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SCIENCE SHAPING THE WORLD WE LIVE IN 1 STRATEGIC REPORT STRATEGIC GOVERNANCE FINANCIAL STATEMENTS FINANCIAL OTHER INFORMATION OTHER Science Shaping the world we live in Trustees’ report and financial statements for the year ended 31 March 2020 2 THE ROYAL SOCIETY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS SCIENCE SHAPING THE WORLD WE LIVE IN 3 Contents About us STRATEGIC REPORT REPORT STRATEGIC About us 3 The Royal Society’s fundamental President’s foreword 6 Executive Director’s report 8 purpose, reflected in its founding Public benefit statement 10 Charters of the 1660s, is to recognise, Charity Our strategy at a glance 12 promote and support excellence As a registered charity, the Royal Society undertakes a range of activities that provide Where our income comes from and how we spend it 14 in science and to encourage the public benefit either directly or indirectly. These include providing financial support for scientists development and use of science for at various stages of their careers, funding STRATEGY IN ACTION programmes that advance understanding of our GOVERNANCE Promoting excellence in science 16 the benefit of humanity. world, organising scientific conferences to foster How the Society has supported discussion and collaboration, and publishing the response to the pandemic 20 scientific journals. Supporting international The Society is a self-governing scientific collaboration 22 Future Leaders – Fellowship of distinguished scientists African Independent Research (FLAIR) Fellowships 26 drawn from all areas of science, Demonstrating the importance technology, engineering, mathematics The Society has of science to everyone 28 Fellowship and medicine. three roles that are Climate and biodiversity 32 As a fellowship of outstanding scientists key to performing STATEMENTS FINANCIAL embracing the entire scientific landscape, the GOVERNANCE its purpose: Society recognises excellence and elects Fellows and Foreign Members from all over the world. People 34 The Society has played a part in some Financial review 40 of the most fundamental, significant Principal risks and uncertainties 46 and life-changing discoveries in Governance 50 Statement of Trustees’ history and Royal Society scientists responsibilities 53 – our Fellows and those people we National Independent auditor’s report 54 fund – continue to make outstanding academy INFORMATION OTHER FINANCIAL STATEMENTS contributions to science and help to As a national academy, the Society represents the UK and collaborates with international Consolidated statement of partners to advocate for science and its financial activities 56 shape the world we live in. benefits. It provides authoritative and Consolidated and charity independent advice on matters of science balance sheet 57 that support the public good, including policies Consolidated statement that promote excellent science and scientific of cash flows 58 issues that inform public policy. Accounting policies 59 Notes to the financial statements 63 Reference and administrative details 87 Discover more online at: royalsociety.org 4 THE ROYAL SOCIETY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS SCIENCE SHAPING THE WORLD WE LIVE IN 5 Our heritage At a glance STRATEGIC REPORT STRATEGIC 1778 Fellows begin ‘conversaziones’ as an opportunity to demonstrate 1723 their cutting-edge research to the 11,513 1660 The first Foreign Secretary of the rest of the Fellowship. These have £133.7m members of the public attended the Society is appointed, 59 years before since developed into the annual The Royal Society is total expenditure, 17% increase from 2018/19 Society’s Summer Science Exhibition founded, following a lecture the UK government appoints its first public Summer Science Exhibition. by Christopher Wren. Foreign Seretary. 1662 1736 GOVERNANCE The Royal Society publishes its first book, The Copley Medal is established from an John Evelyn’s Sylva. This recognised the endowment of £100 received from the impact of humans on the natural world and estate of Sir Godfrey Copley in 1709. It is the 1797 the need for sustainability. world’s oldest scientific honour, a prestigious Edward Jenner 1,913 1,065 forerunner of the Nobel Prize. FRS unveils a new participants at the Society’s internationally researchers currently supported by the weapon in the fight renowned scientific meetings Royal Society through its research fellowships 1851 against smallpox – The UK government awards vaccination. It will the Society its first annual eventually lead to government grant of £1,000 the eradication of the 1947 1928 to be distributed for ‘private disease in humans. Two years after the Alexander Fleming FRS individual scientific research’. Papers from our journals election of the first recognises the antibacterial effect were downloaded over FINANCIAL STATEMENTS FINANCIAL women to the Royal of penicillin, and its significance, following his observations of 61 Society, Mary Lucy Cartwright becomes infection among the wounded new Fellows and Foreign Members the first female of the First World War. 30m times elected, including 13 women mathematician elected to the 1872 Fellowship. She is The launch of the HMS Challenger expedition, recognised for her heralds the creation of a new scientific discipline pioneering work – oceanography. Organised by the Royal Society in what would later and the Admiralty the voyage vastly increased be known as chaos knowledge of ocean ecosystems and identified theory. 1964 over 4,000 new marine species. 41,784 1,472 Royal Society Wolfson Research pages from our archives digitised downloads of the iHuman report Professor, Dorothy Hodgkin, OTHER INFORMATION OTHER 1971 becomes the UK’s only female Nobel Prize-winning scientist. John Vane FRS elucidates how the 1983 effective substance The Society’s People of Science The Royal Society University Research Fellowships 2020 in aspirin acts as an videos received more than are established to create opportunities for early The Data Evaluation and Learning anti-inflammatory career scientists within UK universities. Many for Viral Epidemics (DELVE) group and inhibits pain in 212 University Research Fellows have gone on to is convened by the Royal Society in the human body. staff organised into programmes, become leaders in their field. response to the COVID-19 pandemic. His research paves 725,000 services and trading sections the way for the views on YouTube development of 2011 LOOKING FORWARD: 2021 other useful drugs and treatments. The Society publishes The Royal Society will continue to Open Biology, its first fully convene scientific experts urgently ‘open access’ journal. to support the response to the global pandemic and provide new scientific advice as it evolves. 6 THE ROYAL SOCIETY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS SCIENCE SHAPING THE WORLD WE LIVE IN 7 President’s REPORT STRATEGIC foreword before it. Avoiding potential damage account the long-term aspirations of the technology and ethical issues to science from a bad Brexit and scientists and their families. raised by the development of neural the general election and what a interfaces – electronic devices Science has been central to the Investment in science is essential for new government would mean for linked to our nervous systems that the health, wealth and happiness of handling of the pandemic and the science were also high on the Royal have great potential in medicine the nation. That was one of the key Society’s agenda. but could also exacerbate already Royal Society has been to the fore.” messages that the Royal Society put strong inequalities in society. We We continued to make the case to politicians in the general election. GOVERNANCE also convened an international for the best possible outcome for It is a message that has hit home, commission with the aim of Over the past science as we leave the European with the main parties making a developing principles, criteria and year we have Union. The outward-facing, significant commitment to increasing standards for the clinical use of international nature of UK science investment in science. In March, increased our genome editing of the human has never been more important the Chancellor of the Exchequer germline. investment in in tackling global challenges. committed to more than doubling outstanding Challenges that are global but government investment in research Science and innovation promise so scientists from that have very real impacts on the and innovation by the end of this many improvements to the way we everyday lives of all of us – on our parliament. live but they also bring significant £84.7 million health, on the way we live our lives ethical challenges. Science can tell The Royal Society is an important and on jobs and the economy. us what we can do but it is up to to £102.5 million. part of delivering that investment society to decide what we should do. STATEMENTS FINANCIAL The UK has always been outward in science, and over the past year Over the past year, our Fellows and looking on science – we have we have increased our investment the people we fund have continued thrived by welcoming the best in outstanding scientists from to find new ways to benefit society. people from around the world £84.7 million to £102.5 million. The The Royal Society has continued to to come and work with our own people we invest in are pushing the help people understand what the outstanding homegrown talent. boundaries of human understanding, choices are and to give them the The world in April 2019 was very In addition to individual Fellows government advisory groups such That has been threatened by Brexit as our Charter from 1660 describes, means by which they can decide different from the world in March contributing directly to advice within as the Scientific Advisory Group for and we have continued to highlight for the benefit of humanity. what directions we go in. In a year 2020. The global COVID-19 and to government, the Society Emergencies (SAGE). this problem to the government. Science impacts our lives in so many that ended with great challenges for pandemic has impacted everyone, convened three groups to support In January, Downing Street As a scientific publisher, the Society ways.
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