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2025-12-31-accounts

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The Institute of Physics Trustees’ Annual Report and Financial Statements for the year ended 31 December 2025

iop.org

The Institute of Physics

Contents

ntents
Page
President’s Foreword 1
Group Chief Executive Officer’s Foreword 2
Trustees’ Annual Report
Our Objectives, Purpose and Aims 3
Our Strategy: Physics for our Future 4
Our 2025 Activities and Impact 5
Plans for 2026 14
Structure, Governance and Management (including Reference & Administrative Details) 15
Financial Review 32
Independent Auditors’ Report to the Trustees of The Institute of Physics 36
Financial Statements
Consolidated Statement of Financial Activities incorporating a consolidated income and
expenditure account for the year ended 31 December 2025		 40
Charity Statement of Financial Activities incorporating an income and expenditure account
for the year ended 31 December 2025		 41
Consolidated and Parent Charity Balance Sheets as at 31 December 2025 42
Consolidated Statement of Cash Flows for the year ended 31 December 2025 43
Notes forming part of the financial statements for the year ended 31 December 2025 44

The Institute of Physics

President's Foreword

It is a privilege to reflect on all that the Institute of Physics (IOP) has achieved over the past year in skills, in science and for society.

Throughout my career, I have seen up close the power of physics to improve our world. I have seen how it can inspire – just as it inspired me, a young boy from the north-west of England, visiting the iconic Jodrell Bank observatory and deciding to get into physics.

But I have also seen how the story of physics can get lost in a busy and confusing world. Physics can seem distant, confusing and irrelevant if we don’t bring it to life and show the people right across society, of all ages and backgrounds, whose lives have benefited from physics. Its impact can be invisible, even though advances in physics led directly to the technology that makes the modern world possible – phones, x-rays, green energy, the internet.

That invisibility can make physics more vulnerable, as we have seen over the past year and the beginning of 2026. The IOP reported last year on a desperate shortage of physics teachers in England which, despite election promises from the UK government, is yet to be fully addressed. We also sounded the alarm on financial difficulties faced by UK university physics departments which threaten research and skills bases, future growth and national security. That has been compounded in 2026 by UK funding cuts to the very foundations of physics research.

The physics community and the IOP have worked hand in hand to advocate for physics in these challenging times, but also to tell the story of just why physics matters. We have highlighted physics’ potential to unlock the green economy, recognised innovative businesses and phenomenal physicists in the IOP’s annual awards, and, of course, joined the world in celebrating the International Year of Quantum. We have taken the Eurekas competition to schools, put physics in the UK and Irish national media time and time again, and inspired hundreds of families at our annual summer exhibitions in Dublin and London.

As I take on the IOP Presidency, I am proud to reflect in this Annual Report all that the IOP and our community have done over the past year to tell the story of physics – its power, its wonder and what conditions must be in place to ensure it can continue to deliver for society. I would like to offer particular thanks and gratitude to my predecessors Sir Keith Burnett and Michele Dougherty CBE for their leadership and support.

We all in the physics community have a part to play in telling this story – for society now and for those who will enjoy, work in and benefit from physics in the future. The IOP is at the heart of that effort and I look forward to another year of impact and innovation ahead.

Paul Howarth CBE, The Institute of Physics President

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The Institute of Physics

Group Chief Executive Officer’s Foreword

The past year has been one of opportunity and change for the IOP, and I am so proud of the huge impact we have achieved. Paul has reflected upon the challenges facing physics and how the IOP has risen to those, speaking out loud and clear for the changes that must be made to protect UK and Irish research, innovation, growth and skills.

Our strategy is clear: we need physics skills and physics science for a thriving, future-facing society. Everything we have done, from our 3Rs report on the teacher shortage to our Physics Matters report on funding issues facing university physics departments, is focused squarely on this mission.

Alongside the challenges, though, we have had so much to celebrate. The world saw the impact of physics as we led UK and Irish celebrations for the International Year of Quantum, culminating in a week of exploration, insight and innovation in November’s Quantum Week. IOP Publishing Limited has continued to build its publishing portfolio, strengthening trust in the research record by investing in research integrity and peer review resilience, while continuing to put purpose and values at the heart of publishing.

We were delighted to see the number of young people taking A-Level physics rising to the highest number this century in England, a testament to physics’ vital place in the modern world and the career opportunities it opens up.

It is always the highlight of my year to present the IOP Awards to brilliant physicists in the academic, business, teaching and technical fields. This year was no exception, with a wonderful Celebration of Physics event, which included the presentation of our first Physics Inclusion Awards, followed by a Business Awards ceremony in the Houses of Parliament. We also saw how highly UK and Irish physics are regarded around the world, with international visits to China, Australia, France and Spain, among others.

Above all, we have dedicated ourselves to the physics community, offering support, career development, inspiration and connection to our almost 22,000 members. Our networks and branches have gone from strength to strength, with hundreds of events bringing together physicists from all fields and interests.

To ensure we can do all this in a changing world, now and for the future, we have made changes to how we work and how we are structured. We have become more focused, aligned and sustainable. We have been willing to change and think differently, in partnership with our Council and our members. All this puts us on the strongest possible footing to deliver for physics, and for society, in the years to come.

Tom Grinyer, The Institute of Physics Group CEO

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our Objectives, Purpose and Aims

The Institute of Physics (commonly known as ‘IOP’ or ‘the IOP’) is the national physical society for the UK and Ireland. The objective of the IOP, as stated in its Royal Charter, is to promote the advancement and dissemination of a knowledge of, and education in, the science of physics, pure and applied, for the benefit of the public and the members of the IOP.

The trustees confirm that they have referred to the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator (OSCR)’s guidance on public benefit when reviewing the IOP’s aims and objectives and in planning future activities. The IOP meets the public benefit test in the following ways:

The IOP works to advance physics research, application and education, and engages with policy-makers and the public to develop awareness and an understanding of physics.

We undertake many activities to further our purposes for the public benefit, including:

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our Strategy: Physics for our Future

We launched our new five-year strategy, Physics for our Future, in February 2024.

Developed in partnership with our members and stakeholders, its focus is simple: skills, science and society. Making sure we have the physics skills we need for our future; unlocking the potential of physics science and innovation; and, ultimately, ensuring that physics can offer the widest possible benefit to all parts of our society.

Our Goals

Skills : The opportunities, knowledge and skills that physics can offer will be truly open to all so we can better understand our world, shape rich and inspiring futures, and build thriving, resilient societies and economies.

Science: Strengthen physics across science, research, innovation and technology to enhance our understanding of the world, and help current and future generations to live more prosperously and sustainably.

Society: Increase understanding of the ways physics benefits all our lives by amplifying physicists’ voices in partnerships and conversations with wider society, and exploring the human stories of physics meeting the social challenges we face.

To achieve these goals, our strategy will be guided by four fundamental principles – to be member-focused, inclusive, sustainable and to work in partnership – including deepening our collaboration with IOP Publishing Limited (IOPP), whose global publishing programme and commitment to research integrity support the visibility, reach and impact of scientific research worldwide.

Our Principles

In 2025, as referred to in last year’s annual report, we focused on activities which fell under the three core goals of our strategy: skills, science and society. These demonstrated how we are working to achieve the ambitions set out in Physics for our Future, with our work with members continuing to be at the heart of what we do.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact

Skills

The opportunities, knowledge and skills that physics can offer will be truly open to all so we can better understand our world, shape rich and inspiring futures, and build thriving, resilient societies and economies.

Tackling the skills shortage and opening up opportunity

In 2025, we saw the most entries for A-level physics this century: just under 45,000 students across England, Wales and Northern Ireland. This was a 4.3% increase on the previous year, moving the subject from ninth most popular to sixth. Girls made up 24.1% of candidates, meaning that for the second year in a row, more than 10,000 girls chose physics. While our ambition is to close this gap further and bring many more girls into physics, this progress was welcome and encouraging.

The IOP’s Limit Less initiative continues to engage with the families of young people currently underrepresented in physics, as we aim to raise interest in physics careers and increase the diversity of those doing physics post-16.

We continued to advocate for measures to close the specialist physics teacher gap in schools through retention, recruitment and retraining (the ‘3Rs’). This included launching the first in our series of flagship national ‘The physics teacher shortage and addressing it through the 3Rs: Retention, Recruitment and Retraining’ reports addressing this issue in England. This got widespread press coverage in The Times, The Guardian and more. We also awarded 165 UK government-funded physics teacher training scholarships for the 2025/26 academic year. In Wales, we helped make the case for a Senedd inquiry into the issue and were among the key witnesses invited to give evidence to the Children, Young People and Education Committee. In Northern Ireland, we engaged productively with the Minister for Education on measures the Department for Education can take to attract more graduates into physics teaching.

The IOP teams engaged with and influenced curriculum reviews taking place across England, Scotland and Northern Ireland. In England, we met with and provided expert advice to the independent curriculum review panel and government officials. In Scotland, we continued to contribute to the Curriculum Improvement Cycle Core Group for the sciences. And in Northern Ireland, we contributed to several rounds of consultation on the founding principles of a new curriculum as part of the Review of Education. We also had constructive engagements with AQA, OCR and Ofqual over concerns regarding the summer 2025 A-level exam series.

In Wales, we provided expert advice, raising concerns about the complications involved in the new sciences GCSE offer and the reintroduction of the triple science award to Qualifications Wales and WJEC. We sit on the Welsh Government's STEM and Learned Societies advisory panels that meet quarterly. We also attended the annual Science in the Senedd event, engaging with key politicians and decision-makers about education, teacher shortages and careers advice.

We supported the IOP’s Higher Education Group (HEG) to develop and publish a report on physics education research (PER) in physics HE, including calls for action for funders and the PER community. This formed part of a range of activities to support PER across the wider education system, including publishing and disseminating the findings from our own groundbreaking partnership project with UCL on ‘The impact of spaced learning within physics lessons in secondary schools’. This novel cognitive-science-based approach showed a significant improvement in students’ learning at GCSE. A further highlight was the IOP Teachers of Physics and Technician Awards, which celebrate teachers and technicians for their success and contributions to physics and science in schools.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Support for educators

This advocacy work on behalf of physics education was supported by a wide-ranging programme of support for educators. This included over 4,000 teacher CPD hours across all our teaching support work and teaching community days in Birmingham, Brecon, Dublin and Stirling (the 50[th] anniversary of this event). We delivered over 3,500 copies of our quarterly physics teaching magazine to schools and colleges across the UK and Ireland. There were over 200,000 users of our physics teaching support website, IOPSpark. Our efforts in Wales were significantly boosted by our leadership of a successful bid for over £1.8m of government support over three years for 'Boosting Science Education in Wales', in partnership with the Royal Society for Chemistry and Science Made Simple. This programme will strengthen practitioners’ subject knowledge while building confidence through professional development and specialised coaching.

Making the case for the skills that drive physics-powered sectors

We have continued to work with physics-powered sectors to articulate current and future skills needs and champion new ways to meet them – including a focus on technical routes such as apprenticeships.

Following the UK government’s announcement of a new semiconductor skills programme, we acted as advisory partner to the UK Electronics Skills Foundation’s ‘Semiconductor: Skills, Talent and Education Programme’ (STEP), including advising on developing a postgraduate conversion course for physics graduates who wish to enter the semiconductor sector.

In Ireland, we joined the governmental expert working group focused on Skills for Digital Specialists, and we form part of the steering committee on semiconductor skills. In Scotland we sat on the Scottish Photonics and Quantum Skills Leadership Group, aiming to inform and shape skills provision across Scotland to ensure it can meet industry demand.

We continued our partnership with the UK Institute for Technical Skills and Strategy and EPRSC, to support the award of a further five £20,000 physics technical apprentice grants to HEIs across the UK seeking to strengthen their technical talent pipeline.

In Wales, we have strengthened our ongoing engagement, helping to shape regional and national discussions. We attended the Semiconductor Skills workshop which brought together individuals, businesses and organisations to share their insights and help shape the UK Semiconductor Centre’s priorities.

Science

Strengthen physics across science, research, innovation and technology to enhance our understanding of the world, and help current and future generations to live more prosperously and sustainably.

Quantum

The IOP was proud to be the UK and Ireland coordinator of the UNESCO International Year of Quantum Science and Technology (IYQ). The IOP and IOP Publishing Limited (IOPP) coordinated an exciting programme to showcase the impact that quantum has had, and continues to have, on key societal issues such as healthcare, defence and cybersecurity, as well as aiming to inspire young people through its potential, and its mysteries. There were 47 quantum events throughout the year including Quantum Week in November, which brought 957 participants to a two-day conference, followed by a schools and public discourse at the Royal Institution with Professor Jim Al-Khalili – over 340,000 people have viewed this online. In June, as part of the IOP’s celebrations for the International Year of Quantum, we held a week-long exhibition at the House of Commons and a drop-in event with a range of quantum businesses.

Social media activity brought quantum science and technology to the broader attention of the public, with varied content such as main stage presentations at London Tech Week, and with the 13 ‘Quantum in 60 seconds’ videos gathering 18,509 views. Total IYQ social media engagements across all platforms were over 255,000.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

With support from the IOP, The National Physical Laboratory (NPL) received £20,000 in funding from the international year, for an event to set the agenda on global quantum metrology strategy. Lord Vallance marked the official launch of NMI-Q, an international initiative uniting National Metrology Institutes (NMIs) from the G7 nations and Australia to accelerate the development and adoption of quantum technologies through trusted measurement science.

Quantum provided a theme for many activities throughout the year across IOP and IOPP. In particular, throughout the year, IOPP delivered a varied programme of insightful quantum ‑ related content. Physics World offered a dedicated schedule of quantum features supported by a newsletter, quizzes, podcasts and other multimedia outputs, ensuring consistent engagement with professional and public audiences. ‑ Alongside this, a series of international initiatives showcased some of the most cutting edge quantum research associated with IOPP journals, helping to amplify global understanding of the field’s most significant developments. The 2025 Isaac Newton Medal and Lecture was awarded to Professor Sir Michael Berry for groundbreaking work on the geometrical Berry phase of quantum states in topological physics and seminal contributions to mathematical physics in quantum chaos, catastrophe theory and singular optics.

Supporting the green economy

In September 2025, we published our second green economy report, ‘Unleashing Physics to Power the UK Energy Sector’, and held a strategy dinner with Professor Paul Monks, the then Chief Scientific Advisor for the Department for Energy Security and Net Zero, along with senior leaders from business, government, academia, and the wider innovation and investment community.

The event was structured around three key areas: research and development, enablers and sustainability. One attendee quoted in the report said: “The report’s title is unleashing physics. Physics has the power; it needs to be unleashed. If we do this right, we can turn this genuine crisis into a serious opportunity for the nation.” At the dinner, we were delighted to present Professor Monks with an IOP Fellowship.

IOP Business Awards

At the 2025 IOP Business Awards Parliamentary reception in December, we presented awards to 14 physicspowered businesses. They were each provided a platform to exhibit their technology and engage with leaders across business, policymaking, investment and academia. The businesses being recognised had developed physics innovations across sectors including aerospace, the green economy, medical and healthcare, nuclear and quantum. Sir Keith Burnett, our most recent past president, awarded the 2025 IOP President's Medal to the Rt Hon the Lord Sharma KCMG. The award recognises long-term support for business innovation and growth, and championing the important role of physics through the IOP Awards.

Venture Capital

During London Tech Week in June 2025, in partnership with the Department for Business and Trade Venture Capital Unit, we provided a platform for 20 physics deep tech businesses in the IOP’s growing business network to pitch to 30 UK and international venture capital funds.

This event raised the profile of physics deep tech businesses and engaged international venture capital firms, implementing two recommendations from the IOP’s ‘Venture Capital in Physics Deep Tech’ impact project report, as well as furthering our engagement with businesses, investors and policy-makers to strengthen support for physics deep tech.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Metamaterials

In February 2025, the ‘Commercialising Metamaterials Impact Project Pathfinder’ community perspective was published, which outlined the opportunities and challenges for the UK. A Physics World podcast shared the outcomes with the wider community, increasing the profile of metamaterials amongst researchers. This work led to the formation of the cross-government action group and helped inform the spending review and industrial strategy, with metamaterials now being recognised in the advanced manufacturing sector plan. We are now leading the development of a national metamaterials roadmap to set out a 10-year commercialisation strategy for the Department for Science, Innovation and Technology.

International work and partnerships

Our international work reflects our aim to increase our influence through partnerships, while globally promoting the benefits of physics for all. During 2025, we continued to build collaborative relations with counterparts in the French, Italian and German physical societies through the bilateral awards, which celebrate excellence within the global physics community.

In April, we worked with the Indian Physics Association (IPA) to organise the Cockroft Walton Lecture series, delivered in India by IOP Fellow Lee Packer from the Culham Centre for Fusion Energy. Later in the year, Professor Rupamanjari Ghosh delivered the Homi Bhabha lectures on behalf of the IPA.

‘Quantum Computing – Hope or Hype?’, an online seminar organised jointly with the German Physical Society (DPG), proved popular with around 250 people attending. The second call for proposals under the Africa-UK Physics Partnership programme went live in September, with £3m available to fund collaborative projects between institutions in the UK and seven African countries.

The IOP and IOPP’s global reach continued to grow in 2025, reflected in a series of international engagements that strengthened relationships with physics communities around the world.

Sir Keith Burnett, who was the IOP President at the time, visited China where he participated in a number of events, gave interviews to national media and met with senior representatives of the China Association for Science and Technology. He also gave an opening talk at a Journal of Optics and Journal of Physics: Photonics China Board Meeting, reflecting the deepening collaboration between the IOP and IOPP. Group CEO Tom Grinyer visited China in late October to attend the World Young Scientist Conference and the World Association of Young Scientists (WAYS), as well as attending IOPP-organised events. Tom met with a number of universities in Hong Kong and counterparts from the Hong Kong Physical Society, discussing ways to recognise and strengthen the already-strong bonds between the UK and Ireland, and Hong Kong.

The European Physical Society Annual Meeting in Copenhagen was attended by Stuart Palmer, who was the IOP representative on the Executive Committee. We also attended the International Union of Pure and Applied Physics (IUPAP) General Assembly online, which brings together physicists from across the globe to discuss key issues.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Expansion of our international publishing portfolio

2025 saw IOPP building on its product portfolio, which now includes 108 open access and hybrid journals, three conference proceedings publications and over 1000 books. The addition of Machine Learning: Earth, Machine Learning: Engineering, Machine Learning: Health and Environmental Research: Water strengthens ‑ our reputation for publishing excellence in rapidly evolving cross disciplinary fields.

Together with one of our partner societies, the Institute of Physics and Engineering in Medicine (IPEM), we launched a new gold open access biomedical journal, Medical Sensors & Imaging, and transferred one of IPEM’s existing journals, Medical Engineering & Physics to our platform. This strengthened collaboration ‑ enhances our ability to support the biomedical community with even more high quality, accessible research.

Through our valued partnership with the Songshan Lake Materials Laboratory, we launched AI for Science , a new diamond open access journal. We also launched the new Progress In series research highlights site , ‑ ‑ providing a new post publication service designed to maximise the reach and accessibility of cutting edge science. This platform offers authors enhanced visibility for their work and strengthens our commitment to supporting research impact beyond the article itself.

We were proud to see IOP Fellow John Clarke, together with Michel H. Devoret and John M. Martinis, awarded the 2025 Nobel Prize in Physics for their pioneering contributions to quantum science. Much of their influential work, along with that of many others in the field, has been published with us, making this recognition particularly special in the International Year of Quantum Science and Technology.

Usage of our journals grew by 4% to 89 million downloads, showing that IOPP’s content is valued by more people than ever. China, USA, Korea, India and Germany were the top five countries downloading our content.

Recognising research excellence

IOPP continued to celebrate outstanding contributions across the research community. More than 4,000 ‑ reviewers achieved Trusted Reviewer Status, recognising those who consistently deliver high quality, timely and constructive reviews. IOPP’s Outstanding Reviewer Awards also honoured exceptional peer reviewers. ‑ In addition, authors of the top 1% most cited papers across IOPP’s proprietary journals were recognised for research that made a significant impact within the scientific community.

Leadership in research integrity

‑ IOPP continued to shape sector wide standards in research integrity. Key contributions included support for the STM Integrity Hub, participation in the Committee on Publication Ethics’ (COPE) Publishing Ethics Week, involvement in NISO’s working groups, and chairing the Crossref Similarity Check Advisory Group to ‑ strengthen cross publisher safeguards against research manipulation. We integrated tools such as Signals, Alchemist Review, ImageTwin and EthicsGen into peer review workflows. And transparency was further enhanced through the display of retraction and errata notices directly on article pages, using data from Crossref and Retraction Watch.

Society

Increase understanding of the ways physics benefits all our lives by amplifying physicists’ voices in partnerships and conversations with wider society, and exploring the human stories of physics meeting the social challenges we face.

Taking quantum to Parliament

In June, as part of the IOP’s celebrations for the International Year of Quantum, we held a week-long exhibition at the House of Commons and a drop-in event with a range of quantum businesses.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Advocacy on university physics

In September, we published ‘Physics Matters: Funding the Foundations of Growth’, our report on the financial challenges faced by university physics departments. While the main focus of the report was to evidence how physics departments are currently being impacted by the wider financial landscape of higher education, it also highlighted the importance of physics departments for their research in key technologies and for producing the physics graduates needed by employers in sectors ranging from defence and nuclear to telecommunications. The findings and messages of the report have received support from officials in the Department for Science, Innovation and Technology and the Department for Education. The report was also quoted by some university physics departments when speaking about the financial challenges faced by their institutions.

Increasing our visibility and influence

In 2025, the number of IOP mentions in parliamentary debates, parliamentary questions and Committee reports was higher than in previous years, demonstrating our increased profile in Parliament. We also secured a number of meetings with senior political stakeholders, including the Shadow Secretary of State for Education, the Schools Minister and the UK Government Chief Scientific Advisor.

We have significantly grown the IOP’s profile in the media, with coverage in the Financial Times – including a full-page feature on quantum at the end of 2025 – The Times, The Guardian, The Daily Mail, The Independent and more. We were interviewed on BBC Breakfast about the government’s spending review and have appeared on LBC and Times Radio. Our social media engagement has also increased by more than 50%, despite stepping back from X, with strategic new use of IOP video content driving video views up more than 200%.

Public engagement

This year, IOP public engagement attracted over £50,000 of external funding to support the annual programme ‘Mimi’s Tiny Adventure’, in support of the UN’s International Year of Quantum Science and Technology, with 2,177 visitors attending events. Building on the success of previous years, the team delivered a family programme that included an exhibition, evergreen online resources that portray a diverse range of physics role models, a new storybook in English and Welsh, and made plans for events in Wales and Northern Ireland in early 2026.

The Public Engagement Grant Scheme (PEGS) funded six projects across the UK and Ireland in 2025 to support community organisations and physicists to run activities for families that engage young people and their influencers with the applications of physics. Through the Limit Less campaign, we continue to work to ensure that no-one misses out on the opportunities that doing physics can open up. We are not only addressing inequality in society, but building the physics community of the future.

Eurekas 2025

The Eurekas awards, returning for a fourth year with a refreshed look, received 274 entries from young people across the UK and Ireland, a 29% increase on 2024. Over 150,000 social media impressions indicate the awards’ increasing reach. This year’s question was ‘How can physics help you see the world differently?’ which prompted a wide range of entries. The overall winner was Amelia from Adamstown Community College, who explored how physics shapes the way animals perceive the world. Her entry, along with others, is published on the Eurekas website.

That Published Feeling

IOPP launched the ‘That Published Feeling’ campaign to celebrate the emotional and professional impact of publishing scientific research. By sharing the human stories behind a wide range of papers, the campaign highlighted the personal journeys, challenges and motivations of researchers – bringing to life the people behind physics and the role their work plays in responding to the social challenges we face.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Physics World

Physics World, our world-leading physics magazine, continued to help scientists working in academic and industrial research stay up to date with the latest breakthroughs in physics and interdisciplinary science. In 2025, the Physics World website recorded 5.6 million pageviews, a 23% increase on the previous year, and the number of registered users rose to 95,588. The Physics World Weekly podcast series also reached a wide audience, with 4.7 million listeners tuning in. Since it launched in 2025, the Physics World Jobs Hub has attracted more than 143,000 pageviews.

Inclusion

Physics must welcome, include and reflect all parts of our diverse society. Working to ensure that anyone in physics can thrive in a supportive, inclusive and welcoming environment as we continue to help break down the barriers that prevent young people and those from underrepresented groups from being included and from bringing value to the physics community.

Bell Burnell Graduate Scholarship Fund

The Bell Burnell Graduate Scholarship Fund encourages greater diversity in physics by assisting PhD physics students from underrepresented groups. Without it, many recipients would not be able to study for a PhD. In 2025, we received 38 applications from 30 different universities and gave over £200,000 in grants ranging from top-up awards to full grants. We now have 10 alumni who have completed their PhDs. Each year we spotlight the stories of our awardees, all of whom have experienced challenges along their diverse physics journeys. They share how they fell in love with their area of physics and what the Fund means to them in supporting their careers.

Physics Inclusion Award

In 2025, we held our first two Physics Inclusion Award panels, following the launch of the new award to replace our gender-based Project Juno in 2024. Developed in partnership with the physics community, it supports university physics departments to be welcoming and inclusive to all. We received nine applications in 2025, with six successful applications achieving level 1 or 2.

The panel, made up of members of the physics community, were impressed by the excellent inclusion activity being undertaken in university departments, which is having a positive and sustainable impact on both staff and students in physics departments and schools.

Limit Less

During 2025, we have been reviewing Limit Less. Launched as an influencing campaign in 2021, we are now seeking to embed the activities in our programmes of work across the IOP. The aim remains the same: for more young people from all backgrounds to study or work in physics post-16. The programme will be developed across 2026 in collaboration with IOP colleagues and Limit Less supporters. We have engaged with our 2,450 Limit Less supporters with monthly updates and aim to increase their number as we develop the next phase of the programme.

Expanding global access to scientific exchange

As a member of the Purpose ‑ Led Publishing (PLP) coalition, IOPP worked alongside AIP Publishing and the American Physical Society to support wider global participation in the 2025 APS Global Physics Summit. The coalition sponsored multiple satellite sites around the world, providing local and online extensions of the main event in Anaheim, California, and enabling broader access to leading scientific discussions and collaborations.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Broadening access to trusted research

‑ IOPP continued to advance inclusion across the global research community by widening access to high quality scientific outputs and removing barriers to participation. In 2025, open access content made up 51% of IOPP’s total journal output, up from 47% in 2024. Our open access expansion was supported by the continued growth of transformative agreements with 38% (2024: 35%) of open access content published this way. Transformative agreements allow libraries or university consortia to cover subscriptions to paywalled content and allow authors to publish work openly, and have proven highly effective in accelerating the transition to open access. In partnership with the Bureau International des Poids et Mesures (BIPM), IOPP transitioned the journal Metrologia to full open access, increasing the reach of leading metrology scholarship.

Sharing research data openly

Sharing research data openly supports transparency, reproducibility and greater trust in scientific findings. ‑ IOPP has an open data policy across all journals that requires authors who choose not to share their underlying data to provide a publicly stated reason. In 2025, IOPP began trialling a stronger approach in two environmental journals – Environmental Research: Food Systems and Environmental Research: Climate – where authors are required to make the data underpinning their research openly available.

Membership

Members underpin all we do and are integral to delivering our strategy. We strive to be an exemplary membership organisation and professional body, with a growing, engaged and diverse membership.

Membership activity

Membership increased by 572 during 2025, a second consecutive year of net growth, with a renewal rate of 88.16%. IOP members remain at the heart of our strategy and the work we do, and the Membership team’s activity is essential to supporting them all. The team works to engage the current and future generations of physicists and the wider physics community by providing opportunities for members to develop their skills and amplifying their contributions.

Conferences

Across the UK and Ireland, the IOP delivered a programme of more than 90 events and conferences during 2025, attracting over 6,400 delegates. This activity strengthened engagement across our network and highlighted the breadth and expertise of our community. Additionally, we organised two Awards events celebrating the achievements of our 2024 and 2025 Award winners, bringing together more than 450 attendees across both events. The first took place at the Crowne Plaza Nottingham in April, followed by a second at the Kia Oval in London in November.

Member networks

In 2025, our impact was driven by the dedication of our member volunteers across 53 special interest groups, three national committees, 11 branches and our vibrant student community. Together, they delivered hundreds of activities that strengthened the physics network and created opportunities for learning, collaboration and community. Volunteers dedicated more than 10,000 hours across our Group, Nation and Branch (GNB) committees, with a further 1,200 hours delivered by our Student Ambassador community across university campuses.

Volunteer committees championed physics outreach and knowledge exchange through public lectures, school engagement and specialist events. The nations and branches hosted regional conferences and networking sessions, ensuring members were connected locally while contributing to a thriving national community. The ‘I am a Physicist’ Girlguiding badge was awarded to its 50,000th recipient – a remarkable achievement for a member-driven initiative launched only six years ago. Our student volunteers played a pivotal role in delivering flagship initiatives such as PLANCKS UK & Ireland which brought together undergraduate and Masters-level students, and showcased the IOP’s commitment to nurturing future talent.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Our 2025 Activities and Impact (continued)

Standards

Throughout the year, we delivered a series of professional registration webinars and four dedicated Chartered Physicist workshops to support members in achieving their goal of professional registration.

Our ongoing promotion of professional registration was extended through our involvement in Chartered Week which allowed us to collaborate with several professional and licensing bodies, as well as key stakeholders from our Accredited Company Training Scheme (ACTS), share member stories and showcase the impact that chartership has made. During 2025, we undertook a review of our ACTS, to ensure that it remains relevant and continues to support the professional development of physicists. This process was underpinned by the IOP’s principles of being member-focused, inclusive, sustainable and working in partnership.

Member operations

We continued to support members and prospective members, administering over 3,000 membership and professional registration applications and securing a new merchandising and storage provider to increase efficiency. Further efficiencies were achieved through a digital credentials and badge service provider.

During 2025, we delivered 13 membership benefits webinars, increasing delegate knowledge by 4.1 to an average of 7.9 out of 10. We delivered Fellowship application webinars, which contributed to an increase in applications for Fellowships to 116 in 2025 from 67 in 2024. We have continued to invite awardees of the IOPP Trusted Review initiative to take up complimentary membership. This has resulted in 196 complimentary memberships since inviting the 2025 TR awardees in early December, bringing the total to 761. We also published an 'International IOP Membership Top 10 Tips' to support overseas members to maximise their membership benefits.

Digital transformation

Throughout the year, we have focused on evolving the digital member experience, ensuring it aligns with current needs and positions us for future growth. We undertook detailed research into member needs and expectations to shape developments planned for 2026. These enhancements will help deliver more personalised interactions, working towards creating seamless and intuitive member journeys that support deeper engagement and satisfaction.

Physics World

Progress has been made in aligning the publishing strategy for Physics World with broader membership objectives through coordinated work across content, communications and digital publishing. A key focus is enhancing the already well-recognised role of Physics World magazine in member engagement while increasing the strategic value of other Physics World products – including the website, jobs board and careers guide – to both add to current member experience and assist with membership growth.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Plans for 2026

As we reach the halfway point of our strategy, we have had significant impact for skills, science and society and will continue to work with commitment and pace as new challenges emerge for physics.

One of our top priorities in 2026 will be our response to UK government funding changes for science. The foundations of physics research are facing worrying cuts and it is not, at the time of writing, clear how broad the impacts will be. The IOP has responded strongly, making clear what could be at risk and supporting the physics community. This will remain a vital part of our work.

We will be setting out how physics supports economic growth in a refresh of our important ‘Physics and the Economy’ analysis, and we will deliver impact work on medical physics, workforce skills and metamaterials, along with reports on the teacher shortage in Wales and Scotland.

We will work to tell the human story of physics to audiences around the UK and Ireland, in the media, social media and beyond, and continue to break down stereotypes and barriers that put too many young people off physics through our Limit Less work.

We will be asking members to tell us what matters most to them in our next all-member survey and plan to launch a new membership hub on our website during the year. Our awards and events go from strength to strength, and we will work with our valued member groups, nations and branches to build our offer around all parts of the UK and Ireland.

On the publishing side, we will continue to focus on delivering progress in publishing innovation, openness and research integrity through operational improvements and a refresh of our strategy. Adaptability, transparency and a strong sense of purpose must guide how we respond to a rapidly changing environment where geopolitics and AI are reshaping how knowledge flows.

As a Group, we will work closely in partnership to continue to offer the best possible experience to our members and authors. And we will develop and embed our new structure and ways of working, adapting where we need to, supporting our brilliant staff and planning strategically for the future.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management

(including Reference & Administrative Details)

Constitution and Governing Document

Tracing our roots back to 1874 and the Physical Society of London, but originally incorporated in 1920, The Institute of Physics (IOP) as currently constituted was established by Royal Charter (as subsequently amended) on 30 September 1970. This Royal Charter, which is supplemented by bylaws and regulations, is our governing document.

Registered Details

The IOP’s registered name is The Institute of Physics and our principal office address is 37 Caledonian Road, London N1 9BU.

The IOP is a charity registered in both England and Wales (no. 293851) and in Scotland (no. SC040092) and is therefore regulated by both the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. The Charity Commission for England and Wales is our lead regulator.

We have an existing application for registration as a charity in the Republic of Ireland and have submitted an Expression of Intent for registration as a charity in Northern Ireland. The IOP’s application for registration as a charity in the Republic of Ireland may be reviewed once the new Group entity ‘Institute of Physics of Ireland CLG’ has been registered as a charity. Further information on the Institute of Physics of Ireland CLG is provided under the Group Corporate Structure section below.

Banking Services and Professional Advisers

Those providing banking services to the IOP Group are:

HSBC Bank PLC, 62 George White Street, Cabot Circus, Bristol, BS1 3BA

Details of the IOP Group’s professional advisers are as follows:

Independent Auditors

PricewaterhouseCoopers LLP, 2 Glass Wharf, Temple Quay, Bristol, BS2 0FR

Investment Advisers

Hymans Robertson LLP, One London Wall, London, EC2Y 5EA

Tax Advisers

Deloitte LLP, HALO, Counterslip, Redcliffe, Bristol BS1 6AJ.

Solicitors

Eversheds Sutherland, 1 Callaghan Square, Cardiff, CF10 5BT

There is, however, no sole appointed solicitor or formal panel of solicitors.

Internal Auditors

Crowe UK LLP, 55 Ludgate Hill, London, EC4M 7JW

Annual General Meeting

Each year, the IOP holds an Annual General Meeting, the rules of which are set out in the bylaws and regulations, at which all members are entitled to attend and vote. Membership fees and the appointment of the auditors are approved by the membership at the Annual General Meeting.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

The Council (Board of Trustees)

As set out in the Royal Charter, we are governed by our Council. This consists of trustees elected from, and by, the membership and up to three co-opted trustees who are appointed by the Council itself.

All members of the Council are trustees of the IOP. The Council has the ultimate responsibility for directing our affairs, ensuring that we are solvent, well-run and delivering the charitable outcomes for the benefit of the public for which the Charity has been established. The Council sets and monitors our strategy which delivers these charitable outcomes.

Of the elected trustees, there are four senior officers and currently four vice-presidents. The senior officers are the President, President-elect, Honorary Secretary and Honorary Treasurer. The current four vicepresidents are for Business, Learning and Skills, Membership, and Science and Innovation. There are 10 additional elected General Trustees.

Co-opted trustees are appointed as needed to bring additional skills and capabilities as required.

There are currently 19 trustees on the IOP Council (including one co-opted trustee).

The Council has also appointed a representative to advise it on equality, diversity and inclusion matters. Dr Clara Barker, who is not a trustee or member of Council, was appointed as the current representative from 1 October 2023 for a three-year term until 30 September 2026.

In addition, the Council has also appointed an independent Chair of the Audit & Risk Committee, Clare Minchington, who attends relevant Council meetings. She is also not a trustee or member of Council. She was appointed on 1 March 2024 for a four-year term until 28 February 2028, with the option to extend for a second four-year term.

The Council generally has four scheduled meetings per year, with ad-hoc meetings as needed. All trustees give their time voluntarily and are not remunerated for their work on behalf of the IOP beyond the reimbursement of reasonable expenses.

Elections to Council

The rules governing the election of trustees are set out in the bylaws. At the start of each year, the number of vacancies that will arise that year is identified. With delegated powers from the Council, the Nominations Committee then evaluates the balance of skills, knowledge, experience and diversity of trustees and, in the light of that evaluation, prepares a description of the role and capabilities required for each particular vacancy on the Council. A notice of vacancies, along with role descriptions, is published and members are able to nominate themselves.

The Nominations Committee then assesses the nominations received from members to confirm eligibility and that candidates meet the skills and expertise sought. Where there is more than one nomination for any vacancy, a ballot takes place. Where there is only one nomination for any vacancy, that nominee is deemed elected, assuming they meet the eligibility, skills and expertise sought.

Trustees generally serve one four-year term. Exceptions to this are the President who serves a two-year term plus two years immediately preceding that as President-elect, and the Honorary Treasurer and Honorary Secretary who are eligible to stand for election for a second four-year term. A co-opted trustee will have a term of office as determined by the Council, but which may not (unless expressly authorised by the President in writing) exceed three years.

Induction and Training of Trustees

Formal induction is given to all new trustees, who are invited to attend a meeting with the President, Treasurer and IOP staff as part of the induction process. Trustees are also provided with training on key topics of interest during their term of appointment. Induction training is also offered to trustees who are appointed by the Council to sit on the core governance committees.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Conflicts of Interest

Trustees have a duty to declare conflicts of interest so they can ensure they are taking decisions that are in the best interests of the IOP at all times.

We maintain a register of trustees’ interests, which is updated annually by trustees and as any changes are reported.

Procedures are in place for managing conflicts of interest that may arise during Council meetings.

Details of Trustees

Details of the trustees at the date of this report are as follows.

There are no corporate trustees or trustees holding property for the IOP.

To manage a conflict of interest that crystallised in 2026, Michele Dougherty CBE formally resigned as IOP President on 28 February 2026 and was succeeded, in line with IOP’s Charter & Bylaws, by President-Elect Paul Howarth CBE, who will serve as IOP President through the remainder of his full President-Elect and Presidential term. Michele had previously stepped back from presidential duties on 26 January 2026, and at that time Paul began covering Presidential duties.

Role Name Appointment
Date		 Retirement
Date
President Professor Paul Howarth CBE FREngFInstP FNucl 28 Feb 2026 30 Sep20291
President-elect2 Vacancy (election currentlyunderwayclosing1 July2026) 1 Oct 2026 30 Sep2029
HonorarySecretary Dr Alison McMillan CEngCPhys FInstP FIMechE 1 Oct 2021 30 Sep20293
Honorary Treasurer Professor David Delpy CBE FRS FREng CPhys FInstP
FMedSci		 1 Oct 2019 30 Sep 20274
Vice-President for
Business		 Professor Robert Lamb FInstP 1 Oct 2024 30 Sep 2028
Vice-President for
Education and Skills		 Dr Judith Hillier FInstP 1 Oct 2024 30 Sep 2028
Vice-President for
Membership		 Dawn Watson CPhys FInstP FNucl 1 Oct 2025 30 Sep 2029
Vice-President for
Science & Innovation		 Professor Tara Shears OBE FInstP 1 Oct 2023 30 Sep 2027
General Trustees Dr Peter Thompson CBE FREngCEngFInstP FRSC 1 Oct 2022 30 Sep2026
Dr Melissa Uchida MInstP 1 Oct 2022 30 Sep2026
Dr Jane Clark CSci CEngCPhys FInstP FRAS 1 Oct 2023 30 Sep2027
Dr Hana Krizek MInstP 1 Oct 2023 30 Sep2027
Dr Rebecca DeweyMPhys PhD CPhys MInstP 1 Oct 2024 30 Sep2028
Paula Knee CPhys MInstP 1 Oct 2024 30 Sep2028
Professor Malcolm Cooper CPhys FInstP 1 Oct 2025 30 Sep2029
Dr Shoniwa Mosekari CSci CPhys FInstP 1 Oct 2025 30 Sep2029
Dr Chris O’LearyCPhys FInstP 1 Oct 2025 30 Sep2029
Dr Vincent Smith MBE FInstP 1 Oct 2025 30 Sep2029
Co-opted Trustee Dr Dermot Green MInstP 1 Oct 2024 30 Sep2026

1 Was President-elect from 1 Oct 2025 to 27 Feb 2026.

2 To be President from 1 Oct 2029 to 30 Sep 2031.

3 Elected in 2025 for a second four-year term.

4 Elected in 2023 for a second four-year term.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Details of Trustees (continued)

Details of the trustees during the reporting period but who have now retired are as follows:

Role Name Appointment
Date		 Retirement
Date
President Professor Sir Keith Burnett CBE FRS CPhys FInstP FLSW 1 Oct 2023 30 Sep20255
President Professor Michele DoughertyCBE FRS FInstP FRAS FRSSAf 1 Oct 2025 28 Feb 20266
Vice-President for
Membership		 Dr Elizabeth Cunningham MInstP FRAS 1 Oct 2021 30 Sep 2025
General Trustees Rosalie Benjamin MInstP 1 Oct 2021 30 Sep2025
Professor PhilipBurrows CPhys FInstP 1 Oct 2021 30 Sep2025
Professor John Dainton FRS CPhys FInstP FRSA 1 Oct 2021 30 Sep2025
Jane Weir CSci CPhys MInstP 1 Oct 2021 30 Sep2025

Trustee Evaluation and Skills Audit

A trustee evaluation survey was undertaken in April 2025 and reported to Council in June 2025. This followed on from a similar survey undertaken in the previous three years. Key strengths from this survey were delegating effectively; mutual trust and openness; the programme of induction and training given to trustees; clear meeting minutes; and appropriate reporting from committees to Council. Areas to address included length and clarity of papers; appropriate mix of background, skills, diversity and experience; and Council having a good understanding of the IOP’s risks and compliance framework.

At the same time as the trustee evaluation survey, a trustee skills audit was also undertaken. Findings from this included that there were key strengths in further/higher education (including apprenticeships); outreach and engagement; strategic planning; and international experience. Skills areas to address included campaigns; charity regulation; fundraising; business leadership; legal; audit; and governance, risk and compliance. Trustees were then invited to attend a ‘trustee essentials’ training course in Autumn 2025, provided by our internal audit firm, which was delivered in four parts and provided oversight and knowledge into some of these areas.

Governance Review

In December 2025, a governance review working group was convened made up of former President Keith Burnett, current trustees and external advisors. The aim of this group is to review the current composition of Council, its associated governance structure against good practice and similar organisations, and consider the evaluation and skills gaps noted. This work has been paused until 2027 given the announcement in February 2026 that the President had stepped aside to manage her conflict of interest, and then subsequently resigned.

Trustee Code of Conduct

All our trustees sign a Trustee Code of Conduct, which was updated and approved by Council in June 2025. This sets out the standards and practices expected of all our trustees, to ensure that the highest standards of integrity and stewardship are achieved; that the IOP is, and is seen as, effective, open and accountable; and that the working relationship between the trustees, employees, our members and volunteers is productive and supportive.

5 Was President-elect from 1 Oct 2021 to 30 Sep 2023.

6 Was President-elect from 1 Oct 2023 to 30 Sep 2025.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Decision-making and delegations

Key strategic decisions affecting the IOP are made by Council but, in the interests of good governance and efficient management, it delegates consideration of matters in specialist areas to its committees under agreed terms of reference. It also delegates powers for executive and management decisions through the IOP Scheme of Delegation. Details of the committees and senior management team are provided on the following pages.

Committees

The Council has a number of committees with delegated powers, ensuring that the required time and attention is applied to overseeing specific areas of interest. The terms of reference, delegated powers and membership of these committees are set by the Council. Committee membership is not limited to trustees, allowing for both wider representation from the membership and receipt of specialist external advice where appropriate.

The formal governance committees as at 31 December 2025 are set out on the following page and marked in red.

Council’s Member Reference Group

The Council’s Member Reference Group (CMRG) was established in 2022, following the 2021 Governance Review where Council expressed a desire to hear more directly from the membership on matters that impact them and therefore increase the opportunity for two-way conversations. It is made up of representatives from the IOP’s Groups, Nations and Branches, and diverse membership groups including Women in Physics, Retired Members and the Physical Sciences LGBT+ Network.

In early 2025, the CMRG was chaired by Michele Dougherty, then President-elect. Paul Howarth took over in October 2025 as the new President-elect.

Alongside this, the GNB Forum, made up of all Groups, Nations and Branches, has seen improvements in structure and engagement during 2025, and as many of the same volunteers and committee members as the CMRG were attending the GNB Forum, during 2025 the work of the CMRG was drawn together with the GNB Forum. This retains the original purpose of the CMRG, providing member insight and a route for a clearer connection to Council, but in a more inclusive and efficient format. As with the CMRG, the Forum is chaired by the President-elect, with the Vice-President for Membership serving as Vice Chair. The Vice-President for Science and Innovation and the Honorary Secretary remain active stakeholders and supporters of the Forum’s work.

Building on this progress, the Forum will be further developed when the governance review recommences, strengthening its role as a key channel for collaboration and strategic input across the member networks.

Strategic Impact Boards

In 2025, the Strategic Impact Boards were established for Skills, Science, Society & Advocacy, and Membership. An Inclusion Board was also in the process of being established and is now active in 2026. The Strategic Impact Boards are a key part in delivering the strategy by focusing on how the IOP will achieve the strategic goals and how we will prioritise our work. They are chaired by the relevant Senior Officers of Council who report back at each council meeting. Each board, which is made up of IOP and IOPP staff, trustees and IOP members, has its own Terms of Reference. An additional Group-level Board has also been established to monitor and identify Group opportunities with IOPP.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

IOP Council and Group Committee Structure

Formal governance committees are shown in red, with involvement from IOP Publishing Limited at a Group level as appropriate. 1CMRG under review.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Executive Management

The day-to-day management of the IOP Group’s activities is delegated to the Group Chief Executive Officer, supported by an executive management team.

The day-to-day management of publishing activities is delegated to the Chief Executive of IOP Publishing Limited. This has its own board of directors and a number of subsidiary undertakings that support the delivery of the publishing programme. There is also IOP Publishing Limited representation on the relevant Group Committees.

The Group Executive Management Team in 2025 and to the date of this report was:

Role Name
GroupChief Executive Officer Tom Grinyer
GroupChief Financial Officer SukhrajDhadwar FCCA
Interim Director of People and Organisational Development,IOP Andrea Barber(until 28 February2025)
Director of People and Operations,IOP Andrea Barber(from 1 March 2025)
Director of Advocacy,IOP TonyMcBride
Director of Science,Business and Education,IOP Louis Barson
Director of Membershipand Inclusion,IOP Pearl Mensah(from 15 December 2025)
Chief Executive,IOP PublishingLimited Antonia Seymour

Remuneration of the Group Executive Management Team

The pay and remuneration of the Group Executive Management Team is set and monitored on behalf of Council by the Remuneration Committee. This comprises the President, President-elect, Honorary Secretary, Honorary Treasurer and separately appointed external advisors. Each year, the Committee commissions relevant external benchmarking information from appropriate sectors to support its decision-making and, when necessary, takes additional advice from specialist organisations. Please see note 10 to the Financial Statements for further information.

Group Corporate Structure

The IOP has a number of subsidiary undertakings, as outlined below and in the following structure chart.

To ensure clarity and appropriate governance, there are a number of agreements in place that define and describe the provision of intra-Group services.

The main trading subsidiary undertaking of the IOP is IOP Publishing Limited (commonly known as IOPP).

IOPP is a wholly owned subsidiary of the IOP and is incorporated in England and Wales. Its principal activity is the publication and distribution of high-quality scientific journals, books, conference proceedings and scientific news services.

IOPP has a number of further trading subsidiary undertakings as follows:

IOP Publishing Consultants (Beijing) Co. Limited

IOP Publishing Consultants (Beijing) Co. Limited is a wholly owned subsidiary of IOPP and is incorporated in China as a wholly foreign-owned enterprise (WFOE). Its principal activity is to provide services to IOPP, including publishing consulting, electronic technology consulting, business consulting, market information consulting and corporate management consulting.

IOP Marketing and Promotion Services Private Limited

IOP Marketing and Promotion Services Private Limited is 99.99% owned by IOPP, with the remaining 0.01% of share capital owned by the IOP.

Incorporated in India, its principal activity is promotion and marketing services for IOPP.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Group Corporate Structure (continued)

Institute of Physics of Ireland CLG

The Institute of Physics of Ireland Company Limited by Guarantee (no. 778280) is incorporated in the Republic of Ireland of which the IOP is the sole corporate member. This has been created with the intention to register it as a charity, with the registration application currently in place. Although it is currently not trading, when the charity registration is complete, it will have the same charitable objects as the IOP.

Turpion Limited

Turpion Limited is a wholly owned subsidiary of IOPP and is incorporated in England and Wales. The entity is connected to the Russian entities that were closed in 2025. The entity is not active but cannot yet be closed or classified as dormant.

The IOP also has the following trading subsidiary undertakings:

IOP Publishing Inc.

IOP Publishing Inc. is a not-for-profit corporation of which the IOP is the sole corporate member. Incorporated in the USA, its principal activity is to provide publishing services to IOPP. All such services are provided solely in support of our charitable and educational activities.

IOP Business Publishing Inc.

IOP Business Publishing Inc. is a wholly owned subsidiary of IOP Publishing Inc. and is incorporated in the USA. Its principal activity is to provide advertising-sales services.

With the exception of IOP Marketing and Promotion Services Private Limited, all companies are wholly owned subsidiaries of their immediate holding company.

IOP Enterprises Limited

IOP Enterprises Limited carries out trading activities relating to events, catering and room hire, as part of our plans to diversify our income to ensure that it achieves the funding requirements to deliver our strategy, with any taxable profits being paid to the IOP under the Gift Aid scheme.

IOP Educational Publishing Limited

This is a further subsidiary undertaking which is currently dormant.

Two former subsidiary undertakings, Turpion-Moscow Limited and IOP Publishing Moscow LLC, were formally liquidated in 2025. This was carried out by a local professional services firm as appointed by the IOP Group, and all applicable sanctions were complied with throughout this process.

IOPP has a branch in Japan which is non-incorporated.

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The Institute of Physics

Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Group Corporate Structure (continued)

The IOP Group Corporate Structure

3 Incorporated in China

5 Japanese branch (non-incorporated)

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Risk Management and Internal Audit

Risk Management

The Council retains overall responsibility for risk management and discusses and decides the level it is prepared to accept for specific and combined risks.

The Audit & Risk Committee reviews the IOP Group risk appetite, tolerance and strategy as articulated by the Council; helps the Council and the Executive to identify major areas of risk for the IOP Group; and reviews and assists the Council and the Executive in the development of processes to manage risk in those areas.

The IOP Publishing Limited Board manages risk for IOPP and identifies and assesses risk that could impact the company and the Group.

We maintain a Group register of significant risks and systems to control and manage those risks, and IOP Publishing also maintains an IOP Publishing register which is reviewed by the IOP Publishing Board. Risks are assessed based on the likelihood of occurrence in a three-year period. Where risks may materially impact the IOP Group, these will also be included on the Group Risk Register.

The Audit & Risk Committee reviews the Risk Registers, along with the plans and processes in place to manage and mitigate major risks, and then reports to Council. Council separately reviews the Group register on a periodic basis.

The top risks for the Group are outlined below.

Risk Description Risk Consequence Controls, Action, Mitigation
Geopolitics – government
policy disrupts scholarly
communication		 There is less research
output available to
publish, leading to a
material reduction in
article volumes and
revenue		 Strengthened local regional presence and brand of IOP and IOPP;
close relationships built with thought leaders at key national and
international institutions and government agencies; gaining insights
into customers to identify, attract and retain; strong competitive
customer value proposition; reviewing international operating
model; and thought leadership activities with bodies setting science
policy
Publishing model disruption
– a model of publishing is
widely adopted where
publishers are not
adequately compensated
for their services		 Material reduction in
Gift Aid receipts from
IOPP		 Investment in providing quality peer review that creates customer
value; staying alert to alternative publishing models and exploiting
emerging opportunities; advocating for the work publishers do
through thought leadership and industry initiatives; and diversifying
income streams
University/library budgets
significantly reduced		 Material reduction in
article volumes and
revenue		 Protection of journal revenue through greater penetration of read
and publish (transformative) agreements with flexible offerings,
close monitoring of usage, value-for-money and close engagement
with library customers and end-users; competitive publishing
services with a clear value proposition to attract submissions from
authors; and broad institutional engagement
The long-term strategy and
investment does not deliver
the ROI		 Adverse impacts on
profits and free cash
flow of the Group		 Strengthening project and change management process including
business cases with ROI projections for each major investment
initiative and regular re-prioritisation of project work; careful
selection of technology partners including conducting proof of
concepts before committing to large investment;; encouraging
greater uptake of OA by proactively agreeing read and publish
(transformative) agreements and ensuring we can operationally
scale; regular reviews of departmental strategies to ensure they
deliverystrategic ambition;and balance sheet forecasting

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Risk Management and Internal Audit (continued)

Risk Management (continued)

Risk Description Risk Consequence Controls, Action, Mitigation
Significant reduction in
value of savings and
investments		 The IOP would need to
reduce or delay
expenditure and take
funds from operational
budgets		 Use of specialist investment advisors; investment approach
regularly reviewed; risk-based diversified investment approach
adopted to reduce risk to reserves; reviews investment strategy
implemented reducing exposure to equity market volatility; and
reserves are monitored in line with the reservespolicy
There is a material security
breach of the digital estate
(websites and public-facing
online services) or an attack
on critical digital
infrastructure systems		 Loss/corruption/exposure
of employee and member
data; loss of confidential
business data; business
critical applications
unavailable; reputational
damage; contractual
breach; legal/regulatory
fines; system restoration
costs; productivity loss;
websites and online
services unavailable; use
of IOP digital estate to
spread viruses to
member machines; and
use of IOP virtual AWS
servers for other
purposes (e.g. crypto
mining)		 Firewalls in place; websites hosted using a cloud-hosted service
with daily data backups in place; site recovery in place and tested;
password policies and multi-factor authentication in place;
password management system used; software update plan in place
including patching; decommissioning custom modules;
cybersecurity audits carried out; removal of technical debt;
vulnerable websites closed; digital team strengthened; 24hr
support across digital estate in place via an agency; support
agencies are cybersecurity certified; and externally managed
detection and response solution in use
Reputational damage
caused by research integrity
incidents including the
delisting of journals		 The organisation’s
reputation as a trusted
voice is damaged and/or
it triggers legal action
that results in substantial
reputational and financial
loss		 Investment in peer review and research integrity resources and
capabilities (including technology); robust processes, including
access to professional legal advice and membership of industry
bodies, e.g. COPE; and stakeholder management approach to
relevant media and whistleblowing community

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Internal Audit

Crowe UK LLP undertakes the internal audit programme for the IOP Group, assessing key controls and undertaking audits based on key risks and other ad-hoc matters where an audit is considered appropriate. We operate a three-year audit programme, reviewing this on an annual basis to ensure that it continues to remain appropriate.

Our Commitment to Equality, Diversity and Inclusion

The IOP

We believe firmly in equality of opportunity for all, confronting barriers to inclusion and participation wherever we encounter them. These core values are an expression of what we believe in and how we behave as an organisation. Our programmes are founded on the principles of equality, diversity and inclusion (EDI), from our organisational values and strategy to our work with members, in schools and with the public, and in our policy initiatives. From the Council and the senior leadership throughout the organisation, there is a deep-seated commitment to ensuring our physics community reflects the wider diversity we see in society and the significant value that brings to physics, the workplace and society.

We are delighted that, for the fourth year in a row, we have maintained a Bronze award for our EDI practice through Onvero, using their TIDE evaluation. This is an external evaluation of our EDI practice and activity, and highlights areas of progression we can take to improve our internal practice.

As an organisation, we were pleased to take part in the updated Progression Framework this year, a tool developed in collaboration between the Royal Academy of Engineering and the Science Council to help professional bodies assess and monitor their progress on EDI. Our overall score places us at level 3 of 4, which is at the ‘progressing’ stage of the framework whereby ‘skills and capabilities are developing and signs of progress are present’. The next stage is level 4 ‘embedding’ where ‘there is evidence of culture transformation and continuous improvement’.

We continue to focus on improving our approach to diversity and inclusion as an employer and are working on an action plan to bring together the TIDE and Progression Framework recommendations for improvement, as well as an updated Inclusion Induction due to be launched in 2026.

Through 2025, we have continued to engage with our staff networks and share knowledge and development opportunities with IOP staff. For the first time, we held a joint inclusion conference with our colleagues at IOPP and have plans to further share staff networks and identify opportunities to work together.

We continue to build and maintain partnerships to work with colleagues, members, the wider physics community and, through our Limit Less programme, organisations in society to ensure that everything we deliver is truly inclusive.

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Our Commitment to Equality, Diversity and Inclusion (continued)

IOPP

In 2025, IOPP strengthened its commitment to EDI by expanding initiatives that support colleagues, reviewers, authors and editorial board members. Editorial representation continued to improve during the year, with the proportion of editorial board members identifying as female increasing by 1.8 percentage points to 22.7%. This compares with 18.5% among submitting authors and reflects IOPP’s ongoing efforts to broaden inclusive participation across its publishing activities.

‑ Support for researchers in lower income economies also remained a priority: 12% of articles accepted by IOPP’s open access journals in 2025 were authored by researchers based in these regions, enabled through the organisation’s discounts and waiver programme. To address bias and discrimination in published research and promote inclusive practices, IOPP continues to use Guidelines on Inclusive Language and Images in Scholarly Communication developed by The Coalition for Diversity & Inclusion in Scholarly Communications (C4DISC). IOPP is represented in EDI-focused committees and working groups in C4DISC, STM, the Publishers Association and Research4Life. This ensures that IOPP has a voice in the creation of new best practice and the development of industry standards. It also gives the IOP an opportunity to showcase IOPP’s work on inclusion.

Within the organisation, IOPP further advanced workplace diversity and inclusion. Its six Employee Resource Groups (Cultural Diversity, LGBTQIA+, Neurodiversity and Disability, Women@IOPP, Family and Carers, and Interfaith), together with its Mental Health First Aiders and Neurodiversity Champions, ‑ continued to grow in confidence, reach and impact. Around one fifth of colleagues are now actively engaged across these groups and have participated in specialist training designed to strengthen support, awareness and education throughout the organisation.

Environmental Responsibility

The IOP

At the IOP, we take our environmental responsibilities seriously and are committed to reducing our impact – locally, nationally and globally. Our approach focuses on four key areas: cutting waste and energy use; fostering personal accountability; harnessing the power of physics to deliver solutions; and meeting ambitious emissions targets. Our ultimate goal is clear: to drive the IOP’s emissions as close to net zero as possible, as quickly as possible.

We are also working to raise awareness of how individual choices and organisational actions affect the environment – and how they can be mitigated. We provide guidance and support to help others make sustainable decisions. Beyond that, we aim to lead by example, showcasing how physics can make buildings more energy-efficient. Data from our own energy usage is shared with education partners to inform future planning and innovation in this field.

Through collaboration with our stakeholders, we strive to influence positive environmental change and champion organisations that are proactively embracing sustainability.

Our Environmental Statement can be found at: www.iop.org/environmental-statement

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The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Environmental Responsibility (continued)

IOPP

IOPP’s Sustainability Taskforce drives all its sustainability activities. Made up of colleagues from all levels across the organisation, the taskforce advocates for sustainable practices and raises awareness among colleagues, suppliers and other stakeholders.

IOPP continued to assess the sustainability of its supply chain by engaging with suppliers and surveying their sustainability activities and environmental management systems, and obtaining primary data on the Scope 1 and 2 emissions that contribute to IOPP’s corporate carbon footprint. In 2025, it has seen good progress in terms of suppliers making sustainability commitments and being able to provide their carbon emission data.

On an annual basis, with the support of ClimatePartner, IOPP calculates its full corporate carbon footprint (including Scope 3) to identify emission hotspots and drive activities to actively reduce impact. On the back of this work, IOPP ceased providing print copies of research journals to the few remaining customers that took them, eliminating emissions from both their manufacture and distribution. IOPP achieved a significant reduction in emissions due to the move to more sustainable offices in 2023.

In 2025, IOPP launched its first online sustainability report, outlining its progress and reporting a 36% reduction in carbon emissions compared with its 2020 baseline.

IOPP continues to work with DIMPACT, an industry-wide initiative that helps to bring into view emissions from the point of digital content production right through to the end user. The outcome of this work will help IOPP to further reduce emissions associated with the provision and use of digital products and evolve its sustainability strategy.

Through a series of established environmental journals, IOPP publishes research that addresses some of the world’s most critical issues and delivers solutions for sustainability development in line with the United Nation’s Sustainable Development Goals (SDGs). IOPP’s freely accessible Sustainability Collection, which brings all SDG-related content together in one place, continues to make a strong impact. By the end of 2025, its 10,500 SDG-related open articles had received 7.6 million downloads.

IOPP’s Environmental Statement is available at IOPP Environmental Policy.

Gender Pay Gap Reporting

The IOP does not have a statutory requirement to report on gender pay but, as part of our commitment to gender equality, we have undertaken the assessment. IOPP, meanwhile, continues to meet its statutory requirement to report on the matter.

The IOP

This year marks the seventh occasion on which we have voluntarily published our gender pay gap data. Although organisations with fewer than 250 employees are not required to report, we choose to do so in order to demonstrate leadership, uphold accountability and identify areas where further progress can be made.

For 2025, our mean gender pay gap stands at 13.7%, a slight increase from 13.4% in 2024. Our median gender pay gap has improved to 4.3%, down from 5.8% in the previous year. Our analysis confirms that male and female employees performing the same roles receive equal pay. The overall gap arises primarily from workforce distribution: a higher proportion of women are represented in the lower salary quartile, while a higher proportion of men occupy roles within the upper salary quartile.

28

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Gender Pay Gap Reporting (continued)

As a relatively small organisation, our sample sizes are modest, and care must be taken when interpreting year-on-year changes. Nevertheless, the data provides a valuable picture of our current position, highlights the structural factors influencing pay differences, and enables us to focus on areas where targeted action can be taken.

Despite the improvement observed in our median gender pay gap, we recognise that further progress is necessary. Our ongoing commitment is clear: we aim to achieve gender pay parity, and will continue to take deliberate, evidence-based steps toward that goal.

IOPP

At IOPP, we are proud to celebrate difference and want everyone to thrive and achieve their potential. Reporting on our gender pay gap each year provides an opportunity for us to model our behaviours of integrity, proactivity and inclusivity.

We are pleased to report that in 2025, our mean pay gap (9.9%) decreased by 4.3% and our median pay gap (8.8%) has decreased 3.2%. Both our mean and median pay gaps have continued the overall downward trend since we began collecting data in 2018 from 18.9% and 15.5% respectively. Our mean bonus pay gap (21.8%) remained steady (within 1%) of 2024, and our median bonus pay gap (12.6%) has decreased by 6.8% since 2024. Overall, both our mean and medium bonus pay gaps have more than halved since 2018, though there have been large fluctuations over that time.

IOPP colleagues acknowledge our ongoing commitment to EDI. In our 2025 engagement survey, 98% of both women and men agreed they are treated with fairness and respect at work, and EDI was the highest scoring (90%) topic overall. We acknowledge these positive indicators; however, we know there is still work to do to address our gender pay gap.

This year, we have prioritised collaboration between our Employee Resource Groups (ERGs) to address intersectional challenges within our workforce. Our inaugural EDI & Wellbeing Conference celebrated our fantastic colleagues and offered opportunities to share good practice and develop connections. Our ERGs are now working together to amplify each other’s voices and address cross-cutting challenges. Additionally, we are very pleased to report that three senior managers have stepped up as sponsors for two of our ERGs – Family and Carers and Women@IOPP. The sponsors are helping to reduce barriers for our ERGs, removing blockers and raising EDI on the agenda at all levels of our organisation.

Anti-Slavery and Human Trafficking

The IOP Group is committed to prohibiting all forms of slavery and human trafficking across our business and supply chains. We have a diverse supply chain that includes suppliers of IT, print and editorial services, office equipment, catering, building services, temporary recruitment, and accommodation and venue facilities.

Our Anti-Slavery and Human Trafficking Policy reflects our commitment to acting ethically and with integrity in all business relationships. We implement and enforce effective systems and controls to prohibit and seek to prevent slavery and human trafficking within our operations and supply chains.

We ensure compliance by issuing our Anti-Slavery and Human Trafficking Policy to relevant suppliers and requiring adherence. We also include contractual provisions to confirm suppliers have effective measures in place and comply with all applicable laws and codes of practice.

We promote awareness by requiring staff to complete online training and delivering in-person training for those in higher-risk areas.

29

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Anti-Corruption and Bribery

We are committed to conducting our business fairly, honestly and transparently.

To prevent bribery, we maintain robust policies and procedures, including a Group Anti-Corruption and Bribery Policy. We also implement controls over expenditure, accounting, commercial activities and agent contracts to manage all forms of bribery and corruption risks.

As part of our zero-tolerance approach, we make sure staff and third parties understand what is and is not permitted. For example, we require new staff to complete a mandatory e-learning module on bribery and corruption during induction. Also, as part of our due diligence process when contracting with key suppliers, we require them to comply with all applicable bribery legislation and, where relevant, review their own policies.

We also maintain whistleblowing procedures and provide multiple reporting routes for staff to raise concerns or allegations of wrongdoing.

Fundraising

Section 162A of the Charities Act 2011 (as inserted by the Charities (Protection and Social Investment) Act 2016) requires charities of a certain size to make a statement regarding fundraising activities in their Annual Report. To show our commitment to fundraising in line with the Code of Fundraising Practice, the IOP is registered with the Fundraising Regulator.

Our fundraising activities support and advance our charitable purpose. We raise funds through multiple streams, including individuals (members and non-members of the IOP), trusts, foundations, corporations, and our legacy programme for gifts in wills.

All fundraising is carried out by our in-house Development Team, overseen by the Business Development Group. We take a risk-based approach and seek approval from the Business Development Group for every fundraising opportunity. We do not use professional fundraisers or commercial participators, although we may occasionally work with external consultants to inform our fundraising and commercial strategies.

We take our responsibilities on managing personal information seriously and strive to ensure that our policies and procedures meet legal requirements and donors’ expectations. When seeking donations from members, we will use the correct means of communication based on members’ communications preferences provided to the IOP. We also have safeguarding measures in place to help us protect young people and vulnerable adults.

We did not receive any complaints concerning our fundraising activities in the financial year.

30

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Structure, Governance and Management (continued)

Statement of Trustees’ Responsibilities

Members of Council (who are the trustees of the IOP) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice (GAAP)).

The law applicable to charities in England and Wales and in Scotland 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 the Group, and of their incoming resources – and application of those resources – for that year.

In preparing these financial statements, the trustees are required to:

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, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and the Group, 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 UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

31

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Financial Review

Financial Statements

The financial statements for the year ended 31 December 2025 are set out on pages 40 to 83. They were prepared applying accounting policies in accordance with UK GAAP, and comply with the Statement of Recommended Practice, Accounting and Reporting by Charities SORP (FRS 102).

The IOP Group

The IOP considers incoming resources, resources expended and Gift Aid remitted from our subsidiaries to be key performance indicators.

Our total Group incoming resources in the year increased by £2.9m to £85.3m (2024: £82.4m). The key driver for this was a £2.4m increase in income from scientific publications to £77.5m (2024: £75.1m) in relation to the activities of IOPP. Some 94% (2024: 93%) of our incoming resources are generated from the activities of IOPP. During 2025, our income from investments experienced a £0.5m increase to £1.9m (2024: £1.4m) which reflects a concerted effort within the Group to maximise returns on available cash balances through the use of fixed-term deposits and similar short-term interest-generating cash accounts.

Our total Group resources expended in the year reduced by £1.8m to £82.0m (2024: £83.8m). The key driver for this was the reduction in expenditure in IOP, generated through prioritisation exercises and proactive cost reductions.

Further details are included in the Consolidated Statement of Financial Activities on page 40. The IOP’s balance sheet is included on page 42.

Our overall Group net asset position has increased by £3.6m to £81.4m (2024: £77.8m). The key drivers for the movement in the net asset position are set out below.

Investments in systems significantly reduced in 2025 following a period of increased investment, supporting the transition to open access in the publishing business. As a result of the reduction in investment, amortisation has resulted in a reduction in our total intangible fixed assets to £4.3m (2024: £7.3m). Further details of our intangible fixed assets are provided in note 14.

During 2025, the value of our investment portfolio increased by £2.4m to £30.8m (2024: £28.4m). This includes equity, multi-index, growth and property funds, all of which generated a net unrealised gain in 2025. Further information on our investments is provided in note 17.

Our Group cash position has improved by £2.2m to £31.7m (2024: £29.5m). This has been through additional income generation of IOPP and reduced expenditure through prioritisations and proactive cost reductions.

Creditors decreased by £4.9m during 2025 to £39.4m (2024: £44.3m), mainly driven by a reduction in deferred income in the publishing business. Deferred income continues to be a key balance within creditors falling due within one year and has reduced by £4.5m to £23.7m (2024: £28.2m). This movement reflects the timing of journal subscriptions renewals in the publishing business during the year. In 2024, the proportion of renewals before year-end was greater than in 2025. Overall subscriptions grew year on year.

Our defined benefit pension scheme continues to be in a surplus position at 31 December 2025 (2025: £3.4m, 2024: £5.0m). During 2025, the present value of the liabilities of the scheme slightly increased to £67.9m at 31 December 2025 from £67.5m at 31 December 2024 due to higher inflation rates, slightly offset by a lower discount rate used within the financial assumptions. Further information on the defined benefit pension scheme, including details of assumptions used, is provided in note 23.

32

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Financial Review (continued)

Further commentary on the activities of the IOP and IOPP is provided below.

The trustees have concluded that the Group is a going concern and these financial statements have therefore been prepared on that basis. The performance of the Group in 2025 and the improvement in the net asset position at the end of 2025 support the trustees’ conclusion.

The IOP

During 2025, 70% of our total income was generated from Gift Aid from our publishing subsidiaries (2024: 69%). The value of this Gift Aid income increased by £1.7m to £14.2m (2024: £12.5m) which contributed to the overall £2.0m increase in our total incoming resources to £20.2m (2024: £18.2m).

Our other sources of income include donations and legacies, income from members either as membership fees or for additional services, grants from government and other grant-awarding bodies, and investment income. Our investment income represents rental income from Group entities, dividend income from our investment portfolio and interest income from our cash holdings.

Our total resources expended in the year decreased by £1.4m to £18.4m (2024: £19.8m). This reduction in costs was primarily generated through prioritisation exercises and proactive cost reductions, offset by the impairment losses of £0.2m (2024: £0.6m) on the unoccupied and freehold properties, as set out in note 15.

IOPP

During 2025, our total turnover increased by £2.1m to £79.2m (2024: £77.1m). A key driver for the increase in turnover was an increase in our renewable journals revenue, content licensing to AI companies and higher open access revenue from the American Astronomical Society journals.

Our gross profit margin for 2025 has remained consistent with the prior year at 92.0% (2024: 92.1%) and our operating profit margin has improved to 17.4% (2024: 14.8%). The growth in revenues in 2025 and control on costs has resulted in an improved operating profit margin year on year.

We pay all our taxable profits for the financial year to the IOP under the Gift Aid scheme. A proportion of Gift Aid is paid to the IOP during the year in which the profits accrue, to the extent that we have the available distributable reserves and cash balances to do so. During the year ended 31 December 2025, we paid a total of £13.7m (2024: £11.9m) of Gift Aid to the IOP, which represents £11.4m in relation to taxable profits that have accrued in the year to 31 December 2025 and £2.3m in relation to the final Gift Aid payment for the year to 31 December 2024.

33

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Financial Review (continued) Reserves and Investment

The charter and bylaws confer power on the IOP to maintain income reserves. At least annually, Council reviews both the IOP’s continuing need for reserves and their appropriate level. The reserves policy set out below is based on, and is consistent with, guidelines on the subject issued by the Charity Commission.

The strategic reasons for the IOP to retain reserves, rather than simply spend all our income as it arises, are, as stated in our Investment Policy:

The overall investment objectives of the IOP are to achieve a minimum net total return of 12-month LIBOR (London Interbank Offered Rate) +3.5%, after payment of fees over rolling three-year periods, using a diversified strategic asset allocation approach to minimise the risk for this level of return.

During 2025, the Group has been transitioning to new targets of asset allocation in its investment portfolio, moving away from equity holdings. At the end of 2025, this asset allocation has been achieved.

During the year, the investment portfolio held by the IOP generated an unrealised gain to the Group of £2.1m (2024: £2.6m). The IOP actively manages the investment portfolio we hold.

Our reserves policy seeks to provide sufficient free reserves for anticipated deficits and protect the IOP’s finances against key risks. Within the policy, ‘free reserves’ are defined as unrestricted investments, unoccupied properties, and Group net current assets less long-term provisions for dilapidations.

The risks and liabilities that the reserves policy seeks to cover with free reserves include: operating expenses of the IOP for three months for working capital in the event of an unexpected shortfall in income; unexpected and inescapable costs of 5% of annual operating expenditure; one year of property lease costs; foreign currency rate fluctuations; unexpected fall in returns on investments of up to 3% per annum for three years; risk in income streams projected as part of the Group’s strategic long-term plan; and a reduction in value of unoccupied property of up to 10%.

There is a permitted variance of +10% or -5% of the required free reserves with any greater variance to be approved by Council and a plan agreed to return within the policy range. During periods of uncertainty, Council may agree to maintain free reserves above the variance level. Reserves may be used for strategic opportunities. These shall be monitored and regularly reported to the Finance and Investment Committee along with forecast future free reserves.

In defining this reserves policy, consideration has been given to the level of free reserves it is appropriate to hold in order to demonstrate appropriate financial management and sustainability.

The required level of reserves at 31 December 2025 based on the current long-term plan, as modified by the 2026 budget, is between £29.8m and £34.5m (2024: £31.7m-£35.0m). The current level of free reserves as defined above is £40.9m (2024: £33.3m). During this period of uncertainty in global markets and in particular the publishing landscape, Council has agreed to maintain free reserves above the variance level.

34

The Institute of Physics Trustees’ Annual Report for the year ended 31 December 2025

Financial Review (continued) Ethical Investment Policy

The IOP is a charity established with the objective of promoting the advancement and dissemination of a knowledge of and education in the science of physics, pure and applied.

The trustees would not want the investment decisions of the IOP to result in activities that compromise this objective. In the event that the trustees consider that any particular classes of investment choices conflict with this objective, they will provide a written list of such classes, or specific investments, to the investment managers and will require them to take such steps as are practicable and cost-effective so as not to invest in these areas.

Auditors

All the current trustees have taken all the steps necessary to make themselves aware of any information needed by the Charity’s auditors for the purpose of their audit and to establish that the auditors are aware of that information. The trustees are not aware of any relevant audit information of which the auditors are unaware.

By order of Council

Alison McMillan

David Delpy

Dr Alison McMillan CEng CPhys FInstP FIMechE

Honorary Secretary Date: 18 June 2026

Professor David Delpy CBE FRS FREng CPhys FInstP FMedSci Honorary Treasurer Date: 18 June 2026

35

The Institute of Physics Independent Auditors’ Report for the year ended 31 December 2025

Independent Auditors’ Report to the Trustees of The Institute of Physics Opinion

In our opinion, The Institute of Physics’ group financial statements and parent charity financial statements (the “financial statements”):

We have audited the financial statements, included within the Trustees’ Annual Report and Financial Statements (the “Annual Report”), which comprise: the Consolidated and Parent Charity Balance Sheets as at 31 December 2025; the Consolidated Statement of Financial Activities incorporating a consolidated income and expenditure account for the year then ended; the Charity Statement of Financial Activities incorporating an income and expenditure account for the year then ended; the Consolidated Statement of Cash Flows for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and parent charity’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

36

The Institute of Physics Independent Auditors’ Report for the year ended 31 December 2025

Independent Auditors’ Report (continued) Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

Based on our work undertaken in the course of the audit, the Charities (Accounts and Reports) Regulations 2008 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require us also to report certain opinions and matters as described below.

Trustees’ Report

Under the Charities (Accounts and Reports) Regulations 2008 and The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Trustees’ Responsibilities Statement, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 group’s and parent 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 group and parent charity or to cease operations, or have no realistic alternative but to do so.

37

The Institute of Physics Independent Auditors’ Report for the year ended 31 December 2025

Independent Auditors’ Report (continued)

Responsibilities for the financial statements and the audit (continued)

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed auditors under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 auditors’ 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, is detailed below.

Based on our understanding of the group and parent charity/industry, we identified that the principal risks of non-compliance with laws and regulations related to tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of The Charities Accounts (Scotland) Regulations 2006 (as amended). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and applying management bias in accounting estimates. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

38

The Institute of Physics Independent Auditors’ Report for the year ended 31 December 2025

Independent Auditors’ Report (continued)

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Act 2011 and regulations made under those Acts (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

The Charities Accounts (Scotland) Regulations 2006 (as amended) and Charities Act 2011 exception reporting

Under The Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Bristol

Date: 18 June 2026

39

The Institute of Physics Financial Statements for the year ended 31 December 2025

Consolidated Statement of Financial Activities incorporating a consolidated income and expenditure account for the year ended 31 December 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
3
Membership
3
Programmes
3
Scientific publications
3
Other trading activities
3
Investments
3 & 6
Total income
3 & 5
Expenditure on:
Raising funds
4 & 7
Charitable activities:
4 & 7
Scientific publications expense
4 & 7
Advocacy
4 & 7
Science, business & education
4 & 7
Membership & inclusion
4 & 7
Other
Total expenditure
4 & 7
Net gains on investments
17
Net income / (expense)
Transfer between funds
Other recognised (losses) / gains
Actuarial (losses) / gains on defined
benefit pension scheme
23
Exchange difference on retranslation
of net assets of subsidiary
undertakings
Net movement in funds
Fund balances brought forward
Fund balances carried forward
22		 2025
2025
2025
2025
2025
Endowment
Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
-
-
21
21
-
-
-
1,734
1,734
-
593
-
2,051
2,644
-
-
-
77,527
77,527
-
-
-
1,427
1,427
80
-
-
1,829
1,909
80
593
-
84,589
85,262
-
-
-
(49)
(49)
-
-
-
(63,829)
(63,829)
-
(49)
-
(3,581)
(3,630)
(5)
(523)
-
(4,547)
(5,075)
(88)
(9)
(71)
(8,569)
(8,737)
-
-
-
(719)
(719)
(93)
(581)
(71)
(81,294)
(82,039)
257
-
-
1,701
1,958
244
12
(71)
4,996
5,181
-
-
1,117
(1,117)
-
-
-
-
(1,263)
(1,263)
-
-
-
(274)
(274)
244
12
1,046
2,342
3,644
3,392
434
7,500
66,428
77,754
3,636
446
8,546
68,770
81,398		 2024
Total
£'000
83
1,705
2,279
75,107
1,811
1,399
82,384
(128)
(64,174)
(3,739)
(5,521)
(9,488)
(709)
(83,759)
2,643
1,268
-
2,168
(88)
3,348
74,406
77,754

The Statement of Financial Activities includes all gains and losses recognised in the year. All amounts relate to continuing activities.

The notes on pages 44 to 83 form part of these financial statements.

40

The Institute of Physics Financial Statements for the year ended 31 December 2025

Charity Statement of Financial Activities incorporating an income and expenditure account for the year ended 31 December 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
Membership
Programmes
Scientific publications
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities:
Advocacy
Science, business & education
Membership & inclusion
Other
Total expenditure
Net gains on investments
17
Net income / (expense)
Transfer between funds
Other recognised (losses) / gains
Actuarial (losses) / gains on defined
benefit pension scheme
23
Net movement in funds
Fund balances brought forward
Fund balances carried forward
22		 2025
2025
2025
2025
2025
Endowment Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
-
-
21
21
-
-
-
1,734
1,734
-
593
-
2,051
2,644
-
-
-
14,190
14,190
-
-
-
-
-
80
-
-
1,535
1,615
80
593
-
19,531
20,204
-
-
-
(49)
(49)
-
(49)
-
(3,831)
(3,880)
(5)
(523)
-
(4,603)
(5,131)
(88)
(9)
(71)
(8,569)
(8,737)
-
-
-
(596)
(596)
(93)
(581)
(71)
(17,648)
(18,393)
257
-
-
1,701
1,958
244
12
(71)
3,584
3,769
-
-
1,117
(1,117)
-
-
-
-
(1,263)
(1,263)
244
12
1,046
1,204
2,506
3,392
434
7,500
64,722
76,048
3,636
446
8,546
65,926
78,554		 2024
Total
£'000
83
1,705
2,279
12,494
66
1,589
18,216
(128)
(3,739)
(5,577)
(9,736)
(640)
(19,820)
2,643
1,039
-
2,168
3,207
72,841
76,048

The Statement of Financial Activities includes all gains and losses recognised in the year. All amounts relate to continuing activities.

The notes on pages 44 to 83 form part of these financial statements.

41

The Institute of Physics Financial Statements for the year ended 31 December 2025

Consolidated and Parent Charity Balance Sheets as at 31 December 2025

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments in subsidiary undertakings
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Provisions for liabilities
21
Defined benefit pension scheme surplus
23
Net Assets
Charity Funds
Endowment funds
Permanent endowment
22
Expendable endowment
22
Restricted funds
22
Unrestricted funds
General fund
22
Designated funds
22
Pension reserve
23
Total charity funds		 Group
2025
£'000
4,327
30,814
-
30,761
65,902
20,102
31,749
51,851
(39,416)
12,435
(299)
3,360
81,398
559
3,077
446
65,410
8,546
3,360
81,398		 Group
2024
£'000
7,332
31,914
-
28,380
67,626
20,264
29,489
49,753
(44,311)
5,442
(291)
4,977
77,754
517
2,875
434
61,451
7,500
4,977
77,754		 Charity
2025
£'000
199
30,061
3,001
30,761
64,022
1,767
12,739
14,506
(3,035)
11,471
(299)
3,360
78,554
559
3,077
446
62,566
8,546
3,360
78,554		 Charity
2024
£'000
263
30,971
3,001
28,380
62,615
1,481
10,244
11,725
(2,978)
8,747
(291)
4,977
76,048
517
2,875
434
59,745
7,500
4,977
76,048

The financial statements on pages 44 to 83 were approved by the Council and authorised for issue on 18 June 2026 and were signed on its behalf by

Paul Howarth

David Delpy

Professor Paul Howarth CBE FREng FInstP FNucl

Professor David Delpy CBE FRS FREng CPhys FInstP FMedSci

President

Honorary Treasurer

18 June 2026 18 June 2026

The notes on pages 44 to 83 form part of these financial statements

42

The Institute of Physics Financial Statements for the year ended 31 December 2025

Consolidated Statement of Cash Flows for the year ended 31 December 2025

Cash flows from operating activities
Net income for the year
Adjustments for:
Depreciation, impairment and amortisation of fixed assets and intangible assets
Loss on disposal of tangible and intangible assets
Gains on investments
Net interest receivable
Dividend income from fixed and current investments
Difference between net pension expense and cash contribution
Decrease in trade and other debtors
Decrease in trade and other creditors
Increase / (decrease) in provisions
Net cash generated from operating activities
Cash flows from investing activities
Purchases of tangible and intangible assets
Interest received
Dividends received on fixed and current asset investments
Purchase of investments
Sale of investments
Net cash generated from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Foreign exchange losses
Cash and cash equivalents at end of year
Cash and cash equivalents comprise:
Cash at bank and in hand		 2025
£'000
5,181
3,967
938
(1,958)
(1,298)
(611)
354
103
(4,792)
8
1,892
(801)
1,298
220
(17,500)
17,468
685
2,577
29,489
(317)
31,749
31,749
31,749		 2024
£'000
1,268
4,527
13
(2,643)
(723)
(676)
(2,718)
7,419
(321)
(221)
5,925
(891)
723
235
-
-
67
5,992
23,556
(59)
29,489
29,489
29,489

The notes on pages 44 to 83 form part of these financial statements

43

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements for the year ended 31 December 2025 1 Accounting policies

(a) General information and basis of preparation

The Institute of Physics (IOP) is a corporate body governed by a Royal Charter, which is supplemented by bylaws and regulations. It was established in its current form by Royal Charter, dated 30 September 1970.

The IOP is a charity registered in both England & Wales (no. 293851) and in Scotland (no. SC040092). The members of Council are the trustees of the Charity. The IOP’s registered office is 37 Caledonian Road, London N1 9BU. The IOP has also applied for registration as a charity in the Republic of Ireland.

The IOP is a Public Benefit Entity under the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared in accordance with applicable charity law and in accordance with FRS 102, and with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Charities SORP FRS 102 (effective 1 January 2015) and in accordance with the requirements of the Charities Act 2011 and Regulation 15 of The Charities (Accounts and Reports) Regulations 2008.

The financial statements have been prepared on a going concern basis under the historical cost convention except for the modification to a fair value basis for certain investments and financial instruments as specified in the accounting policies below.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise judgement in applying the Group’s accounting policies. The significant accounting policies applied in the preparation of these financial statements are set out in note 2 below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Group financial statements

Parent entity disclosure exemption: in preparing the individual financial statements of the IOP, advantage has been taken of the following disclosure exemptions available in FRS 102:

Basis of consolidation: the consolidated financial statements incorporate the results of the IOP and all its subsidiary undertakings as at 31 December 2025 using the acquisition method of accounting. Under this method, the results of subsidiary undertakings acquired or disposed of during the year are included in the Consolidated Statement of Financial Activities from the effective date of acquisition or up to the effective date of disposal. All intra-Group transactions, balances, income and expenses are eliminated in full on consolidation.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree’s identifiable assets and liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Financial Activities from the date on which control is gained.

44

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met; the amount can be measured reliably; and it is probable that the income will be received.

Membership income is recognised when received and attributed to the financial years to which it relates, and sundry income is recognised when received.

For legacies, entitlement and recognition is the earlier of the Charity being notified of an impending distribution or the legacy being received. On occasion, legacies will be notified to the Charity, however, it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from IOPP’s production of in-house and external partner journals with a majority of the income received in advance is recognised in line with the fair value of content delivered.

Other income streams include fees received for publishing articles, eBooks and advertising recognised upon publication; sales of access to historic archives recognised upon invoice when permanent access is granted; and contract management fees recognised on invoice when the service is provided.

The IOP receives Gift Aid income from its subsidiaries under the Gift Aid scheme. Gift Aid income is recognised in the Charity’s Statement of Financial Activities when the subsidiary has made an irrecoverable commitment to transfer its taxable profits to the Charity. Where Gift Aid payments are made by subsidiaries, these are expected to be paid within nine months of the end of the reporting date, provided the subsidiary has sufficient distributable reserves approval by the subsidiary’s board, though there is no legal obligation for IOPP.

Income from government and other grants is accounted for under the performance model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure.

Investment income is earned through holding assets for investment purposes such as shares, property and short-term liquid investments. It includes dividends, interest, bank interest and rent.

(d) Recognition of expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the relevant category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties; it is probable that the settlement will be required; and the amount of the obligation can be measured reliably.

Support costs are those functions that assist the work of the Charity but do not directly represent charitable activities. Support costs include general management, facilities management, information technology, human resources, financing and governance costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings, these costs are allocated across the expenditure on charitable activities. The basis of the cost allocation has been explained in note 8 to the financial statements.

45

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(e) Termination benefits

Termination benefits are recognised when the Group is committed either to terminate the employment of an employee, or group of employees, before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The Group is committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal.

Termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. In the case of an offer made to encourage voluntary redundancy, the measurement of termination benefits shall be based on the number of employees expected to accept the offer.

(f) Analysis of income and expenditure

2025 marked the first full year of the IOP’s strategy Physics for our Future. The presentation of the financial statements has therefore been aligned to the new strategic business structure comprising Advocacy, Science, Business & Education and Membership & Inclusion, together with the activities of the IOP’s publishing subsidiaries (scientific publications). To enable meaningful comparison, the 2024 expenditure has been restated to reflect this new strategic framework. As part of this restatement, staff costs have been directly allocated to the charitable activity in which the staff member works. Where direct allocation is not possible, staff costs have been apportioned based on the proportion of directly allocated staff numbers over total number of staff. In the original 2024 financial statements, staff costs were apportioned using the ratio of direct costs of each activity over total direct costs.

(g) Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree plus costs directly attributable to the business combination. Any excess of the cost of the business combination over the fair value of the identifiable assets and liabilities is recognised as goodwill.

(h) Intangible fixed assets – Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation on the acquisition of subsidiaries is calculated by applying the straight-line method to its estimated useful life of five years.

(i) Intangible fixed assets – Other

Trademarks and software assets include journal and magazine titles. Such assets acquired are capitalised and amortised over their estimated useful economic lives. The useful life of trademarks is five years.

Other intangible assets, including internally generated software assets, are stated at cost and amortised over useful lives not exceeding 10 years. The amortisation period has been determined based on prior experience of the length of time that intangibles usually retain their value. Where factors such as technological advancement or changes in market price indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

46

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(j) Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of accumulated depreciation and any provision for impairment. ‘Cost’ includes costs directly attributable to making the asset capable of operating as intended.

Assets with a value of less than £500 are not capitalised.

Depreciation is provided at rates calculated to write off the cost or valuation less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Freehold property 45 years
Office equipment & machinery 3-4 years
Fixtures & fittings 10 years

The value of leasehold property is amortised over the remaining periods of the relevant leases.

Unoccupied property is carried at a revaluation amount, being its fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Within note 15, ‘Office equipment & machinery’ and ‘Fixtures & fittings’ are included within one category of assets titled ‘Fixtures & equipment’.

(k) Investments

Investments in subsidiaries are measured at cost less accumulated impairment in the individual charity financial statements.

Other investments in listed company shares are initially recognised at their transaction value excluding any transaction costs. Subsequently, they are measured at fair value as at the balance sheet date using the closing quoted market price of the individual unitised holdings. Any changes arising on revaluation are recognised in ‘Net gains / losses on investments’ in the Statement of Financial Activities.

(l) Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts, if repayable on demand, are considered to be a component of cash equivalents.

(m) Debtors

Trade and other debtors are recognised at transaction price, less any impairment. Prepayments are valued at the amount prepaid net of any trade discounts due. Any losses arising from impairment are recognised in expenditure within the Statement of Financial Activities.

(n) Creditors

Short-term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at amortised cost and subsequently at amortised cost less impairment.

47

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(o) Provisions

Provisions are recognised when the Group has an obligation, legal or constructive, at the balance sheet date as a result of a past event; it is probable that the Group will be required to settle the obligation; and a reliable estimate can be made of its amount.

The Group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use in the following financial year. The provision is measured at the undiscounted salary cost payable for the period of absence that has been accrued.

The Group recognises a provision for the expected value of dilapidations for costs relating to the exit of leasehold premises. The amount payable will be agreed through future negotiation at such point that an exit occurs.

(p) Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in an asset of the company after deducting all its liabilities. Financial instruments are measured at amortised cost or fair value depending on the nature of the underlying arrangement.

(q) Derivative financial instruments

Derivative financial instruments are recognised at fair value with any gains or losses being recognised within ‘Net income/expenditure’ in the Statement of Financial Activities.

(r) Pension costs

Institute of Physics Retirement Benefits Plan 1975:

The IOP operates the Institute of Physics Retirement Benefits Plan 1975 providing pension benefits based on final pensionable pay. This scheme was closed to new members on 31 December 2001. The assets of the scheme are held separately from those of the Group in an independently administered fund. This defined benefit scheme is accounted for in accordance with FRS 102.

The service cost of pension provision relating to the year, together with the cost of any benefits relating to past service if the benefits have vested, is charged to the Statement of Financial Activities. A charge equal to the increase in the present value of the scheme liabilities (because the benefits are closer to settlement) and a credit equivalent to the Group’s long-term expected return on assets (based on the market value of the scheme assets at the start of the year) are also included in the Statement of Financial Activities.

The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as an asset or liability on the balance sheet. Any differences between the actual and expected return on assets during the year are recognised in the Statement of Financial Activities along with differences arising from experience or assumption changes.

The defined benefit pension expense recognised in the Statement of Financial Activities is allocated to expenditure on charitable activities in proportion with the expenditure on these activities. The defined benefit pension expense is recognised in unrestricted funds.

The Institute of Physics Group Personal Pension Schemes:

The Group operates two Group personal pension schemes. They are both defined contribution pension schemes with assets held in the names of the individual members.

48

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(r) Pension costs (continued)

The first was established from 1 January 2002 and is managed by Aviva. This scheme closed to new members on 31 January 2014. For those who are members of this scheme, the IOP contributes 3-18% (2024: 3-18%) of basic salary.

The second was established from 1 February 2014 and is managed by Aviva. For those members of staff who choose to join the scheme, the IOP contributes 2-12% of basic salary.

Contributions to the Group’s defined contribution pension schemes are charged to the Statement of Financial Activities in the year in which they become payable and allocated on a headcount basis to the charitable activities.

(s) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are those which are to be used in accordance with specific restrictions imposed by the donors. The cost of raising and administering such funds are charged against the specific fund.

Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the Charity and included in unrestricted income or in accordance with the specific restrictions imposed by donors as restricted income. Any capital gains or losses arising on the investments of endowment funds form part of the fund. Investment management charges and legal advice relating to the fund are charged against it.

(t) Foreign currencies

Functional currency and presentation currency:

The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in sterling, which is the Charity’s and the Group’s presentation currency, and results are rounded to the nearest £’000.

Transactions and balances:

In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entity are recognised at the spot rate at the dates of the transactions or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange differences that arise are recognised within ‘Net income / expenditure’ in the Statement of Financial Activities.

Translation of Group companies:

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated from their functional currency to sterling using the exchange rate ruling on the balance sheet date. Income and expenses are translated using an average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on translation of Group companies are recognised within ‘Other recognised gains / losses’ in the Statement of Financial Activities.

49

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

1 Accounting policies (continued)

(u) Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the terms of the leases.

Rental income receivable under operating leases with a third party is recognised in the Statement of Financial Activities on a straight-line basis over the terms of the leases.

(v) Going Concern

Trustees continue to monitor the principal markets in which the Group operates, and they have prepared forecasts and projections for the Group which cover at least 12 months from the date of signing these financial statements. These projections demonstrate the Group’s ability to meet its obligations as they fall due. The trustees consider there to be no material uncertainties that exist and, therefore, it is appropriate to prepare the financial statements on a going concern basis.

2 Significant judgements and estimates

Preparation of the financial statements requires the Executive Board and Senior Management Team to make significant judgements and estimates.

(a) Significant estimates

The items in the financial statements where significant estimates have been made include:

Revenue recognition:

Income from IOPP’s production of in-house and external partner journals with a majority of the income received in advance is recognised in line with the fair value of content delivered.

Where contracts with customers contain multiple components and/or span multiple years, for example transformative agreements, judgement is required to identify the component parts of the contract and an estimate is required in the recognition of the associated revenue in each applicable financial year. The estimate of revenue to be recognised in each applicable year in relation to a transformative agreement is based on the relative fair value of the component parts of the agreement. The determination of the relative fair value is based on the fair value of the individual component parts with any discount applied on a proportionate basis.

Defined benefit pension scheme valuation:

Valuation of the assets and liabilities of the Group defined benefit pension scheme are performed by a professional actuary. This requires estimates to be made around the range of assumptions used and the value used for each assumption.

IOPP partner accruals:

Indirect costs of IOPP are allocated to partners for whom IOPP provides publishing services in the calculation of partner payments. The method of allocating these indirect costs will vary by partner, depending on the nature of the agreement with each individual one, and estimates are required in these allocations.

Dilapidations:

A provision is included for the value of dilapidations for costs relating to the exit of leasehold premises. An estimate is required to determine this value. The amount payable will be agreed through future negotiation at such point that an exit occurs.

50

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

2 Significant judgements and estimates (continued)

(b) Significant judgements

The items in the financial statements where significant judgements have been made are:

Partner agreements:

When IOPP enters into agreements with partner organisations for the provision of publishing services, judgement is required as to whether the company is acting as the agent or the principal in the arrangement and therefore how revenue should be recognised. The following factors are taken into consideration when making this judgement: which party to the agreement establishes the sales prices; which party bears the credit risk on the sale; and which party is responsible for providing the goods or services to the customer. The contractual terms set out in the agreement and the substance of the arrangement are also taken into consideration.

Leases:

The key judgement is whether leases entered into by the company are operating or finance leases. The conclusion depends on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis.

51

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

3
Income: analysis by fund
Note
Income from:
Donations and legacies
Charitable activities:
Membership
Programmes
Scientific publications
Other trading activities
Investments
6
Other
Total income
5
4
Expenditure: analysis by fund
Note
Expenditure on:
Raising funds
Charitable activities:
Scientific publications expense
7
Advocacy
7
Science, business & education
7
Membership & inclusion
7
Other
Total expenditure		 2025
2025
2025
2025
2025
Endowment
Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
-
-
21
21
-
-
-
1,734
1,734
-
593
-
2,051
2,644
-
-
-
77,527
77,527
-
-
-
1,427
1,427
80
-
-
1,829
1,909
-
-
-
-
-
80
593
-
84,589
85,262
2025
2025
2025
2025
2025
Endowment
Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
-
-
49
49
-
-
-
63,829
63,829
-
49
-
3,581
3,630
5
523
-
4,547
5,075
88
9
71
8,569
8,737
-
-
-
719
719
93
581
71
81,294
82,039		 2024
2024
2024
2024
2024
Endowment
Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
82
-
1
83
-
-
-
1,705
1,705
-
269
-
2,010
2,279
-
-
-
75,107
75,107
-
-
-
1,811
1,811
89
-
-
1,310
1,399
-
-
-
-
-
89
351
-
81,944
82,384
2024
2024
2024
2024
2024
Endowment
Restricted
Designated
Unrestricted
Total
£'000
£'000
£'000
£'000
£'000
-
-
-
128
128
-
-
-
64,174
64,174
-
91
-
3,648
3,739
5
188
-
5,328
5,521
179
1
-
9,308
9,488
-
-
-
709
709
184
280
-
83,295
83,759

52

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)
5
Analysis of incoming resources
By geographical market
Europe, Middle East and Africa
The Americas
Asia Pacific
Total
By class of business
Publishing operations
Charitable activities
Membership income
Other
Total
6
Investment income
Group
Group
2025
2024
£'000
£'000
Dividends and interest from listed investments
611
676
Interest from cash and short term investments
1,298
723
Rent income
-
-
Total
1,909
1,399		 2025
£'000
27,645
35,821
21,796
85,262
2025
£'000
78,795
2,644
1,734
2,089
85,262
Charity
2025
£'000
611
289
715
1,615		 2024
£'000
26,063
34,249
22,072
82,384
2024
£'000
76,918
2,279
1,705
1,482
82,384
Group
2024
£'000
676
198
715
1,589

53

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

7 Analysis of expenditure by type

Raising funds
Charitable activities:
Scientific publications
Advocacy
Science, business & education
Membership & inclusion
Other
Total
Raising funds
Charitable activities:
Scientific publications
Advocacy
Science, business & education
Membership & inclusion
Other
Total		 2025
2025
2025
2025
Activities
undertaken
directly
Grant
funding
activities
Governance
& support
costs
Total
£'000
£'000
£'000
£'000
-
-
49
49
63,829
-
-
63,829
1,782
27
1,821
3,630
3,065
-
2,010
5,075
5,292
185
3,260
8,737
-
-
719
719
73,968
212
7,859
82,039
2024
2024
2024
2024
Activities
undertaken
directly
Grant
funding
activities
Governance
& support
costs
Total
£'000
£'000
£'000
£'000
-
-
128
128
64,174
-
-
64,174
2,150
27
1,562
3,739
3,287
-
2,234
5,521
5,731
180
3,577
9,488
-
-
709
709
75,342
207
8,210
83,759

Activities undertaken directly are costs attributable to the activity. Support costs are those costs that support the activity, details of support costs allocated to Charitable Activities can be seen in Note 8. Grant funding represents 16 (2024: 8) grants made to institutions under the Bell Burnell Graduate Scholarship Fund to encourage greater diversity in physics by assisting PhD physics students from under-represented groups, and 24 (2024: 10) grants made under the Public Engagement Grant Scheme which supports external organisations to deliver outreach activities. 90 (2024: 78) grants were made to individuals to support travel and costs for attendance of conferences and events.

2025 marked the first full year of activity under our new strategy Physics for our Future. The Trustees’ Annual Report and Financial Statements for the year ended 31 December 2025 therefore provide detail of the expenditure aligned to the new structure of the strategy. To enable meaningful comparison and reflect the year of transition to the new strategic framework, the 2024 figures have been restated.

The activities outlined above underpin our new strategy and span our three core goals: skills, science and society. These focus on making sure we have the physics skills we need for our future; unlocking the potential of physics science and innovation; and ensuring that physics can offer the widest possible benefit to all parts of our society.

54

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

8 Analysis of governance and support costs within charitable activities

Included within expenditure on charitable activities are governance and support costs amounting to £7,091k (2024: £7,373k). These are analysed as:

HR
Management
Digital
Finance
Governance
Workplace
Total
HR
Management
Digital
Finance
Governance
Workplace
Total		 2025
2025
2025
2025
Advocacy
Science, business
& education
Membership
& inclusion
Total
£'000
£'000
£'000
£'000
241
259
415
915
403
436
702
1,541
319
342
549
1,210
194
208
335
737
123
132
212
467
541
633
1,047
2,221
1,821
2,010
3,260
7,091
2024
2024
2024
2024
Advocacy
Science, business
& education
Membership
& inclusion
Total
£'000
£'000
£'000
£'000
153
221
343
717
391
557
877
1,825
271
391
609
1,271
171
247
384
802
86
124
192
402
490
694
1,172
2,356
1,562
2,234
3,577
7,373

Depreciation, impairments and bad debt provision movements have been apportioned based on the original direct costs of the activity over total direct costs.

Support costs excluding depreciation, impairments and bad debt provision movement are apportioned on the basis of staff numbers within the charitable activity over total staff in the IOP.

Auditors' fees:

Fees payable to the Charity’s auditors for the audit of the Charity’s annual
financial statements
Fees payable to the Charity's auditors for other services:
The audit of the Charity's subsidiaries pursuant to legislation
Audit-related assurance services
Taxation compliance services
Taxation advisory services		 2025
£'000
79
138
8
25
352
602		 2024
£'000
79
137
7
25
48
296

55

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

9 Staff

The Institute of Physics – Group

Staff
The Institute of Physics – Group
Wages and salaries
Social security costs
Pension costs
Redundancy and severance costs
Total		 2025
£'000
33,017
3,538
3,231
472
40,258		 2024
£'000
33,202
3,042
3,166
182
39,592

During the year, redundancy and severance costs were paid due to changes in business requirements.

Additionally, and not included in the above figures, is the time donated by our dedicated team of volunteers. Details of their contributions can be read in ‘Our 2025 Activities and Impact’.

The number of employees in the Group earning more than £60,000 including bonuses (excluding employer pension contributions) per year can be analysed in the following bands:

2025 2024
Number Number
£60,000 - £69,999 42 28
£70,000 - £79,999 25 28
£80,000 - £89,999 14 20
£90,000 - £99,999 19 12
£100,000 - £109,999 9 7
£110,000 - £119,999 5 10
£120,000 - £129,999 4 8
£130,000 - £139,999 1 -
£140,000 - £149,999 3 5
£150,000 - £159,999 - 2
£160,000 - £169,999 1 -
£170,000 - £179,999 1 -
£180,000 - £189,999 - 1
£190,000 - £199,999 1 2
£210,000 - £219,999 - 1
£220,000 - £229,999 1 1
£250,000 - £259,999 1 -
£260,000 - £269,999 * 1 2
£270,000 - £279,999 - 1
£280,000 - £289,999 1 1
£290,000 - £299,999 1 -
£470,000 - £479,999 - 1
£510,000 - £519,999 1 -

The above banding covers the employees of the IOP Group and also includes 28 staff (2024: 30) who are employed by entities within the IOP Group that fall outside the scope of gender pay gap reporting.

The above banding includes 102 (2024: 94) staff for whom retirement benefits are accruing under defined contribution schemes and 9 (2024: 9) staff for whom retirement benefits are accruing under defined benefit schemes. Contributions by the Group to defined contribution schemes for the year for the above employees amounted to £1,039k (2024: £1,000k). 28 staff included above (2024: 35) are paid in foreign currencies and their earnings are subject to foreign exchange fluctuations when translating from the base currency to sterling.

56

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

9 Staff (continued)

The Institute of Physics – Charity

Within the Charity only, the number of employees earning more than £60,000 including bonuses (excluding employer pension contributions) per year can be analysed in the following bands. Employer pension contributions have also been analysed to show the total employee benefits for those within these bandings:

Non-

Non-
pensionable
Salary & Bonus & allowances & Employer pension 2025 2024
Compensation commission other benefits contribution Number Number
£60,000 - £69,999 - - £0 - £14,999 12 8
£70,000 - £79,999 - - £0 - £14,999 2 4
£80,000 - £89,999 - - £0 - £44,999 5 7
£90,000 - £99,999 - - £0 - £14,999 4 1
£110,000 - £119,999 - - £10,000 - £14,999 1 1
£120,000 - £129,999 - - £10,000 - £19,999 2 2
£140,000 - £149,999 - - £0 - £19,999 1 2
£260,000 - £269,999 * - - £20,000 - £24,999 1 1

The Institute of Physics – Group

Within the trading subsidiaries of The Institute of Physics Group (IOP Publishing Limited, IOP Publishing Inc., IOP Business Publishing Inc., IOP Publishing Consultants (Beijing) Co. Limited, IOP Marketing and Promotion Services Private Limited), some staff, dependent on role, have contractual performance-based incentives linked to the subsidiaries’ revenue or profit growth. Staff may also receive non-pensionable allowances and medical benefits in addition to employer pension contributions.

UK employer pension contributions are made at a maximum of 18% of pensionable salary.

The average number of employees during the year was:

Charitable work:
- The Institute of Physics
Business operations:
- IOP Publishing Limited
- IOP Publishing Inc.
- IOP Business Publishing Inc.
- IOP Publishing Consultants (Beijing) Co. Limited
- IOP Marketing and Promotion Services
Private Limited
Management and administration:
- The Institute of Physics
- IOP Publishing Limited
Total		 2025
Number
105
307
29
1
31
4
39
158
674		 2024
Number
117
296
30
2
33
4
42
153
677

The full-time equivalent employees as at 31 December 2025 was 646 (2024: 651).

57

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

10 Key management personnel remuneration

Key management personnel include all members of Council. The President, honorary officers and members of Council give their time to the IOP on a voluntary basis and are paid no remuneration for this work. They are reimbursed the actual costs of travel and subsistence necessarily incurred on the official business of the IOP and/or its subsidiaries. In the year to 31 December 2025, £14.9k of expenses were incurred and reimbursed to 22 trustees (2024: £6.9k to 16 trustees).

Remunerated key management personnel include the members of the IOP's senior management team and directors of the IOP's subsidiary companies. The Group Chief Executive Officer performs a group role across all entities within the IOP Group, and is part of the IOP's senior management team which also includes the Chief Financial Officer; the Director of Science, Business and Education; the Director of Membership and Inclusion; the Director of Advocacy; the Director of People and Operations; and the Chief Executive, IOP Publishing Limited. All members of the senior management team are remunerated by the IOP with the exception of the Chief Executive of IOP Publishing Limited.

In addition to the members of the IOP's senior management team, remunerated key management personnel compromise: IOP Publishing Limited Chief Financial Officer Chief Sales Officer Chief Technology Officer Chief Publishing Officer Chief People Officer

The pay and remuneration of the Group senior management team is set and monitored on behalf of Council by the Remuneration Committee. This comprises the President, President-elect, Honorary Secretary and Honorary Treasurer, and is supported by several separately appointed external advisors. Each year, the Committee commissions relevant external benchmarking information from both the publishing and charity sector to support its decision-making, and when necessary, takes additional advice from specialist organisations.

The total compensation paid to key management personnel for services provided to the Group was £2,727k (2024: £2,914k). This includes all remuneration, salary, benefits, bonuses and commission, employer’s pension contributions and any compensation payments made.

11 Physics World

During the year, the IOP contributed £266k (2024: £266k) to IOP Publishing Limited towards the cost of copies of Physics World supplied to members, and £40k (2024: £40k) towards the cost of copies of Physics Education supplied to the IOP's affiliated schools’ programme.

12 Taxation

As a registered charity, the IOP is potentially exempt from taxation of its income and gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The subsidiary companies make qualifying donations of taxable profit to the IOP.

13 Irrecoverable VAT

There is a group VAT registration for the IOP and its UK subsidiaries. The VAT group is partly exempt and, because of this, there are restrictions on the amount of VAT recoverable.

58

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

14 Intangible assets

Intangible assets
The Institute of Physics – Group
Cost or valuation
At 1 January 2025
Additions
Transfer from assets in course of construction
Disposals
At 31 December 2025
Accumulated amortisation
At 1 January 2025
Provision for the year
Disposals
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Software
Goodwill on
consolidation
Trademarks
Assets in course
of construction
£'000
£'000
£'000
£'000
20,319
126
217
668
5
-
-
647
183
-
-
(183)
(736)
-
-
(669)
19,771
126
217
463
(13,655)
(126)
(217)
-
(2,739)
-
-
-
487
-
-
-
(15,907)
(126)
(217)
-
3,864
-
-
463
6,664
-
-
668		 Total
£'000
21,330
652
-
(1,405)
20,577
(13,998)
(2,739)
487
(16,250)
4,327
7,332

The IOP Group holds an intangible asset which is material to these financial statements. The asset relates to the subscriptions management system which has a carrying value at year-end of £3,023k (2024: £5,038k). The asset has a useful economic life of 10 years, and two years (2024: three years) are remaining.

Assets in the course of construction – Group

Group assets in course of construction include elements of the implementation of new software systems which are ongoing. These assets will only begin to be depreciated when they are brought into use.

The Institute of Physics – Charity
Cost or valuation
At 1 January 2025
Additions
At 31 December 2025
Accumulated amortisation
At 1 January 2025
Provision for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Software
£'000
275
5
280
(12)
(69)
(81)
199
263		 Total
£'000
275
5
280
(12)
(69)
(81)
199
263

59

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)
15
Tangible assets
Unoccupied
property
Freehold
property
Short
leasehold
property
Fixtures &
equipment
The Institute of Physics – Group
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
2,548
33,830
1,903
2,557
Additions
-
-
-
153
Net gains from fair value adjustment
-
-
-
-
Disposals
-
-
-
(213)
At 31 December 2025
2,548
33,830
1,903
2,497
Accumulated depreciation & impairment
At 1 January 2025
(720)
(6,209)
(536)
(1,459)
Charge for the year
-
(441)
(194)
(372)
Impairment
-
(225)
-
-
Disposals
-
-
-
192
At 31 December 2025
(720)
(6,875)
(730)
(1,639)
Net book value
At 31 December 2025
1,828
26,955
1,173
858
At 31 December 2024
1,828
27,621
1,367
1,098
Unoccupied
property
Freehold
property
Short
leasehold
property
Fixtures &
equipment
The Institute of Physics – Charity
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
2,548
33,830
1,792
409
Additions
-
-
-
10
Net gains from fair value adjustment
-
-
-
-
Disposals
-
-
-
(2)
At 31 December 2025
2,548
33,830
1,792
417
Accumulated depreciation & impairment
At 1 January 2025
(720)
(6,209)
(429)
(250)
Charge for the year
-
(440)
(193)
(61)
Impairment
-
(225)
-
-
Disposals
-
-
-
1
At 31 December 2025
(720)
(6,874)
(622)
(310)
Net book value
At 31 December 2025
1,828
26,956
1,170
107
At 31 December 2024
1,828
27,621
1,363
159		 Total
£'000
40,838
153
-
(213)
40,778
(8,924)
(1,007)
(225)
192
(9,964)
30,814
31,914
Total
£'000
38,579
10
-
(2)
38,587
(7,608)
(694)
(225)
1
(8,526)
30,061
30,971

Included within Unoccupied Property is a property based in London and included within Freehold Property is a property based in Ireland. Given fluctuations in commercial property markets, these properties were reviewed for impairment at the balance sheet date. The reviews indicated that the recoverable amount of the Irish property was less than its carrying amount. The resulting impairment loss was £225k for the Irish property (2024: £209k) and £nil for the London property (2024: £272k), which was recognised in the Statement of Financial Activities, apportioned across expenditure on Charitable Activities.

60

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

16 Investments in subsidiary undertakings

The Institute of Physics – Charity

The Institute of Physics – Charity
2025 2024
£'000 £'000
Cost or valuation
At 1 January and 31 December 3,001 3,001
Net book value
At 1 January and 31 December 3,001 3,001

The IOP's subsidiary undertakings at 31 December 2025 were as follows:

Name Country of
incorporation
/ registration		 Class of
shares
held		 Percentage
held		 Percentage
held
Nature of
business		 Year-end
IOP Publishing Limited UK Ordinary 100% Publishing 31 Dec 2025
IOP Enterprises Limited UK Ordinary 100% Provision of
venue services		 31 Dec 2025
IOP Educational Publishing Limited UK Ordinary 100% * Dormant 31 Dec 2025
Institute of Physics of Ireland CLG Ireland N/A 100% ~ Dormant 31 Dec 2025º
IOP Publishing Inc. USA Ordinary 100% Publishing 31 Dec 2025
IOP Business Publishing Inc. USA Ordinary 100% ^ Publishing 31 Dec 2025
IOP Publishing Consultants (Beijing)
Co. Limited		 China Ordinary 100% * Publishing
consulting		 31 Dec 2025
Turpion Limited UK Ordinary 100% * Publishing 31 Dec 2025
IOP Marketing and Promotion
Services Private Limited		 India Ordinary 100% # Publishing 31 Mar 2026

⁓ Institute of Physics of Ireland CLG is a Company Limited by Guarantee and therefore has no shares. The guarantor is the IOP.

^ The investment in IOP Business Publishing Inc. is held directly by IOP Publishing Inc.

The investment in IOP Marketing and Promotion Services Private Limited is 0.01% owned by the IOP and 99.99% by IOP Publishing Limited.

º Institute of Physics of Ireland CLG was incorporated on 19 December 2024 and is dormant. Section 288(1) of the Companies Act 2014, Ireland, specifies that a company’s first financial year begins upon incorporation and ends on a date no more than 18 months after that date. The first financial period of the Institute of Physics of Ireland CLG will commence on the date of incorporation and end on 31 December 2025.

IOP Educational Publishing Limited, as a dormant entity, is exempt from preparing individual accounts under Section 394A of Companies Act 2006 and is exempt from the obligation to file accounts with the registrar by virtue of Section 448A of Companies Act 2006.

Address of IOP Publishing Limited is No.2 The Distillery, Glassfields, Avon Street, Bristol, BS2 0GR Address of IOP Enterprises Limited is 37 Caledonian Road, London, N1 9BU

Address of IOP Educational Publishing Limited is No.2 The Distillery, Glassfields, Avon Street, Bristol, BS2 0GR Address of IOP Publishing Inc. is 3675 Market Street, Suite 200, Philadelphia, PA 19104, USA

Address of IOP Business Publishing Inc. is 3675 Market Street, Suite 200, Philadelphia, PA 19104, USA

Address of IOP Publishing Consultants (Beijing) Co. Limited is Room 608, Building A, Raycom Info Tech Park, No.2 Kexueyuan South Road, Beijing China 100190

Address of Turpion Limited is No.2 The Distillery, Glassfields, Avon Street, Bristol, BS2 0JR

Address of IOP Marketing and Promotion Services Private Limited is No 59, Empee Tower, Harris Road, Pudupet Chennai 600002, Tamil Nadu, India

Address of Institute of Physics of Ireland CLG is 35 Westland Row, Dublin 2, Ireland

61

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

16 Investments in subsidiary undertakings (continued)

IOP Publishing Moscow LLC, which was owned 1% by the IOP and 99% by IOP Publishing Limited, was liquidated on 29 May 2025.

Turpion-Moscow Limited, which was directly held by Turpion Limited, was liquidated on 10 September 2025.

Details of the net assets, turnover, expenditure and profit for the year of IOP Publishing Limited, IOP Enterprises Limited, IOP Publishing Inc., IOP Business Publishing Inc., IOP Publishing Consultants (Beijing) Co. Limited, Turpion Limited and IOP Marketing and Promotion Services Private Limited are as follows:

Company Number Net assets/
(liabilities)		 Income Expenditure Profit /
(Loss)
2025 2025 2025 2025
£'000 £'000 £'000 £'000
IOP Publishing Limited 00467514 4,169 80,251 (65,432) 14,819
IOP Enterprises Limited 03471563 39 159 (123) 36
IOP Publishing Inc. 26-2659520 1,073 3,669 (3,174) 495
IOP Business Publishing Inc. 26-2301131 (119) 175 (170) 5
IOP Publishing Consultants
(Beijing) Co. Limited		 No.05292 577 2,407 (2,328) 79
Turpion Limited 02463452 (133) - 102 102
IOP Publishing Moscow LLC 1217700419815 - - (69) (69)
IOP Marketing and Promotion
Services Private Limited		 U74999TN2016FTC103739 205 305 (275) 30

Details of the net assets, turnover, expenditure and profit for the prior year of IOP Publishing Limited, IOP Enterprises Limited, IOP Publishing Inc., IOP Business Publishing Inc., IOP Publishing Consultants (Beijing) Co. Limited, Turpion Limited and IOP Marketing and Promotion Services Private Limited are as follows:

Company Number Net assets/
(liabilities)		 Income Expenditure Profit /
(Loss)
2024 2024 2024 2024
£'000 £'000 £'000 £'000
IOP Publishing Limited 00467514 3,006 77,623 (65,665) 11,958
IOP Enterprises Limited 03471563 4 70 (70) -
IOP Publishing Inc. 26-2659520 1,223 4,167 (3,606) 561
IOP Business Publishing Inc. 26-2301131 (137) 352 (333) 19
IOP Publishing Consultants
(Beijing) Co. Limited		 No.05292 514 2,661 (2,573) 88
Turpion Limited 02463452 (236) - (111) (111)
IOP Publishing Moscow LLC 1217700419815 110 151 (67) 84
IOP Marketing and Promotion
Services Private Limited		 U74999TN2016FTC103739 199 343 (310) 33

Profit for the year and for the prior year of IOP Publishing Limited, IOP Enterprises Limited, IOP Publishing Inc., IOP Business Publishing Inc., and Turpion Limited are shown before the profits generated by each entity have been distributed by Gift Aid to the IOP.

62

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

17 Investments

Market value at beginning of the year
Purchases in year
Disposal proceeds in year
Dividends accumulated into investments
Net gains on investments
Market value at end of the year
Historical cost
No investment management cost was incurred in 2025 or 2024.
The analysis of investments by class is as follows:
Vanguard FTSE Global All Cap Index Fund
BNY Mellon Real Return Fund Newton Institutional
CCLA COIF Charities Property Fund
LGIM Future World ESG Multi-Index 5 Fund
Market value of investments
Total value of investments and cash
18
Debtors
Group
Group
2025
2024
£'000
£'000
Trade debtors
14,371
15,868
Other debtors
1,147
607
Derivative financial instruments
136
-
Amounts owed by Group undertakings
-
-
Prepayments and accrued income
4,448
3,789
Total
20,102
20,264		 Group and charity
2025
2024
£'000
£'000
28,380
25,295
17,500
-
(17,468)
-
391
442
1,958
2,643
30,761
28,380
27,701
21,629
Group and charity
2025
2024
£'000
£'000
-
16,561
13,897
7,582
3,229
4,237
13,635
-
30,761
28,380
30,761
28,380
Charity
Charity
2025
2024
£'000
£'000
188
168
716
514
-
-
4
44
859
755
1,767
1,481		 Group and charity
2025
2024
£'000
£'000
28,380
25,295
17,500
-
(17,468)
-
391
442
1,958
2,643
30,761
28,380
27,701
21,629
Group and charity
2025
2024
£'000
£'000
-
16,561
13,897
7,582
3,229
4,237
13,635
-
30,761
28,380
30,761
28,380
Charity
Charity
2025
2024
£'000
£'000
188
168
716
514
-
-
4
44
859
755
1,767
1,481		 Group and charity
2025
2024
£'000
£'000
28,380
25,295
17,500
-
(17,468)
-
391
442
1,958
2,643
30,761
28,380
27,701
21,629
Group and charity
2025
2024
£'000
£'000
-
16,561
13,897
7,582
3,229
4,237
13,635
-
30,761
28,380
30,761
28,380
Charity
Charity
2025
2024
£'000
£'000
188
168
716
514
-
-
4
44
859
755
1,767
1,481
28,380
28,380
Charity
2024
£'000
168
514
-
44
755
1,481

An impairment loss of £63k (2024: £68k) was recognised in the Charity Statement of Financial Activities for the year in respect of bad and doubtful debts. At Group level, an £82k reduction in the bad debt provision resulted in a net credit, and therefore no impairment loss (2024: £163k) being recognised in the Consolidated Statement of Financial Activities.

Amounts due from Group undertakings are interest free and repayable on demand.

63

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

19
Creditors: amounts falling due within one year
Group
Group
2025
2024
£'000
£'000
Trade creditors
1,231
1,387
Amounts owed to Group undertakings
-
-
Other creditors
7,159
6,965
Derivative financial instruments
-
387
Other taxes and social security
728
649
Accruals
6,596
6,704
Deferred income
23,702
28,219
Total
39,416
44,311
Amounts owed to Group undertakings are interest free and repayable on demand.
Deferred income represents income received in advance:
Group
Group
2025
2024
£'000
£'000
Journals subscriptions
22,364
27,121
Membership income
415
337
Other
923
761
Total
23,702
28,219
Group
Group
2025
2024
£'000
£'000
Deferred income at 1 January
28,219
27,979
Resources deferred in the year
32,331
37,045
Amounts released
(36,848)
(36,805)
Deferred income at 31 December
23,702
28,219		 Charity
2025
£'000
534
74
144
-
194
1,422
667
3,035
Charity
2025
£'000
-
415
252
667
Charity
2025
£'000
577
667
(577)
667		 Charity
2024
£'000
718
115
153
-
191
1,224
577
2,978
Charity
2024
£'000
-
337
240
577
Charity
2024
£'000
557
577
(557)
577

64

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

20 Financial instruments

The Group's and charity's financial instruments may be analysed as follows:

Financial assets
Financial assets measured at fair value through
profit or loss
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at fair value
through profit or loss
Financial liabilities measured at amortised cost		 Group
2025
£'000
30,897
49,357
-
(14,986)		 Group
2024
£'000
28,380
47,039
(387)
(15,056)		 Charity
2025
£'000
30,761
14,165
-
(2,174)		 Charity
2024
£'000
28,380
11,350
-
(2,210)

Financial assets measured at fair value through profit or loss comprise fixed asset investments in a trading portfolio of listed company shares and the gain in fair value of foreign currency exchange contracts.

Financial assets measured at amortised cost comprise trade debtors, other debtors, amounts owed by Group undertakings, accrued income, current asset investments and cash at bank.

Financial liabilities measured at fair value through profit or loss comprise the loss in fair value of foreign currency exchange contracts.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals and amounts owed to Group undertakings.

21 Provisions for liabilities

Provisions for liabilities
Group Group Charity Charity
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Dilapidations provision
At 1 January 291 512 291 512
Increase in provision 8 9 8 9
Crystallisation of provision - (230) - (230)
At 31 December 299 291 299 291

Included within provisions is one of £299k (2024: £291k) for costs relating to the exit of a leasehold premises which are expected to crystallise in 2032. The amount payable will be agreed through future negotiation at such point that an exit occurs.

65

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

22 Reserves

Unrestricted funds – Group

Unrestricted funds – Group
General fund
Pension fund surplus/(deficit)
Designated funds
Defined benefit pension long-term strategy fund
Capital expenditure fund
Bell Burnell designated fund
George T Lucy designated fund
Total unrestricted reserves
General fund
Pension fund surplus/(deficit)
Designated funds
Defined benefit pension long-term strategy fund
Capital expenditure fund
Total unrestricted reserves		 Balance at 1
January 2025
Income
Expenditure
Gains on
investment
Transfers
Actuarial
losses
Exchange
adjustments
Balance at 31
December 2025
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
61,451
84,589
(80,940)
1,701
(1,117)
-
(274)
65,410
4,977
-
(354)
-
-
(1,263)
-
3,360
5,000
-
-
-
-
-
-
5,000
2,500
-
-
-
-
-
-
2,500
-
-
(71)
-
600
-
-
529
-
-
-
517
-
-
517
73,928
84,589
(81,365)
1,701
-
(1,263)
(274)
77,316
Balance at 1
January 2024
Income
Expenditure
Gains on
investment
Transfers
Actuarial gains
Exchange
adjustments
Balance at 31
December 2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
70,812
78,661
(82,730)
2,296
(7,500)
-
(88)
61,451
91
3,283
(565)
-
-
2,168
-
4,977
-
-
-
-
5,000
-
-
5,000
-
-
-
-
2,500
-
-
2,500
70,903
81,944
(83,295)
2,296
-
2,168
(88)
73,928

66

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

22 Reserves (continued)

Unrestricted funds – Charity

Unrestricted funds – Charity
General fund
Pension fund surplus/(deficit)
Designated funds
Defined benefit pension long-term strategy fund
Capital expenditure fund
Bell Burnell designated fund
George T Lucy designated fund
Total unrestricted reserves
General fund
Pension fund surplus/(deficit)
Designated funds
Defined benefit pension long-term strategy fund
Capital expenditure fund
Total unrestricted reserves		 Balance at 1
January 2025
Income
Expenditure
Gains on
investment
Transfers
Actuarial
losses
Exchange
adjustments
Balance at 31
December 2025
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
59,745
19,531
(17,294)
1,701
(1,117)
-
-
62,566
4,977
-
(354)
-
-
(1,263)
-
3,360
5,000
-
-
-
-
-
-
5,000
2,500
-
-
-
-
-
-
2,500
-
-
(71)
-
600
-
-
529
-
-
-
-
517
-
-
517
72,222
19,531
(17,719)
1,701
-
(1,263)
-
74,472
Balance at 1
January 2024
Income
Expenditure
Gains on
investment
Transfers
Actuarial gains
Exchange
adjustments
Balance at 31
December 2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
69,247
14,493
(18,791)
2,296
(7,500)
-
-
59,745
91
3,283
(565)
-
-
2,168
-
4,977
-
-
-
-
5,000
-
-
5,000
-
-
-
-
2,500
-
-
2,500
69,338
17,776
(19,356)
2,296
-
2,168
-
72,222

Transfers between funds

During 2025, the trustees approved transfers from general funds to two designated funds established in connection with a legacy donation from the late George Lucy, a long-standing member of the IOP. The trustees designated these funds to reflect the donor’s wishes that the legacy be applied to encouraging wider student participation in physics and the development of students’ investigative skills. The nature and intended use of these designated funds are presented further in this note.

67

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

22 Reserves (continued)

Restricted funds – Group and Charity
Restricted income funds:
Prize funds
Other funds
Total restricted income funds
Endowment funds:
Bell Burnell Expendable Endowment Fund
Lee Lucas Permanent Endowment Fund
Total endowment funds
Total restricted funds
Restricted income funds:
Prize funds
Other funds
Total restricted income funds
Endowment funds:
Bell Burnell Expendable Endowment Fund
Lee Lucas Permanent Endowment Fund
Total endowment funds
Total restricted funds		 Balance at 1
January 2025
Income
Expenditure
Gains on
investments
Transfers
Actuarial gains
/ (losses)
Exchange
adjustments
Balance at 31
December 2025
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
131
-
(2)
-
-
-
-
129
303
593
(579)
-
-
-
-
317
434
593
(581)
-
-
-
-
446
2,875
69
(88)
221
-
-
-
3,077
517
11
(5)
36
-
-
-
559
3,392
80
(93)
257
-
-
-
3,636
3,826
673
(674)
257
-
-
-
4,082
Balance at 1
January 2024
Income
Expenditure
Gains on
investments
Transfers
Actuarial gains
/ (losses)
Exchange
adjustments
Balance at 31
December 2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
49
82
-
-
-
-
-
131
314
269
(280)
-
-
-
-
303
363
351
(280)
-
-
-
-
434
2,679
77
(179)
298
-
-
-
2,875
461
12
(5)
49
-
-
-
517
3,140
89
(184)
347
-
-
-
3,392
3,503
440
(464)
347
-
-
-
3,826

68

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

22 Reserves (continued)

(a) Movement on reserves (continued)

General fund: Represents cumulative surpluses, net of other adjustments.

Pension fund surplus / (deficit): Represents the amount designated by the trustees in respect of the defined benefit pension scheme, being the fair value of plan assets less the actuarial value of plan liabilities.

Defined benefit pension long-term strategy fund: A designated fund earmarked for future expenditure on the defined benefit pension scheme, including possible scenarios involving the discharge of the IOP’s employer obligations. Designated following the IOP’s review of its reserves policy in 2024.

Capital expenditure fund: A designated fund earmarked for expenditure on buildings and other capital projects, established following the IOP’s review of its reserves policy in 2024.

Bell Burnell Designated Fund: A designated fund operating alongside the Bell Burnell Endowment Fund, with the same objectives: to support initiatives encouraging greater diversity in physics by assisting PhD physics students from underrepresented groups. This fund originated from part of a legacy gift from George Lucy, a long-standing IOP member whose wishes aligned closely with the aims of the Bell Burnell Fund.

George T Lucy Designated Fund: A designated fund supporting science apprenticeships and an international fellowship enabling early career physicists to undertake short-term research placements that strengthen experimental, investigative and professional skills. The fund originated from part of a legacy gift from George Lucy, a long-standing IOP member.

Prize funds : Funds held to provide awards to individuals in recognition of their exceptional contribution to physics.

Other funds: Various restricted funds, aggregated for the purposes of the financial statements, given to the IOP to spend towards specific projects and purposes.

Bell Burnell Endowment Fund: An expendable endowment fund established by leading physicist Professor Dame Jocelyn Bell Burnell and the IOP to encourage greater diversity in physics by supporting PhD physics students from underrepresented groups. The trustees have the legal authority to restrict the interest and dividend income generated from the invested endowment, which is applied in accordance with the fund’s purposes.

Lee Lucas Endowment Fund: A permanent endowment fund used to provide an award to recognise and support the achievements of young physics-based enterprises, typically, but not exclusively, within the medical and healthcare sectors. Under the terms set out in the trust documentation, the interest and dividend income generated from the invested endowment may only be applied in accordance with the purposes of the endowment.

(b) Analysis of net assets by fund – Group

Fund balances at 31 December 2025 a
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Total net assets		 Funds with restrictions
Endowment
Restricted
Designated
General
£'000
£'000
£'000
£'000
re represented by:
-
-
-
4,327
-
-
2,500
28,314
3,839
-
-
26,922
-
446
6,046
45,359
(203)
-
-
(39,213)
-
-
3,360
-
-
-
-
(299)
3,636
446
11,906
65,410		 Total Reserves
£'000
4,327
30,814
30,761
51,851
(39,416)
3,360
(299)
81,398

69

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

22 Reserves (continued)

(b) Analysis of net assets by fund – Group (continued)

Reserves (continued)
Analysis of net assets by fund – Group		 (continued)
Fund balances at 31 December 2024 a
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Total net assets		 Funds with restrictions
Endowment
Restricted
Designated
General
£'000
£'000
£'000
£'000
re represented by:
-
-
-
7,332
-
-
2,500
29,414
3,723
-
-
24,657
-
434
5,000
44,319
(331)
-
-
(43,980)
-
-
4,977
-
-
-
-
(291)
3,392
434
12,477
61,451		 Total Reserves
£'000
7,332
31,914
28,380
49,753
(44,311)
4,977
(291)
77,754

23 Pensions

The Group operates three pension schemes:

Defined benefit pension scheme

The Institute of Physics Retirement Benefits Plan 1975 (the Plan) was closed to new members on 31 December 2001. The IOP continues to support the scheme for those who were members on the effective date of closure. The scheme is administered by an independent trustee.

The most recent FRS 102 valuation of the Plan’s assets, dated 31 December 2025, stood at £71,241k (2024: £72,452k). The actuarial value of those assets represented 105% (2024: 107%) of the benefits that had accrued to members, after allowing for expected future increases in earnings.

Contributions paid into the scheme are calculated at a level intended to balance the pensions liability with investment assets. The contribution rates are set at the time of the full formal actuarial valuation. This was last performed as at 31 December 2022 with an update carried out at 31 December 2025 for FRS 102 reporting purposes by a qualified actuary. The assumptions used as at 31 December 2025 are outlined further in this note.

The formal actuarial valuation as at 31 December 2022 was published in early 2024 at which time it was agreed that the IOP would contribute a one-off lump sum of £3,033k to the Plan with the agreement that no further future contributions shall be required to be paid until 22 March 2029.

The Plan’s trustees'-appointed legal adviser has provided advice regarding the impact that a ruling in Virgin Media Ltd v NTL Pension Trustees II Ltd and others [2023] EWHC 1441 (Ch) ("Virgin Media") may have on the Plan.

In July 2024, the Court of Appeal upheld a June 2023 High Court ruling in a case brought by the trustees of the NTL Pension Scheme against Virgin Media Ltd. The case concerned contracted-out "Section 9(2B) rights" accrued in occupational pension schemes after 5 April 1997. The contracted-out regime came to an end on 6 April 2016 and so Section 9(2B) rights were accrued between 1997 and 2016. A provision found in Section 37 of the Pension Schemes Act 1993 required that any amendment "in relation to Section 9(2B) rights under the scheme" was to be accompanied by a written confirmation by the scheme actuary that if the amendment was made, the scheme would continue to satisfy the contracted-out reference scheme test (a Section 37 Confirmation). According to the court’s decision, any amendments to scheme benefits that affect members’ Section 9(2B) rights during the relevant period will be void unless a Section 37 Confirmation was obtained, in writing, when the amendment was made.

The Institute of Physics Retirement Benefits Plan (1975) (the Plan) was contracted out from 6 April 1997 until the Plan closed to further accrual of benefits on 30 June 2015.

70

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

23 Pensions (continued)

The Pension Schemes Act 2026 received royal assent on 29 April 2026. The Act provides for a mechanism whereby if a contemporaneous section 37 confirmation cannot be located, the trustees of the Plan may ask an actuary to provide a retrospective confirmation that in relation to a scheme alteration, the reference scheme test under the contractingout regime continued to be met, once the alteration was made. The trustees of the Plan, in conjunction with their legal advisers, will now undertake the exercise of assessing alterations made to the scheme during the period it was contracted-out under the reference scheme test, and if required in relation to any particular alteration, make a request to the actuary to provide the retrospective confirmation under the provisions of the Pension Schemes Act 2026.

The principal actuarial assumptions used by the actuary at the balance sheet date were:

2025 2024
% %
Discount rate 5.60 5.50
Aggregate long-term expected rate of return on assets (net of expenses):
Inflation (RPI) 2.95 3.15
Inflation (CPI) 2.35 2.50
Future increases in deferred pensions:
Rate of increase in salaries 2.35 2.50
Rate of increase to pensions in payment:
Pre-2001 pension 5.00 5.00
2001-2006 pension 3.00 3.15
Post-2006 pension 1.95 2.00
Years Years
Mortality assumptions:
Life expectancy of male aged 65 now 22.0 21.7
Life expectancy of male aged 65 in 20 years 23.3 22.9
Life expectancy of female aged 65 now 24.0 23.8
Life expectancy of female aged 65 in 20 years 25.4 25.2

Cash commutation:

2025: Members take 75% of their max allowable pension commencement lump sum on current terms. 2024: Members take 75% of their max allowable pension commencement lump sum on current terms.

Reconciliation of fair value of plan liabilities

At the beginning of the year
Administration costs
Interest cost
Remeasurement gains:
Actuarial gains
Benefits and expenses paid
At the end of the year		 2025
£'000
67,475
544
3,639
(428)
(3,349)
67,881		 2024
£'000
76,325
669
3,413
(9,655)
(3,277)
67,475

71

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

23 Pensions (continued)

Changes in the fair value of plan assets

At the beginning of the year
Interest income
Remeasurement losses:
Return on scheme assets excluding interest
Contributions by employer
Benefits and expenses paid
At the end of the year
Actual return on plan assets
Fair value of plan assets
Actuarial value of plan liabilities
Net pension scheme asset
Pension asset recognised on the balance sheet
Amounts recognised in profit or loss
Administration costs
Net interest income
Total		 2025
£'000
72,452
3,829
(1,691)
-
(3,349)
71,241
2,138
2025
£'000
71,241
(67,881)
3,360
Group and
2025
£'000
3,360
Group and
2025
£'000
544
(190)
354		 2024
£'000
76,416
3,517
(7,487)
3,283
(3,277)
72,452
(3,970)
2024
£'000
72,452
(67,475)
4,977
charity
2024
£'000
4,977
charity
2024
£'000
669
(104)
565

72

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

23 Pensions (continued)

Analysis of actuarial (loss) / gain recognised within the Statement of Financial Activities gains and losses category

Actual return less interest income included in net interest cost
Changes in assumptions underlying the present value of the
scheme liabilities
Actuarial (loss) / gain on defined benefit pension scheme
Composition of plan assets
Diversified growth funds
Annuities
Liability-driven investment funds
Schroders Climate+ Fund
Asset-backed securities
Cash
Total plan assets
Defined contribution pension schemes		 Group and
2025
£'000
(1,691)
428
(1,263)
2025
£'000
-
4,530
39,564
7,413
17,079
2,655
71,241		 charity
2024
£'000
(7,487)
9,655
2,168
2024
£'000
-
6,126
38,981
7,049
16,971
3,325
72,452

A Group personal pension scheme was established to replace the defined benefit scheme with effect from 1 January 2002. This scheme closed to new members on 31 January 2014 and a new Group personal pension scheme was established from 1 February 2014. The IOP has also designated a stakeholder pension scheme in compliance with the Pensions Act 1995.

The amount recognised in the Statement of Financial Activities as an expense in relation to the Group's defined contribution pension schemes is £3,231k (2024: £3,166k). Pension costs are treated as staff costs and are allocated between activities and between restricted and unrestricted funds in line with the allocation of the related staff costs. Pension costs relating to support functions are included within support costs and allocated on the same basis as other support costs, in accordance with the methodology described in notes 1 and 8.

An amount of £393k (2024: £397k) was payable to the schemes at the year-end.

73

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

24 Commitments under operating leases

Group

The Group has minimum lease payments under non-cancellable operating leases as set out below:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Land and
buildings
2025
£'000
831
2,363
640
3,834		 Land and
buildings
2024
£'000
843
2,607
1,231
4,681

Charity

The Charity has minimum lease payments under non-cancellable operating leases as set out below:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Land and
buildings
2025
£'000
591
2,363
640
3,594		 Land and
buildings
2024
£'000
591
2,363
1,231
4,185

Lease payments recognised under 'other expenditure' within the Charity in the year totalled £487k (2024: £487k).

Forward contracts

As at 31 December 2025, the Group had six forward contracts in place (2024: 13). At 31 December 2025, the Group's future commitments for the sale of US dollars under all its contractual arrangements totalled US$ 7,600k (2024: US$ 27,350k) with US$ 7,600k (2024: US$ 27,350k) crystallising within one year of the balance sheet date and US$ nil (2024: US$ nil) between 1-2 years of the balance sheet date. The fair value of the forward contract in place at 31 December 2025 was assessed at its mark to market value as a gain of £136k (2024: loss of £387k).

25 Amounts receivable under operating leases

The Charity has minimum lease payments receivable under non-cancellable operating leases as set out below:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Land and
buildings
2025
£'000
715
2,860
775
4,350		 Land and
buildings
2024
£'000
715
2,860
1,490
5,065

74

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties

The transactions noted below are all reported due to the individuals being trustees, directors or key management personnel.

Sales by IOP Publishing Limited in 2025

Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2025 (£)		 Amount
outstanding
at 2025
year-end(£)
Brunel University David Delpy Member of Council Journal subscription and
publishingservices		 17,350 -
CERN Tara Shears Member of the UK
CERN Strategic
Advisory Board^		 Article charges,
conference series
publication and
advertisingservices		 87,372 50,000
Defence Science and
TechnologyLaboratory		 Jane Weir # Lead on ACTS Scheme Journal subscription 67,731 34,530
Heriot-Watt University Robert Lamb Honorary Professorial
Chair		 Advertising services,
journal subscription and
publication services		 36,097 3,036
Imperial College
London		 Melissa
Uchida		 Academic Visitor Article charges 11,004 -
Michele
Dougherty~		 Professor of Space
Physics
Leonardo UK Limited Robert Lamb Chief Research &
TechnologyOfficer		 Journal subscription 19,217 -
University of
Manchester		 Paul Howarth Honorary Professor Article charges,
advertising services,
journal subscription and
publishingservices		 107,104 3,720
National Physical
Laboratory (NPL)		 Peter
Thompson		 CEO Article charges,
conference series
publication, advertising
services and journal
subscription		 40,340 28,807
University College
Dublin		 Ronan
McNulty		 Professor of Physics Advertising services 1,458 1,794
University College
London		 David Delpy Emeritus Professor Article charges,
conference series
publication and
advertisingservices		 27,900 1,326
University of Bristol Vincent
Smith		 Honorary Senior
Research Fellow in
Physics		 Article charges and
advertising services		 9,491 954
University of
Cambridge		 Melissa
Uchida		 Associate Professor /
Senior Lecturer		 Article charges,
advertising services and
eBooks		 48,091 8,278
Lancaster University John Dainton
#		 Honorary Professor Article charges 3,354 2,723
University of Liverpool John Dainton
#		 Emeritus Professor Article charges,
advertising services and
eBooks		 12,077 12,792
Tara Shears Physics Professor

75

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Sales by IOP Publishing Limited in 2025 (continued)

Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2025 (£)		 Amount
outstanding
at 2025
year-end(£)
University of Oxford Phillip
Burrows #		 Professor Article charges,
advertising services,
journal subscription,
publishing services and
eBooks		 106,018 4,539
University of Surrey Elizabeth
Cunningham #		 Visiting Researcher Article charges and
journal subscription		 6,541 -
Peter
Thompson		 Visiting Professor
Warwick University Malcolm
Cooper		 Professor of Physics Article charges 9,146 -

During 2025, IOPP recognised £3k of expenditure in respect of bad debts due from related parties and a provision of £72k was recognised at 31 December 2025 relating to outstanding balances with related parties.

Purchases by IOP Publishing Limited in 2025

Related organisation Individual Role within related
organisation		 Description of
transactions		 Sales by
IOPP in
2025 (£)		 Amount
outstanding
at 2025
year-end(£)
European Physical
Society (EPS)		 Tara Shears EPS HEPP Board
Member		 Payments relating to
partnerpublications		 117,940 -
The Publishers
Association Limited		 Antonia
Seymour		 Director Membership
Subscription		 90,115 -
University of Bristol Vincent Smith Honorary Senior
Research Fellow in
Physics		 Sponsorship 795 -
Woodslea Limited PhilipClarke Director Consultancy 12,698 -
Amounts received by the IOP in 2025
Related organisation Individual Role within related
organisation		 Description of
transaction		 Received
by the IOP
in 2025 (£)		 Amount
outstanding
at 2025
year-end(£)
National Physics
Laboratory (NPL)		 Peter
Thompson		 CEO Conference sponsorship 5,000 6,000
Royal Society Tara Shears Career Development
Fellowship Panel
Extended Member		 Donation 16,189 -
Science and
Technology Facilities
Council (STFC)		 Tara Shears Science Board Chair^ Conference sponsorship 7,500 7,500
Michele
Dougherty~		 Executive Chair
Melissa
Uchida		 DUNE Target
Oversight Board
Chair and ASTeC
Advisory Board
Member

During 2025, the IOP recognised a provision of £7,500 at 31 December 2025 relating to outstanding balances with related parties.

76

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Purchases by the IOP in 2025

Related organisation Individual Role within related
organisation		 Description of
transaction		 Purchases
by the IOP
in 2025 (£)		 Amount
outstanding
at 2025
year-end(£)
CERN Tara Shears Member of the UK
CERN Strategic
AdvisoryBoard^		 Sponsorship 2,000 1,000
European Physical
Society (EPS)		 Tara Shears EPS HEPP Board
Member		 Affiliation costs 116,400 -
Imperial College
London		 Michele
Dougherty ~		 Professor of Space
Physics		 Grants & conference
costs		 28,392 -
Melissa
Uchida		 Academic Visitor
University of
Manchester		 Paul Howarth Honorary Professor Conference costs 41,232 -
Northern Ireland
Science Festival		 Dermot Green Incoming board
member		 Sponsorship 2,000 -
National Physics
Laboratory (NPL)		 Peter
Thompson		 CEO Sponsorship 916 -
Science and
Technology Facilities
Council (STFC)		 Tara Shears Science Board Chair^ Sponsorship 1,277 382
Michele
Dougherty~		 Executive Chair
Melissa
Uchida		 DUNE Target
Oversight Board
Chair and ASTeC
Advisory Board
Member
UK Research and
Innovation (UKRI)		 Tara Shears Future Leaders
Fellowships core
Panel Member, REF
Main Panel B
member, REF Physics
subpanel chair		 Sponsorship 417 -
University College
Dublin		 Ronan
McNulty		 Professor of Physics Grants 2,624 -
University College
London		 David Delpy Emeritus Professor Grants 14,918 -
University of Bristol Vincent Smith Honorary Senior
Research Fellow in
Physics		 Conference costs &
sponsorship		 42,444 -
University of
Cambridge		 Melissa
Uchida		 Associate Professor /
Senior Lecturer		 Grants, conference
costs & sponsorship		 48,178 1,000
Lancaster University John Dainton # HonoraryProfessor Conference costs 4,785 -
University of Liverpool Tara Shears Physics Professor Grants & sponsorship 18,728 -
John Dainton # Emeritus Professor
University of Surrey Anthony
Thompson		 Visiting Professor Sponsorship &
outreach		 1,740 -
Elizabeth
Cunningham #		 Visiting Researcher
Warwick University Malcolm
Cooper		 Professor of Physics Grants & conference
costs		 31,571 -

77

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Sales by IOP Enterprises Limited in 2025

Sales by IOP Enterprises Limited in 2025
Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2025 (£)		 Amount
outstanding
at 2025
year-end(£)
Heriot-Watt University Robert Lamb Honorary
Professorial Chair		 Room hire 1,450 -
Science and
Technology Facilities
Council (STFC)		 Tara Shears Science Board Chair^ Room hire 9,454 1,920
Michele
Dougherty~		 Executive Chair
Melissa
Uchida		 DUNE Target
Oversight Board
Chair and ASTeC
Advisory Board
Member
UK Research and
Innovation (UKRI)		 Tara Shears Future Leaders
Fellowships core
Panel Member, REF
Main Panel B
member, REF Physics
subpanel chair		 Room hire & catering 4,157 2,030
University College
London		 David Delpy Emeritus Professor Room hire 2,900 1,740
University of Bristol Vincent Smith Honorary Senior
Research Fellow in
Physics		 Room hire 618 -
University of
Cambridge		 Melissa
Uchida		 Associate Professor /
Senior Lecturer		 Room hire & catering 9,617 -
University of Surrey Anthony
Thompson		 Visiting Professor Room hire & catering 16,707 -
Elizabeth
Cunningham #		 Visiting Researcher

There were no purchases by IOP Enterprises Limited in 2025 with related parties.

Sales by IOP Publishing Limited in 2024

Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2024 (£)		 Amount
outstanding
at 2024
year-end(£)
University of
Birmingham		 John Bagshaw
*		 Quantum Hub
Member &
Applications
Technology
Exploitations Panel
Member		 Journal subscription,
publishing and
advertising services,
article charges		 141,610 6,353
University of Bristol John Bagshaw
*		 Member of Industrial
Advisory Board &
Physics Department		 Journal subscription,
publishing and
advertising services,
article charges		 185,114 -
Cardiff University John Bagshaw
*		 Member of Advisory
Board & Physics
Department		 Journal subscription,
publishing and
advertisingservices		 45,460 600

78

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Sales by IOP Publishing Limited in 2024 (continued)

Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2024 (£)		 Amount
outstanding
at 2024
year-end(£)
City St George’s
University of London,
School of Mathematics,
Computer Science and
Engineering		 John Bagshaw
*		 Strategic Advisory
Board Member		 Journal subscription,
publishing and
advertising services,
article charges		 1,638 -
University of
Southampton		 John Bagshaw
*		 Strategic Advisory
Board Member		 Journal subscription and
publishing services,
article charges		 139,350 432
Fraunhofer UK John Bagshaw
*		 Member of
Industrial Advisory
Board		 Advertising 598 -
University of
Cambridge		 Lisa Jardine-
Wright *		 Teaching Professor Journal subscription and
publishing services,
article charges		 258,852 6,934
Melissa
Uchida		 Associate Professor
/Senior Lecturer
Imperial College
London		 Melissa
Uchida		 Academic Visitor Journal and eBooks
subscription, publishing
services and advertising,
article charges		 239,068 6,880
Michele
Dougherty~		 Head of Department
of Physics
Science & Technology
Facilities Council		 Michele
Dougherty~		 Chief Executive Advertising 119,296 4,800
Melissa
Uchida		 Projects Peer
Review Panel
Member
Tara Shears Science Board Chair
& Council Observer^
UKRI Tara Shears Future Leaders
Fellowships Core
Panel Member		 Journal subscription 4,036 -
Claudia
Eberlein *		 Occasional Chair /
Panel Member
Loughborough
University		 Claudia
Eberlein *		 Dean of Science &
Professor of
Theoretical Physics		 Journal subscription and
publishing services		 83,527 -
University of Exeter Roy Sambles * Professor Journal subscription and
publishing services,
article charges		 83,790 4,954
National Physical
Laboratory		 RoySambles * Distinguished Visitor Journal subscription and
publishing services,
article charges		 32,316 -
Peter
Thompson		 CEO
University of Surrey Peter
Thompson		 Visiting Professor Journal subscription and
publishing services		 57,748 -
Elizabeth
Cunningham #		 Visiting Researcher
University College
Dublin		 Tara Shears Professor Advertising 1,663 -

79

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Sales by IOP Publishing Limited in 2024 (continued)

Related organisation Individual Role within related
organisation		 Description of
transaction		 Sales by
IOPP in
2024 (£)		 Amount
outstanding
at 2024
year-end(£)
CERN Tara Shears Member of the UK
at CERN Committee
& UK CERN Strategic
AdvisoryBoard^		 Journal and eBooks
subscription, publishing
services, magazine
printingand distribution		 318,396 179,471
European Physical
Society		 Tara Shears EPS HEPP Board
Member		 Advertising 599 719
University of Liverpool Tara Shears Physics Professor Journal and eBooks
subscription and
publishing services,
advertising		 157,935 -
John Dainton
#		 Emeritus Professor
Cockcroft Institute John Dainton
#		 Former Director Advertising 395 -
University of Lancaster John Dainton
#		 Honorary Professor Journal subscription and
publishing services,
advertising		 133,962 72,186
University of Oxford Phillip
Burrows #		 Professor Journal and eBooks
subscription and
publishing services,
article charges,
advertising		 98,370 2,806
University College
London		 David Delpy Emeritus Professor Publishing services and
advertising, article
charges		 222,108 122,691
Brunel University of
London		 David Delpy Member of Council Journal subscription and
publishingservices		 17,010 -
Leonardo UK Ltd Robert Lamb Chief Research &
TechnologyOfficer		 Journal subscription 18,568 -
Heriot-Watt University Robert Lamb Honorary
Professorial Chair		 Journal subscription and
publishing services,
article charges		 37,407 -

During 2024, IOPP recognised £3k of expenditure in respect of bad debts due from related parties and a provision of £7k was recognised at 31 December 2024 relating to outstanding balances with related parties.

Purchases by IOP Publishing Limited in 2024

Related organisation Individual Role within related
organisation		 Description of
transaction		 Purchases
by IOPP in
2024 (£)		 Amount
outstanding
at 2024
year-end(£)
University of
Cambridge		 Lisa Jardine-
Wright *		 Teaching Professor Event sponsorship 667 -
Melissa
Uchida		 Associate Professor
/Senior Lecturer
University of Exeter Roy Sambles
*		 Professor Event sponsorship 3,000 -
University College
London		 David Delpy Emeritus Professor Event sponsorship 250 -
European Physical
Society		 Tara Shears HEPP Board
Member		 Affiliation costs 119,750 -
Woodslea Limited PhilipClarke Director Consultancy 10,744 -

80

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Amounts received by the IOP in 2024

Related organisation Individual Role within related
organisation		 Description of
transaction		 Received
by the IOP
in 2024 (£)		 Amount
outstanding
at 2024
year-end(£)
University of Surrey Elizabeth
Cunningham #		 Visting Researcher Conference sponsorship 324 -
Peter
Thompson		 Visiting Professor
UKRI Claudia
Eberlein *		 Occasional Chair /
Panel Member		 Room hire &
conference sponsorship		 7,835 -
Tara Shears Future Leaders
Fellowships Core
Panel Member
Royal Society of
Publishing		 John Dainton # Editor in Chief Conference sponsorship 500 -
Science & Technology
Facilities Council (STFC)		 Melissa
Uchida		 Projects Peer
Review Panel
Member		 Room hire &
conference sponsorship		 22,438 -
Tara Shears Science Board Chair
& Council Observer^
Michele
Dougherty~		 Chief Executive
STEM Learning Ltd Keith Burnett Strategic Advisory
Panel Member		 Consultancy & room
hire		 2,358 -
Purchases by the IOP in 2024
Related organisation Individual Role within related
organisation		 Description of
transaction		 Purchases
by the IOP
in 2024 (£)		 Amount
outstanding
at 2024
year-end(£)
University of Surrey Elizabeth
Cunningham #		 Visting Researcher Grants, outreach &
conference costs		 18,199 1,443
Peter
Thompson		 Visting Researcher
National Physical
Laboratory		 Peter
Thompson		 CEO Conference costs 3,665 -
RoySambles * Distinguished Visitor
Universityof Exeter RoySambles * Professor Grants & consultancy 23,504 2,701
University of
Cambridge		 Lisa Jardine-
Wright *		 Teaching Professor Grants & conference
costs		 14,950 -
Melissa
Uchida		 Associate
Professor/Senior
Lecturer
Imperial College
London		 Melissa
Uchida		 Academic Visitor Grants & conference
costs		 6,928 -
Michele
Dougherty~		 Head of Department
of Physics

81

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

26 Related parties (continued)

Purchases by the IOP in 2024 (continued)

Related organisation Individual Role within related
organisation		 Description of
transaction		 Purchases
by the IOP
in 2024 (£)		 Amount
outstanding
at 2024
year-end(£)
Science & Technology
Facilities Council		 Michele
Dougherty
~		 Chief Executive Conference costs 2,750 -
Melissa
Uchida		 Projects Peer
Review Panel
Tara Shears Science Board Chair
& Council Observer^
European Physical Society Tara Shears HEPP Board
Member		 Affiliation costs 116,400 -
UniversityCollege Dublin Tara Shears Professor Grants & consultancy 5,647 -
University of Liverpool Tara Shears Physics Professor Grants & outreach 11,062 2,714
John
Dainton #		 Emeritus Professor
University of Lancaster John
Dainton #		 Honorary Professor Grants, outreach &
conference costs		 11,397 -
Self-employed Jane Clark Self-employed Grants & outreach 918 -
University of Birmingham John
Bagshaw *		 Quantum Hub
Member &
Applications
Technology
Exploitations Panel
Member		 Grants & conference
costs		 5,074 -
University of Bristol John
Bagshaw *		 Member of
Industrial Advisory
Board & Physics
Department		 Grants & conference
costs		 4,519 -
Cardiff University John
Bagshaw *		 Member of Advisory
Board & Physics
Department		 Grants, consultancy &
conference costs		 4,522 -
City St George’s
University of London,
School of Mathematics,
Computer Science and
Engineering		 John
Bagshaw *		 Strategic Advisory
Board Member		 Training 3,500 -
University of
Southampton		 John
Bagshaw *		 Strategic Advisory
Board Member		 Conference costs &
consultancy		 900 -
Loughborough University Claudia
Eberlein *		 Dean of Science &
Professor of
Theoretical Physics		 Conference costs &
consultancy		 17,767 -
Brunel University of
London		 David Delpy Member of Council Conference costs 182 -
University College
London		 David Delpy Emeritus Professor Grants, consultancy &
conference costs		 14,758 -
University of Oxford Phillip
Burrows #		 Professor Grants, consultancy &
conference costs		 19,940 -

The Charity did not receive any donations with conditions from the trustees or other related party (2024: £nil). No individual listed above was involved in any way with decisions related to, or taken on, the IOP's expenditure with these related organisations in 2025 or 2024.

82

The Institute of Physics Financial Statements for the year ended 31 December 2025

Notes forming part of the financial statements (continued)

Notes forming part of the financial statements (continued)
27
Analysis of net debt
Cash at bank and in hand
Derivative financial instruments
Total		 At start of year
Cash flows
Fair value
movements
Foreign exchange
movements
At year end
£'000
£'000
£'000
£'000
£'000
29,489
2,577
-
(317)
31,749
(387)
-
523
-
136
29,102
2,577
523
(317)
31,885

The Group has not held any debt instruments such as loans or finance leases during the year.

83

The Institute of Physics (IOP) is the professional body and learned society for physics in the UK and Ireland. It seeks to raise public awareness and understanding of physics, inspire people to develop their knowledge, understanding and enjoyment of physics, and support the development of a diverse and inclusive physics community. As a charity, it has a mission to ensure that physics delivers on its exceptional potential to benefit society.

The Institute of Physics is a charity registered in England and Wales (no. 293851) and Scotland (no. SC040092).

Visit us at iop.org