Trustees' Report & Accounts April 2015–March 2016
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Trustees’ Report and Accounts april 2015 – march 20 16 Front Page Image: Brain scan illustrating the work of Neuroscientist and RSE Fellow Professor Richard Morris CBE. Image © Dr Mark Bastin ROYAL SOCIETY OF EDINBURGH Trustees’ Report & Accounts 2015 –2016 Contents Council of the RSE 2015 –16 2 Trustees’ Annual Report Highlights of the year 3 Activity report 4 Financial review 14 Structure, governance and management 15 Policies 17 Future plans 18 Independent Auditors’ Report to the Council of The Royal Society of Edinburgh 20 Accounts Group statement of financial activities 22 (incorporating the income and expenditure account) Group balance sheet 23 RSE balance sheet 24 RSE statement of financial activities 25 (incorporating the income and expenditure account) Group cash flow statement 26 Notes to the financial statements 27 Legal and Administrative Information 52 1 ROYAL SOCIETY OF EDINBURGH Trustees’ Report & Accounts 2015 –2016 The Royal Society of Edinburgh is registered in Scotland as Scottish Charity No. SC000470 The Trustees are the Council Members elected during the financial year (1 April 2015 to 31 March 2016) Council President Dame Jocelyn BELL BURNELL DBE Vice-Presidents Professor T S DURRANI OBE Professor N E HAITES OBE Mr I C RITCHIE CBE Sir David WALLACE CBE Professor J W WALLACE CBE General Secretary Professor A ALEXANDER OBE* Treasurer Mr G R WILSON CB* Fellowship Secretary Professor J M C CONNELL Councillors Professor D A CANTRELL CBE Professor R J CORMACK Professor B E CRAWFORD OBE Sir Muir RUSSELL KCB Professor Dame Joan STRINGER DBE* Officers and Staff Curator Dr I G BROWN Research Awards Convener Professor S P BEAUMONT OBE Programme Convener Sir Andrew CUBIE CBE Young People’s Programme Convener Dr C R D VAN DER KUYL Chair of RSE Scotland Foundation Professor D A RITCHIE CBE* Education Committee Convener Professor S A BROWN OBE Chair of RSE Scotland SCI0 Professor P H HOLMES OBE Chief Executive Dr W DUNCAN* Director of Finance Miss K F M ELLIS* Director of Corporate Services Mr G HERBERT* Director of Development and Communications Mr G ADAM* * Member of Executive Committee 2 ROYAL SOCIETY OF EDINBURGH Trustees’ Report & Accounts 2015 –2016 Highlights of the year In the year 201 5–16 the RSE engaged in a wide and Some of the notable events of the year took place in a varied range of activities, developed and delivered by its short space of time in the autumn, when Sir David Fellows and staff, illustrated by the following table of the Attenborough and Peter Higgs spoke at RSE events on year in numbers: consecutive days, followed only days later by the RSE Christmas Lecture, given by the You tube star Stampycat that filled the Caird Hall in Dundee in the afternoon and evening of St Andrew’s Day. The Year in numbers: As a partner in Connected Scotland, the RSE was • 58 Research awards pleased to welcome many international visitors, including • 22 five-year Research Fellows in post the visits by Professor Chunli Bai, President of the Chinese Academy of Science (CAS) and Professor Liu Congqiang, • 11 Enterprise Fellowship awards VP National Science Foundation of China. In December • 21 Enterprise Fellows in post 2015, Sir David Wallace and Professor Durrani lead a • 15 companies formed by Enterprise Fellows high-level delegation to Beijing with three of the Innovation Centres, Stratified Medicine, CENSIS and IBioIC. • 22 international research awards The expertise of Fellows was used to inform and • 16 international connections, delegations influence in areas ranging from GM crops to Scotland’s and events Fiscal Framework; our evidence was widely referred to by • 6,631 school pupils at Talk Science@Irvine Bay, politicians and the press. The RSE Education Committee RSE@Borders and RSE@/Dumfries and continued to contribute to the debate on raising Galloway events standards in Scotland’s schools, particularly in science, engineering and mathematics. Through the new Quiz a • 3,606 school pupils at Schools talks and Whiz You tube channel initiated as part of the RSE Christmas Lecture activities for young people, Fellows are inspiring and • 368,740 views of Stampy’s RSE Christmas informing school pupils and the public. Lecture on iplayer Enterprise Fellows-past and current-have continued to • 4,748 Quiz A Whiz views online develop successful businesses; for example: Viocare – a bioengineering company run by a 2004 Enterprise Fellow, • 2,238 people at RSE events develops smart sensors that help prevent diabetic foot • 3,106 people at RSE@ public events and ulcers and athletic injuries. The company’s first Prosthetic Christmas Lecture and Orthotic Centre, in Glasgow, was opened by the First Minister in September 2015. Another Enterprise Fellow’s • 35 reports of public events audio technology company, Two Big Ears, was recently • 29 consultation responses acquired by Facebook, which will facilitate scaling of the • 5 pro-active position statements technology. • 4 joint responses of Learned Societies Group • 18 policy meetings and oral evidence sessions • 3 meetings of cross-party group on Science and Technology • 9 issues of academic journals • 2 issues of Science Scotland 3 ROYAL SOCIETY OF EDINBURGH Trustees’ Report & Accounts 2015 –2016 Financial Highlights Activity report The results for the year are presented for the first Aims and Objectives time in accordance with the revised Statement of Recommended Practice (Charities SORP (FRS102)) In fulfilling its Royal Charter for the ‘advancement of implementing current Financial Reporting Standards learning and useful knowledge’ the RSE seeks to applicable in the UK. This has required revision of the contribute to the social cultural and economic wellbeing comparative figures and the details of this transition of Scotland. The RSE vision is to continue to build a are set out in note 23 to the accounts. dynamic and relevant National Academy for Scotland, The overall result at the operational level, before through a Fellowship of proven excellence that is unique investment gains and losses, was a deficit of £19,943, in its breadth across the Sciences, Arts & Humanities and compared to the revised figure of £864 for 2015. This Commerce, and to serve as an independent source of was impacted not only by the effect of SORP FRS102 public inspiration, engagement and expertise in Scotland adjustments, but also by the utilisation of surpluses from and beyond. previous years on the CRF fund. The Health, Happiness The objectives, as set out in the RSE Strategic and Wellbeing project, initiated in 201 4–15, made Framework , are: awards of £98,000 of grants, reducing the result for the year, net of CRF income, by £73,000. Inspiration • To stimulate, support and reward excellence in learning The main change from implementation of SORP FRS102 and research in Scotland and the translation of new is in relation to the accounting for pension costs arising from the RSE’s membership of defined benefit schemes. knowledge to business, wealth creation and economic The new method has resulted in significant additional and social wellbeing non-cash costs being included in the accounts, as • To support the development of emerging Scottish explained in more detail in the Financial Review on talent that will be central to the future leadership and page 14. vitality of Scottish society The net assets of the RSE and its connected charities Engagement have reduced in the period, due to the unrealised • To communicate with a wide audience, including investment losses of £2.3m in the year and the internationally, providing an important window on the recognition of pension liabilities totaling £559,000 at world for Scotland and being a conduit for relationships 31 March 2016. with other organisations on matters of national importance Resources expended • To enhance the public profile of Scottish intellectual achievement Expertise • To provide independent and authoritative advice on matters affecting the wellbeing of Scotland and its people, and to initiate and lead public discussion on these matters • To share, with others, knowledge and information on matters of scientific, economic, social and cultural importance Cost of raising funds 3% The core public benefit programme activities are Sustaining and utilising Fellowship 2% described in more detail below, according to the outcomes to which they contribute. Supporting World Class researchers 41% Recognising excellence 1% Strengthening connections with business 20% Reaching out 9% Informing and influencing public decisions 8% Public appreciation of science and culture 15% RSE Young Academy of Scotland 1% 4 ROYAL SOCIETY OF EDINBURGH Trustees’ Report & Accounts 2015 –2016 Activity report 1 Enhancing the capacity of world-class • A study on the discrimination faced by Black and Minority Ethnic Scots science and culture researchers working in Scotland • A calculation that the 2010 Icelandic volcano eruption emitted “on average three times as much toxic gas as RSE Research Awards continued to support some of all European industry combined” the most outstanding young scientists and innovators working in Scotland today. The 11 Personal Fellows who completed their tenure in the last two years have collectively published 151 papers and Key activities initiated 56 collaborations during the five-year fellowships. The following awards in science were made during They have successfully bid individually and jointly for a total the year: of £17m of additional funding in this period. Five of the two • Scottish Government five–year Personal Research cohorts are in lecturer or senior lecturer