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← The Nuclear Institute

2023-12-31-accounts

Company number: 6574762 Charity number: 1125404

The Nuclear Institute

Report and financial statements For the year ended 31 December 2023

The Nuclear Institute

For the year ended 31 December 2023

Contents

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) ................... 16 Balance sheet ............................................................................................................................... 17 Statement of cash flows ................................................................................................................ 18 Notes to the financial statements ................................................................................................. 19

The Nuclear Institute

For the year ended 31 December 2023

Reference and administrative information

Company number 06574762
Country of incorporation England & Wales
Charity number 1125404
Country of registration England & Wales
Registered office 110 Golden Lane
London EC1Y 0TG
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:
Dr F Rayment President - Appointed September 2023
Mr J Sidhu
Ms G Parry-Jones
Mr J Clarke
Mrs N O’Keeffe Honorary Treasurer
Dr R Weston
 Resigned August 2023
Mr M Salisbury
Ms J R Nugent
Mr G Davies Resigned January 2024
Ms S Wynn-Davies
Mrs C Hedger Appointed March 2023
Mr R Deakin Appointed March 2023
Ms S Thomas Appointed January 2024
Mrs L Aylmore Appointed February 2024
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

1

The Nuclear Institute

For the year ended 31 December 2023

Reference and administrative information

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

2

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

President’s report

Government support for the nuclear renaissance continued unabated in 2023 and this contributed to a buoyant mood in the industry. This was reflected strongly in the NI’s fortunes with good support for membership and events from all sectors and a growing commitment from companies, in particular those who support the professional development of their nuclear specialists.

During the year we grew all grades of corporate membership and overall the individual membership saw a net gain of 579 members.

As President Elect in 2023 and now as President, it has been a positive experience to represent the NI in many industry events and be invited to speak at NI dinners and conferences. Particular highlights in 2023 were the YGN Annual Seminar and Dinner which had its largest ever attendance of over 540 and the return of the Security conference that covered many of the current issues around cyber security, physical security and future skills needs.

A continuing challenge is our ability to identify a diverse speaker profile for our events but our EDI Board has contributed to helping to overcome this in a still largely non-diverse industry, as well as completed the work on reviewing our internal performance in striving to be more open and inclusive as a membership body. Recruitment to committees is something we still need to tackle but other areas such as membership application literature and staff diversity scored highly against the RAEng/SciC benchmark.

Since last year’s report we said goodbye to two trustees: Rebecca Weston, whose contribution had been invaluable during the Covid years, and Gareth Davies, who had been part of the strategy sub-group in 2022 and 2023. We are grateful for their commitment to the NI.

Early in 2024 we welcomed two new trustees: Saralyn Thomas who has experience of being a previous YGN chair and is very familiar with the work of the Board, and Linda Aylmore who has a CFO role in the industry and will bring an additional strand of financial expertise.

The NI’s outreach work has become more visible as the move to in-person events has continued and we have renewed our efforts to produce up-to-date resources that will enhance our provision in this regard, in particular through the YGN.

It has been a pleasure to me to re-join the board in this new capacity as President and I look forward to seeing continued growth during the two years of my term of office. My personal thanks to all the trustees, volunteers and our small but dedicated staff for their continuing commitment to the NI. This third positive financial outturn for the NI is a great foundation for building our influence and growth and I am committed to helping build even greater success.

Fiona E Rayment President

3

For the year ended 31 December 2023

The Nuclear Institute

Trustees’ annual report

CEO’s report

As the outgoing CEO it is a pleasure for me to report another highly successful year in our journey towards being a sustainable entity. Our third successive surplus has meant that we have been able to consider reinvesting surpluses in benefits for members and the activities that contribute to the awareness raising about nuclear and its importance to the UK economy and net zero targets.

One returning technical event for 2023 was the Nuclear Security conference – a sell-out success and planned for repetition in 2024. A repetition of Nuclear Modelling was again a successful event.

On the membership front we again grew our Company Membership Scheme list by 32% to 33 companies. By the year end members in CMS companies accounted for 56% of our individual members. We had a solid number of new Members and Fellows but again need to focus our efforts on increasing both professional members and registrants.

We were successful in maintaining both our Engineering Council and Science Council licences despite challenges on the staffing front including five months without a membership manager.

In terms of volunteer activity, a number of the branches are seeing new volunteers, particularly London and the South East which has a full new committee. New interest in the SMR and Security Special Interest Groups has helped with developing new content and volunteers, and a launch of a new Special Interest Group was imminent focusing on early career researchers in nuclear. YGN volunteers are never in short supply and the growing segment of members under the age of 37 (around 45%) demonstrates the highly successful activist nature of this demographic.

Active committees as usual included the Policy, Outreach and Editorial Committees, along with the EDI Board which completed a review of the NI’s EDI improvement compared to the benchmark framework provided by the Royal Academy of Engineering and the Science Council. We also continued to invest in training our volunteers and demonstrate our gratitude to them through this year’s Volunteer Forum held the day after the AGM and giving us time to celebrate our achievements as well as plan for the future.

Although delayed by four months we finally managed to launch the upgraded database and website in July. This was only made possible by use of an external project manager to oversee the whole project. The result has been a better self-service portal and better access to membership benefits such as Nuclear Future, CPD options etc as well as better collection of membership data for accurate targeting of member services.

Finally, we extended the total staff to seven during the year with a replacement membership manager and a marketing apprentice. This has helped improve our external engagement as well as begin to tackle our ambitions for upgrading members to professional status.

As ever, I am indebted to the volunteers who give generously of their time to support our work and my deep personal thanks to all the staff I have worked with over the past seven years.

Sarah Beacock

CEO

4

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

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 and which has been extended in the post-pandemic time until the new strategy begun in 2022 is complete:

These aims were underpinned by nine individual objectives:

5

The Nuclear Institute

For the year ended 31 December 2023

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 journal with technical content, 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 wider stakeholders and industry organisations. Many 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. This strategy has endured beyond 2020 although the staff team have also developed interim targets and strategic ambitions alongside the work being conducted by the Strategy Sub-Group. This was set up in August 2022 and comprised a small group of trustees and non-members. This work was ongoing in 2023 and is due for completion by the end of 2024, now with the full trustee board and CEO involved. In the meantime the staff work to a draft strategy developed in June 2022.

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.

6

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

Membership

In 2023 our membership growth was again dominated by the growth in Company Membership Schemes where the majority of our individual members now reside. New Company Memberships (CMS) included MissionCX, Mirion Technologies, ITI Group, Wincanton, Arup with an upgraded membership for NSG Environmental and a reinstatement of Assystem. Overall the total number of individual members grew by 579 – a growth rate of just under 15%. Work on retention is still ongoing as the rate of movement between companies continues apace during this period of growth for the industry and wage inflation.

Events

Events again performed particularly well in 2023 with several exceeding numbers achieved pre-pandemic. With three branch dinners, two technical events, the YGN annual seminar and dinner, five ‘Intro to’ events and the annual industry dinner, this has been a return almost to ‘business as usual’ in terms of content delivered, networking and fundraising. Added to the range of free events offered by the YGN, branches and SIGs means a high level of delivery of content relating to nuclear science, engineering and more.

Outreach

The Outreach Committee has worked steadily in 2023. Work is continuing on updating existing content for publication both electronically and in hard copy and pass on to the staff team at the end of the year for completion in 2024. Alongside this the YGN again attended New Scientist Live in October and some of the branches continued their own local schools/careers/science events. We continue our engagement with Code Connect and other Engineering UK careers content and are seeking a volunteer from the Committee to have oversight of this work. Similarly a more recent opportunity to contribute to a Climate Schools pilot project is a new attempt to ensure that nuclear is firmly included in all local carbon activities and information.

Other income

Advertising has struggled more than it did in 2022 and, with the emergence of free job advertising via Destination Nuclear, we don’t expect this area to pick up greatly in 2024. Although not directly related to income, we have seen a downturn in the number of technical papers submitted for peer review and publication in the journal and we are investigating how to make papers more widely accessible to increase awareness and the appeal of publishing via this route.

Beneficiaries of our services

The Institute’s members are the principal beneficiaries of our key outputs – Membership and Events – but indirectly wider society benefits from the raised standards of knowledge and competence as a result. In addition we continue to promote the benefits of nuclear to society as a whole which this year included outreach events such as New Scientist Live, development of supporting materials and case studies.

We are also beginning to see a return of engagement with schools and colleges and particularly in an effort to broaden our usual reach to those outside of the usual nuclear ‘catchment’ and with an aim to include the diversity of potential recruits.

Financial review

At the end of 2023, the Nuclear Institute managed to return an even stronger surplus than in 2022 and over £100k above our operational budget. We finished with a surplus of £179,670 (2022: £156,710).

7

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

Investment performance was much improved in 2023 and contributed to the healthy surplus.

On the costs side, staff costs increased by 30% from 2022. Costs on events remained tightly controlled despite rising prices for venues and catering. Branches managed to spend 80% more than in 2022 as more return to in-person events. Spending on general administration was up by 15% but still below the figure for 2021 and despite the overspend on the CRM/website upgrade. Probably the biggest area of investment was in marketing costs where we delivered the branding refresh as well as the development costs for new membership services and improved marketing generally. Costs increased by 155% over the 2022 spend, returning our marketing spend to pre-pandemic levels.

Investment policy

Net gains (realised and unrealised) on investments were £21,408 in 2023 (2022: net loss £43,726).

Our investment with Coutts was £324,415 by year end. By the end of March 2024 however it had increased to £340,168. Total investments were £325,015, with a small amount being held with CAF.

Principal risks and uncertainties

The trustees reviewed the Nuclear Institute’s risk register throughout the year and made a number of adjustments. No risks were given a high rating for likelihood and impact but a few at slightly raised risk which are regularly monitored. Mitigations included a focus on continuing to increase the balance between membership and events income through membership growth.

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 which equates to £377,929. The reserves as at 31 December 2023 amount to £670,800 which is well above the six months required by the policy. However the trustees consider a cautious approach to reserves is appropriate at this time, given the challenges that recent events have caused, and are therefore considering increasing the reserves policy to 12 months of running costs in 2024.

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. We do not engage with any third-party fundraisers for the benefit of the NI. The charity follows the guidance of the UK Fundraising Regulators’ Code of Fundraising Practice, and no complaints have been received in regard to our fundraising activities.

Plans for the future

2024 will continue with a key focus on membership growth and the return of more technical events to our programme. We were also pleased to be able to celebrate the NI’s 15[th] anniversary in April with an event for volunteers in Manchester which was well received.

8

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

So far in 2024 we have retained our events management company to support all our technical events including the highest value one, RAMTRANS.

We have also almost completed our plans for new digital services including a mentoring scheme for younger members, digital badging for professional members and those with additional accreditations that are currently in development plus a digital membership card – all due for launch before summer. We also plan to continue with our Volunteer Forum and complete the updating of outreach materials.

One further action in early 2024 was to open a 35-day access account with our bank to carry a fund that we do not expect to need to access but which achieves a present interest rate of around double that of our current account.

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 7 to the accounts.

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 2023 comprised:

Mr John Clarke (Chair)

Mrs Nicola O’Keeffe

Mr Gareth Davies (resigned January 2024)

Mr Kevin Smith

Mr Michael Greenshields

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 2023 comprised:

Ms Gwen Parry-Jones (Chair) Mr Roy Manning Ms Monica Mwanje

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The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

Mr Chris Williams

Mr Philip Vaughan

Mr Andrew Newall

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 2023 comprised:

Mrs Nicola O’Keeffe (Chair)

Ms Gwen Parry-Jones

Mr Jasbir Sidhu

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

Other committees that met during 2023 to serve the needs and activities of the organisation included the Editorial Committee, Membership Committee (and CPD Sub-Committee), Outreach Committee, Policy Committee and Equality, Diversity and Inclusion Board.

Appointment of trustees

Trustees are appointed through a mixture of co-opting and election. Rebecca Weston and Gareth Davies stood down from the board during the year and the trustees wish to record their grateful thanks to them both for the time they served and valuable input.

Two new trustees were appointed to the Board in early 2024 – Saralyn Thomas and Linda Aylmore.

Trustee induction and training

New trustees are inducted via a combination of the Governance Handbook and meetings with the President, Treasurer and CEO. Further trustee training is due during 2024.

Related parties and relationships with other organisations

Since the closure of NI Enterprises 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 resource

10

The Nuclear Institute

For the year ended 31 December 2023

Trustees’ annual report

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.

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 2023 was 3962 (2022: 3511). 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 2023 and has expressed its willingness to continue in that capacity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 24 June 2024 and signed on their behalf by

Fiona E Rayment President

11

The Nuclear Institute

For the year ended 31 December 2023

Independent auditor`s report

Opinion

We have audited the financial statements of The Nuclear Institute (the ‘charitable company’) for the year ended 31 December 2023 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.

12

The Nuclear Institute

For the year ended 31 December 2023

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

13

The Nuclear Institute

For the year ended 31 December 2023

Independent auditor`s report

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 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:

14

The Nuclear Institute

For the year ended 31 December 2023

Independent auditor’s report

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

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) 28 July 2024 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

15

The Nuclear Institute

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

Note
Income from:
2
3
4
5a
5a
6
Reconciliation of funds:
Investments
Total income
Expenditure on:
Other trading activities
Donations and legacies
Charitable activities
Net gains / (losses) on investments
Net (expenditure)/income for the year
Net income / (expenditure) before net
gains / (losses) on investments
Raising funds
Total expenditure
Charitable activities
Total funds carried forward
Net movement in funds
Total funds brought forward		 Unrestricted
£
-
1,199,592
10,200
13,085		 Restricted
£
-
-
-
-		 2023
Total
£
-
1,199,592
10,200
13,085		 Unrestricted
£
6,743
1,123,254
4,695
4,743		 2022
Restricted
Total
£
£
-
6,743
10,000
1,133,254
-
4,695
-
4,743
10,000
1,149,435
-
1,812
10,000
947,187
10,000
948,999
-
200,436
-
(43,726)
-
156,710
-
156,710
-
334,420
-
491,130
1,222,877 - 1,222,877 1,139,435
2,197
1,062,418		 -
-		 2,197
1,062,418		 1,812
937,187
1,064,615 - 1,064,615 938,999
158,262
21,408		 -
-		 158,262
21,408		 200,436
(43,726)
179,670
179,670
491,130		 -
-
-		 179,670
179,670
491,130		 156,710
156,710
334,420
670,800 - 670,800 491,130

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The Nuclear Institute

Balance sheet

Balance sheet
As at 31 December 2023 Company no. 6574762
Note
Fixed assets:
11
12
Current assets:
13
Liabilities:
14
Total unrestricted funds
Net current liabilities
Total net assets
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Tangible assets
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
The funds of the charity:
General funds
Total charity funds
Debtors
Creditors: amounts falling due within one year		 £
337,824
278,655		 2023
£
£
3,542
325,015
328,557
142,919
245,341
388,260
(217,709)
342,244
670,800
-
670,800
-
491,130
670,800
670,800		 2022
£
2,822
317,758
320,580
170,551
616,479
(274,235)
670,800
491,130
-
491,130
-
491,130
491,130

Approved by the trustees on 24 June 2024 and signed on their behalf by

Fiona E Rayment President

17

The Nuclear Institute

Statement of cash flows

For the year ended 31 December 2023

Cash flows from operating activities
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
(Gains)/losses on disposal of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase/decrease in investment cash deposit
Cash at bank and in hand
Total cash and cash equivalents
Purchase of investments
Analysis of cash and cash equivalents and of net debt
Net cash provided by / (used in) operating
activities
Net income / (expenditure) for the reporting period
Cash and cash equivalents at the end of the year
Net cash provided by / (used in) financing
activities
Change in cash and cash equivalents in the year
Change in cash and cash equivalents due to
exchange rate movements
Cash inflows from new borrowing
Cash flows from financing activities:
Cash and cash equivalents at the beginning of the
year
Net cash provided by / (used in) investing
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments		 £
£
179,670
2,584
(21,408)
(13,085)
-
(194,905)
56,526
9,382
13,085
(3,304)
160,337
(146,186)
23,932
-
-
33,314
245,341
-
278,655
At 1 January
2023
Cash flows
£
£
245,341
33,314
245,341
33,314
2023		 £
£
179,670
2,584
(21,408)
(13,085)
-
(194,905)
56,526
9,382
13,085
(3,304)
160,337
(146,186)
23,932
-
-
33,314
245,341
-
278,655
At 1 January
2023
Cash flows
£
£
245,341
33,314
245,341
33,314
2023		 £
£
156,710
2,729
43,726
(4,743)
23
(30,511)
(190,973)
(23,039)
4,743
(1,876)
225,787
(228,719)
(65)
-
-
(23,104)
268,444
-
245,341
Other non-
cash changes
At 31
December
2023
£
£
-
278,655
-
278,655
2022		 £
£
156,710
2,729
43,726
(4,743)
23
(30,511)
(190,973)
(23,039)
4,743
(1,876)
225,787
(228,719)
(65)
-
-
(23,104)
268,444
-
245,341
Other non-
cash changes
At 31
December
2023
£
£
-
278,655
-
278,655
2022
9,382
23,932
-		 (23,039)
(65)
-
- -
At 1 January
2023
£
245,341		 Other non-
cash changes
£
-
33,314
245,341
-		 (23,104)
268,444
-
278,655 245,341
Cash flows
£
33,314		 At 31
December
2023
£
278,655
245,341 33,314 - 278,655

18

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

a) Statutory information

The registered office address is 108-114 Golden Lane, London, EC1Y 0TL.

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.

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.

19

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

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.

f) Donations of gifts, services and facilities

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.

g) Interest receivable

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.

20

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

h) Fund accounting

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

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

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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.

21

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. 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:

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.

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.

22

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

2 Income from charitable activities

2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Members Subscriptions 361,234 - 361,234 298,318 - 298,318
Events 751,707 - 751,707 647,680 - 647,680
Journal 57,468 - 57,468 61,085 - 61,085
Sponsorship 29,183 - 29,183 116,171 10,000 126,171
Total income from
charitable activities 1,199,592 - 1,199,592 1,123,254 10,000 1,133,254

3 Income from other trading activities

Consultancy/commission Unrestricted
£
10,200		 £
-
Restricted		 2023
Total
£
10,200		 Unrestricted
£
4,695		 2022
Total
£
£
-
12,459
-
12,459
Restricted
10,200 - 10,200 4,695

4 Income from investments

Bank interest
Quoted investments		 Unrestricted
£
4,567
8,518		 £
-
Restricted		 2023
Total
£
4,567
8,518		 Unrestricted
£
4,743		 2022
Total
£
£
-
4,743
-
4,743
Restricted
13,085 - 13,085 4,743

23

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

5a Analysis of expenditure (current year)

Staff costs (Note 7)
Travel and subsistence
Legal and professional
Auditor's cost
Accounting and payroll
subscriptions
Bank charges
Investment management
Depreciation
Fixed assets written off
Office cost
Outreach
Branches
Meeting expenses
Events
Journal
Foreign exchange losses
Website and database
Marketing and publicity
Irrecoverable VAT
Provision for bad debts
Interest charges
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
£
-
-
-
-
-
-
467
1,730
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
291,424
-
-
-
-
46,477
4,518
-
-
-
-
10,448
39,497
-
370,315
113,556
-
-
21,162
-
-
-		 Governance
costs
£
-
-
-
14,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Support
costs
£
24,020
7,520
32,491
-
5,623
-
-
-
2,584
-
9,326
-
-
10,014
-
-
9
64,517
9,261
(15,182)
838		 2023 Total
2022
Total
£
£
315,444
241,891
7,520
2,603
32,491
12,979
14,000
12,700
5,623
10,330
46,477
38,845
4,985
8,332
1,730
1,812
2,584
2,729
-
23
9,326
2,567
10,448
49,503
39,497
21,825
10,014
4,263
370,315
368,331
113,556
99,599
9
22
64,517
44,341
21,162
8,291
9,261
11,727
(15,182)
-
838
6,286
1,064,615
948,999
-
-
-
-
1,064,615
948,999
2,197
-
-		 897,397
151,021
14,000		 14,000
(14,000)		 151,021
(151,021)
-
2,197 1,062,418 - -
1,812 947,187 -

24

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

5b Analysis of expenditure (Prior year)

Staff costs (Note 7)
Travel and subsistence
Legal and professional
Auditor's cost
Accounting and payroll
subscriptions
Bank charges
Investment management
Depreciation
Fixed assets written off
Office cost
Outreach
Branches
Meeting expenses
Events
Journal
Foreign exchange losses
Website and database
Marketing and publicity
Irrecoverable VAT
Interest charges
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
-
-
-
-
-
-
-
1,812
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
241,891
2,603
-
-
-
38,845
-
-
-
-
-
49,503
21,825
-
368,331
99,599
-
-
8,291
-
-		 Governance
costs
£
-
-
-
12,700
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Support
costs
2022 Total
£
£
-
241,891
-
2,603
12,979
12,979
-
12,700
10,330
10,330
-
38,845
8,332
8,332
-
1,812
2,729
2,729
23
23
2,567
2,567
-
49,503
-
21,825
4,263
4,263
-
368,331
-
99,599
22
22
44,341
44,341
-
8,291
11,727
11,727
6,286
6,286
103,599
948,999
(103,599)
-
-
-
-
948,999
1,812
-
-		 830,888
103,599
12,700		 12,700
(12,700)
1,812 947,187 -

25

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 2,584 2,729
Operating lease rentals payable:
Property - -
Other - -
Auditor's remuneration (excluding VAT):
Audit 14,000 12,700
Other services - -
Foreign exchange gains or losses 9 22

Staff costs were as follows:

Temporary staff
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Settlement Agreements and other staff payments		 2023
2022
£
£
250,194
197,075
20,520
17,713
20,710
17,577
24,021
1,430
-
8,096
315,445
241,891

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

2023 2022
No. No.
£80,000 - £89,999 - 1
£90,000 - £99,999 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £113,042 (2022: £111,156).

No member of the Board of Trustees received any remuneration for services to the charitable company for the year. During the year £98 was paid to the charity by trustees which related to travel and subsistence costs (2022: £0 paid to trustees).

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 6 (2022 : 6)

9 Related party transactions

There are no related party transactions to disclose for this financial year. It is usual for Trustees to be associated with member organisations and for income to be received from these organisations, but this is all part of the normal course of business for the Institute. There were no unusual transactions with trustees or the organisations they are connected with in 2023 or 2022.

The subsidiary company, N.I. Enterprises Limited, has no assets and is dormant.

26

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

10 Taxation

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

11 Tangible fixed assets

Tangible fixed assets
Cost
Disposals in year
At the end of the year
At the end of the year
Net book value
At the start of the year
At the start of the year
Additions in year
At the start of the year
Charge for the year
At the end of the year
Disposals in year
Depreciation		 Computer
Equipment
£
12,110
3,304
-		 Fixtures and
fittings
£
-
-
-		 Office
Equipment
£
-
-
-		 Total
£
12,110
3,304
-
15,414 - - 15,414
9,288
2,584
-		 -
-
-		 -
-
-		 9,288
2,584
-
11,872 - - 11,872
3,542 - - 3,542
2,822 - - 2,822

All of the above assets are used for charitable purposes.

27

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

12 Listed investments

Listed investments
United Kingdom
Alternative Investments
Shares listed on the London Stock Exchange
Market value at the end of the year
Equities
Market value at the start of the year
Disposal proceeds
Other Investments
Cash
Overseas
Unlisted shares in UK registered companies
UK Common investment funds
Additions at cost
Unrealised net gain / (loss) on change in market value
Investments comprise:		 2023
£
317,758
146,186
(160,337)
21,408		 2022
£
358,552
228,719
(225,787)
(43,726)
325,015 317,758
325,015 317,758
2023
£
94,967
-
-
-
4,237		 2022
£
80,889
60,213
-
-
8,585
99,204
209,701
16,110		 149,687
74,141
93,930
325,015 317,758

The following investment holdings are considered to be material in the context of the portfolio at 31 December 2023:

Coutts Discretionary Portfolio United Kingdom

324,415 317,758

28

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

13 Debtors

Other taxes
Trade debtors
Prepayments
Other debtors		 2023
2022
£
£
113,065
59,470
12,608
15,027
175,969
42,932
36,182
25,489
337,824
142,919

14 Creditors: amounts falling due within one year

Bank loan
Other creditors
Accruals
Taxation and social security
Deferred income (note 15)
Trade creditors		 2023
2022
£
£
137,768
33,484
-
19
6,037
12,702
46,386
56,453
-
38,079
84,044
76,973
274,235
217,709

15 Deferred income

Deferred income comprises subscriptions and event ticket sales 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		 2023
2022
£
£
76,972
135,620
(76,972)
(135,620)
84,044
76,972
84,044
76,972

16 Pension scheme

The Charitable Company operates a defined contribution scheme which is administered independently of the charity. The cost to the Company for the year was £20710 (2022: £17,577). At the Balance Sheet date, the amount due to the pension scheme administrators was £0 (2022: £19).

17 Capital commitments

There are no capital commitments.

18 Contingent assets or liabilities

There are no contingent assets or liabilities.

29

The Nuclear Institute

Notes to the financial statements

For the year ended 31 December 2023

19 Post balance sheet events

There are no post balance sheet events.

20 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.

30