review of session 2002-2003

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The Royal Society of Edinburgh

Review 2004 (Session 2002-2003)


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THE ROYAL SOCIETY OF EDINBURGH

REVIEW OF THE SESSION 2002-2003

PUBLISHED BY

THE RSE SCOTLAND FOUNDATION

ISSN 1476-4342


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CONTENTS

Proceedings of the Ordinary Meetings .................................... 3

Proceedings of the Statutory General Meeting....................... 5

Trustees Report to 31 March 2003 ....................................... 17

Auditors Report and Accounts ............................................. 31

Schedule of Investments ....................................................... 53

Activities

Prize Lectures ..................................................................... 57

Lectures ........................................................................... 109

Conferences, Workshops, Seminars and Discussion Fora . 165Publications ...................................................................... 215

The Scottish Science Advisory Committee ........................ 217

Evidence, Advice and Comment ...................................... 219

Inquiries ........................................................................... 221

Fundraising ...................................................................... 223

Events for Young People .................................................. 225

Research and Enterprise Awards ...................................... 227

Medals, Prizes and Prize Lectureships ............................... 235

Grants Committee ........................................................... 237

International Programme ................................................. 239

Fellows Social Events ....................................................... 243

Grants, Sponsorship and Donations .................................... 245

Changes in Fellowship During the Session .......................... 247

Staff.................................................................................... 249

Index ................................................................................... 251


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PROCEEDINGS OF THE ORDINARY MEETINGS

11 November 2002

ChairmanProfessor Gavin McCrone CB,VPRSE

Formal Admission to FellowshipProfessor Andrew Collier Cam-eron, Dr Magnus Linklater

LectureFrom Chaos to the Indian RopeTrick. Professor Tom Mullin,

Professor of Physics, University ofManchester and Director of theManchester Centre for NonlinearDynamics. (page 113)

2 December 2002

ChairmanLord Sutherland of Houndwood,KT, FBA, PRSE

Formal Admission to FellowshipProfessor Andrew Hamnett

LectureChemical Constraints on Biologi-cal Evolution. Professor R J PWilliams FRS, Inorganic ChemistryLaboratory, University of Oxford.(page 116)

3 March 2003


Election of FellowsFollowing a ballot, those Fellowsshown on page 247 were electedto the Fellowship.

ScrutineersProfessor Roland Paxton and

Professor Gordon Craig

Lecture (chaired by Professor

Gavin McCrone CB, VPRSE)Public Transport and PublicExpectations: Can the Gaps BeBridged? Mr David Bayliss OBEFREng, Former Planning Director ofLondon Transport. (Page 135)

12 May 2003

ChairmanLord Sutherland of Houndwood,

KT, FBA, PRSEFormal Admission to FellowshipDr James Adamson, Professor AlanAlexander, Professor John AnthonyButt, Professor Muffy Calder,Professor Mark Andrew JosephChaplain, Dr Thomas MaxtonCrawford, Professor MichaelCharles Radcliffe Davies, ProfessorIan John Deary, Professor PeterFrance, Professor John HalsteadHardman Moore, Professor RobertHowie Logie, Professor JohnMacdonald Mackenzie, ProfessorMary Tara Marshall, ProfessorQuintin Archibald Mckellar, Dr IanMckenzie-Smith, Professor AprilMary Scott Mcmahon, Dr RobertWilliam Milne, Professor Christo-

pher John Dillon Packard,Professor Andrew Fraser Read,Professor Ifor David WilliamSamuel, Professor Alan FinlayWright.

LectureGenetics and Insurance: Can TheyLive Together? Professor AngusMacDonald, Department ofActuarial Mathematics and

Statistics, Heriot-Watt University(Page 150)


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Review of the Session 2002-2003

1 September 2003


Formal Admission to FellowshipHonorary Fellowship: Dr TimHunt,The Rt Hon Lord Robertsonof Port Ellen.

Ordinary Fellowship: ProfessorWilliam Banks, Professor Howard

Cooke, Dr Tam Dalyell, ProfessorAnna Dominiczak, Mr WilliamEdgar, Professor Margaret Frame,Professor Neil Hood, The Rt HonThe Lord Hope Of Craighead, TheRevd Dr Fergus Kerr, ProfessorJames Mcdonald, Professor AntonMuscatelli, Dr Susan Rice, Profes-sor Pamela Robertson, Sir IanRobinson, Professor Brian Smart,

Professor Hew Strachan, ProfessorPauline Weetman.

LectureGoals, Greed and Governance.Professor Neil Hood CBE FRSE,Professor of Business Policy,University of Strathclyde. (Page154)

6 October 2003

ChairmanProfessor Sir David Carter FRSE,VPRSE

Formal Admission to FellowshipProfessor David Birch, ProfessorMichael R. Blatt, Professor JohnForrester, Dr Stuart Haszeldine,Professor William N. Hunter,Professor Johanna Moore, Profes-

sor Nigel Rapport, Professor AustinSmith, Professor Malcolm Walkin-shaw, Professor Niall Whitty.

LectureHow Cancer Chemotherapy Works.Professor John F Smyth FRSE,Director, Cancer Research Centre,University of Edinburgh (Page 156)


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PROCEEDINGS OF THE STATUTORY GENERAL MEETING

Minute of the Statutory General Meeting

held on 27 October 2003, ending the 220th SessionThe Annual Statutory Meetingtook place in the Societys Wolf-son Theatre on Monday 27October 2003 at 6.30pm. LordSutherland of Houndwood, KT,FBA, FRSE, President, took theChair, and thanked Fellows forremaining to conduct the formal

business of the ASM followingthe outstanding lecture byPresident Etienne-Emile Baulieu,President of the Acadmie desSciences, France.

MinutesThe Minutes of the AnnualStatutory Meeting held onMonday 28 October 2002 weretaken as read, approved by those

Fellows present and signed by thePresident as a correct record.

Election of CouncilIt was agreed that ProfessorGeoffrey Boulton, OBE, FRS, FRSEand Professor Wilson Sibbett,CBE, FRS, FRSE would act asScrutineers for the ballot to electthe Officers and Council of the

Society for the 221st Session.The ballot papers were thencollected and examined andfollowing presentation of theOfficers Reports (followingpages), the Scrutineers reported tothe President that the newCouncil had been elected unani-mously, as follows :

President: Lord Sutherland ofHoundwood KT FBA

Vice-Presidents: Professor AndyWalker, Professor Gavin McCroneCB, Professor John Coggins

General Secretary: ProfessorAndrew Miller CBE

Treasurer: Sir Laurence Hunter CBECurator: Dr Brenda Moon

Fellowship Secretary: ProfessorColin Bird CBE

Research Awards Convener:Professor David Saxon

International Convener: ProfessorRona MacKie CBE

Programme Convener: ProfessorIan Stevenson

Young Peoples Convener:Professor Cheryl Tickle FRS

Secretary to Meetings: ProfessorCarol Duffus, Professor DavidBreeze

Councillors: Professor Ron Asher,Mr Ewan Brown CBE, Mr EdwardCunningham CBE, Professor TariqDurrani, Professor Birgit Lane, SirAlan Langlands, Professor RichardMorris FRS, Dr Walter Nimmo,Professor Peter Sharp, Dr IanSword CBE, Lord Wilson ofTillyorn KT GCMG (resigned April2004)


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Officers ReportsThe President then invited theGeneral Secretary and Treasurer topresent their reports.

General Secretarys ReportProfessor Andrew Miller, CBE,FRSE, reported as follows:

As the widely circulated AnnualReview for the fiscal year April2002 March 2003 outlines the

Societys key activities during thefirst half of the current Session,and these are also described inmore detail in the separateTrustees Report and Accountsavailable to Fellows, I will concen-trate my remarks more on thehighlights of the last half of theSession, since April 2003. Thereare 10 topics I should like to

comment on briefly:i) Corporate Plan Three years

after the production of theoriginal Corporate Plan,Council felt it was timely toreview what had beenachieved. Despite being anambitious Corporate Plan, Iam pleased to report that theoverwhelming majority oftargets have been met. Thefew cases where they were notare either because Councildecided no longer to proceed(because of changed circum-stances) or it had simply notproven possible to raise thenecessary external funding. Inproducing a new Corporate

Plan, we have rigorouslyanalysed the Societys

strengths and weaknesses.The process of devising a newCorporate Plan is well under-way and all Fellows will havean opportunity to contribute.

ii) Scottish Science AdvisoryCommittee This independentcommittee, chaired by Profes-sor Sibbett, is funded by theScottish Executive and oper-ates under the auspices of the

Society. It is at an advancedstage of producing its ownfirst Annual Report and willshortly be launching its reporton science education also atopic of great interest to manyin the Society.

iii) Meetings Programme Thisis a most important aspect of

the Societys wider engage-ment with the public and ithas been most pleasing to seemany capacity audiences, onoccasion requiring theSocietys overspill facilities.There has been a large andvery varied programme ofevents including: HumanRights; Scotlands Drug

Problem; Infection and theThreat to the Food Chain;Corporate Governance; jointevents with the British Acade-my to mark the 400thAnniversary of the Union ofthe Crowns, and todaysstimulating address byProfessor Baulieu. I shouldvery much like to thank theoutgoing Programme Conven-


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Proceedings of the Annual Statutory Meeting

er, Professor John Beck, for allhe has done during these pastfive years to transform theprogramme and to wish himspeedy recovery from hispresent illness.

iv) International ProgrammeThis has accelerated duringthe Session under ProfessorRona MacKies convenershipand we are now able to do

more internationally becauseof close links with BritishCouncil Scotland and in-creased funding for thisactivity from the ScottishExecutive. In August, we weredelighted to receive a visit bythe Vice-President of theChinese Academy of Sciences,Professor Chen Zhu, and thiswill lead to further collabora-tion between Scotland andChina. Under the skilfuldirection of Vice-PresidentProfessor Sir David Carter, theSociety organised a highprofile seminar on Stem CellResearch at the ScotlandEuropa offices in Brussels on

15 October.v) Research and Innovation In

addition to an increasingnumber of Research Fellow-ships, studentships andEnterprise Fellowships,announced at the annualResearch Awards ceremony inAugust, the first GannochyAward for Innovation of theRoyal Society of Edinburgh

was presented to Dr BarbaraSpruce, Ninewells Hospital,Dundee, at an impressiveceremony held on 21 June atScone Palace near Perth. Weare most grateful to theGannochy Trust for its gener-ous support towards thisimportant new award foryounger innovators in Scot-land. The award to Dr Spruce

was for her work on cancerdrugs and was presented byNobel Laureate, Sir JamesBlack, OM, FRS, HonFRSE.

vi) Royal Medals We weregreatly honoured that justprior to Professor Baulieuslecture today, HRH The Dukeof Edinburgh visited theSociety and presented theRoyal Medals for 2003 toProfessor Sir Paul Nurse FRS,Hon FRSE; Sir Michael AtiyahOM, FRS, Hon FRSE and LordMacKay of Clashfern KT, PC,FRSE. These are most worthyrecipients.

vii) MSPs Science InformationScheme This new pilot

scheme to provide expertinformation on scientific andtechnological issues waslaunched on 18 Septemberand is being run in associationwith the Royal Society ofChemistry and the ScottishParliament Information Centre(SPICe).


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viii) Inquiries and EvidenceA major inquiry into the crisisfacing the Scottish FishingIndustry has started under thedirection of Sir David SmithFRS, FRSE. In addition, theSociety continues to providemany responses to a widerange of consultations and Iam most grateful to thoseFellows who contribute to this

process by taking the time tomake their views known to DrMarc Rands and for his skilfuldistillation of the commentsreceived.

ix) Committee StructureA review of the committeestructure is underway. Thereare currently nearly 50 com-mittees and we are examiningways of trying to reduce thenumber and make ourcommittee processes moreefficient.

x) StaffingA revised structure wasimplemented in Septemberreducing substantially thenumber of staff reporting to

the Executive Secretary andcreating a senior managementteam which meets weekly.These changes will allowgreater delegation andimprove internal communica-tion both within the staff andwith the Honorary Officers.As part of the restructuring,Graeme Herbert, who is onsecondment from the Scottish

Treasurers ReportSir Laurence Hunter, CBE, FRSEthen delivered his report as

follows :I am happy to be able to present amore positive report to you thisyear, and I am reasonably confi-dent that this present financialyear will see the Society turn thecorner and make a small start onre-building some of the reserveson which we have had to draw inrecent times. I shall return to this

later.

There are three themes on which Iwould like to focus this evening:

to report on the 2002-03accounts and comment onsome of the main factorsunderlying the figures

to update you on developmentsin the current financial year

to comment on a few key issuesunderlying the financial picture.

Executive, has been appointedDirector of Corporate Servicesand Deputy to the ExecutiveSecretary.

Finally, I should like to conclude bythanking the staff for their hardwork; they deliver a full pro-gramme of activities at a relentlesspace. In particular, I should like toexpress thanks to Sandra McDou-gall who retired in June after

almost 29 years service, and alsoto mention David Murray whoretired in March after 16 yearswith the Society but, sadly andunexpectedly, died in July.


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the knock-on consequencethat the Society did notbenefit from the interest dueon its loan to the Foundation.However, net operatingrevenue showed a smallsurplus of 14,000 and theGeneral Fund remained just insurplus. This performance,happily, was better thanbudget.

The scale of activity in theSociety continued to grow inaccordance with the aims ofthe Corporate Plan, and thiswas reflected in a 25% rise inincome and a 17% rise inexpenditure. Of particularnote on the income side wasalarge increase in donationsand grants, partly through anincreased grant from theScottish Executive for theScience Advisory Committee,partly through receipts fromthe Appeal, and partly in theform of much-appreciatedsecondments from theScottish Executive and theBritish Council.

Income from activities alsoincreased by nearly 20%, butinvestment income remainedstatic.

On the expenditure side,Grants payable increased by19% expanding our supportfor research through fellow-ships and studentships, and

Activities spend grew by 28%,reflecting the full annual cost

As I have said before, it is impor-tant that the Fellowship shouldhave a clear understanding of thefinancial situation, not just interms of the formal accounts, butalso in terms of the budgetingand administrative proceduresunderlying them. I hope you willfind what I have to say thisevening contributes to thatunderstanding.

Last year, following changes in theStatement of RecommendedPractice for charity accounts, wealtered our presentation to meetthe new requirements, whichprovided a more symmetricalpresentation of income andexpenditure figures. That gave usthe opportunity to incorporate asummary picture of the accountsand a short statement on thecurrent position in the AnnualReport, which was sent to allFellows. This has been repeatedthis year, and of course, the formalTrustees Report and the fullaccounts provide greater detail ofthe finances. These are availableto any Fellow, on request, and are

available on the Societys website.I hope you will continue to findthis arrangement satisfactory.

i) Report on 2002-2003Accounts As expected,financial year 2002-03 provedto be another difficult one forthe Society. The adverse effectof the loss of rental income tothe Foundation continued tobe felt for half the year, with


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Revisions to LawsApproved in October 2003

29. Each Candidate for admissionas a Fellow shall be proposedand recommended by aCertificatesupported byatleast four Fellows, two ofwhom must certify frompersonal knowledge of theCandidate. Such Certificatesshall be delivered to the

Societys Rooms on or beforethe last day of May, or suchlater date as Council maydirect, during the Session

preceding that in which theCandidature is to be consid-ered for Election. EachCertificate shall be in theformat specified by Counciland shall contain the informa-tion required for considerationof the nomination. EachCertificate, unless earlierwithdrawn, shall be valid forup to three years. Should aCandidate not be electedwithin the three year period ofvalidity of his or her Certifi-cate, a fresh Certificate, valid

for a further three years, maybe lodged after two years haveelapsed.

30. The Fellows who sign acertificate from personalknowledge shall undertakethe responsibility of acting asproposer and seconder

respectively. The proposer

Laws Prior to October 2003

29. Each Candidate for admissionas a Fellow shall be proposedand recommended by aCertificate in writing signed byat least four Fellows, two ofwhom must certify frompersonal knowledge of theCandidate. Such Certificatesshall be delivered to the

Fellowship Secretary on orbefore the thirty-first day ofthe month of July precedingthe start of the Session inwhich the Candidate is to beconsidered for Election. Eachcertificate shall specify thename, status, profession,nationality, date of birth, usualplace of residence, and thequalifications of the Candi-date. Each Certificate, unlessearlier withdrawn, shall bevalid for up to three years.Should a Candidate not beelected within the three yearperiod of validity of his or herCertificate, a fresh Certificate,valid for a further three years,

may be lodged after two yearshave elapsed.

30. The Fellows who sign acertificate from personalknowledge shall undertakethe responsibility of acting asproposer and seconder

respectively, in so far that all


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shall undertake to provide andif necessary update theappropriate informationrequired for consideration ofthe nomination.

31. The proposer shall be respon-

sible for informing theCandidate of the payments tobe made to the Society beforethe Candidate can be admit-ted as a Fellow.

32. An alphabetical list of allCandidates whose Certificates

are valid at the closing datedetermined in accordance withLaw 29 shall be prepared andsent to Fellows before theAnnual Statutory Meeting.This list shall specify the name,status, profession, usual placeof residence, and the qualifica-tions of each Candidate andshow the names of the Fellows

by whom each Candidate issupported or recommendedand the year of candidature.The Council shall select fromsuch list a number to berecommended to the Societyfor election. The list ofCandidates so approved by theCouncil for election shall beissued to the Fellows not later

than the twenty-first day ofFebruary.

communications on thesubject of the candidatureshall take place with one ofthem.

31. The proposer shall be respon-

sible for informing theCandidate of the payments tobe made to the Society beforethe Candidate can be admit-ted as a Fellow.

32. Not later than October, analphabetical list of all Candi-

dates whose Certificates arevalid on the first day of Augustimmediately preceding shallbe prepared, making referenceto their year of candidature.




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33.A document shall be producedno later than the AnnualStatutory Meeting giving thealphabetic list of Candidates

prepared according to Law 32together with a supportingStatement for each Candidate.

A copy of such document shall

be available in the SocietysRooms for inspection byFellows.

Laws 34 to 43 no change.

33. The list so prepared shall bepublished along with thenames of the Fellows by whomeach Candidate is supportedor recommended, and asupporting statement for eachCandidate. A copy of such listshall be immediately thereafter

sent to every Fellow. TheCouncil shall select from suchprinted list of Candidates anumber to be recommendedto the Society for election. Thelist of Candidates so approvedby the Council for election,shall be issued to the Fellowsnot later than the twenty-firstday of February.


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The Council of the Society asTrustees of the Society presenttheir report for the financial yearended 31 March 2003.

Statement of Councils Respon-sibilities

Under the Laws of the Society, theCouncil has the responsibility tomanage all matters concerningthe affairs of the Society. The

Treasurer, a member of theCouncil, has a duty under theLaws of the Society to present tothe Fellows at the StatutoryMeeting the Accounts for thepreceding financial year to 31March.

Under Charities legislation, theCouncil is required to prepareaccounts for each financial year

which give a true and fair view ofthe state of affairs of the Societyat 31 March and of its financialactivities during the year thenended.

In preparing these accounts, theCouncil should

select suitable accountingpolicies and apply them

consistently

make judgements and esti-mates that are reasonable andprudent

ensure that the recommenda-tions of the Statement ofRecommended Practice (Ac-counting by Charities) havebeen followed

TRUSTEES REPORT TO 31 MARCH 2003

prepare the accounts on agoing concern basis unless it isinappropriate to assume theSociety will continue its activi-ties.

The Council has a responsibilityfor keeping proper accountingrecords which disclose withreasonable accuracy at any timethe financial position of theSociety and which enable it to

comply with the Law Reform(Miscellaneous Provisions)(Scotland) Act 1990 and theCharities Accounts (Scotland)Regulations 1992. It has generalresponsibility for taking suchsteps as are reasonably open to itto safeguard the assets of thecharity and to prevent and detectfraud and other irregularities.

Investment Powers and Policy

The Council has power under theLaws to control the investment ofthe Funds of the Society.

The management of the invest-ments is carried out by Speirs &Jeffrey & Co on a discretionarybasis. The objectives set by the

Council of the RSE are first tostabilise a sufficient level ofincome to meet the target setannually by Council and thereafterto invest for capital growthpotential. The Council hasdelegated the detailed monitoringof performance to the InvestmentCommittee, which makes compar-isons against a composite

benchmark reflecting the mix of


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assets held and the WM Medianindex.

As a consequence of the restric-tion being placed on the totalreturn available from the portfolioby the high income requirement,the Council has agreed in princi-ple to realise part of the overallcapital gain to make up a propor-tion of the targeted return forthe year subject to no more than

2% of capital value being drawnout of capital. This has not yetbeen drawn down. The incometargets for the year have been metand the total return values haveoutperformed the average charityindex and the UK market.

Representatives of the InvestmentCommittee meet annually with

the investment managers todiscuss their compliance with theconstraints set by the Committeeand risk environment. In the yearunder review no complianceissues arose which required to bereported to the Committee.

Operating policies - GrantMaking

The RSE makes grants to individu-als in higher educationinstitutions in support of researchactivities in the categories ofpostdoctoral research Fellowships,support research Fellowships, postgraduate studentships, under-graduate vacation scholarshipsand Enterprise fellowships. Eachof these categories is specifically

funded from various sources

including the RSEs restrictedfunds. The basis of eligibility andselection varies according to thedetailed scheme regulations,which are published on the RSEsWeb site (www.royalsoced.org.uk).

Grants are also made in supportof research activities of Fellows ofthe RSE, including support fortravel connected with research orscholarship, small scale specialist

meetings, to assist researchvisitors to Scotland to undertakecollaborative research work with aFellow, to assist a visiting lecturerto come to Scotland to assistresearch collaboration betweentwo institutions in Scotland orbetween universities and industryand to assist in the publication ofbooks written by Fellows. Thesegrants are funded by the RSEdesignated Grants Fund. TheGrants Committee is responsiblefor making awards in accordancewith the detailed rules set out bythe Council of the Society for thedisbursement of the Grants Fund.

Details of committee membershipare to be found in the Societys

annual directory and on itswebsite.

Reserves Policy and Funds

The Society holds a number ofrestricted funds resulting frombequests for particular purposes,details of which are set out innote 2c) to the financial state-ments. The Council has also

created designated funds, where


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Trustees Report to 31 March 2003

the Society has set aside sumsfrom its unrestricted funds, thepurposes of which are set out innote 2b) to the financial state-ments. The General Fundrepresents the balance of unre-stricted funds arising from pastoperating results, which are notinvested in fixed assets or desig-nated for a specific purpose.

The Council has examined the

requirement for free reserves, andconcluded that whilst the presentlevel of reserves gives adequateworking capital for core costs, itwould be desirable to have aGeneral Fund reserve in the rangeof three to six months expenditureon central costs. They have alsoconcluded that the Society shouldmaintain a development fund to

give flexibility to respond to newinitiatives on a timely basiswithout the need for specificfundraising.

Risk management

The Treasurers Committee remitincludes examining the major risksfaced by the Society and formalis-ing, and extending wherenecessary, existing systems

established to monitor andcontrol these risks to mitigate anyimpact that they may have on theSociety. The Council believes thatthe existing systems and thestructure of decision-taking andreporting through BusinessCommittee and Council continuesto provide assurance that risks arecarefully managed.


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Sir William Stewart handed overthe Presidency of the Society toLord Sutherland of Houndwood atthe Annual Statutory Meeting inOctober 2002. He greatly in-creased the Societys public profilethanks to his championship of amore outward-looking, widely-disseminated newsletter -

ReSourcE.The Societys reputation forpromotion of excellence wasmuch increased, with expansionof the Research Awards pro-gramme, which is supported by awide range of donor organisa-tions, that realise the Society canhelp deliver their objectives.

The success of the EnterpriseFellowships scheme, developedwith Scottish Enterprise, led tothis being expanded considerablyin scope, with 80 new Fellowshipsbeing created during the next fiveyears.

The highly successful FundraisingCampaign reached its target earlyin 2003. There were several

strands to the campaign, includ-ing an Appeal to Fellows whichwill produce 400,000, and anaward of 500,000 from TheGannochy Trust to fund a majornew award for innovation inScotland.

The Scottish Science AdvisoryCommittee was appointed by

Council. It first met at the

Societys rooms in May 2002 inthe presence of the newly-appointed Minister for Science,Iain Gray, who was attending hisfirst official engagement. Thisindependent Committee willprovide strategic advice to theScottish Executive on sciencepriorities, and is part of the

implementation of the ScienceStrategy for Scotland. TheCommittee is housed in its ownseparate offices in the RSEsRooms, and is chaired by Profes-sor Wilson Sibbett CBE FRS FRSE.

The international profile of theSociety has developed considera-bly, with implementation of theexchange agreements with China,Taiwan and Poland. Closer linkswere established with otherleading European Academies,particularly in Scandinavia.

The reports of the Inquiries intoInfectious Salmon Anaemia, andFoot and Mouth Disease inScotland, were well received bythe communities affected by the

issues involved, as well as by themedia and representatives ofGovernment and official organisa-tions.

The Council was saddened tolearn of the death of its Patron forover 50 years Her Majesty,Queen Elizabeth The QueenMother, and was represented by

the General Secretary at her

The Year 1 April 2002-31 March 2003


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funeral in Westminster Abbey on9 April 2002.

Research Awards and Prizes

The Society prides itself in sup-porting research across a broadrange of disciplines, and recognis-es research excellence through itsFellowships, Prizes and PrizeLectureships. Research awards arefunded by several donor organisa-

tions and the Society is immenselygrateful for their generoussupport. We were delighted that,as part of the Societys fundraisingcampaign, The Gannochy Trustwill provide funding of 500,000for an innovation award to bepresented annually over the nextfive years, with the winnerreceiving a 50,000 cash prize

and gold medal.In 2002-2003, the Societyawarded thirteen EnterpriseFellowships, one PPARC EnterpriseFellowship, one BP Fellowship,two Lloyds TSB Foundation forScotland Personal Fellowships andfour Studentships. With theadditional funding from theScottish Executive Enterprise andLifelong Learning Departmentnow in place, the Society was alsoable to award a larger number ofPersonal and Support Fellowships,awarding two Personal Fellow-ships and three SupportFellowships. The first of the newTeaching Fellowships wereawarded. These Fellowships are

for science, engineering, technol-

ogy and careers teachers inScottish secondary schools andprovide the opportunity to spendup to three months away fromteaching duties whilst in anindustrial, research or businessenvironment; funding for areplacement teacher is provided.

The RSE awarded a number ofPrizes during the year. The thirdround of Royal Medals for

outstanding achievement werepresented by HRH The PrincessRoyal, HonFRSE, at a JubileeDinner in the Signet Library on 3October 2002 to: Professor SirAlfred Cuschieri FRSE, ProfessorJohn Mallard OBE FRSE andProfessor Sir Alan Peacock DSCFBA FRSE.

The James Scott Prize Lectureship,on the fundamental concepts ofnatural philosophy, was awardedto Professor Sir Michael Berry FRS;the BP Prize Lectureship in thehumanities, to Dr Colin Kidd; theMakdougall-Brisbane Prize fordistinction in the promotion ofscientific research, to Dr DarioAlessi FRSE and the Neill Medal

for an outstanding publication innatural history, to Professor PhilipCorbet FRSE.

On behalf of the Scottish Execu-tive, the Society administered aScience in the Community Awardfor organisations which hadprovided science education to thepublic and schools and had been

actively involved in encouraging


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the public understanding ofscience. This was presented at theExecutives Science 20:20 Confer-ence in March 2003 to a jointteam from NESciE and SESEF(Natural Environmental ScienceEducation and Scottish EarthScience Education Forum) for theirwork in communicating earthscience to the public. The runnerup was the Glasgow Science

Centre for its project GSC in theCommunity.

Events

The Society has again organised awide range of events, for both thespecialist and general public,providing a forum for informeddebate on issues of national andinternational importance. They

have covered a variety of themesand have involved an extensiverange of speakers from through-out the UK and around the world,including politicians, industrial-ists, academics and other keypublic figures. Attendance hasbeen good, with the theatrefrequently being filled to capacity.The quality of events remains

extremely high, with positivegeneral feedback from audiences.

Examples of successful events heldduring the year are The Artful Useof Light - Bicentenary of the Birthof David Octavius Hill, a JointConference with the ScottishSociety for the History of Photog-raphy; Science, Society and

Government, by Professor SirDavid King, Government Chief

Scientific Advisor; and Memory:Psychological Processes andClinical Implications, a JointInternational Conference with theCaledonian Research Foundation.

Other notable events wereA NewRussian Revolution - Partnershipwith NATO, a lecture by The Rt.Hon Lord Robertson of Port Ellen,Secretary General of NATO, as partof the annual Edinburgh Lectures

series, and a commemorativelecture, organised jointly with theBritish Academy and held inLondon on precisely the 400th

anniversary of the Union of theCrowns, and given by Dr JennyWormald, St Hildas College,Oxford, entitled Oh, Brave NewWorld? The Union of England andScotland in 1603.

The Society has continued tostrengthen the links betweenindustry and academia. Oneparticular highlight was a half-dayConference entitled ManagingIntellectual Property in ScottishHigher Education at the RSE on 28June 2002, supported by the RSE,Scottish Enterprise, SHEFC and

Universities Scotland.

Links with Young People

Yet again it has been a busy year,with activities taking place all overScotland, many of them sopopular that they were oversub-scribed.

A Discussion Forum (supported bythe Darwin Trust of Edinburgh) onthe issues involved in Cloning was


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held at the University of Stirling inJune 2002. Students fromschools in Stirling, Falkirk, Clack-mannanshire and Fife heard fromexperts, from the Roslin Instituteand the University of Edinburgh,about the potential benefits anddrawbacks of the technology, aswell as the ethical aspects. Theresults of the forum were com-piled into a report published by

the Society, and sent to keydecision-making bodies.

A week-long, non-residentialSummer Camp (supported by ShellExpro), held during the 2002summer holidays at Satrosphere inAberdeen, was very popular withstudents. The theme for the weekwas Waste and the Environment,with the highlight being afalconry display at the ShanksLandfill site where birds of preyare used to discourage seagulls,pigeons and other vermin.

Schools Lectures, which aim toenthuse secondary school pupilsabout science, engineering andtechnology, were held throughoutScotland, at locations ranging

from the Isle of Skye to Tranent.

Startup Science Masterclasses atthe Universities of Dundee, StAndrews, Glasgow, Heriot-Watt,and Aberdeen/Satrosphere havecontinued to be a success despitesome disruption to use of venuesout of hours because of thefirefighters dispute.

The long-running Maths Master-classes for primary school pupils,have expanded to include a newset at the University of Dundeeand the Physics Masterclasses, runin conjunction with the Universityof Glasgow, have also becomewell-established.

The Christmas Lectures were givenby BBC broadcast meteorologist,Heather Reid, at Lochaber High

School in Fort William. Her talks,to students from as far afield asInverness, and to the generalpublic, gave a fascinating insightinto the science and technologybehind weather forecasting. Thepublic lecture attracted one of thelargest audiences for many years.

The RSE Roadshow(supported by

the Institute of Electrical Engineersand Science 0

3) was held as part of

the Science 03

festival at Wick and

Thurso. There were interactivemaths and earth sciences work-shops for local primary schools, aswell as the entertaining forensicscience talk Death Drugs andDynamite! for secondary studentsand the general public.

Evidence and Advice

In fulfilling its role as a provider ofexpert evidence and advice toParliament and Government, theSociety responded to 34 requestsfor comment in the year 2002-2003. Topics addressed included:The Scientific Response toTerrorism; A Draft StrategicFramework for Aquaculture; A


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Review of Research Assessmentand Science; and The RegionalDevelopment Agencies.

The Society also instigatedindependent proactive inquiries.In June 2002 a Working Party,chaired by Professor Sir RoderickMacSween FRSE, reported on TheScientific Issues Surrounding theControl of Infectious SalmonAnaemia (ISA) in Scotland. This

reviewed the science behindlegislation governing the controlof ISA. The report of the Foot andMouth Working Party, Inquiry intoFoot and Mouth Disease inScotland, which was endorsed byCouncil, was published in July2002. This Working Party, chairedby Professor Ian Cunningham CBEFRSE, was charged with investigat-ing the outbreak, spread andcontrol of Foot and MouthDisease in Scotland during the2001 epidemic, as well as itsimpact on the rural and tourismeconomies of Scotland.

Finally, in February 2003, Councilgave approval for an independentRSE Inquiry into the current crisis

in the Scottish Fishing Industry.

International Activities

International activities havecontinued to expand significantly,stimulated by Devolution. ASociety delegation, led by the thenPresident, Sir William Stewart FRSFRSE and Sir David Carter FRSE,Vice-President, participated in a

high-profile event in Sweden in

October 2002 entitled Realisingthe Potential of Life-Sciences andBiotechnology, also attended byEnterprise Minister Iain Gray. Inhis speech, the Minister an-nounced additional funding fromthe Scottish Executive for theSociety, including, for the firsttime, funding for internationalactivities.

In October 2002, European

Research Commissioner, PhilippeBusquin, attended the AnnualStatutory Meeting and addresseda capacity audience - in French -about Research in Europe withparticular emphasis on The EUFramework Programme and TheEuropean Research Area.

During the year, Officers received a

delegation from the PolishAcademy of Sciences and signed aMemorandum of Understandingwith them. The Taiwan ExchangeProgramme was launched in late2002, following a visit in Octoberby the Vice President of theNational Science Council, Profes-sor Ching-Jyh Shieh.

In May, RSE International OfficerGraeme Herbert represented theSociety at a Co-operation Confer-ence, held by the ChineseAcademy of Sciences (CAS) inBeijing, that brought togetherCAS and its Western Europeanpartners. Representatives fromthe Royal Society and sisterEuropean academies and scientific

institutions in Finland, France,


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Germany, Italy and the Nether-lands also attended.

The Society is now a member ofALLEA, the All European Acade-mies Network.

Publications

Journals: six issues of ProceedingsA and two of Transactions, one ofwhich was a double issue werepublished during the year. A

steady rate of submissions wasmaintained for both journals.

Two new publications, theAnnualDirectoryand the Review of theSession, were introduced in 2002to replace the Yearbook. TheDirectoryis published in Novem-ber/December and the Reviewinthe spring. Separate arrange-

ments for the publication ofFellows obituaries are in hand.

In addition to the regular publica-tions detailed above, reports ofthe 2003 RSE/RAE Joint Lecture, I,Cyborg, and the RSEs part inScotland in Sweden in October2002, and of the independentinquiries into Foot and Mouthand ISA were also published.

ReSourcEwas published twice, inSpring 2002 and Winter 2002.The response to this new, moreappealing format has been verypositive indeed.

Fellowship

In March 2003, the Society elected55 Ordinary Fellows, two Corre-

sponding Fellows and fourHonorary Fellows. The average

age at election of the OrdinaryFellows was 52.8 years. Ten of theOrdinary Fellows were female andfour Ordinary Fellows were under40 at election.

Currently (June 2003) the Fellow-ship consists of 69 HonoraryFellows, 16 CorrespondingFellows and 1243 OrdinaryFellows. 34% of the OrdinaryFellowship cover disciplines in the

Life Sciences, 38% in Physical,Engineering and InformaticSciences, 19% in Arts andHumanities and 9% in Economics,Business and Administration. Themajority (76.9%) of OrdinaryFellows are resident in Scotland,17.4% in England, 5.1% overseasand 0.6% either in Wales,Northern Ireland or Eire.

Staffing Matters

The Scottish Science AdvisoryCommittee began operating fromthe Societys Rooms in April 2002,with two new members of staff,Dr Avril Davidson, Head ofSecretariat and Tracy Rickard, PA/Administrator.

Duncan Welsh joined the staff inJune 2002, originally on atemporary contract. He wasappointed as Events Officer inMarch 2003.

The growth of Research Fellow-ship activities led to theappointment of Jenny Liddell, asResearch Awards Co-ordinator, inJuly 2002.


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Michael White started in August2002 on secondment from theBritish Council to work withGraeme Herbert (on secondmentfrom the Scottish Executive)running the rapidly expandingInternational Programme.

Paulette Hughes receptionist -returned to Australia in December2002 and was replaced in January2003 by Cathy Crawford.

Two temporary members of staff,Beth Owens, who supported theFoot and Mouth Inquiry, andKirsty Black, who helped run an

event on GM Gene Flow inJanuary 2003, also providedinvaluable support during theyear.

David Murray, Accounts Adminis-trator for 16 years, since leavingthe Civil Service, left at the end ofMarch 2003. Sadly, he was not toenjoy a long retirement as he diedpeacefully in July 2003.

Stuart Armstrong, the Societysfreelance Fundraising Consultantsince January 2001, completed hiscontract at end of March 2003.


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Result for the Year

The year just ended continued toreflect the adverse impact of theloss of rental in the Foundation,with the net incoming resourcesor revenue surplus of 14,000 inthe Society being achievedwithout the benefit of interestdue on its loan to the Foundation.

Pleasingly, the General Fundoperating deficit of 148,000included in this result was bothless than last year and ratherbetter than the original budgetprojection. The Designated Fundsshowed a surplus of 167,000due to the Appeal receipts in cashin the year of 183,000; theRestricted Funds had a deficit of

5,000 as a result of the effect ofcyclical expenditure and increasedinvestment management costs.

However, this positive revenueresult is overshadowed by thedecline in capital value of thestock market investments, whichresulted in an overall realiseddeficit for the year of 337,000with a further unrealised loss oninvestments of 164,000. Al-though the decision to switchinvestment managers referred tobelow was taken on the basis ofthe cost of the service and notpast performance, the opportunitywas taken to realign the portfolioto be more risk averse.

Financial review April 2002-March 2003

Income and Expenditure

Total incoming resources at 2.44million have increased by 25%over the previous year. The newcategory Donations and grants at919,000 shows an increase of38% over last year, mainly as aresult of Appeal receipts and anincreased grant from Scottish

Executive for the Scottish ScienceAdvisory Committee. Thiscategory also includes the value tous of the greatly appreciatedsecondments of Graeme Herbertfrom the Scottish Executive and ofMichael White from BritishCouncil Scotland.

Income fromActivities hasincreased by 19% to 1.41m,

arising from the increase insupport for research awards. Theincrease in international andmeetings income was offset bydecreased income in othercategories.

The category Investment incomeremained static as a result of thecontinuing waiver of interest due

from the RSE Scotland Founda-tion, despite an increase ininterest received due to highercash balances. Dividend incomefrom the investments managedfor part of the year by StewartIvory and in the last quarter bySpeirs & Jeffrey, held up wellalthough this may not continue asthe total is affected further by

reducing tax credits. The share of


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investment income credited to theGeneral Fund was increased byapproximately 25,000 as a resultof the earlier decision by Councilto re-allocate the income from theGrants Fund for the time being.

The total resources expended of2.43 million increased by 17%over the previous year with themajority of the increase comingfrom increased expenditure on

research awards and the full yearexpenditure of the ScottishScience Advisory Committee.

The category, Cost of generatingfunds, includes both the directfundraising costs and an alloca-tion of general overhead inproportion to overall staff timespent in continuing the successful

Appeal to Fellows and developingnew initiatives and relationshipswith the corporate sector andcharitable trusts. It is pleasing tonote that the cost of generatingthese funds declined by 23% to84,000, reflecting the up frontcosts normally associated with afundraising campaign, and is lessthan 3.5% of incoming resources.

Grants payable of 1.31 million(2002: 1.09m), which include theallocations made by the GrantsCommittee and the promotion ofresearch by awards of ResearchFellowships and studentships,have increased by over 19%. Thisreflects the full year impact ofadditional Fellowships awardedfrom increased funding by theScottish Executive and additional

Enterprise Fellowships funded byScottish Enterprise. Expenditure isincurred for the first time from thenew grant awarded in August2001 by the Lloyds TSB Founda-tion for Scotland.

Expenditure onActivities roseoverall by 28% from 626,000 to802,000. This increase reflectsthe full cost of the ScottishScience Advisory Committee at

150,000 per annum andincreased levels of advice andcomment including the majorFoot & Mouth Disease Inquiry.

Expenditure on International linksrose significantly, indeed nearly afour-fold increase, partly throughthe initial stages of exchangeresearch fellowships, and the cost

of the symposium organised forthe Scottish Executives Scotlandin Sweden event held in Stock-holm in November 2002.

The Management and Administra-tion costs, including buildingdepreciation and non-routineexpenditure on the buildings andcentral publicity expenditure,decreased from 241,000 to

229,000, representing approxi-mately 9% (2002: 12%) ofincome. This decrease was largelydue to one-off buildings expendi-ture charged in the previous yearto the Buildings MaintenanceFund.

Transfers from Designated Fundsto the General Fund of a net

94,000 represent the release


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from the Capital Asset Reserve ofa total of 101,000 to match thewrite down of buildings and thecapital repayment of the loan tothe Foundation, net of a transferof 7,000 to the Staff Develop-ment fund.

Balance Sheet

The overall decline in net assetsfor the year amounts to 7%,almost all of which arises from the

movements on investments.Investment values declined by529,000 or 23% in the period,against a background of difficultstockmarket conditions. Much ofthis loss was realised in the finalquarter of the year as the decisionto move investment advisers wasimplemented. It was decided that

the ongoing fee-based cost of afund manager was not justifiedfor a fairly stable defensivelymanaged portfolio such as ours,in comparison to the costs of astockbroker-managed portfoliowhere costs are based on transac-tions. During the last quarter ofthe financial year this switch tookplace and Speirs & Jeffrey carried

out some realignment of theportfolio, increasing the overalllevel of fixed interest stocks andreducing the risk by moving fromcorporate bonds to governmentstocks.

The RSE Scotland Foundationcontinued to make the capitalpayment of 46,800 on its loandespite the waiver of interest andthis amount was applied to the

General Fund to maintain its(small) surplus. The waiver ofinterest was necessary to assistthe Foundation recover from itsdeficit of net assets. The Founda-tion continued to suffer the lossof rental income for part of theyear ended 31 March 2003,because although the new tenant,Lakeland Limited, took possessionof the unit at the end of May

2002, the rental only becamepayable from October 2002.

Net current assets showed anincrease of 50% up from258,000 to 390,000, arisingfrom the improvement in net cashbalances and money marketdeposits; these include both theAppeal receipts and grantsreceived in advance held over as

deferred income until the condi-tions for use are met.

The 2001 Appeal Fund has beenredesignated the DevelopmentFund but will continue to receivethe ongoing contributions fromFellows which are expected tobring the total to the target of400,000. The receipts of

182,000 in the year are shownas designated fund receipts in thecategory of Donations andGrants in the Statement ofFinancial Activities.

Fundraising

The first phase of a fundraisingcampaign has been successfullycompleted. The next phase is

intended to focus more on the


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ACCOUNTS

Note No 2003 2002

Fixed Assets

Tangible fixed assets 13 2,531,269 2,587,377

Fixed Asset Investment

Investments at market value 14a 1,732,239 2,261,211

Historical Cost :1,816,974

(2002 - 2,143,957)

Loan to RSE Scotland Foundation 14b 2,078,368 2,125,176

6,341,876 6,973,764

Current Assets

RSE Scotland Foundation current account 63,125) 56,063

Debtors 15 73,000) 78,862

Cash at bank and in hand 118,326) 178,019

Money Market and other term deposits 501,130) 117,295

755,581) 430,239

Current Liabilities

Creditors :

Amounts falling due within one year 16 (365,681) (171,399)

Net Current Assets 389,900 258,840

Net Assets 6,731,776 7,232,604

Funds

General Fund 17 1,142 73,593

Designated Funds 18 5,677,421 5,788,617

Restricted Funds 19 1,053,213 1,370,394

20 6,731,776 7,232,604

Approved by the Council on 1 September 2003

Laurence C HunterSir Laurence Hunter, CBE

Treasurer

BALANCE SHEET

AT 31 MARCH 2003


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STATEMENT OF FINANCIAL ACTIVITIES(INCORPORATINGTHE INCOMEANDEXPENDITUREACCOUNT)

YEAR ENDED 31 MARCH 2003Note No General Designated Restricted 2003 2002

Fund Funds Funds Total Total

Incoming resourcesDonations , grants and similarincoming resources 4 530,091 182,877 206,446 919,414 665,946Activities in furtherance of theSocietys objectives 5 206,393 - 1,202,183 1,408,576 1,185,228Investment income 6 29,115 23,383 60,060 112,558 107,374

Total incoming resources 765,599 206,260 1,468,689 2,440,548 1,958,548

ResourcesExpendedCost of generating funds 7 79,699 4,558 - 84,257 108,948Charitable expenditure:Grants payable 8 8,649 24,391 1,277,896 1,310,936 1,096,843Activities in furtherance of theSocietys objectives 9 600,173 5,675 195,755 801,603 626,416Buildings, managementand administration 10 224,814 4,590 - 229,404 241,090

Total resources expended 913,335 39,214 1,473,651 2,426,200 2,073,297

Net incoming resourcesbefore Transfers (147,736) 167,046 (4,962) 14,348 (114,749)

Gains/(losses) on investment assetsRealised gains 1,073 10,473 17,762 29,308 9,329Realised losses (13,935) (135,964) (230,597) (380,496) (16,507)

(12,862) (125,491) (212,835) (351,188) (7,178)

Realised Surplus/(deficit) for the year (160,598) 41,555 (217,797) (336,840) (121,927)Transfers between funds 18 94,153 (94,153) - - -

Unrealised losses (6,006) (58,598) (99,384) (163,988) (4,499)

Net Movement in Funds (72,451) (111,196) (317,181) (500,828) (126,426)Balance brought forwardat 1 April 2002 73,593 5,788,617 1,370,394 7,232,604 7,359,030Balance carried forwardat 31 March 2003 1,142 5,677,421 1,053,213 6,731,776 7,232,604


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Auditors Report and Accounts

2003 2002

Reconciliation of net movement in funds to net cashoutflow from operating activitiesNet incoming/(outgoing) resources before Transfers 14,348 (114,749)Appeal receipts (182,877) (91,073)Dividends receivable (94,783) (92,244)Interest receivable (13,455) (9,022)Interest payable - -Depreciation 56,529 89,505Decrease in debtors 9,184 21,591(Increase)/ decrease in RSE Scotland Foundation current account (7,062) 20,752Increase in creditors 194,281 5,335

Net cash outflow from operating activities (23,835) (169,905)

Cash flow statementNet cash outflow from operating activities (23,835) (169,905)Appeal receipts 182,877 91,073Returns on investments and servicing of finance:Interest received 13,794 9,582Interest paid - -Dividends received 91,123 103,419Capital expenditure and financial investment:

Purchase of tangible fixed assets: (421) (11,555)Proceeds from sale of tangible fixed assets - -Proceeds from sale of investments: 1,101,180 80,373Purchases of investments (1,087,384) (73,882)Loan to RSE Scotland Foundation 46,808 46,808

Increase in cash 324,142 75,913

Reconciliation of net cash flow to movement in net funds(note 25)Increase in cash in the year 324,142 75,913

Net funds at beginning of year 295,314 219,401

Net funds at end of year 619,456 295,314

CASH FLOW STATEMENTYEAR ENDED 31 MARCH 2003


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NOTESTOTHE FINANCIAL STATEMENTSYEAR ENDED 31 MARCH 2003

1 Accounting basisThe accounts have been drawn up to comply with the provisions of the Law Reform (Miscellaneous Provisions)(Scotland) Act 1990, the Charity Accounts (Scotland) Regulations 1992 and follow the recommendations of therevised Statement of Recommended Practice for charities (SORP) approved by the Accounting Standards Board inOctober 2000. The accounts have been prepared under the historical cost accounting rules as modified to include therevaluation of investments. The accounts comprise three primary financial statements:, the Statement of FinancialActivities, which incorporates the Income and Expenditure Account, the Balance Sheet and the Cash Flow Statement.

2 Funds

The Societys funds are classified in accordance with the definitions in the SORP into Restricted funds, where there arerestrictions placed by a donor as to the use of income or capital, Designated funds, where the Council of the Societyhas set aside sums from its unrestricted funds for a particular purpose, and the General (unrestricted) Fund. The

classifications made are as follows:a) General Fund a discretionary Fund available to Council to meet the ordinary activities of the Society.

b) Designated Funds

Staff restructuring fund In July 2000 Council resolved to create a Staff restructuring fund, to be used at itsdiscretion to provide flexibility in staffing arrangementsand in developing future operations.

Development Appeal Fund an appeal to provide development finance to implement the Societys Corporateplan

Capital Asset Reserve Fund representing the book cost of the rooms at 22-24 George Street, and 26 GeorgeStreet and an allocation in respect of funding of the refurbishment of 26 George Street.

Building Maintenance Fund a reserve to support the future maintenance of the fabric of the Rooms.

Dr James Heggie Fund income from this fund supports the Societys activities with young people.

Grants Fund a fund created by contributions and legacies from Fellows and used to provide grants to supportresearch activities of Fellows.

C H Kemball Fund income from this fund is used to provide hospitality for distinguished visitors from otherlearned societies and academies.

c) Restricted Funds

Robert Cormack Bequest to promote astronomical knowledge and research in Scotland

Lessells Trust to fund scholarships abroad for engineers

Auber Bequest to fund research in Scotland and England by naturalised British Citizens over 60 years of age

Prizes Fund to fund various prizes

Dryerre Fund to fund postgraduate research in medical or veterinary physiology

Piazzi Smyth Legacy Fund to fund high altitude astronomical research

CASS Fund to fund academic/industrial liaisonRetailing Seminar Fund to fund a programme of seminars on retailing


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2003 2002

4a Donations, grants and similar incoming resourcesFellows subscriptions 4b 133,422 105,121Scottish Executive Grant 328,000 328,000Scottish Executive Grant re ScottishScience Advisory Committee 24a 150,000 55,519Release of deferred income - 6,413Other grants and donations 4c 75,240 43,070Gifts in kind - (value of secondment of staff) 49,875 36,750Appeal receipts 182,877 91,073

919,414 665,946

4b SubscriptionsContributions from FellowsAdmission Fees 13,200 5,400Annual Subscriptions 103,158 89,314Income tax recoverable under gift aid 17,064 10,407

133,422 105,121

4c Other grants and donationsFleck additional receipt 3,207 2,420Lessells Trust additional receipt 12,291 12,939Legacy 13,563 20,800

Donations for Foot & Mouth Disease Inquiry 44,155 4,995Sales of ties (net) 285 153Sales of sundry publications 584 538Other income 1,155 1,225

75,240 43,070

In addition to the donations set out above the Society receives donations made specifically in support ofmeetings which are included in meetings income (see note 24c)

5a Activities in furtherance of charitable objects incoming resources 2003 2002

Promotion of research 5b 1,202,183 1,002,782Meetings 133,230 113,166Educational activities 41,700 27,527

Academic / Industry links - 33,252International activities 31,463 8,501

1,408,576 1,185,228

5b Promotion of research receiptsScottish Executive grant

Research fellowships 476,086 379,228Teaching fellowships 24,059 6,500

British Petroleum Research Fellowships Trust 148,497 168,543Caledonian Research Foundation 27,863 14,082Scottish Enterprise 312,830 216,714PPARC Enterprise Fellowships 25,840 83,586Lloyds TSB Foundation for Scotland 187,008 134,129

1,202,183 1,002,782



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2003 2002

6 Investment incomeDividends (Net) 94,783 92,245Income tax recoverable on dividend income 4,319 6,107Interest arising on deposits (Gross) 13,456 9,022Interest receivable from RSE Scotland Foundation (note 23) - -

112,558 107,374

7 Cost of generating fundsFundraising costs 51,078 70,348

Proportion of central costs (note 11) 33,179 38,60084,257 108,948

8 Grants payablePromotion of Research 8b 1,273,657 1,060,125Prizes and Grants 37,279 36,718

1,310,936 1,096,843b) Promotion of Research

Direct Costs : Restricted FundsSEELLD Research Fellowships - Support 77,629 61,292SEELLD Research Fellowships - Personal 344,920 276,350SEELLD Teaching Fellowships 18,144 730

440,693 338,373

BP Research Fellowships 137,172 154,985CRF European Fellowships 22,297 10,422Enterprise Fellowships (Scottish Enterprise) 285,059 200,422Enterprise Fellowships (PPARC) 20,090 75,308Lloyds TSB Foundation for Scotland Fellowships 170,733 119,129Robert Cormack Bequest 6,804 5,025John Moyes Lessells Scholarship 32,249 24,224Auber Bequest Awards - -Henry Dryerre Scholarship 3,100 11,076D S McLagan Travel Grant 1,517 588

1,119,714 939,552Direct costs : General FundsLibrary 454 475

1,120,168 940,027Proportion of central costs (note 11) 153,489 120,098

1,273,657 1,060,1259 a) Charitable activities

Publications 9b 22,152 38,209Meetings 282,243 225,360Educational activities 78,815 56,793Academic / Industry links 9,796 49,219Fellowships Office 45,386 50,204International activities 119,103 50,425Evidence Advice and Comment 94,108 96,869Scottish Science Advisory Committee 150,000 59,337

801,603 626,416


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2003 2002

9 b) PublicationsEditorial & management costs of journals 19,290 11,700Support of journals published by RSE Scotland Foundation 249 16,930Other publications 44 2,431

19,583 31,061Proportion of central costs (note 11) 2,569 7,148

22,152 38,209

The RSE Scotland Foundation became publisher of the Societys journals and Year Book with effect from the 1997

volumes. The Society retains copyright and incurs editorial costs in respect of these publications. The Society hasmade a donation to the RSE Scotland Foundation equivalent to the Foundations net deficit on publications.

10 Buildings,Management and administration 2003 2002

Buildings and Maintenance 9,238 5,56822-24 George Street - depreciation 22,061 22,06126 George Street - depreciation 32,949 32,94922-24 George Street - expenditure from designated funds 4,457 24,046

68,705 84,624Management and secretariat 79,780 76,105Publicity 80,919 80,361

229,404 241,090

11 Central CostsTotal Payroll: 619,061 487,539Less paid by Scottish Science Advisory Committee (59,347) -Less paid by RSE Scotland Foundation (90,529) (82,708)

Salaries (note 12) 469,185 404,831Value of secondments 49,875 36,750Staff training, agency and recruitment costs 25,610 37,982

Total staff costs 544,670 479,563

Other Costs:Establishment expenses (22-24 George St) 23,930 30,951Establishment expenses (26 George St) 105,545 109,811Computer and equipment costs 4,432 4,970Communication, stationery and printing costs 55,906 44,797Travel and subsistence, hospitality 21,683 23,185Miscellaneous 2,066 2,118Professional fees 18,562 11,710Audit fee 7,344 8,519Depreciation 1,519 34,495

240,987 270,556

Total Central Costs 785,657 750,119



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11 Central Costs (Continued)In addition to direct costs incurred, central costs have been apportioned to expenditure on functional activities,as follows:

General Designated Restricted 2003 2002Fund Funds Funds Total Total

Cost of generating funds

Fundraising 33,179 33,179 38,600Support costs - charitable activities

Publications 2,569 2,569 7,149

Meetings 167,864 167,864 145,257Educational Activities 43,583 4,530 48,113 49,537Academic/Industry links 9,384 9,384 39,033Fellowships Office 45,386 45,386 50,204International links 92,062 92,062 41,923Evidence, advice & comment 66,220 66,220 92,330Scottish Science Advisory Committee - - 16,591Promotion of Research - 153,489 153,489 120,098Prizes and Grants 2,358 12,769 15,127 11,500

Management and administrationBuildings and Maintenance 4,546 4,692 9,238 5,568Management and Secretariat 63,246 63,246 76,105Publicity 79,780 79,780 56,224

610,177 21,991 153,489 785,657 750,119

Total Paid by Paid by Paid by Paid by2003 SSAC Foundation Society Society

2003 2003 2003 2002

12 EmployeesWages and salaries 526,306 50,622 76,938 398,746 343,175Social Security Costs 33,480 3,963 4,774 24,743 21,356Other pension costs (note 21) 59,275 4,762 8,817 45,696 40,300

619,061 59,347 90,529 469,185 404,831

The average number of employees of the Society including those employed under joint contracts with the RSEScotland Foundation during the year was 25(2002 20). Of these two were employed in respect of the ScottishScience Advisory Committee.



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Value at Investments Proceeds on Gain/(loss) Revaluation Market1 April 2002 made at cost sale of on sale value at 31

Investments March 2003

14a Fixed Asset InvestmentsManaged Funds 184,602 230,357 (78,660) (32,542) (9,835) 293,922Fixed interest 645,124 480,466 (403,617) (24,428) (27,451) 670,094UK equities 1,169,893 433,219 (501,159) (235,253) (123,601) 743,099Overseas equities(managed funds) 204,934 - (117,744) (58,965) (3,101) 25,124Cash deposits 56,658 (1,141,190) 1,084,532 - - -

2,261,211 2,852 (16,648) (351,188) (163,988) 1,732,239

The deficit on sale of investments measured against their historical cost was 313,187 (2002 deficit 81,747). Theinvestment management fee of 16,648 (2002 6,490) has been deducted from the proceeds of sale of investments.

2003 2002

14b Loan to RSE Scotland Foundation

Due within one year 46,808 46,808

Due after one year 2,031,560 2,078,368

2,078,368 2,125,176

The Loan initially bears interest at 4% per annum, capped at the amount of rent received by the Foundation, and isrepayable over the period to 30 June 2047, the expiration of the lease of 26 George Street. On 1 July 2002 Councilagreed to waive the interest payment due for the year ended 31 March 2003 as no rental was received by theFoundation in that period from the ground and basement floor unit. The capital repayment for the year of 46,808was paid at the end of the financial year as normal.

22-24 26George St. George St. Equipment Computer Total

13 Tangible Fixed Assets

CostAt 1 April 2002 1,103,038 1,647,468 67,927 40,036 2,858,469Additions - - 421 - 421Disposals - - - - -

At 31 March 2003 1,103,038 1,647,468 68,348 40,036 2,858,890

DepreciationAt 1 April 2002 66,183 98,847 67,631 38,431 271,092

Charge for the year 22,061 32,949 359 1,160 56,529At 31 March 2003 88,244 131,796 67,990 39,591 327,621Net Book ValueAt 31 March 2003 1,014,794 1,515,672 358 445 2,531,269

At 31 March 2002 1,036,855 1,548,621 296 1,605 2,587,377



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2003 2002

15 DebtorsGeneral debtors 64,262 40,158Stock of ties 3,492 3,582Prepayments and accrued income 5,246 1,095Income Tax Recoverable - 34,027

73,000 78,862

16 Creditors: Amounts falling due within one yearGeneral creditors 102,398 76,266Accruals and deferred income 220,991 73,987University of Glasgow (note 19) 16,632 15,266Symposia income deferred 25,660 5,880

365,681 171,399

17 General FundAt 1 April 2002 73,593 212,683Net movements in funds for the year from Statement of Financial Activities (72,451) (139,090)

At 31 March 2003 1,142 73,593



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Capital Building Staff DevelopmentC H Kemball Grants Dr James Total

Asset Maintenance Restructuring Appeal Fund Fund Heggie

Reserve Fund Fund Fund Fund

18 Designated Funds

At 1 April 2002 4,710,652) 154,901) 24,725 90,336 18,088) 581,489) 208,426)) 5,788,617)

Investment income -) 5,422) 865 7,168 793) -) 9,135)) 23,383)

Other income -) -) - 182,877 -) -) -)) 182,877)

Less

Direct expenditure -) (4,457) - -) (11,622) (1,145) (17,224)

Investment

Management

Fees (133) (4,281) (1,535) (5,949)

RSE admin

and staff costs (4,558) -) (8,488) (2,995) (16,041)

Surplus/(deficit)

for the year -) 965) 865 185,487) 660) (24,391) 3,460) 167,046)

Transfers between

funds

building

depreciation (55,010) (55,010)

loan repayment (46,808) (46,808)

from General Fund 7,665 7,665)

(101,818) 7,665 -) - -) -) (94,153)

Net gains on investment assets

Realised -) - - - (2,809) (90,311) (32,371) (125,491)

Unrealised -) -) - -) (1,312) (42,171) (15,115) (58,598)

At 31 March 2003 4,608,834) 155,866) 33,255 275,823) 14,627) 424,616) 164,400) 5,677,421)

As described in note 2, the Development Appeal Fund comprises the receipts from the Appeal launched in 2001 to raisefunds to finance developments in implementing the Societys Corporate Plan.

In approving the budget for the year ended 31 March 2003, Council resolved that as the balance of the Grants fund wassufficient to meet current needs, the income of approximately 25,000 from the investments held by the Grants Fundshould be allocated to the General Fund.


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Robert Lessells Auber Prizes Dryerre Others TotalCormack Trust Bequest Fund FundBequest

19 Restricted Funds

At 1 April 2002 112,701) 392,818) 317,738) 75,343) 437,531) 34,263) 1,370,394)Investment income 4,939) 17,216) 13,925) 3,302) 19,176) 1,502) 60,060)Other income 12,291) 12,291)Less

Direct Expenditure (6,805) (32,249) -) (5,394) (3,100) (1,600) (49,148)Investment Management (830) (2,892) (2,339) (555) (3,221) (252) (10,089)

RSE Admin and staff (1,487) (5,181) (4,191) (994) (5,771) (452) (18,076)

Surplus/(deficit) for year (4,183) (10,815) 7,395) (3,641) 7,084) (802) (4,962)

Net gain on investment assetsRealised (17,504) (61,008) (49,348) (11,701) (67,953) (5,321) (212,835)Unrealised (8,173) (28,488) (23,043) (5,464) (31,731) (2,485) (99,384)

At 31 March 2003 82,841) 292,507) 252,742) 54,537) 344,931) 25,655) 1,053,213)

Prizes Fund comprises The Keith Fund, The Neill Fund, The Makdougall-Brisbane Fund, The Gunning-VictoriaFund, The James Scott Prize Fund, The Bruce-Preller Lecture Fund, The W.S. Bruce Memorial Fund, The Dr D.A. BerryFund, The Henry Duncan Prize Lecture Fund and The BP Prize Lecture in the Humanities Fund. Others comprise

the Piazzi-Smyth Legacy Fund, the Retailing Seminar Fund and the CASS Fund. The Retailing Seminars Fund arisesfrom the donation of the surplus from an earlier series of meetings that publicised research in the retailing sector.The fund is to be used to support meetings in this area.Under the terms of the Lessells Trust the University of Glasgow is entitled to 10% of additional amounts received bythe Society from the Trust. The balance included in Creditors at 31 March 2002 represents the total sum apportioned

but not yet paid over to the University (note 16).

Unrestricted Designated Restricted 2003 2002Funds Funds Funds Total Total

20 Analysis of Assets between Funds

Fund balances at 31 March 2003

are represented by :Tangible fixed assets 803) 2,530,466 -) 2,531,269) 2,587,377)

Investments 75,384) 603,642 1,053,213) 1,732,239) 2,261,211)

Loan to RSE Scotland Foundation -) 2,078,368 -) 2,078,368) 2,125,176)

Current assets 35,113) 37,887) 73,000) 78,862)

RSE Scotland Foundation

current account 63,125) - -) 63,125) 56,063)

Deposits 36,185) 464,945 -) 501,130) 117,295)

Bank overdraft less cash (138,294) 256,620) 118,326) 178,019)

Current liabilities (71,174) - (294,507) (365,681) (171,399)

1,142) 5,677,421 1,053,213) 6,731,776) 7,232,604)



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21 Pension Costsa) USS

The Society participates in the Universities Superannuation Scheme, a defined benefit pension scheme which isexternally funded and contracted out of the State Earnings-Related Pension Scheme. The assets of the Schemeare held in a separate trustee-administered fund. The fund is valued every three years by a professionally qualifiedindependent actuary using the projected unit method, the rates of contribution payable being determined bythe trustee on the advice of the actuaries. In the intervening years the actuaries review the progress of thescheme. It is not possible to identify each institutions share of the underlying assets and liabilities of the schemeand hence contributions to the scheme are accounted for as if it were a defined contribution scheme. The costrecognised within the deficit for the year is equal to the contributions payable to the scheme for the year.

The latest actuarial valuation of the scheme was at 31 March 2002. The most significant assumptions, thoserelating to the rate of return on investments and the rates of increase in salary and pensions, are as follows:

Past Service Liabilities Future Service Liabilities

Investment return 5% 6%

Salary Increase 3.7% 3.7%

Pension Increase 2.7% 2.7%

At the valuation date the market value of the schemes assets was 19,938 million and the value of past serviceliabilities was 19,776 million leaving a surplus of assets of 162 million. The value of the assets represented101% of the benefits that had accrued to members, after allowing for expected future increases in earnings.The contribution rate payable by the Society was 14.0% of pensionable salaries. The actuary has confirmed itis appropriate to take the pension charge to be equal to the actual contribution paid in the year.

b) Lothian Pension Fund

The Society also participates in the Lothian Pension Fund, a defined benefit pension scheme established underlocal government pension fund regulations. This scheme has determined that it is possible at a cost to ascertainthe share of assets and liabilities relating to individual admitted bodies. The assets of the Scheme are held in aseparate trustee-administered fund. The fund is valued every three years by a professionally qualified independentactuary using the projected unit method, the rates of contribution payable being determined by the trustee onthe advice of the actuaries. In the intervening years the actuaries review the progress of the scheme.

The latest actuarial valuation of the scheme was at 31 March 2002. The major assumptions used by the actuarywere that, over the long term, the return on the schemes assets would be 6.2% per annum, salary increaseswould average 4.1% per annum and present and future pensions would increase at a rate of 2.6% per annum.

At the valuation date the market value of the schemes assets was 1,792 million and the value of past serviceliabilities was 1,866 million. The value of the assets represented 96% of the benefits that had accrued tomembers, after allowing for expected future increases in earnings. The contribution rate payable by the Societywas 245% of employees contributions of 6% of pensionable salaries, amounting to 14.7%. The actuary hasconfirmed that it is appropriate to take the pension charge to be equal to the actual contribution paid during the

year.Whilst the Society continues to account for pension costs in accordance with Statement of Standard AccountingPractice 24 Accounting for Pension costs, under FRS 17 Retirement benefits the following transitional disclosuresare required:

The valuation at 31 March 2002 has been updated by the actuary on an FRS 17 basis at 31 March 2003; themajor assumptions used in this valuation were:

2003 2002

Rate of increase in salaries 4.0% 4.3%

Rate of increase of pensions in payment 2.5% 2.8%

Discount rate 5.4% 5.9%

Inflation assumption 2.5% 2.8%

The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptionswhich, due to the timescale covered, may not necessarily be borne out in practice.


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21 Pension Costsb) Lothian Pension Fund (Continued) Scheme assets

The fair value of the scheme assets, which are not intended to be realised in the short term and may be subject

to significant change before they are realised, and the present value of the schemes liabilities, which are derived

from cash flow projections over long periods and thus inherently uncertain, were:

Expected Value at Expected Value atreturn 31 March 2003 return 31 March 2002

000 000

Equities 8.0% 1,029,900 7.5% 1,365,554Bonds 4.8% 125,000 5.5% 155,502Other- Property 6.0% 153,100 6.0% 145,187

Cash 4.0% 37,100 4.0% 117,548

Whole scheme assets 1,345,100 1,783,791

000 000Of which RSE share 199 140Present value of scheme liabilities (308) (133)

Surplus/(deficit) in the scheme -

Net pension (liability)/ asset (109) 7

The amount of this pension deficit would have a consequential effect on reserves. The movement in the net

pension asset/ liability during the year comprised:

000

Surplus at 1April 2002 7Current service cost (39)

Employer contributions 40Net return on assets -

Expected return on employer assets 10Interest on pension scheme liabilities (8)

2Actuarial gains/ (losses) (119)

Deficit at 31 March 2003 (109)

If FRS 17 had been fully adopted the movements would have been recognised in arriving at net incoming

resources other than the actuarial loss which would have been included in unrealised losses.

c) Pension Charge. The total pension charge for the year was 45,696 (2002 38,375)

22 Transactions with Council members

No member of Council received any payments other than reimbursement of expenditure on travel and subsistencecosts actually and necessarily incurred in carrying out their duties as Councillors and Officers. The aggregate of such

reimbursement amounted to 5,893 (2002 6,401).

23 RSE Scotland Foundation

RSE Scotland Foundation is a charitable trust, recognised in Scotland as Scottish charity number SCO24636. It was created

in March 1996 with the object of advancing the education of the public in Scotland in science and engineering and in sodoing to conserve the scientific and cultural heritage of Scotland. The President, General Secretary, Treasurer, Curator and

a Vice President of the Society are ex officiis Trustees of the Foundation, which draws on the resources of the Society in

carrying out its objects. The Foundation also has five nominated Trustees. The Foundation became publisher of the

Societys journals under a Publications Rights Licence effective from 1 January 1997. The Foundation has also carried out

work in support of the Societys involvement in the Scottish Science Trust and the implementation of the TechnologyVentures Strategy.

On 1 July 1997 the Society granted to the Foundation a 50 year lease over 26 George Street carrying an obligation to

refurbish the building within a three year period. The Council of the Society agreed to make funding of up to 2.3 million

available to the Foundation in support of the refurbishment. The agreed terms of the loan are as described in note 14 b.A waiver of interest was agreed for the years ending 2002 and 2003 to assist the Foundation in extinguishing its deficit of

net assets.


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23 RSE Scotland Foundation (Continued)At 31 March 2003 the financial position of the RSE Scotland Foundation was as follows:

2003 2002

Net LiabilitiesFixed assets 2,061,700) 2,060,752)Current assets 58,624) 78,174)Current liabilities

RSE Current Account (63,125) (56,063)Loan from Royal Society of Edinburgh (46,808) (46,808)Other (130,298) (127,230)

Creditors over one year:-Loan from Royal Society of Edinburgh (2,031,560) (2,078,368)

Represented byIncome and Expenditure Account (151,467) (169,543)

The Statement of Financial Activities for the year ended 31 March 2003 was as follows:

Incoming resources 2003 2002

Donations, grants and similar incoming resources 249) 16,930)Charitable activities

Publications 98,470) 114,086)Academic/Industry Links -) 75)Licence fees 100,417) 89,093)Conference Facilities letting ( net ) 74,343) 55,814)

Activities for generating fundsRental and service charges receivable 118,140) 46,423)Fundraising event 33,146) -)

Investment income - bank interest 479) 976)

425,244) 323,397)

Cost of generating fundsBuilding management 145,888) 120,496)Fundraising and publicity -) 350)

145,888) 120,846)

Net incoming resourcesavailable for charitable application 279,356) 202,551)

Charitable expenditureConference facilities hire 46,477) 42,629)Publications 98,718) 131,017)Donation to RSE Development Appeal fund 33,146) -)

Management and secretariat 38,493) 37,859)Depreciation on leasehold improvements 44,446) 42,742)Interest payable -) -)Total resources expended 261,280) 254,247)

Net incoming/(outgoing) resources and movement in funds for the year 18,076) (51,696)

Balance brought forward (169,543) (117,847)Balance carried forward

(151,467)(169,543)

The Council of the Society has confirmed to the Trustees of the Foundation that they will continue to support theFoundation and will not call for the repayment of the current account balance in the foreseeable future.



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24 Supplementary Information ; grants, donations, receipts 2003 2002a) Scottish Executive Grants

IncomeEnterprise and Lifelong Learning Department

Promotion of Research 500,145 395,728Scottish Science Advisory Committee 150,000 55,519Activities grant 328,000 328,000Public policy Seminars - 15,018Foresight seminars - 7,583International activities 14,467 -

Other departments support for meetingsGM Gene Flow 2,000 -Oral Health - 2,000Scotland in Sweden 18,096 -

1,012,708 803,848

Direct Staff and 2003 2002Costs other costs Total Total

Allocated to Functional Activities Scottish Science Advisory Committee 150,000 - 150,000 55,519Meetings office 20,096 89,874 109,970 69,646Educational activities - 40,335 40,335 40,497Publications office 249 18,374 18,623 37,504Promotion of research 440,693 59,452 500,145 395,728

Evidence advice and comment - 66,220 66,220 92,330International activities 14,467 - 14,467 -Management and secretariat - 79,780 79,780 76,105Buildings- Establishment expenses 23,930 - 23,930 30,951- Maintenance - 9,238 9,238 5,568

649,435 363,273 1,012,708 803,848

The Scottish Executive provides grant-in-aid under the powers of S.23 National Heritage (Scotland) Act 1985to meet the costs of SEELLD Research Fellows, and costs of activities including the cost of maintaining theSocietys premises and a share of the Societys staff and other costs. In addition to the cash grants set outabove, the Society benefited from a staff secondment from the Scottish Executive, which has been includedin the accounts at its value to the Society of 36,750.

Expenditure in relation to the Scottish Science Advisory Committee comprised:2003 2002Total Total

Chairmans fee, salaries and other staff costs 92,225 16,404Establishment 19,689 28,615Office costs 10,536 500Travel and subsistence 8,174 -Committee and working groups 6,214 -Professional services 5,243 10,000Balance carried forward 7,919 -

150,000 55,519

This includes amounts paid to the Society for use of office space and services.



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26 Main Activities 2002/03 2001/02

Number Number

Meetings and Education

Lectures 27 17

Symposia/Conferences/Seminars 9 8

Exhibitions - -

Policy Seminars - 2

Debates 2 1

Workshops 5 3

Technology Ventures and Foresight Seminars - 6

Young Peoples events

Science Masterclasses 36 35

Maths Masterclasses 8 8

Schools Lectures 7 10

Christmas Lectures 2 2

Discussion Forum 1 1

RSE Roadshow 1 1

Physics Masterclasses 4 4

Science Summer Camp 1 1

Publications (issues)

Proceedings A 6 6

Transactions 4 6

Directory & Review 2 1

Resource (/RSE News) 2 4

RSE Fellows

Number of Fellows 1333 1311

Candidates for Fellowship 249 256

Research Fellowships and Scholarships

Postdoctoral Research Fellows in post 16 15

Support Research Fellows 3 4

European Visiting Research Fellows 6 6

Enterprise Fellows in post 10 7

Ap

review of session 2002-2003

Documents