2022-03-31-accounts - The British Institute Of Radiology

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Charity Number: 215869

The British Institute of Radiology

Report and Financial Statements for the 12 months ended 31 March 2022

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 2021 to 31 March 2022

Report of the Trustees

The trustees present their annual report and the audited financial statements for the 12 months ended 31 March 2022. The financial statements comply with the requirements of the Statement of Recommended Practice (2019) – 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 H Hughes
Mr R Lodge
Dr C Messiou
Mrs W Wilkinson

Trustees who retired on 30 September 2021: Ms A Hall.

New trustees who joined on 1 October 2021: Dr C Messiou and Mrs W Wilkinson.

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 abrdn, 1 George Street, Edinburgh, EH2 2LL

The British Institute of Radiology Accounts for the period 1 April 2021 to 31 March 2022

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 2021– 2022.

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 include 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.

The British Institute of Radiology Accounts for the period 1 April 2021 to 31 March 2022

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 2021–2022 with performance against target.


2021-2022
Objective
Operating surplus of £2,366.	Achieved	Operating surplus of £110,950. £108,584 better than target.
Grow paid membership to 3,530	Achieved	Paid membership at 3,555. 25 better than target.
Grow total membership (including frees) to 3,650.	Achieved	Total membership at 3,671. 21 better than target.
Achieve delegate numbers (live attendances) for educational events of 5,000.	Achieved	Total live attendances 5,448. 448 above target.
Delegate satisfaction (% ‘good’ or ‘very good’ for education content) of 97%.	Achieved	Delegate satisfaction 97%.
Increase journal readership from 1,228,545article downloads to 1,400,000.	Achieved	Total downloads 1,586,669. 186,669 above target.
Achieve journal article median acceptance to publication time of 11 days	Not achieved	Median time 12 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 £110,950, which compares with a surplus of £725 for the 12 months to 31 March 2021. The Institute recorded a net surplus of £403,123 for the 12 months to 31 March 2022 in comparison to a net surplus of £741k in the previous year. This shows that the investment portfolio grew significantly, though not as steeply as the previous year, which included the post-COVID market bounce back.

Income for the 12 months to 31 March 2022 was £1.995 million compared to £1.685 million in the 12 months to 31 March 2021. The principal sources of revenue are publishing (£1.027m), education (£493k), membership (£276k), BIR video courses (£29.5k) and dividend income from the investment portfolio (£153k).

Expenditure for the year was £1.88 million for the 12 months to 31 March 2022 compared to £1.68 million for the 12 months to 31 March 2021. The principal areas of expenditure were publishing (£863k), education (£559k), membership (£332k) and BIR video courses (£100k).

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 has increased during the year.

Key developments in the year included the

successful incorporation of online virtual events alongside face-to-face events, with the Annual Congress achieving record income and the Education division growing its financial contribution

The British Institute of Radiology Accounts for the period 1 April 2021 to 31 March 2022

increase in paid membership to record levels
continued steep increase in readership of BIR journals
improvement in the Impact Factor of the BIR’s flagship journal, BJR, to its highest ever level
significant growth in Open Access publishing
launch of additional, accredited BIR Video Courses following the launch of this new series the previous year
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 £5,049,454 of funds held in unrestricted, undesignated funds. These are a combination of investments and net current assets. The trustees have designated £650,000 of those funds for investment in furthering imaging and oncology education and research through delivery of the BIR’s Strategy. Further funds will be designated to fulfilling the Institute’s charitable objects once the impact of this investment has been assessed. The analysis can be seen in Note 14a 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. Following the review the Council made a decision to appoint new investment managers, abrdn. The investment fund was transferred to abrdn in February 2022.

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 reviewed its strategy in 2021/22 and Council approved a Strategic Plan for the coming five years at its March 2022 meeting.

The next five years will focus on accelerating the BIR’s growth in terms of the outcomes it achieves and the impact it makes, with a focus on six main drivers:

1) Building a sustainable organisation capable of greater impact
a. Ensuring the BIR remains financially sustainable in a changing environment, by focusing on its fastest growing areas: delivering education to more people, growing membership, and growing Open Access publishing
b. Better engaging with the Institute’s volunteers, whose motivation, expertise and skill is central to the success of the organisation
c. Reviewing and articulating the BIR’s values, to better engage all those involved in its work and position the BIR within its wider community
d. Representing the BIR as a contemporary brand with authority and heritage
2) Growing internationally to become global in scope and reach

Becoming an international organisation, serving professionals around the world as part of its core offering

The British Institute of Radiology Accounts for the period 1 April 2021 to 31 March 2022

3) Providing more support to colleagues in low income countries
Supporting professionals in low income countries with lower priced and/or free content
4) Growing its use of online to facilitate participation
Making greater use of online platforms to facilitate participation by those who find it harder to travel to in-person events and activity – due to professional or personal commitments, location, or budget
5) Becoming more truly multidisciplinary
Becoming a truly multidisciplinary organisation: a home for all those involved with imaging and radiation oncology, providing real value for radiographers, scientists, radiologists, oncologists, dosimetrists and people in related industries, and also welcoming professions not traditionally associated with the BIR such as sonographers, nurses, medical technicians, and HCAs
6) Engaging the general public

Helping the public better understand imaging and radiation oncology.

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:

Journal publishing income. 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 with institutions wishing to pre-fund Open Access publishing. This has resulted in significant growth in Open Access publishing within BJR.
Potential loss of key staff. A number of BIR’s staff members have been in place for several years and developed contacts, significant specialist knowledge, and understanding of the marketplace, making them especially valuable to the organization. The Institute seeks to retain valued members of staff by reviewing salaries to ensure they are in line with market levels, providing a career path and promoting those who have performed well and shown readiness to take on more responsibility, and being a flexible and attractive employer.

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 any ongoing disruption caused by the COVID-19 crisis or the emergence of any comparable 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;
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

The British Institute of Radiology Accounts for the period 1 April 2021 to 31 March 2022

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 proper 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 2011, 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 28 June 2022 and signed on their behalf by

Dr S Redla President

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 2022 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 2022 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.

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.

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.

18 July 2022 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

British Institute of Radiology

Statement of financial activities

For the year ended 31 March 2022

Unrestricted Note £ Income from: 7,147 2 1,027,453 493,254 276,443 29,521 152,930 - 1,986,748 29,388 3 862,707 559,452 331,898 100,035 - 1,883,480 10 292,173 4 395,441 15a - 395,441 Reconciliation of funds: 5,361,467 5,756,908 Investments Other Total income Expenditure on: Charitable activities Publishing Education Membership BIR video courses Donations Raising funds Net income / (expenditure) Total expenditure Net income / (expenditure) before net gains / (losses) on investments Charitable activities Publishing Education Membership Net (losses) /gains on investments BIR video courses Other 103,268 Total funds brought forward Total funds carried forward Transfers between funds Net movement in funds	Restricted £ - - - - - - 8,600	2022 Total £ 7,147 1,027,453 493,254 276,443 29,521 152,930 8,600	Unrestricted £ - 981,956 279,248 255,701 15,494 146,103 -	Restricted £ - - - - - - 6,000	2021 Total £ - 981,956 279,248 255,701 15,494 146,103 6,000
1,986,748	8,600	1,995,348	1,678,502	6,000	1,684,502
29,388 862,707 559,452 331,898 100,035 -	- - - - - 918	29,388 862,707 559,452 331,898 100,035 918	27,842 807,183 464,753 286,116 92,701 -	- - - - - 5,182	27,842 807,183 464,753 286,116 92,701 5,182
1,883,480	918	1,884,398	1,678,595	5,182	1,683,777
292,173 103,268	- 7,682	292,173 110,950	740,545 (93)	- 818	740,545 725
395,441 -	7,682 -	403,123 -	740,452 2,745	818 (2,745)	741,270 -
395,441 5,361,467	7,682 51,232	403,123 5,412,698	743,197 4,618,270	(1,927) 53,159	741,270 4,671,429
5,756,908	58,914	5,815,821	5,361,467	51,232	5,412,698

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.

British Institute of Radiology

Balance sheet

As at 31 March 2022

Note £ Fixed assets: 9 10 Current assets: 11 440,168 855,051 1,295,219 Liabilities: 12 1,164,961 15 707,454 5,049,454 Total unrestricted funds Debtors The funds of the charity: Creditors: amounts falling due within one year Net current assets / (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	2022 £ 57,454 5,628,109	443,846 872,591	2021 £ 68,935 5,353,206
	5,685,563 130,258		5,422,141 (9,442)
1,295,219 1,164,961		1,316,437 1,325,879
707,454 5,049,454		718,935 4,642,532
	5,815,821		5,412,699
	58,913 5,756,908		51,232 5,361,467

	5,815,821		5,412,699

Approved by the trustees on 28 June 2022 and signed on their behalf by

Dr S Redla President

British Institute of Radiology

Statement of cash flows

For the year ended 31 March 2022

£ £ 403,123 26,924 (292,173) (152,930) - 3,678 (160,918) (172,296) 152,930 (15,443) 3,589,196 (3,487,820) (84,107) 154,756 (17,540) 872,591 855,051 At 1 April 2021 Cash flows £ £ 872,591 (17,540) 872,591 (17,540) 2022	£ £ 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 Other changes At 31 March 2022 £ £ - 855,051 - 855,051 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 Other changes At 31 March 2022 £ £ - 855,051 - 855,051 2021
152,930 (15,443) 3,589,196 (3,487,820) (84,107)	146,103 (25,902) 774,825 (912,340) 164,616
At 1 April 2021 £ 872,591	Other changes £ -
		195,581 677,010
		872,591
		At 31 March 2022 £ 855,051
872,591	-	855,051

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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.

Publishing journal subscription income is received in two payments, one at the beginning of the calendar year and the balance after the calendar year sales were confirmed. The income is recognised equally over the calendar year based in interim reports. Education delegate and sponsorship income is recognised in the month relevant to the date when the event is taken place. Individual and corporate membership income is recognised equally over the period of the membership.

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.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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	41.7%
▪	Education	27.7%
▪	Membership	23.3%
▪	BIR Video courses	7.3%

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
▪	Online Platform BIR Video Courses	5 years
▪	CRM	5 years
▪	Education LLP Platform	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.

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.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies (continued)

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

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	2022 Total £ 682,158 335,383 9,912	2021 Total £ 767,761 203,234 10,961
	1,027,453 491,053 2,201	981,956 279,218 30
	493,254 178,950 89,703 7,790	279,248 171,807 81,493 2,401
	276,443	255,701
	29,521	15,494
	29,521	15,494
	1,826,671	1,532,399

All income from charitable activities was unrestricted in both 2022 and 2021.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

3a Analysis of expenditure (current year)

Cost of raising funds £ - - - - - - - - - - 29,388		Charitable activities	Charitable activities	Charitable activities		Governance costs £ - - - - - - - - - 11,793 -	Support costs £ 297,562 - - - - 128,986 34,600 36,880 22,664 71,578 -	2022 Total £ 1,027,958 126,549 61,989 32,866 69,575 128,986 34,600 36,880 26,924 308,683 29,388	2021 Total £ 946,992 123,770 57,212 28,827 - 125,386 30,629 41,305 43,365 258,449 27,842
	Publishing £ 276,301 126,549 61,989 32,866 - - - - - 113,162 -	Education £ 247,250 - - - 69,575 - - - 2,914 72,407 -	Membership £ 167,929 - - - - - - - - 23,080 -	BIR video courses £ 38,916 - - - - - - - 1,346 15,745 -	Other £ - - - - - - - - - 918 -
29,388 - -	610,867 246,923 4,917	392,146 164,040 3,266	191,009 138,138 2,751	56,007 43,169 859	918 - -	11,793 - (11,793)	592,270 (592,270) -	1,884,398 - -	1,683,777 - -
29,388	862,707	559,452	331,898	100,035	918	-	-	1,884,398	1,683,777
27,842	807,183	464,753	286,116	92,701	5,182	-	-

Publishing other costs consist mostly of editorial costs, courier charges and subscription fees. Support other cost consist of insurance, telecomminication, payment processing fees and other charges related to running of the office.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

3b Analysis of expenditure (prior year)

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
	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 - -
27,842	807,183	464,753	286,116	92,701	5,182	-	-	1,683,777

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

4 Net incoming resources for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
	2022	2021
	£	£
Depreciation	26,924	43,366
Operating lease rentals:
Property	104,076	104,076
Auditor's remuneration (excluding VAT):
Audit	10,000	9,600
Other services	900	560

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	2022 2021 £ £ 824,615 773,515 89,731 82,561 64,746 60,911 3,983 2,441 15,040 232 17,268 15,800 12,575 11,532 1,027,958 946,992

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

		2022	2021
		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 £435,634 (2021: £413,476).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £2,129 (2021: £nil) incurred by 3 (2021: nil) members relating to attendance at meetings of the trustees.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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	2022 2021 No. No. 6.0 6.0 5.4 5.9 3.5 3.5 1.0 1.0 4.0 3.5 19.9 19.9

7 Related party transactions

Related party transactions to disclose for 2022 totalling £nil (2021: £nil). Payments for reimbursement 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.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

9 Tangible fixed assets

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 £ 4,411 4,265 -	Website £ 23,463 - -	Audio Visual £ 2,228 - (2,228)	Online Platform BIR Video Courses £ 4,031 - -	CRM £ 23,153 5,445 -	Education LLP Platform £ 12,815 5,733 -	Total £ 206,355 15,443 (2,228)
	136,254	8,676	23,463	-	4,031	28,598	18,548	219,570
	108,261 13,608 -	796 2,030 -	15,557 2,469 -	1,671 557 (2,228)	202 806 -	10,933 4,981 -	- 2,473 -	137,420 26,924 (2,228)
	121,869	2,826	18,026	-	1,008	15,914	2,473	162,116
	14,385	5,850	5,437	-	3,023	12,684	16,075	57,454
	27,993	3,615	7,906	557	3,829	12,220	12,815	68,935

All of the above assets are used for charitable purposes.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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	2022 £ 5,241,067 3,487,820 (3,589,196) 292,173	2021 £ 4,392,352 882,995 (774,825) 740,545
	5,431,864 196,245	5,241,067 112,138
	5,628,109	5,353,205
	5,164,026	4,410,214
	2022 £ 4,293,353 1,138,511 196,245	2021 £ 4,208,713 1,032,354 112,138
	5,628,109	5,353,205
	2022 £ 49,725 316,577 49,083 - 24,783	2021 £ 49,725 301,117 48,268 297 44,439
	440,168	443,846
	2022 £ 771,308 61,318 145,440 157,346 22,664 6,885	2021 £ 804,138 51,483 123,108 316,284 23,306 7,560
	1,164,961	1,325,879

11 Debtors

12 Creditors: amounts falling due within one year

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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	2022 £ 804,138 (804,138) 771,308	2021 £ 841,429 (841,429) 804,138
	771,308	804,138

14a Analysis of net assets between funds (current year)

	General
	unrestricted	Designated	Restricted	Total funds
	£	£	£	£
Tangible fixed assets	-	57,454	-	57,454
Investments	4,919,195	650,000	58,913	5,628,108
Net Current Assets	130,258	-	-	130,258
Net assets at the end of the year	5,049,453	707,454	58,913	5,815,820

14b 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 £ - 4,651,974 (9,442)	£ 68,935 650,000 - Designated	Restricted £ - 51,232 -	Total funds £ 68,935 5,353,206 (9,442)
	4,642,532	718,935	51,232	5,412,699

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

15a Movements in funds (current year)

At 1 April 2021 £ - 5,863 6,616 8,305 15,122 4,372 - 3,953 5,000 1,000 1,000 - -	Income & gains £ 600 - - - - - 1,000 - - - - 2,000 5,000	Expenditure & losses £ - - - (500) - - - - (58) - - (360) -	Transfers £ - - - - - - - - - - - - -	At 31 March 2022 £ 600 5,863 6,616 7,805 15,122 4,372 1,000 3,953 4,942 1,000 1,000 1,640 5,000
51,231	8,600	(918)	-	58,913
68,935 650,000	- -	(26,924) -	15,443 -	57,454 650,000
718,935	-	(26,924)	15,443	707,454
4,642,532	2,278,921	(1,856,556)	(15,443)	5,049,454
5,361,467	2,278,921	(1,883,480)	-	5,756,908
5,412,698	2,287,521	(1,884,398)	-	5,815,821

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

15b Movements in funds (prior year)

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 £ - 5,863 6,616 8,305 15,122 - 4,372 - 3,953 - 5,000 - 1,000 1,000
53,159	6,000	(5,182)	(2,745)	51,231
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)	-	5,412,698

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.

British Institute of Radiology

Notes to the financial statements

For the year ended 31 March 2022

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	2022 2021 £ £ 78,625 117,937 - 78,625 - - 78,625 196,562 Property	2022 2021 £ £ 78,625 117,937 - 78,625 - - 78,625 196,562 Property
	78,625	196,562

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 co-director 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.

The latest results of the ROC Group of companies are shown below:

For the year to 30th September Total Income Total Expenditure As at 30th September Surplus for Year Fixed Assets Current Assets Creditors Net Assets	2020 £ 54,260 (285,829)	2019 £ 875,809 (888,622)
	(231,569)	(12,813)
	- 570,900 (168,747)	- 822,179 (188,457)
	402,153	633,722

The British Institute of Radiology has no legal entitlement to any share of the net assets of ROC and therefore the results of ROC are shown separately.

19 Investments

Since the year end there has been a material reduction in the valuation of the British Institute of Radiology investments held with abrdn. As at 10 June 2022 the value of the investment portfolio stood at £5,401,563. This does not require an adjustment to the valuation of the investments at the balance sheet date, however this has been disclosed as information for the reader of the accounts.