**Charity Number: 215869**
## **The British Institute of Radiology**
## **Report and Financial Statements for the 12 months ended 31 March 2021**
|**Contents**|**Page**|
|---|---|
|**Report of the Trustees**|**2**|
|**Independent Auditor’s Report**|**8**|
|**Statement of Financial Activities**|**11**|
|**Balance Sheet**|**12**|
|**Cash Flow Statement**|**13**|
|**Notes to the Financial Statements**|**14**|
**48-50 St John Street, London EC1M 4DG, UK**
**The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
## **Report of the Trustees**
The trustees present their annual report and the audited financial statements for the 12 months ended 31 March 2021. The financial statements comply with the requirements of the Statement of Recommended Practice (2015) – Accounting and Reporting by Charities.
## **Reference and Administrative Details**
|**Status**|In 1958, Her Majesty The Queen granted a Royal Charter of Incorporation to The British Institute|
|---|---|
||of Radiology and the Institute became a registered charity in 1963.|
|**Charity Number**|215869|
|**Registered Office**|48–50 St John Street, London EC1M 4DG|
|**Country of registration**|England and Wales|
|**Patron**|Her Majesty The Queen|
|**The Trustees**||
|**Officers**||
|_President_|Dr S Redla|
|_Vice Presidents_|Dr N Screaton|
||Prof S Keevil|
||Dr S Jackson|
|_Honorary Treasurer_|Mr A Craig|
|_Honorary Secretary_|Dr K Rajesparan|
|**Ordinary members of the**|**Council**|
|Dr E Castellano||
|Dr S Hafeez||
|Ms A Hall||
|Ms H Hughes||
|Mr R Lodge||
Trustees who retired on 30 September 2020: Dr J Phillips-Hughes, Prof M Hardy, Mr J Cole, Ms S Drake and Dr A Stewart.
New trustees who joined on 1 October 2020: Dr E Castellano, Dr K Rajesparan, Dr S Hafeez and Dr S Jackson.
|**Chief Executive**|Simon Thompson|
|---|---|
|**Bankers**|Barclays Bank plc, 1 Churchill Place, London E14 5HP|
|**Auditor**|Sayer Vincent LLP, Invicta House, 108–114 Golden Lane, London EC1Y 0TL|
|**Solicitors**|Blake Morgan, Harbour Court, Compass Road, North Harbour, Portsmouth PO6 4ST|
|**Investment Managers**|Smith & Williamson, 25 Moorgate, London EC2R 6AY|
2
**The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
## **Objects and activities**
The British Institute of Radiology was established by Royal Charter in 1958 and its objects are set out in its governing document:
- To promote and encourage the study and practice of the art and science of radiology, radiobiology and the medical applications of nuclear science in all their aspects and the study of kindred sciences.
- To maintain and extend to the public advantage the usefulness of the work of the radiologist, radiobiologist, physicist, radiographer and X-ray engineer in the field of medicine and in the expanding field of the industrial application of radioactive substances.
- To disseminate knowledge concerning all aspects of the science of radiology, radiobiology and the medical applications of nuclear science.
- To accept subscriptions and gifts of all kinds, whether absolute or conditional, and to undertake and administer trusts for purposes falling within the objects of the Institute.
The Institute’s earlier history can be traced back to the first meeting of the X-Ray Society in 1897 and the amalgamation in 1927 of the British Institute of Radiology and the Röntgen Society. It became a registered charity (number 215869) in 1963 and its affairs are regulated by its charter and bylaws.
## **Council**
The Council is the governing body of the Institute and normally comprises 12 trustees, who are members of the Institute. Of the 12, six are appointed to specific ‘officer’ positions. Trustees are normally appointed for three years. Council met four times during 2020– 2021.
Nominations for Council vacancies must be supported by two existing members of Council and are approved at the annual general meeting. Trustees are normally familiar with the work of the Institute when they are appointed. In addition, new trustees attend an induction session and are sent a series of ‘core’ documents containing information relevant to the governance, organisation and running of the Institute. Some trustees attend seminars or training courses specific to their appointment.
## **Management and organisation**
The Council is responsible for the overall direction of the Institute and delegates specific responsibilities concerned with the governance of the Institute to officers and committees. In particular, it delegates some of the more detailed financial and processrelated governance issues to two committees, one concentrating on finance and investment and the other on audit matters. The Chief Executive is responsible for the overall management of the Institute and is accountable to the trustees.
Key management personnel includes the members of the Senior Management Team which consists of Chief Executive, Head of Communications & Partnerships, Director of Education, Head of Finance and Operations, Head of Membership & Systems and Director of Publishing.
## **Mission statement**
Working together to improve medicine, health and patient care through the science and practice of imaging and radiation oncology.
## **Core values**
The BIR:
- believes in the value of multidisciplinary collaboration to combat disease;
- believes that every effort should be made to optimise the use of radiation in healthcare and in the diagnosis and treatment of disease;
- believes that research and education are vitally important; and
- considers all its members to be equal regardless of profession or grade.
## **Public benefit statement**
The BIR’s objects fall under the following charitable purposes as defined by the Charities Act 2006:
- the advancement of education
- the advancement of health or the saving or lives
- the advancement of the arts, culture, heritage or science
The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. They consider that all of the aims and objectives in this report are there in order ultimately to benefit the public via education, debate and knowledge-sharing of those in the health and medical imaging profession and industry.
3
**The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
## **Strategy**
The BIR’s five strategic aims are:
- To support the work of our members and their colleagues to achieve professional excellence.
- To provide continuing professional development for our multidisciplinary community.
- To publish cutting edge research for our authors and readers across the world.
- To influence and connect with the wider professional sector.
- To create an infrastructure that allows us to deliver our aims.
A long term strategy is supported by an annual business plan and detailed operational plans. This is outlined below under Future Plans.
## **Achievements and performance**
## **Main objectives**
The table below outlines the BIR’s main objectives for the financial year 2020–2021 with performance against target.
||||
|---|---|---|
|2020-2021|||
|**Objective**|||
|Operating deficit of £134,388.|Achieved|Operating surplus of £725.
£135,113 better than target.|
|Membership renewal rate of 73% or above.|Achieved|Renewal rate 84%.
11 percentage points above
target.|
|Maintain paid membership above 2,400|Achieved|Paid membership at 3,449
1,049 above target.|
|Maintain total membership (including frees) above 2,600.|Achieved|Total membership at 3,568
968 above target.|
|Grow delegate numbers (live attendances) for educational events from
2,450 to 3,807.|Achieved|Total live attendences 8,011
4,204 above target.|
|Delegate satisfaction (% ‘good’ or ‘very good’ for education content) of
97.5%.|Not achieved|Delegate satisfaction 96%.|
|Increase journal readership from 1,042,052 article downloads to 1,100,000.|Achieved|Total downloads 1,228,647.
128,647 above target.|
|Maintain journal article median acceptance to publication time of 10 days|Not achieved|Median time 11 days.
1 dayslower than target.|
## **Related parties**
The BIR, together with The Society and College of Radiographers, The Royal College of Radiologists and The Institute of Physics and Engineering in Medicine, is a co-director and member of Radiology and Oncology Congresses (ROC), a charity registered in England and Wales no: 1087939, and a co-director of its subsidiary company, ROC Events Limited (ROCE).
## **Financial review**
At an operating level, the Institute recorded a surplus of £725, which compares with a surplus of £71k for the 12 months to 31 March 2020. The Institute recorded a net surplus of £741k for the 12 months to 31 March 2021 in comparison to a net deficit of £506k in the previous year. The surplus was caused by the investment portfolio recovery following the initial market’s reaction to the COVID19 pandemic.
Income for the 12 months to 31 March 2021 was £1.68 million compared to £2.02 million in the 12 months to 31 March 2020. The principal sources of revenue are publishing (£982k), education (£279k), membership (£256k), BIR video courses (£15k) and dividend income from the investment portfolio (£146k).
Expenditure for the year was £1.68 million for the 12 months to 31 March 2021 compared to £1.95 million for the 12 months to 31 March 2020. The principal areas of expenditure were publishing (£807k), education (£465k), membership (£286k) and BIR video courses (£93).
There was an exceptional performance in operations, adjusting to the challenging environment due to the COVID-19 pandemic and recording operational surplus. The value of the investment portfolio significantly increased due to market recovery following the initial reaction to the COVID-19 pandemic resulting in an overall surplus.
4
## **The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
The Institute’s net current liabilities include some payables but in the majority it consists of income received in advance for next year’s activities. This means that the Institute doesn’t owe money but it owes delivery of services (journals, membership and events) for the coming months.
Key developments in the year included the
- migration of all activities from office-based to remote or home-based due to restrictions caused by the COVID-19 pandemic
- successful pivot to online virtual events in place of face-to-face events
- steep increase in the number of people the Institute educated due to increased delegate numbers
- increase in paid membership to record levels
- provision of COVID-19 related events, journal content and other materials free of charge as part of the Institute’s contribution to helping to address the crisis
- continued increase in readership of BIR journals
- launch of the Institute’s first major, accredited BIR Video Courses
- • continued development of the successful BIR World Partner Network: a collaboration with sister societies throughout the world.
## **Reserves policy**
The trustees recognise that they have a duty to balance the needs of current and future members, and have approved an approach to reserves that is aligned with the investment policy.
The Council considers the key sustainability measure for the Institute to be current and future liquidity cover rather than the surplus accounting position shown as unrestricted reserve. Its focus is on the balance of funds at the end of the year rather than the result for one particular accounting period. Accordingly the Council has decided that the Institute should maintain readily realisable assets sufficient to cover not less than six months of administrative and office costs. In keeping with this, the unrestricted reserves level is currently set at £920,000. The Institute currently has £4,642,532 of funds held in unrestricted, undesignated funds. These are a combination of investments and net current assets. The analysis can be seen in Note 15a to the accounts.
The Council has decided that the fixed assets component of the unrestricted reserves should be moved to designated reserves to reflect the fact that this portion is not readily available to spend on a day-to-day basis.
In addition, the Institute has designated £650,000 of funds which have been invested. Designated funds are unrestricted funds earmarked by the trustees to support the medium and longer term objects of the Institute. It may be used for and invested in ways that support the Institute’s longevity in the next five years.
## **Investment policy**
The Institute’s investment policy seeks to maximise long-term total returns while maintaining a level of diversification and risk commensurate with the Institute’s liquidity needs and general investment outlook. The Council’s Finance and Investment Committee administers this function.
The charity’s ethical investment policy precludes investment in tobacco, armaments, alcohol, gambling and adult entertainment companies.
In May 2013, the trustees appointed Smith and Williamson to manage the investment portfolio on their behalf. During this period, a total of £4.78million has been invested and by 31 March 2021 had achieved increase of 12%. Since inception dividend income of £1,299k has been recognised.
## **Fundraising policy**
The British Institute of Radiology does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Institute nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the Institute received no complaints relating to its fundraising practice.
## **Future plans**
The BIR will be reviewing its strategy in the coming year,The BIR’s annual budget and business plan for 2021–2022 were approved in March 2021 by its Council. Key strategic priorities include:
- Developing ground-breaking online educational content.
- Building a financially sustainable events programme by concentrating on larger, popular annual events.
- Building up member-only content, primarily in the form of webinars/videos and member generated content.
- Improving the way we deliver targeted, specialist content through improved curation and segmentation.
- Building long term growth in journals income by increasing downloads, improving author experience, and commissioning relevant content.
- Buidling a successful Open Access publishing operation.
5
## **The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
- Targeted public affairs focusing on patient and staff safety.
## **Risk management**
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. Running risks is unavoidable. The trustees believe that, as far as it is possible, they have established effective systems and processes to manage those risks. The main risks that face the organisation are:
- COVID-19 may continue to suppress people’s ability to attend face-to-face events. The Institute postponed such events from March 2020 and iquiickly introduced a virtual event programme to provide an alternative means of delivering essential education. This has proved to be an alternative source of income in place of income from in-person events. Most events planned for the coming year are in virtual format and cost exposure to in-person events has been significantly reduced.
- The Institute’s main income stream comes from journal sales. Tightening library budgets and the increasing dominance of large publishers have disadvantaged smaller titles and small/mid-sized publishers. The Institute awarded a contract to Wiley for a five year period beginning in January 2019. In addition, the traditional business model of selling an annual subscription to individual academic institutions is experiencing competition from open access publishing (free to view from date of publication). The Institute moved _BJR_ to hybrid open access and the new open access journals, _BJR|case reports_ and _BJR|Open_ are performing well, bringing in a new article processing charge income stream from accepted authors. _BIR|Open_ , launched in April 2018. In 2021 the BIR agreed with Wiley that it would participate in agreements Wiley had reached with universities for those universities to pre-fund open access publishing for their employees. This will provide an additional income stream for the BIR.
## **COVID-19**
In response to the COVID-19 pandemic, the institute took a number of steps, including:
- Cancelling face-to-face educational events in March 2020, and announcing that future events would be postponed until resumption becomes safe.
- Launching a number of initiatives to support healthcare professionals dealing with the virus, including the provision of free virtual events and online materials.
- Organising a series of paid-for virtual events to replace the usual in-person event programme.
- Relocating staff to work from their own homes.
- • Conducting all meetings remotely via telephone or internet.
The virus may have a continuing impact on the Institute at an operating level in the coming year if there is a further reduction in journal income caused by educational establishments needing to reduce costs by cancelling subscriptions. The uncertainty around in-person events could also have an impact. There have been relatively small costs involved in moving to home-working and escalating the virtual event and webinar programme.
The Council of the Institute is satisfied that there are no material uncertainties affecting the Institute’s ability to continue as a going concern. This is despite disruption caused by the COVID-19 crisis as in the worst case scenario, reserves would be sufficient to cover any foreseeable deficit. The Council are therefore able to conclude that there is reasonable expectation that the Institute will remain going concern for at least 12 months from the signing of the accounts.
## **Remuneration policy**
The Institute’s aim is to ensure that its levels of remuneration are in line with market rates, enabling it to attract, retain and motivate individuals with the qualifications, experience and skills needed to achieve the strategy and objectives of the Institute.
## **Volunteers**
The Institute is very grateful to those of its members and the wider community who play an active role in governing the organisation and participating in its committee structure, developing education and teaching on courses, editing and reviewing journals and other published material, and generally contributing to the growth of membership benefits. Without them, we would not be able to achieve so much.
## **Statement of trustees’ responsibilities**
The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
6
## **The British Institute of Radiology Accounts for the period 1 April 2020 to 31 March 2021**
- Observe the methods and principles in the charities’ SORP;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2016, the charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on 29 June 2021 and signed on their behalf by
Dr S Redla President
7
## **Independent auditor’s report to the trustees of The British Institute of Radiology**
## **Opinion**
We have audited the financial statements of The British Institute of Radiology (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended.
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
- • Have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 British Institute of Radiology’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.
## **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. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- • Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- • We have not received all the information and explanations we require for our audit.
8
**Independent auditor’s report to the trustees of The British Institute of Radiology**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of noncompliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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.
9
**Independent auditor’s report to the trustees of The British Institute of Radiology**
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 charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Name: Judith Miller 14 September 2021 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
10
**British Institute of Radiology**
## **Statement of financial activities**
## **For the year ended 31 March 2021**
|Unrestricted
Note
£
**Income from:**
2
981,956
279,248
255,701
15,494
146,103
-
1,678,502
27,842
3
807,183
464,753
286,116
92,701
-
1,678,595
10
740,545
4
740,452
15a
2,745
743,197
**Reconciliation of funds:**
19
4,618,270
5,361,467
Investments
Other
**Total income**
**Expenditure on:**
Charitable activities
Publishing
Education
Membership
BIR video courses
Raising funds
**Net income / (expenditure)**
Other
**Total expenditure**
**Net income / (expenditure) before net**
**gains / (losses) on investments**
Charitable activities
Publishing
Education
Membership
Net (losses) /gains on investments
BIR video courses
(93)
Total funds brought forward (restated)
**Total funds carried forward**
Transfers between funds
**Net movement in funds**|Unrestricted
Note
£
**Income from:**
2
981,956
279,248
255,701
15,494
146,103
-
1,678,502
27,842
3
807,183
464,753
286,116
92,701
-
1,678,595
10
740,545
4
740,452
15a
2,745
743,197
**Reconciliation of funds:**
19
4,618,270
5,361,467
Investments
Other
**Total income**
**Expenditure on:**
Charitable activities
Publishing
Education
Membership
BIR video courses
Raising funds
**Net income / (expenditure)**
Other
**Total expenditure**
**Net income / (expenditure) before net**
**gains / (losses) on investments**
Charitable activities
Publishing
Education
Membership
Net (losses) /gains on investments
BIR video courses
(93)
Total funds brought forward (restated)
**Total funds carried forward**
Transfers between funds
**Net movement in funds**|Restricted
£
-
-
-
-
-
6,000|**2021**
**Total**
**£**
**981,956**
**279,248**
**255,701**
**15,494**
**146,103**
**6,000**|Unrestricted
£
1,096,371
517,204
241,035
-
158,081
-|Restricted
£
-
-
-
-
-
8,500|Restated
2020
Total
£
**1,096,371**
**517,204**
**241,035**
**-**
**158,081**
**8,500**|
|---|---|---|---|---|---|---|
||1,678,502|6,000|**1,684,502**|2,012,691|8,500|**2,021,191**|
||27,842
807,183
464,753
286,116
92,701
-|-
-
-
-
-
5,182|**27,842**
**807,183**
**464,753**
**286,116**
**92,701**
**5,182**|26,395
818,146
727,055
320,444
51,726
-|-
-
-
-
-
6,112|**26,395**
**818,146**
**727,055**
**320,444**
**51,726**
**6,112**|
||1,678,595|5,182|**1,683,777**|1,943,766|6,112|**1,949,878**|
||740,545
(93)|-
818|**740,545**
**725**|(577,744)
68,925|-
2,388|**(577,744)**
**71,313**|
||740,452
2,745|818
(2,745)|**741,270**
-|(508,819)
628|2,388
(628)|**(506,431)**
**-**|
||743,197
4,618,270|(1,927)
53,159|**741,270**
**4,671,429**|(508,191)
5,126,461|1,760
51,399|**(506,431)**
**5,177,860**|
||5,361,467|51,232|**5,412,699**|4,618,270|53,159|**4,671,429**|
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 15 to the financial statements.
11
**British Institute of Radiology**
## **Balance sheet**
## **As at 31 March 2021**
|Note
**£**
**Fixed assets:**
9
10
**Current assets:**
11
**443,846**
**872,591**
**1,316,437**
**Liabilities:**
12
**1,325,879**
15
**718,935**
**4,642,532**
Total unrestricted funds
Debtors
**The funds of the charity:**
Creditors: amounts falling due within one year
**Net current liabilities**
**Total net assets**
Restricted income funds
**Total charity funds**
Unrestricted income funds:
Designated funds
General funds
Investments
Cash at bank and in hand
Tangible assets|Note
**£**
**Fixed assets:**
9
10
**Current assets:**
11
**443,846**
**872,591**
**1,316,437**
**Liabilities:**
12
**1,325,879**
15
**718,935**
**4,642,532**
Total unrestricted funds
Debtors
**The funds of the charity:**
Creditors: amounts falling due within one year
**Net current liabilities**
**Total net assets**
Restricted income funds
**Total charity funds**
Unrestricted income funds:
Designated funds
General funds
Investments
Cash at bank and in hand
Tangible assets|**2021**
**£**
**68,935**
**5,353,206**|488,802
677,010|2020
£
86,398
4,639,762
Restated|
|---|---|---|---|---|
|||**5,422,141**
**(9,442)**||4,726,160
(54,731)|
||**1,316,437**
**1,325,879**||1,165,812
1,220,543||
||**718,935**
**4,642,532**||736,398
3,881,872||
|||**5,412,699**||4,671,429|
|||**51,232**
**5,361,467**||53,159
4,618,270|
||||||
|||**5,412,699**||4,671,429|
Approved by the trustees on 29 June 2021 and signed on their behalf by
Dr S Redla President
12
**British Institute of Radiology**
## **Statement of cash flows**
## **For the year ended 31 March 2021**
|**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Change in cash and cash equivalents in the year**
**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 stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Cash flows from operating activities**
**Net cash provided by / (used in) investing activities**
**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
Cash movements within investment portfolio|**£**
**£**
741,270
43,365
(740,545)
(146,103)
-
44,956
105,336
48,279
146,103
(25,902)
774,825
(912,340)
164,616
147,302
195,581
677,010
872,591
At 1 April
2020
Cash flows
£
£
677,010
195,581
677,010
195,581
**2021**|**£**
**£**
741,270
43,365
(740,545)
(146,103)
-
44,956
105,336
48,279
146,103
(25,902)
774,825
(912,340)
164,616
147,302
195,581
677,010
872,591
At 1 April
2020
Cash flows
£
£
677,010
195,581
677,010
195,581
**2021**|£
£
(506,431)
47,800
577,744
(158,081)
-
(296,402)
(9,158)
(344,528)
158,081
(5,238)
893,381
(934,899)
72,074
183,399
(161,129)
838,139
677,010
Other
changes
**At 31**
**March 2021**
£
**£**
-
**872,591**
-
**872,591**
2020|£
£
(506,431)
47,800
577,744
(158,081)
-
(296,402)
(9,158)
(344,528)
158,081
(5,238)
893,381
(934,899)
72,074
183,399
(161,129)
838,139
677,010
Other
changes
**At 31**
**March 2021**
£
**£**
-
**872,591**
-
**872,591**
2020|
|---|---|---|---|---|
||146,103
(25,902)
774,825
(912,340)
164,616||158,081
(5,238)
893,381
(934,899)
72,074||
||At 1 April
2020
£
677,010||Other
changes
£
-||
|||195,581
677,010||(161,129)
838,139|
|||872,591||677,010|
|||Cash flows
£
195,581||**At 31**
**March 2021**
**£**
**872,591**|
||677,010|195,581|-|**872,591**|
13
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **1 Accounting policies**
## **a) Statutory information**
The British Institute of Radiology is incorporated by Royal Charter registered in England and Wales. The registered office address (and principal place of business) is 48–50 St John Street, London, EC1M 4DG.
## **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 Charities Act 2011.
## **c) Public benefit entity**
The charity meets the definition of a public benefit entity under FRS 102.
## **d) Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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.
## **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 received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## **f) 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.
## **g) Fund accounting**
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 income received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
## **h) 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:
Costs of raising funds relate to the costs incurred by the charity in increase income through investment management.
˜Expenditure on charitable activities includes the costs of publications, education and delivering services to members undertaken to further the purposes of the charity and their associated support costs.
˜Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
14
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **1 Accounting policies (continued)**
## **i) 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.
|▪|Publications|36.4%|
|---|---|---|
|▪|Education|35.5%|
|▪|Membership|21.7%|
|▪|BIR Video courses|6.4%|
## **j) Operating leases**
Rental charges are charged on a straight line basis over the term of the lease.
## **k) 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.
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:
|▪|Leasehold improvements|10 years|
|---|---|---|
|▪|Computer Equipment|3 years|
|▪|Website|10 years|
|▪|Audio Visual|3 years|
|▪|CRM|5 years|
˜
## **l) 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.
## **m) 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.
15
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **1 Accounting policies (continued)**
## **n) 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.
## **o) 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.
## **p) 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.
## **q) Pensions**
The Institute contributes to a defined contribution Personal Pension Scheme for certain of its employees. Contributions are charged to the Statement of Financial Activities in the period to which they relate.
## **2 Income from charitable activities**
|Sub-total for Membership
Course approval scheme and other education income
Sub-total for Education
Individual subscriptions
Company subscriptions
Website income
Total income from charitable activities
Sub-total for Publications
Scientific meetings including sponsorship
Video courses
Sub-total for BIR video courses
Books, advertising and other publishing income
Journal revenue
Royalties|**2021**
**Total**
**£**
**767,761**
**203,234**
**10,961**
**981,956**
**279,218**
**30**
**279,248**
**171,807**
**81,493**
**2,401**
**255,701**
**15,494**
**15,494**
**1,532,399**|2020
Total
£
**881,119**
**202,099**
**13,153**|
|---|---|---|
|||**1,096,371**
**516,304**
**900**|
|||**517,204**
**151,959**
**85,750**
**3,326**|
|||**241,035**|
|||**-**|
|||**-**|
|||**1,854,610**|
All income from charitable activities was unrestricted in both 2021 and 2020.
16
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **3a Analysis of expenditure (current year)**
|Staff costs (Note 5)
Publishing Agent Commission
Publishing Online costs
Education Venue Costs
Rent and rates
Depreciation
Other
Investment Manager fees
Support costs
Governance costs
**Total expenditure 2021**
Total expenditure 2020|Cost of
raising funds
£
-
-
-
-
-
-
-
27,842||Charitable activities|Charitable activities|Charitable activities||Governance
costs
£
-
-
-
-
-
-
9,998
-|Support
costs
£
258,640
-
-
-
125,386
42,182
138,004
-|**2021**
**Total**
**£**
**946,992**
**123,770**
**57,212**
**-**
**125,386**
**43,365**
**359,210**
**27,842**|2020
Total
£
916,981
159,325
56,449
195,776
128,718
47,800
418,434
26,395|
|---|---|---|---|---|---|---|---|---|---|---|
|||Publishing
£
264,378
123,770
57,212
-
-
-
152,474
-|Education
£
237,779
-
-
-
-
441
22,707
-|Membership
£
151,342
-
-
-
-
-
10,337
-|BIR video
courses
£
34,853
-
-
-
-
742
20,508
-|Other
£
-
-
-
-
-
-
5,182
-|||||
||27,842
-
-|597,834
205,704
3,645|260,927
200,277
3,549|161,679
122,270
2,167|56,103
35,961
637|5,182
-
-|9,998
-
(9,998)|564,212
(564,212)
-|**1,683,777**
**-**
**-**|1,949,878
-
-|
||**27,842**|**807,183**|**464,753**|**286,116**|**92,701**|**5,182**|**-**|**-**|**1,683,777**|-|
||26,395|818,146|727,055|320,444|51,726|6,112|-|-|-|1,949,878|
17
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **3b Analysis of expenditure (prior year restated)**
|Staff costs (Note 5)
Publishing Agent Commission
Publishing Online costs
Education Venue Costs
Rent and rates
Depreciation
Other
Investment Manager fees
Support costs
Governance costs
**Total expenditure 2020**|Cost of
raising funds
£
-
-
-
-
-
-
-
26,395||Charitable activities|Charitable activities|Charitable activities||Governance
costs
£
-
-
-
-
-
-
13,897
-|Support
costs
£
251,579
-
-
-
128,718
47,718
144,957
-|Restated
**2020**
**Total**
**£**
**916,981**
**159,325**
**56,449**
**195,776**
**128,718**
**47,800**
**418,434**
**26,395**|
|---|---|---|---|---|---|---|---|---|---|
|||Publishing
£
255,326
159,325
56,449
-
-
-
135,317
-|Education
£
231,687
-
-
195,776
-
37
79,672
-|Membership
£
155,682
-
-
-
-
-
33,483
-|Digital
Learning
£
22,707
-
-
-
-
45
4,996
-|Other
£
-
-
-
-
-
-
6,112
-||||
||26,395
-
-|606,417
206,715
5,014|507,172
214,676
5,207|189,165
128,170
3,109|27,748
23,411
567|6,112
-
-|13,897
-
(13,897)|572,972
(572,972)
-|**1,949,878**
**-**
**-**|
||**26,395**|**818,146**|**727,055**|**320,444**|**51,726**|**6,112**|**-**|**-**|**1,949,878**|
18
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **4 Net incoming resources for the year**
This is stated after charging / crediting:
|This is stated after charging / crediting:|||
|---|---|---|
||**2021**|2020|
||**£**|£|
|Depreciation|**43,366**|47,800|
|Operating lease rentals:|||
|Property|**104,076**|104,076|
|Auditors' remuneration (excluding VAT):|||
|Audit|**9,600**|9,400|
|Other services|**560**|1,350|
## **5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management**
Staff costs were as follows:
|Social security costs
Employer’s contribution to defined contribution pension schemes
Staff Training
Staff Recruitment
Group Life
Salaries and wages
Other Staff Costs|**2021**
2020
**£**
£
**773,515**
749,970
**82,561**
77,408
**60,911**
59,460
**2,441**
7,711
**232**
1,159
**15,800**
14,814
**11,532**
6,459
**946,992**
916,981|
|---|---|
The following number of employees received employee benefits (excluding employer pension costs) during the year between:
|||**2021**|2020|
|---|---|---|---|
|||**No.**|No.|
|£80,000|- £89,999|**1**|1|
|£60,000|- £69,999|**1**|-|
The total employee benefits including pension contributions of the key management personnel were £413,476 (2020: £390,534).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2020: £902) incurred by nil (2020: 7) members relating to attendance at meetings of the trustees.
19
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **6 Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was as follows:
|Education
Support & Governance
Publishing
Membership
Digital Learning|**2021**
2020
**No.**
No.
**6.0**
6.1
**5.9**
7.1
**3.5**
3.7
**1.0**
0.7
**3.5**
3.5
**19.9**
21.1|
|---|---|
## **7 Related party transactions**
Related party transactions to disclose for 2021 totalling £nil (2020: £3,730). Payments for reinbursment of expenses for attending the BIR's education events. All expenses were at market rates.
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
## **8 Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
20
**British Institute of Radiology**
**Notes to the financial statements**
## **For the year ended 31 March 2021**
## **9 Tangible fixed assets**
|**Net book value**
**At the end of the year**
At the start of the year
At the start of the year
Charge for the year
At the end of the year
**Cost**
At the start of the year
Additions in year
At the end of the year
Disposals
Disposals
**Depreciation**|Leasehold
premises
£
136,254
-
-|Computer
Equipment
£
24,509
3,088
(23,186)|Website
£
23,463
-
-|Audio Visual
£
2,228
-
-|Online
Platform BIR
Video Courses
£
-
4,031
-|CRM
£
138,843
5,968
(121,658)|Education
LLP Platform
£
-
12,815
-|**Total**
**£**
**325,297**
**25,902**
**(144,844)**|
|---|---|---|---|---|---|---|---|---|
||136,254|4,411|23,463|2,228|4,031|23,153|12,815|**206,355**|
||94,655
13,606
-|23,222
760
(23,186)|13,089
2,468
-|929
742
-|-
202
-|107,004
25,587
(121,658)|-
-
-|**238,899**
**43,365**
**(144,844)**|
||108,261|796|15,557|1,671|202|10,933|-|**137,420**|
||**27,993**|**3,615**|**7,906**|**557**|**3,829**|**12,220**|**12,815**|**68,935**|
||41,599|1,287|10,374|1,299|-|31,839|-|86,398|
All of the above assets are used for charitable purposes.
21
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **10 Listed investments**
|**Listed investments**|||
|---|---|---|
|Other creditors
Accruals
VAT
PAYE, NIC and student loan deductions
Pension contributions
Deferred income
**Creditors: amounts falling due within one year**
Debtors
Prepayments
Accrued income
**Debtors**
Rent Deposit
Staff Loans
Disposal proceeds
Net (loss) / gain on change in fair value
Cash held by investment broker pending reinvestment
Fair value at the start of the year
Additions at cost
Property
Cash
Fair value at the end of the year
Historic cost at the end of the year
Investments comprise:
Shares listed on the London Stock Exchange|**2021**
**£**
**4,392,352**
**912,340**
**(774,825)**
**740,545**|2020
£
4,928,578
934,899
(893,381)
(577,744)|
||**5,270,412**
**82,794**|4,392,352
247,410|
||**5,353,206**|4,639,762|
||**4,410,214**|4,473,363|
||**2021**
**£**
**4,238,060**
**1,032,354**
**82,794**|2020
£
3,334,434
1,057,918
247,410|
||**5,353,208**|4,639,762|
||**2021**
**£**
**49,725**
**301,117**
**48,268**
**297**
**44,439**|2020
£
49,725
390,397
38,692
-
9,988|
||**443,846**|488,802|
||**2021**
**£**
**804,138**
**51,483**
**123,108**
**316,284**
**23,306**
**7,560**|Restated
2020
£
841,429
29,926
156,572
165,049
20,498
7,069|
||**1,325,879**|1,220,543|
## **11 Debtors**
## **12 Creditors: amounts falling due within one year**
22
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **13 Deferred income**
Deferred income comprises of journal subscriptions, individual and corporate membership fees, event income and advertising income received in advance.
|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|**2021**
**£**
**841,429**
**(841,429)**
**804,138**|2020
£
820,734
(820,734)
841,429|
|---|---|---|
||**804,138**|841,429|
## **14a Analysis of net assets between funds (current year)**
||General||||
|---|---|---|---|---|
||unrestricted|Designated|Restricted|**Total funds**|
||£|£|£|**£**|
|Tangible fixed assets|-|68,935|-|**68,935**|
|Investments|4,651,974|650,000|51,232|**5,353,206**|
|Net Current Liabilities|(9,442)|-|-|**(9,442)**|
|**Net assets at the end of the year**|**4,642,532**|**718,935**|**51,232**|**5,412,699**|
## **14b Restated Analysis of net assets between funds (prior year)**
|Tangible fixed assets
Investments
**Net assets at the end of the year**
Net Current Liabilities|General
unrestricted
£
-
3,936,603
(54,731)|£
86,398
650,000
-
Designated|Restricted
£
-
53,159
-|**Total funds**
**£**
**86,398**
**4,639,762**
**(54,731)**|
|---|---|---|---|---|
||**3,881,872**|**736,398**|**53,159**|**4,671,429**|
23
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **15a Movements in funds (current year)**
|**Total restricted funds**
Total designated funds
**General funds**
**Unrestricted funds:**
Designated funds:
Fixed Assets
Strategic Objectives
BIR Branches
**Total unrestricted funds**
**Total funds**
Gray Board Cancer Research (Nic Mcnally)
Sir Godfrey Hounsfield Lecture Fund
History project supported by MRRA (UK) Funds
MRRA (UK) Prize fund (Balance)
BIR Early Career Investigator award (Jusha)
GE - BIR Radiation Safety Award 2021-22
Siemens Research bursary 2020
BIR/Canon Mayneord Award fee 2020
Siemens Research bursary 2021
BIR/Case Reports (Ganguli)
General Pump Priming Fund
BIR/Canon Mayneord Award fee 2021
IEL Make it Better Award 2020
**Restricted funds:**
Barclay Prize fund|At 1 April
2020
£
645
6,614
7,616
8,305
15,122
250
3,397
500
3,953
3,803
-
1,954
1,000
-|Income &
gains
£
-
-
-
-
-
-
-
-
-
-
5,000
-
-
1,000|Expenditure
& losses
£
(693)
(750)
(1,000)
-
-
(250)
(1,180)
(250)
-
(1,059)
-
-
-
-|Transfers
£
48
-
-
-
-
-
2,155
(250)
-
(2,744)
-
(1,954)
-
-|**At 31 March**
**2021**
**£**
**-**
**5,864**
**6,616**
**8,305**
**15,122**
**-**
**4,372**
**-**
**3,953**
**-**
**5,000**
**-**
**1,000**
**1,000**|
|---|---|---|---|---|---|
||53,159|6,000|(5,182)|(2,745)|**51,232**|
||86,398
650,000
-|-
-
-|(43,365)
-
-|25,902
-
-|**68,935**
**650,000**
**-**|
||736,398|-|(43,365)|25,902|**718,935**|
||3,881,872|2,419,047|(1,635,230)|(23,157)|**4,642,532**|
||4,618,270|2,419,047|(1,678,595)|2,745|**5,361,467**|
||4,671,429|2,425,047|(1,683,777)|-|**5,412,699**|
24
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **15b Restated Movements in funds (prior year)**
|**Total restricted funds**
Total designated funds
**General funds**
IEL Make it Better Award 2020
**Total unrestricted funds**
**Total funds**
Siemens Research bursary 2018-2019
Siemens Research bursary 2019-2020
**Unrestricted funds:**
Designated funds:
Fixed Assets
Strategic Objectives
BIR Branches
Barclay Prize fund
Gray Board Cancer Research (Nic Mcnally)
Sir Godfrey Hounsfield Lecture Fund
History project supported by MRRA (UK) Funds
MRRA (UK) Prize fund (Balance)
BIR/Case Reports (Ganguli)
General Pump Priming Fund
BIR Early Career Investigator award (Jusha)
GE - BIR Radiation Safety Award 2018-22
BIR/Canon Mayneord Award fee 2019-20 (Year 2of3)
IEL Make it Better Award 2019
**Restricted funds:**
**Purposes of restricted funds**|At 1 April
2019
£
145
6,614
8,750
8,805
15,122
500
4,457
250
4,000
-
1,756
-
1,000
-|Income &
gains
£
-
-
-
-
-
-
-
500
-
5,000
-
2,000
-
1,000|Expenditure
& losses
£
(500)
-
(1,134)
(500)
-
(250)
(60)
(250)
(47)
(1,197)
(1,128)
(46)
(1,000)
-|Transfers
£
1,000
-
-
-
-
-
(1,000)
-
-
-
(628)
-
-
-|**At 31 March**
**2020**
**£**
**645**
**6,614**
**7,616**
**8,305**
**15,122**
**250**
**3,397**
**500**
**3,953**
**3,803**
**-**
**1,954**
**-**
**1,000**|
|---|---|---|---|---|---|
||51,399|8,500|(6,112)|(628)|**53,159**|
||128,960
650,000
-|-
-
-|(47,800)
-
-|5,238
-
-|**86,398**
**650,000**
**-**|
||778,960|-|(47,800)|5,238|**736,398**|
||4,347,501|2,009,225|(2,470,244)|(4,610)|**3,881,872**|
||5,126,461|2,009,225|(2,518,044)|628|**4,618,270**|
||5,177,860|2,017,725|(2,524,156)|-|**4,671,429**|
|||||||
Awards, prize funds and fellowships
The BIR offers a number of awards and prizes each year, which are externally funded by generous individuals, companies and grant-making trusts.
MRRA (UK) Funds £10,000 of this donation (from a charity that was wound up) is to be used towards the pump-priming of a radiology history website with the balance ring-fenced to support an annual BIR prize of £500 for the BIR New Technologies Prize.
During the year there have been transfers between restricted funds. The transfer from the historical general fund into specific restricted fund to cover a negative balance in the specific restricted fund.
During the year there have been transfers between unrestricted funds. The transfer at the end of the financial year from the unrestricted funds is to cover a negative balance in the restricted funds. The transfer at the end of the financial year from the restricted funds is to cover an administration fee, current and prior years adjustment, for the restricted funds.
25
**British Institute of Radiology**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
## **15 Movements in funds (continued)**
## **Purposes of designated funds**
Designated funds are unrestricted funds earmarked by the trustees to support the medium and longer term objects of the Institute. It may be used for and invested in ways that support the Institute’s longevity in the next five years.
## **16 Operating lease commitments**
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods
|Less than 1 year
1 - 5 Years
Over 5 years|**2021**
2020
**£**
£
**117,937**
117,937
**78,625**
196,562
**-**
-
**196,562**
314,499
Property|**2021**
2020
**£**
£
**117,937**
117,937
**78,625**
196,562
**-**
-
**196,562**
314,499
Property|
|---|---|---|
||**196,562**|314,499|
## **17 Capital commitments**
At the balance sheet date, the charity had no capital commitments (2020: £nil).
## **18 Joint venture**
The charity, together with The College of Radiographers and the Institute of Physics and Engineering in Medicine, is a co-director and member of Radiology and Oncology Congresses (ROC), a charity registered in England and Wales no:1087939, and a codirector of ROC Events Limited (ROCE). The finances are managed independently and the BIR are not in receipt of any income and the total liability that the BIR is liable for should ROC no longer exist is £1.
## **19 Prior year adjustment**
The prior year accounts have been updated for expenditure indentified in 2021 which related to 2020. This was as a result of late billing for the rent and rates, the adjustment made was for the value of £3,466.
## **Reserves position**
|**Funds previously reported**
**Adjustments**
Rent and Rates
**Funds restated**
**Net movement in funds**
**Adjustments**
Rent and Rates
**Net movement in funds restated**
**Net movement in funds**
**previously reported**|Unrestricted
4,621,736
(3,466)
31|Restricted
53,159
-
March 2020|Total
**4,674,895**
**(3,466)**|
|---|---|---|---|
||**4,618,270**|**53,159**|**4,671,429**|
||Unrestricted
(504,725)
(3,466)
31|Restricted
1,760
-
March 2020|Total
**(502,965)**
**(3,466)**|
||**(508,191)**|**1,760**|**(506,431)**|
26