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2020-12-31-accounts

Faculty of Sexual and Reproductive Healthcare of the Royal College of Obstetricians and Gynaecologists

Report and Accounts 2020

Year ended 31 December 2020

Registered Office: 10-18 Union Street, London SE1 SZ Tel: 0207 724 5534 Email: info@fsrh.org Website: www.fsrh.org

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2020

CONTENTS
President’s Statement Page 2
Reference and Administrative Details Page 4
Structure, Governance & Management Page 5
Objectives and Public Benefit Activities Page 8
Achievements and Performance Page 9
Financial Review Page 12
Plans for the Future Page 15
Trustees’ Responsibilities Page 15
Independent Auditor’s Report Page 17
Statement of Financial Activities Page 20
Balance Sheet Page 21
Statement of cash flows Page 22
Notes to the Accounts Page 23

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

PRESIDENT’S STATEMENT

2020 was a year in which we were all affected by Covid-19. It impacted on our members and on our work, in particular, on our ability to hold events and deliver education and training. However, we had some great successes in meeting these challenges and seeing some of the investment from previous years - and adaptation to our new circumstances - paying off. The launch of the Training Hub (learning management system) and redesigned Diploma was a great credit to the hard work of many people. We are delighted that over 90 candidates applied and paid for the new Diploma before the end of the year and we look forward to seeing more and more of our qualifications and training on the new Training Hub in 2021. We also held a very successful ‘virtual’ conference which attracted over double the number of participants we would normally have at a face to face event.

In addition to the impact of Covid-19 on our members and our work, we faced the challenges of servicing a large and diverse membership body with a relatively small income and staff team, while relying very heavily on a large pool of our members to carry out significant elements of our work. It is a great credit to them that they have mostly managed to continue to carry out their work for the FSRH despite the challenges many are facing in their professional lives due to Covid-19. There needs to be a period of restoration and recovery for our members as we consider the lessons learned from Covid-19. Over the past year we’ve supported our members to provide essential SRH care during the Covid-19 pandemic. We produced guidance for the prioritisation and restoration of essential SRH services, created a Covid-19 hub with up-todate resources, and conducted a survey to learn about our members’ experiences and to share these insights with the Government. We know that our members have welcomed these communications and felt supported by us through a challenging time in their day to day work.

The late part of 2020 also saw the appointment of a temporary job share in the CEO position and we welcomed Dr Subo Shanmuganathan into the role. A good working partnership developed between the two CEOs and this ensured that the focus on the delivery of the 5-year Corporate Strategy was maintained. It is with great sadness that I share the news that Jane Hatfield, our first CEO, died from ovarian cancer on 22 May 2021. She died at home surrounded by her family. Jane had been living with an ovarian cancer diagnosis since early 2019 and undergone various rounds of treatment since then.

SRH policy wins in 2020

2020 proved to be a year of significant challenges as the impact of the Covid-19 pandemic increased. There is no doubt that this changed the services we support; health systems may not go back to the way they were before the pandemic.

Changing legislation and the dissolution of Public Health England (PHE) has meant that we have worked tirelessly to influence the Department of Health and Social Care (DHSC) to ensure that health promotion is at the heart of the national reforms. We have lobbied for the reform of the NHS and Public Health to tackle the fragmented commissioning of SRH and women’s health more broadly, meeting with representatives from DHSC, PHE, NHS England and Members of Parliament. This is a workstream that will continue well into 2021, as the NHS Bill and reform of the Public Health system unfold. We will continue to seek Ministerial support for holistic, integrated care for women and explore opportunities as Integrated Care Systems (ICSs) develop.

We believe it is vital that women have access to the information they need to make the best choices for their sexual and reproductive health. With this in mind, we produced our first ever patient-focussed guide for women seeking SRH services during the pandemic. Our guidance helped women to stay informed about contraception, abortion, and other SRH services during this difficult and uncertain time.

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

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We have also been working to ensure that access to SRH services improves beyond the pandemic. We have campaigned for the temporary measure allowing the home use of both abortion pills to be made permanent, and for the progestogen-only contraceptive pill to be reclassified as a pharmacy medicine

On the Parliamentary front, we have successfully reconvened the All-Party Parliamentary Group on SRH (APPG SRH). We reopened its Inquiry into access to contraception to gather evidence on COVID-19 impact. The final report was launched in a well-attend online event, with good coverage on national and local media.

Across the UK, we have worked closely with the Cross-Party Group (CPG) on Women’s Health in Scotland, influencing its programming and speaking in meetings. We supported the Period Poverty Bill campaign led by the then Shadow Health Minister, briefing her on issues around menstrual health. This all helped the campaign that resulted in the Bill being passed supporting free period products for all – the first such legislation globally. We have also run a survey of Scotland Committee members to chart their experiences of providing SRH care during the pandemic.

2020 saw important legislative progress in Northern Ireland as we welcomed the new regulatory framework for abortion care. Our public response to the regulations has helped our Northern Ireland Committee on ongoing discussions with the Department of Health to facilitate provision of legal and safe abortion care.

In turn, Wales Committee members have worked with the Welsh Government’s Sexual Health group, attending meetings and influencing Government strategy. This has ensured FSRH’s aims in Wales are heard.

Yet we also recognise that while progress has been made, there is still much more to do. We want to ensure that women and men are able to access sexual and reproductive health care and information without fear, harassment, stigma or judgement.

We will continue to advocate for the importance of SRH services and will work to ensure that these vital services are adequately funded in the future. We hope to advance our campaign for buffer zones around abortion clinics, which allow girls and women to access abortion care without fear of harassment. We will also be supporting the Royal College of Obstetricians and Gynaecologists’ Making Abortion Safe campaign, which aims to improve access to abortion and post-abortion care around the world.

These are all important developments, and in 2021 we will strive to place women’s health as well as sexual and reproductive health even higher on the political agenda.

Thank you for your time and support

I would like to thank our members, staff and all those who have given their time to FSRH committees, Council, Board of Trustees and as Trainers. It is their expertise, support and knowledge that makes us increasingly effective and influential, and ensures FSRH continues to punch well above its weight.

I know we can count on their continued support in 2021 and beyond.

Dr Asha Kasliwal President Faculty of Sexual and Reproductive Healthcare

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

REFERENCE AND ADMINISTRATIVE DETAILS

COMPANY DIRECTORS

Dr P Baraitser (resigned 21 January 2021) Ms A Belfield Mr M Booth Mr Stephen Bowen Dr K Guthrie Dr Z Haider (resigned 29 April 2021) Dr J Heathcote Dr A Kasliwal Dr D Mansour Ms Nikki Patel Arjuna Dr E Roberts Mr T Thamia

CHIEF EXECUTIVE OFFICER/

Ms J Hatfield (stood down 31 March 2021) Dr Subo Shanmuganathan Interim CEO job share (Appointed 9 December 2020) Dr Subo Shanmuganathan Interim CEO (31 March to 28 May 2021) Mr Federico Moscogiuri Interim CEO from 3 June 2021

COMPANY SECRETARY

Ms J Hatfield (resigned 31 March 2021) Mr Tim Coppard (appointed 31 March 2021)

AUDITORS

Crowe U.K. LLP, 55 Ludgate Hill London, EC4M 7JW, UK

BANKERS

CAF BANK, 25 Kings Hill Avenue Kings Hill, West Malling, Kent, ME19 4JQ

SOLICITORS

Hempsons 40 Villiers Street London, WC2N 6NJ

REGISTERED OFFICE

10-18 Union Street London, SE1 1SZ Registered Company Number: 02804213 Charity Number: 1019969

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

DIRECTORS' REPORT

The Trustees (who are also directors for the purposes of Company Law as listed on page 4) of the FSRH have pleasure in presenting their report together with the accounts for the year ended 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Faculty is a registered charity (Charity No.1019969) and company limited by guarantee (Registered in England, No. 02804213). It is governed by a Board of Trustees who are the Directors. Membership of Council is as follows:

Officers

President: Dr Asha Kasliwal Vice President: Membership Dr Helen Munro Vice President: Clinical Quality Dr Diana Mansour Vice President: Specialty Dr Janet Barter Vice President: General Training: Dr Anne Lashford Vice President: Workforce & Strategy: Dr Jane Dickson (resigned 10 June 2021) Vice President: Workforce & Strategy: Dr Zara Haider (appointed 10 June 2021)

Elected members (10) Elected Completes term
Fellow Member representative: Dr Sinead Cook Oct 2020 20231
Fellow Member representative: Dr Zara Haider Oct 2020 20232
Fellow/Member representative: Dr Evelyn Kerr July 2017 20201
Fellow/Member representative: Dr Usha Kumar Sept 2016 20222
Fellow/Member representative: Dr Lucy Michie June 2018 20211
Fellow/Member representative: Dr Hilary Natusch June 2018 20211
Fellow/Member representative: Dr Charlotte Porter June 2019 20221
Diplomate representative: Dr Nashwa Bryant July 2017 20201
Diplomate representative: Ms Christine Carter June 2019 20221
Diplomate representative: Dr Bushera Choudry July 2017 20201
Diplomate representative: Dr Cynthia Das October 2020 20231
Diplomate representative: Dr Emma Fall October 2020 20231
Diplomate representative: Dr Emma Manson June 2019 20221
RCOG representative (1): Dr Edward Morris Dec 2019 2022

Co-opted members: Mr Robbie Currie, Commissioner Ms Julie Gallagher, Nurse representative Ms Becky Gunn, RCOG Women’s Network Dr Sue Mann, Public Health England representative Dr Soosan Romel, SAS Lead Dr Victoria Tzortziou, RCGP Representative

Term of office: ¹ first term[2 ] second term

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Committee Chairs - invited to Council:

Dr Sharon Cameron Editor-in-Chief, Journal Dr Eveane Cubitt Chair, Northern Ireland Committee Dr Amanda Davies Chair, Wales Committee Dr Jane Dickson Chair, Education Strategy Board (resigned 20 May 2021) Dr Cindy Farmer Chair, General Training Committee Dr Rebecca French Chair, Clinical Studies Group – SRH Dr Kate Guthrie Chair, Equivalence Committee Dr Antje Ischebeck Chair, Special Skills Module Committee Dr Asha Kasliwal Co-Chair, Joint FSRH/BASHH Integrated Information Group Drs Janet Michaelis and Ulrike Sauer Chairs, Events Committee Dr Nicky Morgan Chair, International Committee Dr Farah Paruk Chair, Clinical Effectiveness Committee Dr Mike Passfield Chair, Clinical Standards Committee Dr Charlotte Porter Chair, Specialty Advisory Committee Dr Indhu Prabakar Chair, Examinations Committee Dr Alison Scott Chair, Scotland Committee Dr Catherine Schunmann Chair, Curriculum and Assessment Committee

The role of Council is to have oversight of all professional and clinical matters related to sexual and reproductive healthcare and the specialty and to make recommendations to the Board of Trustees in each of these areas.

Committee Structure

Much of the work of the FSRH is carried out by the committees that report into FSRH Council or the Board of Trustees. Committee members provide their time and expertise on a voluntary basis, without which the FSRH would not be able to fulfil its charitable objectives. The Faculty benefits from the contribution of over 400 volunteers who sit on or contribute to committee work.

Newly appointed Trustees, Council and Committee members are familiarised with the workings of the charity and its policies through induction training, liaison with members and meetings with the Chair, other Board Directors and members of the Senior Management Team. Ongoing training and support for all Directors is provided through formal and informal briefings from the Chief Executive, Senior Management Team, third party specialists or external courses as appropriate.

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Membership

Total membership at the end of 2020 was 14,629 paying members and 79 Honorary Fellows. This was down 3.8% from 15,210 paying members with the same number of Honorary Fellows at the end of 2019.

at the end of 2019.
Category Members
at 31 December
2020		 Members
Members at
31 December 2019		 (Decrease)/
Increase %
Diplomate DFSRH 12,609 13,102 (3.8)%
Member MFSRH 183 189 (3.2)%
Fellow FFSRH 213 240 (11.3)%
Associate 1,382 1,427 (3.2)%
Affiliates 109 151 (27.8)%
Retired 80 68 17.6%
International affiliates 53 33 60.6%
Paying members 14,629 15,210 (3.8)%
Honorary Fellows 79 79 0.0%
Total Members 14,708 15,289 (3.8)%

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of The Royal College of Obstetricians and Gynaecologists

The main impact on membership in 2020 was the lack of new training members joining, as we normally replace those that leave with these new members. Most of our membership categories are linked to qualifications and Covid-19 impacted healthcare professionals’ ability to deliver and undertake training.

Staffing

The staffing to support the work of the FSRH continues to be reviewed and developed by the CEO as we respond to the needs of our membership. An interim CEO was appointed in December 2020 to cover for sick leave for the permanent CEO.

By the end of 2020 we had 22 full time equivalent staff members although this is a relatively small staff team for the size of the membership.

Staff Pay

The Council Remuneration Committee has responsibility for approving the remuneration package for the CEO and any proposals for increases in pay for the other employees of FSRH. This includes basic salary, bonuses, pensions contributions and other employee benefits. It is the policy of the FSRH that all staff should be placed at the ‘median’ of their pay bands by the end of their first year subject to a satisfactory probation outcome.

Fundraising Statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although FSRH do not undertake fundraising from the public, the legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes.” Such amounts receivable are presented in our accounts as donations (£nil in 2020, £250 in 2019).

In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The day to day management of all income generation is delegated to the Senior Management Team, who are accountable to the trustees.

We have received no complaints in relation to fundraising activities. Our terms of employment require staff to behave reasonably at all times; we do not approach individuals for funds nor do we consider it necessary to design specific procedures to monitor such activities.

OBJECTIVES AND PUBLIC BENEFIT ACTIVITIES

The main function of the FSRH is to provide public benefit by advancing medical knowledge in sexual and reproductive health care, by advancing the education and training of registered healthcare practitioners and by promoting and maintaining high standards of professional practice. The trustees of the charity have given due regard to the guidance issued by the Charity Commission on the subject of public benefit. The trustees are satisfied that the primary purpose of the FSRH is to improve and support standards in patient care through the publishing of standards and guidance and by providing training and professional support to health care professionals working in sexual and reproductive health – to benefit their patients.

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

The income and property of the company is applied solely towards the promotion of the company’s objects as set out in the Memorandum of Association.

Our Strategic Plan 2020-2025 as approved by the Board of Trustees has at its heart the following vision. ‘ Our vision is of high-quality sexual and reproductive health at every stage of our lives’.

Our mission is as follows:

To achieve our vision of high-quality sexual and reproductive health at every stage of our lives, by:

Our key focus areas for 2020-25 are

We also launched our new FSRH values to support the delivery of our strategy which are: we care, we strive, we collaborate, we enable, we include.

ACHIEVEMENTS AND PERFORMANCE IN 2020

We outline our key achievements and performance, based on our 2020 strategic goals.

Key numbers – qualifications, awards and events

It should be noted that the Education & Training portfolio was significantly impacted by Covid19 due to limited capacity of HCPs to provide and also undertake training.

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The uptake of this one day programme was significantly impacted by Covid-19. Some providers have delivered the programme online which has supported the uptake of the programme.

Uptake of this half-day programme has been supported by offering online delivery

Development of our education portfolio, supporting members to provide effective and safe SRH care

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by CESR applicants and to ensure implementation and use by Specialty Trainees by 1st August 2021. A transition and implementation plan is available.

Improving our standards, clinical guidance and content for members

Due to Covid-19 we weren’t able to deliver our usual standards and guidance in 2020 due to healthcare professionals lack of availability to input. We did however produce numerous Covid-19 related statements, joint guidance with other partners and best practice guidelines.

Raised our media profile and lobbied for key improvements to SRH provision

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Fellowships, awards and events

Supporting and Growing our SRH community

FINANCIAL REVIEW

Financial result for the year

The financial results for 2020 show a net deficit before gains and losses of £387,571 compared to a deficit of £271,002 in 2019.

The Faculty’s core income stream of subscriptions and registrations was £1,741,741, down 4.6% on 2019, mainly due to a small reduction in renewals compared to that expected and the changes in train to the Diploma meaning fewer candidates were progressing to become new members. Covid-19 has made for a challenging operational environment with many healthcare professionals busy on fighting the virus and having less time to engage in training and consideration of continued membership.

Interest and dividends receivable of £80,946 in 2020 are down £13,043 on 2019 reflecting the difficult operating conditions being faced by the companies we make investments in as well as lower returns on term deposits.

Total expenditure of £2,507,643 (2019: £2,715,984) is 7.7% lower than 2019 overall. This reflects the impact of changing our number of our operations in year including moving to virtual

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conferences, webinars and holding most Board and committee meetings via Zoom. These have led to lower costs in a number of areas.

FSRH had lower capital spend in 2020 but continued with the final stage of the Training Hub (previously called the Learning Management System) where we spent £116,781 and £4,285 equipping the organisation for remote working. FSRH spent £34,319 on one-off projects in 2020. The largest one-off project was the Diploma Review project where £18,294 was spent in 2020, compared with £67,711 in 2019. This work completed the DFSRH pathway (including all assets) and built (and tested) on the Training Hub. Trustees agreed to use reserves for these projects in 2019 as they were recognised as being important to the long-term future and sustainability of the Faculty. In 2019, £113,710 was spent on one-off projects.

The market value of FSRH investments increased in 2020 and as a result, FSRH have investment gains of £227,442 compared to investment gains in 2019 of £616,124. Whilst this performance is lower than the previous year the performance in 2020 was impacted by the near universal sharp fall in values in March 2020. Due to this difference in the market value of the investment portfolio, the £160,129 total net deficit movement in funds including investment gains is £505,252 lower than 2019.

Going Concern

The Trustees have reviewed the impact of Covid-19 on the Faculty’s operations and finances. Taking into consideration the projected cash flows and forecast activity of the Faculty, the Trustees have a reasonable expectation that the Faculty has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Faculty’s financial viability. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.

Investment policy

The Finance, Risk & Investment Committee oversee the application of FSRH investment policy and monitor the performance of FSRH investments. Following a detailed review by external Investment Consultants, an ethical portfolio was set up at the end of 2017 and reviewed in 2020, which focusses on long-term growth. The fund performance is reviewed at each Committee meeting against the CPI and FTSE 250.

The investment objectives are:

FSRH’s ethical policy avoids direct investment in any company directly involved in alcohol, tobacco, vaping, gambling, pornography or arms manufacturing. The Faculty recognises that there is a significant number of companies with only a modest involvement in these areas and

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that a total exclusion of all such companies would exclude companies which are primarily involved in the supply of products that are not subject to investment exclusions and may be of considerable social benefit and this could conflict with the objective to achieve the best financial return within the level of risk considered to be acceptable.

The Faculty accepts that it may be necessary to apply judgement in these areas, especially in relation to indirect holdings.

Reserves policy

The FSRH reserves policy is to maintain a sufficient level of reserves to enable operating activities to be maintained considering the following potential risks that may arise:

Based on these specific risks the required level of reserves has been defined as free reserves of at least 12 months of budgeted expenditure (2021: £2,521,000) plus the projected deficits for the next two years (£268,000). In addition, FSRH will hold reserves of £500,000 for one-off expenditure to continue with the modernisation of the Faculty. The FSRH reserves policy will be reviewed again in 2021.

As at the end of December 2020 total unrestricted and non-designated funds stood at £5,788,171. After deducting the carrying value of fixed assets (both tangible and intangible) held to support the Faculty’s work in the future, unrestricted free reserves amounted to £5,248,816.

Historically, FSRH have built up reserves to keep the accommodation strategy flexible. In 2019 FSRH moved to RCOG’s new building in Southwark. Reserves were invested in the office refurbishment and will be in our continued modernisation programme which will include an e- learning management system. The free reserves exceed the amount required by the reserves policy by £1,959,816. Trustees will consider this excess again in 2021 as part of the review of the risks facing the Faculty and the review of this strategy.

Risk Review 2020

The FSRH risk register sets out present and possible future issues that might affect or impact on the work of the Faculty, its income and/or staffing. Risks and our controls to mitigate against these are discussed by the Senior Management Team and the Finance, Risk and Investments Committee and then reported by the Honorary Treasurer to Trustees who then review the risks at each Trustee meeting.

The Faculty has continued to work towards diversifying its funding sources in 2020 so that it is less dependent on the Diploma subscription income however this remains the largest income stream for the Faculty. A key risk is the recognition of the Diploma’s value to both commissioners and clinicians which the Faculty are mitigating through:

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FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists

Financial; uncertainty and turbulence caused by Brexit and the continued impact of Covid 19 and the impact on the stock market remains a key risk. FSRH diversified its investment portfolio in 2017 adopting a long term ‘buy and hold’ strategy for its long-term investments.

Covid 19 also had a significant impact on a number of aspects of the operations of FSRH through most of 2020 and this is likely to continue for the foreseeable future. FSRH is adapting its plans to maintain support to its members whilst delivering its strategic objectives and ensuring financial viability.

FSRH addressed the risk of data compliance in 2018. . Training on data protection and the monitoring data risks has been ongoing since then.

PLANS FOR THE FUTURE

The FSRH Trustees strategic plan 2020-25 sets out the priorities and direction for FSRH.

Our mission is to achieve our vision of high-quality sexual and reproductive health at every stage of our lives, by:

Our key focus areas for 2020-25 are

A detailed budget and operational plan was approved by Trustees for 2021 based on these goals.

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements of the charitable company in accordance with the Companies Act 2006 and for being satisfied that the financial statements give a true and fair view. The Trustees are also responsible for preparing the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that year. In preparing these financial statements, the Trustees are required:

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The Trustees are responsible for keeping adequate accounting records that show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of Information to the Auditor

Each of the persons who are directors at the time when this directors’ report is approved has confirmed that:

The annual report and financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Directors and signed on its behalf:

Nikki Patel Arjuna Director, FSRH

Date: 15 July, 2021

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE OF THE ROYAL COLLEGE OF OBSTETRICIANS AND GYNAECOLOGISTS

Opinion

We have audited the financial statements of Faculty of Sexual and Reproductive Healthcare of the Royal Collage of Obstetricians and Gynaecologists (‘the charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable 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 trustee's 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 charitable 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

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.

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Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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 auditor’s report.

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Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were employment laws, taxation laws and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Council of Management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charitable 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Tim Redwood

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP 26 August 2021 Statutory Auditor London

Page 19

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December, 2020

Notes
Income from:
1(b)
Grants and Donations
Charitable Activities
Subscriptions and registration
fees
Conference income
BM Journal of SRH
Examination fees
Other income
Investments
Interest and dividends
receivable
Total income
4
Expenditure on:
1(d)
Charitable activities
Conferences, meetings and
membership services
BM Journal of SRH
Examinations
Total Expenditure
4, 5
Net expenditure before gains
and losses
Gains on investments
9
Net (expenditure) / income
and movement in funds
Fund balances
Total funds brought forward
14
Total funds carried forward
14		 Unrestricted
Funds
2020
£
-
1,741,741
115,683
61,070
30,847
23,785
80,946
2,054,072
2,032,236
182,747
136,767
2,351,750
(297,678)
227,442
(70,236)
5,858,406
5,788,170		 Restricted
Funds
2020
£
66,000
-
-
-
-
-
-
66,000
155,893
-
-
155,893
(89,893)
-
(89,893)
261,084
171,191		 Total
Funds
2020
£
66,000
1,741,741
115,683
61,070
30,847
23,785
80,946
2,120,072
2,188,129
182,747
136,767
2,507,643
(387,571)
227,442
(160,129)
6,119,490
5,959,361		 Total
Funds
2019
£
106,914
1,826,463
248,117
41,010
114,787
13,702
93,989
2,444,982
2,265,419
191,738
258,827
2,715,984
(271,002)
616,124
345,122
5,774,368
6,119,490

All amounts derive from continuing activities.

Page 20

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

BALANCE SHEET Company no 2804213 Company no 2804213
As at 31 December 2020
Notes 2020 2019
£ £
FIXED ASSETS
Intangible assets 7 180,893 112,755
Tangible assets 8 358,462 386,202
Investments 9 5,447,037 5,406,388
5,986,392 5,905,345
CURRENT ASSETS

Debtors 10 216,661 310,723
Cash at bank and in hand 431,555 870,968
648,216 1,181,691
CREDITORS
Amounts falling due within one year
Creditors and accruals 11 (459,436) (690,445)
Deferred income 16 (169,811) (203,101)
(629,247) (893,546)
NET CURRENT ASSETS 18,969 288,145
CREDITORS: Amounts falling due after 11
 (46,000) (74,000)
one year
NET ASSETS 5,959,361 6,119,490
FUNDS OF THE CHARITY
Unrestricted funds
General fund 13, 14 5,788,170 5,858,406
Restricted Funds
13, 14		 171,191 261,084
TOTAL FUNDS 5,959,361 6,119,490

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved and authorised for issue by the Board of Directors and signed on its behalf:

Nikki Patel Arjuna Director, FSRH

Date: 15 July, 2021

Page 21

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

STATEMENT OF CASH FLOWS

For the year ended 31 December 2020

Notes
Cash flows from operating activities
(Deficit) / Surplus for the year
Adjustments for:
Depreciation and amortisation
Loss on disposal of Fixed Assets
(Gains) on investments
Interest and dividends received
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in) / generated by operating
activities
Cash flows from investing activities
Purchase of fixed assets
Interest and dividends received
Net cash (used in) investing activities
Net decrease in cash & cash equivalents
Cash & cash equivalents at beginning of year
A
Cash & cash equivalents at end of year
A
. COMPONENTS OF CASH AND CASH EQUIVALENTS
Term deposits
Cash at bank and in hand		 2020
£
(160,129)
108,873
-
(227,442)
(80,946)
94,062
(292,299)
(557,881)
(149,271)
80,946
(68,325)
(626,206)
2,070,968
1,444,762
2020
£
1,013,207
431,555
1,444,762		 2019
£
345,122
64,561
985
(616,124)
(93,989)
(63,250)
413,120
50,425
(543,024)
93,989
(449,035)
(398,610)
2,469,578
2,070,968
2019
£
1,200,000
870,968
2,070,968

A. COMPONENTS OF CASH AND CASH EQUIVALENTS

Page 22

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

STATUS OF COMPANY

The company is limited by the guarantee of its members; the guarantee of each member being restricted to £1. The company is a registered charity, registration number 1019969.

(a) Accounting convention

The financial statements have been prepared under the historical cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS 102)), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Companies Act 2006.

(b) Income

Donations are accounted for as received. Income received from subscription and registration fees is recognised over the period to which the subscription relates, grants for research are recognised when receivable. Income from conferences and exam fees is recognised in the period in which the conference or examination takes place. Journal income is accounted for in the accounting period in which the charity earns entitlement under the contract with the BMJ. Amounts invoiced in excess of the amount earned during the period are recognised as income in advance.

(c) Investment income

Investment income and interest on bank deposits are accounted for based on the ex-dividend date of each investment.

(d) Expenditure

Expenditure is recognised on an accruals basis. A liability is recognised when the charity enters into a legal or constructive obligation to a third party. Staff costs are allocated between cost headings according to the function of each employee. All other costs are allocated directly to activities. Activities in furtherance of the charity’s objects include costs relating to conferences, meetings and members’ support services. Governance costs have been apportioned across other expenditure headings in proportion to direct expenditure costs.

(e) Research and education grant expenditure

Expenditure on research and education grants is accounted for at the time at which the relevant grant becomes a committed liability of the Faculty.

(f) Investments

Investments have been valued at bid price at the Balance Sheet date. Realised and unrealised gains and losses on revaluation are included in the Statement of Financial Activities.

(g) Depreciation

Individual fixed assets costing £1,000 or more are capitalised at cost.

The cost of tangible fixed assets (office equipment) and intangible fixed assets (website and database development costs) are depreciated by equal instalments over the estimated useful life of the assets, being five years. The cost of office improvements are depreciated by equal instalments over the estimated useful life of the asset, being ten years. Depreciation is charged for a full year in the year of acquisition of an asset.

Page 23

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

(h) Pensions

The cost of providing pension benefits is charged to the income and expenditure account over the period benefiting from the employee service.

(i) Operating lease rentals

Expenditure in respect of operating leases is accounted for in the period to which it relates.

(j) Funds

Restricted funds are unexpended cash balances and donations held on trust to be applied for specific purposes. Unrestricted funds comprise the accumulated surplus or deficit from the Statement of Financial Activities, which are not restricted. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

(k) Going concern

The Trustees have reviewed the impact of Covid-19 on the Faculty’s operations and finances. Taking into consideration the projected cash flows and forecast activity of the Faculty, the Trustees have a reasonable expectation that the Faculty has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Faculty’s financial viability. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.

(l) Financial instruments

The charity holds only financial assets and liabilities described as basic, initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value.

Only investments are accounted for at fair value through income and expenditure as disclosed in Note 9.

(m) Judgements and Estimates

In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and include:

The decision to capitalise development expenditure relating to websites and other information systems. The criteria for capitalisation as set out in FRS 102 is considered from the perspective of the furtherance of the Faculty’s charitable objectives. The useful economic lives of such assets are also considered and reassessed annually.

The valuation of the defined benefit pension scheme liability is subject to actuarial assumptions. These are considered in note 18 to the financial statements

Page 24

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

2 EMOLUMENTS OF TRUSTEES

The trustees of the Faculty received no emoluments for their services during the year. Expenses reimbursed to 6 trustees amounted to £1,044 (2019: 13 – £6,903). These expenses relate to travel and accommodation costs. Professional indemnity insurance is part of a wider combined commercial insurance policy and for all cover amounted to £4,661 (2019: £3,975 for Combined Commercial Insurance) and includes trustees’ liabilities.

A member of the trustees, Dr J Heathcote, received fees of £700 (2019: £4,375) for consultancy services in relation to updating the eKA, as allowed by the charity’s Memorandum and Articles of Association.

3 STAFF NUMBERS AND COSTS

The average number of permanent persons employed by the company during the year was 22 (2019: 25). No employee earned between £60,000 and £69,999 (2019: One employee). Two employees earned between £70,000 and £79,999 per annum (2019: No employees). No employee earned between £80,000 and £89,999 per annum (2019: One employee).

between £80,000 and £89,999 per annum (2019: One employee).
Wages and salaries
Redundancy
Employer’s NIC
Pension contributions
Other staff costs		 2020
2019
£
915,551
890,941
2,782
5,000
97,552
96,730
70,214
57,829
111,641
110,769
1,197,740
1,161,269

The organisation’s key management comprised the Chief Executive Officer, the Director of Education and Training, the Director of Membership, the Director of External Affairs and the Director of Finance and Operations. The aggregate pay of the key management, including social security and pension costs, was £395,019 (2019: £413,125). In 2020, the charity paid a total of £2,782 (2019: £5,000) in redundancy and termination payments in respect of 2 employees (2019: 1 employee). All payments were monetary. All redundancy and termination payments are recognised as an expense in the year in which they occur, none are capitalised.

Page 25

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

4 PRIOR YEAR COMPARATIVES BY TYPE OF FUND

The SOFA provides prior year comparatives in total; this note provides prior period comparatives for each of the types of funds.

Income from:
Grants
Charitable Activities
Subscriptions and registration fees
Conference income
BM Journal of SRH
Examination fees
Other income
Investments
Interest and dividends receivable
Total income
Expenditure on:
Charitable activities
Conferences, meetings and membership
services
BM Journal of SRH
Examinations
Awards, prizes and other expenditure
Total Expenditure
Net (expenditure)/income before gains on
investments
Gains on investments
Net (expenditure)/income and movement in
funds		 Un-
restricted Funds
Restricted
Funds
Total
Funds
2019
2019
2019
£
£
£
-
106,914
106,914
1,826,463
-
1,826,463
248,117
-
248,117
41,010
-
41,010
114,787
-
114,787
13,702
13,702
93,989
-
93,989
2,338,068
106,914
2,444,982
2,153,702
111,717
2,265,419
191,738
-
191,738
258,827
-
258,827
2,604,267
111,717
2,715,984
(266,199)
(4,803)
(271,002)
616,124
-
616,124
349,925
(4,803)
345,122

Page 26

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

5 EXPENDITURE

Conferences,
meetings
membership
support
Journal of SRH
Examinations
2019		 Staff costs Governance
2020
2020
£
£
1,126,084
36,048
-
3,242
71,656
2,426
Printing &
Publications
2020
£
2,516
179,505
-
Other
Total
Total
2020
2020
2019
£
£
£
1,023,482
2,188,130
2,265,419
-
182,747
191,738
62,685
136,767
258,827
1,197,740
41,716		 182,021 1,086,167
2,507,644
2,715,984
1,287,944
2,715,984
1,161,269
74,888		 191,883

Support Costs total £438,000, consisting of Depreciation £108.8k, Office Premises costs £85k, Other Office Overheads including IT and Systems Support £125k, and Finance and Administration staff costs of £118k.

6 NET EXPENDITURE

Net expenditure is stated after charging:

Net expenditure is stated after charging:
Depreciation
Audit fee
Non-Audit Fees
Rentals payable under operating leases:
Office rental
Office equipment
INTANGIBLE FIXED ASSETS
Cost
At 1 January 2020
Additions
Transfers
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Website
Development
£
322,150
-
212,616		 2020
2019
£
£
108,873
64,561
16,800
17,100
1,307
8,943
57,406
90,956
9,083
10,673
Asset under
construction
Total
£
£
95,835
417,985
116,781
116,781
(212,616)
-
534,766 -
534,766
305,230
48,643		 -
305,230
-
48,643
353,873 -
353,873
180,893 -
180,893
16,920 95,835
112,755

7 INTANGIBLE FIXED ASSETS

Page 27

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

8 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Netbookvalue
At 31 December 2020
At 31 December 2019		 Office
Premises
Office
Equipment
Total
£
£
£
352,219
101,287
453,506
6,487
26,003
32,490
358,706
127,290
485,996
35,222
32,082
67,304
36,519
23,711
60,230
71,741
55,793
**127,534 **
286,965
71,497
**358,462 **
316,997
69,205
**386,202 **

9 FIXED ASSETS – INVESTMENTS

Market value at 1 January 2020
Term Deposits
Net gains/(losses)
Market value at 31 December 2020
Cost at 31 December 2020
Cost at 1 January 2020		 Investment
National
Portfolio
Savings
£
£
4,205,888
500
1,013,207
-
227,442
-		 Total
Total
2020
2019

£
£
4,206,388
3,590,264
1,013,207
1,200,000
227,442
616,124
5,446,537
500		 5,447,037
5,406,388
4,773,207
500		 4,773,707
4,960,500
3,760,000
500		 3,760,500
3,760,500

Fixed Assets Investments are invested in Fidelity and BMO Investment Fund Trackers

10 DEBTORS AND PREPAYMENTS
DEBTORS AND PREPAYMENTS
Accrued income
Prepayments
Other debtors		 2020
2019
£
£
128,265
78,204
84,352
149,732
4,044
82,787
216,661
310,723

Page 28

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

11
CREDITORS AND ACCRUALS
Amounts falling due within one year:
Trade creditors
Social security and other taxes
Accruals
Amounts falling due after one year:
Pension liability		 2020
2019
£
£
310,381
379,818
25,967
41,436
123,088
269,191
459,436
690,445
46,000
74,000

12 TAXATION

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

13 MOVEMENT OF FUNDS

Restricted Funds
Postgraduate DHSC Fund
Equivalence DHSC Fund
Support for APPG
HEE Grant for eSRH
HEE eSRH Grant
E-Integrity
Four-O-Eight Sheffield Fund
MAC Aids Fund
MSD Grant
David Bromham Fund
PHE Innovation Fund
West Sussex FP Doc Group
Unrestricted funds		 Balance
Income
Expenditure
Gains
Balance
b/f
c/f
£
£
£
£
£
2,821
-
(2,821)
-
-
69,584
-
(2,451)
-
67,133
-
26,000
(26,000)
-
-
66,400
-
(66,400)
-
-
19,500
-
(19,500)
-
-
-
5,000
(5,000)
-
-
82,673
-
(7,817)
-
74,856
-
15,000
(15,000)
-
-
10,000
(10,000)
-
-
9,202
-
-
-
9,202
-
20,000
-
20,000
904
-
(904)
-
-
261,084
66,000
(155,893)
-
171,191
5,858,406
2,054,072
(2,351,750)
227,442
5,788,170
6,119,490
2,120,072
(2,507,643)
227,442
**5,959,361 **

Page 29

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

13 PRIOR YEAR COMPARATIVES MOVEMENT OF 13 PRIOR YEAR COMPARATIVES MOVEMENT OF 13 PRIOR YEAR COMPARATIVES MOVEMENT OF FUNDS
Balance Income Expenditure Gains Balance
b/f c/f
£ £ £ £ £
Restricted Funds
Postgraduate DHSC Fund 2,821 - - - 2,821
Equivalence DHSC Fund 69,584 - - - 69,584
Health Education England 38,011 - (38,011) - -
David Bromham Memorial
Fund 9,202 - - - 9,202
Four-O-Eight Sheffield Fund 109,884 - (27,211) - 82,673
MAC Aids Fund 9,147 20,250 (29,397) - -
MSD Grant - 20,000 (10,000) 10,000
HEE Grant 5,000 66,664 (5,264) - 66,400
HEE ELF Grant 19,500 - - - 19,500
West Sussex FP Doc Group 904 - - - 904
ESC Grant 1,834 - (1,834) - -
265,887 106,914 (111,717) - 261,084
Unrestricted funds 5,508,481 2,338,068 (2,604,267) 616,124 5,858,406
5,774,368 2,444,982 (2,715,984) 616,124 6,119,490

Page 30

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

13 MOVEMENT OF FUNDS continued

The Postgraduate Dept of Health & Social Care (DHSC) Fund -This fund, received in 2008 to develop online learning resource (eSRH) for non-medical healthcare professionals, is used, after agreement with the Department of Health & Social Care, to provide postgraduate education. During 2021, this Fund has been utilised for support the eSRH Programme update, as we deliver in full this important series of modules, for use nationwide.

The brought forward fund balance of £69,584 on the Equivalence DHSC Fund received from the Department of Health & Social Care has been used to address the consultant workforce deficit by supporting trainees close to achieving the ‘equivalence’ or CESR route. These funds remain available to support those doctors interested in undertaking the Certificate of Eligibility for Specialist Registration (CESR) route to registration on the specialist medical register with the GMC. For example, funds can be used to support the costs of training programmes that can be used as evidence of their competencies. During 2020, awards were used to support 3 Trainees.

The Health Education England Grants and the Maintenance monies from E Integrity were all fully utilised during 2020 for the ‘e-SRH’ learning resources project.

The David Bromham Memorial Fund is for a prize acknowledging a significant contribution in the field of family planning, in particular in the fields of clinical practice, education and ethics. During 2020, there were no awards because we are reviewing the prize process, we plan to relaunch it in 2021.

The Four-O-Eight Sheffield Fund has the purpose of providing bursaries to doctors and others unable to take part in education and training without financial help. The interest, and an amount not exceeding 5% of the capital per annum, can be used to fund the core activities of the Faculty. In 2020 we used this fund to cover the overhead costs allowed for within the terms of the reserve and to fund 8 places to the SRH Virtual Conference in November 2020.

The MAC Aids Fund is to help fund the Sexual Health & HIV Policy eBulletin which FSRH took over at the start of 2017. Six bulletins were produced during 2020, for which MAC Aids Fund contributed £15,000. This year, this project work was further supplemented as £20,000 was contributed by Merck (MSD), which considerably assisted in producing the eBulletin which informs SRH commissioners nationwide.

The West Sussex Family Planning Doctors Group made a donation of £904 to be spent on research related activities. We have used this to support the eSRH Programme.

Support for the All Party Parliamentary Group on SRH was received from RCOG £9,000, Marie Stopes Reproductive Choices £5,000 and Bayer £12,000, these funds were fully utilised during the year.

The PHE Innovation Fund/Contraception Choices Grant was awarded at the end of 2020 by Public Health England to help raise understanding of SRH globally.

Page 31

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

14 ANALYSIS OF NET ASSETS BY FUNDS

Restricted funds
Equivalence DHSC Fund
David Bromham Memorial Fund
Four-O-Eight Sheffield Fund
PHE Innovation Fund
Total Restricted funds
Generalfunds
At 31 December 2020		 Tangible
and
Intangible
fixed assets
Investments
Net
current
assets
Creditors
Amounts
Falling due
after
1 year
Total
£
£
£
£
£
-
-
67,133
-
67,133
-
9,202
-
-
9,202
-
-
74,856
-
74,856
-
-
20,000
-
20,000
-
9,202
161,989
-
171,191
539,355
5,437,835
(143,020)
(46,000)
5,788,170
539,355
5,447,037
18,969
(46,000)
**5,959,361 **

14 PRIOR YEAR ANALYSIS OF NET ASSETS BY FUNDS

Restricted funds
Postgraduate DHSC Health
Fund
Equivalence DHSC Fund
David Bromham Memorial Fund
Four-O-Eight Sheffield Fund
MSD Grant
PHE Grant
ELF Grant
West Sussex FP Doc Group
TotalRestricted funds
General funds
At 31 December 2019		 Tangible
and
Intangible
fixed assets
Investments
Net
current
assets
Creditors
Amounts
Falling due
after
1 year
Total
£
£
£
£
£
-
-
2,821
2,821
-
-
69,584
-
69,584
-
9,202
-
-
9,202
-
-
82,673
-
82,673
-
-
10,000
-
10,000
-
-
66,400
-
66,400
-
-
19,500
-
19,500
-
-
904
-
904
-
9,202
251,882
-
261,084
498,957
5,397,186
36,263
(74,000)
5,858,406
498,957
5,406,388
288,145
(74,000)
6,119.490

Page 32

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

15 OPERATING LEASE COMMITMENTS

At 31 December 2020 the company had total commitments under operating leases which expire:

Within one year
In second to fifth years inclusive		 2020
Office
licence
Office
equipment
£
£
88,885
3,136
177.769
-		 2019
Office
licence
Office
equipment
£
£
-
-
153,225
-
266,654
3,136		 153,225
-

16 DEFERRED INCOME

DEFERRED INCOME
Balance at 1 January 2020
Amount released to income
Amount deferred in the year
Balance at 31 December 2020		 £
203,101
(203,101)
169,811
169,811

FSRH Membership renewals are due on January 1st. Each year a proportion of members pay in advance during December, this membership income is held in advance until the new year.

17 RELATED PARTY TRANSACTIONS

Other than those stated in Note 2, there was one related party transaction. A relation of one of the Senior Management Team purchased office plants and subsequently provided monthly office plant care to the value of £1,786 (2019- £576).

Page 33

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE

of The Royal College of Obstetricians and Gynaecologists

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

18 PENSION COSTS

The Faculty of Sexual and Reproductive Healthcare (“the Faculty”) participates in the Royal College of Obstetricians and Gynaecologists Pension Scheme (“the Scheme”), a UK registered trust-based pension scheme providing defined benefits based on service and final pay. The Scheme was closed to new entrants during 2005 and to future accrual of benefits from 1 January 2015. The Trustees of the Pension Scheme are responsible for running the Scheme in accordance with the Scheme’s Trust Deed & Rules, which sets out their powers. The Trustees are required to act in the best interests of the Scheme’s beneficiaries.

The Scheme is a multi-employer scheme as defined in Financial Reporting Standard 102 (FRS 102), and under the provisions of FRS 102 relating to multi-employer schemes, the Faculty accounts for contributions paid to the Scheme as though it were a defined contribution scheme.

The Trustees of the Scheme are required to carry out an actuarial valuation every three years. The latest completed actuarial valuation of the Scheme was carried out by the Actuary for the Trustees as at 1 April 2019. This valuation revealed a funding shortfall of £2.7 million.

A Schedule of Contributions (for the Scheme as a whole), certified by the Actuary for the Scheme Trustees on 27 May 2020, has been agreed which requires further contributions to the Scheme of:

The Faculty is required to pay 2.0% of these contributions, and therefore expects to pay £11,008 to the Scheme before 31 March 2021, £550 per month from 1 April 2021 to 31 March 2024, then £650 per month from 1 April 2024 to 31 March 2027. The Faculty is also required to meet 2% of the Scheme’s administration expenses. As the contributions due under the Schedule of Contributions certified on 27 May 2020 are lower than those required by the previous Schedule, the Faculty has recognised a funding credit in profit and loss for the year.

It is understood that the Scheme is a “last man standing” multi-employer scheme, so that if all of the other participating employers cease to participate, then responsibility for funding the entire Scheme would fall to the Faculty. However, the inclusion of this statement does not mean that it is anticipated that the other participating employers will cease to participate in the Scheme before the Faculty, and in the meantime, all participating employers are making contributions to the Scheme to make good the shortfall in the Scheme. For a participating employer to cease to participate in circumstances where at least one other employer continues to participate, it would be required to pay into the Scheme its share of the shortfall in the Scheme determined on a discontinuance basis.

18 PENSION COSTS continued

The movements in the liability during the year were as follows:

Balance at start of year
Finance charge for year
Contributions paid
Additional funding charge
Balance at 31 December
The amount recognised in the Faculty’s balance sheet is:
Multi-employer scheme liability
The amount recognised in the Statement of Financial Activities is:
Finance charge for the year
Additional funding (credit)/charge
Total		 2020
2019
£’000
£’000
74
70
(1)
1
1
-
(28)
3
46
74
£’000
£’000
46
74
£’000
£’000
1
1
(28)
3
(27)
4

Page 34