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|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|



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|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|



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|The principal officers,to whom da<br>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)|





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|||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||<br>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<br>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)|<br>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|





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|BalanceSheetat3lstJuly2022<br>(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||<br>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|





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|Statementofcashflows||||
|---|---|---|---|
||Notes|2022|2021|
|||t|f|
|Cash flowsfromoperatingactivities||||
|Net cashprovided by(usedin)operatingactivities||(38,799)|<br>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<br>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|





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|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|<br>187,000|449,289||
|||Unrestricted|Restricted|||
|||Funds|Fund|Total Funds||
|||||Theyear to||
|||||July2021||
||Notes|t|f|f,||
|Donations:Jacobsenactivityfunding|t7|0|t35<br>,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|<br>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<br>other costs|||Q7,587)|(96,594)||
|Income onsaleof'?hilosophy"tonon-members|||215,380|266,380||



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||||
|---|---|---|
|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<br>othercosts|(37,198)|<br>(44,924)|
|Income onsaleof"Think"tonon-members|21,061|28,633|





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|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||56,774|
|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||<br>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||<br>389,211|





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|The Royallnstitute ofPhilosophy<br>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||



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||||
|---|---|---|
|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<br>portand Financial Statements2022|||
|---|---|---|
|I2(b) FINANCIALTNSTRUMENTS|At 3lst July<br>2022|At31stJuly<br>2021|
|Carryingamountoffinancialassets||€|
|Instruments measuredatfairvalue throughprofitand loss|||
||311,531|456,528|
|13.DEBTORS: AMOUNTSFALLINGDUE|TotalFundsTotal Funds||
|WITHINONEYEAR|||
||At31stJuly<br>2022|At31stJuly<br>2021|
||tf||
|Receivables|0|4,014|
|Prepayments and accruedincome|182,919|<br>209,170|
||182,919|<br>213,184|



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|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|



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|||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|<br>1,735,044|



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||GeneralFund|Designated|Total<br>RestrictedFund|Total<br>RestrictedFund|TotalFunds|
|---|---|---|---|---|---|
|||Fund<br>Unrestricted|||at31stJuly|
||||Funds||2022|
||ftffc|||||
|Total incomeand endowments|246,038|<br>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<br>investments|103,082|(164,997) (61,915)||(13,"t27)Qs,642)||
|Realised losseson investmentassets|0|(6,200)|(6,200)|0|(6,200)|
|Unrealisedlosseson investmentassets<br>Net income/(expenditure)before tmnsfers|___________0<br>103,082|fl.298)<br>(t't2,49s)|fl-2981<br>(69,413)|0<br>/1.2qnl<br>(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<br>Unrestricted|||at|3lst July|
||||Funds|||2021|
||f.|f.|f||f|f,|
|Total incomeand endowments|305,722|<br>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<br>investments<br>Realised losseson investmentassets|20i,853<br>00|(l16,394)|85,459<br>0|(3|,e33)<br>0|81,526<br>0|
|Unrealisedlosseson investmentassets|0|7,667|7,667||0|7,667|
|Net incomd(expenditure)before transfers|201,853|(108,',127) 93,126||(3,933)||<br>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|



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Thg ￿￿01 InBtllth£ ol Phlb&ophy
R•port and Fin8rtial St&lerneDI8 2022
28