Registered number: 03080332 Charity number: 1047999 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 *AD8W6MOE* 1810912024 COMPANIES HOUSE A32 #106 Illd7lGgd11t•itmtsléa•OA•OJ3•MIM75%b19305•U•lt4bJ•1m74S* INSTITUTE OF PHYSICS ANO ENGINEERING IN MEDICINE IA company limited by guarantee) CONTENTS PaEe Reference •nd •dmlnislr•ti¥e det•ll$ of the ¢harit•ble comp•nyi Its Trust••s ¥nd advisers President's foreword Tiustees. report 4-19 Trnstees, rtsponslbllltles statement 20 Independent auditors, report on the flnanclal statefflents 21-24 Consolldattd statement of flnancl•l activities 25 Consolldated balance sheet 26-27 Charltable company balance sheet 28-29 Consolidated statement ofcash flows 30 Notes to the tln•n¢lal statements 31-55 O0¢urrtti￿.. 17trd7*Vdllk￿to1￿VéwglDJ3*￿￿15kts?yJ1JJIsS￿I£1bSeIm?*Ia INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEM8ER 2023 Trustees Or Anna Barnes-mckenzie, President Dr Robert Farley Mr John Turner, Honorary Treasurer Ms Valerie Jolliffe, Honorary Secretary Mr Richard Slubbs. Dlrector of Professional and Stsndards Council Iresi8ned 29 September 20231 Dr Mohammad Al-Amri, Director of Science, Research and Innovation Coun¢il Ms Claire Hardiman, Member Trustee Ireslgned 29 September 20231 Dr Avvakkannu Manivannan, MemberTrusiee Mr lain Threlkeld, Member Trustee Dr Justin Richard5. Independent Trustee Ms Chelsea Roche, Independent Trustee Dr Jason Wllde. Independent Trustee Prof Azzam Taktak lappoirbted 29 September 20231 Dr Carl Rowbottom (appointed 29 September 20231 Company reilst•red number 03080332 Charlty Te8Sstered number 1047999 Re8151ered offb¢• Fairrnounl House 230 Tadcaster Road York Y024 IÉS Chlef emecutlve offScer Phll Morgan Independent audliors BHP LLP Rievaulx House I St Mary's Court 8105som Street York Y024 IAH 8ankers Lloyds Bank plc 2 Pavement York Yol 9UP Investment manaiers CCLA Investment Mana8emeni Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Page I INSTITUTE OF PHYSICS AND ENGINEEftING IN MEDICINE IA company limlted by guarantee) PRESIDENT'S FOREWORD FOR THE YEAR ENDED 31 DECEMBER 2023 IPEM'S mlssion is to improve health through physics and en8ineering in medicine. As an organisation our aim is to facilitate members as a community of professionals and volunteer5. Their work through IPEM shapes professlonal development and practice development, delivering value directly to the public in the form of professionalism, knowledge and innovation. IPEM'S Story in 2023 15 about growth and focus. Over the year, decisions taken by successive Boards of Trustees since 2020, to focus on hi8h value artivities closely aligned to core purpose. begin io influence IPEM'S income. The Strategy set out in "IPEM 2025" which was adopted in 2021 with the primary alm of reducing our dependence on income from journals. concentrated staff activity on three areas - professional development. community and leadership. These were supported by six operational plans and stretchin8 targets for 2023 were agreed. The capacity and capability of the staff body was improved through recruitment and by Ihe final quarter of ihe year it became evldent that IPEM'S customer base and income were showing signs of improvement. Professional development Wa5 key to our growth. A5 well as three new tralnlng courses, the new Cllnlcal Scientist Guided Trainin8 Scheme was launched in 2023 and 5ucce55fully enrolled two cohort5 of students. The arcreditation committee had an exceptionally busy year with new Msc and short courses approved. IPEM hosted 18 events in 2023, five more than the previous year, wlth the number of delegates Sncreasin8 from lust under Iofyj to more than 1300, Although IPEM'S membershlp fell mar8inally in 2023, the year saw renewed efforts to speed the growth on the Fellowship 8rade. though improved communicatlon and streamllned processes, wlth 9 new Fellows created. IPEM continued to develop our approach to diversity and inclusion. In 2023 we changed the emphasis from equality to equity. in Ilne with Sclence Council's recommendations. We continued to work wSth, Share Ideas and learn from a ran8e of stakeholders in this important area of our development as an or8anisation. IPEM'S leadershlp flourlshed. We spent more tlme focuslng on public pollcy and advocacy, which Is an area our members said Should be among our top priorities. IPEM'S 'Science Leadership strate￿ work grew in the year, lead by Jen Cannon. A volunteer day wès held In September, in which the grand challenge5 and emer8ing trend5 that are shaping the future operatin8 environment for IPEM members were further developed. The subjects that make up the strategy are Increasingly the focus of our resources and guldance, along with the ideas that our members generate in other areas of science and en8ineerin8. 2023 wa5 an incredibly busy year for our volunteer5. especially for th05e involved in course accredltation and a55e55ment. which grew considerably. Across the organisation, volunteers donate their time and best efforts to support the profession. Without this considerable resource, IPEM'S strategy would face impossible limitations. Althou8h I have served as volunteer for manv vears myself. I have been surprised and impressed at every turn by quite how much IPEM'S volunteers have achieved in my first 12 months as President. IPEM's Staff group grew in the year, with new roles added. It was sad to see the retirement of Marie Goodall. after 37 year5. Page 2 r￿Tr•ll1￿. 171d7fc9dllt*Ob)1b9￿Ie•)3je?￿lOJ15sGb7l>j￿5s•2(4b5D1￿lIj7asl INSTITUTE OF PHYSICSAND ENGINEERING IN MEDICINE (A company limited by guarantee) PRESIDENT'S FOREWORD {CONTINUED) FOR ThfE YEAR ENDED 31 DECEMBER 2023 Ovefall, 2023 was an important year for IPEM. The growth in our income of £230,000, which was delivered by growth in resources and expenditure. provided proof of concept that with a focused strategy, driven by risk and performance, there are opportunities for IPEM to grow towaid5 a mole sustainable lon8.term financial p051tion. Thls Is particularly true in profe55i0nal development, and our plans include considerable further investment in this area. Members told they wanted IPEM to provide advocacy, resources and traininE, and I believe we made advantes in each of these in 2023. IPEM 2025. our strategy* has given us direction based on professional development, community and leadership. Towards the end of 2023. 1 am very pleased to say that the Board agreed to long.term plans which wlll See us build on and extend this approach towards 2030. These plans will be published In 2024 and I look forward to workln8 Wlth members and volunteers to bring them about. sIg￿r 10.. 2CK8JOOPUM... Dr Anna Barnes President Date.. 1210812024 GMT Page 3 DcS$O2C•b5e1*1Y&74So INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limited by iuaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2Q23 Consortium for Sonographic Education. Participated in meetin8s ol the European Federation of Organisations for Medical Physics IEFOMPI, IOMP and IFM8E Councils and attended the International Conference on Medical Physics, held in Mumb3i, India. Continued to fund a policy officer role for the Campaign for Stience and Engineering, and supported the work of the Science Media Cenlre. IPEM made donation5 to continue our 5UPPOrt for the work of In2Science. a charity that promote5 5orlal moblllty in STEM careers. and the British Society for the History of Radiology. Future Plans As noted above, work contlnued in 2023 to develop a new disclpllnary procedure, which wlll be fina115ed and launched in 2024. In October 2023 IPEM'S Board of Trustees accepted a plan to Invest a substantial proportion of IPEM'S free reserves almed at ensuring long term financial sustainability. This plan envisages an investing in the staff body to create capacity and 5115tainably increased IPEM'5 annual income from approximately £1.5m, to more than £3m per year by the end of 2028. New roles created to support the plan include a Director of Education and Professional Development. Recruitment to support the plan commenced in a4 2023 and continued in 2024, with the plan being to recruit 9 additional roles in total by QI 2025. To rnanage risk, the Board adopted a sta8ed approach to the investment based around quarterly review5 of the plan. The intention of the plan is to create capacity in income generation areas and on public facing activities which directly support IPEM'S charitable oblect. Accordln8ly, the staff body was reor8anlsed at the end of 2023 to create the followlng teams.. Policy and Impact Communications Public Affairs Workforce Intelligence Professional Knowledge and Innovation Community and Commercial Membership Commercial relationship5. events and publications Governance, Flnance and Operations Education and Professional Oevelopfnent Education and Training Accreditation and course approval Registration and CPD IPEM envisages further investment in technology in 2024 and 2025, with an upgrade of the website content management System and the development and implementation of a learning management system to support in the growth of education and profe55i0n81 development. Page 16 i?Id71cld11bbltv)1bgé010••O33•￿•M?GSEts??jDj•sS02Gats5e1rf￿1 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal Review 20 Summary The net surplus for the Group in 2023 is £95,951, compared with a net deficit in 2022 of1£236,1601. This consists of a net surplus in 2023 on Unrestricted Funds of £95,95112022 net deficit of £234,810) and no mo¥efflent12022 net deficit of £1,350 as restated) on Restricted Funds. The net surplus for the Group in 2023 conslsts of £1,776,783 of intome. compared to £1,545,734 in 2022 las re5tatedl, an increase of £231,049 114.9%),. £1,943,913 of expenditure, compared to £1,574.330 in 2022. an increase of £369,583 123.5%) and an unreali5ed gain on investments in 2023 of £263,081 compared to a los$1£207.5641 in 2022. an Increase of £470.645. The net Increase In the Group's Income lotallin8 £231,049 was due to several charitable acti¥ities generatin8 Increased income, but in particular this was due to higher income from ScientSfic Meeting5 £126,843 above the 2022 value. The increase in the Group'5 expenditure of £369,583 was due to an increase In 5taffin8 costs of £121,253 an Increase In direct costs £117,505 and an Increase in support costs of £130,825. The Group's cumulative surplus stood at £4,129,099 on 310ecember 2023 of which £887,105 is currently financing fixed a55ets, Grants, Awards and 8ursaries To encourage ihe development of physics and eniineerlni in medlcine, IPEM helps sclentlsts In the fleld by the provision of buf5arie5 to support altendance at appropriate scientific meetings. PhD Bursaries, donation5, and Small research grants. In each case, IPEM requires a written report from the recipients of this funding, demonstrating the value derived from it. These reports are sometimes also published in the Scope membership magazine, for the benefit of other member5, Grant5 may include fundin8 Other charities, or in some ca5e5 or8anisation5 that are not charitie51suble¢t to our polity on payments to non-charitles, and due diligence Investl8atlons), to further our charltable objectlves. The direct expenditure in 2023 totalled £5,OIXJ compared with £40,869 in 2022, a decrease of £35,869187.8%1. M•mb•rshSp Subscrlptlons These have increased by £22,83318.3%1 from £274,327 in 2022 to £297.160 In 2023. Publi¢atlons Publications consist of income from royalties from the sale of our Journals and the sale of book5 and reports. Journals In 2023 Journals income tota15 £900,766 compared with £886,594 in 2022, an increase of £14,17211.6%1. Scientlflc Meetin8$ The income from Scientific Meetings in 2023 was £267,896, compared with £141.053 in 2022. an increase of £135.843 196.3%) due to continued growth in this area. Direct costs of Scientific Meetin85 in 2023 was £130,458, and increase from £66,694, of £63,764. Page 17 INSTITUTÉ OF PHYSICSAND ENGINEERING IN MEDICINE IA cofflpany Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Tradlnc Artivitie5 Income from Trading Activities undertaken by IPEM'S trading subsidiary IIPEM Enterprises Ltd) in 2023 comprised income from job advertisements in the IPEM Jobs Circular. In 2022 the income from these activities was £33,766, compared with £31,602 in 2022, an increase of £2,164 16.8%). This increase in tradSng activities 15 mainly attributable to an increase in advertising income. Fundralslnz Section 162a of the Charltles Act 2011 requires charitie5 to make a statement regardlng fundraising activlties. Alihough IPEM does not undertake widespread fundraising from the general public, the legislation define5 fund rai5in8 as "soliciting or otherwise procuring money or other property for charitable purposes.- In relatlon to the above, It 15 conflrmed that all sollcitations are managed Internally, wlthout Involvement of tommerclal participators or professional fund-raisers, or third parties. The day-to-day mana8ement of all income generation is dele8ated io the executlve team, who are accountable to the Trustee5, The Charity is not bound by any undertaklng to any regulatory scheme and the Charity does not consider it necessary to comply wlth any voluntary code of praclice. IPEM has not received any complaints in relation to fundraising activities. IPEM's terms of employment require staff to behave reasonably at all tlmes. As IPEM does not approach Indivlduals for funds. it does not have to particulaiise them to fundraisinB activities nor is it nece55?ry to design specific procedures to Monitor such activities. Free reserves as at 31 December 2023 were £1,542,20312022.. £1,680,942 as restatedl. These are the net funds available after deductin8 fSxed a55ets of £887.10512022.. £485.2851. re5tricled fund5 of £200.69012022., £200,690 as restated) and desiBnated funds of El,499,10112022: £1,666,231>. The Trustees revlewed the reserve5 requlrement In 2023. The free reserve target was set at a Tar8et Operatln8 Reserve of £I.100,000 in addition to the Designated Reserve of £1,499,101 Ito take account of the business development challenges). The Target Operating Reserve is defined a5 the amount that Trustees consider appropriate.. To absorb incomelexpendlture shocks. This will ensure stabllity ol IPEM. its pro8rammes, employment, and the on- going operations of the organisation. It is intended to provide an internal source of funds for situations like Increasing expenses. one-time unbudgeted expen5e5, and unanticipated105s in funding or uninsured losses. To fund working capital requirement5. To fund an ordered "winding up" or restructuring costs following a permanent loss of funds. The Designated Reserve ha5 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 trènsfer to this fund In 2021. Page 18 DuEuTh*40 ITr. IT￿71(1￿}1￿￿lYM08éQlIleQJJ￿OttoTSS[bn*3¥55l?tIts5•l8IX)?l$l INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE {A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The performance of the fund manager ICCLAI is reviewed annually aBainst the objectlves set by the Trustees and industry benchmarks. The value of the Investment was £2,362,843 at the end of 2023 against a historic cost of El,550,000. The Fund itself invests in in readily liquid assets and IPEM'S investment can be realised at one week's notice should it need to access funds immediately. The Trustees have considered.. That low levels of reserves can threaten the existence.of IPEM and can also deter potential funders and create insecurity amongst beneficiaries, supporters, and employers. That hi8h levels of reserves may lead to the Trustees acting in confllct with thelr duty to apply Income withln a reasonoble time or failing in the duty to be even-handed to future and current beneficiaries. The Trustees have taken a risk identification approach to settin8 the Resep4e Target. This approach is based on an understanding of the income streams and their risk profile. the degree of commitment to expenditure and the overall rlsk environment in which the Charity operates. The Directors (who are a150 the Trustees of the Institute of Physics and En8ineerin8 in Medicine under charity lawl are responsible for preparin8 the Annual Report and the financial statements in accordance with applicable laws and regulations. The Trustees have reconsldered the ieseThe level In 2020 followin8 the onset ol Covld-19 Icoronavlrusl and are sat15fled that the reserve level does not need further amendment. Approved by order of the members of the board of Trustees and si8ned on thelr behalf by.. VAlcYi Signer10.. RCV60PXVL6.,. Ms Valerle Jolllffe Honorary Secretary Date.. 1210812024 GMT Page 19 D&yJr(*rt1Tr. 17•d7fcgdl1bbl￿ll¢#{*£￿l•￿?Skb￿¥j3lss￿bSl?•Irj74$I INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA ¢ompany limited by 8uaranteel STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also the directors of the charitable company for the purposes of company lawl are responslble for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financièl statements for each financial year. Under company lèw. 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 incomin8 resource5 and appllcation of resources, includino their income'and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select Sultable accountin8 policies and then apply them conslstently. obseThe the method5 and principles of the Charities SORP 2019 IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent; State whether applicable UK Accountin8 Standards IFRS 1021 have been followed; prepare the finantial stètements on the going concern basls unless it is inappropriate to presume that the charitable compèny will continue in operation. The Trustees are responsible for keeplng adequate accountlng records that are sufficlent to show and explaln 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 a150 responsible for safeguardin8 the assets of the Group and the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. In so far a5 the trustees are aware.. there is no relevant audit information of which the charitable compan￿$ auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware ol any relevant audlt Information and io establish that the auditor is aware of that information. Approved by order of the members of the board of Trustees and si8ned on its behalf bv.. Slgnw ID RCV60PXVL6... M5 Valerie Jolliffe Honorary Secretary Date.. 1210812024 GMT Page 20 o￿L￿E￿i),. 17U7fc9d11kblMllb9é086E£033eWeA75kbl9303B561k4b5B1eQ137•5a INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE We have audited the financial statements of Institute of Physics And Engineering in Medicine (the 'parent charitable companll and its subsidiaries Ithe 'group'l for the year ended 31 December 2023, which comprise the consolidated statement of financial activitie5, the consolldated balance sheet, the company balance sheet, the con501idated statement of cash flows and notes to the financial statements. including SiBnificant accounting policies. The financial reportin8 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 Kin8dom Generally Accepted Accounting Practice). In our oplnion the flnancial 5tatement5: give a true and falr view of the state of the group's and parent charitable company's affalrs as at 31 December 2023, nd of the group's incomSn8 resources and application of resources, including its income and expendltufe, for the year then ended; have been properly prepared In accordance with Unlted Kln8dom Generally Accepted Accountin8 Pra¢tlce; and have been prepared in accordance with the requirement5 of the Companies Act 2006. 8asSs for oplnion We conducted our audit In accordance with International Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our responsibililies under those standards are further described In the auditor responsibillties for the aLtdit of the financSal Statements section of our report. We are independent of the group and parent charitable company In accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and approprlate to provide a basis for our oplnion. Con¢luslons rel•tln8 to iolng ¢on¢ern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the flnanclal statements Is approprlate. 8ased on the work we have performed. we have not identified any materlal uncertainties relatSng to event5 or conditions that. individually or collectively, may cast significant doubt on the group and parent charitable tornpany's ability to continue as a 8Oln8 concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibllStles and the re5pon5ibilitie5 of the trustees wlth respect to going concern are descrlbed In the relevant settlons of this report. Other informatlon The other informatlon comprises the information included In the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 15 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 materSal inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the finoncial 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. Page 21 O¢Urn**tt. i?•J7f¢*d1lbb&￿lO1IO￿6•￿5j&96lo￿1Ss￿7pJo3•s5j2t1bSfjl*r4ts1*6I INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA Mmpany Ilmlted by 8uarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (CONTINUED) We have nothin8 to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our oplnion, based on the work undertaken In the course of the audit.. the information 8iven in the trustees. report, which includes the directors, report Prepared for the purposes of company law, for the flnancial year for whlch the financial statement5 are prepared Is con515tent with the financial Statements; and the directors, report included within the trustees, report has been p￿pared in accordance with applicable legal requirements. Matters on which we arè requirtd to rèport by exc*ptlon In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directOf5' report. We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires US to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by u5,. or the parent charltable company's financial statement5 are not in 08reement with the accountin8 records and returns: or certain disclosures of directors. remuneration specified by law are not made,. or we have not recelved all the information and explanations we require for our audlt,. or the trustees were not entltled to prepare the flnancial statements in accordance with the small companles, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a 5trate8ic report. ResponsibllhSes of trustees As explalned more fully in the trustees. responsibilities Statement. the trustees Iwho are also the dlrectors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 satisfied that they 8ive a true and fair view, and for such internal control as the trustees determine is nece55ary 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 and parent charitable companV5 ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the Boing concern basis of accounting unle55 the tru5tee5 either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltor responslblllties 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 auditor's ieport that includes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a Euarantee thal an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Page 22 t*)J•S￿1¢0b&01rfm7•Sll INSTITUTE OF PHY51C5 AND ENGINEERING IN MEDICINE IA cornpany limited by guarantee REGISTERED NUMBER.. 03080332 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS A T31 DECEMBER 2023 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financlal statements have been prepared in accordance with the provision5 applicable to entitle5 subject to the small tompanies regime. The financlal statements were approved and authorised for Issue by the Trustees and si8ned on their behalf by., S*r*r 10,, 2CK8JOOPUM... Di Anna Barnes President Date: T.he notes on pages 3110 55 form part of these financlal statements. Page 27 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limlted by guarantee) REGISTERED NUMBER. 03080332 CHARITABLE COMPANY BALANCE SHEET AS Af31 DECEM8ER 2023 2023 2022 Note FIKed assets Iniangible assets Tangible assets Investments 16 456,602 430.503 174,811 372,413 2.099,862 17 18 2,362.943 3.250.048 2,647,086 Current asseti Oebtor5 20 477.198 789.971 608,681 1,141,817 Cash at bank and In hand 1,267.869 1,750,498 Creditors., amounts fallin8 due withln one year 21 1410,7351 1392,3661 Net current •sset$ 8S7,134 1,358,132 Total assets less turrent IlabllStSes 4,107,182 4.005.218 Totsl net assets 4,107.181 4,005,218 Charlty funds Restricted funds 23 2110,690 260,524 Unre5trlcted funds Designated funds General funds 23 1,492,086 2,414,406 1,666.231 2.078,463 23 Total unrestricted funds 23 3,906.492 3,744,694 Tol•l fvnds 4,107,182 4.005.218 The charitable company's net movement in funds for the year was £101,96412022 - £1240,98311. The Trustees acknowled8e their responsibilities for complyin8 Wlth the requirements of the Act with respect to accounting record5 and preparation of financial 5tatement5. The financial statements have been prepared in accordance with ihe provisions applicable to entitles sublect to the small companies regime. Page 28 Oo¢wiortATr. l?14?￿9d1l￿)*l￿*1b9O0jè*033è9&￿75Scb?11ojl5S￿IE1b5vlrfWJ7•S• INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINÉ (A company limited by Éuarantee) REGISTERED NUMBER: 03080332 CHARITABLE COMPANY BALANCE SHEET ICONTINUEDI AS A T 310ECEM8ER 2023 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf bv.. ID." 2CKBJOOPUM... Dr Anna Barnes President Oate: 1210812024 GMT The notes on pages 31 to SS form part of these financial statements. Page 29 CX¢Wl1Tr, 174d71c901li*OiLllbPéQVlW￿5vwea75s￿7•3ojDS6th￿5Q1QfX$14S• INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (A company limited by guarantee) CONSOLIOATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notè Cash flows trom operating artl¥ltles Net cash generated by operating activitles 25 177.8421 24.748 Cash flows Irom In¥estlnB a(livStles Dlvldends, Interests and rents from investments Purchase of intan8ible assets Purchase of tan8ible fixed assets 19,008 IZ62,170) 133,506) 7.665 189,7631 115,7481 Net cash used In Investlng adlvltles 1276,6681 197,8461 Chanie In cash and cash •qul¥al•nts In the year 1354,5101 {73.0981 Cash ènd cash equlvalents at the be8innln8 of the year 1.169,357 1,242,455 Cash and Cash equlvalents at the end of the year 26 814,847 1,169,357 The notes on pages 31 to 55 form part of these financial statement5 Page 30 INSTITUTE OF PHYSIC5AND ENGINEERING IN MEDICINE IA company Ilmited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2023 General Intormation The Institute of Physics and En8lneering in Medicine is a company limited by guarantee and is re85stered with the Charity Cornmi5slon for England and Wales. The address of the re8lStered office is shown In the Trustees, Annual Report. The nature of the Group's operation5 and its principal activities are outlined in the Trustees. Annual Report. The presentational currency 15 Sterling and amounts are rounded to the nearest whole £. A¢¢ountln8 pollcles 2.1 Basis olprepar4¢ion 0lllnon¢lol stotement5 The flnancial statements have been prepared In accordance wlth the Charlties SORP IFRS 1021 Accountlng and Reporting by Charities: Statement of Recommended Practice Jpplicable to charities preparing their account5 in accordance with the Financial Reportin8 Standard applicable in the UK ènd Republic of Ireland IFRS 1021 (effective l January 20191, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Instltute of Physlcs And Engineerlng Sn Mediclne meets the deflnitlorb of a public benefit entlty under FIIS 102. Assets and liabilities are initially reco8nised at historical cost or transaction value unlÈss otherwise stated in the relevant accounting policv. The Consolidated statement of flnanclal activities ISOFAI and Consolidated balance sheet consolidite the financlal statements of the charitable company and its subsidlary undertaking. The results of the subsidiary are consolidated on a Ilne by line basls. The charitable company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented it5 own Statement of financial artivitie5 in these financial statement5. No statemeni of cashflows has been presented lor the parent charlty as it has taken advantage ol the exempilon given In FRS 102. 2.2 Income Membership subscriptions. Rcf reglstratlons and lournal subscriptions are attributed to the financial years to whlch 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 recogni5ed once there Is a legal or constructive obligation to transfer economlc beneflt to 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 c05t5. including support costs involved in undertaking each actlvlty. Direct cost5 attributable to a single activity are allocated directly to thal aclivily. 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 conslstent with the use of re50urce5. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objective5, as well as any assoclated support costs. Page 31 ¢>oEUffthW*M>. 178d71NdllWtr•)ltyllQl6•o033•114••W#b7130J•55tk4bS•1rfXJ745a INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limited by Éuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Accounting policies Icontlnued) 2.3 Expendlture (contlnuedj All expenditure is Inclusive of irrecoverable VAT. 2.4 Grantspayoble Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants bein8 recognised as expenditure when the conditions attaching are fulfilled. Grants offered 5ubiect to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 2.5 Interest recelvoble 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 Sn5titution with whom the funds are dep051ted. 2.6 Intanglble assets and omortlsatlon Intan8ible assets costin8 £llJ) or more are caplta115ed and Teco8nised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intansible asset5 are initlally reco8ni5ed at C05t. After reco8nitlon, under the cost model. Intangible asset5 are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation Is provided on intangible assets at rates calculated to wrlte off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the followin8 basls: Computer software 33 % strai8ht line Assets under development are not amortlsed. 2.7 Tonqlblefixed ossets ond depreclatlon Tangible flxed assets costlng £100 or more are capitalised and recognised when futuie economic benefits are probable and the cost or value of the asset can be measured reliablv. 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 workin8 condition should be included in the measurement of cost. Page 32 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limited by guaraTrtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR SNDED 31 DECEMBER 2023 Aceountina policies Icontlnuedl 2.7 Tanglblefixed ossets and depreclotlon (continued) Depreciation Is calculated to write off the cost of tan8Sble a55ets over their estimated useful lives by the strai8ht-line method starting in the year of purchase or commissioning Depreciation is provided on the following basis.. Freehold propÈrty Property alterations Fixture5 and fittings Off ice equipment Loan Equipment 1% stral8ht line 10% straight line IO% straight line 20% straight line 20% strai¥ht line Freehold land is not depreciated. Assets under construction are not depreclated. 2.8 Investments Fixed asset investments are a form of flnancial instrument and are initially reco8nised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unles5 the value cannot be measured reliably in whlch case it is measured at cost less impalrment. Investment 8ains and1055es. whether realised or unrealised. are cornbined and presented as 'Gains1lL0$5e51 on investments, In the Consolidated statement of financial activities. Investments In subsldlaries are valued at cost less provlslon for impalrment. 2.9 Sto¢ks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-mo¥in8 Stocks. Cost Includes all direct costs and an approprlate proportlon of fixed and variable overheads. 2.10 Debtors Trade and other debtors are reco8nlsed at the Settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cosh ot bank ond In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or similar account. Page 33 Tr. 17wir¢ldlllknOt411b%CQOeo￿Xè*61e475scbI?3D31￿IubS?itr2rj?I5l INSnTUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Acfountln8 pollclgs {contlnued} 2.12 £lobilities andprovisions Llablllrles 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 fequired in settlement, and the amount of the settlement can be estimated reliablv. Liabilities are reco8nised 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 8oods or servSces It must provlde. Provisions are measured at the best estimate of the amounts required to settle the obli8ation. Where the effect of the tlme value of money 15 material, the provlsion 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 reco8nised in the Consolidated statement of financial activities a5 a finance cost. 2.13 Financiql instruments The Group only has flnancial assets and financlal liabilltie5 of a klnd that qualify a5 basic flnancial Instrument5. Basic financial instruments are initially reco8nised at transaction value and subsequently measufed at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost usin8 the effective Interest method. Z.14 Opemtlnq leuses For operating leases, the rentals are char8ed to the Statement of Financial Activitie5 on a strai8ht-line ba515 over the lease term. 2.15 Penslons The costs of provldlnB penslons lor employees are charged in the Statement of FSnancial Activitle5, as contributions are due. 2.16 Employee benellts The cost5 of short-term employee benefits are recognised as a a liability and an expense. The cost of anv unused holiday entitlement is retoinised in the period in which the employee's servites are received. Termination benefits are recognised immediately as an expense when the Broup is demonstrably committed to terminate the employment of an employee or lo provlde termination ber)efits. Page 34 I>ocuwwd1Tr. 174d71Ggd11ttbfjfthb•éMé••OJJ••éi•a7SftsTr303o5682r4bS01*O37•5• INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA tornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Accountlnl pollcles (continued) 2.17 Fundaccountlnq General fund5 are unrestrirted 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. Desi8nated funds comprise unrestricted fund5 that have been set aslde by the Trustees lor particular purposes. The aim and use of each de51gnated fund Is set out In the notes to the financlal Statements. Restricted funds are funds which are to be used in accordance with spe¢lfi¢ restrictions Imposed by donor5 or which have been raised by the Group for particular purposes. The costs of raising and administerin8 such funds are char8ed agalnst ihe speclfl¢ fund. The alm and use of each restricted fund is set out in the notes to the financial staternent5. Investment Income. 8ains •nd1055es are allocated to ihe appropriate fund. 2.18 Volue Added Tox 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 relatin8 to items in the 51atement of flnancial actlvlties Is Included as an expense Item wlthin general expenses. 2.19 Goin9 Concem The financial statements have been prepared under the golng concern ba515. Havlng carrled out a Teview of the company's cash flow and resources. the Trustees are confident that thÈ Charity is able to meet its liabilities as they fall due for at least one year from the date of approval of the financlal statements. In undertaking their revlew, the Trustees have prepared financial projections fof the perlod of twelve months from the date of issue of these financial statements and into the followin8 financial year. These projections have been 5en51tised based on varlous leve15 of revenue and assessed against the avallable cash headroom and ability to draw down on investments held. 2.20 Tax Aceountlnq The company is considered to pass the tests set out in kh. 6, para. l of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporaiion tax purposes. Accordingly. the company is potentially exempt from taxation In respect of income or capital iains received within cate8orie5 covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Char8eable Galns Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Page 35 l>xworf ITr. 17U7fc9rtl1t￿d￿71tsV￿IIV￿)e964eal5￿b19¥j3ds5a￿lb50lWYJ7a5* INSTITUTE OF PHYSICSAND ENGINEERING IN MEDICINE IA company Ilmfted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Critical accountin8 estimates and areas of jud8rnent Estimates and judgments are continually evaluated and are based on historical experience and other factors, includin8 expectations of future events that are believed to be reasonable under the circumstances. The charitable company make5 estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definltlon, seldom equal the related a¢tual results. The e5tifflate5 and assumptions that have a significant risk of tausing è material adjusiment to the carrying amounts of assets nd Ilabllities within the next financlal year are discussed below. Useful etonomic lives of Intangible and tangible fixèd assets: Intangible and tangible fixed assets are depreciated over their useful lives considering residual values, where appfopriate, The actual lives of ihe assets and residual values are assessed annually and may vary dependin8 on several factors. Page 36 OrornrtlD.. 17wf¢gd11t*W1blrf*e033¢xioJ75%)79xiJJ55Wb6elef2fJ706a INSTITUTE OF PHYSICSAND ENGINEERING IN MÉDICINE (A tompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income frorn charitable activities Unrestricted fund5 2023 Total funds 2023 Total funds As re5taled 2022 Scientific publishinB Journal income 900,766 6,130 900,766 886,594 26,737 Books and reports Journal subscriptions 6,130 5.313 5,313 6,285 912.209 912,209 919,616 SclentlfSc meetln Conferences and events 267￿96 267,896 141,053 267,896 267.896 141.053 Cornmer¢S•l •nd Industry ensa8emeTrt Internatlon31 support Advertising 51.887 51,887 45,316 16.817 16,817 16,607 68,704 61,923 Tralnln& re85stfatlon and accredltatlon Training scheme fees Rcf re8lStrations Other Income 36,920 81.593 36,920 81.593 27,449 72,847 8,981 57,420 57,420 175,933 175,933 109,277 Membershlp Membership subscriptions 297,160 297,160 274,327 297,160 297.160 274,327 Total 1.721.902 1.721,902 1,506,196 Total 2022 las reststed) 1,506.196 1.506,196 All tharitable activities income is unrestricted in both year5. Page 37 DcKuwurtlD'. I?￿?￿9d77tutQ1b9é0u6t9vJ3o961O1755C￿19aO3U￿Ok8b5O1evU3705 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company Ilmlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income Irom other trading activities Income from non charltable tradln8 actlvblles Unrestrlrted funds 2023 Total funds 2023 Total funds 2022 Advertising income Other sales 33,707 59 33,707 59 31,258 344 33,766 33,766 31,602 Total 2022 31,602 31,602 InYe5tment Incgrn• Unrestrlrted funds 2023 Tot•1 funds 2023 Total funds 2022 Bank interest 19,008 19,008 7,665 Total 2022 7,665 7,665 Page 38 INSTITUTE OF PHYSIC5 AND ENGINEERING IN MEDICINE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other Income As restated Total funds 2022 Unrestricted funds 2023 Total funds 2023 Other income 2.107 2.107 271 Total 2022 as restated 271 271 Analysls of iroup •xp•ndlture As restated Total 2022 St•ff Costs 2023 Olrert Costs Support Costs 2023 2023 Tol•l 2023 Pollcy and Impact Trainlng Publishing Membership Events 378,756 92,094 22,874 261,711 168,361 120,752 96,607 27,902 5.313 199,X13 130,458 707 138.691 35,010 8,224 134,511 87,183 35,436 614,054 155,006 36.411 595,545 386,IX12 156.895 578.495 90,189 18.9(Kl 495,415 269.398 121,933 Commercial 1,044,568 460.290 439,055 1,943.913 1,574.330 Total 2022 las re5tatedl 923,315 342,785 308,230 1,574,330 Staff costs include amounts totalling £54,09712022.. É80,9531 which relate to staff training and other non-payroll staff costs. Following a review of the allocation of expenditvre, the Trustees have taken the decision to alSgn the expendture categories Wlth the main activities of the group. As a result of this, the comparative figures have been restated to ensure ihey present a irue and fair comparison. There is no impact to overall expenditure as presented on the statement of financial activltie5 in the prior year. PaEe 39 DwwllD.. I1￿71cl￿71t*thJlb*or•6￿￿JthI1•15Scb?9￿)3osSo2c0b5?1tIjI37o5é INSTITUTE OF PHYSI￿ANDENGINÈEAlNG IN MtOlClNE IA cornp4nyllmlt•d byiu•r4nteel NOTES TO YPIE FINANCIAL STATEMENTS Foff rNE YEARENDED31 L>ECEM6ER2023 lylli •f Gt•up SuppgrtC•iti Tth•ll•s Imp• 2011 Ir•lnlw PukllihlN Mlrnbwbhlp 2023 202J 2013 1023 102Y zoii 2022 PropÈrty C4mffluni¢aii¢N 33.28S 1.401 974 32,281 46.061 46,940 9.111 20,9ZJ 29,854 30.425 1,504 12,135 12,366 2.431 105.370 91,4fp) 114.349 87.704 19.778 47,493 399 11,98• 12,2l7 2,401 2,116 1170 150,341 153,117 30.120 GovErnance15upport ¢9Sts ontyl 9.$14 Total 2023 138.691 35,010 8.224 134.511 87.141 3S,436 439,055 308,2 113.498 17,695 96.551 52.855 23,923 J08.230 Followint i review of the allocation ol expendltur*, the Trust•e5 ha¥e tiken the dechlon to •liin the expendture un¢h•nied. Pale40 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company lim¢ted by luaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 io. Analysis of Go¥einance costs 2023 2022 Audit and accountancy fees Meetln8 CQStS 19,265 10,950 8,828 10,855 Total 2023 30,120 19.778 ii. Net IncomelleJTpendlturel This is stated after char8ing'. 2013 2022 Amortisation of intangible fixed assets Oepreciation of tèniible fixed assets 22,762 31,272 12,812 27,020 54.034 39,832 12. Audltors. remuneratlon 2023 2022 Fees payable to the Group's auditor for the audSt of the Group's annual accounls 12.900 10,950 Fees payable to the Group's auditor in respect of.. All non-audit seryFces not included above 5.350 3,750 Page 41 I7•d71r￿17bbIboIb•éo1￿lQ3a•￿1•155cb7IIo3I5s92thf•IaI2137aSo INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA c¢mpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 13. Gr•nts Grants to Instltutlons 2023 Tot•1 2023 Total 2022 Researth Grants 38.119 2,750 Other Grant5 s,000 5,000 5,000 5.000 40.869 Total 2022 40,869 40,869 Grants £1,000 or #feater 2023 2022 Research Grants Other Grants Total Grants ta In5tStutSons In 2023 No 5¢ience Media Centre 2,000 500 8ritish 5oclety for the History of Radio108Y In2Science UK 2,500 s.000 Total 2023 Further grant5 of E24,613 have been paid subsequent to the year end, although these grant5 were funded frorn the 23 24 bud8et they were not formally approved until after the yeai end and as such did not meet the criteria to be recognised in these financial statements. Page 42 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Stall costs Group Group 2022 Charity 2023 Charity 2022 2023 Wa8es and salarles Social security costs Contrlbulion to defined contribution penslon schemes 794.462 661,997 63,498 794.462 661.997 81,333 81,333 63.498 114.676 116,867 114,676 116.867 990,471 842,362 990,471 842,362 The avera8e number of persons employed by the charltable company during the year was as lollow5'. Group 1023 No. Group 2022 No. ¢h•rlty 2023 Charrtv 2022 No. Total 23 21 23 21 The avera8e headcount expressed as lull-tlme equivalents was.. Gr0￿p 2023 No. Group 2022 No. Chjrlty 2023 No. Charity 2022 No. Total 19.07 17.96 19.07 17.96 The number of emPl￿ee$ whose employee benefits lexcludln8 employer pension costs) exceeded £60,000 was.. Group Group 2022 No. 2023 No. In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £lOO,001- £IIO,000 The total amount of employee benefits lincluding employer's national insurance and pension contributions) received by key mana8ement personnel was £362,040 12022.. £345,420). The charity consider5 Its key management personnel to comprise of the Head of Operations and Finance, Head of Workforce Intelligence and Trainlng. Head of Communicatlon5. Head of MembershSp and Chief Executive Officer. Page 43 lik. l?4d1fc9th1th6ty)I￿￿￿&e￿￿15S￿b19JVjl5s$￿8jS•1rf2M¥So INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (A company limited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Is. Trnstees, remuneration and expenses Durlng the year, no Trustees received any remuneration or other benefits12022 - £NILI. During the year ended 31 December 2023, expenses totallino £9,158 were reimbursed or paid directly to 11 Trustees12022 - £11,366 to 12 Trustees}. The Trustee expenses were in respect of training, and accommodation. travel, and 5ub515tence for meetin85. 16. Intanglble assets Group and Chorlty Computei softwar• Trad•m•rlLs Total Cost At l January 2023 Additions 720 186.909 318,294 114,275 187,623 318.294 114.275) Dlsposals At 31 December 2023 720 490,922 491,642 Amortlsqtlon At l January 2023 Charge for the year Eliminated on disposal 11,812 22,762 12.812 22,762 (534) At 31 December 2023 35,040 35,040 Net book volue At 31 December 2023 720 455,882 456.602 At 31 December 2022 720 174,091 174,811 Intangible 3ssets are not amortlsed untll brought Snto use. Page 44 Ir*. 17ad71cwllwt0109éQ•éq•￿jop04•11S￿bl*￿J•SU2EItssoiItxj?a$* INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Tanglble fixed a55ets Group and Ch•rity Lone-term Fr¢ehold leasehold property property Flxlures and oiric* Comput*r fittin89 equlpment equipment Other fiJ(ed assets Tat•l Cost or voluation At l January 2023 Additions Disposals 389.909 139,241 23,722 42,fA9 2,000 73.547 180,186 19,356 844.888 3,021 16.788 44,098 89,629 178,651) 12,890) 181.5411 At 31 Oecember 2023 389,909 162.963 44.649 76.568 118.323 60,564 852.976 Depre¢iqtion At l January 2023 Char8e for the year On disposals 70,417 116.775 2,936 5,353 38,482 2,660 68,160 163,340 15,301 472,475 1,915 11,803 6,605 31,272 178,384) 12,8901 181,274) At 31 December 2023 73,353 122.128 41.142 70.075 96,759 19,016 422,473 Net boo* value At 31 December 2023 316,556 40,835 3,507 6,493 21,564 41,548 430,503 At 31 Oecember 2022 319,492 22,466 4,167 5,387 16,846 4,055 372,413 Freehold property include5 land with cost 01 £96,50012022.. £96,500) whlch is not depreciated. Page 45 Dtturh*iifr. 171d71¢id11bbof•)1¥40016e4033e914u75*bTh30jaS582￿bSe7£111j7•S0 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA cornpany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DÉCEMBER 2023 18. Flxed asset investments As restated Uited imièstmènts Group Cost or voluqtion At l January 2023 las restated) Revaluatlons 2,099,762 263,081 At 31 December 2023 2,361,843 Inv•strnents In 5ubsldlary ¢offlpanles Llsted Invertments Taial Compony Cost or vuluation At l January 2023 Revaluations loo 2.099,762 263,081 2,099.862 263,081 At 31 December 2023 loo 2.362.843 2.362.943 Prlncipal subsidiaries The followlng was a 5ubsidlary undertaking of the charltable company.. N4rne Cornpany number Re8lstefed office Prlnclpal oi prlnclpal place activity of busines5 Class of shares Holdlng Included in ansolid*tlo IPEM Enterprises Llmited 03143077 Falrmount House, Trading 230 Tadcaster activities in Road, York, relation to North Yorkshire, professional Y024 IES membership organi5ation Ordinary 100% Yes Page 46 w*ir*. i?td7f¢i1iittwi¥v•oiowJ•w••75¥¢ty￿bSs•2￿hsèI¢f2fts7&5• INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE (A company limited bv zuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flxed asset Investments Icontlnued) The fSnanclal results of the subsidiary for the year were.. Narnt Income Expenditure ProfftllLos511 Surplusl ID•n¢btl lor th• y¢•r Net assets IPEM Enterprises Limited 39.681 17,764 21,917 22,017 19. Stocks Group 2023 Group 2022 Finished 8oods and goods for resale 338 20. Debtors Group Group 2022 Chafbty 2023 Charity 2022 2023 Due wlthln one ye•r Trade debtors 183,789 544.044 183.236 2.876 19.325 272,461 532,998 7,110 Amounts owed by group undertaklngs Other debtors 19,325 277.550 Prepayments and accrued income 68.573 68,573 480,664 612.617 477,898 608,681 Page 47 c￿￿￿T￿lD.. 17W7k9rt11bb6trK11b96016Be033Bgo4￿15S(b1￿3Oal5S8lc4tr￿leI2fJT&sa INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Creditois: Amounts falllnl due withln one year Group 2023 Group 2022 Charlty 2023 Charitv 2022 Trade creditors 159,139 36.024 22.463 104,334 51,437 15,331 225,048 155.829 102.573 Other tamation and social securitv Other creditors 36,024 22.154 196,728 49.414 15.331 225.048 Accruals and deferred income 198,734 416,360 396.150 410.73S 392.366 Accruals includes unpaid grant commitments of £34,57112022-. É39,5981. Group Group 2022 Charlty 2023 Charity 2022 2023 Deferrèd intomè at I january Resources deferred during the year Amounts released from previous periods 96,302 82,850 196.3021 64,628 96,302 164,6281 96,a02 82,850 196.302) 64.628 96.302 164.6281 82,850 96,302 82,850 96.302 22. PrSor year adjustments The prlor year adjustment has been Included to remove the share of an associate's net assets which the group is not in fact entitled to. The charitable company 15 one of three members of Radiology and Oncolo8y Con8fess I"ROC"l. upon review the Tru5tee5 consider that it doe5 not show a true and fair view of the charitable group to Include the share of the associaie's assets. The articles of ROC preclude the distribution of assets to members on dissolution and no effective control exists, therefore the charltable group has no beneficial interest. The impact of the adjustment on the con501idated Statement of financial activities was to reduce other income in the year to 31 December 2022 by £59,834. The impact on the consolidated balance sheet was to reduce restricted funds brought forward by £111.575, reduce restricted fund5 a5 at 31 December 2022 by £171,409 and reduce fixed asset investments at 31 December 2022 by £171,409. There was no impact to the charitable company balance sheet a5 at 31 Decernber 2022. There has also been a prior year adjustment to reallocate £274,327 of membership subscriptions income from donations Income to charitable activities income as this is a more appropriate allocation and reflects the nature of the funding. Page 48 INSTITUTE OF PHYSIC5 AND ENGINEERING IN MEDICINE (A company limited by 8uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 23. Statement of funds Stat*m•nt of lunds. current year Balance at 31 December 1023 Balance at I January 2023 Yr*nslÈrs Inlout Gainsl ILossesl Income Expendlturè Unrestrictedfvnds Deslgnotedfvnds Designated Reserve 1.666,231 1167,1301 1,499,101 Generulfvnds General Reserve 2,166,Z27 1,776,783 (1,943,913) 167,130 263.081 2.429.308 Totol Unrestrlrtedfvnd5 3,832,458 1,776.783 (1.943.913) 263.081 3.928,409 Restrlctedfvnds E-Learnln8 for Healthcare loni5in8 Radiation E-Learning for Healthcare Radiation safety lor staff E-lntegrity MLA E-lntegrity Development Fund 12.315 12,315 42.913 28,300 42,913 28,300 94,523 94,523 E.Learnin8 for Healthcare Advance Radiotherapy IPEM Educatlonèl Fund 19.950 2.689 19,950 2,689 200.690 200,690 Total oflunds 4,033,148 1,776.783 {1.943.9131 263,081 4.129.099 Page 49 171I7frt011tèbbOlbgéOq6vaQJ3•9611•1S￿7I￿Iosl2C1b5•lI￿7I5a INSTITUTE OF PHYSICS AND ENGINEERING IN MÉOICINE (A company limlted by 8uarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Statement of funds lcontlnuedl 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 acce55 publishin8. It Is expected that this fund will be required to cover operatin8 losse5 over the next several years, while new and improved income streams are developed. Transfers: Transfers totalling E167,130 from designated reserves to unrestricted reserves represent the budgeted operatin8 1055 for the year, being net expenditure before investments. for which Trustees had previously designated funds for. Restricted funds-. E-Learnin8 for Healthcare - lonlslng Radlatlon Imedlcal exposure regulations) represents funds provlded by learning for Healthcare to create the content for an e-IRMER e.learning package. E-learnln8 lor Healthcare - Radiation safety for staff represents funds provided by e-learnln8 for Healthcare to update the content the Radiation for Staff e-learnin8 package. E-lntegrity MLA represents funds provided by E.integrSiy CIC to keep the content of the e.learnln8 materSals developed in partnership with e.learnin8 for healthcare up to date. E-Inte8rity Development Fund represents funds provided by E-Inte8rity CIC to update the content of the e-learnin8 materials 'Advanced Radiotherapy" developed in partner5hlp with e-learnin8 for healthcare, the Society of Radiographers, and the Royal College of Radiologists. E-Learnin8 for Healthcare Advance Radiotherapy represents lunds provided by e-learning for Healthcare to update the e-learnin8 materiols "Advanced Radiotherapy" developed in partnership with e-learning for healthcare. the Society of Radiographers. and the Royal College of Radioloaists. There has not been any expenditure on restricted funds during the year but plans are in place to uti115e these fund balances. Page 50 itr. i?wogdiit*4101wo0¢4033¢¥6W755¢b?9303a55•2i•b5elefiiJ?a INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 23. Statement of funds Icontlnued) Statement of funds- prior year As restated Balance at I january As restated 2022 Income Expenditure Balance at Gainsl 31 December (Losses) 2022 Transfers inlout Unrestrirtedfvnds Deslgnotedfvnds Deslgnated ReseNe 1,750,000 183,7691 1,666,231 Generolfvnds General Reserve 2,317.268 1.545,734 11.572,9801 83.769 1207,5641 2,166,227 Total Unrestrfrtedfvnds 4,067,268 1.545,734 11.572,9801 1207,5641 3,832,458 Restrlctedfvnds E.Learning for Healthcare- lonlsing Radiation E-Learning for Healthcare Radiation safety for staff E-Inte8rlty MLA E-Inte8rity Development Fund 12.315 12,315 42,913 28,300 42.913 28,3￿] 95,873 11,3501 94.523 E.Learnin8 for Healthcare- Advance Radiotherapy IPEM Educational Fund 19,950 2,689 19,950 2,689 202,040 11,3501 200,690 Total ollunds 4,269,308 1.545,734 11,574,3301 1207,5641 4,033,148 Page51 DKw•*io.. i?117￿01)t￿O￿4)lts9&0Ué*llj1￿Io?65C￿1IWjO$SlIr•bse•￿jI15ll INSTITUTÉ OF PHYSICSAND ENGINEERING IN MEDICINE IA company Ilmlted by euaranlee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Analysis of net assets between funds Analysls of nel assets between funds- current year Unrestrirted lunds 2023 fttstricted lunds 2023 Total funds 2023 Tangible fixed ?ssetS Intangible fixed assets Fixed asset investments 430.503 456,602 2,362,843 1.094.821 1416,3601 430,S03 456.60Z 2,362,843 1.295.511 1416,360) Current assets 200,690 Creditors due within one year Total 3.928.409 ZOO.690 4,129,099 Analysls ol net assets between funds- prlor year un￿strICted fund5 2022 Restrirted funds 2022 Total funds 2022 Tanglble flxed assets Intèngible fixed assets Fixed asset investments 372,413 174,811 2,099.762 1,581,622 1396,1501 372,413 174,811 2.099,762 1.782,312 1396,1501 Current assets 200,690 Creditor5 due within one year Total 3,832,458 2W,690 4.033,148 Page $2 INSTITLITÉ OF PHYSICS AND ENGINEERING IN MEDICINE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 25. R•coneiliaiiofi ol nét mo¥•ment In lunds to net e•sh flow trarn op•ratln8 actlvStl•s Group As restated 2022 Group 2023 Net incomelexpenditure for the year las per Statement of Financial Activities) 95,951 1236.1601 AdJustments1or.' Depreclation char8es Amortisation char8es (Gainslllosses On Investments Dividend5, intere5t5 and rents from investments Loss on the sale of fixed a55ets 31,272 22,762 1263,0811 (19,0081 14,008 338 27,020 12,812 207.564 17.6651 Decrease In stocks 70 1118,1901 139,297 Decrease/lincreasel in debtors IDecreasel/increase in creditors 131,953 (92,0371 Net ¢qsh provlded by/lused Inj vperatlnq artlvltles 177,8411 24,748 26. Analy$ls ol ¢•sh •nd ¢•$h equl¥alents Group 2023 Group 2022 Cash at bank and in hand 136.296 678,551 506.3SI 663.006 Notice deposits13 months and less) Total cosh oftd cosh equlvolents 814.847 1,169,357 Page 53 I7￿71¢9d17t4bL￿Jl09&0BO•¢￿jIWu075sKbFIXt￿55p￿Vb5￿lIfJ)7 INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE {A.cornp•ny limited by iuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 27. Artalysis of chaft8es In net debt At31 December 2023 Al l January 2023 Cash flows Cash at bank and In hand 1,169,357 1354,5101 814,847 1,169.357 1354.5101 814.847 28. Capltal commltments Group 2023 Group 2022 Ch•rlty 2023 Charlty 2022 Contrartedfvr but notprovlded In thesejlnonclol statefflent5 Acquisition of intan8ible assets 14,306 196.231 14,306 196,231 29. Penslon commltfflents The 8roup operates a defined contribution pension Scheme. The assets of the scheme are held separately from those of the group Sn an independently administered fund. The pension cost charge represents contributlons payable by the eroup to the fund and amounted to £114,67612022'. £116,867). Amounts totalling £10,55212022.. £9,127) were payable to the fund at the balance Sheet date and are included in creditors. 30. A8en(y Science Councll 2023 Engineerini Councll 2023 Total funds 2023 Total funds 2022 8alance as at l January 2023 Received from Members in 2023 5,210 43.661 529 5,739 48.092 144.3731 5,423 46,144 145,8281 4.431 13,8081 Paid in 2023 140.5651 8.306 1,152 9,458 5,739 Page 54 Dt¢urnW KI.. I?•J7f¢1411k*4lbwii￿J￿Iu155¢bl•3oS•SS¢?￿b5e1qr1rJ? INSTITUTE OF PHYSICS AND ENGINEERING IN MEDICINE IA ￿mpanY limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 31. Related party transactlons The Institute is one of three members of Radiology and Oncology Congresses IROCI, a company limited bv guarantee and a Charity registered in England and Wales (Registration No. 040753441. ROC, through its tradin8 subsidiary ROC Events Ltd organises the annual United Kingdom Imagin8 and Oncology Congress IUKIOI. Any surpluses from these events are Gift Aided io the parent Charity, which then uses to develop future events. During the year, IPEM provided company Secretarial services totallin8 £3,19912022.' £3,136) to Radiology and Oncology Congresses. No amounts were outstanding at either the current or previous year. IPEM Enterprise Limited IIELI is a wholly owned subsidiary of IPEM. In 2023 the Charity received income of £27,930 from IEL12022.. £23.1101 and had an outstanding debtor balance at the end of 2023 of £2,87612022.' £7.1101. Page 55 11ovj￿1Tr. 178d7f¢9d111t41rfJlbV6O86ee033qV64Ba755Kb79303aSS￿SoI2I?fJ?a5