The Royal Society of Edinburgh

ANNUAL REVIEW APRIL 2003 MARCH 2004

The Royal Society of Edinburgh was founded in 1783. It is Scotlands national academy. Its Fellowship includes the best intellectual talent in academia, the professions and business. It facilitates public debate, research programmes, educational projects and strategy formulation. Its strength is its diversity and impartiality. The goal of the RSE is to make a signicant contribution to the cultural, social and economic prosperity of Scotland. The RSE has effected signicant developments in areas of strategic importance to Scotland through partnerships with major charitable trusts, industry and government. The Societys unique multi-disciplinary approach enables it to draw from and link with a broad spectrum of expertise to advance the understanding of globally important issues.

President: Vice Presidents:

Lord Sutherland of Houndwood KT FBA PRSE Sir David Carter FRSE, Professor John Coggins FRSE, Professor Andy Walker FRSE, Professor Gavin McCrone CB FRSE Professor Andrew Miller CBE FRSE Sir Laurence Hunter CBE FRSE Dr William Duncan wduncan@royalsoced.org.uk

General Secretary: Treasurer: Executive Secretary:

A full list of Honorary Office Bearers of the Society and Council Members is available at: www.royalsoced.org.uk

Introduction
from RSE President Lord Sutherland of Houndwood KT FBA PRSE
The Society has continued to thrive, celebrating all that is good about the mind; an endeavour that is central to our Royal Charter for the advancement of learning and useful knowledge. With our origins in the Enlightenment, it is tting that today we are working to promote, to recognise and to reward brightness, in its fullest sense. Collaborating with key public and private bodies, we are seeking to share our light and contribute more to the social, cultural and economic wellbeing of Scotland. This publication seeks to offer a avour of the many activities in which the Society has been engaged in the past year, but I hope that you will agree with me that it gives a sense of the very considerable contribution the Society is making to the wider community, through the dedication and hard work of the Honorary Office-Bearers, Fellows and Staff. The year to 31 March 2004 has seen a great deal of operational and structural change. The staff structure has been reorganised, a revised Corporate Plan and related Management Plan were developed, and I have instigated a review of the internal governance and management structures of the Society. It has been an extremely dynamic and productive period in which the resources of time, expertise and funding have been carefully managed, and put to good effect. In 2001 the Society produced its rst Corporate Plan which set a wide range of activity and programme targets through which the Society could make an effective contribution to a Scotland facing the challenge of devolution. It was intended to review the 2001 Plan after a couple of years and this has now been successfully completed, with all Fellows and staff having the opportunity to contribute to this process. In order to provide further public benet consistent with its Royal Charter, the Society has set three strategic objectives over 2004 2007. These are to: continue to deliver its existing range of core activities, thereby maintaining existing arrangements with funders and partners; prioritise selected action areas and, where necessary, seek the resources needed for development; encourage wider Fellowship and public participation, and better integration in the delivery of Society programmes. These strategic objectives will be achieved through a broad range of specic activities and programmes, each with dened targets. These, together with their associated resource implications, are set out in the Societys Management Plan. The Society has continued to recognise, promote and celebrate excellence. The much valued relationships which the Society has with key funding partners enables us to award over 1.5 million annually to an outstanding calibre of awardees and prize winners. Their innovative research and commercialisation promotes wealth generation and offers public benet in areas such as healthcare, the ageing population, communications, energy and the environment. Individuals who have made an outstanding achievement of benet to people in Scotland and abroad, continue to set the standard for the Royal Medals. HRH The Duke of Edinburgh, KG, KT, OM, Hon FRSE honoured us last October by coming to the Society to present these top awards to Sir Michael Atiyah OM, FRS, HonFRSE; to Lord MacKay of Clashfern PC, KT, QC, FRSE; and to Professor Sir Paul Nurse FRS HonFRSE. As an independent, multidisciplinary body, the RSE is ideally placed to offer expert comment and advice. We continued to respond to consultations and, building on the success of the Societys major, independent inquiry into Foot and Mouth Disease published in 2002, we carried out an independent inquiry into how a sustainable future could be achieved for Scotlands shing industry. Instigated by the Societys Council and independently funded, this expert report was chaired by the distinguished biologist, Professor Sir David Smith, FRS, FRSE with Vice Chairman, Professor Gavin McCrone, CB, FRSE. They and their committee applied energy and expertise to this very important inquiry, taking oral and written evidence around the country and overseas. Their forward-looking, detailed report was widely welcomed and does much credit to the Society. I offer them my sincere thanks and congratulations on their excellent report. As mentioned at the outset of this introduction, the Society seeks to encourage inquiring minds and as such we would be delighted to share more information with you about the ways in which, together with strategic partners, we are working to full our Royal Charter for the advancement of learning and useful knowledge, in a twenty rst century context.

RSE Annual Review 1

Providing public benet through the advancement of learning and useful knowledge
New Fellows Elected for Outstanding Achievement
On the advice of specialist discipline committees, the Society elected eight Corresponding Fellows and three Honorary Fellows in March 2004, including: Chairman of the Board of Governors of the Federal Reserve, Alan Greenspan; Nobel Prize winner and inventor of the integrated circuit (the Silicon chip), Jack Kilby, and the Father of Sociobiology, Edward O. Wilson. Chosen in recognition of outstanding contributions to their eld and achievement in public service, a broad spectrum of expertise is represented in the new list of fty ve Ordinary Fellows, which includes: leading Astro Physicist, Jocelyn Bell Burnell; Scottish Enterprise Chairman, Sir John Ward; the Academic and Grade 1 Scottish Football Referee, John Underhill: Entrepreneur, Chris van der Kuyl; the Lord Justice Clerk of Scotland, Brian Gill, and the Director of the Beatson Institute for Cancer Research, Karen Vousden. A complete list of new Fellows is available at: www.royalsoced.org.uk

Chris van der Kuyl

The Corporate Plan

It was always the intention to review the Societys rst Corporate Plan, created in 2001. All Fellows and Staff have had the opportunity to contribute to this process and it has now been successfully completed. The Society has set three strategic objectives over 2004 2007. These are: to continue to deliver a range of core activities, thereby maintaining existing arrangements with funders and partners; prioritising selected action areas and, where necessary, seeking the resources needed for development; and encouraging wider Fellowship and public participation, and better integration in the delivery of Society programmes. This document and its accompanying Management Plan seek to ensure that the Society can provide further public benet consistent with its Royal Charter.

RSE Produces Independent Report into the Future of the Scottish Fishing Industry
Instigated by the Council of the RSE, the Societys independent, expert inquiry into the future of the Scottish Fishing Industry was published in March 2004 and widely welcomed. Independently funded and chaired by the distinguished biologist, Professor Sir David Smith, FRS, FRSE with Vice Chairman, Professor Gavin McCrone, CB, FRSE, the committee consulted widely, taking oral evidence from a broad range of individuals and organisations connected with the industry in Aberdeen, Copenhagen, Fraserburgh, Inverness, Peterhead, Pittenweem, Shetland and Stornoway, as well as receiving many written submissions. The report made 35 key recommendations covering the operation of the Common Fisheries Policy, the science of sh stock assessment and the management of sheries policy. It also outlined measures to help the industry and the shery dependent communities. It was widely welcomed.

The Gannochy Trust Innovation Award of The Royal Society of Edinburgh

The inaugural Gannochy Trust Innovation Award of The Royal Society of Edinburgh was presented to Dr Barbara Spruce, Department of Surgery and Molecular Oncology, University of Dundee for her innovative technology for the treatment of cancer. Scotlands highest accolade for individual achievement in innovation in Scotland, the award, which carries a 50,000 cash prize, seeks to encourage Scotlands young innovators and promote the nations research and development capability in areas of social importance. Chaired by Lord Ross, the distinguished selection panel includes Chairman of Trustees of The Gannochy Trust, Dr Russell Leather, Sir Bruce Pattullo, Dr Ian Sword and Professor Andy Walker. The presentation of the gold medal was made by Professor Sir James Black, OM, FRS, Hon FRSE, at a ceremony held in Scone Palace in June 2003.
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Supporting Innovation and Enterprise

In the period 2003-2004, the Society awarded sixteen Enterprise Fellowships, funded by Scottish Enterprise and PPARC. Innovative research in areas such as healthcare, the ageing population, communications, and the environment is being supported through the RSE, in partnership with key funders in the public and private sectors. The Enterprise Fellowships supported research into diverse elds including: combating the Scottish midge; designing sails, developing an advanced aid for individuals with hearing impairments and producing a novel personal alarm system for the elderly. Through nancial support from Scottish Enterprise and the Particle Physics and Astronomy Research Council (PPARC) the Enterprise Fellows receive a years salary, business training, support funds and access to business advisers and mentors to assist them form their spin-out companies. Sixty SE and six PPARC Enterprise Fellowships have been awarded to date.

Research Awards
A commitment to the future of Scotland's social, economic and cultural well-being underpins the Research Awards programme of the Royal Society of Edinburgh. Each year more than 1.5 million is made available to exceptionally talented academics and potential entrepreneurs through the RSE. These awards enable some of the brightest researchers from home and around the world to develop their ideas here in Scotland. In this period, the Society awarded one BP Fellowship, one Lloyds TSB Foundation for Scotland Personal Fellowship and two PhD Studentships. With additional funding from the Scottish Executive, the Society was able to award ve Personal and three Support Fellowships. Six Cormack Vacation Scholarships, seven Lessells Travel Scholarships, six CRF European Visiting Research Fellowships and three Wellcome Trust Research Workshops were also awarded.

Do we approve of a Jury System for Complicated Trials?

The Rt Hon Lord Penrose, Senator of the College of Justice in Scotland and Professor Gerry Maher, Commissioner of the Scottish Law Commission provided a stimulating debate-style event. Lord Penrose approved and argued that restricting the scope of solemn prosecution would undermine the role of juries and confer undue discretion on the prosecutor. Our domestic system should be altered where necessary, not radically reformed, he stated. Professor Maher argued that differing models of trial do not conict with the principles of our criminal justice system. Key to this, he said, is whether some complicated cases revolve around what should be jury questions. There are ways of resolving demarcation problems and reforming procedures, he argued.

Scotland and the Media A Question of Trust

There was a great deal of interest in this event which arose from concern about the relationship between the Scottish media, the Scottish parliament and the public, and also about the ownership of the media itself. Chaired by Radio 4's Today programme Presenter, James Naughtie, participants included: former Downing Street Communications Director, Alastair Campbell; Lord Steel of Aikwood; the Editors of The Scotsman; The Sunday Herald, Scottish News of the World; Magnus Linklater, FRSE, Trevor Royle, FRSE and Professor Philip Schlesinger, FRSE. Key issues explored included perspectives on the press coverage of the Scottish parliament; the value of developing relationships towards a "healthier" media, and efficacy of the Press Complaints Commission.

RSE Annual Review 3

The Royal Medals

HRH The Duke of Edinburgh, KG, KT, OM, Hon FRSE honoured the Society in October 2003 by presenting Royal Medals to: Sir Michael Atiyah OM, PPRS, HonFRSE, for his profound and benecial effect on the development of mathematics and science in the UK and Europe; to the Rt Hon Lord Mackay of Clashfern KT, PC, QC, FRSE, for his outstanding contributions to Scots Law and public service, both within the UK and internationally; and to Professor Sir Paul Nurse FRS, HonFRSE, for his outstanding contribution to genetics research, in particular its relevance to cancer, in which he has become a leading gure nationally and internationally. The Medallists were selected by the RSE in recognition of intellectual endeavour which has had a profound inuence on peoples lives, world-wide.

The Value of the Performing Arts

Professor John Wallace, OBE, FRSE, Principal of The Royal Scottish Academy of Music and Drama gave an entertaining and informative illustrated lecture. He told a capacity audience that the Performing Arts are a powerful educational tool, that they expand societies consciousness and raise a nations game. Wherever they ourish he contended, so too do modern economies. He argued a case for the value of the Performing Arts in Scotland and suggested that Scotland should be optimistic and invest further in them.

The Scottish Parliament Science Information Scheme

This pilot scheme was set up collaboratively by the Royal Society of Chemistry, the Scottish Parliament and the RSE, in association with the Institute of Physics and the University of Edinburgh. It aims to support Members of the Scottish Parliament by giving them access to rapid, reliable and impartial information on science, engineering and technology-related issues. It has dealt with a number of queries from MSPs, including: alternatives to shmeal for feeding farmed salmon; wind farms; effectiveness of ventilation to extract toxins in tobacco smoke and Broadband coverage in Scotland. RSE Fellows act as expert providers of information or as signposts to it.

Scotlands Drug Problem

The RSE brought together a group of experts from the UK and overseas to examine how best to respond to the war against illegal drugs. The conference expressed clear dissatisfaction with the current position. It leaves too many drug users without help or support and creates havoc in our communities. There appears, the conference concluded, to be no relationship between policy interventions and prevalence, and that there is a clear need for more evaluation about what works. Speakers included Mr Hugh Henry MSP, Deputy Minister for Justice; Professor Neil McKeganey, Director, Centre for Drug Misuse Research, Glasgow; Mr Robert Keizer, Head of Addiction Policy Division, Dutch Ministry of Health and Welfare; Dr Peter Reuter, Professor of Criminology and Criminal Justice, University of Maryland, USA; Mr Richard Brunstrom, Chief Constable, North Wales Police; Professor Alan Maynard, University of York; and Dr Magnus Linklater, FRSE.

4 RSE Annual Review

UK Science Policy
The UK view on Research Councils was described by Sir John Taylor, OBE, FRS, Director General, Research Councils, Office of Science and Technology, DTI when he visited the Society in December 2003 to give a public lecture entitled What Next for UK Science Policy? He reected on the main drivers and successes during his ve years as Director General, Research Councils in a wide-ranging, stimulating presentation given shortly before he retired from this post. He felt one of the signicant achievements had been the creation of the Research Councils UK (RCUK) to improve the co-ordination between the various Research Councils, especially in areas of overlapping interest. He also outlined the background to the Foresight process and how it had evolved.

Giving Young People a Voice & Hands-on Masterclasses

Scotlands Obesity Epidemic was the topic addressed when senior school students from North East Scotland gathered at the Rowett Research Institute in June 2003 for an RSE Young Peoples Discussion Forum, supported by the Darwin Trust of Edinburgh and the Rowett Research Institute. Chaired by Professor Dominic Houlihan, of the University of Aberdeen, the students heard expert lectures from Dr James Stubbs and Dr Julian Mercer , of the Rowett Research Institute and from Professor Iain Broom, Grampian University Hospitals NHS Trust. The students debated in workshop groups and came to conclusions which have been sent to key UK decision makers. Startup Science Masterclasses at the University of St Andrews, University of Dundee, University of Glasgow, Heriot Watt University and Satrosphere have continued to be very popular, as have the long-running primary Maths Masterclasses. Physics Masterclasses run in conjunction with the University of Glasgow, were also held successfully in August/September 2003.

European Science
Prominent physician, endrocrinologist and bio-chemist, Professor tienne-mile Baulieu, President of the French Academy of Sciences, visited the Society in October 2003 and addressed the Annual Statutory Meeting. Speaking to an invited audience of inuential scientists and decision-makers, Professor Baulieu, compared science funding in Europe with that in the United States, and suggested the creation of an independent European Research Council that might address the issues arising from the diversity of the European university systems and their links with research in each country, as well as take steps to lessen the ever-widening gap between research in America and Europe.

Evidence Advice & Comment

The expertise of the RSEs multi-disciplinary Fellowship was harnessed to provide twenty four authoritative responses to a range of public consultations, including: CAP Reform: Opportunities for Scotland, being undertaken by the Scottish Executive Environment and Rural Affairs Department; Inquiry into Renewable Energy in Scotland, at the request of the Scottish Parliament's Enterprise and Culture Committee; The Future of Higher Education, in response to an invitation from the Department for Education and Skills; and into The Scottish Human Rights Commission, at the invitation of The Scottish Executive Justice Department.

RSE Annual Review 5

Stem Cell Discussion Forum, Brussels

As a follow-on event to the successful meetings held during the Scotland in Sweden programme in 2002, the RSE, the Scottish Stem Cell Network and Scotland Europa organised a fruitful seminar in Brussels on Stem Cells in October 2003. Bringing together European scientists, other experts in the eld of stem cell research and officials of European Institutions and Member States Governments, the seminar aimed to help inform the debate about proposed legislation, such as the Tissue Directive (Medicine: standards of quality and safety of human tissues and cells) and guidelines for the future EU funding of stem cell research under FP6. The current state of stem cell research from the perspectives of science, clinical application, law and ethics was presented by a delegation representing the eld from Scotland, Spain and Sweden.

Showcasing Scottish Research and Innovation

The Societys expanding international programme seeks to support the best of Scottish-based research and innovation and to showcase it abroad, promoting the nations latest developments in science and technology through new resources. Science Scotland is an electronic and print publication created by the Society, in partnership with the Scottish Executive, British Council Scotland and Scottish Development International which features the best of science and technology in Scotland, with the objective of raising awareness in an international audience. The rst issue of Science Scotland was launched at the annual meeting of the American Association for the Advancement of Science, held in Seattle in February 2004.

Activities for Young People

A week-long, non residential Summer Camp based at and in conjunction with the University of Edinburgh on the theme of Science in Our World was held in July 2003. Talk Science lectures (previously known as Schools Lectures), which aim to enthuse secondary school pupils about science, engineering and technology, were held at schools around Scotland. The 2003 Christmas Lecture, Black Holes and White Rabbits was given by Professor John Brown, FRSE, Astronomer Royal for Scotland at Inverness Royal Academy. The RSE Roadshow was held on the Isle of Skye, as part of National Science Week in March 2004. Young Peoples awards were presented to those who have made an extraordinary voluntary contribution to the Young Peoples Events. In August 2003 these were presented to: Dr Lesley Glasser MBE FRSE, Satrosphere; Dr Martin Hendry, University of Glasgow; Ms Heather Reid, BBC Scotland; Mrs Monica Lacey, University of Dundee and Dr Bruce Sinclair, University of St Andrews.

Scotlands Contribution to Aviation

Scotland's contribution to aviation was marked in November 2003 by the RSE when Professor Dugald Cameron OBE, Former Director of Glasgow School of Art and Professor Roddy Galbraith, Department of Aerospace Engineering, University of Glasgow gave an illustrated public lecture. In what was the centenary year of the Wright brothers achievements, the audience learned from Dugald Cameron that the Scots were among the pioneers of ight. Percy Pilcher began ying his gliders in 1895, followed in the 1900s by Preston Watson and the Barnwell brothers. Roddy Galbraith spoke of the past, present and future of aerospace research at Scottish universities, with particular reference to the Aerospace Engineering Department at Glasgow University.

6 RSE Annual Review

Voyages of Discovery
The Voyages of Discovery project aims to raise the prole of research excellence in Scotland, attract inward investment and also provide employment for high quality researchers in Scotland. The project, which arranges study tours to Scotland, by small, select groups of Chief Technology Officers or research managers of major international companies, is a unique collaboration between Scottish Development International, the RSE, Universities Scotland and British Council Scotland. Two successful tours were run in November 2003 and January 2004 on the respective themes of Energy and Life Sciences.

The Scottish Science Advisory Committee (SSAC)

The Scottish Science Advisory Committee (SSAC) which was set up under the auspices of the RSE to advise Scottish Executive Ministers on science policy and strategy issues, established three working groups which focused in on the key areas of Science Education, Mechanisms for Scientic Excellence, and Science and Society. The Committee published two reports which have been well received across the science community, Why Science Education Matters: Supporting and Improving Science Education in Scottish Schools and Science Matters: making the right connections for Scotland. The latter report has laid the foundations for the Committees next phase of work. The Society began an appointment process to refresh the membership of the SSAC as it enters into the second phase of its work.

scottishscience
advisorycommittee

Poland and the EU

A further example of the productive partnership between the RSE and the British Council Scotland was the visit in January 2004 of Professor Danuta Hbner, Minister for European Affairs, Poland. Accompanied by the Polish Ambassador and Consul-General, the Ministers visit culminated in a public lecture, part of the Edinburgh Lectures Series, given at the RSE to a capacity audience. Professor Hbner explained why many, but not all in Poland supported accession to the EU. This arose from the historical, political and cultural situation in Poland and the desire to take an active part in the democratic heart of Europe. The timeliness of Professor Hbners visit was demonstrated by her being conrmed within 24 hours of her lecture, as Polish candidate for EU Commissioner.

SARS
The outbreak of Severe Acute Respiratory Syndrome (SARS) between February and July 2003 resulted in over 8000 probable cases and presented major public health challenges worldwide. Few cases were detected in the UK, although the response was considerable, with early detection, isolation and reporting, as well as provision of guidelines and targeted information, being key components. In recent decades several new seasonally-occurring infections with the potential to cause havoc have emerged. SARS may show a similar pattern and there is a possibility it may return and be imported into Scotland. Dr Valerie Delpech of the Health Protection Agency's SARS Team and Dr Martin Donaghy, Clinical Director of the Scottish Centre for Infection and Environmental Health gave an overview of the outbreak and outlined the strategies devised to protect us in the future.

Performing Arts image courtesy of the RSAMD Photo: Kevin Low Jury System image courtesy of Scottish Court Service Concorde image: illustration by Professor Dugald Cameron, OBE RSE Annual Review 7

Financial Report
The aim in this nancial year was to see the Society turn the corner after a number of difficult years. I am happy to report that this has indeed been the case, with a surplus of 59,000 and a signicant contribution being made to the re-building of the General Fund. The Capital account also shows a welcome recovery, largely due to an improvement in the investment portfolio in line with stock market recovery. The increases in both income and expenditure (by nearly 20 and 17 per cent respectively) in the course of the year, reect the continuing development of Societys activities in line with the Corporate Plan. The support for international activities and of additional Enterprise Fellows, as well as the Gannochy Trust Innovation Award, has been very welcome. On the expenditure side, the promotion of research through research awards and prizes has risen from 55 to 62 per cent of total expenditure, while science promotion and advice accounts for a further 22 per cent of expenditure. The forward budget is intended to deliver a continuation of this years outcome a modest surplus and a continuation of the re-building of the General Fund to a medium-term target level of 3 6 months expenditure on central costs. This is seen as part of our risk-management policy, running in parallel with the continuing watchful eye on expenditure plans and staffing and administrative costs. This review has also suggested that the Society should have an Audit Committee as an additional safeguard, and the Treasurers Committee can then be disbanded. The rst fund-raising campaign continues to generate income but at a decreasing rate, and the costs of generating income have declined. However, if the full objectives of the forward Corporate Plan are to be realised, additional funds will be required, and initial steps are being taken to develop a second phase of fund-raising designed to tap into different sources of funding. In my nal year as Treasurer, two comments should be added. First, despite considerable difficulties due to substantial loss of rental income and a period of general nancial downturn and uncertainty, the Society has emerged with a balanced budget and a strengthened nancial management and budgeting system. Second, my task over the past ve years has been enormously eased by the dedicated contributions of Kate Ellis and William Duncan, whose support and advice to me have been invaluable. My very sincere thanks goes to both. Laurence C Hunter Treasurer September 2004

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Financial Review
Income
Research Awards Scottish Executive 19% Research Awards Scottish Enterprise 20% Research Awards charitable trusts Science Promotion & Advice Scottish Executive grant for activities Scottish Science Advisory Committee Own Income Appeal Receipts 18% 9% 14% 5% 12% 2%

Expenditure
Research Awards Prizes and grants Science Promotion & Advice Scottish Science Advisory Committee Fellowhip Office 57% 5% 22% 5% 2%

Buildings, management & administration 8% Cost of generating funds 1%

Income for year ended 31 March 2004 Promotion of research and innovation Research awards Scottish Executive Research awards Scottish Enterprise Research awards charitable trusts

000 2004 564 591 509 1664 19% 20% 18% 500 313 389

000 2003 21% 13% 16% 1202

Expenditure for year ended 31 March 2004 Cost of generating funds Promotion of research Research awards Prizes and grants

000 2004 9 1%

000 2003 84 3%

1626 137

57% 5%

1274 37

53% 2%

Science promotion and advice Meetings Education Academic/industry links International activities
(including secondment of staff from British Council)

85 6 3

133 42

Science promotion & advice Publications Meetings Educational activities Academic/ industry links

21 240 65 10 186 115 637 22% 5% 2% 8%

23 282 79 10 119 94 607 150 45 229 2426 25% 6% 2% 9% 100%

160 254 9%

81 International activities 256 10% Evidence, advice & comment

Scottish Executive grant for activities

(mainly allocated to science promotion and advice and including staff secondment)

406 156

14% 5%

328 150

13% 6% Scottish Science Advisory Committee Fellowship Office

Scottish Science Advisory Committee Own income Fellows subscriptions Other donations Interest and dividends

156 49 223

146 59 155 360 57 12% 2%

133 75 113 321 183 13% 8%

Buildings management & administration Total expenditure

2837 100%

Appeal receipts Total income

Net incoming resources for the year

60

14

2897 100%

2440 100%

Balance Sheet 31 March

Tangible Fixed Assets Fixed Asset Investments Loan to RSE Scotland Foundation

000 2004
2476 1989 2031 6496

000 2003
2531 1732 2078 6341 756 (366) 6731 1 5677 1053 6731

These gures have been extracted from the audited accounts for the period ended 31 March 2004 which carried an unqualied audit report. The full Trustees report and audited accounts are obtainable in hard copy from 22 26 George Street , Edinburgh, EH2 2PQ or on the RSE website www.royalsoced.org.uk Independent Auditors statement
We have examined the summarised nancial information which is prepared for the purpose of inclusion in the Societys annual review. The Council is responsible for the preparation of the nancial information. We have agreed to report on its consistency with annual accounts on which we reported on 20 September 2004. Basis of opinion We have carried out the procedures we consider necessary to ascertain whether the summarised review is consistent with the annual accounts from which it has been prepared. Opinion In our opinion the nancial review is consistent with the annual accounts for the year ended 31 March 2004. Henderson Loggie, Edinburgh

Current Assets Current Liabilities Net Assets Represented by: General Funds Designated Funds Restricted Funds

961 (410) 7047 69 5764 1214 7047

RSE Annual Review 9

Providing public benet through the advancement of learning and useful knowledge
Royal Society of E dinburgh
The
T H E R O YA L S O C I E T Y O F E D I N B U R G H 22 26 George Street, Edinburgh EH2 2PQ T 0131 240 5000 F 0131 240 5024 E rse@royalsoced.org.uk W www.royalsoced.org.uk
Scottish Charity no. SC000470

ISSN 1742-1810