Trustee's Report and Accounts for the Year ended 31 December 1997

THE SOCIETY'S FINANCIAL POSITION

The Statement of Financial Activities (SOFA) and the balance sheet with accompanying notes for the Society at 31 December 1997 are attached to this report. The Society continues to hold two funds, the General Fund and the Radiological Protection Advancement Fund (RPAF). Both are listed in the SOFA. The General Fund provides the overall running of the Society while the RPAF is used in pursuit of the charitable objects of the Society. The RPAF is funded wither by services that are paid for or by transfers from the General Fund and is therefore classified as a 'designated fund' not a 'restricted fund' under the Charities Acts. There are common bank accounts for the two funds. The current account is supported by a business premium account (which provides interest on credit) with automatic transfers between the two. Dividends from investments and investment redemption are held in a deposit account which automatically transfers funds into a High Interest Business Account (HIBA). A significant proportion of HIOBA has been invested in a higher interest Treasury deposit. A separate account exists for the Southport'99 international symposium. The accounts are set up to give returns on cash flow.

FINANCE COMMITTEE

This committee has met twice during 1997 and examined issues with respect to report and accounts 1996, bursaries, journal, meetings costs and fees, RPAF status, international symposium budget, international committee costs, NVQ guide costs, schools programme, direct debiting and credit card payments, as well as normal monitoring of investments and accounts. The Society's Financial Management Strategy items for 1997 were as follows:

1. Subscriptions

Subscriptions shall be set to cover the budgeted costs of the General Fund less other income and interest accruing to that Fund. Costs that are paid in and out against specific items are not included i.e. Journal of Health Physics and certification costs.

2. Investments

The Society shall hold investments equivalent to at least one year's General Fund expenses and sufficient to provide for an unsuccessful International Symposium.

3. Income from Investments

Interest and dividends from investments shall go into the General Fund and be apportioned between the General and RPA funds on the basis of the balance in the two funds at the end of the previous year. Any balance from International Symposia, scientific meetings and the journal shall be channelled into the Radiological Protection Advancement Fund.

4. Scientific Meetings

In general, the principal Scientific Meetings shall be self financing. Smaller more focused workshops etc. could be run at a loss.

5. Journal

It is expected that the Journal is to be self-financing.

6. Financial Neutrality

Over the course of a cycle (defined as the period between profit-generating international symposia) the target is to achieve financial neutrality, that is, net expenditure shall equal the cash injection received from each symposium. The expenditure shall be on items prioritised by Council who shall also determine the annual expenditure over the cycle.

REVIEW

Income was less in 1997 than in 1996 primarily due to lower income from scientific meetings even though more scientific meetings were held in 1997. Expenditure has been higher, particularly on charitable objectives, with a net outgoing resource. This has been offset by investments having been balanced at market value rather than at historical cost, in line with Charity Commission latest practice, and this has resulted in a net increase in year end balance of £4,361. The Society's accounts stand at a healthy level for future projects. Financial planning has indicated that an investment buffer of £50,000 is adequate for the current year, in line with Strategy item 2 above. So although Exchequer stock was redeemed early in the year, there is no intention to reinvest with any other funds in long term stock. Nevertheless, the Treasury deposit of £50,000 will be re-invested until further specific charitable expenditure is identified.

The Society is dependent on the goodwill of many individuals but also on the support of large and small organisations who employ those involved in radiological protection and allied fields. Employers are from both private and government sectors. It is difficult to quantify the Society's dependence but the following example calculation may paint a broad picture. Say 50 individual's give two 8 hour days a year of company time at an overhead rate of £30/hour; this amounts to a contribution to the Society's objects and activities of £24,000 per annum.

The International Symposium in 1999 is a significant financial undertaking but which is expected to run at gain rather than loss. Expenditure will begin on this project in 1998 but major expenses and income will not occur until 1999. The normal scientific meetings overall cost is around £25,000 to £26,000 a year but this outlay is usually balanced by paid attendance.

The 1997 Scholarship is paid by installments, as is payment for NVQ guidance notes, and these are therefore commitments in 1998 of £6,167. This will be easily supported by existing funds.

The Society is now the main connection for all UK charities, societies and organisations into the International Radiological Protection Association and Council are sure this will benefit a wider audience in pursuit of the furtherance of radiological protection.

M C Renouf
Honorary Treasurer
5 March 1998