British Academy Annual Report Academy Annual... · Professor Chris Wickham (VP, Publications); Mr...

BritishAcademyAnnualReport2014/15

Brit.Acad AR.2015SP._Layout 1 18/06/2015 15:05

BRITISH ACADEMY ANNUAL REPORT 2014/15

Foreword by the PresidentOfficers and CouncilGovernance and ManagementThe Year in NumbersIntroduction by the Chief Executive and Secretary

Research ProgrammesResearch PostsSmall Research GrantsAcademy Research Projects

International EngagementInternational Policy and RelationsResearch Funding and FacilitationBritish Academy Sponsored Institutes and Societies

Policy EngagementHigher Education and Research PolicyEducation and SkillsPublic Policy

Public Engagement EventsPrizes and MedalsMedia and Digital CommunicationsPublications

Fellowship ProgrammesNew Fellows Elected in 2014

Philanthropic Support

FINANCIAL REVIEWStatement of Council’s ResponsibilitiesIndependent Auditor’s ReportConsolidated Statement of Financial ActivitiesBalance SheetsConsolidated Cash Flow StatementNotes to the AccountsIncome and Expenditure Account

13456

81011

121415

161718

20212223

2425

27

30 32333435363750

CONTENTS


1

Medical Sciences) to publish Building a StrongerFuture, a ‘prospectus’ which, as its title implies, setsout the conditions – including increased levels ofgovernment investment – which our four bodiesargue are essential if the UK is to maintain itsworld class research capability. All four academiesare also members of a Ministerial Advisory Groupthat informs future government strategy.

When I became President two years ago Iexpressed my belief that the Academy should seeknew ways of demonstrating the humanities andsocial sciences ‘at work’, and the contribution theycan and do make to tackling some of the toughest,most intractable issues of our time. As a society weface a growing, at times daunting, array of majorchallenges. But I think there is none that does notrequire an understanding of humanity, humanbehaviour, values and possibilities – frominternational terrorism to shaping the educationcurriculum, from dealing with a steadily ageingpopulation to managing the implications of climatechange, from a fuller understanding of mentalhealth to a fuller understanding of the role thatculture and the arts play in the lives of so manypeople and in our communities.

We now have a single party government in theUK. It will, as any incoming government hasto do, look closely at public expenditure andhow to promote well-being and prosperity.There will be a Spending Review and we willcontribute creatively and positively. We have a powerful story to tell.

In its role as the UK’s national voice for thehumanities and social sciences, the Academy hastwo equally important responsibilities. First, wechampion our disciplines and demonstrate theirvalue, in part through public engagement. Second,we promote the conditions that can enable them toflourish, in particular through Britain’s overallframework for science, research and innovation. UKresearch exerts phenomenal influence, nationallyand internationally: with less than 1% of the world’spopulation, we generate around 15% of the world’scited research. That cannot continue whencompetitor countries are increasing theirinvestment, if the UK continues to reduce its own.

To this end we joined forces in February with ourthree sister national academies (the Royal Society,Royal Academy of Engineering and Academy of

PRESIDENT’S FOREWORD

2

FOREWORD

continued to reach out to wider audiences andmodernise its communications for the digital age,with increased numbers of videos and podcasts, astrong Twitter following, and the launch of a newBritish Academy Blog.

A new website will be launched next year and we plan to incorporate enhanced facilities for e-collaboration. A welcome reshuffling of Academyoffice space has enabled us to introducesignificantly improved, dedicated facilities for ourFellows, including refreshment facilities andcomputer terminals. We hope Fellows will now see these attractive rooms as a place where they can meet and relax.

Post-Election, the external financial climate willremain tough – and it is vital that the Academycontinues to strengthen its fundraising and incomediversification. We are particularly indebted to ourmajor donors, including the Leverhulme Trust andthe Wolfson Foundation, for their support. I shouldalso like to thank the remarkably high number ofFellows – almost 300 – who have made donationsto the Academy in the past year, and those whohave generously chosen to remember the Academyin their wills.

Finally may I extend my warm thanks to all ourOfficers, Council and Committee members fortheir work in support of the Academy over the pastyear. At our Annual General Meeting in July weshall bid farewell to Dr Robin Jackson, who in hisnine years as our Chief Executive and Secretary has done so much to strengthen and develop theorganisation. We are deeply grateful to him for hisextraordinary contribution to the Academy. And we welcome his successor, Alun Evans, whosecredentials as Director of the Scotland Office and as a senior civil servant in BIS and othergovernment departments could not stand us inbetter stead as we enter negotiations for the nextspending review period.

Professor Nicholas Stern Kt, FBA, FRS(Lord Stern of Brentford)President

In pursuit of that theme we have held three series (to date) of The British Academy Debates,taking public discussions of a selected theme –Ageing, then Immigration, then Well-being – todifferent venues around the UK and showing howknowledge, expertise and research from ourdisciplines contribute to understanding andresponding to these human and policy challenges.Further series in 2015 and 2016 will examineEnergy and the Environment, Faith andInequalities.

In its policy activities, the Academy has carried out excellent work on the UK’s constitution andon the multiple issues surrounding ScottishDevolution – which could not remain moretopical. It has continued to draw attention to theimportance of remedying the UK’s severe shortagesin language skills and quantitative methods, andhow these deficits impair our national performance.And it has taken a hard look at the processes ofresearch assessment. While welcoming confirmationof the world class standing of humanities and socialscience research – as indicated in the 2014Research Excellence Framework – I, and the RoyalSociety’s President Sir Paul Nurse, have publiclycalled for a root and branch look at whether theREF, in its current form, remains the best and mostappropriate way to carry out such assessment. Wewill continue to explore this question, and toinvolve our Fellows and our research community in seeking to answer it.

We have welcomed two major new partnerships.The first, with the Department for BusinessInnovation and Skills’ Newton Fund, providesfellowships and mobility grants to developreciprocal opportunities for UK and overseasresearchers in 15 partner countries. The second,with the Department for InternationalDevelopment (DFID), will create a major newbody of international research on ways of tacklingcorruption in a range of different countries.

In the past year the Academy has celebrated theappointment of its 1000th Postdoctoral Fellow,with a distinguished cohort that now stretches backacross two generations. It has also strengthenedcollaborations with other early career youngeracademics through the introduction of our newRising Star awards, which support new ways ofnetworking and public engagement across a widerange of UK universities. And the Academy has

3


COUNCILPresident Professor Nicholas Stern Kt, FRS

(Lord Stern of Brentford) *

Vice-PresidentsTreasurer Professor Michael Fulford CBE * Vice-President, BASIS Professor John Baines *Vice-President, Humanities Professor Alan Bowman * Vice-President, Public Engagement Professor Vicki Bruce OBE *Vice-President, Social Sciences Professor Colin Crouch * Vice-President, Research & HE Policy Professor Roger Kain CBE *Vice-President, Public Policy Professor Iain McLean *Vice-President, Publications Professor Mary Morgan *Foreign Secretary Professor Dame Helen Wallace, DBE, CMG *

Ordinary Members of Council Professor Simon Baron-CohenProfessor Archie Brown CMGProfessor Gillian ClarkProfessor Mary FulbrookDr Georgina Hermann OBEProfessor Deborah HowardProfessor Martin LoughlinProfessor John MarenbonProfessor Richard McCabeProfessor Henrietta MooreProfessor Nicholas Vincent Professor Patrick Sims-Williams Professor Tony Venables CBE Professor Andrew Wallace-Hadrill OBEProfessor Janet Watson

* Member of the Management Advisory Committee

AUDIT COMMITTEEChairman Professor Sir Ian DiamondOrdinary Members Mr Ian Creagh (external)

Professor Andrew Wallace-Hadrill OBEProfessor Sarah Worthington

SENIOR MANAGEMENTChief Executive & Secretary Dr Robin Jackson CBEDirector of Communications & External Relations Mr Tim BrassellDirector of Finance & Corporate Services Mr Robert HopwoodDirector of Research Funding & Policy Ms Vivienne HurleyDirector of Development Ms Jo Hopkins (on maternity leave to Sept 2014;

Interim Director: Mr Simon Pennington)

RETIREMENTS DURING THE YEARFour Vice-Presidents and six Council members retired from office in July 2014: Professor Jonathan Bate (VP,Humanities), Professor Martin Millett (VP, BASIS), Professor Nigel Vincent (VP, Research and HE Policy),Professor Chris Wickham (VP, Publications); Mr Robin Briggs, Professor Cairns Craig, Professor Andrew Louth,Professor Linda McDowell, Professor Mary Morgan and Professor Sarah Worthington (members of Council). Ms Jacqueline Burke (external) retired from Audit Committee during 2014.

OFFICERS AND COUNCILAS AT 31 MARCH 2015

4

The British Academy is a charity, registered with the Charity Commission for England and Wales. The Officers, Council Members,Audit Committee and Senior Executives arelisted on page 3. The principal place ofbusiness and professional advisers of thecharity are listed on the back page.

The Academy was established by Royal Charter in1902, from which it derives its legal status. It is aprivate, independent, self-governing corporation,composed of more than 900 UK Fellows elected inrecognition of their distinction as scholars andresearchers across these disciplines. Its objectives,powers and framework of governance are set out inthe Charter and its supporting Bye-Laws, asapproved by the Privy Council. Its Objects wereredefined in a Supplemental Charter granted in itscentenary year (2002) as: ‘the promotion of thestudy of the humanities and the social sciences’.Various changes to the Academy’s Bye-laws wereapproved by the Privy Council in autumn 2014.

The Academy conducts its business in accordancewith the seven principles identified by theCommittee on Standards in Public Life and withthe Guidance on Codes of Practice for BoardMembers of Public Bodies, issued by the CabinetOffice (Office of Public Service). None of theOfficers or Members of Council receives anypayment apart from the reimbursement of expenses for the work that they do for the Academy.Public funding for the Academy’s activities comes


from the Science and Research budget, through a grant from the Department for Business,Innovation and Skills. The Academy also receivessupport from private sources, and draws on its ownfunds. Its grant making policy and procedures areset out in its Code of Practice for Consideration ofResearch Proposals, which can be found on itswebsite.

Public Benefit Reporting

The Council, as formal Trustees of the Academy,operates in accordance with the Charities Act 2011and this Annual Report meets the requirement inthe Act to set out the public benefits of theAcademy’s work. The Council is also satisfied that it has complied with the duties set out in Section17 of the Act to have due regard to the publicbenefit guidance published by the CharityCommission.

Risk Management

The Council has identified and reviewed the majorrisks to which the British Academy is exposed andis satisfied that systems are in place to mitigatethem. A risk register is monitored by seniormanagement and the Audit Committee, andreviewed and formally adopted by the Councilannually. The review of risk management isincluded in the terms of reference of the AuditCommittee.

GOVERNANCE AND MANAGEMENT

THE YEAR IN NUMBERS

5

THE YEAR IN NUMBERS


WHERE THE MONEY CAME FROM 2014/15 - £33.1m

INCOME EXCLUDING CORE GRANT INCOME 2010-2015

Other incomeSubscriptionsInvestment incomePublications

Trading incomeDonationsFunds administeredOther grantsGrants returned

VALUE OF THE ACADEMY DEVELOPMENT FUND (ADF) 2010–2015

Investment income£400,0001%

Clio Enterprises Ltd£2,100,0006%

Newton Fund£1,100,003%

Publications£300,0001%

Grants returned£500,0002%

Donations, subscriptions etc£400,0001%

The ADF is the Academy’s principal free reserve

£000’s£000’s

2,500

2,750

3,000

3,250

3,500

3,750

4,000

4,250

4,500

4,750

5,000

5,250

5,500

5,750

2010/11 2011/12 2012/13 2013/14

6,000

6,250

6,500

6,750

7,000

2014/15

£3.1m

£4.0m

£5.1m

£5.6m

£6.8m

Other grants£1,300,0004%

Department for Business, Innovation & Skills£27,000,00082%

WHERE THE MONEY WENT 2014/15 - £32.9m

InternationalEngagement£7,800,00024%Mid-Career

Fellowships£4,300,00013%

SmallResearchGrants£2,500,0008%

LQS£1,400,0004%

Public engagement& policy£2,400,0007%

Cost of Generating funds£1,900,0006%

Other grants£800,0002%

Overheads£900,0003%

Early Career Fellowships£10,900,00033%

0

1,000

2,000

3,000

4,000

5,000

6,000

2012/13 2013/14 2014/15 2011/12 2010/11

6

This annual report shows how the BritishAcademy has continued to exert vigorousleadership on behalf of research, sustainingsupport for its traditional commitments andintroducing a number of important newdevelopments.

The Academy had a turnover of some £33 millionand distributed over £30 million to supportexcellence in the humanities and social sciences. It was active on a growing range of fronts, engagingwith partners and with national and internationalissues of concern to the research community.Further progress has been made with the sixpriorities set out in its strategic framework (see:www.BritishAcademy.ac.uk/strategicframework).

Advancing Research

At the heart of the Academy’s mission is its abilityto provide funding opportunities for outstandingscholars, throughout the career cycle. All schemeswere in high demand this year, and limitations onfunds meant that less than half of those judged bythe Academy’s Fellows as ‘outstanding’ were able tobe funded. A new scheme (‘Rising Stars

Engagement Awards’) helps develop the broaderskills of leading early career scholars. The numberof external partners for the Academy’s Small GrantsScheme has grown, enlarging support available foroften innovative early stage ideas.

Championing the humanities and socialsciences

We worked in collaboration with the othernational academies and published Building a StrongerFuture, a widely noted contribution arguing for theUK to plan for greater investment in research. Ourwork on languages and quantitative skills, and onopen access and postgraduate education, hascontinued fruitfully.

Fostering Excellence

The Fellows of the Academy completed itsrigorous annual review of candidates for election tothe Fellowship. The portfolio of long term projects‘kitemarked’ as British Academy Research Projects,providing intellectual infrastructure on which otherwork can build, was expanded this year to admitfive major new projects in the social sciences.

INTRODUCTION BY THE CHIEF EXECUTIVE AND SECRETARY


7

stronger, both in its internal arrangements and invarious forms of external engagement. It isgenerating new resources, and attracting attentionand support from a wide range of partners andsupporters, without which its continued growth -especially at a time of tightened public funding -would not be possible. I owe huge thanks to threePresidents and other Officers, to the many Fellowswho have contributed over the years, and to mycolleagues, especially the members of the seniormanagement team.

Dr Robin Jackson CBEChief Executive and Secretary

Similarly the Academy’s portfolio of prizes andmedals makes an increasingly importantcontribution to the recognition of excellence. Thisyear included two inaugural awards: the Neil andSaras Smith Medal for Linguistics, endowed byProfessor Neil Smith FBA to recognise lifetimeachievement in the study of linguistics and awardedto Professor Noam Chomsky FBA; and the BrianBarry Prize in Political Science, an annual essayprize awarded in partnership with CambridgeUniversity Press and the British Journal of PoliticalScience, in honour of Professor Brian Barry FBA,awarded to Dr Helder De Schutter and Dr Lea Ypi.

Strengthening public policy

The Academy was active on a number of fronts,ranging from a study on imprisonment to work on housing and climate change, with particularengagement on constitutional issues in the contextof the Scottish independence referendum. Thisfocus on UK constitutional issues is likely toremain salient in the years to come.

Engaging with the public

The Academy maintained a range of high profileevents, led by The British Academy Debates, heldaround the UK, on the topics of immigration andof well-being. They were complemented by a rangeof stimulating lectures, conferences and paneldiscussions for both academic and wider publicaudiences. A new initiative in which the Academywas a founding partner was the first nationalFestival of the Humanities, Being Human.

Promoting internationalism

The focus this year was on the importance ofacademic excellence in a globalising world, manyactivities involving new or developed partnershipswith an emphasis on major international challenges.The Newton Fund, a multi-party initiative tostrengthen research links with rapidly developingcountries, and sponsorship from the Departmentfor International Development attracted new formsof funding. Support was maintained for mobilitygrants and for the Academy’s network of researchinstitutes overseas.

This is the ninth and final annual report of myterm as Chief Executive and Secretary. Over thatperiod I believe that the Academy has grown

INTRODUCTION

Sculptor Elizabeth Mortimer working on a commemorativebust of retiring Chief Executive and Secretary Dr RobinJackson.

8

RESEARCH PROGRAMMES

Researchprogrammes

How We Read: A Sensory History of Books for Blind People– a fascinating exhibition exploring the history of assistivetechnologies designed to help blind people to read. It wascreated for the Being Human festival through a collaborationbetween Postdoctoral Fellow Dr Heather Tilley and Mid-Career Fellow Dr Matthew Rubery.

“British Academy fundinghas helped launch theacademic careers of almosttwo generations ofoutstanding postdoctoralscholars. Complementingthis flagship scheme are our shorter-termfellowships that support

new research by established academics, andthe Academy’s highly valued and flexible smallgrants scheme which catalyses innovativehumanities and social science research.”

Professor Roger KainVice-President, Research and Higher Education Policy

RESEARCH POSTS

The central aim of the Academy’s research fundingis to support the very best ideas, individuals andintellectual resources through a programme ofgrants and fellowships across the academic careerpath. Awards are available to early career, mid-careerand senior scholars, underpinned at all stages by theflexible Small Research Grants scheme.

In 2014 the Academy received 3,471 applicationsand made 480 awards, an overall success rate of14%. Success rates vary significantly betweencompetitions, however, from as low as 5% in thePostdoctoral Fellowship competition to around20% in some rounds of Small Grants.

9

RESEARCH PROGRAMMES

Postdoctoral Fellowships

The latest round of competition saw theappointment of the Academy’s 1,000th PostdoctoralFellow since the scheme was launched in 1986. 151Postdoctoral Fellows were in post at the end ofMarch 2015, based at 43 Higher Educationinstitutions spread across the UK. Over 70% offormer award-holders are now in establishedacademic posts, including over 150 professors, andmore than 80% continue to pursue academicresearch.

The 45 new fellowships span research topics fromexploring the Arab Spring to child development, andfrom humanitarianism to the history of the EnglishBook. For example, Dr Peter Kilroy will spend thenext three years working at the Menzies Centre forAustralian Studies at King’s College Londonresearching the proliferation of documentary filmsby or about Australia’s ‘other’ indigenous minority,Torres Strait Islanders. Notable published outcomesfrom research funded through PostdoctoralFellowships include Chris Laoutaris’s book,Shakespeare and the Countess: The Battle That GaveBirth to the Globe, which was shortlisted for theBiographers’ Club’s Tony Lothian Prize and describedas one of the Daily Telegraph’s Best Books of 2014.

A significant new opportunity was created for earlycareer researchers in 2014 with the launch of theBritish Academy Rising Star Engagement Awards(BARSEAs). 34 initial awards were made, to run fora year each, offering the chance to set up and runnetworking events and activity to benefit otherearly career researchers. Among the successfulapplicants was Dr Gemma Derrick, ESRC FutureResearch Leader in the Health EconomicsResearch Group at Brunel University, who is usingher award to establish an international network ofresearchers to promote qualitative and mixedmethodological approaches in research policy andevaluation. All candidates were expected to be ableto point to prior academic recognition, and theseincluded past Research Council postdoctoralfellows, a Marie Curie Research Fellow, a Vice-Chancellor’s Fellow of the University of Sheffieldand Leverhulme Prize winners.

Mid-Career Fellowships

200 scholars and researchers have benefitted fromthe scheme since its introduction in 2011. A survey

of the first cohort of award-holders, some 2-3 yearsafter completing their awards, produced a 93%response rate, with 86% of respondents able topoint to some independent mark of esteem arisingfrom the Academy’s funding – leveraging of furtherfunding, promotion, appointment to a new job, aparticularly positive review of published research,or, in several cases a combination of all suchmarkers. One of the most striking successes wasProfessor Cyprian Broodbank’s book, Making of theMiddle Sea: A History of the Mediterranean from theBeginning to the Emergence of the Classical World,which was joint winner of the 2014 WolfsonHistory Prize. Other books to appear this yearincluded The Lyre of Orpheus: Popular Music, theSacred and the Profane by Christopher Partridge,described during OUP’s peer review process as “...a landmark book, opening up new ground forour understanding of the religious elements ofpopular music”.

Among many notable outreach activities was thecollaboration between Postdoctoral Fellow DrHeather Tilley (Birkbeck University of London)and Mid-Career Fellow Dr Matthew Rubery(Queen Mary University of London) on anexhibition for the Being Human Festival inNovember 2014. How We Read: A Sensory History ofBooks for Blind People (http://www.howweread.co.uk/)was a free exhibition exploring the history ofassistive technologies that have been designed tohelp blind people to read.

Shakespeare and the Countess: The Battle That Gave Birth to the Globe by Postdoctoral Fellow Chris Laoutaris wasshortlisted for the Biographers’ Club’s Tony Lothian Prize andselected as one of the Daily Telegraph’s Best Books of 2014.

10

RESEARCH PROGRAMMES

SMALL RESEARCH GRANTS

The British Academy’s unique Small ResearchGrants scheme continues to be highly popular,attracting a record of more than 1,100 applicationsfor the Spring 2014 round. It is now supported byfunding from a wide range of public and privatesources, most notably the Leverhulme Trust, butalso including the Society for the Advancement ofManagement Studies, the Honor Frost Foundation,the Sino-British Fellowship Trust, the Sir ErnestCassel Trust and others.

The grants help generate a large range of publishedvolumes, peer-reviewed journal articles, bookchapters and reports. Many past award-holders alsoreport success in building on the research theAcademy has funded to gain larger-scale supportfrom other research funders. For example, Dr LukeClark (University of Cambridge) was awarded agrant of £7,309 for his research in 2009-11 onCharacterising Resilience which subsequentlygenerated £697,912 in further funding from theMedical Research Council, the Royal Society andthe University of Cambridge. His research has beenpublished in the International Journal of

Psychophysiology and in Cognitive, Affective andBehavioral Neuroscience (winning the PsychonomicSociety Prize for best paper in its year).Dr Leah Bassel (University of Leicester) and DrAkwugo Emejulu (University of Edinburgh), wereawarded a grant of £9,397 for 2013/14 to work on Minority Women’s Activism in Tough Times(see http://www.minoritywomenandausterity.com/)Results from their research were published as‘Solidarity under Austerity: Intersectionality inFrance and the United Kingdom’ in Politics &Gender (see http://bit.ly/1GYRZxA,http://bit.ly/1zVJpCN). Dr Bassel was subsequentlyinvited to speak at one of The British AcademyDebates on Immigration in Birmingham inSeptember 2014.

Through a combination of field work in the Azoresand an exhaustive examination of written andarchival source materials, Professor David Chester(Liverpool Hope University) used his grant of£8,640 to detail the human impact of historicearthquakes and volcanic eruptions in the Azoressince first settlement in the 15th century. Hisproject has enabled important lessons to be drawnfor contemporary civil defence planning, including

The Small Research Grant awarded to Dr Leah Bassel and Dr Akwugo Emejulu to work on Minority Women's Activism inTough Times led to the publication of their findings in the journal Politics & Gender, and Dr Bassel was subsequently invitedto share her research in The British Academy Debates on Immigration.

11

RESEARCH PROGRAMMES

dangers posed by traditional buildings and theirlack of seismic resilience, the framing of disastersusing religious terms of reference, and theimportance of clear policies for emergencyevacuation and recovery planning.

The internet is now becoming the primaryplatform for the consultation, dissemination anddiscussion of public policy and Dr Stephen Jeffares(University of Birmingham) used his grant of£5,044 to research this growing trend. His book,Interpreting Hashtag Politics: Policy Ideas in an Era ofSocial Media, was published in 2014. Comment sitesand micro-blogging offer tremendous opportunityto endorse, debate and critique policy issues butmaking sense of this sheer volume of text isenormously difficult. His research demonstrates how thousands of comments on a policy topic can be systematically classified and characterised in real time.

ACADEMY RESEARCH PROJECTS

During 2014/15, the Academy issued a call for the adoption of new Academy Research Projects inthe Social Sciences. Five new projects were addedto the portfolio including Understanding Society:the UK Household Longitudinal Survey based at the University of Essex (seehttps://www.understandingsociety.ac.uk/), andDigitising the Mixed Economy of Welfare inBritain directed by Dr Georgina Brewis at UCLInstitute of Education (see http://bit.ly/1J5wFv5).This takes the number of projects ‘kitemarked’ bythe Academy to over 50. The annual contributionto the funding of these projects is around£225,000, and this core funding enables theprojects to raise funds from other sources currentlytotalling over £15 million.

Together, the projects have produced 33 newvolumes or editions during the past year, and over50 articles, book chapters and reports, includingThe London and Middlesex 1666 Hearth Tax Return,edited by M Davies et al., one of the greatdocuments of London history covering a period inwhich the impact of the Great Plague of 1665 andthe Great Fire of 1666 severely challenged theresilience of Londoners (see http://hearthtax.org.uk/communities/london/index.html).

The London and Middlesex 1666 Hearth Tax Return, one ofthe great documents of London history covering the impactof the Great Plague of 1665 and the Great Fire of 1666, isone of 55 kitemarked British Academy Research Projects.

Another highlight was the launch of the DigitalArchive of Scottish Gaelic in October 2014. Thewebsite (www.dasg.ac.uk) includes two resources:the digitised Fieldwork Archive of the HistoricalDictionary of Scottish Gaelic, and Corpas naGàidhlig, the full-text digital corpus of printedtexts, including almost 10 million words – theworld’s most comprehensive digital textual resourcefor Gaelic. Meanwhile the online reports publishedby the European Union Democracy Observatoryon Citizenship (www.eudo-citizenship.eu)continue to grow. Two new online databases wereadded in 2014: the National Database on ElectoralLaws and the Database on Electoral Rights.

A feature-length film, New Secrets of the TerracottaArmy, filmed in China and London with MarcosMartinon-Torres and colleagues from the ‘Makingof the Terracotta Army’ project was first broadcastby Channel 4 in 2013, attracting four millionviewers. It was subsequently awarded the BritishArchaeological Award for the Best PublicPresentation of Archaeology 2014 (see http://bit.ly/1GYRZxA).

11

12

INTERNATIONAL ENGAGEMENT

“The Academy welcomedexciting new opportunitiesthis year in its internationalwork. The creation of thenew Newton Fund gave usthe chance to widen anddeepen our collaborationwith partners in theemerging economies across

the globe, a work-in-progress. We have greatlyexpanded our work in and on developingcountries in cooperation with DFID. Nearer tohome we have continued to promote the socialsciences and humanities in Horizon 2020 andthe involvement of European scientists inpolicy making, working closely with otheracademies in the UK and elsewhere inEurope.”

Professor Dame Helen WallaceForeign Secretary

INTERNATIONAL POLICY AND RELATIONS

The importance of academic excellence in aglobalising world was the impetus behind a rangeof the British Academy’s international activity thisyear. In October a workshop at the CBRL BritishInstitute in Amman brought together researchersand university administrators from Jordan, Iraq, theOccupied Palestinian Territories, Lebanon, Egyptand the UK, to discuss ways of promoting academicindependence and excellence in the Middle East.

At a workshop in February in Myanmar experts inmultilingual education and local policy makersexplored the implications of language choice forhigher education, particularly in the context of theMyanmar Comprehensive Education SectorReview. In partnership with the SOAS South AsiaInstitute and the British Council, the Academy also

International engagement

Former US Ambassador to Afghanistan General KarlEikenberry is shown the BBC’s new studios at BroadcastingHouse before appearing on the Today Programme. He wasone of the keynote speakers at a joint British Academy/American Academy of Arts and Sciences conference heldin July 2014.

13


hosted a high-level Global Education policy roundtable in London, examining the urgent challengesfacing higher education in South Asia.

Throughout the year the Academy continued itsadvocacy for the social sciences and humanities inEuropean policy and programmes – includingexpressing concern about prospective cuts to theHorizon 2020 budget. As lead for the All EuropeanAcademies Social Sciences and HumanitiesWorking Group, it held an expert workshop oninequalities to inform Horizon 2020’s WorkProgrammes for 2016/17. The end of the year saw the Academy participate in an event at theEuropean Parliament to raise the profile of ourdisciplines, and also welcome new EUCommissioner for Research, Science andInnovation, Carlos Moedas, to London to give his first UK lecture.

International policy work on governance, states intransition and statebuilding included an internationalconference and associated publication on RethinkingState Fragility: The Geography of Poverty and EmergingProsperity in Emerging Economies – followed inDecember by two events which convened expertsfrom South Africa, Brazil, Mexico, the UK andelsewhere to explore the social, economic andpolitical implications of ‘the new middle classes’.

To mark World Cities Day on 31 October, theAcademy teamed up with the Economic and Social

Research Council and the Arts and HumanitiesResearch Council to organise an internationalseminar on the role of social innovation incontemporary urban change and ‘smart’ liveablecity spaces. The Academy also held a jointworkshop with the Shanghai Academy of Social Sciences to examine the challenges andopportunities around sustainable urban development.

Further collaboration with other overseasAcademies included a series of events with theAmerican Academy of Arts and Sciences in Juneexamining the role of the humanities and socialsciences in understanding and addressing globalchallenges. Speakers included Karl Eikenberry,former US Ambassador to Afghanistan, and thePresident of the Association of AmericanUniversities, Professor Hunter Rawlings III.

In November a two-day workshop on Russia andBritain – Cultural Interactions in the 20th Century,organised with the Russian Academy of Sciences,shed light on topics related to history, literature andlanguage, and the Academy’s International ForumSeries continued to provide opportunities forstimulating discussion among academics, policymakers, and civil society on a range of topicalissues, including a discussion with the New YorkSocial Science Research Council on digitalchallenges.

British Academy Postdoctoral Fellows and Newton International Fellows take part in a workshop exploring the various ways inways academic research can interest and influence policy makers.

14

RESEARCH FUNDING AND FACILITATION

Newton Fund

The Academy launched new funding opportunitiesunder the Department for Business, Innovation andSkills’ £375m Newton Fund, part of the UK’sOfficial Development Assistance (ODA) commitment.The Fund uses the UK’s strength in research andinnovation to promote the economic developmentand social welfare of 15 partner countries. Over thenext five years the Academy will provide fellowshipsand mobility grants to develop the skills andcapacity of researchers based in designated NewtonFund countries, with overseas partners offeringreciprocal opportunities for UK researchers. In theinaugural round, the Academy made over 40 awardsworth £1.5 million to researchers in Brazil,Mexico, South Africa and Turkey.

Newton International Fellowships

The separate Newton International Fellowshipscheme, run jointly with the Royal Society, madeawards to 13 early career researchers to spend twoyears at a UK host institution. This year’s cohortincludes our first Singaporean Newton Fellow, DrIrving Goh (now working at the University ofCambridge), who is examining some of thedistinctive ways in which French philosophers haveimpacted on contemporary thinking.

During 2014 an evaluation of the NewtonInternational Fellowship scheme was undertakenby Dr Laura Meagher. She found that theprogramme successfully attracts strong early careerpostdoctoral researchers from around the world andis leading to the creation of enduring newinternational networks.

British Academy/DFID Anti-CorruptionEvidence Partnership

In March, the Academy and the Department forInternational Development (DFID) announced a£3.6 million initiative for leading internationalresearch teams to identify new initiatives that canhelp developing countries tackle corruption andthe negative impact it has on people’s lives. Theprogramme will provide two-year grants to supportmultidisciplinary research teams to explore policiesand interventions in different countries.

International Partnership and MobilityScheme

Thirty-five new international research collaborationswere supported under the Academy’s InternationalPartnership and Mobility scheme, between scholarsin the UK and Africa, Latin America and theCaribbean, the Middle East, South Asia, and Eastand South-East Asia. Since 2012 the scheme hassupported 132 partnerships with institutions in 38different countries.


In a showcase event at the British Academy the Council for British Research in the Levant created an exhibition on themodern relevance of Jordan’s and the wider region’s Neolithic heritage.

15

BRITISH ACADEMY SPONSOREDINSTITUTES AND SOCIETIES(BASIS)

“The Academy-sponsoredinstitutes enable a greatrange of UK researchacross Europe, the MiddleEast, and Africa. At theirannual meeting inNovember they presented amultidisciplinary showcasearound the topical issue of

the social and economic benefits of culturalheritage, drawing on projects and experiencesfrom Jordan, Turkey, Greece, Italy, EasternAfrica, Iran and Libya, reminding us of theirenormous historical depth and continuingcentral importance.”

Professor John BainesVice-President, BASIS

The Academy sponsors a network of leadingBritish institutes overseas engaged in research andfieldwork across a wide range of humanities andsocial sciences disciplines. They conduct world-classresearch as well as providing facilities, support andtraining, and running varied events programmesand publication series.

In 2014/15, the Academy supported six instituteswith premises overseas:

• British Institute at Ankara (BIAA)• British Institute in Eastern Africa (BIEA),

based in Nairobi• British Institute of Persian Studies (BIPS),

based in London and Tehran• British School at Athens (BSA)• British School at Rome (BSR)• Council for British Research in the Levant

(CBRL), based in Amman and Jerusalem

It also supported the Society of Libyan Studies(SLS), a UK-based learned society, and the Councilfor British Archaeology.

In 2014 all the institutes and societies supported bythe Academy came together to showcase theirresearch on the social and economic benefits ofcultural heritage. A panel discussion and poster

presentations drew on perspectives and insightsfrom a range of disciplines, including politics, ruraleconomics, anthropology, archaeology and culturalheritage management, and across different regionalcontexts.

The Council for British Research in the Levanthighlighted research exploring how its Neolithicheritage can be a social, cultural and economic asset for contemporary local communities inJordan, where the British Institute in Amman isactively engaged with the Ministry of Tourism andAntiquities and with the local Bedouin to developsustainable heritage tourism.

The British School at Athens discussed ways of negotiating a shared language of heritage, aseconomic crisis strengthens nationalist claims to thepast. Late 19th- and early 20th-century British Artsand Crafts-inspired documentation of Byzantinemonuments illustrate how historical connectionsmay shape communication to the benefit of British and Greek researchers alike.

The British School at Rome took the audiencefrom site to museum and back again, focusing onits work at Herculaneum, embracing archaeologicy,conservation and museology.

The British Institute at Ankara shared itsinvestigation of cultural heritage management onboth a theoretical and practical level across differentlocations in south western and central Turkey,featuring the involvement of local communities.

The British Institute in Eastern Africa highlighteddebates around the configuration of ‘culture’,‘memory’, and the ‘stuff ’ of the past as heritage –illustrating research engaging critically with howlanguages and practices of ‘heritage’ are reclaimedand reconfigured to achieve modern-day politicalsalience.


16

Policyengagement

HIGHER EDUCATION ANDRESEARCH POLICY

“One of the Academy’sprimary roles is tochampion the needs ofresearchers at all levelsacross the humanities andsocial sciences andpolicies that support thehealth of our multipledisciplines and, more

widely, the UK’s world-class but underfundedscience and research base. Our work onlanguages and quantitative skills providescompelling evidence, at all levels, of the UK’sserious skills shortages in these areas, andhighlights consequences for business andinternational diplomacy.”

Professor Roger KainVice-President, Research and Higher Education Policy

The British Academy’s Higher Education andResearch Policy activities focus on the flourishingof its disciplines and strengthening the UK researchbase and HE system as a whole. The Academyoffered views and submitted evidence to a numberof significant inquiries over the past year, includingthe government’s Science and Innovation Strategy,and its consultation on capital funding for research.It has been actively engaged on Open Access forResearch Councils UK (RCUK), theinternationalisation of research assessment for theHigher Education Funding Council for England(HEFCE), and the use of metrics in researchassessment. The Academy has also undertaken itsown review of research assessment following thecompletion of the Research Excellence Framework 2014.

POLICY ENGAGEMENT

Mind Your Language International, a community schoolproviding after-school drama activities in French forstudents from BME backgrounds in the Hackney area ofLondon, was one of the winning entrants in this year’sBritish Academy Schools Language Awards.

17

Building a Stronger Future

With the general election approaching, theAcademy particularly focused on making the casefor strong investment in research across alldisciplines, working with the other nationalacademies to secure the best possible outcome. InFebruary 2015, the academies published Building aStronger Future, which underlines the immensevalue of research and innovation to the UK’seconomy and society. The joint statement set outthe economic benefits that UK research brings,from medicine to tourism; the value of research topolicy; and the leading position of the UK as aresearch nation, despite relatively low levels ofpublic investment in research.

Higher Education Policy Development

This year, the Academy established a HigherEducation Policy Development Group, chaired byProfessor Mike Braddick FBA. It advises theAcademy’s Research and Higher Education PolicyCommittee on policy issues, and helps shape thebroader HE policy programme. The Group hasbegun a number of new policy activities, includinga project looking at interdisciplinarity, and a seriesof seminars called Perspectives on Education.

Reflections on Economics

The Academy facilitated a series of round tablesunder the theme Reflections on Economics, wheresenior academics, policymakers and private sectoreconomists discussed strengths in economicsresearch and teaching, how the discipline mightchange and how the community interacts with andinfluences policymaking. A report of this series willbe published in Autumn 2015. This was the first ina new series of ‘Reflections’ forums, which willlook at strategically important or vulnerabledisciplines and how they can be strengthened.

PhD and Beyond

Our commitment to supporting the besthumanities and social sciences researchersthroughout their careers has focused on how thepolicy environment supports academicsimmediately after their PhD. Working with theAHRC, the Academy commissioned a reportlooking at challenges that early career researchersface, which was published in September 2014. It

found that 92% of those surveyed expressedconcern at their career development and theirprospects of achieving a permanent position, and itmade recommendations around best practice forinstitutions, and the wider research community.The Academy followed up this report with aninformal seminar on ‘Careers in Academia’ as partof its new Perspectives on Education series.

Strategic Forum for the Social Sciences

The Academy continued to convene the nationalStrategic Forum for the Social Sciences, bringingtogether representatives from government, researchcouncils and learned societies to discuss majorissues facing the social sciences and the contributionthey make.

EDUCATION AND SKILLS

This year has seen a growing range of activities inthe Academy’s education and skills policy work.Since 2011, its work in addressing the skills deficitsin languages and quantitative skills has focused onproviding leadership in demonstrating their valueand significance, undertaking policy research onsupply and demand for these skills, and using thisevidence to implement interventions aimed atbuilding greater capacity.

Languages

The Case for Language Learning, a two-yearcampaign in partnership with The Guardian, cameto an end this year, having generated hundreds ofarticles, discussions, public debates and online Q&Asessions on the importance of language learning.The campaign has provided a rich source ofdiscussion, expertise and personal stories that havecaptured the breadth of public life that is shapedand influenced by multilingualism.

Exploring the wider issues around languagelearning, the Academy held policy round tables onthe social impacts of immigration, in partnershipwith The Guardian, at the Labour, Conservative andLiberal Democrat conferences. Participantsincluded senior MPs, the Secretary of State forBusiness, Innovation and Skills, AcademyPostdoctoral Fellows, third sector representativesand Academy Fellows.

POLICY ENGAGEMENT

18

An international debate on language and educationpolicy was held in June, in partnership with theAmerican Academy of Arts and Sciences, chaired byWill Hutton and focusing on whether English wasstill enough for Anglophone countries.

In July an expert panel including writer DanielTammet and Simon Baron Cohen FBA, and chairedby Robin McKie (science and technology editor forThe Observer), took part in a debate on the ethical,social and practical implications of taking drugs toenhance the ability to learn information quickly.

An interim report of the Academy’s Born Globalproject on employability was launched in Octoberat the Language Show Live in Olympia. This kickedoff a national Language Festival celebrating the UK’s cultural and linguistic diversity, with a range of related activities taking place in schools anduniversities around the country, supported bydownloadable packs for schools.

Quantitative Skills

A State of the Nation research project was launchedin 2014 into the supply of, and demand for,quantitative skills across all levels of employment in the UK. The project is overseen by a SteeringGroup chaired by former National Statistician JilMatheson, and includes Academy Fellows,representatives from government, higher educationand members of the Academy’s QS Strategy Group.

The Academy’s Skills Acquisition Awards have thisyear provided support for 15 early careerresearchers across 13 institutions to enhance theirquantitative skills. They include Dr Matias Cortes atthe University of Manchester, who will be workingwith Richard Blundell at the Institute for FiscalStudies to analyse the forces behind changes in thecomposition of the US and UK labour markets.

Applications for the 2014 round of AcademyUndergraduate Scholarships to participate in theEssex Summer School in Social Science DataAnalysis increased by 30% this year, including morestudents in subjects traditionally hesitant to use dataanalysis. Surveys of scholarship holders found anincreased likelihood of their taking up advanceddegrees.

PUBLIC POLICY

“At a time of widespreadconstitutional debate inthe UK and increasingconcern about ‘wickedissues’ such asimmigration and climatechange, world-wide, theAcademy continues tobring informed and calmly

expressed expertise to important debates thatare often discussed in a shallow and over-excited way.”

Professor Iain McLeanVice-President, Public Policy

The British Academy’s public policy programmecontinues to develop. Through a varied output ofreports, forums, conferences, and public and privateevents, the Academy has shown the value ofpolicymakers working alongside humanities andsocial sciences researchers in tackling society’s mostpressing problems.

Working in Partnership

2014/15 has seen an increase in partnerships withmajor organisations, including the Institute forFiscal Studies, the Government Office for Science,the Equality and Diversity Forum, the Honor FrostFoundation, the Royal Society of Edinburgh, andour sister national academies – the Royal Society,Royal Academy of Engineering and Academy ofMedical Sciences. We also continue to work closelywith other UK research funders, notably the Economic and Social Research Council (ESRC).

The UK Constitution

The Academy took a leading role in shapingconstitutional debate before and after the Scottishreferendum. Working in partnership with the RoyalSociety of Edinburgh, and UCL’s ConstitutionUnit, the Academy held a series of workshops withsenior civil servants, parliamentarians, Fellows, andconstitutional experts to unpack the consequencesof potential changes to the make-up of the UK.These events helped inform responses to inquiriesby the House of Commons Constitutional ReformSelect Committee.

POLICY ENGAGEMENT

19

A Presumption Against Imprisonment

Across 2014, the Academy undertook a researchproject looking at why the UK seems unable toreduce its reliance on imprisonment. The studyexplored the reasons behind the country’s highprison population, as well as offering contributionsto the debate about why and how we should try toreduce both the number of people we imprison,and the length of time for which many areimprisoned.

UK Housing

The challenge of meeting housing demand in theUK was the focus of two events held in partnershipwith the Economic and Social Research Councilin July and October 2014. Discussions concentratedin particular on the economics of housing, onhousing supply, planning and regulation, and onissues of poverty and inequality within the UKhousing market, and a summary was published in 2015.

Climate Change

In December 2014 Lord Stern hosted a round tablein partnership with the Government Office forScience on communication, values and evidence inthe debate around climate change. This event hasinformed a major new strand of policy activitylooking into local energy generation, beginning in2015 and linking through to The British AcademyDebates on Energy in autumn 2015.

First World War Wrecks

The Academy has continued its partnership withthe Honor Frost Foundation on the protection ofmaritime archaeology. In January 2015, a policyforum focused on First World War Wrecks (markingthe Centenary), aiming to improve publicengagement with this legacy for the future. Casestudies from a range of initiatives provided abackdrop to discussing the challenges andopportunities presented by WW1 shipwrecks inhome waters and abroad.

POLICY ENGAGEMENT

The challenge of meeting the UK’s chronic need for more housing was addressed in two seminars specially convened inpartnership with the Economic and Social Research Council.

20

“2014/15 has beenanother successful andenjoyable year. Our eventsprogramme has again beenpacked with diverse, highquality events reaching arange of differentaudiences, reflected now ingrowing social media

activity. Examples from our debates, lectures,conferences, exhibitions, awards, and clustersof activities surrounding centenaries, aredescribed in the text here. The Academy’sCommunications and Public Engagementteam has been kept very busy, and I thankthem for their efforts.”

Professor Vicki BruceVice-President, Public Engagement

EVENTS

Each year the British Academy delivers aprogramme of public events that highlight newresearch and shed light on a range of human andsocial issues. These include accessible talks, paneldiscussions and other events that demonstrate thesignificance of the humanities and social sciencesfor all of us. Alongside them, the Academy’s publiclectures have communicated the best scholarship toboth specialists and general audiences for over 100years, while British Academy Conferences examineinnovative themes, delivering events of lastingacademic significance.

The British Academy Debates, the flagship of theAcademy’s public programme, considered two ofsociety’s big issues: immigration (in autumn 2014)and well-being (in spring 2015). Over the course ofseveral events held in different UK centres, panelsof academics, policymakers, journalists and social

Public engagement

PUBLIC ENGAGEMENT

An illustrator ‘live sketches’ the opening night of BeingHuman, the first national festival of the humanities held inNovember 2014. A second festival takes place next autumn.

21

commentators explored the research, evidence andimpact of these challenging areas of policy. We weredelighted to work with the Barrow Cadbury Truston the ‘Immigration’ series, which brought newaudiences to the debates. And in March 2015, aconference on ‘Aliens, Foreigners and Strangers inMedieval England’ provided valuable historicalperspective on the subject.

The programme also marked two centenaries thatfell in 2014. In October several events celebratedthe centenary of the birth of Dylan Thomas: alecture by Professor Tudur Hallam; a recording ofthe BBC Radio 3 programme The Essay, with fivefascinating contributions from writers, actors andjournalists on ‘The voice and the radio’; and a liverecording of a new radio play jointly commissionedby the Academy and BBC Radio 4 – The City ofTomorrow, a new interpretation of Under Milk Woodwritten by Glyn Maxwell.

In November, a British Academy Conference on ‘The First World War: Literature, Culture,Modernity’ was accompanied by a special concertin partnership with King’s College Londonremembering the music and writing of WW1,an evening of war poetry with former PoetLaureate Andrew Motion. Earlier in the year alecture examined the Middle East dimension of theFirst World War, while another conference explored‘an emotional history’ of war, including a publiclecture on the impact of shell shock. An exhibitionin the Academy’s current home in 10 CarltonHouse Terrace also revealed how the building hadbeen used as a hospital for wounded officers duringthe Great War.

November saw the inaugural Being Human: AFestival of Humanities, a joint initiative between theAcademy, the School of Advanced Study and theArts and Humanities Research Council, with 162events held across the country. As well as providingfunding to support these activities, the Academycontributed an event on ‘From Lucy to Language’,based on its interdisciplinary Millennium ResearchProject, which explored, in the absolute sense, whatit means to be human.

PRIZES AND MEDALS

Two new prizes were awarded for the first time in 2014. The Neil and Saras Smith Medal for

PUBLIC ENGAGEMENT

Linguistics, endowed by Professor Neil Smith FBAto recognise lifetime achievement in the scholarlystudy of linguistics, was awarded to Professor NoamChomsky FBA. In addition to accepting his medalat the Academy’s annual Awards Ceremony inNovember, Professor Chomsky also joinedHonorary Fellow Melvyn Bragg ‘in conversation’ infront of a packed house as part of the GlobalPerspectives series, a new strand of activity in theAcademy’s public events programme.

2014 also saw the first award of the Brian BarryPrize in Political Science, an annual essay prizeawarded in partnership with Cambridge UniversityPress and the British Journal of Political Science, inhonour of its founder, Professor Brian Barry FBA –awarded to Dr Helder De Schutter and Dr Lea Ypi.

Other Prizes and Medals included:

British Academy Medals

Professor David Luscombe FBA, University ofSheffield, forThe Letter Collection of Peter Abelard and Heloise

Professor Geoffrey Parker FBA, Ohio StateUniversity, for Global Crisis: War, Climate Change and Catastrophe in the Seventeenth Century

Professor Thomas Piketty, Paris School ofEconomics, for Capital in the 21st Century

Lord Gus O’Donnell was one of the main speakers in thelatest series of The British Academy Debates whichexplored new ways of promoting Well-Being.

22

news stories. Coverage ranged from the BBCRadio 4’s Today to the Metro, The Times, The DailyTelegraph, The Guardian, The Financial Times and newmedia outlets such as Stylist and Londonist.

Media partnerships have brought in new audiencesover the year, including the completion of the two-year partnership with The Guardian on languagelearning. The Observer was a partner for The BritishAcademy Debates on immigration and Prospect forthe Debates on well-being – the latter creating anexclusive web portal with a range of editorialdrawing on material from across the series. ForLiterature Week 2015, a media partnership withLondonist helped attract a new, younger audience.

Improvements to the Academy’s website haveincluded updating events and newsletterregistration processes, a new, more visual front pageformat, and an expanded range of audio podcastsand videos of Academy events, which have had82,000 views in the past year.

Events promotion has also been strengthened withimproved What’s On leaflets and new reciprocalmarketing arrangements with over 400organisations. Social media is a growing force indriving the Academy’s digital communications andvoice. We now have over 12,000 Twitter followers,while regular e-newsletters and events bulletinsreach over 5,000 recipients.

PUBLIC ENGAGEMENT

President’s MedalsAwarded for ‘signal service’ to the cause of the humanities and social sciences

Peter Brook, Centre International de Recherche Théâtralein recognition of his contribution as the most influentialand creative theatrical innovator of our age

Professor Sir Paul Collier CBE, University of Oxford for his pioneering contribution in bringing ideas fromresearch into policy in the field of African economics

Dame Jane Goodall DBE for her landmark impact on our understanding of primatebehaviours and human evolution

Clive James AO CBEin recognition of his major contributions to Britain’scultural life as critic, essayist, poet and author

For a full list of 2014 Prizes and Medals, please goto: www.British Academy.ac.uk/prizes

MEDIA AND DIGITALCOMMUNICATIONS

The Academy’s promotion of the humanities andsocial sciences, and its own profile, continue tostrengthen. Activities launched to the mediaresulted in more than 1,210 articles, interviews and

Universities and Science Minister Greg Clark MP and British Academy President Lord Stern were two of the speakers in aspecial British Academy/LSE event discussing the vital role that research and innovation play in increasing prosperity.

23

PUBLICATIONS

“As incoming Vice President (Publications), I am delighted to have‘inherited’ a publishingproject that produces suchan incredible array ofpublications across thespectrum of the humanitiesand social sciences.”

Professor Mary S MorganVice-President, Publications

The British Academy’s academic publicationsprogramme plays an important role incommunicating new insights from humanities andsocial sciences research. In 2014/15, 20 new titleswere published, the majority through theAcademy’s longstanding partnership with OxfordUniversity Press.

The second volume of the online open-accessJournal of the British Academy contained 10 articlesposted to it in 2014. The articles, derived fromlectures given at the British Academy, includedpieces on dyslexia, on the accountability of centralbanks, and on ‘What are prime ministers for?’

The Proceedings of the British Academy seriespublishes themed volumes of essays that drivescholarship forward and are landmarks in their field:seven new titles were published in the year, all withinternational coverage and authorship. There werevolumes looking at medieval Muslim Spain and atthe links between the Ottoman Empire and South-East Asia. Others addressed contemporary issues,such as the politics of fiscal squeeze, ethniceducational inequalities, and AIDS in Africa.

The Academy also publishes research resourcesarising from its longstanding Academy ResearchProjects. Of the eight titles of this type published in2014/15, six published source material for thestudy of medieval England. There was also animportant edition of music by Thomas Tallis andWilliam Byrd from the court of Elizabeth I, and anedition of the UK Treasury’s responses to Scottishclaims for spending in the period 1885-1979 –providing a timely contribution to discussions ofScottish fiscal autonomy.

PUBLIC ENGAGEMENT

When The Party’s Over, edited by Christopher Hood, DavidHeald and Rozana Himaz – a new British Academy essaycollection published following a highly successful AcademyConference last year.

The British Academy Review publishes articlesillustrating for a general readership the wide rangeof scholarship that the Academy supports. Twoissues appeared in the year. Articles includedinterviews with the Academy’s Foreign Secretaryand outgoing Vice-President (Publications) whichshed light on their respective areas of Academyactivity. And following the recent acclaimed filmThe Imitation Game, there was a reminder of therole humanities scholars played in the BletchleyPark story.

24

Fellowshipprogrammes

“In 2014/15 the Academyelected 42 new Fellowsfrom UK universities,together with 15 newCorresponding Fellowsbased overseas, and twonew Honorary Fellows.Rigorous processes arefollowed by all theAcademy’s Sections andGroups representing thediverse researchcommunities across the

humanities and social sciences, andsupported by independent internationalevaluation, to ensure election is a mark of real distinction, awarded only to the mostoutstanding scholars in each field. We alsostrive to recognise those who achieveexcellence through the often difficult path ofwork that crosses disciplinary boundaries.”

Professor Alan BowmanVice-President, HumanitiesProfessor Colin CrouchVice-President, Social Sciences

FELLOWSHIP PROGRAMMES

The Fellowship of the British Academy is organisedinto two Groups (for Humanities and for SocialSciences) and 18 Sections by academic disciplineand subject. Each Section appoints a StandingCommittee, to prepare business and act for it whereappropriate, and officers to lead on contributing tothe Academy’s grant-giving activities.

Section meetings in September 2014 and March2015 discussed current issues and consideredcandidates for election, with evening lectures andlunchtime discussions on a variety of issues. InSeptember the annual New Fellows AdmissionCeremony took place, including several newlyelected Fellows talking about their research.

The two Groups, consisting of representatives fromthe respective Sections, met twice in the year,making recommendations to Council regardingelections to the Fellowship and providing advice on


British Academy President Lord Stern (second left)welcomes this year’s newly elected Fellows.

25

other matters affecting the particular interests ofscholarship in their disciplinary areas.

The Fellowship and Structures Committee (FSC)met twice in the year to monitor the process ofelection to the Fellowship. The three ‘GingerGroups’, set up after the 2012 Structural Review tostrengthen scrutiny of scholars in the fields ofManagement and Business Studies; Cultural,Communications, Media and Performance Studies;and Education, contributed names of candidates intheir respective fields for consideration for election.Simultaneous balloting between two or moreSections was also used more widely this year forcandidates whose research straddles differentdisciplines.

The category of Emeritus Fellowship, introducedin 2010 for those over the age of 70 who wish toretire from actively contributing to the business ofthe Academy, has continued to grow and there arenow 128 Emeritus Fellows (about 13% of the totalUK Fellowship).

NEW FELLOWS ELECTED IN 2014

At the July 2014 Annual General Meeting, 42candidates were elected as Academy Fellows, 15 asCorresponding Fellows (for those resident outsidethe UK) and two as Honorary Fellows. Theseelections brought the number of Fellows to 965,together with 310 Corresponding Fellows and 24Honorary Fellows.

Fellowship

PROFESSOR ROGER BACKHOUSE Economics, University of Birmingham

PROFESSOR RICHARD BENTALLClinical Psychology, University of Liverpool

PROFESSOR FRANCESCO BILLARISociology and Demography, University of Oxford

PROFESSOR SUSANNE BOBZIEN Philosophy, University of Oxford

PROFESSOR GEORGINA BORN Music and Anthropology, University of Oxford

PROFESSOR JOANNA BOURKEHistory, Birkbeck, University of London

PROFESSOR MARGARET BRAZIER OBELaw, University of Manchester

DR SUSAN BRIGDEN History, University of Oxford

PROFESSOR PETER BUCKLEY OBEInternational Business, University of Leeds

PROFESSOR MATTHEW COLLINSBiomolecular Archaeology, University of York

PROFESSOR DAVID CROUCHMedieval History, University of Hull

PROFESSOR JOHN CURTICEPolitics, University of Strathclyde

PROFESSOR SARAH CURTISHealth and Risk, Durham University

PROFESSOR DAVID DENISONEnglish Language and Medieval Literature, University of Manchester

PROFESSOR INGRID DE SMETFrench and Neo-Latin Studies, University of Warwick

PROFESSOR ELEANOR DICKEYClassics, University of Reading

PROFESSOR KATRIN FLIKSCHUHModern Political Theory, London School of Economics

PROFESSOR GAVIN FLOODHindu Studies and Comparative Religion, University of Oxford

PROFESSOR MARINA FROLOVA-WALKERMusic History, University of Cambridge

PROFESSOR ANNE FUCHSGerman Studies, University ofWarwick

PROFESSOR TAMAR GARBHistory of Art, University College London

PROFESSOR SUSAN GATHERCOLECognition and Brain Sciences, University of Cambridge

PROFESSOR PAUL GILROYAmerican and English Literature, King’s College London

PROFESSOR PATRICK HAGGARDCognitive Neuroscience, University College London

PROFESSOR STEPHEN HALLIWELL FRSEGreek, University of St Andrews

PROFESSOR FRANCESCA HAPPÉCognitive Neuroscience, King’s College London

PROFESSOR HENRIETTA HARRISONModern Chinese Studies, University of Oxford

PROFESSOR JEREMY HORDERCriminal Law, London School of Economics

PROFESSOR MATTHEW KRAMERLegal and Political Philosophy, University of Cambridge


26

PROFESSOR NEIL LAZARUSEnglish and Comparative Literature, University of Warwick

PROFESSOR RAE LANGTONPhilosophy, University of Cambridge

PROFESSOR JUDITH LIEUDivinity, University of Cambridge

PROFESSOR CHRISTIAN LISTPolitical Science and Philosophy, London School of Economics

PROFESSOR JANE MILLAR OBESocial Policy, University of Bath

PROFESSOR ANN PHOENIXEducation, Institute of Education, University of London

PROFESSOR CAROL PROPPER CBEEconomics, Imperial College Business School and University of Bristol

PROFESSOR TONY PROSSERPublic Law, University of Bristol

PROFESSOR CHARLOTTE ROBERTSArchaeology, Durham University

PROFESSOR STEPHEN SMITHHistory, University of Oxford

PROFESSOR CECILIA TRIFOGLIMedieval Philosophy, University of Oxford

PROFESSOR DIMITRI VAYANOSFinance, London School of Economics

PROFESSOR SARAH WHATMOREEnvironment and Public Policy, University of Oxford

Corresponding Fellowship

PROFESSOR SVETLANA ALPERSHistory of Art, University of California, Berkeley

PROFESSOR TREVOR BARNESGeography, University of British Columbia

PROFESSOR GIAN BIAGIO CONTELatin Literature, Scuola Normale Superiore, Pisa

PROFESSOR JANET DEAN FODORLinguistics, City University of New York

PROFESSOR NAOMI ELLEMERSSocial and Organizational Psychology, Leiden University

PROFESSOR JAMES HANKINSHistory, Harvard University

PROFESSOR LYNN HUNTHistory, University of California at Los Angeles

PROFESSOR MARTTI KOSKENNIEMIInternational Law and Human Rights, University of Helsinki

PROFESSOR HENRI LERIDONDemography, Institut national d’études démographiques, Paris (INED)

PROFESSOR JANE MANSBRIDGEPolitical Leadership and Democratic Values, Kennedy School of Government, Harvard University

PROFESSOR CHARLES MANSKIEconomics, Northwestern University

PROFESSOR DR CLAUDIA MÄRTLMedieval History, Ludwig-Maximilians-UniversitätMünchen

PROFESSOR DR JÜRGEN OSTERHAMMELModern History, University of Konstanz

PROFESSOR MICHAEL POSNERPsychology, University of Oregon

PROFESSOR YUTAKA YOSHIDACentral Asian Studies, Kyoto University

Honorary Fellowship

DAME LIZ FORGAN DBEDeputy Chair, British Museum; Chair, Scott Trust and NationalYouth Orchestra

LORD O’DONNELL GCBChairman, Frontier Economics; Visiting Professor, LSE and UCL


27

Philanthropicsupport

“The Academy’sincreasingly ambitiousobjectives could not beachieved without thegenerous support of itsgrowing number of donors. This year theircontributions amounted to over £1.4m. These

funds were devoted principally to supportingthe work of the next generation of youngresearchers and to enhancing the Academy’spublic work, enabling the Academy tocontribute its expertise to developing practicalsolutions to some of the most pressing socialand cultural issues facing society. Privatefunding is now vital in delivering theAcademy’s ambitions on these fronts, so weare enormously grateful to all our donors.”

Professor Sarah WorthingtonChair of the Fundraising Group

In 2014/15 almost 300 Fellows made a donation tothe Academy, including 30% of those based in theUK. This level of support is higher than theproportion of alumni giving to any Britishuniversity. It strengthens the Academy’s financialfooting and also provides a strong basis forfundraising from external bodies, includingcharitable trusts, foundations and companies. TheAcademy is indebted to all its Fellow donors fortheir generosity.

In October, the Academy joined the National FreeWills Network, and now offers a free will-writingservice through a national network of localsolicitors. Several Fellows and other friends havealready used the service to rewrite their wills. Anew legacy booklet was produced, which outlinesways in which Fellows and others can support theAcademy when they make or update their wills.Those who choose to leave a gift to the Academy

PHILANTHROPIC SUPPORT

The £25,000 Al-Rodhan Prize for Trans-CulturalUnderstanding for 2014 was awarded to Professor JonathanJansen (second right), Vice-Chancellor and Rector of theUniversity of the Free State in South Africa. He is picturedwith (from left) Dame Helen Wallace, Dr Nayef Al-Rodhanand Lord Stern.

28

in their will are invited to join a new gathering, theFrida Mond Society, honouring a major earlybenefactor, and to attend an annual lunch.

The second Al-Rodhan Prize for Trans-CulturalUnderstanding was awarded in to ProfessorJonathan Jansen, Vice-Chancellor and Rector of theUniversity of the Free State in South Africa at aspecial ceremony in September 2014. The Al-Rodhan Prize is the Academy’s most valuable prize,worth £25,000, and is generously supported by DrNayef Al-Rodhan and the Nestar Foundation.


Thanks are owed to all donors for their generous support during2014/15

FellowsProfessor David AbulafiaProfessor Jonathan AlexanderProfessor Robin AlexanderProfessor Michael AndersonProfessor Sir Tony AtkinsonDr Alan BakerProfessor Stephen BannProfessor Karin BarberProfessor Alan BarnardProfessor Timothy BarnesProfessor Charles BawdenDame Gillian BeerProfessor Michael BellDr Margaret BentProfessor Kenneth BinmoreDr James BinnsDr Bonnie BlackburnProfessor Simon BlackburnProfessor Margaret BodenProfessor Vernon BogdanorProfessor Ken BoothProfessor Peter BowlerProfessor Alan BowmanProfessor Patrick BoydeProfessor Nick BoyleProfessor Oliver BraddickProfessor David BradingProfessor Jonathan BradshawProfessor Peter BrandProfessor Dick BrealeyMr Robin BriggsLord Briggs of LewesProfessor Sarah BroadieDr Sebastian BrockProfessor Archie BrownRevd Professor David BrownProfessor George BrownProfessor Peter BrownProfessor Malcolm BuddProfessor Charles BurnettProfessor Brian ButterworthProfessor Bruce CampbellProfessor Gordon CampbellProfessor Bernard CappSir Raymond Carr

Professor John GillinghamProfessor Howard GlennersterLord Goff of ChieveleyProfessor Sir Roy GoodeProfessor Charles GoodhartProfessor Martin GoodmanProfessor John GrayProfessor Geraint Gruffydd †Professor Anthony GuestProfessor Peter HaggettProfessor Bill HardcastleProfessor Carol HarlowProfessor Jose HarrisMiss Barbara HarveyProfessor Paul HarveyProfessor David HawkinsProfessor Patsy HealeyProfessor Anthony HeathProfessor Sir David HendryProfessor Mary HesseDame Rosalyn HigginsProfessor Carole HillenbrandProfessor Boyd HiltonProfessor Marian HobsonProfessor Roy HodsonProfessor Antony HonoréMr Sinclair HoodProfessor Andrew HookProfessor Simon HornblowerProfessor Geoffrey HoskingProfessor Anne HudsonDame Olwen HuftonProfessor Dame Caroline HumphreyProfessor Mary JacobusProfessor Nicholas JardineProfessor Ron JohnstonProfessor Robert JonesProfessor Heather JoshiProfessor Gabriel JosipoviciProfessor Roger KainProfessor Annette Karmiloff-SmithProfessor Michael KauffmannProfessor Martin KempProfessor Ruth KempsonSir Anthony KennyProfessor Sir Ian KershawProfessor John KillenProfessor Anthony KingProfessor Paul KlempererProfessor Michael Knibb

Professor Richard CarwardineProfessor Terence CaveProfessor Thomas Charles-EdwardsProfessor Stuart ClarkProfessor Peter ClarkeProfessor John ClelandProfessor Hugh CloutProfessor Bryony ColesProfessor John ColesProfessor Linda ColleyProfessor Giles ConstableProfessor Nicholas CraftsRevd Professor Charles Cranfield †Sir Ross CranstonProfessor Michael CrawfordDr Stephen CretneyProfessor Colin CrouchProfessor Trevor DadsonProfessor Sir Partha DasguptaProfessor Martin DauntonProfessor Paul DavidProfessor Graham DaviesProfessor Norman DaviesProfessor Wendy DaviesProfessor Sir Ian DiamondProfessor Peter DicksonProfessor Robert DodgshonProfessor Ian DonaldsonProfessor Ronald DoreDr Anthony DoyleProfessor Bill DoyleDr Jean DunbabinProfessor Archibald DuncanProfessor John DunnProfessor Timothy DysonProfessor Terence EagletonProfessor Patricia EasterlingProfessor Paul EdwardsProfessor Philip EdwardsMr John EekelaarSir John ElliottProfessor Robert EvansProfessor Richard FardonProfessor David FirthProfessor Sir Roderick FloudProfessor Roy FosterProfessor Peter FranceProfessor Chris FrithProfessor Uta FrithProfessor Mike Fulford

In the past year new funding was attracted in thefield of Business and Management. In addition tosupport from Sir John Cass’s Foundation, theAcademy formed partnerships with the BritishAcademy of Management and the Society for theAdvancement of Management Studies to supportnew small research grants.

As ever, the Academy is indebted to the LeverhulmeTrust and the Wolfson Foundation for theiroutstanding support over the year, and to its manyother generous donors and supporters, listed below.

29


Professor Adam KuperProfessor Aditi LahiriProfessor Michael LapidgeProfessor John LaverProfessor Robin LawProfessor Robert LaytonProfessor Giulio LepschyProfessor Wolfgang LiebeschuetzDr Peter LinehanProfessor Michael LiptonBaroness Lister of BurtersettSir Geoffrey LloydProfessor Brian LoasbyProfessor Roger LonsdaleProfessor Andrew LouthMr John LucasProfessor David LuscombeRevd Professor Diarmaid MacCullochDr John MaddicottProfessor Herwig MaehlerProfessor Jill MannProfessor Ivana MarkováProfessor Shula MarksProfessor David MarquandProfessor Peter MarshallProfessor Peter MatthewsProfessor Richard McCabeProfessor Linda McDowellProfessor Margaret McGowanDr Ross McKibbinProfessor Iain McLeanProfessor Hugh McLeodProfessor April McMahonProfessor David McMullenProfessor Donald MeinigProfessor Sir Paul MellarsProfessor Sue MendusProfessor Colin MorrisProfessor Laura MulveyLord MustillSir Roger Mynors †*Dame Janet NelsonProfessor David NewberyProfessor Patrick O'BrienProfessor Dawn OliverBaroness O'NeillProfessor Lord ParekhProfessor Jonathan ParryProfessor Peter ParsonsDr Karalyn PattersonProfessor Richard PortesProfessor Brian PullanProfessor Stephen PulmanDr Lisbet Rausing and Professor Peter BaldwinDr John ReaProfessor Jim ReasonProfessor Jim ReedProfessor Philip ReesProfessor Francis ReynoldsMiss Joyce ReynoldsProfessor P J RhodesSir Rex RichardsProfessor Genevra RichardsonProfessor Sir Christopher RicksProfessor Sir Adam RobertsProfessor Ian Roberts

Professor Michael ZanderAnonymous (16)

Award-holdersProfessor Simon BartonProfessor Alison BettsDr Aikaterini CarvounisDr Paul CockerhamDr James DavisProfessor Norma DawsonDr Paul DownwardDr Edward FerrariDr Susanna HarrisMrs Margaret HarrissDr Felicity JamesDr Vikki JankeProfessor Sian JonesDr Tamara KolakowskaDr Anna MarmodoroDr Rachel MurphyDr Darrow SchecterDr Nicholas SheaDr Anna StevensDr Anastasia StouraitiMrs Elizabeth TateProfessor Andrew ThorpeAnonymous (16)

OthersMr Peter BrownMr Richard HardieMiss Jennifer HawtonDr Robin JacksonMrs Anne LewisMr Simon Pennington

OrganisationsThe Aurelius TrustThe Barrow Cadbury TrustBritish Journal of Political ScienceCambridge University PressThe Sir Ernest Cassel Educational TrustSir John Cass’s FoundationThe Honor Frost FoundationThe Leverhulme TrustModern Humanities ResearchAssociationFondation NestarPackard Humanities InstituteRubin Foundation Charitable TrustSage PublicationsSino-British Fellowship TrustSociety for the Advancement ofManagement StudiesWiley-BlackwellThe Wolfson Foundation

† indicates that a donor is now deceased

* indicates a donation from the estate of the deceased

Total number of Fellow donors = 294UK Fellows’ participation rate = 30%(285/965)Overall Fellows’ participation rate = 23%(294/1299)

Professor Peter RobinsonProfessor Paul RockDr Nicholas RodgerProfessor Nicholas RoundProfessor Martin RudwickProfessor Alan RyanProfessor Mark SainsburyProfessor Emilie Savage-SmithProfessor Malcolm SchofieldDr Roger SchofieldProfessor Clive ScottProfessor Dana ScottProfessor Geoffrey SearleProfessor Christopher ShackleProfessor Elinor ShafferProfessor Timothy ShalliceProfessor Stephen ShennanProfessor John Shepherdson †Professor Avi ShlaimProfessor Nicholas Sims-WilliamsProfessor Quentin SkinnerProfessor Gerald SmithProfessor Anthony SnodgrassDr Ian SteadProfessor Peter SteinProfessor Hillel SteinerProfessor Alfred StepanLord StewartbyDr Gerald StoneDame Marilyn StrathernProfessor Robert SugdenLord SutherlandProfessor Martin SwalesProfessor Richard SwinburneProfessor Oliver TaplinProfessor Charles TaylorDr John TeasdaleProfessor Anthony ThiseltonProfessor David ThomasSir Keith ThomasProfessor Michael ThompsonProfessor Robert ThomsonProfessor Lisa TicknerProfessor Sir Guenter TreitelProfessor Peter TrudgillDr Richard TuckProfessor Sir Brian VickersProfessor Nigel VincentDr Claudio Vita-FinziProfessor Kenneth WallisProfessor Alex WalshamProfessor Peter WarrenProfessor John WellsSir Christopher WhiteProfessor Alasdair WhittleProfessor John WilkesSir David WilsonProfessor Deirdre WilsonMr Nigel WilsonProfessor Donald WinchProfessor Peter WisemanProfessor Charles WithersProfessor Bencie WollProfessor Sarah WorthingtonProfessor Crispin WrightSir Tony WrigleyProfessor Frances Young

“The financial statementsfor 2014/15 reflect afurther successful year forthe Academy in fulfillingits charitable objects andmeeting financial targets.New funding streams weresought and obtained, withsome existing streams

extended. The year again proved to be oneof significant expansion.”

Professor Michael FulfordTreasurer

RESULTS FOR THE YEARThe group’s total income was £33.1m. Some£27m came in the form of recurrent coregovernment grant from the Department forBusiness, Innovation and Skills (BIS) and was fullyinvested in research and scholarship across thehumanities and social sciences.

Further funding was sought and obtained in theinternational sphere, notably from BIS in the formof the Newton Fund to help build research andinnovation capacity in developing countries.Partners other than government also providedwelcome funding.

Group accounts were again prepared for theAcademy and its wholly owned subsidiary, ClioEnterprises Ltd (‘Clio’).

Total expenditure was £32.9m. Academy resourceswere chiefly expended on supporting the mosttalented people at key stages of their careersthrough fellowships and small scale innovativefunding. Further emphasis was placed on policyactivity and public engagement this year, whileexpenditure on the languages and quantitative skillsprogramme continued to deliver impact. A netinflow of funds of £170k arose for the year and netinvestment gains of £1.2m for the year took theoverall net inflow of funds to £1.4m.

It was again possible to make significant investmentin the Academy’s Development Fund (ADF),largely through sound cost control and increasedtrading activity conducted by the Academy’s whollyowned subsidiary, Clio, which generated welcomesurplus for the fourth year running.

Clio fulfils several purposes. It underpins theAcademy’s financial and corporate strategy by:

30

1) Privately subsidising operational expenditure which government grant, as a result of significant cuts, no longer covers

2) Strengthening the Academy’s financial independence by adding capital to the ADF

3) Increasing income available from the ADF in order to cover the costs, for the time being, of other strategic priorities and initiatives (e.g. fundraising)

4) Providing a clear conduit through which conferences and events may be organised, operated and managed.

The ADF now stands at £6.8m and has grownsignificantly recently. Investment capital has risenfrom £2.4m to £6.7m in five years. This representsa substantial rise in those funds over whose use theAcademy has unfettered discretion. Total funds nowstand at £18.0m.

STATEMENT OF FINANCIAL ACTIVITIESThe financial statements are presented in theformat required by the Charity Commission’srevised Statement of Recommended Practice(SORP 2005). The Statement of FinancialActivities shows the gross income from all sourcesand the split of activity between restricted andunrestricted funds.

INCOMING RESOURCESThe Academy’s core grant from BIS of £27m (also£27m in 2013/14) again provided the majority ofthe Academy’s income (82% this year). This wassupplemented by the Newton Fund (c.£1.1m).Other notable revenue streams came from theinvestment portfolio, and from the Academy’ssubsidiary, Clio, whose gross income from tradingactivity increased to £2.6m in its fourth year oftrading (2013/14: £2.2m). Its surplus also increasedthrough a greater focus on costs.

RESOURCES EXPENDEDCharitable ActivitiesAgain, expenditure on charitable activities roseduring the year, to £31.0m from £29.8m last year.

Costs of Generating FundsActivity here encompasses investment management,publications, the rent and hire of rooms andfundraising.

Costs Allocation and StaffingDirect and indirect costs are attributed to activitieson a consistent and suitable basis. Staff costs for the

FINANCIAL REVIEW

Financial review

31

FINANCIAL REVIEW

year increased to £2.2m from £2.0m in 2013/14,largely as a result of the Academy’s strategicdecision to strengthen its policy activities andpublic engagement as well as additional staffingrequired to deliver Newton Fund activities. Thereare currently 52 established posts at the Academy.

BALANCE SHEETThe Academy’s total net assets of £18.0m are heldlargely in investments of £14.4m (80%). TheAcademy again reviewed the balance of its holdingsof cash and securities during the year and throughadditional investment and capital gains saw thevalue of its investment portfolio rise by £2.2m to£14.4m from £12.2m. Net current assets of theAcademy amounted to some £1.3m (2013/14:£1.9m), with liquidity remaining sound.

FUNDS AND RESERVESGeneral FundsThe general fund remains at £200k.

DESIGNATED FUNDSAcademy Development FundThe chief designated fund remains the AcademyDevelopment Fund (ADF), which enables theAcademy to undertake new initiatives at itsunfettered discretion. The ADF is funded byFellows’ subscriptions and donations along withinvestment income generated from capital.Expenditure charged to this fund includes costs forFundraising, Fellows’ events, library support and thePictures, Portraits and Decorations programme.Certain building expenditures are also charged tothis fund. Surpluses from Clio Enterprises Ltd arealso invested in the ADF. The fund currently stands at£6.8m and has grown significantly in recent years.

PublicationsThe Academy’s Publications Fund remains at£275k, the intention being to hold the equivalentof a year’s direct production expenditure in reserve.This year a transfer to cover indirect operationalcosts was possible.

Other FundsOther designated funds include reserves set asidefor operational expenses such as building repairs,decorations and IT systems. These funds, excludingthose invested in fixed assets, total some £201k.External redecoration of the building took placethis year, drawing fully upon the reserve set aside tocover such expense.

RESTRICTED FUNDSThe largest fund to note here is the Carlton HouseTerrace property fund, standing at some £2m. Thedecrease of some £228k is due to the depreciationcharge on the expanded property. A number ofrestricted investment and income funds providefunds for various specific purposes, such as prizes,lectures, grants and conferences.

ENDOWMENT FUNDSThere are two permanent endowment funds, thelarger of which is the Webster Fund which nowstands at £409k. The Rose Mary Crawshay Prizefor English Literature stands at £32k.

POLICIESReserves PolicyUnrestricted Funds (General and DesignatedFunds) have a combined balance at 31 March 2015of £7.7m, up from £6.7m last year. The largestDesignated Fund remains the Academy DevelopmentFund (ADF). The Academy is free to devote theincome of the ADF to whatever object it deems fit.Council continues to view the long term growthof the fund as key to further strengthening theAcademy’s financial independence. As mentionedabove, the ADF has grown to £6.8m (excludingsums invested in tangible fixed assets). TakingGeneral Funds and the ADF to be the free reservesof the Academy (again excluding any investment intangible fixed assets), these amount to £7.0m as at31 March 2015 (£5.8m as at 31 March 2014).

InvestmentsThe Academy’s primary investment objective is to achieve long-term capital growth and an annualincome set by Council. To achieve this, theAcademy applies a proportion of its funds in equityand/or equity related investments balanced by anelement of fixed income generating investments.Since asset valuations are constantly affected byfactors such as changing discount rates, liquidityand confidence levels, achievement of theAcademy’s investment objectives is assessed over thelonger term. Council is advised on investmentmatters by an Investment Management Committeechaired by the Treasurer and attended by at leastone external member with professional fundmanagement experience. £14.4m is held in severaltracker funds managed by BlackRock Advisors(UK) Ltd. A process of consolidation to bring allfunds under BlackRock’s management wascompleted during the year. BlackRock fundsprovided a return of 13.1% for the year.

32

VOLUNTEERSThe Academy is critically dependent on thevoluntary services of its Fellows who, whether asOfficers, Chairs or members of the Sections,Committees and Sub-committees, or as refereesand assessors, perform a wide and crucial range oftasks for which they are wholly unremuneratedoutside the recovery of their direct expenses. TheAcademy also consults external academic expertsand relies extensively on the services and goodwillof numerous referees and assessors outside itsFellowship and external members of theInvestment Management and Audit Committees.All this constitutes an unquantifiable voluntarycontribution without which the Academy wouldbe unable to fulfil its objectives.

LONG-TERM FINANCIAL POSITIONIt is invidious to single out other contributions, butin this, my final report as Treasurer, I would like tothank the Director of Finance and CorporateServices, Mr Robert Hopwood. His good-humoured, and no less rigorous and strategicapproach, helped significantly improve theAcademy’s financial position over the previous fiveyears and throughout my time as Treasurer. TheAcademy’s net worth increased from £12.8m to£18.0m during that tough economic time, with asignificant part of the increase arising inunrestricted development funds, where theAcademy, with its small capital base, needed andcontinues to need it.

AUDITORSA resolution for the appointment of BDO LLP for the ensuing year will be proposed at the Annual General Meeting.

Approved by Council on 16 June 2015

PROFESSOR M G FULFORD CBE Treasurer 16 June 2015

FINANCIAL REVIEW

STATEMENT OF COUNCIL’SRESPONSIBILITIES

The Council (as trustees of the Charity) isresponsible for preparing the annual report and thefinancial statements in accordance with applicablelaw and United Kingdom Accounting Standards(United Kingdom Generally Accepted AccountingPractice). Charity Law requires the Council toprepare for each financial year financial statementsthat give a true and fair view of the state of affairs ofthe group and parent charity and of the incomingresources and application of resources of the groupfor the year. In preparing those financial statementsthe trustees are required to:• Select suitable accounting policies and then

apply them consistently;• Observe the methods and principles in the

Charities SORP;• Make judgements and accounting estimates that

are reasonable and prudent;• Prepare the financial statements on the going

concern basis unless it is inappropriate topresume that the charity will continue in business.

The trustees are responsible for keeping accountingrecords that are sufficient to show and explain thecharity’s transactions and disclose with reasonableaccuracy at any time the financial position of the groupand parent charity and enable them to ensure that thefinancial statements comply with Charities Act 2011and regulations made there under. They are responsiblefor safeguarding the assets of the group and parentcharity and hence for taking reasonable steps for theprevention and detection of fraud and otherirregularities. The trustees are responsible for themaintenance and integrity of the financial informationincluded on the charity’s website. Legislation in theUnited Kingdom governing the preparation anddissemination of the financial statements and otherinformation included in annual reports may differfrom legislation in other jurisdictions.

Council has taken steps to:• Ensure that funds from BIS are used only for the

purposes for which they have been given and inaccordance with the BIS grant terms andconditions and any other conditions which BISmay from time to time prescribe;

• Ensure that there are appropriate financial and management controls in place to safeguardpublic funds and funds from other sources;

• Safeguard the assets of the Academy and preventand detect fraud;

• Secure the economical, efficient and effectivemanagement of the Academy’s resources andexpenditure.

33

FINANCIAL REVIEW

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BRITISH ACADEMY

We have audited the financial statements of theBritish Academy for the year ended 31 March 2015which comprise the consolidated statement offinancial activities, the consolidated and parentbalance sheets, the consolidated cash flow statementand the related notes. The financial reportingframework that has been applied in theirpreparation is applicable law and United KingdomAccounting Standards (United Kingdom GenerallyAccepted Accounting Practice).

This report is made solely to the charity’s trustees,as a body, in accordance with the Charities Act2011. Our audit work has been undertaken so thatwe might state to the charity’s trustees thosematters we are required to state to them in anauditor’s report and for no other purpose. To thefullest extent permitted by law, we do not accept orassume responsibility to anyone other than thecharity and the charity’s trustees as a body, for ouraudit work, for this report, or for the opinions wehave formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEESAND AUDITORAs explained more fully in the Statement ofTrustees’ Responsibilities, the trustees areresponsible for the preparation of the financialstatements and for being satisfied that they give atrue and fair view.

We have been appointed as auditors under section144 of the Charities Act 2011 and report inaccordance with regulations made under section154 of that Act. Our responsibility is to audit andexpress an opinion on the financial statements inaccordance with applicable law and InternationalStandards on Auditing (UK and Ireland). Thosestandards require us to comply with the FinancialReporting Council’s Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIALSTATEMENTSA description of the scope of an audit of financialstatements is provided on the Financial ReportingCouncil’s website atwww.frc.org.uk/auditscopeukprivate.

OPINION ON FINANCIAL STATEMENTSIn our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31March 2015, and of the group’s incomingresources and application of resources for theyear then ended;

• have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

OPINION ON OTHER MATTER AS REQUIRED BY BIS GRANT LETTERIn our opinion, in all material aspects, the grantpayments received from the Department forBusiness, Innovation and Skills (BIS) have beenapplied for the purposes set out in the Grant Letterand in accordance with the terms and conditions of the grant.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTIONWe have nothing to report in respect of thefollowing matters where the Charities Act 2011requires us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respectwith the financial statements; or

• sufficient accounting records have not been kept; or

• the parent charity financial statements are notin agreement with the accounting records andreturns; or

• we have not received all the information and explanations we require for our audit.

BDO LLPStatutory auditorLondon, United KingdomDate: 17 June 2015

BDO LLP is eligible to act as an auditor in termsof section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnershipregistered in England and Wales (with registerednumber OC305127).

34

Incoming resources

Incoming resources from generated funds

Voluntary income – donations

Activities for generating funds

Venue income

Publications

Investment income

Incoming resources from charitable

activities

Grants receivable

Other incoming resources

Total incoming resources

Resources expendedCost of generating funds

Fundraising

Venue costs

Publications

Investment management fees

Total cost of generating funds

Total incoming resources availablefor charitable application

Charitable activities

Grants and awards

Governance costs

Total charitable activities

Total resources expended

Net incoming/(outgoing) resourcesbefore transfersNet transfers between funds

Net incoming/(outgoing) resources before other recognised gains and losses

Other recognised gains and losses

Net gains on investments

Net movement in funds

Fund balances brought forward

at 1 April 2014

TOTAL FUNDS CARRIEDFORWARD AT 31 MARCH 2015

Notes

3

4

5

6

7

8

9

9

10

9

18

14

Designatedfunds

£

63,838

-261,315 164,012

-160,063

649,228

247,507-

108,612 6,822

362,941

286,287

566,275 -

566,275

929,216

(279,988)714,497

434,509

575,939

1,010,448

6,535,684

7,546,132

Restrictedfunds

£

4,000

-6,477

201,717

29,998,863143,426

30,354,483

145,086 -

181,842 8,727

335,655

30,018,828

30,309,183 141,486

30,450,669

30,786,324

(431,841)167,626

(264,215)

618,952

354,737

9,421,156

9,775,893

Endowmentfunds

£

-

---

--

-

----

-

-

--

-

-

--

-

37,918

37,918

402,634

440,552

2015Funds

£

67,838

2,058,082 267,792 389,818

29,998,863 303,489

33,085,882

392,5931,196,948 290,454 15,549

1,895,544

31,190,338

30,875,458 144,586

31,020,044

32,915,588

170,294 -

170,294

1,232,809

1,403,103

16,559,474

17,962,577

2014Funds

£

95,087

1,628,220

323,828

362,083

28,997,349

258,548

31,665,115

266,849

1,100,636

391,447

19,583

1,778,515

29,886,600

29,676,540

150,680

29,827,220

31,605,735

59,380

-

59,380

203,728

263,108

16,296,366

16,559,474

Generalfunds

£

-

2,058,082 -

24,089

--

2,082,171

-1,196,948

--

1,196,948

885,223

-3,100

3,100

1,200,048

882,123 (882,123)

-

-

-

200,000

200,000

All of the above results are derived from continuing activities. There are no recognised gains or losses other than those stated.

FINANCIAL REVIEW

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIESYEAR ENDED 31 MARCH 2015

35

FINANCIAL REVIEW

Fixed assetsTangible assets

Investments

Current assetsDebtors

Cash at bank and in hand

CreditorsAmounts falling due within one year

Net current assets

CreditorsAmounts falling due after more than one year

Net assets

Represented by:

General fundsDesignated fundsRestricted fundsEndowment funds

Notes

13

14

15

16

17

18

Group

2014

£

2,540,152

12,168,263

14,708,415

399,289

4,145,047

4,544,336

(2,607,390)

1,936,946

(85,887)

16,559,474

200,000

6,535,684

9,421,156

402,634

16,559,474

Group2015

£

2,259,935 14,420,690

16,680,625

561,693 2,849,742

3,411,435

(2,072,028)

1,339,407

(57,455)

17,962,577

200,000 7,546,132 9,775,893 440,552

17,962,577

Academy2015

£

2,259,935 14,420,700

16,680,635

882,139 2,244,783

3,126,922

(1,787,525)

1,339,397

(57,455)

17,962,577

200,000 7,546,132 9,775,893 440,552

17,962,577

The Financial Statements on pages 34 to 49 were approved and authorised for issue on 16 June 2015 and signed by:

Professor Michael Fulford Dr Robin JacksonTreasurer Chief Executive and Secretary

Academy

2014

£

2,540,152

12,168,273

14,708,425

729,742

3,579,711

4,309,453

(2,372,517)

1,936,936

(85,887)

16,559,474

200,000

6,535,684

9,421,156

402,634

16,559,474

BALANCE SHEETS AS AT 31 MARCH 2015

36

FINANCIAL REVIEW

Reconciliation of operating surplus to net cash (outflow) from operating activities

Operating surplus for the yearInvestment incomeDepreciation charges(Increase) in debtors(Decrease) in creditors

Net cash (outflow) from operating activities

Cash flow statement

Net cash (outflow) from operating activities

Returns on investments Financial investmentCapital lease payments

(Decrease) in cash and liquid resources

Reconciliation of (outflow)/inflow to movement in net funds

Change in cash and liquid resources

Cash and liquid resources at 1 April 2014

Cash and liquid resources at 31 March 2015

Notes to cash flow statement

Note (i) Gross cash flowsReturns on investments

Investment income

Financial investment

Payments to acquire investments Receipts from sales of investments

Note (ii) Analysis of change in net funds

Cash in hand, at bankCash held with investment managers

2015£

170,294 (389,818)280,217 (162,404) (549,922)

(651,633)

(651,633)

389,818(1,431,737)

(13,872)

(1,707,424)

(1,707,424)

4,634,366

2,926,942

389,818

(1,483,554)51,817

(1,431,737)

Cashflows

£

(1,295,305)(412,119)

(1,707,424)

2014£

59,380(362,083)296,982(51,727)

(2,139,281)

(2,196,729)

(2,196,729)

362,083(666,110)

(9,860)

(2,510,616)

(2,510,616)

7,144,982

4,634,366

362,083

(2,336,067)1,669,957

(666,110)

At 1 April2015

£

2,849,742 77,200

2,926,942

At 1 April2014

£

4,145,047 489,319

4,634,366

CONSOLIDATED CASH FLOW STATEMENTYEAR ENDED 31 MARCH 2015

37

NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2015

1. ACCOUNTING POLICIES

a. Basis of preparation of the accountsThe annual report, incorporating the financialstatements for the year ended 31 March 2015,has been prepared in accordance with theAcademy’s Royal Charter, and in compliancewith the Charities Act 2011, the Statement ofRecommended Practice ‘Accounting andReporting by Charities’ (‘SORP 2005’), andwith applicable accounting standards.

b. Historical cost conventionThe financial statements have been preparedunder the historical cost convention, asmodified by the revaluation of investments.

c. Group financial statementsThe financial statements consolidate theresults of the charity and its wholly ownedsubsidiary Clio Enterprises Ltd on a line-by-line basis. A separate statement of financialactivities for the charity itself is not presentedbecause the charity has taken advantage of theexemptions afforded by paragraph 397 of theSORP.

d. Incoming resourcesThe specific bases for accounting for incomeare described below. In general terms, incomeis accounted for on a receivable basis, gross ofrelated expenditure. Income is only recognisedwhere there is evidence of entitlement, whereit is virtually certain that income will bereceived, and there is reasonable certainty ofthe amount.

• Voluntary income includes donations which are accounted for in the year in which they are received.

• Activities for generating funds include income receivable from the rent and hire of rooms.

• Investment income is included in the Statement of Financial Activities in theyear in which it is receivable.

• Grants receivable are recognised when entitlement to the grant is confirmed, and also include returned grants which are accounted for on receipt.

• Other incoming resources consist of subscriptions, including income tax recoverable.

• Capital grants are recognised in the year inwhich they are received and are accountedfor in a separate fund.

e. Resources expendedExpenditure is recognised on an accruals basis, gross of any related income. Where costscannot be directly attributed to particularcategories they have been allocated toactivities on a headcount basis.

• Costs of generating funds include expenditure directly incurred in generating income from the publications programme, subsidiary activity, fundraisingand investments.

• Charitable activities include grants, awards, prizes and other activities supporting the Academy’s aims and objectives. Grants are charged to the statement of financial activities when a constructive obligation exists not withstanding that they may be paid in future periods.

• Governance costs include those associated with the management of the Academy’s assets and with constitutional and statutory requirements.

f. Operating leasesRental costs under operating leases arecharged to the Statement of FinancialActivities, as the charges are incurred, over the lease periods.

g. Tangible fixed assetsDepreciation is provided on all tangible fixedassets at rates calculated to write off the cost of each asset over its expected useful life, as follows:

• Furniture and equipment at cost of up to £10,000 is fully written off within the year of purchase.

• Furniture and equipment over £10,000 – over 5 years

• Leasehold improvements – 5% • Items which are fully depreciated are

treated as disposals.• Items under finance leases are capitalised

and written off over the term of the lease.

h. InvestmentsListed investments are included in the financialstatements at market value at the balance sheetdate.

Gains/losses on disposal of investments andrevaluation of investments are recognised inthe year of gain or loss and are allocated to the funds to which the investments relate inaccordance with their percentage share of the investments.

NOTES TO THE ACCOUNTSYEAR ENDED 31 MARCH 2015

38

i. Stocks of publicationsCosts of publications are written off in theStatement of Financial Activities whenincurred. Stocks of books donated to theAcademy for its library are not valued withinthe accounts.

At 31 March 2015 the estimated value ofstocks of publications not included in thebalance sheet was £74,846 (2014: £112,572),being the lower of cost and net realisablevalue.

j. PensionsThe Academy complies with FRS17 inaccounting for the pension scheme. It is notpossible to identify the Academy’s share of the underlying assets and liabilities of theSuperannuation Arrangements of theUniversity of London (‘SAUL’), thereforecontributions are accounted for as if SAULwere a defined contribution scheme and thepension costs are based on the amountsactually paid (i.e. cash amounts) in accordancewith paragraphs 8–12 of FRS17.

k. Liquid resourcesLiquid resources are represented by Trackerdeposits.

l. FundsGeneral funds are those which are available foruse at the Council’s discretion in thefurtherance of the Academy’s objects.

Designated funds are unrestricted funds setaside for unrestricted purposes and whichwould otherwise form part of general funds.Details of the nature and purpose of eachdesignated fund are set out in note 18.

Restricted funds are funds that are subject torestrictions imposed by donors and are appliedin accordance with these restrictions. Details ofthe nature and purpose of each restricted fundare set out in note 18.

Endowment funds represent those assets whichmust be held permanently by the Academy.Income arising from endowment funds isallocated to the corresponding namedindividual restricted funds in accordance withtheir percentage share of the investments andapplied for the purposes for which they wereoriginally given.

m. TaxThe Academy is a charity within the meaningof Para 1 Schedule 6 Finance Act 2010.Accordingly the charity is potentially exemptfrom taxation in respect of income or capitalgains within categories covered by Chapter 3of Part 11 of the Corporation Tax Act 2010 orSection 256 of the Taxation of ChargeableGains Act 1992, to the extent that suchincome or gains are applied exclusively tocharitable purposes. No tax charge arose inthe period.

The subsidiary, Clio Enterprises Limited madequalifying donations of all taxable profit to theAcademy so no corporation tax liability onthe subsidiary arises in the accounts.

n. Heritage assetsIn accordance with FRS15 and FRS30,heritage assets acquired before April 2009 havenot been capitalised, since reliable estimates ofcost or value are not available on a basis thatwould justify the costs of establishing them.The threshold for capitalising such assets is anyamount greater than 1% of total assets. Heritageassets are not depreciated since their longeconomic life and high residual value meanthat any depreciation would not be material.Donated assets are accounted for at theirvaluation at the time of donation.


39

2. FINANCIAL PERFORMANCE OF THE CHARITY

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary, Clio Enterprises Ltd.

The summary financial performance of the charity alone is:

Incoming resourcesGift aid from subsidiary company

Cost of generating fundsCharitable activitiesGovernance costs

Net incoming resources

Net gain on investments

Net movement in fundsFund balances brought forward at 1 April 2014

Total funds carried forward at 31 March 2015

3. VOLUNTARY INCOME

Donations

4. VENUE MANAGEMENT

The wholly owned trading subsidiary Clio Enterprises Ltd was incorporated in the United Kingdom on 7 April2011 and handles the hospitality activity of the Academy. It donates all of its profits to the charity by gift aid, assuch no corporation tax is payable. The charity owns the entire share capital of £10. A summary of the tradingresults is shown below.

The summary financial performance of the subsidiary alone is:

TurnoverCost of sales and administration costsInterest receivable

Net profitAmount gift aided to the charity

Retained in subsidiary

The assets and liabilites of the subsidiary were:

Current assetsCurrent liabilities

Shareholder’s funds/total net assets

The above results are shown in the Consolidated Statement of Financial Activities net of intra-group trading.

2015£

31,027,800 858,034

31,885,834

698,59630,875,458

141,486

31,715,540

170,294

1,232,809

1,403,10316,559,474

17,962,577

2015£

67,838

2015£

2,585,432 (1,728,157)

759

858,034(858,034)

-

733,720 (733,710)

10

2014£

30,036,895 524,584

30,561,479

677,879 29,676,540

147,680

30,502,099

59,380

203,728

263,10816,296,366

16,559,474

2014£

95,087

2014£

2,145,329 (1,621,375)

630

524,584 (524,584)

-

656,237 (656,227)

10


40

5. PUBLICATIONS

Publications

6. INVESTMENT INCOME

Investment incomeBank interest

UKBondsEquitiesBank and deposit interest

OverseasEquitiesBonds

7. GRANTS RECEIVABLE

Department for Business, Innovation and Skills Main GrantGrants returned awarded in prior years

Other grants

Grants for funds administered by the Academy

8. OTHER INCOMING RESOURCES

SubscriptionsSundry income

2015£

267,792

267,792

2015£

365,729 24,089

389,818

57,376 99,32524,089

180,790

209,028-

209,028

389,818

2015£

27,005,000530,621

1,140,156

28,675,7771,323,086

29,998,863

2015£

95,285208,204

303,489

2014£

323,828

323,828

2014£

332,191 29,892

362,083

51,513 131,486 29,892

212,891

149,099 93

149,192

362,083

2014£

27,005,000568,980

23,500

27,597,4801,399,869

28,997,349

2014£

92,965165,583

258,548


41

9. TOTAL RESOURCES EXPENDED

Costs of generating fundsFundraisingVenue managementPublicationsInvestment managers’ fees

Total cost of generating funds

Charitable activitiesGrants, awards and activitiesResearch programmes

Early career fellowshipsMid-career fellowshipsSmall research grants

International engagementBASISIPC Newton Fund

Excellence and engagement*Languages and quantitative skills**

Grants and PrizesRestricted fundsFunds administeredAcademy developmentProperty

Total grants, awards and activities

Governance costs

Total charitable activities

Total resources expended

* Includes British Academy Research Projects** Includes Small Research Grants

Directcosts

£

125,952

1,037,983

106,612

15,549

1,286,096

10,737,976

4,175,971

1,596,005

4,111,571

2,110,934

988,865

1,158,558

1,112,944

222,745

1,325,526

71,087

393,999

28,006,181

33,073

28,039,254

29,325,350

Staff costs

£

167,735

158,965

121,752

-

448,452

74,287

71,821

68,668

148,110

194,642

81,560

772,738

204,746

-

15,463

44,544

-

1,676,579

82,501

1,759,080

2,207,532

Depreciation£

2,030

-

1,274

-

3,304

880

880

880

1,602

2,266

795

8,976

2,314

-

68

540

257,117

276,318

595

276,913

280,217

Supportcosts

£

96,876

-

60,816

-

157,692

41,980

41,980

41,979

76,451

108,129

37,943

428,417

110,438

-

3,229

25,834

-

916,380

28,417

944,797

1,102,489

Total2015

£

392,593 1,196,948290,454 15,549

1,895,544

10,855,1234,290,652 1,707,532

4,337,734 2,415,9711,109,163

2,368,6891,430,442

222,745 1,344,286 142,005 651,116

30,875,458

144,586

31,020,044

32,915,588

Total

2014

£

266,849

1,100,636

391,447

19,583

1,778,515

10,824,809

4,377,381

1,720,096

4,322,938

2,403,787

-

2,424,431

1,480,291

308,118

1,306,036

135,517

373,136

29,676,540

150,680

29,827,220

31,605,735


42

Institution

University of Oxford

University of Cambridge

British School at Rome

University College London

British School at Athens

Council for British Research in the Levant

University of Manchester

University of Edinburgh

British Institute at Ankara

Queen Mary, University of London

King’s College London

University of York

University of Sheffield

School of Oriental and African Studies

British Institute in Eastern Africa

University of Warwick

London School of Economics

University of Glasgow

University of Essex

Royal Holloway, University of London

University of Nottingham

University of Bristol

University of Birmingham

University of Exeter

University of Reading

Durham University

Birkbeck, University of London

University of Kent

Medical Research Council

University of Leicester

University of Leeds

University of Southampton

University of Liverpool

University of Sussex

University of East Anglia

Oxford Brookes University

Cardiff University

British Institute of Persian Studies

Imperial College London

University of St Andrews

University of Stirling

University of Strathclyde

University of the West of England

Nottingham Trent University

Queen’s University Belfast

Loughborough University

University of Bath

University of Aberdeen

University of Roehampton

Bangor University

£

3,970,797

1,367,765

1,056,900

928,512

714,809

696,395

628,572

605,872

581,872

569,801

551,241

514,252

491,900

483,123

476,694

438,677

429,942

395,413

384,132

350,794

350,201

326,175

320,098

283,250

270,345

259,509

259,236

252,959

247,963

235,533

218,359

212,349

197,205

194,955

180,698

176,415

169,444

166,049

161,956

145,966

128,087

126,437

124,932

123,696

111,012

109,298

107,116

102,327

101,955

101,571

9. TOTAL RESOURCES EXPENDED (CONTINUED)

Payments to institutions

The 50 largest cumulative payments to

single institutions in 2014/15 were as

follows:


43

10. GOVERNANCE COSTS

External auditInternal auditCouncil and AGM travelStaff costsSupport costsDepreciation

11. STAFF COSTS

Staff costs:SalariesSocial security costsPension costs – SAULOther staff costs

The average number of full time equivalent permanent employees (all administrative staff) during the yearwas 47.55 (2014: 44.40).

Remuneration of higher paid staff greater than £60,000 is:

£60,001– £70,000£70,001– £80,000£80,001– £90,000£120,001– £130,000

Total employer pension contributions for the higher paid staff above were £45,656 compared to £43,907 in2013/14.

No Officer or ordinary member of the Council received any remuneration from the Academy for the yearended 31 March 2015 (2014:£Nil). Council members are reimbursed in respect of travel and other expensesnecessarily incurred by them in the furtherance of the Academy's activities. During the year ended 31 March2015 such reimbursement to 25 Council members (2014: 25) amounted to £9,421 (2014: £11,165).

12. NET INCOMING/(OUTGOING) RESOURCES ARE AFTER CHARGING:

Auditors – remuneration– other services

Investment management feesOperating leases

– land and buildingsHire of equipment

2015£

19,5005,6257,94882,50128,417

595

144,586

2015£

1,759,943203,450152,47291,667

2,207,532

2015

0211

2015£

19,500900

15,549

565,00013,873

2014£

19,00010,5002,036

82,33235,6701,147

150,685

2014£

1,672,966151,843175,65133,074

2,033,535

2014

1201

2014£

19,0003,400

19,583

565,00014,556


44

13. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

CostAt 1 April 2014 AdditionsDisposals

At 31 March 2015

DepreciationAt 1 April 2014Charge for the yearDisposals

At 31 March 2015

Net book valueAt 31 March 2015

At 31 March 2014

The fixed assets are used to promote the direct charitable activities of the Academy.

14. INVESTMENTS – GROUP AND CHARITY

At 1 April 2014AdditionsDisposals Net gain in market value

Bank balances

At 31 March 2015

Fixed Interest and Equities at cost

Comprising:BondsEquities

Single investments representing more than 5% of the Academy’s portfolio were: Charitrak UK Equity Fund 25.5%, BlackRock UK Corporate Bond 19.9%, BLK Europe Ex-UK ISF 14.2%, BLK N.American ISF 16.0%, Black Rock Japan ISF8.8%. BLK Emerging Markets 7.6%, BLK Pacific Rim ISF 7.4%. The Academy has invested £10 in the share capital ofits wholly owned subsidiary

Furniture andequipment

£

220,747 --

220,747

139,291 44,149

-

183,440

37,307

81,456

Overseas£ -

7,784,977

7,784,977

Leased assets

£

70,326 --

70,326

14,06514,065

-

28,130

42,196

56,261

2015£

11,678,9441,483,554(51,817)

1,232,809

14,343,49077,200

14,420,690

10,689,953

Total 2015£

2,875,504 11,467,986

14,343,490

Total£

4,731,134--

4,731,134

2,190,982280,217

-

2,471,199

2,259,935

2,540,152

2014£

10,809,106 2,336,067

(1,669,957)203,728

11,678,944 489,319

12,168,263

9,247,381

Total 2014£

2,331,571 9,347,373

11,678,944

Leaseholdimprovements

£

4,440,061 --

4,440,061

2,037,626 222,003

-

2,259,629

2,180,432

2,402,435

UK£

2,875,504 3,683,009

6,558,513


45

15. DEBTORS

DebtorsAmount due from subsidiaryPrepayment and accrued incomeRecoverable VAT

16. CREDITORS: Amounts falling due within one year

Other creditorsVAT liabilityGrants and awards (see below)AccrualsDeferred income

Lease obligation included in creditors

Grants and awards included within creditors

Grants and awards allocated, not yet paid comprise:

Early career fellowshipsMid-career fellowshipsInternational engagementExcellence kitemark

Deferred income

At 1 April 2014Taken to income in the yearTaken to deferred income in the year

At 31 March 2015

Deferred income is split as below:Amount falling due within one year (see above)Amount falling due after one year

17. CREDITORS: Amounts falling due after more than one year

Lease obligation Deferred income

Total amount falling due after more than one year

Academy2015

£

52,262449,207 380,670

-

882,139

Academy2015

£

278,0284,215

879,994455,717 169,570

1,787,524

18,463

99,675696,671 75,8567,792

879,994

287,065(264,185)164,096

186,976

169,570 17,406

Academy2015

£

40,049 17,406

57,455

Academy2014

£

42,258 421,354 241,834 24,296

729,742

Academy2014

£

174,537-

1,692,653 245,637 259,690

2,372,517

17,422

238,051 1,420,170

29,0325,000

1,692,253

519,378(381,445)149,132

287,065

259,69027,375

Academy2014

£

58,51227,375

85,887

Group 2014

£

128,317 -

246,676 24,296

399,289

Group2014

£

278,890-

1,692,653 259,441 376,406

2,607,390

17,422

577,722(439,789)265,848

403,781

376,40627,375

Group 2014

£

58,512 27,375

85,887

Group 2015

£

177,371 -

384,322 -

561,693

Group2015

£

421,0234,215

879,994 460,470306,326

2,072,028

18,463

403,781 (380,901)300,852

323,732

306,32617,406

Group 2015

£

40,049 17,406

57,455


46

Unrestricted fundsGeneral funds

Designated fundsAcademy Development FundProperty Fund – ADFResearch FundPublicationsRepairs and maintenanceExternal redecorationIT development

Total designated funds

Total unrestricted funds

Restricted fundsBIS grant Grants from previous years not taken upAcademy other support costsNewton FundCHT propertyOther

Funds administeredLexicon of Greek Personal NamesLeverhulme Senior ResearchMedieval Latin Dictionary – PackardWolfson Research FellowshipOther funds administered

Restricted investment/income fundsElizabeth Barker IncomeBrowning IncomeCaton Thompson IncomeNeil KerLeopold SchweichWebsterStentonAlbert ReckittStein ArnoldThank Offering to BritainS T LeeMarc FitchOther restricted income

Total restricted funds

Endowment fundsRose Mary CrawshayWebster

TOTAL FUNDS

Balance31 March

2015£

200,000

6,822,333 247,486

1,313 275,000150,000

-50,000

7,546,132

7,746,132

9,843---

1,960,412 6,266

1,976,521

70,532 28,121

-106,139 18,776

223,568

440,715 181,105181,965 427,514 308,43965,140

541,495 2,085,818

234,030 1,198,070

282,645579,454

1,049,414

7,575,804

9,775,893

31,575 408,977

440,552

17,962,577

Incomingresources

£

2,082,171

349,597 -

4,600261,314

-33,717

-

649,228

2,731,399

27,005,000 530,621

-1,052,338

-233,584

28,821,543

7,386783,53437,207

200,000 294,959

1,323,086

11,659 4,7604,752

11,66114,08310,967 14,758 54,952 6,058

31,1467,036

12,05825,964

209,854

30,354,483

--

-

33,085,882

Resourcesexpended

£

(1,200,048)

(374,645)(29,023)(5,000)

(106,612)(188,769)(205,230)(19,937)

(929,216)

(2,129,264)

(27,014,036)(530,621)(167,626)

(1,052,338)(228,094)(233,611)

(29,226,326)

(45,907)(735,572)(37,207)

(219,041)(295,800)

(1,333,527)

(11,631)(4,726)(4,726)

(29,169)(549)

(22,948)(14,045)(54,743)(6,490)

(43,827)(5,184)(5,071)

(23,362)

(226,471)

(30,786,324)

-

-

(32,915,588)

Transfers£

(882,123)

671,442 --

(154,702)158,682 20,498 18,577

714,497

(167,626)

--

167,626 ---

167,626

-----

-

-------------

-

167,626

--

-

-

Net realised/unrealised

gains/losses£

-

575,939 ------

575,939

575,939

------

-

-----

-

37,439 15,276 15,242 37,448 24,410

-45,257

176,402 19,45096,77822,587 48,83279,831

618,952

618,952

2,71235,206

37,918

1,232,809

Balance1April2014

£

200,000

5,600,000 276,509

1,713275,000 180,087 151,015 51,360

6,535,684

6,735,684

18,879 ---

2,188,5066,293

2,213,678

109,053 (19,841)

- 125,180 19,617

234,009

403,248 165,795 166,697 407,574 270,495 77,121

495,5251,909,207

215,012 1,113,973

258,206 523,635 966,981

6,973,469

9,421,156

28,863 373,771

402,634

16,559,474

18. NET MOVEMENT IN FUNDS


47

UNRESTRICTED FUNDS

General Fund: A general purpose fundproviding liquidity and contingency.

Designated funds have been set aside for thefollowing purposes:

Academy Development Fund:TheAcademy is free to devote the income of thisfund to whatever object it deems fit. All otherprivate funds must be directed to specific ends.The purpose of the fund is to enable theAcademy to take new initiatives at itsunfettered discretion. Proposals for the use ofthe fund are reviewed annually.

Academy Development Fund - Property:This fund reflects the contribution that theAcademy Development Fund made towardsthe expansion and refurbishment of theAcademy during the 10-11 Carlton HouseTerrace project in 2011.

Research Fund:To assist the revival of theAcademy’s Small Research Grants scheme.

Publications: This fund is to cover theestimated direct costs of publications work inprogress for one year.

Repairs and Maintenance Fund:To covercertain repairs and maintenance relating to thebuilding which are reviewed annually.

External Redecoration Fund: To set asidesufficient funds to enable the Academy tocomply with its obligation, under the leasewith the Crown Estate, to redecorate theexterior of its building every four years.

IT Development Fund: To set aside fundsfor IT development projects.

RESTRICTED FUNDS

BIS Grant: This includes BIS grant incomeand expenditure. The balance represents thenet book value of assets bought over the years.

Academy Other Support Costs: representsBIS activity support costs no longer coveredby BIS operational grant, which have to befunded by the Academy’s unrestricted funds.

Newton Fund: represents activity funded byBIS aimed at promoting research and innovationcapacity in developing countries.

CHT property:The Academy received capitalgrants from BIS and the Wolfson Foundation tofund the expansion and refurbishment of theAcademy at 10-11 Carlton House Terrace.

The Academy also has at its disposal privatefunds arising from gifts and legacies, fromcontributions made by the Academy’s Fellows,and from grants made by research foundations.These funds are applied for the followingrestricted purposes. Amounts included inrestricted investment funds are the amounts setaside and invested from these contributions togenerate income for specific purposes.

Other funds arising from grants:

Lexicon of Greek Personal Names: Funds a project to provide researchers in all fields ofclassical studies with a comprehensive andauthoritative compilation of ancient Greekpersonal names.

Leverhulme Trust: Funds seven awards whichallow established scholars to undertake orcomplete programmes of sustained research forthe duration of one year and supports smallresearch grants in the humanities and socialsciences.

Medieval Latin Dictionary – Packard:Funds a project to compile a dictionaryrecording the usage of Latin during the medievalperiod in the British Isles and charts themedieval developments of the language. Thisproject has now concluded.

Wolfson Research Professorship: Funds fourResearch Professorship awards over a three-yearperiod.

INVESTMENT/INCOME FUNDS

Elizabeth Barker Fund: Supports studies inrecent European history, particularly the historyof central and eastern Europe.

Browning Fund: Funds original research, or itspublication, in the field of British history in theearly modern period with particular reference tothe seventeenth century.


18. NET MOVEMENT IN FUNDS (CONTINUED)

48

Caton Thompson Fund: For thefurtherance of archaeological research,whether in the field or in publication, byscholars selected preferably but not necessarilyfrom the Fellows of the Academy.

Neil Ker Fund: Supports the promotion ofthe study of Western medieval manuscripts, inparticular those of British interest.

Leopold Schweich Fund: Funds lectures,and their publication, on subjects relating tothe archaeology, art, history, languages andliterature of Ancient Civilisation withreference to Biblical Study.

Stenton Fund: Supports three undertakings– Syllogue of Coins of the British Isles, theSeldon Society, and the Pipe Roll Society.

Albert Reckitt Fund: Funds annual awardsfor the exploration and excavation of ancientsites and the preservation and exhibition ofobjects discovered, and the publication ofresults.

Stein Arnold Fund: Funds research on theantiquities, historical geography, early historyor arts in parts of Asia.

Thank Offering to Britain Fund: Fundsthe equivalent of a Senior ResearchFellowship.

Marc Fitch Fund: Funds a fellowshipallowing postdoctoral scholars to have threeyears to work on a major programme ofresearch and gain teaching experience.

S T Lee Fund: Funds a visiting fellowship ona topic related to the humanities or socialsciences.

Fixed assets£-

247,4862,012,449

-

2,259,935

Investments£-

6,737,0107,243,128 440,552

14,420,690

Net currentassets

£200,000561,636 577,771

-

1,339,407

Long-termliabilities

£--

(57,455)-

(57,455)

Total assets£

200,0007,546,1329,775,893 440,552

17,962,577

21. NET ASSET FUNDS

GeneralDesignated RestrictedEndowment

Other funds administered: Four funds tosupport a few small awards for research,publication and education related to thepromotion of the humanities and socialsciences.

Other restricted funds: 24 funds to supportawards for, and lectures on, scholarly researchin the humanities and social sciences.

ENDOWMENT FUNDS

The endowment funds shown represent assetswhich must be permanently held by theAcademy. The purposes for which the incomegenerated by these assets is to be applied areshown below.

Rose Mary Crawshay Fund: For historicalor critical work of sufficient value on anysubject connected with English literature.

Webster Fund: For entertaining andrepresentation overseas, and the betteradministration of the Academy.

19. LEASES AND OTHER COMMITMENTS

The Academy has an annual commitment of£565,000 (2014: £565,000) under operatingleases in respect of land and buildings, whichexpire in a period greater than five years.

The Academy has commitments totalling£180,850 (2014: £140,716) in respect of workin progress on publications.

The Academy has a finance lease commitment of £58,512 in respect of photocopiers. Thelease expires in 2018.

20. MULTI-YEAR GRANTS

The Academy commits to multi-year grantsfunded from outside sources. Should thosesources be withdrawn a contingent liability of£24m may arise.

18. NET MOVEMENT IN FUNDS (CONTINUED)


49

31 March 2011

Discount rate

– pre-retirement 6.80% p.a.

– post-retirement 4.70% p.a.

General* Salary increases 3.75% p.a. until

31 March 2014,

4.50% p.a. thereafter

Retail Prices Index inflation

(‘RPI’) 3.50% p.a.

Consumer Price Index inflation 2.80% p.a.

(‘CPI’)

Pension increases in payment 2.80% p.a.

(excess over GMP)

Mortality – base table SAPS normal (year of

birth) tables with an age

rating of +0.5 years for

males and -0.4 years

for females

Mortality – future improvements Future improvements

in line with CMI 2010

projections with a

long-term trend rate of

1.25% p.a.

*an additional allowance is made for promotional salary increases

22. PENSION SCHEME

The Academy participates in a centraliseddefined benefit scheme for all qualifiedemployees with the assets held in separateTrustee-administered funds. The Academy hasnow adopted FRS17 for accounting forpension costs. It is not possible to identify theAcademy’s share of the underlying assets andliabilities of SAUL. Therefore contributions areaccounted for as if SAUL were a definedcontribution scheme and pension costs arebased on the amounts actually paid (i.e. cashamounts) in accordance with paragraphs 8-12of FRS17. SAUL is subject to triennialvaluation by professionally qualified andindependent actuaries. The last availablevaluation was carried out as at 31 March 2011,using the projected unit credit method inwhich the actuarial liability makes allowancefor projected earnings. The main assumptionsused to assess the technical provisions were:

The actuarial valuation applies to SAUL as a whole and does not identify surpluses ordeficits applicable to individual employers. As a whole, the market value of SAUL’s assetswas £1,506 million representing 95% of theliability for benefits after allowing for expectedfuture increases in salaries. Based on thestrength of the Employer covenant and theTrustee’s long term investment strategy, theTrustee and Employer agreed to maintain

Employer and Member contribution at 13% ofsalaries and 6% of salaries respectively followingthe valuation. The above rates will be reviewedwhen the results of the next formal valuation (asat 31 March 2014) are published. A comparisonof SAUL’s assets and liabilities calculated usingassumptions consistent with FRS17 reveals SAULto be in deficit at the last formal valuation date(31 March 2011). As part of this valuation, theTrustee and Employer have agreed that noadditional contributions will be required toeliminate the current shortfall.

The more material changes (the introduction of a Career Average Revalued Earnings, or“CARE”, benefit structure) to SAUL’s benefitstructure will apply from 1 July 2012.As aconsequence, the cost of benefit accrual isexpected to fall as existing final salary membersare replaced by new members joining the CARE structure. This will allow an increasingproportion of the expected asset return to be usedto eliminate the funding shortfall. Based onconditions as at 31 March 2011, the shortfall isexpected to be eliminated by 31 March 2021,which is 10 years from the valuation date. Thepension cost relating to this scheme charged tothe Statement of Financial Activities (page 34) forthe year was £152,472 (2014: £175,651).

23. RELATED PARTY TRANSACTIONS

After successful applications, during the year, theAcademy awarded grants to the following Councilmembers:Professor Henrietta Moore FBA £9,980(2014: £9,990) a British Academy InternationalPartnership and Mobility grant; Professor PatrickSims-Williams FBA £5,000 (2014: £4,969) anAcademy Research Project grant; ProfessorNicholas Vincent FBA £5,000 (2014: £5,000) anAcademy Research Project grant; Professor JohnMarenbon FBA £9,800 (2014: Nil) a BritishAcademy International Partnership and Mobilitygrant. The process under which the above Councilmembers were awarded these grants followed theusual rigorous Academy procedures.

During the year, the Academy engaged the servicesof a fundraising consultant from More PartnershipLtd. The wife of the Academy’s Chief Executive isa partner of this firm. Fees to More PartnershipLtd have been agreed on normal commercialterms and the Chief Executive took no part in thedecision to engage More Partnership Ltd’s servicesnor in the fee negotiations. At 31 March 2015 feesamounting to £77,576 had been paid or accruedto More Partnership Ltd.


50

Income

Core grant incomeBIS grantGrants returned in yearOther grants

Grants received for funds administered by the charity

Donations

Trading income

Publications income

Investment income including bank interest

Subscriptions

Other income

Total income

Expenditure

Grants, awards and charitable activities

Staff costs

Depreciation

Other operating expenses

Total expenditure

Net income before gain on investments

Net recognised gain on investments

Net result for the year

Group2015

£

28,675,777

1,323,086

67,838

2,058,082

267,792

389,818

95,285

208,204

33,085,882

29,325,350

2,207,532

280,217

1,102,489

32,915,588

170,294

1,232,809

1,403,103

£

27,005,000 568,980 23,500

Group2014

£

27,597,480

1,399,869

95,087

1,628,220

323,828

362,083

92,965

165,583

31,665,115

28,071,567

2,033,535

296,982

1,203,651

31,605,735

59,380

203,728

263,108

£

27,005,000530,621

1,140,156

THIS PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS

INCOME AND EXPENDITURE ACCOUNTYEAR ENDED 31 MARCH 2015

FINANCIAL REVIEW

STATUTORYINFORMATION

REGISTERED OFFICE:The British Academy10–11 Carlton House TerraceLondon SW1Y 5AH

REGISTERED CHARITY NUMBER:233176

REGISTERED AUDITORS:BDO LLP55 Baker StreetLondon W1U 7EU

BANK:The Royal Bank of Scotland plcWestern Branch60 Conduit StreetLondon W1R 9FD

SOLICITORS:Macfarlanes10 Norwich StreetLondon EC4A 1BD

INVESTMENT FUND MANAGER:BlackRock Investment Management (UK) Ltd12 Throgmorton AvenueLondon EC2N 2DL

CUSTODIAN:BNY Mellon (International) LtdOne Canada SquareLondon E14 5AL

© The British Academy 2015

Designed by Perks Willis DesignPrinted by Fresh Printing Ltd

10 –11 Carlton House TerraceLondon SW1Y 5AH+44 (0) 20 7969 5200www.britishacademy.ac.ukRegistered Charity: Number 233176

Brit.Acad AR.2015SP._Layout 1 18/06/2015 15:05 Page 52

British Academy Annual Report Academy Annual... · Professor Chris Wickham (VP, Publications); Mr...

Documents

Transcript of British Academy Annual Report Academy Annual... · Professor Chris Wickham (VP, Publications); Mr...