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The Physiological Society Annual Report and Accounts for the year ended 31 December 2008


The Physiological Society Annual Report and Accounts for the year ended 31 December 2008

Contents Page Report of the Trustees

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Independent Auditors’ report

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Statement of financial activities

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Balance sheet

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Cash flow statement

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Accounting policies

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Notes to the financial statements

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Standing information

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This is the Trustees’ Annual Report and Accounts for the year ended 31 December 2008 for The Physiological Society. In preparing this report the Trustees have complied with the Charities Act 1993, the Accounting and Reporting by Charities: Statement of Recommended Practice (Revised 2005) (’SORP’) applicable accounting standards, and also the Companies Act 1985. The Physiological Society was incorporated by guarantee on 27 January 1937 under number 323575. It has no share capital and is registered with the Charity Commission for England and Wales under number 211585. The liability of each Member is limited to £1. The governing document is the Memorandum and Articles of Association of the Company and the members of the Council of Trustees are the Directors of the Company.

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INTRODUCTION Our mission and purpose Physiology is the science of how humans and other animals function in an integrated way and is the basis for many biological and clinical sciences. The Physiological Society was founded in 1876 and is a learned society with over 2,600 Members (including 14 Nobel Laureates) and Affiliates (younger scientists) drawn from 60 countries. The majority of Members are engaged in research, in universities or industry. The Society's charitable objectives are ‘to promote, for the benefit of the public, the advancement of physiology, and facilitate the intercourse of physiologists both at home and abroad, and thereby contribute to the progress and understanding of biomedical and related sciences and the detection, prevention and treatment of disease, disability and malfunction of physical processes in all forms of life.’ The Society’s main strategic objectives are: • to support physiological research through publications and scientific meetings • to support education in physiology • to communicate the importance of physiology • to support our membership and maintain our operations Through supporting physiology education and research, The Society’s work benefits the health of the population and facilitates the prevention and treatment of disease.

Welcome from the President I am happy to report that 2008 was another successful year for The Physiological Society. This annual report illustrates the wide range of charitable activities with which The Society supports its Members and physiologists around the world. Despite the current financial climate, the commercial performance of our journal publications allows us to carry out our activities, supporting physiology education and research, which ultimately benefit healthcare and underpin the prevention and treatment of disease. I would like to thank the Trustees for their hard work throughout the year, in particular Graham McGeown who will be standing down as Honorary Treasurer in July 2009. I would also like to thank our staff in the London and Cambridge offices, on whose expertise and professionalism we are reliant. I hope you enjoy reading this report and I encourage your comments and feedback. Clive Orchard, President of The Physiological Society

Review of the year The Physiological Society supports physiology education and research, which ultimately benefit the health of the population and facilitate the prevention and treatment of disease. This report illustrates the wide range of charitable activities with which The Society supports its Members, physiologists around the world and teachers in universities, medical schools and secondary schools. A major activity of The Society is publishing high quality research papers and reviews to disseminate advances in scientific knowledge. Our two journals are highly regarded by the scientific community and both have increased their impact factors and rankings in 2008. Experimental Physiology celebrated its centenary and has moved to monthly online publication in recognition of the increase in quality and quantity of papers submitted. Both journals give immediate free public access to review articles and free access to all content one year after publication. Institutions in designated developing countries are granted immediate free access to all content. The Society runs a variety of scientific meetings for physiologists to share information and discuss new discoveries. In 2008 we held our Main Meeting in Cambridge and introduced smaller Themed Meetings throughout the year, which have proved popular. Our international focus was on China where we held a Joint International Meeting with the Chinese, American, Canadian and Australian societies in Beijing, and an International Workshop in Shanghai. We continued our series of public workshops focusing on the contribution of physiology to health and wellbeing with a Fit4Life day at Essex University, attended by over 250 school children and adults. We are continuing to build and widen our membership base, which increased by 5% over the year. We have been particularly successful at recruiting undergraduate members through targeted campaigns. All of our Members

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benefit from reduced cost or free access to our meetings and publications and can apply for a variety of grants to support attendance at scientific meetings, vacation research projects and seminar schemes. The Society aims to inspire the next generation of physiologists by supporting education in schools, universities and research institutes, by providing resources, practical training courses and careers advice. Highlights this year were a teaching symposium at our main meeting and a feasibility project to investigate the potential of Philter, an online teaching resource for physiologists. Where appropriate, we work with other learned societies to organise career fairs, techniques workshops and to contribute to a web-based resource of practical projects for schools. We encourage and support young physiologists to organise their own scientific meetings, of which two were held in 2008. The Society has concerns about the lack of training in physiological principles for medical students and has been working with the British Pharmacological Society to develop a core curriculum that will help medical schools to reverse this trend. Our income in 2008 was ÂŁ3.4 million, a small (4%) increase from last year. Expenditure reflected our charitable objectives with publications, scientific events, membership services and education accounting for 90%. Our free reserves fell by nearly ÂŁ2 million, due to the adverse market conditions and were about ÂŁ8.9 million at the end of 2008. A significant event in 2008 was the signing of a new contract with Wiley-Blackwell, the publishers of our journals. This guarantees The Society a minimum income for a number of years. It will allow better financial planning than has been previously feasible, which is particularly welcome in the current turbulent economic climate. We regularly review our governance and management structure to maximise our effectiveness. In 2008 the structure of our trustee executive team were clarified by combining the role of President and Chair of the Executive Committee. A Finance Committee was introduced which includes external members with business and finance experience. Their suggestions have been very valuable in planning our financial policies I hope that all Members will have been impressed by the new Society website which went live this year. It has received plaudits from other learned societies for its impact and functionality. Over 95% of membership applications, renewals, events registration and grant applications are now made through the site, resulting in reduced in administration and faster response times. In 2009 we plan to continue to build on our range of charitable activities and to be more cost-effective in our operations. Both our journals will be seeking to increase the quality of papers they publish with resulting increases in impact factor and status. An editor-in-chief elect will be appointed for The Journal of Physiology to take over from the current editor-in-chief, who stands down in 2010. A major new initiative in education will be the launch of pilot of Philter a web-based, educational resource for university teachers. We will also review and update our popular publication for schools, Understanding Life. Outreach events for schools and the general public will continue, such as a series of events on neuroscience with Bristol University and the Science Centre Explore-At-Bristol during Brain Awareness Week. Where we have common aims, we will continue to work with other learned societies (particularly the British Pharmacological Society), for example by holding joint meetings on Integrative Physiology and Pharmacology and on the 3Rs (reduction, replacement and refinement in animal experimentation). We have been supporters the Biosciences Federation and we are in favour of its merger with the Institute of Biology to provide a stronger voice for UK biology with government. Our drive to expand membership will continue in 2009, particularly at undergraduate level and by encouraging Affiliates to convert to full membership. An important new initiative to support our women Members will be the launch of a mentoring scheme and sponsorship of a Daphne Jackson research fellowship to enable a female member to return to research after a career break. Our Main Meeting will be in Dublin and, as well as running Themed Meetings, we will sponsor a UK based International Workshop and launch three new international grant schemes. Despite the current adverse economic climate and a fall in our reserves, The Society is in a strong financial position and will develop a five year business plan in 2009 to ensure the continued ability to achieve its charitable objectives in years to come.

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GOVERNANCE Council of Trustees The Trustees are legally responsible for the overall governance, management and policy of The Society, ensuring that the charitable objectives for which it has been set up are met. The Trustees are also the Directors of the company. The Council of Trustees meets three times a year. Elections to the Council take place each year, and any Member of The Society is eligible to stand. The normal length of service on Council is four years. The current size of the Council is 20. Meetings of the Council are chaired by the President. Administrative support is provided to the Council and its committees by The Society’s staff based in our offices in London and Cambridge. Trustees’ responsibilities Company law requires the Council of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Society and the income or expenditure for that year. In preparing these financial statements, the Council of Trustees has: • • • •

Selected suitable accounting policies and then applied them consistently Made judgements and estimates that are reasonable and prudent Followed applicable accounting standards and statements of recommended practice without any material departures Prepared the financial statements on the going concern basis

The Council of Trustees is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of The Society and which ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of The Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have confirmed that as far as they are aware there is no relevant audit information of which The Society’s auditors are unaware, and that they have taken all the steps that they ought to have taken as Directors of the company in order to make themselves aware of any relevant audit information and to establish that The Society’s auditors are aware of that information. Trustee induction and training On appointment each Trustee is sent a Trustee Handbook which includes Charity Commission leaflet CC3 and Companies House leaflet GBA1. All new Trustees are invited to attend an external Trustee Training course. In 2008, four Trustees attended a Governance Magazine Trustee Training course and two Trustees on the Finance Committee, along with the two invited external members, attended a Charity Finance Directors' Group Introduction to Charity Finance course. Trustees have a legal duty to avoid conflicts of interest so that they can focus exclusively on the best interests of The Society. If and when any conflicts of interest arise, Trustees are required to make a declaration to be recorded on The Society’s Register of Interests, which is maintained by the Company Secretary and reviewed by the Council on an annual basis. Executive Committee The Executive Committee works through the Chief Executive to oversee the day-to-day operations of The Society and meets frequently throughout the year. Members of the Executive Committee are drawn from, and elected by, the Council. The Council can delegate any of its powers to the Executive Committee as it sees fit. The normal term of office on the Executive Committee is 4 years. At an EGM held at the University of Leeds on 17 March 2008, a new Executive Committee structure was introduced to clarify lines of authority and to bring The Society into line with the governance structures of most other learned societies. (See Resources, administration and infrastructure, p.11) The Executive Committee in 2008 comprised: Jan – July Ole Petersen Ian McGrath Clive Orchard Graham McGeown Prem Kumar

President Chair Vice-Chair Honorary Treasurer Meetings Secretary

July – Dec Clive Orchard Mike Spyer Graham McGeown Prem Kumar Louise Robson Jeremy Ward

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President Deputy President Honorary Treasurer Meetings Secretary Chair, Education Chair, External Relations Policy


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Committees The Council also has committees and working groups to which it delegates powers, and these groups report back to the Council. Membership of committees is drawn from the Council but also includes other invited members who may be Members of The Society or external. Committees are aligned with the various functional groups in the London and Cambridge offices. The main committees are Education, External Relations Policy, Finance, History & Archives, Meetings, and Publications, In 2008 a Finance Committee was introduced which superseded the Audit & Risk Committee (ARC). The committee takes delegated responsibility on behalf of the Council for overseeing all financial aspects of The Society so as to ensure its short and long term ability to achieve its charitable objectives and report back to Council accordingly. The committee acts as a reviewing mechanism of all strategic and statutory financial aspects of The Society. Management and administration The Society employs a Chief Executive who reports on performance against the strategic and operational plans approved by the Trustees. The Society has two offices. The Administration Office in London provides central direction for all aspects of policy and strategy implementation. The Publications Office in Cambridge supports the publishing activities of The Society, including The Journal of Physiology and Experimental Physiology. Annual General Meeting The Society’s Annual General Meeting, open to all Members, was held Wednesday 16 July 2008 at the University of Cambridge during the Physiology 2008 Main Meeting. An Extraordinary General Meeting was held on held on Monday 17 March 2008 the University of Leeds during the Themed Meeting. Minutes of both meetings are available on The Society’s website. Risk management The Trustees continuously review potential risks to The Society. The Finance Committee reviews the effectiveness of internal financial controls and risk management systems, the effectiveness of our internal audit function and the clarity and completeness of disclosures in the financial statements of The Society. Financial risk is formally reviewed on an annual basis but updated continuously as required. The major financial risk facing The Society remains the open access threat to future publishing income, although this is mitigated in the short term by a new publishing contract. A five year business plan is to be reviewed by Trustees in 2009 and this will include income sustainability. During the year, the level of risk attached to banking and investments was upgraded and this forms a major area of the Finance Committee's scrutiny. Further details are given in the Financial Review. Public benefit and public benefit reporting The Charity Commission has finalised its guidance on public benefit. This is of importance as the Commission now has the role of assessing the compliance of charities with their legal duty to benefit the public in order to qualify for charitable status. The Physiological Society is required to report on how it delivers public benefit in their 2009 Trustees’ Annual Report. This will include the following: • • •

Confirmation that Trustees have paid due regard to the Charity Commission guidance on public benefit in deciding what activities the charity should undertake Explanation of significant activities undertaken in order to carry out The Society’s aims for the public benefit, as well as their aims and strategies Explanation of The Society’s achievements measured by reference to The Society’s aims and the objectives set by the Trustees.

The Trustees will consider the timetable for their public benefit reporting obligations at the July 2009 Council meeting.

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OBJECTS AND ACTIVITIES The major activities we undertake to achieve our charitable objectives are: • Publishing • Events (Scientific Meetings) • Membership services • Education • External relations • Resources, administration and infrastructure

Publishing To maximise the value of publication activities to The Society and to the wider physiological community The Society publishes original scientific literature online and in print in its two highly regarded journals, The Journal of Physiology and Experimental Physiology, through our publisher Wiley-Blackwell. The journals are also published online on HighWire Press. The Society publishes a Members’ quarterly magazine, Physiology News and the proceedings of Society meetings, and is developing its publishing outlets through the Publications Committee. The Journal of Physiology In 2008 The Journal of Physiology continued to attract submissions and readers by maintaining a competitive time to first report, publishing high quality research papers in all areas of physiology as well as invited articles in new and exciting areas. 24 issues of The Journal were published containing Research Papers, Rapid Reports, Topical Reviews, Symposium Reports, Perspectives, Journal Club reviews, Letters to the Editor and Editorials, and two new article types – Techniques in Physiology and Clinical Perspectives. The impact factor, a measure for ranking journals according to the number of times their articles are cited in later publications, increased to 4.58, and The Journal moved from 10th to 6th in the physiology list. The half life of articles remained high at 9.2 years. Six symposia were sponsored at international meetings in the USA, Europe and China to promote The Journal. An Olympics Special Issue on Exercise Physiology and human performance was published in January. Following widespread publicity, the issue received record online readership. A Journal Editor and Ian McGrath (chair of the Publications Committee) took part in a publishing workshop in China aimed at helping Chinese scientists publish in Western journals. In the coming year, the number of Clinical Perspectives will be increased in light of a high level on interest in the articles. It is hoped to further improve the impact factor by maintaining fast review times and a rigorous review process for original research papers and continuing to commission state-of-the art reviews by leaders in the field. Emphasis will also be placed on improving the visibility of The Journal and promoting physiology through press releases and lay summaries. Experimental Physiology In 2008 Experimental Physiology celebrated its centenary and started publishing monthly online while remaining bi-monthly in print. The January issue contained an updated history of the journal and a series of Historical Perspective articles were published throughout the year. The journal cover and marketing material was centenary branded. Celebratory events included centenary dinners for past Chairmen and the current Editorial Board, a journal-sponsored Festschrift for K Michael Spyer at the Society’s Themed meeting in Leeds and a sponsored symposium at the main Society Meeting in Cambridge. The journal and its centenary were promoted at a number of scientific meetings. The impact factor rose again from 2.339 to 3.014 and the journal moved from 33rd to 28th place in the physiology list. The 40% increase in submissions seen in 2007 was maintained, as were the strict triage policy and increased rejection rate. Twelve online and six printed issues were published including Research papers, Viewpoints, Lectures, Review Articles, Hot Topics, Translational Reviews, Symposium Reports and one Themed issue on ACE2 and (pro)Renin Receptor. In 2009 the page allocation will increase from 1000 to 1200 pages. An Early Author Prize will be introduced. Content will include a Themed issue on The Cardiac Physiome, and an Exchange of Views on the control of blood pressure will be published. Physiology News In its 25th anniversary year, The Society’s quarterly magazine continued to provide Members with a diverse range of articles and news as part of the membership benefits. 2008 has also seen an enhanced web presence for Physiology News, with archives from the first Society Newsletter in 1984 now online.

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Proceedings of The Physiological Society In 2008, over 450 general abstracts and 133 symposium abstracts from meetings held in Leeds, Cambridge, Oxford and London were published as part of Proc Physiol Soc. Proceedings abstracts are currently created using the ScholarOne system. In 2008 we made improvements in the efficiency in our workflow, taking the correction of abstracts in-house and improving the online publication time. Key achievements in 2008 • Rises in impact factor and increase ranking in ISI's Physiology category for both journals. • Experimental Physiology now published monthly online • Enhanced online publication of Physiology News Key goals for 2009 • • • • •

Journal of Physiology - Reduce acceptance rate to 20% and maintain the number of papers triaged without full review at 2008 levels (30%), to ensure only the highest priority papers are published Experimental Physiology - Maintain rejection in proportion to submissions and page allocation and increase number of papers triaged without a full report to ensure only the highest priority papers are published Appoint an Editor-in Chief elect for The Journal of Physiology Further increases to impact factors of both journals Provide an enhanced searchable magazine website for Physiology News

Events (Scientific meetings) To recognise and promote excellence in physiology through scientific meetings Scientific meetings support and promote physiology by facilitating the dissemination and discussion of the latest scientific advances in the field. The Society’s Main Meeting, Physiology 2008, took place in July at the University of Cambridge. Over 700 participants attended 19 symposia, six plenary lectures, and viewed over 300 free communications. In 2008 Themed Meetings replaced Focused Meetings. Themed Meetings allow anyone working within the broadest remit of a theme, including PhD students and postdocs, to present original research as an oral communication and/or poster. Themed Meetings are an excellent forum for establishing scientific networks and collaborations as well as learning from each other about new developments in related fields within a scientific theme. The overall aim is to produce a modern, cutting-edge and friendly environment for uninhibited scientific exchange. The six main themes are Cardiac & Respiratory Physiology, Cellular & Integrative Neuroscience, Epithelia & Membrane Transport, Human & Exercise Physiology, Metabolism & Endocrinology, and Vascular & Smooth Muscle Physiology. There is also a seventh theme to cover cross-thematic concepts, from molecular to integrative, as many physiologists use a variety of approaches in their research programmes. The three Themed Meetings in 2008 proved more popular than the four Focused Meetings held in 2007. Total attendance was up from 400 to 450, free communications from 145 to 175. Internationally, The Society made efforts to forge closer links with Chinese physiologists at all levels. A Joint International Meeting, in association with the Chinese, American, Canadian, and Australian societies, was held in Beijing and attracted over 600 delegates, including over 50 from the UK. Prior to this, an International Workshop was held in Shanghai involving 40 participants from nine countries. The Society supported twelve non-Society meetings in 2008. These meetings covered a wide range of topics of interest to our Members and the scheme continues to be popular. A Special Symposium grant of £5K was awarded to the University of Edinburgh to host a Festschrift in honour of John A. Russell, to take place in July 2009. In 2009 we will build on the success of last year and continue to embed our new meeting formats. The Society’s Main Meeting, Physiology 2009, will be held at University College Dublin. Every theme will be represented and the programme will include symposia, prize lectures, free communication and workshops; as well as many social events.

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Themed Meetings in Human & Exercise Physiology, Epithelia & Membrane Transport, and Cellular & Integrative Neuroscience will be held at King’s College London, Newcastle University, and Cardiff University, respectively. The 2009 international focus will be on the USA, with a Joint International Meeting with the Society of General Physiologists, on the topic of Basic Biology and Disease of Muscle, at Woods Hole, Massachusetts. 2009 will also see the first International Workshop to take place within the UK, at King’s College London. Forty junior physiologists will attend a programme of lectures, poster communications, and hands-on demonstrations, on the topic of Human and Clinical Physiological Techniques. Key achievements in 2008 • Introduction of Themed Meetings as replacement for Focused Meetings with increased attendance • Successful international interactions in China with a meeting in Beijing and workshop in Shanghai. Key goals for 2009 • Further increases in attendance and abstract submission for Physiology 2009 and Themed Meetings • Continue planning for IUPS 2013, establishing scientific programme committees, the meeting’s marketing, branding and website, and a successful confirmation of the Birmingham bid at the IUPS 2009 in Kyoto. • Launch the new UK-based International Workshop in December

Scientific Meetings in 2008 Cardiac & Respiratory Physiology Themed Meeting University of Leeds, 17-19 March • Oral communications - 16 • Poster communications - 49 • Total attendance - 170 Physiology 2008 Main Meeting University of Cambridge, 14-16 July • Oral communications - 117 • Poster communications – 173 • Demonstrations - 5 • Total attendance – 730 Metabolism & Endocrinology Themed Meeting University of Oxford, 9-11 September • Oral communications - 15 • Poster communications – 25 • Total attendance - 91 Joint International Meeting Beijing, China, 19-22 October • Oral communications - 21 • Poster communications - 482 • Total abstracts submitted - 592 • Total attendance - 605 (58 UK participants) Vascular & Smooth Muscle Physiology Themed Meeting King's College London, 15-17 December • Oral communications - 16 • Poster communications - 44 • Total attendance - 195

Membership services To promote membership of The Society among the physiological community and support physiologists at a formative stage in their careers The Society is keen to build, maintain and support a community of physiologists that continue to ‘advance the science of life’. In 2008 we continued to increase the number of Members – specifically within the undergraduate category, which increased from 64 to 167. It is important that we strive not only to increase numbers but also to increase the feeling of community amongst our Members and ensure commitment is rewarded. In 2008 we introduced a questionnaire to new Members

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asking for opinions on what The Society is doing right and what could be improved. Responses to the questionnaire show that Members particularly value our quarterly magazine, Physiology News, and the new website, which came online in March 2008. With the aid of the website, we have also been able to address issues raised by some Members of The Society. For example, we now process travel grants on a monthly basis and have reduced the processing time for new membership applications. The Society wishes to ensure that Undergraduate Members feel part of our community and aims to encourage them to stay within the discipline and to support career development. In 2008 we introduced an undergraduate handbook for each member and made travel grant funding available for those attending the Life Science Careers Conference. We will continue our commitment to improving the benefits of membership into 2009. Travel grant funding will increase to £700 per year for Ordinary Members and £500 per year for Affiliates; our Undergraduates will be eligible to claim up to £100 per year. We aim to continue increasing the number and diversity of our membership. We have begun a more active recruitment drive with visits to King’s College London, University College Dublin, Trinity College Dublin and the Royal College of Surgeons in Ireland. Our total membership rose by 5% throughout 2008 and we hope to continue this trend, with a focus on both the Associate and Undergraduate category. We will also be seeking to improve membership progression and retention, ensuring, for example, a greater number of Affiliates progress to Ordinary or Associate membership. In 2009 The Society will set up a new mentoring scheme for women Members who are in the final stages of studying for a PhD or who already have PhDs and are in the process of establishing their career in academia or industry. The Society will also co-sponsor a 2-year Daphne Jackson Trust fellowship to support a Member who wishes to retrain and return to research after a career break. Daphne Jackson fellows are usually at the PhD level and the majority are women, although men can also apply. Key achievements in 2008 • Increase in membership levels, especially at undergraduate level • Implementation of a one month deadline for travel grants Key goals for 2009 • Increase membership by 5% – with a focus on Associates • Improve membership progression, ensuring, for example, a greater number of Affiliates progress to Ordinary membership or Associate • Develop undergraduate associate membership benefits and encourage participation in meetings • Establish mentoring scheme for women Members

Education To foster and support the learning and teaching of physiology at the secondary and tertiary stages of education The Society invests significantly in the scientists of tomorrow to ensure continued advances in physiology. Our activities extend from secondary school to the postdoctoral level and focus on the provision of educational and career support. For example, The Society continues to contribute a speaker to Biology in the Real World, a series of talks held at the annual meeting of the Association for Science Education (ASE). Through supporting this conference, we help teachers and their students understand key physiological concepts. Where appropriate, we work closely with other learned societies to ensure our educational efforts are coordinated and not duplicated. The Society is concerned about the impact of the reduced amount of practical work undertaken in schools. In 2008 The Society provided sponsorship and contributed physiology-specific content to a new website to help teachers design and run biology practicals in schools (www.practicalbiology.com). Physiology is a key element to the National Curriculum and we hope that our ongoing contribution to this website will help enrich understanding and enjoyment of the subject. In 2008 The Society raised the profile of physiology teaching in universities with a number of new initiatives. At Physiology 2008 in Cambridge we ran our first Teaching Symposium along with a teaching workshop and poster session. The interest in the symposium and associated events was excellent and another is planned for 2009. In 2008, we also started to develop Philter, the Physiologists Image Library and Teaching Resource. The concept of an online resource for teaching material has been well received by the membership and we plan to launch the pilot website in 2009.

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For a number of years, The Society has funded or part funded a number of workshops to provide practical experience of key physiological techniques. Workshops include short courses on in vivo physiology/pharmacology, qPCR and microelectrode techniques. In 2008, with input from our Members, we evaluated the courses we currently support and identified potential new areas for funding. We plan to launch a new techniques workshop in 2010. Providing careers advice is a key element of The Society’s education remit. We provide advice to students at school and university, often through the medium provided by larger organisations such as UCAS. In collaboration with many other learned societies and the BSF we organised a bioscience-specific careers event at King’s College London. In 2009, The Society will offer CV workshops to universities across the UK and Ireland. The Society also provides financial support to help our Members develop their careers. In 2008, we provided 39 Vacation Studentships, supporting undergraduate students with lab-based research during the summer holiday. We also funded two Young Physiologists’ Symposia, giving early stage physiologists at Cambridge and Manchester Universities the opportunity to organise and run their own scientific meetings. Internationally we continued to provide funding for Junior Fellows in Russia and Ukraine, and our financial support continued to the Centres of Excellence in Belarus, Ukraine and Russia. The Society believes it is important to encourage the next generation of physiologists and reward them for effort and achievement. In 2008, we awarded 30 undergraduate prizes to outstanding students in physiology. In 2009, we will continue to provide financial support for Young Physiologists’ Symposia, Vacation Studentships and Undergraduate Prizes. However, we will also be launching a number of new grants including the David Jordan International Teaching Fellowship, International Junior and Senior Research Grants, and a new scheme to support scientific outreach events that communicate the excitement of physiology to young scientists and the wider community. Key achievements in 2008 • Teaching SIG symposia and workshop introduced at Physiology 2008 • Planning and developing of Philter, ahead of launch in 2009 Key goals for 2009 • Launch a new funding scheme to support outreach activity to schools • Develop a schools careers leaflet to be incorporated in an updated version of Understanding Life • Identify and design at least one new techniques workshop for implementation in 2010. • Launch three new international schemes to promote scientific excellence in physiology worldwide

External relations To identify external relations policy matters of relevance to physiologists, and to promote the advancement of physiology by influencing government policy The Society aims to raise the external profile and promote the interests of physiology to as wide an audience as possible. This involves running events and creating educational and other promotional materials for the general public, lobbying government and other organisations on issues of concern to physiologists, fostering relationships with like minded organisations and liaison with the media. Two events were held in 2008 focusing on the contribution of physiology to health and the treatment of disease. Fit4Life, held in April at Essex University, was attended by over 250 school children, families and individuals of all ages, who benefited from direct participation in activities exploring what a healthy lifestyle is and how it can be achieved. Cystic Fibrosis: Better Understanding, Better Lives, in partnership with the Biosciences Federation (BSF), EuroCareCF and the Society for General Microbiology, was held at the BA Science Festival in September, and was attended by over 70 members of the general public and clinicians. Audience participation was excellent with parents of children with CF actively debating the issues with our speakers. A series of events on neuroscience will be held in partnership with Bristol University and the Science Centre Explore-At-Bristol during Brain Awareness Week in March 2009. A Working Group on medical training issues, set up in partnership with the British Pharmacological Society, identified the need to develop a core curriculum in physiology to help inform the training of medical students and health professionals. A draft curriculum is currently under preparation for distribution to all UK medical schools in 2009, and will inform The Society's response to the GMC's Tomorrow's Doctors consultation. A concept paper on opportunities for learned society involvement in science & technology capacity building in developing countries was prepared and widely circulated, drawing a very positive response from other learned

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societies and policy makers. Some outline proposals for new capacity building programmes will be discussed with BSF and other partners, and will be developed further in 2009. The Society is actively represented on a number of external bodies. A major activity throughout the year was responding to science policy consultations - 12 major consultations in 2008 - many in conjunction with the BSF. This has included making a major input to co-ordinating UK submissions lobbying for sensible provisions in the proposed revision of EU Directive 86/609 on animal research. The Society will continue to work with the BSF and other organisations on responses to consultations in 2009. Other planned projects for 2009 are a joint workshop on the 3Rs and animal research issues in cardiovascular research in partnership with the NC3Rs and BPS in September 2009. In science communication, The Society will also become a sponsor of Sense About Science's Voice of Young Science Programme, enabling our Affiliates to take part in their media training workshops and on-going support network. Key achievements in 2008 • Creation of a core physiology curriculum for medical training for medical, dental and nursing schools • Two public events focusing on health Key goals for 2009 • Disseminate a core physiology curriculum for medical training • Run an event on the 3Rs • Participate in BSF working groups developing position papers and responses to consultations

Resources, administration and infrastructure To ensure that the administrative structure and finances of The Society are adequate to achieve the charitable objects Our new website was launched in March and has since proved popular with Members. Over 95% of membership applications, renewals, events registration and grant applications are now made through the online application and payment portal, resulting in a significant reduction in administration, a quicker turnaround time and increased accuracy. Since our launch, a number of other societies have expressed admiration for the site and an interest in pursuing a similar project, and this will hopefully aid us in building inter-society relationships with a useful pool of shared knowledge and experience. In 2009 further enhancements for Members will include automatic membership renewals reminders and improved news delivery, including a regular eNewsletter and RSS feeds. Following the creation of the new Finance Committee, a major review of the entire financial accounting and banking systems commenced. We transferred from a modem based banking system to a new internet-based service. Greater integration between the Sage accounting system and the iMIS membership database will be implemented in 2009. At an EGM held at the University of Leeds on 17 March 2008, a new Executive Committee structure was introduced to clarify lines of authority and to bring The Society into line with the governance structures of most other learned societies. The roles of ‘President’ and ‘Chair of the Executive Committee’ were subsumed into one, to be called ‘President’, who chairs both the Council and the Executive Committee. The Executive Committee now consists of the ‘President’, a ‘Deputy President’, the Treasurer of the Society and four other trustees who may be chairpersons of other committees of The Society. The International Secretary role and direct representation from The Journal of Physiology were phased out, bringing the Executive Committee into line with the committee and staff structure serving it. All Council Members are now directly elected by Members of The Society. The Executive Committee will develop a 5 year business plan in 2009 to ensure the continued ability to prosecute its charitable objectives in years to come. In 2009 The Society’s Memorandum and Articles of Association will be updated following advice from our solicitors to incorporate a number of changes required by the Companies Act 2006. These updates will be presented to the membership for approval at the AGM in July 2009. Key achievements in 2008 • Revised governance structure introduced at AGM • New website launched Key goals for 2009 • Revise Governance documents to ensure compliance • Upgrade to office IT systems, membership database and journal hosting platforms • Develop a Business Plan for the next 5 years

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OBJECTS AND ACTIVITIES >>>

OTHER ACTIVITIES History & Archives Committee The History & Archives Committee actively promotes interest in all aspects of the history of physiology. The Committee oversees The Society’s various archival collections which are currently held at the Wellcome Trust Library and the Science Museum. The Committee publicises the need for institutions and departments to identify and maintain any historically important physiological equipment, images and documents. Additionally it encourages individual physiologists to donate relevant personal and professional records to an appropriate repository. In 2008 the Committee’s major work was to fund an archivist at the Wellcome Trust for a nine-month period to catalogue materials that have accrued over the last 15 years. This work finished in January 2009 and the archive is now fully catalogued. It is available to all researchers although access to some material requires The Society’s permission. A full catalogue of the collection can be found on the Wellcome Library’s website. The collection reflects the activities of The Society from its foundation, with minute books dating from 1876, and membership proposals from 1888. It includes proceedings of scientific meetings; annual reports; administrative papers including minutes and agendas relating to finance, governance, membership, education, and animal welfare and legislation. It also holds files from individual officers, and recordings and transcripts from the oral history programme. The archive also includes The Society's photographic collection started by H E Lewis in his role as official photographer for The Society and developed by Martin Rosenberg. As well as Lewis’s and Rosenberg's pictures, the collection contains many photographs taken by Members and others. The Committee exhibited historically interesting physiological equipment at The Society’s Main Meeting in Cambridge, including Richard Adrian’s muscle bicycle and the Keith Lucas spring pendulum from 1908. The Committee is particularly keen to identify unique pieces of equipment, usually handmade or modified in departmental workshops that have contributed to the advancement of physiology. Several more oral histories were recorded and transcribed for addition to the archive. The Paton Prize Bursary, which encourages the study of the major ideas and concepts that have shaped modern physiology, was actively promoted in 2008.

Benevolent Fund of The Physiological Society The Benevolent Fund was established in 1976 ‘for the purpose of assisting Members of The Society, staff and former staff (who by the nature of their employment can be considered to have contributed to the advance of physiology) employed at teaching, research and industrial establishments who are in necessitous circumstances, and their dependants”.’ Income in 2008 was £4,687, of which £2,726 came from charitable giving, £313 from raffles and the remainder from investment income and bank interest. In 2008, two grants totalling £1,500 were made and £100 of book tokens and vouchers were given to children of current or recent beneficiaries. The Society is connected by virtue of common object and administration with The Benevolent Fund of The Physiological Society (Registered Charity No. 272800) and may be contacted at the registered office of The Society. The Society supports The Benevolent Fund by the provision of employees' time and administrative resources free of charge.

Biosciences Federation (BSF) The BSF is currently one of the channels for submitting The Society's responses to public consultations. The Society is closely involved with the BSF Animal Sciences Group that is tackling difficult issues concerning legislation and the activities of animal rights activists. The Society supports the planned merger of the Biosciences Federation and the Institute of Biology as it has the potential to provide a powerful umbrella and lobbying organisation for the life sciences in the UK.

12


OBJECTS AND ACTIVITIES >>>

Prize and Plenary Lectures supported by The Society in 2008 The Physiological Society awards a number of Prize Lectures each year. The Lectureships have been instituted at various times in The Society’s history, and many owe their existence to the generosity of donors. Prize Lectures play an important role in The Society’s commitment to advancing and promoting the physiological sciences for the benefit of the public Joan Mott Prize Lecture Abigail L Fowden (University of Cambridge, UK) Hormone as epigenetic signals in developmental programming Sharpey-Schafer Prize Lecture Walter F Boron (Case Western Reserve University, USA) Gas channels The Physiological Society Public Lecture Peter Weissberg (BHF Medical Director) What causes heart attacks and strokes? Seeing is believing Wellcome Prize Lecture Andrew Trafford (University of Manchester, UK) The role of calcium in the regulation and mis-regulation of cardiac excitation contraction-coupling Paton Prize Lecture Mike Spyer (University College London, UK) To breathe or not to breathe? That is the question UK/Australian Visiting Lectureship Scheme Colin Sibley (University of Manchester, UK) Fetal Growth and Placental Physiology: From Cell to Community The Physiological Society Plenary Lecture in Beijing Denis Noble (University of Oxford, UK) Principles of systems biology from a physiologist’s perspective --------Biller Prize Lecture Gavin Stewart (To be delivered in 2009) Hodgkin-Huxley-Katz Prize Lecture Eric Kandel (To be delivered in 2009) GL Brown Prize Lecture Mark Boyett (University of Manchester, UK) And the heart beat goes on (To be delivered in 2009) Annual Review Prize Lecture Robert G Edwards (University of Cambridge, UK) (Not delivered owing to ill-health)

13


FINANCIAL REVIEW Basis of accounting The annual financial statements of The Physiological Society are attached to this report. These are prepared in accordance with the requirements of the Charities SORP, including a full analysis and allocation of support costs across the charitable activities.

Review of the year Overall summary The Society’s total income increased by 4% in 2008 to £3,429,000 (2007: £3,290,000). Expenditure increased by £92,000 to £3,009,000 (2007: £2,917,000). As a result, net incoming resources increased slightly by £47,000 to £420,000 (2007: £373,000). The difficult financial market conditions towards the end of 2008 meant that investments yielded net losses of £2,309,000 (2007:net losses of £60,000). The overall effect on reserves was a decrease during the year of £1,889,000 (2007: increase of £313,000). Publications The Journal of Physiology Total income increased by a modest 2% to £2,572,000 (2007: £2,527,000). Standard subscriptions remains the largest single income stream at 38% (2007: 42%) although this continues to decline in the face of evolving online models (increases of 17-19%). Other journal income, which is less than 5% of total income, has fallen by £16,000 (16%). Experimental Physiology Total income increased by £6,000 (4%). Subscription income increased slightly to £137,000 (2007: £132,000). Rights, colour revenue and other journal income remained constant at around £8,000. Publication costs for the two journals remained stable at £1,498,000 (2007: £1,493,000). Savings in production (£37,000) and distribution costs (£19,000) were mostly offset by increases in editorial (£19,000) and staff costs (£22,000). Events Income from scientific events increased by a considerable £65,000 in the year. The main reason for this was the financial arrangements for the Main Meeting; registrations for the 2007 Joint Life Sciences Meeting were not handled by The Society and consequently there was no Society income stream associated with this event. By contrast, the 2008 Cambridge meeting yielded total income of £80,000. Total registration income in 2008 was £39,000 compared with £11,000 in 2006; the most comparable year. Events expenditure increased by £119,000 (23%) to £627,000 (2007: £508,000). The primary reason was the costs, of £182,000, associated with the 2008 Main Meeting compared with just £17,000 for the Joint Meeting in 2007. Taking into account the associated income streams; the net cost to The Society of the Main Meeting was £102,000 (2007: £17,000). Support for Themed Meetings increased by £20,000 to £87,000 but costs for the Joint International Meeting fell by £23,000 to £23,000. One international workshop was funded in year at a cost of £27,000 (2007: two, £55,000) and allocated staff costs fell by £15,000 (9%). Membership services Total membership subscriptions increased by £7,000 (6%) to £134,000. Total costs associated with the provision of membership services increased by £28,000 (10%) to £298,000 (2007: £270,000). Member grants and Physiology News costs were of a comparable level to 2007. Allocated staff costs increased by 24% and this was mostly attributable to the costs of funding an archivist (£19,000) to catalogue Society materials in the year. Education Educational activities decreased by £57,000 (18%) to £255,000. Expenditure associated with schools increased by £4,000 (50%) but that for universities fell by £14,000 (13%). International activities fell £19,000 (48%) although this was due to a major review of activities. Staff, support and allocated costs all decreased.

14


FINANCIAL REVIEW >>>

External relations Resources expended on activities associated with external relations policy increased slightly by £6,000 (5%) to £116,000 (2007: £110,000). New activities in the year in respect of Fit4Life and the draft core curriculum accounted for the increase. Governance Costs relating to the general running of The Society decreased slightly at £190,000 (2007: £191,000). Apportioned support costs Joint overhead costs associated with the London office increased by £23,000 (12%) to £219,000 (2007: £196,000). Other incoming resources Investment income decreased by £33,000 (8%) over the previous year. Fund income fell by £32,000 (15%) in the year and this was due to an increased holding in 'accumulation units' compared with 100% 'distribution units' from the middle of 2007. Rental income remained constant at £180,000 and bank interest fell by £4,000 (9%). Balance sheet Despite a solid operating surplus, The Society's exposure to equity investments meant that its overall net wealth fell by £1,889,000 (16%) to £10,027,000 in 2008. This takes The Society back to a pre-2005 wealth level although this position would have been much worse had The Society retained a tracker-based investment policy. Cash and bank balances fell by 5% although this includes a transfer, to debtors, of balances formerly held with Kaupthing Singer Friedlander (KSF) totalling £523,000. The Society has submitted a claim to the Financial Services Compensation Scheme (FSCS) in respect of KSF and we anticipate the funds being returned by the middle of 2009. Debtors increased by £229,000 (13%) in the year; the FSCS redisclosure was offset by falls in trade debtors (£341,000) and accrued income (£79,000). Creditors fell by £70,000 (4%) and this was mostly due to a lower VAT liability for the final quarter of the financial year. Investment policy and performance Investment funds The Society’s investment funds saw major losses in the second half of 2008, leading to an overall reduction in the market value of £1,450,000 (18%). The first full year of The Society's investments under the management of BestInvest coincided with a year of great uncertainty in the world financial markets. In March 2007, the Trustees had approved a change from a passive tracker-based approach with only six funds to a more diversified 'active management' arrangement. As well as increasing the number of invested funds to 23, the exposure to 'large-cap' companies was reduced and growth units purchased at the expense of income. Although a direct comparison is not straightforward, evidence strongly suggests that The Society benefited from changing its investment approach even if this was to limit its downside loss. In November 2008, BestInvest made global changes to all their investment models to account for the prevailing financial crisis. The Society's revised model saw a reduction in equity and hedge fund holdings and an increase in bond holdings. All The Society's investments will continue to be regularly monitored by the Finance Committee, Property The Society continues to hold a portfolio of four properties. At 31 December 2008 the portfolio was re-valued downwards by £695,000 (2007: re-valued downwards by £275,000), following an independent valuation, giving a market value of £1,900,000 (2007: £2,595,000). Total rental income during the year was £180,000 (2007: £178,000). The net income return of the portfolio in 2008 was 6.4% (2007: 6.9%). Investment property managers’ fees remain at 5% gross rentals. Reserves policy The Trustees have adopted a reserves policy which they consider appropriate to ensure the continued ability of The Society to meet its charitable objects. The free reserves are defined as unrestricted funds less designated funds less fixed assets. The free reserves as at 31 December 2008 were £8,906,000 (2007: £10,859,000) and 97% of these are represented by long-term investments. Following the revised Wiley-Blackwell publications contract, the Finance Committee have been considering The Society’s requirements for free reserves in the context of an overall Business Plan. This plan will be discussed by the Trustees at the July 2009 Council Meeting along with a review of the Statement of Investment Principles.

15


FINANCIAL REVIEW >>>

Grant making policy The Society awards grants both in the UK and internationally, to support the careers of physiologists and to promote the understanding of physiology amongst the wider community. Assessment criteria for applications include the benefit of funding an application to the applicant and/or the community, and to the furtherance of physiology. Details of the policy and application procedures are available to members and non-members on The Society’s website. The types of grants available are: • • • • • • •

Travel Grants for attendance at meetings, workshops and laboratory visits Vacation Studentships to support undergraduate summer research projects Departmental Seminar Schemes to attract visiting speakers to take part in department-run seminars Outreach Grants to support outreach activities that communicate the excitement of physiology to young scientists and the wider community Non-Society Symposium to provide up-to-date presentations on a specified symposium topic at a nonSociety meeting International Junior and International Senior Research Grants to support researchers overseas The David Jordan International Teaching Fellowship provides funding for recipients to visit an institution in order to acquire teaching methods of benefit to the teaching of physiology

Treasurer’s statement It will not have escaped anyone’s notice that financially we are living in uncomfortably ‘interesting times’. However, many aspects of the financial statements presented here remain encouraging. The growth in total income, at 4%, was slightly greater than growth in expenditure (3%), resulting in net incoming resources of £420k for the year. The pattern of expenditure also reflects the general priorities agreed by the Trustees, with the publication of original science and scientific meetings accounting for 71% of total expenditure. When the re-investment of investment income is taken into account, the operating surplus for 2008 was £196k. This is some £227k more than was planned for in the budget deficit set at the end of 2007, due to the combined effects of an increase in net income (£66k more than budget), a reduction in general running costs (£55k under budget) and a reduction in the costs of the main activities of The Society (£106k under budget). I think this last figure should concern The Society most, as it is a crude measure of our charitable activity itself. We will continue to work towards more accurate budgeting of costs and Trustees and staff will do all they can to ensure that the approved budget for their area of responsibility is spent. Some of the under spend may reflect a more systemic problem, however, with reduced numbers of members who are ready and willing to organise relevant activities in their own Institutions or areas. As ever, the future health of The Society relies on the enthusiasm and participation of its members. Clearly, this has been a bad year for investments, and The Society has not been immune from the effects of the global downturn. There was a reduction in the value of our investments, both managed funds and property, of £2,145k during 2008. The banks have not proved the safe havens they were previously considered to be. Many members will be aware that the Society had £523k invested in Kaupthing, Singer and Friedlander. I am glad to report that we have received compensation in full from the FSCS, including the interest due at the time KSF went into administration. All classes of investment assets showed similarly poor performances over 2008, although I believe the increased diversification of our funds under the active financial management of BestInvest has provided limited protection from the worst effects of the credit crunch on global markets. It should be emphasised, however, that the value of our investments will only have an impact on the activities of The Society when we are regularly required to tap our reserves. So, while we cannot be complacent about our investment decisions, sustaining our income remains the major concern. With 79% of that income from publishing, we remain at risk should there be a serious downturn in subscriptions to our journals. It is unlikely, in my opinion, that any alternative income stream of equivalent value can be developed in the foreseeable future. On the positive side, there is no obvious evidence as yet that Open Access publishing is affecting the expenditure of institutional libraries on journals. More worrying, perhaps, is the potential threat of a general reduction in University funding at the next government Comprehensive Spending Review, which is unlikely to be generous. As Treasurer, one of the most positive developments over the last year has been the inception of a Finance Committee, which has taken over the financial aspects of the work of the Audit and Risk Committee, along with broad terms of reference covering all aspects of The Society’s finances. This committee includes external members bringing expertise not easily found within the membership of The Society itself, and has already been most helpful both in identifying areas of financial risk not previously considered and also in helping define appropriate actions to mitigate these risks. These individuals, some of whom have no personal connection with The Society, give freely of their time and considerable expertise, and I have greatly valued their help and advice. I

16


FINANCIAL REVIEW >>>

am sure the contribution made by this committee in advising The Society can only increase as they become more familiar with our activities and the risks and opportunities we face. I would like to record The Society’s gratitude for a generous bequest from the estate of the late David Jordan. This has been used to establish an International Teaching Fellowship in his memory, something we believe he would have appreciated, given his strong commitment to education. In this report, my last as Treasurer, it is also, I hope, appropriate for me to add a few words of personal thanks and appreciation. It has been a great privilege to be involved in this way with the work of The Society over the last 4 years. Although our discipline undoubtedly faces many challenges, I still believe The Physiological Society has much to offer its members and the life sciences in general. It has also been a pleasure to work with the Society’s staff, particularly those with whom the Treasurer interacts most closely, Mike Collis as Chief Executive and Casey Early, our Finance Manager. Casey’s professionalism and enthusiasm for all aspects of his work will, I’m sure, prove as much a support and encouragement to my successor has they have to me.

This report was approved by the Trustees of The Physiological Society and signed on this 1st day of May 2009 on their behalf by:

C H Orchard President

J G McGeown Honorary Treasurer

17


INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PHYSIOLOGICAL SOCIETY We have audited the financial statements of The Physiological Society for the year ended 31 December 2008 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. These financial statements have been prepared under the accounting policies set out therein. This report is made solely to the charitable company’s Members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the charitable company’s Members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s Members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Trustees and Auditors As described in the Statement of Trustees’ Responsibilities the charity’s Trustees are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are also directors of The Physiological Society for the purposes of company law. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985 and whether the information given in the Trustees’ Report is consistent with the financial statements. We also report to you if, in our opinion the charitable company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustees’ remuneration and other transactions is not disclosed. We read the Trustees’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion In our opinion: •

• •

the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the charitable company’s affairs as at 31 December 2008 and of its incoming resources and application of resources in the year then ended, including its income and expenditure; the financial statements have been properly prepared in accordance with the Companies Act; and the information given in the Trustees report is consistent with the financial statements.

haysmacintyre Chartered Accountants Registered Auditors Fairfax House 15 Fulwood Place London WC1V 6AY

18


STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2008

Incoming Resources Activities to further the Charity's objects: Journal sales and subscriptions Events and education income Membership subscriptions Other incoming resources Activities for generating funds: Investment income

Notes

Unrestricted Funds £'000

Restricted Funds £'000

Total 2008 £'000

Total 2007 £'000

1a

2,718 122 134 4

51

2,718 122 134 55

2,667 58 127 5

1b 1c

Total incoming resources

Resources Expended Cost of generating funds: Investment management fees Charitable expenditure: Costs of activities to further the Charity’s objects: Publications Events Membership Services Education External Relations Governance costs Total resources expended Net incoming resources before transfers Transfer between funds Net incoming resources Realised losses on investments Unrealised (losses)/gains on investments Revaluation of investment property Net movement in funds Fund balances as at 1 January 2008 Fund balances as at 31 December 2008

2

3 8 9

13

400

-

400

433

3,378

51

3,429

3,290

25

-

25

33

1,498 625 298 255 116 190

2 -

1,498 627 298 255 116 190

1,493 508 270 312 110 191

3,007

2

3,009

2,917

371 (1) 370 (330) (1,284) (695) (1,939) 11,868

49 1 50 50 48

420 420 (330) (1,284) (695) (1,889) 11,916

373 373 (32) 247 (275) 313 11,603

9,929

98

10,027

11,916

All the above results are derived from continuing activities. All gains and losses in the year are included above; accordingly a statement of total realised gains and losses has not been prepared. The accounting policies on pages 22 to 23, the notes on pages 24 to 33 and the standing information on page 34 form part of these accounts.

19


BALANCE SHEET AS AT 31 DECEMBER 2008 Notes

2008 £'000

2007 £'000

Fixed Assets Tangible assets

7

19

9

Investments Securities Investment properties

8 9

6,757 1,900 8,657

8,207 2,595 10,802

10

2,033 960 2,993

1,804 1,013 2,817

11

(1,642)

(1,712)

1,351

1,105

10,027

11,916

8,925

10,868

1,004 9,929

1,000 11,868

98

48

10,027

11,916

Current Assets Debtors Cash at bank and in hand

Liabilities Creditors: Amounts falling due within one year Net Current Assets Net Assets

Funds Unrestricted Funds: General (including deficit revaluation reserves of £653,000 (2007: £1,298,000 surplus)) Designated

Restricted Total Funds

12

The accounting policies on pages 22 to 23, the notes on pages 24 to 33 and the standing information on page 34 form part of these accounts. Approved and authorised for issue by the Trustees of The Physiological Society this 1st day of May 2009 and signed on their behalf by:

C H Orchard President

J G McGeown Honorary Treasurer

20


CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 Notes Net Cash Outflow from Operating Activities

15a

Returns on Investments Income from listed investments received Interest received Rent received Capital Expenditure and Financial Investment Payments to acquire fixed assets Purchase of investments Disposal of investments Decrease in Cash in the Year

15c

2008 ÂŁ'000 (272)

2007 ÂŁ'000 (636)

176 44 180

207 48 178

(18) (2,718) 2,540

(3) (8,096) 7,935

(68)

(367)

The accounting policies on pages 22 to 23, the notes on pages 24 to 33 and the standing information on page 34 form part of these accounts.

21


ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2008 a) Basis of preparation of accounts The financial statements have been prepared under the historic cost convention, with the exception of investment assets which are included at market value. The financial statements have been prepared in accordance with Statement of Recommended Practice (SORP), ‘Accounting and Reporting by Charities: Statement of recommended practice’, published in March 2005, applicable accounting standards and also the Companies Act 2006. b) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general charitable objects of The Physiological Society. Designated funds are those funds transferred from the unrestricted fund for particular purposes for projects at the discretion of the Trustees. Restricted income funds are created when donations are made for a particular area or purpose, the use of which is restricted to that area or purpose. The purpose and use of restricted funds is set out in the notes to the financial statements. c) Incoming resources All income is accounted for as soon as The Society has entitlement to the income and there is certainty of receipt and the amount is quantifiable. Publication and membership income is accounted for on an accruals basis. Income received by The Society in the current year that related to journals to be published after the year end, and membership subscriptions to commence after the year end, are treated as deferred income. Dividends and interest on securities are included in the Statement of Financial Activities on a receivable basis, at an amount which includes the tax credit recoverable from HM Revenue & Customs. Bank interest receivable is included in the Statement of Financial Activities on an accruals basis. d) Resources expended All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Where the costs cannot be directly attributed they have been allocated to activities on a basis consistent with the use of resources. Direct costs, including directly attributable salaries are allocated on an actual basis to the key strategic areas of activity. Overheads and other salaries are allocated between expenses headings on the basis of time spent. Governance costs include the costs of governance arrangements which relate to the general running of The Society. These activities provide the governance infrastructure that allows The Society to operate and include the strategic planning processes that contribute to the future development of The Society. e) Grants payable Grants payable have been accounted for on an accruals basis upon authorisation unless they are attached to a specific future Society event or activity. f) Pension contributions Contributions to The Society’s Occupational Pension Scheme, which is a defined contribution scheme, are paid annually in advance and are accounted for on an accruals basis. Contributions to personal pensions are paid annually in arrears and are also accounted for on an accruals basis. The Stakeholder Pension Scheme continued for the remainder of staff during the year. This is paid on a monthly basis. g) Fixed assets Assets with a cost in excess of £1,000 intended to be part of ongoing use to The Society in carrying out its activities are capitalised as fixed assets. Depreciation is charged on tangible fixed assets at 25% of cost per annum, so as to write them off over their expected useful lives.

22


ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

h) Investments Investments are included at market value at the Balance Sheet date. Net gains and losses arising on revaluations and disposals during the year are included in the statement of financial activities. i) Stock No value has been placed on stocks of unsold copies of the journals published by The Society. j) Academic support A number of Trustees and Senior Editors spend significant time on Society business which takes them away from their normal duties. The Society makes ex gratia payments for specific purposes to the host institution of some of these persons. It is emphasised that these payments are grants to be used for specified purposes and not an expectation as of right by the institutions concerned. Trustees and Senior Editors are still expected to perform their functions for The Society, whether or not their host institution is provided with such a grant. Therefore, there is no intention to create any legal obligation to make these payments and consequently no contractual agreements are entered into with the institutions in relation to this support. k) Publication arrangements The Society has a publishing agreement with Wiley-Blackwell (formerly Blackwell Publishing Limited) to print, publish, market and distribute The Journal of Physiology (JP) and Experimental Physiology (EP). The Society maintains an office in Cambridge where The Society administers the peer review of manuscripts and copy-edits accepted manuscripts. Word files are then passed to Wiley-Blackwell to typeset for print and online publication. The annual financial transactions with Wiley-Blackwell constitute, therefore, a substantial part of the annual turnover. During 2008, Wiley-Blackwell published JP and EP on behalf of The Society. Wiley-Blackwell markets and collects the institutional subscriptions. The Publisher pays The Society 80% of The Society’s share of the budgeted gross profit in quarterly instalments. The balance of The Society’s share of the gross profit is paid on acceptance of the Annual Statement. Gross income and costs are identified in the statement of financial activities. 2009 income received in advance has been treated as deferred income and has not been included in the statement of financial activities.

23


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 1. INCOMING RESOURCES a) Journal sales and subscriptions

2008 £'000

£'000

The Journal of Physiology

2,572

2,527

Experimental Physiology

b) Other incoming resources Royalties David Jordan Legacy income

2007

146

140

2,718

2,667

2008

2007

£'000

£'000

1

1

51

-

Advertising

1

1

Sundry income

2

3

55

5

2008

2007

£'000

£'000

132

203

c) Investment income Income from listed investments held in the UK Income from listed investments held abroad Income from freehold investment property in the UK Interest on cash held by investment managers Interest on cash held in bank

24

44

4

180

178

7

3

37

45

400

433


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

2. RESOURCES EXPENDED Grant funding of activities

Activities undertaken directly

Direct staff costs

Direct support costs

Allocated support costs

Total 2008

Total 2007

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Cost of generating funds: Investment management fees

-

-

-

20

5

25

33

Charitable activities:

-

842

343

289

24

1,498

1,493

Publications

8

367

141

38

73

627

508

Events

91

27

131

12

37

298

270

Membership Services

66

63

80

13

33

255

312

-

49

46

7

14

116

110

Education External Relations

-

-

100

57

33

190

191

165

1,348

841

436

219

3,009

2,917

Events

Membership

Education

External

Governance

Total

Total

2008

2007

Governance:

b) Analysis of allocated support costs

Generating

Publications

Funds

Services

Relations

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Premises

-

9

32

16

14

6

14

91

76

Communications & IT

-

5

17

9

8

3

8

50

45

Postage, printing and stationery

-

1

3

1

1

1

1

8

13

Other staff costs

-

2

8

4

4

2

4

24

21

Financial costs

5

3

12

6

5

2

5

38

32

Depreciation

-

4

1

1

1

-

1

8

9

5

24

73

37

33

14

33

219

196

Cost allocation includes an element of judgement and The Society has had to consider the cost benefit of detailed calculations and record keeping. To ensure accurate accounting The Society adopts a policy of allocating costs to the respective cost headings throughout the year. This allocation includes support costs where they are directly attributable. Therefore the support costs shown are a best estimate of the costs that have been so allocated. Support costs are allocated on the basis of staff time

c) Analysis of governance costs

Legal and professional fees

2008

2007

£'000

£'000

8

7

Audit fee

9

9

Other auditors’ remuneration

4

1

Trustee meetings

28

27

Academic support

8

10

100

102

Direct staff costs Apportionment of support costs Total governance costs

33

35

190

191

3. NET INCOMING RESOURCES This is stated after charging:

2008

2007

£'000

£'000

Depreciation

8

9

Audit fee

9

9

Other auditors’ remuneration

4

1

25


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

4. ANALYSIS OF GRANTS a) Grants to institutions Non-Society Symposia

Centres of Excellence

Departmental Seminar Schemes

Total

£'000

£'000

£'000

£'000

Glasgow Caledonian University

1

-

-

1

United Kingdom and Republic of Ireland International Society for Developmental Origins of Health and Disease

1

-

-

1

Kings College London

-

-

1

1

Newcastle University

-

-

1

1

Royal Society of Edinburgh

1

-

-

1

University College Cork

-

-

1

1

University of Birmingham

2

-

-

2

University of Bristol

1

-

-

1

University of Leeds

-

-

1

1

University of Leicester

-

-

1

1

University of Manchester

-

-

1

1

University of Nottingham

-

-

1

1

University of Oxford

1

-

-

1

University of Sheffield

-

-

1

1

7

-

8

15

Foreign Grants Institute of Biophysics and Cell Engineering, Minsk

-

5

-

5

Institute of Pharmacology and Toxicology, Kiev

-

5

-

5

Kazan State Medical University, Russia

-

5

-

5

Pakistan Physiological Society

1

-

-

1

1

15

-

16

8

15

8

31

Grand total

b) Grants to individuals 2008

2007

£'000

£'000

91

93

-

2

Membership Services Member Grants

Grants to 214 individuals (222 in 2007)

Network Interaction Grant

Grant to 0 individuals (1 in 2007)

Education Junior Fellowship

Grants to 3 individuals (4 in 2007)

Vacation Studentships

Grants to 36 individuals (46 in 2007)

Teaching SIG Grants

Grants to 6 individuals (0 in 2007)

26

6

20

38

49

2

-


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

5. EMPLOYEE INFORMATION The average number of persons employed including part-time staff, calculated on a full-time equivalent basis analysed by office, was:

Staff numbers

2008

2007

Number

Number

11

12

Head office Publications office

Staff costs Gross salaries

9

9

20

21

2008

2007

£'000

£'000

695

673

Employer's national insurance costs

73

71

Pension costs

66

61

7

7

Agency staff costs Copy-editor support costs

Emoluments of employees The number of employees of The Physiological Society whose emoluments fell within the following bands:

-

11

841

823

2008

2007

Number

Number

-

1

£60,001 - £70,000

During the year, pension contributions on behalf of these staff amounted to £- (2007: £6,000). Pension scheme The Society made payments during the year in respect of defined contribution pension schemes totalling £66,000 (2007: £61,000).

27


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

6. RELATED PARTY TRANSACTIONS All Trustees are Members of The Physiological Society. The Trustees received no remuneration in respect of their services to The Society but certain host departments received academic support amounting to £66,439 (2007: £92,500) and Trustees (18 in total) were also reimbursed expenses totalling £19,439 (2007: 19, £29,945). Academic support The following Trustees’ institutions received academic support payments during the year: Trustee

Institution

P Kumar

University of Birmingham

Amount £ 15,000

W A Large (to July 2008)

St George's University of London

7,500

J C McGrath

University of Glasgow

7,500

J G McGeown

Queen's University Belfast

15,000

C H Orchard

University of Bristol

15,000

L Robson (from July 2008)

University of Sheffield

1,610

K M Spyer (from July 2008)

University College London

3,219

J P T Ward (from July 2008)

Kings College London

1,610 66,439

Payments to Trustees for non-Trustee duties During the year 3 Trustees received expenses as speakers at conferences outside of their Trustee duties totalling £993. Free basic membership The following Trustees received free membership, worth £90, in 2008 as follows: Trustee

Reason

V F Gladwell

Society representative

P Kumar

Former Senior Editor of The Journal of Physiology

W A Large (to July 2008)

Editor-in-Chief of The Journal of Physiology

L Robson (from July 2008)

Society representative

G L Smith

Former Editor of Experimental Physiology

K M Spyer (from July 2008)

Honorary Member

J P T Ward (from July 2008)

Society representative

J Winpenny

Society representative

Travel grants V F Gladwell received a travel grant in the year of £265. This application was approved by an independent panel of Members of The Society composed of not less than three members who are not Trustees

7. TANGIBLE FIXED ASSETS Fixtures, Fittings and Office Equipment £'000 Cost At 1 January 2008

42

Additions

18

Disposals

(27)

At 31 December 2008

33

Accumulated depreciation At 1 January 2008

33

Charge for the year

8

Disposals

(27)

At 31 December 2008

14

Net book value at 31 December 2008

19

Net book value at 31 December 2007 All fixed assets are used for charitable purposes.

9

28


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

8. INVESTMENTS – SECURITIES 2008

2007

£'000

£'000

6,700

8,135

57

72

6,757

8,207

Investments held in the UK

4,920

7,051

Investments held outside the UK

1,837

1,156

6,757

8,207

8,136

7,755

Analysis of investments at 31 December by category of holding Listed investments Cash held as part of the portfolio

Analysis of investments at 31 December by location

Analysis of movements in securities portfolio Valuation at 1 January 2008 Additions

2,718

8,096

Disposals in the year (proceeds £2,540,000 (2007: £7,931,000))

(2,870)

(7,963)

Net unrealised (losses)/gains

(1,284)

247

6,700

8,135

Valuation at 31 December 2008 The value of the following investments represented more than 5% of the total market value as at 31 December 2008.

Market Number

Value £'000

BH Macro (5.8%) ML 28B Capital Accumulation 7 (6.2%) Fidelity Moneybuilder Income Gross (7.6%) Invesco Perpetual Corporate Bond Gross (6.0%) Invesco Perpetual Income (9.6%) iShares GBP Corporate Bond (6.8%) Matrix Alternative Investment Strategies Horizon (6.5%)

34,342

395

415,000

422

1,913,140

511

603,865

406

59,470

646

3,977

463

326,572

437

34,342

395

All investments (other than freehold investment properties) are quoted on a recognised Stock Exchange. These investments are managed by Bestinvest (Brokers) Ltd but held in the name of Pershing Keen Nominees Ltd, a third-party custodian. The historical cost of listed investments at 31 December 2008 was £7,768,000 (31 December 2007: £7,891,000).

9. INVESTMENTS - FREEHOLD PROPERTIES 2008

2007

Analysis of movements in investment properties

£'000

£'000

Valuation at 1 January 2008

2,595

2,870

Net unrealised loss

(695)

(275)

Valuation at 31 December 2008

1,900

2,595

The valuation of freehold investment properties has been undertaken by Bidwells, Chartered Surveyors. The valuation was made at the open market value as of 31 December 2008. The valuation was prepared in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Manual. The increase in valuation was incorporated in the Balance Sheet and has been reported in the Statement of Financial Activities. The historical cost of the freehold investment property at 31 December 2008 was £1,480,000 (31 December 2007: £1,480,000).

29


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

10. DEBTORS

Trade debtors Other debtors Prepayments and accrued income

2008 £'000 5 1,949 79 2,033

2007 £'000 346 1,300 158 1,804

2008 £'000 17 62 150 1,413 1,642

2007 £'000 9 119 168 1,416 1,712

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other creditors Accruals Deferred income

30


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

12. STATEMENT OF FUNDS

General reserve

1 Jan

Incoming

Outgoing

2008

resources

resources

Losses

Transfers

31 Dec 2008

£'000

£'000

£'000

£'000

£'000

£'000

10,868

3,378

(3,007)

(2,309)

(5)

8,925

1,000

-

-

-

-

1,000

-

-

-

-

4

4

Designated funds: IUPS Fund Life Science Careers Conferences Fund Total designated funds

1,000

-

-

-

4

1,004

11,868

3,378

(3,007)

(2,309)

(1)

9,929

Sharpey-Schafer Legacy

15

-

(2)

-

-

13

Paton Prize Bursary Fund

Total unrestricted funds

Restricted funds: 23

-

-

-

1

24

Pfizer Prize Fund

7

-

-

-

-

7

M de Burgh Daly Prize Lecture Fund David Jordan International Teaching Fellowship Fund Total restricted funds

3

-

-

-

-

3

-

51

-

-

-

51

Total funds

48

51

(2)

-

1

98

11,916

3,429

(3,009)

(2,309)

-

10,027

In November 2006, the Trustees agreed to set aside £1m to underwrite potential commitments for the XXXVII IUPS Congress in 2013. The Trustees will review the level of designation in 2009. During the year, surplus funds in respect of the 2008 Life Science Careers Conferences were designated. These will be applied in 2009. The Sharpey-Schafer Legacy supports a triennial lecture to be given alternately by an established physiologist and by a young physiologist. The 2008 Sharpey-Schafer Lecture was given by Professor Walter Boron at the Main Meeting in Cambridge. The Paton Prize Bursary Fund awards bursaries to promote the study of the history of major concepts that have shaped modern physiology. A transfer from the general reserve, totalling £1,000, was made to the Fund to reflect interest accrued in the year. There were no Paton Prize Bursaries awarded in 2008. The Pfizer Prize is used to fund up to six annual Pfizer Awards to postgraduate students for Oral or Poster Communications presented at Society meetings. There were no Pfizer Prizes awarded in 2008. The Michael de Burgh Daly Prize Lecture is given biennially in memory of the distinguished physiologist under the auspices of the Cardiovascular, Respiratory and Autonomic Control Special Interest Group and the Executive Committee. There was no Michael de Burgh Daly Prize awarded in 2008. In 2008 The Physiological Society received a bequest from the estate of Professor David Jordan. As a fitting tribute to his memory, the Trustees proposed a new scheme, to commence in 2009, that will help support physiology teaching worldwide. A maximum of one grant will be awarded per annum.

31


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

13. ANALYSIS OF TOTAL FUNDS General

Designated

Restricted

Funds

Funds

Funds

Total

£'000

£'000

£'000

£'000

Fixed assets

19

-

-

19

Investments

8,657

-

-

8,657

Analysis by type of asset and liability

Current assets Liabilities

1,891

1,004

98

2,993

(1,642)

-

-

(1,642)

8,925

1,004

98

10,027

14. FINANCIAL COMMITMENTS At 31 December 2008, The Society had annual commitments under non-cancellable operating leases as follows: Land and

Land and

Buildings

Other

Buildings

2008

2008

2007

2007

£'000

£'000

£'000

£'000

Leases expiring within 1 year

10

-

26

-

2–5 years

38

-

44

-

-

-

-

-

48

-

70

-

Over 5 years

Other

Status The Society is a company limited by guarantee and is a registered charity. The liability to the Members is limited to £1 each. The number of Members (excluding Honorary Members) at 31 December 2008 stood at 1,552 (2007: 1,639). Its activities are exempt from taxation under section 505 of the Income and Corporation Taxes Act 1988.

32


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 >>>

15. NOTES TO THE CASH FLOW STATEMENT 2008

2007

£'000

£'000

420

373

8

9

Investment income

(400)

(434)

(Increase)/decrease in debtors

(229)

130

(71)

(714)

Net cash outflow from operating activities

(272)

(636)

b) Reconciliation of net cash flow to movement in net funds

2008

2007

£'000

£'000

a) Reconciliation of net incoming resources to net cash outflow from operating activities Net incoming resources Depreciation

Decrease in creditors

Decrease in cash during the year

(68)

(367)

Net funds at 1 January 2008

1,085

1,452

Net funds at 31 December 2008

1,017

1,085

c) Analysis of changes in net funds

1 Jan

Cash held as part of the investment portfolio

31 Dec

2008

Cash Flows

2008

£'000

£'000

£'000 57

72

(15)

Long term deposits

400

(400)

-

Short term deposits

200

250

450

Instant access deposits

33

413

97

510

1,085

(68)

1,017


STANDING INFORMATION The Physiological Society is registered in England as a company limited by guarantee, No. 323575. Registered Charity No. 211585. Head Office and Registered Office Peer House, Verulam Street, London WC1X 8LZ, UK Tel: 020 7269 5710 www.physoc.org Publications Office PO Box 502, Cambridge CB1 0AL, UK Tel: 01223 400180 Trustees in 2008 • Jonathan Ashmore • Patricia de Winter • Valerie Gladwell • Paul Greenhaff • John Hanrahan • Susan Jones • Anne King • Prem Kumar • William Large • Stafford Lightman • Graham McGeown • Ian McGrath • Clive Orchard • Ole Petersen • Christof Schwiening • Louise Robson • Godfrey Smith • Mike Spyer • David Sugden • Alexei Tepikin • Teresa Tiffert • Jeremy Ward • John Winpenny • David Wyllie

Fax: 020 7269 5720

Fax: 01223 246858

(from July 2008) (to July 2008) (from July 2008) (to Jan 2008) (to July 2008) (to July 2008)

(to July 2008) (from July 2008) (from July 2008)

(from July 2008)

Chief Executive Michael Collis Company Secretary Simon Kellas Finance Manager Casey Early Auditors haysmacintyre, Fairfax House, 15 Fulwood Place, London WC1V 6AY, UK Solicitors Russell-Cooke, 2 Putney Hill, Putney SW15 6AB, UK Bankers Child & Co, 1 Fleet Street, London EC4Y 1BD, UK Investment property managers Bestinvest (Brokers) Ltd, 6 Chesterfield Gardens, London W1J 5BQ, UK Property consultants Bidwells, Trumpington Road, Cambridge CB2 2LD, UK Pension advisors Punter Southall Financial Management Ltd, 126 Jermyn Street, London SW1Y 4UJ, UK

34


2008 annual report & accounts  
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