Trustees report and financial statements 2020

THE ROYAL SOCIETY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2 GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION STRATEGIC REPORT 3 Charity As a registered charity, the Royal Society undertakes a range of activities that provide public benefit either directly or indirectly. These include providing financial support for scientists at various stages of their careers, funding programmes that advance understanding of our world, organising scientific conferences to foster discussion and collaboration, and publishing scientific journals. Fellowship As a fellowship of outstanding scientists embracing the entire scientific landscape, the Society recognises excellence and elects Fellows and Foreign Members from all over the world. National academy As a national academy, the Society represents the UK and collaborates with international partners to advocate for science and its benefits. It provides authoritative and independent advice on matters of science that support the public good, including policies that promote excellent science and scientific issues that inform public policy. SCIENCE SHAPING THE WORLD WE LIVE IN Contents STRATEGIC REPORT About us 3 President’s foreword 6 Executive Director’s report 8 Public benefit statement 10 Our strategy at a glance 12 Where our income comes from and how we spend it 14 STRATEGY IN ACTION Promoting excellence in science 16 How the Society has supported the response to the pandemic 20 Supporting international scientific collaboration 22 Future Leaders – African Independent Research (FLAIR) Fellowships 26 Demonstrating the importance of science to everyone 28 Climate and biodiversity 32 GOVERNANCE People 34 Financial review 40 Principal risks and uncertainties 46 Governance 50 Statement of Trustees’ responsibilities 53 Independent auditor’s report 54 FINANCIAL STATEMENTS Consolidated statement of financial activities 56 Consolidated and charity balance sheet 57 Consolidated statement of cash flows 58 Accounting policies 59 Notes to the financial statements 63 Reference and administrative details 87 The Royal Society’s fundamental purpose, reflected in its founding Charters of the 1660s, is to recognise, promote and support excellence in science and to encourage the development and use of science for the benefit of humanity. The Society is a self-governing Fellowship of distinguished scientists drawn from all areas of science, technology, engineering, mathematics and medicine. The Society has played a part in some of the most fundamental, significant and life-changing discoveries in history and Royal Society scientists – our Fellows and those people we fund – continue to make outstanding contributions to science and help to shape the world we live in. The Society has three roles that are key to performing its purpose: Discover more online at: royalsociety.org About us