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2022-03-31-accounts

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

The Academy of Medical Royal Colleges Annual Trustees’ report

For the year 1 April 2021 to 31 March 2022

Company Number: 03166361 Charity Number: 1056565

The Board of Trustees present their report and the financial statements of the Academy of Medical Royal Colleges (“the Academy”) for the twelve-month period from 1 April 2021 to 31 March 2022.

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Trustees’ report and financial statements

The financial statements comply with current statutory requirements, 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 directors of the company, were:

Mr Charles Winstanley , Chair and Independent Trustee (throughout the period covered by this report, demitted 31 March 2022)

Professor Alan Boyd , Independent Clinician Trustee (demitted November 2021)

Professor Bernie Chang , Council member (from October 2021)

Dr Anne de Bono , Council member (demitted June 2021). Independent Clinician Trustee (from November 2021)

Mrs Sarah Harkness , Independent Trustee (throughout the period covered by this report)

Professor Ravi Mahajan , Council member (demitted September 2021)

Mrs Suzanne McCarthy , Independent Trustee (throughout the period covered by this report)

Mr Miller McLean , Independent Trustee and Chair of the Audit and Risk Committee (throughout the period covered by this report)

Dr Mike Osborn (from July 2021)

Professor Dame Helen Stokes-Lampard , Chair of Council (throughout the period covered by this report)

Charles Winstanley demitted office after serving for the maximum two terms in March 2022 therefore, the Board recruited a new Chair of Trustees in early 2022. The Board appointed Professor Andrew Eder who took office on 1 April 2022.

The address of the charity and the registered office of the company is at:

10 Dallington Street, London EC1V 0DB.

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The charity is registered under charity number (England 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 appointments:

Solicitor: Camerons Solicitors LLP, 70 Wimpole Street, London W1G 8AX

Accountant: Accountability Europe Ltd, Omnibus Workspace LTD, 39-41 North Road, London, N7 9DP

Auditor: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL Banker: National Westminster Bank plc, 1 Cavendish Square, London W1A 4NU

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 and Ms Amy White, Chief Operating Officer.

OBJECTIVES AND ACTIVITIES

Charitable Objectives

The charitable objectives for which the charity was established and registered are stated in the Academy’s Memorandum and Articles of Association as follows:

“The protection and preservation of health and the relief of sickness by supporting, promoting and co-ordinating the work of the Medical Royal Colleges and their Faculties as defined in their respective Charters and by providing a forum for discussion and collaboration among the Medical Royal Colleges and their Faculties (but without prejudice to the autonomy of each such body) so as to promote for the benefit of the public the efficiency and effectiveness of the Medical Royal Colleges and their Faculties”

Charitable Activities

In pursuance of its charitable objectives, the Academy’s principal activity is sharing and coordinating the work of the Colleges and Faculties.

The Academy undertakes project work in areas which cross College/Faculty boundaries. In particular, the Academy is co-ordinating College and Faculty activity on issues relating to education and training, quality improvement and workforce.

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Trustees’ report and financial statements

The Academy also supports and promotes the Medical Training Initiative (MTI) 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 Colleges and Faculties relating to quality standards and postgraduate training and education. The Academy also responds to appropriate consultation documents on generic issues.

Benefits and Beneficiaries

In accordance with its charitable objectives, the Academy promotes the protection and preservation of health and the relief of sickness by supporting, promoting and coordinating 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 charity’s ultimate beneficiaries are therefore patients, and benefits 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’s general guidance on public benefit into consideration in preparing their statements on public benefit contained within this Trustees’ annual report

The Trustees are of the view that the pursuit of the Academy’s objects provides public benefit, and they believe the work of the Academy delivers public benefit as follows:

OBJECTIVES AND STRATEGIC AIMS

The Academy reviews its objectives and policy priorities on an annual basis. The objectives in 2021-22 were:

Our over-arching ambition

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To be clearly recognised by all key stakeholders as the leading voice of the medical profession across the UK on cross-specialty matters relating to education, training, and improving healthcare for patients.

This means:

Our strategic objectives

a) To provide the highest level of advice and influence on medical education, training, and the improvement of healthcare for the benefit of patients.

We will do this by:

We will do this by:

c) Ensure good governance and financial stability

We will do this by:

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Activity and Performance

The Academy’s agreed activities are to:

COVID-19 and the pandemic continued to dominate our activity during 2021-22. 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 various projects but did not stop other activity altogether.

The current policy priorities for the Academy were set by the Council at their annual Policy Day in September 2021. These are:

Activity included: Support of enhancing junior doctors working lives initiative, a range of initiatives to support SAS doctors, cross College activity on workforce supply, initiatives with NHS on retention of doctors including the impact of pension arrangements, running the MTI scheme.

Activity included: Working with Statutory Education Bodies and Colleges to maintain and support training through the pandemic including changes to assessment processes; maintaining the Academy education committees, revision of appraisal processes, work on patient safety and flexibility.

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efficiency and effectiveness of the NHS for the benefit of patients and staff.

Activity included: Continuing work with NHSEI and Colleges on providing advice to support the NHS through the pandemic and ensuring the maintenance and restoration of services as far as possible; working with partner organisations to persuade Government to reform social care; ensuring Academy input to development and promotion of digital agenda; leading the Evidence Based Interventions Programme on behalf of NHSEI.

Activity included Rethinking Medicine initiative, Greening the NHS; Genomics; pushing for national action for long term reduction in health inequalities; seeking assurance of health information on social media platforms.

Full details of the Academy’s activities during the period are set out on the Academy website in its review of 2021-22.

Indicators, Milestones and 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 Council identifies its policy priorities and progress on delivering these is reported to the Council and Board. Progress in specific areas is monitored by the appropriate 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 responses are freely available and can be found on the Academy’s website www.aomrc.org.uk.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and 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 assets of the charity in the event of the charity being wound-up 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 Trustees in May 2011 and have been revised on several occasions subsequently.

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Trustees’ report and financial statements

Organisational Structure

The overall strategic direction of the charity is determined by the Board of Trustees advised by the Council. The work of the Academy is centred on the Council which comprises the Presidents of all member Colleges and Faculties. The Council has established a series of Committees to carry out the organisation’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 employs 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 EC1 in 2010 which provides office accommodation for staff and meeting space for Academy Council and Committee meetings. In 2019 the Academy joined other tenants in the building to form a limited company, “10 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 structure 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 has delegated responsibility 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 appointed Chair of Trustees, three further independent Trustees, three members of the Academy Council (one 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 Council. At least two of the independent Trustees must not be medically qualified.

The Board has an Audit and Risk Committee comprising four trustees and the Chair of Trustees who attends ex officio. The Audit and Risk Committee looks at specific financial and risk issues in detail on behalf of the Board and also an Investment Sub Committee which oversees the organisation’s financial investments.

Method of Recruitment, Appointment, Election, Induction and Training of Trustees

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Trustees’ report and financial statements

Recruitment, Appointment and 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 Trustees are elected by the corporate members of the Council following a call for nominations. The Independent Clinician Trustee is one of the previous Council members invited to stay on the Board when they demit office as a Council member. The Chair of Council is a trustee by virtue of their role.

Induction and Training

Trustees receive 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 subcommittees. This is updated on a regular basis. Trustees receive a briefing on the organisation from the Chair of Trustees and the Chief Executive. Trustees can attend meetings of the Council to gain an understanding of the current policy issues. Trustees receive a weekly update of Academy activity.

There is an annual process of performance review and colleague feedback for trustees on an individual and collective basis and on seeking re-appointment.

External training is also available for trustees 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 Academy directly or by Colleges and Faculties.

Risk and Corporate Governance Matters

A formal risk register has been developed, under the headings of strategic, operational, people/staff, reputational and financial including investments.

Key risks identified during the year and the methods to reduce, manage or eliminate these risks were:

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Trustees’ report and financial statements

organisation and individual response to these changes was very positive.

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Trustees’ report and financial statements

Monitoring of the risk register is the responsibility of the Audit and Risk Committee and Board of Trustees. The Audit and Risk Committee has kept the content and format of the Risk Register under review and changes have been made to simplify the register.

The Board receives a report on performance developments of the organisation at each meeting and also on future financial projections.

There is a policy on conflict/declaration 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 Academy’s website.

Staffing and HR

There is a rolling programme to review all HR policies at least once every 3 years. The pay and reward and organisational structure, which incorporates annual salary reviews, was revised in April 2019 and remains in place.

In early 2022, the Chief Executive announced his intention to retire in March 2023. Since then, the Board has agreed a new leadership structure for the organisation. It was recognised that with the growth in scope of work of the Academy, it was no longer practical for the full span of duties to be covered by a single CEO role. Therefore, responsibility for external government affairs/policy development and internal operational issues will be split with an Executive Director being overall accountable. A new post of Director of Policy and Government Affairs is being created. There will not be a chief executive. The plan is to have a period of overlap with the Chief Executive to ease transition.

Indemnity Insurance

The charity has taken out an insurance policy that provides professional indemnity cover for the Trustees, Officers, and staff of the charity.

Trustees’ and 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 law) 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).

Company law requires the Trustees to prepare financial statements for each financial 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

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Trustees’ report and financial statements

resources, including income and expenditure, for that period. In preparing those financial statements, the Trustees and directors are required to:

The Audit and Risk Committee met with the auditors to consider and discuss their findings.

The Trustees are responsible for keeping adequate accounting records that 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.

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 jurisdictions.

Statement as to Disclosure of Information to the Auditor

In so far as the Trustees are aware:

FINANCIAL REVIEW

Financial Results of Activities and Events

The financial results of the charity’s activities for the period ended 31 March 2022 are set

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out in the Statement of Financial Activities and supporting notes. The Academy’s financial position 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 £1,451,085 (2021: £2,181,576) and expended total resources of £1,577,268 (2021: £1,340,403). In addition to its standing committees and associated work programmes, the Academy undertakes project work funded by national health bodies and fitting with the Academy’s 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. The Board is aware of the need to ensure that restricted funds are fully utilised. Details of individual funds can be found in note 14 of the financial statements.

Remuneration Policy

Remuneration policy is 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 reserves at a level appropriate to the needs of the organisation.

The Academy has given consideration to its requirements in terms of reserves and believes free reserves are required by the organisation to

Consideration was also given to the level of reserves that would be appropriate for each of

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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 Charity Commission. It is based on six months’ running costs for the organisation in terms of staffing, administration and running costs. As such the suggested required total would be a minimum of £500,000.

The Board has designated a “Development Fund” to cover specific expenditure related to the Academy’s development programme and reserves requirements. This 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 obligation, as a registered charity, to spend funds in line with our charitable aims. Unrestricted designated funds have been used for a range of development activities this year. However, the Board is also mindful of the increasingly volatile investment and funding environment. This means ensuring a balance between financial prudence to preserve longer term viability and expenditure of accumulated funds in delivery of the charitable aims. The Trustees therefore consider it necessary to hold reserves sufficient to offset the potential for deficit budgets in the years ahead.

The Trustees considered that there were no material uncertainties about the Academy’s ability to continue as a going concern. 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 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 during the year 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

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Trustees’ report and financial statements

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 oversaw a strategic review of the organisation’s activities in 2021 which considered options for the development of future activity in conjunction with members. In essence, members were strongly supportive of the Academy’s role in representing and advocating for members and were keen to see the organisation’s focus remains on this. Widening membership of the Academy beyond medical organisations was not felt to be appropriate at the current time. Members recognised the need for the Academy to generate income through project activity, but this should not distract from the organisation’s core representational role.

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 20th September 2022, and was signed for and on behalf of the board by:

………………..………………………………….. Chair of Trustees

Professor Andrew Eder

20 September 2022

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Independent auditor’s report to the members of the Academy of Medical Royal Colleges

Opinion

We have audited the financial statements of Academy of Medical Royal Colleges (the ‘charitable company’) for the year ended 31 March 2022 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 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

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Academy of Medical Royal Colleges | Independent Auditors Report

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 that, 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 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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required 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

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Academy of Medical Royal Colleges | Independent Auditors Report

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 statement of trustees’ responsibilities set out in the trustees’ annual report, 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.

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Academy of Medical Royal Colleges | Independent Auditors Report

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Academy of Medical Royal Colleges | Independent Auditors Report

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 financial 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Noelia Serrano (Senior statutory auditor) Date: 26 September 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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THE ACADEMY OF MEDICAL ROYAL COLLEGES

Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2022

Note
Income from:
Sharing & co-ordinating the
work of the Colleges & Faculties
2
Investment income
3
Total income
Expenditure on:
Charitable activities:
Sharing & co-ordinating the
work of the Colleges & Faculties
4
Total expenditure
Net gains on investments
5
Transfers between funds
Net movement in funds
14
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure) for the
year
Net income / (expenditure) before
net gains on investments		 Unrestricted
£
657,027
171
657,198
611,801
611,801
45,397
157,129
202,526
1,145
203,671
2,111,219
2,314,890		 Restricted
£
793,887
-
793,887
965,467
965,467
(171,580)
-
(171,580)
(1,145)
(172,725)
1,976,691
1,803,966		 2022
Total
£
1,450,914
171
1,451,085
1,577,268
1,577,268
(126,183)
157,129
30,946
-
30,946
4,087,910
4,118,856		 Unrestricted
£
474,837
549
475,386
439,568
439,568
35,818
201,809
237,627
-
237,627
1,873,592
2,111,219		 Restricted
£
1,706,190
-
1,706,190
900,835
900,835
805,355
-
805,355
-
805,355
1,171,336
1,976,691		 2021
Total
£
2,181,027
549
2,181,576
1,340,403
1,340,403
841,173
201,809
1,042,982
-
1,042,982
3,044,928
4,087,910

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14. The attached notes form part of these financial statements.

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THE ACADEMY OF MEDICAL ROYAL COLLEGES

Balance sheet

As at 31 March 2022

Note
Fixed assets:
8
9
Current assets:
10
Liabilities:
11
14
Total unrestricted funds
Total funds
Net current assets
Total net assets
Funds
Restricted funds
Unrestricted funds:
Designated funds - building fund
Designated funds - development fund
General funds
Creditors: amounts falling due within one year
Tangible assets
Investments
Debtors
Cash at bank and in hand		 £
296,844
1,359,280		 2022
£
811,898
1,819,852		 £
269,555
1,503,476		 2021
£
816,884
1,662,723
2,631,750
1,487,106		 2,479,607
1,608,303
1,656,124
(169,018)		 1,773,031
(164,728)
811,898
361,071
1,141,921		 816,884
389,032
905,303
4,118,856 4,087,910
1,803,966
2,314,890		 1,976,691
2,111,219
4,118,856 4,087,910

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 20th September 2022

and signed on their behalf by:

Professor Andrew Eder Chair of Trustees

Company registration no. 03166361

The attached notes form part of the financial statements.

22

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES

Statement of cash flows

For the year ended 31 March 2022

Note
a
Cash flows from investing activities:
Purchase of fixed assets
Cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
b
a)
Net income for the reporting period
(as per the statement of financial activities)
Depreciation
Gains on investments
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
Net cash (used in) / provided by operating activities
b) Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Reconciliation of net expenditure
to net cash flow from operating activities
Net cash (used in ) / provided by operating activities		 £
(32,826)		 2022
£
(111,370)
(32,826)		 £
(2,100)		 2021
£
168,583
(2,100)
£
1,503,476
At 1 April
2021		 2022
£
30,946
37,812
(157,129)
(27,289)
4,290
(144,196)
1,503,476		 166,483
1,336,993
1,359,280 1,503,476
Cash
flows
£
(144,196)
 2021
£
1,042,982
39,269
(201,809)
77,230
(789,089)
(111,370) 168,583
£
-
Other
changes		 £
1,359,280
At 31
March
2022
1,503,476 (144,196) - 1,359,280

23

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

1 Accounting policies

Statutory information

The Academy of Medical Royal Colleges is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 10 Dallington Street, London, EC1V 0DB.

Basis of preparation

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

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Going concern

The Trustees considered that there are no material uncertainties about the Academy’s 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 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.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Credit is taken in the accounts for all membership subscriptions, which are receivable, as the membership year is co-terminus with the Academy's financial year. All other similar income are also accounted for on an accruals basis.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

24

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

1 Accounting policies (continued)

Allocation of support costs

All costs that cannot be identified as relating directly to the charity’s principal activities are categorised as either support costs or governance costs. Any costs that cannot be specifically categorised are allocated in proportions based upon a suitable ratio applicable to the nature of the costs involved.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Tangible fixed assets

All tangible assets purchased that have an expected useful economic life that exceeds one year and purchase price exceeds £1,000 are capitalised and classified as fixed assets. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Leasehold property over 50 years Furniture and fittings 15% straight line Computer equipment over 3 to 5 years

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pensions

The charity makes contributions into defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The amount charged to the statement of financial activities in respect of pension costs is the total contributions payable for the year.

Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Financial instruments

With the exception of the listed investments described above, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Grant making

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

25

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES

Notes to the financial statements For the year ended 31 March 2022

2
Income from charitable activities
Unrestricted
Sharing and co-ordinating the
£
work of the Colleges and Faculties:
Subscriptions from members
447,859
Grants and other similar funding
209,168
Total income from charitable activities
657,027		 Restricted
£
-
793,887
793,887		 2022
Total
£
447,859
1,003,055
1,450,914		 Unrestricted
£
437,232
37,605
474,837		 Restricted
£
-
1,706,190
1,706,190		 2021
Total
£
437,232
1,743,795
2,181,027
3
Income from investments
Unrestricted
£
Bank interest
171
171		 Restricted
£
-
-		 2022
Total
£
171
171		 Unrestricted
£
549
549		 Restricted
£
-
-		 2021
Total
£
549
549

4 Analysis of expenditure Current year

Analysis of expenditure
Current year
Direct costs
Staff costs (See note 6)
Committees & forums expenses
Operating lease rentals
Premises costs
Admin costs
Insurance
Communication costs
Audit fees
Accountancy services
Legal and professional fees
Bank and credit card charges
Depreciation - owned assets
Support costs
Governance costs
Total expenditure 2022		 Charitable
activities
Support
costs
Governance
costs
£
£
£
530,451
-
-
303,896
510,656
-
-
15,522
634
-
10,079
-
-
30,623
-
-
33,717
-
-
9,342
-
-
28,839
-
-
-
9,660
-
42,157
-
-
12,772
-
-
1,108
-
-
37,812
-
834,347
732,627
10,294
732,627
(732,627)
-
10,294
-
(10,294)
1,577,268
-
-
Sharing and co-ordinating the work of the		 2022
Total
2021
Total
£
£
530,451
455,013
814,552
691,054
16,156
289
10,079
10,436
30,623
29,208
33,717
19,320
9,342
8,722
28,839
22,231
9,660
9,300
42,157
38,672
12,772
15,831
1,108
1,058
37,812
39,269
1,577,268
1,340,403
-
-
-
-
1,577,268
1,340,403
Colleges and Faculties
1,340,403
-
-
1,340,403

Of the total expenditure £611,801 (2021: £439,568) was unrestricted and £965,467 (2021: £900,835) was restricted.

26

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

4 Analysis of expenditure - continued Prior year

Direct costs
Staff costs (See note 6)
Committees & forums expenses
Operating lease rentals
Premises costs
Other printing, postage, stationery, admin costs
Insurance
Communication costs
Audit fees
Accountancy services
Legal and professional fees
Bank and credit card charges
Depreciation - owned assets
Support costs
Governance costs
Total expenditure 2021		 Sharing and co-ordinating the work of the Colleges and
Faculties		 co-ordinating the work of the Colleges and
Faculties		 co-ordinating the work of the Colleges and
Faculties
Charitable
activities
£
455,013
277,212
-
-
-
-
-
-
-
-
-
-
-		 Support costs
£
-
380,735
289
10,436
29,208
19,320
8,722
22,231
-
38,672
15,831
1,058
39,269		 £
-
33,107
-
-
-
-
-
-
9,300
-
-
-
-
42,407
-
(42,407)
-
Governance
costs		 2021
Total
£
455,013
691,054
289
10,436
29,208
19,320
8,722
22,231
9,300
38,672
15,831
1,058
39,269
732,225
565,771
42,407		 565,771
(565,771)
-		 1,340,403
-
-
1,340,403 - 1,340,403
Net income for the year
2022 2021
This is stated after charging / (crediting): £ £
Operating lease rentals:
Other equipment 10,079 10,436
Depreciation 37,812 39,269
Auditor's remuneration:
Audit fee (excl. VAT) 8,200 7,600
Trustees' expenses 634 -

27

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements

For the year ended 31 March 2022

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Luncheon vouchers
Temporary and other staff costs		 2022
£
674,015
72,068
63,071
3,960
1,438
814,552		 2021
£
569,062
61,000
55,167
3,948
1,877
691,054

The following number of employees received employee benefits (excluding employer National Insurance and employer pension) over £60,000, during the year in the following band:

2022 2021
No. No.
£60,000 - £69,999 1 -
£70,000 - £79,999 - 1
£80,000 - £89,999 1 -
£110,000 - £120,000 1 1

The total employee benefits including employer National Insurance and pension contributions of the key management personnel were £138,960 (2021: £137,649).

The charity has taken out an insurance policy that provides professional indemnity cover for the trustees, directors and staff of the charity. The cost of this insurance policy to the charity for the year was £9,342 (2021: £8,722).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). Three trustees were reimbursed travel & accomodation expenses during the year for £634 (2021: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Office and administration
Charitable activities		 2022
No.
2
12
14		 2021
No.
2
12
14

7 Taxation

The Academy is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

28

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES

Notes to the financial statements For the year ended 31 March 2022

8
Tangible fixed assets
Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 £
985,650
-
Leasehold
property		 £
49,162
-
Furniture &
fittings		 £
202,044
32,826
234,870
167,323
18,060
185,383
49,487
34,721
Computer
equipment		 Total
£
1,236,856
32,826
985,650 49,162 1,269,682
203,692
19,656		 48,957
96		 419,972
37,812
223,348 49,053 457,784
762,302 109 811,898
781,958 205 816,884

All of the above assets are used for charitable purposes.

In 2019 the owners of the building at 10 Dallington Street indicated their desire to sell the freehold. In accordance with legislative requirements existing tenants were offered the opportunity of purchasing the freehold. The majority of residential and commercial tenants expressed a desire to do so and formed a company “10 Dallington Street Ltd” which purchased the freehold. The Academy is a member of “10 Dallington Street Ltd”. The company has subsequently granted new 999 year leases to tenants including the Academy.

The Academy follows the historic cost model of reporting property asset value in the annual accounts. The property was purchased in 2011.

9
Investments
Fair value at the start of the year
Net gains on revaluation
Fair value at the end of the year
Historic cost at the end of the year
10
Debtors
Trade debtors
Other debtors
Accrued income
11
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security including pension
Other creditors
Accruals		 2022
£
1,662,723
157,129
1,819,852
1,000,000
2022
£
280,603
6,241
10,000
296,844
2022
£
78,005
30,081
5,004
55,928
169,018		 2021
£
1,460,914
201,809
1,662,723
1,000,000
2021
£
223,849
7,991
37,715
269,555
2021
£
31,846
20,334
3,723
108,825
164,728

29

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

12
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Balance at the end of the year		 2022
£
-
-
-		 2021
£
807,720
(807,720)
-

Deferred income comprises funds received in advance of activities and events in the 2020/21 financial year.

13
Analysis of net assets between funds
Current year
Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year
Analysis of net assets between funds
Prior year
Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 General
unrestricted
2022
£
-
1,458,781
(316,860)		 Designated
2022
£
811,898
361,071
-		 Restricted
2022
£
-
-
1,803,966
1,803,966
Restricted
2021
£
-
-
1,976,691
1,976,691		 Total
funds
2022
£
811,898
1,819,852
1,487,106
1,141,921 1,172,969 4,118,856
General
unrestricted
2021
£
-
1,273,691
(368,388)		 Designated
2021
£
816,884
389,032
-		 Total
funds
2021
£
816,884
1,662,723
1,608,303
905,303 1,205,916 4,087,910

30

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

14
Movements in funds
Current year
Restricted funds:
e-Lfh Fund
Education and Training Projects
HEE
COPMed and COGPed
Medical Training Initiative
Matched Funds
Patient Safety
Choosing Wisely/ Decisions of Value
Wales Academy
Genomics
NHS Digitial (AI) Artificial Intelligence
Changing Face of Medicine
Total restricted funds
Unrestricted funds:
Designated funds:
Designated Building Fund (STA)
Designated Development Fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 £
124,931
475,223
645,373
128,981
185,351
43,703
302,633
12,141
12,116
30,248
6,257
9,734
At the start
of the year		 £
-
36,000
-
138,204
132,635
-
360,394
-
-
115,145
1,509
10,000
Income &
gains		 £
68,372
145,942
10,000
161,127
139,709
43,703
338,077
9,999
4,000
17,764
7,766
19,008
Expenditure
& losses		 Transfers
£
-
-
-
(1,145)
-
-
-
-
-
-
-
(1,145)
32,826
(27,961)
4,865
(3,720)
1,145
-		 £
56,559
365,281
635,373
104,913
178,277
-
324,950
2,142
8,116
127,629
-
726
At the end
of the year
1,976,691 793,887 965,467 1,803,966
816,884
389,032		 -
-		 37,812
-		 811,898
361,071
1,205,916 - 37,812 1,172,969
905,303 814,327 573,989 1,141,921
2,111,219 814,327 611,801 2,314,890
4,087,910 1,608,214 1,577,268 4,118,856

31

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

14 Movements in funds (continued)

Prior year

Movements in funds (continued)
Prior year
Restricted funds:
e-Lfh Fund
Education and Training Projects
HEE
COPMed and COGPed
Medical Training Initiative
Matched Funds
Patient Safety
Choosing Wisely/ Decisions of Value
Wales Academy
Genomics
NHS Digitial (AI) Artificial Intelligence
Changing Face of Medicine
Health and Work Funding
Total restricted funds
Unrestricted funds:
Designated funds:
Designated Building Fund (STA)
Designated Development Fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 £
60,618
418,512
228,373
143,474
57,044
51,203
91,676
37,077
14,616
25,022
8,757
33,742
1,222
At the start
of the year		 £
150,000
145,720
484,836
135,800
230,000
-
427,462
30,000
-
87,372
-
15,000
-
Income &
gains		 £
85,687
89,009
67,836
150,293
101,693
7,500
216,505
54,936
2,500
82,146
2,500
39,008
1,222
Expenditure
& losses		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,100
-
2,100
(2,100)
-
-		 £
124,931
475,223
645,373
128,981
185,351
43,703
302,633
12,141
12,116
30,248
6,257
9,734
-
At the end
of the year
1,171,336 1,706,190 900,835 1,976,691
854,053
395,452		 -
-		 39,269
6,420		 816,884
389,032
1,249,505 - 45,689 1,205,916
624,087 677,195 393,879 905,303
1,873,592 677,195 439,568 2,111,219
3,044,928 2,383,385 1,340,403 4,087,910

32

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

14 Movements in funds (continued)

Purposes of restricted funds

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out below:

E-Lfh (e-learning for health) Fund. This is from HEE enables the Academy to commission individuals producing e-learning material for joint projects between the Academy and e-Lfh. These include the Foundation e- Learning programme, leadership and mental health programmes

Education and training projects. This fund covers a number of specific commissioned projects or work areas in relation to education and training:

Foundation. This fund covers funding for specific work in relation to the regular review and updating of the Foundation curriculum which the Academy undertakes for the UK Foundation Programme.

Flexibility (including Generic Professional Capabilities and Shared content ) – This funding from the GMC supports work for enabling more flexibility into curricula and specifically developing shared content across curricula. It also incorporates the remainder of work on Generic Professional Capabilities. Education – Other - This covers other education work. e.g. DEMEC, Broad Based Training.

Gap Analysis - Funding from HEE for development of a process and digital tool for identifying gaps in trainee learning/experience when moving back to training. Project not progressing as originally intended and used for to draw down CEO secondment costs.

The Flexible Careers Committee. Is a cross-College Group under the auspices of the Academy funded by a small separate levy of Colleges. Funding supports external secretariat and other administrative costs.

HEE. Research in medical education and workforce (previously Swanwick) Previously the funding for Tim Swanwick’s project on leadership, this has been redesignated to cover a project with HEE on collating medical education and education workforce research.

COPMED/COGPED. Are the UK bodies bringing together representatives of Deaneries/LETBs to provide a strategic overview and operational delivery of postgraduate medical and GP training. The Academy hosts the CPMED/COGPED secretariat which support and manages their budget. £1,145 transfer relates to fixed assets purchased in 2021-22 for COPMED and COGPED.

33

DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

14 Movements in funds (continued)

Medical Training Initiative (MTI). The Academy was commissioned by the Department of Health to be the national sponsor of the MTI scheme which provides two year training opportunities for overseas doctors in the NHS. Funding, now provided by HEE, supports the Academy MTI management of the scheme including our MTI staff.

Matched Funds. Funding was from the Department of Health / NHS England to support a range of projects undertaken by Colleges on the condition they matched the funding awarded.

Patient Safety. A project to develop a patient safety syllabus and training for a proactive approach to risk to improve safety. HEE funded.

Quality Improvement. Incorporating work on quality improvement (QI) specifically previously developing a syllabus to improve understanding of QI.

Choosing Wisely / Decision of Value. Rethinking Medicine work for NHSE incorporates the Academy’s Choosing Wisely.

Wales Academy. Including income from Wales’s members and costs of administration and management

Genomics. NHS England funded work to promote understanding and spread of genomics.

NHS Digitial (AI) Artificial Intelligence. NHS Digital funded project to look at ethics of AI from a clinical perspective.

Changing Face of Medicine Academy hosted project looking at the changing role of medicine and doctors. Funding from a number of sources. Work carried out by a contracted consultant.

Pathways – Project with NHSD to establish assurance mechanism for the clinical content on NHS Pathways.

Health and Work Funding – Funding received from Public Health England, for Academy to carry out Health And Work Conference funding.

Designated Funds:

Designated Funds are those allocated from within the Academy’s overall general funds by the Trustees for specific purposes or projects determined by the Council and Trustees. They are kept as separate funds in the balance sheet for the duration of the project.

Designated Building Fund. Represents the value of the fixed asset of the Academy property at 10 Dallington Street. The outgoing resources are the depreciation of the capital value and minor repairs.

Designated Development Fund. Fund has been designated by the Trustees as a reserve to meet any shortfall in other funding sources and provide continued funding for the running of the Academy for a period of six months. Work on the development of shared services was funded from the Development Fund.

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DocuSign Envelope ID: D7DF55AA-0186-4D7C-A7C1-E504AE3F1988

THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2022

15 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Equipment:
Less than 1 year		 2022
£
10,079
10,079		 2021
£
9,009
9,009

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

17 Related party transactions

There are no related party transactions to disclose for 2022 (2021: none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. There are payments to and from members and trustees which are part of the normal course of business. Expenses reimbursed to trustees are disclosed in note 6.

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