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2020-12-31-accounts

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS

AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

A COMPANY LIMITED BY GUARANTEE

REGISTERED COMPANY NUMBER: 3080332

REGISTERED CHARITY NUMBER: 1047999

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

CONTENTS

Page
President’s Foreword 3 - 5
Legal and Administrative Information 6 - 7
Report of the Trustees and Directors 8 - 28
Independent Auditor’s Report 29 - 32
Consolidated Statement of Financial Activities
(Incorporating the Income and Expenditure Account) 33
Charity Statement of Financial Activities 34
Group and Charity Balance Sheets 35
Group Cash Flow Statement 36
Notes to the Financial Statements 37 - 57

Registered Office

Fairmount House, 230 Tadcaster Road, York, YO24 1ES

Registered Charity No: 1047999 VAT Registration No: 721 4435 63 Registered in England and Wales No: 3080332 Email: office@ipem.ac.uk Web: www.ipem.ac.uk

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

President’s Foreword

This report covers activities of the Institute of Physics and Engineering in Medicine, IPEM, during 2020.

In 2020, the UK suffered a devastating impact from Covid-19 affecting the health, economy, and citizens of our country. Healthcare professionals were hard hit working extended shifts, often learning new skills to be deployed to other areas and even moving to work at the Nightingale and Jordan hospitals which had been rapidly set up. Our own professional groups, Clinical / Biomedical Engineers, Medical Physicists, Academics, and Industrialists all played their part supporting the national response to the pandemic at all levels. These groups have all been mentioned in ‘dispatches’ from the Office of the Chief Scientific Officer, Medicines and Healthcare Products Regulatory Agency and the Department for Health and Social Care. IPEM’s workforce response led by Dr Jemimah Eve, played its part in the pandemic, identifying local, regional, and national links for professional groups and facilitating some of these meetings. IPEM issued ten Covid-19 related guidance documents and supported many more from our partner organisations. The commencement of the UK’s vaccination programme in December gives us hope that 2021 will be a better year.

I am pleased to report that IPEM has had an extremely successful year. Philip Morgan joined IPEM in January 2020 as Chief Executive Officer and, together with the Senior Management Team, managed IPEM’s response to Covid-19 with an efficient and prompt response, overseeing a complete change to all our operational activities. Fairmount House was closed in a timely manner during the week before the national lockdown in March 2020. IPEM staff reverted to home working with assistance of senior management and an excellent IT help line service. After a few teething troubles, everyone settled into homeworking. We are very grateful to the staff for adapting so well to this change and keeping the national office operational, albeit remotely.

Changes were made early in the year to promote Dr Jemimah Eve to the Senior Management Team and add Training into her portfolio with Workforce Intelligence. Jessica Bagnall transferred from the Events Team to the Workforce and Training Team to assist with training when there was a fall in demand for her services due to Covid-19 and was subsequently promoted to the permanent position of Training Officer in the Workforce and Training Team in January 2021. A new Membership and Development Manager, Steve Mattin, took up his position in June followed in November by new Senior Communication Manager, Paul Barratt. These appointments were a first for IPEM, with home working being available for those appointed. This allowed the recruitment net to be cast nationally rather than being restricted to the environs of York. Later in the year, Eva McClean took on a new role as Equality, Diversity and Inclusivity and Member Networks Manager.

In 2020 the Trustees and Senior Management Team started reviewing IPEM’s strategy, branding, website and communications. The strategic review has been completed, driven by Philip Morgan. Staff are now working on their plans to deliver this strategy. New branding was approved just before Christmas and will be implemented in early 2021. The procurement process for a new website started in November 2020. If all goes extremely well, it may be possible to view the new website at MPEC 2021 in September 2021.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

President’s Foreword (continued).

We managed 4 live events, trainee induction day, HSST, MPE update and Personal Dosimetry, prior to lockdown. There have been 5 online events, RPA and RWA updates, developments in nuclear cardiology, AI in MRI and optical radiation.

Outreach events were hard hit too with only 13 events able to take place before lockdown in March 2020. The MR Expert task and finish group successfully completed its work and the programme was approved by the Professional and Standards Committee. The first training course and exam were postponed in March and June 2020 respectively. The training will now take place as a virtual event in March 2021, but the first exam has been pushed further back to September 2021.

IPEM is a Professional Engineering Institution (PEI), registered with the Engineering Council. There were two registrations in 2020 for Chartered Engineer, one registration each for Incorporated Engineer and Engineering Technician respectively.

IPEM is also registered with the Science Council to award Chartered Scientist (CSci), Registered Scientist (RSci) and Registered Science Technician (RSciTech). There were 2 successful CSci applications in 2020.

IPEM has registrars to assist those going through registration together with a mentoring scheme where applicants can also seek assistance. The mentoring scheme currently has 18 mentors. Applications for mentoring in 2020 were similar to 2019.

IPEM has produced a number of reports on its own and also with other stakeholders which are available on our website.

There was great concern expressed by many members during 2020 relating to the lack of Special Interest Groups (SIGs) for Clinical Engineering and Clinical Informatics. These will be resurrected in the first half of 2021 in a slightly different way to the current SIGs. The aim is to actively develop a community of practice within a specific area of science or engineering, including but not limited to active management of the relevant Communities of Interest and regular networking opportunities for Group members online and offline. The progress of these two new groups will be carefully assessed to see whether this method could be an improvement over our current SIG practices.

There has been international activity despite the travel restrictions. Our IPEM international scholar, Eduardo Florian, is now in his second year of his MSc in Medical Physics at the University of Trieste, Italy and is looking for a PhD project in the UK. Professor Dan Clark is working with low- and middle-income countries to see how we can support an expansion of training, qualified staff and services. There is a very interesting project in Nigeria trying to get off the ground to inform engineering students of the possibilities of careers within our professional specialties through a block of lectures as well a practical work, some of which will be directed from the UK. This is a model that could be utilised elsewhere.

IPEM has remained in excellent financial health despite the turbulence in the financial markets in 2020. Expenditure has been low given that all meetings were virtual from mid-March 2020 and continue to be so. The strategic changes deemed necessary to move IPEM to the next level are not free of charge. A budget was proposed for additional staff together with consultants for the rebranding of IPEM and our website. A deficit budget was proposed by the CEO in September, endorsed by

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

President’s Foreword (continued).

the Finance and Business Planning (F&BP) Committee in September and approved by Trustees in October 2020 with a return to a balanced budget anticipated by 2024. This will be discussed further by the Head of Operations and Finance, Kathryn Surtees, and the Honorary Treasurer, John Turner.

IPEM has forged a link with the Worshipful Company of Scientific Makers, a Livery Company of the City of London and a Charity. A joint essay prize has been established and the inaugural winner was James Bezer from Bioengineering Department at Imperial College, London. Webinars are shared across both organisations. A memorandum of understanding has been signed between IPEM and the School of Mathematics, Computer Science and Engineering at City, University of London to jointly organize a series of 4 webinars in 2021. The first is on sensors in healthcare and was on 18[th] March 2021. IPEM are the hosts for the 2021 Peter Wells Memorial Lecture and plans are being finalised for this to be a public lecture in May or June timeframe.

Many congratulations to Joe Barbanel, Stephen Keevil, Slavik Tabakov, Peter H. S. Smith and Leandro Pecchia on becoming inaugural Fellows of the International Union for Physical and Engineering Sciences in Medicine in recognition of their outstanding work for our profession on the international stage. Also recognised as an inaugural IUPESM Fellow was Professor John Mallard OBE FRSE, who sadly passed away in in February 2021. A Fellow of IPEM, Professor Mallard was greatly esteemed by all who knew him, his achievements, and his international renown. These were recorded in an obituary in The Times on 1 March 2021.

Until 2020, there was no way of recognising members who have given exceptional service to IPEM. I therefore gained approval from F&BP to introduce the President’s Gold Medal for exceptional service to IPEM. No more than three can be awarded in any one year. The inaugural winners of this medal were Dr Anna Barnes from University College Hospital, London, Dr Richard Black from Bioengineering at University of Strathclyde and Mr. Justin McCarthy a consultant clinical engineer from Cardiff. We were very pleased to hear from each of the winners at MPEC about the volunteer work that they have carried out for IPEM and what it has meant to them. Three true ambassadors for IPEM.

Great news for IPEM member Dr Heather Williams who was awarded an MBE in the New Year’s Honours list for diversity and inclusion in science and IPEM Fellow Professor Dan Clark who received an OBE for his work in Clinical Engineering, particularly during Covid-19. Congratulations to them both.

Finally, I would like to thank all our volunteers who have given of their time so unselfishly whether participating as Trustees, or on Councils, Committees, Special Interest Groups, Working Parties, Task and Finish Groups, as Registrars or writing guidance documents and reports. Without all of this volunteer effort, IPEM could not be the charity, professional body and learned society that it is, widely respected both nationally and internationally.

Stephen A. O'Connor

Stephen A. O'Connor (Jul 17, 2021 17:19 GMT+1)

Professor Stephen A. O’Connor DSc, FIPEM 15[th] July 2021

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

Legal and Administrative Information

Name and Nature of Charity

The full name of the Charity is the Institute of Physics and Engineering in Medicine. It is a company limited by guarantee (registration number 3080332) and is registered with the Charity Commission for England and Wales. The Charity registration number is 1047999.

Governing Document

The Charity is governed by its Articles of Association which were last updated on 21st September 2020.

Charity Trustees

Trustees in post on 31 December 2020 and up to the date of signing of the accounts are as follows:


are as follows:
President Prof Stephen O’Connor
President Elect Dr Robert Farley (from Sept 2020)
Honorary Treasurer Mr John Turner
Honorary Secretary Mrs Danielle Ross
Director of Professional and
Standards Council		 Dr Emma Bowers
Director of Science, Research &
Innovation Council		 Prof Andrew Reilly (from Sept 2020)
Member Trustees Ms Claire Hardiman (from Sept 2020)
Dr Anna Barnes
Dr Ben Metcalfe
Independent Trustees (not
members of the Institute)		 Mrs Alison Robinson
Canham
Dr Justin Richards
Ms Chelsea Roche (from Jan 2020)

The following Trustees resigned during 2020:

Past President Prof Mark Tooley FREng (to Sept 2020)
Director of Science, Research &
Innovation Council		 Dr Roger Staff (to Sept 2020)
Member Trustees Prof Bernie Conway (to Sept 2020)

Principal Employee and staff

The Institute was headed by the Chief Executive Officer, Mr Philip Morgan. Mr Philip Morgan was supported by a staff of 18 (c14 whole time equivalent).

Registered Office

The registered office and operational headquarters of the Institute of Physics and Engineering in Medicine is Fairmount House, 230 Tadcaster Road, York, YO24 1ES.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

Legal and Administrative Information (continued)

Principal Advisors

Auditors
BDO LLP
6thFloor
Central Square
29 Wellington Street
Leeds
LS1 4DL
Investment Managers
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET		 Bankers
Lloyds Bank plc
2 Pavement
York
YO1 9UP

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020

Going Concern

The Trustees confirm that, after making appropriate enquiries, they have reasonable expectation that the Institute has adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from approval of these financial statements. For this reason, they continue to adopt the going concern basis in preparing these accounts.

The Trustees further confirm that, after considering the impact of the COVID-19 (Coronavirus) on the financial forecasts, they have a reasonable expectation that the Institute has adequate resources for the foreseeable future. The Trustees have considered both income and expenditure on the financial forecasts as shown below:

Income

Membership Subscriptions – This forecast 2021 income is based on budget membership numbers (number at the end of June 2020) costed at the 2021 membership rates. £211k has already been received (at 25/2/2021) and a further £27k (at 25/2/2021) is committed on monthly direct debits. The balance circa £26k is potentially at risk. In 2022 we are expecting a similar level of income (increased by 2.5% to take account of forecast inflation rises).

RCT Registrations – This income is not expected to be significantly different from budget of £57k. £47k has been received as (at 25/2/2021) and a further £6k (at 25/2/2021) is committed on monthly direct debits. The balance circa £4k is potentially at risk. In 2022 we are expecting a similar a 5% reduction in income levels to reflect the same level of shrinkage that we have seen over the last few years.

Training Scheme Fees – This income is now currently expected to exceed the Jan 2021 forecast of £15k. We have received £14.7k (as at 25/2/2021) for students who enrolled in October 2020 or before and we are expecting to receive £2.8k income from 12 students in April and a further £0.9k from 12 students in October. In 2022 we have a prudent expectation of 12 new students in April and 12 new students in October.

Publication Income – This income stream is not expected to be affected in the coming 12 months, mainly because £719k of the £801k is guaranteed under contract and the 2020 outturn was significantly higher at £920k. The 2022 income is also guaranteed under contract with a guaranteed minimum payment of £745k.

International Support – This income will not be affected because this is contracted income in both 2021 and 2022.

Scientific Meeting Income – We have based our 2021 forecast on the prudent basis that we will not running any face-to-face meetings this year, but we will run a full programme of online meetings. We expect face-to-face meetings will be able to restart in 2022 with appropriate social distancing measures in place.

Income from Trading activities – We have been very prudent in our 2020 and 2021 forecast estimate at £2k per month, as at 25/2/2021 we are showing £4.5k of sales, so currently this still looks achievable.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Going Concern (continued)

Expenditure

Grants Awards and Bursaries – We have currently assumed that these direct costs will be paid out as normal in both 2021 and 2022.

Professional Standards & Development – We have assumed that all professional work will now be conducted online until the end of June 2021 and therefore there will be no expenses for professional work in the first half of 2021 reducing expenditure in 2021 compared to the original budget. It is currently forecast that 2022 will return to 2019 levels of expenditure plus inflation.

Publication costs - We have assumed that all professional work will be conducted online in the first half of 2021, and therefore reducing expenditure in 2021 compared to the original budget. We expect 2022 expenditure will return to will return to 2019 levels of expenditure plus inflation.

Scientific Meetings - We have based our forecast on the prudent basis that we will not be running any face-to-face meetings in 2021 but we will have a full programme online. We expect 2022 expenditure will return to 2019 level (plus inflation) when we return to face-to-face meetings.

Indirect Costs – We have assumed that there will be no change to the indirect costs. In 2021 and 2022 except for increase for inflation.

Investments – We have included a prudent assumption that our investments will increase by 3% in 2021 and 2022. This is a consistent assumption that we have made since we took out the investments in 2015 and this assumption has constantly been exceeded, including in 2020 when the value of the investments went down at the beginning of the year but fully recovered by the end of the year, but there are no guarantees this will be achieved in the future. The Trustees will continue to monitor this portfolio of investments.

The Trustees acknowledge the volatile nature of the effect of the Covid-19 virus on the financial position for the Institute and continue to monitor this closely.

The Trustees note the cash reserves and investments held as of 31 December 2020 are sufficient to ensure IPEM can continue as a going concern for at least 12 months from the approval of these financial statements.

General

IPEM’s Board of Trustees, chaired by the President, is responsible for taking decisions on the strategic direction of the Institute and for approving major developments. It is supported by the Finance and Business Planning Committee, which leads on financial and risk management matters, and is chaired by the Honorary Treasurer.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

General (continued)

Two Councils (Science, Research, and Innovation Council, and Professional and Standards Council) each take operational responsibility for implementing the strategy and monitoring the programmes which deal with the detailed scientific and professional aspects of the Institute’s work. The Directors of the Councils are also Trustees of the Institute.

At any one time, approximately 300 (6.5%) members of the Institute support its work by attending the various committees, sub-committees and working parties of the Institute, and by representing the Institute on external bodies and national advisory committees.

The Chief Executive is not a Trustee or a member of the Institute but attends the Board of Trustees’ meetings together with the Head of Operations and Finance and the Head of Workforce Intelligence and Training. The Chief Executive is however a member of both operational Councils. Along with the Head of Operations and Finance, the Chief Executive is also a member of the Finance and Business Planning committee, which is responsible for detailed scrutiny of the finances, risks, internal audit programme and business planning of the Institute.

Trustee Recruitment and Training

The Board of Trustees met four times in 2020 and under the conditions of the pandemic emergency, all but one meeting in the calendar year was held via electronic means. Below is an account of the managed succession of Trustee roles.

Most Trustees serve a maximum of 3 years, with terms of office set out in the Articles of Association. Each year a proportion of Trustees are appointed from the membership of the Institute in accordance with its Rules. The Officers (except the Honorary Treasurer – see below; and Honorary Secretary), Council Directors and Members Trustees are always appointed from the membership. A person may not act as a Trustee until they have signed a declaration of acceptance and willingness to act in accordance with the terms of the Articles. In 2020, Mr Andrew Reilly joined the Board as Director of the Science, Research and Innovation Council and Ms Claire Hardiman joined as a Member Trustee. Dr Rob Farley was elected PresidentElect at the Annual General Meeting and so also joined the Board as a Trustee. He is expected to succeed the current President, Professor Stephen O’Connor, at the 2021 AGM.

The Independent Trustees, including the Honorary Secretary, who are not members of the Institute or of related professions, may serve three terms of three years each. They are recruited through open advertisement in charity, public and voluntary sector media, and selected through an interview process focused on filling specific skills gaps on the Trustee Board, such as knowledge or experience of governance, legal, HR or academic publishing issues. In 2020, one new Independent Trustee, Ms Chelsea Roche, was recruited to join the Board.

The Honorary Treasurer may serve up to two five-year terms. Since 2013, this position has been open to either a member or a non-member of the Institute, in order to bring in the skills and knowledge required to assist the Board with financial

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Trustee Recruitment and Training (continued).

strategy and management. The position is advertised both through IPEM member communication channels, and through charity finance, public, and voluntary sector media, and an interview selection process is held to appoint the best-qualified candidate.

Newly appointed Trustees receive a comprehensive induction pack, the IPEM Trustee and Director Handbook, containing information about the Institute and about their duties, together with material from the Charity Commission explaining in detail the responsibilities of Trustees. Normally, at the start of the first meeting of each corporate year, all Trustees are reminded of their role and responsibilities via a presentation. Both the Handbook and this presentation remain available to them at all times on the Trustee workspace on the IPEM website. Generally, Trustees undertake training sessions with external and/or internal speakers. Topics covered to date have included understanding investments, reading the management accounts, duties of directors, understanding charity incorporation, and avoiding unconscious and implicit bias. Training is usually made available to all Trustees on key topics covering their legal and corporate responsibilities. A new programme, including Equality, Diversity, and Inclusion training, has been introduced in 2021.

All Trustees are required to complete declarations with regard to their qualification for office, and to declare their other interests annually. In addition, they are reminded at each meeting, via a specific agenda item, to declare any potential conflicts of interest in following agenda items.

Charity Code Compliance

IPEM seeks to comply with the Charity Governance Code. Guidance for applying the code suggests that charities are encouraged to publish a brief statement in their annual report explaining how they use it.

IPEM’s Trustees discuss compliance alongside risk at each meeting. In 2020 IPEM sought to maintain improvements made in previous years in the following areas of the code, with the following activity:

Leadership:

Decision-making, risk, and control:

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Charity Code Compliance (continued)

Board effectiveness:

Diversity:

Openness and Accountability:

IPEM’s relations with internal and external stakeholders and the public featured in the development of a new strategy, work that was ongoing as of 31 December 2020.

Organisation of the Institute

The Institute’s organisation has two major elements: The Charity itself, which addresses the objectives shown below, and a trading subsidiary, IPEM Enterprises Ltd (IEL), the current primary activities of which are the production and publication of an online vacancy bulletin throughout the year. Since 2016, this has been supplemented by the sale of books and reports, and by selling advertising space on the IPEM website, with the permission of the IPEM Trustees.

The Institute has a minority interest in the following companies:

Radiology and Oncology Congresses (ROC)

The Institute is one of three members of ROC, a company limited by guarantee and a Charity registered in England and Wales (Registration No. 10877939). The other two members are the British Institute of Radiology and the Society and College of Radiographers. ROC, through its trading subsidiary ROC Events Ltd, organises the annual United Kingdom Imaging & Oncology Congress (UKIO). This event was held online, free of charge in 2020.

IPEM have one-third of the voting power for this entity and as such has significant influence on ROC, as defined by the Charity SORP. As such, these IPEM financial statements have accounted for ROC as an associate, for both the current and prior year.

RPA 2000

RPA 2000 is a company limited by guarantee which was set up in 2000 by IPEM, the Association of University Radiation Protection Officers (AURPO), the Society for

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Organisation of the Institute (continued)

Radiological Protection (SRP) and the Institute of Radiation Protection (IRP), which has since been incorporated into the Society for Radiological Protection.

The company arranges the Certification of Radiation Protection Advisors. The Institute, as the lead body in healthcare, nominates two members of the company’s Board. The other two members of the company represent Radiation Protection interests in Industry and Higher Education.

IPEM do not have voting power for this entity and as such do not have significant influence. Accordingly, RPA 2000 is not accounted for as an associate.

Other Alliances

In addition, the Institute uses alliances with other bodies in the field to further its objectives, including:

Risk Management

The Trustees review the risks facing the Institute regularly at their meetings. Mitigation has been undertaken for the highest risks. Responsibility for monitoring risks has been delegated by Trustees to the Finance and Business Planning (F&BP) Committee, which reviews the risk register four times a year. The top three or four risks identified at each F&BP meeting are reported to the Trustee Board meeting for discussion by the Trustees, and to confirm that the Board is satisfied with mitigation measures.

During 2020, from February onwards, this included risks arising from the pandemic emergency. These risks were considered in terms of the following:

Governance

Finance

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Risk Management continued

Operations

External

Steps to mitigate these risks were taken from the outset, with particular attention paid to supporting remote working, which has so far not led to a significant disruption in IPEM’s operations. These risks remain on the Risk Register while pandemic conditions continue into 2021. Fairmount House, IPEM’s base of operations, has been closed for much of the time since the first lockdown in March 2020. It was reopened to a small number of staff as restrictions permitted, between August and December 2020. The reopening of the building was undertaken on a strictly controlled and risk-led basis, in line with Government guidance on Covid-19 safe workplaces.

Due to a travel ban imposed by IPEM as a result of the pandemic, the AGM in September was held remotely. This was facilitated through a decision taken by Trustees in line with guidance from the Government following emergency legislation. The 2020 AGM also approved a change to the Articles of Association to allow for future AGMs to be held either online or in person and for papers to be shared with members via email.

In addition to the risks arising from the pandemic emergency, the main risks identified, and actions to mitigate them were as follows:

Risk to journals income from developments in Open Access publishing –this remains a high risk for IPEM, in common with previous years and envisages a decline in income from journal publications.

Limited income streams – typically approximately 50% of IPEM’s income derives from journals, 17% from membership and 15% from meetings. Overall 82% of IPEM’s income is derived from 3 activities.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Risk Management (continued)

Inadequate committee structure/lack of member volunteers – This remains a key risk, despite a number of changes made to the governance and committee structure in the last 5 years. However, IPEM ended 2020 with most volunteer roles filled.

Purpose of IPEM

In 2020, the Trustees adopted a new vision and mission for IPEM:

Additionally the following values were adopted:

Trusted The leading voice in improving health through physics and engineering. Inclusive Enabling a diverse and inclusive professional community. Progressive Delivering innovative practice development for the public good.

Strategy and public benefit

Work to update the strategic objectives of IPEM is ongoing as at the end of 2021.

IPEM’s new strategy will focus on the following:

IPEM seeks to advance Medical Physics and Clinical Engineering through

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Strategy and public benefit (continued)

being an influential charity. IPEM’s influence is also achieved through its relationships with stakeholders and its profile.

Professional Community

IPEM’s primary influence is through the creation of a professional community or communities in which members can build and share knowledge.

Among IPEM’s key assets in the achievement of its charitable object is the intellectual capital that supports professional growth and practice development

Work on a new strategy and operational plans will continue in 2021.

In line with our mission and vision, the principal beneficiaries of the Institute’s work are health patients. Thanks to the professionalism of IPEM members, diagnosis, treatment, and rehabilitation is undertaken at the highest standards of safety and quality. The public also benefits from the work of our members where it drives innovative developments in care and treatment. Many members work directly with the public as part of multi-disciplinary team in hospitals, using the Institute’s Reports, standards, and guidance. Others work as part of the wider system of academic research, industrial development, and translation into practice. All members are supported by IPEM’s training, education, CPD, academic publishing, innovation awards programme, scientific meetings, or professional networking activities.

How our activity serves the public benefit:

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Strategy and public benefit (continued)

Equality, diversity, and inclusion

IPEM has had an approved equality statement and policy in place for many years. In October 2013, IPEM signed the Royal Academy of Engineering’s Diversity Concordat, committing itself to a series of actions and regular reporting of progress.

Achievements and Performance in 2020

In 2020 IPEM was operating under the strategy in place since 2016:

1. Setting and influencing standards and best practice

Work covered under this heading includes the publication of reports, standards, and guidance; professional conduct work; the administration of the Register of Clinical Technologists (RCT); and support to members to improve quality, safety, or effectiveness of their work.

This focus on standards, though often invisible to patients during their care, is crucial to patient safety, and the best outcomes of care and treatment.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Achievements and Performance in 2020 (continued).

2. Influencing and delivering education, training, and continuing professional development (CPD)

This area of work includes: IPEM’s contribution to scientist and technologist training; the provision of scientific meetings and conferences; accreditation of courses; and administration of Science Council and Engineering Council registrations, under licence from those Councils. It also includes the work of our Workforce Intelligence Unit (WIU), acquiring, analysing, and using information about the medical physics and engineering workforce in health services, and academia and industry.

These activities benefit patients by helping to ensure that training and education is of a high standard, prepares scientists and engineers well for their roles and by ensuring that they continue their development and maintain standards of professional learning and conduct throughout their professional lives. Our workforce information helps to alert national, regional, and local bodies about the shortages or surpluses in key specialisms, to help plan training commissions.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Achievements and Performance in 2020 (continued).

3. Supporting and influencing research and innovation

This work includes publication of IPEM journals and books, our innovation funding and prizes and awards programme, and our links with innovation in industry and academia.

This academic and scientific activity contributes to the development and sharing of new knowledge about physics and engineering applied to medicine and biology, and its application to developments in industry and in practice. Often these developments can be translated into clinical and service applications through which patients ultimately benefit. Our conferences help to spread scientific knowledge through the presentation of scientific papers and posters.

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REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Achievements and Performance in 2020 (continued).

4. Strengthening our public engagement and influencing decision-makers

Activities under this heading include the provision of information to the public, our careers outreach, public engagement work and media liaison; as well as our national policy work with Parliaments/National Assemblies, through meetings, working parties and consultation responses.

By raising the profile of this area of science in healthcare to policymakers, we hope to encourage governments to provide the necessary resources to maintain and develop the best possible services for patients, using the latest techniques with a sufficient number of highly trained professionals.

Engaging with young people, and their parents, teachers, and other influencers, helps to encourage them to stay with the science, technology, engineering, and maths (STEM) subjects at school and university where we know that some may be under-represented. This is especially important in females and young people from less advantaged backgrounds. Having a more representative flow of young people into the professions is better for the future of the professions and so for the people who benefit from the professionals’ input in due course. Highlighting medical physics and clinical/bioengineering is important when there are many other careers open to STEM graduates. Attracting the best STEM graduates into this area by showcasing the importance and interest of this area means that the ultimate beneficiaries of healthcare science – patients – are benefiting from the work of the best scientists and engineers.

Page 20 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Achievements and Performance in 2020 (continued).

5. Influencing and engaging with national and international bodies.

This covers our partnerships and collaboration with other UK and international organisations to improve care and includes other international alliances and projects. Internationally, IPEM is one of the oldest and largest medical physics organisations in the world. It is also the sole National Member Organisation representing the UK in the International Organisation for Medical Physics (IOMP) and the European Federation of Organisations for Medical Physics (EFOMP), as well as a member of the International Federation for Medical and Biological Engineering (IFMBE). Our aim is to engage effectively on the international stage, and provide leadership to other bodies when required, so that we can advance physics and engineering applied to medicine on the largest possible scale. Unfortunately, in the circumstances around the pandemic emergency, international travel and events were cancelled for most of the year.

Page 21 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Achievements and Performance in 2020 (continued).

In 2020 IPEM:

Future Plans

In 2021, in addition to ongoing work as described above, IPEM will deliver the following projects:

New Website

IPEM has a pressing need to develop a new digital platform and online presence. IPEM has engaged consultants and is procuring the services of a website development company. The project is expected to complete by December 2021.

New branding

IPEM’s logo and presentation is now outdated and needs to be refreshed. This work is a key element in developing a new digital presence and the new ‘look’ will include a brand identity guide, tone of voice and sonic branding. This is expected to be launched in April 2021.

New Strategy

As referenced above, IPEM’s senior volunteers and managers have committed to a new strategic direction which will be implemented through a suite of operational plans due to be finalised in Q2 2021.

New Structure

Following the implementation of the new strategy, the staff capability will be expanded in line with plans set out in the 2021 budget. The complement of staff will rise to 21.

Financial Review 2020

Summary

The net surplus for the Group in 2020 is £440,421, compared with a net surplus in 2019 of £446,189. This consists of a net surplus in 2020 on Unrestricted Funds of £462,482 (2019 net surplus of £424,806) and a net loss in 2020 of £22,061 (2019 net surplus of £21,383) on Restricted Funds.

Page 22 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Financial Review 2020 (continued)

The net surplus for the Group in 2020 consists of £1,550,845 of income, compared to £1,523,527 in 2019, an increase of £27,318 (1.79%); £1,254,218 of expenditure, compared to £1,276,218 in 2019, a reduction of £22,000 (1.72%) and an unrealised gain on investments in 2020 of £143,794 compared to £198,880 in 2019, a reduction of £55,086 (27.70%).

The net increase in the Group’s income totalling £27,318 was essentially due to higher income from Journals £151,632 offset by a reduction in Scientific Meeting income (£138,331) and a reduction in Trading Income (£25,747).

The reduction in the Group’s expenditure of £22,000 was principally as a result of a reduction of direct Scientific Meeting costs and other meeting costs, offset by increased losses of the associate company.

The Group’s cumulative surplus stood at £3,723,133 on 31 December 2020 of which £406,100 is currently financing tangible fixed assets.

Grants, Awards and Bursaries

To encourage the development of physics and engineering in medicine, the Institute helps scientists in the field by the provision of bursaries to support attendance at appropriate scientific meetings, donations, and small research grants. In each case, IPEM requires a written report from the recipients of this funding, demonstrating the value derived from it. These reports are sometimes also published in the Scope membership magazine, for the benefit of other members. Grants may include funding other charities, or in some cases organisations that are not charities (subject to our policy on payments to non-charities, and due diligence investigations), to further our charitable objectives.

The direct expenditure in 2020 totalled £57,342 (six Research Grants totalling £50,536; Travel and Trainee Grants of £723; £5,000 of other Donations, and £1,083 of direct governance costs), compared with £55,594 in 2019, an increase of £1,748 (3.14%).

Income from Donations

The income from Donations consists of the Membership Subscriptions. These have increased by £14,578 (5.76%) from £253,171 in 2019 to £267,749 in 2020.

Professional Standards and Development

The income received in 2020 by the Group for Professional Standards and Development is £211,948 compared to £195,596 in 2019, an increase of £16,352 (8.36%). This includes £11,430 for the non-recurrent Medical Physics Expert recertification project and the £7,618 income for providing administrative support to Radiology and Oncology Congresses.

The direct costs attributable to Professional Standards and Development activity has reduced by £11,290 (5.63%) from £200,628 in 2019 to £189,338 in 2020. This was mainly attributable to savings in physical meeting costs as a result of the pandemic.

Page 23 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Financial Review 2020 (continued)

Publications

Publications consist of income from royalties from the sale of our Journals and the sale of books and reports.

Journals

In 2020 Journals income totals £920,372 compared with £768,740 in 2019, an increase of £151,632 (19.72%).

Royalties from Physics in Medicine and Biology (PMB) saw an increase of 5.66%; Physiological Measurement saw an increase of 4.07%; and Medical Engineering and Physics (MEP) saw an increase of 49.47%. The large increase in income from MEP was partially driven by a huge, more than five-fold, increase in copyrights income from £39,446 in 2019 to an estimated £205,843 for 2020. We have been advised by the publisher that this is likely to be non-recurrent.

Other Publications

The income from the sales of other publications has increased in 2020 by £11,073 (58.7%) from £18,865 in 2019 to £29,938 in 2020. This is mainly attributable to the new IOP/IPEM E-books series gaining momentum by £9,773 (134.23%) from £7,281 in 2019 to £17,054 in 2020.

The direct costs attributable to publications were £8,466 in 2020, compared to £5,242 in 2019, an increase of £3,224 (123.48%). The increase in costs is mainly attributable to some legal costs for the new IPEM Translations Journal, that was launched in December 2020 (£2,479).

Scientific Meetings

The income from Scientific Meetings in 2020 was £76,382, compared with £214,713 in 2019, a reduction of £138,331 (64.43%). The reduction was mainly attributable to the pandemic. 3 events went ahead face to face (in Jan – March), and 6 paid events were hosted online. This compares with 19 events face to face in 2019.

The direct costs of Scientific Meetings in 2020 was also vastly reduced £36,396 compared with £145,276, a reduction of £108,981 (74.95%). This resulted in a net contribution of £40,087 in 2020 compared with a net contribution of £69,437 in 2019.

Trading Activities

Income from Trading Activities undertaken by IPEM’s trading subsidiary (IPEM Enterprises Ltd) in 2020 comprised of income from job advertisements in the IPEM Jobs Circular and sales of goods (mugs and models). In 2020 the income from these activities was £45,561, compared with £64,568 in 2019, a reduction of £19,007 (29.44%).

This net reduction in trading activities is attributable to a reduction in advertising income of £5,567; and a reduction in the sale of goods of £20,178, mainly attributable to the reduction in sales of the Little Linac.

Page 24 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Financial Review 2020 (continued).

Associates

IPEM Associate, Radiology and Oncology Congresses suffered a significant loss in 2020. Through its subsidiary, ROC Events Ltd, the charity organised the United Kingdom online Imaging and Oncology Congress), but due to the long-term scale of planning and financial commitments involved in planning a conference on UKIO’s scale, and cancellation at short notice, ROC Events Ltd suffered a significant loss in the year. IPEM is liable for only £1 of this loss (ROC is a company Limited by Guarantee), but are required to consolidate a loss of £80,067 (1/3 of the loss) and 1/3

of the ROC Shareholder funds in the group accounts in accordance with FRS 102 and the Charity SORP.

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although IPEM does not undertake widespread fundraising from the general public, the legislation defines fund raising as “soliciting or otherwise procuring money or other property for charitable purposes.” Such amounts receivable is presented in the accounts as “voluntary income” and includes legacies and grants.

In relation to the above, it is confirmed that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The day-to-day management of all income generation is delegated to the executive team, who are accountable to the Trustees.

The Charity is not bound by any undertaking to any regulatory scheme and the Charity does not consider it necessary to comply with any voluntary code of practice.

IPEM has not received any complaints in relation to fundraising activities. IPEM’s terms of employment require staff to behave reasonably at all times. As IPEM does not approach individuals for funds, it does not have to particularise them to fundraising activities nor is it necessary to design specific procedures to monitor such activities.

Reserves Policy

The Trustees reviewed the reserves requirement in 2019. The free reserve target is set at £2,500,000 consisting of a Target Operating Reserve of £750,000 and a Designated Reserve of £1,750,000 (to take account of the business development challenges).

The Target Operating Reserve is defined as the amount that Trustees consider appropriate:

Page 25 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Reserves Policy (continued)

The Designated Reserve has been identified to take account of the business development challenge and whilst an adequate cash balance is maintained the Trustees implemented an investment policy with the aim of protecting these funds from inflation. In 2016 the Trustees approved the Investment of £750,000 into the Investment in COIF Charities Investment Fund of funds and in 2019 Trustees approved a further investment of £400,000. The performance of the fund manager (CCLA) is reviewed annually against the objectives set by the Trustees and industry benchmarks. The value of the Investment was circa £1,608,618 at the end of 2020 against a historic cost of £1,150,000. The Fund itself invests in in readily liquid assets and IPEM’s investment can be realised at one week’s notice should it need to access funds immediately.

The Trustees have considered:

The Trustees have taken a risk identification approach to setting the Reserve Target. This approach is based on an understanding of the income streams and their risk profile, the degree of commitment to expenditure and the overall risk environment in which the Charity operates.

The Trustees of the Institute also adopted a financial strategy in 2013 with the twin aims of setting a balanced budget with respect to ongoing commitments and agreeing strategic investments from the reserves to generate new activity and secure future income streams. In 2020 the Trustees agreed a deficit budget for 2020 – 2023 as part of the strategic plan.

The Directors (who are also the Trustees of the Institute of Physics and Engineering in Medicine under charity law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and regulations.

The free reserves level for the Group as of 31 December 2020 was £3,044,726 (Unrestricted Funds £3,450,826 less Tangible Fixed Assets £406,100).

Page 26 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Reserves Policy (continued)

The Trustees have re- considered the reserve level following the onset of Covid-19 (Coronavirus) and are satisfied that the reserve level does not need further amendment.

Third Party Indemnity Provision for Directors

Qualifying third party indemnity provision is in place for the benefit of all directors of the company.

Remuneration of Trustees Statement

Trustees are not remunerated, except for expenses.

Statement of Directors' Responsibilities

The Directors (who are also the Trustees of the Institute of Physics and Engineering in Medicine under charity law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and regulations.

Company law requires the Directors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing those financial statements, the directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 27 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Statement of Directors' Responsibilities (continued)

In so far as the directors are aware:

Dated: 15[th] July 2021

Signed By: Danielle Ross (Jul 19, 2021 21:28 GMT+1)

Danielle Ross

Honorary Secretary

Page 28 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF THE INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Institute of Physics and Engineering in Medicine (“the Parent Charitable Company”) and its subsidiary (“the Group”) for the year ended 31 December 2020 which comprise the Consolidated and Charity statements of financial activities, the Consolidated and Charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Page 29 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF THE INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees and Directors, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees and Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Page 30 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF THE INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Statement of Directors’ Responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 31 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF THE INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

directly relevant to specific assertions in the financial statements are those related to the reporting framework (FRS 102 and the Companies Act 2006).

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Knowles (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Leeds

Date: 23 July 2021

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Page 32 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

INCOME
Income from Donations
Membership Subscriptions
Income from charitable activities
RCT Registrations
Journal Subscriptions
Advertising
Training Scheme fees
International Support
Other Income
Journal Income
Books and Reports
Scientific Meetings
Income from other trading activities
Investment Income - Interest
Other Income
TOTAL INCOME
EXPENDITURE
Expenditure on raising funds
Expenditure on charitable activities
Grants Awards and Bursaries
Professional Standards and
Development
Publications costs
Scientific Meetings
Share of Associate
TOTAL EXPENDITURE
Net income
Unrealised gain on Investments
Net movement in funds
Funds balance brought forward
Change in share of Associate
BALANCE C/F AT 31 DECEMBER
2020		 Note
3
10		 2020 2019
Re-Stated
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
funds
£
267,749
56,166
7,575
7,760
14,436
48,644
13,331
920,372
29,938
76,382		 £
-
-
-
-
-
-
64,036
-
-
-		 £
267,749
56,166
7,575
7,760
14,436
48,644
77,367
920,372
29,938
76,382		 £
253,171

53,248
8,082
9,825
18,170
43,782
62,489
768,740
18,865
214,713
1,174,604
34,567
9,469
420		 64,036
-
-
-		 1,238,640
34,567
9,469
420		 1,197,914
60,314
11,323
805
1,486,809 64,036 1,550,845 1,523,527
10,355
77,728
693,899
237,469
148,670
-		 -
-
6,030
-
-
80,067		 10,355
77,728
699,929
237,469
148,670
80,067		 17,831
68,535
758,043
114,322
313,216
4,271
1,157,766 86,097 1,243,863 1,258,387
1,168,121 86,097 1,254,218 1,276,218
318,688
143,794		 (22,061)
-		 296,627
143,794		 247,309
198,880
462,482 (22,061) 440,421 446,189
2,988,344
-		 294,368
-		 3,282,712
-		 2,782,645
53,878
3,450,826 272,307 3,723,133 3,282,712

Page 33 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

STATEMENT OF FINANCIAL ACTIVITIES FOR THE CHARITY FOR THE YEAR ENDED 31 DECEMBER 2020 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

INCOME
Income from Donations
Membership Subscriptions
Incoming from charitable activities
RCT Registrations
Journal Subscriptions
Advertising
Training Scheme fees
International Support
Other Income
Journal Income
Books and Reports
Scientific Meetings
Income from other trading activities
Investment Income - Interest
Other Income
TOTAL INCOME
EXPENDITURE
Expenditure on charitable activities
Grants Awards and Bursaries
Professional Standards and
Development
Publications costs
TOTAL EXPENDITURE
Net income
Unrealised gain on Investments
Net movement in funds
Funds balance brought forward
BALANCE C/F AT 31 DECEMBER
2020		 2020 2019
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
funds
£
267,749
56,166
7,575
7,760
14,436
48,644
13,331
920,372
17,307
76,382		 £
-
-
-
-
-
-
64,036
-
-
-		 £
267,749
56,166
7,575
7,760
14,436
48,644
77,367
920,372
17,307
76,382		 £
253,171

53,248
8,082
9,825
18,170
43,782
62,489
768,740
9,078
214,713
1,161,973
45,561
9,469
420		 64,036
-
-
-		 1,226,009
45,561
9,469
420		 1,188,127
64,568
11,323
805
1,485,172 64,036 1,549,208 1,517,994
77,728
693,899
234,754		 -
6,030
-		 77,728
699,929
234,754		 68,535
764,523
113,326
1,155,051 6,030 1,161,081 1,259,600
330,121
143,794		 58,006
-		 388,127
143,794		 258,394
198,880
473,195 58,006 531,921 457,274
2,953,172
3,427,087		 83,127
141,133		 3,036,299
3,568,220		 2,579,025
3,036,299

Page 34 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

BALANCE SHEETS AT 31 DECEMBER 2020

FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Stock
Debtors
Bank and cash balances
CURRENT LIABILITIES
CREDITORS Amount falling
due within one year
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted Funds
Designated Reserves
General Reserve
Restricted Funds
TOTAL FUNDS		 Note
9
10
11
12
13
15		 Charity
2020
2019
Re-stated
£
£
406,100
427,676
1,608,718
1,464,923
2,014,818
1,892,599
-
-
328,772
205,164
1,426,991
1,142,695
1,755,763
1,347,859
(202,361)
(204,159)
1,553,402
1,143,700
3,568,220
3,036,299
1,750,000
1,750,000
1,677,087
1,203,172		 Charity
2020
2019
Re-stated
£
£
406,100
427,676
1,608,718
1,464,923
2,014,818
1,892,599
-
-
328,772
205,164
1,426,991
1,142,695
1,755,763
1,347,859
(202,361)
(204,159)
1,553,402
1,143,700
3,568,220
3,036,299
1,750,000
1,750,000
1,677,087
1,203,172		 Group
2020
2019
Re-stated
£
£
406,100
427,676
1,739,792
1,676,064
2,145,892
2,103,740
1,221
1,811
324,423
207,044
1,464,521
1,181,816
1,790,165
1,390,671
(212,924)
(211,699)
1,577,241
1,178,972
3,723,133
3,282,712
1,750,000
1,750,000
1,700,826
1,238,344		 Group
2020
2019
Re-stated
£
£
406,100
427,676
1,739,792
1,676,064
2,145,892
2,103,740
1,221
1,811
324,423
207,044
1,464,521
1,181,816
1,790,165
1,390,671
(212,924)
(211,699)
1,577,241
1,178,972
3,723,133
3,282,712
1,750,000
1,750,000
1,700,826
1,238,344
3,427,087
141,133
3,568,220		 2,953,172
83,127
3,036,299		 3,450,826
272,307
3,723,133		 2,988,344
294,368
3,282,712

The financial statements on pages 33 to 57 were approved by the board of directors and authorised for issue on 16[th] July 2021 and are signed on its behalf by:

Stephen A. O'Connor

~~………………………~~ Stephen A. O'Connor (Jul 17, 2021 17:19 GMT+1) ………………… Stephen O’Connor President and Director

J.G. Turner ~~…………………~~ J.G. Turner (Jul 16, 2021 18:19 GMT+1) …………….……….. John Turner

Honorary Treasurer and Director

Page 35 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

GROUP CASH FLOW STATEMENT

Net cash provided from operating activities
Cash flows from investing activities
Interest received
Purchase of Fixed Assets
Purchase of Investments
Net cash provided from investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period
Net income for the reporting period (as per
the statement of financial activities)
Adjustments for:
Depreciation charge
Gains on Investments
Share of loss of associate
Interest received
Decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided from operating activities
Cash in hand
Notice deposits (3 months & less)
Total cash and cash equivalents (note19)		 2020
£
288,208
9,468
(14,971)
-		 2019
Re-stated
£
425,085
11,323
(44,140)
(400,000)
(5,503) (432,817)
282,705
1,181,816		 (7,732)
1,189,548
1,464,521 1,181,816
440,421
36,547
(143,794)
80,067
(9,469)
590
(117,379)
1,225		 446,189
36,937
(198,880)
4,271
(11,323)
495
178,754
(31,358)
288,208 425,085
200
1,464,321		 200
1,181,616
1,464,521 1,181,816

Page 36 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

General Information

The Institute of Physics and Engineering in Medicine is a company limited by guarantee and is registered with the Charity Commission for England and Wales. The address of the registered office is shown in the Trustees' Annual Report. The nature of the Group’s operations and its principal activities are outlined in the Trustees' Annual Report. The presentational currency is sterling and amounts are rounded to the nearest whole £.

Basis of preparation

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ((FRS102) (Effective October 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

IPEM meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Consolidation

The results of IPEM Enterprises Limited, a wholly owned trading subsidiary are consolidated on a line-by-line basis in accordance with the Statement of Recommended Practice on Accounting and Reporting by Charities 2019.

Going Concern

The financial statements have been prepared under the going concern basis. Having carried out a review of the company’s cash flow and resources, the Trustees are confident that the Charity is able to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements.

In undertaking their review, the Trustees have prepared financial projections for the period of twelve months from the date of issue of these financial statements and into the following financial year. These projections have been sensitised based on various levels of revenue and assessed against the available cash headroom and ability to draw down on investments held. Contingency plans for various scenarios have been considered to preserve financial resources.

The Trustees further confirm that, after considering the impact of the Covid-19 (Coronavirus) on the financial forecasts, they have a reasonable expectation that the Institute has adequate resources for the foreseeable future. The Trustees have considered both income and expenditure on the financial forecasts, and how the Covid-19 pandemic may impact the results in 2021 and 2022. The Trustees have considered both income and expenditure on the financial forecasts as shown below:

Income

Page 37 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

Membership Subscriptions – This forecast 2021 income is based on budget membership numbers (number at the end of June 2020) costed at the 2021 membership rates. £211k has already been received (at 25/2/2021) and a further £27k (at 25/2/2021) is committed on monthly direct debits. The balance circa £26k is potentially at risk. In 2022 we are expected a similar level of income (increased by 2.5% to take account of forecast inflation rises)

RCT Registrations – This income is not expected to be significantly different from budget of £57k. £47k has been received as (at 25/2/2021) and a further £6k (at 25/2/2021) is committed on monthly direct debits. The balance circa £4k is potentially at risk. In 2022 we are expected a similar a 5% reduction in income levels to reflect the same level of shrinkage that we have seen over the last few years.

Training Scheme Fees – This income is now currently expected to exceed the Jan 2021 forecast of £15k. We have received £14.7k (as at 25/2/2021) for students who enrolled in October 2020 or before and we are expecting to receive £2.8k income from 12 students in April and a further £0.9k from 12 students in October. In 2022 we have a prudent expectation of 12 new students in April and 12 new students in October.

Publication Income – This income stream is not expected to be affected in the coming 12 months, mainly because £719k of the £801k is guaranteed under contract and the 2020 outturn was significantly higher at £920k. The 2022 income is also guaranteed under contract with a guaranteed minimum payment of £745k.

International Support – This income will not be affected because this is contracted income in both 2021 and 2022.

Scientific Meeting Income – We have based our 2021 forecast on the prudent basis that we will not running any face-to-face meetings this year, but we will run a full programme of online meetings. We expect face-to-face meetings will be able to restart in 2022 with appropriate social distancing measures in place.

Income from Trading activities – We have been very prudent in our 2020 and 2021 forecast estimate at £2k per month, as at 25/2/2021 we are showing £4.5k of sales, so currently this still looks achievable.

Expenditure

Grants Awards and Bursaries – We have currently assumed that these direct costs will be paid out as normal in both 2021 and 2022

Professional Standards & Development – We have assumed that all professional work will now be conducted online until the end of June 2021 and therefore there will be no

expenses for professional work in the first half of 2021 reducing expenditure in 2021 compared to the original budget. It is currently forecast that 2022 will return to 2019 levels of expenditure plus inflation.

Page 38 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

Publication costs - We have assumed that all professional work will be conducted online in the first half of 2021, and therefore reducing expenditure in 2021 compared to the original budget. We expect 2022 expenditure will return to will return to 2019 levels of expenditure plus inflation.

Scientific Meetings - We have based our forecast on the prudent basis that we will not be running any face-to-face meetings in 2021 but we will have a full programme online. We expect 2022 expenditure will return to 2019 level (plus inflation) when we return to face-to-face meetings

Indirect Costs – We have assumed that there will be no change to the indirect costs. In 2021 and 2022 except for increase for inflation

Investments – We have included a prudent assumption that our investments will increase by 3% in 2021 and 2022. This is a consistent assumption that we have made since we took out the investments in 2015 and this assumption has constantly been exceeded, including in 2020 when the value of the investments went down at the beginning of the year but fully recovered by the end of the year, but there are no guarantees this will be achieved in the future. The Trustees will continue to monitor this portfolio of investments.

The Trustees acknowledge the volatile nature of the effect of the Covid-19 virus on the financial position for the Institute and continue to monitor this closely.

The Trustees note the cash reserves and investments held as of 31 December 2020 are sufficient to ensure IPEM can continue as a going concern for at least 12 months from the approval of these financial statements.

Key Judgement Areas in Accounting Policies

Tangible fixed assets are depreciated over their useful lives considering residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on several factors. Income is recognised based on the period to which it contractually relates.

Capitalisation of assets

Assets costing less than £100 are charged direct to the Statement of Financial Activities in the year of purchase.

Income

Membership Subscriptions, RCT Registrations and Journal Subscriptions are recognised on receipt and attributed to the financial years to which they relate. Advertising Income, Training Scheme Fees, International Support, Journal Income, Books and Report Income is recognised when receivable.

Depreciation of tangible assets

Depreciation is calculated to write off the cost of tangible assets over their estimated useful lives by the straight-line method starting in the year of purchase or commissioning at the following rates:

Percentage per annum

Page 39 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

2020 2019
Computers and Software 33 33
Fixtures and Fittings 10 10
Office Equipment 15-20 15-20
Land 0 0
Freehold Property 1 1
Property Alterations 10 10
Loan Equipment 20 20

Expenditure

All expenses are accounted for on an accruals basis. Expenditure incurred in connection with the specific objects of the Charity is included under the heading charitable expenditure.

Direct costs are allocated on an actual basis to the related area of activity, support costs are allocated initially on the basis of the National Office staff time with a residual element allocated on the basis of activity, represented by the aggregate of income and expenditure for each activity stream. This resulted in the following proportions being allocated in 2020:

2020 2019
Grant, Awards &
Bursaries		 1.49% 1.16 %
Professional Standards &
Development		 50.56% 60.00%
Publications 23.83% 12.64%
Scientific Meetings 11.32% 18.60%
Governance 12.79% 7.60%

Governance Costs

Governance costs relate to the direct costs associated with the constitutional and statutory requirements of the Charity and include costs of external audit and relevant legal and professional costs.

Stocks

Stocks are stated at the lower of cost or net realisable market value.

Leased assets and obligations.

For operating leases, the rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Pension contributions; group personal pension scheme

The costs of providing pensions for employees are charged in the Statement of Financial Activities, as contributions are due.

Trustees' expenses

Expenses incurred by Trustees amounted to £4,923 (2019: £18,790). Apart from these reimbursed expenses, the Trustees did not receive any remuneration for their services.

The Trustees claimed expenses for travel, accommodation and subsistence associated with attending meetings for and behalf of the Institute.

Page 40 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

The number of Trustees claiming expenses in 2020 was 10 (2019: 14).

Value Added Tax

The company is partially exempt for VAT purposes. The cost of additions to tangible assets includes the appropriate amount of irrecoverable input tax. The irrecoverable VAT relating to items in the statement of financial activities is included as an expense item within general expenses.

Grants

Grants are accounted for in the year of approval, when communicated to the grantee.

Unrestricted Funds

Unrestricted funds are income generated for the objects of the Charity without further specified purposes and are available as general funds.

Restricted Funds

These are funds that can only be used for restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in the fair value will be recognised in the Statement of Financial Activities, investment gains and losses. The Charity does not acquire put options, derivatives, or other complex financial instruments.

Associates

The equity method of accounting is used where the charity holds directly or indirectly 20 per cent or more of the voting power of the associate unless it can be clearly demonstrated that significant influence does not exist. The investment is classified as a fixed asset investment and is separately identified in the notes to the accounts. The investments are presented within restricted funds because the purpose of the associate is distinct from IPEM. IPEM’s share of the associate’s results are presented as a separate line in the consolidated SOFA, under either ‘Income’ if a gain, or ‘Expenditure’ if a loss. Where the noncoterminous year end exist IPEM will use the most recent available financial statements of the associate, with adjustments for the effects of any significant transactions or events occurring between the accounting period ends.

Related Party Disclosures

The Institute is one of three members of Radiology and Oncology Congresses (ROC), a company limited by guarantee and a Charity registered in England and Wales (Registration No. 04075344). ROC, through its trading subsidiary ROC Events Ltd organises the annual United Kingdom Imaging and Oncology Congress (UKIO). Any surpluses from these events are Gift Aided to the parent Charity, which then uses to develop future events.

Page 41 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

IPEM Enterprise Limited (IEL) is a wholly owned subsidiary of IPEM. In 2020 the Charity received income of £36,696 from IEL (2019: £43,581) and had an outstanding debtor at the end of 2020 of £11,841 (2019: had an outstanding debtor of £280).

2. ANALYSIS OF GROUP EXPENDITURE

Staff
Costs		 Direct
Costs		 Support
costs		 Total
2020		 Total
2019
Re-stated
Group £ £ £ £ £
Grants, Awards &
Bursaries		 15,658 57,342 4,728 77,728 68,535
Professional
Standards and
Development		 387,527 189,338 117,034 693,899 728,361
Publication Costs 175,886 8,466 53,117 237,469 114,322
Scientific Meetings 86,309 36,295 26,066 148,670 313,217
Operating a Trading
Company		 - 803 9,552 10,355 17,831
Sub Total 665,380 292,244 210,497 1,168,121 1,242,266
Restricted Funds:
professional
standard and
development		 - 6,030 - 6,030 29,681
Restricted Funds:
Share of associate
companyloss		 - 80,067 - 80,067 4,271
Grand Total 665,380 378,341 210,497 1,254,218 1,276,218

Page 42 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

3. ANALYSIS OF GROUP EXPENDITURE (continued)

Prior year comparative

Staff
Costs		 Direct
Costs		 Support
costs		 Total
2019
Re-stated		 Total
2018
Re-stated
Group £ £ £ £ £
Grants, Awards &
Bursaries		 9,337 55,594 3,604 68,535 74,190
Professional
Standards and
Development		 380,777 200,628 146,956 728,361 729,988
Publication Costs 78,705 5,242 30,375 114,322 106,221
Scientific Meetings 121,175 145,276 46,766 313,217 339,963
Operating a Trading
Company		 - 7,847 9,984 17,831 10,041
Sub Total 589,994 414,587 237,685 1,242,266 1,260,403
Restricted Funds:
Professional
Standards and
Development		 - 29,681 - 29,681 7,962
Restricted Funds:
Share of associate
companyloss		 - 4,271 - 4,271 277
Grand Total 589,994 448,539 237,685 1,276,218 1,268,642

4. ANALYSIS OF GROUP SUPPORT COSTS

Grants,
Awards &
Bursaries		 Professional
Standards &
Development		 Publication
costs		 Scientific
Meetings		 Operating a
Trading
Company		 Total 2020 Total 2019
£ £ £ £ £ £ £
Property 852 28,876 13,614 6,469 - 49,811 57,623
Communication 1,470 49,811 23,482 11,158 - 85,921 118,610
Administration 676 22,901 10,796 5,130 4,562 44,065 39,404
Governance
(support costs
only)		 1,730 15,446 5,225 3,309 4,990 30,700 22,048
Total
Expenditure		 4,728 117,034 53,117 26,066 9,552 210,497 237,685

There were no restricted funds support costs in either years.

Page 43 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

4. ANALYSIS OF GROUP SUPPORT COSTS (continued)

Prior year comparative

Grants,
Awards &
Bursaries		 Professional
Standards &
Development		 Publication
costs		 Scientific
Meetings		 Operating a
Trading
Company		 Total 2019 Total 2018
£ £ £ £ £ £ £
Property 723 37,419 7,882 11,599 - 57,623 48,081
Communication 1,487 77,025 16,223 23,875 - 118,610 94,388
Administration 428 22,188 4,673 6,878 5,237 39,404 43,718
Governance
(support costs
only)		 966 10,324 1,597 4,414 4,747 22,048 18,839
Total
Expenditure		 3,604 146,956 30,375 46,766 9,984 237,685 205,026

There were no restricted funds support costs in either years.

5. ANALYSIS OF GOVERNANCE COSTS

5. ANALYSIS OF GOVERNANCE COSTS
2020
£		 2019
£
Salaries and related costs
Utilities, rates, and property costs
Meetings and indirect support costs
Communication costs
Equipment & software maintenance
Printing, photocopying and stationery
Insurance
Subscriptions to other bodies
Legal & professional fees
Audit & Accountancy fees
Bank charges
Depreciation
Sundry expenditure
VAT not recovered		 85,131
2,624
4,268
5,123
7,667
85
1,482
81
2,029
15,400
1,255
4,684
987
1,111		 44,828
1,912
12,905
5,275
4,599
143
963
22
18
15,000
1,275
2,826
1,001
555
Total 131,927 91,322

Page 44 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

6. NET MOVEMENT IN FUNDS

The net movement in funds is stated after charging:

2020
£		 2019
£
Insurance
Auditor’s remuneration - audit
Auditor’s remuneration – non-audit
Depreciation – owned assets		 14,970
15,400
3,440
36,547		 15,664
15,000
940
36,937

7. GRANTS

7. GRANTS
Grants to
Individuals
2020		 Grants to
Institutions
2020		 Total
Grants
2020
Bursaries & Awards
Research Grants
Other Grants		 £
723
-
-		 £
-
50,536
5,000		 £
723
50,536
5,000
723 55,536 56,259

Additional costs associated with grant making activities in 2020 are: staff cost £15,658, support costs £4,728 and direct governance costs £1,083.

Grants £1000 or greater 2020 2019
Individual Grants
Research Grants
Other Grants		 No
-
6
3		 No
1
5
3
Grants to Institutions in 2020 No £
Science Media Centre 1 2,000
British Society for the History of Radiology 1 500
Academy for Healthcare Science 1 2,500
University College London 1 10,000
University of Hull 1 9,953
Anglia Ruskin University 1 6,275
Imperial Health Charity 2 14,457
Guy's and St Thomas' NHSFT 1 8,010
International Centre for Theoretical Physics 1 1,841
10 55,536

Page 45 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

8. STAFF COSTS

8.
STAFF COSTS
ALL STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2020
£		 2019
£
493,282
43,772
89,280		 447,055
39,262
70,325
626,334 556,642

The staff costs in note 3 also include costs of staff training, £5,267 (2019 £884) and other staff costs £33,779 (2019 £32,468) including professional subscriptions, staff socials, staff advertising, staff income protection insurance, HR advice costs and staff relocation costs.

SENIOR STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2020
£		 2019
£
146,798
17,391
41,239		 102,881
12,227
21,258
205,428 136,366

There was one employee with benefits (excluding employer pension costs) in the year of £60k or over (2019: 1)

Bands - £60,000 - £70,000
Bands - £90,000 - £100,000		 2020 2019
-
1		 1
-

The pension contribution relating to the employee above was £11,900 (2019: £14,832). The pension costs are for defined contribution schemes.

STAFF FTE
The average number of employees during the
year was:		 2020
13.14		 2019
14.07
DIRECTORS/TRUSTEE REMUNERATION
Wages and salaries		 2020
£
-		 2019
£
-

There were no pension contributions made on behalf of Directors/Trustees.

DIRECTORS/TRUSTEE EXPENSES
Expenses Claimed
No of Directors/Trustees Claiming		 2020
£
4,923
10		 2019
£
18,790
14

The Director/Trustee Expenses were in respect of accommodation, travel, and subsistence for meetings.

Page 46 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

9. TANGIBLE FIXED ASSETS (GROUP & CHARITY)













 Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for year
Disposals
At 31 December 2020
Net Book Value
At 31 December 2020
At 31 December 2019		 Freehold
property
£
389,909
-
-		 Property
alterations
£
139,241
-
-		 Property
alterations
£
139,241
-
-		 Computers
and
Software
£
158,709
13,968
-		 Computers
and
Software
£
158,709
13,968
-		 Fixtures and
fittings
£
43,583
366
-		 Loan
equipment
£
15,784
515
-		 Loan
equipment
£
15,784
515
-		 Office
equipment
£
87,865
122
(7,998)		 Office
equipment
£
87,865
122
(7,998)		 Totals
£
835,091
14,971
(7,998)
389,909 139,241 172,677 43,949 16,299 79,989 842,064
61,615
2,934
-		 100,716
5,353
-		 125,431
19,480
-		 31,258
2,880
-		 10,930
1,306
-		 77,465
4,594
(7,998)		 407,415
36,547
(7,998)
64,549 106,069 144,911 34,138 12,236 74,061 435,964
325,360
328,294		 33,172
38,525		 27,766
33,278		 9,811
12,325		 4,063
4,854		 5,928
10,400		 406,100
427,676
There were no capital commitments as at
none).
10. INVESTMENTS		 31stDecember 2020 (31stDecember 2019:
Group
2020
2019
Re-stated
£
£
-
-
1,608,618
1,464,823
131,174
211,241
1,739,792
1,676,064
Investment in Subsidiary
Investment in COIF Charities
Investment Fund (Accumulation Units)
Investment in Associate
Total		 Charity Group
2020
£		 2019
Re-stated
£		 2020
£		 2019
Re-stated
£
100
1,608,618
-		 100
1,464,823
-		 -
1,608,618
131,174		 -
1,464,823
211,241
1,608,718 1,464,923 1,739,792 1,676,064

Page 47 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

10. INVESTMENTS (continued)

Investment – Charity

Investment – Charity
WhollyOwned Subsidiary 2020
£		 2019
£
100 100

100 shares of IPEM Enterprises Limited, a company incorporated in England and Wales, to carry out trading activities whose profits are donated to the parent company.

The following information has been extracted from the financial statements of IPEM Enterprises Limited for the year ended 31 December 2020:

2020 2019
£ £
Aggregate Assets
Aggregate Liabilities
Shareholder’s Funds
Total Income
Total Expenditure
Profit for the year
Gift Aid
Retained Profit		 46,294
(22,404)		 44,616
(7,820)
23,890
47,198
(23,408)		 36,796
70,101
(33,405)
23,790
(23,790)		 36,696
(36,696)
- -

Investment in COIF Charities Investment Fund:

Units £
Valuation at 1/1/2020 7,801.48 1,464,823
Purchases - -
Revaluation - 143,794
Valuation at 31/12/2020 7,801.48 1,608,617

At the 31 December 2020, the value of one unit in the fund was 20,619.39 pence. The value of the fund at the 31 December 2020 was therefore £1,608,617.59.

Investment in Associate

At the 1/1/2019 IPEM’s share of Radiology and Oncology Congresses (ROC) was 25% (as per the 30/09/2018 Accounts) because IPEM was one of 4 members at that point. At the 31/12/2019 IPEM’s share in ROC was 33.33% (as per the 30/09/2019 Accounts) because IPEM was one of 3 members at that point.

Page 48 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

10. INVESTMENTS (continued)

The following information has been extracted from the financial Statements of Radiology and Oncology Congresses for the year ended 30 September 2019 and an adjustment has been made for the material items in the ROC accounts between the 30[th] September and 31[st] December.

Shareholder’s Funds
Total Income
Total Expenditure
Loss for the year
Profit brought forward
Retained Profit		 Year Ended
30th
September
2020
£
402,153
54,260
(285,829)		 Adjustment
for material
transactions
between
30th
September
and 31st
December
£
(8,632)
-
(8,632)		 Adjusted to
Year ended
31st
December
2020
£
393,521
54,260
(294,461)		 IPEM Share
(33.33%)
£
131,174
18,087
(98,154)
(231,569)
633,722		 (8,632)
-		 (240,201
633,722		 (80,067)
211,241
402,153 (8,632) 393,521 131,174

Prior year comparative

Shareholder’s Funds
Total Income
Total Expenditure
Loss for the year
Profit brought forward
Retained Profit		 Year Ended
30th
September
2019
Re-stated
£
402,153
875,809
(888,622)		 Adjustment
for material
transactions
between
30th
September
and 31st
December
£
-
-
-		 Adjusted to
Year ended
31st
December
2019
Re-stated
£
402,153
875,809
(888,622)		 IPEM Share
(33.33%)
Re-stated
£
291,936
(296,207)
(12,813)
646,535		 -
-		 (12,813)
646,535		 (4,271)
215,512
633,722 - 633,722 211,241

Page 49 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

11. STOCK

11. STOCK
Goods for Resale Charity Group
2020
£		 2019
£		 2020
£		 2019
£
- - 1,221 1,811

12. DEBTORS

12.DEBTORS
Trade Debtors
Amounts owed by Group Undertakings
Other Debtors and Prepayments		 Charity Group
2020
£		 2019
£		 2020
£		 2019
£
254,617
11,841
62,314		 159,228
280
45,656		 262,109
-
62,314		 161,388
-
45,656
328,772 205,164 324,423 207,044

13. CREDITORS

Amounts falling due within one year

Amounts falling due within one year
Trade Creditors
Taxation and Social Security Costs
Other Creditors
Accrued Expenses
Deferred Income (Note 14)		 Charity Group
2020
£		 2019
£		 2020
£		 2019
£
8,967
44,118
11,027
62,320
75,929		 37,633
63,531
7,392
37,226
58,377		 8,983
46,557
11,769
69,686
75,929		 37,738
64,711
7,682
43,191
58,377
202,361 204,159 212,924 211,699

14. DEFERRED INCOME

14.DEFERRED INCOME
Amount brought forward
Amount released to income
Amount deferred in year
Amount carried forward		 Charity Group
2020
£		 2019
£		 2020
£		 2019
£
58,377
(55,069)
72,621		 77,763
(77,763)
58,377		 58,377
(55,069)
72,621		 77,763
(77,763)
58,377
75,929 58,377 75,929 58,377

Deferred income comprises prepaid annual subscriptions; prepaid training fees; prepaid meeting registration fees; and prepaid room hire fees.

Page 50 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

15. CHARITY AND GROUP FUNDS

.

Balance at
01/01/2020
Net surplus
for the year
Balance at
31/12/2020		 Charity Group
Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£
2,953,172
473,915		 83,127
58,006		 3,036,299
531,921		 2,988,344
462,482		 294,368
(22,061)		 3,282,712
440,421
3,427,087 141,133 3,568,220 3,450,826 272,307 3,723,133

Prior year comparative

Balance at
01/01/2019
Change of
share of
Associate
Net
(loss)/surplus
for the Year
Balance at
31/12/2019		 Charity Group Re-stated Group Re-stated Group Re-stated
Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£
2,521,552
-		 57,473
-		 2,579,025
-		 2,563,538
-		 219,107
53,878		 2,782,645
53,878
431,620 25,654 457,274 424,806 21,383 446,189
2,953,172 83,127 3,036,299 2,988,344 294,368 3,282,712

Page 51 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

16. RESTRICTED FUNDS

The restricted funds at the 31[st] December 2020 consist of:

Amount
Brought
Forward		 Income Expenditure Amount
Carried
Forward
£ £ £ £
E-Learning for Healthcare - Ionising Radiation (medical
Exposure Regulations) project
(Funds provided by e-learning for Healthcare to create
the content for an e-IRMER e-learning package)		 12,315 - - 12,315
E-learning for Healthcare – Radiation safety for Staff
(Funds provided by e-learning for Healthcare to update
the content the Radiation for Staff e-learning package)		 50,000 - (6,030) 43,970
E-Integrity MLA
(Funds provided by E-integrity CIC to keep the content
of the e-learning materials developed in partnership
with e-learning for healthcare up to date)		 18,300 5,000 - 23,300
E-Integrity Development Fund
(Funds provided by E-integrity CIC to update the
content of the e-learning materials “Advanced
Radiotherapy” developed in partnership with e-learning
for healthcare, the Society of Radiographers, and the
Royal College of Radiologists)		 - 59,000 - 59,000
IPEM Educational Fund 2,512 36 - 2,548
Share of Associated Company 211,241 - (80,067) 131,174
Total 294,368 64,036 (86,097) **272,307 **

Page 52 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

16. RESTRICTED FUNDS (continued)

Prior year comparative Re-stated

The restricted funds at the 31[st] December 2019 consist of:

Amount
Brought
Forward		 Income Expenditure Amount
Carried
Forward
8 £ £ £ £
E-Learning for Healthcare - Ionising Radiation (medical
Exposure Regulations) project
(Funds provided by e-learning for Healthcare to create
the content for an e-IRMER e-learning package)		 14,307 - (1,992) 12,315
E-learning for Healthcare – Nuclear Medicine Project
(Funds provided by e-learning for Healthcare to create
the content for an e-IRMER for Nuclear medicine e-
learning package)		 18,481 - (18,481) -
E-learning for Healthcare – Content update
(Funds provided by e-learning for Healthcare to update
the content the e-IRMER e-learning package)		 9,208 - (9,208) -
E-learning for Healthcare – Radiation safety for Staff
(Funds provided by e-learning for Healthcare to update
the content the Radiation for Staff e-learning package)		 - 50,000 - 50,000
E-Integrity MLA
(Funds provided by E-integrity CIC to keep the content
of the e-learning materials developed in partnership
with e-learning for healthcare up to date)		 13,300 5,000 - 18,300
IPEM Educational Fund 2,177 335 - 2,512
Share of Associated Company * 215,512 (4,271) 211,241
Total 272,985 55,335 (33,952) 294,368

*Note the brought forward figure for the share of the Associated Company has been adjusted to account for the change in the number of members. At the 30/09/2018 IPEM was 1 of 4 members of ROC and 30/09/2019 IPEM was 1 of 3 members.

Page 53 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

17. AGENCY

The Institute collected and paid over the following subscriptions on behalf of other organisations in 2020:

Science
Council		 Engineering
Council		 Total
Collections
Balance 1/1/2020 4,685 838 5,523
Received from Members in 2020 40,241 4,647 44,888
Paid in 2020 (39,990) (4,998) (44,988)
Balance at 31/12/2020 4,936 487 5,423

Prior year comparative

The Institute collected and paid over the following subscriptions on behalf of other organisations in 2019:

Science
Council		 Engineering
Council		 Total
Collections
Balance 1/1/2019 5,700 727 6,427
Received from Members on 2019 40,975 5,054 46,029
Paid in 2019 (41,990) (4,944) (46,934)
Balance at 31/12/2019 4,685 837 5,522

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed
Assets
Investments
Net Current
Assets
Balance at
31/12/2020		 Charity 2020 Charity 2020 Group 2020
Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£
406,100
1,608,718
1,412,269		 -
-
141,133		 406,100
1,608,718
1,143,700		 406,100
1,608,618
1,436,108		 -
131,174
141,133		 406,100
1,739,792
1,577,241
3,427,087 141,133 3,568,220 3,450,826 272,307 3,723,133

Page 54 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Prior year comparative

Tangible Fixed
Assets
Investments
Net Current
Assets
Balance at
31/12/2019		 Charity2019 Group2019 re-stated Group2019 re-stated Group2019 re-stated
Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total Funds
£
427,676
1,464,923
1,060,573		 -
-
83,127		 427,676
1,464,923
1,143,700		 427,676
1,464,823
1,095,845		 -
211,241
83,127		 427,676
1,676,064
1,178,972
2,953,172 83,127 3,036,299 2,988,344 294,368 3,282,712

18. ANALYSIS OF CHANGE IN CASH

At 1 Jan
2020		 Cashflows At 31 Dec
2020
Cash at bank and in hand 1,181,816 282,705 1,464,521

Prior year comparative

Prior year comparative
At 1 Jan
2019		 Cashflows At 31 Dec
2019
Cash at bank and in hand 1,189,548 (7,732) 1,181,816
1,189,548 (7,732) 1,181,816

Page 55 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

19. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME
Income from Donations
Membership Subscriptions
Income from charitable activities
RCT Registrations
Journal Subscriptions
Advertising
Training Scheme fees
International Support
Other Income
Journal Income
Books and Reports
Scientific Meetings
Income from other trading activities
Investment Income - Interest
Other Income
TOTAL INCOME
EXPENDITURE
Expenditure on raising funds
Expenditure on charitable activities
Grants Awards and Bursaries
Professional Standards and
Development
Publications costs
Scientific Meetings
Share of Associate Loss
TOTAL EXPENDITURE
Net income
Unrealised gain on Investments
Net movement in funds
Funds balance brought forward
Change in share of Associate
BALANCE C/F AT 31 DECEMBER
2019		 Note
3
10		 2019
Restated		 2018
Restated
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
funds
£
253,171
53,248
8,082
9,825
18,170
43,782
7,154
768,740
18,865
214,713		 £
-
-
-
-
-
-
55,335
-
-
-		 £
253,171
53,248
8,082
9,825
18,170
43,782
62,489
768,740
18,865
214,713		 £
249,191
53,814
7,829
16,100
11,694
45,533
30,094
738,083
22,583
221,434
1,142,579
60,314
11,323
805		 55,335
-
-
-		 1,197,914
60,314
11,323
805		 1,147,164
62,367
10,668
918
1,468,192 55,335 1,523,527 1,470,308
17,831
68,535
728,362
114,322
313,216		 -
-
29,681
-
-		 17,831
68,535
758,043
114,322
313,216		 10,041
74,190
737,950
106,221
339,963
- 4,271 4,271 276
1,224,435 33,952 1,258,387 1,258,600
1,242,266 33,952 1,276,218 1,268,641
225,926
198,880		 21,383
-		 247,309
198,880		 201,667
5,226
424,806 21,383 446,189 206,893
2,563,538
-
2,988,344		 219,107
53,878
294,368		 2,782,645
53,878
3,282,712		 2,575,752
-
2,782,645

Page 56 of 57

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE Registered Number 3080332

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2020

20. PRIOR PERIOD ADJUSTMENT

The comparative results have been restated to recognise Radiology and Oncology Congresses as an associate of IPEM in accordance with FRS102 and the Charities SORP. At the 1/1/2019 IPEM’s share of Radiology and Oncology Congresses (ROC) was 25% (as per the 30/09/2018 Accounts) because IPEM was one of 4 members at that point. At the 31/12/2019 IPEM’s share in ROC was 33.33% (as per the 30/09/2019 Accounts) because IPEM was one of 3 members at that point.

As a result of this restatement, the group’s net assets increased by £161,634 as at 1 January 2019 and by £211,241 as at 31 December 2019.

Page 57 of 57