2009 annual report & accounts

The Physiological Society Annual Report and Accounts 2009 Co. No. 323575

of 23

The Physiological Society

Annual Report and Accounts for the year ended 31 December 2009

Contents

Page

Report of the Trustees 2

Independent Auditors’ report 13

Statement of financial activities 14

Balance sheet 15

Accounting policies 16

Notes to the financial statements 17

Standing information 23

This is the Trustees’ Annual Report and Accounts for the year ended 31 December 2009 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 2006. 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.


of 23

REPORT OF THE TRUSTEES 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 2,900 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.

Message from the President I am pleased to report that 2009 was another successful year for The Physiological Society, which has continued to increase its membership, its activities and the support it provides for physiology and physiologists. This Annual Report illustrates the wide range of charitable activities it undertakes to support its Members and physiologists around the world. Despite the current financial climate, the commercial performance of our journal publications has allowed us to carry out and expand our activities, supporting physiology research and education. Since this will be my last report as President, I would like to take the opportunity to thank all the Trustees for their hard work, in particular Prem Kumar, who will be standing down as Meetings Secretary in July 2010. I would also like to thank our staff in the London and Cambridge offices, on whose expertise and professionalism we rely, and in particular Mike Collis, who will be stepping down as Chief Executive in July 2010, to whom The Society owes much. I hope you enjoy reading this report and encourage your comments and feedback. Clive Orchard, President of The Physiological Society

Review of the year Journals 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 have maintained their rankings this year. Our journals are also the main source of our income which we use to support our charitable activities. Consistent with our charitable objectives, institutions in designated developing countries (e.g. Iraq, Angola & Peru) are granted immediate free access to all our journal content. Elsewhere we allow immediate access to review articles and free access to all content one year after publication. Meetings The Society runs a variety of scientific meetings for physiologists to share information and discuss new discoveries. Despite the adverse economic climate, attendance at our Meetings increased slightly in 2009. Another positive sign was an increase in the abstracts submissions, which suggests that more of those attending are actively participating in our Meetings. We have continued our series of public workshops focusing on the contribution of physiology to health and wellbeing with successful events highlighting the progress and benefits of neuroscience and brain research. Public lectures held at our Main Meeting are now available for all to view on our website. Manchester will be the venue for our Main Meeting in 2010 and we will also be running Themed Meetings as well as participating in a joint meeting with the German and Scandinavian Societies. The Society’s bid to host the 37th IUPS congress in Birmingham in 2013 was endorsed this year and we are already planning for this major event which will be an increasing focus of our work over the next three years. We are planning a Joint Meeting on exercise and sport to coincide with the 2012 Olympics in collaboration with partners including the British Pharmacological Society.


of 23

REPORT OF THE TRUSTEES >>>> Membership We have successfully increased our membership in all categories during 2009 and it is particularly encouraging that over 40% of our membership are under 40 years of age, a figure that augurs well for the future of The Society. All of our Members benefit from reduced 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. Travel grants are of particular value to our younger Members and we increased the amount we provide this year and extended these for the first time to undergraduates. Good communication with our membership remains a priority and we introduced a monthly newsletter in 2009. This has proved popular and is being read by over 1,000 Members each month. Another innovation has been the introduction of a Society Facebook page with about 25% of Members registering as fans. Of course the Annual General Meeting is the traditional forum where Members can express their views and provide feedback directly to the Trustees. In 2010 we will be increasing the time available for Members’ questions and comments. Education The Society aims to inspire the next generation of physiologists by supporting education in schools, universities and research institutes. We provide free resources for teachers as well as careers advice and practical training courses for students. New initiatives this year included outreach grants to promote physiologists’ involvement with educational outreach activities and an agreement to sponsor a mobile teaching laboratory (Lab in a Lorry) to visit schools in 2010. New Techniques Workshops will be introduced in 2010 and we will pilot our new web-based teaching resource Philter. We work with other learned societies to organise career fairs and contribute to Practical Biology, a web-based resource for schools. We encourage and support young physiologists to organise their own scientific meetings and four were held in 2009, including the first Undergraduate Physiological Sciences Conference. Good research informs and enlivens good teaching and The Society will recognise the importance of academic teaching by a teaching symposium at our Main Meeting, awarding a teaching prize and running teaching workshops in 2010. Finances The Society is in good financial health with an increased income from publishing. Our expenditure in 2009 reflected our charitable objectives with publications (~50% of expenditure), scientific meetings, membership services and education accounting for 93% of outgoings. Staff costs and numbers were held at 2008 levels. Our free reserves fell in 2008, but have recovered well in 2009. Partnerships Where we have common aims we work with other learned societies. We collaborated with the British Pharmacological Society by holding a Joint Meeting on Integrative Physiology and Pharmacology and supporting in vivo training courses. In 2010 we will be collaborating with the BPS and the NC3Rs centre to hold a joint meeting. For a number of years we have provided major financial support to the Biosciences Federation (BSF). The BSF has now merged with the Institute of Biology to form The Society of Biology. We will be active participants in this new society as a member organisation and will review its performance and value as it develops. Five Year Plan One of the major activities of the Council of Trustees this year has been developing a five year plan for The Society. Each committee evaluated its activities and identified ambitious goals to expand and develop for the future. A key strategic goal in the coming years will be to align some activities more closely with clinical and translational science and to this end we are actively seeking opportunities to collaborate with The Academy of Medical Sciences. We also wish to increase our outreach activities and to do more to demonstrate the importance of physiology to the public, as well as to those in the government and in educational establishments. With this in mind, we will recruit a media relations and communications specialist. A key organisational objective over the next five years is to purchase or rent office accommodation which can house all Society staff with the potential for additional facilities for Members. Mike Collis, Chief Executive


of 23

REPORT OF THE TRUSTEES >>>>

Treasurer's statement The principal funding sources of The Society this year were its publishing income (£3,386,000), events income (£78,000), membership subscriptions (£141,000), and income from The Society’s Investments (£393,000). The expenditure for 2009 has supported the objectives of The Society as set out in the Statement of Financial Activities on page 14 of this report. For the second consecutive year, The Society experienced a large positive variance in the planned operating surplus yielding total net incoming resources of £773,000. The main contributory factor was a better than expected income from the publisher of our journals. The publishing income was specifically boosted this year by the weakness of sterling; a large proportion of the income is priced in US dollars. Plainly this trend could reverse in the future as exchange rates fluctuate. Publishing income may also come under pressure as the effects of the current and seemingly inevitable future reductions in UK University Funding are realised. During the lifetime of the current publishing contract The Society is protected from the effects of major reductions in publishing income by virtue of a guaranteed minimum income arrangement with the publisher. The uncertainty of the publishing income is a major factor that hinders accurate budgeting. Budgets have previously been set at a time when only early projected (often conservative) estimates of publishing profits were available. In order to mitigate the variances that this can cause, the Trustees have approved a number of changes to The Society’s budgetary planning processes. A rolling budget will be introduced for approval by the Trustees in May of each year, at a time when a critical element of management information, the Wiley-Blackwell publishing income reforecast, is available. At the same time, the main Committees will be given the opportunity to update their proposed activities in response to the increase (or reduction) in funding availability. The Trustees will be reviewing charitable spend during 2010 with a view to increasing it in light of the additional income available. The Society held freely available income funds of £10,708,000 at the year end. These reserves are held to ensure the long-term viability of The Society, particularly in the event of a serious decline in its publishing income. £9,855,000 is held in investments to generate income to support the charitable activities of The Society for the longer term. During the year, the Trustees initiated a business review of all The Society’s activities, including the development of a property strategy. The reserves policy will be updated in the light of this review. The Trustees reviewed the level of designation in respect of the fund to underwrite IUPS 2013 and considered that the existing level of £1,000,000 was both reasonable and prudent. This fund will be expended in the run-up to and during 2013. This fund and all other funds are presented at note 15 to the accounts. No funds are in a deficit position. Due to both the ongoing business review and the uncertainty surrounding future publishing incomes, The Society takes a medium term view on its investments and their performance. The Society aims to produce above average returns on its portfolio whilst adopting a cautious risk profile. All investment income is reinvested. The Society’s investment fund portfolio is managed by Bestinvest (Brokers) Ltd. The value of The Society’s investment fund increased by £1,273,000 over the year, outperforming its APCIMS benchmark by 14.3%. Despite the current fragility in the capital markets, The Society’s fund investments are almost back to the levels seen in 2007. The Society invests in collective investments (unit and investment trusts) plus investment companies. This is designed to give a broad level of diversification across all major asset classes, with the exception of property which has been specifically excluded. The managers have general discretion over the asset allocation and selection of investments within agreed investment parameters. The Society’s investment property portfolio is managed by Bidwells Property Consultants. Rental income (£174,000) was applied to charitable activities during the year. The portfolio’s value fell by £75,000 (08: fall of £695,000), hinting at signs of a recovery in the commercial property market. Since taking over the role of Honorary Treasurer I have been extremely grateful for the help and advice provided by the Finance Committee, which was established in 2008. This committee, on behalf of Council, oversees all financial aspects of The Society to support its short and long term ability to achieve its charitable objects. The Finance Committee has now settled into an established business cycle and is making important contributions to the financial management of The Society. Rod Dimaline, Honorary Treasurer


of 23


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 The Trustees, as directors of the charitable company, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of The Society and the income and expenditure for that year. In preparing these financial statements, the directors are required to:

Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgments and accounting estimates that are reasonable and prudent Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company

will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain The Society’s transactions and disclose with reasonable accuracy at any time the financial position of The Society and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 at the time the report is approved there is no relevant audit information of which The Society’s auditors are unaware, and that they have taken all steps that they ought to have taken 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 2009, six Trustees attended a 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 four years. The Executive Committee in 2009 comprised: Clive Orchard President Mike Spyer Deputy President Graham McGeown # Honorary Treasurer Rod Dimaline * Honorary Treasurer Prem Kumar Meetings Secretary Louise Robson Chair, Education Committee Jeremy Ward Chair, External Relations Policy Committee Ian McGrath * Chair, Publications Committee # on Committee until July 2009 * on Committee from July 2009


of 23

REPORT OF THE TRUSTEES >>>> 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, Meetings, and Publications. The Finance Committee acts as a reviewing mechanism of all strategic and statutory financial aspects of The Society. It is delegated by Council to oversee all financial aspects so as to ensure The Society’s short and long term ability to achieve its charitable objectives. 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 Main 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 on Thursday 9 July 2009 at University College Dublin during the Physiology 2009 Main Meeting. Minutes of the meeting are available on The Society’s website. Risk management The Trustees have considered the major risks to which The Society is exposed and have reviewed those risks and established systems and procedures to manage them. Financial risk falls within the remit of the Finance Committee. During the year particular attention was paid to the risks associated with banking, insurance, property and the IUPS meeting in 2013. Volunteers We could not achieve our charitable objectives without the commitment and hard work of our Members (and some non-Members), many of whom give freely of their time to act as journal editors, committee members and volunteers to support our events and activities. The Society wishes to thank all those who have supported it over the last year. Public Benefit

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Commission in determining the activities undertaken by the Charity. In 2009 The Society’s public benefit statement was approved by the Trustees as below: The Physiological Society supports physiology education and research, which ultimately benefit the health of the population and facilitate the prevention and treatment of disease. The charitable purposes of The Society are the advancement of science, the advancement of health and the advancement of education. The benefits provided by The Society are the publication of scientific journals, the holding of meetings and conferences to disseminate advances in physiology, the provision of educational materials relating to physiology including the provision of grants to support attendance at scientific meetings, educational activities and training courses and information to the public and in response to consultations. We support our Members who conduct research, providing that this is within the principles of UK legislation. The beneficiaries of The Society include those involved in research, teaching or studying physiology in industry, universities, colleges and schools. Members of the public who wish to learn more about physiology are beneficiaries and all will ultimately benefit from physiological advances that promote health and treat disease. Further beneficiaries are other charities promoting science, education and health. Some benefits are restricted to Members of The Society who are scientists or scientific trainees. These benefits (e.g. grants to present work at scientific meetings or access to specialist training courses) would not be relevant to the public. Other benefits such as educational materials, scientific publications and outreach events are available to all. Provisions are in place for those on low incomes. Membership and registration fees are reduced or waived for students and for those from developing countries. Educational materials and our magazine are available to all free of charge. Our journals are offered at a reduced price in developing countries and are freely available to all after twelve months. Publishing work in our journals is free to authors. Private benefits are incidental and mainly consist of prizes for exceptional scientific or educational achievements.


of 23


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 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’s quarterly magazine Physiology News provides Members with a wide range of articles prepared by Members, staff and physiologists, as well as Society information and other related activities.

In 2009 The Journal of Physiology published 24 issues containing high quality research papers in all branches of physiology alongside a range of invited reviews in new and exciting areas as well as commentaries providing expert opinion on the best of the research content. Experimental Physiology published 12 online and six print issues containing high priority research articles in all aspects of physiology with a focus on translation and integration alongside other invited content written by experts in fields of current high interest. In 2009 submissions to Experimental Physiology rose for the 6th year running and, the journal increased in size by 20% to 1,200 pages while maintaining its rigorous review criteria.

The impact factor (a measure for ranking journals according to the number of times their articles are cited in later publications) of The Journal of Physiology increased very slightly to 4.65 (2008: 4.58) with the half-life of articles rising to 9.5 years (2008: 9.2). The impact factor of Experimental Physiology dropped slightly to 2.91 (2008: 3.014). There was little change in the physiology list with The Journal of Physiology and Experimental Physiology ranked at 7th and 28th, respectively.

In 2009 The Journal of Physiology held eight sponsored symposia at international meetings across the globe, including two at the IUPS 2009 meeting in Kyoto. Experimental Physiology launched an Early Author Prize which attracted 27 entries from young physiologists which will continue in 2010.

In 2010 The Journal of Physiology will publish virtual issues containing themed past papers and will also launch an author prize. Both journals will introduce non-technical summaries of research papers aimed at students and readers with a moderate knowledge of science and will actively promote the published research, where appropriate, with press releases on important new developments. Key achievements in 2009

Journal of Physiology – Continued rise in impact factor, established mechanism for improving visibility Experimental Physiology – Increased page budget; introduction of Early Career Author Prize

Key goals for 2010

Journal of Physiology – Encouraging submissions through virtual issues and author prize; improving the visibility through non-technical summaries and press releases

Experimental Physiology – Attract young physiologists through promotion of Early Career Author Prize, increased use of social media and possible introduction of non-technical summaries.

Events (Scientific Meetings) In 2009 both attendances and free communications increased at our Main and Themed Meetings. The Society’s Main Meeting, Physiology 2009, took place in July at University College Dublin, attracting over 700 scientists from across the world who viewed over 350 free communications. We ran three Themed Meetings covering Human & Exercise Physiology, Epithelia & Membrane Transport and Cellular & Integrative Neuroscience, completing the cycle of all six Themes introduced in 2008. The Society also supported 14 non-Society meetings covering a wide range of physiological topics of interest.

In 2010 our Main Meeting, Physiology 2010, will be held at the University of Manchester, and each scientific Theme will be represented. Three Themed Meetings will be held in the UK and covering Metabolism & Endocrinology, Cardiac & Respiratory Physiology and a special Cross Theme Meeting.

In 2009 we held a Joint International Meeting with the Society of General Physiologists in the USA, a joint meeting with the British Pharmacological Society focusing on in vivo research, and hosted our first UK-based International Workshop in London. The Society’s bid to host the 37th Congress of the International Union of Physiological Sciences (IUPS) was


of 23

REPORT OF THE TRUSTEES >>>> successfully ratified by the IUPS General Assembly. The operational and scientific planning for this major international meeting, which hopes to attract up to 5,000 scientists, will start in 2010 with establishment of the scientific programme committees and the launching of the official website. In 2010 The Society will sponsor the Joint Meeting of the German and Scandinavian Societies, to be held in Copenhagen. This meeting is expected to attract around 1,000 participants with The Society funding 13 UK-based speakers. In partnership with the British Pharmacological Society and the Turkish physiological and pharmacological societies, we will run an International Workshop in Ankara, Turkey, which aims to attract 50 early career scientists. Key achievements in 2009

• Increased attendance (6%) and abstract submission (16%) at Themed Meetings • Increased attendance (2%) and abstract submission (25%) at Physiology 2009 • Successful launch of UK-based international workshop in December • Confirmation of Birmingham IUPS 2013 bid at IUPS 2009 in Kyoto

Key goals for 2010

• Further increases in attendance and abstract submission at Physiology 2010 and Themed Meetings • Establish IUPS 2013 scientific programme committees for IUPS 2013 and launch website • Develop international activities and strengthen links with European and American partners

Scientific Meetings in 2009 Human & Exercise Physiology Themed Meeting King's College London, 1–3 April

• Attendance - 184 • Oral communications - 19 • Poster communications - 47

Joint meeting with BPS – Integrative Pharmacology and Physiology King’s College London, 1–3 Sept

• Attendance - 180 • Selected oral communications and posters - 81

Physiology 2009 – Main Meeting University College Dublin, 7–10 July


Joint International Meeting Woods Hole, USA, 9–13 September

• Total attendance - 79 (22 UK attendees) • Poster communications - 45

Epithelia & Membrane Transport Themed Meeting Newcastle University, 6–8 September


Cellular & Integrative Neuroscience Themed Meeting Cardiff University, 14–16 December


Membership In 2009, membership numbers increased in each category with an overall increase of 10% to 2,968. While 63% are Ordinary Members, we now have a growing number of Affiliates and Undergraduates who will hopefully become the Ordinary Members of the future. In 2010 we will introduce a fully automated application process to more easily enable our Affiliates to upgrade to Ordinary membership. As part of an active recruitment drive in 2009 we visited several universities across the UK and Ireland which also allowed us to engage with, and gather feedback from, our current Members. We plan to continue these activities into 2010. A network of over 60 Society Representatives at universities across the world was established to promote The Society and foster communication between current and prospective Members. In 2010 this will be developed by providing additional funding to assist Representatives. In 2009, The Society ran the first Undergraduate Physiological Sciences Conference at the University of Oxford. This event, which highlighted developments in physiology research, enabled over 130 undergraduates from 34 universities to present their work and to liaise with senior scientists in an informal setting. We also established a new mentoring scheme (in co-operation with the UK Resource Centre for Women in Science, Engineering and Technology) to help address issues of retention of women in physiology, with 10 mentor relationships established. Travel grant funding remains the most valued benefit of Society membership. In 2009 the amount of funding available to all Members was increased for Ordinary and Affiliate Members and introduced for Undergraduates. 443 travel grants were submitted and, of these, 347 were funded – a 78% acceptance rate.


of 23

REPORT OF THE TRUSTEES >>>> In 2010 we plan to promote schools’ membership to make resources that encourage learning and interest in physiology more readily available to teachers. We will also reintroduce our corporate membership category too forge closer links with industry. Key Achievements in 2009

• 10% increase in membership • Supported first Undergraduate Conference in Physiological Sciences • Introduced travel grant funding for Members • Establishment of women’s mentoring scheme

Key Goals for 2010

• 5% increase in membership • Promote schools membership • Introduce automated progression from Undergraduate to Affiliate and from Affiliate to Ordinary or Associate

Education 2009 saw the launch of a number of new educational initiatives and a full-time Education Officer was recruited to allow us to develop new resources and activities in this area. We launched an outreach grant scheme to promote physiology education at school level. Five outreach grants were awarded in 2009, including funding for Ask a Biologist, a website providing students with an opportunity to pose questions to scientists. In 2010 we will be sponsoring the AIMS Mobile Teaching Unit (MTU), a laboratory in a lorry where students can engage in hands-on physiology demonstrations tailored to cover aspects of the science curriculum. In 2009 we co-hosted another extremely popular Life Science Careers Conference, aimed at undergraduates, and attended Nature Source, a careers event for postgraduates. We will attend both of these again in 2010. Our Vacation Studentship scheme funded 36 undergraduates to work in laboratories of our Members and experience research first hand. At postgraduate level, The Society supported three Young Physiologists' Symposia (YPS) in Dublin, Leicester and Sheffield, as well as a Young Life Scientists' Symposium (YLS) in Bristol. These events, which promote academic research, will run again in 2010. We will continue to support Techniques Workshops in in vivo skills and microelectrode techniques, as well as launching four new workshops on molecular biology and imaging for 2010. To encourage physiology teaching in universities, we supported a teaching symposium and workshop at our Main Meeting. In 2010, we plan to run two teaching workshops. We have continued to develop the Physiologists Image Library and Teaching Resource (Philter), an online resource of teaching materials, and a pilot version will be online in early 2010.The David Jordan International Teaching Fellowship was also launched with the aim of developing physiology teaching worldwide. The Society recognises that the majority of Members is engaged in basic research and it is therefore important to support networking and collaboration at a local level. We continue to run the Departmental Seminar Scheme which funded 18 universities in 2009. New International Research Grant schemes have also been introduced to support and develop international physiological research at all levels. Key Achievements in 2009

• Launch of outreach and international grant schemes • Sponsorship of YPS and YLS meetings • Development of Philter pilot ahead of 2010 launch

Key Goals for 2010

• Organise three visits of the MTU to our schools contacts • Run four new Techniques Workshops in Molecular Biology and Imaging • Distribute an updated version of Understanding Life with accompanying careers leaflet

External Relations 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, lobbying government and other organisations on issues of concern to physiologists, fostering relationships with like-minded organisations and liaison with the media. In 2009 we ran successful events during Brain Awareness Week and the British Science Association Science Festival to raise public awareness about the progress and benefits of brain research. In 2010 we will be running a series of events on asthma and cystic fibrosis at three science festivals.


of 23

REPORT OF THE TRUSTEES >>>> In order to support physiological principles in medical education a core physiology curriculum was drafted with input from our Members. Following consultation with major medical stakeholders, this curriculum will be finalised and circulated in 2010. We also participated in the General Medical Council’s Tomorrow’s Doctors consultation. We are now working with other learned societies on a proposed joint project to create an e-learning resource for medical students. The Society contributed to a successful meeting about opportunities for learned society involvement in science & technology capacity building in developing countries. A report of this meeting was circulated to the Parliamentary International Development Committee and the World Bank. We are also working with the UK Collaborative on Development Sciences to raise the profile of UK learned societies’ existing capacity building programmes. The Society worked closely with Sense about Science to support the participation of 18 young physiologists in the Voice of Young Science Programme, enabling them to engage more effectively with the media. We also worked with Sense about Science to support their campaign for reform of the UK Libel Laws adversely affecting freedom of speech in science. The Society continues to be actively represented on a number of external bodies. We responded to ten major science policy consultations, many in conjunction with the Biosciences Federation (now the Society of Biology). We were successfully involved in a major drive, in co-ordination with a coalition of industry and academia, to influence and secure appropriate revisions to the terms of EU Directive 86/609 on animal research. We will continue to work with the Society of Biology and other organisations on responses to consultations in 2010. Key achievements in 2009

• Significant influence on revisions to the terms of the EU Directive 86/609 • A series of public events focusing on brain research • Successful involvement in international capacity building meeting

Key goals for 2010

• Develop options for an e-learning initiative • Run event on the 3Rs and cardiovascular research in partnership with BPS and NC3Rs. • Run a series of events on asthma and cystic fibrosis

Resources, Administration and Infrastructure Throughout 2009 Trustees, committee members and staff developed a business plan and strategy for The Society, summarising how we should develop over the next five years. The plan looks at all our activities, accommodation and staffing requirements, and sets priorities. A summary version of the plan will be made available to Members in early 2010 for consultation. It is envisaged that the plan will be an evolving document. The Trustees have decided that having all of The Society’s staff and activities in one office is the most cost-effective and efficient way to operate. Discussions with consultants are underway to determine whether purchasing or renting new office accommodation is preferable. In 2009 a monthly email newsletter was introduced to highlight Society news and events which is read by over 1,000 Members. We also launched a Facebook page which has proved popular. An increased number of Council and committee meetings are now held at our Scientific Meetings so that Trustees and officers are more visible to Members. Communication with Members continues to be reviewed and at the AGM in 2009 it was agreed to allow more time in future for Members to raise issues of concern and ask questions of Trustees and officers. In 2010 The Society will employ a Marketing & PR Manager to increase the external exposure of The Society and to promote the importance of physiology to a wider audience and range of stakeholders. Achievements in 2009

• Development of Business Plan • Improved communications with membership

Key goals for 2010

• Publish Business Plan and open consultation with Members • Recruitment of Marketing & PR Manager


of 23

REPORT OF THE TRUSTEES >>>> Prize and Plenary Lectures supported by The Society in 2009 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. The Physiological Society Public Lecture Stephen O'Rahilly (University of Cambridge) My genes made me eat that! Is obesity inherited? Annual Review Prize Lecture Stephen G Waxman (Yale University, New Haven, USA) Fire, phantoms and fugu: Sodium channels from squid to clinic Paton Prize Lecture Diethelm W Richter (George August University, Göttingen, Germany) Pacemakers and the dynamic plasticity of rhythm generation in the in vivo respiratory network Michael de Burgh Daly Lecture Colin A Nurse (McMaster University, Hamilton, Canada) Neurotransmitter and meuromodulatory mechanisms at peripheral arterial chemoreceptors Bayliss-Starling Prize Lecture Gero Miesenböck (University of Oxford) The beginnings of optogenetics The following were awarded in 2008 but delivered in 2009. Biller Prize Lecture Gavin Stewart (University College Dublin) The physiological roles urea transporters Hodgkin-Huxley-Katz Prize Lecture Eric Kandel (Columbia University, New York) On the persistence of memory storage GL Brown Prize Lecture Mark Boyett (University of Manchester) And the heart beat goes on 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 2009 was £4,800, of which £2,900 came from charitable giving, £325 from raffles and the remainder from investment income and bank interest. In 2009, two grants totalling £3,000 were made and £100 of vouchers was 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.


of 23


Signing of report This report was approved by the Trustees of The Physiological Society and signed on this 13th day of May 2010 on their behalf by:

C H Orchard President

R Dimaline Honorary Treasurer


of 23

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 2009 which comprise the Statement of Financial Activities, the Balance Sheet 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 Sections 495 and 496 Companies Act 2006. 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 Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and for being satisfied that the financial statements give a true and fair view. 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, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the Companies Act 2006 . We also report to you whether in our opinion the Trustees’ Report is consistent with those financial statements. In addition, we report to you if, in our opinion, the charitable company has not kept adequate accounting records and returns, if the charitable company's financial statements are not in agreement with the accounting records and returns, 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 of the state of the charitable company’s affairs as at 31 December 2009 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

The financial statements have been properly prepared in accordance with the Companies Act 2006; and The information given in the Trustees' report is consistent with the financial statements.

Fairfax House

Kathryn Burton (Senior Statutory Auditor) for and on behalf of haysmacintyre

15 Fulwood Place London WC1V 6AY


of 23

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2009

Unrestricted Restricted Total Total

Notes Funds Funds 2009 2008

£'000 £'000 £'000 £'000

Incoming resources

Incoming resources from generated funds

Investment income 1 393 - 393 400

Incoming resources from charitable activities

Trading in furtherance of charitable objectives 2 3,621 2 3,623 3,029

Total incoming resources 4,014 2 4,016 3,429

Resources expended

Cost of generating funds:

Investment management costs 36 - 36 25

Charitable activities:

Publications 1,679 - 1,679 1,508

Events 575 3 578 604

Membership services 370 - 370 291

Education 263 - 263 239

External relations 109 - 109 109

Governance costs 208 - 208 233

Total resources expended 3 3,240 3 3,243 3,009

Net incoming/(outgoing) resources 774 (1) 773 420

Realised losses on listed investments (90) - (90) (330)

Unrealised gains/(losses) on listed investments 1,194 - 1,194 (1,284)

Revaluation on investment property (75) - (75) (695)

Net movement in funds 1,803 (1) 1,802 (1,889)

Fund balances as at 1 January 2009 9,929 98 10,027 11,916

Fund balances as at 31 December 2009 15 11,732 97 11,829 10,027

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 page 16 and the notes on pages 17 to 22 form part of these accounts.


of 23

BALANCE SHEET AS AT 31 DECEMBER 2009

Unrestricted Restricted Total Total

Funds Funds 2009 2008

£'000 £'000 £'000 £'000

Fixed Assets

Tangible assets 11 20 - 20 19

Investments 12 9,855 - 9,855 8,657

9,875 - 9,875 8,676

Current Assets

Debtors 13 2,980 - 2,980 2,033

Cash at bank and in hand 1,242 97 1,339 960

4,222 97 4,319 2,993

Liabilities Creditors: amounts falling due within one

year 14 (2,365) - (2,365) (1,642)

Net Current Assets 1,857 97 1,954 1,351

Net Assets 11,732 97 11,829 10,027

Funds 15

Unrestricted funds

General 10,728 - 10,728 8,925

Designated 1,004 - 1,004 1,004

11,732 - 11,732 9,929

Restricted - 97 97 98

11,732 97 11,829 10,027

The accounting policies on page 16 and the notes on pages 17 to 22 form part of these accounts. This report was approved by the Trustees of The Physiological Society and signed on this 13th day of May 2010 on their behalf by:

C H Orchard President

R Dimaline Honorary Treasurer


of 23

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2009 Basis of preparation of accounts The accounts have been prepared under the historical cost convention with the exception that investment assets are included at mid-market prices as at the Balance Sheet date. The accounts are in accordance with the Statement of Recommended Practice (SORP), ‘Accounting and Reporting by Charities: Statement of recommended practice’, published in March 2005 (revised May 2008), applicable accounting standards and also the Companies Act 2006. The company has taken advantage of the exemption from preparing a cash flow statement conferred by Financial Reporting Standard No. 1 on the grounds that it qualifies as, a small company under the Companies Act 2006. Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objects of The Physiological Society. Designated funds comprise unrestricted funds that have been put aside at the discretion of The Trustees for particular purposes. Restricted income funds are funds subject to specific restrictions imposed by donors or by the purpose of the appeal. Incoming resources All incoming resources are accounted for as soon as The Society has entitlement to the income, there is certainty of receipt and the amount is quantifiable. The following specific policies are applied to particular categories of income: Investment income is included when receivable. Publishing, events and other income are included when receivable. Members' subscriptions are recorded in the year in which they become due. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which It relates: Costs of generating funds consist of investment management fees and certain legal and professional fees. Charitable expenditure comprises those costs incurred by The Society in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of The Society. These costs include the audit and legal fees, costs linked to the strategic management of The Society together with an apportionment of overhead and support costs, All costs are allocated between the expenditure categories of the accounts on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on the basis of time spent. Grants payable Expenditure on grants is recorded once The Society has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The Society has not made any grant commitments of more than one year. Pension costs The Trustees of The Society decided to close The Society's Occupational Pension Scheme to new members from 1 March 2000. From that date, a defined contribution (money purchase) pension scheme has been in place and operated in compliance with the Stakeholder pension requirements. The Society makes contributions towards the defined contribution schemes, up to a maximum of 10% of basic salary. The amount charged to the accounts in respect of pension costs is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Fixed assets Assets with a cost in excess of £1,000 intended to be 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. Investments Investments listed on a recognised stock exchange are stated at mid-market value at the balance sheet date. Freehold investment property is valued on an annual basis by The Society's property surveyors. Net investment gains/losses for the year are credited/charged in the Statement of Financial Activities.


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 1. Investment income

2009 2008

£'000 £'000

Dividends and short-term deposit interest 184 176

Rental income 174 180

Bank deposit interest 35 44

393 400

2. Trading in furtherance of charitable activities

2009 2008

£'000 £'000

Publishing 3,386 2,718

Events 78 115

Membership subscriptions 141 134

Other 18 62

3,623 3,029

All of The Society's trading activities are carried out within its prime charitable purposes. The Society was exempt from income tax, corporation tax or capital gains tax on income derived from its trading or charitable activities. 3. Analysis of resources expended

Grant costs

Other direct Support costs Total Total

costs 2009 2008

£'000 £'000 £'000 £'000 £'000

Cost of generating funds

Investment management costs - 36 - 36 25

Charitable activities:

Publications - 1,304 375 1,679 1,508

Events 46 328 204 578 604

Membership services 164 48 158 370 291

Education 102 48 113 263 239

External relations 30 22 57 109 109

Governance costs - 101 107 208 233

Total resources expended 342 1,887 1,014 3,243 3,009

4. Support costs

Staff costs Operating

costs 2009 2008

£'000 £'000 £'000 £'000

Charitable activities 760 147 907 912

Governance costs 84 23 107 131

Total 844 170 1,014 1,043


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 >>>> 5. Staff costs

2009 2008

£'000 £'000

Gross salaries 707 695

Social security costs 65 73

Pension costs 71 66

Agency staff costs - 8

Copy-editor support costs 1 -

844 842

The average number of persons employed including part-time staff, calculated on a 2009 2008

full-time equivalent basis analysed by office, was: Number Number

London 11 11

Cambridge 9 9

20 20

Emoluments of employees

The number of employees of The Physiological Society 2009 2008

whose emoluments fell within the following bands: Number Number

£60,000 - £70,000 1 -

During the year, pension contributions on behalf of these staff amounted to £8,000 (2008: £-) 6. Operating costs

2009 2008

£'000 £'000

Employee-related costs 30 35

Premises 75 83

Communications & IT 35 50

Postage and printing 7 8

Financial costs 20 21

Depreciation 4 4

171 201

7. Governance direct costs comprise

2009 2008

£'000 £'000

AGM, Council and committee expenses 33 28

Auditors remuneration:

- Audit fee 9 9

- Non audit services 1 4

Legal and professional 4 5

Academic support 54 57

101 103


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 >>>> 8. 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 £53,974 (2008: £66,439) and Trustees (20 in total) were also reimbursed expenses totalling £32,317 (2008: 18, £32,616). Academic support The following Trustees’ institutions received academic support payments during the year:

Trustee Institution Amount £

R Dimaline University of Liverpool 3,219

P Kumar University of Birmingham 10,719

J C McGrath University of Glasgow 3,220

J G McGeown (to June 2009) Queen's University Belfast 10,000

C H Orchard University of Bristol 13,938

L Robson University of Sheffield 3,220

K M Spyer University College London 6,438

J P T Ward Kings College London 3,220

£53,974

Free basic membership The following Trustees received free membership, worth £90, in 2009 as follows:

Trustee Reason

V F Gladwell Society representative

P Kumar Former Senior Editor of The Journal of Physiology

G L Smith (to July 2009) Former Editor of Experimental Physiology

M Shipston (from July 2009) Society representative

K M Spyer Honorary Member

M White (from July 2009) Editor of Experimental Physiology

J P Winpenny Society representative

Travel grants Travel grants were awarded to the following Trustees in the year; V F Gladwell (£260), J Hanrahan (£700) and G L Smith (£700). The applications were approved by an independent panel of Members of The Society composed of not less than three members who are not Trustees 9. Financial commitments At 31 December 2009 The Society had the following commitments:

An annual commitment for rent under a non-cancellable operating lease in respect of occupation of Peer House, Verulam Street, London. The future commitment for rent is estimated at £44,000 (2008: £44,000) per annum. The lease expires on 01 April 2014.

An annual commitment for rent under a non-cancellable operating lease in respect of occupation of The Michael Young Centre, Purbeck Road, Cambridge. The future commitment for rent is £38,000 (2008: £38,000) per annum. The lease expires on 06 September 2013.


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 >>>>

10. Grants payable

The Society awarded grants to a number of institutions and individuals in the furtherance of its charitable activities.

2009 2008 2009 2008

No. No. £'000 £'000

Events

Young physiologists’ bursary scheme 62 73 11 12

Non-Society symposium 14 11 9 8

Special symposium 2 1 10 5

Joint International Meeting 1 - 16 -

Membership services

Travel Grants 341 214 164 91

Education

Junior Fellowship - 3 - 6

Vacation Studentships 36 36 39 38

Outreach Grants 4 - 4 -

Teaching SIG Grants 2 6 1 2

International Junior Research Grant 3 - 15 -

International Senior Research Grant 2 - 14 -

Centre of Excellence 1 3 5 15

Microelectrode Workshop 1 1 10 9

Departmental Seminar Scheme 20 10 14 6

ERP

Public outreach event 1 - 10 -

Support to external bodies 4 3 20 22

494 361 342 214

11. Tangible fixed assets

£'000

Cost

At 1 January 2009 33

Additions 11

Disposals (13)

At 31 December 2009 31

Accumulated depreciation

At 1 January 2009 14

Charge for the year 8

Disposals (11)

At 31 December 2009 11

Net book value at 31 December 2009 20

Net book value at 31 December 2008 19


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 >>>>

12. Investments 2009 2008

Analysis of investments at 31 December by category of holding £'000 £'000

Investment properties 1,825 1,900

Listed investments 7,565 6,700

9,390 8,600

Cash held as part of the portfolio 465 57

9,855 8,657

Analysis of investments at 31 December by location

Investments held in the UK 9,040 6,820

Investments held outside the UK 815 1,837

9,855 8,657

Analysis of movements in investments

Valuation at 1 January 2009 8,600 10,731

Additions 1,136 2,718

Disposals in the year (proceeds £1,376,000 (2008: £2,540,000)) (1,465) (2,870)

Net unrealised gains/(losses) 1,119 (1,979)

Valuation at 31 December 2009 9,390 8,600 The Trustees do not consider any particular investment holding to be material in the context of the investment portfolio. The valuation of freehold investment properties has been undertaken by Bidwells, Chartered Surveyors. It was made at the open market value as of 31 December 2009. The valuation was prepared in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Manual. 13. Debtors

2009 2008

£'000 £'000

Trade debtors 389 5

Other debtors 2,465 1,949

Prepayments and accrued income 126 79

2,980 2,033 14. Creditors 2009 2008

£'000 £'000

Trade creditors 23 17

Other creditors 58 62

Accruals and deferred income 2,284 1,563

2,365 1,642


of 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 >>>> 15. Analysis of total funds

Opening Incoming Outgoing Closing

balance resources resources Gains balance

£'000 £'000 £'000 £'000 £'000

Unrestricted funds

Designated funds

IUPS fund 1,000 - - - 1,000

Other designated funds 4 - - - 4

1,004 - - - 1,004

General funds 8,925 4,014 (3,240) 1,029 10,728

Total unrestricted funds 9,929 4,014 (3,240) 1,029 11,732

Restricted funds David Jordan International Teaching Fellowship Fund 51 2 - - 53

Paton Prize Bursary Fund 24 - - - 24

Other restricted funds 23 - (3) - 20

Total restricted funds 98 2 (3) - 97

Total funds 10,027 4,016 (3,243) 1,029 11,829

In November 2006, the Trustees agreed to set aside £1m to underwrite potential commitments for the XXXVII IUPS Congress in 2013. The Finance Committee reviewed the level of designation in 2009 and considered that the level of designation was reasonable. The Paton Prize Bursary Fund awards bursaries to promote the study of the history of major concepts that have shaped modern physiology. There were no Paton Prize Bursaries awarded in 2009. 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 2010, that will help support physiology teaching worldwide. A maximum of one grant will be awarded per annum.


of 23

STANDING INFORMATION The Physiological Society is registered in England as a company limited by guarantee, No. 323575. Registered Charity No. 211585 www.physoc.org Head Office and Registered Office Peer House, Verulam Street, London WC1X 8LZ, UK Tel: 020 7269 5710 Fax: 020 7269 5720 Publications Office PO Box 502, Cambridge CB1 0AL, UK Tel: 01223 400180 Fax: 01223 246858 Trustees in 2009

• Jonathan Ashmore (to July 2009) • Stephen Bolsover (from July 2009) • Patricia de Winter • Rod Dimaline (from July 2009) • Julian Dow (from July 2009) • Stuart Egginton (from July 2009) • Valerie Gladwell • John Hanrahan (to July 2009) • Susan Jones • Prem Kumar • Graham McGeown (to July 2009) • Ian McGrath • Mary Morrell (from July 2009) • Clive Orchard • Christof Schwiening (to July 2009) • Mike Shipston (from July 2009) • Louise Robson • Godfrey Smith (to July 2009) • Mike Spyer • David Sugden (to July 2009) • Alexei Tepikin (to July 2009) • Teresa Tiffert (to July 2009) • Andy Trafford (from July 2009) • Jeremy Ward • Michael White (from July 2009) • John Winpenny • David Wyllie

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

2009 annual report & accounts

Documents

trustees annual report

physiological research

physiology research

contents page report

learned society

purpose physiology

importance of physiology

advancement of physiology