# **Annual Report & Acccounts 2024-2025**
## **Contents**
||Page|
|---|---|
|Charitable Company Information|2|
|Real Philosophy, for Everyone|3|
|Our Purpose|3|
|Centenary: A Celebration of a Century|4|
|Our Audiences|5|
|How Our Money was Used|7|
|Studentships & Bursaries|8|
|Conferences|8|
|London Lecture Series|9|
|City Lectures and Symposium|10|
|Membership|10|
|Publishing|11|
|Local Partnership Programmes|12|
|Schools Programmes|13|
|Prisons Programmes|13|
|Nayef Al-Rodhan Book Prize|14|
|Future Plans|15|
|Financial Report and Review|15|
|Independent Examiner’s Report|18|
|Statement of Financial Activities|19|
|Balance Sheet|21|
|Notes to Financial Statements|22|
1
## **Charitable Company Information**
## President
Professor Jo Wolff
Chair of the Council
Members of the Executive Committee, who are also the trustees under charity law and directors under company law
Professor Lucy O’Brien
Professor Ben Colburn Professor David Edmonds Professor John Haldane Resigned July 2025 Professor Susan James Professor Hallvard Lillehammer Professor Beth Lord Professor Lucy O’Brien Dr Lea Salje Professor Constantine Sandis Professor Sarah Sawyer Professor James Wilson Dr. Rachael Wiseman
Melanie Nightingale
Managing Director & Secretary Joint Editors of Philosophy
Professor Maria Alvarez Professor Bill Brewer
Academic Director Professor Edward Harcourt Editor of Think Dr. Stephen Law Finance Director
Rebecca Davis, CPFA Resigned March 2025 Brett Nicholls, CA (NZ) Appointed April 2025
Solicitors
Blake Morgan LLP Seacourt Tower, West Way, Oxford OX2 0FB
Bankers HSBC, 16 King Street, London WC2E 8JF
Registered Office 7 Bell Yard, London, WC2A 2JR Telephone: 020 7664 4851 Registered Charity Number 313834 Registered Company Number 205110 (A Company Limited by Guarantee) Independent Examiner KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
2
## **Trustees’ Annual Report**
_Doing philosophy equips people with life skills – how to listen to others, how to make a case, how to change one’s perspective, how to reason, how to defend one’s view, how to acknowledge what one does not know or understand. Philosophy teaches skills integral to cultivating social values and conduct... It changes people’s minds._ ”
## **Lucy O’Brien, Chair of the Board of Trustees**
The Royal Institute of Philosophy (TRIP) was incorporated as a company limited by guarantee on 6th April 1925 and it is governed by its memorandum and articles. The Royal Institute was registered as a charity with the Charity Commission in England and Wales on 7th October 1963.
The Royal Institute of Philosophy was founded a hundred years ago ‘to advance the education of the public in the subject of philosophy’. That remains our mission today. But our conception of ‘the public’ has broadened beyond the small highly educated Bloomsbury audiences of the 1920s to include diverse online audiences, young people at risk, prisoners and school students. In this centenary year, the Royal Institute of Philosophy is the UK’s largest independent charitable foundation devoted to sharing philosophical thinking as widely as possible. Addressing ourselves to fundamental questions across the whole breadth of philosophy, we aim to bring these questions to the curious of every age and background, and to empower them to consider them for themselves.
3
## **Centenary: A Celebration of a Century**
We welcomed 70 long-term supporters at Middle Temple, where the Royal Institute held its inaugural meeting in 1925.
2025 marks a triple Centenary for TRIP: celebrating 100 years as an organisation, the inception of our first Lecture Series, and the launch of our flagship journal, _Philosophy_ . The founding of the Institute relied on thougthful people who understood the value of philosophy, including an extraordinary range of academics, lawyers, business people, one Archbishop of Canterbury, one Prime Minister and four past Prime Ministers. We still rely on those who understand the value of philosophy to continue our work, expanding and enhancing our founders’ vision, making the best in philosophy available and accessible to everyone.
4
## **Our Audiences**
The Royal Institute offers philosophical materials and activities to both those already
familiar with philosophy, and to those discovering it for the first time.
We are pleased to report that in this financial year over 45,000 people engaged with the work of the Royal Institute virtually or in person.
## Volunteers
**136**
Volunteers
Our volunteer programme goes from strength to strength, with many of our 136 volunteers now undertaking projects to support the delivery of programmes and activities across the Royal Institute.
With a full volunteering programme that will expand to offer internships to students in active study, we are determined to continue to offer opportunities for volunteers to learn new skills within a philosophy environment.
5
## **A Look at Our Audience**
2025 saw the second Royal Institute survey for stakeholders, a valuable opportunity to listen to our audiences and reflect their feedback in the ongoing design of our philosophical materials and activities.
## Time Involved
Over 2024-2025 the Royal Institute continued to concentrate its resources to enable people to engage with philosophy. through research-based and introductory activities, and using both digital platforms and in person programmes. Our audiences overwhelmingly told us that they value encounters with like-minded people and with ideas that enable them to apply philosophical concepts in real-life situations.
## Location
WW 11 Years+ 4-10 Years Age © ™ 1-3 Years Lessthan a year © South East England HB Outisde the UK OH South West England © Northern England ™ Midlands WW South England Philosophy Background BB Scotland Wales ©}
Reported being educated to A level or no formal education in philosophy
Reported an academic background
6
## **At a Glance... How Our Money was Used**
## The year ended July 31, 2025
The trustees hereby present their annual report and the financial statements of the charity for the year ended 31st July 2025 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes. This report and the financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 l02) (effective l January 2019).
## Income
## Spending
7
## **Studentships and Bursaries**
Reflecting the philosophical interests of Mr Jens Jacobsen, these studentships and bursaries support research students in certain fundamental parts of philosophy, including speculative metaphysics, critical metaphysics, the philosophy of mind, epistemology, philosophical logic, philosophy of life, determinism, the nature of life, evolution, moral philosophy, and political and social philosophy — all broadly conceived.
The Royal Institute of Philosophy funded 6 studentships and 7 bursaries in 2024/5 thanks to the generosity of the Jacobsen Foundation.
The Institute received many high-quality applications and could only support a small fraction of the them. **13 £78,600** Awarded Spent
## Conferences
Four grants totalling £4,400 were awarded to support graduate student conferences. This annual programme enables graduate students to gain experience in organising conferences, giving talks, and getting feedback from peers, and to hearing work from both other students and established philosophers from across the world.
## Graduate Conference Grants Awarded:
University of Bristol The University of Manchester University of Oxford British Postgraduate Philosophy Association
**155**
Attenders in total
A further annual grant to deliver a conference for a mixed audience was awarded to the University of Glasgow who welcomed 50 people to their ‘Connecting with Nature’ conference.
8
## **London Lecture Series**
## Remembering and Forgetting
What we remember is a central expression of who we are. So what should we remember, and what is best forgotten? This year’s talks focused on various aspects of this question, from trauma and forgiveness to memorialization and constructing identities on- and off-line.
We deliberately keep ticket prices at a low or zero cost to ensure accessibility. All are welcome, whether they have any prior exposure to philosophy or not.
## Lectures **14[990]** in attendance **[18,081]** Views on Youtube
I very much enjoyed giving my talk in the Royal Institute of Philosophy lecture series. It was a refreshing change to have such an enquiring audius ke so ce o mo mp th ou **Ri** be ht in n
ence, and I can honestly say the probing questions led me both to clarify and then change my views. The whole experience, from beginning to end, was a joy... It is marvellous to think that a tradition that goes back to people such as Balfour and Russell is still giving the opportunity for such interesting philosophical interactions. The organisation of the event was impeccable.”
**Derek Matravers** (Professor of Philosophy, Open University), speaker on 13 March, 2025, ‘Choosing How We Represent the Past’
9
## **Annual City Lectures and Symposia**
On 31 October 2024, we hosted a symposium ‘Is Ethical AI a Fantasy?’
City Lectures in Cardiff, **4** Edinburgh, London, Dublin ge l Lo ed g e nnu s t nd xcel ve a co re e o b ntri
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750
Attenders
across events
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As part of the expansion plan to bring new members to the Royal Institute, in 2025 two new membership options were launched offering student members and non-student members opportunities to engage in members-only sessions with philosophers and to access digital platforms to share ideas, questions and academic research. Since then hundreds have chosen to take a Royal Institute membership and we look forward to continuing to welcome new members.
10
## **Publishing**
## _Philosophy_
**72**
Now in its 100th year, the highly respected journal _Philosophy_ continues to publish articles of high quality. Published in four issues per year, the journal appeals to both institutional Submissions and individual subscribers across the world to Essay Prize
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 – from early career researchers, well established academics, and independent scholars – ensure the journal remains an important one for an extensive international audience.
Congratulations to last year’s essay prize winners Emily Caddick Bourne and Craig Bourne for ‘Overactive (and Underactive) Imagination’.
To celebrate our centenary, we have been releasing papers weekly from our archive, with members receiving exclusive commentary from the Preident of the Royal Institute, Professor Jo Wolff.
## Supplement
The Royal Institute of Philosophy Supplements publish the London Lectures and the proceedings of the annual Philosophy Conference. The latest issue is The Philosophy of Comedy, edited by Simon Kirchin and published in October 2024.
## _Think_
Our second journal, _Think,_ continues to offer philosophy for all, publishing accessible insights on the whole range of philosophical topics. For the second year, we hosted the _Think_ Essay Prize, open to 15-18 year old students. Our panel of volunteer judges were overwhelmed by the quality of the hundreds of submissions received. The prizewinner was Kan Zhang from BASIS International School, with his by a essay titled: ‘Could a Person Migrate to Another’s Body? A Realistic Solution to a Fanciful Problem’. ia ‘ tal , , oY
**747 23 5** Applicants Longlisted Shortlisted
We would like to thank our judging panel, consisting entirely of volunteers.
11
## **Local Partnership Programmes**
The Royal Institute continues to build local partnerships and fund philosophy within the local community. Partners include elders charities, local and national philosophy groups, the Open University and universities across the UK.
**27 459** Local Partner **[9,591]** Local Partner organizations people attended Events
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12
## **Philosophy in Schools Programmes**
Among today’s most pressing questions for young people, it’s hard to think of one that doesn’t have a philosophical dimension. How do we share the burdens of addressing the climate crisis equitably between generations? How do we balance rights to freedom of expression with protection from harm –especially perhaps online? How does social media affect our relation to ourselves and others? Why do people believe conspiracy theories? Our young people need philosophy now as never before and the Royal Institute’s mission is to provide it
**26** Videos to support mc the A Level Curriculum
## **94**
philosophy in schools programmes delivered across the UK
## **1,410**
students received a programme from a Royal Institute philosophy tutor
## **82,000**
views of videos designed to support the A Level Curriculum
of schools receiving a programme are unable to support philosophy at A Level
**£15,000** Allocated
**300** Participants
## **in Prisons 20** Weeks of Class
Over the year, TRIP provided grant funding to our long-term partners delivering philosophy education in prisons. Our partners were able to deliver multiple programmes in HMP Swaleside and HMP Wormwood Scrubs where over 120 student prisoners were able to attend courses. The student feedback showed overwhelmingly the courses were valued and further opportunities to join this type of exploration regularly asked for. This year saw the launch of a Royal Institute pilot project delivered to 35 prisoners in HMP High Down where philosophy was delivered using materials from popular culture such as film and music. With greater funding secured this successful pilot will be rolled out across the UK.
th o o ca t ce 1, nten g wi
13
## **The Nayef Al-Rodhan International Book Prize in Transdisciplinary Philosophy**
Our warm thanks to Professor Nayef Al-Rodhan for sponsoring this £20,000 prize for the second of five years.
Winner:
**----- Start of picture text -----**
58
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Submissions
**6** Longlisted Authors
## **3** Shortlisted Authors
We are approaching an era that will be defined by highly disruptive technologies, exponential neuroscientific insights, cascading geopolitical crises and social transformations redefining what it means to be human. Game-changing transdisciplinary innovations will change both S©= subject and theoriser alike. This will demand deeper So So philosophical introspection in equally transdisciplinary ways, wre to keep pace with the impending ethical and moral challenges as well as their political and societal implications.
Transdisciplinary Philosophy and creative co-operation between academics in diverse fields will be invaluable in acquiring new knowledge. Together, we can help humanity progress towards more sustainable dignity, peace, security, and prosperity for all.”
— Professor Nayef Al-Rodhan
14
## **Future Plans**
Building on the success of our centenary year, the Royal Institute of Philosophy will continue to expand and enhance our core mission of making real philosophy accessible to all. We will implement the recommendations from our Finance Committee to ensure our investment strategy maximises returns while maintaining our low-risk approach, enabling us to sustain and grow our programmes of studentships, bursaries, conferences, lecture series, and publications for years to come.
## **Financial Report & Review**
## **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 of 10-15 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 officers operate within an annual budget approved by the Executive Committee. Their employment and remuneration is determined by the Executive Committee.
15
## **Financial Report**
The Statement of Financial Activities of The Royal Institute is set out on page 13. The principal funding sources are income from the sale of the journal “Philosophy” via Cambridge University Press, 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 £469,318 (2024: £562,428) was recognised and total resources of £565,447 (2024: £554,728) were expended, of which £27,337 (2024: £28,729) was on governance costs. There was also an unrealised loss from investment assets of £9,083 (2024: £410) giving a net decrease in funds for the year of -£105,212 (2024: £7,290 increase). The total funds of The Royal Institute at 31st July 2025 amounted to £1,514,520 (2024: £1,619,732), being held in a Designated Fund of £1,240,394 (the ‘Core Activities Reserve Fund”, primarily held in investments and cash), the General Fund of £267,875 (primarily held in cash and working capital) and a Restricted Fund of £6,251 Notes 18 and 19 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 order to 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 £267,875 is equivalent to approximately 5 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 31st July 2025, there were 55 members of the Royal Institute.
16
## **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 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) 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 20th November 2025
And signed on their behalf by:
Professor Lucy O’Brien **Chair of the Executive Committee**
17
## **The Royal Institute of Philosophy**
## **Independent Examiner's Report to the trustees of The Royal Institute of Philosophy ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2025.
## **Responsibilities and basis of report**
As the charity’s 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 charity’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 I am qualified to undertake the examination because I am a member of the Association of 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:
1. accounting records were not kept in respect of The Royal Institute of Philosophy 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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
...................................... Mark Heaton FCCA FCIE DChA KM 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
20 November 2025
Page 18
||Total funds carried forward
18
1,508,269
6,251
1,514,520
1,597,680
22,052|Total funds brought forward
1,597,680
22,052
1,619,732
1,602,894
9,548|**Reconciliation of funds**|Net movement in funds
(89,411)
(15,801)
(105,212)
(5,214)
12,504|Other gains/losses
(9,083)
-
(9,083)
(410)
-|**Other recognised gains and losses**|Transfers between funds
-
-
-
(461)
461|Net (expenditure)/income
(80,328)
(15,801)
(96,129)
(4,343)
12,043|Total expenditure
(350,846)
(214,601)
(565,447)
(343,432)
(211,296)|Other expenditure
8
(6,541)
-
(6,541)
-
-|Charitable activities
7
(344,305)
(214,601)
(558,906)
(343,432)
(211,296)|**Expenditure on:**|Total income
270,518
198,800
469,318
339,089
223,339|Other income
6
1,259
-
1,259
10,976
-|Investment income
5
36,169
-
36,169
27,073
-|Charitable activities
4
233,090
-
233,090
300,035
-|Donations
3
-
198,800
198,800
1,005
223,339|**Income from:**|**Note**
**£**
**£**
**£**
**£**
**£**|**funds**
**funds**
**2025**
**funds**
**funds**|**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**|**(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**|**Statement of Financial Activities for the Year Ended 31 July 2025**|**The Royal Institute of Philosophy**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||1,619,732|1,612,442||7,290|(410)||-|7,700|(554,728)|-|(554,728)||562,428|10,976|27,073|300,035|224,344||**£**|**2024**|**Total**||||
## **The Royal Institute of Philosophy**
## **Statement of Financial Activities for the Year Ended 31 July 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 18.
Page 20
## **The Royal Institute of Philosophy**
## **(Registration number: 205110) Balance Sheet as at 31 July 2025**
|**Note**
**Fixed assets**
Intangible assets
13
Investments
15
**Current assets**
Debtors
16
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
17
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
General Funds
Designated Funds
Total unrestricted funds
**Total funds**
18|**2025**
**£**
18,845
1,358,647
1,377,492
148,429
58,214
206,643
(69,615)
137,028
1,514,520
6,251
267,875
1,240,394
1,508,269
1,514,520|**2024**
**£**
26,383
117,867|
|---|---|---|
|||144,250|
|||493,119
1,041,699|
|||1,534,818
(59,336)|
|||1,475,482|
|||1,619,732|
|||22,052
362,187
1,235,493|
|||1,597,680|
|||1,619,732|
For the financial year ending 31 July 2025 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 3 to 15 were approved by the trustees, and authorised for issue on 20 November 2025 and signed on their behalf by:
......................................... Prof L O'Brien Trustee
Page21
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **1 Charity 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 office is: 7 Bell Yard London WC2 2JR
These financial statements were authorised for issue by the trustees on 20 November 2025.
## **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.
Page 22
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **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 RIP 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 7/12) 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. Other 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 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 20%.
## **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%.
Page 23
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **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.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees 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.
Page 24
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **3 Income from donations**
|**3**
**Income from donations**||||
|---|---|---|---|
|Donations|**Restricted**
**funds**
**£**
198,800
198,800|**Total**
**2025**
**£**
198,800
198,800|**Total**
**2024**
**£**
224,344|
||||224,344|
## **4 Income from charitable activities**
|Members' subscriptions
Income on sale of "Philosophy"
Income on sale of "Think"
Lectures
Education programmes|**Unrestricted**
**funds**
**General**
**£**
15,328
167,183
40,891
6,688
3,000
233,090|**Total**
**2025**
**£**
15,328
167,183
40,891
6,688
3,000
233,090|**Total**
**2024**
**£**
18,243
247,946
33,846
-
-|
|---|---|---|---|
||||300,035|
"Philosophy" and "Think" are published by Cambridge University Press (CUP) as a joint arranagement whereby they account for gross subscription and non-subscription revenues, printing, distribution, commissions, overheads and other costs. CUP then remit the net result to The Royal Institute following the issuance of an invoice. As such, the income on sale of "Philosophy" and "Think" stated above is the net amount.
## **5 Investment income**
|Dividend income
Interest income|**Unrestricted**
**funds**
**Designated**
**£**
6,586
29,583
36,169|**Total**
**2025**
**£**
6,586
29,583
36,169|**Total**
**2024**
**£**
12,149
14,924|
|---|---|---|---|
||||27,073|
During the year, a prior period adjustment was made to correct an error where VAT of £13,685 had been incorrectly credited to dividend income in the previos year. The adjustment has been reflected by reducing the dividend income and adjusting the brought forward funds and corresponding VAT control balance.
Dividend income for the prior year was previously reported as £25,834 and has been restated to £12,149 following this adjustment.
Page25
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **6 Other income**
|**6**
**Other income**|||||
|---|---|---|---|---|
|**Unrestricted**
**funds**
**General**
**£**
Other income
1,259
**7**
**Expenditure on charitable activities**
**Unrestricted funds**
**Restricted**
**Note**
**Designated**
**£**
**General**
**£**
**funds**
**£**
Charitable
activities
15,340
200,428
214,601
Governance
costs
9
-
27,337
-
Staff costs
10
6,845
94,355
-
22,185
322,120
214,601||**Total**
**2025**
**£**
1,259
**Total**
**2025**
**£**
430,369
27,337
101,200||**Total**
**2024**
**£**
10,976|
|||||**Total**
**2024**
**£**
437,063
28,729
88,936|
|||558,906||554,728|
In addition to the expenditure analysed above, there are also governance costs of £27,337 (2024 - £28,729) which relate directly to charitable activities. See note 9 for further details.
## **8 Other expenditure**
|VAT over-recovered HMRC|**Unrestricted**
**funds**
**General**
**£**
6,541
6,541|**Total**
**2025**
**£**
6,541
6,541|**Total**
**2024**
**£**
-|
|---|---|---|---|
||||-|
Page 26
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **9 Analysis of governance and support costs**
## **Governance costs**
|**Governance costs**||||
|---|---|---|---|
|**Note**
Staff costs
10
Examination of the financial statements
11
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
25,300
2,000
37
27,337|**Total**
**2025**
**£**
25,300
2,000
37
27,337|**Total**
**2024**
**£**
25,959
1,750
1,020|
||||28,729|
## **10 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2025**
**£**
102,815
6,149
17,536
126,500|**2024**
**£**
96,201
2,851
15,843|
|---|---|---|
|||114,895|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
|charity during the year expressed as full time equivalents was as follows:|||
|---|---|---|
|Full-time staff (1)
Part-time staff (4)|**2025**
**No**
1
1
2|**2024**
**No**
1
1|
|||2|
No employee received emoluments of more than £60,000 during the year.
## **11 Independent examiner's remuneration**
|Examination of the financial statements|**2025**
**£**
2,000|**2024**
**£**
1,750|
|---|---|---|
Page 27
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **12 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **13 Intangible fixed assets**
|**Cost**
At 1 August 2024
At 31 July 2025
**Amortisation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net book value**
At 31 July 2025
At 31 July 2024
**14 Tangible fixed assets**
**Cost**
At 1 August 2024
At 31 July 2025
**Depreciation**
At 1 August 2024
At 31 July 2025
**Net book value**
At 31 July 2025
At 31 July 2024|**Website**
**£**
37,690
37,690
11,307
7,538
18,845
18,845
26,383
**Furniture and**
**equipment**
**£**
27,009
27,009
27,009
27,009
-
-|**Total**
**£**
37,690|
|---|---|---|
|||37,690|
|||11,307
7,538|
|||18,845|
|||18,845|
|||26,383|
|||**Total**
**£**
27,009|
|||27,009|
|||27,009|
|||27,009|
|||-|
|||-|
Page 28
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **15 Fixed asset investments**
|**15 Fixed asset investments**|||||
|---|---|---|---|---|
|Other investments
**Other investments**
**Cost or Valuation**
At 1 August 2024
Revaluation
Additions
Disposals
At 31 July 2025
**Net book value**
At 31 July 2025
At 31 July 2024
**16 Debtors**
Trade debtors
Prepayments
Other debtors
**17 Creditors: amounts falling due within one year**
Trade creditors
Taxation and social security
Accruals||**2025**
**£**
1,358,647
**Listed**
**investments**
**£**
117,867
(9,083)
1,285,837
(35,974)
1,358,647
1,358,647
117,867
**2025**
**£**
3,000
140,498
4,931
148,429
**2025**
**£**
10,667
50,480
8,468
69,615||**2024**
**£**
117,867|
|||||**Total**
**£**
117,867
(9,083)
1,285,837
(35,974)
1,358,647
1,358,647
117,867
**2024**
**£**
320,765
172,354
-|
|||1,358,647|||
|||1,358,647|||
|||117,867|||
|||**2025**
**£**
3,000
140,498
4,931
148,429
**2025**
**£**
10,667
50,480
8,468
69,615|||
|||||493,119|
|||||**2024**
**£**
-
50,671
8,665|
|||||59,336|
Page 29
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **18 Funds**
|**Unrestricted funds**
General Funds
Designated Funds
**Total unrestricted funds**
**Restricted funds**
Jacobsen Scheme
Al Rodhan Book Prize
**Total funds**
**Unrestricted funds**
General Funds
Designated Funds
**Total unrestricted funds**
**Restricted funds**
Jacobsen Scheme
Al Rodhan Book Prize
**Total funds**|**Balance at 1**
**August 2024**
**£**
362,187
1,235,493|**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Balance at**
**31 July 2025**
**£**
234,349
(328,661)
-
267,875
36,169
(22,185)
(9,083)
1,240,394
270,518
(350,846)
(9,083)
1,508,269
167,800
(183,601)
-
6,251
31,000
(31,000)
-
-
198,800
(214,601)
-
6,251
469,318
(565,447)
(9,083)
1,514,520
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Balance**
**at 31 July**
**2024**
**£**
312,016
(288,782)
(41,653)
-
362,187
27,073
(54,650)
41,192
(410)
1,235,493
339,089
(343,432)
(461)
(410)
1,597,680
195,300
(182,796)
-
-
22,052
28,039
(28,500)
461
-
-
223,339
(211,296)
461
-
22,052
562,428
(554,728)
-
(410)
1,619,732|**Balance at**
**31 July 2025**
**£**
267,875
1,240,394|**Balance at**
**31 July 2025**
**£**
267,875
1,240,394|
|---|---|---|---|---|
||1,597,680|||1,508,269|
||22,052
-|||6,251
-|
||22,052|||6,251|
||1,619,732|||1,514,520|
||**Balance**
**at 1**
**August**
**2023**
**£**
380,606
1,222,288
1,602,894
9,548
-
9,548
1,612,442|||**Balance**
**at 31 July**
**2024**
**£**
362,187
1,235,493|
|||||1,597,680|
|||||22,052
-|
|||||22,052|
|||||1,619,732|
Page 30
## **The Royal Institute of Philosophy**
## **Notes to the Financial Statements for the Year Ended 31 July 2025**
## **19 Analysis of net assets between funds**
|Intangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Intangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
18,845
-
112,002
1,240,394
206,643
-
(69,615)
-
267,875
1,240,394
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
26,383
-
-
117,867
395,140
1,117,626
(59,336)
-
362,187
1,235,493|**Restricted**
**funds**
**£**
-
6,251
-
-
6,251
**Restricted**
**funds**
**£**
-
-
22,052
-
22,052|**Total funds at**
**31 July**
**2025**
**£**
18,845
1,358,647
206,643
(69,615)|
|---|---|---|---|
||||1,514,520|
||||**Total funds at**
**31 July**
**2024**
**£**
26,383
117,867
1,534,818
(59,336)|
||||1,619,732|
## **20 Related party transactions**
Four trustees were reimbursed £853 for travel during the year (2024: Nil). There were no related party transactions in the year.
Page 31