Annual Report 2018 Contents

Foreword 01 IOP’s year in numbers 04 Regional activities 05 Community 07 Discovery 11 2018 Award winners 14 Society 19 Economy 23 Education 27 Looking forward 29 Public benefit 30 Governance 31 Our subsidiaries 38 Financial review 39 Financial statements 47 IOP Annual Report 2018 01 Furthermorethe impact of physics-based businessestechnology and economy our on recognisedhas been the in government’s industrialstrategy. promoted have We technical careersalternative as an to traditional academic routesand facilitated resource exchange businesses. and centres research between are Our members throwing stones at glass ceilingsand turning stereotypes on their head, provingthat there sizeone is no fits all physicist. Ifthis foreword began with the words of the lateStephen Hawking, great of our one male physicists;it seems fitting finish to with the actionsgreatest of of our one physicists, female Professor Jocelyn2018, In Burnell. Bell BellBurnell won the Breakthrough prize in fundamentalphysics for discovery her of scientific her radiopulsars more widely, and, leadership.Ourformer President has donated the£2.3 million Breakthrough prize money tocreate fund a so that those who are under- representedphysics in can take their first stepsto becoming physicsa researcher. Such representationmatters. The physics community isbettera place for the greater variety of people it is more important withinit. Forthe than IOP, that ever the keep we pushing boundariesof at the and discipline our same time create room diverse for more voices. For it is within that space,that find will we the stars. Professor Higgins Dame Julia DBE FRS FREng HonFInstP CPhys . In it In . the who man The Times New York In 2004, Stephen 2004, Hawking,In who sadly interview gave an March in passed away 2018, to Foreword later would advise us to to “look the stars wasasked not whatdown feet”, at and our believed he commercial success looked likefor him. Professor Hawking’s response? books to be sold in “I want my He said, airport bookstalls”. Itwascharacteristic of the wry for humour which ProfessorwasHawkingknown, but tucked amongstthe witticism morea significant lay beliefA that there philosophy. goodis no reason physicswhy not occupy should the same bookshelfas cricketer’sa a or autobiography, briefhistory of bicycles. That the question of why exist humans came we to how and be here so profoundlyimpacts every of us, one that access tosuch information is right,a not privilege.a Thisthatis philosophy a is at the heart of thework ofthe Institute of Physics has and It part is key a remained focusa 2018. during mission ofour physics to make accessible as subject,a demystified a as career and choice, demonstrableits in socio-economic impact. This beenhas the last of strategya year that strategya – 2014 that in waslaunched put at its social impact heart. Fiveyears the IOP can later, look back with some satisfactionat what been has achieved look forward and the on groundwork to building thatthis strategyThe work laid. IOP’s has has rolekey a encouraging in played more girls to and recruit more tostudy physicspost-16 physicsteachers. Institute of Physics, Caledonian Road

IOP Annual Report 2018 04 120 travel bursaries delivered bursaries 120 travel 51 special groups interest women were winners 45% IOPAward 142 Award nominations received teachers’ scholarships for events recruitment 40 28 Campus ambassadors 1 new IOP homein London’s King’s Cross run nationally events engagement public 282 newsletter science equivalent or higher up our signed to A-level, 2,279 students IOPwith and Ireland affiliated are 25% UK schools in the of all secondary Network Physics Stimulating our in schools lead 50 schools and partner 420 programme Leaders Physics of our 142 Future part schools are awarded scholarships teaching 132 numbers in year IOP’s 9 countries researchers career early for 20 Publishing Academy in workshops by readers downloaded chapters than 1 million 117 new ebooks published and more New Journal of Physics 5,000,000 downloads from the on 2017published, 77% growth 40,327 articles proceedings conference published on an basis open access in journal articles 30% growth publications made of use IOP Publishing’s research 6,618 scientists whose institutions by ourdelivered education work have been teacher-hours 65,000 engagement and outreach people reached through 432,500 about in time our gallery 1 specially installation commissioned delivered conferences 46 23,045 members IOP Annual Report 2018 05

Birmingham Pride Midlands Science in the Park Midlands Duke Theatre Performance West North Cally Festival London& South East Palace of Science of collaboration Palace YorkshireNorth& East Festival of Physics Scotland Climate stories West South

Entangled Ireland Regional activities Launch Physics of Welsh in the Economy report Wales BT Young ScientistBT Young Exhibition Ireland Northern Ireland Science Festival Ireland IOP Annual Report 2018 06 IOP Annual Report 2018 07 in creating a communitya in creating that people can see themselves reflected in. These individual stories demonstratethe diversity members’ ofour experiencesoffer and personalised insight into members how feel the IOP supported has them. particular, In these stories highlight the value oftechnical careers, careera path the IOP has takensignificant steps to support by year this securingthe licenses to offer RSci, RSciTech, and IEng EngTech accreditations. The ability IOP tooffer of the these qualifications develops thequality member offer, of our which is mirroredthe in vibrancy members’ of our stories. the Member Stories Additionally, series cements themembership restructure that took place last spotlights and year the how to IOP is able tailor itsmember support across different sectors and experiencelevels. Ourpursuit of this individualised member experiencehas culminated in the launch and digital new development of our ongoing hub calledConnect. wanted We to create digitala that morea hub had contemporary design thatwas reflectiveoutlook our of modern a as organisation.started have We to develop Connectas replacementa for MyIOP through whichmembers can engage more fully with content,letting them choose pick and what sortof features stories and to they like would newsfeed. seeon their Over time Connect will expandthe audiences to other public. including Our Fellowship marketing ‘best won campaign integrated marketing for encouraging campaign’ more fellowship applications MemComat 2018

Income: £1,964,000 Expenditure: £4,494,000 Itis the creativity, insight imagination and members that of our characterises physics our communityas unique. From international prizesto tickingthe choosing box and to study physics, roleour is to represent members’ our interestsstages at all of their careers. Our membersare students, apprentices, business leaders,technicians, academics; together we areadvancing science, education, community diversity developmentand through impactful our events,outreach policy work. and are a We membershiporganisation first and foremost; assuch it is imperative that maintain we a personalisedof level support bespokea and offer. member revealed we two initiatives 2018, In for our Member Stories, launched We community. new a campaignshowing our members describing, in theirown words,who they they are how got and towhere they are. This campaign highlights how theIOP supports its members through career advice,subject accreditation, events most and, importantly,connectiona to active an science Thecommunity. campaign is seriesa of videos written and stories that showcase our how members usedhave physics its and applications totransform lives society. our our and These times on videosbeen viewed have 37,000 socialmedia and are a foundational step 1,400 people took part took 1,400 in people experience firstour LBGT+ members survey physical in sciences Community IOP Annual Report 2018 08 volunteering opportunities). volunteering and events branch groups, interest special as (such engagement our core support to offering how we have our developed digital significantly demonstrates launch Connect IOP of The and seek interests. own their other out each with for people communicate tool inclusive to a powerful, create to Connect into feeding website, the to will added be personalisation for options and more more over time, that, new hub. liked the they We envisage thath saying 67% almost users of with streamlined, and more modern more navigate, to easy is that it reported Users content. the improve help us to feedback we have collecting been launch, soft the Throughout members. to interest personal of and events news publications, IOP programmes, events alongside World Physics of journalism renowned internationally the by IOP. find can offered Members services all the people tofor and engage explore a place provide to is vision Our digital Dervesh, Member Dervesh, groups. interest and you can join any number of special you get World Physics delivered you; to online; you can apply travel for grants; You have awealth accessto of material part of the wider physics community. Being amember makes me feel building widely. more the in hosted the activities share and office, London in IOP the the of work and international national the share we building can the that so throughout installed been have AV equipment and screens public. and Digital the community our physics for and activities events host to us enabling are spaces These spaces. meeting and theatres We have lecture a public gallery, two rays. to measure cosmic and analyse allows which students network HiSparc the into fed is detector the from on our The data roof. and installed was students by local assembled was detector ray A cosmic ininnovation action. and physics see can people that so installed system) have been also communication (an wireless chamber A andcloud Li-Fi optical roof. and green building management system pumps, an heat innovative source ground art the of has state It in action. physics showcase to new building designed The has been building Cross King’s highlight: Community

IOP Annual Report 2018 09 King’s Cross King’s building IOP Annual Report 2018 10 IOP Annual Report 2018 11 businesseslike Leonardo, PepsiCo and Airbus tohigh growth start-ups. and SME’s They are a platform valuable to create knowledge exchange support and technological development. Thework of these groups is further supported development of Physics by the Insights. Thisproject ambitious is our ongoing and to dataa compile of the map physics landscape includes map Sucha the in Ireland. and UK data funding,on collaborations, patents and publicationsbrought together to assist the isphysics to aim create Our community. a researchtool that support will work our with the physicscommunity. The team behind the project wasexpanded the and technicalapproach the behind also data grown have adapted. We theof external number data sources that we areanalysing as well as harnessing our own IOPmembership data to create of number a bespokevisualisations.These visualisations fed have into of reports number a for internal external and users physics how on can be used toincrease productivity competitiveness and withincertain industries. anticipateWe that use will we this data support in work of our in scienceafter Brexit, comprehensive the UK’s development of review spending and the physics. and Irish roadmapfor UK a funding publisher is leading a Ltd IOPPublishing (IOPP) physics, in physical sciences, astronomy and Launch of Photonics Photonics Launch of the International Report on Light 2018 of Day of the value showcasing to the economy this sector

Income: £60,648,000 Expenditure: £47,809,000 that believe physics We research benefits fromcollaborative work between business members Our academia. and industry include leadersacross sectors, all continue will we and the tochampion important role that physics the in plays broader economyand society. part key A of the Institute’s work is its role in facilitatinggroups and subsequent collaboration betweenthem. Groups are seriesa of member- lednetworks that research develop allow and like-mindedmembers to connect with people ofsimilar interests. Bringing people across both academiaindustry and togetheruses physics tosolve industry reinforces challenges, and physicsimportant as an outside discipline of theclassroom real in and world environments. Arounda quarter of ourmembers participate groupa in groups and proactively deliver exciting an varied and programme of events throughoutFrom groupa the for year. Early our CareerMembers, to the Complex Liquid and FluidsGroup the or Medical Physics Group; the varietyof groups for members our available tois representative join of the diversity of our events, Groups ran 121 2018, In community. withincrease an attendees in from 10% of over theGroups previous such as the year. Business Growth Innovationand Group connect large 30% of IOP Awards Awards IOP of 30% named now medals are after female scientists growth9% published in research articles 2018, in with growth 30% open in access articles Discovery IOP Annual Report 2018 12 IOP Awards IOP a 77% increase on 2017. articles, proceeding 40,000 conference in 2018, 75%, of an increase and more than 117 books published a record IOPP titles. access nineof including new journals new open four launch by the supported was 30%. This than more by increased journals our in published articles by 9% in 2018 number access andopen of the all titles across grew IOPP’s published articles 2025. to through of Applied both Physics, Society Japanese and the Society Astronomical IOPP, with includingagreements American the their renewed major publishingSeveral partners seven months. 221,000than first in its times more used was which service my article’ ‘Track launch and its of the site Publishing Support its of development continuing by the supported still, further improved and reviewers authors of levels satisfaction The online publication. to submission and from articles journal of review peer the in 2017. for taken time the We reduced also than items and news proceedings conference books, articles, journal and published more websites news World Physics the relaunched year in 2018. strong hadIOPP another We organisations. and research societies scientific other to services and its and web sites series conference magazines, books, its journals, through community scientific to the worldwide services publishing providing mathematics, • • • highlight: Discovery are women (10 22) of out 2018 of Awards IOP winners the of 45% 13% of was in2006 high previous asthe 2015 Review, the where to Awards prior statistics on increase a substantial maintains This respectively. medals Career Early Bronze and Subject Silver Gold, 7, physicists: for 16 13and nominations female for were nominations 25% total of received were 142 nominations

be found at can awards our all about information Further community.the of thispart and benefit celebrate will which include awards additional to aims are 46 companies and our have awarded been awards, year these of seventh inNow the manufacturing. high-tech to technologies medical energy, renewable oil to and gas from sectors, rangeof a across efficiency andjobs improved secured profit, have generated that companies physics – of application innovative on the success have UK and built that Ireland in the companies celebrate Awards Innovation Our Business and Ireland. UK the across from in 57 institutions different working people for nominations with and regions, the nations from engagement significant saw female. We were and also 45% winners the of ourof community. nominated, 35 women were 142 all corners from nominations quality high field, insubmitting the out being carried work excellent the recognise to continued community In 2018, physics the that delighted we were named in honour female of scientists. and we our of now medals have over a third medals, an five of additional introduction the with endeavour community of the breadth to reflect In 2018 portfolio the expand to we continued technologies. and physics-based of physics application the education, physics outreach, physics made to as well contributions as physics, of all spans areas Our medal portfolio future. in the success of our greater to younger members community encourage and to physics, to contributions making remarkable are who and teams people and honour those our is aim identify It to UK or Ireland. in the the development physics of to contribution havewho made a substantial individuals and teams recognise Awards IOP www.iop.org/about/awards. IOP Annual Report 2018 13 IOP Awards IOP Annual Report 2018 14 Recipient Award 2018 Award winners Recipient Award community. physics the throughout equality for – and an as ambassador conferences and workshops events, internationally – at andnationally IOP the work the of championing in effort and time dedicated For Recipient Award decades. three spanning Institute the to and service commitment For new building the to inPlace King’s Cross. Portland move from to decision critical and the and finance structures of a major reorganisation a change CEO, of through Institute the steering to crucial – IOP at and influence leadership For Recipient Award in Grenoble. both centre, reactor high-flux French-German-British (ILL), the Laue-Langevin Institut and the at (ESRF), Facility Radiation Synchrotron European the at and, his contributions for in particular, scattering, and neutron X-ray of application in the especially physics, to services For Recipient Award (LIGO) detectors. and other Observatory Gravitational-Wave Interferometer Laser the of sensitivity in the improvement a significant to contributed which Universities, and Stanford including Glasgow at her work 27 last over the years, radiation gravitational of discovery the towards contributions and key innovative her sustained, For and as a superb ambassador for physics physics for ambassador and a superb as physics applied and pure both encompassing a scientist as his contributions For The President’s medal medal President’s The Honorary Fellowship Fellowship Honorary Award Phillips Award Phillips Honorary Fellowship Fellowship Honorary Professor William George Stirling George William Professor Professor Sheila Rowan Professor Wilkin Nicola Professor Palmer Stuart Professor Professor Roy Sambles Professor

Recipient Award pulse. image an of attosecond space–time first-ever and the image a molecular of orbital experimental first-ever the to has which led work – andpioneering for atoms within electrons of motion the of scale attosecond ultimate the to molecules, within atoms of motion the of scale femtosecond the science – from attosecond and to physics experimental to contributions his outstanding For Recipient Award the IOP. to services and his considerable education of physics field the to his major contribution commercialisation, technology in physics-based business to contribution his outstanding For Recipient Award IOP. the President of outstanding an as science community the and for his significantto contribution activities, outreach extensive through Recipient Award in devices. for pioneering use their and materials, magnetic hard and half-metals oxides, including alloys, magnetic amorphous materials, magnetic novel of properties magnetic the of description and understanding the For Recipient Award and beyond. Solar System in the sources energy to atmospheres planetary response of the of assessment and understanding the to contribution her outstanding For ESO Very Large Telescope equipped with with equipped Telescope Very Large ESO the with detection, first of her work For Max Born Max Isaac Newton Fellowship Honorary Fernand Holweck Holweck Fernand Giuseppe Occhialini Professor Michael Coey Professor Corkum Paul Professor Williams Peter Sir Dr Marina Galand Marina Dr Professor Elena Pian

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Dr Owen Saxton Professor Hiranya Peiris Professor Stefan Söldner-Rembold Professor Molly Stevens Dr Nils Hempler Professor Ravi Silva John William Strutt, Lord Rayleigh Fred Hoyle James Chadwick Rosalind Franklin Gabor Dennis James Joule Award Recipient Forcontributions his to the Gerchberg-Saxton computeralgorithm, decades of its ahead time but prevalentnow phase in retrieval, for and his foundationalimage processing programs, stillinfluential in front line electron microscopy. Award Recipient Forher leading contributions to understanding theorigin evolution and of cosmic structure, bypioneering an interdisciplinary approach and statistical theoretical, combines that observationalcosmology, astrophysics, numericalrelativity theoretical and physics. Award Recipient Forcontributionshis to pioneering experimental workhigh-energy in particle physics his and internationalleadership Higgs in neutrino and physics. Award Recipient Forcontributions her to ground-breaking and influential advances in the engineering materials of bioinspired forregenerative medicinebiosensing and applications –and their translation into industrial medical deployment. development and Award Recipient SquaredM Forrole his founding Innovation, in formingglobal partnerships, commercialising cutting-edgescience in quantum, biophotonics andsensing – and helping to establish companies new to products develop for societal benefit. Award Recipient Fordistinguished his contributions to of carbon the development nanomaterials foruse in cross-disciplinary advanced technologyapplications relevant to materials, optoelectronicssustainable and energy.

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Professor Jennifer Thomas Professor Dougherty Michele Dr Michael Begg and Professor Bobby Acharya Dr Helen Czerski Professor John Chalker Michael Faraday Richard Glazebrook Katharine Burr Blodgett William Thomson, Lord Kelvin Lawrence Bragg Paul Dirac Forher contributions to championing everyday life the physics of to worldwidea through of millions audience TV programmes, book, newspaper columns, a popular science andpublic talks. Forpioneering, his distinctivedeep and contributionsto condensed-matter theory, particularlyin the quantum Hall effect, frustrated and to geometrically magnets. Award Recipient Forher outstanding investigations of neutrino into the physics oscillations, of the in particularher leadership MINOS/MINOS+ long oscillation experiment. Award Recipient Forscientific her leadership of the Cassini magneticinstrumentfield at Saturn and the EuropeanSpace JUICE study Agency (ESA) to mission leading team, selection to explore the environsof Jupiter. Award Recipient Dr James Ramage Recipient Forcontributions his as the driver of several projectsto teach promoteand physics in world, thewith developing the ultimate aim sustainable physicsof developing research in thosecountries. Award Recipient Forthe transformation Engineering of Tesla Ltd frommanufacturera of conventional magnets forparticle accelerators into world a leader ofmagnets for high-energy physics, and MRI oncologyequipment. Award theX-shooter spectrograph, of r-process nucleosynthesisthe in optical/infrared counterpartof gravitationala radiation to binarya neutron signal due star merger. Award Recipient IOP Annual Report 2018 16 Recipient Award platform. technologies quantum a as them and establishing atoms, in ultra-cold control microscopic unprecedented with dynamics many-body quantum non-equilibrium of study the enabling proposals theoretical to his contributions For Recipient Award shock loading. during elastodynamics dislocation and nanowires, in instabilities mechanical induced current- and kinks, dislocations surfaces, of structures and electronic atomic materials, crystalline in interfaces of nanophysics the to contributions his definitive For Recipient Award materials. semiconducting in conduction charge and conversion energy harvesting, light underpinning mechanisms fundamental on the research her ground-breaking For Recipient Award Balance. Gender and Improving on Stage Science Busking, including Physics actions, and informal formal in through Ireland physics in participation widen that initiatives national large-scale of her leadership For Recipient Award Recipient Award new effects. of observation in their groups experimental world-leading with including collaboration physics, atomic and optical topological of fields nascent the to contributions her important For collection and recombination. and collection cells,solar theirincluding diffusion, in efficient used as materials semiconductor perovskite halide in metal states photoexcited the of understanding the pioneering in work his For James Clerk Maxwell Maxwell Clerk James YoungThomas TaborDavid Mott Nevill Meitner Lise Henry Moseley Moseley Henry Dr Hannah Price Hannah Dr Jaksch Dieter Professor Sutton Adrian Professor Herz Laura Professor McLoughlin Eilish Dr Dr Samuel Stranks Samuel Dr

Recipient Award Recipient Award hardware. open-source accessible, globally of the creation and automation experiment to in particular microscopy, optical to his contributions For Recipient Award sites. these from emission quantum induce all-electrically a 2-dimensional to device using for and – deterministically materials thin in atomically- sites emitting single-photon create to a method and patenting discovering For inclusive, makes space within the classroom classroom the within inclusive, space makes and energetic both style, teaching Her physics. things all for passion unabashed an teaches young women the she within ignites Edith Recipient Girls Only Progression Award matches. rugby school refereeing to knowledge Shakespeare’s astronomical on talk a fascinating giving school’s life, from the of in involved all aspects actively is Kevin in pylons. his interest with students enthusing to (the hoseophone) homemade instruments from classroom, the into interests outside of range an eclectic incorporates He department. the into humour and wisdom wry playerteam injects who hevalued is a as physics and school, within the across by teachers He is admired and respected him. with contact into come who students all inspires problems physics of esoteric most the even in interest unashamed Kevin’s Recipient Overall Progression Award University of Exeter Recipient Award andengagement outreach. community stimulating and sustained through demographics, of range a wide across engagement enhancing STEM, for ambassador internationally-recognised an as acting For Paterson Clifford Jocelyn Bell Burnell Burnell Bell Jocelyn Daphne Jackson Teacher of Physics England England Teacher Physics of England Teacher Physics of Champion Juno Dr Richard Bowman Richard Dr Dr Carmen Palacios-Berraquero Carmen Dr Dr Jessica Wade Jessica Dr Edith Goakes Edith Kevin Mosedale Physics, of School

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David Hobson Michael Murray Cerys Corbett Teacher of PhysicsTeacher Ireland of PhysicsTeacher Scotland of PhysicsTeacher Wales Ceryscreates a friendly learning environment students in which are both supported and challenged.As a non-physics specialist, driven desire to benefitby her motivate and her students shestrives to improve subject her knowledge Her lessons pedagogy. and and challenge inspirestudents her led to have significant and improvementsthe in department’s GCSE results. excellent is an She girls’ role developing model, interestin physics and promoting STEM subjects. Forthe last seven years devotedshe has many hoursto running the Engineering Education students. Schemeproject Wales for post-16 She encapsulatesthe notion of physics for all. Award Recipient is truea David educator who believesthe in holisticof education value contextualises and physics.successfullyHe has raised and maintainedthe uptake of senior physics and consistentlysupports colleagues, his helping thosewhose specialismis not physics to teach thesubject. provided has Head he As Year a pastoralto guidance students, teaching in while to been give always has he willing students extra supportto ensure their understanding. He has contributedto conferences, meetings and projects, a fulfilling greatneed Irish in education giving by accurate, timely helpful advice. and Notrespectedhighly is David only own his in high school,regard is in held he the in wider educationcommunity. Award Recipient strongly Michael believes that teachers should befacilitators, putting students control in of theirown learning. His quirky humorous and approachmakes lessons he while enjoyable strivesto continuallyown improve teachinghis incorporating by ideas. new Keen to inspire the nextgeneration of physics teachers, Michael isfriendlya supportive and He has mentor. contributedto the wider education community offrom ways, number a in work his to support staffin delivering the science curriculum in localprimary schools, to educating future physicsteachers the on University of the PGDE course. West of Scotland Award Recipient

Sam Skinner Sam Andrew Notley Teacher of PhysicsTeacher England Teacher of PhysicsTeacher England Samis drivena energetic and physics teacher whoseenthusiasm for physics is infectious. Thereis rarelyclassroom momenthis in dull a students and abilities of been all to able have accessthe not only curriculum but also their understandingof the world of physics beyond theclassroom. position his In as of head department,overseen has he orchestrated and thegrowth popularity in ofphysics at school, his withrecord numbers taking the subject to A-level.The department led has training courses forteachers to wishing train seconda in subject asextracurricular joined aswell trips to CERN andBerlin. Progression to A-level Recipient Andrewinspiring isteacher an enthusiasm his – commitment and to students his is evident in thetime gives he to them outside of lessons, providingadditional academic support and mentorship.Keen to encourage students tostudy physicsat university, Andrew workstirelessly to promote work placement opportunitiesand careers advice, including supportingstudents with gaining work placementsCERN. integral He is in an member ofa hardworking and committed department takes and greatthe pride skillsdeveloping in ofboth students colleagues. and Andrew has takenrolelead a mentoring in the non-physics specialistmembers of the department to teach engagingand effective lessons. Award Recipient Recipient for independent intellectual for independent discovery. She spearheadedthe school-wide Science, Engineering, ArtTechnology, Math and (STEAM) initiative,designing and fundraising for a STEAM new room. Collaborating with other departmentsacross the school, Edith led has on cross-departmentalprojects such as building prostheticwith limbs Design and Technology simulatingan earthquake with Geography. driveAs a resultof Edith’s and enthusiasm, studentsare now making cross-discipline connectionswith sensea of wonder and curiosity. Award Relative Attainment IOP Annual Report 2018 18 IOP Annual Report 2018 19

puttingforward girls any for the subject after GCSE.Our experience is that this is reflected acrossThus the Ireland. and UK there is still significanta amountwork of to done be to addressthe facing gender girls bias STEM in subjects.The publication of the report reignited theconversation around getting girls into STEMorganisational wasan and highlight for Its theyear. success is demonstrative of the commitment IOP’s to high profile making policy andeffectiveness in bringing important issues surroundingphysics to national attention. also deliverextensive We outreach and engagementactivity. work hardWe to get enthused excited the public and everything by physics tohas to want offer. encourage We peopleto see physics as subjecta open to everyonepositivea and option for career and study. this both end, Northern our To Ireland and Scotlandbranches are closely involved with running,respectively, the Northern Ireland ScienceFestival the and Scottish Festival ofPhysics, Edinburgh. Thein held Northern IrelandScience Festival events around 150 had The February in days 10 over 2018. running festivalfeatured eclectic an mix of art, drama, debates history; comedy, and infused all with science.particularA physics highlightthe in festivalThis event wasWild Weather. featured physicist Dr Helen Czerski, presenter, BBC and Why not not theLaunch of Why girls’ of snapshot A physics: uptakeat physics A-level report which received national media attention Why not not Why a follow up to a report published in 2014 to followa up reporta 2014 in published Income: £125,000 Expenditure: £1,109,000 Physics throughis woven the fabric of our society,through and active an combination of creativeengagement evidence-based and public to endeavour tell we thepolicy making story of physicsknow as we it to wider see society. We physicsas the subject that took to mankind the gave us the moonand technology to order taxia frompockets. our engagement policy Our and workstrives physics to make accessible, engagingand most importantly, visible to all. Thissaw year report the of our launch girls’ physics of at A snapshot uptake physics: A-level; so why few examining girls take physics sixth in form.The reportevent at major a waslaunched central in London featured and a roundtable discussion fromindustry leaders science and communicatorschaired by our President, ProfessorDame Julia Higgins. The launch was reportedoutletsof media number a in including the on being front page of the news BBC flagship website,featured and 4’s Radio BBC on programmeThere One. World At wasnational mediaexposure and a trending hashtag. Thereport, which looked just at English schools,concluded that whilst there been had 6%a increase the of in girls number taking physicsof schools are 44% A-level, still not In Northern Ireland, our Northern our In Ireland, 45 strong troupe Physics Busking volunteers put days 150 over shows on reaching an audience of approximately 98,000 Society IOP Annual Report 2018 20 physics and physicists. physics both affect that stereotypes negative the tackle and society in of physics profile the raise helps our of policy elements with combined approach, This lives. day-to-day their affects how physics about think people helps and technology history art, combines that approach a cross-disciplinary and that theatres, lecture to restricted be not should communication We science believe that people. of thousands with to reach and connect ability the with engagement public hands-on creative, of convenor an as active IOP the cement festival Science Ireland Northern and the Physics of Festival the as such in events Our role positive. our audience very was from feedback and the This year 4,000 attended almost people dances. ceilidh and classes cooking as well as time of history examining the events lecture formal were There and varied. fascinating were interact and how science of time Interpretations theme. this around revolving and events lectures of 2018for programme the with Time, was theme The and workshops. demonstrations lectures, of a 3 day programme Physics; of Festival held the branch our regional In Scotland, Report. Climate IPCC recent on the author and lead climatologist Thorne, Peter Professor Maskell, and Geoff presenter BBC weather Alan, Fellow Alan, UK. the for subject thatsure physics is seen as acrucial of physics well in Whitehall and made making, it has articulated voice the Instituteby work the the does in policy inside politics. Ihave been impressed power conveying and representative I have valued most IOP’s the • • • • Tanzania in work International highlight: Society continuous support to participating schools participating to support continuous provide to a teacher programme CPD and involved develop number schools of the increase our to aims are near future, In the Tanzania throughout businesses several and Incubator Business Teknohama Dar the Salaam, Dar of es University the Society, Physical Tanzanian the including Tanzania in by partners driven is programme The the programme in involved were students, 50 of a total In 2018,Salaam,es Dar from schools five of science the creation through problems, local solve to in science in Tanzania education apply their to students school secondary supports programme Leaders Business STEM Future The

‑ based business based IOP Annual Report 2018 21 International Tanzania work in IOP Annual Report 2018 22 IOP Annual Report 2018 23 businesses.There are two types the of award, BusinessInnovation Award and the Business Start-upThese Award. to awards celebrate aim greatbusiness ideas that use physics to deliver economicor social impact. Winnersare invited to a parliamentary reception theirtoinnovations; this display reception is alsonetworkinga event attended leaders by in businessand members of parliament. Thisthe year winners of the innovation award wereEndoMag, Innovative Physics, Leonardo, Plastipack,PepsiCo Sonobex. and The winners ofthe Business Start-up were Award Causeway Sensors,Creavo Medical Lynkeos, Technologies, Stream ONI, Instruments. York and Bio Their productsrange from radiation imaging systems nanotechnology and that can detect pathogens todesktop-sized super-resolution microscopes; thesecompanies are demonstrative of the crossoverbetween first-class physics research the and active impact of physics technology. in Ourbusiness awards have been an annual highlightof thesince calendar 2012 IOP’s been sponsored Alok Sharma and have by MP, Minister theof StateUK’s for Employment. It’sprestigiousa event that raises the profile importance and of physics-based businesses andmaintains influential links with parliament and Membersof Parliament. We held skills and and skills held We events the economy Senedd, Holyroodat the and Stormont Income: £8,000 Expenditure: £459,000 recognise We the of physics-based value technologyto the Irish and UK economies and try businessesto link with up the appropriate resources.The government’s UK Industrial Strategymakes clear the of STEM value subjects tothe productivity competitiveness and of the There economy. is well-evidenceda need to maintaina highly qualified and skilled workforce provide between and link a physics-based researchtechnologies. and Physics-based gross in to the value businesses £177bn add economydriving productivity growth. and This representsshare of the entire 16% a business economyThese the in Ireland. and UK figures demonstratethat the effects of physics-based technologyare not just scrawled being across Universityblackboards, but out are in playing reala time contributionto businesses the and Ireland. and economy UK in vitalA that recogniseway we the contribution of physics-basedbusinesses to the economy, andhighlight the ground-breaking technology thatdeveloped is being here the in and UK Ireland,is through our annualBusiness Awards. Thebusiness IOP’s awards recognise the workof these organisations celebrate and theirachievements. These awards bolster the reputationof the Ireland as the and UK home ofworld-leading institutions pioneering and We launched our new new our launched We start-upbusiness to award recognise which companies incorporated been have for less fiveyears than great physics have a and business idea Economy IOP Annual Report 2018 24 technology programmes. quantum UK’s world-leading the in of investing importance on the Technology Committee and Science Commons of House the to evidence give to year,This invited was IOP the technology. on physics-based valuable authority a as UK Parliament by the seen We also are community. our for outcome best the we ensure endeavour to critical is and it our members affect will directly issues Union. these European We that the know UK has left the after facilities science important to and access people of movement EU funding, to access as such level issues high of discussion ensures This and Media Sport. Culture, Digital, for State of Secretary and the Strategy Industrial and Energy Business, for State of Secretary the Union, Home Secretary, European the the Exiting for of State Under Secretary Parliamentary the and Innovation, Research Science, Universities, for State of Minister the with engagement direct in has resulted This andinnovation Brexit. on science, group working level strategic high UK government’s on the has held IOP a seat the year,the last in level. a national at Significantly stakeholders relevant with of physics profile the and raise our members represent allows to us that UK government with IOP’s work the is It than ever. be more andeconomy society will important our for physics of vital role the and advocating interests communities’ our representing role our Union European leave the As the UK to prepares communication. sector cross of and facilitator policy science in influencer as an important organisation the position and government business academic, across connections Our 2018. of autumn happened inwhich the the fundingprogramme offor in the confirmation assisted Parliament to IOP’s submission jobs. high-value of UK thousands and creating sector electronics consumer the to in size comparable a sector of development leading the to potentially economy, the UK to benefits significant bring ‘quantum could revolution’ second this that estimate community technology quantum UK the and Science for Office Government The healthcare. and infrastructure communications, as such in fields and services new products revolutionary promising life, modern transform to potential have the technologies Quantum IOP Annual Report 2018 25 The represents award IOP a great Instruments, and for York honour our of testamentis to dedication physics team. talented GordonInstruments York Baltzer, CEO, PepsiCo honoured to is be recognised by IOP for the soft of application advanced matter physics to create breakthroughs extruded in snack innovation. MehmoodDr Khan, Vice CSO, and Chairman PepsiCo Winning the IOP Business recognises Award the Innovation Leonardoinvestment by state into theof art products. physics based Black,Audrey Vice President of Advanced Targeting,Leonardo MW Sonobex are Sonobex extremely honoured to receive the prestigious IOP is It Award. Business Innovation a great the recognition of team’s hard dedication. work and Elford,Daniel Dr Officer, ChiefTechnology Sonobex This great brings award exposure CPN™ novel for Stream’s technology the and fantastic opportunity to learn from the best physics in minds innovation. Stream CEO, Bio AndyChaloner,

PeterAdlington, Managing Director, Plastipack Ltd This prestigious shows award IOP customersto our people our and the to inspire knowledge have we and innovate. Bo Jing, Founder and CEO, ONI CEO, and Founder BoJing, Bob Pollard, CEO, Causeway SensorsCEO, BobPollard, to receive delighted ONI is this award in recognition of its efforts super-resolution to make microscopy to everyone. available We are delighted to win are an delighted We This great is award. IOP startup ground- apply we as validation nanotechnologybreaking to healthcare. Mike Anderson, Mike Innovative Physics CEO, This highly prestigious award awareness to raise help will customerscurrent potential and worldwide our what about innovations can achieve. Dr Eric Mayes, CEO, Endomag EricDr Mayes, CEO, Business awards for our honour a huge is It platform guidance tosurgical recognisedbe for its innovative oncology on impact the by prestigious IOP. Economy highlight: IOP Annual Report 2018 26 IOP Annual Report 2018 27 which which takingphysics forms A-level, part of significanta bodyeducation of policy and work that takes a ‘wholeschool’ approach to tackling unconscious genderbias. This approach wasfirst conceived project pilot a in funded the by Drayson Foundation,which saw threefolda increase of girls number taking in the physics A-level 2016. and schools pilot between in our 2014 Asresulta of the success Drayson of our Pilot, programmea addressing schools in gender bias been has rolled out. with keeping In this, 2018 sawthe of culmination the project, pilot year 3 Improving Gender Balance Scotland establishedinterventions inearly learning andchildcare centres, primary and secondary schoolsto create term long cultural in change regardsto gender stereotypes. Practitioners perceivedraised aspirations within the girls theyworked with, particularly relation in to STEMsubjects. The wasso pilot successful thatEducation Scotland taken have the project significantly house have in and expanded it. This sortof success that pilot a running – is then rolledout the and – continued influence our of reportsestablished has published have we the organisation IOPas leading a addressing in genderimbalance in physics and tackling the stereotypesthat negatively affect both boys schools. in and girls Organised two technical careers fairs for apprentices to demonstrate alternative physics-based in routes careers Income: £4,399,000 Expenditure: £9,155,000 work Our education in revolves around two can gethow key questions, we more people to beas passionate about physics are as we and can translatehow we that intellectual curiosity intotangiblea output? more want people We tostudy physicsat technicalschool, in training programmesuniversity, and to and be confident inchoosing physics-based careers. Our approachto these questions is multi-faceted, fromrecruiting more teachers, supporting teachersthe in classroom with improved training classroom and resources, to and ensuring routesinto physics careers across varietya of sectorsare more transparent for students. Anincreasingly important that addressway we boththese questions tackling is by the gender girls still physics. made gap in only 2018, In of the physics A-level intake, and 22.5% up of the Scottish Highers Irish and Leaving 27.5% Certificateintake. Removing barriersthe which discouragegirls from studying physics after 16 isimportant not just to gender parity achieve butalso to address vital skills needs within theSTEM sector keep the and Ireland and UK economies competitive. The major of our launch reportthe evaluating of girls number this year, OurStimulating Physics Network switching been has model schools to a lead to provide continual professional development with for teachers (CPD) supportfrom a professional grouppractice regional and education managers Education IOP Annual Report 2018 28 that we support. students on the impact having demonstrable we are with, partnered we are that schools In the community. teaching science the within support a major as IOP pillar the of and cements team our education for achievement anis important UK and Ireland.in the This schools secondary 25% about all of represents which IOP the to affiliated are departments or science physics 1,500 Over students. and their teachers physics support to programmes influential other several runs also IOP the in schools, bias gender targeting our work to In addition Emily, Member bursaries and career resources. conferences, to access providing preparing me life university, for after membership as agood way of an aspiringAs Isaw physicist, around physics. physics. around and misconceptions to changework perceptions programmes how these also but and students; available teachers to and support resources only has not on the work our education impact positive the about volumes speak statistics These A-level. at physics of and uptake GCSE at attainment improve to Education for Department the with in partnership our work We continued IOP Annual Report 2018 Report Annual IOP

Looking forward 29

In preparing for our next five years, we have Public dialogue listened to our members and leading figures In a mature and healthy democracy, every from inside and outside of our community and person in the country, from every walk of life, have identified three urgent priorities that we should be able to participate in well-informed must tackle head-on. They are: discussion about the choices and challenges that affect us all. We want to make sure that Diversity and skills the physics of everyday life is appreciated and Physics has a diversity issue, often driven that people can participate in informed debates by deep-seated stereotypes, and faces about public funding and policy issues like acute shortages of skills. We must ensure new treatments and diagnostics in healthcare, our profession better reflects the diversity decarbonising our economies and cybersecurity, of our society and gives all young people, no recognising the important role that physics will matter their background or where they live, the play in these. opportunities afforded by a world class physics education and training system. Not only must we ensure that individuals can thrive in a supportive educational and working environment, we must The challenges that invest in critical skills and close the growing STEM skills gap. these priorities present will form an important Unlocking capability We are on the cusp of a new industrial motivation for our new era, powered by science, technology and engineering. To make sure the UK and Ireland five year strategy which are able to realise the full societal and we will launch in 2019. economic benefits of this scientifically inspired revolution, our STEM community needs to be world-leading. That means strengthening our research and innovation ecosystem and building more productive ties between universities, research institutes, businesses and government. Our community is closely intertwined with international networks, infrastructures, facilities and investment streams so, to stay at the forefront of scientific discovery and innovation, we must ensure that we have a strong presence in international networks, partnerships and programmes, and that we remain open and attractive to talented researchers and innovators. Public benefit

The Institute of Physics is the national physical • By connecting physicists across all sectors society for the UK and Ireland. The object of to promote the application of physics and the Institute, as stated in our Royal Charter, is drive innovation and development of new to promote the advancement and dissemination technologies for the benefit of the economy of knowledge and education in the science of and wider society physics, pure and applied, for the benefit of the public and the members of the Institute. • By organising an exciting programme of activities and events to engage the The trustees confirm that they have referred public and raise awareness of physics, to the Charity Commission and OSCR’s guidance its impact on society and addressing on public benefit when reviewing the Institute’s the big challenges and the opportunities aims and objectives and in planning future it provides for everyone activities. The Institute meets the public benefit test in the following ways: • By ensuring the competence and ethical commitment of those practising as physicists • Advancement of education and engineers (with a physics background) • Advancement of science through professional standards and support • Advancement of community development for continuing professional development • The promotion of equality and diversity • Through our diversity programme, The Institute works to advance physics research, which aims to cultivate an inclusive, application and education, and engages sustainable, diverse and vibrant physics with policy makers and the public to develop community; promoting best practice awareness and understanding of physics. that breaks down barriers to inclusion The public benefit which our many and varied regardless of gender, ethnicity, disability activities provide can be summarised as follows: and socio-economic status

• Through our support for teachers and Provisions are in place for those who curriculum development, by improving might see fees as a barrier to membership. the continuing professional development We have concessionary rates for those whose of teachers and its relation to the quality earnings are less than £20,000 per annum, of teaching of physics in schools, and and Undergraduates, Trainees and Apprentices the diversity of students who are able to can join for £15. As part of our commitment access the many benefits of a high-quality to supporting scientific research globally, physics education we participate in a number of programmes that offer several ways for researchers in • Through the publication of journals, developing countries to gain access to our ebooks, magazines and websites, and journals for little or no cost. Private benefits, the organisation of scientific meetings where they occur, are incidental and mainly and conferences, by enabling the consist of prizes for exceptional scientific 30 dissemination of high-quality physics or education achievements. research, so that researchers and research organisations are able to reach the widest possible audience and benefit from the latest developments in physics research IOP Annual Report 2018 IOP Annual Report 2018 31 Elections to Council Therules governing the election of Council membersare set out the in bylaws. the At start the Council confirms ofeach year, calendar theof vacancies number that arise will that With delegated year. powers from the Council, Committee the Nominations thenevaluates the of skills,balance knowledge, experience and diversityof Councilmembers, the in light and, ofthis prepares evaluation, descriptiona of the roleand capabilities required for each particular vacancythe on noticeA Council. of vacancies with along role descriptions all is and published membersare to eligible themselves. nominate TheNominations Committee then assesses thenominations received from members to confirm eligibility and that candidates meet the requirementsout the in laid role descriptions. Wherethere is more than nomination for one thentakes ballot a Where any vacancy place. therevacancy nomination for one is only any thatis deemed nominee elected. Council membersserve terms, four year with theexception of co-opted members who areappointed annually for a maximum of three years.The President serves two-yeara term two plus yearsimmediately preceding that as President-elect.The Honorary Treasurer and the HonorarySecretary arefor eligible election tosecondterm.a four-year TheCouncil currently meets four times normally a year, in January, April, July and Council All members November. give their time not remunerated voluntarilyand are for their the Institute workbehalf of on the beyond reimbursementof reasonable expenses.

The Council (board of trustees) of The Council (board Asset Charter, out the in the Royal Institute isgoverned the which consists by Council, of18 trustees elected the from, by, and to up membership;three and co-opted trustees whoare appointed the by Council itself. The Councilhas the ultimate responsibilityfor directingthe affairs of the Institute, ensuring thatit is solvent, well-run delivering and the charitableoutcomes for the benefit of public the forwhich it been has set The up. Council sets monitors and the Institute’s strategy which deliversthese charitable outcomes. Ofthe elected Council members, there are officers four senior and four vice-presidents. officers The senior are the President, President-elect,Honorary Secretary and HonoraryThere Treasurer. are currently four Vice-Presidents,for business, education, membership,and science and innovation. There areten additional Council members eachnormally of servewhom will chair or on committees. of the one Council’s Certain Council membersresponsibilitieslead have for importantcross-cutting areas such as diversity, risk,& audit international our and programme. Co-optedCouncil members are appointed as requiredto cover areas of specific expertise. TheInstitute of Physics’ current incarnation wasestablished Charter Royal by dated Charter TheRoyal is September 1970. 17 supplementedregulations. bylaws and by TheInstitute is charitya registered both in Scotland in and 293851) (no. EnglandWales & is therefore and SC040092), regulated (no. both by the Charity Commission for England (CCEW)the Wales and and Scottish Charity The CCEW is the Institute’s (OSCR). Regulator The regulator. lead members of Council are the trusteesof the charity. TheInstitute’s registered office is Governance 9BU. N1 London, Road, Caledonian 37 IOP Annual Report 2018 32 of the charity and the group for that period. that for group and the charity the of resources of application and resources incoming and group, the of and the charity the of affairs of state the and of fair view a true year give which financial each for statements financial prepare to trustees the requires Wales and in Scotland and England in charities to applicable law The Accounting Practice). Accepted Generally Kingdom (United Standards Accounting Kingdom United and law applicable with accordance in statements financial the and Report Annual Trustees’ the preparing for responsible are Institute) the of trustees (who the are members Council responsibilities trustees’ of Statement Council meetings. during may arise that of interest conflicts managing for place in are Procedures and any as are reported. changes by trustees annually updated is which interests, members’ Council of a register maintains The Institute Institute. the of interests on the best exclusively focus can they that so of interest avoid conflicts to have duty a legal Trustees trustees. charity for courses training external recommended attend to encouraged are members Council process. induction the of part as and advisers staff Institute with meetings attend to invited are who members all to new Council given is induction Formal of Council members and trainingInduction legislation in other jurisdictions. in other legislation from may differ of financialstatements dissemination and preparation the governing Kingdom United in the Legislation website. charity’s the on included information financial and charity the of integrity and maintenance the for responsible are trustees The irregularities. and other fraud of and detection prevention the for steps reasonable taking for and group, hence and the charity the of assets the safeguarding for They are responsible also 2008. Regulations and Reports) (Accounts 2011, Act Charities with the Charity the comply financialstatements the that ensure and to enable them charity the of position financial the time any at accuracy reasonable with disclose that records accounting proper keeping for responsible are trustees The • • • • • to: required are the trustees statements, financial these preparing In in business continue will charity the that presume to inappropriate is it unless basis concern going the on financialstatements the Prepare statements financial in the and explained disclosed departures any to material followed, subject 102, FRS comprising have standards, been accounting applicable whether State are reasonable and prudent that and estimates Make judgments SORP in the Charities and principles methods the Observe and then apply consistently them policies accounting suitable Select IOP Annual Report 2018 33

Dr Tamara Clelford MInstP Tamara Dr CPhys CEng From 1 Oct 2018 MarkWrigley FInstP 2018 Sept 30 Until PeterDr derBurgt van From 2019 2 May Co-opted Members ProfessorJim Al-Khalili OBE FRSFInstP Cross Trevor Dr FInstP 2018 Sept 30 Until LisaDr Jardine-Wright MInstP CPhys 2018 Sept 30 Until

Members FInstPAli Tariq Dr CPhys From 1 Oct 2018 Boyce David Dr FInstP CPhys From 1 Oct 2018 ProfessorLesley Cohen FInstP CPhys 2018 Sept 30 Until Professor Angela Newing FInstP 2018 Sept 30 Until BeckyDr Parker MBE CPhys Hon FInstP DeborahMInstP Phelps Thomson Neil FInstP CPhys Professor Tropper Anne FInstP CPhys Until 2 May 2019 2 May Until ProfessorFlavell Wendy Cphys FInstP McCombie June Dr FInstP CPhys ProfessorKevin McGuigan FRSCFInstP

JonathanFlint CBE FREng FInstP Honorary Secretary ProfessorBrian Fulton FInstP CPhys Honorary Treasurer ProfessorJulian Jones OBE FInstP FRSE CPhys Vice-President, DrMark FInstP Telling CPhys ProfessorDame Julia Higgins DBEFRS FREng HonFInstP CPhys President-elect Science & Innovation ProfessorSarah Thompson FInstP MBE CPhys Vice-President, Education JamesDr McKenzie FInstP CPhys CEng Vice-President, Membership President CarolDr Davenport FInstP CSciTeach CPhys Vice-President, Business Council members 2018 in IOP Annual Report 2018 34 • • • • • • • • • • • • 31 December 2018 were: of as committees standing The committee. parent by the set normally are committees sub- of and membership powers delegated reference, of terms The consultation. wider for mechanisms own or their set up sub-committees to empowered also are committees Standing appropriate. where advice external specialist of andthe membership receipt from representation wider allowing both for thus members, Council to limited not is membership Council. Committee by the set are committees these of and membership powers delegated reference, of terms The interest. of areas specific is applied overseeing to attention and time required the that ensuring thus powers, delegated with committees standing of number a has Council The Committees programme. The day-to-day management day-to-day The programme. publishing Institute’s the of delivery the support that companies subsidiary international and several directors of board has its own Ltd Publishing IOP companies. subsidiary Institute’s Publishing IOP of one the of Ltd, Managing Director the to delegated is activities publishing of management day-to-day The 31 2018 December 556. totalled at that CEO a staff leads the group, the across Overall, companies. subsidiary of the Institute’s Directors Managing the and Board Executive the as known managementa senior team (CEO), by Officer supported Chief Executive group’s the to delegated is activities and its Institute management the of day-to-day The staffing and Management Senior Officers’ Committee Senior Officers’ Committee Innovation & Science Resources Committee Committee Remuneration Committee Nominations Committee Membership Committee Fellows Honorary Committee Education (ad hoc) Committee Disciplinary Committee Inclusion & Diversity Committee Awards Committee Audit & Risk Steven Hall Steven Ltd Publishing IOP Director, Managing Tony McBride Affairs &Public Policy Director, Youngman Rachel Officer Operating Chief Michael FCMA Bray Officer Financial Chief FRMetS CMet FInstP Hardaker Paul Professor Officer Executive Chief Group in 2018team was: management senior Institute’s The of directors. board own has its also Ltd IOP Enterprises the Managing Director Enterprises. IOP of to delegated is Ltd IOP Enterprises of • • • • strategy: wider Institute’s the to link which goals directly strategic has four programme Our diversity how we behave an as organisation. we believe what of in and an expression are values core These them. we encounter wherever participation and inclusiveness to barriers all, confronting for opportunity of equality in we do. that We believe firmly of everything heart the at are and openness Integrity and inclusion diversity commitmentto Our value each other value each and respect all staff where environment working inclusive an have we Ensuring all at levels and careers education physics in participation wider Promoting and governance inclusion within the Institute’s activities and diversity on capacity Building community STEM across the inclusion and diversity Championing

IOP Annual Report 2018 35 Review major areas Reviewmajor of risk for the Institute andits subsidiary companies and ensure processes existrisk to manage in these areas Ensurerisk management, internal and external audit processes audit are administeredeffectively areas Highlightany of high risk and/or any anomaliesbrought to light through process the audit towhistle Beavailable blowers regarding riskareas who are anomalies audit not or satisfied with outcomes the of normal the managementprocesses Risk management TheExecutive team are responsible for ensuring thatproper arrangements are place for in adequaterisk control. and management The Risk& Audit Committee provides assurance an roleto Council these on matters the has and remit following to: • • • • TheInstitute maintains registera of significant risksmaintains and systems to control and them. The manage Risk& Audit Committee reviewsthe risk register with along the plans processes and mitigate and place to in manage risks. major TheCouncil receives reporta fromthe Risk& Audit Committee after each ofits meetings with along riska management report.risks key Our for the the and year related mitigationstrategies are set out below. Annual General Meeting Eachthe year Institute General Annual holds an Meeting, therules of which are set out the in regulations, bylawsand members at which all areentitled to attend vote. Membership and fees,changes to any the the bylaws and appointmentof the auditors are approved by the membershipat General the Meeting. Annual We evaluate how we implement our diversity our implement we evaluatehow We policiesthrough Diversity our Inclusion & Committee,which reports directly to the Council. TheInstitute wasamongst the first signatories Academy of Engineering ofthe Royal Diversity Concordatthe and Science Council Declaration Diversity, on Equalitywe and Inclusion and continueto take visiblea role delivering in on commitments. our recognise We that need we to ensurethat there are barriers no to participation activities. of our any in partnerships build We internallyto work with own colleagues our and membersto ensure that that all deliveris we trulyinclusive. Overthe lastrobusta built decade have we substantial and evidence base to inform our programmeof work across ethnicity, gender, disabilitysocio-economic and background. delivered projects We have publications and thatcontinue to spreading good thelead in way practicesignificanta making and contribution tothe body of research to the available STEM community. IOP Annual Report 2018 36 Main potential risks, consequences and mitigations planning. succession manage adequately to Failure 2019.end in March an to comes currently work education our for funding Government publishers. society learned for unsustainable financially are which mandates access open of Imposition programme. events on London the limitations and costs additional in resulting building Cross King’s the with Delays Council. by set targets income diversification our achieve to able Not Risk description Institute. the of management inefficient to leading expertise and knowledge institutional of Loss would not continue. area this in activity our income this Without work. Education our of slice a large funds Network Physics Stimulating The IOP. to Gift Aid in charity Reduction for autumn 2018. scheduled events the on have would that impact and the Delayed occupation shortfall. funding strategy with potential full support to Unable Risk consequence coaches. development external from support with is underway programme training development A management of our plan. development people part an planning as integrated succession for responsibility have will role This Development. & Organisational People of Head of role a new created have team Executive The programme. fundraising our for a priority remains This source. funding on a single dependent less and sustainable more it make to schools into CPD teacher physics embed will Group Practice Professional new The agreements. access open institutional and publications access open in invest to Continue readers. and authors to services effective and fast and review peer rigorous enabling while grow, to continue can publication access open that to ensure researchers and institutions funders, with Engage budget. to and time on project building the of completion the with year the during resolved was risk This planning. contingency andfinancial and cashflow contractors, with packages work of review and significant regular include which meetings board project Monthly party–walls. with occur problems if be drawn can funds which from place in agreement Escrow penalty clauses. identified with place, in terms contractual Clear of this income. suitability the and funders of range the and reviews target the against pipeline funding the of performance the reviews regularly Group Development Business The mitigate to actions controls, current to Further IOP Annual Report 2018 37 . www.iop.org Slavery trafficking human and TheInstitute is committed to prohibiting trafficking modern slaveryhuman and any in partbusinesses, of our supply our in including The chains. Institute diversea has chain, supply includingsuppliers of print IT, and editorial services,office equipment, catering services, accommodation and venuefacilities. and Anti-Slavery Our Trafficking Human and Policy reflects our commitment acting to ethically and withintegrity business of our all in relationships andto implementing and enforcing effective systemscontrols and to prohibit slavery and humantrafficking in our supply chains and business.zeroa have tolerance We approach toslavery trafficking. human and To ensure that thosecomply chains supply companies our in withthese require values, we that relevant all suppliersare issued with, agree and to comply with,Anti-Slavery our Trafficking Human and Policyand that appropriate obligations are contracts our includedin with them. These obligationsus to secure allow assurances that thosesuppliers have appropriate measures relation place in in to their own business and commit and to chains supply complying with legislation codesall relevant and of practice. Ourfull anti-slavery and human trafficking statementcan viewed at Median Median £19.79 £15.72 £21.12 £18.60 6.3% 15.5% Mean Mean £20.12 £17.23 £21.16 £21.26 4.9% 18.9% Female Female Male Male Pay gap Pay gap TheIOP does statutorya not have requirement toreport but as part gender on pay, of our commitment have we to gender equality, undertakenthe assessment and willmake voluntarya declaration. Theaverage hourly for lower women was4.9% rateApril in 2018 hourly earnings based6.3% and on mean lower based onmedian hourly earnings.

Gender-pay gap reporting Gap Pay (Gender TheEquality Act 2010 for private Information)Regulations 2017 voluntary-sector and employers came into The Institute made has forceApril in 2017. to a commitment addressing diversity within the physicscommunity as ensuring as well the successwork of our relies its on ability to recruit, nurtureretain and the richest mix of talent. Thereofare internal number a mechanisms the Instituteuses to support the achievement the in workforce. of balance jobs All are evaluatedthrough a non-gender influenced process job evaluation groupa by of trained assessors. ‑house in Withinthe Institute there is statutorya requirementLtd for IOP Publishing a to make gap declaration. genderpay IOP Publishing, In women the on snapshot date of April5 2018, earned84p for every that menearned £1 when comparingmedian hourly wages. Women’s than lower men’s. hourly median is 15.5% wage Whencomparing hourly mean wages, women’s than lower men’s. hourly mean is 18.9% wage IOP Annual Report 2018 38 provide advertising-sales services. advertising-sales provide Publishing Inc to is Business IOP of activity 601, Suite West, Philadelphia. principal The Mall Independence 190 at North business of place principal its USA with in the incorporated Publishing IOP of is Inc. It subsidiary owned Publishing Inc a wholly is Business IOP Publishing(a IOP Inc) of subsidiary Publishing Inc Business IOP own: their of companies subsidiary have companies second-tier Two these of and conferences. courses exhibitions, organise and to events the of use the promote to is activity principal in Its London. headquarters the Institute’s at office registered and has its Institute the of subsidiary awholly owned is IOPE asIOPE) (commonly known Ltd Enterprises IOP andjournals magazines. of scientific IOP Publishing and distribution sale Inc the is of 601, Philadelphia. activity principal The Suite Mall Independence West, 190 North at business of place principal its USA with in the member. incorporated is It corporate sole the is Institute the which of corporation PublishingIOP Inc a not-for-profit is Inc Publishing IOP magazines. and proceedings conference books, journals, scientific quality high- of and distribution publication the is IOPP of activity principal The in Bristol. Circus at Temple office registered and has its Institute the of subsidiary a wholly owned is IOPP asIOPP) (commonly known Ltd Publishing IOP companies: subsidiary main three are There services. inter-group of the provision define and describe in that place a number agreements are of there governance, and appropriate behalf. To clarity its ensure on trading out carry currently eight which of companies, has nine subsidiary Institute The subsidiaries Our Publishing Ltd. Publishing IOP to services and marketing promotion is company the of activity India. principal The Enclave, Golden SF-6, 184 P H Road, Chennai, at office 2016,in January registered its with by IOP. in India company incorporated was The remaining 0.01%the owned capital share of 99.9% is Ltd with by Publishing IOP owned Ltd Private Services and Promotion Marketing IOP (a of and Publishing IOP IOP subsidiary Ltd) Promotion Services Private Ltd MarketingIOP and Ltd. Turpion-Moscow – in Russia subsidiary has a wholly-owned Ltd Additionally, Turpion journals. scientific Russian leading of translations English publishing is Ltd of Turpion activity principal The in Bristol. Circus at Temple office registered its with Publishing Ltd IOP of subsidiary Turpion a wholly owned is Ltd (a Publishing of IOP Ltd) subsidiary Turpion Ltd consulting. management corporate and consulting information market consulting, business consulting, technology electronic consulting, publishing including Publishing IOP to Ltd, services provide to is Ltd Co. (Beijing) Consultants Publishing IOP of 100022, China. The principal activity Beijing District, Chaoyang Road, Jianguo Beijing, B-118Room 1804, Exchange The at office registered its with Publishing Ltd IOP of subsidiary a wholly owned is Ltd Co. (Beijing) Consultants Publishing IOP (a subsidiary Publishing of IOP Ltd) PublishingIOP (Beijing) Consultants Co. Ltd and trading. not is dormant company currently is The at in Bristol. TempleCircus office registered its has and Ltd Publishing IOP of subsidiary a wholly owned is Publishing Ltd Educational IOP (a Publishing of IOP Ltd) subsidiary Publishing Educational IOP Ltd

IOP Annual Report 2018 39 Furtherdetails are the included in Consolidated Statementof Financial The Institute’s balance Activities onpage 47. The Institute sheetis page 49. included on considersresources, incoming Gift Aid remitted fromits subsidiaries expenditure and to be key performance indicators. Debtorsincreasedto have from £12.2m primarily due December 2018, at 31 £15.2m tothe equivalent increase debtors in within Ltd. IOPPublishing This is resulta of the timing of sales. Deferred has revenueand balance remains key a £12.4m), (2017: increasedto £14.6m £2.2m by driventhe by of cash timing transactions. Deferredwithin membershiprenewals for 2019 theInstitute remained 2018. flat have to Thecash short-term and investment position at remainsstrong, with decreasea from £17.0m December at 31 to £15.1m December 2017 31 representing 2018 healthya cash balance consideringthe investment the Institute has Cross. King’s in the in building made new Further details capitalon additions are given note in 15. Purchasesof fixed assets and intangible assets the during made totalled year £12.4m relatedmainly and to spend respect in of the office new Cross. at King’s This expenditure wasfunded cash by generated from operating together activitieswith the sale of of £2.7m, of current investments. continue We £10.7m touse operating our surplus, alongside careful cashmanagement, to meet the ongoing liabilitiesof the Institute. TheInstitute’s defined benefit pension to £5.4m deficit decreased£13.2m by as assets the in Institute (2017: £18.6m), (1975) Retirement of Physics Benefit Plan the and estimated present £2.7m grew by value to £89.8m. ofliabilities decreased £10.6m by Financial review of the incoming group’s 73%) (2017: Some87% resourcesare generated from the activities ofits trading subsidiary, IOP Publishing Ltd. Othersources of income income include from memberseither as membership fees for or additionalservices grants and from government andother grant-awarding bodies. resources incoming Total the in for year £65.8m), (2017: the groupwere £72.3m 2017. on 10% or of £6.5m an increase Discovery incomeincreased £3.4m by on with for IOP to stronga £60.6m, 2018 2017 PublishingLtd despite continuing challenges in certainacademic library markets. Donations legacies and increased to 2018 in £2.8m primarilyfrom the donation of Professor Dame JocelynBell Burnell’s award prize in the year. Incomefrom other charitable activities remained with Educationincome broadlyagainstflat 2017, to due 2018, in to £4.4m increasing£0.7m by Future of the year Physics Leaders a full project. Furthercommentary the on activities of IOP Ltd Publishing is shown below. resources Total expended increased have primarily inthe year, due to an increase in DiscoveryEducation and expenditure. Total expenditurefor the group (2017: was£65.0m increase an of £5.8m 10%. or £59.2m), The statementsfinancial for endedyear the are set out pages on 2018 31 December They were prepared applying to 75. by 47 accountingpolicies in accordance withUK GenerallyAccepted Accounting Practice, and complywith the Statement of Recommended Practice,Accounting and Reportingby Charities SORP(FRS 102). Financial statements Financial review IOP Annual Report 2018 40 space availablespace rental. for reduced of because ceased have therefore IOPE of in 2018,premises activities trading the 2014 in March Place new move to ahead the of 76 vacating Portland Institute the of a result 31 December 2018 (2017: as is £90k). This year ending the for no was turnover There (IOPE) Ltd IOP Enterprises wider mission. its fulfil to enabling the latter Institute, the to profit distributable net aids its gift also IOPP effectively. work their communicate to community, helpingresearchers scientific global the to services publishing high-quality provide to is IOPP’s role Institute, publishing the of arm (2017: entity controlling £14.2m). As the the ultimate Physics, of Institute the to payment 31 Decemberat 2018 aid make to a gift commitment (IOPP)Ltd has no irrevocable Publishing IOP business. journals core our in on 2017increase growth continued by the driven £62.6mwas (2017: £58.7m) an reflects which 31 year to the 2018 for turnover December The IOP Publishing (IOPP) Ltd Trading subsidiaries conclusion. trustees’ the support deficit, 2018,of pension defined-benefit excluding the end the at position asset net positive and the in 2018 group the of performance strong The basis. on that prepared been have therefore financialstatements a going and these concern is group the that have concluded trustees The statements. financial 23 the in of note given are details 31 at as 2019. December undertaken Further will be revaluation triennial next The trustees. scheme’s the with time that at plan agreed was at 31 2016 December elimination and a deficit was revaluation scheme’s triennial The last Charity Commission. by the issued subject guidelines on the with, on, and consistent is based is below out set policy reserves level. The appropriate and their reserves for need continuing the Institute’s annually least at both reviews Council The reserves. income maintain to the Institute power on confer and Bylaws Charter The andReserves investment not continue if no attendees were attracted). were not continue no attendees if fee (on that or fees basis the grants by external funded excluding projects planned expenditure, of years one of and two a half to order the should ideally of be reserves free total that and has determined aboveto meet purposes the appropriate reserves level of the considered in 2014, a review After has Council the 31 December 2018. 31 at as 2017 December £20.6m to at as £28.9m from Group held by the investments value of market total the year decreasing the £7.1m net divested during investments from and portfolio investment its manages actively (2017: £0.1m). of loss unrealised Institute The £0.1m of £1.0m of group loss the and a realised to loss an unrealised generated by the Institute held portfolio year, the During investment the return. level of this for risk minimise the to approach allocation asset strategic using a diversified periods, three-year Rate) over rolling +3.5%, fees of payment after Offered 12 month (London Interbank LIBOR of return achieve a minimum to are total net Institute the of objectives investment overall The • • • Policy: Investment in its are, stated as all of its arises, it as income simply spend than rather retain reserves, to Institute the for reasons strategic The ‑ in an orderly and planned way planned and in an orderly this to respond to necessary and activities organisation to make in its changes the the enableInstitute to reserves sufficient provide to sources, fall in other from income and sustained a material of event In the publishing income from on dependence level of To the reduce activity of, planned cancellation in, or reduction forcing in income fluctuations short-term of risk the without commitments expenditure To and medium-term make able be to short- based activities such as conferences would conferences as such activities based IOP Annual Report 2018 41 Auditors of All the currenttrustees taken of the have all stepsnecessary themselves to make aware of information any needed the by charity’s auditors forthe purpose of to their and establishaudit thatthe auditorsare aware of that information. Thetrustees are relevant not aware of any audit informationof which the auditors are unaware. Byorder of Council Professor Brian Fulton FInstP CPhys HonorarySecretary Professor Jones Julian OBE FRSE FInstP CPhys HonoraryTreasurer 22.5m). The current of level free 22.5m). – Ethical investment policy TheInstitute is charitya established with the objectiveof promoting the advancement of and dissemination and knowledge a of, educationthe science in, of physics, both pure andapplied. Thetrustees not the want would investment decisionsof the Institute to result activities in thatcompromise this objective. the In event thatthe trusteesconsider that particular any classesof investment choices conflict with thisobjective, they provide will writtena list classes, of such specific or investments, to the investmentmanagers and will require them to takesuch steps as are practicable cost- and effectiveso as notto invest these in areas. Freereserves are the carrying of the balance additionalsums set aside from the operational surplusof thegroup investment each as an year ofcash balanceda portfolio in of assets balancingrisk and reward in accordance with therequirements of the Institute. Therequired of level reserves December 31 on based the on current 2018 long-term plan, budget, is betweenasmodified by 2018 the (2017: – 22.7m approximately £17.0m £16.9m reservesas represented the by Institute’s which £28.9m), investments(2017: is £20.6m isdeemed appropriate given the Institute’s commitmentsmonths. the over 12 following Thebalances the on funds of the individual are considered InstituteDecember 2018 at 31 adequate to meet their respective commitments. IOP Annual Report 2018 42 Arnab, Fellow Arnab, business. a running when essential guidance and trusted support that is professional the offer will IOP the sure technologies market, to you can be If you interested are in bringing new that makes me. for it important so innovation for IOP’s support the is It

IOP Annual Report 2018 44 significant accounting policies. accounting significant the of include which a description statements, financial the to ended; notes year then and the the for Flows Cash of Statement Consolidated and the account; an and income expenditure incorporating Activities Financial of Statement Charity parent the account; expenditure and income consolidated a incorporating Activities Financial of 2018; Statement Consolidated the 31 at as Balance December Sheets charity and parent group the comprise: which Report”), (the “Annual Annual the Report within included financialWestatements, the have audited • • • statements”): financial (“the statements financial charity parent and statements financial group Physics’ of In our opinion, Institute the Opinion audit on financial statements the of the Report the Institute of Physics toreport the trustees of auditors’ Independent and Reports) 2008. Regulations (Accounts 15Regulation Charities The of 2011 Act Charities the of and requirements the with in accordance prepared Have been law); and applicable UK and Republicin the Ireland”, of and applicable Standard Reporting Financial “The 102 FRS comprising Standards, Accounting Kingdom (United Practice Accounting Accepted Generally Kingdom United with in accordance prepared properly Have been thenended; the year for flows, cash group’s and the of resources, of application and resources incoming charity’s parent and 31 at as 2018 December group’s and the of affairs charity’s group’s parent and the of the of state the and of fair view a true Give these requirements. with accordance in responsibilities ethical and we other ourhave fulfilled Standard Ethical FRC’s the includes which UK, in the statements financial our auditthe of to relevant are that requirements ethical the with accordance in group We the of independent remained Independence our opinion. for basis a to provide and appropriate sufficient is we have obtained audit evidence We the believe that our report. of section financialstatements auditthe of the for responsibilities Auditors’ in the described further are (UK) ISAs under responsibilities Our (“ISAs (UK)”) and applicable law. (UK) Auditing on Standards International with our audit in accordance We conducted opinion for Basis • • you when: to report to us require (UK) ISAs going concern to relating Conclusions statements are authorised for issue. for authorised are statements financial the when date the from months twelve least at of a period for accounting of basis going concern adopt the to continue to ability charity’s parent and group’s the about doubt significant may cast that uncertainties material any identified financialstatements in the have disclosed not trustees The or appropriate; not is statements financial the of preparation in the accounting of basis going concern the of use trustees’ The IOP Annual Report 2018 Report Annual IOP

We have nothing to report in respect of the Responsibilities for the financial above matters. However, because not all future statements and the audit events or conditions can be predicted, this statement is not a guarantee as to the group’s Responsibilities of the Trustees 45 and parent charity’s ability to continue as a for the financial statements going concern. For example, the terms on which As explained more fully in the Statement of the United Kingdom may withdraw from the Trustees’ Responsibilities set out on page 32, European Union are not clear, and it is difficult the trustees are responsible for the preparation to evaluate all of the potential implications on of the financial statements in accordance with the group or parent charity’s trade, customers, the applicable framework and for being satisfied suppliers and the wider economy. that they give a true and fair view. The trustees are also responsible for such internal control Reporting on other information as they determine is necessary to enable the The other information comprises all of the preparation of financial statements that are free information in the Annual Report other than from material misstatement, whether due to the financial statements and our auditors’ report fraud or error. thereon. The trustees are responsible for the other information. Our opinion on the financial In preparing the financial statements, the statements does not cover the other information trustees are responsible for assessing the and, accordingly, we do not express an audit group’s and parent charity’s ability to continue opinion or any form of assurance thereon. as a going concern, disclosing as applicable, matters related to going concern and using the In connection with our audit of the financial going concern basis of accounting unless the statements, our responsibility is to read the trustees either intend to liquidate the group and other information and, in doing so, consider parent charity or to cease operations, or have whether the other information is materially no realistic alternative but to do so. inconsistent with the financial statements or our knowledge obtained in the audit, or Auditors’ responsibilities for the otherwise appears to be materially misstated. audit of the financial statements If we identify an apparent material inconsistency We are eligible to act and have been appointed or material misstatement, we are required to as auditors under section 144 of the Charities perform procedures to conclude whether there Act 2011 and report in accordance with the is a material misstatement of the financial Act and relevant regulations made or having statements or a material misstatement of the effect thereunder. other information. If, based on the work we have performed, we conclude that there is a material Our objectives are to obtain reasonable misstatement of this other information, we are assurance about whether the financial required to report that fact. We have nothing statements as a whole are free from material to report based on these responsibilities. misstatement, whether due to fraud or error, and to issue an auditors’ report that includes Based on the responsibilities described above our opinion. Reasonable assurance is a high and our work undertaken in the course of the level of assurance, but is not a guarantee that audit, ISAs (UK) require us also to report certain an audit conducted in accordance with ISAs opinions and matters as described below. (UK) will always detect a material misstatement when it exists. Misstatements can arise from Trustees’ Report fraud or error and are considered material if, Under the Charities Act 2011 we are required individually or in the aggregate, they could to report to you if, in our opinion the information reasonably be expected to influence the given in the Trustees’ Annual Report is economic decisions of users taken on the inconsistent in any material respect with the basis of these financial statements. financial statements. We have no exceptions to report arising from this responsibility. IOP Annual Report 2018 46 consent in writing. in consent by our prior agreed expressly where save come may hands it whose or into shown is report this whom to person any or to other purpose other any for responsibility assume or opinions, accept these We in giving do not, purpose. no other for 2008) Regulations and and Reports) (Accounts Charities The 4 of (Part 154 Act that of section 2011 Act Charities made under and regulations 151 section the with of in accordance a body as trustees charity’s and the onlyfor for prepared including opinions, has the been report, This report this of Use report. our of auditors’ forms part . This description auditorsresponsibilities at: Council’s website Financial Reporting on the located is for the financialstatements auditthe of responsibilities our of description further A www.frc.org.uk/ 24 24 Statutory Auditors Bristol and Accountants Chartered LLP PricewaterhouseCoopers this responsibility. from arising report to We have no exceptions • • • if,you in to our opinion: to report 2011 Act Charities Under the required we are 2011 Act reporting Charities exception reporting required Other July 2019 July and returns. and records accounting the with innot agreement are statements financial charity parent The or charity; parent bykept the havebeen not records accounting Sufficient or our audit; for we require explanations and information all the We have received not

IOP Annual Report 2018 47 – 19 188 840 (78) Total (173) 2017 (951) (423) (295) 1,734 2,150 3,698 6,603 £’000 41,891 57,204 23,728 18,163 11,855 (1,180) (7,278) 65,833 (3,665) (59,152) (45,482) 8 551 125 233 Total 2018 (134) (459) 7,857 2,765 6,096 £’000 4,399 1,964 1,845 41,891 14,186 56,077 72,305 60,648 (1,191) (1,109) (9,155) (4,494) (1,858) (47,809) (65,018) 8 91 551 437 233 2018 (134) (459) 7,857 4,087 3,967 1,964 1,845 £’000 12,177 41,057 (1,191) (1,072) 69,503 60,640 (4,494) 53,234 (1,858) (8,402) (47,806) (64,225) Unrestricted – – – – – – – – – – – 8 34 (3) 432 834 (37) 2018 (793) (753) 2,328 2,009 2,009 2,802 £’000 2,843 Restricted 7 7 7 7 6 7 4 3 17 22 23 Note 3 & 5 (losses) / Education Society Economy Society Discovery Economy Education Community Community Discovery Other trading activities trading Other Raisingfunds Other Investments Charitableactivities: Charitableactivities: Donationslegacies and Actuarialgains on defined benefit pension scheme Net income Net Other recognised gains Total income Total Expenditure on: Exchangedifference on retranslation of net assetsof subsidiary undertakings Netlosses on investments funds movement in Net Fund balances Fund brought forward balancesFund carried forward Totalexpenditure Income from: Consolidated Statement of Financial Activities Financial of Statement Consolidated a consolidated incorporating 2018 December 31 for ended the account year income and expenditure TheStatement ofActivities Financial losses gains and includes all recognised amounts All the in year. relateto continuing activities. The form to notes75 part pages on 51 of these statements.financial IOP Annual Report 2018 48 account for the yearaccount the ended for 31 December 2018 expenditure and income an incorporating Activities Financial of Statement Charity Total income Income from: Income Charitable activities: Charitable funds Raising on: Expenditure Net movementin funds pension scheme benefit defined on gains Actuarial gains recognised Other expenditure Total /(expenditure) income Net investments on losses Net Fund balances carried forward carried Fund balances forward brought Fund balances Investments Donations and legacies Donations Charitable activities: Charitable Other trading activities Other Society Education Economy Discovery Community Community Discovery Economy Society Education Note 23 22 17 3 Restricted 2,843 2,802 £’000 2,009 2,009 2,328 (753) (793) 2018 (37) 834 432 (3) 34 8 – – – – – – – – – – Unrestricted (12,158) (19,891) (3,209) (4,580) (8,552) 40,283 (1,858) 35,982 (4,301) (1,091) (1,191) £’000 1,964 1,396 3,967 8,924 1,061 7,857 (467) (134) 2018 437 91 8 – (20,684) (10,149) (2,292) (1,858) (4,580) (9,305) (3,212) (1,128) (1,191) 38,825 11,726 41,117 1,964 1,069 4,399 1,396 £’000 2,765 7,857 (467) (134) 2018 Total 125 8 – (17,319) (3,343) 23,348 (1,209) (3,758) 15,592 11,855 (7,451) 23,311 17,806 41,117 £’000 3,698 5,951 2,150 1,671 (434) (951) 2017 (173) Total (78) 188 30 19 – IOP Annual Report 2018 49 – 834 2017 (760) 1,824 6,251 3,001 6,662 £’000 8,486 41,117 41,117 54,215 58,872 Charity 22,269 28,945 40,283 (2,235) (18,589) (18,589) – 2018 (783) 7,420 1,619 3,001 5,801 £’000 2,843 Charity 32,479 41,337 20,609 35,982 56,089 38,825 38,825 (5,355) (5,355) (11,126) (18,546) – 834 2017 (760) 2,852 £’000 5,990 Group 17,000 41,057 41,891 41,891 12,160 29,160 59,646 23,453 55,250 28,945 (23,170) (18,589) (18,589) – 2018 (783) £’000 3,049 4,983 Group 2,843 Professor Jones Julian OBE FRSE FInstP CPhys HonoraryTreasurer 33,574 57,232 30,313 56,077 56,077 15,180 15,133 20,609 58,589 53,234 (5,355) (5,355) (25,330)

17 16 21 14 15 19 18 22 22 23 23 Note (liabilities) / Intangibleassets Tangible assets Tangible Investmentssubsidiary in undertakings Pension reserve Pension General fund General Investments Debtors Restrictedfunds Cashathand in bank and Fixed assets Fixed Unrestricted funds Current assets Defined Benefit Pension scheme deficit scheme Pension Benefit Defined Total charityTotal funds Totalunrestricted funds Restricted funds Net current assets Provisions for liabilities Creditors: amounts due falling year within one AssetsNet Professor Higgins Dame Julia DBE FRS FREng HonFInstP CPhys President These statementsfinancial were authorisedapproved and by Council 2019 July 24 for issue on its behalf by: and were signed on Theform to notes75 part pages on 51 of these statements.financial Balance Sheet at 31 December 2018 December 31 at Sheet Balance IOP Annual Report 2018 50 Consolidated Statement of Cash Flows for the year the ended for 31Consolidated Statement of Cash Flows December 2018 The notes on pages 51 to 75 form part of these financialstatements. these of 51 on pages part notes 75 to form The Cash at bank and bank in hand at Cash comprise Cash and cash equivalents Cash and cash equivalents at end of year of end at equivalents cash and Cash /(losses) gains exchange Foreign year of beginning at equivalents and cash Cash Net decrease in cash andNet cash decrease equivalents Net cash used in investing activities investing in used cash Net investments asset current of Sale Interest received Purchase of current asset investments Purchase of asset current investments asset current and fixed on received Dividends Purchases of fixed assets and intangible assets and intangible assets fixed of Purchases activities investing from flows Cash activities operating by provided cash Net Adjustments for: Adjustments Net income for the year the for income Net activities operating from flows Cash Increase in provisions creditors other and trade in / (decrease) Increase (Increase) / decrease in trade and other debtors other and trade in / decrease (Increase) Depreciation and amortisation of fixed assets and intangible assets intangible and assets fixed of amortisation and Depreciation Loss on disposal of fixed assets fixed of disposal on Loss Difference between net pension expense and cash contribution cash and expense pension net between Difference Dividend income from fixed and current investments current and fixed from income Dividend Net interest receivable investments on Losses Net fair value losses recognised in profit or loss or profit in recognised losses value fair Net (12,422) (4,800) (2,100) (3,600) (5,377) (3,020) 15,133 15,133 15,133 17,000 10,745 £’000 6,096 2,700 2,083 2,160 1,191 2018 (471) 233 471 (6) 23 21 6 – (14,300) (6,958) (9,907) (6,086) (1,580) 24,253 17,000 17,000 (4,116) 17,000 2,949 6,603 £’000 1,680 1,646 9,727 (295) (733) (693) 2017 733 (19) 22 78 19 61 IOP Annual Report 2018 51 Nocash flow statementhas been prepared forthe parent charity; and Nodisclosure been has given for the aggregateremuneration of the key personnel management of the parent charity becausetheir remuneration the totals for the group is included in as a whole. Parent entity disclosure exemptions Inpreparing the individual financial statements ofthe Institute of Physics advantage been has takenof thedisclosure following exemption FRS in 102: available • • consolidation of Basis Theconsolidated financial statements incorporatethe results of the Institute of Physicsand all its subsidiary undertakings the using acquisition December2018 31 as at methodof accounting. this Under method, the resultsof subsidiary undertakings acquired or disposed ofthe during are year the included in consolidatedStatement of Financial Activities fromthe effective date of acquisition to up or theeffective date of disposal. intra-group All transactions,balances, expenses income and areeliminated in full on consolidation. The consolidated financial statementsincorporate theresults of business combinations using the purchasemethod. In the Statement of Financial Position,identifiable the acquiree’s assetsand liabilitiesare initially recognised at their fair values atthe acquisition date. The results of acquired operationsare the included in consolidated StatementofActivities Financial from the date control on which is gained. TheInstitute of Physics networka has branches. of member-led The income and expenditureof these branches is accounted for aspart of the charity’s statements.own financial Business combinations Acquisitionsof subsidiaries and businesses are accountedfor the using purchase method. TheInstitute of Physics is corporatea body Charter governedRoyal a by bylaws. and It was establishedits in current Charter form Royal by Charter The Royal September 1970. dated17 regulations. bylaws and by is supplemented TheInstitute is charitya registered both in Scotland in and 293851) (no. EnglandWales & The members SC040092). of Council (no. arethe trusteesof the Charity. The Institute’s registered office Road, 37 Caledonian is 9BU. London N1 TheInstitute of Physics Benefit is Public a Entity The statementsfinancial FRS under 102. have beenprepared in accordance with applicable charityaccordance in and law with FRS 102 “TheFinancial Reporting Standard applicable the in United of Ireland” Kingdom Republic and andwith (“FRS102”), Accounting and Reporting Charities: by Statement of Recommended Practiceapplicable to charities preparing their financial statements in accordance with FRS (“Charities (effective 102 January1 2015) 102”). SORP FRS The statementsfinancial beenhave prepared the on historical cost basis except for the modification basis value a to for fair certain investments, investment properties and financial instrumentsas specified in accounting the policiesbelow. Thepreparation statementsof financial in compliancewith requires FRS the102 use of certaincritical accounting estimates. It also requiresto management exercise the Group’s judgementin applying the Group’s accounting note policies2). (see Going concern Trusteescontinue to monitor the principal marketswhich it in operates they and have preparedforecasts projections and forthe charity.These projections demonstrate the charity’sability to meet its obligations as they Thedue. fall Trustees therefore consider it appropriateto preparethe financial statements concern ona going basis. Notes forming part of the financial statements for the year ended 31 December 2018 31 December Notes formingstatements part the of ended financial for year the 1. Accounting policies IOP Annual Report 2018 52 related expenditure. related the as period same in the Financial Activities of Statement in the recognised are nature revenue 102. by a of FRS Grants permitted as model accruals under the for accounted are Grants receivable grants Government date. reporting the end of the of nine made months be within to expected however, is, payment The payment. maketo this IOPP in for place noobligation was legal there date At thereporting arose. profit the year that in the charity in the recognised was it payment, aid gift make to the IOPP in for place obligation (IOPP). a was legal PublishingIOP Ltd there As aid in with covenant place had a gift previously charity The charity. the to profits taxable the pay to commitment made an irrecoverable has subsidiary the when Activities Financial of Statement charity’s in the recognised is income aid aid Gift scheme. gift under the subsidiaries its from payments receives Physics of Institute The income aid Gift on invoice. recognised management fees and contract granted is access permanent when invoice, upon recognised archives historic to access of sales upon publication, recognised advertising and ebooks publishing for articles, received include fees streams income Other delivered. fair value content of the in line with is recognised in advance received income the of a majority with journals partner external and in-house of production from Income received. when recognised is income Sundry to which relates. it financial the years to and attributed received when recognised is income Membership Income goodwill. as recognised is and liabilities assets identifiable fair valueover the of the combination business the of cost the of excess Any combination. business the to attributable directly plus costs acquiree the of control for in exchange group by the issued instruments equity and assumed, or incurred liabilities given, at the exchange assets of of date fair values the of aggregate the at measured is combination business the of cost The 1. Accounting1. policies (continued) not capitalised. are £500 than a value less of with Assets impairment. for and any provision depreciation of net valuation, or cost at stated are Tangibleassets fixed assets Tangible fixed over years. four and depreciated cost at stated are assets software generated Internally software – assets fixed Intangible • follows: as life useful estimated its to method straight-line by applying the calculated is amortisation Goodwill losses. impairment accumulated and amortisation accumulated less cost at carried is Goodwill assets. Intangible in included is subsidiaries of on acquisition Goodwill acquisition. of date the at subsidiary acquired the of assets the group’s identifiable of net the of share fair value over the combination a business of cost the of excess the represents Goodwill goodwill – assets fixed Intangible financialnote 8statements. the to in explained has been allocation of the cost basis The activities. on charitable expenditure the across allocated are costs These costs. governance and financing resources, human technology, information administration, payroll management, include general costs Support activities. charitable undertake directly do not but charity the work the of assist that functions those are costs Support resources. the of use with consistent on a basis activities have to been allocated they headings particular to attributed directly be cannot costs Where category. relevant the to related all costs aggregate headings that under classified and has been basis accruals on an for accounted is All expenditure expended Resources 5 years 5 subsidiaries: of acquisition on Goodwill

IOP Annual Report 2018 53 Liquid resources Forthe purposes of the cash flow statement, resources liquid are defined as current asset investments,which is cash short in held term depositaccounts for investment purposes. Theseare notconsidered to be cash because theyare not accessible penalty free within one workingday. Cash Cashincludes deposits cash and hand in repayableon demand with any qualifying institutionless overdrafts from any qualifying institution financial demand. on repayable Depositsareif they repayable demand on can bewithdrawn time at without any notice and withoutif or maturitya penalty, period or of noticehours working of one not or more than 24 been has agreed. day Cash includes deposits denominatedin foreign currencies. Creditors Shortterm trade creditors are measured atthe transaction price. Other financial liabilitiesare measured initially at amortised costsubsequently and at amortised cost less impairment. Provisions Provisionsare recognised when the group obligation, legal constructive, or has a present asresulta of pasta event, it is probable thatbe the group required will to settle the reliableestimatea obligation,and can be the of the amount obligation. made of Thegroup recognises provisiona for annual accrued leave employees by as resulta of servicesrendered the in current period, and whichemployees are entitled to carry forward The year. use and the in financial following provisionis measuredat the undiscounted salarycost for the payable period of absence thatbeen has accrued. Financial instruments Financialinstruments are classified and accountedfor according to the substance ofthe contractual arrangement, as financial assets,financial liabilities or equity instruments. Freeholdproperty: years 25 Officemachinery: 4–5years Fixturesand fittings: years 4–10 years 3–4 Computers: 1. Accounting policies (continued) policies 1.Accounting Depreciation Depreciationis provided to write off the cost less or valuation the estimated residual of value tangiblefixed assetsinstalments by equal over theirestimated useful economic lives as follows: • • • • Theof leasehold value property is amortised the periods over remaining of the relevant leases. Circus, Bristol Temple (expires 2021) Investment properties Investmentproperties ownedthe by group are which is determined at held value, fair annually is derived and from current market rents, investmentproperty yields capital published and growth value indices of comparable real estate. of investment value fair Changes in properties arerecognised profit in loss, or within‘Other recognisedgains/losses’ the in Statement of FinancialActivities. Nodepreciation is provided on investment properties. investments of Valuation Investmentsin subsidiaries are measured atcost less accumulated impairment the in individualcharity financial statements. Otherinvestments in listed company shares arethe included in sheet balance at the market of the unitised value individual holdings. Gains lossesand are recognised profit in loss,or within the in Statement ‘Netincome/expenditure’ of FinancialActivities. Debtors other and debtors Trade are recognised attransaction price, less impairment. any Prepaymentsare at the valued prepaid amount trade netof any discounts due. IOP Annual Report 2018 54 in the Statement of Financial Activities. Financial of Statement the in year), the of included also are start the at assets scheme value the of market on the (based on assets return expected group’s longthe term to equivalent and a credit settlement) to closer are benefits the (because liabilities scheme the value of present in the increase the equal to A charge Financial Activities. of to the Statement charged is have vested, benefits the if service past to relating any of benefits cost the with year, the to together relating of pension provision cost 102. FRS in accordance service with The for accounted isscheme benefit defined This fund. administered independently an in group the of those from held separately are scheme the of on 31 2001. December assets The new members to pay. closed was scheme This on finalpensionable based benefits pension Plan 1975 Benefits Retirement providing Physics of Institute the operates Institute The Plan 1975 Benefits Retirement Physics of –Institute costs Pension donors. by the imposed restrictions specific with used in accordance be to are which funds are funds Restricted for other purposes. and designated have which been not the charity of objectives the of in furtherance trustees the of are available discretion the at use for which funds unrestricted are funds General accounting Fund Financial Activities. of Statement within ‘Net income/expenditure’ in the or loss, in profit or losses being recognised any gains fair value with recognised at are instruments financial Derivative instruments financial Derivative arrangement. underlying the of on the nature or fair value depending cost amortised at measured are instruments Financial liabilities. all its of deducting the companyof after in an asset interest a residual evidences that any is contract instrument equity An 1. Accounting1. policies (continued) presentation currency. group’s and the charity’s the is which in Sterling, presented are statements financial consolidated The currency’). (the ‘functional operates entity the in which environment economic primary the of currency in the presented are entity group each of statements financial individual The currency presentation and currency Functional currencies Foreign payable.become year in they in which the Financial Activities of Statement the to charged are schemes pension contribution defined group’s the to Contributions 2–12% contributes salary. basic of Institute the scheme join the to choose who staff of members 2014 and managed is by those Aviva. For 1 February from established was second The of basic salary. 2–18% contributes Institute the scheme, this of members are who staff of members those on 31 new members 2014.to January For closed and scheme managed is by Aviva. This 2002 1 January from established was first The members. individual the of names held in the assets with schemes pension contribution defined both are They schemes. pension personal group two operates group The Schemes Pension Group Personal Physics of –Institute costs Pension funds. unrestricted in recognised is expense pension benefit defined The activities. these on expenditure the with in proportion activities on charitable expenditure to allocated is Financial Activities of Statement in the recognised expense pension benefit defined The changes. assumption or experience from arising differences with along Financial Activities of Statement in the recognised year are during the on assets return and expected actual the between differences Any balance sheet. on the or liability an asset as shown is liabilities pension accrued the of value present and the scheme the of the assets value of market the between difference The IOP Annual Report 2018 55 2. Significant judgements and 2. judgements estimates Significant Preparationof the financial statements requires theExecutive Board Management Senior and significant to make judgements Team and estimates.The items the in statementsfinancial wherethese judgements estimates and have beeninclude: made Leases Theis judgement whether key leases entered intothe by group either as lessor lessee or areoperating leases leases. finance or The conclusiondepends assessment on an of whetherthe risks rewards and of ownership transferred have been from the lessor to the lesseeleasea on lease by basis. Investment property Theinvestment property is revaluedannually. Thevaluation uses market rental values and yields,but as each property certaina is unique, degreeof is judgement required the and value canreliably be only tested the in market itself. Revenue recognition Income from production of in-house external and partnerjournals with majoritya of the income receivedadvance in is recognised with line in theof content value fair delivered. Judgement isrequired the in recognition of revenue where contractswith customers multiplespan years. valuation Defined scheme pension benefit of the assets Valuation liabilities and of the groupdefined benefit pension scheme are performedprofessionala by actuary. Thegroup taken has advantage of the transitionalfor lease relief incentives,available suchthat whereleasea commenced before the dateof transition the remaining to FRS 102, benefit of lease the incentive continuemay accordance to be recognisedin with previous UK GA AP. 1. Accounting policies (continued) policies 1.Accounting Transactions and balancesTransactions preparing In the statementsfinancial of the individualentities, transactions in currencies otherthan the functional currency of the entity individual are recognised at the spot rate atthe dates of the transactions average at or an ratewhere this rate approximates the actual rate atthe date of the transaction. the At of end each reportingperiod, monetary items denominated foreign in currencies are retranslated at the ratesprevailing at that date. Non-monetary itemsthat aremeasured terms in of historical currency costare in a foreign not retranslated. Foreigndifferences exchange that arise are recognisedprofit in loss, or within ‘Netincome/ expenditure’in the Statement of Financial Activities. group of Translation companies Forthe purpose of presenting consolidated financial statements, the assets and liabilities ofthe foreign group’s operations are translated fromtheir functional currency to Sterlingusing therate exchange the on ruling sheet balance expensesdate. Income and are translated average an using rate for the period,unless exchangerates fluctuated significantly during thatperiod, which case in the rates exchange atthe dates transactions of the are used. Exchangedifferences arising on translation companies of group are recognised within ‘Other recognisedgains/losses’ the in Statementof Financial Activities. Operating leases Rentalsoperating under payable leases are chargedto the Statement ofActivities Financial straight-linea on basis the over terms of the leases. Rentalincome receivable operating under leases withthirda party is recognised the in Statement ofActivities Financial straight-linea on basis the over terms of the leases. IOP Annual Report 2018 56 4. Expenditure: comparatives by fund comparatives 4. Expenditure: Burnell. Jocelyn Bell Dame Professor £2.3mfrom the donation is figure and legacies donations the within Included 3. Income: by fund comparatives legacies and Donations from: Income activities: Charitable funds Raising on: Expenditure activities: Charitable expenditure Total Other Investments activities trading Other Total income Economy Community Discovery Community Discovery Economy Education Society Society Education Note Note 7 7 7 7 7 6 5 Restricted Restricted £’000 £’000 2,802 2,328 (753) (793) 2018 2018 (37) 432 (3) 34 8 – – – – – – – – Unrestricted Unrestricted (64,225) (47,806) (8,402) (1,858) (4,494) 60,640 69,503 (1,072) £’000 £’000 1,845 1,964 3,967 (459) (134) 2018 2018 437 551 91 8 (65,018) (47,809) (1,858) (4,494) (9,155) (1,109) 60,648 72,305 1,845 1,964 4,399 £’000 £’000 2,765 (459) (134) 2018 2018 Total Total 125 551 8 Restricted Restricted £’000 £’000 (507) (572) 2017 2017 (33) (32) 600 691 60 12 19 – – – – – – – – Unrestricted Unrestricted (58,580) (45,450) (3,665) (6,771) (1,147) 65,142 57,144 £’000 £’000 3,098 2,150 1,734 (423) (951) 2017 2017 (173) 840 176 – – (45,482) (59,152) (3,665) (1,180) (7,278) 65,833 57,204 £’000 2,150 £’000 3,698 1,734 (423) (951) (173) 2017 2017 Total Total 840 188 19 – IOP Annual Report 2018 57 19 88 733 859 840 2017 2017 1,365 5,887 £’000 £’000 £’000 57,722 26,571 12,970 26,292 65,833 65,833 6 74 471 991 551 2018 2018 £’000 £’000 £’000 8,281 1,445 30,528 28,188 72,305 72,305 13,589 61,588 Publishingoperations Charitableactivities Membershipincome By class of business Other Total Total By geographical market Europe,Middle East and Africa TheAmericas AsiaPacific investments listed from Interest Propertyrental income Interestfrom cash and short term investments Total Group investment income of £551k is lower than is lower the Groupinvestment Charity’s investmentincome of £551k to income due the elimination ofintercompany rent recharged respect in Circus. of Temple income Investment 6. 5. Analysis of incoming resources Analysis5. incoming of IOP Annual Report 2018 58 to £8,105k (2017: £7,766k). as: analysed are amounting These costs support and governance are activities charitable on expenditure within Included costs of governance8. and Analysis support activities. related and astronomy 124 (2017: funding represents Grant physics run 151) help them to schools made to grants STFC activities charitable on 7. Expenditure Analysis of governance costs: governance of Analysis Total Society Education Economy Discovery annual financialstatements charity’s the of audit the for auditors charity’s the to payable Fees Community Fees payable to the charity’s auditor for other services: other for auditor charity’s the to payable Fees Community Economy Discovery Total Society Education Other taxation services taxation Other legislation to pursuant subsidiaries charity’s the of audit The Other services Other undertaken directly costs (directorate (directorate costs Management Management and staff) Activities Activities 54,852 46,496 5,846 4,445 £’000 £’000 1,832 1,435 1,693 205 523 367 155 745 (IT, HR, facilities) Grant funding funding Grant Central costs costs Central activities £’000 £’000 3,054 1,498 488 804 182 69 69 82 – – – –

Support costs Support Finance costs Finance £’000 £’000 2,662 3,240 1,313 8,105 606 586 304 307 165 80 37 17 £’000 2018 173 43 54 66 10 63,026 47,809 3,240 4,494 2,662 £’000 £’000 1,109 1,313 8,105 9,155 2018 2018 304 586 459 45,482 58,028 3,302 £’000 £’000 £’000 1,362 3,665 2,067 1,180 7,278 7,766 2017 2017 2017 133 423 318 717 43 45 30 15 IOP Annual Report 2018 59 – – – – – – – 1 1 1 1 2 2 2 7 5 2 1 4 16 13 427 2017 2017 2,313 1,908 £’000 21,625 26,273 – – – – – 1 1 1 1 1 2 1 1 2 5 3 2 2 11 11 16 200 2018 2018 1,975 2,361 £’000 27,626 23,090 This banding includesThis the banding remunerationof theGroup ExecutiveChief Officer. Wagesand salaries Socialsecurity costs costs Pension Redundancyseverance and costs £60,000£69,999– £70,000£79,999– £350,000 – £359,000 – £350,000 £230,000– £239,999 £280,000– £289,999 £339,000 – £330,000 £200,000 – £209,999 – £200,000 £210,000– £219,999 £220,000£229,999 – £190,000 – £199,999 – £190,000 £150,000– £159,999 £160,000– £169,999 £170,000– £179,999 £180,000– £189,999 £80,000£89,999– £149,999* – £140,000 £90,000 – £99,999 – £90,000 £109,999 – £100,000 £110,000– £119,999 £120,000– £129,999 £130,000– £139,999 * staff 45) for whom retirement benefits are accruing (2017: under includes The37 banding above 9) staff for whom retirement benefitsdefined contribution are (2017: accruing under schemes 9 and defined benefit schemes.Contributions bythe groupfor the year for employees above the to defined are paid 19) staff 25 £540k). (2017: included above contributionschemes amounted to £436k (2017: foreign in currencies their and earnings are subject to foreign fluctuations exchange when translating fromthe base currency to £. Additionalinformation the on total remuneration package of employees below. per year is shown £60,000 earning over The number of employees earning more than £60,000 including bonuses (excluding employer pension employer Theof employees bonuses number earning more including than (excluding £60,000 contributions)per can year be analysed the in bands: following 9. Staff IOP Annual Report 2018 60 number of full time equivalent employees during the year was: during the employees equivalent number time full of 18% of average made a maximum The pensionableat salary. are of UK employer contributions pension contributions. employerto pension in addition benefits medical pensionable non and allowances receive may also Staff growth. or profit revenue the subsidiaries to linked incentives based performance have on dependant role, contractual Ltd), staff, some Private Services Promotion and Marketing IOP Ltd, Co (Beijing) Consultants Publishing IOP Inc, Publishing Business IOP Inc, Publishing IOP Ltd, Turpion-Moscow Ltd, Turpion Ltd, Publishing Educational IOP Ltd, Publishing IOP Ltd, (IOP Enterprises group Physics of Institute the of subsidiaries trading the Within –Group Physics of Institute * 9. (continued) Staff The full time equivalent employees as at 31 at as employees equivalent 2018 time full December The 556was (2017: 508). IOP Publishing Ltd Publishing IOP Institute of Physics Institute work: Charitable £60,000 – £64,999 £60,000 Compensation and Salary £140,000 – £144,999* £129,999 – £125,000 – £84,999 £80,000 – £79,999 £75,000 – £74,999£70,000 – £69,999 £65,000 Institute of Physics Institute andManagement administration: Ltd Private IOP Marketing and Promotion Services Services Promotion and Marketing IOP IOP Publishing Consultants (Beijing) Co Ltd Co (Beijing) Consultants Publishing IOP Turpion–Moscow Ltd Turpion–Moscow Inc Publishing IOP Ltd Publishing IOP operations:Business This banding includes the remuneration of the Group Chief Executive Officer. Chief Executive Group the of remuneration banding the This includes – commission and Bonus – – – – – – – other benefits and allowances Non pensionable – – – – – – £5,000 – £14,999 £5,000 Contribution Pension Employer £25,000 – £29,999 £25,000 – £24,999 £20,000 – £14,999 £5,000 – £14,999 £5,000 – £14,999 £5,000 – £14,999 £5,000 2018 523 234 108 110 32 27 2 7 3 2018 1 1 1 1 – – – 2017 2017 525 109 237 39 96 25 1 1 1 2 1 2 9 8 – – IOP Annual Report 2018 61 The total compensation to management paid key personnelfor services provided to the group This includesall £2,056k). (2017: was£1,740k remuneration,benefits, salary, bonuses and commission,pension employer’s contributions, employer’snational insurance contributions and compensation any payments made. 13. Irrecoverable VAT 13. Thereregistration is group a VAT for the Institute ofPhysics its and group subsidiaries. The VAT ispartly because exemptand, of this, there are restrictionsrecoverable. the on of VAT amount 11. Physics World 11. Duringthe the year Institute contributed £266k Ltd to £266k) IOP Publishing towards (2017: thecost of copies of Physics to World supplied towards £68k) the members,£68k and (2017: costof copies of Physics Education to supplied theInstitute’s affiliated schoolsprogramme. 12. Taxation Asregistereda charity, the Institute is not liable totaxation the on net revenue from its charitable activities.The subsidiary companies make qualifyingdonations of taxable profit to the InstitutePhysics. of

IOP EnterprisesIOP Ltd ManagingDirector IOP Publishing Inc ManagingDirector

Key management personnel Keymanagement all include members ofCouncil. The President, honorary officersmembers and of Council give their timeto the Institute voluntarya on basis and areremuneration no paid for this work. They arereimbursed the actual costs of travel and subsistencenecessarily incurred the on official businessits Institute of the subsidiaries. and/or total expenses December 2018 the In to year 31 incurredreimbursed and trustees to 21 £45k). were £23k (2017: (2017: 27) personnel Remuneratedmanagement key the include members of the Institute of Physics team seniordirectors management and of the Institute’ssubsidiary companies.The Group ChiefExecutive Officer and Chief the Financial Officer perform group rolesacross entitiesall withinthe The IOP Group. Group ChiefExecutive Officer and Chief the OfficerFinancial form part ofthe Institute of Physics senior management teamwhich also includes the ChiefOperating Officer; Director The Affairs; and Public of Policy andManaging Director, IOP PublishingLtd. of the All members team senior management areremunerated the by Institute of Physics with theexception of the Director Managing of IOP PublishingLtd. addition In to the members of the Institute’s seniormanagement team, remunerated key managementpersonnel compromise: Ltd Publishing IOP 10. Key management management Key 10. personnel remuneration CommercialDirector PublishingDirector FinanceDirector ITDirector IOP Annual Report 2018 62 depreciated. These assets will begin to be depreciated upon being brought into use. into upon being brought depreciated be to will begin assets These depreciated. being not are assets ongoing. These are which systems new IT of implementation the of elements the £312k are to (2017: relate which assets inIncluded IT construction of course in the £297k) assets of construction of course inthe Assets acquisition. on this arising goodwill the above represents 100%.shareholding to balance stated The Ltd’s Publishing IOP bringing Ltd Turpion of 50% remaining the purchased 2015, Ltd Publishing IOP 1 December On Physics. of Institute the of by IOP Publishing subsidiary a wholly owned itself Ltd, Turpion in a joint venture, held was directly which Ltd, had an investment previously group The assets 14. Intangible At 31 December 2017 31 December At At 31 December 2018 31At December value book Net 2018 31At December year the for Provision At 31 December 2017 31At December Accumulated amortisation 2017 31At December Cost or valuation At 31 December 2018 31At December Additions IT assets IT (6,679) (5,585) (1,094) 2,829 £’000 9,508 2,596 1,327 8,181 consolidation Goodwill on on Goodwill £’000 (50) (50) 126 126 76 76 – – Trademarks £’000 (36) (36) 180 144 180 180 – – (6,765) (5,635) (1,130) 3,049 £’000 2,852 9,814 8,487 1,327 Total IOP Annual Report 2018 63 892 Total Total (913) (953) (507) £’000 £’000 10,717 33,574 22,269 23,453 30,315 11,095 32,479 40,497 25,492 36,209 (3,730) (6,923) (6,862) (3,223) 33 65 110 375 892 (78) (510) (913) 1,732 1,285 6,522 1,765 1,129 £’000 £’000 5,984 (1,622) fittings (5,237) (1,700) (4,855) equipment Fixtures and Fixtures and

– – – 36 761 770 556 525 (250) (236) Short Short 2,395 2,362 2,431 £’000 £’000 2,362 (1,601) (1,625) (1,875) (1,837) property property leasehold leasehold – – – – (193) (193) (193) (193) £’000 £’000 18,851 18,851 18,851 18,851 10,684 10,684 29,535 29,535 29,342 29,342 property property Freehold Freehold – – – – – – – – – 2,547 2,547 2,547 2,547 2,547 2,547 2,547 2,547 £’000 £’000 property property Investment Investment At31 December 2017 At31 December 2017 Net book value DecemberAt 31 2018 Disposals Additions DecemberAt 31 2018 Net book value DecemberAt 31 2018 Accumulated depreciationAccumulated December At31 2017 Additions Charge forthe year DecemberAt 31 2018 DecemberAt 31 2018 depreciationAccumulated December At31 2017 Disposals Institute of Physics – Charity At 31 DecemberAt 31 2018 Institute of Physics – Group Cost or valuation or Cost December At31 2017 valuation or Cost December At31 2017 Chargefor the year 15. Tangible fixedassets Tangible 15. IOP Annual Report 2018 64 16. Investments in subsidiary undertakings 16. in subsidiary Investments (2017: being not depreciated are which construction £18.85m). of course in the assets property 2018 for no freehold are therefore there use, into brought has now been property The property. a new freehold 31 year ended the purchased During 2013, December Institute the construction of course inthe Assets (2017: necessary valuation, no change this of in considered was valuation a result As no change). itself. market in the value tested only andbe reliably can the required judgement is of degree unique,is a certain property each as but firms, services estate real published by commercial indices value growth on capital based was valuation The 31 at trustees. as valuation by the 2018 internally December undertaken was 102, by FRS valued is annually on 31 the fair value. at permitted As December property investment The statements. the financial in assets fixed tangible within included has been it in London, therefore new site the of use plan the for an of integrated part forms property investment The property. investment as an classified been has therefore and it potential investment being its held for currently is property This property. a new freehold 31 year ended the During 2015, purchased December Institute the property Investment 15. Tangible assets fixed (continued) The Institute’s subsidiary undertakings at 31 at 2018 December follows: as undertakings were subsidiary Institute’s The Services Private Ltd Private Services Promotion and Marketing IOP Turpion–Moscow Ltd Turpion–Moscow Turpion Ltd (Beijing) Co Ltd Co (Beijing) Consultants Publishing IOP IOP Business Publishing Inc Publishing Business IOP IOP Publishing Inc Publishing IOP Publishing Ltd Educational IOP IOP Enterprises Ltd Enterprises IOP IOP Publishing Ltd Publishing IOP undertakings Subsidiary Name 2018 2018 31 and 1 January At December value book net and Cost –Charity Physics of Institute India Russia UK China USA USA UK UK UK / incorporation of Country registration Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary shares held of Class 100% ¬ 100% 100% + 100% 100% * 100% 100% * 100% 100% ^ 100% 100% 100% * 100% 100% 100% held Percentage Publishing Publishing Publishing consulting Publishing Publishing Publishing Dormant enterprises commercial Non-publishing Publishing business of Nature Subsidiary undertakings Subsidiary 31 2019 Mar 31 2018 Dec 31 2018 Dec 31 2018 Dec 31 2018 Dec 31 2018 Dec 31 2018 Dec 31 2018 Dec 31 2018 Dec Year end Year £’000 3,001 IOP Annual Report 2018 65 – 19 18 32 (78) 206 590 2017 2018 Profit £’000 £’000 27,523 24,450 14,300 (9,727) 15,570 28,945 – 2018 (122) (203) £’000 (1,019) (2,251) (4,029) (47,034) 2018

3,600 £’000 Expenditure 21,712 20,609 28,945 (1,191) (10,745) – 141 221 2018 1,051 4,619 2,457 £’000 62,604 Turnover 1 30 Theinvestment Turpion-Moscow in Ltd Ltd. Turpion by is held directly Theinvestment IOP Marketing in Services and Promotion Private Ltd 99.99% IOP and by is 0.01% owned Ltd. by IOP Publishing 169 456 2018 + ¬ 1,000 5,384 £’000 15,702 (liabilities) Net assets /

U74999TN20 16FTC103739 26–2659520 No.05292 26–2301131 02463452 00467514 03471563 Company Number Company unrealised losses / Theinvestment in IOP Business Publishing Inc isdirectly held Inc. IOP Publishing by Theinvestments in IOP Educational Publishing Ltd,IOP Publishing Consultants (Beijing) Co Ltd Ltdare Turpion directly held and IOP by PublishingLtd. IOPMarketing and Promotion ServicesPrivate Ltd IOPPublishing Inc IOPPublishing Consultants (Beijing)Co Ltd IOPBusiness Publishing Inc Ltd Turpion IOPPublishing Ltd IOPEnterprises Ltd Purchasesyear in Group charity and Marketvalue at beginning of the year Disposalproceeds in year Marketvalue at end of the year Realised cost Historical Investments 17. ^ * 16. Investments subsidiary in 16. undertakings (continued) Noinvestment 2017. or cost management wasincurred 2018 in Bristol 6HG. Address BS1 Address Way, Circus Ltd House, Temple of IOPPublishing is Temple USA. 19106 PA West Philadelphia, Independence N. Mall Suite 601 is 190 Inc of IOP Publishing Detailsof the net assets, expenditure turnover, profit and for Ltd, year of IOP the Publishing IOP EnterprisesLtd, IOP Publishing Inc, IOP Business Publishing Inc, IOP Publishing Consultants LtdIOP Ltd, Marketing and Turpion Promotion and (Beijing) Co Services Private Ltd are as follows: IOP Annual Report 2018 66 in greater than one year. one in greater than (2017: payment fall due for to expected is that Indian £196k) tax withholding recoverable to relating (2017: debtors trade bad and doubtful an is amount £202k of debtors £45k). Other within Included of year in respect the for Financial Activities of Statement Charity 2018for in the recognised was loss impairment additional No debtors. trade bad andof doubtful year in respect the for Activities (2017: £80k of loss Financial of impairment An Statement consolidated in the £357k) recognised was 18. Debtors follows: as is by class investments of analysis The 17. (continued) Investments Market valueMarket of investments Vanguard Prepayments and accrued income and accrued Prepayments LF Ruffer Absolute Return Fund Return Absolute Ruffer LF Perpetual Invesco and charity Group CCLA COIF Charities Property Fund Property Charities COIF CCLA Other debtors Other Trade debtors

15,180 Group £’000 1,813 5,707 7,660 2018 12,160 Group £’000 6,623 3,619 1,918 2017 20,609 £’000 5,367 5,936 9,306 2018 Charity – £’000 1,619 2018 598 991 30 Charity 28,945 10,359 £’000 1,824 £’000 1,132 3,801 5,307 9,478 2017 2017 619 73 IOP Annual Report 2018 67 – – 64 101 370 442 506 506 869 389 2017 2017 2017 2,235 £’000 £’000 £’000 8,293 (1,729) Charity Charity Charity 28,945 – – 35 372 487 524 902 2018 2018 2018 7,188 1,011 1,011 £’000 £’000 £’000 Charity Charity Charity 20,609 16,226 18,546 (17,535) – 792 995 364 445 2017 2017 2017 4,411 5,207 £’000 £’000 £’000 Group Group Group 27,715 23,170 10,956 12,396 12,396 28,945 (10,410) – – 524 424 2018 2018 2018 1,162 £’000 £’000 £’000 5,080 4,489 Group Group Group 13,651 14,599 14,599 20,609 25,330 28,983 (10,731) Membership subscriptions Other Financialassets measured at amortised cost Financial liabilities Financialliabilities measured at amortised cost Trade creditors Trade Journalssubscriptions Financial assets Financialassets measured at fair value through profit or loss Othercreditors Othertaxes and social security Accruals Deferredincome Amountsowed togroup undertakings Financial assets Financial measured through at value fair profit loss or comprise fixed assetinvestments in portfolio a trading of listed shares. company assets Financial measured at amortised cost comprise tradedebtors, other debtors, amounts undertakings, owed by group current asset investments and cashat bank. liabilities Financial measured at amortised cost comprise trade creditors, other creditors, accrualsand amounts owed to group undertakings. The Group’s and Charity’s and instrumentsThe Group’s financial analysed be may as follows: Financial20. instruments Deferredincome represents income received advance: in 19. Creditors:19. amounts falling due within one year IOP Annual Report 2018 68 22. Movement on reserves on Movement 22. occurs. an exit that point such at negotiation future through agreed 2021. before amount payable willThe be crystalise to expected not are which premises leasehold £783k of (2017: a provision is provisions within Included of exit the to relating £760k) costs for liabilities for 21. Provisions Incoming resources Incoming At 1 January 2018At 1 January –Charity Physics of Institute –Group Physics of Institute Outgoing resources Outgoing year the during sales investment on losses Realised resources Outgoing resources Incoming Unrealised losses on investments on losses Unrealised Balances carried forward forward carried Balances gains Actuarial adjustments Exchange Provisions At 1 January 2018At 1 January Realised losses on investment sales during the year the during sales investment on losses Realised Unrealised losses on investments on losses Unrealised Balances carried forward forward carried Balances gains Actuarial General fund General fund General (63,602) (19,268) 58,589 63,503 41,337 58,872 59,646 (1,070) (1,070) Group £’000 £’000 £’000 2,924 2018 (121) (121) 783 233 – – Restricted Restricted 2,843 2,843 Group 2,802 2,802 £’000 £’000 £’000 funds funds (793) (793) 2017 834 834 760 – – – – – – – (18,589) (18,589) (deficit) Pension Pension Pension (5,355) (5,355) reserve reserve Charity deficit £’000 6,000 6,000 £’000 £’000 7,857 7,857 (623) (623) 2018 783 – – – – – (20,684) (65,018) (1,070) (1,070) 38,825 72,305 56,077 41,891 Charity 11,726 41,117 £’000 £’000 £’000 7,857 7,857 (121) (121) 2017 Total Total 233 760 IOP Annual Report 2018 69 54 Total 2,789 £’000 £’000 3,049 2,843 33,574 30,313 56,077 20,609 (6,138) (25,330) Balance at 31 Dec 2018 31 Dec – – – – – – (793) (793) £’000 £’000 deficit (5,355) (5,355) Pension expended Resources Resources – – – – – 13 funds 2,789 £’000 £’000 2,802 2,843 2,843 Incoming resources Restricted Restricted 41 793 834 (783) 3,049 £’000 £’000 27,470 33,574 20,609 58,589 (25,330) Balance at 1 Jan 2018 1 Jan General fund Non–Currentliabilities Balancescarried forward Currentliabilities Tangible fixed Tangible assets Currentassets Restricted funds Prizefunds Investments Institute of Physics – Group Intangiblefixed assets Group charity and Otherfunds 22. Movement on reserves (continued) Pensions 23. Thegroup operates three pension schemes. Defined scheme pension benefit TheInstitute of Physics was Retirementclosed 31 December newmembers Benefits to 1975 on Plan The Institute 2001. continuesto support the scheme for those who were members the on effective date ofclosure. groupA personal pension scheme wasestablished to replace the defined benefit scheme with effect group new a and fromperson This January1 scheme 2002. closed January to 2014 members new 31 on pensionscheme wasestablished The Institute from February1 also has designated 2014. stakeholdera pensionscheme compliancewith in the Pensions Act 1995. Themost recent valuation of the Institute FRS 102 of Physics dated Retirement Benefits 1975 Plan showed that assets the ofthe value scheme’s 2018 asat that date 31 December was£84,425k of the that 71%) and the actuarial of those value assets represented (2017: 94% (2017: £81,743k) benefits accrued had that members, to after for expectedallowing futureincreases in earnings. Restrictedfunds are the by held Institute were and given to the Institute to spend towards specific projectspurposes. and Prize funds are the by held Institute to give out as awards forto their individuals exceptionalcontribution towards Physics. Other funds are to be spent specific on projects. Analysisof net assets by fund IOP Annual Report 2018 70 • commutation: Cash were: date balance sheet the at actuary by the used assumptions actuarial principal The is due 2020. on 1 January valuation triennial next The 18% are and 7% respectively. and contributions employees’ Institute’s The 23. Pensions (continued) Reconciliation of fair value of plan liabilities: plan of value fair of Reconciliation Remeasurement (gains): Interest cost cost service Past At the end of the year the of end the At Life expectancy of male aged 65 in 20 years in 65 aged male of expectancy Life now 65 aged male of expectancy Life assumptions: Mortality Discount rate Rate of increase to pensions in payment: in pensions to increase of Rate salaries in increase of Rate pensions deferred in increases Future Inflation (CPI) (RPI) Inflation (net expenses) of assets on return of rate expected long–term Aggregate At the beginning of the year the of beginning At the Life expectancy of female aged 65 in 20 years 20 years in 65 aged female of expectancy Life now 65 aged female of expectancy Life with current commutation factors. commutation current with lumpallowable sum, commencement pension 2018: 75% take max their of Members Benefits paid Benefits gains Actuarial Post 2006 pension 2006 Post 2001–2006 pension Pre 2001 pension • commutation factors. commutation current lump sum, commencement with pension 2017: 75% allowable take max their of Members (10,729) 100,332 (2,402) 89,780 £’000 2,379 2018 2018 24.2 2.35 2.35 2.90 3.45 3.45 3.45 23.5 22.1 5.00 2.15 25.7 200 % 100,332 105,983 (2,157) (6,274) £’000 2,780 2017 2017 5.00 3.40 3.40 3.40 2.30 2.30 22.3 2.40 24.2 23.7 25.7 2.10 % – IOP Annual Report 2018 71 – 805 805 2017 2017 2017 2017 7,556 1,975 1,498 5,581 £’000 £’000 £’000 £’000 81,743 81,743 74,846 (2,157) 18,589 (18,589) (100,332) 200 423 623 2018 2018 2018 2018 (916) 1,956 £’000 £’000 £’000 £’000 5,355 6,000 81,743 84,425 84,425 (2,872) (2,402) (5,355) (89,780) gains: / Returnon scheme assets excluding interest Contributionsemployer by Benefits includingpaid expenses Group charity and Group charity and Pensionliability recognised on the balance sheet Pastservice cost cost interest Net Total At the At beginning of the year Interestincome Remeasurement (losses) Atthe end of the year Actualreturn on plan assets Fairvalue of plan assets Actuarialvalue of liabilitiesplan Netpension schemeliability Amountsrecognised profit in loss or are as follows: Changes in the fair value of plan assets: theof Changesplan in value fair 23. Pensions (continued) Pensions 23. IOP Annual Report 2018 72 plan assets of Composition gains and losses category Activities Financial of Statement the within recognised loss actuarial of Analysis 23. Pensions (continued) 24. Analysis of changes24. Analysis in net funds year 2018 end of the at schemes the andto 2017. £2,206kis schemes (2017: pension contribution defined payable £2,069k). no was outstanding There group’s the to in relation an as expense Financial Activities of Statement in the amount recognised The schemes pension contribution Defined Total plan assets plan Total Corporate bonds Corporate Cash Fund Partners Liability Driven Investment funds Investment Driven Liability Annuities funds growth Diversified Equities Exchange translation Exchange equivalents cash and cash in Decrease Actual return less interest income included in net interest income income included in interest net interest less return Actual and charity Group Changes in assumptions underlying the present value of the scheme liabilities the of value present the underlying in assumptions Changes Net funds carried forward carried funds Net forward brought funds Net year the in funds net in Movement Actuarial gain on defined benefit pension scheme pension benefit defined on gain Actuarial (1,867) (2,872) (2,100) 84,425 20,883 15,133 15,841 26,150 10,729 17,000 £’000 £’000 £’000 9,080 5,162 7,309 7,857 2018 2018 2018 233 – (6,958) (7,253) 24,253 21,236 11,855 33,764 10,134 17,000 81,743 £’000 £’000 £’000 5,581 3,575 3,102 6,274 9,418 (295) 2017 2017 2017 514 IOP Annual Report 2018 73

916 272 845 2017 2017 2017 2,741 4,316 2,702 1,857 1,966 1,303 £’000 £’000 £’000 2,882 Land buildings and Land buildings and Land buildings and

810 676 155 845 2018 2018 2018 1,601 1,012 £’000 £’000 £’000 1,067 1,857 1,486 2,823 Land buildings and Land buildings and Land buildings and Notlater than year1 Notlater than year1 Laterthan year1 and not later than years5 Notlater than year1 Laterthan year1 and not laterthan years5 Laterthan year1 and not later than years5 Laterthan years5 Charity Thecharity lease payments minimum has non-cancellable under operating leases as set out below: Group Thelease group payments minimum has non-cancellable under operating leases as set out below: 25. Commitments 25. under operating leases Amounts leases 26. operating receivable under Thecharity lease payments minimum has receivable non-cancellable under operating leases as set out below: IOP Annual Report 2018 74 management personnel. or key directors individuals being the trustees, due to all are reported below noted transactions The year: during the place took transactions party following related The 27. parties Related Sarah Thompson Sarah Thompson Sarah Fulton Brian Flint Jonathan Paul Hardaker James McKenzie Julia Higgins Jim Al–Khalili Charkin Richard Individual Ltd Enterprises IOP Ltd Publishing IOP Entity Brian Fulton Brian University of York of University The Oxford Trust Science About Sense Ltd Technology Photonstar Ltd LED Photonstar London College Imperial UK in the Engineering and Science for Campaign Association Science British Amphio Ltd organisation Related University of York of University Sales to IOP to Sales committee planning of Member Committee Executive University of & member Sciences of Faculty of Dean committee planning of Member Committee Executive University of & member Sciences of Faculty of Dean of trustees board the of Member board the of Chair CEO CEO Member Council Board member President Director organisation related within Role £’000 1,404 – Purchases from IOP from Purchases and prizes grants of Payments payments events and Conference Year the of Scientist Young of Sponsorship Ireland science young of voice with partnership Annual items building of Purchase items building of Purchase and bursaries Provision of grants payments events and Conference fee Membership Event sponsorship fee IOP by services digital of Purchase transaction of Description (1,028) £’000 – Balance outstanding outstanding Balance 200 200 9,946 240 833 3,600 17,515 1,550 3,324 3,000 13,200 116,667 by IOP) (purchases (£) Amount at year end (16,217) £’000 (9) IOP Annual Report 2018 75 Amount (£) (sales by IOPP) 13,736 12,192 Description of transaction Salesfrom IOP Publishing Ltd Salesfrom IOP Publishing Ltd Role within related organisation Deanof Faculty of Sciences& member ofUniversity Executive Committee Memberof planning committee VicePrincipal Related organisation Universityof York Heriot–WattUniversity Individual BrianFulton SarahThompson Jones Julian Thecharity not receive did donations any with conditions from the trustees other or related party (2017: nil). with listed way No individual any wasinvolved decisions in above related taken or the to, on, Institute’s expenditurewith these related organisations. 27. Related parties (continued) Related 27.

IOP Annual Report 2018 77

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