TFSRH The Facultyof Sexual & Reproductive Healthcare Faculty of Sexual and Reproductive Healthcare of the Royal College of Obstetricians and Gynaecologists Report and Accounts 2021 Year ended 31 December 2021 Registered Office". 10-18 Union Street. London SE1 1SZ Tel.. 0207 724 5534 Email: info@fsrh.org Website: www.fsrh.or 111 A8A9EW6Z* 1210WI22 COMPANIES HOUSE #1 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of Th¢ Royal colle￿ of Obstel￿1anS and GynaecologistS ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2021 CONTENTS President's Statement Page 2 Reference and Administrative Detsils Page 4 StNcture. Governance & Management Page 5 Objectives and Public Benefit Activities Page 8 Achievements and Perfomance Page 9 Financial Review Page 12 Trustees. Responsibilities Page 14 Independent Auditor's Report Page 16 Ststement of Financial Activities Page 19 Balance Sheet Page 20 ststernent of cash flow5 Page 21 Notes to the Accounts Page 22 Page 1 FACULTY OF SEXUAL AND REPRODUCTIVE HEAL THCARE of The Royal Colle9e of obstelricw￿ and GYnae￿IDgIsts PRESIDENT'S STATEMENT 2021 was another year in which we We￿ all affected both personalty and professionally by the continued impact of Covid-19. As a Faculty, we needed to adapt the way in which we work to ensure our contiriued support to our 14.500 members. This included our education and training embracing digital technology via the new Training Hub and ensuring continued leaming opportunities. and running digitally accessible events. including the highly popular Hot Topics, being delivered online with over 5,000 delegates attending in year across the breadth of our events activity. Over 500 dekgates joined our Virtual Conference in November. and we ran tsyo virtual Faculty Registered Trainer events, a digital launch of our Intemational Strategy, as well as a webinar on Progestogen-only Implant Guideline. Our stsff worked from home for most of the year without detriment to the delivery of our work. and we were pleased to be able to open our offices again in the autumn. Very sadly, Jane Haffield, the firsl FSRH Chief Executive passed away in May. which was a terrible loss to her family. friends and all at the Faculty- Jane was a passionate advocate for women's healthcare and led the organisation's policy and influencing work. raising awareness of often-neglected a￿aS in women's heallhcare by championing the voices of frontline healthcare professionals. In November. Gary Waltham joined the FSRH as the new pemianent Chief Executive. following a period of interim arrangements through the course of the year. l am very graleful to Federico Moscogiuri for his stewardship of the FSRH during most of 2021. Despite the huge impact of Covid-19 on (Mjr members in the delivery of their clinical work. and the unprecedented impact of services. our Council. committees and wider membership continued to demonstrate incredible commitrnenl to the work ofthe FSRH and gave up their time to support Faculty activity. It is to their great ¢￿d[t that continued to do so despite the challenges facing their professional lives due lo Covid-19. Policy work in 2021 In 2021, our work focused on the need to address barriers in accessing high quality SRH during and beyond COVID-19. in the context of ongoing Public Health system and NHS reforms and the development of key Govemment strategies. We have con*'nued to lobby for SRH care to be MO￿ broadly integrated into women's healthcare pathways in the NHS via input into Govemment strategies on Women's Health and SRH, alongside a meeting programme with key policymakers - including the Chair of the Health and Social Care Select Committee and the Minisler for Mental Health. Suicide Prevention and Patient Safety. We led on - and worked with partners to support - amendments to the Health and Care Bill. seeking lo achieve greater oversight and accountabilily in women's health and ensure that Ihe NHS workforcE is equipped lo provide high quality care. We worked with partners to secure a deadline for abortion services to be fully-funded and commissioned in Northem Ireland via continued engagement with the Government and the Department of Health in Northem Ireland. alongside inputting into the development of the service specification. We launched our mults'4hannel Telemedicine Facts Campai￿ for earty medical abortion IEMA) in ¢ollaborats"on wth the Royal Colle9e of Obstetricians and Gynaecologists. as part of a policy influencing programme seeking to make telemedicine permanent. We shared medically ac￿rate infom)ation about telemedicine for EMA and its impact on women and girls, focusing on safety, èase of access and safeguarding ofyoung people. Our work wilh the All-paty Partiamentary Group on SRH (APPG SRHI continues lo be a high priority. During 2021 we secured commitrnent from the Minister for Prevention. Public Health and Primary Care that recommendations from the Inquiry into Access to Contraception will help to infomi the forthcoming SRH Strategy. We also vnrked to drive ongoing scrutiny of . PaJe Z FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal CoMe9e ol Obstetri(wts and GynaecDki9J"StS SRH issues. including aborbon care and contra￿ption. via 70+ parfiamenlary questions, alongside securing specific multiple mentions of FSRH'S positson on SRH issues as part of padiamentary debate5. We will conlinue lo advocate fof the importance of SRH services and will work to ensure thal these vital seNices are adequately funded in the future. And as we look towards the eady summer of 2022. we hope that the Govemment's new Women's Health and SRH strategies will give holistic sexual and ￿prOduCtive health the place it desetves on the political agenda. Thank you for your time and support I would like to express my gratitude and thanks to our members. committees, Council, Board of Trustees. trainers and FRSH staff for their incredible hard work and commitment during the year. This collective expertise. knowledge and dedication continues to grow our remit, influence and help to improve sexual and reproductive heathcare. I look forward to working with you all in 2022 and beyond. Dr Asha Kasliwal President Faculty of Sexual and Reproductive Healthcare P•Je 3 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Ob5t8tricians and Gynaecologls REFERENCE AND ADMINISTRATIVE DETAILS COMPANY DIRECTORS Dr J Barter, (appointed October 2021) Ms A Beffield2 Mr M Boolh2 Mr Stephen Bowen, Dr H Edge, (appointed January 2022) Dr K Guthrie Dr J Heathcole (resigned January 2022) Dr S Kama-Kieghe' (appointed November 2021) DrA Kasliwal Dr D Mansour, (resigned October 2021) Dr E Manson, {appointed July 2021) Ms Nikki Patel Arjuna, Dr E Roberts Mr T Thamia CHIEF EXECUTIVE OFFICER Ms J Haffield Islood down 31 March 2021) Dr Subo Shanmuganathan Interirn CEO job share (ApF¥)inted 9 December 20201 Dr Subo Shanmuganathan Interim CEO131 March to 28 May 2021) Mr Federico Mos¢ogiuri Interim CEO (appointed 3 June 2021 resigned 12 November 2021) Mr Gary Waltham CEO (appointed 18 November 2021) COMPANY SEcR￿ARy Mr Tim Coppard AUDITORS Crowe U.K. LLP, 55 Ludgate Hill London, EC4M 7JW, UK BANKERS CAF BANK. 25 Kings Hlll Avenue Kings Hill. West Malling, Kent. ME19 4JQ SOLICITORS Bates Wells 10 Queen Street Place London, EC4R 1BE REGISTERED OFFICE 10-18 Union Sireet London. SE1 1SZ Registered Company Number: 02804213 Charity Number: 1019969 Page 4 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of OitsleirKian5 Gynae¢olo9Jsts DIRECTORS. REPORT The Trustees (who are also director5 for the purp05e5 of Company Law as listed on page 4) of the FSRH have pleasure in presenting their report togetherwith the accounts for the year ended 31 December 2021. STRUCTURE. GOVERNANCE AND MANAGEMENT The Faculty is a re9iStered charity (Charity No.10199691 and company limited by guarantee (Re9lStered in England. No. 02804213). It is govemed by a Board of Truslees v4ho are the . Directors. Membership of Council is as follows.. Officers President.. Vice President-. Clinical Quality Vice President.. Clinical Quality Vice President.. Membership Vice President.. Membership Vice President: Specialty Vice President- General Training- Vice President.. Workforce & Strategy= Vice President: Workforce & Strategy: Dr Asha KaslpNal Dr Diana Mansour (resigned October 2021) Dr Helen Munro lappoinled October 2021 Dr Helen Munro (resigned October 2021 } Or Maryam Nasri (appointed October 2021) Dr Janet Barter Dr Anne Lashford Dr Jane Dickson (resigned 10 June 2021) Dr Zara Haider (appointed 10 June 2021) Elected members (10) Fellowlmember representslive= Fellowlmember representative.. Fellowlmember rep￿sentative. Fellowlmember representative: Fellowlmember representalive.. Fellowlmember representative". Fellowlmember representative.. Fellowlmember representative.. Fellowlmember ￿preSentatiVe.. Elected Oct 2020 Oct 2020 Oct 2021 Sept 2016 Jun 2018 Jun 2018 Oct 2021 Jun 2019 Oct 2021 Completes temi 2023, Jun 20212 2024, 2022, Oct 20211 Oct 20211 2024, 2022, 2024, Dr Sinead Cook Dr Zara Haider DR Nikki Jeal Dr Usha Kumar Dr Lucy Michie Dr Hilary Natusch Dr Marion Norbrook Dr Charlotte Porter Dr Manisha Singh Diplomate representative.. Diplomate representative.. Diplomale representative.. Diplomale representative.. Ms Christine Carter Dr Cynthia Das Dr Emma Fall Dr Emma Mans Jun 2019 Oct 2020 Oct 2020 Jun 2019 2022, 2023, 2023, 2022, RCOG representative (11: Dr Edward Morris Oec 2019 2022 Co•OPted members: Mr Robbie Cunie, Commissioner IFeb 2018-Jun 20221 Ms Julie Gallagher. Nurse representative IMaT 2017Qct-20211 Ms Becky Gunn. RCOG Women's Ne￿￿Tk [Jun 2018-Oct 2021,] Dr Sue Mann. Public Health England representstive now Office for Health Improvement and Disparities representative [Jul 2015-2023] Dr Soosan Romel. SAS Lead [Feb 2020-Jan 20211 P•Je S FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The ROY￿ Colw of Obstetricians an¢J Gynaecologists Dr Sophie Nicholls, SAS Lead lJun 2021-Jun 2023,1 Dr Victoria Tzortziou. RCGP representative IAug 2019- 20231 Temi of office: ' ffirst lerm second term Committee Chairs - invited to Council: Dr Sharon Cameron Dr Eve8ne Cubitt Dr Amanda Davies Dr Helen Bayliss Dr Jane Dickson Dr Zara Haider Dr Cindy Famier Ms Rebecca Fpnch Dr Kate Guthrie Dr Anlje Ischebeck Dr Asha Kasliwal Editor-in£hief. BMJ SRH Joumal Chair. Northern Ireland Commrttee Chair. Wales Committee (resigned 14 Oct 2021) Chair. Wales Committee (appointed 14 Oct 2021) Chair, Education Strategy Board (resigned 10 Jun 2021) Chair, Education Strategy Board (appointed 10 Jun 2021) Chair, General Training Committee Chair. Clinical Studies Group - SRH Chair. Equivalence Committee Chair. Specialist aualifications Committee Co-chair, Joint FSRHIBASHH Integrated Information Group Drs Janet Michaelis and Ulrike Sauer Dr Nicky Morgan Dr Farah Paruk Dr Mike Passfield Dr Charlotte Porler Dr Indhu Prabakar Dr Alison Scott Dr Sinead Cook Dr Catherine Schunmann Chairs. Events Committee Chair. Intemational Committee Chair, Clinical Effectiveness Committee Chair, Clinical Standards Committee Chair. Specialty Advisory Commillee Chair, Examinations Committee Chair, Scotland Committee (resigned Jul 2021) Interim Chair. Scolland Committee (appointed Nov 2021) Chair. Curriculurn 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 recommer)dab"ons lo the Board of Trustees in each ofthese areas. Committee Structure Much of the work of Ihe FSRH is carried out by the committees that report into FSRH Council or the Board of Trustee5. Committee members provide their time and expertise on a voluntary basis, without which the FSRH would not be able to fulfil ils charilable objectives. The Faculty benefits from the contributs'on ofover 400 volunteers who srt on or contribute to committee work. Newly appointed Tfustees, 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 Seniof Management Team. Pag8 6 FACULfY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Col*e of obsitsthu￿ and Gynaecol¢yJi8ts FSRH governance structure FSRH Board of rFSRH Membership Total membership at the end of 2021 was 14.393 paying members and 80 Honorary Fellows. This was down 1.6Q/o from 14.629 paying members with one fewer Honorary Fellows at the end of 2020. Category Members at 31 December 2021 12,165 Members at 31 December 2020 12,609 {0o¢rease)I Increase Y• Diplomale DFSRH (3.51° Member MFSRH 161 183 {12.01% Fellow FFSRH 214 213 {o.o)v Associate 1.557 1,382 12.7• Affiliates 151 109 38.5% Rell￿d 97 80 21.3% Intemational affiliates 48 53 (9.4)0 Paying members 14,393 14,629 (1.6)% Honorary Fellows 80 79 O.OV• Totsl Mombers 14,473 14.708 (1.6)° Page 7 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Colleg¢ of Ob5tetncla￿ and Gynaecologis15 Membership was impacted by fewer new members joining as whilsl the Diploma had been launched in December 2020 few of those who started this qualification had completed in 2021. staffing The staffing to support the work of the FSRH continues tr) be reviewed and devebped by the CEO as we respond to the needs of our membership. A permanent CEO was appointed during 2021 and commenced in post in November 2021. By the end of 2021 we had 22 full time equrvalent staff members although this is a relative small staff leam for the size ofthe membership. Staff Pay The Council Remuneration Committee has responsibility for approving the remuneralion 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 Iheir first year subject to a satisfactory probation outcome. Fundraising Statement Section 162a of the Charitie5 Acl 2011 requires tharities to make a statement regarding fundraising activities. Although FSRH do not undertake fur)draising from the pubkc. the legislation defines fvndraising as "soliciting or otherwise procuring money or other propety for charitable purposes." Such amounts recervable are presented in our accounts as donations £200 in 2021 {£nil in 2020). In relation to the atrM)ve we c￿filM that all solicilations are managed intemalty, without involvement of commercial participators or professional fund-raisers, or third parties. The day- tcHlay management of all income generation is delegated lo the Senior Management Team. who are accountsble to the trustees. We have received no complaints in ￿latiOn to fundraising activitses. Our temis of employment require staff lo behave reasonably at all times.. we do not approach individuals for funds nor do we consider il necessary to design specific procedures to monitor such activits'es. OBJECTIVES AND PUBLIC BENEFIT ACTivfTIES The main fijnclion 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 practs'tioners and by promoting and maintaining high standards of professional practice. The trustees ofthe 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 lo improve and support standards in patsenl care through the publishing of standards and guidance and by providing training and professional support to health care professionals working in sexual and repr(xluctive health. to benefft of seNice users. Page 8 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Col￿ge ol Obsletrician5 and Gynaeo)109iSts The income and property of the company is applied solely towards the piomolion of the company's objects as set out in the Memorandum of Ass(xiation. Our Strategic Plan 2020-2025 as approved by the Board ofTrustees has at its heartthe following vision. 'Our vision is of high*uality sexual and reproductive health at ev•ry stage of our lives,. Our mission is as follovts.. To achieve our vision of highquality sexual and reprcmjuctive health at every stage of our lives, by.. Producing hIgh￿Uality dinical standards and guidelines for heahhcare professionals Providing high-quality training and educational materials for he3￿hcare prOfesS￿nal$ Influencing policy and practice through ewdence-based advocacy Supporting and growing the SRH professional community Raising awareness of SRH among the public. Our key focus areas for 2020-25 are Standards and guidance Education and training Supporting and growing the SRH community Evidence based advocacy Public awareness raising An annual review of perfornance against the strategy objectives is undertaken. as well a5 an assessment of whelher any objectives may need amending due to extemal or intemal developments. ACHIEVEMENTS AND PERFORMANCE IN 2021 We outline our key achievements and perfomance. based on our 2021 stralegic goals. Key numbers- qualificatlons. awards and events 11 should be noted that the Education & Try4ining porttolio was signthcanlly impacted by Covid- 19 due to limited capacity of HCPS to provide and also undertake fomial training and CPD 327 heafthcare profossionals were awarded the DFSRH postgraduate qualification in 2021 (down 540/0 on Ihe expected target). The redesigned DFSRH {2020 pathway) was launched on our new Learning Management System (known as the Training Hub) on 9th De￿mber 2020. We also continued to receive DFSRH. submissions from the previousf2013 pathway throughout the year. Most new Diplomaleslmembers in 2021 completed the 2013 pathway. The change in the DFSRH candidate joumey requires a payment at the point of application (at the start) of the qualification. This ￿sUIted in 758 new candKlales undertaking the DFSRH 2020 pathway and they will be awarded Diplomate status on successful completion of Ihe qualificat￿rt. Onty 75 compleled this quallfication pathway in 2021 979 healthcare profeSsior￿lS were awarded the Letters of Compelence in SDI and IUT (PG qualifications) in 2021 lup 10% on the expecled target). We continued to receNe applications for our 3 Locs throughout Ihe year. On completion of the Locs the majority of successful candidates opted to apply for Page 9 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE ofThè Royal cdfege of Obstetriuans * Gynae(￿￿15[S Associate membership rather than the making the final one-off payment thal awards the qualification. but no ongoing relationshiplmembership is required. 1207 healthcare professionals were expe¢ted to attend Ihe various Essentials courses a¢ross the UK in 2021. Only 314 HCPS attended (down 649/r• on expected target). The uptake of these short courses was significantly impacted by Covid-19. Training providers confirmed these courses V￿re not a priority in the limited timelresource they had available. There w•ro 703 purchases of the Onllne Thoory Assessment in 2021 (down 22Yo on the expected target). The OTA replaced the eKA (electronic knowledge assessment) in December 2020. It is used as an entry assessment for two of the Letters of Competence qualificats.ons and an assessmenl within the DFSRH 2020 pathway. The OTA can be purchased and sat multiple times by the same candidate. Across the 3 cornponents of the MFSRH exam 42 candidates were assessed: P1 = 19 ¢andidat¢s, EBC x 7 Candidatss and P2= 16 ¢andidatfr$ (down 160 on the expected target). This qualification is only available to doctors. The MFSRH was delivered fvlly online for the first b.me in 2021 which was a significant amount of work for the team and should be recognised as a change for examiners and candidales alike. A total of 6 candidates were awarded the MFSRH qualification and therefore full membership status as a result of successftjlly Completing MFSRH P2 exam in 2021 (and the other components in previous yearslsittings}. 77 Special Skills Modules (across 4 topic areas) logbooks were purchased in 2021 (up 154¥0 on the expected target). These PG qualifications aim to suprM)rt healthcare professionals with a special interest in the stated topics. The SSMS a in the process of closing andlor transitioning to 'new' and improved qualifications in these areas. Only 4 healthcare professionals {nonilK based) purchased access to the Inlernational CertifiGat¢ of Knowledge in 2021 (dovdn 9201(* on the expected target). 11 has been agreed that the ICK will be fulty reviewed and pibted with a limited audience in 2022. Development of our education portfolbo, supporting members to provide effective and safe SRH care The additional eSRH leaming resource moduth 13 and 14 were ¢ompletedladd¢d to the resource and went live in Q4 of 2021. These sessions support the delivery of the Loc qualifications as well as stand-abne leaming. The eSRH resource as a whole is being well used and user feedback is very positive. The revised CSRH Curriculum and assessment framework (including the MFSRHI approved by the GMC went live August 2021. This curricukjm is used by CSRH Trainees and CESR applicants to athieve specialistlconsullant status with the GMC. Page 10 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE ot The Royal College of obstetricia￿ and Gynaectkjgists External Affairs In 2021, our work focused on the need to address barriers in accessing high quallty SRH during and beyond COVID-19. in the context of ongoing Public Health system and NHS refornis and the development of key Government stralegies. Calling for integrated and holistic SRH We have continued lo lobby for SRH care to be more broadly integrated into women's healthcare pathways in the NHS via input into Government strategies on Women's Heafth and SRH, alongside a meeting programme with key policymakers - including the Chair of the Health and Social Care Select Committee and the Minister for Mental Health, Suicide Prevention and Patient Safety. We led on - and worked with partners lo support- amendments lo the Heahh and Bill, seeking to achieve greater oversight and accountability in women's heallh and ensure thal the NHS workforce is equipped to provHle high quality care. Improving access to abortion care We worked with partners to secure a deadline for abortion seNices to be fully4unded and commissioned in Northern Ireland via continued engagement with the Government and the Department of Health in Northem Ireland. alongside inputting into the development of the service specification. We launched our multi-channel Telemedicine Facts campaign for eady medical abortion (EMA} in collaboration with the Royal College of Obstetricians and Gynaecologists, as part of a policy influencing programme seeking lo make telemedicine permanent. We shared medically acc#Jrale infomialion about telemedicine for EMA and ils impact on women and girfs. focusing on safety, ease of access and safeguarding of young people. Engagement via the All Party Parliamentary Group on SRH (APPG SRH We secured commitment from the Minister for Prevention. Public Health and Primary Care that recommendations from the Inquiry into Access to Contraception will help to infomi the forthcoming SRH Strategy. We worked to drive ongoing scrutiny of SRH Issues. including abortion care and Contraception. via 70+ parliamenlary questions, alongside securing spectfic multiple mentions of FSRH'S position on SRH issues as part of parliamentary debates. Communicaling FSRH'S position via press activity We secured Coverage in local and national publications and via broadcast on FSRH'S position regarding various issues surrounding contraception - including women's experiences during intrauterine device fitting. Wtth the Secretary of State for Health and Social Care requesting to see our joint statemenl with RCOG. We conducted press activty on SRH issues in relation to COVID-19, including use of the combined homional contraceptson and COVID-19 vaccination. Fellowships, award$ and events The FSRH Virtual Conference in November 2021 continued to demonstrate good engagement with 517 tickets sold. We used the 408 Fund to fijnd 22 bursary ts'ckets to the FSRH Virtual Confe￿nce Page 11 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of ThÈ Royal College ot otstetrKians and GynaecoJogi5t5 Seven open virtual events were delivered. with 1.940 tickets sokl 9 members were awarded Fellowship in 2021 Fellowship of the FSRH is the top tier of membership. It acknowledges service aThJ commitment lo sexual and reproductive healthcare. Supporting and Growing our SRH con￿￿nIty There were -1 million pageviews of the FSRH website in 2021 33.40/• average newsletter open rate Primary research into the needs of nurse members was commissh)ned in 2021. with plan to implement the findings in development Social media growth continued to improve in 2021. with 3,300 followers added across all channels FINANCIAL REVIEW Financial result for the year The financial results for 2021 show a net deficit before garns and bsses of £141.378 compared to a deficit of £387.571 in 2020. The Faculty's core income stream of subscriptions and registrations was £1,954.610, an increase of down 12.20/0 on 2020. wth a strong perfomiance on renewals and the Diploma relaunched at the end of 2019 having a fvll year of registrations. Covid-19 continues to give a Challenging operational environment with many healthcare professionals busy on fighting the virus and having less lime lo engage in training and consideration of conb.nued membership. Inte￿$1 and dividends receivable of £98.409 in 2021 have increased by £17.463 on the level 2020. The higher level shows a relum to amounts experienced pre Covid which with small increases in interest rates is welcomed. Total expenditure of £2,562,48612020.' £2.507.643) shows a small in¢￿aSe of 2.2.￿ over that of 2020. This reflects minor inflationary cost increases in rTh)st a￿a$. FSRH had significantly lower capital spend in 2021 compared to p￿VIouS years With investments in improvements to the websrte of £14,178 and investrnent in office equipment mainly in computer equiprnent. The market value of FSRH investrnents in¢￿ased in 2021 and as a result. FSRH have investment gains of £449,567 compared to investment gains in 2020 of £227.442. Due to this difference in the market value of the investmenl portfolio, the £308,189 total net movement in funds including investmenl gains is £468.318 higher than 2020. Going Concem The Trustees have reviewed the impact of CovNJ-19 on the Faculty's operations and finances. Taking into consideration the proJ￿ted cash flows and forecast activity of the Faculty, the Trustees have a reasonable expectation that the Faojlty has adequate resources lo continue its activities for the foreseeable future and consider that there are no material uncertainties over Pagg 12 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Col*e ot obstetr1c￿rffj and Gyna8cobgiSts the Faculty's financial viability. Accordingly. the Trustees continue to adopl the going concem basis in preparing the financial statements. Investment policy The Finance, Risk & Investment Committee oversee the application of FSRH investrnent policy and monitor the perfomance of FSRH investments. Following a detailed review by external Investment Consumanis. an ethical portfolio was set up at the end of 2017 and reviewed in 2020, which focusses on long-lem growth. The fijnd perfoThance is reviewed at each Committee meeting againstthe CPI and FfsE 250. The investment objectives are: FSRH seeks to produce the best financial retum within an acceptable level of risk. The investment objective for the long-temi reserves is to generate a retum in excess of inflation over the long lemi whilst generating an income to support the ongoing aclivities of the Faculty. The investment objective of the short-tem resew is to preserve the capital value with a minimum level of risk. Assets should be ready to meet unanticipated cash flow requirements FSRH'S ethical policy avoids direct investrnent in any company diredy involved in alcohol, tobacco. vaping. gambling, pomography or arm5 manufacturing. The Faculty recognises that there is a significant number of companies with only a modest invofvement in these areas and that a tolal exclusion of all such companies would exclude companies which are primarily involved in the supply of prcxjucts that are not subject to investment exclusM)ns and may be of ¢onsiderable social benefit and this could conflict with the objective to achieve the best financial relum within the level of risk considered lo be acctptable. The policy is Currently under review with the intention to extend it to cover ethical, social and govemance considerations. The Faculty accepts that il may be necessary to apply judgement in these areas, especially in relation lo indirect hoklings. Reservos policy The FSRH reserves policy is to maintain a sufficient kvel of reserves to enable operating activities to be maintsined considerirwJ the following potential risks that may arise.. Abilty to diversify income and reduce level of deficils Current economic uncertainty and the potential impact on investment values as well a5 income and expenditure streams Impacts of reviewing and modemising both our scheme of membership and education pathways on our main income streams. Costing of delivering the 2020-25 strategic plan. Risks involved in making capiial and other investments designed to improve income and the Tealisation of the projecled benefts. these benefits being monitored by the Finance. Risk and Investment Committee. Based on these specific risks the level of reserves has been defined as free reseNes of al least 12 months of budgeted expenditUTe {2022: £2.750.000) plus the projected deficits for the years Page 13 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Colleg8 01 Obstetricians and Gynaecobgists 2022 and 2023 {£430.0001. In addition. FSRH will hold reseNes of £500.000 foi one-off expenditure to continue with the modemisalion of the Faculty. The FSRH reserves policy will be reviewed again in 2023. As al the end of December 2021 total projected unrestricted and non-designated funds stood at £6.135.000. After deducting the carying value of fixed assets and intangible assels held to support the Faculty's work in the future, unrestricted free reserves amounted lo £5.680,000. Hislorically. FSRH have buitt up reserves to keep the accommodation strategy flexible. In 2019 FSRH moved to RCOG'S new tKJilding in Southwa￿. ReseNes were invested in the office refurt)ishment and will be in our continued modemisation programme which will include additional educational products as well as enhancements to the Training Hub. The free reserves exceed the amount required by the reseNes wlicy by £2.000.000. Trustees will consider this excess again in 2023 as part of the review of the risks facing the Faculty and the review of this strategy. Rlsk Review 2021 The FSRH risk register sets out present and possible future issues that might affect or impact on the work of the Facutty, its irKome andlor staffing. Risks and our controls lo mitigate against these are discussed by the SenM)r 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 Truslee meeting. The Faculty has continued to work towards diversifying ils fijnding sources in 2021 so that it is less dependent on the Diploma subscription income however this remains the largest income stream forthe Faculty. A key Tisk is ihe recognition of the Dipb)ma's value to both commissioners and Clinicians which the Faculty are mitigating through- The review of our Diploma to ensure its meeting members Iraining needs. The 'new' Diploma was launched in December 2020 and has proved popular despite competing demands for Health Care Professionals time in dealing With the pandemic. Contsnuing to promote the beneffts and vafue of membership to our members. The Extemal Affairs team darifying and actively promoting the role of the Diploma. 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 diversthed its investment portfolio in 2017 adopting a long lerm 'buy and hold. strategy for its long-tem investments. These investments are being reviewed in 2021 and 2022. Covid 19 has continued had a signfficanl impact on a number of aspects of the operation5 of FSRH through most of 2021 although with a diminishing impacl in the future. FSRH is adapting ils plans to maintain support to its members whilstdelivering its strategi¢ 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. TRUSTEES, RESPONSIBILrriES 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 sab'5fied that the financial stalements gr¥e a true and fair view. The Trustees are also responsible for Page 14 FACUL TY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of Tl• Royal Colle9e alOb5tetFiciar¢ and Gynxotgists preparing the finar￿181 statements in acc￿dance with United Kinojom Accounting StsrKJards (United Kingdom Generalty Accepted Acctsunting Practice). Company requires the Trustees to prepare finanoal stslements for each finanGial year that give a true and fairview of Ihe slate of affair5 of the ch8ntsble co￿vanY and ofthe income and expenditure ofthe chaTilable company forthat year. In prepaiiry these financial staements. the Truslees are required: 10 5elecf surtable acexjunting policies and then apply them eonsk%tently," ppty the methods and principles of Ihe Chaiitses SORP: to make judgeménts arKI estimates that are reasonab￿ and prudent; lo state whether applicsble 8c(ouTrtiry stsndards have been followed, subiecl lo ary material departures dlsclosed and explained in Ihe financial slatements; lo prepare the financial statements on a going concem basis. unless it is inappropr4gt• to presume that the chai)ta￿e company will contmue in business. The Trustees are responsble for keeping aJequ8te accounting records that show and explain the tharitable company's transactKJns. disclos8 with reasonable accuracy at any Irme the financkAI position of Ihe charitable company and enable to ensure that financial slatements comply with the Companies Aet 2006. They 8re also responstble ft)r safeguardiffj the assets of Ihe charitsble company and hence fortaking reasonable sleps for the prevention and detecticm of fraud and ottier Irregularities. Provision of Infornution lo the Audltor Eath of the persons who are directors * the time when this direclor5' reFort 15 approved has confirmed that: So far as that director is aware. there is no relevant audit inform811c￿ of whlch the company's auditor is unaware, and That director has laken all the steps that oughtto have been taken as a director in order to be aware of any Informati(￿ needed by company's a￿ttor in conneclion with prepariry his report and to establish véhat the company's aL*Jilor is aware of that in10m￿tion. The annual report and financial statemenls have been prepared in accordance with the spgryal provisions of Part 15 of the Companies Act 20￿ relating to small companies. Approved by the Board of Directors and sKJn&J on its behalfr Nlkkl Patel ￿i￿n0 Dlrector. FSRH Date: 21 July, 2022 P•Je 15 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Ob5tÈtricians and GynaecologL8rs INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE OF THE ROYAL COLLEGE OF OBSTETRICIANS AND GYNAECOLOGISTS Oplnlon We have audited the financial statemen15 of Faculty of Sexual and Reproductive Healthca￿ of the Royal College of Obstetricians and G￿aeCok)9ists I'the charitsb￿ company'l for the year ended 31 December 2020 which comprise the Statement of Finanual Activities. Balance Sheet. Statement of Cash Flows and notes to the firtancjal stslemenls, induding significant accounting policies. The financial reporting framework that has been applied in their preparats.on is applical￿e law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generalty Accepled Accounting Practi￿). In ¢)ur opinion the financial statements-. giv8 a true and fail view of Ihe stale of tho charitable company's affairs as at 31 08c8rnber 2021 and of its income and expenditure. for the year then erxled- have been w0￿rIY prepared in accordan￿ vAth Uniled Kin9j￿ Generalty Accepted Accounting Practice,- and have been prepared in accordan￿ wth the rwuiremenls of the Companies Act 201A. Ba$1$ for opinion We conducted our audit accordance wilh Intemational Slandards on Audiling IUKI IISAS IUKII and applicable law. Our responsibilrties under those standards are further ¢Jescribed in the Auditor's re5pon5ibililies for the audit of the finanoal ststements section of our report. We a￿ independenl of the charitable company in accordance wth 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 ethi¢al responsibilities in accordance with these requirements. We believe that the audit evKlence we have obtained is sufficient and appropriate to prwde a basis for our opinion. Conclusion5 relating to golng concern In auditing Ihe financial stalemenls. we have ￿nduded that the trustee's use of the going concern basis of accounting in the weparation of the financial statements is ap[￿opria1e. Based on the work we have performed, we have not idenirfied any material un(*rtainlies relating to events orconditions that, individually or collectively, may cast significant doubl on the charitable companls ability lo continue as a going concern for a K*riod of at least hveEve months from when the finanaal statements are aulhorised for issue. Our responsibilities and the respJnsibilths ofthe trustees with respect to going wncfjm are described in the relevant sections of this repcrt Other information The trustee5 are reswnsible for the othw infonnatson (x)ntsined within the annual rep￿t. The other informatic)n comprises the infomiation induded in the annual report, othef than the financial statements and our auditor's report thereon. Our opinion on the finan¢ial statements does not ¢over the other information and. except to the extent otherwise explirytly stated in our report, we do not express any forrn of assuran¢8 conclusion thweon. Our r8sponsibility is to read the other inforrnation and. in doirKJ 50. considerwhether the olher information is materially in¢onsislenl ￿th the financial statements orour knowle¢Jge obtsined in the audit or othenwise appears to be materially misstated. tl we Klenlfy such material incJ)nsistencies or apparent material misstaternents. we are required lo determine whether this gives rise to a material misststement in the f1nancial staternents themselves. If, based on the Work we have perf¢ymed. we conclude that there is a material misstatement of this other Infomlatic￿. we affj requi￿ to rep)rt that fact. We have nothing lo in thi5 regald. Pap 16 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal CoU8ge of Otts*thoans and Gynae¢ologists Opinions on other matters pres¢rib•d by the Companiès Ad 2006 In our opinion based on the w(*k undertaken in the cowse of our audiL the information given in the trustees, report, v*hich indudes the directors, report prepared for the purposes of company14w. for the finanoal year for whrth rhe financial statements are prepared is consistent with the ffinanaal statements.. aThJ the diredors. report inckjded wilhin the tntstees. report have Wn wepared in accordance with applicable legal requyements. Matters on which wo are required to r•port by exception In light ol the knowledge and understanding of the charitable ￿MpanY and their environment obtsined in the course of the audiL we have not idenb.fied material misstaiements in the directors. report included within the trustees. TeporL We have nothing to rep(rt in respect of the folk)wing matters in relation lo which the Companies Act 2006 requires us to report to you rf. in our opinion.. adequate and proper accounting records have not been kept" or the financi￿ statements a￿ not in agreemenl with the acco￿￿"ng records and relums: or certain disclosures of trustees. remuneration spe￿f￿ by law are not made: or we have not received all the information and explanalions we require for our audit.. or the tfustees were not entitled to Prepa￿ the financial statements in accordance with the small companies. regime and take advantage of the small companies. exemptions in preparing the trustees, d1￿CtOrS. report and from the requirernenl to preF)are a slralegi¢ reKM)rt. Responslbllitles of trust•es As explained more fully in Ihe tnjstees. responsibilities statement set (xjt on page 15, the trustees (who are also the directors of the charitable company for the Purposes of company lawl are responsiblè foi thè preparation ol the financial statements and being satisfied thai they give a true and tsir view, antl for such internal ¢onlrol as the trustees delerrnine 15 necessary to enable ts preparati¢y) ol financial slalemenls that are free from material misststement. whether due to fraud Of ermr. In preparing the financial statements. the trustees are responsible frx assessing Ihe tharitable company's ability lo continue as a going concern. disd05ing, a5 applicable, matters related lo going concem an using the going concem basis ol accounting unless the trustees either inlend to liquidale the charitsbie company or lo cease operations. or have no realislic att8mative bul lo do so. Auditorfs r•sponsibiliti•s for the audit of th• fmncial statem•nts Our objectives are lo obtain reasonable assurance about whether the financial ststements as a whole are free from malerial misstatement, whether dl￿ lo frau(l or error. and to issue an auditor's report that includes our opinvjn. Reasonable assurance is a htgh 18V81 of assurance. but is not a 9uarantee that an audit conducted In accordancè with ISAS {UKI will a￿ayS detect 8 matèrial misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they reasonably be gxpected to infvenoe the econcrfnic de¢isions ol users taken on the basis of these financial statements. Details of the extent to which the audit was considered Capab￿ of detecbNJ irregularthes. induding fraud and non-compliance with laws and ￿ulationS are set out below. A further des¢riplion of our ￿SPon￿billtyes for the audit of the f￿an￿al statements is I￿ated on the Financial Repo￿.n9 Council's website at: whw.frc. .ukJaudilrKsre nsibilrties. This description forms part of our audrtor's report. Page 17 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Roy31 College of Obstetricians aThJ GynaeoJkJgists Ext•nt to which the audit was con51dered capable of detecting irregularities. including fraud Irregularits'es, including fraud, are instances of nonthcompliance with laws and regulats'ons. We identified and assessed the risks of matenal misstatement of the financial statemen15 from irregularities. whether due to fraud of error, and discussed these beiween our 8udil team members. We then designed and perfomied audit procedures responsive lo those risks. includng obtaining audit eviden￿ sufficient and appropriat8 to provide a basis for our opin￿n. We obtained an uThJerstanding of ihe legal and regulatory frarnework5 Wlthrn which the charitable company operates, foojsing on those laws and regulations that have a direct effect on the detemiination of material amounts and ¢Jis¢losures in the financial statements. The laws and reguk2tions we considered in this contèxt were thè Companies Act 2006 together with the Charitses SORP (FRS 1021. We assessed the required wmplian(* wth these laws and regulations as part of our audit procedures on the related nancial statemont itwns. In addition. we considered provisions of other laws and reguEatK)ns that do not have a direcl effect on the financAal Statements but compliance with which muht bè fundamental to thè charitable company's ability to operate or to avoid a material penatty. We a150 consideTrd the opp(Mtunrties and incentivès that may exist within the charita￿e company for fraud. The laws and regu￿tionS we ￿nSidered in this context for the UK operations were empk)yment laws. tsxabon laws and General Data Protection Regulation IGDPRI. Auditing standards linit the required audit procedures to Klenbfy nonvcompliance with these law5 and regulations to enquiry of Ihe Twstees and other management and inspeth.on of ￿gUlatOry and legal correspondence, if any. We identif*d the greatest rFsk of material impact on the financial statements from irTegularities, inchjding fraud. to be within the timing of ￿CognItion of income and the overrKle of controls by management. Our audit procedures to respond to Ihese risks induded enquiries of management. and the Council of Management about their own identificatKJn and assessment of ihe risks of irregularities, sample testing on the posting of joumals, revEwing accounb.ng estimates for biases, reviewing regulatory correspo.ndence with the Chality CommissiC￿ and reading minutes of meetiNJs ol those ¢harg9d with governan￿. Owing to the inherent limitations of an audit. there is an unavoidable risk thal we May not have deteeted some material misstatements in the finanoal State￿￿￿ts, even though we have property planned and perfofmed OUT audit in accordance wth auditing Standards. For example. the further removed non- compliance with laws and regulations (￿egUlan￿"esl is from the events and transactions reflected in th8 financial statements. the less likely the inherenuy limited procedu￿$ required by auditing standards would identify it. In addition, as with any audit. there ￿mained a highef risk of non4Ieteclion of irregularities. as these may involve collusion. forgery. intentional omissions. misrepresentations, or the overTMJe of inlefnal Controls. We are not res￿SIble for prevenbng nonrycomph'arKe and cannot be expected to detect non- cornpliance wlh all laws and regulatK)ns. Use ol our report This report is made solely lo the charitable Ix)mpany's members, as a body. in accordance wtlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable company's members Ihose matters we are required to state lo them in an audilor'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 tharitable company and the charitable company's memt*rs as a body for our audit work. for this repcfft, or for Ihe opinK)ns we have f¢ymed. Tim Redwood Senior Statutory Auditor For and on behaff of Crowe U.K. LLP Statutory Auditor London 10th August 2022 Page 18 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetri¢ians and Gynaecologists STATEMENT OF FINANCIAL AcTIV￿lEs (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT} for the year ended 31 December, 2021 Unrestricted Restrided Funds Funds 2021 2021 Total Funds 2021 Total Funds 2020 Not•s Income from: 111bl Grants and Donations 200 106,350 106.550 66.0 Charitable Activities Sub5criplions and regi5tralion fees 1.954.610 1,954.610 1,741,741 Conference inccmne 94,390 94,390 115,683 BM Journal of SRH 47,742 47,742 61.070 Examinab"on fees 76.323 76.323 30.847 Other income Inve$tm?nts Interest and dividends receivable 45.613 45.613 23.785 108.106 108,106 80.946 Total income 2.326.984 106.350 2.433.334 2.120.072 Expenditure on- Raising funds Investment management Charitable a¢tlvltles Conferences, meetings and membership services BM Journal of SRH 11dl 38.775 38,775 2.076.476 142,943 2.219.419 2.188.129 180.922 180,922 182.747 Examinations 133,094 133,094 136,767 Total Expendlture Net exp•ftditure b•for• gains and lo$$es 2.429.267 142,943 2.572.210 2.507,643 1102.2831 136.593) (138,8761 1387,5711 Galns on investments 449.481 449.481 227,442 Net {expenditure) l Tncom• and movement in funds Fund balances Total funds brought forward Total funds carried forward 347.198 136.593) 310,605 1160,1291 14 14 5.788.170 6,135,368 171.191 134,598 5.959,361 6,269,966 6.119.49) 5.959,361 AJI amounts derive tr￿n continuing activities. Page 19 FACULfY OF SEXUAL AND REPRODUCTIVE HEALTHCARE ol The Roydl College of Ob5tdr*i8rÉ and Gyna8cok)gis1S BALANCE SHEET As at 31 De¢ern￿r 2021 Company no 2804213 Notes 2021 2020 FIXED ASSETS Intangible assets Tangible ass8ts Inv8Stm&nts 146.112 308,289 6.002 032 6,456.433 180.893 358.462 5,447.037 5,986.392 CURRENT ASSETS Debtors Cash at ba￿ arNJ in hand 10 218,218 308.447 526.665 216.661 431,555 648,216 CREDITORS Amounts falllng duewithin one y•ar C￿dItorS and acGrua15 Deferred ints)n 11 16 (469.974) 1208.166} (678,140) 1459.4361 (169.811) (629,247) NET CURREPff ASSETS (151.475) 18.969 CREDITORS.. Amounts falling due after one year 11 (34.9921 (46.000) NET ASSETS 6,269,966 5,959.361 FUNDS OF THE CHARITY Unrestricted funds General fund 13, 14 6.135,368 5.788.1TO Restrfcled Funds TOTAL FUND5 13. 14 134,598 6269.966 171,191 5,959,361 The financial statements have been prepared in ac￿rdanCe with the special provisions of Part 15 of the Companies Act 2006 relaling to small wmpwbes. Approved and aulhorised for issue by Ihe Board of D1￿ClO{5 afKI signed on its behalfr. Nlkkl Patel Arjuna Director, FSRH Dat•: 21 Juty. 20 Pag¢ 20 FACULTf OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Cotkge of Obsletrick4n5 anL1 Gynae(x)logisl$ STATEMENT OF CASH FLOWS For the year ended 31 December 2021 Notes 2021 2020 Cash flows from oporating actlvities SurplusllDefi¢iil for the year 310,605 {160.129) Adjustsnents for: Depreciation and ar￿)rtisa11On (Gains} on investrnenls Investment management costs Interest and dwidends received Decreasellincrease) in debtors (Decrease)fincrease in creditors 107.961 (449,481) 38.775 1108,106) (1,557) 37,886 108.873 {227,442) 180,946) 94.062 {292,299) Net cash (used in) I generated by operating activities 63.917 557.881 Cash flows from investlng acllvltles Purchase offixed assets Interest and dividends received fNE7) {23,008) 69,331 {149,271) 80,946 Net cash generated byl{used in) investing activities 46,323 168.325) Net de¢r•ase in ¢ash & cash equlvalents {17.594) {626.206) Cash & cash equivalents at beginning of year Cash & cash equivalents at end of year 1,444,762 1.427.168 2.070,968 1,444.762 A. COMPONENTS OF CASH AND CASH EQUIVALENTS 2021 2020 Term deposits Cash at bank and in hand 1.118,721 308,447 1,427,168 1,013.207 431,555 1.444,762 Page 21 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal Colleg¢ of Obstetrician5 and GynaeCOk￿ists NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES STATUS OF COMPANY The company is limited by Ihe guaranlee of its members; the guarantee of each member being restrictèd to £1. The company is a registered tharity. wFthtion number 1019969. (a) A¢¢¢untlng ¢onv•ntlon The financial stalements have been prepared under the his￿Cal cost convention in accordance with Accounting and Reporting by Charities." Ststemenl of Recommended Practice (Charities SORP {FRS 10211. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 1021 (effective 1 January 20151 and the Companies Act 2006. Ib) Income Donalions are accwnted fora5 recwved. Income T￿lved from subscription and registration fees is recognised over Ihe period to whith the subs¢ription relates. grants for researth are recognised when ceceivab￿. Incomè from conferences and exam fees is recognised in the period in which the Conferen￿ or examination tskes place. Joumal income is accounted for in the accounting period in which the charity eams enlitlemenl untjer the (x)ntra¢t wilh the BMJ. Amounts invoiced in excess of the amount eamed during the period are recognised a$ income in advance. The income from the Revised Diploma is recognised on application, as most costs are incurred al set-up stage. lel Inv•$tm¢nt in¢ome Investment income aryl Inte￿$1 on bank deposits are 8¢counted fLY based ffi the ex4Jividend date of each investment. (d) Expenditure Expenditure is recognised on an acc•Jals basis. A liability is recogni8ed when tha charity enters into 3 legal OT ￿nstrUctive Ob1NJat￿ to a third party. Staff costs are alk)cated bets¥een cost headings accc*ding to the fvnctK*n of each 8mpk)yee. Al other costs are allocated diredy to artivilies. Actiwts"es in fijrllwance of Ihe thartty's obpds indude costs relaliThJ to conferences. meetirvJs and rnember5' SUPPK)rt serwce5. Governan￿ costs have been appOrt￿ned across other expendilure headings in W0￿￿￿"0n to direct e￿ndrtu￿ costs. (el Research and education grant expendituff* Expenditure cffi research and education grants is 3￿nted for at the time al which the relevant grant becomes a committed liabilty of the Faculiy. (f) Invostments Investments have been valued at bid price at the Balance Sheet date. Realised and unrealised gains and losses ¢)n revaluatw are induded in the Stslement of Financial Activities. {gl Depreciation Individual fixed assets ¢ostiThJ £1,000 or more are capitalised al Gost. The cost of tangible fixed assets (office equikynentl and intangible fixed assets {websile 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 depreaaled by equal instalmenls over the estwnated useful lrfe of the ass&t, being ten years. Depreciation is Charged for a full year ￿ the year of acquisition of an asset. Page 22 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE f The Royal College ol 0tsstetricia￿ and Gynaecoiogi5ts NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 (CONTINUED} (h) Pensions The cost of providing pension benefits is charged lo the income and expenditure a¢¢ount over Ihe period bènefib.ng from thè employee seNce. The Faculty parttapaled in a multi- employer defined knefft pension plan whith was closed lo new members in 2005 and a¢¢ruals tn 2015. Due to insuffictent information, the plan's aCtU￿Y has adv¢sed that il is not possible lo separately identify Ih? assets and liabilrties relating to the Faculty. As described in notè 18, the Faculty has a contractual obligation to rnake annual pension defic41 paymenls of £34.992 over the period to March 202712020.. £46,000). accordingly thi5 is shown as a liability in these accounts. Operating lease rwtals Expenditure in respect of operating leases is accounted for in Ihe period to %thich rt relates. ti) Fund$ Restricted furbds are unexpeTrJed cash balances and donations hekj on trust lo be applied for specffie purposes. Unrestri¢led fund5 comprise the accumulated surplus or deficit from the Statement of Financial Activib"es. which are not restricted. They are available for use at the discretion of the Trustees in furtheranct of the general objeC￿veS of the charity. (k) Golng concern The Trustees have rewewed the impact of Covid-19 on Ihe Faculty's operations and finances. Taking into consideration the projected cash flows and forecast activity of the Facutty. the Trustees have a reasonable expectstion that the Faculty has adequate resources to contsnue its actiwties for the fO￿Seeable future an¢J consider ihal there are no material uncèrtainties over the Facutty's financial viability. Ac¢ordiThJly, the Trustees continue to adopt the going concem basis in preparing Ihe financial $tstements. {D Financlal Instruments The charty holds onty financial assets and liabiltb.es des¢ribed as basi¢, initially recognised al transaction value and subsequenuy measured at amortised cost the exceptson of investments whith are held at fair va￿. Onty investments are accounted for at fair valje through income and expenditure as disclosed in Note 9. (m) Judgem•nts and E$timal•s In the applicakn.on of the acrL)untiThJ policies. ts Trustees we required to make judgements, eslimales and assumplJ"ons about the canwng amount of asse15 and liabilities that are not readily apparent from other sources. The estsmate5 JKI as50ciate(l assumptions are based on historical experience and other faclors thal are considered lo be relevant. Actual results may differ from these estsmates. Estimate5 an(J undedwn9 assumptions are reviewed on an ongoing basis and include= The decision lo capitalise deVeknpM￿I expenditure relating to webssles and other information syslems. The criteria for caprtalisation 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 annualty. The valuation of the defined benefit tension stheme liability is subJ'e¢t lo actuarial 8ssumptions. These are considered in note 18 to the financial stalements Page 23 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of Th8 Royal Co118ge of obstetri￿an5 and Gynaecobgisls NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 {CONTINUEDI EMOLUMENTS OF TRUSTEES The trustees of the Facurty receNed no emoluments for their services during the year. Expenses reimbursed lo 4 truslees amounted to £1.80912020'. 6 - £1.0441- These expenses relate to Iravel and accommodation costs. Professional indemnity insurance is part of a wider combined ammeroal insurance wlicy and for all cover amounted to £7.443 12020.. £4,661 (or Combined Commercial Insurance) arKI inc4udes trustees. Ikibilits"es. STAFF NUMBERS AND COSTS The average number of ￿8ftent persons empknyed by the cc*npany during the year was 2412020.. 221. No employee eamed betsveen £60,000 and £69.99912020.. No emk>loyees). One employee eamed between £70.000 and £79.999 per annum (2020". Two employe8sl. 2021 2020 Waggs and salaries Redundancy Employer's NIC Pension contributions Other stsff costs 881,918 5,000 96.349 64.770 276.857 1.324.894 915.551 2,782 97.552 70,214 111,641 1.197.740 The organisation's key management comprised the Chief Executive oificer. Ihe Oirector of Education and Training. the DirectcK of Membership. the Direclor of Extemal Affairs and Ihe Director of Finance and Operations. The aggregate pay of the key management, including social securty and pension ¢osts, was £320,537 {2020.. £395.0191. In 2021. the charity paid a total of £5,00012020". £2,782) in redundan¢y and temination payments in respect of 1 employee12020: 2 employees). AJI payments were moneiary. AJI redundancy and termination paymerbis are recognised as an expense in the year in whith they occur. none are capilalised. Page 24 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetriciarts and Gynaernlwsts NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 (CONTINUED) 4 PRIOR YEAR COMPARATIVES BY TYPE OF FUND The SOFA provide5 wor year cornparatives in totsl: thi5 note Fwwdes prior peri￿ comparatives for each of the types ol funds. Un- restricted Funds 2020 Restricted Funds 2020 Toial Funds 2020 In¢ome from: Grants 66.000 66,000 Charitable A¢tivltiès Subscriptions and registration fees Conference income BM Journal ofSRH Examination fees Other income Investments Interest and dividends receivable 1,741.741 115,683 61,070 30,847 23.785 1,741,741 115.683 61.070 30.847 23,785 Total Income 2.054.072 2.120,072 Expenditure on: Charftable actS¥itles conferen￿5. meetings and membership services 2.032.236 182.747 136.767 155,893 2,788,129 182,747 136,767 BM Jovmal of SRH Examinations Total Exp•nditure 2,351 750 155 893 2 507 643 Net lexpenditureifincomtr before gains on investments (297,6781 {89.893) {387.571) Galns on investment$ 227,442 227.442 Net {expenditure)fincome and movement In funds 70.236 89.893 160.129 Page 25 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of Thg Roya Colkge of Obsletritiarffj and GynaecoK)g￿ts NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 (CONTINUED) EXPENDITURE Prlnting & Staff costs Governance Publi¢ations 2021 2021 2021 Olher 2021 Total 2021 Total 2020 Conferences. meetsngs membership 5UPPOrt Joumal ofSRH Examinations 1.244.1)44 28.468 2.480 4,531 178.442 981.151 2.258,194 180,922 133 094 182 973 1031.570 2 $72.210 2,188,130 182,747 136767 1324 894 2020 1,197.740 41.716 182,021 1.086.167 2.507,644 Support Costs total £457.000. consisting of Depreciation £107.9k, offi￿ Premises costs £84k, Oiher Office Overhead5 including IT and System5 Support £121k. and Finarbce and Administration staff costs of £144k. Support Costs where applicable to Exams S￿ costed direcuy to Exarns, otherwise these relate to Membership Support. Govemance Costs are allocated on the basis of Tumover. NET EXPENDrfuRE Net expenditure is ststed after charging". 2021 2020 Depreciation Audit fee Non-Audit Fees Rentals payable under operats.ng leases: Office rental Office equipment 107.961 17.168 770 108.873 76,800 1,307 55.971 3.478 57,406 9,083 INTANGIBLE FIXED ASSETS Website Development Cost At 1 January 2021 Additions Al 31 December 2021 534.766 D•preclatlon At l January 2020 Charge f￿the year At 31 December 2021 353,874 402.832 Net book value Al 31 D￿mber 2021 146,112 At 31 December 2020 180.893 Page 26 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The ROY￿ Coikge of Obstetricians aml Gynae(xJlogists NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 (CONTINUED} TANG18LE FIXED ASSETS Offi¢e Premises Office Equipment Total Cost At 1 January 2021 Additions At 31 December 2021 358.706 127.290 485,996 358 7Q6 136 120 494 826 D¢preclation At 1 January 2021 Chargè for the year At 31 De¢èmber 2021 71.741 35.871 107 612 55.793 23.132 78,925 127,534 59,003 186,537 Net book value At 31 Decernber 2021 251.094 S7.195 308,289 At 31 December 201) 286,96S 71,497 358.462 FIXED ASSETS- INVESTMENTS Investment Portfolio National Savings Total 2021 Total 2020 Market value at 1 January 2021 Term Deposits Nel gains 4.433.330 1.118.721 449.481 500 4.433,830 1.118,721 4,206,388 1,013.207 227.442 Market value at 31 December 2021 6,001,532 500 6 002.032 5.447.037 Cost al 31 December 2021 4 878 721 soo 4 879 221 4 773.707 Cost at 1 January 2021 3.760.0(KJ soo 3.760,500 3,760.500 Fixed Assets Inv8slmenls are inNpsted in Fidelity and BMO Investment Fund Trackers. The￿ were no additions or disposals during the year. 10 DEBTORS AND PREPAYMENTS 2021 2020 Accrued incoff Prepayments Other debtors 109,002 109.389 173 218,218 128,265 84.352 216,661 Page 27 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obsl¢trioan5 and Gynaecdogisls NOTES TO THE ACCOUNTS YEAR ENDEO 31 DECEMBER 2021 (CONTINUED) 11 CREDITORS AND ACCRUALS 2021 2020 Amounts falling due within one year. Trade creditors Soaal security and other taxes Accruals 299,772 29.350 140.852 469 974 310.381 25.967 123.088 459.436 Amounts falling du• aftor one y•ar. PensKJn liabil 34.992 46,000 12 TAXATION The company is a charity within the meaning of Para 1 Schedule 6 Finance Att 2010. Accordingly. the Ctynpany is potentially exempt from taxalion in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of tho Crxporation Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992. to the exlent that suth income or gains are applied exdu5ively to charitable purposes. 13 MOVEMENT OF FUNDS Balanc• kncom• Exp•ndllur• Gains Balance Restr5cted Funds Equivalence DHSC Fund Support for APPG E-lntegrty Four-O-Eight Sheffield Fund MAC Aids Fund Organon Grant David 8romham Fund PHÉ Innovab"on Fund 67,133 {29.9931 141.S74 15.0001 17.530 15.000 115,000} (4.500) 134.346) 37,140 25.426 67.01)0 5.000 74,856 67.326 5.000 15,OIM 9,202 20.QOO 4.702 14.3SO 106.350 5.788.170 2.326.984 {142,9431 {2.429.267) 134,598 6,135,368 Unrostricted funds •A9.481 5.959.361 2.433.334 2.572210 449.481 6,289,966 Pèje 28 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE ol The RO¥￿ Cc4W ol Obstetrickons and Gyna8cologists NOTES TO THE ACCOUNTS YEAR ENDED 31 OECEMBER 2021 ICONTINUED) 13 PRIOR YEAR COMPARATIVES MOVEMENT OF FUNDS Balance In¢om• Exp¢nditur• Gains Balance df Restricted Funds Support for APPG Postgraduate DHSC Fund Equivalence DHSC Fund PHE lnnovakn.on Fund E-lnlegrity Oamd 8romham Fund HEE Grant for eSRH HEE eSRH Grant Four-O-Eight Sheffiekl Fund MAC ￿dS Fund Organon Grant West Sussex FP Doc Group 26,000 {26.0001 12.8211 12.4511 2.821 69.584 67,133 20.000 20.000 5.000 15,000) 9.202 66,400 19,500 82,673 9.202 {66.400) (19.500) 17.81n (15,01)0) 110,0001 74.856 15,0110 10.000 904 261,084 66,000 5.858A06 2.054.072 {155,893) (2,351,750) 171.191 5.788,170 Unrnstrleted fund$ ' 227.442 6.119.49D 2.120.072 2,$07.643 227,442 5.959,361 Pagè 29 FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians aThJ Gynaecosogists NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 ICONTINUEDI 13 MOVEMENT OF FUNDS continued The Postgraduate Dept of Heallh & Social Cao IDHSCI Fund-This fvnd, received in 2008 to develop online learning resource le-SRHI for non-medical healthcare professionals, is used, after agreement with the Department of Health & So¢ial Care. to provide poslgraduale education. During 2021. this Fund has t*en utilised for support the e-SRH Programme update, as we deliver in full this important series of rnojules. for use natM)nwde. The brought foNdard fund balan￿ of £67.133 on the Equivalen￿ DHSC Fund received from the Department ol Health & So¢ial Care has been used lo address the consLtltant workforce deficit by supporting trainees close lo achieving the'equivalence. or CESR route. These fvrKIs remain available to support those doctors interested in undertaking the Cerb"fi¢ate of Eligibility for Specialist Registration {CESR) rolrte to registration on the specialist medical feglster with the GMC. For example. funds can be used to support the costs of training programmes that can be used as ewdence of ther competencies. Ouring 2021. awards were used to support 3 Trainees. This fvnd was also used to devek)p the e-SRH platfomi and for educational product development costs. The Heafth Education England Gran15 and the Maintenance monies from E Inlegrily were all fully utilised during 2021 for the'e-SRH' learning resour￿ project. The David Bromham Memorial Fund is fr)r a pnze a¢knowle¢Jging a 5ignffi¢anl contribution in the fièld of family plannin9. in particular in the fields of clinical practice. educats'on and ethics. In 2021 il was used to award a Researth prize. The FourQ-Eight ShelTiekl Fund has the purpose of providing bursarie5 to doctors and othèrs unable to take part in e