| CONTENTS | |
|---|---|
| Pages | |
| ReferenceandAdministrative Details | 2 |
| Trustees?AnnualReport | 3-8 |
| IndependentAuditor's Report | 9-12 |
| Statementof Financial Activities | t3-t4 |
| BalanceSheet | l5 |
| StatementofCash Flows | l6 |
| NotestotheFinancialStatements | t7-25 |
| Membersof the ExecutiveCommittee | 26 |
| Report ofthe AcademicDirector | 27 |
| SecretaryandRegisteredOffice | J.Garvey |
|---|---|
| 14GordonSquare | |
| LondonWCIHOAR | |
| Bankers | HSBC |
| Covent GardenBranch | |
| 16KingStreet | |
| London WC2E8JF | |
| IndependentAuditor | HWFisherLLP |
| 1l-15 WilliamRoad | |
| LondonNWI3ER | |
| Solicitors | BlakeLapthom Tarlo Lyons |
| SeacourtTower | |
| WestWay | |
| OxfordOX2OFB |
| The principal officers,to whom da follows: |
y to daymanagementofTheRoyalInstitute hasbeen delegatedbyCou |
|---|---|
| M.Alvarez | JointEditor Pftilosophy |
| B.Brewer | JointEditorPftilosophy |
| J.Baggini | AcademicDirector |
| J.Garvey | Managing Director(Secretary)-resignedlstAugust2022 |
| M.Nightingale | Managing Director(Secretary) -appointed4th July 2022 |
| T.Philip | FinanceDirector(Treasurer) |
| Notes | Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Funds | Fund | |||||
| The yearto | ||||||
| July2022 | ||||||
| f | f | c | ||||
| Incomefrom: | ||||||
| Donations | 2 | 0 | 187,000 | 187,000 | ||
| Charitableactivities | Publications | 2 | 236,454 | 0 | 236,454 | |
| Investment income | 2 | 16,252 | 0 | 16,252 | ||
| Otherincome | 2 | 9,583 | 0 | 9,583 | ||
| Totalincome | 262,289 | 187,000 | 449,289 |
|||
| Expenditureon: | ||||||
| Charitableactivities: | 6 | |||||
| Lecfures | 86,703 | 0 | 86,703 | |||
| Publications | 58,623 | 0 | 58,623 | |||
| Grants | 56,774 | 0 | 56,774 | |||
| Studentships | 0 | 76,223 | 76,223 | |||
| Educationschemes | 84,332 | 124,504 | 208,836 | |||
| Conferences | 37,772 | 0 | 37,772 | |||
| Totalexpenditure | 324,204200,727524,931 | |||||
| Net income(expenditure)beforegains(losses) | ||||||
| oninvestments Netreahsed andunreahsedgams/(losses) on |
(61,er5) | (13,727) | (75,642) | |||
| inveshnents | 12(a) | (7,498) | 0 | (7,498) | ||
| Net income(expenditure) | (69,413) | (13,727) | (83,140) | |||
| TransfersbetweenFunds | l8 | (13,727) | 13,727 | 0 | ||
| Net movementoffunds | (83,140) | 0 | (83,140) | |||
| Reconciliationoffunds: | 18 | |||||
| Total funds brought forward | 1,735,044 | 0 | 1,735,044 | |||
| Total fundscarried | forward | 1,651,904 | 0 | 1,651,904 |
| Unreshicted | Restricted TotalFunds | Restricted TotalFunds | Restricted TotalFunds | |||
|---|---|---|---|---|---|---|
| Notes | Funds | Fund | ||||
| The yearto | ||||||
| July2021 | ||||||
| e | t€ | |||||
| Incomefrom: | ||||||
| Donations | 2 | 0 | 135,000 | 135,000 | ||
| Charitableactivities:Publications | 2 | 295,019 | 0 | 295,019 | ||
| Investrnent income | 2 | 30,015 | 0 | 30,015 | ||
| Otherincome: Members'subscriptions | 2 | 10,703 | 0 | 10,703 | ||
| Totalincome | 335,737 | 135,000470,737 | ||||
| Expenditure on: | ||||||
| Charitableactivities: | 6 | |||||
| Lectures | 83,893 | 0 | 83,893 | |||
| Publications | 55,568 | 0 | 55,568 | |||
| Grants | 49,092 | 0 | 49,092 | |||
| Studentships | 0 | 64,036 | 64,036 | |||
| Educationschemes | 48,300 | 74,897 | 123,197 | |||
| Conferences | 13,425 | 0 | 13,425 | |||
| Totalexpenditure | 250,278 | l3g,g33 | 3gg,2l1 | |||
| Net income(expenditure)beforegains(losses) | ||||||
| on investments | 85,459 | (3,933) | 81,526 | |||
| Netrealised and unrealisedgains(losses)on | ||||||
| investments | l2(a) | 7,667 |
0 | 7,667 | ||
| Net income(expenditure) | 93,126 | (3,933) | 89,193 | |||
| Transfers between Funds | (3,933) | 3,933 | 0 | |||
| Netmovementoffunds | 89,193 | 0 | 89,193 | |||
| Reconciliationoffunds: | l8 | |||||
| Total funds brought forward | 1.645.851 | 0 | 1,645,851 | |||
| Total fundscarriedforward | 1,735,044 | 0 | 1,735,044 |
| BalanceSheetat3lstJuly2022 (comparativesasat3lst\tly2021) |
||||
|---|---|---|---|---|
| Notes | Total | TotalFunds | ||
| Funds | ||||
| 2022 | 2021 | |||
| Fixedassets | f | f, | ||
| Intangibleassets | l0 | 22,560 | 0 | |
| Tangibleassets | 11 | 0 | (0) | |
| lnvestments | t2(a) | 311,531 | 456,528 | |
| Totalfixedassets | 334,091 | 456,528 |
||
| Currentassets | ||||
| Debtors:amountsfallingduewithinone year | 13 | 182,919 | 213,184 | |
| Cashatbank and in hand | 1,413,931 | 1,321,439 | ||
| Totalcurrentassets | 1,596,750 | 1,534,623 | ||
| Currentliabilities | ||||
| Creditors:amountsfallingduewithinone year | l5 | (278,937) | (256,107) | |
| Netcurrentassets | 1,317,813 | 1,278,516 | ||
| Total netassets | l7 | 1,651,904 | 1,735,044 | |
| Thefundsof thecharity | ||||
| Restrictedincomefund | ||||
| JacobsenScheme | 0 | 0 | ||
| Unrestrictedincomefunds | ||||
| Unrestrictedincome funds | l8 | 507,440 | 703,995 | |
| Designatedfunds | l8 | 1,144,464 | 1,031,049 | |
| Totalunrestrictedincomefunds | 1,651,904 | 1,735,044 | ||
| Total charity funds | 18 | 1,651,904 | 1,735,044 |
| Statementofcashflows | |||
|---|---|---|---|
| Notes | 2022 | 2021 | |
| t | f | ||
| Cash flowsfromoperatingactivities | |||
| Net cashprovided by(usedin)operatingactivities | (38,799) | 149,522 |
|
| Cashflowsfrominvestingactivities | |||
| Dividendand interest income | ) | 16,252 | 30,0l5 |
| Proceedsfromsaleofinvestments | t2(a) | 137,499 | 0 |
| Redevelopmentofwebsite(inprogress) | l0 | (22,560) | 0 |
| Net cashprovidedby investingacfivities | 131,19130,015 | ||
| Changeincashandcash equivalentsintheyear | 92,392 | 179,531 | |
| Cash andcashequivalentsat thebeginningoftheyear | B/S | t,321,439 | 1,747,902 |
| Cash andcashequivalentsat the endoftheyear | B/S | 1,413,831 | 1,32\439 |
| Reconciliation ofnetincome(expenditure)withnet cash | flowfrom operatin | g activities | |
|---|---|---|---|
| Notes | 2022 | 2021 | |
| f. | g | ||
| Net incomefortheyear(asperthe statement of financial activities) |
(83,140) | 89,193 | |
| adjustmentsfor: | |||
| Losses(gains) ininvestrnents | t2(a) | 7,499 | (1,667) |
| Depreciationcharge | 10 | 0 | 668 |
| Investrnent income | (t6,252) | (30,01s) | |
| Increaseincreditors | 15 | 22,830 | 109,362 |
| Decrease(increase) in debtors | l3 | 30,265 | (12,019) |
| Net cashprovided by(used in)operatingactivities | (38,799) | 149,522 |
| otestothefinancialstatementsforthe year end | ed 31s | tJuly2022 | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| Funds | Fund | Total Funds | |||
| Theyear to | |||||
| Jttly2022 | |||||
| 2.INCOME | Notes | f | f. | s, | |
| Donations:Jacobsenactivityfunding | t'7 | 0 | 187,000 | 187,000 | |
| Publications: Income onsaleof "Philosophy" | 3 | 2I5,380 | 0 | 215,380 | |
| Publications: Income onsaleof'Think" | 4 | 21,061 | 0 | 21,061 | |
| Publications: Royalties income | l3 | 0 | 13 | ||
| Investment income:Interestincome | I1,530 | 0 | I1,530 | ||
| Investment income: Dividend income | 4,722 | 0 | 4,722 | ||
| Otherincome: Members'subsoiptions | 9,583 | 0 | 9,583 | ||
| Totalincome | 262,289 | 187,000 |
449,289 | ||
| Unrestricted | Restricted | ||||
| Funds | Fund | Total Funds | |||
| Theyear to | |||||
| July2021 | |||||
| Notes | t | f | f, | ||
| Donations:Jacobsenactivityfunding | t7 | 0 | t35 ,000 |
135,000 | |
| Publications: Income onsaleof "Philosophy" | 3 | 266,380 | 0 | 266,380 | |
| Publications: Income onsaleof'Think" | 4 | 28,633 | 0 | 28,633 | |
| Publications: Royalties income | 6 | 0 | 6 | ||
| Investment income:Interestinqrme | 23,620 | 0 | 23,620 | ||
| Investment income:Dividendincome | 6,395 | 0 | 6,395 | ||
| Otherinmme:Members'subsoiptions | 10,703 | 0 | 10,703 | ||
| Totalincome | 5 | 335.737 | 135.000 |
470,737 | |
| e | |||||
| 3.INCOMEONSALE OF''PHILOSOPHYI' | Theyear to | Theyear to | |||
| July2022 | Jnly2021 | ||||
| s | f, | ||||
| Subsoiptionandnon-subscription incomesincl. digitalarchive and | supplemorts | 292,967 | 362,974 | ||
| Less:printing, distribution,commissions,overheads and other costs |
Q7,587) | (96,594) | |||
| Income onsaleof'?hilosophy"tonon-members | 215,380 | 266,380 |
| 4.INCOMEONSALE OF''THINKX | Theyear to | Theyear to |
| July2022 | July2021 | |
| f | s | |
| Subscriptionandnon-subsoiptionincomesincl.digitalarchive | 58,259 | 73,557 |
| Less:printing, distribution,commissions,overheads and othercosts |
(37,198) | (44,924) |
| Income onsaleof"Think"tonon-members | 21,061 | 28,633 |
| Theyearto | Theyear to |
|---|---|
| July2022 | July2021 |
| f | t, |
| 19,237 | ls,l44 |
| 6.ANALYSISOF EXPEI\DITTJRE ON | Theymrto | Theyear to | Theyear to | Theyearto | Theyearto |
|---|---|---|---|---|---|
| CHARITABLE ACTIVITIES | Jnly2022 | Jnly2022 | July2022 | ||
| s, | f | f, | |||
| Direct Cost | Supportand | Total | |||
| Govemance | |||||
| Cost | |||||
| (note7) | |||||
| Charitable activities: | |||||
| Lectures | 5't,224 | 29,479 | 86,703 | ||
| Publications | 38,691 | t9,932 | 58,623 | ||
| Grants | 37,47 | 19,303 | |||
| Studentships | 't6,t8t | 42 | 76,223 | ||
| Educationschemes | I80,094 | 28,742 | 208,836 | ||
| Conferences | 24,930 | t2,842 | 37,772 | ||
| Expenditure on charitable activities | 414,591 | 110,340 | 524,931 |
| Theyear to | Theyearto | Theyearto | Theyearto | |
|---|---|---|---|---|
| July2021 | July2021 | July2021 | ||
| *. | s, | f, | ||
| Direct Cost | Supportand | Total | ||
| Govemance | ||||
| (note 7) | ||||
| Charitable activities: | ||||
| Lecfures | 57,254 | 26,639 | 83,893 | |
| Publicarions | 37,923 | t7,645 | 55,569 | |
| Grants | 33,504 | 15,588 | 49,092 | |
| Studentships | 64,000 | 36 | 64,036 | |
| Educationschemes | 107,818 | t5,3'79 | 123,197 | |
| Conferences | 9,162 | 4,263 | 13,425 | |
| Expenditure on charitable activities | 309,66I | 79,550 | 389,211 |
| The Royallnstitute ofPhilosophy Report and Financial Statements 2022 |
|||
|---|---|---|---|
| 7.AI{ALYSISOFST]PPORTANDGOVERNAIICE | Theyear to | The yearto | |
| COSTS | July2022 | July2021 | |
| f, | f, | Basisof allocation2022 | |
| Management costs | 35,632 | 27,834 | 25% ofSecretaryand50% ofTreasurer |
| remuneration | |||
| Officecosts | 23,609 | 14,445 | 100%ofrent,advertising,printing,telephone, |
| insurance,legal, depreciation andgeneral costs | |||
| lnformation technology | 8,000 | 3,297 | 100%ofcomputingexpensesand 30%ofthe |
| website | |||
| Total supportcosts | 67,241 | 45,566 | |
| Govemance costs | 43,099 | 33,984 | 25%oSetetuy,50%ofTreasurerremunemtion, |
| auditfeeandtravel cost reimbursedtoExCom | |||
| andCouncilmembersQ020:25o/o Treasuro) | |||
| Totalsupportand govemance costs | 110,340 | 79,550 |
| 8.EMPLOYEE INT'ORMATION | Theymrto | The yearto |
| July2022 | July2021 | |
| Number | Number | |
| Avemge numberofstaff employedexpressedas | ||
| equivalent numberoffulltime | ||
| Full-timestaff(l) | I | |
| Part-timestaff(6) | 1.6 | 1.6 |
| 2.6 | 2.6 | |
| Employmentcostsof allemployeescomprised: | c | f |
| Gross wages and salaries | 128,132 | 112,329 |
| Employelssocial securitycosts | 5,271 | 8,837 |
| Employer'scontribution todefinedcontributionporsion | ||
| schemes | 18,755 | 17,152 |
| Totalstaffcosts | 152,158 | 138,318 |
| 9.REALISED LOSSONINVESTMENTASSETS | Theyearto | Theyearto |
|---|---|---|
| July2022 | July2021 | |
| f, | f | |
| Loss on redemptionofinvestment: | ||
| ListedonUKStockExchange | @!. | g |
| IO.INTANGIBLEASSETS | Website | Total | |
|---|---|---|---|
| COST: | f. | f, | |
| AtlstAugust2021 | 0 | 0 | |
| Additions-progress payments | 22,560 | 22,560 | |
| Asat3lstJuly2022 | 22,560 | 22,560 | |
| ACCUMULATEDDEPRECIATION: | |||
| AtlstAugust2021 | 0 | 0 | |
| Charge foryear | 0 | 0 | |
| Asat3lstJuly2022 | 0 | 0 | |
| Netbookvalue | |||
| Asat3lstJuly2022 | 22,560 | 22,560 | |
| tthe yearendanew website was underconstructionand | twoprogress payments hadbeen | ||
| ade. Completionisdueinthelattopartof2022. | |||
| II.TANGIBLEASSETS | FumitureandFittings | Office | Total |
| COST: | f | c | s. |
| AtlstAugust2021 | 5,761 | 2t,248 | 27,009 |
| Additions | 0 | 0 | 0 |
| Asat3lstluly2022 | 5,761 | 2t,248 | 27,009 |
| ACCUMULATEDDEPRECIATION: | |||
| AtlstAugust2021 | 5,76t | 2t,248 | 27,009 |
| Charge foryear | 0 | 0 | |
| As at3lstJuly 2022 | 5,76t | 21,248 | 27,009 |
| Netbookvalue | |||
| Asat3lstJ'aly 2022 | 0 | 0 | 0 |
| As at3lstluly2021 | 0 | 0 | 0 |
| l2(a)INVESTMENTS | 2022 | 2021 | |
| Market valuation(alllisted investments) | c | s | |
| AtlstAugust(comparativelstAugust) | 456,528 | 448,861 | |
| Additions | 0 | 0 | |
| Disposals | (137,499) | 0 | |
| Realisedgains/(losses) | (6,200) | 0 | |
| Unrealisedgains/(losses) | (r,298) | 7,667 | |
| At 3lstJuly(comparative3lstJuly) | 3l1,531 | 456,528 | |
| COST: | |||
| At3lstJuly(comparative3lstJuly) | 388,134 | 468,911 |
| Thefollowinginvestmentsrepresentedinexcessof5% ofthetotalmarketv | alueat the year end: | |
|---|---|---|
| At3lstJuly | At31stJuly | |
| 2022 | 2021 | |
| f | E | |
| 36,184x2.50/o2024ILTreasuryStock | 137,859 | 130,192 |
| 33,760xCo-operative GroupIl%FRSN2025 | 37,170 | 42,875 |
| 35,000x Nationwide725%PIES | 0 | 36,008 |
| 36,000x Nationwide.6.25%PIBS | 37,037 | 38,700 |
| 50,000x4o/oTren.suryStock2022 | 0 | 51,190 |
| 100,441AberdenDiversifiedIncome andGrowthTrust | 98,030 | 99,437 |
| 50,000xHalifax12%PSB | 0 | 56,500 |
| 310,096 | 454,902 |
| e Royallnstitute ofPhilosophy portand Financial Statements2022 |
||
|---|---|---|
| I2(b) FINANCIALTNSTRUMENTS | At 3lst July 2022 |
At31stJuly 2021 |
| Carryingamountoffinancialassets | € | |
| Instruments measuredatfairvalue throughprofitand loss | ||
| 311,531 | 456,528 | |
| 13.DEBTORS: AMOUNTSFALLINGDUE | TotalFundsTotal Funds | |
| WITHINONEYEAR | ||
| At31stJuly 2022 |
At31stJuly 2021 |
|
| tf | ||
| Receivables | 0 | 4,014 |
| Prepayments and accruedincome | 182,919 | 209,170 |
| 182,919 | 213,184 |
| 15.CREDITORS: AMOUNTSFALLINGDII'E | Total Funds | Total Fundsat |
|---|---|---|
| WITHINONEYEAR | at31stJuly | 3lst July2021 |
| 2022 | ||
| t | s | |
| Taxationandsocial security | 45,725 | 57,681 |
| Subscriptionsreceivedinadvance | 6,182 | 5,426 |
| Accrualsand deferredincome -all utilised inthe year | 227,030 | 193,000 |
| 278,937 | 256,107 |
| Designated | Restricted | TotalFunds at | ||
|---|---|---|---|---|
| GeneralFund | Fund | Fund | 31stJuly2022 | |
| f | f | f | f | |
| Intangibleassets | 22,560 | 0 | 0 | 22,560 |
| Investments | 0 | 311,531 | 0 | 311,531 |
| Debtors | 18r,807 | 0 | 1,n2 | 182,919 |
| Cashat bankandinhand | 407,937 | 832,933 | 172,961 | 1,413,831 |
| Creditors | (9l,l37) | 0 | (l87,800) | (278,937) |
| Additionalrestrictedactivities tobefundedGeneral | (13,727) | 0 | 13,727 | 0 |
| Fund | ||||
| NetassetsX 3lstJnly 2022 | 507,440 | 1,t44,464 | 1,65r,904 |
| Designated | Restricted | Total Fundsat | ||
|---|---|---|---|---|
| GeneralFund | Fund | Fund | 31stJuly2021 | |
| f. | f | c | c | |
| Investments | 0 | 456,528 | 0 | 456,528 |
| Cashalbankandinhand | 213,184 | 0 | 0 | 213,184 |
| Debtors | 559,9I8 | 574,521 | I87,000 | 1,321,439 |
| Creditors | (69,r07) | 0 | (187,000) | QS6,l07) |
| Netassets at3lstJuly2021 | 703,995 | 1,031,049 | 0 | 1,735,044 |
| GeneralFund | Designated | Total RestrictedFund |
Total RestrictedFund |
TotalFunds | |
|---|---|---|---|---|---|
| Fund Unrestricted |
at31stJuly | ||||
| Funds | 2022 | ||||
| ftffc | |||||
| Total incomeand endowments | 246,038 | 16,25t |
262,289 | 187,000449,289 | |
| Totalexpenditure | (t42,9s6) | (181,248) | (324,204) | (200,727(s24,93t) | |
| Net income/(expenditure)before gains/(losses) on investments |
103,082 | (164,997) (61,915) | (13,"t27)Qs,642) | ||
| Realised losseson investmentassets | 0 | (6,200) | (6,200) | 0 | (6,200) |
| Unrealisedlosseson investmentassets Net income/(expenditure)before tmnsfers |
_____0 103,082 |
fl.298) (t't2,49s) |
fl-2981 (69,413) |
0 /1.2qnl (13,72',7)(83,140) |
|
| Transfers between funds | (299.637|285.S10 | (13.727|13.'727 | (0) | ||
| Net movementoffunds | fi96 55s) | 1415 | 140) | 0 | (83.140) |
| Fundbalancesbrought forwardatlstAugust2021 | '703,995 | 1,031,049 | 1,735,044 | 0 | 1,735,044 |
| Net movementoffunds | (l96.sss) | II3.41s | 140) | 0 | (83.140) |
| Fundbalances carriedforward at3lstJ:uly2022 | 50'7,440 | 1,144,464 | 1,651,904 | 0 | 1,651,904 |
| GeneralFund | Designated | TotalRestricted | TotalRestricted | FundTotalFunds | FundTotalFunds | |
|---|---|---|---|---|---|---|
| Fund Unrestricted |
at | 3lst July | ||||
| Funds | 2021 | |||||
| f. | f. | f | f | f, | ||
| Total incomeand endowments | 305,722 | 30,015 |
335,737 | 135,000 | 470,737 | |
| Total expenditure | (101,86e)(146,409) | Q50,278) | (l 38,933) | (389,211) | ||
| Net incomd(expenditure)before gains/(losses)on investments Realised losseson investmentassets |
20i,853 00 |
(l16,394) | 85,459 0 |
(3 | ,e33) 0 |
81,526 0 |
| Unrealisedlosseson investmentassets | 0 | 7,667 | 7,667 | 0 | 7,667 | |
| Net incomd(expenditure)before transfers | 201,853 | (108,',127) 93,126 | (3,933) | 89,193 |
||
| Transfers betweenfunds | (137,808) | 133,87s | (3,933) | 3,933 | 0 | |
| Net movementoffunds | 64,04s | 25,148 | 89,193 | 0 | 89,193 | |
| Fundbalancesbrought forwardatlstAugust 2019 | 639,950 | 1,005,901 | 1,645,851 | 0 | 1,645,851 | |
| Net movementoffunds | 64,045 | 25,148 | 89,193 | 0 | 89,193 | |
| Fundbalancescanied forward at3lstJuly2020 | 703,995 | 1,031,049 | 1,735,044 | 0 | 1,735,044 |
Thg 01 InBtllth£ ol Phlb&ophy R•port and Fin8rtial St&lerneDI8 2022 28