Academy of Medical Royal Colleges Company Number.. 03166361 Charity Number.. 1056565 THE ACADEMY OF MEDICAL ROYAL COLLEGES TRUSTEES, REPORT & FINANCIAL STATEMENTS FOR THE YEAR I APRIL 2020 TO 31 MARCH 2021
Acaderny of Medical Royal CollegesTru5tee< annual rekv)rt and accounts l April 2020- 31 March 2021 The Board of Trustees present their report and the financial statements of the Academy of Medical Royal Colleges I'the Academfl for the twelve month period from l April 2020 to 31 March 2021. The financial statements comply with current statutory reouirements. the memorandum and articles of association and the Statement of Recommended Practice Accounting and Reporting by Charities= SORP applicable to charities preparing their accounts in accordance with FRS 102." REFERENCE AND ADMINISTRATIVE DETAILS The Trustees of the charity, who are also the director5 of the company. were Mr Charles Winstanley, Chair and Independent Trustee Professor Alan Boyd , Independent Clinician Trustee Dr Anne de Bono (from November 20201 Professor Michael Escudier, Council Trustee luntil June 20201 Mrs Sarah Harkne55, Independent Trustee Professor Carrie MacEwen, Council chair (until July 20201 Professor Ravi Mahajan, Council member Mrs Su2anne Mccarthy. Independent Trustee Mr Miller McLean, Indepelldenl Trustee and Chair of the Audit and Risk Committee Professor Helen Stokes-Lampard, Council Chair (from July 20201 The address of the charily and the registered office of the company is at 10 Dallirbgton Street. London ECIV ODB. The charity is registered under charity number IEngland and Wales) 1056565, and the company is incorporated in the United Kingdom with the company registration number 03166361. The Trustees have made the following professional appointment5.. Solicitor- Cameron5 Solicitors LLP. 70 Wimpole Street, London WIG 8AX Accountant: Accountability Europe Ltd. Omnibus Workspace LTD, 39-41 North Road, London. N7 9DP Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London ECIY OTL National Westminster Bank plc. I Cavendish Square, London WIA 4NU Auditor= Banker: The following key senior members of staff are responsible for the day-to-day management of the charity.. Mr Alastair Henderson Chief Executive and Company Secretary
Atèdemyof Medical Royal CollegesTrustees' aThnl report and accounts l April 2020- 31 March 2021 OBJECTIVES AND ACTIVITIES Charitable Objectives The chaiitable objectives for which the charity was established and registered are stated in the Academrfs Memorandum and Articles of Association as follows.. °The protection ondpreservotion of health ond the relief of sickness bysupporting, promotlng ond co-ordinating the work of the Medicol Royol Colleges ond their Facultie5 as definedln their respective Charters ond by providing o forum for discussion und colloboration omong the MedAcoI Royol Colleges and their Faculties (but without prejudice to the autonomy of eoch such body) so as to promoteAor the benefit of the public the efficiency t7ndeffectiveness of the Medical RoyJl Colleges ond their Foculties" Charitable Activilies In pursuance of its charitable objectives. the Academrf5 principal activity is sharing and co- ordinating the work of the Colleges and Faculties. The Academy is undertaking project work in a number of areas which cross CollegelFaculty boundaries. In particul8r, the Academy is co-ordinating College and Faculty activity on issues relating to education and trainin& quality improvement and revalidation. The Academy also supports and promotes the Medical Training Initiative IMTII which enables overseas doctors to train in the UK for a limited period. The Academy regularly meets Ministers and senior staff from the UK Department of Health and national level health services bodies to discuss issues of concern to the College5 and Faculties relating to quality Standards and postgraduate training and education. The Academy also responds to appropriate consultation documents on generic issues. 8enefits & BeneficiL7ries In accordance with its charitable objectives, the Academy promotes the protection and preservalion of health and the relief of sickness by supporting, promoting and to-ordinating the work of the Medical Royal Colleges and their Faculties. In doing so, it seeks to improve the quality of medical care for the benefit of patients. The charitrfs ultimate beneficiaries are therefore patients, and benefit5 to patients are provided through continuing to share and co- ordinate the work of the Colleges and Faculties. Trustees'Assessment of Public Benefit The Trustees have taken the Charity Commission'5 general guidance on public benefit (contained within the recently revised guidance publication "Charities and Public Benefit") into consideration in preparing their statements on public benefit contained within this Trustees, annual report The Truslees are of the view that the pursuit of the Acadernrfs objects provide5 public benefit and they believe the work of the Academy deliver5 public benefit as follows.. Through attempting to ensure that all the work of the Academy starts from a patient- centred approach Through the delivery of projects which have potential benefit to patients
Academy of Medic31 Royal CollegesTrusiee5' annual rep)rt and accounts l April 2020- 31 March 2021 Through the work of the Academrfs Patient/Lay group, the co-option of the Chair of the PatierstlLay group onto the Academy and the involvement of lay members in all the major work streams run by the Academy such as revalidation, education and quality improvement. Through the support of cross-college activity which has an express aim of providing public benefit Objectlve5 and strategic aim5 The Academy reviews it5 objectives and policy priorities on an annual basis. The objectives in 2020-21 were:_ Our over-orching ambition To be cleorly recognised by all key stokeholders as the leading voice of the medical profession ocross the UK on cross-specialty matters relating to educatlon, tralning Ivnd improving heolthctsreforpotients. This means.. Coordinating the view5 of the Medicol Royol Colleges on cross-speciality issues Representing those views to either the key externol stukeholders or to Medicol Royal Colleges to support their own work Ensuring thut the Acodemy s views und priorities ore infom7ed by patient perspectives. Our strategic objertives aj fo provide the highest level OA advice ond inlluence on medical education, training ond the improvement of heolthcorelor the benefit ofpotients. We will do this by.- Ensurifig that the Acodemy is recogni5ed os the voice of doctors - not for doctors, own interests, but in support of the highest stondards of potient care Taking o leoding role in the eorly identificotion of issues of concern to patients and the profession Supporting the doctors. mle os leoders in developing. manuging and delivering services b) Be of value and relevant to the needs ojour ifttemol and externalstakeholders We will do this by.- Toking o UK wide perspective on policy issues in generol ond in response to specific issues Actively promoting collaborotive working between Colleges ond Foculties Actively engoging with Governments and other oppropriote externol orgunisations Working with representutives of other clinicul profvssions. as oppropriote Ensuring we do more of whot odds volue and cutting whot doesn't CJ Ensure good governonce ondfinancial stability We will do this by.- Actively seeking alternative and additional sources of income. provided they ore in line with the orgunisation's volues ond objectives
Acèdemy of Medic31 Royal Colleges Tiusiees. annual and accounts l April 2020- 31 March 2021 Continuin9 to ensure that the Academy 5 expenditure remains in line with the income it generotes Regulorly reviewing governonce and orgonisotionol orrongements to ensure they reflert best practice ond con meet chollenges as they emerge Activity and Performance The Academy's agreed activities are to Promote collectively agreed health policy priorities Work collaboratively with members on cross-cutting education and training issues Liaise with external bodies on education. training and standard5 Respond to consultations Provide or facilitate agreed seThices to member organisations Co-ordinate, but not control. communications activities. COVID-19 and the pandemie dominated our activity during 2020-21. The Academy and Colleges worked closely with Government and NHS England throughout the year providing advice and support. The focus on COVID impacted on timescales for delivery of variou5 Other acttvitie5 but did not stop other work. The current policy priorities for the Academy were set by the Council at their annual Policy Day in September 2020. These are.. Workforce - Seeking to ensure we have the oppropriate workforce. in the right numbers. properly supported ond volued. Activity included.. Support of enhancing junior doctors working lives initiative. a range of initiatives to support SAS doctors. cross College activity on workforce Supply, a project on multi-disciplinary workin& running the MTI scheme Education and Training Supporting Colleges in maintaining excellence in medicol education ond troining to ensure the highest quolity delivery of care Activity included.. Working with Statutory Education Bodies and Colleges to maintaKn and support training through the pandernic,. maintaining the Academy education committees, revision of appraisal processes. work on patient safety and flexibility. System improvement li.e. Today's NHSI Seeking to improve the operationol efficiency and effectiveness of the NHS for the benefit of potients ond staff. Activity included.- Considerable work with NHSEI and Colleges on providing advice to support the NHS through the pandemic and ensuring the maintenance of services as far a5 POS5ible,' working with partner organisations to persuade Government to reform social care,. ensuring Academy input to development and promotion of digital agenda.. working with stakeholders, primarily through the Brexit Health Alliance to ensure that NHS services did not suffer from EU exit. Rethinking Medicine and ensuring a sustainable future NHS li.e. Tomorrow's NHS) Seeking to help reshope the future delivery of heolth ond care to provide person-centred equitoble services in thefuturefor the whole popult7tion.
Academy of Medical Royal CollegesTrnstees' annual reFKJrt and accounts l April 2020- 31 March 2021 Activity included Rethinking Medicine initiative. Greening the NHS; Genomics- pushing for national action for long term reduction in health inequalities Full details of the Academrfs aciivities during the period are set out on the Academy website in its review of 2020-21 Indicators, Milestones & Benchmarks The Academy Council and Board of Trustees reviews and agrees its work programme on an annual basis and considers the potential for public benefit of all work undertaken. The Couricil identifies its policy priorities and progress on delivering these is reported to the Council and Board. Progre55 in specific areas is monitored by the 8ppropriate Committee and Council. The Chief Executive reports to the Council on the delivery of the work programme. Copies of the Academy's reports and consultation response5 are freely available and can be found on the Academy's website www.aomrc.01 STRUCTURE, GOVERNANCE AND MANAGEMEKr Status & History The Academy of Medical Royal Colleges is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the a55ets of ihe charsty in the event of the charity being wound-vp during the period of membership, or within one year thereafter. The Academy was incorporated on 29 February 1996, and became a registered charity on 3 July 1996. New Governance arrangements and Articles of Association came into effect from April 2011 and new Regulations were adopted by the Tnjstees in May 2011 and have been revised on several occasions subsequently Organisational Strurture The overall strategic direction of the charity is determined by the Board of Trustees advised by the Council. The work of the Academy 15 centred on the Council which comprises the President5 of all member Colleges and Faculties. The Council has established a series of Committees to carry out the organi5ation's work. These comprise representatives of member Colleges and Faculties and. where appropriate. representatives from outside organisations. There is an Officers, Group comprising the Chair of Council, two vice chairs, and an Independent Clinician Trustee and RCGP representative which directs work between Council meetings. The Academy has a Chief Executive and employ5 Other full and part time members of staff, who all work closely with the elected Officers. The Academy purchased leasehold premises at 10 Dallington Street, London ECI in 2010 which provide5 office accommodation for staff and meeting space for Academy Council and Committee meetings.
Academy of Medical Royal Colleges Trustee< annual report and accounts l April 2020- 31 Marth 2021 In 2019 the Academy joined other tenants in the building to form a limited company, "lo Dallington Street Ltd" which purchased the freehold of the building. The company subsequently granted new 999-year leases to tenants including the Academy. Governance Under the governance strurture Colleges are corporate members of the Academy and their nominated representatives, who must be their current Presidents or senior officers, form the Academy Council. The Council is responsible for the development and implementation of Academy policy on healthcare issues. The Board of Trustees is responsible for the governance of the organisation and comprises an independently appointe(I Chair, three further independent Trustees, three members of the Academy Council lone of whom may remain on the Board for a period of two years after they demit office as a Council member to provide clinical continuity) and the Chair of the Council. At least two of ihe independent Trustees myst not be medically qualified. The Board has an Audit and Risk Committee comprising five members of the Board. This looks at specific financial and risk issue5 in detail on behalf of the Board. Method of Recruitment, Appointment. Election. Induction & Training of Trustees Recruitment, Appointment & Election The independent Trustees are appointed through a process of public advertisement and appointment. The Regulations set out the composition of the panel required to appoint independent Trustees. The Council members are elected by the corporate members of the Council following a call for nominations. The independent clinician member is one of the previous Council members invited to stay on the Board when they demit office as a Council member. The Council Chair is a member by virtue of their role. Induction & Training Trustees ieceive copies of Charity Commission guidance for Trustees together with the organisation's Articles and Regulations. The Academy also produces a handbook with information on each of its members. the Council's meeting dates and its subcommittee5. This is updated on 3 regular basis. Trustees receive a briefing on the organi58tion from the Chairman of the Trustees and the Chief Executive. Trustees are able to attend meetings of the Council to gain an understanding of the current policy issues. Trustee5 receive a weekly update of Academy activity. There is an annual process of performance review and colleague feedback for Board members on an individual and collective basis and on seekin8 re-appointment. External training is also provided for Board members on financial and governance issues through the Auditors. Resources The principal sources of income of the Academy comprise annual subscriptions from its constituent corporate members, the Colleges and Faculties, and monies payable to the Academy as administrator or manager of projects to be carried out either by the Academv directly or by Colleges and Faculties.
ademy of Medical Royal Colleges Tru5tee< annual report and accounts l April 2020- 31 March 2021 Risk & Corporate Governance Matters A formal risk reElSter has been developed, under the headings of strategic. operatiorial, peoplelstaff, reputational and financial including investments. Key risks identified during the year and the method5 to reduce. manage or eliminate these risks were.. managing activity through the COVID pandemic. The Academy has been fortunate in that the pandemic has not directly impacted on its operation or immediate funding. Throughout the whole of the financial year, staff were working from home and all meetings were held remotely. This required organi5ational and cultural change but there were none of its activities which the Academy was unable to undertake. There were in fact financial savinE5 from not incurring travel or accommodation costs. ensuring financial balance. We are seeking to ensure continued external funding in the more difficult economic climate. This remains a key issue for the Board mainlaining effective relationships with member5 and with Government. This is managed by collecting regular feedback and monitoring the relationships. supporting and retaining staff during the pandemic. Thi5 was man3ged through maintaining close contacts and support initiatives. Monitoring of the risk register is the responsibility of the Audit and Risk Committee and Board of Trustee5. The Audit and Risk Committee has kept the content and format of the Risk Register Ltnder review. The Board also receives a report on performance developments of the organisation at each meeting and a150 on future financial projections. There is o policy on conflictldeclaration of interests, and individual Trustees are asked to complete a declaration of interests form on an annual basis. This is compiled into a register of interests which is reviewed annually by the Board and published on the Academvs website here. Staffing and HR The organisation's HR policie5 were fully revised and agreed in 2017. All polices were further reviewed and agreed by the Board with updating amendments in May 2019. There is a rolling programme to review policies. The pay and reward and organisational structure was revised in April 2019 and remains in place (with annual salary reviews). A new exiernal HR provider, Ditton HR, started in January 2020. Indemnlty Insurance The charity h85 taken out an insurance policy that provides professional indemnity cover for the Trustee5, officers and staff of the charity. Tru5tees' & Directors, Responsibilities In the Preparation of Financial Statements The Trustees (who are also the directors of The Academy of Medical Royal Colleges for the purposes of company lawl are responsible for preparing the Trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Academy of Medical Royal CollegesTrustee< annual report and accounts l April 2020- 31 March 2021 Company law requires the Trustees to prepare financial statements for each fin3ncial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date, and of the incoming resources and application of resources, including income and expendilure. for that period. In preparing those financial statements. the Trustees and directors ale required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgements and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed subject to any material departure5 disclosed and explained in the financial statements- and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in busines5. The Audit and Risk Committee met with the auditors to consider 3nd discuss their findings The Trustees are responsible for keeping adequate accounting records that disclose with reason3ble accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with Companies Acts 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. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdiction5. ststement as to Disclosure of Information to the Auditor In so far as the Trustee5 are aware= There is no relevant audit informatiorb of whith the charitable compan5 auditors are unaware The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. FINANCIAL REVIEW Financial Results of Activities & Events The financial results of the charitTrls activities for the period ended 31 March 2021 are set out in the Statement of Financial Activities and supporting notes. The Academ5 financial p051tion is almost always finely balanced across its various programmes of work and, in the current climate of expanding levels of activity, the Trustees are carefully monitoring performance against budgets via quarterly management accounts to ensure that the charity remains financially viable. During the 12 month period. the charity generated total incoming resources of £2.181,576 12020.. £1,014,828) and expended total resources of £1,340,403 12020- £1,470,2131. In addition to its standing committees and associated work programmes, the Academy
Atademy of Medical Royal Colleges Tru5tees' annual report and accounts l April 2020- 31 March 2021 undertakes project work funded by national health bodies and fitting with the Academrfs strategic aims. The year-on-year fluctuations in income and expenditure are a result of this project work. Restricted Funds The Academy holds a number of restricted funds relating to project work commissioned by external bodies. A number of these relate to activity which is expected to be undertaken on a continuing basis over more than a single year. Expenditure on the projects is managed carefully and allocated on an annual basis. as appropriate. Details of individual funds can be found in note 14 of the financial statements. Remuneration Policy Remuneration policy 15 determined by the Board with decisions on any pay uplift made in relation to economic indices and to the level of any rise in subscriptions. Reserves Policy and Going Concern The Trustees recognise the need to keep unrestricted free reserve5 at a level appropriate to the needs of the organisation. The Academy has given consideration to its requirement5 in terms of reserves and believe5 free reserves are required by the organi5ation to Fund unexpected expenditure. e.g. unplanned events, project overruns, staffing cover for long term sickness,. Ensure continuity and fund shortfalls in income when intome does not reach expectedlrequired levels- Provide fund5 to replace assets or capital development. and Cover the cost of the closure of the charity. Consideration was also given to the level of reserves that would be appropriate for each of these categories. The approach used to calculate the organisation's target level of reserves is in line with the risk-based methodology promoted by the Charily Commission. It is based on six months, running costs for the organisation in terms of staffing, administration and running tosts together with costs of closure. As such the suggested required total would be £5(M),000. The Board has designated a "Development Fund" to cover specific expenditure related to the Academws development programme and reserves requirements. Trustees recogni5ed thi5 sum includes funds to manage potential loss of project income from national bodies. Having this fund does mean that formally the organisation's reserves are above the recommended limit. The Board is aware of this and recognises the responsibility to ensure that the development fund is utilised in an appropriate way. The Trustees considered that there were no material uncertainties about the Academrfs ability to continue as a going concern. The Board, however, has been very aware of potential threats and risks most particularly in relation to the COVID-19 pandemic. The Academy has been fortunate that it has not been directly impacted in its operation or income by the pandemic at this time. However, there is a potential for adverse impact on 10
Academy of Medical Royal Colleges Trustee’s annual report and accounts 1 April 2020 – 31 March 2021
long-term subscription income if finances of member organisations are severely impacted on a permanent basis. The Board is keeping the situation under close review.
This policy will be considered annually by the Board of Trustees when approving the annual accounts. It will be reviewed fully every three years.
Investments Policy
The Trustees are empowered to invest any monies not immediately required in or upon such investments, securities or property, as may be thought fit. The Board has reviewed its investment policy in 2020 to ensure an even spread of investment avoiding risk to the organisation’s funds. The Board has adopted a policy of ethical investment.
Fundraising practice
The Academy does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Academy nevertheless observes the relevant fundraising regulations and codes. During the year the Academy received no complaints relating to its fundraising practice.
PLANS FOR FUTURE PERIODS
Future Strategy, Activities and their Impact
The Academy has a clear work plan and budget. Future activities are planned by the Council at its annual policy away day and this feeds into the business planning and budget setting cycle introduced by the Board. This results in the development of an annual business plan agreed by the Board.
The Trustees are very aware of the possible decline in funding for projects from national bodies and of the need to generate further income. The Board approved a strategic review of the organisation’s activities in late 2021 which will consider options for development future activity in conjunction with members.
FUNDS HELD AS CUSTODIAN
Although the Academy maintains restricted funds to deal with incoming resources that are earmarked for a particular purpose by donors, sponsors, and other funders, the charity does not currently hold, and the Trustees do not anticipate that it will in the future hold, any funds as custodian for any third party.
This report was approved by the Trustees on 21st September 2021, and was signed for and on behalf of the board by
………………………………….. Chairman of Board of Trustees Charles Winstanley
21st September 2021
11
Academy of Medical Royal CollegesTrustees' annual rewrt and accounts l April 2020- 31 March 2021 ltydependent *uditor's rep(brt tts the member5 of Atademy of MedicAI Royll Colleges Opinion We have audited the financial statemenls of Academy of Medical Royal Colleges (the 'charitable company'l for the year ended 31 March 2021 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatement5.' Give a true and fair view of the state of the charitable companrfs affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended Have been properly prepared irb accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We tonducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audit of the financial statement5 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 audil evidence we have obtained is 5uffi¢ient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, 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 thal, individually or collectively, may cast significant doubt on Academy of Medical Royal College's ability to continue as a going concern for a period of at least twelve months from when the financial statement5 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. 12
A£ademy ol Medical Royal C(AlegeSTrv5tee annual rewrt and accounts l April 2020- 31 March 2021 Other Information The other information comprises the information iricluded in the trustees. annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of the audit, or otherwise appears to be materially mi5Stated. If we identify such material inconsistencies or apparent material mi55tatements, 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 misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2(M)6 In our opinion. based on the work undertaken in the course of the audit.. The information given in the trvstees, annual report. for the financial year for which the financial statements are prepared is consistent with the financial statements,. and The trustee5' annual report. has been prepared in accordance with applicable legal requirements. Matters on whlch we are Tequired to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relalion to which the Companies Act 21J)6 requires us to report to you if, in our opinion: Adequate accounting records have not been kept, or returns adequate for ovr audit have not been received from branches not visited by us,. or The financial statements are not in agreement with the accounting records and returns; or Certain disclosures of trustees, remuneration specified bylaw are not made: or We have not reteived all the information and explanations we require for our audit: or The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, annual report and from the requirement to prepare a strategic report.
Academy of Medical Royal CollegesTrustees' annual rert and accounts l April 2020- 31 March 2021 Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities set out in the trustees, annual report, the trustees (who are also the director5 of the charitable company for the purposes of company lawl 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 stalements, the trustees are responsible for assessing the charitable compan¢s ability to contirhue 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. Auditorfs responsibilltles for the audit of the financial ststements Our objettives 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. ir)dividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-tompliance with laws and regulations. We design Pfocedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detectirig irregularities. including fraud are set out below. Capability of the audit in detecting irregularities In identifying and assessing risk5 of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following-. We enquired of management, and the audit and risk committee, which included obtaining and reviewing 5UPPOrting documentation, concerning the charity's policies and procedures relating to.. Identifying, evaluating, and complying with laws and regulations and whether they were aware of any in5t3nces of non-compliance- • Detecting and responding to the risks of fraud and whether they have knowledge ol any actual, suspected, or alleged fraud- The internal corbtrols established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with Bovernance.
Academy of Medscal Royal Colleges Trustee< annual report and accounts i Awll 2020- 31 March 2021 We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on ihose laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable law5 and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulator5. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of contro15, we tested the appropriateness of journal entries and other adjustments. assessed whether the judgements made in making accounting estimates are indicative of è potential bias and tested significant transactions that are unusual or ihose outside the normal course of business. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financi31 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our audito¢s report.
Academy of Medical Royal COllege5TrU5tee annual port and accounts l Aprll 2020- 31 March 2021 Use of our report Thi5 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'5 rnembers 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'5 members as a body, for our audit work. for this report, or for the opinions we have formed. Noelia Serrano (Senior statutory auditorl 7 October 2021 for and on behalf of Sayer Vincent LLP, StatLttory Auditor Invicta House, 108-114 Golden Lane, LONDON, ECIY OTL 16
THE ACADEMY OF MEDICAL ROYAL COLLEGES Statement of financial a¢tivities lincoiporaling an income and expenditure account) For the year ended 31 March 2021 2021 202Q Total Unrestrictèd Restricted To131 Unrestiicteil Restrict Income from.. Sharing & Cmidlnatg Ihe wert oftr Col5 8 FaCultS 474.837 1.7CIS,1 2.181.027 447.859 563.048 1.010,907 Investment incoft 549 549 3.921 Total income 1.706 190 2.181 576 451.780 563.048 1 014.828 Expenditure on.. Chafitae aGtiVitI'. Sharmg & cwrdinatng the ofthe Cdlege5 & FacUtt5 439.568 )0.835 1.340.403 581.972 .2dl 1.470.213 Total expendltvre 439.568 900.835 1.340.403 581,972 888241 1.470.213 Net income I lexp8nditurl before net galns on investments 35.818 805$6 841,173 1130.1921 1325.1931 1455.3851 Nel gains on in¥eslrnent$ Net incomel lexp8nd1tuI for the year 201.809 142.144 142.144 237.627 805.355 1.042.98Z 11,952 1325.1931 1313.2411 N¢t movement In lund5 14 237,627 805.355 1,042.982 11.952 1325,1931 1313,2411 Reconciliation ol funds.. Total fund5 brought forward 1.873.592 1.171.336 1.861.640 1.496.529 3.358,169 Total funds carried forward 2.111,219 1.976.691 4.087.910 1.873.592 1.171.336 3,044.928 All of the above fesutt5 are dellved from conlMiuirKJ actrtS. There were no other fecognised gains or b)s5es olher than Ihose stsled abo¥e. Movetrnts in fvJnd$ are disclosed in note 14. The altathed notwJ fom part of Ihe5e financial siaten*Thts. 17
THE ACADEMY OF MEDICAL ROYAL COLLEGES Balance sheet
As at 31 March 2021
| Note Fixed assets: 8 9 Current assets: 10 Liabilities: 11 14 Total unrestricted funds Creditors: amounts falling due within one year Tangible assets Investments Debtors Cash at bank and in hand Net current assets Total net assets Funds Restricted funds Unrestricted funds: Designated funds - building fund Designated funds - development fund General funds Total funds |
£ 269,555 1,503,476 |
2021 £ £ 816,884 1,662,723 2,479,607 346,785 1,336,993 1,683,778 (953,817) 1,608,303 4,087,910 1,976,691 854,053 395,452 624,087 2,111,219 4,087,910 |
2020 £ 854,053 1,460,914 |
|---|---|---|---|
| 2,314,967 729,961 |
|||
| 1,773,031 (164,728) |
|||
| 816,884 389,032 905,303 |
|||
| 3,044,928 | |||
| 1,171,336 1,873,592 |
|||
| 3,044,928 |
These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies regime.
Approved by the trustees on 21 September 2021
and signed on their behalf by:
Charles Winstanley Chairman
Company registration no. 03166361
The attached notes form part of the financial statements.
18
THE ACADEMY OF MEDICAL ROYAL COLLEGES ststement of cash flov For the ear ended 31 March 2021 Note 2021 2020 Net cash provlded by Iu5ed in) operating activities 160.583 1620,2071 ash flows frorn investing activbtfjes". Purthase of fixed asseLs {2,1001 173.8581 Cash used in investSng activities 12,1001 173.8581 Change in cash and cash equlvalents in the year 166,483 1694,0651 Cash and cash eouivalen15 at Ihe beginnir¥J of Ihe year 1.336,993 2,031,058 Cash and cash equivalÈnts at the end of the year 1,503.476 1.336,993 al Recon¢lllation of net expenditure to net tash flow from operating o¢tivitie5 2021 2020 Net income l expenditure for the reportlng period las per the statement or rinanoal activitiesl Depreck2tson Gains on investments DeCaSe I Ilncreasel in debtors (Decreasey Inase in creditor$ Net cash provided by I Iu5ed Inl operdling activilies 1,042,982 1313.2411 39,269 27,931 1201,8091 1142,1441 77,230 1279.9671 789 089 168 583 620.207 bl Analysis of cash and cash equivalents At31 March 2021 At 1 Aprll 2020 Cash flows Other change5 Cash at bank and in harwj Total cash and cash equlvalents 1,336.993 1.336.993 186,483 166,483 1&03.476 1 503,476 19
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements Forthe year ended 31 March 2021 1 Accounttng policie5 stsIOry infomiatlon The Academy of Medical Royal Ce5 is a ¢haritab company limited by guarantee and is incorporated in the United Kingdom. The registered office addre55 is 10 DallirvJton StseL London. EC1V OD8. Ba$ls of preparation The finanrial statements have been prepared in aCcan with AcCountg and Reportin9 by CharitEs". Statement of Recommended Practi applicable lo charitses pparing their ac£ovnls in accordantz ¥wth the Finanual Reporting Standard applicable In the UK at¥J Republic of Ireland IFRS 1021- (Charilies SORP FRS 1021 and the Companies Act 2006. The charitsble cornpany meets the definttKJn of a publ benefft entity under FRS 102. Assets and liabilities are inrtially recognised al hi51orical Cost or transa¢tKJn value unless otherwise stated in the levant accounting policy or note. Going concem The Trustees cA)nsed that there a no matTal unc£rlainlies about the Ac2demf5 ability to o)ntinue as a going concern. The Board. however. has been very aware of polential Ihreats and (isk$ most partiojlarfy in relation lo the COVID_19 pandemic. The Academy has been forbjnate Ih8t it has nol been diredy impaded in ils operation or inwme by Ihe pandemic al this time. However Ihere is a wtential for adVee impact on bng-tertn subscription ne If finance5 of memter organisations are SevelY wnpaded on a pemianent basis. Th8 Board 15 keepin9 the tuation under ch)se revw. Income Irorne 1$ recognised when the tharily has enty"tent the funds. any perfomwn( iyJThdilion5 attached to the income have been met. li is KKobabk Ihat Ihe i1ce 11 be e1Ve and that Ihe arnount can te [neasUd reliably. Income trom govemmenl and other granls. wtheiher 'cAtMial' gfants or 'revenue' grants. is recognised when the charrty has entitlement to the funds. any perf0rrnan o)ThditK)ns attached to Ihe grants have been met. rt probable that the income will be received ar Ihe amount on l)e measured reliably and is not defeffed. Income recewed in a(fvan for the provksKJn o15peufie(I sewvice is deferred until the criteria for inojme fecognilion are met. Credit is taken in the accounls for all rnbeh4) SubscPtlonS. a receNable. as the membership year ctrtemiinus wrth Ihe Academls finanrAal year. AJI othef s#nilar inc(¥1 are aL%o accounied for on an accruals basis. Interest recefjvable Interest on funds held on deposit is Induded when reNab and ihe amouni can tr rneasU I1abty by the charity.. thi5 is nomialty upon notification of the interest paicl or payable by Ihe bank. Fund accounting Unrestricted funds are available to Snd on ad1vitS that further any of the purposes of charity. Designated fund5 are unresthcted funds of Ihe ¢harily whth the trustees have dech4ed al their discretion to Set aside to use for 8 speafic putpose Restncted fund5 are donations which the dono¥ has specified are lo te solely use¢J for particular areas of the tharity's work or for speufic projects being undertaken by the charrty. Expertdlture and Irrecoverable VAT Expenditure is recogni8ed there is a kgal or constructNe OblatIon 10 make a payment lo a third party, il is probable that Settment will be require(l and the amount ol the OblatiOn can be rneasured relbly. Expenditu is dassified under the following adNily headings.. Expendrture on tharilable actNdie$ includes the cx)st5 of ddiveritvJ Servic5, exhibitions and other educational adivrties undertaken to further Ihe purp)ses of ihe charity and Ifeir assoLyated support costs. Irre¢overab VAT is charged a5 a st against the actNity for whith the expendilure was incurred. 20
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 1 Accounting policie8 Icontinuedl Allocatlon of supw)rt ¢08ts All wsts that cannot be Klentified as Telating directly to the charity'5 principal aclivth8s a (21egorised 35 either support cosls or govemance eosts. Any costs thal cannot be speufically calegorised are allocated in proportions base£[ upon 8 5Uitabk ratio applicable io the [tU ol the cost5 involved. Operdting leases Renlal charges are tharged on a stravJht line basis over Ihe tem) of the Se. Tangible fixed assets All tangible assets purchased that have an expected uselul e(JnomK life that eXedS one year and purchase prKe exceed5 £1.000 are Capitalised and da[led as fixed assets. Depreciation is provide<l at rate5 calculated lo wr5te down the c051 of each 35set lo its estimated resKlual v31ve ovef its expecleil useful life. The depreuation rates in use are as follows". Leasehold property Furniture and frttings Compu¢er equipment ovef 50 years 15% Straht lin8 over 3 10 5 years Debto Trade ats other debtors ar8 cOgniSed at the settr[rtt amount due after any trade di8¢ount offered. Prepayrnents are valued at the amouTht prepakJ net of any trade di$uniS due. Cash at bank and in hand Cash at bank and cash In haryj indude5 cash and short temi hyhly investtnents wilh a shorl maturity of three fflonlhs or $9 froffl the Oate ol ocquisith?n or nIThJ of the deposrt or similar ac£ounl. Credltors and prOs1OnS Creditor5 and provisn$ are rets)gnised where the charity has a PSent obligation resulting from a past event that ill prObaY resull in the transfer of funds to a third party and ihe amount dve to settle the obligation Can be measured or esiwnaled reliably. Creditors aThJ prow5ions are nomally recognised at their Settlement amount after allowing for any trade discounts due. Pension5 The ¢hanty makes o)ntribub"ons into defined contrilxrtion pensLN) stheme5 on behalf ol employees. The asset5 of the schemes are IEld separately from those of the charity in independenity adminislere(I funds The amount Charged to the stalernenl of finanoal ad1vit$ in respe of pension co$t$ is the total rxJntribution$ payable for the year. Listed Invesimen¢s Investmenls are 8 fom of bas finaTrrAal instrument a1 are iniiially re¢ogni5ed al Iheit Iransaction value and subsequently measured at their fair value as at the balan sheet date using the ¢k)sing quoted market price. Any change in lair value will be recogni5e<S in Ihe statement ol finanrxal aclivilies and any ex¢es5 of fair value over the hi81oric cost of the inveslmellt5 wll be shown as a fail value reserve in the balance sheet. Investment gains and 105ses. whether aliSe(j or unrealised, are ttmnbined and sh(kvm in ¢he heading"Net 9ai¢)sllbsse51 on inveslment5' in the stalemenl ol finanaal acINit8. The charity dLS nol av4uire pul options, derivalwe5 or other cotnplex rinancial In51ruments. Flnancial instruments th the exception of the lisle£l investments desCbed above. the charily only has financial assets and finanrial liabilities ol a kind that qualify a5 bas¢ finan<xal instruments. Basic finan£yal instruments are initially recognised at tran5athon value and subsequerLlly measured al Iheir 5et¢lement value vthh Ihe exception of bank loan5 which are subsequently measufed at amortised using the effecVe Inte$¢ methcxj. Grant making Grants payable are rnade to thiril parbes in fvrtherantr ol the tharily'5 Qiyeds. sing or multi-year grants are accounted for when either the pnI has a reasonable eXpectatn that they wll rec£Ne a grant and the Iruslees have a9ree(I to pay the grant without conditK)n. or the feap*nt has a 8$onab expedation ihal they will receive a grant and that any condition attaching to the grant outskle ol Ihe Control of the charity. Provisions for grants are made when the intenlion lo make a grant has been MmUnIted to the reciplenl bul the is unc£rtainty about erther the liming ofthe grant or Ihe amount ofgRni payable. 21
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the firbancial statements For the year ended 31 March 2021 2 Incom? from chorllabl? actfvlil88 20Z1 Total 2020 Urbrn5tri¢ttrd Re3tri¢t¢d Urlted Restricw Shadng ond cord1rb81In9 ihg work of the Collggvs and Fa¢ultM= Subsulptn from member5 Grants aryl 0ltr mdar 437.232 437232 1 743 79S 447.859 447,859 563,048 1.706.1 563.046 Total Incom from chariiabl• a¢t6v611es 474.837 1.7[.1 2.181.027 447.859 1.010.907 3 In¢Off from Inv•strnents 2021 Totol 2020 Toial Unwtrfcted RtTted Unrestried ReslriL#ed Bank terest 549 3.921 3.921 549 549 3.¥21 4 Analysls of oxpgrbdlturp Cun•ntyear Sh•rln9 and Go•rdln•Ung the work of the Collag08 and Facultlos Charitsb Support Gov?mn¢g 2021 2020 a¢t6vttle5 costs ¢05ts Totsl Tolal Grants P8y8b Isee nol8 IS) CireLt eosls sialfusts (See 61 Committees & foiums expen Publc relati5 cos¢s •119 IwwJvJo ResW Qperatsng ase rentsL Prenmses LsIs Other pmlkng. rAislaye. sialicffjery. adrn o)sts Inswan Cornmunicatson cos15 Audit fpes Acuunlancy senriix5 Legal and professional fees Bank and credit card charges tkyeuaiion. owned as5e¢s 92.000 279.196 779.523 31.864 87.172 10.436 37.365 33.946 8.374 21,217 9.120 35.934 14.827 1.308 27.931 4S5.013 277.212 455,013 691,054 289 380.735 289 33,107 10.436 29.208 19.320 8.722 22231 10,436 29.208 19,320 8,722 22.231 9,300 38,672 15,831 1,068 39,269 9.300 .672 15.831 1.058 39.269 732225 565.771 1565.7711 42,407 1.340.403 1.470.213 gJprAYt cos GovÈmance costs Total eApenditure 2021 565.771 42807 1 340 403 142.407 1,340,403 1.470213 Oflf* tolal exFEnditure £43Y.56812020'. £5B1.972)was aThJ £WX).63S12020.. £888.2411 was StriCted. 22
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2021 Anatysls of expenditure- continued Prlor year Shaiing and ctrordinating the work of the Colleges and Facult5 Charitable adwrfies SUp(rt )st5 Goveman costs 2020 Total Granls Payab (See note 151 DireL# costs Staff costs Isee note 61 Comtnittees & forum5 expenses Public relation5 (x)sls ladj1[¥j Indjgo Researth Operating kase renta15 PMIseS costs Other printing, pos¢age. statK)nery. admin cosis Insuran Comrnunication costs Athlil lees AruntanCY serwces Legal and professional fees Bank and credit crd charges Depreciation- owned assets 92,CM)O 279,196 442,917 92.0(M) 279.196 779,523 31,864 87,172 10,436 37,365 33.946 8.374 21,217 9,120 35,934 14,827 1.308 27.931 309,678 27,778 87,172 10,436 37,365 26,928 4.086 8.374 21.217 9,120 35,934 14,827 1.308 27,931 814,113 615.966 40,134 1,470,213 Support cost5 615. I615.) Governance cost 40,134 140,1341 Totsl expenditu 2020 1.470.213 1.470.213 Net Income I lexpendituiel for the yeèr 2021 2020 This IS stated after Chargiry I IcreilitiThJl'. leraling ase ntaI$". Other equvpment Ckpreciqlion Auditorfs remuneraJ"oTh'. Audit fee lexd. VAn Trustees. expense$ 10.436 39.269 10.436 27.931 7,600 7.600 4,086 23
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2021 6 Analysis of staff costs. trustee remuneration and expenses,
nd the cost of key management personnel
stsff costs were a5 fr$115. 2021 2020 Salaries and wages Sooal se¢urily costs Employers contribuiion to defined conlnbution Fngon $theme5 Luncheon vouchers TpOrary and other stall costs 669,062 61,000 86,167 3.948 641.153 67,118 58,709 4.852 7.691 779.523 691 054 fdlowing number of etnploye8s received ernph)yee benefits lexdudiThJ ernployer National Insuran ernployer pension) over £60.)0. during the year in the Follwng band.. 2021 2020 No. £110,OW- £120.C The lotal employee tenefrts IndJ1 empknyer Nalional InsurancE and pension contributions of the key management personnel were £137.64912020." E142.5991. Th& tharily has taken out an Iurance policy Ihat provide5 profÈssh?nal indemnity cover for the trustees. direclors and slaff of the charily. The cost of this insurance lo the charty for the year was £8.72212020.. £8,736) The charity Ivustees re not paid of r1Ved any other tenefi15 from empk)yment wlh the charity in the year 12020.. £ntll. No Charity Iruslee received payrnent for professional or other se1wiS SUppld lo the charity12020.. £nill. None of the Ifustees We reimbJrsed travel & accom0d3)n expenses during the year12020.. Iwo trustees t rewnbursed £4,086). Stafl numbe15 The average number ofempkjyees (head count based on number of staff employed) durin9 Ihe year was as follows.. 2021 2020 No. Offi and adminislration Charitable adNitEs 12 14 13 15 Taxatlon The Ac•Jemy is exempt from e(Kporation tax as all its income is chawrtable and is appld for thaiitable purposes. 24
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 Tangible flxed assets Leasehobj property Furnire & rittings Computer uipmenl Totsl Cost At the start of Ihe year Additions in year At the end of the year DeptiatiOn Al the start of the year Charge for Ihe year Al the of the year 985.650 49,162 199,944 1.234,766 5.650 49.162 1 236 856 184.036 19.656 203.692 48.861 96 48.957 147.806 19.517 167.323 380,703 39,269 419,972 Net book Value At the end of the year At Ihe $t8rt of the year 781,9S8 801.614 206 816 884 301 52.138 854,053 All of Ihe ab)ve assets a used k)r thaittable purposes. In 2019 the uwner5 of the buikling al 10 Dallinglon Street indicated Iheir desire to sell Ihe freehold In accordance th legislative requirerrnts extsliro tenanls re offered the opportunily ol purchasin9 the freehold. The rnaionly of reSents"al and commerLY31 lenanis expressed a de&re to do 50 and formed a company'10 Dallinglon Street Ltd. which purchased the Ireeholj. The AcJemy is a member of .10 Dallington Street Ltd.. The company has $ubsequently granle(I new 999 year aSeS lo lenanls induding the Academy. Inv85tments 2021 2020 Fair value at the start of the yeaf Nel g8in5 on revalualion Fair value al the end of the year 1.460,914 201 809 1662.723 1,318,770 142.144 1460.914 Historic c05t al the end or the y83r 1.000 000 1000.O(X) 10 Debtors 2021 2020 Trade debt(S Other debtors Prepayment5 and acrxued ints)n 223.849 7,991 37.715 269 555 321.559 10.824 14,402 11 Credltors: amounts falling du¢ within one year 20201 2020 Trade credrtors Taxation and so(i815eoJrrty Indudir¥J penwn Other ueditors A(£ruals Deferred income 31.846 20.334 3.723 108,825 73.843 28,548 32.186 11,520 807.720 953.817 25
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 12 Deferred Incorne 2021 2020 8alance al the beginning of the year Arnount eaSert lo income in the year Amount deferred in Ihe year Baance at the end ol Ihe year 807.Y20 1807,7201 688.472 130.7521 150.000 807 720 Deferred irt(xne comprises luTrds reowJ in advan ofathvilies and even¢s in Ihe 2019120 finanal year 13 Analysis of nel assets between funds Current year Genernl unrestricted Deslgnated 2021 2021 Totsl funds 2021 R85trlcted 2021 Tangible fixed assets Investments Nel current assets Nel assets al Ihe end of the year 816.884 389.032 816,884 1,662,723 1 SOB 303 4,087,910 1.273.691 368.388 905.303 1.976.691 1 976,691 1 205 Y16 Genera nr851ricted Designaled 2020 2020 Total funds 2020 Analysis of net assets funds Prior yeaf Restricted 2ry20 Tangible fixed assets Investrnenls Net current assels Net assets at the end ol the year 854.053 395,452 854.053 1,460.914 729 961 3.044,928 1.065,462 441.375 624.087 1 171 336 1.171.336 1.249.505 26
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 14 Movements In funds Current year Al the start of the year Inc4)rrE & Expenditure gains 8 losses At the end of the year Transfers Restricted funds= e-lfn Fund EducAtion and Training Proieds HEE Fkxible Careers Cornmittee COPMe(l and COGPed Medical Training InitiatNe Matthed Funds Pats'enl Safety Choosin9 Wiselyl Decisions of Value Wales Academy Genomic5 NHS Di9ltial IAII Artificjal Intelligen Changing Face of •Aediune Heatth and Work Fundir9 60,618 414,612 228.373 19J,OC 145.720 484.836 85,687 88,334 67,836 675 150,293 101,693 7,500 216.505 54.936 2.500 82.146 2.500 39.008 1,222 124,931 471,958 645,373 3,225 128,981 185.361 43.Y03 302.633 12.141 12,116 30.248 6.267 .734 143.474 57.044 51.203 91.676 37.077 14.616 25.022 8.757 33.742 1,222 135.8(X) 230.0(Y) 427.462 87.372 15.CKX) Total re$tricted funds 1,171 336 1706 190 900,835 1 976.691 Unrestricted funds= Designated funds.. Designated Building Fund ISTAI De$ign8ted Development Fund Total d8signatÈd funds 854,053 395 452 1 249.505 39,269 2.100 816.884 389.032 1 205 916 Gerberal funds 624,087 677,195 393.879 12.1001 905,303 Totsl unrestslcted funds 1873.592 677.196 439 568 2 111 219 Total funds 2 383 385 1.340.403 4 087,910 27
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2021 14 Movern8nts in funds (continued} Prior year At the start of the year Income & gains Expendi¢ure & losses At the end of the year Transfer5 Restrpcled fun(Js'. Revalidation Fund eifh Fund Educalion and TrainiThJ Projeds HEE Fkxible Careers Committee COPMe(l and COGPed Matched Funds Patient Safety choosi Wselyl Dwsons o(ValL Wales Academy Genomic5 NHS DvJitial IAII Artificial IntellvJen Changing FacE of Medune Heatth and Work FundirvJ 141.434 140.014 31.077 713.207 1,912 72,011 58,703 117.250 21,834 19,102 3,240 11.257 91.875 7,262 141.434 79,396 88,119 15,()0 1,262 163,737 60,618 414,612 228,373 3.900 143,474 51,203 91.676 37,077 14,616 25.022 8.757 33.742 1.222 471,654 471,654 1,820 3,2XI 235,200 104,000 19,CXJO 129,574 3,757 4,486 33.996 2.500 108.133 10.040 55.778 50.IM)O Trlal restricted fund5 1.496.529 563.048 888.241 1 171.336 Unre51ricted lunds". Desrgnated funds. Desnated Building FVNI ISTAI Desonated Developrnent FUIKJ 808,126 484.476 1.292.602 27.780 89.024 116,804 73.707 854,053 395 452 1,249,505 General fvrKIs 569.038 593.924 465.168 173.7071 624.087 Total unstriCted fvThJs 593 924 581972 1 873.592 Total fuThJ$ 3,358.169 1.156.972 1.470.213 3.044.928 28
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 14 Movements In funds Icontlnuedl Purposes of restrfcted funds Restncted funds are lun¢Js subject to Spec] cnTrJ1tnS wnposed by donors. The purpose aNI use of the reslricled fullds are set out below.. E-Llh le-learning for health) Fund. Thi$ is frown HEE enables Ihe Academy to commission indiv81$ produang e-learnirKJ material for joint wojeds the Academy and e-Lfh. These indude the Foundation e-Learning programme, leadership and rnellt health programme$ Educatiort and training projects. This covers a number ol crynmis5iorEd projects orworfK a8$ in relatn lo educalK)n and training". nd81ion. This fund covers hJndirvJ for specific work in reiaiion to the regular review and updating of the Foundalion eurriculum which the Atademy ulertakeS for the UK Foundation Programme. ty lindudiThJ Generic ProfesSnal Capabilities and Shared conleTht l Th funding Irom the GMC supports work for efiablin9 rn0 flexibility into curri(yJla spec#fir2lly developing shared conlenl across curricula. 11 also incorporates the remainder ofwork on Generic Professior¢al Capabilrties. Educati n- Other- This cover5 Other education woth. e.g. DEMEC. Broad Based Training. o JAn iw - Funding from HEE for deyeknpmenl of a process dlta1 tool for identifying 9aps in trainee learnInexperienc when rrM)wng baL to training. Pfoje¢l nol progressi as OrInallY intended and usefs for to raw dn CEO secondment ¢yJsls. The Flexible Carteys Comrnittee. Is a uoss-c01e GrtyJp under the auspi(£s of the Academy funded by a small sepa¥ate levy of COle$. Fund¥w 5VPPOrts extemal seuelariat and other administrative costs. HEE. Research in medical educatw)n and w0f0 [pVIoUslY Swanwd(I Previously the funding for fiffl SVrdnbv's project on leadership. Ihts ha8 been redesignated to o)ver a project wlh HEE on collating Medical education and etK)n Workfor re5ear¢h. COPMeDICOGPED. Are UK briThJing togethef resentativeS of DeaneiieslLETBs to provide a strategic overview and operational delNery of posl9radu3le ndIcal and GP training. The Acaderny hosts th8 CPMEDICOGPED secxeiaiial whith support and manages Ilir budget. 29
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 14 Movements in fund5 l¢ontlnuedl Medical TraSnlng Inltiatlve IMTII- The Academy was commissioned by the Department of Health to be the naIn31 sponsor of the [1 sche Wh provN1es ¥0 year training Opportunities for ovetseas (Joctors in the NHS. Funding, now I¥ed by HEE. supports the Academy MTI management of the stheme Induding (wr MTI Staff. Matched Funds. Funding was frorn Ihe Departrnent ol Health l NHS England to 5W)port a range of proie¢ts undertaken by Colleges on Ihe cothjition they rnatd the fuTrJiThJ awarded. Patient Safety. A project to develop a patV8nt safely $yll8bu5 and training a pioadNe approach to risk to improve safely. HEE fijnded. Quallty Impro¥emenL In¢00¥ating work on qualrty inpro¥ewnent (Qll specifi¢alty previously developing 5y113bus to improve underst8nding of QI hooslng Wisty l Oeci51on of Value. Rethink9 Medicine wowk ts NHSE INrporaS th8 Ac•Jemy's Ch(x)sing Wsely Woles Academy. Induding irwne Ir(Kn was.$ TrMbers and costs of adminislratK)n and management charge. Genoml¢$. NHS England fuThJed to p(tyte [tanding and spread ol genornirs. NHS DIgIal IAII Awtificlal Intelligence. NHS DKJrtal fvnded proiecl lo look at ethi(3 of Al from a r&'nical perspedive. Changlng Face of Medbcine Academy l¥)sted proi8cI lookirvJ al the d)aThJing role of medrine and doctors. Funding from a nmiber of SOUf¢es. Worft canied out by a c¢)niracled con$ult8nl. Health and Wotr Fundin9 - Funding ed frorn Public Heath EThJland. for Academy to rry out Health And Work Conference funding. Deslgnated Funds: Destgnaled Funds are those aliocaied wthin the Academy's overall general funds by the Trustee5 for 5peufic purposes or wijects detemiined by the Counul and Truslees. They are kept as separate funds in the balance sheet forthe duration of the proied. Deslgnated Bulldlng Fund. Represents Ibe value of ihe fixed assel ol the Academy pmperly at 10 Danington Street. The outgoin9 resources a Ihe depièon of the Gqpital value an¢1 minor Rpairs. D85ignated Development Fund. Fund has been desnated by Ihe Trustees as a SerVe lo meet any shortfall in other fuJIng SOUrS and provide oMtinued funding for the running of ihe Academy for a period of Six month5. Work on the development of tha¥ed seN1$ wa5 funded from Ihe Development Fund.
THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2021 15 Operdting lease cornmilments Total fvture rninimum kase payments under Th)nneIlab OTalIng leases are as follows.. 2021 2020 Equiwnenl". Less than 1 year 1-2years 9.009 10,436 16 Leyal status of th¢ ¢harity The thanty 15 a company limited by guarantee and has no share ¢arAtal. Each member is tiable to contnbule sum not exceeding £1 in the event of the tharity being %Und up. 17 Related party tran5arlions There a no related party transactions to dclOse for 2021 12020.. none). There are no ¢Jonalions frorn lated parties which are outskle the nomial course of busbne5s and no $tr1ded donations from lated parties. The are payments to and from mernbets and trustees whith are parl of the normal course of bu*nes5. Expenses reimbursed to trustees are dwkjsed in n(Ae 6. 31