The Physiological Society

Annual Report and Accounts for the year ended 31 December 2006

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Printed by The Lavenham Press Ltd

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The Physiological SocietyAnnual Report and Accounts for the year ended 31 December 2006

ContentsPage

Report of the Trustees 5

Independent Auditors’ report 22

Statement of financial activities 23

Balance sheet 24

Cash flow statement 25

Standing information 26

This is the Trustees’ Annual Report and Accounts for the year ended 31 December 2006 for The PhysiologicalSociety. In preparing this report the Trustees have complied with the Charities Act 1993, the Accounting andReporting by Charities: Statement of Recommended Practice (Revised 2005) (’SORP’) applicable accounting standards, and also the Companies Act 1985.

The Physiological Society was incorporated by guarantee on 27 January 1937 under number 323575. It has noshare capital and is registered with the Charity Commission for England and Wales under number 211585. The liability of each Member is limited to £1.

The governing document is the Memorandum and Articles of Association of the Company and the Members of theCouncil of Trustees are the Directors of the Company.

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Introduction >>

Message from the President andChairman of the Executive Committee

This year saw consolidation of the stable platform put in place by Giovanni Mann, as Chairman of the ExecutiveCommittee, and Alan North, as President, in the previous 2 years. This enabled us to modernize our governance and operation in line with the new UKframework for charities and the reality of modern physiology. The Council has been reduced in size tobecome an effective Council of Trustees and TheSociety’s committees have been restructured andreduced in size so that each Council member can play aspecific role.

The Executive Committee has a new look. In 2006 OlePetersen became President; Ian McGrath, Chairman;Clive Orchard, Vice-Chairman; and Prem Kumar,Meetings Secretary. Graham McGeown as Treasurer andDavid Eisner as International Secretary providing continuity.

This new Executive Committee, together with our newChief Executive, Mike Collis, revisited our priorities. Weemphasized scientific meetings and publications as ourcore activities, supported by educational activity aimedat outreach to the public and society, at inspiring the

next generation to take up an interest in physiology andat recruiting new Members to The Society. To promotethe role of physiology in the academic and politicalspheres we resolved to support and work with theBiosciences Federation, where common interests can be most effectively represented, in addition to our ownspecific efforts where this is more appropriate. Theseaspects are detailed in the sections that follow.

We are confident that Mike and his excellent and enthusiastic team in the London and Cambridge officesare up to the task of implementing these policies andlook forward to a further period of consolidation andgrowth of The Society’s activities in the coming year.

Ole Petersen, President (left) and Ian McGrath, Chairman ofthe Executive Committee

Where our money came from (£3.3m)

Where our money has gone (£3.1m)

Key achievements in 2006• The Society published 24 issues of The Journal of

Physiology and six issues of Experimental Physiologyincluding themed issues and symposia reports

• We organised a large annual meeting, four focused meetings and four special symposia

• The Society was re-branded and a new organisational structure introduced

• The new Society web site development project started

• 347 new Members joined The Society and new membership categories were piloted

• Activities were funded with grants of a total value of £207,600

• Four issues of Physiology News were produced for Members

• A new DVD on the ethics of animal experimentation was produced in collaboration with other organisations

•We ran three International Workshops, four Young Physiologist meetings and participated in five careers conferences and two national science fairs

The Physiological Society – key facts and figures 2006

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Introduction >>

Our mission and purpose

Physiology is the science of how humans and other animals function in an integrated way and is the basisfor many biological and clinical sciences.

The Physiological Society was founded in 1876 and is alearned society with approximately 2,500 Members(including 14 Nobel Laureates) and Affiliates (youngerscientists) drawn from over 50 countries. The majorityof Members are engaged in research, in universities orindustry.

The Society's charitable objectives are to promote, for the benefit of the public, the advancementof physiology, and facilitate the intercourse of physiologists both at home and abroad, and therebycontribute to the progress and understanding of biomedical and related sciences and the detection, prevention and treatment of disease, disability and malfunction of physical processes in all forms of life.

Strategic objectives

The strategic objectives of The Society are listed below:

1 To support physiological research through publications and scientific meetings

• foster the highest quality science and research ethics within the discipline of physiology

• publish scientific journals that aim to be at the top oftheir peer group for scientific quality, ethics and impact, and which provide significant financial support to facilitate the other activities of The Society

• support scientific meetings of outstanding international quality and relevance for the broadest possible range of physiological disciplines, with very high standards of presentation and discussion. Theseshould provide ample opportunities for younginvestigators to present their findings to the most relevant experts in the field

• promote links with physiologists in other countries and to foster physiology internationally.

2 To support education in physiology

• encourage a high quality entry of school leavers into UK and Irish undergraduate courses which provide aproper training in physiology

• develop physiology as a central component of modern biology in the context of changes touniversity infrastructures and to promote its teaching in biological, physiological and applied physiological courses (such as medicine, dentistry and veterinary medicine)

• support and encourage physiologists at formative stages in their careers

• provide training opportunities in new techniques of value to physiologists.

3 To communicate the importance of physiology (external relations)

• foster a clear medical, public and Government understanding of physiology, highlighting contributions to medicine, society and the economy.

4 To support our membership and maintain our operations

• actively increase and broaden the membership base of The Society

• work with other national and international learned societies in closely related scientific disciplines to share resources and organise joint initiatives, while still retaining a clear and prominent identity

• have a financial and investment strategy that generates sufficient income to achieve The Society’sobjectives, with contingency plans for a range of future scenarios

• build an efficient administrative and governance structure to support these aims. To develop an administrative group that is pro-active, adds expertise and value so that the Council of The Society can concentrate on strategic matters and the Executive Committee of Council can direct and monitor implementation.

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Introduction

Review of the year

This has been a year of change and as such is a portentof the future. This year’s Annual Report reflects thischanging environment and has a different format fromprevious years, with the aim of increasing its value toMembers of The Society whilst complying with therequirements of Charity Law.

Publishing is a major activity, as a means to promotehigh quality physiological research, and nearly half ofThe Society’s staff support this. Our two journals (TheJournal of Physiology and Experimental Physiology) arethriving, with an impressive increase in impact factorfor Experimental Physiology. The technology for distributing scientific information is advancing rapidly,but there are also significant threats on the horizonwith open access publication being promoted by anincreasing number of research funding bodies. To helpus to respond to the opportunities and threats of thisnew era of publication, the Publications Committee wasformed this year to take a strategic overview of all ourpublishing activities.

We have run some excellent scientific meetings over theyear, both in the UK and abroad, and there are moredetails of these in this report. The way we organisemeetings has been reviewed and the various specialinterest groups combined into thematic areas. The differentiation between UK and overseas meetings hasbecome less distinct, and in response we have combined the committees dealing with these eventsinto one Meetings Committee, supported by anexpanded events group in the London Office.

A number of projects to update the image of TheSociety and the way it communicates with its Membershave been progressing this year. Rebranding, with anew logo and strap line, Advancing the science of life,was introduced and work has started on an updatedweb site. We are keen to increase our membership andplans for new membership categories have been developed.

Over the year, The Society has been increasingly activein responding to Government consultation papers and in interacting with external organisations. We have participated in numerous educational activities targeting both secondary and tertiary levels and havebeen partners in the production of a new DVD on theethics of animal experimentation.

The Society is fortunate to have a strong financial position and we have been prudent in ‘ring fencing’funds against future commitments, such as the IUPS meeting (in 2013), and in modelling future financial scenarios and reviewing our investment strategy. In2006 we have laid a firm foundation for continuedachievement in the coming year.

Aims in 2007

2007 promises to be an exciting year with the pace ofchange in The Society steadily increasing. We will beworking more closely with Blackwell, our publisher, toprepare for the rapidly changing technological andbusiness environment in scientific publishing. In orderto protect the financial position of The Society in anuncertain future, we will be seeking additional forms ofincome to that currently provided by our journals. Weplan to introduce new membership categories thatincrease and broaden the membership base. New workshops will be piloted for policy makers, media andthe general public that demonstrate how basic physiological research underpins advances in medicaltreatment and explore the position of physiological training in the medical curriculum.

Our new web site will go live in 2007 and will offer significant increases in functionality, becoming themain portal for our communication with the membership. New educational resources for schoolteachers and academic colleagues will be developedand delivered via the web. Our scientific meetings willbreak new ground as we hold our first joint annualmeeting with the British Pharmacological Society andthe Biochemical Society. Scientific advance crosses traditional discipline boundaries and our joint meetingwill mirror this and promises to be the most exciting scientific meeting this year in Europe.

Michael Collis, Chief Executive

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Structure, governance and management >>

Governance

Council of Trustees

The Trustees are legally responsible for the overall governance, management and policy of The Society,ensuring that the charitable objectives for which it hasbeen set up are met. The Trustees are also the Directorsof The Physiological Society. The Council of Trusteesmeets three times a year.

The Council of Trustees consists of:

• a President, elected by the Council• one member of the Editorial Board of The Journal of

Physiology; and• Members nominated by the membership or by the

Council and elected by the membership at the Annual General Meeting.

Elections to the Council take place each year at theAGM, and any Member of The Society is eligible tostand. Trustees are elected to serve for a period of 4 years. The current size of the Council is 23, but it hasbeen agreed that this will be reduced to 20 in 2007.Meetings of the Council are chaired by the President.

Trustees’ responsibilitiesCompany law requires the Council of Trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs ofThe Society and of the income or expenditure for thatyear. In preparing those financial statements, theCouncil of Trustees has:

• selected suitable accounting policies and then applied them consistently

• made judgements and estimates that are reasonableand prudent

• followed applicable accounting standards and statements of recommended practice without any material departures

• prepared the financial statements on the going concern basis.

The Council of Trustees is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of The Society and which ensure that the financial statements comply with the Companies Act 1985. Theyare also responsible for safeguarding the assets of TheSociety and hence for taking reasonable steps for theprevention and detection of fraud and other irregularities.

Information provided to auditorsWith regard to the preparation of this Annual Report

and Accounts, so far as each Trustee is aware there is norelevant audit information of which The Society’sauditors are unaware, and the Trustees have taken allthe steps that they ought to have taken as Trustees inorder to make themselves aware of any relevant auditinformation and to establish that The Society’s auditorsare aware of that information.

Trustee induction and trainingOn appointment each Trustee is sent a Trustee

Handbook which includes Charity Commission leafletCC3 and Companies House leaflet GBA1. In 2006,Trustees received a Charity Law and Governance presentation from The Society’s solicitors. One Trusteeattended a training seminar on charitable investmentresponsibilities. Further enhancing of induction andtraining procedures will be introduced in 2007.

Executive Committee

The Executive Committee oversees the day-to-day operations of The Society and meets frequentlythroughout the year. Members of the ExecutiveCommittee are drawn from, and elected by, the

Executive Committee members: Clive Orchard(Vice-Chair, top left), GrahamMcGeown (Treasurer, topright), Prem Kumar(Meetings Secretary, aboveleft), David Eisner(International Secretary,above right) and WilliamLarge (Editor-in-Chief of TheJournal of Physiology, left)

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Structure, governance and management >>

Council. The Council can delegate any of its powers tothe Executive Committee as it sees fit.

There are seven officers of The Society who comprisethe Executive Committee: the President of The Society,a Chairman, a Vice-Chairman, a Treasurer, a MeetingsSecretary, an International Secretary and the memberelected by the Editorial Board of The Journal ofPhysiology. The normal term of office on the ExecutiveCommittee is 4 years.

The Nominations Committee, chaired by the Chairmanof the Executive Committee, oversees nominations forthe President and Officers of The Society, based on recommendations from Council, who may also canvasthe membership.

Committees and Working Groups

The Council also has Committees and Working Groupsto which it delegates powers, and these groups reportback to the Council via the Executive Comittee.Membership of these Committees and Working Groupsis drawn from the Council but can also include otherinvited members. An improved and streamlined committee structure was introduced in 2006 which

aligns committees with the various functional groups in the London and Cambridge offices. These include a combined Meetings and International committee and a new Publications committee. Membership of committees was also reviewed and modified in order to have the required spread of expertise.

Management and administration

The Trustees have have employed a Chief Executive who reports on the performance against the strategic andoperational plans approved by the Trustees. The Societyhas two offices. The Administration Office in London provides central direction for all aspects of policy andstrategy implementation. The Publications Office inCambridge supports the publishing activities of TheSociety, including The Journal of Physiology andExperimental Physiology.

Annual General Meeting

The Society’s Annual General Meeting, open to allOrdinary and Honorary Members, was held on 5 July2006 at University College London during the MainMeeting. Minutes of the meeting are available on TheSociety’s web site.

Committee structure and chairpersons

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Structure, governance and management

Risk management

The Trustees continuously review potential risks to TheSociety. The Audit and Risk Committee reviews theeffectiveness of internal financial controls and risk management systems, the effectiveness of our internalaudit function and the clarity and completeness of disclosures in the financial statements of The Society.

Main areas of identified risk include health and safetyand security issues at Society events, loss of key

members of staff, under-performance of externaladvisers, collapse of the publisher’s distribution system,and virus attack on The Society’s IT infrastructure. Forthese and other areas of identified risk, preventative measures have been agreed.

The greatest potential area of risk facing The Society inthe future is the loss of income due to ‘open access ’publishing of scientific information. We are workingwith Blackwell Publishing Ltd to assess the risk toincome so as to ensure that The Society has preventative measures in place.

London Office

Cambridge Office

The major activities we undertake to achieve our charitable objectives are:

• Publishing• Scientific meetings including international activities• Education• External relations• Membership services (including provision of grants)• Resources, administration and infrastructure

Publishing

The Society publishes original scientific literature onlineand in print in its two highly regarded journals, TheJournal of Physiology and Experimental Physiology, via ourpublishers Blackwell Publishing Ltd. It also publishes aMembers’ quarterly magazine, Physiology News, and isdeveloping its publishing outlets through thePublications Committee.

The Journal of Physiology (http://jp.physoc.org)

The Journal continued to attract submissions and readers during 2006, by maintaining a competitive timeto first report and by publishing high quality relevantresearch papers in all areas of physiology and invitedarticles in new and exciting areas. Twenty four issues ineight volumes were published on schedule and to budget and contained Research Papers, Rapid Reports,Topical Reviews, Symposium Reports, Perspectives,Classical Perspectives, Letters to the Editor andEditorials. The impact factor declined slightly to 4.27,although the half life remained in the top three for related journals at 9.2 years. New table of contents sections were introduced to highlight areas attractingthe most high quality submissions. Two Journal ofPhysiology symposia were sponsored at internationalmeetings in Japan and the USA, and initiatives to establish specialist groups of Editors and improve publicity were introduced. The Editorial Board met inNew York in September and the Executive Committee,which handles the day-to-day running of The Journal,held three meetings in the UK and one in New York.

By maintaining the competitive speed and quality ofreview, The Journal hopes to continue to attract qualitysubmissions during 2007. Mini reviews from young scientists will be published in a new Journal Club section, the number of sponsored symposia will beincreased and it is hoped to improve the impact factorthrough rigorous review of manuscripts and rejection ofthose with low impact and citation potential.

Experimental Physiology (http://ep.physoc.org)

Experimental Physiology strengthened its integrative remit, enforcing a more rigorous triage system toensure the publication of high quality research papers in all areas of physiology with an emphasis on translation and integration. The impact factor rose to2.054, a 12% increase, and new submissions remainedbuoyant with a competitive time to first report. Sixissues, containing two themed issues and two sets ofsymposium reports, were published on schedule andwithin budget. David Paterson replaced John Coote asChairman of the Editorial Board and four new US Editorswere appointed to raise the international profile of EP.Publicity was increased at scientific meetings, with a‘meet the Editor’ reception at EB 2006 in San Francisco.

During 2007 the frequency of publication will bereviewed. It is hoped to attract additional high qualitysubmissions by maintaining competitive speed andquality of review, and special issues will continue to bepublished. Viewpoint articles will be introduced tohighlight high impact papers within the issue. EP willbe promoted by targeted publicity at scientific meetings and plans to celebrate the centenary year in2008 will be formulated.

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Objectives and activities >>

Experimental Physiology Chair David Paterson (above, left)

Physiology News(http://www.physoc.org/publications/pn)

The Members’ quarterly magazine continued to promote physiology by publishing current news andviews articles prepared by Members of The Society andother physiologists, as well as providing information onSociety and other related activities.

Biomedical Publications

Oxford University Press continues to publish and marketThe Physiological Society Monographs and the latest inthe series, The motoneurone and its muscle fibres, waspublished in 2006.

Scientific meetings (including international activities)

Scientific meetings are one of the original activities ofThe Society and remain of the highest importance. Ourmeetings facilitate the dissemination and discussion ofthe latest scientific advances, supporting andpromoting physiology.

Last year we held our main meeting at UCL, which wasattended by over 1,000 physiologists from the UK andoverseas. This major meeting included 16 symposia,three workshops, plenary and prize lectures and over

400 free communications, covering all areas of physiology. Four smaller specialist meetings were alsoheld in 2006, focusing on specific areas of physiologicalresearch. Two were based in the UK and two abroad.

As part of our continuing commitment to support physiology in less scientifically developed countries,international workshops were held in Venezuela, Kievand Prague, attracting participants and speakers frommore than 10 countries. The Society was well represented at the international meeting held by ourBrazilian counterparts in September.

We also honoured the contributions to physiology oftwo distinguished Members, Tim Bliss and Chris Bell, bysupporting two special symposia during the year. TheSociety contributed close to £12,000 in support of non-Society symposia covering a wide range of topics ofinterest to physiologists.

2007 will be a land-mark year as we combine our mainmeeting with the British Pharmacological Society andthe Biochemical Society in Life Sciences 2007, our firstfederation style event. We will hold four additional specialist meetings (in Edinburgh, Belfast, Manchesterand Bristol) and will support four special symposia tohonour distinguished contributions to physiology.International workshops will be held in Krakow andUkraine and a joint meeting with the Slovakian Societyand FEPS is planned in Bratislava in September. TheSociety will be moving to a more thematic approach tophysiology to ensure a greater coverage of subject areaon a more regular basis. Looking further ahead, plansare well underway for our 2008 annual meeting inCambridge and for the prestigious IUPS congress thatwe will host in the UK in 2013.

Proceedings of The Physiological Society

Meeting abstracts now form a separate online publication and are no longer published as part of TheJournal of Physiology(http://www.physoc.org/publications/proceedings).

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Objectives and activities >>

Physiology News Editor Austin Elliott

Key achievements in 2006• Organised a successful main meeting at UCL, four

focused meetings, three international workshops and two special symposia throughout the year

Key goals for 2007• Work with The Biochemical Society and the

British Pharmacological Society to organise a jointmain meeting Life Sciences 2007

• Rationalise UK and International meetings organisation and support focused meetings and international workshops

Key achievements in 2006• 24 issues of The Journal of Physiology and six issues

of Experimental Physiology published, including themed issues and symposia reports

• Increased submission rates to both journals with shortened time to review

Key goal for 2007• Increase impact factor for both journals by

promotion, sponsored symposia, new features and rigorous review

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Objectives and activities >>

Plenary and Prize Lectures supported byThe Society

Australian/UK Visiting Lectureship SchemeM J Dunne

G L Brown Prize LectureC A R Boyd (University of Oxford, UK)Epithelial physiology: facts, fantasies and fun

The Physiological Society Public LectureDavid Attwell (University College London, UK)Brain/Power

The Biller Prize LectureMatthew Bailey (University of Edinburgh, UK)Mechanisms of hypertension in a mouse model ofapparent mineralocorticoid excess

The Sharpey-Schafer LectureNeville H McClenaghan (University of Ulster, UK)Physiological regulation of the pancreatic beta-cell:functional insights for understanding and therapy ofdiabetes

Hodgkin-Huxley-Katz Prize LectureThomas J Jentsch (Universitat Hamburg, Germany)Roles of vesicular CLC chloride transport@: insightsfrom disease, mouse models and biophysics

Joan Mott Prize LectureSusan Wray (University of Liverpool, UK)Insights into the uterus

Wellcome Prize LectureHelen Kennedy (University of Bristol, UK)Detecting sounds: mechano-electrical transduction inthe mammalian cochlea

The Bayliss-Starling Prize LectureRod Flower (William Harvey Research Institute,London) Annexin 1, glucocorticoids, stress and inflammation

Clockwise from top right: David Attwell, NevilleMcClenaghan, Susan Wray, Rod Flower, Helen Kennedy,Thomas Jentsch, Matthew Bailey and Richard Boyd

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Objectives and activities >>

Education

The Society plays an important role in supporting theteaching of physiology. Our strategy operates at a number of educational levels.

For schools, we aim to provide resources for teachers,and workshops that emphasize the central role of physiology in the biology curriculum. We also providecareers booklets, educational films for school pupils andopportunities for them to interact with local universitiesto learn more about the subject.

Our Affiliate Members are at an early stage in theirphysiological research careers and we provide themwith the opportunity to organise their own scientificmeetings specifically for young physiologists, as well as supporting them with a portfolio of training coursesand careers advice.

Our Members often work in academic institutions andwe plan to provide teaching resources and workshopsto assist them with their educational activities.Physiological research can involve the use of experi-mental animals and an important activity is provision of up to date materials to help people, particularly the general public, understand why this is necessary andthe high standards of welfare required in the UK.

Over the past year we have organised teachers’ workshops to gather information on the requirementsto produce new teaching materials for schools. Careeropportunities have been highlighted to school leaversand undergraduates at five careers conferences aroundthe UK.

We have hosted events for school students, focusing ontopics including stem cell research and how the heartworks, during the BA Advancement of Science NationalScience Week and the Festival of Science.

A particular focus this year has been activities involvingour Affiliates and younger Members. We held four successful Young Physiologists’ meetings in Munich,London, Brazil and Bristol, a communication skills workshop for students and Affiliates, and a number oftechniques workshops.

In the coming year we will continue to develop teachers’ resources and materials for schools on careersand the importance of physiology. We will start a newproject to develop educational resources for ourMembers in higher educational establishments andupgrade our delivery of educational resources via thenew web site.

External relations

The Society aims to raise the external profile and promote the interests of physiology to a wide audience. This involves creating educational andpromotional materials for the general public, lobbyingGovernment and other organisations on issues of concern to physiologists, fostering relationships withlike-minded organisations, providing media skills training, and liaison with the media. In 2006, majorreviews were conducted into The Society’s sponsorshipof external organisations and into its overall strategy.

A new media and schools presentations communicationskills workshop was developed with Sense About Science.A pilot publicity project was run with The Journal ofPhysiology, and we are working with Blackwell to promote Journal content PR support was provided toThe Society’s main meeting with excellent media coverage obtained. The Society responded to manyrequests from journalists interested in health issues.

Key achievements in 2006• Organised four Young Physiologist meetings and

participated in five careers conferences and two national science fairs

Key goal for 2007• Develop secondary and tertiary level physiology

educational resources

‘ Stan’, a computer-controlled patient simulator, is aninnovative and powerful physiology teaching tool

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Objectives and activities >>

Animal research issues remain an important focus. TheAnimal Welfare and Legislation Working Party has beenvery active and has a very close working relationshipwith the Biosciences Federation’s Animal ScienceGroup (ASG). A new DVD for schools on the ethics ofanimal experimentation was developed in partnershipwith GlaxoSmithKline, the Coalition for MedicalProgress, and the Biomedical Research Education Trust.The DVD will be distributed to all schools across the UKin 2007 with an accompanying media campaign. Publicshowings will be arranged during the BA’s NationalScience Week.

The Society joined the European Coalition forBiomedical Research, a pan-European group formed tolobby on the proposed revisions of Directive 86/609/ECconcerning animal research.

The Working Party contributed to the DTI’s strategy totry to generate increased funding for training for in vivoskills at undergraduate and postgraduate levels in university departments, and continued to work withthe British Pharmacological Society to provide skillstraining through In Vivo Taught Course Workshops. TheSociety was also actively involved in responding to science policy consultations.

Strong policy links were also forged with other societies, with the President chairing both the RoyalSociety (RS) working group responding to the DfES consultation on the reform of higher education researchassessment and funding and the RS Working Groupresponding to the RCUK consultation on the efficiencyand effectiveness of peer review. Ole Petersen was amember of the joint committee set up by the RS andthe Academy of Medical Sciences responding to theCooksey Report on the future of UK health researchfunding.

In the coming year, we plan to implement the recommendations of the strategy review, provide more emphasis on using press releases and other publicity to support our science policy and other activities, and lead on providing PR support toLifeSciences2007. The Society also intends to run thefirst in a series of workshops focusing on the

contribution of physiology to translational research for policy makers, media and the general public, andcreate a new working party to explore the position ofphysiology training in the medical curriculum.

Membership services

As a membership organisation, one of The Society’s primary aims is to support the career development ofits Members and Affiliates through a variety of mechanisms.

We endeavour to maintain a high standard of service tosupport the membership and continually review thebenefits we offer, the way in which we utilise our funds,and our recruitment strategy to allow growth of TheSociety. To ensure our membership is kept up to datewith Society news, key advances in physiology andmembership news we produce the quarterly magazinePhysiology News and a monthly e-newsletter.

In 2006 the recorded membership of The Societydecreased from 2,724 to 2,546; this decrease is primarily due to a number of Members and Affiliateswho allowed their membership to lapse in 2005 and2006 and were removed from the database. However,during 2006 The Society gained 347 new Membersacross the four categories of membership (Honorary,Ordinary, Ordinary Retired and Affiliate) and the number of new Ordinary Members increased overthree-fold. In 2006 The Society awarded Honorarymembership to E M Wright and C R House.

This year has also seen the development of a number of strategies to engage new Members, including oneyear free trial membership for publishing authors, apilot Undergraduate Associate scheme and a newAssociate category for those with an interest in physiology but who do not qualify for Ordinary orAffiliate membership. The Society has also looked at expanding the circulation of Physiology News,

Key achievements in 2006• Development of a new DVD on the ethics of

animal experimentation• Responded to a large number of consultation

documents

Key goal in 2007• Run a new workshop illustrating the role of

physiology in medical advances

A new DVDfor schools

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Objectives and activities >>

introducing new content and developing the magazineweb site.

Over the next year new membership categories will beintroduced and actively promoted. We intend to develop the Associate category of membership toinclude the needs of clinical physiologists who have anincreasing interest in The Society. A new membershippromotion strategy should result in an increase in bothmembership uptake and retention of current Members.This will include promotion through an improvedPhysiology News and increased presence of Society representatives during meetings. Implementation ofThe Society’s new web site will allow Members onlineaccess to grant applications, membership records and apayment facility.

Grant making policy

The Society awards grants to support the careers ofphysiologists in the UK and internationally. Assessmentcriteria for applications include the benefit of fundingan application to the applicant and to the furtheranceof physiology. Details of the policy and application procedures are available to Members and are listed onThe Society’s web site. The types of grants availableare:

• Member and Affiliate Travel Grants for attendance at meetings, workshops and laboratory visits

• Vacation Studentships to support undergraduate summer research projects

• Network Interaction Grants to facilitate the communication between research groups worldwide

• Centres of Excellence Support Scheme and Junior Fellowships to support physiologists in Eastern Europe and developing countries **

• Foreign Guests Scheme to allow physiologists from around the world, who are not Members, to travel to Society Meetings **

** International grants not available to physiologistsbased in the UK.

• Young Physiologist Bursary Scheme which allows young scientists, who are not Members of The Society, to attend Society Meetings.

In 2006 a total of 196 out of 273 applications werefunded membership grants to an overall value of£117,319. Over 50% of funds supported Member andAffiliate travel to scientific meetings. There was a 25%rise in the number of Vacation Studentship applicationsand we anticipate this number may significantlyincrease with the introduction of UndergraduateAssociate membership.

Rationalisation of grants means that during 2007 a new application review process will be implemented. A single Grants Working Group will review all Societygrant applications, including those for internationalschemes. The Network Interaction Grant scheme will be reviewed due to its continually low uptake and islikely to be replaced from 2008 with a proposed Skillsand Network Development Grant. We will also reviewhow we can support our new Associate membershipcategories, in particular Undergraduate Associates.

Resources, administration and infrastructure

In 2006, following a review of The Society’s publications, literature, stationary and promotionalmaterial, Council approved a project to develop a newbrand. It was agreed that a new brand would increaseThe Society’s recognition factor and help to ensurephysiology is a recognised discipline in years to come. A brand covers all aspects of visual communication,ensuring that our presence is clear and easy to understand no matter where or how it is being used.The rebranding will be applied with clear guidelines forall users, saving time and money in the long-term.

35 Communications, selected as designers following atendering process, developed several concepts after consultation with a range of stakeholders. A finalset of designs and guidelines were then approved byCouncil and the new look of The Society will belaunched in spring 2007.

In 2006 a proposal to redevelop The Society’s web sitewas approved by Council. The new site was developedin conjunction with Fisher Technology, suppliers of ourmembership database, and will be launched in summer2007. The new web site will incorporate our rebrandedimage, resulting in a fresh modern look and improvednavigation. The web site will be fully integrated with ourexisting membership database, providing Memberswith the facility to apply and pay for membership,grants and events online, update their personal information, and preview subscription dues and

Key achievements in 2006• 347 new Members joined The Society and new

membership categories were piloted

Key goals in 2007• Develop and promote new membership

categories and publicise via the new web site

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Objectives and activities

forthcoming events. The site will also offer additionalfeatures including a searchable Members’ directory, bulletin boards and forums, online voting and questionnaires, personalised content, news and jobslistings, mailing list signup, and secure online paymentsby card or direct debit.

We are also expanding the content available online, andspecialised content management software will allowstaff to update and archive content more efficiently. Allthis will be provided in a secure and stable hosting environment, giving Members and the public the confidence and level of service expected of modern web sites.

The Society governance documents have been reviewedand undergone an extensive re-write this year. Theupdate was approved at the AGM of The Society. TheSociety strategic objectives have also been reviewed byCouncil and updated and can be seen under Our mission and purpose (p. 5)

A new Chief Executive was appointed in May 2006 andsubsequently a new organisational structure in theLondon Office has been introduced to ensure that keyareas of activity are fully supported and better careerdevelopment opportunities are available.

Goals for 2007 will be to introduce the new web siteand ensure it serves our Members’ requirements andreview of our publishing activities. We are in theprocess of modelling future financial scenarios, including a loss of journal income, and preparing contingency plans.

Key achievement in 2006• Rebranding of The Society and new organisational

structure introduced

Key goal for 2007• Launch of new web site

New Societylogo

Home page of the new web site

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Other activities

History & Archives Committee

The History & Archives Committee actively promotesinterest in all aspects of the history of physiology.

The Committee oversees The Society’s various archivalcollections which are currently tended by professionalarchivists at the Wellcome Trust Library and the ScienceMuseum. The collections comprise mostly paperrecords of The Society’s activities, a photographic andfilm collection of individuals, laboratories and experiments, and a growing collection of oral historyinterviews with those who have contributed to physiology and to The Society.

The Committee publicises the need for identifying thelocation, collection and the maintenance of equipment associated with the history of physiology. Additionally it encourages individual physiologists to donate rele-vant personal and professional records to an appropri-ate repository.

The Committee also administers the Paton Fund for historical studies, which was set up in 1994 to help fundsmall projects on the historical aspects of physiology.

In 2006, the Committee’s oral history programmeincluded interviews with Roger Woledge, Tom Searsand John Gillespie. The Committee’s work to celebratefamous physiologists included commemorating the lifeand work of Sydney Ringer with the erection of amemorial plaque in Lastingham Church, his place ofburial, and the production of an accompanying biographical booklet containing a description ofRinger’s contribution to physiology.

The major activities for 2007 will include:

• cataloguing the records of The Society that have accrued over the past 10 years, for which the Committee has secured funding for a temporary archivist

• further oral history interviews with a number of physiologists, including a group session of individuals who were associated with activities on The Society’s behalf dealing with the introduction ofthe Animals (Scientific Procedures) Act 1986, the Council of Europe Convention for the Protection of

Animals used for Experimental Purposes, UFAW Guidelines etc.

• digitising parts of the photographic collection• applying for a Blue Plaque to be placed on Sydney

Ringer’s London house.

Benevolent Fund of The PhysiologicalSociety

The Benevolent Fund was established in 1976 “for thepurpose of assisting Members of the Society, staff andformer staff (who by the nature of their employmentcan be considered to have contributed to the advanceof Physiology) employed at teaching, research andindustrial establishments who are in necessitous cir-cumstances, and their dependants”.

Income in 2006 was £3,855 of which £1,874 came from charitable giving, £495 from raffles and theremainder from investment income and bank interest.In 2006 two grants totalling £3,000 were made and£200 of book tokens and vouchers were given to chil-dren of recent beneficiaries.

The Society is connected by virtue of common objectsand administration with The Benevolent Fund of ThePhysiological Society (Registered Charity No. 272800).

The connected charity may be contacted in writing tothe registered office of The Society at Peer House,Verulam Street, London, WC1X 8LZ. The Society supports The Benevolent Fund by the provision ofemployees' time and administrative resources free ofcharge.

Biosciences Federation

The Society continues to support the BiosciencesFederation (BSF) as a powerful umbrella and lobbyingorganisation for the life sciences in the UK, and provides office accommodation and funding for the organisation.

The BSF is one of the channels for submitting TheSociety's responses to public consultations. The Societyis closely involved with the BSF Animal Sciences Groupthat is tackling difficult issues concerning legislationand the activities of animal rights activists.

History & ArchivesCommittee members MartinRosenberg (left),Tilli Tansey andDafydd Walters(Chairman)

Benevolent Fundadministrator ElfaWilmot (left) withAnn Silver, Chair ofthe Trustees (to June2006)

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Financial review >>

Basis of accounting

The annual financial statements of The PhysiologicalSociety are attached to this report. These are fully SORPcompliant including a full analysis and allocation of support costs across the charitable activities.

Review of the year

Overall summaryThe Society’s income remained constant in 2006 at£3.3m (2005: £3.3m). However, expenditure increasedby £0.1m to £3.1m (2005: £3.0m) and, as a result, netincoming resources fell by £0.1m to £0.2m (2005:£0.3m). Thanks to the good performance of ourinvestments in 2006, The Society’s reserves increasedduring the year by £1.2m.

PublicationsThe Journal of PhysiologyTotal income increased by a disappointing 1% to£2,512k (2005: £2,498k). The shift towards online only subscriptions continues with a 30% share of totalinstitutional subscriptions in 2006 (2005: 19%).Consortia income, in which institutions subscribe to a large package of journals including The Journal ofPhysiology, increased by £25k (19%).

Experimental PhysiologySubscription income increased slightly at £111k (2005:£110k). Increased consortia, rights and colour revenueincreased total income to £137k (2005: £131k).

Publication costs also increased slightly to £1,471k(2005: £1,422k). Savings in production costs (£67k)were partly offset by an increase in the Publisher’s profit share (£39k). Staff costs, editorial support andother support costs all increased.

MeetingsMeetings income will always be a function of the registration arrangements in place. Income fell by £71kin 2006 and this was mostly due to the two affiliatedmeetings held in 2005 (2006: none), which accountedfor £51k of the income in that year.

Costs associated with Scientific Meetings increased by£23k (4%) to £562k (2005: £539k). The direct costs ofThe Society’s main meeting were £132k (2005: £148k).Grants totalling £26k were awarded in respect of the Joint International Brazilian Meeting and direct staff

costs increased by £22k with the expansion of theEvents Team.

InternationalResources expended on International activitiesremained stable at £186k (2005: £184k). ThreeInternational Workshops and three Centres ofExcellence were supported in 2006.

Membership servicesMembership subscriptions fell by £39k (23%) to £127k(2005: £166k). This reflects the impact of a majordebtor exercise in 2005, which increased income in that year, and the decision to discontinue subscriptioncharges for ordinary retired Members.

Costs associated with the provision of membershipservices, including grants to Members, increased by £3k (1%) to £336k (2005: £333k). Grants payable in2006 were £143k (2005: £146k). Other major itemsinclude publication costs associated with PhysiologyNews (£24k) and the Trustees’ Annual report (£6k).

EducationActivities include workshops, careers events, YoungPhysiologists’ symposia and educational literature.Costs associated with these activities fell by £9k (6%) to£146k.

External relationsResources expended on activities associated with external relations and policy increased by £52k (50%) to £157k (2005: £105k). New items in the year included£27k in respect of a Schools’ DVD project and also £20k per annum support to the Biosciences Federation,to continue until 2008.

GovernanceCosts relating to the general running of The Society fellby 5% to £202k (2005: £213k).

Other incoming resourcesInvestment income showed a healthy increase, with anincrease of £51k (14%) over the previous year. This wasdue both to a greater bond weighting in the investmentfund allocation and receipt of £21k following back-dated rent reviews.

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Financial review >>

Balance sheetThe balance sheet remains in good shape ensuring that The Society has the assets required to meet itscharitable objects.

The value of The Society’s investment portfolio hasincreased in 2006. Growth in the value of the trackerfunds of £0.5m reflected the strength of the world markets whilst the valuation of investment propertyincreased by 22% to £2.9m (2005: £2.4m).

Debtors increased by £0.2m to £1.9m (2005: £1.7m).This was mostly due to a larger balancing royalty owedby Blackwell Publishing Limited at the year-end.

Cash balances increased by £0.6m to £1.5m (2005:0.9m). £0.6m of backdated royalty VAT was collectedfrom Blackwell in December 06 and paid over to HMRevenue & Customs in January 2007. Also in January2007, £0.4m of surplus cash balances were transferredto a one-year fixed term deposit account, designatedthe IUPS Fund.

Creditor balances have increased by £0.6m to £2.4m(2005: £1.8m); again, this reflects the voluntary VATdisclosure paid over in January 2007.

Investment policy and performanceInvestment fundsSince July 2005, The Society’s investment funds havebeen held with Legal & General InvestmentManagement (LGIM). The investment objectives are totrack the capital return of the relevant market indexwithin tight tolerances for each of the index funds inwhich the fund is invested. The value and distribution ofthe funds are set out in the table below.

The tracker funds have grown by 6.4% in total.Investment income, which is currently distributed, has

grown by 25% to £242,594 (2005: £194, 840). The LGIM management charges are reflected in the unit prices; in2005 the charges accruing to Newton InvestmentManagement Limited were £9,151.

PropertyThe property portfolio did not change in 2006. At 31December 2006 the property portfolio was re-valuedupwards by £510,000 (2005: £480,000) following anindependent valuation. At 31December, the marketvalue of the portfolio stood at £2,870,000 (2005:£2,360,000). Total rental income during the year was£155,600 (2005: £143,600). The rental yield (based onthe opening market value) was 6.6% (2005: 7.6%).Property managers fees (5% of rental income) were£8,550 in 2006 (2005: £7,164)

The Trustees considered a draft Statement ofInvestment Principles (SIP) at a Council meeting held on 23 November 2006. At this meeting it was agreedthat, subsequent to an external review of the asset allocation and risk profile, all fund income would bereinvested in order to maximise total return. In addition, Trustees will consider whether an ethical and socially responsible investment policy could beadopted in 2007.

Reserves policyThe Trustees have adopted a reserves policy which theyconsider appropriate to ensure the continued ability ofThe Society to meet its charitable objects. During theyear the Trustees examined The Society’s requirementsfor free reserves in line with the guidance issued by theCharity Commission. The free reserves are defined asunrestricted funds less designated funds less fixedassets. The free reserves as at 31 December 2006 were£10,546,479 (2005: £10,330,124) and equate to 45.3months’ worth of expenditure (2005: 42.2 months).

Index Trust 31 December2006

31 December2005

Investment Allocation

Benchmark £’000 % £’000 % %CAF UK Equitrack 3,712 48 3,289 45 45European 890 12 759 11 10US 420 5 417 6 5Japanese 417 5 454 6 5Pacific 431 6 395 5 5All Stocks Gilt 1,885 24 1,977 27 30Total £7,755 100 £7,291 100 100

Value and distribution of investment funds

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Financial review >>

Free reserves are needed to allow for the developmentof new initiatives, to meet the working capital require-ments of The Society and to compensate for a signifi-cant drop in publishing income. The Trustees considerit prudent that free reserves, which represent 99% ofthe market value of investments, should be sufficient to generate £550,000 of investment income, if required,to offset the possible loss of publishing income. Using anotional yield of 5%, the level of free reserves required is ~ £11 million. Free reserves are currently below thatrange by approximately £0.5 million; The Society will re-invest investment income and make periodic cashinjections to attain the target level.

In addition, the Trustees agreed to designate £1millionto underwrite potential commitments for the XXXVIIIUPS Congress in 2013. In February 2007, £400,000 wastransferred to a one-year fixed term deposit account forthis purpose. Periodic cash injections will be made tothis fund over time.

Treasurer’s statementI am pleased to be able to confirm the financial health ofThe Society, as reflected in this report, but would alsolike to draw attention to a number of important issues.

Although our 2006 income exceeded our expenditureby £200k, the underlying trends are worrying. Totalincome actually decreased relative to 2005 and journalincome, which was 81% of total income, increased byonly 1%. Core costs (salaries, rent, etc) are projected toincrease by at least 5% per year; probably more if inflation continues to grow. These trends suggest thatwe will soon have to call on our capital reserves, unlesswe adopt new models of operation. And this does nottake into account the possible impact of open accesspublishing, which some regard as the single largestthreat facing The Society. Several points for current andfuture action follow from this:

• Other sources of income need to be considered and a working group has been set up to do this. The most obvious source, however, would be Registration Fees for Scientific Meetings. Even a relatively small fee could provide a major injection of funds. This could help improve current services and would also pavethe way for meetings to be self-funding, should that become necessary. It is vital that we endorse this principle as a Society.

• We need to maximise the performance of our investments. The Investment Strategy has been reviewed, and we plan to adopt a more active fund management approach in 2007. Related to this, the Trustees have decided that the adoption of positive or negative ethical investment criteria is not

appropriate, given the difficulty of defining such criteria based on the charitable objectives of The Society, and the likely negative financial impact of restricting the diversity of investment on ethical grounds.

• Our reserves should be adequate to generate Investment Income capable of replacing a substantial fraction of our current income. This is reflected in the relatively large target set out in our Reserves Policy above.

On a positive note, I would also like to highlight the factthat the past year has seen considerable investment ofstaff time and money in equipping The Society for thefuture. The resulting improvements include:

• Upgrading of the internet hardware and software to provide a more efficient, online service.

• Rebranding of The Society, as reflected in the web siteand this Report. The new look will help us promote physiology, especially to a younger generation.

• Adoption of the new format for the Trustees’ Report, as required for charities by the Statement of Recommended Practice 2005, has been both a major and a worthwhile exercise. This required support costs to be allocated to the charitable activities we undertake, so we can make better informed judge-ments as to how closely expenditure is correlated to the effectiveness and importance of each activity funded. We hope you will agree that the result is more attractive and readable.

I just want to conclude by thanking The Society’s staff,and especially Casey Early, our Finance Manager, for thehighly professional and self-motivated approach theybring to their work on The Society’s behalf.

This report was approved by the Trustees of ThePhysiological Society and signed on this 17th day of May2007 on their behalf by:

J C McgrathChairman of the Executive Committee

J G McGeownHonorary Treasurer

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Financial review >>

Independent Auditors’ Report toMembers of The Physiological Society

We have examined the summarised financial statements of The Physiological Society set out onpages 23 to 25.

Respective responsibilities of Trustees andAuditorsThe Trustees are responsible for preparing the summarised financial statements in compliance withthe relevant requirements of section 251 of theCompanies Act 1985 and the regulations made thereunder the recommendations of the charities SORP.

Our responsibility is to report to you our opinion on the consistency of the summarised financial statementswith the full financial statements and Trustees’ AnnualReport. We also read the other information contained in the summarised annual report and consider the implications for our report if we become aware of anyapparent misstatements or material inconsistencieswith the summarised financial statements.

Basis of opinionWe conducted our work in accordance with Bulletin1999/6 The auditors’ statement on the summary finan-cial statement issued by the Auditing Practices Board foruse in the United Kingdom.

OpinionIn our opinion the summarised financial statements areconsistent with the full financial statements and theTrustees’ Annual Report of The Physiological Society forthe year ended 31 December 2006.

haysmacintyreChartered AccountantsRegistered AuditorsFairfax House, 15 Fulwood PlaceLondon WC1V 6AY18 May 2007

The above summarised accounts are a summary ofinformation extracted from the annual accounts andcontain information relating to both the Statement ofFinancial Activities and the Balance Sheet.

These summarised accounts may not contain sufficientinformation to allow for a full understanding of thefinancial affairs of the charity. For further information,the full accounts, which received an unqualified auditopinion, should be consulted. These are available fordownload from www.physoc.org. .

The annual accounts were approved by the Trustees on17 May 2007 and have been submitted to the CharityCommission and Companies House.

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Financial review >>

Unrestricted Restricted 2006 2005Funds Funds Total Funds Total Funds

£ £ £ £Incoming ResourcesActivities to further the Charity's objects:

Journal sales and subscriptions 2,628,029 - 2,628,029 2,584,843Membership subscriptions 126,821 - 126,821 165,715Scientific meetings and education events income 50,481 - 50,481 124,421Other incoming resources 28,245 - 28,245 16,422

Activities for generating funds:Investment income 426,477 - 426,477 375,546

Total incoming resources 3,260,053 - 3,260,053 3,266,947

Resources ExpendedCost of generating funds:Investment management fees 12,554 - 12,554 19,795Charitable expenditure:Costs of activities to further the Charity’s objects:

Publications 1,470,982 - 1,470,982 1,422,695Scientific Meetings 559,781 2,683 562,464 539,289International 186,272 - 186,272 183,527Membership Services 336,036 - 336,036 332,759Education 145,771 - 145,771 154,851External Relations 156,508 - 156,508 105,392

Governance costs 201,889 - 201,889 212,9403,057,239 2,683 3,059,922 2,951,453

Total resources expended 3,069,793 2,683 3,072,476 2,971,248Net incoming/(outgoing) resources 190,260 (2,683) 187,577 295,699Realised gains on investments - - - 220,108Unrealised gains on investments 464,926 - 464,926 722,944Revaluation of investment property 510,000 - 510,000 480,000Net movement in funds 1,165,186 (2,683) 1,162,503 1,718,751Fund balances as at 1 January 2006 10,396,460 43,435 10,439,895 8,721,144Fund balances as at 31 December 2006 11,561,646£ 40,752£ 11,602,398£ 10,439,895£

All the above results are derived from continuing activities. All gains and losses in the year are included above;accordingly a statement of total realised gains and losses has not been prepared.

Statement of financial activities for the year ended 31 December 2006

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Financial review >>

Approved by the Trustees of The Physiological Societythis 17th day of May 2007 and signed on their behalf by:

J C McGrath Chairman of the Executive Committee

J G McGeownHonorary Treasurer

£ £ £ £Fixed AssetsTangible assets 15,167 35,552Investments 10,625,025 9,650,099

10,640,192 9,685,651Current AssetsDebtors 1,934,764 1,717,085Cash at bank and in hand 1,452,367 853,009

3,387,131 2,570,094

LiabilitiesCreditors: Amounts falling due within one year (2,424,925) (1,813,711)

Net Current Assets 962,206 756,383

Creditors: Amounts falling due after one year - (2,139)

Net Assets £11,602,398 £10,439,895

Funds

Unrestricted Funds:General (including revaluation 10,561,646 10,365,676reserves of £2,516,792 (2005: £1,541,866))Designated 1,000,000 30,784

11,561,646 10,396,460

Restricted 40,752 43,435

Total Funds £11,602,398 £10,439,895

2006 2005

Balance sheet as at 31 December 2006

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Financial review >>

£ £ £ £

Net Cash Inflow from Operating Activities 174,061 144,119

Returns on Investments and Servicing of FinanceIncome from listed investments received 242,594 194,840Interest received 28,283 37,106Rent received 155,600 143,600

426,477 375,546Capital Expenditure and Financial InvestmentPayments to acquire tangible fixed assets (1,180) (11,836)Purchase of fixed asset investments - (6,567,161)Disposal of fixed asset investments - 5,841,852

(1,180) (737,145)Increase/(Decrease) in Cash in the Year £599,358 £(217,480)

2006 2005

Cash flow statement for the year ended 31 December 2006

26

Standing information

The Physiological Society is registered in England as a company limited by guarantee, No. 323575. Registered Charity No. 211585.

Administration Office and Registered OfficePeer House, Verulam Street, London WC1X 8LZ, UKTel: + 44 (0)20 7269 5710Fax: + 44 (0) 20 7269 5720Web site: http://www.physoc.org

Publications OfficePO Box 502, Cambridge CB1 0AL, UKTel: + 44 (0) 1223 400180Fax: + 44 (0) 1223 246858

Trustees in 2006J F Ashmore D R Corfield D A Eisner V F Gladwell (from July 2006) P L Greenhaff S K Hall J W Hanrahan P T Harrison A E King W A Large J A Lee (to July 2006) S L LightmanB M Lumb (to July 2006) G E Mann (to July 2006) J G McGeown J C McGrath R A North (to July 2006) C H Orchard O Petersen L Poston (to July 2006) C J SchwieningS V Smirnov D Sugden A V TepikinK D Thornbury J T Tiffert A Verkhratsky (to July 2006)D J A Wyllie (from July 2006)

Chief ExecutiveMichael Collis

Company SecretaryCasey Early

Auditorshaysmacintyre, Fairfax House, 15 Fulwood Place, London WC1V 6AY, UK

SolicitorsRussell-Cooke, 2 Putney Hill, Putney SW15 6AB, UK

BankersChild & Co, 1 Fleet Street, London EC4Y 1BD, UK

Investment managersLegal & General Investment Management Ltd, 11 Queen Victoria Street, London EC4N 4TP, UK

Property consultantsBidwells, Trumpington Road, Cambridge CB2 2LD, UK

Pension advisorsPunter Southall Financial Management Ltd, 126 Jermyn Street, London SW1Y 4UJ, UK

27

AcknowledgementsMany members of staff contributed to this report. Special thanks go to Casey Early, Simon Kellas and Linda Rimmer for

compiling the document

The Physiological SocietyPeer House, Verulam StreetLondon WC1X 8LZ UKT: +44 (0)20 7269 5710F: +44 (0)20 7269 5720www.physoc.org