IRIS Accounts Production v25.1.4.42 02383396 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities a non-commercial utility organisation concerned solely with operational safety. The mission of WANO is to maximise the safety and reliability of nuclear power plants worldwide by working together to assess, benchmark and improve performance through mutual support, exchange of information, and emulation of best practices. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02383396 2023-12-31 02383396 2024-12-31 02383396 2024-01-01 2024-12-31 02383396 2022-12-31 02383396 2023-01-01 2023-12-31 02383396 2023-12-31 02383396 ns15:EnglandWales 2024-01-01 2024-12-31 02383396 ns14:PoundSterling 2024-01-01 2024-12-31 02383396 ns10:Director1 2024-01-01 2024-12-31 02383396 ns10:CompanySecretary1 2024-01-01 2024-12-31 02383396 ns10:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 02383396 ns10:MediumEntities 2024-01-01 2024-12-31 02383396 ns10:Audited 2024-01-01 2024-12-31 02383396 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 02383396 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02383396 ns10:FullAccounts 2024-01-01 2024-12-31 02383396 ns10:Director2 2024-01-01 2024-12-31 02383396 ns10:Director4 2024-01-01 2024-12-31 02383396 ns10:Director7 2024-01-01 2024-12-31 02383396 ns10:Director8 2024-01-01 2024-12-31 02383396 ns10:Director9 2024-01-01 2024-12-31 02383396 ns10:Director12 2024-01-01 2024-12-31 02383396 ns10:Director13 2024-01-01 2024-12-31 02383396 ns10:Director14 2024-01-01 2024-12-31 02383396 ns10:Director15 2024-01-01 2024-12-31 02383396 ns10:Director16 2024-01-01 2024-12-31 02383396 ns10:Director17 2024-01-01 2024-12-31 02383396 ns10:Director18 2024-01-01 2024-12-31 02383396 ns10:Director19 2024-01-01 2024-12-31 02383396 ns10:RegisteredOffice 2024-01-01 2024-12-31 02383396 ns10:Director5 2024-01-01 2024-12-31 02383396 ns10:Director6 2024-01-01 2024-12-31 02383396 ns10:Director10 2024-01-01 2024-12-31 02383396 ns10:Director3 2024-01-01 2024-12-31 02383396 ns10:Director11 2024-01-01 2024-12-31 02383396 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 02383396 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 02383396 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 02383396 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 02383396 ns5:CurrentFinancialInstruments 2024-12-31 02383396 ns5:CurrentFinancialInstruments 2023-12-31 02383396 ns5:Non-currentFinancialInstruments 2024-12-31 02383396 ns5:Non-currentFinancialInstruments 2023-12-31 02383396 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 02383396 ns5:FurnitureFittings 2024-01-01 2024-12-31 02383396 ns5:MotorVehicles 2024-01-01 2024-12-31 02383396 ns5:ComputerEquipment 2024-01-01 2024-12-31 02383396 ns15:UnitedKingdom 2024-01-01 2024-12-31 02383396 ns15:UnitedKingdom 2023-01-01 2023-12-31 02383396 ns15:Europe 2024-01-01 2024-12-31 02383396 ns15:Europe 2023-01-01 2023-12-31 02383396 ns15:SouthAmerica 2024-01-01 2024-12-31 02383396 ns15:SouthAmerica 2023-01-01 2023-12-31 02383396 ns15:Asia 2024-01-01 2024-12-31 02383396 ns15:Asia 2023-01-01 2023-12-31 02383396 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 02383396 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 02383396 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-01-01 2024-12-31 02383396 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-01-01 2023-12-31 02383396 ns5:OwnedAssets 2024-01-01 2024-12-31 02383396 ns5:OwnedAssets 2023-01-01 2023-12-31 02383396 11 2024-01-01 2024-12-31 02383396 11 2023-01-01 2023-12-31 02383396 ns5:LeaseholdImprovements 2023-12-31 02383396 ns5:FurnitureFittings 2023-12-31 02383396 ns5:MotorVehicles 2023-12-31 02383396 ns5:ComputerEquipment 2023-12-31 02383396 ns5:LeaseholdImprovements 2024-12-31 02383396 ns5:FurnitureFittings 2024-12-31 02383396 ns5:MotorVehicles 2024-12-31 02383396 ns5:ComputerEquipment 2024-12-31 02383396 ns5:LeaseholdImprovements 2023-12-31 02383396 ns5:FurnitureFittings 2023-12-31 02383396 ns5:MotorVehicles 2023-12-31 02383396 ns5:ComputerEquipment 2023-12-31 02383396 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 02383396 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 02383396 ns5:WithinOneYear 2024-12-31 02383396 ns5:WithinOneYear 2023-12-31 02383396 ns5:BetweenOneFiveYears 2024-12-31 02383396 ns5:BetweenOneFiveYears 2023-12-31 02383396 ns5:MoreThanFiveYears 2024-12-31 02383396 ns5:MoreThanFiveYears 2023-12-31 02383396 ns5:AllPeriods 2024-12-31 02383396 ns5:AllPeriods 2023-12-31 02383396 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31

REGISTERED NUMBER: 02383396 (England and Wales)

WORLD ASSOCIATION OF NUCLEAR OPERATORS

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

Page |

| Company information | 1 |

| Strategic report | 2 |

| Report of the directors | 4 |

| Report of the independent auditors | 7 |

| Statement of income and retained earnings | 10 |

| Balance sheet | 11 |

| Cash flow statement | 12 |

| Notes to the cash flow statement | 13 |

| Notes to the financial statements | 14 |

| WORLD ASSOCIATION OF NUCLEAR OPERATORS |

COMPANY INFORMATION

for the year ended 31 December 2024

| DIRECTORS: | R F Willard

| C Lewandowski

| Y Kanai

| J K Svenningsson

| Y Zhang

| E Martirosyan

| Dr N Chigusa

| Z Zou

| A Shutikov

| K Hayashi

| M W Rencheck

| T Kobayakawa

| J A G Badenas

| M I Al Hammadi

| SECRETARY: | Mrs J A Jones

| REGISTERED OFFICE: | 5 Churchill Place

| 11th Floor

| Canary Wharf

| London

| E14 5HU

| REGISTERED NUMBER: | 02383396 (England and Wales)

| AUDITORS: | Berringers LLP

| Chartered Accountants

| and Statutory Auditors

| Lygon House

| 50 London Road

| Bromley

| Kent

| BR1 3RA

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

STRATEGIC REPORT

for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

WANO is a non-commercial utility organisation concerned solely with operational safety. The mission of WANO is to maximise the safety and reliability of nuclear power plants worldwide by working together to assess, benchmark and improve performance through mutual support, exchange of information, and emulation of best practices.

BUSINESS OPERATION 2024 AND BEYOND

WANO's Governing Board approved at its November 2020 meeting the implementation of a performance-based, graded approach for both peer reviews and follow-up visits. The strategy continued to work well throughout 2024; all four Regional Centres have categorised peer reviews and are prioritising them in line with this performance-based approach.

Strategic direction - Unity Towards Nuclear Excellence

During 2019, members CEO's approved a mandate for change with clear, simple targets on how best to shape the industry's future to help members more rapidly improve performance. The resulting initiative has been titled Action for Excellence: Shaping the Nuclear Future.

2024 was a year of transition as the WANO strategy; Unity towards Nuclear Excellence was implemented to support the delivery of the Action for Excellence initiative. This included development and implementation of an integrated suite of services as a global operating model, embedding organisational core values, and furthering strategic priorities.

The London Office role to support the updated delivery of WANO services by the Regional Centres has not changed. It continues to deliver the leadership, governance, and oversight responsibilities for WANO.

The Shanghai Office continues to progress its development into a WANO Regional Centre. The next stage of the development (phase 2) was reached in 2023. The transition criteria for the final transition to the Regional Centre (phase 3) is under development, with a plan to ensure readiness of the Shanghai Office to operate as a Regional Centre by the end of 2026 being overseen by the London Office. A designated reserve and specific member contributions continue to fund the operations in Shanghai.

The Budget and Resource committee and Board of Directors are monitoring the situation closely. The surplus and future fee request will take into the evolution of WANO services.

WANO cannot look to the future of the industry without acknowledging the significant impact of the situation currently taking place in Ukraine. WANO and its members continue to offer their full support to all commercial nuclear power facilities and supports the IAEA seven fundamental pillars for nuclear safety.

The London Office has established an internal Sanctions Policy affirming the commitment of WANO, the Board of Directors and its senior management to complying with all laws, in addition to its Global Policy on Export Controls. WANO is regularly advised by legal professionals on the current status of export controls and sanctions that may potentially pose a risk to compliance and impact WANO's operations.

A risk report is prepared for both the WANO Governing Board and senior management to stay abreast of changes and maintain awareness, as well as facilitating Board review and discussion.

Now, more than ever, the industry must come together and, while being sensitive to the significant challenges some of our members are facing - and ensuring they are provided with the support required - the industry will continue to aim for the goals set out through Action for Excellence.

ON BEHALF OF THE BOARD:

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

STRATEGIC REPORT

for the year ended 31 December 2024

Mrs J A Jones - Secretary

10 September 2025

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

REPORT OF THE DIRECTORS

for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R F Willard

C Lewandowski

Y Kanai

J K Svenningsson

Y Zhang

E Martirosyan

Dr N Chigusa

Z Zou

A Shutikov

Other changes in directors holding office are as follows:

C Ghita - resigned 31 December 2024

K Ikebe - resigned 31 March 2024

M Al Hammadi - resigned 30 September 2024

K Hayashi - appointed 1 April 2024

M W Rencheck - appointed 1 January 2024

T Kobayakawa - appointed 30 September 2024

J A G Badenas and M I Al Hammadi were appointed as directors after 31 December 2024 but prior to the date of this report.

T Mitchell and C Wolters ceased to be directors after 31 December 2024 but prior to the date of this report.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

REPORT OF THE DIRECTORS

for the year ended 31 December 2024

REGIONAL CENTRE DIRECTORS

The following were directors of the six WANO centre/offices and in that capacity attended Board meetings as observers:

Name |  | Centre |  | Date appointed |  | Date resigned |

N Chigusa |  | London |  | 01/01/2023 |  |

S Meng |  | Atlanta |  | 01/08/2023 |  |

V Aksenov |  | Moscow |  | 01/04/2015 |  |

S Katajala |  | Paris |  | 01/01/2024 |  |

K Keeyoung |  | Tokyo |  | 01/01/2023 |  |

C Hua |  | Shanghai |  | 01/09/2022 |  |

COMPANY SECRETARY

Name |  | Centre |  | Date appointed |  |

J Jones |  | London |  | 01/10/2016 |  |

PRESIDENT

Name |  |  | Date appointed |  | Date resigned |

M Al Hammadi |  |  | 12/10/2022 |  | 30/09/2024 |

T Kobayakawa |  |  | 30/09/2024 |  |

LEADERSHIP

Throughout 2024, Tom Mitchell has served as the WANO Chair, Naoki Chigusa has served as Chief Executive Officer (CEO). M Al Hammadi has served as WANO President until September 2024 when T Kobayakawa was named as his successor.

MEMBERSHIP

There were very few changes to membership during the year, the units in WANO membership remain stable. At the end of 2024, there were 121 members (2023: 123) in the five membership categories.

PROGRAMMES OF WORK

The core WANO programmes operate in accordance with the WANO mission, and with the policies and long-term plans agreed by the Board. Governors are satisfied that these programmes adequately account for the present and future needs of WANO members.

INTERNATIONAL ATOMIC ENERGY AGENCY (IAEA)

WANO continues to work in a cooperative spirit with the IAEA, in accordance with the WANO-IAEA Memorandum of Understanding signed on 12 September 2012.

FINANCIAL ARRANGEMENTS

WANO continued as a non-profit-making organisation funded by members according to need. The 2024 WANO budget was managed in accordance with Board policy of ensuring proper control and implementation.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

REPORT OF THE DIRECTORS

for the year ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

The auditors, Berringers LLP will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs J A Jones - Secretary

10 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WORLD ASSOCIATION OF NUCLEAR OPERATORS

Opinion

We have audited the financial statements of World Association Of Nuclear Operators (the 'company') for the year ended 31 December 2024 which comprise the Statement of income and retained earnings, Balance sheet, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WORLD ASSOCIATION OF NUCLEAR OPERATORS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

- the nature of the industry, control environment and business performance;

- results of our enquiries to management about their own assessment of the risks of fraud and error;

- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:

- reviewing the financial statement disclosures and testing to supporting documentation;

- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;

- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WORLD ASSOCIATION OF NUCLEAR OPERATORS

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ricky Hutson BSc ACA FCCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

10 September 2025

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

for the year ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 17,518,750 |  | 14,553,989 |  |

Administrative expenses | 17,002,960 |  | 16,880,808 |  |

515,790 |  | (2,326,819 | ) |

Other operating income | 280,664 |  | 551,848 |  |

OPERATING PROFIT/(LOSS) | 5 | 796,454 |  | (1,774,971 | ) |

Interest receivable and similar income | 34,609 |  | 79,247 |  |

PROFIT/(LOSS) BEFORE TAXATION | 831,063 |  | (1,695,724 | ) |

Tax on profit/(loss) | 7 | 6,378 |  | 16,717 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 824,685 |  | (1,712,441 | ) |

Retained earnings at beginning of year | 10,189,057 |  | 11,901,498 |  |

RETAINED EARNINGS AT END OF YEAR | 11,013,742 |  | 10,189,057 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

BALANCE SHEET

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 3,302,987 |  | 3,452,760 |  |

CURRENT ASSETS

Debtors: amounts falling due within one year | 9 | 3,345,781 |  | 3,180,797 |  |

Debtors: amounts falling due after more than one year | 9 | 1,898,076 |  | 748,046 |  |

Cash at bank | 6,890,790 |  | 6,442,105 |  |

12,134,647 |  | 10,370,948 |  |

CREDITORS

Amounts falling due within one year | 10 | 4,423,892 |  | 3,634,651 |  |

NET CURRENT ASSETS | 7,710,755 |  | 6,736,297 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,013,742 |  | 10,189,057 |  |

RESERVES

Retained earnings | 12 | 11,013,742 |  | 10,189,057 |  |

11,013,742 |  | 10,189,057 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

J A G Badenas - Director

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

CASH FLOW STATEMENT

for the year ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 949,997 |  | (1,542,668 | ) |

Tax paid | (16,719 | ) | (2,852 | ) |

Net cash from operating activities | 933,278 |  | (1,545,520 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (521,770 | ) | (3,158,754 | ) |

Sale of tangible fixed assets | 2,568 |  | - |  |

Interest received | 34,609 |  | 79,247 |  |

Net cash from investing activities | (484,593 | ) | (3,079,507 | ) |

Increase/(decrease) in cash and cash equivalents | 448,685 |  | (4,625,027 | ) |

Cash and cash equivalents at beginning of year | 2 | 6,442,105 |  | 11,067,132 |  |

Cash and cash equivalents at end of year | 2 | 6,890,790 |  | 6,442,105 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 December 2024

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit/(loss) before taxation | 831,063 |  | (1,695,724 | ) |

| Depreciation charges | 668,262 |  | 426,198 |  |

| Loss on disposal of fixed assets | 713 |  | 50,399 |  |

| Finance income | (34,609 | ) | (79,247 | ) |

1,465,429 |  | (1,298,374 | ) |

| Increase in trade and other debtors | (1,315,014 | ) | (868,976 | ) |

| Increase in trade and other creditors | 799,582 |  | 624,682 |  |

| Cash generated from operations | 949,997 |  | (1,542,668 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 6,890,790 |  | 6,442,105 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 6,442,105 |  | 11,067,132 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 6,442,105 |  | 448,685 |  | 6,890,790 |  |

6,442,105 |  | 448,685 |  | 6,890,790 |  |

| Total | 6,442,105 |  | 448,685 |  | 6,890,790 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

1. | STATUTORY INFORMATION

| World Association Of Nuclear Operators is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The preparation of financial statements in compliance with FRS 102 required the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

| Going concern

| After reviewing the company's forecast and projections, the Governors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

| Significant judgements and estimates

| The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

| Recoverability of trade debtors. Trade and other debtors are recognised to the extent that they are judged recoverable. Management reviews a re performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

| Depreciation and residual values. The Governors have reviewed the asset lives and associated residual values of all fixed asset classes, and conc luded that the residual values are appropriate.

| The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal value.

| Turnover

| Turnover comprises contributions due from members to cover the running costs of the WANO London Office and is recognised over the year for which the service is to be provided.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | over period of lease

| Fixtures and fittings | - | 20% on cost

| Audio visual equipment | - | 20% on cost

| Computer equipment | - | 33% on cost and 20% on cost

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

| Taxation

| As a mutual trading company, the company is liable for corporation tax only on investment income.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

| The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Debtors

| Short and long term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

| Operating leases

| Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.

3. | TURNOVER

| The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 476,108 |  | 374,179 |  |

| Europe | 4,616,317 |  | 3,672,847 |  |

| South America | 203,187 |  | 156,073 |  |

| Asia | 9,630,234 |  | 8,408,757 |  |

| Africa | 98,734 |  | 76,398 |  |

| North America | 2,494,170 |  | 1,865,735 |  |

17,518,750 |  | 14,553,989 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 4,027,175 |  | 4,354,590 |  |

| Social security costs | 456,455 |  | 543,695 |  |

| Other pension costs | 413,257 |  | 351,936 |  |

4,896,887 |  | 5,250,221 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Administration and management | 47 |  | 43 |  |

| The highest paid Governor received remuneration of £466,500 (2023: £466,642).

| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Governor amounted to £nil (2023: £nil).

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2023 - operating loss) is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 11,096 |  | 819,092 |  |

| Other operating leases | 804,909 |  | 892,271 |  |

| Depreciation - owned assets | 668,262 |  | 426,196 |  |

| Loss on disposal of fixed assets | 713 |  | 50,399 |  |

| Auditors remuneration | 29,741 |  | 27,800 |  |

| Auditors' remuneration for non audit work | 2,300 |  | 2,200 |  |

| Foreign exchange differences | (28,391 | ) | 297,292 |  |

| Pension costs | 413,257 |  | 291,917 |  |

6. | EXCEPTIONAL ITEMS

| 2024 |  | 2023

£ | £ |

| Exceptional items | - |  | (283,435 | ) |

| The exceptional item relates to a deposit payment made to a supplier who has since been placed in administration. The directors believe this amount to be irrecoverable - any amounts recovered will not have any material effect on the financial statements therefore no contingent asset has been recognised.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 6,378 |  | 16,717 |  |

| Tax on profit/(loss) | 6,378 |  | 16,717 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit/(loss) before tax | 831,063 |  | (1,695,724 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 207,766 |  | (423,931 | ) |

| Effects of:

| Profit/loss not subject to Corporation Tax due to mutual trader status of the company | (201,388 | ) | 443,743 |  |

| Marginal relief | - |  | (3,095 | ) |

| Total tax charge | 6,378 |  | 16,717 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

8. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |  | Audio |

| to |  | and |  | visual |  | Computer |

| property |  | fittings |  | equipment |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 3,184,142 |  | 124,476 |  | - |  | 1,269,221 |  | 4,577,839 |  |

| Additions | 63,181 |  | 7,433 |  | 429,195 |  | 21,961 |  | 521,770 |  |

| Disposals | - |  | - |  | - |  | (86,346 | ) | (86,346 | ) |

| Reclassification/transfer | (694,336 | ) | 319,125 |  | 224,738 |  | 150,473 |  | - |  |

| At 31 December 2024 | 2,552,987 |  | 451,034 |  | 653,933 |  | 1,355,309 |  | 5,013,263 |  |

| DEPRECIATION

| At 1 January 2024 | 341,336 |  | 39,091 |  | - |  | 744,652 |  | 1,125,079 |  |

| Charge for year | 266,721 |  | 87,674 |  | 98,090 |  | 215,777 |  | 668,262 |  |

| Eliminated on disposal | - |  | - |  | - |  | (83,065 | ) | (83,065 | ) |

| At 31 December 2024 | 608,057 |  | 126,765 |  | 98,090 |  | 877,364 |  | 1,710,276 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,944,930 |  | 324,269 |  | 555,843 |  | 477,945 |  | 3,302,987 |  |

| At 31 December 2023 | 2,842,806 |  | 85,385 |  | - |  | 524,569 |  | 3,452,760 |  |

9. | DEBTORS

2024 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 2,193,496 |  | 2,193,908 |  |

| Other debtors | 710,270 |  | 480,226 |  |

| Prepayments | 442,015 |  | 506,663 |  |

3,345,781 |  | 3,180,797 |  |

| Amounts falling due after more than one year:

| Trade debtors | 1,898,076 |  | 748,046 |  |

| Aggregate amounts | 5,243,857 |  | 3,928,843 |  |

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 2,587,687 |  | 2,441,455 |  |

| Taxation | 6,378 |  | 16,719 |  |

| Social security and other taxes | 16,233 |  | (320,591 | ) |

| Other creditors | 37,267 |  | 124,712 |  |

| Accruals and deferred income | 1,776,327 |  | 1,372,356 |  |

4,423,892 |  | 3,634,651 |  |

11. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 620,061 |  | 623,766 |  |

| Between one and five years | 1,410,745 |  | 1,889,130 |  |

| In more than five years | 2,031,060 |  | 2,209,343 |  |

4,061,866 |  | 4,722,239 |  |

| On 1 July 2020, a lease was entered for the rental of an office property in Shanghai, China. This lease was renewed for a further three years on 1 January 2023 at the cost of RMB 1,729,703 or £206,876 per annum.

| On 1 April 2023 a lease was entered into for the rental of another office property in Shanghai, China. The period of the lease is for three years at a cost of RMB 918,225 or £109,822 per annum.

| The lease for the previous London Office was surrendered on 31 May 2023. On 17 July 2023, a lease was entered into for the rental of a new office property in London, UK. The period of the lease is for 10 years at a cost of £337,393 per annum for the first 70 months of the lease and then £496,503 per annum for the final 50 months of the lease.

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

12. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 10,189,057 |  |

| Profit for the year | 824,685 |  |

| At 31 December 2024 | 11,013,742 |  |

| Included within retained earnings are designated funds as detailed below:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| WANO Scholarship |  | 11,247 |  | 17,717 |  |

| Shanghai Levy |  | 358,732 |  | 234,491 |  |

| Regional Centre Support Fund |  | 319,381 |  | 132,007 |  |

| Shanghai Operations |  | 6,344,465 |  | 6,796,450 |  |

|  | 7,033,825 |  | 7,180,665 |  |

13. | PENSION COMMITMENTS

| The company pays into defined contribution personal pension plans held by certain employees and the contributions payable during the year amounted to £413,257 (2023: £311,001). At the year end there were contributions outstanding of £61,026 (2023: £14,167).

WORLD ASSOCIATION OF NUCLEAR OPERATORS (REGISTERED NUMBER: 02383396) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

14. | RELATED PARTY DISCLOSURES

| The company is controlled by The Governing Board.

| The company receives all its income from its members who are all related parties. In addition the company recharges certain expenses to the members.

| For 2024:

|  | Fees Invoiced 2024 |  |  | Amounts Recharged 2024 |  |  | Fees Invoiced 2023 |  |  | Amounts Recharged 2023 |

|  | £ |  |  | £ |  |  | £ |  |  | £ |

| Members |  | 17,518,750 |  |  | 1,049,488 |  |  | 9,063,649 |  |  | 232,302 |

| The company reimburses members a nominal, pre-defined amount towards the base salary and accommodation costs of secondees provided to the company.

| For 2024:

|  | 2024 |  |  | 2023 |

|  | Reimburse |  |  | Amount |  |  | Amount |

|  | ment |  |  | Outstanding |  |  | Outstanding |

|  | £ |  |  | £ |  |  | £ |

| Members |  |  | 2,773,570 |  |  | 1,719,207 |  |  | 55,177 |

15. | ULTIMATE CONTROLLING PARTY

| Due to the nature of the organisation, the directors do not consider there to be an ultimate controlling party.