2020-09-30-accounts - The Royal Society Of Medicine

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President's Report
Chief Executive's Report
Education
Library
Membership
Philanthropy	10
Commercial Services
RSM Council, ONcers and Advisors	12
Governance	13
Financial Review	17
Auditor's Report	20
Financial Statements	22
Accounting Policies	25
Notes tothe Financial Statements	29
RSM Sections and their Presidents

Key risks	Mitigations
Finaneiab the RSM fails to eradicate its	Over the last 12months the RSM has received the proceeds from the sale
underlying budget deficit and manage	of Chandos House, undertaken a broad range of cost-cutting measures,
further financial risks, principally	accessed government support during the pandemic and started to
the ongoing impact ofthe COVID-19	develop new income streams The RSM is developing its overall strategy
pandemic. As a result, operations in their	in the light ofthe pandemic.
current form are no longer viable and
there is a risk to being a going concern.
Governance: the RSM fails to establish	Section Finance Rules and Section Governance Rules are in place and
an integrated model of working across all	currently under review. Regular Academic Board meetings are held with
Sections to deliver education programmes	Section Presidents. Consultations and meetings are held with Section
and as such risks poor governance and	Council members.
financial controls.
Strategict lack of a clear and deliverable	Work is underway to develop a new overarching strategy for the
organisational strategy leads to the RSM	RSM. This has been delayed as a result ofthe pandemic and the need
failing to establish acore charitable	to consider the expected longer-term impacts of COVID-19 on the
purpose and a financially sustainable	education programme, property requirements, membership offering,
business model.	expected new ways of working and the financial position.
Compliance: a health and safety failure	A new Health and Safety Policy was approved by Council in November
causes harm to an employee, member or	2020 An implementation plan is in place to deliver the policy The Safety
visitor.	Committee meets regularly and comprises members of staff from across
	the organisation A Health and Safety Risk Register is maintained The
	Society has responded to the pandemic by ensuring that appropriate
	measures have been taken to comply with COVID-19 requirements.
Operationab sigmficant workloads and	Swift identification of issues is through meetings with managers
the need to adapt to remote working	and feedback from staff surveys. Support is provided for employees
and changed service offerings impacts	working remotely through communication strategies and provision of
the wellbeing of employees and leads to	IT and other equipment. Initiatives are in place to support physical and
unplanned absences, claims against the	mental wellbeing including an Employee Assistance Programme with a
RSM and the inability to deliver services	confidential helpline. HR policies provide the framework for managing
to the high standards required.	absences, illness and employee relations.

							RESTRICTED	RESTRICTED	ENDOWED	ENDOWED					TOTAL
				UNRESTRICTED FUNDS				FUNDS		FUNDS	TOTAL FUNDS		2020		FUNDS 2019
			Contihuing opsroi ohs		Discontinued ops rom		rotoi	Continuing OPS St OhS		Cohtihulhg OPS Stol S	Continuing ops etionr	Dircohiihuw opsroi ons		rotor	Restated
		nates		EDOO		EOOD	EDOO	EOOD		EOOD	EOOD	EDOO		EOOD	EOOD
INCOME FROM:
Donations and legacies		4		1,141			1,141	455			1,596			1,596	736
Other trading nativities
Conferenmng snd hospitahty				2,913		610	3,523				2,913	610		3,523	7,360
Rental income				35			35				35			35	55
				2,948		610	3,558				2,948	610		3,55$	7,415
Investments				96			96	116			212			212	310
Charitable activities
Education
Acodemic programme				1,040			1,040				1,040			1,040	1,993
Information resources				17			17				17			17	2$
Pubhshing				186			186				186			1$6	192
Membership subscriptions		6		4,403			4,403				4,403			4,403	4,716
				5,646			5,646				5,646			5,646	6,929
Other inaome
Proht on dnposal of Chandos House		7		6358			6,358				6,358			6,358
Total income				16,189		610	16,799	57I			16,760	610		17,370	15,390
EXPENDITURE ON;
Raising funds
Fundraising costs				170			170				170			170	224
Conferencing and hospitality				4,288		547	4,$35				4,288	547		4,535	7,327
Rental income costs				142			142				142			142
Investment management	costs			12			12				12			12	28
				4,612		547	5,159				4,612	547		5,159	7,677
Charitable activities
Education:
Academic programme				4,728			4,728	186			4,914			4,914	5,325
Information resources				3,263			3,263	119			3,382			3,352	2,603
Pubhshmg				159			159				159			159	146
Membership subscriptions				1,808			1,808				1,808			1,80$	$94
				9,893			9,958	305			10,263			10,263	$,96$
Total expenditure				14,570		547	15,117	305			14,875	547		15,422	16,645
NET INCOME/(EXPENDITURE) BEFOREINVESTMENT LOSSES				1,619		63	1,682	266			1,885		63	1,94$	(1,2SE)
Net (losses) on investments			13	(273)			(273)	(194)		(476)	(943)			(943)	(479)
NET INCOME/(EXPENDITURE)				1,346		63	1,409		72	(476)	942		63	1,005	(1,734)
NET MOVEMENT IN FUNDS				1,346		63	1,409		72	(476)	942		63	1,005	(1,734)
RECONCILIATION OF	FUNDS
Totalfunds broughtforward				31,135			31,135	2,970		2,233	36,338			36,338	3$,072
Total funds serried forward			20,21	32,481		63	32,544	3,042		1,757	37,280		63	37,343	36,338

						GROUP		CHARITY
					2020	2019	2020	2019
				notes	8000	8000	8000	8000
						Restated		Restated
FIXEDASSETS
Tangible assets					18,101	22,315	18,101	18,726
Intangible assets				12	665	1,246	665	1,246
Investments
Property				13				9,200
Investment funds				13	4,777	6,932	4,777	6,932
Heritage assets				14	3,346	3,346	3,346	3,346
Shares m subsidiary		companies		10
TOTAL FIXEDASSETS					26,889	33,839	26,891	39,452
CURRENT ASSETS
Stocks				15	51	64
Debtors				16	1,355	2,371	1,619	1,929
Short term mvestments				13	179	255	179	255
Bank deposits					13,205	3,928	13,205	3,928
Bank and cash balances					336	1,216	320	1,208
					15,126	7,834	15,323	7,320
CREDITORS: Amounts			falhng due within one year	17	(3,757)	(4,189)	(3,447)	(3,871)
NET CURRENT ASSETS					11,369	3,645	11,876	3,449
CREDITORS: Amounts falling due after more than one year				18	(ssg)	(1,053)	(862)	(1,053)
PROVISIONS FOR	LIABILITIES			19	(as)	(93)	(ss)	(93)
NET ASSETS				22	37,343	36,338	37,852	41,754
FUNDS
Unrestncted Funds:
Tangible fixed assets fund					22,112	26,607	22,112	32,218
Other designated	funds				1,802	1,722	1,802	1,722
General fund					8,630	2,806	9,139	2,611
				20	32,544	31,135	33,053	36,551
Permanent endowment			funds	21	1,757	2,233	1,757	2,233
Restricted funds				21	3,042	2,970	3,042	2,970
TOTALFUNDS					37,343	36,338	37,852	41,754

					2020	2020	2019	2019
							Restated	Restated
					8000	8000	8000	8000
Nat cash (used in) operating activities						(2,2os)		(1,250)
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends from investments					183		267
Proceeds from sale ofChandos House					10,025
Purchase of property, plant and equipment		and mtangibles			(608)		(644)
Proceeds from sale of long term investments					1,250
Purchase of long term investments							(20)
Cash mffow from bank mterest					29		43
Proceeds from sale of short term investments					38		30
Net cash generated/ (used) by investing		activities				10,917		(324)
CASH FLOWS FROM FINANCING ACTIVITIES;
Repayments of loan finance: quarterly	instalments			paid	(300)		(300)
Interest paid					(12)		(28)
Net sash «sed in finsnaing activities						(Ns)		(328)
Change in cash and cash equivalents	in the		year			8,397		(1,902)
Cash snd cash equivalents st 1October						5,144		7,046
Cash and cash equivalents st30September						13,541		5,144
RECONCILIATION OFCASH FLOWS	FROM		OPERATING ACTIVITIES
Net income/ (expenditure) before mvestment reportmg period (as per the SOFA)			(losses) for the			1,948		(1,255)
Adiustments for:
Depreciation					1,464		1,393
Profit on disposal ofChandos House					(6,358)
Interest / Dividends					(200)		(282)
Impairment write off intangible fixed assets					360
Decrease/ (increase) m debtors					1,016		(936)
Decrease/ (increase) m stock					13		(5)
(Decrease) in creditors					(411)		(48)
(Decrease) in provision					(4o)		(IIT)
Net cash provided by/(used in) operating		activities				(2,208)		(1,250)
ANALYSIS OF CHANGES IN NET DEBT
					At 1Oct 2020	Cash Flows		At 30Sept 2020
Cash and sash equivalent					SOOO	SOOO		8000
Cash					1,216	(880)		336
Bank deposits					3,928	9,277		13,205
					5,144	8,397		13,541
Borrowings
Debt due withm one year					300	(300)
					300	(300)
Total					5,444	8,097		13,541

		UNRESTRICTED FUNDS	RESTRICTED FUNDS	ENDOWED FUNDS	TOTAL	FUNDS 2019
	itotas	EOOO	EOOO	EOOO		EOOO
		Restated				Restated
INCOME FROM:
Donations snd legacies		639	97			736
Other trading activities
Conferencing and hospitahty		7,360				7,360
Rental income		55
		7,415				7,415
Investments		150	160			310
Charitable nativities
Education:
Academic programme		1,993				1,993
Information resources		28				2$
Publishing		192				192
Membership subscnptions		4,716				4,716
		6,929				6,929
Total income		15,133	257			15,390
EXPENDITURE ON:
Raising funds
Fundraising costs		224
Conferencing and hospitahty		7,327				7,327
Rental income costs		98				9$
Interest		28				2$
		7,677				7,677
Charitable nativities
Education:
Academic programme		5,095	230			5,325
Information resources		2,603				2,603
Publishing		146				146
Membership subscnptions		894				$94
		8,738	230			$,96$
Total expenditure		16,415	230			16,645
NET INCOME BEFOREGAINS AND LOSSESON INVESTMENTS		(1,282)	27			(1,255)
Net (losses) on investments	12	(230)	(85)	(164)		(479)
NET MOVEMENT IN FUNDS IN PRIOR YEAR		(1,512)	(58)	(164)		(1,734)
4 DONATIONS AND LEGACIES					2020	2019
					EOOO	EOOO
Donations					942	693
Legacies					10	43
Government Grant					644
					1,596	736

INVESTMENT INCOME	INVESTMENT INCOME		2020	2019
			5000	EOOO
Dividends			183	267
Bank interest			29	43
			212	310
MEMBERSHIP SUBSCRIPTIONS				Restated
Membership subscription		fees received	5,687	4,935
Deferred to next	year		(1,681)	(1,259)
Deferred to more	than one year		(862)	(1,053)
Released to income			1,259	2,093
Net adlustment			(1,284)	(219)
Net membership	subscriptions		4,403	4,716

OTHER INCOME	OTHER INCOME
Proht on sale of disposal ofChandos		House				6,358
ANALYSIS OF EXPENDITURE
				Facilities		Management
(a) SUPPORT COSTS2020			Governance 6000	Management 6000	IT 6000	RAdmin 6000	Total 2020 EOOO
Cost ofgenerating funds
Fundraising (including Investment	Management)			13	23	58	97
Conferenmng and hospitality			15	475	140	288	91$
Rental income				47		22	69
			18	535	163	368	1,084
Charitable expenditure
Education Academic programme			115	427	300	962	1,$04
Education Information resources			55	545	101	208	909
Publishing						28	34
Membership subscnptions			109	25	149	333	616
			285	997	550	1,531	3,363
Total Support Costs			303	1,532		1,899	4,447
				Fssilities		Management
(ii)SUPPORT COSTS2019			Governance	Management	IT	TiAd min	Totsl2019
			EOOO	EOOO	EOOO	EOOO	EOOO
Cost ofgenerating funds
Fundraising (including Investment	Management)		51	11		121	1$3
Conferenmng snd hospitality			24	708	239	217	1,1$$
Rental mcome				42		14	56
			75	761	239	352	1,427
Charitable expenditure
Education Academic programme			150	350	307	1,048	1,$55
Education. Information resources			38	471	86	123	71$
Pubhshing			7			18	25
Membership subscriptions			72		144	244	466
			267	827	537	1,433	3,064
Total Support Costs			342	1,588		1,785	4,491

(b) EXPENDITURE 2020			Staf Costs EOOO	Support Costs EOOO	Other EOOO	Depreciation EOOO	Total2020 EOOO
Expenditure on raising funds:
Fundraismg costs				97		18	170
Conferencing and hospitality			3,319	918	598		4,$35
Rental income costs				69		72	142
Interest cost					12		12
			3,363	1,084	622	90	5,159
Expenditure on charitable	activities:
Education: Academic programme			1,202	1,804	1,327	581	4,914
Education: Information resources			449	909	1,241	783	3,3$2
Pub lish mg			58	34	67		159
Membership subscnptions			353	616	829	10	1,508
			2,062	3,363	3,464	1,374	10,263
Total expenditure			5,425	4,447	4,086	1,464	15,422
(b) EXPENDITURE 2019			Staf Costs 5000	Support Costs EOOO	Other 5000	Depreciation EOOO	Total 2019 5000
Expenditure on raising funds:
Fundraismg costs				183	26		224
Conferencing and hospitality			3,518	1,188	2,071	550	7,327
Rental income costs				56		41	9$
Interest cost					28		2$
			3,522	1,427	2,126	602
Expenditure on charitable	setivitiesi
Education: Academic programme			1,093	1,855	2,043	334	5,325
Education: Information resources			410	718	1,024	451	2,603
Publishmg			54	25	67
Membership subscriptions			302	466	120		594
			1,859	3,064	3,254	791	$,96$
Total expenditure			5,381	4,491	5,380	1,393	16,645
Auditor's fees and expenses include the following:						Total 2020 EOOO	Total 2019 EOOO
Fees payable tothe auditors	ofThe Royal Society of Medicine
in respect of the charity audit						27	35
m respect of the subsidiary		audits				10	10
in respect of the subsidiary		audit prior year
Other non-audit services:
m respect of taxation comphance						15
m respect of other services							10
Total fees payable to auditor						54	62

EMPLOYEE COSTS
Members of Council do not receive remuneration The total sum relating to reimbursement to 52,386for4members (2019:f2,442 for4members)			of expenses and benefits for accommodation	amounted
The average number ofpersons employed during		tha period wast	Total2020	Total 2019
			Number	Number
Generatmg voluntary income
Generatmg income from conferencing	and hospitahty		105	117
Education: Academic programme			28	26
Education: Information resources			13	13
Marketing &Commumcstions			19	18
Governance
Support functions			14	14
Total number ofpersons			181	189

EMPLOYEE COSTS (CONTINUED)	EMPLOYEE COSTS (CONTINUED)
Total employment	costs were:	Total2020	Total 2019
		SOOO	6000
Staff costs amounted	to
Wages snd salaries		5,504	5352
Social security costs		556	531
Dehned contnbution	pension costs	515
Termination payments		150	107
Other employment	costs / life assurance	902	1,072
Total employment	sosts	7,627	7,551

fell within the fogowmg ra	nges w	ere:
							2020		2019
								No.	No.
The number of employees	in the	following		remuneration		bands were as follows:
F60,001 to 570,000
680,001 to 590,000
890,001to 8100,000
8100,001 to 8110,000
7120,001 to 5130,000
F130,001 to F140,000
F140,001 to 5150,000
F190,001 to 5200,000
Pension contnbutions paid into a		dehned		contnbution	scheme		6000		6000
in respect ofthe above identified		higher	paid employees			amounted	to:	112	86
There were payments for redundanmss			or loss of office			of 514,734	(2019:F90126)to staff receivmg	remuneration	of over F60,000.
Key management personnel

sheet for RSM	CS Ltd is as follows
			RSMCS LM
PROFIT AND LOSSACCOUNTS		2020 6000		2019 6000
Turnover		4,166		7,352
Cost ofsales		(3,629)		(4,304)
Gross profit		537		3,048
Admmistrativs	expenses	(1,206)		(3,017)
(Loss) / proht for the year before taxation		(669)		31
Tax charge				(6)
Rata mad (loss)	/ profit for the year	(669)		25
		2020		2019
BALANCE SHEETS		8000		8000
Stocks		51		64
Debtors		145		939
Bank balances		15		8
Trade and other creditors		(720)		(816)
Net (liabilities)/	aesste	(509)		195

11	TANGIBLE FIXEDASSETS
		Leasehold	Furnishings		Plant, Vehiales
	Group	Premises	snd	Fittings	hOffic Equipment	Group Total
		5000		EOOO	EOOO		5000
	Cost cr Valuation
	At I October 2019	27,091		600	10,343		38,034
	Additions				355		355
	Disposals	(4,396)			(784)		(5,180)
	At 30September 2020	22,695		600	9,914		33,209
	Dsprecianan
	At IOctober 2019	6,647		588	8,484		15,719
	Charge for year	379			607		990
	Disposals	(840)			(761)		(1,601)
	At 30September 2020	6,186		592	8,330		15,108
	Net Book Value st30September 2020	16,509		8	1,584		18,101
	Nst Book Value at 30September 2019	20,444		12	1,859		22,315
	The msured value ofthe assets (insurance	brokers, Arthur J GaEsg her Ltd) included	in Leasehold	Premises	ss st 30September 2020,	mcludmg	Domus
	refurbishment, is F70.3m (2019:8770m).
		Leasehold	Furnishings		Plant, Vehicles lk
	Charity	Premises	snd	Fittings	Offiae Equipment	Charity Total
		EOOO		$000	EOOO		EOOO
	Cost or Va/uation
	At 1October 2019	22,695		600	10,343		33,63$
	Additions				355		355
	Dispossls				(784)		(7$4)
	At 30September 2020	22,695		600	9,914		33,209
	Depreciation
	At 1October 2019	5,841		588	8,484		14,913
	Charge for year	345			607		956
	Disposals				(761)		(761)
	At 30September 2020	6,186		592	8,330		15,10$
	Net BookValue at30September 2020	16,509			1,5$4		18,101
	Net Book Value st 30September 2019	16,855		12	1,859		1$,726
12	INTANGIBLE FIXEDASSETS
					Assets in course of	Group snd
	Group snd Charity		Software		aonstruction	Charity Total
				EOOO	8000		EOOO
	Cost or Valuation
	At I October 2019			2,180	13		2,193
	Additions			253			253
	Transfers			13	(13)
	Impairment wnts off			(360)			(360)
	At 30September 2020			2,086			2,086
	Dsprecianon
	At I October 2019			947			947
	Charge for year			474			474
	At 30September 2020			1,421			1,421
	Net BookValue st 30September 2020			665			665
	Net Book Value at 30September 2019			1,233	13		1,246

INVESTMENTS
																		Charity
Long term investments:																Total	2020		Total	2019
																	$000			$000
Property
Carrying value (fair value)
Market value I October 2019																9,200				9,200
Sale of mvestment																(9,200)
Market value 30September	2020																			9,200
The one mvestment property	(Chandos		House) wss mcluded st valuation				on	an	open	market basis prior			to its	sale	in	June 2020.
It wss valued by the Trustees takmg		mto account valuation			guidance	by the		RSM's property			advisers,	Cluttons		LLP.
The methodology takes into account s number offactors,					mcludmg	the property			market and passing			rents
Investment funds																	Group and Charity
																Total	2020		Total	2019
																	$000			$000
Market value I October 2019																	6,932			7,283
Additions st cost																				20
Transferto cash																(1,250)
Reahsed and unreslised losses on revaluation																	(905)			(371)
Market value 30September	2020																4,777			6,932
Short term investments:
Market value I October 2019																	255			393
Disposal																	O8)			(30)
Market value (losses)																	(38)			(108)
Market value 30September	2020																179			255
The total market value st 30September			corn pnses
Units m charity-approved multi-asset porffolio Common				Investment		Fund											4,777			6,932
Investments quoted on recognised		stock exchange															179			255
Total Investment Funds																4,956				7,187
HERITAGE ASSETS
																	Group and Charity
Books snd manuscripts																Total	2020		Total	2019
																	EOOD			EOOD
Value 1October																3,346				3,346
Value 30September																3,346				3,346
Heritage assets comprise its collection of books and manuscripts held in							the	RSM's Library			They are	included		m the		balance sheet at their external
valuation most recently carried out		in December 2015 by		Bonhams for insurance					purposes,		at their estimated			auction		value	The	valuation	in
December 2015 is still deemed	to be appropnats ss there				has been	minimal		movement		in the insurance/			reahsable		value expected.
There have been no additions,	disposals		or impairmsnts	m	the penods represented.

								GROUP			CHARITY
16	DEBTORS						2020		2019	2020	2019
							8000		SOOO	$000	8000
	Trade debtors						73		538	34	109
	Other debtors						633		576	527	563
	Prepayments	and accrued		mcome			555		1,257	555	1,257
	Amounts due	from subsidiary			undertakmgs					408
	Tax and Social Security						94			95
							1 355		2 371	1619	1 929
17	CREDITORS:	Amounts	due within one year					GROUP			CHARITY
							2020		2019	2020	2019
									Restated		Restated
							$000		EOOD	$000	$000
	Bankloan								300		300
	Trade creditors						663		607	589	360
	Accruals and	deferred	income				1,078		1,413	956	978
	Membership	subscnption		mcome deferred (note 6)			1,681		1,259	1,681	1,259
	Tax and social security						116		267		132
	Amounts due	to subsidiary		undertakings							499
	Other creditors						219		343	219	343
							3,757		4,189	3,447
18	CREDITORS:	Amounts	falling		due after more than			GROUP			CHARITY
	one year						2020		2019	2020	2019
									Restated		Restated
							EOOD		EDOO	EOOD	EOOD
	Membership	subscription		income deferred (note 6)			862		1,053	862	1,053
							862		1,053	862	1,053
								GROUP			CHARITY
19	PROVISIONS	FOR LIABILITIES					2020		2019	2020	2019
							8000		SOOO	$000	8000
	Provision						53		93	53	93
							53		93	53	93
20	MOVEMENT	IN GROUP UNRESTRICTED FUNDS
	2020 Group					Balance 2019	Transfers	Net	income	Net (losses) on investments	Balance 2020
						Restated
						8000	$000		$000	$000	$000
	General					2,806	(140)		6,217	(253)	8,630
	Designated Funds:
	Fixed Assets					26,607	(ig)		(4,483)		22,112
	Educational Funds					229			5	(20)	214
	Sections' funds (note 24)					1,443	140		(45)		1,538
	Academic Fund (note		24)			50	12		(G)		50
						31,135			1,682	(273)	32,544
	2019Group					Balance 2018	Transfers	Nel expenditure		Net (losses) on investments	Balance 2019
									Restated		Restated
						$000	$000		8000	$000	$000
	General					3,851	(29)		(793)	(223)	2,806
	Designated Funds:
	Fixed Assets					27,056	(25)		(424)		26,607
	Educational Funds					230			6	(7)	229
	Sections' funds					1,460	29		(46)		1,443
	Academic Fund					50	25		(25)		50
						32,647			(1,282)	(230)	31,135

2020Charity							Balance 2019		Transfers	Transfers		Net income	Net (losses) on investments	Net (losses) on investments	Net (losses) on investments	Net (losses) on investments	Net (losses) on investments	Balance 2020
							Restated
							8000			8000		2000				8000		8000
General							2,611			(140)		6,921				(253)		9,139
Designated Funds:
Fixed Assets							32,218			(12)		(10,094)						22,112
Educational Funds							229					5				(zo)		214
Sections' funds	(note 24)						1,443			140		(45)						1,538
Academic Fund	(note 24)						50			12		(12)						50
							36,551					(3,22S)				(273)		33,053
2019Charity							Balance 2018		Transfers		Nst expenditure		Net (losses) on investments					Balance 2019
												Restated						Restated
							6000			6000		5000				8000		8000
General							3,590			(29)						(223)		2,611
Designated Funds:
Fixed Assets							32,622			(25)		(379)						32,218
Educational Funds							230					6						229
Sections' funds							1,460			29		(45)						1,443
Academic Fund							50			25		(zs)						50
							37,952					(1,171)				(230)		36,551
The Tangible Fixed Assets			Fund represents			the net book	value ofhxed and		heritage assets		at 30September 2020 after deducting						related	loan
balances. The Designated			Educational		Funds represent		monies set aside	predominantly		to	support	Sections as	described		in	note	24.
PERMANENT ENDOWMENT				AND RESTRICTED FUNDS —GROUP AND CHARITY
						Permanent	endowment funds					Restricted		funds
					Balance		(Losses)	Balance		Balance		Income I						Balance
						2019	on Invt		2020	2019		(losses) on invl		Expenditure				2020
						8000	6000		6000	8000		6000				8000		8000
Coloproctology	funds					39	(8)		31		58		(3)					55
Cowley Fund						98	(21)		77				3					3
Dobson Bequest											69		(4)					65
Dowhng Endowment						60	(13)		47		(3)		2					(I)
Egison-Cliffe Lecture						161	(Ss)		126		18		5				(s)	18
M Feiwel											51		(4)				(I)	46
Fmzi Bequest											326		(24)				(S	301
Lowe Forman Fund										209			(13)					196
John Glynn Young Fegows			Prize			39	(8)		31		10		I					10
International Relations											39		(8)
Jsphcott Lecture Fund						1,012	(216)		796		191		29				(15)	205
Richard Kovacs	Fund					153	Q3)		120		86		(4)					82
G Lsvene Memorial		Fund									85		(7)				(3)	75
London Clinic											10		60					70
Mental Health initiatives											34							34
Ophthalmology	Fund					48	(10)				17		I					18
Rank Fund											261		(iz)					249
Smith Kline French						136	(29)		107		45		4					49
Stevens Fund											386		(io)
Lord Soulsby											69		(6)					63
RSM Foundation											194		(is)				(i)
Hadley Trust Fund											30		25				oo)	35
Venous Funds of less than			530,000			487	(103)		384		785		358			(258)		885
Totals						2,233	(476)		1,757	2,970			377			(305)		3,042

ANALYSIS DFGROUP NET ASSETSBETWEEN FUNDS	ANALYSIS DFGROUP NET ASSETSBETWEEN FUNDS
2020	Unrestricted	funds	Designated	funds	Endowment	funds	Restricted funds	Totslfunds
		SOOO		SOOO		SOOO	SOOO	8000
Fixed assets snd hentsge assets				22,112				22,112
Fixed asset investments		1,510		146		1,757	1,364	4,777
Current assets		11,792		1,656			1,678	15,126
Current liabilities		(3,757)						(3,757)
Liabihties due after more than one year		(862)						(862)
Provisions for liabilities		(53)						(53)
Group Net Assets		8,630		23,914		1,757	3,042	37,343
2019Restated	Unrestricted	funds	Designated	funds	Endowment	funds	Restricted funds	Totalfunds
		5000		5000		5000	5000	5000
Fixed assets and heritage assets				26,907				26,907
Fixed asset investments		2,578		166		2,233	1,955	6,932
Current assets		5,263		1,556			1,015	7,834
Current liabilities		(3,889)		(300)				(4,189)
Lisbihties due after more than one year		(1,053)						(1,053)
Provisions for liabilities		(93)						(93)
Group Net Assets		2,806		28,329		2,233	2,970	36,33S

	Under the Section Finance Guidelines adopted by the Society's Council in 2009,the financial results of Sections' meeting programmes are shared with the Academic Fund (designed to fund academically strong but financially weak Sections) with the balance available to the Section to spend in accordance with the Society's educational charitable oblectives. Ag such balances sre held ss designated funds, ss scheduled below. ion sthesie iology iothoracic cal Forensic Ik Legal Medicine callmmunology 8 Allergy cal Neurosciences proctology parative Medicine cal Care atology al Health rgency Medicine crinology 8 Diabetes emiology &Public Health &Health Forum oenterology lk Hepatology ral Practice with Primary Heelthcars atrics &Gerontology ry of Medicine osis 8 Psychosomatic Medicine ectual Disability ngology lk Rhmology rnity snd ths Newborn cal Genetics ary Medicine rology etrics &Gynsecology tology logy Yeswend balance 8 28,847 90,870 3,301 13,411 30,045 11,331 17,357 2,078 20,931 97,278 40,973 15,039 39,272 (2,116) 16,017 24,535 14,195 6,736 14,364 14,251 (NS) 20,884 8,971 13,577 15,491 30,927 15,751 (8,407) 23,771 Occupational Medicine Open section Ophthalmology Oral lk Maxi gofacial Surgery Orthopaedics Otology Paediatrics lk Child Health Pain Medicine Section Palliative Care Pathology Patient Safety Plastic Surgery Psychiatry Quality in Healthcare Radiology Respiratory Medicine Retired Fellows Rhsumstology 8 Rehabilitation Sexuality 8 Sexual Health Sleep Medicine Sport 3 Exercise Mediane Student Members Surgery Trainess Urology Vascular, Lipid and Metabolic Medicine Venous Forum Total Section Funds Total Academic Fund 9,234 5,104 BIA03 3,074 89,757 19,681 111,376 19,149 42,463 26,086 24,566 16,173 25,483 104,217 57,418 31,646 12,221 9,631 20,869 11,101 38,741 9,841 15,946 83,832 28,558 21,336 1,538,270 50,000
Bast Anae Card Card Clini Clini Clini Colo Com Criti Derm Digit Eme Endo Epid Food Gastr Gene Geri Histo Hypn Intell Lary Mate Medi Milit Neph Obst Odon Onco	ion sthesie iology iothoracic cal Forensic Ik Legal Medicine callmmunology 8 Allergy cal Neurosciences proctology parative Medicine cal Care atology al Health rgency Medicine crinology 8 Diabetes emiology &Public Health &Health Forum oenterology lk Hepatology ral Practice with Primary Heelthcars atrics &Gerontology ry of Medicine osis 8 Psychosomatic Medicine ectual Disability ngology lk Rhmology rnity snd ths Newborn cal Genetics ary Medicine rology etrics &Gynsecology tology logy Yeswend balance 8 28,847 90,870 3,301 13,411 30,045 11,331 17,357 2,078 20,931 97,278 40,973 15,039 39,272 (2,116) 16,017 24,535 14,195 6,736 14,364 14,251 (NS) 20,884 8,971 13,577 15,491 30,927 15,751 (8,407) 23,771

Under the Section Finance Guidelines
adopted
by the Society's Council
in 2009,the financial
results of Sections' meeting
programmes
are shared
with the Academic
Fund (designed to fund academically
strong but financially
weak Sections) with the balance available to the Section to spend
in
accordance
with the Society's educational
charitable
oblectives.
Ag such balances sre held ss designated
funds, ss scheduled
below.
ion
sthesie
iology
iothoracic
cal Forensic
Ik Legal Medicine
callmmunology
8 Allergy
cal Neurosciences
proctology
parative
Medicine
cal Care
atology
al Health
rgency
Medicine
crinology
8 Diabetes
emiology
&Public Health
&Health Forum
oenterology
lk Hepatology
ral Practice with Primary Heelthcars
atrics
&Gerontology
ry of Medicine
osis
8 Psychosomatic
Medicine
ectual
Disability
ngology
lk Rhmology
rnity
snd ths Newborn
cal Genetics
ary Medicine
rology
etrics &Gynsecology
tology
logy
Yeswend balance
8
28,847
90,870
3,301
13,411
30,045
11,331
17,357
2,078
20,931
97,278
40,973
15,039
39,272
(2,116)
16,017
24,535
14,195
6,736
14,364
14,251
(NS)
20,884
8,971
13,577
15,491
30,927
15,751
(8,407)
23,771
Occupational
Medicine
Open section
Ophthalmology
Oral lk Maxi gofacial Surgery
Orthopaedics
Otology
Paediatrics
lk Child Health
Pain Medicine Section
Palliative Care
Pathology
Patient Safety
Plastic Surgery
Psychiatry
Quality
in Healthcare
Radiology
Respiratory
Medicine
Retired Fellows
Rhsumstology
8 Rehabilitation
Sexuality 8 Sexual Health
Sleep Medicine
Sport 3 Exercise Mediane
Student Members
Surgery
Trainess
Urology
Vascular,
Lipid and Metabolic Medicine
Venous Forum
Total Section Funds
Total Academic
Fund
9,234
5,104
BIA03
3,074
89,757
19,681
111,376
19,149
42,463
26,086
24,566
16,173
25,483
104,217
57,418
31,646
12,221
9,631
20,869
11,101
38,741
9,841
15,946
83,832
28,558
21,336
1,538,270
50,000

Bast
Anae
Card
Card
Clini
Clini
Clini
Colo
Com
Criti
Derm
Digit
Eme
Endo
Epid
Food
Gastr
Gene
Geri
Histo
Hypn
Intell
Lary
Mate
Medi
Milit
Neph
Obst
Odon
Onco

ion
sthesie
iology
iothoracic
cal Forensic
Ik Legal Medicine
callmmunology
8 Allergy
cal Neurosciences
proctology
parative
Medicine
cal Care
atology
al Health
rgency
Medicine
crinology
8 Diabetes
emiology
&Public Health
&Health Forum
oenterology
lk Hepatology
ral Practice with Primary Heelthcars
atrics
&Gerontology
ry of Medicine
osis
8 Psychosomatic
Medicine
ectual
Disability
ngology
lk Rhmology
rnity
snd ths Newborn
cal Genetics
ary Medicine
rology
etrics &Gynsecology
tology
logy
Yeswend balance
8
28,847
90,870
3,301
13,411
30,045
11,331
17,357
2,078
20,931
97,278
40,973
15,039
39,272
(2,116)
16,017
24,535
14,195
6,736
14,364
14,251
(NS)
20,884
8,971
13,577
15,491
30,927
15,751
(8,407)
23,771

		Yeswend balance
Bastion		8
Anaesthesie		28,847
Cardiology		90,870
Cardiothoracic		3,301
Clinical Forensic Ik Legal Medicine		13,411
Clinicallmmunology 8 Allergy		30,045
Clinical Neurosciences		11,331
Coloproctology		17,357
Comparative Medicine		2,078
Critical Care		20,931
Dermatology		97,278
Digital Health		40,973
Emergency Medicine		15,039
Endocrinology 8 Diabetes		39,272
Epidemiology &Public Health		(2,116)
Food &Health Forum		16,017
Gastroenterology lk Hepatology		24,535
General Practice with Primary Heelthcars		14,195
Geriatrics &Gerontology		6,736
History of Medicine		14,364
Hypnosis 8 Psychosomatic	Medicine	14,251
Intellectual Disability		(NS)
Laryngology lk Rhmology		20,884
Maternity snd ths Newborn		8,971
Medical Genetics		13,577
Military Medicine		15,491
Nephrology		30,927
Obstetrics &Gynsecology		15,751
Odontology		(8,407)
Oncology		23,771

RSM	S	ectio	ns and thei	r Presiden
Section			President 2020/21	President 2019/20
Anaesthesis			Dr Samantha Shmde	Dr Ssmsnths Shmde
Cardiology			Dr Sukhjinder Nijjer	Professor Nikhil Petal
Csrdiothoraeie			Mr Aziz Momin	Dr Aziz Momin
Clinical Forensia IkLegal Medicine			Dr Helena Thornton	Dr Helena Thornton
Clinical immunology SrAllergy			Dr Chns Rutkowski	Dr Tabi Leslie
Clinical Neurosciences			Dr Bridget Kathryn MacDonald	Dr Hadi Manji
Coloproctology			Professor Sue Clark	Miss Helen Chave
Comparative Medicine			Dr Martha Bower	Dr Martha Bower
Critical Care Medicine			Dr Peter Shirley	Dr Peter Shirley
Dermatology			Dr Christopher Harland	DrJane Sterhng
Digital Health			Mr Loy Lobo	Mr Loy Lobo
Emergency Medicine			Dr Laurence Fitton	Dr Laurence Fitton
Endocrinology 0Diabetes			Professor Ketan Dhatariya	Professor Ketan Dhatariya
EPidemiology lk Public	Health		Professor Gsbnel Scally	Professor Gabriel Scally
Food SrHealth Forum			Mr Anthony Mender	Mr Anthony Mender
Gastroenterology 2Hepatology			Dr Joel Mawdsley	DrJoel Mawdsley
General Practice with	Primary Heslthcsre		Dr Andrew Papanikitas	Dr Andrew Papamkitas
Geriatrics IkGerontology			Dr Pandora Wnght	Professor Ronald Hamdy
History of Medicine Society			Professor Tilli Tansey	Professor Stephen Chsgscombe
Hypnosis 2Psychosomatic		Medicine	Dr Deborah Maire-Houghton	Dr Deborsh Maire-Houghton
Intellectual Disability	Forum		Professor Regi Than an Alexander	Dr Martin Bollard
Laryngology IkRhinology			Mr Guri Ssndhu	Professor Timothy Woolford
Maternity and the Newborn		Forum	Mrs Roxane Chamberlain	Miss Nms Khszsezsdeh
Medical Genetics			Dr Sarah Rse	Dr Sarah Rae
Medicine snd Society			Dr Robins Shah	Dr Paquita de Zulueta
Milit*ry Medicine			Colonel Julian Woodhouse	Colonel Julian Woodhouse
Nephrology			Dr Stephen McAdoo	Dr Constantina Chrysochou
Obstetrics 0Gynsecology			Dr Sangesta Agnihotri	Dr Davor Jurkovic
Ocaupationsl Medicine			Dr Lisa Currsn	Dr Lisa Curran
Odontology			Dr Deborah Bomhm	Ms Deborsh Bomfim
Oncology			Professor Michael Seckl	Professor Michael Seckl
Ophthalmology			Mr Larry Benjamm	Mr Nicholas Lee
Oral Ik Msxigofacial Surgery			Mr Mehmet Msmsali	Mr Mehmet Manisali
Orthopaedics			Mr Rajarshi Bhattacharya	Mr Rsi Bhttchsrya
Otology			Mr Phihp Robinson	Mr Christopher Aldren
Psedistries SrChild Health			Dr Margsnts Burmester	Dr Margarita Burmester
Pain Medicine			Dr Sibtam Anwar	Ms Louise Clark
Psgiative Cere			Dr Elizabeth Sallnow	Dr Ehzabeth Ssllnow
Pathology			Professor Amit Petal	Professor Amit Petal
Patient Safety			Miss Moira Durbridge	Dr Elizabeth Haxby
Plastic Surgery			Mr Naveen Cavale	Mr Nsveen Cavsle
Psychiatry			Professor Henrietta Bowden-Jones	Dr Valena Mondegi
Radiology			Dr Cynthia Gupte	Dr Cynthia Gupte
Respiratory Medicine			Dr Neer*j Shah	Dr Neeraj Shah
Retired Fellows Society			Dr Richard Lansdown	Dr Richard Lsnsdown
Rheumstology Ik Rehabilitation			Dr Helen Cohen	Dr Mana Fernando
Sexuality IkSexual Health			Dr Huds Tahe	Dr Huda Tahe
Sleep Medicine			Dr Kirstie Anderson	Dr Kirstie Anderson
Sport 0Exercise Medicine			Dr Daniel Brooke	Dr Alai Seth
Students			Mr Aleksander Dawidziuk	Miss Adina Haffeez
Surgery			Mr Joe Ellul	Professor Ameet Petal
Trsinees			Dr Barry McHugh	Dr Barry McHugh
Urology			Professor Justin Vale	Mr Michael Dmneen
Vascular, Lipid Ik Metabolic		Medicine	Professor Saroi Das
Venous Forum			Mr lan Franklin	Mr lan Franklin