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Financial Statements and Trustees' Report 2017

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Financial Statements and Trustees' Report 2017 Royal Society of Chemistry Financial Statements and Trustees’ Report 2017 About us Contents We are the professional body for chemists in the Welcome from our president 1 UK with a global community of more than 50,000 Our strategy: shaping the future of the chemical sciences 2 members in 125 countries, and an internationally Chemistry changes the world 2 renowned publisher of high quality chemical Chemistry is changing 2 science knowledge. We can enable that change 3 As a not-for-profit organisation, we invest our We have a plan to enable that change 3 surplus income to achieve our charitable objectives Champion the chemistry profession 3 in support of the chemical science community Disseminate chemical knowledge 3 and advancing chemistry. We are the largest non- Use our voice for chemistry 3 governmental investor in chemistry education in We will change how we work 3 the UK. Delivering our core roles: successes in 2017 4 We connect our community by holding scientific Champion for the chemistry profession 4 conferences, symposia, workshops and webinars. Set and maintain professional standards 5 We partner globally for the benefit of the chemical Support and bring together practising chemists 6 sciences. We support people teaching and practising Improve and enrich the teaching and learning of chemistry 6 chemistry in schools, colleges, universities and industry. And we are an influential voice for the Provider of high quality chemical science knowledge 8 chemical sciences. Maintain high publishing standards 8 Promote and enable the exchange of ideas 9 Our global community spans hundreds of thousands Facilitate collaboration across disciplines, sectors and borders 9 of scientists, librarians, teachers, students, pupils and Influential voice for the chemical sciences 10 people who love chemistry. Engage our diverse community 10 Influence decision makers 10 Connect the chemical sciences to the wider world 12 Changing how we work 13 Understanding our members and customers 13 Strengthening our revenue streams 13 Expanding our digital capabilities 14 Governance review 14 Fundraising 15 Chemists’ Community Fund 15 Continuing our support to the community 16 Enquiries by type 17 Financial review 18 Financial performance 19 Structure, governance and management 28 Remuneration of key management personnel 29 Trustees 29 Subsidiary companies 30 Reference and administrative details 31 Auditors, bankers and others professional advisors 31 Royal Society of Chemistry Council 32 Responsibilities of the Trustees 33 Independent auditors’ report 34 Consolidated statement of financial activities for the year ended 31 December 2017 36 Consolidated and Charity balance sheets as at 31 December 2017 38 Consolidated and Charity statements of cash flows for the year ended 31 December 2017 39 Notes to the financial statements 40 Welcome from our president It would be satisfying, as the president of importantly we have been reaffirming a successful organisation, to simply enjoy and building on our relationships with the continuous flow of stories from our international partners because, regardless of community about how our activities benefit global politics, chemistry has no nationality. science and humanity. Many of these are told in this report. But as responsible In delivering all of this, the staff of the stewards of our 176-year heritage, my Royal Society of Chemistry work with fellow Trustees and I must look beyond extraordinary skill, and on behalf of the today’s successes and plan for tomorrow’s Trustees I thank them all for their dedication. challenges. Alongside their achievements for the community they have also made the Our Future of the Chemical Sciences organisation more efficient and resilient, research in 2016 showed an unpredictable through multimillion-pound investment in environment for chemistry: a rapidly technology and financial planning. changing landscape for technological advances having huge impacts on skills As Trustees we must hold the executive and careers, and an increasingly complex to account, but also improve our own relationship between science and politics at ability to govern the organisation. The local, national and global levels. governance review I initiated in 2016 has this year recommended changes that will Understanding these trends allowed us in allow for more diverse, more confident 2017 to plan more effectively – at the same future boards of Trustees, who will be able time as delivering more for the chemistry to make strategic decisions that will further community than ever before. strengthen our organisation’s ability to effectively meet future challenges and stay The role of the professional chemical relevant in a changing world. scientist is changing – and so being able to demonstrate competence and commitment In leading this work, it is my aim that the has never been more important. As a Royal Society of Chemistry I hand over to lifelong teacher, it was personally rewarding my successor is even stronger than the one to see the Royal Society of Chemistry I inherited. officially recognising so many new kinds of professionalism, such as technical and But of course with that duty comes the vocational education, as well as welcoming privilege of leading a diverse community of more new chartered chemists than ever people in all sectors, from all backgrounds, before. who love chemistry. Every engagement brings me into contact with new people While pushing the quality of the knowledge who do exciting new things for the love of we disseminate ever higher, we have also their science. Each is a powerful reminder made it more accessible. Making the world’s of the value we bring to society: advancing largest chemical science journal, RSC excellence in the chemical sciences, to Advances, a gold open access journal – free improve the lives of people around the to read for everyone – was a bold step, and world now and in the future. a clear demonstration of our intent to make chemistry knowledge more openly available. Professor Sir John Holman Across almost every issue – research, education, safety, employment and so many more – policy discussion and advocacy is framed by Brexit. We have been active in informing the decision-making process, often directly with government, to ensure the UK will continue to be a great place to do science. But perhaps even more 1 We can enable that change Share chemical knowledge Our strategy: As a knowledge provider, we will accelerate The Royal Society of Chemistry’s purpose the growth, dissemination, application and is to advance excellence in the chemical impact of chemical science knowledge. shaping the future of sciences – to improve the lives of people around the world now and in the future. ∞ We will increase our reputation for high the chemical sciences We are the professional body for chemists quality impactful content supporting in the UK, with more than 50,000 members scientific priorities in 125 countries, and an internationally Chemistry changes the world Chemistry is changing ∞ We will promote and enable the renowned publisher of high quality chemical exchange of ideas science knowledge. The chemical sciences are vital for the For the chemical sciences to make their ∞ We will facilitate collaboration across wellbeing of our world. maximum impact, they need to change with As a not-for-profit organisation, we disciplines, sectors and borders Chemical scientists change lives – and the world. By 2025 we want to see that: invest our surplus income to achieve our have been doing so in many ways, for many ∞ Chemical scientists have made faster charitable objectives in support of the Use our voice for chemistry centuries. progress in tackling global and societal chemical science community and advancing As a trusted and authoritative voice, we will challenges excellence in the chemical sciences. ensure that chemistry has a recognised and They will enable enormous social and influential role in science and society. technological change in the future. ∞ New business models mean chemical When we create plans and activities, we sciences research is more openly are guided by a shared set of organisational ∞ We will engage and enable our diverse The chemical sciences will change too. available values: community Current trends indicate that by 2030: ∞ Teachers have the resources and services ∞ We are professional, holding ourselves ∞ We will influence decision-makers in ∞ Chemistry will need to become more they need to give their students a rich accountable for the outcomes of our areas that impact the chemical sciences global, more interdisciplinary, and more and inspiring chemistry education activity and demonstrating authoritative, ∞ We will connect the chemical sciences collaborative ∞ The UK and Ireland chemistry evidence-based thinking with the wider world ∞ New technologies will mean less work community’s ethical framework is ∞ We are dedicated, making a personal is done physically in a laboratory or influencing global standards We will change how we work difference in all that we do, and valuing classroom, and more is simulated on a ∞ The UK and Ireland chemistry the purpose and heritage of our screen We’re proud our heritage spans more than community has made a step change in organisation 175 years – and it’s our responsibility to ∞ There will be an enormous growth in diversity, inclusion with a strong future ∞ We are enabling, building productive ensure our legacy lasts just as long. scientific data, as well as the tools to pipeline, more routes into the profession relationships
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