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Trustees' Report and Financial Statements 2014-15 TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 1 Trustees’ report and financial statements For the year ended 31 March 2015 2 TRUSTEES’ REPORT AND FINANCIAL STATEMENTS Trustees Executive Director The Trustees of the Society are the Dr Julie Maxton members of its Council, who are elected Statutory Auditor by and from the Fellowship. Council is Deloitte LLP chaired by the President of the Society. Abbots House During 2014/15, the members of Council Abbey Street were as follows: Reading President RG1 3BD Sir Paul Nurse Bankers Treasurer The Royal Bank of Scotland Professor Anthony Cheetham 1 Princess Street London Physical Secretary EC2R 8BP Sir John Pethica* Professor Alexander Halliday** Investment Managers Rathbone Brothers PLC Biological Secretary 1 Curzon Street Sir John Skehel London Foreign Secretary W1J 5FB Professor Martyn Poliakoff CBE Internal Auditors Members of Council PricewaterhouseCoopers LLP Sir John Beddington CMG Cornwall Court Professor Geoffrey Boulton* 19 Cornwall Street Professor Andrea Brand Birmingham Professor Michael Cates B3 2DT Dame Athene Donald DBE Professor Carlos Frenk Professor Uta Frith DBE** Professor Joanna Haigh** Registered Charity Number 207043 Dame Wendy Hall DBE Registered address Dr Hermann Hauser** 6 – 9 Carlton House Terrace Dame Frances Kirwan DBE London SW1Y 5AG Professor Ottoline Leyser CBE Professor Angela McLean royalsociety.org Professor Georgina Mace CBE Professor Roger Owen Professor Timothy Pedley* Dame Nancy Rothwell DBE Professor Stephen Sparks CBE** Professor Ian Stewart** Dame Janet Thornton DBE** Professor John Wood* * Until 1 December 2014 ** From 1 December 2014 TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 3 Contents President’s foreword ................................................ 4 Executive Director’s report ............................................ 5 Trustees’ report ................................................... 6 Promoting science and its benefits .................................... 9 Recognising excellence in science .................................... 21 Supporting outstanding science ..................................... 31 Providing scientific advice for policy .................................. 45 Fostering international and global cooperation ........................... 53 Education and public engagement .................................... 61 Fundraising and development: support for the Royal Society .................... 71 Financial review .................................................. 79 Governance ..................................................... 84 Independent auditor’s report to the Council of the Royal Society ................. 88 Consolidated statement of financial activities .............................. 90 Consolidated balance sheet .......................................... 92 Consolidated cash flow statement ..................................... 93 Accounting policies ............................................... 94 Notes to the financial statements ...................................... 99 Cover Loch a’Chaolais, Stockinish, Isle of Harris in June 2007. Published in Biology Letters. Photo credit: Helen Bennion. 4 TRUSTEES’ REPORT AND FINANCIAL STATEMENTS President’s foreword Science is enjoying an upturn in interest at A matter of great personal importance to me is the moment. The numbers of young people promoting the engagement of women scientists studying science are increasing, there are with the Society through its research awards and scientists with a high public profile such as the Fellowship. This year has seen the Society our new Professor for Public Engagement in make progress in some areas and I am pleased Science, Brian Cox and the Chancellor of the that 11 of the 23 members of the Council of the Exchequer has declared science a ‘personal Society are women. However, there remain priority’. As the UK’s national academy it is vital areas where we can improve our own practices. that we capitalise on this in order to help forge a Diversity is a problem across science and the new compact with society that places science at Society and the wider science community the heart of modern life. cannot tolerate situations where women, or other underrepresented groups, face barriers to The Royal Society’s strength comes from the success not encountered by their peers. scientific quality of our Fellowship. This year that has been clear, whether we have been Collaboration has been a key theme of this Paul Nurse promoting, recognising and supporting the best year. In the UK, ahead of the General Election President of the science in the UK or on an international stage the Society joined forces with the Academy Royal Society or in providing the scientific evidence to help of Medical Sciences, the British Academy and shape rational debate among policy makers and the Royal Academy of Engineering to publish a the public. report, Building a stronger future, on the case for greater investment in research and innovation. The future strength of UK science depends to a The Prime Minister highlighted the report as a large extent on our education system and this ‘timely contribution’ responding to it by saying year the Society published a vision for the next he ‘shared our desire to maintain and grow the twenty years of science and maths education. It UK’s reputation for world-class research and to envisages a system where science and maths make the UK the location of choice for research remain integral for all students up to the age of and innovation’. 18 as part of a baccalaureate style framework. It places an emphasis on evolution rather than On the international stage we partnered revolution in the curriculum and on an increase with the Government of India to hold the first in the numbers of specialist teachers. It has Commonwealth Science Conference in over been well received by many in the education 50 years. The conference brought together community and will shape our work in this over 300 people from 30 Commonwealth sphere going forward. countries under the theme of Science for the common good. Measured against our goals The outstanding scientific contribution of our of celebrating excellence in Commonwealth Fellows was marked this year with, among science, providing opportunities for cooperation others, John O’Keefe’s Nobel Prize in Physiology between researchers, inspiring young scientists or Medicine and Martin Hairer’s Fields Medal. and building scientific capacity in the developing Our own most prestigious award, the Copley nations within the Commonwealth those who Medal, which dates back to 1731 with awardees travelled to Bangalore felt it was a great success. such as Benjamin Franklin, Charles Darwin Our challenge is now to build on that and and Albert Einstein and is probably the oldest continue to contribute to furthering those goals. scientific award in the world, was awarded to Sir Alec Jeffreys for his pioneering work on variation and mutation in the human genome. TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 5 Executive Director’s report The Royal Society has expanded its activities Carlos Moedas. The Commissioner spoke of in a number of key areas this year. Council science and innovation as the biggest driver has approved an expansion of the Scientific for prosperity and of science as a tool for Programme and a greater degree of flexibility in diplomacy. the format of scientific meetings. This increase The Society’s commitment to cooperation will enable a greater number of the high quality with other organisations and international proposals received each year to be explored activities has been prominent this year. The as part of the programme of meetings and Commonwealth Science Conference was a encourage greater participation in the Scientific great success and the Society continues to forge Programme overall. strong links across the world, of which more The Public Engagement programme has also detail appears later in this report. The Society increased in reach and participation this year, also presented the King Charles II Medal to Dr with a greater number of public engagement Tony Tan Keng Yam, President of Singapore to events providing more opportunities for acknowledge his role in the transformation of Dr Julie Maxton the general public to meet researchers and Singaporean research and education over the Executive Director learn about science. In parallel, the Meet the course of his career. of the Royal Society scientists programme offers training, advice and The Society has produced two major policy opportunities for Research Fellows who wish to reports this year. Resilience to extreme weather engage, inform and inspire the public with their was launched at the Commonwealth Science research. Conference and has been promoted at the The Royal Society is committed to promoting UNFCCC Conference of the Parties in Lima the cause of research and innovation and and the UN World Conference on Disaster Risk the importance of continued investment in Reduction in Sendai, with the latter declaration science, both in the UK and in Europe. This reflecting many of the recommendations made year has seen the launch of a five year strategy in the Resilience report. A new strategy for to promote industrial science and translation, Education has also been launched in further support the continued integration of science support of the recommendations made in this and industry, and build further connections year’s Vision for science and mathematics between academia, industry and government. education report. A key part of the strategy will
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