Zagrafos 2005 H Mann 2020
G P Savage 1980 Y Pyrgiotis 2005 M McKee 2020
D B Gilding 1981 D Beis 2005 S Rose 2020
C Lock 1981 A Swain 2006 S Smith 2020
B Fokkens 1982 A Ross 2006 A Tako 2021
M Puylaert 1982 A Lewins 2007 S Robinson 2021
R S Hambleton 1983 M Sykes 2007 A Gogi 2021
A W Nimmo 1984 A Moon 2007 Z Radnor 2021
C B Chapman 1985 M Allwright 2008 E Arafailova 2022
D F Cooper 1985 J Ball 2008 F Bucci 2022
A B Cammaert 1985 D Pankhurst 2008 T Butler 2022
P Doyle 1987 I Wright 2008 G Dikas 2022
J Saunders 1987 P Frangos 2010 S Doguparthi 2022
M Pidd 1988 S Hughes 2010 R Fuentes 2022
S R Clarke 1989 S Hammond 2011 R Hart 2022
A H Christer 1990 K Slater 2011 A Kishan 2022
K A H Kobbacy 1990 C Marston 2012 C Kocer 2022
B C Dangerfield 1991 P Rose 2012 A Kolev 2022
C A Roberts 1991 S Mardle 2013 S Lautz 2022
M B Wright 1992 L Fildes 2013 S Logan 2022
C P Thunhurst 1993 A Lewins 2013 F Milano 2022
C J Ritchie 1993 E Husemann 2014 E Reynolds 2022
A Khakee 1994 D Lane 2014 H Singh 2022
K Stromberg 1994 E Munro 2014 S Spurri 2022
J J Glen 1996 G Owusu 2016 H Teagle 2022
H Tsoukas 1997 S Shakya 2016 B White 2022
D B Papoulias 1997 R Dorne 2016 D Wong 2022
J H Powell 1998 A Mohamed 2016 B Green 2023
G Laporte 1999 A McCormick 2016 K Gronow 2023
F Semet 1999 A Liret 2016 A Mackenzie-
V V Dadeshidze 1999 O Buhlinger 2017 Jones 2023
L J Olsson 1999 C Henzel 2017 M McKee 2023
F Vasko 2000 M Clocherty 2017 Y Sidhu 2023
H Gilles 2000 M Knapton 2017 A Stannard 2023
D Bright 2000 H Papachristou 2017 C Stewart 2023
V Kocatulum 2000 C Legge 2017 A Bowring 2024
E Wolf 2000 R Leese 2018 T Boxer 2024
J Moffat 2000 J Blaavand 2018 J Brooke 2024
J J Race 2001 C Centazzo 2018 A Brummitt 2024
D Burnell 2001 A Bejan 2018 K Kalair 2024
M Neighbour 2002 P Munday 2018 F Woodhouse 2024
M Acutt 2003 A Booker 2019

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OPERATIONAL RESEARCH SOCIETY

Opinion

We have audited the financial statements of Operational Research Society (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including 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 Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial 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 relating to going concern

In auditing the financial statements, 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 Operational Research Society’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.

35

Operational Research Society Annual Report 2024

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have 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:

36

Operational Research Society Annual Report 2024

Responsibilities of Trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company 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 a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

37

Operational Research Society Annual Report 2024

policies and procedures relating to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company'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

38

Operational Research Society Annual Report 2024

responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden Senior statutory auditor Date 24 June 2025 for and on behalf of Sayer Vincent LLP Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

39

Operational Research Society

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Income from:
2
2
2
2
2
2
3
4
4
4
4
4
4
4
4
4
Reconciliation of funds:
Charitable activities
Subscriptions
Events and Conferences
Raising funds
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Charitable activities
Training
Publications
Accreditation
Publications
Accreditation
Subscriptions
Events and Conferences
Investments
Training
Total income
Expenditure on:
Websites / Digital Services
Websites / Digital Services
Total funds carried forward
Apprenticeships
Other Charitable expenditure
Apprenticeships
Transfers between funds
Net movement in funds
Total funds brought forward
Net gains / (losses) on investments
Net income / (expenditure) for the year		 Unrestricted
£
166,416
126,148
155,637
830,062
10,242
-
11,760
50,674		 Restricted
£
-
-
-
-
-
-
-
-		 2024
Total
£
166,416
126,148
155,637
830,062
10,242
-
11,760
50,674
1,350,939
21,186
140,188
288,978
119,997
130,168
247,882
15,678
297,613
464,714
1,726,405
92,954
(282,512)
-
(282,512)
2,314,674
2,032,162
(375,466)		 Unrestricted
£
159,861
260,951
63,204
822,766
9,745
200
-
47,232		 Restricted
£
-
36,254
-
-
-
-
-
-		 2023
Total
£
159,861
297,205
63,204
822,766
9,745
200
-
47,232
1,350,939 - 1,363,959 36,254 1,400,213
21,186
140,188
288,978
119,997
130,168
247,882
15,678
297,613
460,964		 -
-
-
-
-
-
-
-
3,750		 12,473
138,608
381,407
97,793
51,565
274,723
17,906
157,047
426,320		 -
-
-
-
-
-
-
-
-		 12,473
138,608
381,407
97,793
51,565
274,723
17,906
157,047
426,320
1,722,655 3,750 1,557,842 - 1,557,842
92,954
(371,716)		 -
(3,750)		 94,094
(193,883)		 536
36,254		 94,630
(157,629)
(278,762)
-		 (3,750)
-		 (99,789)
-		 36,790
-		 (62,999)
-
(278,762)
2,215,428		 (3,750)
99,246		 (99,789)
2,315,217		 36,790
62,456		 (62,999)
2,377,673
1,936,666 95,496 2,215,428 99,246 2,314,674

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

40

Operational Research Society

Company no. 00663819

Balance sheet

As at 31 December 2024

Note
Fixed assets:
10
11
12
Current assets:
13
Liabilities:
14
17
Total unrestricted and restricted funds
Net current assets
Restricted Funds
The funds of the charity:
Total charity funds
Total net assets
Debtors
Creditors: amounts falling due within one year
Investments
Cash at bank and in hand
Tangible assets
Intangible assets
Unrestricted Funds		 £
365,095
172,643		 2024
£
187,961
40,640
1,511,838		 £
296,593
193,108		 2023
£
214,137
12,500
1,821,091
1,740,439
291,723		 2,047,728
266,946
537,738
(246,015)		 489,701
(222,755)
95,496
1,936,666		 99,246
2,215,428
2,032,162 2,314,674
2,032,162 2,314,674
2,032,162 2,314,674

Approved by the trustees on 21 May 2025 and signed on their behalf by

R. A. Scott Honorary Treasurer

Sanja Petrovic President

41

Operational Research Society

Statement of cash flows

For the year ended 31 December 2024

Cash flows from operating activities
Net (expenditure)/income for the reporting period
(as per the statement of financial activities)
Depreciation and amortisation charges
(Gains) on investments
Dividends and interest from investments
(Increase) in debtors
Increase in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Cash deposited with investment brokers
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Purchase of intangible assets
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
(282,512)
37,536
(92,954)
(50,674)
(68,502)
23,260
(433,846)
50,674
(1,200)
(38,300)
2,186,373
(1,805,756)
391,791
(42,055)
215,331
173,276
At 1 January
2024
£
193,108
22,223
215,331
2024		 £
£
(282,512)
37,536
(92,954)
(50,674)
(68,502)
23,260
(433,846)
50,674
(1,200)
(38,300)
2,186,373
(1,805,756)
391,791
(42,055)
215,331
173,276
At 1 January
2024
£
193,108
22,223
215,331
2024		 £
£
(62,999)
27,778
(94,630)
(47,232)
83,710
16,285
(77,088)
47,232
(25,080)
(12,500)
629,661
(646,675)
(7,362)
(84,450)
299,781
215,331

Cash flows
At 31
December
2024
£
£
(20,465)
172,643
(21,590)
633
2023		 £
£
(62,999)
27,778
(94,630)
(47,232)
83,710
16,285
(77,088)
47,232
(25,080)
(12,500)
629,661
(646,675)
(7,362)
(84,450)
299,781
215,331

Cash flows
At 31
December
2024
£
£
(20,465)
172,643
(21,590)
633
2023
(433,846)
391,791		 (77,088)
(7,362)

Cash flows
£
(20,465)
(21,590)
(42,055)
215,331		 (84,450)
299,781
173,276 215,331
At 1 January
2024
£
193,108
22,223		 At 31
December
2024
£
172,643
633
215,331 (42,055) 173,276

42

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

a) Statutory information

The Operational Research Society is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is 12 Edward Street, Birmingham, B1 2RX, UK

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Preparation of the accounts on a going concern basis

The Operational Research Society operates as a going concern. The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern.

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 costs of £900k to keep the charity viable whilst alternative funding is found.

The maximum level is to be set at three years' running costs or £2.7 million. The charity is currently meeting its reserves target.

e) Key estimates and judgements

When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The company amortises fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to 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.

f) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

g) Dividends and investment income

Interest and dividends on funds held on deposit or invested is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest or dividend paid or payable by the relevant institution.

h) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

43

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

i) Value added tax

The Society has partial exemption status for Value Added Tax and Value Added Tax on apportionable costs which cannot be reclaimed is disclosed separately within administration costs.

j) Allocation of costs

Salaries, depreciation, websites / digital services expenditure and other central and establishment overheads are allocated to appropriate cost categories using consistently applied ratios based on estimates of actual time and costs expended in each area.

area.
Allocation of support and governance costs:
Raising funds 0%
Subscriptions 13%
Events and Conferences 19%
Training 6%
Apprenticeships 0%
Publications 14%
Accreditation 2%
Websites / Digital Services 18%
Other Charitable expenditure 28%

Tangible and intangible fixed assets costing more than £1,000 and with a useful economic life in excess of 3 years are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation of tangible fixed assets is charged on a straight line basis at the following rates:

Long leasehold building 2%
Office machines and computer equipment 33%
Fixtures and fittings 10%

Amortisation of Intangible fixed assets is charged on a straight line basis at the following rate: Software systems 20%

The amortisation rate charged is based on management's best estimate of the useful life of the software systems.

l) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

o) 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.

p) Pensions

The Society contributes to individual pension schemes established for each eligible employee.

q) Financial instruments

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

44

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

2 Income from charitable activities

Inside OR
Other publications
Sub-total for Publications
Subscriptions
Events and Conferences
Training
Accreditation
Websites / Digital Services
Apprenticeships
Journal of The OR Society / Knowledge
Management Research & Practice /
Journal of Simulation
Total income from charitable activities
European Journal of Information Systems
/ Health Systems / Journal of Business
Analytics		 Unrestricted
£
612,645
-
217,417
-		 £
-
-
-
-
Restricted		 2024
Total
£
612,645
-
217,417
-		 Unrestricted
£
603,761
1,324
215,155
2,526		 £
-
-
-
-
Restricted		 2023
Total
£
603,761
1,324
215,155
2,526
830,062
166,416
126,148
155,637
10,242
-
11,760		 -
-
-
-
-
-
-		 830,062
166,416
126,148
155,637
10,242
-
11,760		 822,766
159,861
260,951
63,204
9,745
200
-		 -
-
36,254
-
-
-
-		 822,766
159,861
297,205
63,204
9,745
200
-
1,300,265 - 1,300,265 1,316,727 36,254 1,352,981
Income from investments
Income from Listed Investments
Interest on Bank Deposits
Profit on Sale of Fixed Assets		 Unrestricted
£
49,802
872
-		 £
-
-
-
Restricted		 2024
Total
£
49,802
872
-		 Unrestricted
£
44,152
2,940
140		 £
-
-
-
Restricted		 2023
Total
£
44,152
2,940
-
50,674 - 50,674 47,232 - 47,092

45

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

Staff costs (Note 6)
Recruitment costs
Establishment Costs
Postage and phones
Office Costs
Computer s/ware and maintenance
Website
Bank Charges
Legal and Professional Fees
Other Direct costs
Depreciation & Amortisation
Support and governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
-
-
-
-
-
-
-
-
12,286
8,900
-		 Charitable activities Charitable activities Other
Charitable
Activities
£
249,984
2,560
4,549
1,299
5,431
14,726
-
-
-
133,880
7,924
420,353
44,361
464,714
426,320		 Support and
governance
costs
£
111,567
1,143
1,338
479
1,597
-
-
-
41,376
-
934
158,434
(158,434)
-
-		 2024
Total
£
857,106
8,778
26,802
9,579
31,946
70,123
48,664
9,685
53,662
572,525
37,535		 2023
Total
£
687,023
14,482
33,550
9,658
43,712
59,905
44,443
8,731
60,909
567,651
27,778
Subscriptions
£
72,516
743
4,549
1,093
5,431
10,519
15,454
3,075
-
4,891
1,321		 Events and
Conferences
£
115,311
1,181
6,732
2,065
7,986
7,012
21,154
4,211
-
90,477
2,747		 Training
£
28,116
288
3,211
972
3,833
3,506
12,056
2,399
-
55,359
751		 Apprentice-
ships
£
62,174
636
1,338
54
1,597
3,506
-
-
-
58,986
1,877		 Publications
£
100,453
1,029
4,817
3,470
5,751
9,817
-
-
-
98,374
1,990		 Accreditation
£
6,573
67
268
13
320
-
-
-
-
4,644
624		 Website /
Digital
Services
£
110,412
1,131
-
134
-
21,037
-
-
-
117,014
19,367
21,186
-		 119,592
20,596		 258,876
30,102		 110,491
9,506		 130,168
-		 225,701
22,181		 12,509
3,169		 269,095
28,518		 1,726,405
-		 1,557,842
21,186 140,188 288,978 119,997 130,168 247,882 15,678 297,613 1,726,405 1,557,842
12,473 138,608 381,407 97,793 51,565 274,723 17,906 157,047

Other Charitable Activities covers the remaining non-revenue earing activities carried out in pursuit of the Society's charitable aims. It includes: library, public information about OR, third sector pro bono, research support, strategic initiatives, regional societies, special interest groups, awards and scholarships.

Other Direct Costs includes the physical costs of putting on events, and producing our publications as well as costs of promoting OR and membership and support of other learned societies.

46

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

Staff costs (Note 6)
Recruitment costs
Establishment Costs
Postage and phones
Office Costs
Computer s/ware and maintenance
Website
Bank Charges
Legal and Professional Fees
Other Direct costs
Depreciation & Amortisation
Support and governance costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
£
-
-
-
-
-
-
-
12,473
-
-		 Charitable activities Charitable activities Other
Charitable
Activities
£
196,272
4,137
9,585
1,310
7,431
12,580
9,333
-
-
146,515
2,546
389,709
36,611
426,320
380,630		 Support and
governance
costs
£
73,794
1,556
3,604
483
2,186
-
-
-
48,436
-
693
130,752
(130,752)
-
-		 2023
Total
£
687,023
14,482
33,550
9,658
43,712
59,905
44,443
8,731
60,909
567,651
27,778
Subscriptions
£
83,610
1,762
4,083
1,102
7,431
8,986
6,667
2,773
-
4,218
978		 Events and
Conferences
£
122,958
2,592
6,004
2,082
10,928
5,990
4,444
3,795
-
195,739
2,032		 Training
£
38,641
815
1,887
1,034
7,431
2,995
2,222
2,163
-
32,528
232		 Apprentice-
ships
£
-
-
-
-
-
-
-
-
-
51,565
-		 Publications
£
88,835
1,873
4,338
3,498
7,868
8,387
6,222
-
-
134,295
1,102		 Accreditation
£
10,830
228
529
14
437
-
-
-
-
2,791
462		 Website /
Digital
Services
£
72,083
1,519
3,520
135
-
20,967
15,555
-
-
-
19,733
12,473
-		 121,610
16,998		 356,564
24,843		 89,948
7,845		 51,565
-		 256,418
18,305		 15,291
2,615		 133,512
23,535		 1,557,842
-
12,473 138,608 381,407 97,793 51,565 274,723 17,906 157,047 1,557,842
12,439 143,682 358,719 113,932 3,186 297,509 16,793 186,898

Other Charitable Activities covers the remaining non-revenue earing activities carried out in pursuit of the Society's charitable aims. It includes: library, public information about OR, third sector pro bono, research support, strategic initiatives, regional societies, special interest groups, awards and scholarships.

Other Direct Costs includes the physical costs of putting on events, and producing our publications as well as costs of promoting OR and membership and support of other learned societies.

47

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation and amortisation 37,536 27,778
Operating lease rentals payable:
Property 3,030 3,030
Other 9,177 5,435
Auditor's remuneration (excluding VAT):
Audit 11,250 10,400

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs
Termination Costs		 2024
£
674,302
42,139
64,391
76,274		 2023
£
570,821
-
54,546
61,656
857,106 687,023

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£60,000 - £69,999 - -
£80,000 - £89,999 - 1
£90,000 - £99,999 1 -

The key management personnel of the Society comprise the Executive Director, the Head of Membership Engagement and the Head of Professional Services. The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £252,129 (2023: £202,328).

No remuneration was paid or is payable to Trustees for service on the Board for the year (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £6,362 (2023: £6,248) incurred by 9 (2023: 9) members relating to attendance at meetings of the trustees.

48

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 20.5 (2023: 16.3).

Staff are split across the activities of the charity as follows:

Charitable activities
Management and administration		 Headcount
FTE
16.8
14.9
3.7
3.5
2024		 Headcount
FTE
16.8
14.9
3.7
3.5
2024		 Headcount
FTE
13.3
11.4
3.0
3.0
2023		 Headcount
FTE
13.3
11.4
3.0
3.0
2023
20.5 18.4 16.3 14.4

8 Related party transactions

In 2024, Seb Hargreaves as part of his Society role as the Executive Director, was also a Director of Edward Street Management Limited, the company that managed the Society's buildings car park. During 2023 the Society paid rent to the company of £3,030.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

49

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

10 Tangible fixed assets

Tangible fixed assets
At the end of the year
Cost
At the start of the year
At the end of the year
Net book value
At the start of the year
Additions in year
Depreciation
At the end of the year
At the start of the year
Charge for the year		 Long
leasehold
land and
buildings
£
314,306
-



Office
equipment
£
33,681
1,200

Fixtures and
fittings
£
137,051
-

Total
£
£
485,038
1,200
314,306 34,881 137,051 486,238
188,580
6,286		 20,326
7,385		 61,995
13,705		 270,901
27,376
194,866 27,711 75,700 298,277
119,440 7,170 61,351 187,961
125,726 13,355 75,056 214,137

The Trustees consider the market value of the Long Leasehold Land and Buildings to be materially in excess of the book written down value shown above.

50

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

11 Intangible fixed assets

11
Intangible fixed assets
12
Write offs
Write offs
UK Property and assets
Additions at cost
UK Common investment funds
Disposal proceeds
Fair value at the end of the year
Listed investments
Net gain on change in fair value
Overseas Shares
At the end of the year
Net book value
At the start of the year
At the end of the year
Amortisation
Cost
Additions in year
Fair value at the start of the year
At the start of the year
Charge for the year
At the end of the year
Shares listed on the London Stock Exchange
Investments comprise:
Cash held by investment broker pending reinvestment
Overseas Investment funds
At the start of the year		 Software
systems
£
£
219,172
38,300
(206,672)
50,800
Total
£
219,172
38,300
(206,672)
50,800
206,672
10,160
(206,672)
10,160		 206,672
10,160
(206,672)
10,160
40,640 40,640
12,500 12,500
2024
£
1,798,868
1,805,756
(2,186,373)
92,954
1,511,205
633
1,511,838
2024
£
189,491
97,178
223,860
66,446
934,863
1,511,838		 2023
£
1,687,224
646,675
(629,661)
94,630
1,798,868
22,223
1,821,091
2023
£
163,231
393,900
322,081
138,466
803,413
1,821,091

51

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

13
14
15
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Accruals
Deferred income (note 15)
Trade creditors
Deferred income
Taxation and social security
Creditors: amounts falling due within one year
Other creditors
Prepayments
Accrued income
Recoverable VAT
Debtors
Trade debtors		 2024
£
75,647
70,490
186,027
32,931		 2023
£
36,957
61,553
155,655
42,428
365,095 296,593
2024
£
64,389
20,913
31,610
68,347
60,756		 2023
£
46,371
22,593
19,224
77,310
57,257
246,015 222,755
2024
£
57,257
(57,257)
60,756		 2023
£
43,859
(43,859)
57,257
60,756 57,257

Deferred income consists of 2024 subscription income paid in advance.

52

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

16a Analysis of net assets between funds (current year)

Tangible fixed assets
Intangible fixed assets
Net current assets
Investments
Net assets at 31 December 2024		 Unrestricted
£
187,961
40,640
1,511,838
196,227		 Restricted
£
-
-
-
95,496		 Total funds
£
187,961
40,640
1,511,838
291,723
1,936,666 95,496 2,032,162

16b Analysis of net assets between funds (prior year)

Restricted Funds
ISMOR
May Hicks
MISTA
Total Restricted Funds
Unrestricted Funds
Total funds
Tangible fixed assets
Intangible fixed assets
Investments
Movements in funds (current year)
Net current assets
Net assets at 31 December 2023		 At 1
January
2024
£
14,600
48,392
36,254

Income &
gains
£

-

-
-		 Unrestricted
£
214,137
12,500
1,821,091
167,700		 Restricted
£
-
-
-
99,246		 Total funds
£
214,137
12,500
1,821,091
266,946
2,215,428 99,246 2,314,674

Expenditure
& losses
£

-
(1,250)
(2,500)
Transfers
£

-
-
-		 At 31
December
2024
£

14,600

47,142

33,754
99,246
2,215,428		 -
1,443,893		 (3,750)
(1,722,655)		 -
-		 95,496
1,936,666
2,314,674 1,443,893 (1,726,405) - 2,032,162

17a Movements in funds (current year)

The narrative to explain the purpose of the restricted fund is given at the foot of the note below.

53

Operational Research Society

Notes to the financial statements

For the year ended 31 December 2024

17b Movements in funds (prior year)

Movements in funds (prior year)
Restricted Funds
Unrestricted Funds
Total funds		 At 1
January
2023
£
62,456
2,315,217


Income &
gains
£
36,790
1,458,053
Expenditure
& losses
£
-
(1,557,842)
Transfers
£
-
-		 At 31
December
2023
£
99,246
2,215,428
2,377,673 1,494,843 (1,557,842) - 2,314,674

Restricted Funds

ISMOR includes an amount received from the ISMOR ( International Symposium on Military OR) trust of £14,600 to be used to fund ISMOR scholarships

May Hicks consists of a legacy received in 2002. The Legator, Mrs May Hicks, expressed a non-binding wish that the Society uses its bequest to fund an annual award to be determined by the Council of the Society.

MISTA is an amount of £36,254 transferred from Multidisciplinary in Scheduling: Theory and Applications to be used for scheduling MISTA activity into ORS events and conferences.

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under operating leases is as follows for each of the following periods

following periods
Over five years
Less than one year
One to five years		 2024
2023
£
£
3,030
3,030
12,120
12,120
242,400
245,430
Leasehold Property Service
Charge		 2024
2023
£
£
9,177
5,435
17,470
11,224
-
-
Equipment
257,550
260,580		 26,647 16,659

19 Legal status of the charity

The Society is a company limited by guarantee, has no share capital and is a registered charity. The objectives of the Society are the advancement of knowledge and education in operational research.

The liability of each member in the event of a winding-up is limited to £1.

54