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2020-12-31-accounts

The Royal College of Emergency Medicine Annual Report 2020

Annual Report for year ended 31 December 2020 REPORT OF COUNCIL

Council submits its annual report together with financial statements of the College for the year ended 31 December 2020.

Reference and administrative details of the charity, its trustees and advisors

Status The College is a charitable body incorporated by Royal Charter on 12 December 2007. The College is registered with the Charity’s Commission (charity no. 1122689) and the Scottish Charity Regulator (number SC044373). Registered office 7 – 9 Bream’s Buildings, London EC4A 1DT Bankers Handelsbanken 1 Kingsway London WC2B 6AN Solicitors Hempsons Hempsons House, 100 Wood Street, Barbican London EC2V 7AN Auditors Moore Kingston Smith LLP Devonshire House, 60 Goswell Road London, EC1M 7AD Investment Managers Quilter Cheviot Flagstone Investment Investment Management Management Ltd 1 Kingsway 26-27 Oxendon London London WC2B 6AN SW1Y 4 EL Chief Executive Gordon Miles

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Annual Report for year ended 31 December 2020 The College Council consists of the following members elected by Fellows and Members of the College, and co-opted members, as required. The elected members of Council are the Trustees of the College.

From To
President Dr Katherine Henderson 2019 2022
Immediate Past President Dr Tajek Hassan 2019 2020
Vice President Dr Ian Higginson 2019 2022
Vice President Dr Lisa Munro - Davies 2016 2022
Vice President - Policy Dr Adrian Boyle 2019 2022
Vice President - Membership Dr Carole Gavin 2019 2022
Treasurer Dr Scott Hepburn 2018 2021
Dean Dr Jason Long 2014 2020
CPD Director Professor Simon D. Carley 2019 2022
Chair QECC Dr Simon M Smith 2019 2022
Chair R&P Dr Jason E Smith 2019 2022
Chair TSC Dr Maya Naravi 2018 2021
Chair ACP Mrs Olivia M Wilson 2019 2022
Chair - Emergency Medicine Dr Amar Mashru 2019 2022
Trainees Association Dr Daniel Darbyshire 2021 2023
President – Forum for Dr John Burns 2017 2020
Associate Specialist and Dr Stephen 2020 2023
Staff Grade Doctors in Richard Black
Emergency Medicine
Northern Ireland – National Board Dr Ian Crawford 2018 2020
Mr Paul P Kerr 2020 2023
Scotland – National Board Dr David Chung 2017 2020
Dr John Thomson 2020 2023
Wales – National Board Dr Jo Mower 2018 2021
Dr Suresh K Gopala Pillai 2020 2023
East Midlands Dr Richard Wright 2017 2021
East of England Dr Sarah J Evans 2019 2022
London Miss Emma Rowland 2019 2022
Dr Shashank Patil 2019 2022
North East Mr. Sohom Maitra 2019 2022
North West Dr Stephen Jones 2018 2021
South East Coast Dr Julian Webb 2017 2020
Dr Salwa Malik 2021 2024
South Central Region Divyansh Gulati 2021 2024

Annual Report for year ended 31 December 2020

South West Dr Adam Rueben 2018 2021
West Midlands Mr. Kalyana S Murali 2019 2022
Yorkshire & Humber Dr Sundararaj J Manou 2019 2022
Lay Chair Mr. Derek Prentice 2017 2020
Miss Karen Jayne Hidderley 2020 2023

Structure, governance and management

The Royal College of Emergency Medicine was constituted by Royal Charter in 2008. The registered Charity Number is 1122689. The College is also registered with the Office of the Scottish Charity Regulator. The registered Charity Number is SC044373.

The charity is governed by its trustees, who are elected members of the College Council and Officers of the College, supported by a system of Regional Boards in England and National Boards in the devolved nations. Trustees are appointed in accordance with Ordinance 6 of the College’s Charter and Ordinances. Any associated election processes are managed by the Electoral Reform Society.

At the Annual General Meeting in October 2020, subject to Privy Council approval the membership voted to agree to some changes in the structure of the College, creating as separate Trustee Board leaving Council to focus on specialty matters. These changes are planned to be implemented in 2021 and have since the end of 2020 been approved by the Privy Council approval.

The College Council has additional support in undertaking its functions from those involved in the standing committees. The Council meets at least four times per year. The Council is constituted by the Officers of the College, elected members, Chair of Emergency Medicine Trainees Association, and Chairs of standing committees, Chair of the College Lay Group, President of Forum for Associate Specialist and Staff Grade Doctors in Emergency Medicine, Chair of Advanced Clinical Practitioners and representatives from other Royal Colleges.

The Officers of the College meet regularly during the periods between each Council meeting.

The College has standing committees relating to Education and Examinations, Training Standards, Professional Standards, Corporate Governance, International aspects of College work, Research, Clinical Effectiveness and Standards, Fellowship and Membership.

The day to day running of the College is undertaken by the Chief Executive and a team of staff supported by the Officers of the College.

The Trustees receive a training programme to ensure they can discharge their duties effectively. Further training is available to meet individual needs. Arrangements are in place for the induction of all newly appointed trustees who receive a formal induction from the President of the College relating to their role and responsibilities as a trustee, prior to their first meeting of Council. The Trustees receive information about their role and responsibilities from a range of sources, including the Charity Commission and professional advisors to the College.

The election of officers and other elected members of the Council are undertaken in accordance with the Royal Charter governing the College, and our Council is chaired by the President, Dr Katherine Henderson. The Council aims to make decisions by developing a consensus but voting by members (simple majority) is the final decision making process. The Council has an Executive

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Annual Report for year ended 31 December 2020

Committee and Corporate Governance Committee that meets (monthly and quarterly respectively) to deal with operational issues and makes recommendations on strategic matters to Council for their consideration.

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Annual Report for year ended 31 December 2020

The Officers of the College have been involved in many national and international initiatives relating to the functions of the College and do so with no remuneration for their roles. They are released by their employers to undertake this work in the wider interests of the NHS and use their own time to assist the College.

We and our membership are honoured that The Princess Royal is our Royal Patron.

Staff policy and remuneration of senior staff

In relation to its staff, it is the policy of the College to observe equality of opportunity in their recruitment, development, treatment and promotion, to provide benefits superior to the statutory minimum entitlement, to recognise meritorious performance and to encourage development of individual potential by the provision of formal training. The College consults its Staff on significant employment matters via our Employee Forum.

With regards to senior staff, the College has a Remuneration Sub-Committee which reviews their remuneration arrangements periodically and reports to the Corporate Governance Committee. In determining staff remuneration, the College undertook a review of its grading and remuneration arrangements in 2018 with the assistance of an expert in employee remuneration arrangements and its new pay policy has been in place now for 2 years.

Objectives

The objectives for the Royal College of Emergency Medicine are described in the RCEM Vision 2020 which sets out our corporate strategy. The strategy document is available on our website. As the year turned the strategy is being reviewed and in 2021 a revised strategy is to be published

During 2020, the Royal College of Emergency Medicine had to adapt to the Covid-19 pandemic at the same time as continuing to promote excellence in emergency care. Our activities are focused in four key areas:

To achieve our objectives, we undertake a range of activities including:

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known as RCEMlearning;

Public Benefit

The College provides public benefit under the Charities Act in two main ways:

In terms of public benefit our Royal Charter empowers us to:

It also defines what constitutes Emergency Medicine as follows:

“Emergency Medicine: means the branch of medical science which is based on the knowledge and skills required for the prevention, diagnosis and management of acute and urgent aspects of illness and injury affecting patients of all age groups with a full spectrum of undifferentiated physical and behavioural disorders. It further encompasses an understanding of the development of prehospital and in-hospital emergency medical systems and the skills necessary for this development. Within such definition, the day to day practice of Emergency Medicine in the United Kingdom encompasses the reception, resuscitation, initial assessment and management of undifferentiated urgent and emergency cases and the timely onward referral of those patients who are considered to require admission under the in-patient specialist teams or further specialist assessment and/or follow up.”

As can be seen from the preceding explanation of our activities a significant amount of our resources are directed for the advancement of education and research in Emergency Medicine and to publish the useful results of such research.

~~In terms of a wider public benefit, taking from our Charter a~~ gain: we “preserve and protect good health and to relieve sickness by improving standards of health care and providing expert guidance

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and advice on policy to appropriate bodies on matters relating to Emergency Medicine”.

Our Members and Fellows working with their NHS colleagues provide a clear benefit to over 16 million people through Emergency Departments [[1] ], we also take part in a wide range of other initiatives to support the public; for example, our work on the effects of alcohol amongst others. The College also deals with enquiries from the general public concerning Emergency Medicine and acts as an advocate for Emergency Medicine patients.

The Trustees confirm in accordance with section 17 of the Charities Act 2011 that they have had due regard to guidance issued by the Charity Commission in determining the activities of the charity.

1 Source: Hospital Accident & Emergency Activity 2018-19 data for Major A&E Departments https://digital.nhs.uk/data-andinformation/publications/statistical/hospital-accident--emergency-activity/2018-19

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Annual Report for year ended 31 December 2020 Fundraising

During the latter part of 2020 the College engaged a firm of professional fundraising consultants to develop a fundraising strategy to assist it in developing fundraising as a source of income. To date, the College has not actively engaged in any significant fundraising as described in guidance from the Charity Commission “Charity fundraising: a guide to trustee duties (CC20)”. We continue to comply with the requirements of the Charities (Protection and Social Investment) Act 2016 and no complaints were received in respect of fundraising activity. Furthermore, the College does not fundraise in any way that could be expected to unreasonably intrude or place undue pressure on vulnerable people and other members of the public to give money or other property to the College. Our approach to fundraising is to approach contacts, stakeholders and our membership for specific appeals, and we also have a Just Giving page. We are registered with the Fundraising Regulator.

Achievements and Performance

During 2020, the President and Council had to refocus the College efforts significantly to deal with the challenge that Covid-19 presented to the specialty and the College itself. This mean that in addition to the ‘business as usual’ activities significant new streams of work were tackled. Alongside our work to deal with the impact of the Covid pandemic, work also continued to develop our medium term strategy. The Council reviewed this strategy during the year, finalising it as the year turned ready for publication early in 2021.

As the pandemic arrived in the UK significant input was given at the highest levels in each of the nations of the UK to support the preparation for the pandemic and the subsequent challenges of dealing with Covid-19. This varied from the initial challenges of focusing on the availability and quality of Personal Protection Equipment available to the specialty workforce, to sharing knowledge about best treatment practice and processes. This work continued throughout the year as the specialty had to deal with the different waves of the pandemic. There was significant dislocation to the training of NHS Emergency Medicine workforce, and this meant changes to the programme of training. Our Sustainable Working Practices Committee provided advice and help to the specialty including the provision of a wellbeing App, 87%.

In late February we invoked the Crisis Management Team for the first time in our history, as we decided the threat was sufficient to reach for our Business Recovery Procedures. We upgraded our video conferencing arrangements, reviewed our IT to enable all staff to work from home if need be and started regularly risk assessing the situation. On 17 March the Crisis Management Team decided the COVID situation was such that to protect our employees and preserve our operational capacity to support the specialty they should work from home until further notice. We moved quickly to Pivot our services to deliver in a world where it was not possible to run face to face events, examinations and meetings.

All face-to-face meetings, events and examinations were cancelled for 2020 so we needed to quickly redesign the College services. After a number of years of careful financial management, we had sufficient resources to enable us to plan and budget for some very fast development projects.

The work of the College is a collaborative team effort from our employees and emergency medicine professionals, our membership: “We help those who help the sick and injured.” Therefore, we moved quickly to provide information, guidance, re-engineer our operations and make sure our services continued.

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Our exams team and examiners have worked flat out to switch the model to online examinations in a few weeks. In normal times such work would take 18 months plus, we have achieved it in a just a few weeks. Now we have created online capabilities successfully, capacity has been an issue and we are working to resource up to deal with that. More than 5,000 candidates successfully sat online examinations with us in 2020.

In the first quarter we ran 12 days of events. And then had cancelled the remaining 44 events we had planned. We organised our first virtual Scientific Conference which was highly acclaimed. We ran other study days online. Significant work has been one communicating RCEM Learning content, CPD conference content from the cancelled conference and CPD Director podcasts.

We acted very quickly to assemble Covid related content and make this available quickly on RCEMlearning. We have had 2.5m page views in the first 8 months of this year (up by 20%)

Trainees have been impacted by Covid and various actions have been taken to mitigate these including minimizing the number of trainees delayed by cancelled exams and the QIP to 34 and 23 respectively. To support trainees with their ACCS - IAC mandatory requirement, trainees have been redeployed in some cases. Our intercollegiate group has worked together to produce updated information, the most recent being IAC Position Statement. To support Recruitment, there have been virtual interviews as with ARCPs. We’ve also published general guidance for trainees.

In the first 6 months we had 15 doctors join the specialist register via the CESR route which is almost double the number in the same period last year.

We initially cancelled our clinical audits because of the Covid uncertainty and then allowed them to restart. We issued Clinical Guidance issued on Covid for example Infection Control and others Safety Guidance.

The Policy Team have had an exceptionally busy year with the launch of RCEM Cares and engagement in the political arena to set out our case for more support for the specialty. The RCEM CARES campaign provides solutions to address these pressing issues so that ED staff can deliver safe and timely care for patients. The campaign focuses on five key areas: Crowding, Access, Retention, Experience, Safety. There is more information on our website here: - https://www.rcem.ac.uk/RCEM/Quality_Policy/Policy/RCEM_CARES/RCEM/Quality Policy/Policy/RCEM_CARES.aspx

Media coverage - in 2019 in the UK we featured in 3,721 articles. According to our media monitoring from, this is the equivalent of spending £117m on advertising with these websites. While this is not a perfect metric, it is a public relations standard and gives an indication of return on investment.

In our Membership team significant progress has been made on automating and streamline membership processes to make it easier for our membership.

Internationally, notwithstanding the travel bans, the MTI programme re-opened and is actively securing sponsorships. Other highlights included, the Emergency Medicine Foundation Programme project has proved a success and have successfully delivered ARCPs virtually with our Apollo partners across India and Pakistan. For 2021, we will enter Year 2, and trainees are currently being recruited

Guidance and support: We also provide clinical guidance and through our Emergency Medicine Journal, study days, scientific conference, research programme and Continuing Professional Development programme support the development of the emergency medicine profession.

Our internal support arrangements were redesigned as we implemented a new Corporate Services

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function looking after our people, buildings, finances and our digital infrastructure. Our HR team have worked improved staff recruitment, retention, development, engagement and wellbeing. We rolled out a new HR App to keep Colleagues up to date, implemented a new HR information system and launched our employee forum. We have supported our employee wellbeing with the 87% App, mental health first aiders, virtual coffee mornings and lots of communication.

Our Facilities have been temporarily mothballed, with steps taken to check they are secure and employee efforts redirected to support our other teams. We allow teams access for essential tasks, for example when running an online examination it helps for our staff to be together but socially distanced.

Financial Review

The Trustees are pleased to report that total incoming resources for 2020 were £6.891 m. (2019: £7.920m)

The income was as follows

Incoming Resources 2020 % 2019 %
Donations & Grants 167,907 2% 259,825 3%
Other Income 232,139 3% 431,534 5%
Investment Income 19,888 0.3% 52,034 1%
EmergencyMedicine Journal 311,187 5% 250,000 3%
Subscriptions 3,329,049 48% 3,049,861 39%
Conferences & CPD 329,815 5% 841,080 11%
Examinations 2,242,692 33% 2,702,996 34%
Training 98,591 1.4% 120,512 1.5%
Clinical Audit 159,692 2.3% 173,012 2%
Invited Service Reviews - 0% 39,000 0.5%
Total 6,890,961 100% 7,919,854 100%

The principle funding sources for the College remain membership subscriptions and examinations income. These funding sources are in line with the main educational activities and charitable aims of the College.

At the end of 2020 the total membership rose to 10,163, an increase in 11.5% from 2019. The membership category with the largest increase was in Associate member (training/Eportfolio) which increased by 34% with there also being a large increase in Associate member (ACP) of 24%. Our numbers of Fellows by Examination also saw significant increase by 9.8% with our overall number of Fellows increasing by 8%.

Total resources expended during 2020 were £ 6.233m (2019 £7.107m). This report has highlighted earlier the key activities that account for the expenditure.

Major areas of expenditure were as follows:

Resources Expended 2020 % 2019 %
Raisingfunds 11,292 0.2% 19,247 0%

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al Report for year ended 31 December 2020

EmergencyMedicine Journal		 580,163 9% 532,522 7%
Research & Publications 203,510 3% 99,396 1%
Education & Examinations 2,328,092 37% 2,662,839 37%
Training Standards Committee and general
training		 1,163,880 18.7% 1,011,324 14%
Conferences & CPD 614,492 10% 1,241,723 17%
MembershipServices 308,751 5% 324,868 5%
QualityIn EmergencyCare 433,327 7% 482,622 7%
Policy& Professional Affairs 468,125 8% 532,746 8%
NHS Project Expenditure 112,283 2% 198,914 3%
RCEM Foundation 8,640 0.1% 670 0%
Total 6,232,555 100% 7,106,871 100%

Investment policies and returns:

The Trustees have the power to invest funds and have used this power to invest in a range of investments (See note 10). The College invests in ethical areas only wherever reasonably possible.

The Trustees have engaged Quilter Cheviot Asset Management to provide them with professional investment management advice. However, in the immediate aftermath of the Covid-19 outbreak, our trustees took the decision to liquidate this investment portfolio to reinforce the funds available to the College and to mitigate against further downside risk. Fortunately, the College has not had to drawdown on these funds and they remain on deposit with Flagstone Investment Management Limited on their cash Investment platform.

Risk management, and principal risks and uncertainties

The College has a risk register maintained by the Vice President – Membership. The register is reviewed on a regular basis at the meetings of Officers and by the Corporate Governance Committee and Council.

The College’s risk register sets out the most significant risks classified by governance, operation (business continuity), finance, environment, regulatory compliance and reputation. Each risk within the classification is detailed and scored against a matrix of impact and likelihood. In 2020, further analysis took place to identify risks that the organisation may be exposed to as a result of Covid-19, this lead to the creation of an annex register, “issues list”.

The College has put systems and procedures in place to monitor, manage and mitigate risks. Trustees ensure risks are considered as an integral element of all decision making and identify appropriate procedures to ensure that risk levels are acceptable in each case.

Our risk management process complies with the best practice as set out in the latest guidance from the Charity Commission.

Significant risks for the College include:

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The Corporate Governance Committee keeps the corporate risk register under regular review. It is satisfied with the level of risk and the management controls in place to reduce the risks. In financial terms the risks to the organisation are not significant and the future of the College is closely linked to the future development of the Emergency Medicine Specialty over time. The Council has undertaken a review of the reserves policy having regard for the risk assessment.

Reserves policy

The total funds of the College at 31 December 2020 were £10.015m (2019: £9.677m) of which £ 0.418m (2019: £0.426m) were restricted and not available for the general purpose of the charity. The unrestricted funds of the charity totalled £9,598m (2019: £9.251m) of which £7.048m (2019: £7.037m) are designated funds.

Designated funds are funds that the Trustees have earmarked for specific purposes. As at 31 December 2020, there are three designated funds, tangible fixed assets, IT development and RCEM foundation. Most of the designated amount relates to the tangible fixed assets of the College, net of a related bank loan and reflects the fact that these net funds could not be realised without disposing of the assets. The IT development fund has been designated to support our digital transformation agenda over the next 3 years. RCEM foundation fund has been designated to enable our foundation to develop its fundraising capabilities and strategy over the next 2 years.

The free reserve balance is £2,550m (2019: £2.214m), and has been considered by Council, having regard for the risk position of the College and is to provide a cushion to cover up to six months core operating costs.

Furthermore, it has been determined that the College will, as a minimum, hold £800,000 as a general cash reserve and £200,000 as a reserve for property related expenditure. The Treasurer will decide how to hold the reserves as between interest bearing accounts or investments having regard for

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the overall financial position of the College. The reserves policy will be reviewed in the coming year.

Future Plans

The current plan is now under review. Subject to that review our strategic aims are as follows:

  1. Resolving the challenges facing Emergency Medicine in the UK and Ireland to improve the patient experience and outcomes by working with others to tackle the supply and demand issues facing Emergency Medicine.

  2. Working with others to achieve safe and high-quality evidence based emergency care.

  3. Improving the educational value of training and Continuing Professional Development in Emergency Medicine through our training, examinations, assessment and educational activities for those working in Emergency Medicine.

  4. Continuing to support clinical and service development and research in Emergency Medicine.

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Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of Council and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the charity’s net incoming/outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Appreciation

The trustees wish to thank the College employees for their unstinting hard work during 2020 and their on-going efforts in the daily administration of numerous areas of College activity.

The trustees wish to acknowledge the immense quantity of high quality work undertaken by College staff, Officers, Committee members and College members to deliver the charitable objectives of the College.

Approved by the Council of Trustees on 13/05/2021 and signed on their behalf by:

Dr Katherine Henderson President

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Annual Report for year ended 31 December 2020

Independent Auditor’s Report to the Trustees of The Royal Colle e o Emer enc Medicine g f g y

Opinion

We have audited the financial statements of the Royal College of Emergency Medicine for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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:

give a true and fair view of the state of the charity’s affairs as at 31 December 2020, and of its incoming resources and application of resources, for the year then ended;

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 the charity’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.

We have nothing to report in respect of the following matters in relation to which the ISAs (UK)

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Annual Report for year ended 31 December 2020

require us to report to you where:

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

the charity has not kept adequate accounting records; or

the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page [x], the trustees 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 charity’s

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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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 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-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 is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

Annual Report for year ended 31 December 2020

with management and those charged with governance.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Section

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44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

………………………………………………………….

Date: …21 May 2021…………..

Moore Kingston Smith LLP (Statutory auditor)

Devonshire House 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Annual Report for year ended 31 December 2020 THE ROYAL COLLEGE OF EMERGENCY MEDICINE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Total Total
Notes Funds Funds
2020 2020 2020 2019
£ £ £ £
INCOME FROM
Donations and grants 2 64,110 103,797 167,907 259,825
Income from
charitable activities 3 6,471,026 - 6,471,026 7,176,461
Investment income 4 19,888 - 19,888 52,034
Other Income 5 232,139 - 232,139 431,534
------------------------ -------------------- ----------------------- -----------------------
Total Income 6,787,164 103,797 6,890,961 7,919,854
---------------------- ----------------- -------------------------- ---------------------
EXPENDITURE ON
Raising funds 11,292 - 11,292 19,247
Charitable activities 6,108,980 112,283 6,221,263 7,087,624
----------------------- --------------- ----------------- ----------------------
Total resources expended 6 6,120,272
 112,283
 6,232,555 7,106,871
--------------- ------------------ ---------------------- -----------------------
Gains/(Loses) on
investments 10 (320,216) - (320,216) 189,262
Fair Value Adjustment - - - -
------------------- -------------------
------------------- -------------------
Net income for the year 346,676 (8,486) 338,190 1,002,246
---------------------- ------------------ -------------------- ----------------------
Transfer between funds 14,15 - - - -
---------------------- ---------------------- ------------------- ---------------------
Net movement on funds 346,676 (8,486) 338,190 1,002,246
Fund balances brought
forward 9,250,891 426,315 9,677,206 8,674,960
-------------------------- --------------- ---------------------- -----------------------
9,597,567 417,829 10,015,396 9,677,206
Total funds carried forward 14,15 =========== ========= ========= ==========

All activities in the year were attributable to continuing activities. The accompanying notes form part of these financial statements.

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Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

BALANCE SHEET AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 9 13,773,197 13,936,656
Investments 10 - 1,436,612
--------------------- ---------------------
13,773,197 15,373,268
Current assets
Debtors 11 1,002,685 733,365
Investment (Under 90 Days) 655,185 -
Investment (Over 90 Days) 465,000 -
Cash at bank and in hand 3,644,993 2,881,944
------------------- ----------------
5,767,863 3,615,309
Creditors: amounts falling
due within one year 12 (2,325,664) (1,911,370)
------------------- --------------------
Net current assets 3,442,199 1,703,939
--------------------- ---------------------
Total assets less current 17,215,396 17,077,207
liabilities
Creditors: amounts falling (7,200,000) (7,400,000)
due after one year 13
--------------------- ---------------------
NET ASSETS 10,015,396 9,677,207
========== ==========
Represented by:
Unrestricted funds: 14
Designated funds 7,048,007 7,036,656
General funds 2,549,560 2,214,235
-------------------- ---------------------
9,597,567 9,250,891
Restricted funds 15 417,829 426,315
--------------------- ---------------------
TOTAL FUNDS 10,015,396 9,677,207
========= ==========

These financial statements were approved by the Trustees and authorised for issue on 13/05/2021 and are signed on their behalf by:

.............................................................. .................................................. Dr K Henderson (President) S Hepburn (Treasurer)

The accompanying notes form part of these financial statements.

22

Annual Report for year ended 31 December 2020 THE ROYAL COLLEGE OF EMERGENCY MEDICINE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

020
2020 2019
Note £ £ £ £
Cash flows from operating activities
Net cash provided by 19 1,101,283 614,911
operating activities
------------------- -------------------
Cash flows from investing activities
Investment income 19,888 52,034
Purchase of tangible fixed asset (38,103) (97,442)
Purchase of investments (14,385) (270,382)
Proceeds from sale of investments 549,552 254,875
-------------- -------------------
Net cash used by investing activities 516,952 (60,915)
------------------- -------------------
Cash flow from financing activities
Repayment of bank loan (200,000) (200,000)
-------------- -------------------
Net cash used by financing (200,000) (200,000)
activities
------------------- -------------------
Change in cash and cash 1,418,235 353,996
equivalents in the year
Cash and cash equivalents at
the beginning of the year		 2,881,943 2,527,947
------------------- -------------------
Cash and cash equivalents at
the end of the year		 4,300,178 2,881,943
------------------- -------------------
Analysis of cash and cash
equivalents
Investment (Under 90 Days) 655,185 -
Cash at bank and in hand 3,644,993 2,881,943
------------------- -------------------
4,300,178 2,881,943
======= =======

23

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Analysis of changes in net debt

At start of year Cash-flows Other non- At end of
cash changes year
£
Cash 2,881,943 1,418,235 - 4,300,178
-------------------
1,418,235
-------------------
Loans falling within one year (200,000) 200,000 (200,000) (200,000)
Loans falling due after more (7,400,000) - 200,000 (7,200,000)
than one year
========= ========= ========= =========
TOTAL (4,718,057) 1,618,235 - (3,099,822)
========= ========= ========= =========
Analysis of changes in net debt
2019
At start of year Cash-flows
Other non-		 At end of
cash changes
year
£
Cash 2,527,947 353,995 - 2,881,943
-------------------
353,935
-------------------
Loans falling within one year (200,000) 200,000 (200,000) (200,000)
Loans falling due after more (7,400,000) - 200,000 (7,200,000)
than one year
========= ========= ========= =========
TOTAL (5,272,053) 553,995 - (4,718,058)
========= ========= ========= =========

The accompanying notes form part of these financial statements.

24

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

1. ACCOUNTING POLICIES

Basis of accounting

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) (effective 1 January 2019) - (Charities SORP (FRS 102)), and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Royal College of Emergency Medicine 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 note(s).

Going concern

The Trustees have considered several factors in concluding that the adoption of a going concern basis in the preparation of these financial statements is appropriate. They have reviewed reserves, business plans and a sensitivity analysis (adjusted to replicate some of the impact COVID-19 had in 2020), for a period of twelve months from the date of approval of these financial statements which demonstrate that the College has enough resources to meets its obligations as they fall due. Furthermore, having developed digital solutions for our examinations and conferences, Trustees are content that the College has robust income streams in these areas as well as subscriptions. The College is forecasting a deficit budget in 2021which is likely to breach our Earnings Before Income Tax Depreciation and Amortisation (EBITDA) financial covenant attached to the long-term loan with our bank, Handelsbanken. The bank has indicated informally that given one off expenditure such as our new ePortfolio and our strong recovery in 2020 they would continue to support the organisation by waiving the covenant. Additionally, they have offered the College an overdraft facility if required. However, the College has free reserves of approximately £2.55m at the balance sheet date which will assist in mitigating the need for additional facilities. Accordingly, the charity continues to adopt the going concern basis in the preparation of the financial statements.

Judgements and estimates

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of investments and are discussed below.

Income

All income is recognised once the College has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income comprises amounts receivable during the year except for investment income which is accounted for in the period in which it is received on the basis that this is not materially different to a receivable basis. Grants are recognised when receivable and subscriptions for life membership are recognised when received. Payments received in advance of the related income being receivable are treated as deferred income within creditors.

25

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

1. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised on an accruals basis in the period in which the College receives the benefit from the supplies or services. Raising funds are costs of investment management, costs of merchandise and costs incurred in publicising the name of the charity. Charitable activities comprise all expenditure directly relating to the objects of the charity and, in addition, support costs which are costs which are common to a number of activities and are charged to those activities on the basis of office space used by respective members of staff. Support costs include governance costs which are the costs of compliance with constitutional and statutory requirements and costs related to the strategic management of the organisation.

Tangible fixed assets and depreciation

Tangible and Intangible fixed assets are recorded at cost or, in cases where fixed assets have been donated to the College, at valuation at the time of donation. All items of expenditure over £1,000 regarded as fixed assets are capitalised. Depreciation and amortisation are charged at the following rates in order to write down the cost or valuation, less estimated residual value, of all fixed assets, over their expected useful lives:

Freehold land nil
Freehold building 2%
Fixtures and fittings 25%
Computer equipment 25%
Database systems 50%

The Coat of Arms and Presidential Chain of Office have not been depreciated in view of their nature. The Council believe that their current value is at least equal to their book values.

Investments and investment gains and losses

Quoted investments are valued at the bid price at the close of business at the year end. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities.

Pension costs

The charity makes contributions towards employees’ personal pension schemes which are accounted for as the payments fall due.

Operating leases

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred.

Taxation

No provision has been made for corporation tax or deferred tax as the charity is exempt.

26

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

1. ACCOUNTING POLICIES (continued)

Funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes.

Designated funds comprise funds which have been set aside by the trustees for specific purposes. The purpose of each designated fund is set out in note 15.

Restricted funds relate to non-contractual income which is to be used in accordance with restrictions imposed by the donors or which have been raised by the charity for specific purposes. The purpose of each restricted fund is set out in note 16.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised except for investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

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 and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Deposits with maturity greater than three months from the year end are classified within short term investments.

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.

Related Party Transactions

There are no other related party transactions

27

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

1. ACCOUNTING POLICIES (continued)

Employee benefits

2. GRANTS AND DONATIONS

GRANTS AND DONATIONS
Total Total
2020 2019
RESTRICTED FUNDS £ £
NHS Health Education England 100,658 256,068
Projects
RCEM Foundation 3,139 3,757
UNRESTRICTED FUNDS
Grants and Donations 64,110 -
------------ -----------
167,907 259,825
======= ======
INCOME FROM CHARITABLE ACTIVITIES
Total Total
2020 2019
UNRESTRICTED FUNDS £ £
Emergency Medicine Journal 311,187 250,000
Conferences & CPD 329,815 841,080
Subscription 3,329,049 3,049,861
Examination fees 2,242,692 2,702,996
Training 98,591 120,512
Clinical Audit 159,692 173,012
Invited Service Reviews - 39,000
-------------- --------------
6,471,026 7,176,461
======== ========

3. INCOME FROM CHARITABLE ACTIVITIES

28

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

4. INVESTMENT INCOME

INVESTMENT INCOME
Total Total
2020 2019
UNRESTRICTED FUNDS £ £
Dividends and interest on investments 7,154 35,155
listed on a UK stock exchange
Interest received 12,735
 16,879
----------- -----------
19,888 52,034
====== ======

Investment income received in both years were from unrestricted sources.

5. OTHER INCOME

Total Total
2020 2019
UNRESTRICTED FUNDS £ £
Sale of Merchandise 22 2,172
Room Hire 232,118 429,362
-------------- -------------
232,139 431,534
======= =======

29

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

6. EXPENDITURE
Direct Support Total
Costs Costs 2020
£ £ £
Raising Funds
Website costs 2,160 - 2,160
RCEM Merchandise 3,816 - 3,816
Investment broker charges 5,316 - 5,316
-------------- -------------- --------------
11,292 - 11,292
Charitable Activities
Emergency Medicine Journal 580,163 - 580,163
Research & publications 154,559 48,951 203,510
Education and examinations 1,245,715 748,159 1,993,874
RCEMlearning 199,244 134,974 334,218
Training 696,627 467,253 1,163,880
Conferences & CPD 267,047 347,445 614,492
Membership services 132,862 175,889 308,751
Quality in emergency care 244,234 189,093 433,327
Policy and professional affairs 323,454 144,671 468,125
RCEM Foundation Fund -
(Designated Fund) 8,640 8,640
NHS project expenditure
(Restricted) 112,283 - 112,283
-------------- -------------- ---------------
3,964,828 2,256,435 6,221,263
-------------- --------------- ---------------
3,976,120 2,256,435 6,232,555
======== ======== ========
======== ======== ========

30

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Direct Support Total
Costs Costs 2019
£ £ £
Raising Funds
Website costs 2,357 - 2,357
RCEM Merchandise 8,672 - 8,672
Investment broker charges 8,218 - 8,218
-------------- --------------- ---------------
19,247 - 19,247
Charitable Activities
Emergency Medicine Journal 532,522 - 532,522
Research & publications 80,769 18,627 99,396
Education and examinations 1,573,574 1,089,265 2,662,839
Training 570,232 441,092
 1,011,324
Conferences & CPD 771,938 469,785
 1,241,723
Membership services 107,312 217,556 324,868
Quality in emergency care 232,213 250,409 482,622
Policy and professional affairs 289,427 243,319 532,746
NHS project expenditure 198,914 -
 198,914
(Restricted)
RCEM Foundation Fund 670
-		 670
(Restricted)
------------- --------------- ---------------
-
4,357,571 2,730,053 7,087,624
------------- --------------- ---------------
-
4,376,818 2,730,053 7,106,871
======= ======== ========
Year to December
Year		 to December
2020 2019
£ £
Staff costs comprise:
Wages and salaries 2,183,646 2,027,753
Social security costs 233,877 208,190
Other pension costs 188,480 165,449
--------------
--------------
Total Employee costs 2,606,003 2,401,392
Casual staff 71,802 109,857
--------------
--------------
2,677,805 2,511,249
========= =======

There were no termination payments made in 2020 (2019: £83,717).

31

Annual Report for year ended 31 December 2020 THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

The average number of permanent employees during the period was 53 (2019: 52). These were supplemented by several casual staff who assisted primarily with examinations and training.

Year to December Year to December
2020 2019
No. No.
Staff numbers as analysed by category:
Exams & Education 12 12
Training 8 7
Policy & Professional Affairs and Quality in 9 8
Emergency Care
Membership 3 3
Research & Publications and Events 7 7
Other 14 15
---------- ----------
53 52
====== ======

During the period the numbers of employees whose emoluments (defined as salary and taxable benefits) exceeded £60,000 were:

Year To December Year To December
2020 2019
No. No.
£60,000 to £70,000 3 2
£70,001 to £80,000 1 -
£80,001 to £90,000 - 2
£90,001 to £100,000 1 -
£140,001 to £150,000 - 1
£150,001 to £160,000 1 -

The aggregate emoluments of the key management personnel which comprises of Trustees, Chief Executive Officer, Deputy Chief Executive Officer (who holds the role Director of Education) and Director of Corporate Services amounted to £395,326. (2019: £364,641).

The pension amounts paid to the above employees amounted to £51,383.

32

Annual Report for year ended 31 December 2020 THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

6A. SUPPORT AND GOVERNANCE COSTS

SUPPORT AND GOVERNANCE COSTS
Year To December Year To December
2020 2019
£ £
Staff costs 851,946 972,776
Rates, service charges and electricity 237,885 278,206
Office expenses 116,943 211,777
Printing, postage, stationery & telephone 92,221 109,232
Website & information technology 254,703 236,987
Insurance 50,697 45,241
Depreciation & loss on disposal of assets 201,562 230,077
Irrecoverable VAT 165,468 195,486
Sundry expenses 14,334 67,271
Bank interest on loan 151,521 186,661
Bank & credit card charges 60,531 64,738
Governance
Auditors’ remuneration
For audit 15,045 12,500
Non-audit services 3,385 -
Board meeting and travel costs 40,193 119,100
-------------- --------------
2,256,435 2,730,053
======== ========

Support costs are allocated to activities on a basis consistent with the use of these resources. The allocation method of apportionment adopted by The Royal College of Emergency Medicine is as follows, headcount, i.e. based on the number of people employed within an activity, square foot, i.e. based on floor area occupied by an activity and time, i.e. where staff duties span more than one activity.

7. CHARITABLE ACTIVITIES – GRANT PAYABLE

Research grants awarded by the Royal College of Emergency Medicine in the year to 31 December 2020 totalled £112,263 (2019: £73,011).

8. TRUSTEES

The trustees received no remuneration from the charity in respect of acting as Trustees. No trustee provided services to the charity for which they were paid.

During the year, 22 trustees received reimbursement for costs for attending meetings and for travelling expenses, amounting to £4,978 (2019: 24 trustees, £50,901). In addition, expenses paid directly by the College, mainly in the form of hotel bills, amounted to £5,227 (2019: £46,825).

33

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

9. TANGIBLE FIXED ASSETS

Building Office College Coat of Chain
Costs Equipme Database Arms of office Total
£ nt£ £ £ £ £
Cost or valuation
At 1 January 2020 14,416,875 695,570 402,981 6,534 428 15,522,387
Additions 1,263 36,840 - - - 38,103
Disposals - - - - - -
-------------- -------------- ----------- ------------ ------------ --------------
At 31 December 2020 14,418,138 732,410 402,981 6,534 428 15,560,490
-------------- ------------- ----------- ---------- --------- --------------
Depreciation
At 1 January 2020 606,318 576,745 402,668 - - 1,585,731
Charge for the year 124,645 76,604 313 - - 201,562
On Disposals - - - - - -
-------------- ------------ ----------- ---------- --------- -------------
At 31 December 2020 730,963 653,349 402,981 - - 1,787,293
-------------- ------------ ----------- ---------- --------- -------------
Net Book Value
At 31 December 2020 13,687,175 79,061 - 6,534 428 13,773,197
========= ====== ====== ===== ===== ========
At 31 December 2019 13,810,557 118,825 312 6,534 428 13,936,656
========= ====== ====== ===== ===== ========

10. INVESTMENTS

VESTMENTS
2020 2019
Analysis of change in investments during the year £ £
At 1 January 1436,612 1,220,920
Additions at cost 14,385 270,382
Disposals (1,014,552) (254,875)
Net gain on revaluation (320,216) 189,262
Movement in investment cash (116,229) 10,924
------------- -------------
Market value at 31 December - 1,436,612
======== ========
Represented by:
Fixed interest - 179,362
Equities - 986,451
Alternative investments - 154,570
Cash - 116,229
--------------- ---------------
- 1,436,612
======== ========
Cost at 31 December - 866,747
======== ========

34

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO

THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

11. DEBTORS
2020 2019
£ £
Trade debtors 64,934 76,308
Prepayments 615,205 372,489
Accrued income 322,546 258,230
Other debtors - 26,338
-------------- --------------
1,002,685 733,365
======== ========

12. CREDITORS: amounts falling due within one year

2020 2019
£ £
Bank loan (see note 13) 200,000 200,000
Trade creditors 95,293 354,388
Taxes and social security 70,945 61,506
Accruals 672,983 245,347
Deferred income 1,036,095 837,199
Other Creditors 250,348 212,930
-------------- --------------
2,325,664 1,911,370
========= ========

Deferred income relates to exam, event and course fees received in advance. All the deferred income at 31 December 2020 relates to income received in 2020 and all deferred income at 31 December 2019 has been released.

At the balance sheet date, no pension contributions were outstanding (2019: £15,975).

13. CREDITORS: amounts falling due after more than one year

2020 2019
£ £
7,200,000 7,400,000
Bank loan ------------- --------------
7,200,000 7,400,000
======= =======
Bank loan maturity analysis
Due less than 1 year 200,000 200,000
Due 1 – 2 years 200,000 200,000
Due 2 – 5 years 7,000,000 7,200,000
------------- --------------
Total loan value 7,400,000 7,600,000
Included in current liabilities (200,000) (200,000)
-------------- --------------
Included in long term liabilities 7,200,000 7,400,000
======= =========

35

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO

THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

The bank loan is secured by a first legal charge over the land and buildings owned by the charity. Interest is calculated at LIBOR plus 1.60%.

36

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

14. UNRESTRICTED FUNDS

At Investment At 31
1 January Income Expenditure gains/losses Transfers December
2020 and fair 2020
value
£ £ £ £ £ £
Designated Fund
Tangible fixed 6,336,656 - - - 36,541 6,373,197
Assets
IT Development 500,000 - - - (16,550) 483,450
RCEM 200,000 - - - (8,640) 191,360
Foundation
General fund 2,214,235 6,787,164 (6,120,272) (320,216) (11,351) 2,549,560
------------- -------------- --------------- -------------- -------------
---------------
9,250,891 6,787,164 (6,120,272) (320,216) - 9,597,567
======= ======= ======== ======= ======= ========
At Investment At 31
1 January Income Expenditure gains/losses Transfers December
2019 and fair 2019
value
£ £ £ £ £ £
Designated Fund
Tangible fixed 6,269,292 - - - 67,364 6,336,656
Assets
IT Development 500,000 - - - - 500,000
RCEM 200,000 - - - - 200,000
Foundation
General fund 1,342,721 7,660,027 (6,907,286) 189,262 (70,491) 2,214,235
------------- -------------- --------------- -------------- ------------- ---------------
8,312,013 7,660,027 (6,907,286) 189,262 (3,127) 9,250,891
======= ======= ======== ======= ======= ========

The Tangible Fixed Assets fund represents the value of these assets less a related loan and are not free reserves. The IT development fund has been earmarked to support the College’s Digital Transformation Strategy over the next 3 years. RCEM foundation fund is a 2 year designated fund designed to support the development and implementation of the RCEM Foundation’s Fundraising Strategy.

37

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

15. RESTRICTED FUNDS

At 1 January At 1 January Income Expenditure Transfer At 31
2020 2020 December
£ £ £ £ 2020
£
Alison Gourdie 43,832 - - - 43,832
Memorial Fund
E-learning for Health Fund 157,622 - - - 157,622
ENACT 3,348 - - - 3,348
Beth Christian 6,050 - - - 6,050
Memorial Fund
Emergency Care Data Set 12,273 - - - 12,273
Project
Health Education 188,464 100,658 (112,283) - 176,839
England Projects
RCEM Foundation 14,726 3,139 - - 17,865
------------ ----------- ------------- ------------ ------------
**426,315 ** 103,797 (112,283) - 417,829
====== ====== ======= ====== =======
At 1 January Income Expenditure Transfer At 31
2019 2019 December
£ £ £ £ 2019
£
Alison Gourdie Memorial Fund 43,832 - - - 43,832
E-learning for Health Fund 77,622 80,000 - - 157,622
ENACT 3,348 - - - 3,348
Beth Christian Memorial 6,050 - - - 6,050
Fund
Emergency Care Data 12,273 - - - 12,273
Set Project
Health Education 208,183 176,068 (198,914) 3,126 188,464
England Projects
RCEM Foundation 11,639 3,757 (670.00) - 14,726
------------ ----------- ------------ ---------- ------------
362,947 259,825 (199,584) 3,126 426,315
======= ====== ======= ===== =======

The Alison Gourdie Memorial Fund was established to award prizes to doctors and nurses for projects that benefit the provision of high quality care in the field of Accident and Emergency Medicine.

The Beth Christian Memorial Fund was established in her memory.

Elearning for Health Fund (previously known as the EnlightenMe Grant) is a project funded by the Department of Health to improve e-learning for Healthcare by covering the costs of Content Authors, Module Editors and Clinical Leads.

38

Annual Report for year ended 31 December 2020

THE ROYAL COLLEGE OF EMERGENCY MEDICINE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

ENACT is a fund set up to help develop emergency medicine learning overseas.

The Emergency Care Data Set Project is a funded by the Department of Health to change the data set collected by the NHS relating to emergency medicine.

The Health Education Projects fund is to fund a series of joint projects focused on the development of the emergency medicine workforce with NHS Health Education England.

RCEM Foundation fund is to support further improvements in patient care, to support ground breaking research and help low income countries establish emergency care and clinical training.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Fund balances at 31 December 2020 represented by:
Tangible fixed assets - 13,773,197 - 13,773,197
Current assets 4,675,224 674,810 417,829 5,767,863
Creditors falling due
within one year (2,125,664) (200,000) - (2,325,664)
Creditors falling due after
one year - (7,200,000) - (7,200,000)
--------------- --------------- --------------- ---------------
Total net assets 2,549,560 7,048,007 417,829 10,015,396
========= ========= ========= =========
General Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Fund balances at 31 December 2019 represented by:
Tangible fixed assets - 13,936,656 - 13,936,656
Investments 1,436,612 - - 1,436,612
Current assets 2,488,993 700,000 426,315 3,615,309
Creditors falling due (1,711,370) (200,000) - (1,911,370)
within one year
Creditors falling due after - (7,400,000) - (7,400,000)
one year
--------------- --------------- -------------- ---------------
Total net assets 2,214,235 7,036,656 426,315 9,677,207
========= ========= ======= =========

39

Annual Report for year ended 31 December 2020 THE ROYAL COLLEGE OF EMERGENCY MEDICINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

17. OPERATING LEASE COMMITMENTS

OPERATING LEASE COMMITMENTS
2020 2019
Equipment Equipment
£ £
Operating leases which expire within:
Less than one year 50,808 51,931
Between one and two years 50,808 50,808
Between two and five years 30,450 80,505
Over five years - 753
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132,066 183,997
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RECONCILIATION OF OPERATING PROFIT TO NET CASH
2020 2019
£ £
Net income before other gains and losses 658,406 724,727
Depreciation charges 201,562 230,078
Investment income (19,888) (52,034)
Movement in investment portfolio cash 116,229 (10,924)
Decrease/(increase) in debtors (269,320) (107,736)
Increase/(decrease) in creditors 414,294 (169,200)
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Net cash inflow from operating activities 1,101,283 614,911
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18. RECONCILIATION OF OPERATING PROFIT TO NET CASH

20. CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements amounted to £185,926 inc. VAT in respect of the College’s development of a new ePorfolio platform. (2019: £0)

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Annual Report for year ended 31 December 2020

Annex

College representatives work with several organisations, including:

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Annual Report for year ended 31 December 2020

Annex (continued)

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Annual Report for year ended 31 December 2020

Annex (continued)

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Annual Report for year ended 31 December 2020

“The Royal College of Emergency Medicine objective is to promote excellence in emergency care. Our activities are focused in three key areas:

Delivery of safe high quality emergency care, promotion of best practice and ensuring emergency medicine training is of the highest standard. To achieve these aims we strive to ensure that patient centred care is led and delivered by fully trained Emergency Medicine Consultants, working in and with the wider Emergency Medicine team.

Secondly, we advance safe and effective Emergency Medicine by providing expert guidance and advice on Emergency Medicine policy.

Thirdly through the development of training, the funding of research and the setting of professional postgraduate examinations we work to educate, train and assess Emergency Medicine doctors to deliver the highest standards of professional competence and practice for the protection and benefit of all the public.”

This report covers activity of the year to 31 December 2020

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Annual Report for year ended 31 December 2020

7-9 Breams Buildings London EC4A 1DT Tel: +44 (0)20 7400 1999 Fax: +44 (0)20 7067 1267 www.rcem.ac.uk Incorporated by Royal Charter, 2008 Registered Charity number 1122689

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