Royal Society Research Fellowship

 

CACT appeal for funds

 

1 After completing the funding of the successful twins project, we canvassed the Livery in 2005 on the characteristics for our next major project. This indicated a project which:

· would last 2-3 years,

· involve skills related to the work of actuaries,

· make a difference,

· provide regular feedback to the Livery, and

· have PR potential, at least within the profession.

2 Taking these characteristics into account, the Court eventually decided it wanted a project related to maths education in schools, because

· the previous major project had been medical, so the next should be educational

· a larger pool of mathematically confident school leavers would be good for

- UK plc as a whole

- actuarial employers who would have more potential recruits

3 However we failed to find a stand alone project that met our criteria, because

· many educational projects exist, but

· few are evidence based, and

· few are taken forward “to make a difference”,

so as an interim project we have sponsored Life Education in its project to expand into schools in Tower Hamlets and neighbouring boroughs.

4 To celebrate their 350th anniversary in 2010, the Royal Society is raising £100m for a project “to support science, engineering, medicine and mathematics in a rapidly changing world”, one element of which is to invigorate science and maths education in the UK.

5 We have agreed to sponsor one of twelve 5 year Royal Society research fellowships into “changing maths teaching in schools to improve the mathematical skills of future generations, particularly in the area of financial skills”, because

· the Royal Society has a track record of

- producing high quality, evidence-based research,

- evaluating researchers’ progress and performance half-yearly,

- ensuring researchers provide regular oral and written feedback to sponsors,

- achieving implementation by government bodies,

· its research fellowship meets our criteria well, in particular because its research “makes a difference”, and

· our association with such a prestigious organisation as one of its President’s Circle donors will give us high profile opportunities to promote the Livery to various audiences.

6 The annual commitment is expected to rise from £53,000 to £64,000 with a total cost of £287,000 over 5 years. This compares to our previous major project costs of £30,000 pa, so CACT needs to raise at least £25,000pa to ensure that our other donations can continue at their historic level.

· An extra £100pa from each member of the Company would almost meet our target,

· the rise in the top tax rate to 50% will presumably enable many of our members to increase their annual donation to CACT by at least 15% at no net cost to themselves – if all eligible members do this, we will be about half way there,

· there will be specific fundraising activities –

- half the donations to the 2010 Swimathon on 15 March will go to CACT for this project.

- various other activities are being considered, but all suggestions will be welcomed.

We believe that this project will capture the enthusiasm, imagination and financial support of the Livery. We look forward to the regular feedback on its progress and expect that it will enhance the visibility and reputation of both the profession and the Livery.