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2020-12-31-accounts

Company number: 6574762 Charity number: 1125404

The Nuclear Institute

Report and financial statements For the year ended 31 December 2020

The Nuclear Institute For the year ended 31 December 2020

Contents

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 13 Statement of financial activities (incorporating an income and expenditure account) ................... 17 Balance sheet ............................................................................................................................... 18 Statement of cash flows ................................................................................................................ 19 Notes to the financial statements ................................................................................................. 20

The Nuclear Institute

For the year ended 31 December 2020

Reference and administrative information

Company number 06574762 Country of incorporation England & Wales Charity number 1125404 Country of registration England & Wales Registered office and Phoenix House operational address 18 King William Street London EC4N 7BP Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Ms G Parry-Jones President Mr J Clarke Mrs N O’Keeffe Honorary Treasurer Dr F E Rayment Dr R Weston Mr C S Smith Mr A Sen Mr A C Laird Resigned May 2021 Mr M Salisbury Mr J Sidhu Appointed 4 December 2020 Dr J Long Resigned 31 March 2020 Mr R N Thomson Resigned 31 December 2020 Ms J R Nugent Appointed 20 July 2021 Mr G Davies Appointed 20 July 2021 Ms S Wynn-Davies Appointed 10 August 2021 The Trustees meet regularly throughout the year to conduct the business of the Institute in accordance with the Memorandum and Articles of Association. Key management Ms S Beacock Chief Executive personnel Bankers National Westminster Bank Plc Charing Cross Branch 2a Charing Cross Road London WC2H 0PD

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The Nuclear Institute

For the year ended 31 December 2020

Reference and administrative information

Solicitors Stone King LLP 13 Queen Square Bath BA1 2HJ Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL Investment Coutts & Co Bankers 440 Strand London WC2R 0QS

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

President’s report

As mentioned in my last report, the Covid pandemic early in 2020 hit the Institute very hard but little did we know it would last so long. As a result a loss of around 50% of our total income (and 75% of event income through cancellation of our events) gave us long-lasting issues that have continued into 2021.

As you would expect it necessitated a drawdown on reserves but careful management of resources by the board and staff lessened the impact later in the year. We also used our time wisely with the staff focusing on our membership income and how to make us less reliant on events income, whilst trustees took the chance to canvass the industry’s leaders in a series of online workshops that asked what the industry needed of a modern professional body of the future.

As a result of this exercise we were able to re-introduce the Institute to many at a senior level who had not previously engaged with us before and increased our Company Member Scheme numbers as a result.

The trustees also decided to take advantage of government schemes to provide a short-term loan, a local authority grant and to furlough staff as required. In this way we were able to keep our staff throughout 2020 and where possible redeploy them into other activities. Towards the end of the year we asked staff to take a pay cut as well as partial furlough. We are very grateful that they have remained positive and productive during this time and this has made a substantial contribution to the Institute at a time of great need.

The final winding down of NI Enterprises (our trading arm) was completed during the year and all legalities completed. My thanks to Fiona Rayment for leading on this with the NI Enterprises Board.

Our thanks to two trustees who stepped down in 2020 – Juliet Long and Neil Thomson. Neil had been President from 2016-2017 and gave great commitment and service to the NI in that time. Both will be much missed for their wise words.

We also said a fond farewell to Women in Nuclear UK as we helped them celebrate their 5[th] anniversary and their 2020 annual conference before they set up as an independent incorporated body in their own right. We wish them well and look forward to future collaborations in this important work.

My thanks to all the trustees, volunteers and staff for their extraordinary efforts in this extraordinary time without whom we could not have got through this challenging time.

Gwen Parry-Jones President 2020-2021

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

CEO’s report

Despite the challenge of Covid and the impact on our financial situation, the NI continued in its progress towards becoming self-sustaining for the future. Having spent the previous three years steadily reducing the annual deficit the pandemic hit at a time when we were about to return to a surplus position and see secure growth in our membership and related activities.

In addition to the actions taken as described by Gwen above, we were able to convert some events to virtual delivery, of which two returned an income and others attracted sponsorship. We had a very good level of support from the industry, particularly the NDA’s sponsorship of the YGN, all of which helped us to maintain an almost ‘business as usual’ level of activity with the considerable help of our volunteers.

There were other notable achievements during the year that helped us move forward in our long-term strategy to provide more for our members and raise the profile of our members and the industry. In September we launched our new online community forum, NI Connect, which allows all members to connect with one another and engage in discussions about the industry and activities of the branches, SIGs etc. At a time when we could no longer meet in person this was a way to ensure that discussions on important topics could still continue across the broad expertise of our membership.

Another achievement was a first win for the UK in the annual European Nuclear Society competition for best new PhD. Dr Stephanie Thornber of NNL won for her submission on The development of high fraction zirconolite glass-ceramics for the immobilisation of actinides in plutonium residues for longterm geological disposal. Stephanie beat nine other PhDs from across Europe after judging of online presentations from four shortlisted finalists by the High Scientific Council member. This is a fantastic achievement.

On the policy front we were able to input to the joint submission from over 30 engineering bodies via the Royal Academy of Engineering’s National Energy Policy Committee to ensure that nuclear was included in recommendations to the Chancellor for the Comprehensive Spending Review. In March we launched our Nuclear Future theme for 2020 - ‘Nuclear for Net Zero’ that ensured key nuclear climate articles featured in every issue. This work continues into 2021 with a particular emphasis on the YGN leading our response to COP26 under the ‘Net Zero Needs Nuclear’ banner.

We also made a commitment to our ambition to be an inclusive and welcoming body that represents and encourages diversity in all its forms across the nuclear sector. To this end the trustees decided to set up an advisory board that would benchmark our position against the requirements of the Diversity Framework that we are already signed up to (through RAEng and the Science Council) and make recommendations to the trustees on how to prioritise the actions needed to improve. As a starting point we began to collect anonymous data on diversity from our membership and the wider nuclear industry through an online survey.

Sarah Beacock CEO

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The Nuclear Institute For the year ended 31 December 2020

Trustees’ annual report

The trustees present their report and the audited financial statements for the year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, accounting and reporting by charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The main activities remain as the offering of membership services and benefits for the purpose of raising and maintaining standards of professionalism in the industry, the provision of learned society activities such as a journal and events which foster such professionalism and the provision of the knowledge and expertise of its members and volunteers in promoting public understanding of the nuclear industry through outreach work with schools, universities and the like.

All these activities demonstrate the charity’s public benefit purpose in helping to maintain a safe, efficient and reliable industry through its recognised professionals as well as in promoting the wider understanding of the industry to the public.

Our main aims and objectives are best summarised by our 2016-2020 strategic plan which focuses on three main areas of development:

These aims were underpinned by nine individual objectives:

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The Nuclear Institute For the year ended 31 December 2020

Trustees’ annual report

The Nuclear Institute exists as a professional membership body and learned society which serves industry employees as its primary beneficiaries in providing them with knowledge, tools and networks with which to fulfil their role most effectively. Although there are other bodies to which nuclear employees can and do belong, the Nuclear Institute provides a unique role in being the only professional body to be dedicated only to the nuclear industry. By having its own membership standard – the Nuclear Delta® - it sets the standard for professionalism to which members aspire. The products and services that the Nuclear Institute provide support the development to this standard. These include a technical journal, an events programme of both free and paid-for events, mentoring and CPD services, and other sources of knowledge such as Special Interest Groups, industry forums and more.

The development of a nuclear community is another key objective for the Nuclear Institute and this comprises not only members but our other customers, stakeholders and industry organisations. Most of our company members are supporting the professional development of their staff through their membership as well as contributing their support to our events programme by providing their internal expertise and time and financial contribution to ensure the success of these events.

Evidence of this community can be seen through the high percentage of volunteers amongst our members (around 13%) that contribute to the Nuclear Institute’s work through committees, branches, our Young Generation Network (YGN) and professional membership assessors. In addition, they operate a range of outreach activities that create strong links with schools, universities, public events and other ways to demonstrate the value of the nuclear industry to the UK’s health and wellbeing, as well as being a great career option.

The Nuclear Institute serves its strategy through an annual business plan which has been focused on securing our long-term future. Until 2020 this was following our plan but when the Covid-19 pandemic hit in March 2020 this caused an immediate loss of the largest part of our income - events.

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on its members and wider beneficiaries and are undertaken to further the Nuclear Institute’s charitable purposes for the public benefit. The achievements are set out under our key activity areas: Membership, Events and Outreach.

Membership

In 2020 our membership remained static. A very small net decrease (19 members) was recorded, mainly due to the number of lapsed members, and it was overall a very uncertain year for the industry and for

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The Nuclear Institute For the year ended 31 December 2020

Trustees’ annual report

jobs which meant no growth in numbers overall for the first time in four years. However, we did experience a higher than expected number of new professional members – 41 compared to 25 the previous year.

New Company Memberships (CMS) remained as a priority which in 2020 included CGN and Createc plus two companies – Assystem and NIS – which upgraded from Corporate Affiliate (CA) grade. Several existing CMS companies increased the number of individuals in their memberships. There was also one new Corporate Affiliate – Westlakes Recruitment.

In order to encourage more members to upgrade we recorded our online membership workshops to use as a further resource to helping members complete the application process. Just before Christmas we also launched a new membership drive based on the benefits of membership. In September we also launched our new online community platform – NI Connect – which helped to maintain communications with and between members during the pandemic.

Events

The only events held in 2020 in person were the WiN conference (January) and the Cumbria dinner (February). All remaining in-person events were cancelled and, where possible, replaced with online events. We therefore had two further income-earning online events – one on Digital and another on Modelling. Each achieved a modest surplus. Branch and YGN events quickly transferred to an online format and most achieved higher audiences as a result.

Outreach

The Outreach Committee held only one meeting in 2020 and this focused on renewing our online and virtual outreach activities since there was no opportunity for in-person activities. However, some early year events such as the ‘Science in your future’ careers fair were still held in person and others such as the new Chain Reaction series took to social media to keep nuclear topics available to school science enthusiasts.

N.I. Enterprises Limited

The Nuclear Institute’s trading subsidiary N.I. Enterprises Limited wound down operations as agreed by the Board of Trustees of the NI and this work was completed in December 2019. The company is now dormant.

Events which would previously have been run by N.I. Enterprises Ltd were cancelled due to Covid. The charity made a loss of £90,302 on events during 2020. This was slightly softened by an improvement to the advertising income from Nuclear Future.

Beneficiaries of our services

The first two key activities of Membership and Events have primarily benefited the Institute’s members as the principal beneficiaries and, indirectly wider society, as the other key beneficiary. In 2020 we maintained a high standard of events content despite the lack of full technical conferences. We also enhanced the additional benefits of membership such as free webinars, the community platform and regular news items. We successfully retained our Licence from the Engineering Council and so continued to register engineers at all three levels (CEng, IEng, EngTech).

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The Nuclear Institute For the year ended 31 December 2020

Trustees’ annual report

The overall benefit of our activities in this regard is to have provided a source of specialised content from experts in their field to enhance the overall standards of knowledge and skill within our members. This will be a growing need in the future as the older segment of the industry approaches retirement and there is still much to do to upskill the industry professionals of the future by transfer of knowledge from those at senior levels of membership.

Financial review

At the end of 2020, the Nuclear Institute had hoped to return a surplus but due to the pandemic the actual result was an increased deficit compared to 2019 of £263,312 (2019: £47,276).

Whilst membership income increased by around 5% and advertising income by around 30%, events income dropped by 80%.

Investment policy

Due to the increasing uncertainty of the markets caused in part by Covid, net gains (realised and unrealised) on investments were £21,075 in 2020 (2019: £56,071). A draw down of reserves was required in the early part of 2020 amounting to £200,348. This was a combination of a drawdown of £160,000 from Coutts and the closing of our Henderson account which was valued at £40,348.

Post year-end the ongoing Covid-19 pandemic impacted our primary investment at Coutts which increased from £312,306 at 1 January to £324,205 at 30 June 2021.

Principal risks and uncertainties

The trustees reviewed the Nuclear Institute’s risk register throughout the year and made a number of adjustments, particularly with regard to the impact on events income and actions to mitigate the loss.

A request to the industry for support was responded to by a number of companies providing donations (and this continued into 2021). The Institute also applied for and received a Bounce Back Loan of £50,000.

The Institute also took advantage of the Government’s Job Retention Scheme by the early furlough of two staff from May and the partial furlough of all staff from November. This required all staff to be on 80% pay from 1 November which, whilst improving the financial situation in the short-term also impacted on staff retention (one member resigning at the end of 2020 and a further two in the early part of 2021).

Post year-end, it has not been possible to return to a full events programme for the year. The impact of the pandemic has continued well into 2021.

Reserves policy and going concern

The trustees consider it prudent to keep unrestricted reserves at levels which ensure that there are sufficient funds to meet the needs of current and future activities. This has been assessed in line with a risk-based approach and linked to the risk register to consider the key income and expenditure items. This has been assessed at 6 months of core running costs, including the cost of the journal and a contingency for any potential event cancellation fees – this equates to £438,000. This would enable the operations to continue temporarily in the event of a significant change in revenue. In addition, the trustees have set a “trigger point” of £200,000 which takes into account full costs for the main events which may

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

not be refunded. If the reserves fall below this level the trustees would need to take more urgent review and appropriate action.

The actual level of free reserves is currently below the level set in the policy, but the trigger point has not been reached. The trustees are satisfied that this is an acceptable level given the aims of the reserves policy and with the challenges caused by the current pandemic.

The reserves are being reviewed continuously along with the short term cashflow requirements.

Fundraising

We undertake no specific charity fundraising to support the Institute and it remains entirely self-funded through activities under its charitable objectives including networking events such as its dinners.

Plans for the future

2021 will continue with a key focus on membership growth in order to replace at least some events income. Company Membership Schemes are most likely to deliver the amount of growth needed and discussions were ongoing in the early part of 2021 with CEOs of all the key nuclear companies.

The Institute has been involved with the Nuclear Delivery Group which is working closely with the Government to move forward plans for the UK’s new build programme before the end of the current Parliamentary term. For this reason there is still a positive outlook for the growth of the industry with its place in the government’s low carbon energy transition scenarios and realistic plans for new build in the UK. This gives us the opportunity not only to grow the membership but also influence government policy in the attraction of necessary skills for a thriving future.

Our outreach work will focus on presenting sound scientific views on nuclear energy and contributing to the positive acceptance of nuclear as a source of low carbon energy. 2021 will also give us the opportunity for showcasing nuclear through activities planned to coincide with COP26 in November.

Our service to members will continue to focus on getting as many people in the nuclear industry recognised for their nuclear-specific knowledge and skills as possible and ensuring that we serve the industry with access to such knowledge and learning opportunities. Whilst our technical and networking events will remain key to facilitating this, we will also develop new delivery mechanisms that allow for more flexible learning around people’s ways of working. This will include options for mentoring, online learning and working with other educational partners.

Structure, governance and management

The Nuclear Institute was formed as an incorporated association, a company limited by guarantee number 06574762, by the constitution adopted on 23 April 2008. It is exempt under Section 60 of the Companies Act 2006 from the use of “Limited” within its name. It is also a registered charity, number 1125404. It is governed by its Articles of Association which were reviewed in 2018/19 and approved at the AGM in September 2019.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

The trustees have exercised their right to delegate certain activities to one of three statutory committees set up under the new governance structure. These are:

Assurance Committee – which develops the budget, business plan, risk register, audit and financial reporting as well as overseeing the wider internal audit requirements of the organisation. The committee meets quarterly and its membership at the end of 2020 comprised:

Dr Fiona Rayment (Chair)

Mrs Nicola O’Keeffe

Mr Andrew Relf

Mr Anindya Sen

Nominations Committee – which considers nominations for the role of President and makes recommendations to the board for this and other trustee roles. It meets 2-3 times a year and its membership at the end of 2020 comprised:

Mr John Clarke (Chair)

Mr Adrian Bull

Mr Roy Manning

Ms Monica Mwanje

Mr Chris Williams

Ms Christine Waata

Remunerations Committee – which considers the CEO’s pay and benefits, and requests from staff on terms and conditions. It meets once a year and its membership at the end of 2020 comprised:

Mrs N O’Keeffe (Chair)

Mr J Clarke

Ms G Parry-Jones

All committees report to the board of trustees who retain ultimate decision-making powers.

Other committees that met during 2020 to serve the needs and activities of the organisation included the Editorial Committee, Membership Committee (and CPD Sub-Committee) and Outreach Committee.

Appointment of trustees

Trustees are appointed through a mixture of co-opting and election. No places were due for replacement in 2020 and no election was held. Juliet Long stood down from the board in March 2020 and the trustees wish to record their grateful thanks to her for the time she served and her valuable input. Neil Thomson stood down from the board at the end of his two terms (December 2020). The board wish to record their grateful thanks to Neil and particularly for his time steering the NI as President during a difficult period in its transition. His input has been much valued throughout his time on the board.

Trustee induction and training

No new trustees were inducted in 2020 and due to the current difficulties caused by the pandemic, and the NI board being on the large side for current boards, it was agreed not to replace trustees immediately. Three other trustees agreed to extend their terms at the request of the NI Nominations Committee and new trustees would be sought in 2021 at which time induction training and refresher training for all trustees would take place.

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

Related parties and relationships with other organisations

During 2020 the Nuclear Institute’s trading body, N.I. Enterprises Limited again generated no surplus for transfer to the charity. There are no other related party relationships. The Nuclear Institute has a range of relationships with other organisations in helping to deliver its objectives. The largest of these in terms of subscriptions is the European Nuclear Society, Engineering Council and Science Council.

Remuneration policy for key management personnel

The salary for the CEO is determined by the trustees and reviewed annually by the Remunerations Committee.

Statement of responsibilities of the trustees

The trustees (who are also directors of the Nuclear Institute for the purposes of company law) are responsible for preparing the trustees’ annual 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 which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of 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 charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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The Nuclear Institute

For the year ended 31 December 2020

Trustees’ annual report

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2020 was 2728 (2019: 2747). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during 2019 and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 13[th] December 2021 and signed on their behalf by

Gwen Parry-Jones President (2020-2021)

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For the year ended 31 December 2020

The Nuclear Institute

Independent auditor’s report

Opinion

We have audited the financial statements of The Nuclear Institute (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with 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 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 Nuclear Institute'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.

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For the year ended 31 December 2020

The Nuclear Institute

Independent auditor’s report

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the 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’ annual 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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

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The Nuclear Institute

For the year ended 31 December 2020

Independent auditor’s report

the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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

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The Nuclear Institute For the year ended 31 December 2020

Independent auditor’s report

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Joanna Pittman (Senior Statutory Auditor) 20 December 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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The Nuclear Institute

For the year ended 31 December 2020

Statement of financial activities

Including an income and expenditure account

Note
Income from:
Donations and legacies
Charitable activities
2
Other trading activities
3
Investments
4
Total income
Expenditure on:
Raising funds
7
Charitable activities
7
Total expenditure
Net income /
(expenditure) before net
gains / (losses) on
investments
Net gains / (losses) on
investments
Net (expenditure)/income
for the year
6
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
£
1,069
286,800
182,145
5,863
475,877
224,771
522,062
746,833
(270,956)
8,644
(262,312)
(262,312)
466,475
204,163		 Restricted
£
-
-
-
-
-
-
1,000
1,000
(1,000)
-
(1,000)
(1,000)
1,000
-		 2020
Total
£
1,069
286,800
182,145
5,863
475,877
224,771
523,062
747,833
(271,956)
8,644
(263,312)
(263,312)
467,475
204,163		 Unrestricted
£
-
246,325
710,278
9,834
966,437
494,807
575,977
1,070,784
(104,347)
56,071
(48,276)
(48,276)
514,751
466,475		 Restricted
£
6,305
-
-
-
6,305
-
5,305
5,305
1,000
-
1,000
1,000
-
1,000		 2019
Total
£
6,305
246,325
710,278
9,834
972,742
494,807
581,282
1,076,08
9
(103,347
)
56,071
(47,276)
(47,276)
514,751
467,475

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the financial statements.

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The Nuclear Institute

For the year ended 31 December 2020

Balance Sheet CompanyNo 6574762 CompanyNo 6574762 CompanyNo 6574762
Note
Fixed assets:
Tangible assets
13
Investments
14
Current assets:
Debtors
15
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within
one year
16
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
one year
18
Total net assets
21a
The funds of the charity:
22a
Restricted income funds
Unrestricted income funds:
General funds
Total unrestricted funds
Total charity funds		 £
169,096
46,976
216,072
(302,750)
204,163		 2020
£
6,876
333,965
340,841
(86,678)
254,163
(50,000)
204,163
-
204,163
-
204,163		 £
207,455
43,848
251,303
(313,790)
466,475		 2019
£
7,084
522,878
529,962
(62,487)
467,475
-
467,475
1,000
466,475
467,475

Approved by the trustees on 13 December 2021 and signed on their behalf by

Nicola O’Keeffe Gwen Parry-Jones Honorary Treasurer President

18

For the year ended 31 December 2020

The Nuclear Institute

Statement of Cashflows
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase/decrease in investment cash deposit
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by / (used in) investing
activities
Cash flows from financing activities:
Cash inflows from new borrowing
Net cash provided by / (used in) financing
activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of
the year
Change in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents		 2020
£
(263,312)
3,555
21,075
(5,863)
38,359
(11,040)
3,427
5,863
(3,347)
392,487
(228,076)
50,000

At 1 January
2020
£
43,848
43,848
£
(213,799)
166,927
50,000
3,128
43,848
-
46,976
Cash flows
£
3,128
3,128

19

The Nuclear Institute For the year ended 31 December 2020

Company No 6574762

c)

Notes to the Accounts

The registered office address is Phoenix House, 18 King William Street, London EC4N 7BP

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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 nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Effective from 1 January 2020, the trading company N.I. Enterprises Limited (company number 06769477) transferred its assets, liabilities, VAT registration and business to the Nuclear Institute, under a transfer agreement of a going concern (TOGC). From that date the Nuclear Institute took over the operation the events and journal activities. No further activities have been carried out through trading company, and from the 1 January 2020 the company has been dormant. While there was a reorganisation of activities between the two entities, the activities undertaken have not changed. The accounts are presented as if the activities were always carried out by the Nuclear Institute, in accordance with the requirements of merger accounting.

Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d)

Going concern

The trustees have assessed going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on membership fee income. After making enquiries, the trustees have concluded that there a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

20

The Nuclear Institute For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably, unless they relate to a specific future period in which case they are deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Income from member subscriptions is included in incoming resources when these are received, except in the case of subscriptions which are specifically stated to be in respect of an ensuing accounting period.

Income from journals is recognised following publication of the journal and is accounted for on an accruals basis.

Income from commercial activities shown in the Statement of Financial Activities represents amounts receivable during the year from conference attendance and networking events.

Income from conferences and events is recognised at the event date, income received in advance of the conference is deferred until the event date.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

21

The Nuclear Institute For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

22

The Nuclear Institute For the year ended 31 December 2020

Company No 6574762

Notes to the Accounts

1 Accounting policies (continued)

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £50. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer Equipment 4 years
Fixtures and Fittings 4 years
Office Equipment 4 years

m) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n) Debtors

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

o) Cash at bank and in hand

Cash at bank and cash 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.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charity 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].

r) Pensions

The charity operates a defined contribution pension scheme. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate.

23

The Nuclear Institute For the year ended 31 December 2020

Company No 6574762

Notes to the Accounts

Detailed comparatives for the statement of financial activities
Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total income
Expenditure on:
Raising funds
Charitable activities
Other
Total expenditure
Net income / expenditure before gains / (losses) on investments
Net gains / (losses) on investments
Net income / expenditure
Transfers between funds
Net income / (expenditure) before other recognised gains and
losses
Gains / (losses) on revaluation of fixed assets
Actuarial gains / (losses) on defined benefit pension schemes
Other gains / (losses)
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
£
1,069
286,800
182,145
5,863
-
475,877
224,771
522,062
-
746,833
(270,956)
8,644
(262,312)
-
(262,312)
-
-
-
(262,312)
467,475
205,163		 Restricted
£
-
-
-
-
-
-
-
1,000
-
1,000
(1,000)
-
(1,000)
-
(1,000)
-
-
-
(1,000)
-
(1,000)		 2020
Total
£
1,069
286,800
182,145
5,863
-
475,877
224,771
523,062
-
747,833
(271,956)
8,644
(263,312)
-
(263,312)
-
-
-
(263,312)
467,475
204,163

24

For the year ended 31 December 2020

Company No 6574762

The Nuclear Institute

Notes to the Accounts

3
Income from donations and legacies
Unrestricted
£
Donations and other
fundraising
1,069
1,069
4
Income from charitable activities
Unrestricted
£
Members
Subscriptions
250,662
Events
10,289
Job Retention Scheme
Grant
15,849
City of London COVID
relief Grant
10,000
Total income from
charitable activities
286,800
5
Income from other trading activities
Unrestricted
£
Events
135,523
Journal
46,622
182,145
6
Income from investments
Unrestricted
£
Quoted
investments
5,863
5,863		 Restricted
£
-
-
Restricted
£
-
-
Restricted
£
-
-
-
Restricted
£
-
-		 2020
Total
£
1,069
1,069
2020
Total
£
250,662
10,289
15,849
10,000
286,800
2020
Total
£
135,523
46,622
182,145
2020
Total
£
5,863
5,863		 Unrestricted
£
-
-
Unrestricted
£
237,217
9,108
246,325
Unrestricted
£
675,351
34,927
710,278
Unrestricted
£
9,834
9,834		 Restricted
£
6,305
6,305
Restricted
£
-
-
Restricted
£
-
-
-
Restricted
£
-
-		 2019
Total
£
6,305
6,305
2019
Total
£
237,217
9,108
246,325
2019
Total
£
675,351
34,927
710,278
2019
Total
£
9,834
9,834

25

For the year ended 31 December 2020

Company No 6574762

The Nuclear Institute

Notes to the Accounts

7a Analysis of expenditure (current year)

Staff costs (Note 9)
Donations
Premises cost
Travel and subsistence
Legal and professional
Auditor's cost
Accounting and payroll
subscriptions
Bank charges
Investment management
Bad debt
Depreciation
Office cost
Outreach
Branches
Meeting expenses
Trading operations
Foreign exchange losses
Website and database
Marketing and publicity
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Raising
funds
£
-
-
-
-
-
-
-
-
-
2,881
-
-
-
-
-
-
221,890
-
-
-
-
224,771
-
-
224,771
494,807		 Charitable
activities
£
340,051
-
-
2,047
-
-
-
35,606
-
-
(26)
-
-
56
6,539
728
-
-
-
-
-
385,001
122,941
15,120
523,062
581,282		 Governanc
e costs
£
-
-
-
-
-
15,120
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,120
-
(15,120)
-
-		 Support
costs
£
-
-
49,344
-
6,519
-
7,818
-
2,621
-
-
3,555
7,816
-
-
-
-
1,225
36,265
4,410
3,368
122,941
(122,941)
-
-
-		 2020
Total
£
340,051
-
49,344
2,047
6,519
15,120
7,818
35,606
2,621
2,881
(26)
3,555
7,816
56
6,539
728
221,890
1,225
36,265
4,410
3,368
747,833
-
-
747,833		 2019
Total
£
351,933
5,305
49,579
26,736
11,558
17,700
7,513
34,459
2,748
3,020
400
2,305
20,606
(5,979)
19,843
7,175
491,787
-
22,988
6,413
1,076,089
-
-
1,076,089

26

The Nuclear Institute For the year ended 31 December 2020

Company No 6574762

Notes to the Accounts

7b Analysis of expenditure (prior year)

Staff costs (Note 9)
Donations
Premises cost
Travel and subsistence
Legal and professional
Auditor's cost
Accounting and payroll
subscriptions
Bank charges
Investment management
Bad debt
Depreciation
Office cost
Outreach
Branches
Meeting expenses
Trading operations
Foreign exchange losses
Website and database
Marketing and publicity
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2019		 Raising
funds
£
-
3,020
-
-
-
-
-
491,787
-
-
-
-
494,807
-
-
494,807		 Charitable
activities
£
351,933
5,305
26,736
34,459
400
-
-
(5,979)
19,843
7,175
-
-
-
-
-
439,872
123,710
17,700
581,282		 Governance
costs
£
-
17,700
-
-
-
-
-
-
-
-
-
-
17,700
-
(17,700)
-		 Support
costs
£
-
49,579
11,558
7,513
2,748
2,305
20,606
-
-
-
-
-
22,988
6,413
-
123,710
(123,710)
-
-		 2019 Total
£
351,933
5,305
49,579
26,736
11,558
17,700
7,513
34,459
2,748
3,020
400
2,305
20,606
(5,979)
19,843
7,175
491,787
-
22,988
6,413
-
1,076,089
-
-
1,076,089

27

The Nuclear Institute For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2020 2019
£ £
Depreciation 3,555 2,305
Operating lease rentals payable:
Property 49,344 49,344
Other 3,336 8,250
Auditor's remuneration (excluding VAT):
Audit 15,120 15,700
Other services - 2,000
Foreign exchange gains or losses 1,225 -

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Temporary staff and other forms of employee benefits		 2020
£
297,470
25,341
17,240
-
340,051		 2019
£
292,585
26,327
19,150
13,871
351,933

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2020 2019
No. No.
£60,000 - £69,999 - -
£70,000 - £79,999 - -
£80,000 - £89,999 1 1
£90,000 - £99,999 - -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £101,038 (2019: £104,198).

No member of the Board of Trustees received any remuneration for services to the charitable company for the year. During the year £122 was refunded back to the charity by trustees which related to travel and subsistence costs (2019: £5,440 paid to trustees).

28

The Nuclear Institute For the year ended 31 December 2020

Company No 6574762

Notes to the Accounts

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 8 (2019: 9).

11 Related party transactions

There are no related party transactions to disclose for this financial year

On 1st January 2020, N.I. Enterprises Limited transferred its assets, liabilities, VAT registration and business to The Nuclear Institute under a transfer agreement of a Going Concern (TOGC).

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

29

For the year ended 31 December 2020

The Nuclear Institute

Notes to the Accounts

Company No 6574762

13
Tangible fixed assets
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year		 Computer
Equipment
£
22,267
3,347
-
25,614
16,139
3,217
-
19,356
6,258
6,128		 Fixtures
and
fittings
£
1,250
-
-
1,250
367
313
-
680
570
883		 Office
Equipmen
t
£
99
-
-
99
26
25
-
51
48
73		 Total
£
23,616
3,347
-
26,963
16,532
3,555
-
20,087
6,876
7,084

All of the above assets are used for charitable purposes.

30

The Nuclear Institute

For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

14
Listed investments
Market value at the start of the year
Additions at cost
Disposal proceeds
Cash drawn down
Unrealised net gain / (loss) on change in market value
Cash held by investment broker pending reinvestment
Market value at the end of the year
Investments comprise:
United Kingdom
UK Common investment funds
Shares listed on the London Stock Exchange
Unlisted shares in UK registered companies
Other Investments
Cash
Overseas
Equities
Alternative Investments
The historical cost of quoted investments as at 31 December 2020 was £294,515
(2019: £402,694).
The following investment holdings are considered to be material in the context of
the portfolio at 31 December 2020
Coutts Equities United Kingdom		 2020
£
522,878
228,076
(192,139)
(200,348)
(21,075)
337,392
(3,427)
333,965
2020
£
131,171
61,573
-
7,238
25,086
225,068
108,897
333,965
312,306		 2019
£
421,656
247,548
(195,687)
43,526
517,043
5,835
522,878
2019
£
172,371
137,737
-
1,817
5,835
317,760
128,958
76,160
522,878

31

For the year ended 31 December 2020

The Nuclear Institute

Notes to the Accounts

Company No 6574762

15
Debtors
Trade debtors
Other debtors
Prepayments
Other taxes
16
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income (note 17)
17
Deferred income
Deferred income comprises subscriptions received for future financial periods.
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2020
£
54,420
31,141
70,520
13,015
169,096
2020
£
63,589
52,995
8,842
45,544
131,780
302,750
2020
£
112,762
(112,762)
131,780
131,780		 2019
£
71,640
53,161
78,264
4,390
207,455
2019
£
140,215
8,425
9,048
43,340
112,762
313,790
2019
£
140,201
(140,201)
112,762
112,762

32

For the year ended 31 December 2020

The Nuclear Institute

Notes to the Accounts

Company No 6574762

Creditors: amounts falling due after one year
Bank loans
Amounts due under finance leases		 2020
£
50,000
-
50,000		 2019
£
-
-
-

Bank loans totalling £50000 (2019: £0) are unsecured.

Bank loan is a Bounce Back Loan provided by NatWest Bank with a fixed interest rate of 2.5% p/a with a term of 6 years. Interest is payable by the government in the first 12 months.

19 Pension scheme

The Charitable Group operates a defined contribution scheme which is administered independently of the Group charities. The cost to the Group for the year was £17,240 (2019: £19,150). At the Balance Sheet date, the amount due to the pension scheme administrators was £431 (2019: £Nil).

20 Financial instruments

Financial assets measured at fair value through profit and loss
Financial liabilities measured at fair value through profit or loss		 2020
£
80,540
107,738		 2019
£
129,191
192,603

33

For the year ended 31 December 2020

The Nuclear Institute

Notes to the Accounts CompanyNo 6574762 CompanyNo 6574762 Total
funds
£
6,876
333,965
(86,678)
(50,000)
21a
Analysis of net assets between funds (current year)
Tangible fixed assets
Investments
Net current assets
Long term liabilities
Net assets at 31 December 2020
21b
Analysis of net assets between funds (prior year)
Tangible fixed assets
Investments
Net current assets
Long term liabilities
Net assets at 31 December 2019
General
unrestricted
£
6,876
333,965
(86,678)
(50,000)
204,163
General
unrestricted
£
7,084
522,878
(63,487)
-
466,475		 Designated
£
-
-
-
-
-
Designated
£
-
-
-
-
-		 Restricted
£
-
-
-
-
-
Restricted
£
-
-
1,000
-
1,000
204,163
Total
funds
£
7,084
522,878
(62,487)
-
467,475

34

The Nuclear Institute For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

22a Movements in funds (current year)

Movements in funds (current year)
Restricted funds:
National Nuclear Laboratory Fund
Unrestricted General funds
Total funds		 At 1
January
2020
£
1,000
466,475
467,475		 Income &
gains
£
-
484,521
484,521		 Expenditure
& losses
£
(1,000)
(746,833)
(747,833)		 Transfers
£
-
-
-		 At 31
December
2020
£
-
204,163
204,163

The narrative to explain the purpose of each fund is given at the foot of the note below.

22b Movements in funds (prior year)

Movements in funds (prior year)
Restricted funds:
National Nuclear Laboratory Fund
Donation
Unrestricted General funds
Total funds		 At 1
January
2019
£
5,000
1,305
514,751
521,056		 Income &
gains
£
-
1,022,508
1,022,508		 Expenditure
& losses
£
(4,000)
(1,305)
(1,070,784)
(1,076,089)		 Transfers
£
-
-
-		 At 1
January
2020
£
1,000
-
466,475
467,475

Purposes of restricted funds

National Nuclear Laboratory fund of £5,000 for funding of education and training programme received in 2019. Off the record donation of £1,305 was received for education and training

35

The Nuclear Institute For the year ended 31 December 2020

Notes to the Accounts

Company No 6574762

23 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

each of the following periods
Less than one year
One to five years
Over five years		 Land and Buildings
2020
2019
£
£
37,693
49,344
-
45,232
-
-
37,693
94,576		 Equipment
2020
2019
£
£
-
2,039
-
-
-
-
-
2,039
2,039

24 Capital commitments

There are no capital commitments

25 Contingent assets or liabilities

There are no contingent assets or liabilities

26 Post balance sheet events

There are no post balance sheet events

27 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

36

For the year ended 31 December 2020

Company No 6574762

The Nuclear Institute

Notes to the Accounts

28
Analysis of changes in net debt
Cash
Cash equivalents
Overdraft facility repayable on demand
Total cash and cash equivalents
Loans falling due within one year
Loans falling due after more than one year
Finance lease obligations
Total		 At 1
January
2020
£
43,848
-
-
43,848
-
-
-
43,848		 Cash
flows
£
3,128
-
-
3,128
-
(50,000)
-
(46,872)		 Acquisition/
disposal of
subsidiaries
£
-
-
-
-
-
-
-
-		 Other
non-cash
changes
£
-
-
-
-
-
-
-
-		 At 31
December
2020
£
46,976
-
-
46,976
-
(50,000)
-
(3,024)

37