2022-12-31-accounts

Registered number: 03080332 Charity number: 1047999

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

CONTENTS

	Page
Reference and administrative details of the Charitable company, its Trustees and advisers	1
Chairman's statement	2
Trustees' report	3 - 16
Trustees' responsibilities statement	17
Independent auditors' report on the financial statements	18 - 22
Consolidated statement of financial activities	23
Consolidated balance sheet	24 - 25
Charitable company balance sheet	26 - 27
Consolidated statement of cash flows	28
Notes to the financial statements	29 - 53

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees	Dr Robert Farley,President
	Prof Stephen O'Connor,Past President(resigned 22 September 2022)
	Ms Anna Barnes-Mckenzie,President Elect(appointed 22 September 2022)
	Mr John Turner,HonoraryTresurer
	Ms Valerie Jolliffe,HonorarySecretary
	Mr Richard Stubbs,Director of Professional and Standards Council
	Dr Mohammad Al-Amri, Director of Science, Research and Innovation Council (appointed 22 September 2022)
	Prof Andrew Reilly, Former Director of Science, Research and Innovation Council (resigned 22 September 2022)
	Ms Claire Hardiman,Member Trustee
	Dr Ayyakkannu Manivannan,Member Trustee(appointed 22 September 2022)
	Dr Ben Metcalfe,Member Trustee(resigned 22 September 2022)
	Mr Iain Threlkeld,Member Trustee
	Dr Justin Richards,Independent Trustee
	Ms Chelsea Roche,Independent Trustee
	Dr Jason Wilde,Independent Trustee
Company registered number 03080332 Charity registered number 1047999 Registered office Fairmount House 230 Tadcaster Road York YO24 1AH Chief executive officer Phil Morgan Independent auditors BHP LLP Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH Bankers Lloyds Bank plc 2 Pavement York YO1 9UP Investment managers CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

PRESIDENT'S FOREWORD

FOR THE YEAR ENDED 31 DECEMBER 2022

As a charity, IPEM’s objective is the advancement of physics and engineering applied to medicine and biology, and to advance public education in the field. In essence, our mission is to improve health through physics and engineering in medicine. As a membership body we promote professionalism, as a learned society we offer education, training and development resources and we are an active voice on behalf of our members. Through the participation of IPEM members, we can generate the resources and opportunities that grow professionalism, drive knowledge-in-practice, deliver innovation and, ultimately, better healthcare.

IPEM continues to change and adapt to the challenges faced by our members and by membership bodies across the STEM sector. Throughout 2022, we followed the strategy set out in “IPEM 2025”, which was adopted in 2021 with the primary aim of reducing our dependence on income from journals.

Apart from the earliest weeks of 2022, the year saw the end of Covid Restrictions in the general population, but as members will keenly remember, rules specifically restricting NHS staff from travelling and gathering remained. The impact on IPEM’s activities eased and whereas since 2020, events and training had been entirely online, we were able to return to hosting and planning face-to-face meetings. This included rebranding our multi-day, cross discipline event (“MPEC”) as the Science, Technology and Engineering Forum, and aiming to host it in early 2023.

For a second year in a row IPEM, sought to invest, projecting to make a loss of £259,576 before investment gains. However, the actual outturn was a loss of £30,260. IPEM therefore ended the year ahead of budget by £229,316. Our aim is to continue to grow our impact, both in terms of the social value created by our work and our ability to drive the change our members want to see in public policy. We will also work to grow our community and our customer base by continually seeking to improve how we serve members and the quality and relevance of our education and training.

Whilst the main aim of IPEM 2025 is to increase income from membership, training and events, but it is only by being a thriving professional community that we can achieve this. Our Special Interest Groups, Task and Finish Groups, Committees and Councils all continued their valuable work. It was with aim of better engaging and supporting our most committed and active members and enhancing their experience, that IPEM started the journey to achieving the “Investor in Volunteering” certification in 2022. At the time of writing, IPEM has achieved this standard, and we can see through survey results that it is having an impact on volunteer experience. My sincere thanks go to all IPEM’s volunteers.

IPEM is led by our Board of Trustees and Senior Leadership Team. 2022 saw the retirement of Kathryn Surtees, who had served as IPEM’s Head of Operations and Finance for more than a decade. She has my personal thanks and gratitude of all members for the thorough and precise way she carried out her role, which saw us through some difficult episodes. We are fortunate to have attracted Claire Sharpe has her successor. Claire has a background in charity finance and is leading the implementation of a new Customer Relationship Management platform (CRM) which will improve the member experience and represents a major investment. Such decisions are enabled through the diligence of staff working closely with volunteers, and I would like to pay tribute to my fellow Trustees, a brilliant group of members and independent volunteers who are committed to our objectives and willing and able to take strategic decisions about our future. As a Board, we can shape outcomes for the profession, something we approach with a keen sense of stewardship and I would recommend the experience to any aspiring Trustees. IPEM’s 2022 Annual General Meeting was held online for the third year in a row, facilitating the election of our President-Elect Dr Anna Barnes, who is on course to become IPEM’s first female President. I offer her my warmest congratulations and I look forward to continuing to work with her after I hand over in September 2023.

Robert Farley (Aug 11, 2023 09:29 GMT+1)

Dr Robert Farley President Date: 10 August 2023

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report and the audited financial statements of the charitable company for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

[The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

General

IPEM’s Board of Trustees is responsible for taking decisions on the strategic direction of the Institute and for approving major developments. It is chaired by the President, and consists of 12 Trustees, 7 of whom are IPEM members and 5 of whom are ‘independent’ (i.e., not drawn from the membership or eligible to be a member of IPEM) One of the key sub committees of the Board is the Finance and Business Planning Committee, which leads on financial and risk management matters, and is chaired by the Honorary Treasurer. The Board of Trustees met four times in 2022. Other than the first meeting of the year (in January) all meetings in the calendar year were conducted in person.

IPEM has two Councils (Science, Technology, Engineering, Research, and Innovation Council, and Professional and Standards Council) who implement strategy and monitor the programmes covering scientific and professional aspects of the Institute’s work. The Directors of the Councils are Member Trustees of the Institute.

Approximately 450 (9% of overall membership) members of the Institute supported its work in 2022 by volunteering. Volunteer activities include 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, the Head of Workforce Intelligence and Training, Head of Membership Development and the Head of Communications. 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

Member Trustees serve a maximum of 3 years and Independent Trustees for a maximum of five, 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.

Professor Stephen O’Connor, Professor Andrew Reilly and Dr Ben Metcalfe stepped down from the Board in 2022 at the end of their terms of office. New Board Members who were elected at the Annual General Meeting on the 22 September 2022 are Dr A (Mani) Mannivannan (Member Trustee), Dr Mohammad Al-Amri (Director of STERIC) and Dr Anna Barnes (President-Elect).

The Independent Trustees, including the Honorary Secretary, who are not members of the Institute or of related professions, may serve one term of five years, which is not renewable. 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.

The Honorary Treasurer may serve up to two five-year terms. Since 2013, this position has been open to either a member

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

or a non-member of the Institute, in order to bring in the skills and knowledge required to assist the Board with financial strategy and management. The position is advertised both 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. Trustees are regularly reminded of their role and responsibilities and training is offered once a year.

Both the Handbook and training material remain available to them at all times on the Trustee workspace on Microsoft Teams. Generally, Trustees undertake training sessions with external and/or internal speakers. Topics covered in 2022 included Equality, Diversity and Inclusion and the management of IPEM Finances. Training is usually made available to all. 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.

In 2022 IPEM sought to maintain improvements made in previous years in the following areas of the code, with the following activity:

Organisational Purpose:

• IPEM’s charitable object, mission, vision and values are included at the start of all sets of Trustee meeting papers.

• • Performance against agreed targets, which in turn relate to organisational purpose, is on each formal meeting agenda.

• IPEM’s risks, impacts and relationships are frequently and regularly reviewed, by the Board of Trustees and by other parts of the organisation, such as the Finance and Business Planning Committee and the Communications and Engagement Panel.

• IPEM’s mission, vision and values are regularly shared, discussed and reinforced with staff and volunteers.

Leadership:

• On inclusion, a key IPEM value, 2022 IPEM adopted a new EDI action plan in 2022.

• Trustees have formal and informal opportunities to connect with and question IPEM’s Senior Leadership Team.

• Every formal meeting contains an update on IPEM Strategy with Key Performance Indicators.

• As part of the process of regularly reviewing the relationship between IPEM and IPEM Enterprises Limited (IEL), Trustees considered whether these arrangements continue to best serve the organisation’s charitable purposes.

Integrity:

• Appropriate declarations are recorded annually and at each meeting. A register of interests is maintained.

• The Board considers whether its actions are in line with IPEM values.

• In 2022 the new Communications and Engagement Panel, comprised members and lay professionals to create a stronger connection between issues raised by members and the resulting stakeholder communications met and established a work plan.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Decision-making, risk, and control:

• Trustees work on the basis of a document which sets out which matters are reserved for the Board, and which are delegated to staff.

• Trustees reviewed risk management and discuss risk in depth as a standing item at each meeting in 2022.

• Members of the Finance and Business Planning Committee can meet the auditors without paid staff present at least once a year.

• The Policies subcommittee continued to review the internal policies of the Institute.

Board effectiveness:

• IPEM’s President consults with Trustees and senior staff to plan and agree the agenda for Trustees meetings.

• IPEM’s President reviews the performance of the Board of Trustees in 1-1 phone calls with Trustees through the year.

• IPEM’s President regularly asks for feedback on how Trustee meetings can be made more accessible to ensure Trustee meetings enable constructive challenge and equal participation.

• IPEM periodically conducts an audit of skills present on the Board of Trustees.

• Trustees engage in training at least twice in the calendar year, with topics in 2022 including EDI and IPEM Finances.

Equality, Diversity and Inclusion:

• IPEM Annual Reports include a description of activity to promote diversity.

• IPEM maintained an Equality, Diversity and Inclusion policy in 2022 IPEM and updated volunteer recruitment practices to encourage diversity.

• Included a commitment to EDI in all IPEM committee Terms of Reference.

• In 2022 IPEM held EDI Training sessions on gender bias and inclusivity for senior staff and volunteers.

Openness and Accountability:

• IPEM continues to improve how it is represented with external stakeholder organisations..

• Summarised minutes of Trustee Board meetings are available through IPEM’s website.

• In 2022 time was devoted to reviewing IPEM’s Disciplinary Procedure, which supports the Code of Professional and Ethical Conduct, which is a key element in public assurance of professional standards.

• IPEM’s policies include a commitment to working with organisations which share IPEM’s values.

• A regular open forum for volunteers, with the President, Chief Executive, Senior members of staff and Trustees, was instituted in 2021.

• IPEM’s Communications and Engagement Panel, comprised of members and lay professionals to create a stronger connection between issues raised by members and the resulting stakeholder communications, met for the first time in 2022.

Organisation of the Institute

The Institute’s organisation has two elements: The charity itself 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, with the permission of the IPEM Trustees.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 in Liverpool in 2022..

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 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, as do SRP, AURPRO may only nominate one member.

Other Alliances

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

• Association of Clinical Scientists

• Consortium for the Accreditation of Nuclear Medicine Education

• Consortium for the Accreditation of Sonographic Education

• Engineering Council

• Royal Academy of Engineering

• Science Council

• The Mayneord Phillips Trust

• The National School for Healthcare Science

• The Academy for Healthcare Science.

Risk Management

Trustees regularly review the risks facing IPEM. Responsibility for monitoring risks has been delegated 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 2022, the primary risks were:

Lack of engagement of member volunteers – IPEM continues to deliver a large amount of activity, including commercial outcomes, with the support of volunteers. We regularly recruit volunteers to take on a variety of roles and the risk is increased as the time available for volunteering among members comes under pressure. Mitigations in 2022 included:

• Maintaining Volunteer Forums as a channel for volunteers to raise issues directly with the President and CEO.

• Working to complete the NCVO's Investors in Volunteers standard.

Over reliance on a journal income - Typically 50-60% of IPEM’s income derives from publishing. Mitigations in 2022 included:

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

• Following IPEM’s Investment strategy.

• Maintaining a rolling 5-year financial forecast.

• Strengthening the staff team and restructuring management.

• Agreeing targets for non-journal income in 2023.

• Publishing a Science Leadership Strategy to ensure IPEM remains relevant.

Loss of journal income through lack of adaptation to open access publishing – this remains a high risk for IPEM, in common with previous years and envisages a decline in income from journal publications. Mitigations in 2022 included:

• Promoting IPEM’s Fully Gold OA Journal (IPEM Translation).

• Maintaining the Journals Working Group, tasked with developing a new publishing strategy.

• IPEM will develop detailed contingency plans for decreased income to IPEM over next decade.

Decline in recruitment and retention/decline in participation in professional development activity – this focuses on the risk of disengagement from IPEM and how this could damage achievement of the charitable objects. Mitigations include:

• Developing a New "Science Technology Engineering Forum" event to replace declining MPEC brand, to launch in 2023.

• Enhancing the Conferences and Events teams with two full time staff.

• Bringing Events under the overall direction of the Training Team.

• Improving the presentation of events and training on the website.

The risks identified in 2020 arising from the pandemic emergency were largely removed from the register by the end of 2022.

Additionally, the strategy document “IPEM 2025” (published in 2021) continued to provide the guide to operational planning. This document sets out IPEM’s strategic focus:

Professional Development - Providing excellent learning and development services that meet the needs of the professional community of physicists, engineers and technologists working in physics and engineering in medicine and biology in hospitals, academia and industry.

Community - Growing and nurturing a vibrant community of practice through our membership, with high professional standards at its core, outstanding volunteer engagement and a real commitment to equality, diversity and inclusion.

Leadership - Championing the importance of professional knowledge and innovation, identifying and raising awareness of the key challenges that lie ahead for physics and engineering in medicine and biology and being a trusted and effective voice for the profession.

This strategy is supported by the following operational plans:

• Workforce intelligence and training

• Membership development

• EDI and volunteer networks

• Events

• Communications

• Professional knowledge

Each plan is reviewed quarterly and KPIs are part of the regular reports to Trustees.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

In line with our mission and vision, the principal beneficiaries of the Institute’s work are healthcare 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:

Professional development - physics and engineering knowledge and skills have an impact on patient care. Through education, training and continuing professional development opportunities, scientific publications (including international journals), scientific meetings, as well as bursaries and awards, IPEM encourages the development and growth of expertise that will benefit the public and healthcare services.

Influence - scientific and engineering standards, regulation, and guidance, both at a national and international level have an impact on patient care. IPEM is active in the development and review of standards and guidance, to ensure a safe, effective, and efficient healthcare services.

Thought leadership – the future development of services, treatments, and equipment, including the underpinning basic, applied, and translational research is in the interests of patients. IPEM continuing to develop and strengthen links with academia, research organisations and industry to assist and encourage professionals to progress and implement this work.

Stakeholders – IPEM works with and supporting a range of other organisations to promote and deliver specific and general science objectives.

Communications and Outreach – IPEM helps make science and engineering more accessible to the public through communications and outreach activities, particularly engaging with young people to develop their interest in science and engineering.

Equality, diversity, and inclusion

IPEM’s Board of Trustees approved a new policy on Equality, Diversity and Inclusion in 2022, bringing our commitments up to date and building on our long-standing support of the Royal Academy of Engineering and Science Council’s Progression Framework. In 2022 IPEM implemented a new “EDI Action Plan” having completed the Framework to benchmark performance. Iain Threlkeld continued his role on the Board as EDI Champion.

A further commitment was made in 2022 to systematically collect member data relating to protected characteristics following the implementation of the new CRM platform in 2023.

Additionally, in 2022, IPEM:

• Continued to monitor the gender split of committee members.

• Maintained online discussion forums (“Communities of Interest”) for members with protected characteristics, to enable networking and support.

• Supported the Professional Associations Research Network EDI committee and engaged in sharing best practice.

• Attended the Athena Forum as an observer.

• Held an EDI Training sessions on gender bias and inclusivity for senior staff and volunteers.

• Developed a training presentation on unconscious bias for moderators and supervisors on the Technologist Training Scheme.

• Developed a working partnership with In2Science.

• Updated our volunteer recruitment practices to encourage diversity.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

• Connected with the NHS “Reach Out” project, which aims to provide work experience opportunities for school children from disadvantaged backgrounds.

• Included a commitment to EDI in all IPEM committee Terms of Reference.

• Worked with two BAME STP trainees to complete a Scope article on “Racial Healthcare Inequalities and the NHS”.

• Worked with the Clinical Imaging Board to make patient information posters more inclusive.

• Gave a Case study presentation to the Association of Learned and Professional Society Publishers about our EDI approach and actions.

2022 also saw IPEM and the Science Council discuss their new EDI declaration which signals the important shift from equality to equity.

Achievements and Performance in 2022

In 2021 IPEM adopted a new strategy (see above), which gave the organisation focus in 2022.

Professional development

Training

47 trainees enrolled on the Technologists Training Scheme in 2022, up from 37 in 2021.

Events

IPEM held the following events in 2022, a mix of in person and online. In total 929 people attended.

• Development of Software as a medical Device

• Cutting-edge Computations in Nuclear Medicine

• RWA and Radioactive Transport Update 2022

• Magnetic Resonance Safety Expert Course

• Mammography Physics Training Course

• Mammography Physics Update

• Plan Robustness in Clinical practice

• Radiation Protection Adviser Update 2022

• Clinical and Scientific Computing Symposium: The role of SCE in Healthcare

• Optical Radiation Update

• Advanced Neuro MRI

• AI in Practice for PET and Nuclear Medicine

• Imaging in Radiotherapy

Additionally, IPEM held two webinars on Photoplethysmography, four on Magnetic Resonance in Radiotherapy and one on Photo Signal Processing. A total of 419 people attended.

Accreditation and Course Approval

• Four short courses approved in 2022, down from seven in 2021.

• Four Higher Education Institutes accredited in 2022 up from three in 2021.

CPD

• The IPEM CPD audit was completed in September. The pass rate was 98% compared to 97% in 2021.

• The RCT CPD audit was completed in September. The pass rate was 95.5% compared to 94% in 2021.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Community

Membership

IPEM membership dropped by 40 people overall in 2022, leaving 5,145 on 31 December 2022. Five Full members became Fellows.

% of members by grade:

As at 31 December 2022

Grade Fellows Full Members Professional Affilliate Members Associate Members Affilliate Members	Total % 280 5% 2,533 49% 13 1% 1,128 22% 1,191 23%

Registrations

IPEM administers Science Council and Engineering Council registrations, under licence from those Councils. There were no new Chartered or Registered Scientists supported via in 2022. In 2022, IPEM supported 1 new Chartered Engineer.

RCT

IPEM maintained a Register of Clinical Technologists (RCT) with our partners (ART and IHEEM). Total registrants at 31 December 2022 was 2,418 compared to 2,204 on the same date in 2021.

Member Networks

IPEM’s online Communities of Interest had more than 5,500 users in January 2023.

Leadership

Notable stories in 2022:

• "A secure domestic radionuclide supply for the UK" - The future supply of radionuclides for use in cancer diagnostics and therapeutics was discussed at an event hosted by IPEM, with RCR, and like-minded organisations, charities, academics, and nuclear and cancer experts.

• "MRI Safe but investment in staff and systems needed" – response by Dr. John McLean, Chair of IPEM’s MR Special Interest Group, in response to a Daily Mail scare story on MR safety.

• "Crisis point for cancer treatment" - A letter from 34 Heads of Radiotherapy Physics departments echoing IPEM findings about workforce shortages and lack of investment. Radiotherapy UK, supported by IPEM, launched a flash RT workforce survey.

• "Not just doctors and nurses" - the understaffing crisis in the NHS overlooks the chronic shortages in the healthcare science workforce.

• First recipients of new Magnetic Resonance Safety Expert (MRSE) Certificate of Competence announced.

• Launch of IPEM’s Science, Technology and Engineering Forum (STEF)..

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

• "Barely adequate" staffing of new Radiotherapy centres.

• Clean Sweep for IPEM members at the Chief Scientific Officer Awards.

• IPEM launches a Science Leadership Strategy..

• Lack of funding for Clinical Scientist training places in Scotland.

Consultations submitted:

• House of Commons Health and Social Care Committee stakeholder consultation on Cancer Services.

• Department for Health and Social Care: 'Healthcare regulation: deciding when statutory regulation is appropriate'.

• • Department for Health and Social Care '10 Year Cancer Plan'.

• The Welsh Health Specialised Services Committee (WHSSC) Specialised Services Policy CP50a: Positron Emission Tomography (PET).

• Department for Health and Social Care: 'Equity in medical devices: independent review call for evidence'.

• House of Commons Science and Technology Committee on Artificial Intelligence governance.

• Public Bill Committee on Retained EU Law Bill.

• All Party Parliamentary Group on Radiotherapy: Cancer Crisis Inquiry.

2022 saw the launch of the new IPEM website, which delivered an accessible, personalised, searchable and shareable online experience for members and non-members alike. With the change of website and changes to Google algorithm and analytics it’s harder to make a direct traffic comparison, but from launch in March 2022 the new site received 388,159 page views to year end, with bounce rates halving and number of sessions per user almost doubling. We also began tracking key events for the first time, with news articles read reaching 25,800, 22,572 downloads from the site and at least 133 online form submissions.

Scope magazine continued its strong performance, with 4 issues covering topics from across all professional scopes of practice. “The Big Debate” – a group discussion on a topic subject - became a regular feature, whilst key articles were also shared and supported with social media posts. Two new commissioning editors were welcomed to the Scope editorial advisory board.

Our social media channels continue to be a key communication tool for IPEM, with LinkedIn followers up 37% and Twitter followers reaching 6,000 for the first time, an increase of 3.7% over the year. The channels performed particularly strongly in communicating IPEM’s workforce messaging, as well as volunteer activities and member achievements, as well as raising awareness of notable days in the sector’s calendar, such as the International Day of Medical Physics and Global Clinical Engineering Day.

Workforce Intelligence

IPEM carried out and published a survey of the Diagnostic Radiology and Radiation Protection workforce and published a workforce Model for this group. IPEM also carried and published a survey of the Laser Workforce.

27 Bespoke reports were created in response to requests from members, including:

• Radiotherapy Technologists (Engineering) data.

• Comparison of department sizes.

• Benchmarking RDE against other DR+RP departments.

• South West DR+RP Data for HEE training development.

• Medical Physics Workforce for planning (benchmarking the South West against other regions).

• South West RT Data for HEE training development.

• Staffing benchmarking against similar sized departments to Southend.

• Workforce shortage in BioMed Engineering to support a grant application.

• Banding of Heads of RT percent and benchmark of IPEM Recommendations.

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

• Benchmarking RT departments based on percent of consultants.

• Staffing Levels of Consultants.

• Requesting amount of MPEs in NM and how vacancies differ between department sizes.

• Requesting amount of engineers in IPEM Membership for CT training proposal.

• Staffing requirements for MRI scanners.

• Working on staffing planning for the EoE region.

• Number of UK fully trained / practising Clinical Scientists.

• MPCE Workforce in Scotland, for meeting with the Scottish Government Chief Healthcare Science Officer.

• IPEM meeting with DHSC, most up-to-date workforce information.

• Consultant level physicist posts.

• Information on Nuclear Medicine Technologist workforce in the UK.

• Requesting NM CT counts for data being gathered for ARSAC (gov committee).

• HEE project on Clinical Technologist training in London in Medical Physics - DR&RP and Nuclear Medicine Clinical Technologist workforce data for London - WTE establishment, vacancy rates, IPEM recommended establishment levels, age ranges.

• ODN Manager requesting data from trusts within ODN for workforce planning.

• MR Sig requesting MR survey results data for meeting on NHS Imaging workforce.

• RT summary data by department showing the WTE for Physicists, Dosimetrists, Technical Staff, and Other Staff.

Publications

IPEM published the following reports in 2022:

• Guidance for health institutions on in-house manufacture and use, including software (2nd ed.)

• Radiotherapy Board statement on climate change and environmental sustainability.

E-books

11 books were published in 2022 and an additional 7 commissioned. Ebooks are available in digital (PDF, ePub, Kindle) or print formats. Digital formats are available by chapter or whole book.

• Principles of Biophotonics, Vol. 3: Field Propagation in Linear, Homogeneous, Dispersionless, Isotropic Media.

• Artificial Intelligence in Cancer Diagnosis and Prognosis, Vol. 1: Lung and Kidney Cancer.

• Artificial Intelligence in Cancer Diagnosis and Prognosis, Vol. 2: Breast and Bladder Cancer.

• Artificial Intelligence in Cancer Diagnosis and Prognosis, Vol. 3: Brain and Prostate Cancer.

• Spectroscopic Techniques for Dentistry Applications.

• Advances in Image-Guided Cancer Nanomedicine.

• Image-Guided Radiation Therapy.

• Artificial Intelligence in Radiation Therapy.

• IPEM Report 32, part 1: Measurements and Performance Characteristics of Diagnostic X-Ray Tubes and Generators (3rd Ed.).

• Monte Carlo Calculations in Nuclear Medicine (2nd Ed.).

• IPEM Report 85: Radioactive Sample Counting: Principles and Practice (2nd Ed.).

Supporting Research

IPEM publishes two journals with Elsevier: IPEM Translation, and Medical Engineering & Physics (MEP - 188 articles published in 2022), and two journals with the Institute of Physics Publishing (IOPP): Physics in Medicine & Biology (PMB - 477 articles accepted for publication in 2022) and Physiological Measurement (PMea - 133 accepted for publication in 2022). IPEM also endorses Biomedical Physics & Engineering Express, published by IOPP.

IPEM Translation is IPEM’s only fully open access journal. 2022 was the first full year of publication for Translation which launched in December 2021. In 2022, 10 articles were published.

Page 12

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

IPEM issued Innovation grants worth £39,598.02 overall in 2022. £4209.83 was disbursed in grants for student and trainee travel or to enable attendance at specific conferences or events to support research and innovation.

International and other stakeholders

In 2022 IPEM:

• Provided administrative support to the International Organisation of Medical Physics (IOMP), the International Federation of Medical and Biological Engineering (IFMBE), the Radiology and Oncology Congress and the Consortium for Sonographic Education.

• Participated in meetings of the European Federation of Organisations for Medical Physics (EFOMP), IOMP and IFMBE Councils and attended the World Congress in Singapore.

• Continued to fund a policy officer role for the Campaign for Science and Engineering, and supported the work of the Science Media Centre.

Future Plans

IPEM will continue its project to implement a new Customer Relationship Management (CRM) platform, and new finance and payroll systems, which commenced in 2022, and are due to complete in 2023.

Financial Review 2022

Summary

The net deficit for the Group in 2022 after investment gains/losses is (£176,326), compared with a net surplus in 2021 of £657,750. This consists of a net deficit in 2022 on Unrestricted Funds of £234,810 (2021 net surplus of £616,442) and a net surplus in 2022 of £58,484 (2021 net loss of £41,308) on Restricted Funds.

The net surplus for the Group in 2022 consists of £1,605,568 of income, compared to £1,654,086 in 2021, a decrease of £48,518 (2.93%); £1,574,330 of expenditure, compared to £1,295,043 in 2021, an increase of £279,287 (21.57%) and an unrealised loss on investments in 2022 of (£207,564) compared to £298,707 in 2021, a decrease of £506,271 (169.48%).

The net decrease in the Group’s income totalling (£48,518) was essentially due to lower income from Journals (£65,815), offset slightly by increases in other areas.

The increase in the Group’s expenditure of £279,287 was due to an increase in staffing costs of £109,572, an increase in direct costs £63,578 and an increase in support costs of £51,614.

The Group’s cumulative surplus stood at £4,204,557 on 31 December 2022 of which £547,224 is currently financing fixed assets.

Grants, Awards and Bursaries

To encourage the development of physics and engineering in medicine, IPEM helps scientists in the field by the provision of bursaries to support attendance at appropriate scientific meetings, PhD Bursaries, 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.

Page 13

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

The direct expenditure in 2022 totalled £56,438 including four Research Grants totalling £39,598, compared with £37,589 in 2021, an increase of £18,849 (50.14%).

Income from Donations

The income from Donations consists of the Membership Subscriptions. These have decreased by (£3,277) (1.18%) from £277,604 in 2021 to £274,327 in 2022.

Professional Standards and Development

The income received in 2022 by the Group for Professional Standards and Development is £177,485 compared to £275,091 in 2021, a decrease of £97,606 (35.48%). The reduction being due to the one-off income from the MPE project in 2021 and a reduction in restricted funds.

The direct costs attributable to Professional Standards and Development activity has increased by £13,037 (6.14%) from £212,380 in 2021 to £225,417 in 2022.

Publications

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

Journals

In 2022 Journals income totals £886,594 compared with £952,409 in 2021, a decrease of £65,815 (6.91%).

Royalties from Physics in Medicine and Biology (PMB) saw a decrease of 4.80%; Physiological Measurement saw an increase of 1.87%; and Medical Engineering and Physics (MEP) saw a decrease of 13.95%. The income from MEP included a reduction in copyrights income from £241,142 for 2021 to £124,826 for 2022 as had previously been advised by the publisher.

Other Publications

The income from the sales of other publications has decreased in 2022 by £5,196 (16.74%) from £31,031 in 2021 to £25,835 in 2022. This is mainly made up of income from our joint e-book series £18,417 and from the IEL Book store £7,418.

The direct costs attributable to publications were £7,517 in 2022, compared to £5,263 in 2021, an increase of £2,321 (44.10%) due to handover at retirement from Kathryn Surtees to Claire Sharpe.

Scientific Meetings

The income from Scientific Meetings in 2022 was £141,053, compared with £89,113 in 2021, an increase of £51,940 (58.29%) reflecting a return to face-to-face meetings.

Direct costs of Scientific Meetings in 2021 was low at £4,229 due to the pandemic, and increased to £66,694, an increase of £62,465 (1453.01%).

Trading Activities

Income from Trading Activities undertaken by IPEM’s trading subsidiary (IPEM Enterprises Ltd) in 2021 comprised income from job advertisements in the IPEM Jobs Circular and sales of goods (mugs and models). In 2022 the income from these

Page 14

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

activities was £32,699, compared with £22,591 in 2021, an increase of £10,108 (44.74%). This increase in trading activities is mainly attributable to an increase in advertising income.

Associates

IPEM Associate, Radiology and Oncology Congresses made a surplus in 2021. Through its subsidiary, ROC Events Ltd, the charity organised the United Kingdom online Imaging and Oncology Congress.

ROC made a surplus of £179,501 of which one third is recognised in IPEMs accounts as a minority interest £59,834. In 2021 an expense of (£19,599), recognising one third of the deficit suffered by ROC.

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

Free reserves as at 31 December 2022 were £1,619,003 (2021: £1,857,065). These are the net funds available after deducting fixed assets of £547,224 (2021: £460,203), restricted funds of £372,099 (2021: £313,615) and designated funds of £1,666,231 (2021: £1,750,000).

The Trustees reviewed the reserves requirement in 2020. The free reserve target was set at a Target Operating Reserve of £750,000 in addition to the Designated Reserve of £1,666,231 (to take account of the business development challenges). During 2022 the Trustees approved capital expenditure for a new CRM and finance system that will be drawn from the designated reserve.

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

• To absorb income/expenditure shocks. This will ensure stability of IPEM, its programmes, employment, and the ongoing operations of the organisation. It is intended to provide an internal source of funds for situations like increasing expenses, one-time unbudgeted expenses, and unanticipated loss in funding or uninsured losses.

• To fund working capital requirements.

• To plan for growth or grasp opportunities as they arise.

• The fund may also be used for one-time, non- recurrent expenses that will build long-term capacity, such as staff development, research and development or investment in infrastructure.

• To generate income.

• To fund an ordered “winding up” or restructuring costs following a permanent loss of funds.

Page 15

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

The Designated Reserve has been identified to take account of the business development challenge. The Trustees have implemented an investment policy with the aim of protecting these funds from inflation.

The Trustees approved the Investment of £750,000 into the Investment in COIF Charities Investment Fund of funds in 2016. The Trustees approved a further £400,000 transfer to this fund in 2019 and a further £400,000 transfer to this fund in 2021.

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 £2,099,762 at the end of 2022 against a historic cost of £1,550,000. 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:

• That low levels of reserves can threaten the existence of IPEM and can also deter potential funders and create insecurity amongst beneficiaries, supporters, and employers.

• That high levels of reserves may lead to the Trustees acting in conflict with their duty to apply income within a reasonable time or failing in the duty to be even-handed to future and current beneficiaries.

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 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Valerie Jolliffe (Aug 11, 2023 09:58 GMT+1)

Ms Valerie Jolliffe

Honorary Secretary

Date: 10 August 2023

Page 16

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees (who are also the directors of the Charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 the Charitable company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charitable company 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 Group and the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Valerie Jolliffe (Aug 11, 2023 09:58 GMT+1)

Ms Valerie Jolliffe Honorary Secretary

Date: 10 August 2023

Page 17

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

Opinion

We have audited the financial statements of Institute of Physics And Engineering in Medicine (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

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

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 relating 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's or 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.

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

Page 18

(A Company Limited by Guarantee)

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

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

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

Page 19

(A Company Limited by Guarantee)

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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 determine 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.

Page 20

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the group and parent charitable company and the sector in which it operates and considered the risk of acts by the group and parent charitable company that were contrary to applicable laws and regulations, including fraud.We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

We focussed on laws and regulations, relevant to the chartiable company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management, review of board minutes and legal expenses. There are inherent limitations in the audit procedures described 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 would become aware of it.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 21

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED)

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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

BHP LLP

BHP LLP (Aug 30, 2023 09:41 GMT+1)

Laura Masheder (Senior statutory auditor)

for and on behalf of

BHP LLP

Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date: Aug 30, 2023

Page 22

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 274,327 1,231,869 31,602 7,665 271 1,545,734 3,288 1,569,692 1,572,980 (27,246) (207,564) (234,810) 4,067,268 (234,810) 3,832,458	Restricted funds 2022 £ - - - - 59,834 59,834 - 1,350 1,350 58,484 - 58,484 313,615 58,484 372,099	Total funds 2022 £ 274,327 1,231,869 31,602 7,665 60,105 1,605,568 3,288 1,571,042 1,574,330 31,238 (207,564) (176,326) 4,380,883 (176,326) 4,204,557	Total funds 2021 £ 277,604 1,347,644 22,591 3,685 2,562
				1,654,086
				2,543 1,292,500
				1,295,043
				359,043 298,707
				657,750
				3,723,133 657,750
				4,380,883

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages 29 to 53 form part of these financial statements.

Page 23

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03080332

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2022

Note Fixed assets Intangible assets 17 Tangible assets 18 Investments 19 Current assets Stocks 20 Debtors 21 Cash at bank and in hand Creditors: amounts falling due within one year 22 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 23 Unrestricted funds Designated funds 23 General funds 23 Total unrestricted funds 23 Total funds	338 612,617 1,169,357 1,782,312 (396,150) 1,666,231 2,166,227	2022 £ 174,811 372,413 2,271,171 2,818,395 1,386,162 4,204,557 4,204,557 372,099 3,832,458 4,204,557	408 494,427 1,242,455 1,737,290 (235,511) 1,750,000 2,317,268	2021 £ 76,518 383,685 2,418,901
				2,879,104 1,501,779
				4,380,883
				4,380,883
				313,615 4,067,268
				4,380,883

Page 24

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03080332

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Robert Farley (Aug 11, 2023 09:29 GMT+1)

Dr Robert Farley President

J.G.Turner J.G.Turner (Aug 11, 2023 10:06 GMT+1)

Mr John Turner Honorary Treasurer

Date: 10 August 2023

The notes on pages 29 to 53 form part of these financial statements.

Page 25

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03080332

CHARITABLE COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2022

Note Fixed assets Intangible assets 17 Tangible assets 18 Investments 19 Current assets Debtors 21 Cash at bank and in hand Creditors: amounts falling due within one year 22 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 23 Unrestricted funds Designated funds 23 General funds 23 Total unrestricted funds 23 Total funds	608,681 1,141,817 1,750,498 (392,366) 1,666,231 2,078,463	2022 £ 174,811 372,413 2,099,862 2,647,086 1,358,132 4,005,218 4,005,218 260,524 3,744,694 4,005,218	493,154 1,219,134 1,712,288 (233,716) 1,750,000 2,294,161	2021 £ 76,518 383,685 2,307,426
				2,767,629 1,478,572
				4,246,201
				4,246,201
				202,040 4,044,161
				4,246,201

The Charitable company's net movement in funds for the year was (£181,149) (2021 - £677,981).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 26

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03080332

CHARITABLE COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Robert Farley (Aug 11, 2023 09:29 GMT+1)

Dr Robert Farley President

J.G.Turner J.G.Turner (Aug 11, 2023 10:06 GMT+1)

Mr John Turner Honorary Treasurer

Date: 10 August 2023

The notes on pages 29 to 53 form part of these financial statements.

Page 27

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Note Cash flows from operating activities Net cash generated by operating activities 25 Cash flows from investing activities Dividends, interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Purchase of investments Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 26	2022 £ 24,748 7,665 (89,763) (15,748) - (97,846) - (73,098) 1,242,455 1,169,357	2021 £ 263,437 3,684 (76,518) (12,669) (400,000) (485,503) - (222,066) 1,464,521 1,242,455

The notes on pages 29 to 53 form part of these financial statements

Page 28

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. 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 £.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Institute of Physics And Engineering in Medicine 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charitable company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. No statement of cashflows has been presented for the parent charity as it has taken advantage of the exemption given in FRS 102.

2.2 Income

Membership subscriptions, RCT registrations and journal subscriptions are attributed to the financial years to which they relate. Advertising income, training scheme Fees, international support, Journal contracted income, and books and report income is recognised when receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support costs are allocated initially based on the National Office staff time with a residual element allocated based on activity, represented by the aggregate of income and expenditure for each activity stream. This resulted in the following proportions being allocated in 2022:

Page 29

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.3 Expenditure (continued)

Grants Awards and Bursaries - 1.92% Professional Standard and Development - 56.66% Publication Costs - 26.11% Scientific Meetings - 10.38% Governance Cost - 4.93%

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Intangible assets and amortisation

Intangible assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 33 % straight line

Assets under development are not amortised.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 30

(A Company Limited by Guarantee)

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

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 .

Depreciation is provided on the following basis:

Freehold property	-	1% straight line
Property alterations	-	10% straight line
Fixtures and fittings	-	10% straight line
Office equipment	-	20% straight line
Loan Equipment	-	20% straight line

Freehold land is not depreciated.

Assets under construction are not depreciated.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated Statement of Financial Activities includes the Group's share of the associated companies' net income or expenditure using the equity accounting basis. As the associate is a charity, the investment is presented within restricted funds.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 31

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

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

2.14 Pensions

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

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 32

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.16 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.

2.17 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.

2.18 Tax Accounting

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

The Charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Tangible assets and useful economic lives:

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.

Page 33

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4. Income from donations and legacies

Membership subscriptions Total 2021	Unrestricted funds 2022 £ 274,327 277,604	Total funds 2022 £ 274,327 277,604	Total funds 2021 £ 277,604

5. Income from charitable activities

RCT registrations Journal subscriptions Advertising Training scheme fees International support Other income Journal income Books and reports Scientific meetings Total 2021	Unrestricted funds 2022 £ 72,847 6,285 16,607 27,449 45,316 8,981 886,594 26,737 141,053 1,231,869 1,272,553	Restricted funds 2022 £ - - - - - - - - - - 75,091	Total funds 2022 £ 72,847 6,285 16,607 27,449 45,316 8,981 886,594 26,737 141,053 1,231,869 1,347,644	Total funds 2021 £ 65,691 6,941 12,484 24,162 46,129 119,684 952,409 31,031 89,113
				1,347,644

Page 34

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6. Income from other trading activities

Income from non charitable trading activities

Advertising income Other sales Total 2021	Unrestricted funds 2022 £ 31,258 344 31,602 22,591	Total funds 2022 £ 31,258 344 31,602 22,591	Total funds 2021 £ 20,829 1,762
			22,591

7. Investment income

Bank interest Total 2021	Unrestricted funds 2022 £ 7,665 3,685	Total funds 2022 £ 7,665 3,685	Total funds 2021 £ 3,685

Page 35

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8. Other income

Other income Share of associate company profit (note 19) Total 2021	Unrestricted funds 2022 £ 271 - 271 2,562	Restricted funds 2022 £ - 59,834 59,834 -	Total funds 2022 £ 271 59,834 60,105 2,562	Total funds 2021 £ 2,562 -
				2,562

9. Analysis of group expenditure

Grants Awards and Bursaries Professional Standard and Development Publication Costs Scientific Meetings Operating a Trading company Restricted Funds: Professional Standards and Development Restricted Funds: Share of associate company loss Total 2021	Staff Costs 2022 £ 20,095 550,723 250,838 101,659 - - - 923,315 759,220	Direct Costs 2022 £ 56,438 225,401 7,517 66,694 25 1,350 - 357,425 293,847	Support Costs 2022 Total 2022 Total 2021 £ £ £ 6,344 82,877 53,695 173,854 949,978 855,909 79,186 337,541 231,886 32,092 200,445 118,395 2,114 2,139 1,375 - 1,350 14,184 - - 19,599 293,590 1,574,330 1,295,043 241,976 1,295,043	Support Costs 2022 Total 2022 Total 2021 £ £ £ 6,344 82,877 53,695 173,854 949,978 855,909 79,186 337,541 231,886 32,092 200,445 118,395 2,114 2,139 1,375 - 1,350 14,184 - - 19,599 293,590 1,574,330 1,295,043 241,976 1,295,043
				1,295,043

Staff costs include amounts totalling £80,953 (2021: £26,430) which relate to staff training and other non-payroll staff costs.

Direct costs for Grants Awards and Bursaries includes £15,569 (2021: £15,078) in relation to costs associated with distributing grants.

Page 36

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10. Analysis of Group Support Costs

	Grants Awards and Bursaries	Professional Standard and Development	Publication Costs	Scientific Meetings	Operating a trading company	Total	Total
	2022	2022	2022	2022	2022	2022	2021
	£	£	£	£	£	£	£
Property	1,752	51,792	23,866	9,488	-	86,898	63,715
Communication	3,010	88,985	41,005	16,302	-	149,302	122,831
Administration	825	24,388	11,238	4,468	1,837	42,756	27,677
Governance (support costs only)	759	8,689	3,077	1,832	277	14,634	27,753
Total 2022	6,346	173,854	79,186	32,090	2,114	293,590	241,976

11. Analysis of Governance costs

	2022	2021
	£	£
Salaries and related costs	45,482	86,379
Utilities,rates,andpropertycosts	1,233	2,920
Meetings and indirect support costs	16,767	2,727
Communication costs	3,804	8,372
Equipment and software maintenance	3,974	7,619
Printing, photocopying,and stationery	34	32
Insurance	692	1,419
Subscriptions to other bodies	29	9
Legal andprofessional fees	158	817
Audit and accountancyfees	10,950	10,950
Bank charges	1,508	1,691
Depreciation	3,268	5,259
Sundryexpenditure	1,089	745
VAT not recovered	678	732

Page 37

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

12. Net income/(expenditure)

This is stated after charging:

Amortisation of intangible fixed assets Depreciation of tangible fixed assets Auditors' remuneration Fees payable to the Group's auditor for the audit of the Group's annual accounts Fees payable to the Group's auditor in respect of: All non-audit services not included above	2022 £ 12,812 27,020 39,832 2022 £ 10,950 3,750	2021 £ - 34,866
		34,866
		2021 £ 10,950 750

13. Auditors' remuneration

14. Grants

Bursaries and Awards Research Grants Other Grants Total 2021	Grants to Individuals 2022 £ - - - - 705	Grants to Ins�tu�ons 2022 £ - 38,119 2,750 40,869 36,222	Total 2022 Total 2021 £ £ - 5,300 38,119 22,822 2,750 8,805 40,869 36,927 36,927	Total 2022 Total 2021 £ £ - 5,300 38,119 22,822 2,750 8,805 40,869 36,927 36,927
				36,927

Page 38

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Grants £1,000 or greater	2022	2021
Research Grants	4	3
Other Grants	3	5
Total 2022	7	8
Grants to Institutions in 2022	No	£
Science Media Centre	1	2,000
British Societyfor the Historyof Radiology	1	500
In2Science UK	1	3,000
King’s College London	1	9,958
Mount Vernon Cancer Centre	1	9,660
Swansea University	1	9,980
Universityof Bolton	1	10,000
Grants refunds	-	(4,229)

15. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2022 £ 661,997 63,498 116,867 842,362	Group 2021 £ 577,759 52,283 102,748 732,790	Charity 2022 £ 661,997 63,498 116,867 842,362	Charity 2021 £ 577,759 52,283 102,748
				732,790

Page 39

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

15. Staff costs (continued)

The average number of persons employed by the Charitable company during the year was as follows:

Group 2022 No. Total 21 The average headcount expressed as full-time equivalents was: Group 2022 No. Total 17.96	Group 2021 No. 19 Group 2021 No. 16.58	Charity 2022 No. 21 Charity 2022 No. 17.96	Charity 2021 No. 19
			Charity 2021 No. 16.58

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		Group	Group
		2022	2021
		No.	No.
In the band £80,001	- £90,000	-	1
In the band £90,001	- £100,000	1	-

The total amount of employee benefits (including employer's national insurance and pension contributions) received by key management personnel was £345,420 (2021: £238,622). The charity considers its key management personnel to comprise of the Head of Operations and Finance, Head of Workforce Intelligence and Training, Head of Communications, Head of Membership, Chief Executive Officer,

16. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 December 2022, expenses totalling £11,366 were reimbursed or paid directly to 12 Trustees (2021 - £1,475 to 5 Trustees). The Trustee Expenses were in respect of training, and accommodation, travel, and subsistence for meetings.

Page 40

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

17. Intangible assets

Group and Charity

Cost At 1 January 2022 Additions At 31 December 2022 Amortisation Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Trademarks £ - 720 720 - - 720 -	Computer software £ 76,518 110,385 186,903 12,812 12,812 174,091 76,518	Total £ 76,518 111,105
			187,623
			12,812
			12,812
			174,811
			76,518

Computer software relates to the charity's website development costs and CRM system. Within additions, there are costs of £84,773 which relate to assets not brought into use at the year end, accordingly no amortisation has been charged.

Page 41

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

18. Tangible fixed assets

Group and Charity

Cost or valuation At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Freehold property £ 389,909 - 389,909 67,483 2,934 70,417 319,492 322,426	Long-term leasehold property £ 139,241 - 139,241 111,422 5,353 116,775 22,466 27,819	Fixtures and fittings Office equipment £ £ 42,649 71,644 - 1,903 42,649 73,547 35,725 66,701 2,757 1,459 38,482 68,160 4,167 5,387 6,924 4,943	Computer equipment £ 166,454 13,732 180,186 150,572 12,768 163,340 16,846 15,882	Other fixed assets £ 19,243 113 19,356 13,552 1,749 15,301 4,055 5,691	Total £ 829,140 15,748
						844,888
						445,455 27,020
						472,475
						372,413
						383,685

Freehold property inclides land with cost of £96,500 (2022: £96,500) which is not depreciated.

19. Fixed asset investments

Group Cost or valuation At 1 January 2022 Revaluations Share of profit/(loss) At 31 December 2022	Investments in associates £ 111,575 - 59,834 171,409	Listed investments £ 2,307,326 (207,564) - 2,099,762	Total £ 2,418,901 (207,564) 59,834
			2,271,171

Page 42

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

19. Fixed asset investments (continued)

Charitable company Cost or valuation At 1 January 2022 Revaluations At 31 December 2022	Investments in subsidiary companies £ 100 - 100	Listed investments £ 2,307,326 (207,564) 2,099,762	Total £ 2,307,426 (207,564) 2,099,862

Principal subsidiaries and associates

The following was a subsidiary undertaking of the Charitable company:

Name	Company	Registered office	Principal	Class of	Holding Included in
	number	or principal place	activity	shares	consolidation
		of business
IPEM Enterprises Limited	03143077	Fairmount House,	Trading	Ordinary	100% Yes
		230 Tadcaster	activities in
		Road, York,	relation to
		North Yorkshire,	professional
		YO24 1ES	membership
			organisation

The financial results of the subsidiary for the year were:

Name	Income	Expenditure	Profit/(Loss)/	Net assets
	£	£	Surplus/	£
			(Deficit) for the
			year
			£
IPEM Enterprises Limited	40,117	12,187	27,930	28,030

Page 43

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

19. Fixed asset investments (continued)

The following were associates of the Charitable company:

Names	Fair value of	Registered office or	Class of	Holding	Profit / (Loss)
	investment at	principal place of	shares		/ Surplus /
	31 December	business			(Deficit) for
	2022				the year
	£				£
Radiology and Oncology	169,639	Fairmount House,	Ordinary	33%	(32,505)
Congresses		230 Tadcaster
		Road, York, North
		Yorkshire, YO24
		1ES
ROC Events Limited	1,770	Fairmount House,	Ordinary	33%	212,007
		230 Tadcaster
		Road, York, YO24
		1ES

20. Stocks

Finished goods and goods for resale 21. Debtors Due within one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income	Group 2022 £ 544,044 - 68,573 612,617	Group 2021 £ 438,588 - 55,839 494,427	Group 2022 £ 338 Charity 2022 £ 532,998 7,110 68,573 608,681	Group 2021 £ 408
				Charity 2021 £ 437,315 - 55,839
				493,154

Page 44

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

22. Creditors: Amounts falling due within one year

Group Group 2022 2021 £ £ Trade creditors 104,334 32,296 Amounts owed to group undertakings - - Other taxation and social security 51,437 53,687 Other creditors 15,331 10,197 Accruals and deferred income 225,048 139,331 396,150 235,511 Accruals includes unpaid grant commitments of £39,598 (2021: £nil). Group Group 2022 2021 £ £ Deferred income at 1 January 2022 64,628 75,929 Resources deferred during the year 96,302 72,621 Amounts released from previous periods (64,628) (83,922) 96,302 64,628	Charity 2022 £ 102,573 - 49,414 15,331 225,048 392,366 Charity 2022 £ 64,628 96,302 (64,628) 96,302	Charity 2021 £ 32,343 310 53,347 9,543 138,173 233,716 Charity 2021 £ 75,929 72,621 (83,922) 64,628

Page 45

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

23. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Designated Reserve General funds General Reserve Total Unrestricted funds Restricted funds E-Learning for Healthcare - Ionising Radiation E-Learning for Healthcare - Radiation safety for staff E-Integrity MLA E-Integrity Development Fund E-Learning for Healthcare - Advance Radiotherapy IPEM Educational Fund Share of Associated Company	Balance at 1 January 2022 £ 1,750,000 2,317,268 4,067,268 12,315 42,913 28,300 95,873 19,950 2,689 111,575	Income £ - 1,545,734 1,545,734 - - - - - - 59,834	Expenditure £ - (1,572,980) (1,572,980) - - - (1,350) - - -	Transfers in/out £ (83,769) 83,769 - - - - - - - -	Gains/ (Losses) £ - (207,564) (207,564) - - - - - - -	Balance at 31 December 2022 £ 1,666,231
						2,166,227
						3,832,458
						12,315 42,913 28,300 94,523 19,950 2,689 171,409

Page 46

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

23. Statement of funds (continued)

Statement of funds - current year (continued)

----- Start of picture text -----
Balance at 1 Transfers Gains/ Balance at 31
January 2022 Income Expenditure in/out (Losses) December 2022
£ £ £ £ £ £
- -
313,615 59,834 (1,350) 372,099
-
Total of funds 4,380,883 1,605,568 (1,574,330) (207,564) 4,204,557
----- End of picture text -----

Designated fund:

The Trustees set the Designated Reserve at £1,750,000 in 2019 to take account of the business development challenge to increase income from other sources before the expected decline in publishing income because of the move to open access publishing. It is expected that this fund will be required to cover operating losses over the next several years, while new and improved income streams are developed.

Restricted funds:

E-Learning for Healthcare - Ionising Radiation (medical exposure regulations) represents funds provided by e- learning for Healthcare to create the content for an e-lRMER e-learning package.

E-learning for Healthcare - Radiation safety for staff represents funds provided by e-learning for Healthcare to update the content the Radiation for Staff e-learning package.

E-lntegrity MLA represents 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.

E-lntegrity Development Fund represents 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.

E-Learning for Healthcare - Advance Radiotherapy represents funds provided by e-learning for Healthcare to update the e-learning materials "Advanced Radiotherapy" developed in partnership with e-learning for healthcare, the Society of Radiographers, and the Royal College of Radioloaists.

Transfers:

Transfers totalling £83,769 from designated reserves to unrestricted reserves represent capital spend which falls within the scope of the designated funds purpose.

Page 47

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Designated Reserve General funds General Reserve Total Unrestricted funds Restricted funds E-Learning for Healthcare - Ionising Radiation E-Learning for Healthcare - Radiation safety for staff E-Integrity MLA E-Integrity Development Fund E-Learning for Healthcare - Advance Radiotherapy IPEM Educational Fund Share of Associated Company	Balance at 1 January 2021 £ 1,750,000 1,700,826 3,450,826 12,315 43,970 23,300 59,000 - 2,548 131,174	Income £ - 1,578,995 1,578,995 - - 5,000 50,000 19,950 141 -	Expenditure £ - (1,261,260) (1,261,260) - (1,057) - (13,127) - - (19,599)	Transfers in/out £ - - - - - - - - - -	Gains/ (Losses) £ - 298,707 298,707 - - - - - - -	Balance at 31 December 2021 £ 1,750,000
						2,317,268
						4,067,268
						12,315 42,913 28,300 95,873 19,950 2,689 111,575

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

23. Statement of funds (continued)

Statement of funds - prior year (continued)

Total of funds	272,307 3,723,133	Balance at 1 January 2021 £ 75,091 1,654,086	Income £ (33,783) (1,295,043)	Expenditure £ - -	Gains/ (Losses) £ - 298,707	Balance at 31 December 2021 £
						313,615
						4,380,883

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(A Company Limited by Guarantee)

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 372,413 174,811 2,099,762 1,581,622 (396,150) 3,832,458 Unrestricted funds 2021 £ 383,685 76,518 2,307,326 1,535,250 (235,511) 4,067,268	Restricted funds 2022 £ - - 171,409 200,690 - 372,099 Restricted funds 2021 £ - - 111,575 202,040 - 313,615	Total funds 2022 £ 372,413 174,811 2,271,171 1,782,312 (396,150) 4,204,557 Total funds 2021 £ 383,685 76,518 2,418,901 1,737,290 (235,511) 4,380,883

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Gains/(losses) on investments Dividends, interests and rents from investments Loss on the sale of fixed assets Decrease in stocks Increase in debtors Increase in creditors Share of (profit)/loss of associate (note 7) Net cash provided by operating activities	Group 2022 £ (176,326) 27,020 12,812 207,564 (7,665) - 70 (118,190) 139,297 (59,834) 24,748	Group 2021 £ 657,750
		34,866 - (298,707) (3,685) 218 813 (170,004) 22,587 19,599
		263,437

26. Analysis of cash and cash equivalents

Cash at bank and in hand Notice deposits (3 months and less) Total cash and cash equivalents	Group 2022 £ 506,351 663,006 1,169,357	Group 2021 £ 590,244 652,211
		1,242,455

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INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

27. Analysis of changes in net debt

Cash at bank and in hand Capital commitments Group 2022 £ Contracted for but not provided in these financial statements Acquisition of intangible assets 196,231	At 1 January 2022 £ 1,242,455 1,242,455 Group 2021 £ 13,462	Cash flows £ (73,098) (73,098) Charity 2022 £ 196,231	At 31 December 2022 £ 1,169,357
			1,169,357
			Charity 2021 £ 13,462

28. Capital commitments

29. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £116,867 (2021: £102,748). Amounts totalling £9,127 (2021 - £126) were payable to the fund at the balance sheet date and are included in creditors.

30. Agency

Balance as at 1 January 2022 Received from members in 2022 Paid in 2022	Science Council 2022 £ 4,936 40,940 (40,666) 5,210	Engineering Council 2022 £ 487 5,204 (5,162) 529	Total funds 2022 £ 5,423 46,144 (45,828)
			5,739

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(A Company Limited by Guarantee)

INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

31. Related party transactions

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. During the year, IPEM provided company secretarial services totalling £3,136 (2021: £nil) to Radiology and Oncology Congresses.

IPEM Enterprise Limited (IEL) is a wholly owned subsidiary of IPEM. In 2022 the Charity received income of £23,110 from IEL (2021: £23,790) and had an outstanding debtor balance at the end of 2022 of £7,110 (2021: had an outstanding creditor balance of £310).

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