Institute of
Philosophy
The Royal Institute of Philosophy
Trustees, Report
2023 - 2024

CONTENTS
Page
Charitable Company Information
Real Philosophy, For Everyone
Our purpose
Our programmes
Our audiences
Publishing
Our progress
Financial Report & Review
Financial Statements
10
10
17

Charitable Company Information
President
Baroness Onora O'Neill (March 2023)
Jo Wolff (Appointed April 2023)
Professor Lucy O'Brien
C'hair of the Council
Professor Ben Colburn
Members of the Executii'e Committee.
Professor David Edmonds
who are also the trustees under chariti- lam. and Professor Fiona Ell is
directors under compani- law
Professor John Haldane
Professor Susan James
Appointed 2023
Professor Hallvard Lillehammer Appointed 2023
Professor Beth Lord
Professor Lucy O'Brien
Dr Lea Salje
Professor Constantine Sandis
Professor Sarah Sawyer
Professor James Wilson
Dr. Rachael Wiseman
Resigned 2024
Managing Director & SecretarJ-
Melanie Nightingale
Joint Editors of Philosophi-
Professor Maria Alvarez
Professor Bill Brewer
Academic Director.
Professor Edward Harcourt
Editor of Think
Dr. Stephen Law
Finance Director
Rebecca Davis, CPFA
Solicitors
Blake Morgan LLP
Seacourt Tower, West Way,
Oxford OX2 OFB
Independent Examiners
KM Chartered Accountants.
The Wharf, Manchester Road,
Burnley BB111JG

Bankers
HSBC, 16 King Street, London
WC2E 8JF
Registered C)ffice
7 Bell Yard, London, WC2A 2JR
Telephone: 020 7664 4851
Registered Charit). Number
313834
Registered Compan). Number
205110 (A Company Limited by Guarantee)

## **Income 2023-2024** 


**----- Start of picture text -----**<br>
7%  [5%] a Donations<br>39%<br>| Charitable<br>Activities<br>i | Investment Income<br>49%<br>] Other Income<br>**----- End of picture text -----**<br>


5 



Our Programmes
Our programmes are designed to support, and offer philosophical material and activities, to those
already engaged in philosophy, or to those discovering philosophy for the first time.
We are pleased to report that in this financial year over 8,300 people attended an event or
received a grant funded programme delivered by the Royal Institute of Philosophy.
New Audiences
PhilosophyAudiences
PresidentialAiklres5
Book Prize
schools1￿en1$
. LocalP8rtnerAudTence$
. Bursaries + Studentships
PhD Conference
Prisons
Sthlthconfuence
Philosoplryconfere
London Lecture Season
Ess8yPrizeSubmissionsThink
. City Lectures
Ess8y Prize Submissions Phi1080phy
Bursar)- & Studentship programme.
Followingan illness thalsetrreljy impactedmy
sludies Ifoundmj'selfal theendofmj, thirdj'ear
andmj'previousffundinghadended. 1] Jf&iouldnot
haty beengTantedlheRoyalln51iluteoflJhilosophy
fundinglvouldhavehadto quil my PhD to make
endsmeet. IAO - Glasgow University
With the support of the Jacobsen Foundation. this
annual programme was able to support 16
PhD students from across 11 different UK academic
institutions, studying across a broad spectrum of
philosophical enquiry in 2023-2024.
Three grants, totalling just over £5,000 were awarded to support graduate student
conferences This annual programme enables graduate students to gain experience in
organising conferences, in giving talks, and getting feedback from peers, and to hearing work
from both other students and established philosophers from across the world.

_**For many attendees, this kind of experience is either rare or nonexistent in their lives, and the opportunity to engage with important questions, and explore ideas and arguments with others, is empowering and energising**_ **Local Partner Feedback 2023** 

7 



Schools Programme
In addition to all our public philosophy lectures and events, we offer a dedicated schools
programme delivering school conferences and schools philosophy programmes. Created in 1987
and supported by funding from the Jacobsen Foundation, this year 68 schools from across the UK
successfully applied to receive a Royal Institute-funded 10-week philosophy programme
delivered.
Over 1,600 pupils receive a schools philosophy
programme this year.
Over 80Wo of these schools are currently unable to offer
A level philosophy in their schools and these
programmes, include many pupils from more deprived
areas of the UK enjoying their first introduction to
philosophy. Over half of these schools now report a
desire to introduce philosophy A level into their school
curriculum.
7hankYoUfor￿tiingus Ihir opportunity lo
learn somelhingwe vouldnevergel a
chancelol Llieen" Louis, Programme
Sludenl
-Ilhink Ihal Ihesession wasprobobly Ihe most
interestingand useful IhingYLye twdoneon site at
school. Erlremely useful infomiation thankyour
Exlremeljy welldelivered, thoughiprotTroking
sessions.- School Teacheron Ihe 71UI)l)htlosophy
in Schoolsprogramme
This grant programme forms part of a wider support
structure for students, including=
a masterclass series of 26 videos specifically designed to support the A Level curriculum
with over 82,000 views
A Level guides that directly support the individual topics encountered on the course
syllabus
A working group including Royal Institute Council members working with A Level exam
boards to optimize the curricular content and interest
Partnerships with a number of parallel organisations working to deliver philosophy to
students and training to philosophy teachers.
Our highly accessible journal Thinkbecame an integral part of our schools programme
this year, acting as an introduction to philosophy and offering students articles and essays
covering wide ranging and stimulating topics. Research designed and funded to review
current methods of delivery by the Royal Institute was undertaken.
Research to review current methods of delivery. Our researcher worked with teachers
and tutors to determine where improvements could be made, explored how to maximise
the impacts and outcomes of our schools programmes, and when and how to share best
practice. As a result, changes have been instigated with revised training programmes for
our tutors, offering a new framework for best practice that we believe will offer enhanced
programmes to our school students in the future.
I liked the Jink betH'een philosophical concepts and topics from politics and sociolo&)'. Tth"s
made a difference as it helped me see the connections betFi een the material l am learning for
mJ:A el and current social and economic concern& The Conferen￿ Tl'as T:eri" good in
makingp￿I0SophTr- feel releT-ant to eT"eri"dai- life.. .4 t£i-el Student

_I’ve learned a lot about me and some choices I’ve made in life and how things can have a spiral effect_ “I’ve learned a lot about me and some choices I’ve made in life and how things can have a spiral _on life and lead to the next.  It helped me look at myself and how I’ve done things in my past.  Its let me_ effect on life and lead to the next. It helped me look at myself and how I’ve done things in my _see others way of thinking.  Courses like this can do more to change and help someone find themselves_ past. Its let me see others way of thinking. Courses like this can do more to change and help _more than a lot of other course that I’ve done.  A lot of life lessons learned. Prisoner HMP Pentonville_ someone find themselves more than a lot of other course that I’ve done. A lot of life lessons 

9 



Volunteers
In 2023-24 the Royal Institute began a proactive
programme to offer an array of volunteering
opportunities to academics already involved in
philosophy and to those new to the subject.
-I think ii'hat the Roi'al Institute of
Philosophi" does is fantastic, fostering
-aluable spaces for curious Jninds like
mine ii-ho appreciate knoii'ledge and
learning for its oii"n ,sake. I feel incredibli-
fortundte for the time I'i'e spent so far
olunteering" Sean H
As a resulL over 50 volunteers from across the
world are now actively involved in stewarding
events, supporting research, developing projects
and delivering results, all of which have
substantially accelerated the output from the very small staff team at the Royal Institute and given
the Royal Institute access to a group of highly experienced and professional individuals who
freely give their time and skills to support the delivery of philosophy to their wider community and
we extend our sincere thanks to each of them.
Annual Survei, Results
This year, for the first time, we surveyed our stakeholders. The results of this important survey
will influence our programme design and delivery and will help ensure that our content and
opportunities appeal to our audiences.
The Royal Institute is committed to listening to our audiences, and to offering them high quality
philosophy that is relevant, stimulating, and that enables them to expand their interest and
knowledge in the subject, wherever they start.
How do our audiences describe themsels'es?
no formal education in
philosophy
under 3S years old
b&88d outsideofth8 UK
h8vè tr)een part of our work for
over 11 years
io

Overwhelmingly our community reported that the Royal Institute of Philosophy provides
information and understanding that enables them to apply philosophical concepts in real
life situations.
opportunities to engage with thought-provoking ideas that challenge thinking
clear explanations of philosophical ideas
a welcoming environment for sharing ideas
opportunities to bond with like-minded people to explore philosophical ideas together
Publishing
th
Now in its 99 year, the highly respected journal Philosophi- continues to publish excellent
articles. Published in four issues per year. the journal appeals to both university and individual
subscribers across the world
Professors Maria Alvarez and Bill Brewer, co-editors of the journal, oversee the publication of
peer reviewed articles, reviews, the Philosophy Annual Essay prize, and articles based on our City
Lectures. Submissions come from early career researchers to well established academics. They
are selected, and worked on through the editorial process, ensuring the journal remains an
important one for an extensive international audience.
Our journal Think continues to offer philosophy for all. For the first time, we launched the Think
Essay Prize, open to 16-18 year old students. Our panel of judges were overwhelmed by the
quality of the hundreds of submissions received. They were delighted to award the prize to
college student, Claudia Wong for her submission "Is it morally wrong to eat meat?"
Na)-ef Al-Rodhan International Book Prize in Transdisciplinar)- Philosoph)-
This annual &20,000 Prize was established in 2023as the first of its kind in the UK. The prize
rewards work in trans-disciplinary philosophy= work that transcends academic boundaries,
furthering our understanding of the key challenges facing the world today. The prize is now in its
second year. With a panel of judges taken from across the humanities and sciences, this prize is
becoming firmly established as a unique opportunity to bring together books that
demonstrate rigorous original and quality transdisciplinary research
are accessible and engaging to read
are original, innovative, and impactful
intend to advance and contribute to the understanding of human behaviours.
li

Our Progress
Activities". 2023124 has been another year of growth for the Royal Institute, with new publications,
programmes, partners, activities and audiences.
We continue our academic mission to produce publications (Philosophy and Think) and to curate
events (the London Lectures, the City Lectures, the Symposium) that are both philosophically
excellent and accessible. These publications and events enable authors and researchers to bring
their work to the wider academic and public audiences. We continue our further outreach work
through our partners programme, and our teaching in prisons and schools. This year we have
secured high levels of engagement from a variety of audiences. We have been working more
closely with the Institute of Philosophy and have moved a number of our events to London
University's Senate House. These are proving to be popular.
People.. Professor Jo Wolff FBA has been very actively engaged in his first year as a new President.
He gave his brilliant Presidential Address on the theme of 'Ceremony and Ritual,. The lecture was
filmed and is on YouTube. We welcomed Professors Hallvard Lillehammer, and Sue James on to
the Executive Committee this time last year. Melanie Nightingale has continued in the role of
Managing Director. She is assisted by Anisa Almjbarae. Rebecca Davis continues as our new
Finance Director, assisted by Mark Heaton and Helen Watson. Professor Edward Harcourt is into
his third year as Academic Director. Edward has agreed to serve for a second term, to secure
continuity across the Centenary. Dr Stephen Law, and Professors Maria Alverez and Bill Brewer
continue in Editorial roles on our journals. Hannah Laurens has stepped down as Editorial Assistant.
Beatrice Giovanardi left the role as digital marketing off icer and has been replaced by Sebastian
Leyton Blanco.
We also have had over 50 volunteers actively involved in our work,. we have been able to offer
work experience for school students alongside relevant projects to expand and develop the skills
and abilities of philosophy PhD students.
Money.. Both careful spending, and investment are essential to us creating stability for the future.
Our current priority is to make sure we have a clear strategy to protect the core activities of TRI P
and our journals into the long term. We have made a number of cost cutting changes to the
delivery of our programmes alongside increasing their reach. We have agreed a budget that
spends no more than our projected income. We will continue to avoid new unfunded proposals in
the coming year.
We have moved a significant proportion of our reserve funds, that have been held in cash, into
CCLA managed investment funds, in an effort to secure long term growth. We are planning an
endowment suff icient to secure the continuity of our journals should CUP income drop in the long
term. We have invested in our digital communications, both in software and person hours, with
the aim of increasing the awareness of, and access to our activities, our valuable archive, our
12

study materials, to our annual grant programme. We aim to use our increased digital engagement
to improve take up of membership.
The Centenary year of 2025 is fast approaching, and we are building a fundraising launch around
our Centenary activities. We need to make the most of the opportunity to ensure a long term
f ina ncial resilience that will see the Royal Institute into its second century. This will involve
launching a new membership scheme, special interest groups, and attracting donations, and
support.
We are committed to sustaining programmes that ensure that high quality philosophical work is
made accessible and relevant to our audiences over the long term. We will continue to develop a
funding model that can underpin that work.
Structure and Governance
The 50-70 Council members are The Royal Institute's members (in effect custodians of The
Royal Institute's charitable object) and a smaller body of10-15 members appointed by the
Council serve as trustees within an Executive Committee, executing policy as determined by
Council. The governing document is the Memorandum and Articles.
All new trustees are briefed and receive copies of the Institute's key policies and procedures,
guidance on the structure and governance of the Royal Institute and the Charity Commissions key
documents, including 'The Essential Trustee, and the 'how to, guides. Each trustee completes a
conflict of interest questionnaire and eligibility declaration in advance of taking on their role.
The Executive Committee is supported in its work by a Finance sub-committee that meets two
times a year ahead of the relevant Executive Committee meetings to scrutinise all aspects of the
financial activity associated with the Royal Institute and during this year commissioned the
Finance Director to undertake a robust examination of the Institutes investment and risk policy
management. Resulting recommendations from the Finance sub-committee to the Executive
Committee are expected to recommend robust policies that maximise return on all the Royal
Institute's investment decisions.
A Nominations Committee makes recommendations to Council for new Council and Executive
Committee members all of whom are elected for an initial term of five years. The Nominations
Committee is comprised of members of the Executive Committee and a member of Council.
The day-to-day management of The Royal Institute has been delegated by Council, to
those holding the roles of Editors, Academic Director, Managing Director & Secretary and
Finance Director. The off icers operate within an annual budget approved by the Executive
Committee. Their employment and remuneration is determined by the Executive Committee.
FAnancAal Report
The Statement of Financial Activities of The Royal Institute is set outon page13. The principal
funding sources are income from the sale of the journal"Philosophy via Cambridge University Press,
13

which is received annually, investment income and restricted donations. The publication accounts
run on a calendar year January to December. The Institute's annual accounts, therefore, always
include the income for the previous calendar year plus an estimate for the period January- July of
the current year less estimate made the previous year.
During the year, income of £576,113 (2023: £494,996) was recognised and total resources of
£554,728 (2023: £515,155) were expended, of which £28,729 {2023: £33,260) was on governance
costs. There was also an unrealised loss from investment assets of £410 (2023: £19,302) and no
realised loss {2023.. £Nil) giving a net increase in funds for the year of £20,975 (2023-. £39,461
reduction). The total funds of The Royal Institute at 31st July 2024 amounted to £1,633,417 (2023..
£1,612,442), being held in a Designated Fund of £1,249,178 {the'Core Activities Reserve Fund,,
primarily held in investments and cash), the General Fund of £362,187 (primarily held in cash and
working capital) and a Restricted Fund of £22,052 Notes 17 and 18 show the detail of these
holdings.
Policy on Reserves
The Royal Institute retains funds from year to year- these are called reserves. The majority of the
Institute's funding is released once a year in the second half of the financial year, and the majority
of its expenditure commitments are made at the start of the financial year. Accordingly, Council
considers that a designated reserve fund is necessary in orderto protect a core activities
programme, which includes production of its journals, bursaries, grants to local partners, and the
conference and lecture series in real terms for a period of up to three years, in case of a
significant fluctuation in income. The Executive Committee reviewed the purpose and size of the
Core Activities Fund at its June 2021 meeting. In the succeeding two financial years, the value of
the Core Activities Fund has been maintained at its real terms value by transfers from the General
Fund (a) to cover activity expenditure and (b) to make the CAF up to its real terms value.
The General Fund value of £362,187 is equivalent to over 12 months of unrestricted expenditure.
Investment
The Institute's investments form part of the Core Activities Fund and Council has previously set
out the permitted type and weighting of investments in order to achieve a balance of low risk and
return. The General Fund is held in working capital (current assets less current liabilities).
In the new financial year, the Institute is conducting a review of its investment strategy with the
aim that its longer-term investments will maintain their real terms value year on year, and that the
yield on cash held at bank will be maximised, subject to maintaining the low risk stance.
The liability of each of the members of the Royal Institute in the event of a winding-up is limited
to £1. This liability applies to all members whilst they are members and for one year after they
cease to be members. At 31" July 2024, there were 55 members of the Royal Institute.
14

Statement of Trustees, Responsibilities
The Charity's trustees, who are also the directors of The Royal Institute of Philosophy for the
purposes of company law, are responsiblefor preparing the trustees, annual report and the
financial statements in accordance with applicable lawand United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice) including FRS102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland
Company law requires the Charity trustees to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources. including the income and expenditure, of the charitable
company for that year.
In preparing these financial statements, the trustees are required to
Select suitable accounting policies and apply them consistently
Observe the methods and principles in the Charities SORP (Statement of Recommended
Practice)
Make judgements and estimates that are reasonable and prudent
State whether applicable UK accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements.
Prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation
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.
The trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the charity's website.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the
Companies Act 2006
Approved by the Executive Committee on 5 December 2024
And signed on their behalf by=
Ih
Professor Lucy O'Brien
Chair of the Executive Committee
15

Independent Examiners Report to the Trustees of the Roi"al Institute of
Philosophj
I report to the charity trustees on my examination of the accounts of the charity for the year ended
31 July 2023 which are set out on pages 19 to 33.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law)
you are responsible for the preparation of the accounts in accordance with the requirements of
the Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the company are not required to be audited under
Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my
examination of your company's accounts as carried out under section 145 of the Charities Act
2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the
Charity Commission under section 145(5)(b) of the 2011 Act
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a
body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the
examination because l am a member of the Association of Charity Independent Examiners,
which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the company as required by section 386
of the 2006 Act; or
2. the accounts do not accord with those records,. or
3. the accounts do not comply with the accounting requirements of section 396 of the
2006 Act other than any requirement that the accounts give a 'true and fair view, which
is not a matter considered as part of an independent examination," or
4. the accounts have not been prepared in accordance with the methods and principles of
the Statement of Recommended Practice for accounting and reporting by charities
[8pplicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
16

I have no concerns and have come across no other matters in connection with the examination
to which attention should be drawn in this report in order to enable a proper understanding of
the accounts to be reached.
Signed..
Mark Heaton FCCA FCIE DChA
KM, Chartered Accountants
1st Floor, Block C, The Wharf, Manchester Rd
Burnley, BB111JG
th
5 December 2024
17

The Royal Institute of Philosophy
Statement of Financial Activities for the Year Ended 31 Jul)" 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
The funds breakdown for 2023 is shown in note 17.
The notes on page 23 to 33 form an integral part of these financial statements.
18

The Royal Institute of Philosophy
Statement of Financial Activities for the Year Ended 31 July 2024
(I ncluding I ncome and Expenditure Account and Statement of Total Recognised Gains and Losses)
Unrestricted
funds
Restricted
funds
Total
2024
Unrestricted
funds
Restricted
funds
Total
2023
Note
Income from:
Donations
1,005
281,792
40,758
29,219
223,339
224,344
281,792
40,758
29,219
188,261
188,261
260,462
27,024
19,249
Charitable activities
260,462
27,024
19,249
Investment income
Other income
Total income
352,774
223,339
576,113
306,735
188,261
494,996
Expenditure on=
Charitable activities
1343,4321
1211,2961
1554,7281
1336,4421
1178,7131
1515,1551
Total expenditure
1343,4321
1211,2961
1554,7281
1336.4421
1178,7131
1515,1551
Net income/(expenditurel
Transfers between funds
9,342
1461)
12,043
461
21,385
129,707)
9,548
120,159)
Other recognised gains and losses
Other gains/losses
1410)
1410)
119,3021
119,3021
Net movement in funds
8,471
12,504
20,975
149,009)
9,548
139,4611
Reconciliation of funds
Total funds brought forward
1,602,894
9,548
1,612,442
1,651,903
1,651,903
Total f unds carried forward
17
1,611,365
22,052
1,633,417
1,602,894
9,548
1,612,442
All of the charity's activities derive f rom conti nuing operations during the above two periods.
The notes on page 23 to 33 form an integr31 part of these f inanci81 st8tements
19

The Ro)-al Institute of Philosoph)"
(Registration number: 20illO)
Balance Sheet as at 31 Jul)- 2024
2024
2023
Note
Fixed assets
Intangible assets
Investments
12
26,383
33,921
14
117,867
292,229
144,250
326,150
Current assets
Debtors
15
493,118
159,129
Cash at bank and in hand
1,041,700
1,195,752
1,534,818
1,354,881
Creditors= Amounts falling due within one year
16
(45,651)
168,589)
Net current assets
1,489,167
1,286,292
Net assets
1,633,417
1,612,442
Funds of the charity=
Restricted income funds
Restricted f unds
22,052
9,548
Unrestricted income funds
Unrestricted f unds
1,611,365
1,602,894
Total funds
17
1,633,417
1,612,442
For the financial year ending 31 July 2024, the charity was entitled to exemption from audit under
section 477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities..
The members have not required the charity to obtain an audit of its accounts for the year in question
in accordance with section 476." and
The directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of accounts_
The financial statements on pages 2 to 15 were approved by the trustees, and authorised for issue on 12
December 2024 and signed on their behalf by
Professor L O'Brien,
The notes on page 23 to 33 form an integral part of these financial statements.
Trustee
20

The Ro)-al Institute of Philosoph)"
Statement of Cash Flows for the Year Ended 31 JulJ- 2024
2024
2023
Note
Cash flows from operating activities
Net cash incomellexpenditure)
20,975
139,4611
Adjustments to cash flows from nO￿¢3$h items
AmortlS2tion
7,538
{40,7581
Investment income
127,024)
19,302
{47,183)
Revaluation of investments
410
{11,8351
Working capital adjustments
Ilncreaselldecrease in debtors
Decrease in creditors
15
(333,989)
(22,938)
23,790
1210,3481
16
Roundings
Net cash flows from operating activities
1368,762)
1233,7421
Cash flows from investing activities
Interest receivable and similar income
40,758
27,024
{15,1301
3,769
Purch2se of intangible f ixed assets
Sale of intangible fixed assets
Sale of investments
12
173,952
Net cash flows f rom investing activities
214,710
15,663
Net decrease in cash and cash equivalents
{154, 0521
1218,0791
Cash and cash equivalents at 1 August
1,195,752
1,413,831
Cash and cash equivalents at 31 July
1,041,700
1,195,752
All of the cash flows are derived from continuing operations during the above two periods.
The notes on page 23 to 33 form an integral part of these financial statements.
21

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
I Chariti" status
The charity is limited by guarantee, incorporated in England and Wales, and consequently
does not have share capital. Each of the trustees is liable to contribute an amount not
exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered off ice is..
7 Bell Yard
London
WC2 2JR
These financial statements were authorised for issue by the trustees on 12 December 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Statement of compliance
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)) (issued in October 2019) (Charities SORP (FRS 102)), the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Companies Act 2006.
Basis of preparation
The Royal Institute of Philosophy meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless
otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to
continue as a going concern nor any significant areas of uncertainty that affect the carrying
value of assets held by the charity.
22

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
Income
Income is recognised when the charity has entitlement to the funds, any performance
conditions attached have or can be met and it is probable that the income will be received,
and the amount can be measured reliably. Incomes are recognised as being attributable to an
accounting period with a corresponding accrual if the income relates to the current period
e.g. the CUP accounting period is a calendar year so the income for the period January to July
in the current year is estimated as seven twelfths of the yearly amount. An assessment is
made by management regarding the estimated income for the last seven months of the Rl P
financial year based on the CUP actual income from their previous calendar year results and a
forecast (if available) of their following calendar year, pro rata (using 7112) to establish a trend
of income and hence accrual. Members, subscriptions (net of transaction costs) are
recognised as being for the twelve months following the date of receipt and accordingly a
deferred income is recognised, income on sale of "Philosophy and "Think" are recognised
when invoiced, funds from the Jacobsen Trustees are recognised when due in respect of an
accounting period, and interest receivable is accounted for on a receivable basis. Dividend
income is recognised in the period when the investment goes "ex-dividend Other incomes
are treated as income of the period in which they are receivable.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that
expenditure, it is probable settlement is required, and the amount can be measured reliably.
All costs are allocated to the applicable expenditure heading that aggregate similar costs to
that category. Where costs cannot be directly attributed to particular headings, they have
been allocated on a basis consistent with the use of resources, with central staff costs
allocated on the basis of time spent, and depreciation charges allocated on the portion of the
asset's use. Othei support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its
activities and services for its beneficiaries. It includes both costs that can be allocated directly
to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and
statutory requirements, including an independent examination, strategic management and
trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance
Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax
purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or
23

capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax
Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such
income or gains are applied exclusively to charitable purposes.
Intangible assets
Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and
impairment. They are amortised on a straight line basis over their estimated useful lives. The
annual rate used for this purpose is 2590.
Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less accumulated depreciation
and impairment. They are depreciated on a straight line basis over their estimated useful lives.
The annual rate used for this purpose is 25%.
24

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market
value at the balance sheet date. Realised gains and losses on investments are calculated as
the difference between sales proceeds and their market value at the start of the year, or their
subsequent cost, and are charged or credited to the Statement of Financial Activities in the
period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are
credited or charged to the Statement of Financial Activities based on the market value at the
year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed
in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently
measured at amortised cost using the effective interest method, less provision for
impairment. A provision for the impairment of trade debtors is established when there is
objective evidence that the charity will not be able to collect all amounts due according to the
original terms of the receivables.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's
discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of
the trustees.
Restricted income funds are those donated for use in a particular area or for specific
purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under
which fixed contributions are paid into a pension fund and the charity has no legal or
constructive obligation to pay further contributions even if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior
periods.
Contributions to defined contribution plans are recognised in the Statement of Financial
Activities when they are due. If contribution payments exceed the contribution due for
service, the excess is recognised as a prepayment.
25

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
3 Income from donations
Unrestricted
funds
General
Restricted
funds
Total
2024
Total
2023
Donations
1,005
1,005
223,339
223,339
224,344
224,344
188,261
188,261
4 Income from charitable activities
Unrestricted
funds
General
Total
2024
Total
2023
Income on sale of"Philosophy"
Income on sale of"Think"
247,946
247,946
232,880
33,846
33,846
26,027
Royalties income
1,555
260,462
281.792
281,792
"Philosophy and "Think" are published by Cambridge University Press (CUPI as a joint arrangement
whereby they account for gross subscription and norFsubscription revenues, printing, distribution,
commissions, overheads and other costs_ CUP then remit the net result to The Royal Institute following
the issu2nce of an invoice. As such, the income on sale of Philosophy" and Think" stated above is the
net amount.
5 Investment income
Unrestricted
funds
Designated
Total
2024
Total
2023
Dividend income
Interest income
25,834
25,834
8,058
18,966
27,024
14,924
40,758
14,924
40,758
6 Other income
Unrestricted
funds
General
Total
2024
Total
2023
hAembers' subscriptions
Other income
18,243
18,243
12,509
10,976
29,219
10,976
29,219
6,740
19,249
26

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
7 Expenditure on charitable activities
Unrestricted funds
Designated
General
Restricted
funds
Total
2024
Total
2023
Note
Charitable
activities
54,650
171,117
211,296
437,063
377,613
Governance
costs
28,729
28,729
33,260
Staff costs
88,936
88,936
104,282
54,650
288,782
211,296
554,728
515,155
In 2ddition to the expenditure analysed above, there are also governance costs of £28,729 {2023
£33,260) which relate directly to charitable activities. See note 8 for further details.
8 Analysis of governance and support costs
Governance costs
Unrestricted
funds
General
Total
2024
Total
2023
Note
Staff costs
Examination of the financial
25,959
25,959
30,067
statements
10
1,750
1,020
28,729
1,750
1,020
28,729
2,000
1,193
33,260
Other governance costs
27

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
9 Staff costs
The aggregate payroll costs were as follows:
2024
2023
Staff costs during the year were=
Wages and salaries
Social security costs
Pension costs
96,201
2,851
111,403
5,392
15,843
114,895
17,554
134,349
The monthly average number of persons {including senior management I leadership team)
employed by the charity during the year expressed as full time equivalents was as follows..
2024
2023
Ful l-time staff (1)
Part-time staff (4)
No employee received emoluments of more than £60,000 during the year.
10 Independent examinevs remuneration
2024
2023
Examination of the financial statements
1,750
2,000
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
28

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
12 Intangible fixed assets
Website
Total
Cost
At 1 August 2023
37,690
37,690
At 31 July 2024
37,690
37,690
Amortisation
At 1 August 2023
Charge for the year
3,769
7,538
3,769
7,538
At 31 July 2024
11,307
11,307
Net book value
At 31 July 2024
26,383
26,383
At 31 July 2023
33,921
33,921
13 Tangible fixed assets
Furniture and
equipment
Total
Cost
At 1 August 2023
27,009
27,009
At 31 July 2024
27,009
27,009
Depreciation
At 1 August 2023
27,009
27,009
At 31 July 2024
27,009
27,009
Net book value
At 31 July 2024
At 31 July 2023
29

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
14 Fixed asset investments
2024
2023
Other investments
117,867
292,229
Other investments
Listed
investments
Total
Cost or Valuation
At 1 August 2023
Revaluation
292,229
292,229
(410)
(410)
(173,952) (173,952)
Disposals
At 31 July 2024
117,867
117,867
Net book value
At 31 July 2024
117,867
117,867
At 31 July 2023
292,229
292,229
15 Debtors
2024
2023
Trade debtors
320,765
172,353
493,118
461
Prepayments
158,668
159,129
16 Creditors: amounts falling due within one year
2024
2023
Taxation and social security
Other creditors
36,986
47,833
4,466
16,290
68,589
Accruals
8,665
45,651
30

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
17 Funds
Other
recognised
gains/(loss Balance at
es)
31 July 2024
Balance at
1 August Incoming Resources
2023
resources expended Transfers
Unrestricted funds
General Funds
380,606 312,016 (288,782) (41,653)
1,222,288
40,758 (54,650)
41,192
362,187
Designated Funds
(410)
1,249,178
Total unrestricted funds 1,602,894
352,774 (343,432)
(461)
(410)
1,611,365
Restricted funds
Jacobsen Scheme
9,548 195,300 (182,796)
28,039 (28,500)
9,548 223,339 (211,296)
22,052
NAR book prize
461
461
22,052
Total funds
1,612,442
576,113 (554,728)
(410)
Other
recognised
gains/(loss Balance at
es)
31 July 2023
1,633,417
Balance at
1 August Incoming Resources
2022
resources expended Transfers
Unrestricted funds
General Funds
507,440
1,144,463
279,711 (114,888) {291,656)
27,024 (221,554) 291,656
380,607
1,222,287
Designated Funds
(19,302)
Total unrestricted funds
1,651,903 306,735 (336,442)
(19,302) 1,602,894
Restricted funds
Jacobsen Scheme
188,261 {178,713)
9,548
Total funds
1,651,903 494,996 (515,155)
(19,302)
1,612,442
31

The Ro)-al Institute of Philosoph)"
Notes to the Financial Statements for the Year Ended 31 JulJ- 2024
18 Analysis of net assets between funds
Total funds at
31 July
2024
Unrestricted funds
General
Designated
Restricted
funds
I ntangible f ixed assets
Fixed asset investments
26,383
26,383
117,867
1,534,818
(45,651)
117,867
1,131,311
Current assets
381,455
(45,651)
22,052
Current liabilities
Total net assets
362,187
1,249,178
22,052
1,633,417
Total funds at
31 July
2023
Unrestricted funds
General
Designated
Restricted
funds
I ntangible f ixed assets
Fixed asset investments
33,921
33,921
292,229
1,354,881
(68,589)
292,229
936,650
(6,591)
Current assets
407,383
(60,698)
10,848
{1,300)
Current liabilities
Total net assets
380,606
1,222,288
9,548
1,612,442
19 Related party transactions
No trustees received any reimbursement of expenses during the year (2023.. £286 was
reimbursed to four trustees for travel). There were no related party transactions in the year.
32