OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Report and Accounts 2023

Year ended 31 December 2023

Registered Charity No. 1019969 1018 Union Street, London SE1 1SZ 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 2023

CONTENTS

President’s and CEO’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 10
Financial Review Page 14
Trustees’ Responsibilities Page 17
Independent Auditor’s Report Page 19
Statement of Financial Activities Page 22
Balance Sheet Page 23
Statement of cash flows Page 24
Notes to the Accounts Page 25

Page 1

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

PRESIDENT’S STATEMENT

2023 has been a pivotal year for the advocacy work of the FSRH, helmed by the FSRH Hatfield Vision, our blueprint outlining what needs to be achieved to improve the health of 51% of the UK’s population and tackle the inequalities that women and girls face across their lifetime. The Vision contains priority goals and actions endorsed by 56 organisations in areas such as access to contraception, reproductive rights, menopause, menstrual health, cervical screening and maternal health outcomes in black women and women of colour. It has been developed in consultation with the sector and is being delivered through a UK wide Taskforce and a series of goal specific implementation groups. We are proud to be working with 56 committed partner organisations to influence positive change for the public.

During the spring, we undertook a membership and workforce survey, which was completed by over 1,200 members. The survey data gave us rich information regarding how the FSRH is perceived, how we can add increased value to our members, and crucially, insights into the makeup of the sexual and reproductive healthcare (SRH) workforce in the UK. The survey data was used to create the first SRH workforce report, which published in late 2023. The report identifies key findings, challenges, and opportunities facing the SRH clinical workforce in the UK, enabling us to set out key recommendations to serve as a crucial resource for policymakers, healthcare organisations, educators, and professionals working SRH.

The financial environment in which we operate remains challenging and we recognise the difficulties many of our members face. As a response, we launched in autumn a Membership Support Fund, which provides funding to access FSRH courses and events that a member may not otherwise be able to afford. The fund will continue in 2024. We also increased the number of bursary placements available at our Annual Scientific Meeting held in Glasgow in June, and our December Annual Conference in London, which was attended by over 450 delegates.

Education and training are key to the purpose of the FSRH, and in 2023 we launched two new qualifications related to menopause, designed to equip healthcare professionals with the knowledge, clinical skills, and experience to provide high quality menopause care. My thanks to our many members and subject matter experts who gave up their time to work with us in developing the syllabus and training aids for these two new qualifications. 2023 also saw the FSRH commence delivery of educational courses directly, via our Essentials training days in a variety of topics. We were delighted to be able to offer a number of these course virtually, providing greater accessibility for members. Overall, across the breadth of our educational offering, 2023 saw a 20% increase in the number of learners compared to 2022, which included 650 new candidates studying for the Diploma and a 62% increase in MFSRH examination candidates.

There is a dearth of research in women’s health and contraception. As a marker of our commitment to help address this, via a designated fund, the FSRH for the first time provided funding for two Early Scholar Research grants, partnering with the Wellbeing of Women. The grants were awarded in 2023 to two projects related to the FSRH Hatfield Vision and the research commences in 2024.

As always, my enormous thanks to our members. Without you, the FSRH cannot deliver its purpose to improve SRH for all. Our membership is the FSRH. I look forward to working with you all in 2024 and beyond.

Dr Janet Barter, President

Page 2

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

Chief Executive’s statement

In September of 2023 and after six months of analysis and stakeholder engagement, we launched a new three-year strategy. The strategic aims and objectives have been built upon an appraisal of evidence to assess our strategic challenges and opportunities. The resulting strategy provides a clear path for our work over the next three years in a manner that is designed to put the membership at the heart of all we do. Quite simply, it is a strategy designed to enable the FSRH membership to deliver high quality sexual and reproductive healthcare.

2023 has been a pivotal year financially for the FSRH, as we achieved for the first time in seven years an operating surplus, whilst simultaneously developing our output and purpose. We have achieved this through a variety of measures, including growing our education and training portfolio, increasing events and conferences, enacting new income streams, liberating expenditure through digital transformation and most crucially, responding to member need and driving up the value and benefits of FSRH membership. Ensuring a long-term sustainable organisation is a critical aim of the new strategy and 2023 has set a positive tone for achieving this.

It has also been a critical year for developing FSRH governance. During 2023, we completed the resulting actions of the 2022 governance review. This has enabled increased rigour in the way we operate, given greater clarity of purpose for our committees, and seen the implementation of five Boards of Council, a mechanism to bring together the work of the five core portfolios of the FSRH into a single governance vehicle. We also updated our Articles of Associations and Byelaws, which will be approved and published in 2024.

I am very grateful for the hard work of our staff team and to our members and stakeholders who give up their time to support the work of the FSRH. Together, so much positive work has happened in 2023 as we collaborate to develop the organisation and enact our purpose.

Gary Waltham, CEO

Page 3

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

REFERENCE AND ADMINISTRATIVE DETAILS

COMPANY DIRECTORS

Dr J Barter[1] Ms R Bailey[1 ] (appointed March 2023) Mr M Booth[2 ] (resigned December 2024) Mr S Bowen[2] Ms D Burdass[1] Dr T Donati[1 ] (appointed January 2024) Dr H Edge[1] Ms A Godfrey[1 ] (appointed October 2023) Dr K Guthrie[2 ] (resigned December 2023) Dr Z Haider[1] Dr A Howell[1 ] (appointed January 2024) Dr S Kama-Kieghe[1] Ms N Patel Arjuna[2] Dr E Roberts[2 ] (resigned December 2023) Mr T Thamia[2 ] (resigned July 2023) Mr S Wilson[1 ] (appointed January 2024)

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

CHIEF EXECUTIVE OFFICER

Mr Gary Waltham CEO

COMPANY SECRETARY

Mr Tim Coppard

AUDITORS

Crowe U.K. LLP, R+ Building 2 Blagrave Street, Reading, RG1 1AZ

BANKERS

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

SOLICITORS

Bates Wells 10 Queen Street Place London, EC4R 1BE

REGISTERED OFFICE

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

Page 4

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 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

Officers

President:

Vice President: General Training Vice President: Workforce & Strategy Vice President: Clinical Quality

Vice President: Membership Vice President: Specialty

Dr Janet Barter Dr Cindy Farmer Dr Zara Haider Dr Helen Munro-resigned April 2024 Dr Manisha Singh-appointed May 2024 Dr Maryam Nasri Dr Charlotte Porter

Elected members (16)

Fellow/Member representative: Diplomate representative: Diplomate representative: Fellow/Member representative: Diplomate representative: Fellow/Member representative:

Diplomate representative: Fellow/Member representative: Fellow/Member representative: Fellow/Member representative: Diplomate representative: Diplomate representative: Diplomate representative: Diplomate representative: International:

RCOG representative (1):

Elected Completes term
Dr Nikki Jeal October 2021 20241
Dr Emily Simon September 2022
20251
Dr Sharon Porter September 2022
20251
Dr Sinead Cook May 2024 20271
Dr Georgina Forbes June 2023 20261
DrSiobhan Kirk (Nagar)
December 2023 20251
Dr Rebecca Rea May 2024 20271
Dr Ulrike Sauer May 2024 20271
Dr Marion Norbrook May 2024 20271
Dr Tessa Malone May 2024 20271
Dr Ruth Guest May 2024 20271
Dr Rosemary Page May 2024 20271
Dr Kiran Sihre May 2024 20271
Dr Nabil Acladious May 2024 20271
Dr Catriona Melville May 2024 20271
Dr Ranee Thakar December 2022
20251

Co-opted members:

Ms Ruth Bailey, Nurse Representative [March 2022-2024[1] ] Dr Sophie Nicholls, SAS Lead [June 2023-June 2025[2] ] Ms Maria Viner, Lay Representative [January 2023-2026[1] ] Dr Nikki Kersey, Chair, CSRH Trainees Committee (appointed April 2023)

Page 5

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

Invited members:

Dr Michael Mulholland, RCGP representative [April 20232025[1] ] (appointed April 2023) Mr James Woolgar, Commissioner representative [April 2023-2025[1] ] (appointed April 2023)

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

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 FSRH benefits from the contribution of over 400 volunteers who sit on or contribute to committee work. During 2023 the Committee structure was changed with five Boards of Council being introduced in order to simplify and streamline governance and reporting. All five Boards of Council report into the Council and the previous committee structure was remodelled as below. As a result a number of the previous Committees had changed reporting lines and some were closed

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 Leadership Team.

Page 6

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

Membership

Total membership at the end of 2023 was 13,867 paying members and 88 Honorary Fellows. This was down 1.0% from 14,045 paying members with 8 more of Honorary Fellows at the end of 2022.

of 2022.
Category Members
at 31 December
2023		 Members
at 31 December
2022		 (Decrease)/
Increase %
Diplomate DFSRH 11,276 11,639 (2.9)%
Member MFSRH 155 156 0.0%
Fellow FFSRH 193 195 (1.0)%
Associate 1,906 1,737 11.3%
Affiliates 201 179 12.3%
Retired 113 108 4.6%
International affiliates 23 31 (22.6)%
Paying members 13,867 14,045 (1.0)%
Honorary Fellows 88 80 10.0%
Total Members 13,955 14,125 (1.0)%

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

By the end of 2023 we had 20 full time staff members and 13 part-time although this is a relatively small staff team for the size of the membership.

Staff Pay

The 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 £0 in 2023 (£0 in 2022).

Page 7

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

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 dayto-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 (2022 nil). 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 Faculty of Sexual and Reproductive Healthcare (FSRH) is the leader in the field of sexual and reproductive healthcare, and we are the voice for professionals working in this area. As a multi-disciplinary professional membership organisation, we set clinical guidance and standards, provide training and lifelong education, and champion safe and effective sexual and reproductive healthcare across the life course for all.

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 of service users.

Page 8

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 2023-26 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 strategic aims for 2023-26 are:

An annual review of performance against the strategy objectives is undertaken, as well as an assessment of whether any objectives may need amending due to external or internal developments.

Page 9

FACULTY OF SEXUAL AND REPRODUCTIVE HEALTHCARE of The Royal College of Obstetricians and Gynaecologists ACHIEVEMENTS AND PERFORMANCE IN 2023

We outline our key achievements and performance, based on our 2023 strategic goals.

Highlights

60 HCPs successfully applied to undertake the MCPC - exceeding the target which demonstrates an

56 doctors sat an MFSRH exam Part II paper and 27 took the Part II . This exceeded the targets.

increased awareness of the need for training in menopause care across services and settings.

464 HCPs attended the FSRH Annual Conference (hybrid). This exceeded the target and was a ther very strong programme that was well marketed to the FSRH members and other relevant HCPs.

Doubled endorsements of the FSRH Hatfield Vision in less than a year, reaching 56 total organisations . eAe

Secured the establishment of safe access zones

around abortion clinics in Northern Ireland, and continued advocacy efforts with partners on this issue in England, Scotland and Wales.

Reaching out – Bringing the benefits of FSRH training, qualifications, membership and community to a wider audience. 1.2 million pageviews of the FSRH website.

Page 10

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

Key numbers – qualifications, courses and events

The FSRH offers a range of learning and development to healthcare professionals.

External Affairs

In 2023, our work focused on the launch of the FSRH Hatfield Vision Taskforce , bringing together over 40 senior representatives from leading organisations and groups across healthcare, public health, and the charity sector for the inaugural FSRH Hatfield Vision Taskforce meeting. This was complimented by the increasing engagement with, and impact of the All-Party Parliamentary Group on SRH, as well as fantastic media coverage which included our President being interviewed by Davina Mc Call for her documentary, Davina Mc Call’s Pill Revolution .

FSRH Hatfield Vision

Page 11

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

Improving access to abortion care

Engagement via the All-Party Parliamentary Group on SRH (APPG SRH)

Communicating FSRH’s position via press activity

Influencing in the nations

Page 12

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

Scotland and Wales.

Fellowships, awards and events

Supporting and Growing our SRH community

Page 13

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

FINANCIAL REVIEW

Financial result for the year

The financial results for 2023 show a net surplus before gains and losses of £40,588 compared to a deficit of £191,113 in 2022.

The FSRH core income stream of subscriptions and registrations was £2,140,346, an increase of 12% on 2022, part of this reflects increases in fees but also a strong performance on both renewals and new membership. Whilst the financial performance has turned to a financial surplus for the first time in seven years the operating environment and that for our members continues to be challenging with the worsening economic outlook and in particular the cost of living crisis making an especially challenging operational environment to operate in. With return to surplus FSRH is on a much firmer financial footing to continue to meet and growing needs of its members.

Interest and dividends receivable of £118,845 in 2023 have increased by £8,544 from the level of 2022. The higher level reflects the higher prevailing interest rates.

Total expenditure of £2,768,488 (2022: £2,638,936) shows a small increase of 5.5% over that of 2022. This reflects increases in some specific expenditure as well as the heightened inflationary cost pressures in most areas.

FSRH continues to invest in both intangible as well as tangible assets representing both a continued expansion in operations as well as a need to modernise its IT infrastructure which are at the heart of delivering services to its members. During the year the FSRH made investments in the office of £11,093 and investment in office equipment mainly in computer equipment of £17,069. Additionally, FSRH also invested in intangible assets for the new CRM which amounted to £135,965 and £30,235 for products 31 December 2023

The market value of FSRH investments increased in 2023 and, as a result, FSRH have investment gains of £244,725 compared to an investment loss in 2022 of £945,644. During 2023 the investments that had been previously in funds have been now invested through newly appointed investment managers Evelyn in direct investments. The increase in value during 2023 reflects both a less volatile investment market as well as the performance of the investment managers. With this increase in the market value of the investment portfolio, the £285,313 total net movement in funds including investment gains is £1,422,070 higher than 2022.

Going Concern

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

Page 14

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

Investment policy

The Finance, Risk & Investment Committee oversee the application of FSRH investment policy and monitor the performance of FSRH investments. Following the appointment of Evelyn Partners as investment managers and advisers a detailed review of the current investment policy has been undertaken through workshops involving Trustees and members of the Finance Risk and Investment Committee and the policy revised. The investment remains focused on longterm growth. The fund performance is reviewed at each Committee meeting against the ARC Steady Growth Index (this being the relevant category for our risk tolerance), the Evelyn Partners composite benchmark Strategy 5 (comprising, fixed income, equity, and alternative assets), as well as the FTSE 250.

The investment objectives are:

FSRH’s ethical policy avoids direct investment in any company directly involved in the production of alcohol, tobacco, vaping, gambling, pornography or arms manufacturing or derives greater than 10% of its revenue from one of the restricted activities. The Faculty recognises that there is a significant number of companies with only a modest involvement in these areas and 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.

Where we are investing in companies involved in the extraction and production of fossil fuels, we will seek to invest in companies deemed to be best-in-class among their industry peers.

At each meeting of the Finance, Risk & Investment Committee a selection of investments are reviewed with Evelyn investment managers on their performance against the FSRH stance on responsible investment measured on Environmental, Social and Governance criteria.

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:

Page 15

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

Risk and Investment Committee.

Based on these specific risks the level of reserves has been defined as free reserves of at least 12 months of budgeted expenditure (2024: £2,847,569. In addition, FSRH will hold reserves of £500,000 for one-off expenditure to continue with the modernisation of FSRH (subject to approval in accordance with Standing Financial Orders). The FSRH reserves policy will be reviewed again in 2024.

As at the end of December 2023 total projected unrestricted and non-designated funds stood at £5,205,074. After deducting the carrying value of tangible and intangible fixed assets held to support the Faculty’s work in the future, unrestricted free reserves amounted to £4,724,163.

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 additional educational products as well as enhancements to the Training Hub. The free reserves exceed the amount required by the reserves policy by £1,376,594. Trustees will consider this excess again in 2024 as part of the review of the risks facing the Faculty and the review of this strategy.

Risk Review 2023

During 2022 the Board of Trustees developed and adopted a Board Assurance Framework (BAF) in place of the previous risk register. The BAF is a more comprehensive way of recording, measuring and monitoring strategic risks. On adoption it comprised 14 risks. The risks are reviewed monthly by the Senior Leadership Team and the full BAF is presented at each meeting of the Finance, Risk and Investment Committee as well as the Board. At each meeting the BAF shows the changes in any aspect of each risk since reported at the previous meeting. On a rotational basis risks are reviewed in depth at least annually.

In summary the key risks along with key controls and mitigations are:

Key risks Key controls/mitigations
Meeting targets to return to financial surplus 5 year financial model with income
growth and expenditure reduction targets
Financial Processes policy
Delegation of financial authority
Regular review of accounts
Inclusion in budget of tolerance for cost
of living crisis impacts
Income diversification workstream
enacted

Page 16

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

Falling membership Monthly instalment payments option for
renewing members
Annual renewals campaign
Refreshed
member
social
media
community
Reducing overall expenditure to offset
any decline in renewal income
Resilience to unscheduled events Fully scaled up remote working
capability along with associated policy
and procedures
Staff hybrid working arrangements to
allow flexibility in contracted place of
work
Digital/virtual connectivity to
negate/reduce time out of service
Ability to withstand cyber attack Firewalls and virus protection software
regularly reviewed and updated
Mandatory cyber training for all staff
Cyber insurance including expert help
should we suffer an attack
Mandatory GDPR/IG training and testing
for all staff

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:

The Trustees are responsible for keeping adequate accounting records that show and explain

Page 17

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

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: 11 July, 2024

Page 18

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

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 College of Obstetricians and Gynaecologists (‘the charitable company’) for the year ended 31 December 2023 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.

Page 19

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

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.

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.

Page 20

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

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 grant 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.

Janette Joyce

Partner, Social Purpose and Non-Profit For and On Behalf of Crowe U.K. LLP R+ Building, 2 Blagrave Street, Reading, RG1 1AZ

17 July 2024

Page 21

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 2023

Notes
Income from:
1
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
Expenditure on:
1
Raising funds
Investment management
Charitable activities
Conferences, meetings and
membership services
BM Journal of SRH
Examinations
Research
Total Expenditure
5
Net income/(expenditure)
before gains and losses
Transfers between funds
Gains/(losses) on
investments
9
Fund balances
Total funds brought forward
14
Total funds carried forward14		 Unrestricted
Funds
2023
£
-
2,140,346
259,267
35,520
107,952
62,346
118,845
2,724,276
21,983
2,372,950
77,052
184,265
-
2,656,250
68,026
(65,000)
244,725
247,751
4,957,323
5,205,074		 Designated
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
22,038
22,038
(22,038)
65,000
-
42,962
50,000
**92,962 **		 Restricted
Funds
2023
£
84,800
-
-
-
-
-
-
84,800
-
90,200
-
-
-
90,200
(5,400)
-
-
(5,400)
125,887
**120,487 **		 Total
Funds
2023
£
84,800
2,140,346
259,267
35,520
107,952
62,346
118,845
2,809,076
21,983
2,463,150
77,052
184,265
22,038
2,768,488
40,588
-
244,725
285,313
5,133,210
5,418,523		 Total
Funds
2022
£
89,548
1,911,425
194,575
27,548
80,975
33,451
110,301
2,447,823
36,315
2,322,456
127,814
152,351
-
2,638,936
(191,113)
-
(945,644)
(1,136,757)
6,269,967
5,133,210

All amounts derive from continuing activities.

Page 22

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

BALANCE SHEET Company no 02804213 Company no 02804213
As at 31 December 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 7 243,083 127,610
Tangible assets 8 237,829 278,548
Investments 9 4,791,206 4,680,794
5,272,118 5,086,952
CURRENT ASSETS
Debtors 10 135,228 163,208
Cash at bank and in hand 605,985 371,025
741,213 534,233
CREDITORS
Amounts falling due within one year
Creditors excluding deferred income 11 (350,088) (263,823)
Deferred income 16 (244,720) (196,110)
(594,808) (459,933)
NET CURRENT ASSETS 146,405 74,300
Provisions 17 - (28,042)
NET ASSETS 5,418,523 5,133,210
FUNDS OF THE CHARITY
Unrestricted funds
General fund 13, 14 5,205,074 4,957,323
Designated Funds 13, 14 92,962 50,000
Restricted Funds 13, 14 120,487 125,887
TOTAL FUNDS 5,418,523 5,133,210

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: 11 July, 2024

Page 23

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

STATEMENT OF CASH FLOWS

For the year ended 31 December 2023

Notes
Cash flows from operating activities
Surplus/(Deficit) for the year
Adjustments for:
Depreciation and amortisation
(Gains) / losses on investments
Investment management costs
Interest and dividends received
Decrease in debtors
Increase/(decrease)/ in creditors
Net cash generated by/(used in) operating
activities
Cash flows from investing activities
Purchase of fixed assets
Interest and dividends received_(net)_
Net cash (used in)/generated by investing
activities
Net increase in cash & cash equivalents
Cash & cash equivalents at beginning of year
A
Cash & cash equivalents at end of year
A
A. COMPONENTS OF CASH AND CASH EQUIVALENTS
Term deposits
Cash at bank and in hand		 2023
£
285,313
124,957
(244,725)
21,983
(118,845)
27,980
106,833
203,496
(199,711)
96,862
(102,849)
100,647
1,117,032
1,217,679
2023
£
611,694
605,985
1,217,679		 2022
£
(1,136,757)
111,053
945,644
36,315
(110,301)
55,010
(225,159)
(324,195)
(62,809)
76,868
14,059
(310,136)
1,427,168
1,117,032
2022
£
746,007
371,025
1,117,032

Page 24

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

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) 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. The income from the Revised Diploma is recognised on application as at this point it is considered in substance a sale as there are no significant further obligations for the charity to fulfil.

(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 there is a legal or constructive obligation to make a grant and so the Faculty considers a liability exists.

(f) Investments

Investments have been valued at bid price at the Balance Sheet date. Realised and unrealised gains and losses 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 25

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (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. The Faculty participated in a multiemployer defined benefit pension plan which was closed to new members in 2005 and accruals in 2015. The plan’s actuary has advised that it is not possible to separately identify the assets and liabilities relating to the Faculty and so the scheme is accounted for as a defined contribution scheme.

(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 cost of living crisis and the general economic outlook on the FSRH’s operations and finances. Taking into consideration the projected cash flows and forecast activity of the FSRH, the Trustees have a reasonable expectation that the FSRH has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the FSRH’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 17 to the financial statements

Page 26

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

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

2 EMOLUMENTS OF TRUSTEES

The trustees of the Faculty received no emoluments for their services during the year (2022:nil). Expenses reimbursed to 3 trustees amounted to £1,187 (2022: 2 – £3,728). 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 £6,897 (2022: £5,810 for Combined Commercial Insurance) and includes trustees’ liabilities.

3 STAFF NUMBERS AND COSTS

The average number of permanent persons employed by the company during the year was 33 (2022: 25).


25).
Wages and salaries
Redundancy
Social security
Pension contributions
Other staff costs
umber of employees whose salaries were above £60,000:
£110,000 to £119,999
£90,000 to £99,999
£70,000 to £79,999
£60,000 to £69,999		 2023
2022
£
1,282,777
1,104,348
-
-
134,491
107,675
86,383
66,109
110,718
175,019
1,614,369
1,453,151
2023
2022
£
1
-
2
-
2
1
1
1

Number of employees whose salaries were above £60,000:

The organisation’s key management comprised the Chief Executive Officer, the Director of Education and Training, the Director of Membership and Marketing, 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 £461,343 (2022: £428,406). In 2023, the charity paid no redundancy and termination payments (2022: £nil). All payments were monetary. All redundancy and termination payments are recognised as an expense in the year in which a legal or constructive obligation exists.

Page 27

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

4 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

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

Income from:
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
Expenditure on:
Raising funds
Investment management
Charitable activities
Conferences, meetings and
membership services
BM Journal of SRH
Examinations
Total Expenditure
Net expenditure before gains
and losses
Transfers between funds
(Losses)/gains on
investments
Fund balances
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total Fund
2022
2022
2022
2022
£
£
£
-
-
89,548
89,548
1,911,425
-
-
1,911,425
194,575
-
-
194,575
27,548
-
-
27,548
80,975
-
-
80,975
33,451
-
-
33,451
110,301
-
-
110,301
2,358,275
-
89,548
2,447,823
36,315
-
-
36,315
2,224,196
-
98,259
2,322,455
127,814
-
-
127,814
152,351
-
-
152,351
2,540,676
-
98,259
2,638,935
(182,401)
(8,711)
(191,112)
(50,000)
50,000
-
(945,644)
-
-
(945,644)
(1,178,045)
50,000
(8,711)
(1,136,756)
6,135,368
134,598
6,269,966
4,957,323
50,000
125,887
5,133,210

All amounts derive from continuing activities.

Page 28

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

5 EXPENDITURE

Conferences,
meetings
membership
support
Journal of SRH
Examinations
Research
2022		 Staff costs
Governance
Printing &
Publications
Other
Total
Total
2023
2023
2023
2023
2023
2022
£
£
£
£
£
£
1,505,984
86,984
-
892,165
2,485,133
2,358,771
-
2,824
74,228
-
77,052
127,814
99,695
6,754
-
77,816
184,265
152,351
-
-
-
22,038
22,038
-
1,605,679
96,562
74,228
992,019
2,768,488
2,638,936
1,425,568
60,661
124,718
1,027,989
2,638,936

Support Costs total £587,180, consisting of Depreciation £124k, Office Premises costs £110k, Other Office Overheads including IT and Systems Support £200k, and Finance and Administration staff costs of £152k. Support Costs wholly relate to Membership Support. Governance Costs are allocated on the basis of Turnover.

6 NET EXPENDITURE

NET EXPENDITURE
Net expenditure is stated after charging: 2023 2022
£ £
Depreciation 124,957 111,053
Audit fee 20,324 21,882
Non-Audit Fees 831 1,080
Rentals payable under operating leases:
Office rental 66,847 57,530
Office equipment 3,548 3,574
INTANGIBLE FIXED ASSETS
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Website
Development
Development
in progress
Products
Total
£
£
£
£
548,943
30,458
-
579,401
5,349
135,965
30,235
171,549
(304,151)
-
-
(304,151)
250,141
166,423
30,235
446,799
451,791
-
-
451,791
50,029
-
6,047
56,076
(304,151)
-
-
(304,151)
197,669
-
6,047
203,716
52,472
166,423
24,188
243,083
97,152
30,458
-
127,610

Page 29

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

8 TANGIBLE FIXED ASSETS

£
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Office
Premises
Office
Equipment
Total
£
£
373,027
154,153
527,180
11,093
17,069
28,162
-
(24,316)
(24,316)
384,120
146,906
531,026
143,483
105,149
248,632
39,501
29,380
68,881
-
(24,316)
(24,316)
182,984
110,213
293,197
201,136
36,693
237,829
229,544
49,004
278,548
Market value at 1 January 2023
Disposal at market value
Additions at cost
Realised gain
Unrealised gain/(loss)
Term Deposits
Market value at 31 December 2023
Cost at 31 December 2023
Cost at 1 January 2023		 Investment
National
Total
Total
Portfolio
Savings
2023
2022
£
£
£
£
3,934,287
500
3,934,787
4,880,431
(3,993,659)
-
(3,993,659)
-
3,993,659
-
3,993,659
-
59,372
-
59,372
-
185,353
-
185,353
(945,644)
611,694
-
611,694
746,007
4,790,706
500
4,791,206
4,680,794
4,506,507
500
4,507,007
4,879,221
4,878,721
500
4,879,221
4,507,007

In 2023 all investments held with Fidelity and Columbia Threadneedle Investment Fund were sold and the proceeds transferred to our investment managers Evelyn and Partners. Evelyn then reinvested the funds predominantly in directly held investments. Fixed Assets Investments are managed directly through the investment managers Evelyn and Partners. In 2023 short term deposits were also placed into a Treasury Bills Portfolio, also managed by Evelyn and Partners. There are also 3 Short Term Savings Deposit Bank Accounts.

A split of types of investment in the Evelyn Managed Portfolio as a percentage is shown below:

2023
Cash 11%
Time deposit 4%
Bonds 20%
Alternatives 8%
Global equity 5%
European equity 36%
UK equity 15%
100%

Page 30

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

10
DEBTORS AND PREPAYMENTS
Accrued income
Prepayments
11
CREDITORS AND ACCRUALS
Amounts falling due within one year:
Trade creditors
Social security and other taxes
Accruals		 2023
2022
£
£
41,064
93,107
94,164
70,101
135,228
163,208
2023
2022
£
£
78,468
91,251
45,747
3,201
225,873
169,371
350,088
263,823

11 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.

12 MOVEMENT OF FUNDS

Restricted Funds
Equivalence DHSC
Fund
Support for APPG
HEE for esrh modules
Four-O-Eight Sheffield
Fund
E-Bulletin Funds
David Bromham Fund
Hatfield Vision Fund
Unrestricted funds
Designated funds
CSRH training fund
Research fund
Presidents fund		 Balance b/f
Income
Expenditure Gains
Transfers
Balance c/f
£
£
£
£
£
£
15,260
-
-
-
-
15,260
26,500
38,200
(50,200)
-
-
14,500
9,600
9,600
-
-
-
19,200
62,325
-
(6,000)
-
-
56,325
7,500
7,000
(14,500)
-
-
-
4,702
-
(4,500)
-
-
202
-
30,000
(15,000)
-
-
15,000
-
125,887
84,800
(90,200)
-
120,487
4,957,323
2,724,276
(2,656,250)
244,725
(65,000)
5,205,074
25,000
(56)
24,944
25,000
-
(21,982)
-
-
3,018
-
-
-
-
65,000
65,000
5,133,210
2,809,076
(2,768,488)
244,725
-
5,418,523

Page 31

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

13 PRIOR YEAR COMPARATIVES MOVEMENT OF FUNDS

Restricted Funds
Equivalence DHSC
Fund
Support for APPG
HEE for esrh module
Four-O-Eight Sheffield
Fund
E-Bulletin Funds
David Bromham Fund
PHE Innovation Fund
Unrestricted funds
Designated funds
CSRH training fund
Research fund		 Balance b/f
Income
Expenditure Gains
Transfers
Balance
c/f
£
£
£
£
£
£
37,140
-
(21,880)
-
-
15,260
25,426
49,948
(48,874)
-
-
26,500
-
9,600
-
-
-
9,600
67,326
-
(5001)
-
-
62,325
-
30,000
(22,500)
-
-
7,500
4,702
-
-
-
-
4,702
4
-
(4)
-
-
-
134,598
89,548
(98,259)
-
-
125,887
6,135,368
2,358,275
(2,540,676)
(945,644)
(50,000)
4,957,323
-
-
-
-
25,000
25,000
-
-
-
-
25,000
25,000
6,269,966
2,447,823
(2,638,935)
(945,644)
-
5,133,210

Page 32

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

13 MOVEMENT OF FUNDS continued

Restricted funds

The Four-O-Eight Sheffield Fund provides 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 2023 we used this fund to cover the overhead costs allowed for within the terms of the reserve.

The brought forward fund balance of £15,260 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.

The E-Integrity e-learning Fund is specifically for e-SRH’ learning resources projects which we will deliver in 2024.

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. In 2022 a Research prize-winner was identified, and the funds were paid over in 2023 leaving a final balance of £202 for small awards in future years.

E bulletin Funds are to help fund the Sexual Health & HIV Policy eBulletin which FSRH took over at the start of 2017. Six bulletins were produced during 2023, for which Organon Pharma provided support of £7,500 and Gilead Sciences Ltd provided £7,000.

Support for the All Party Parliamentary Group on SRH was received from RCOG £9,500, Marie Stopes Reproductive Choices £9,500, Bayer £18,700 and Organon Pharma £12,500.

The Hatfield Vision Fund was started up in 2023. Perrigo supported the initial work for £15,000. At the end of 2023 we received £15,000 from NUPAS Ltd to support further work in achieving the goals.

Research Designated fund

This designated fund is allocated for research activity to support the advancement of SRH clinical practice. This budget is accessible through a competitive bidding process annually, with bids considered against set criteria and assessed by a subset of Council. In 2023 £21,982 was used in association with Wellbeing of Women for a jointly funded programme of Entry Level Research.

CSRH training Designated fund

This designated fund is allocated to support the developmental activities amongst CSRH trainees, who are the immediate future of the SRH consultant workforce and future leaders. This budget is accessible through a process overseen by the Education Strategy Board on behalf of Council, working to criteria for appropriate usage. In 2023 only limited amounts were paid out from this fund.

Presidents Designated fund

This designated fund is allocated to the FSRH President to support initiatives designed to achieve FSRH’ charitable objects. Applications to the Fund are subject to satisfying the terms described in the Terms of Reference and via the agreement of the Finance, Investment and Risk Committee (FR&IC).

Page 33

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

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

14 ANALYSIS OF NET ASSETS BY FUNDS

Restricted funds
Support for APPG
Equivalence DHSC Fund
David Bromham Memorial Fund
E-Integrity E Learning
Four-O-Eight Sheffield Fund
Hatfield Vision Fund
Total Restricted funds
Csrh Training Fund
Research Fund
Presidents Fund
General funds
At 31 December 2023		 Tangible
and
Intangible
fixed assets
Investments
Net
current
assets
Creditors
Amounts
Falling due
after
1 year
Total
£
£
£
£
£
-
-
14,500
-
14,500
-
-
15,260
-
15,260
-
202
-
-
202
-
-
19,200
-
19,200
-
-
56,325
-
56,325
-
-
15,000
-
15,000
-
202
120,285
-
120,487
-
-
24,944
-
24,944
-
-
3,018
-
3,018
-
-
65,000
-
65,000
480,912
4,791,004
(66,842)
-
5,205,074
480,912
4,791,206
146,405
-
5,418,523

PRIOR YEAR ANALYSIS OF NET ASSETS BY FUNDS

Restricted funds
Support for APPG
Equivalence DHSC Fund
David Bromham Memorial Fund
E-Integrity E Learning
Four-O-Eight Sheffield Fund
E Bulletin
Total Restricted funds
Designated Funds
General funds
At 31 December 2022		 Tangible
and
Intangible
fixed assets
Investments
Net
current
assets
Creditors
Amounts
Falling due
after
1 year
Total
£
£
£
£
£
-
-
26,500
-
26,500
-
-
12,730
-
12,730
-
4,702
-
-
4,702
-
-
9,600
-
9,600
-
-
64,855
-
64,855
-
-
7,500
-
7,500
-
4,702
121,185
-
125,887
-
-
50,000
-
50,000
406,158
4,676,092
(96,885)
(28,042)
4,957,323
406,158
4,680,794
74,300
(28,042)
5,133,210

Page 34

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

15 OPERATING LEASE COMMITMENTS

At 31 December 2023 the company had total commitments under operating leases which expire:

Within one year
In second to fifth years inclusive		 2023
2022
Office
licence
Office
equipment
Office
licence
Office
equipment
£
£
£
£
60,825
3,525
64,800
3,525
-
-
54,000
7,052
60,825
3,525
118,800
10,577

16 DEFERRED INCOME

DEFERRED INCOME
Balance at 1 January 2023
Amount released to income
Amount deferred in the year
Balance at 31 December 2023		 £
196,110
(196,110)
244,720
(244,720

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 when it is released in full to income.

Page 35

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

17 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 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 2022. This valuation revealed a funding shortfall of £1.6 million. A funding update as at 30 November 2022 revealed a funding shortfall of £106,000. A Schedule of Contributions, which was based upon the updated funding position at 30 November 2022, was certified by the Actuary for the Trustees on 27 January 2023. This required total contributions to the Scheme of: £27,500 per month from 1 April 2022 to 31 March 2023 (of which 2% was met by the Faculty) These contributions have now ceased. There are therefore no future deficit contributions due from the Faculty under the current Recovery Plan although the Faculty is required to meet 2.25% of the Scheme’s ongoing administration expenses. The participating employers and Trustees agreed in December 2022 to pursue a buy-out of the Scheme. The Faculty is expected to meet 2.25% of the expenses associated with the buy-out of the Scheme. There is currently no reliable estimate for these expenses and the Faculty does not expect to pay any contributions to the Scheme in the year to 31 December 2024.

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 Faculty does not anticipate that the other participating employers will cease to participate in the Scheme before the Faculty. Furthermore, if a participating employer were 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.

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/(credit)
Balance at 31 December
The amount recognised in the FSRH 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		 2023
2022
£’000
£’000
28
35
-
-
(2)
(5)
(26)
(2)
-
2
£’000
£’000
-
28
£’000
£’000
-
-
(19)
(2)
(19)
(2)

Page 36

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

18 Pharmaceutical Support

The FSRH receives sponsorship from pharmaceutical and other organisations exhibiting at conferences and supporting online events. Before such sponsorship is accepted it is considered through a scrutiny process to ensure that it is in line with the Corporate Sponsorship and Partnership Policy. In total FSRH received events sponsorship amounting to £46,144 (2022: £14,735). Monies received from external organisations via sponsorship and grants is used either for a restricted purpose or to fund the general outputs of the FSRH. Such monies are not used to fund any aspect of the work of the Clinical Effectiveness Unit or the development of clinical products.

Pharmaceutical Support for Restricted Fund Projects is disclosed within the restricted funds note.

Page 37