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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||
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|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.|
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||||||||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|
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|||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|
|9|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|
##
|9|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|
##
##
|22|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|
|||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 Bh*tt*chsrya|
|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|
##