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2021-09-30-accounts

The Royal Society of Medicine Annual Report. 2020-21

Annual Report 2020-21

Contents.

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Annual Report 2020-21

Chief Executive, Michele Acton, and RSM President, Professor Roger Kirby

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Annual Report 2020-21

Report from the President and Chief Executive.

We are pleased to introduce the latest Annual Report for the Royal Society of Medicine. As we reflect on the RSM’s activities and performance during the 12 months from 1 October 2020 to 30 September 2021, our overwhelming impression is one of endurance.

restaurant, bar and hotel. Although there were some green shoots of recovery as we began the 2021-22 academic year, in person attendance at education events and club visits remains far below pre-pandemic levels.

Despite the resultant constraints on the Society’s finances, we have, thanks to the herculean efforts of our staff, section volunteers and speakers, successfully delivered more than 600 education events.

First and foremost, we salute the endurance of healthcare professionals – and the patients they care for – across the globe as they continue to deal with the direct and indirect impacts of the COVID-19 pandemic. We also acknowledge the remarkable resolution and contribution of our section councils, members, expert speakers and delegates in devising and engaging with the RSM’s education programme while working through the pandemic.

While the majority of our education programme was focused on specialist medical events, we also ran high profile and impactful events with a broader remit. These included the continuation of our COVID-19 webinar series, of which there were 48 episodes during the year. This provided an invaluable source of information for healthcare professionals on the frontline and has been popular with a wider audience who have come to know the RSM as a trusted and credible voice in healthcare education.

Without question, we are proud of the quiet determination of our staff who have continued to work in difficult circumstances to maintain the RSM’s reputation for offering the highest quality education, training and support for healthcare professionals.

An important ten-part webinar series on the health impacts of climate change featured an introduction from His Royal Highness The Prince of Wales. There were a series of video shorts on vaccines which garnered good engagement from the public, as did a campaign to provide safety information on COVID-19 during the festive season, which ran in December 2020. Both of these were promoted via the RSM’s social media channels with the vaccine videos fronted by a diverse group of healthcare professionals.

Despite representing a beacon of continuity amidst a landscape of disruption, the RSM had a very challenging year. Pandemic restrictions meant that our building in London was closed for a substantial part of the year, and we were largely reliant on online delivery of our education programme. This also had a significant impact on the commercial side of the RSM’s business, which includes the hiring of our venue to external clients, as well as use of our

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Annual Report 2020-21

Our In Conversation Live series has continued to offer inspiration and insights from leaders from a range of backgrounds, with guests including Nobel prize-winning geneticist Sir Paul Nurse, former Chair of the Vaccine Taskforce, Dame Kate Bingham, historian Tom Holland and the Most Reverend Justin Welby, Archbishop of Canterbury.

The breadth of topics, outstanding expert speakers and diverse range of participants, combined with a continued focus on online learning, has allowed us to expand our audiences, in the UK and internationally. During the year delegate registrations for our education programme increased to 202,795 compared to 153,229 in the previous year and 36,500 in 2018-19, the last full year of in-person events. YouTube views increased to 1,342,000 from 460,000 in the previous year.

With the library closed during lockdowns, the focus was on delivering an enhanced digital offering, with the introduction of search tools that helped to improve access to the library’s resources and the move of all information skills training and support online. During the year, we registered 336,000 digital downloads from our learning resources.

We finished the year with 19,363 members, a similar number to the year before. This means that our membership numbers have stabilised from the previous downturn, which is a solid result given the challenges the RSM has faced with the pandemic. We are extremely grateful for the continued support of our members and the community of healthcare professionals that we have fostered here at the RSM.

As the financial statements presented in this Annual Report show, the pandemic has had a significant impact on the RSM’s financial position.

We ended the year with total income of £8,198k, which is 26% lower than 2020, where we benefited from a one-off profit on the sale of Chandos House (£6,358k).

Membership income was £4,644k, slightly ahead of the previous year. Philanthropic income rose by 58% to £1,503k and we received £283k under the government’s furlough scheme. Income from RSM Commercial Services Limited (excluding furlough income) fell by 82% to £617k.

Throughout the year, we continued a programme of cost-reduction across the organisation.

We ended the year with general reserves for the group of £7,109k. The Society will continue to focus on controlling costs and delivering new sources of income, including from philanthropy.

A major focus for the senior management team during the year was the development of a new, fiveyear strategy for the RSM. This was launched just after the year end. Further details can be found on page 8 of this report.

The path ahead for the RSM is now clearly signposted and, while we continue to work in uncertain times, the requirement to embed a sustainable financial model is of utmost importance. Key transformational projects, regarding our building and digital infrastructure, will be decided in the current financial year. These will shape the future of the organisation for the long-term and we look forward to sharing more details with our stakeholders in the months ahead.

Finally, we would like to extend our thanks to our Council Trustees who completed their terms of office at the end of the academic year. Professor Philip Bloom, RSM VicePresident Dr Suzy Walton and Trainee representative Dr Sarah Filson all made exceptional contributions to the work of the RSM. With the departure of these three Trustees, we welcomed Professor Henrietta Bowden-Jones, Dr Samantha Shinde and Dr Hiten Patel, who took up their posts on 1 October 2021.

Professor Roger Kirby, President Michele Acton, Chief Executive

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Annual Report 2020-21

Strategy 2021 - 2026.

Vision

Better healthcare for better lives

Mission To share learning and support innovation

Strategic goal

To be the leading provider of continuing learning to healthcare professionals

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Annual Report 2020-21

In October 2021, a new five-year strategy for the Royal Society of Medicine was shared with our members, section volunteers, staff and the wider medical and healthcare community. The strategy launch represented the culmination of a significant body of work undertaken during 2020-21.

Work on the new strategy started in 2019 but was paused in March 2020 due to the pandemic as the Society adapted to new ways of working. Led by Professor Roger Kirby, President, and Michele Acton, Chief Executive, this work resumed in 2020-21. Alongside the development of the strategy, work was already underway to establish a sustainable financial model to ensure the long-term future of the RSM.

The strategy project team undertook a detailed evaluation across every aspect of the organisation with the aim of clarifying what the RSM was endeavouring to achieve and the best way to meet our goals.

Every aspect of the Society’s work was reviewed, including our education programme, our building at 1 Wimpole Street in London, our club operations, the technology we use, our people and capabilities. A membership survey undertaken

in May 2021 also confirmed the findings of the many discussions facilitated by the strategy project team and provided useful insights from members.

The output of this iterative process of assessment and engagement provided insights into the most highly valued aspects of our charitable purpose and RSM membership in relation to our education programme. Together, they gave a clear indication of how the RSM needs to transform and modernise for the next century. At the end of July 2021, the RSM’s Council approved the strategy.

At the heart of the new strategy lies our vision of better healthcare for better lives. Our mission, as one of the most highly regarded and trusted voices in medical and healthcare education across the globe, is to share learning and support innovation. Our aim is to help educate this and future generations of healthcare professionals.

Education lies at the heart of the RSM’s charitable purpose, and the four key pillars of our new five-year strategy are rooted in our strategic goal to be the leading provider of continuing learning to healthcare professionals.

The four pillars are:

The RSM’s great strength is in bringing people together to discuss the topics that matter. It is this convening power that will enable us to provide an education programme that is an exemplar in the healthcare sector, led by the foremost clinicians and experts of the day.

We look forward to sharing more on how we are delivering our new strategy and the progress we are making to deliver our goals.

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Annual Report 2020-21

Education.

The backbone of the education provided by the RSM comprises the specialist programmes developed and delivered by the highly valued volunteers who run our 55 sections and societies. Working closely with RSM staff, these volunteers represent an immense breadth of healthcare expertise and knowledge.

Complementing the specialist education are general programmes of relevance to healthcare professionals and members of the public with an interest in medicine. In addition, work has begun to deliver a suite of professional development events to support healthcare professionals to further their careers.

Despite significant challenges posed by the continuing COVID-19 pandemic, including staff resourcing, technology and shifting audience behaviours, the RSM delivered an extensive and varied range of relevant and impactful education of the highest calibre during 2020-21. The majority of events took place online, with some in-person events hosted at our building towards the end of the academic year as pandemic restrictions eased.

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events hosted: prizes
- 16 in-person awarded
- 592 online
1.3m
views of event
recordings
202k
delegate registrations
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Annual Report 2020-21

Highlights

Specialist education:

There were many highlights throughout the year. Here is a brief snapshot:

“...this was an eye-opener. I realised the gravity of climate change in our lives and in our practice. I hope to incorporate what I’ve learned in my health education in the future.”

• In May 2021, the Psychiatry Section held a three-part series Transforming mental health in schools and colleges in partnership with the charity MIND. The series, which discussed concepts and ideas around mental health that could be adapted for use in the classroom, saw over 1,500 delegate registrations across the three episodes.

General education:

A number of series attracted significant healthcare professional interest, as well as the attention of the general public.

The COVID-19 series of webinars that began at the outset of the pandemic continued throughout 2020-21, with 48 events held during the year. High profile speakers including Professor Sir Chris Whitty, Sir Jeremy Farrar, Professor Devi Sridhar and Professor Sharon Peacock, attracted over 80,000 delegate registrations. They also generated significant reporting in the UK and international media.

The popular In Conversation Live series continued in 2020-21 and attracted 46,295 delegates. With a huge range of guest speakers, audiences were treated to insights into the lives and views of leaders from the world of

“Very well organised and very useful learning event. It had a wonderful comprehensive international programme. The case studies were extremely useful and generated lots of discussion around treatment dilemmas.”

healthcare and other fields, such as academia, entertainment, charity, sports and politics.

The Health Emergency of Climate Change series of webinars was launched in March 2021. The aim of this ten-part series was to educate healthcare professionals about the links between climate change and health, and how they can help to combat climate change and its effects. Introduced by His Royal Highness The Prince of Wales, the series featured global experts on health and climate change including Dr Nick Watts, Dr Arvind Kumar and Professor Annette Peters. Across the series, 6,600 people registered and over 7,000 watched the episodes on demand.

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Annual Report 2020-21

Public engagement:

The RSM is grateful to receive the support of a range of generous donors who help to support our public engagement lectures. The highlights for the year include:

In addition, in March 2021, a philanthropic donation from Dangoor Education funded a project to share information about COVID-19 vaccinations with

diverse communities. In a series of short videos, health professionals including Dr Chris van Tulleken, Dr Farzana Hussain and Dr Carter Singh addressed common concerns by providing evidencebased answers in understandable, accessible language. The video series was published on YouTube and achieved 388,000 views and 4.1 million impressions.

The RSM’s Medicine and Me series continued throughout the year. Focusing on different medical conditions by putting patient experience front and centre, each episode is offered in partnership with a different charity. Partners during the year were Behçet’s UK, Action Against AMD, Action for Pulmonary Fibrosis and the Ileostomy and Internal Pouch Association. A digital format in 2020-21 broadened the reach of the series, allowing those previously unable to attend in-person events in London to join, with over 1,000 delegates registering across the series. This programme is made possible through a generous philanthropic donation from an anonymous donor.

“For me, the RSM has really been a beacon of educational excellence and it’s been crucial to

my own professional development since I qualified as a doctor.”

Healthcare professionals featured in a series of vaccine education videos

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Annual Report 2020-21

“Excellently

chaired, covered a lot of ground, all relevant and topical as well as thoughtprovoking. I felt it gave me what I was seeking: an informed view on the true status, limits of our understanding and challenges ahead of Long COVID syndrome and its heterogeneity.”

Performance

More than 600 events were held during 2020-21, with almost all hosted online. This compares with 347 in-person and online events in 2019-20.

There was an increase in the number of delegates registering for RSM education programmes, from 153,229 in 2019-20 to 202,795 in 2020-21. These numbers compare to 36,500 in 2018-19 when all events were held in-person.

The number of views on the RSM’s YouTube video channel increased from 460,000 in 2019-20 to 1,342,000 in 202021, reflecting the impact of the pandemic during the year as online education predominated.

The number of meetings held with external partners increased slightly from 26 in 2019-20 to 30 in 202021. The number of prizes awarded through the Society’s prestigious programme for medical students and trainees was 68, compared with 70 in the previous year.

Since October 2020, the RSM has been collating speaker data to ensure there is oversight of the diversity of speaker panels. The data is benchmarked against published NHS data. Regular reporting on this data has enabled the RSM to identify the areas that require the greatest focus to help to increase diversity and/or better align with NHS benchmarks.

In Conversation Live, hosted by Professor Sir Simon Wessely, with Nica Burns and Dr Harry Brunjes

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Annual Report 2020-21

RSM President, Professor Roger Kirby, and RSM Honorary Fellow, Professor Dame Sarah Gilbert

Future plans

The new RSM strategy, launched in October 2021, provides a clear focus on outcomes and measures to assess success of the education programme. Using data to measure activity and performance will enable the goals identified in the five-year strategy to be benchmarked and reviewed, and targets set. This will help the RSM to achieve its strategic goal of being the leading provider of continuing learning to healthcare professionals.

Alongside the strategy, robust processes for approving and awarding Continuing Professional Development (CPD) have been overseen by a newly created Programme Approval Committee (PAC), launched in October 2021 and chaired by the RSM Dean of Education.

The last two years have enabled the RSM to trial new ways of offering education events and it is clear that technology

has an important part to play in enriching the learning experience for our delegates.

New digital solutions will be trialled during 2021-22 which will enable greater delegate interactivity and a more immersive learning experience for online delegates. This will complement the experience of those joining events in-person who are able to network in a more social, face-toface environment. The aim is to allow delegates to choose between attending programmes in-person, joining via a live link, or watching an on-demand recording.

There will be a continued focus on important cross-cutting themes that began to be explored during 2020-21. These will include health inequalities, multi disciplinary working and professional and career development for healthcare professionals.

“Nobody has supported me more over the past two years than the RSM with your lively interactive webseminars. …your world-class RSM expert clinical tuition has been vital while I’ve been missing out on patient contact.”

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Annual Report 2020-21

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Dr Allyson Egan, Consultant in nephrology and past President of the RSM Nephrology Section
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Annual Report 2020-21

. Library

The library services provided by the Royal Society of Medicine support the delivery of continuing education for healthcare professionals. Relevant, up-to-date learning resources of outstanding quality are offered through the digital library and in-person at the RSM’s building.

With the majority of education taking place online and a long period of closure of the building during the year due to pandemic restrictions, the availability of digital library services became increasingly relevant.

336k downloads of e-journals

2.6k visits to the library

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information skills tutorials delivered

35.3k database searches

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Annual Report 2020-21

Highlights

An integrated and streamlined digital Library Search Hub was launched in October 2020. The search hub saw improvements to display and functionality and, following trials of several e-book platforms, a significant number of e-books were added to our stock, to meet the needs of those researching remotely during the pandemic.

A major project to migrate the RSM’s legacy authentication system to the more robust OpenAthens system began in April 2021 and launched in September 2021.

This new system provides library users with faster, more seamless access to journals, books and databases in the digital library. It also provides the RSM with a more robust, secure and long-lasting technical infrastructure, together with improved reporting on use of the digital library.

To assess the learning and research value of the RSM’s heritage collections, which form a substantial part of the Society’s physical print assets, a preliminary desk-top based exercise was carried out

between January and March 2021 using an established methodology developed by University College London. This concluded that, while a good proportion of the collection is rare, and of international importance to the history of the medical profession and the UK’s cultural heritage, there are some areas of the collection of less value to the RSM’s endeavours. This has helped to direct conservation efforts, staffing and shelf space resources appropriately.

A new digital Library Search Hub was launched in October 2020

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Annual Report 2020-21

Members using the RSM library

Library exhibitions are provided as part of the RSM’s public engagement and charitable role. The highlight of the year was Treasures of the RSM , which ran from July to December 2021 and focused on the old, rare and unusual items from the heritage collections. Visitors to the exhibition, which was designed for both in-person and online attendance, recorded favourable comments about their experience and the exhibition also featured in a ‘behind the scenes’ tour for members in September 2021.

During the library’s closure, online exhibitions, including Famous Figures and Notable Presidents of the RSM , drew on the Society’s extensive collection of prints and portraits to provide fascinating insights into the history of medicine.

Summer 2021 saw the re-purposing of the second floor of the library with the removal of some journal stock and shelving to create a space to meet the needs of our education programme. The floor was re-named the Wheatley Room and now provides space for in-person meetings and events as well as live broadcasts.

“An extremely valuable benefit of being an Overseas Fellow of the RSM is access to the extensive online digital library resources.”

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Annual Report 2020-21

Performance

We are now undertaking a new approach to data collection to support our understanding and analysis of library service usage. This has been facilitated by the introduction of the OpenAthens system.

As a result, the key data points from the library are not directly comparable to previous years. However, as an indication of activity, there were 336,000 downloads and 35,000 unique searches during the year.

To support the education programme, library staff provided 55 reading lists to key events throughout the year.

A Critical Appraisal and Research Methods training course was reintroduced, attracting 108 delegates to three sessions in May, June and September 2021, while the publisher Karger hosted a series of three free webinars for RSM members in March, May and July 2021 focusing on research skills and writing for publication. These were attended by more than 230 members.

The closure of the library during a traditionally busy period for students and trainees, combined with a lacklustre recovery in visitor numbers over Summer 2021, resulted in 2,619 visits to the library during the academic year, compared to 14,456 in 2019-20 and an average of 33,100 in the four years prior to the pandemic. Enquiry and document delivery service figures were also lower than normal but picked up significantly in the final quarter.

The RSM’s building has a range of rooms available for meetings, work and social gatherings

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Annual Report 2020-21

“The digital library is a wonderful resource for people around the world and has fundamentally changed the way I learn. It’s a complete portable network and I’ve used it for all my learning and writing during the pandemic.”

Future plans

reading lists for RSM education events. The literature search service will be re-launched with a new free ‘quick search’ reading list service alongside a competitively priced comprehensive literature search offer.

The launch of the new RSM strategy in October 2021 gives real purpose to the library’s aim to deliver excellent learning resources and services for members. There are seven goals which we are focused on delivering, with the central tenet to become a leading digital library for medical researchers.

Digital provision and support for learning is core to our purpose as a library service. However, print collections and heritage materials remain important assets for the RSM. This year’s evaluation exercise identified scope for rationalising the collections and a stock review will take place during the year.

In 2021-22, as the OpenAthens platform becomes fully embedded, it will allow more robust and consistent access to e-resources, enabling improved provision of e-books, faster access to journal content and a comparable method of measuring members’ use of the digital library.

Plans for the digitisation of the RSM archive will be revisited and work will continue towards museum and archive accreditation standards for the RSM’s heritage collections.

The library’s enquiry service will be expanded, and knowledge services will continue to provide and enhance support for members’ learning through regular online training opportunities and the provision of

“What a great idea, to complement the webinar with a linked reading list. Many thanks for these references.”

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Annual Report 2020-21

. Membership

Royal Society of Medicine members are the lifeblood of the organisation. Collectively, they bring to the Society unparalleled specialist knowledge and expertise in all areas of healthcare and make an invaluable contribution to the RSM’s work.

When people become members of the RSM, they join a unique community with access to outstanding education and learning resources in an environment where they can network, socialise and work, in-person and online, at every stage of their careers.

The priority during 2020-21 was to ensure members were kept informed of the online education and learning resources available during the pandemic and were encouraged to access services and attend online events.

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19.3k 2.9k
members new members
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Annual Report 2020-21

RSM staff attended The Future Surgery Show 2021 to meet existing and prospective members

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Annual Report 2020-21

Highlights

During the year, we successfully delivered a largely digital membership experience, given the closure of the building and other restrictions due to the pandemic. Despite this, we maintained high levels of engagement and satisfaction with our members. This was borne out in the results of a survey that we undertook in May 2021.

Members, previous members and prospective members were invited to take part in an online survey, designed to gather information about awareness and attitudes towards the RSM and the perceived benefits of membership.

The results showed that RSM members were broadly satisfied

with their membership, with 85% stating they were ‘very’ or ‘fairly’ satisfied. Only 4% stated they were not satisfied. 32% of members felt their RSM membership had exceeded their expectations in the previous 12 months, compared with 15% in the 12 months before the pandemic. This is likely to be the result of extensive efforts to deliver RSM education programmes online and improve access to e-resources.

The research results indicate that members value the continuity of learning offered by the RSM throughout their career, enjoy using the RSM as a place to relax and socialise, and appreciate the ability to network with other medical practitioners.

In the run up to the RSM building re-opening from May 2021, members were provided with information on online events as well as other services that were on offer via digital means. By holding events to familiarise new members with the RSM and engaging more regularly with active members, we were able to engender positive relationship building as well as gain insights to help inform future membership activities.

Towards the end of the year, members started to return to the club bar, hotel and private dining rooms.

London Clinic lecture: “Robotic surgery: What can it do for surgeons?” by Professor Roger Kneebone and Mr Chris Peters

“The location is amazing and it’s a great place to meet with colleagues or relax in a safe and friendly environment.”

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Annual Report 2020-21

“The RSM is a wonderful institution, and I am a thirdgeneration member. It is a fantastic resource for me on frequent visits to London.”

A ceremony was held in July 2021 to induct the RSM’s new honorary fellows, award RSM medals and to formally inaugurate Professor Roger Kirby as President

Performance

The overall membership number at the year end was similar to the previous year end at around 19,400. However, volumes fluctuated during the year, particularly in response to the restrictions and UK national lockdowns in the early part of 2021.

The largest growth was seen in the Associate, Student and Overseas Fellows membership categories. Alongside this, the highest renewal of membership was seen in the UK Fellows and Retired Fellows categories.

Future plans

With members playing such an important role in the life of the RSM, the aim is to continue to improve their experience when using the Society’s services by building on our digital programme and extending our reach to more members. Several enhancements are planned, including improving access to events via a content management facility for archived events, launching new

member-exclusive products and services, providing more online networking facilities and holding a number of memberonly events.

The aim is to grow the number of RSM members by encouraging event delegates who are non-members to join the Society.

The mix of overall RSM membership categories remains similar to previous levels, with 66% of our members categorised as Fellows.

“The RSM is an oasis for me, both as a library resource and meeting place. I cannot praise it highly enough.”

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The RSM held a gala dinner to raise funds for its highly regarded education programme
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Annual Report 2020-21

. Philanthropy

Philanthropy is an important source of income for the RSM and contributes significantly to our mission to share learning and support innovation. During the pandemic, we have broadened our philanthropic activity and as a result have generated new sources of income.

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£22k
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from summer appeal

£98.8k COVID-19 and In Conversation Live series donations

£1.5m fundraising total

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Annual Report 2020-21

Highlights

The RSM enjoys the support of a range of donors who remain committed to the charity’s ideals.

During the year, we received significant donations which enabled us to deliver a number of education initiatives. This included a suite of impactful videos on COVID-19 and the festive season (December 2020), a ten-part series on climate change and health and a series of information videos about COVID-19 and vaccines.

We continued to benefit from valuable legacy gifts over the year and are grateful to everyone who chooses to remember the RSM in their will. Legacy giving is one way for donors to support the delivery of our continued education programme.

During the year, we undertook two direct appeals to members and supporters for donations. Together, these raised just under £70k.

Our In-Conversion Live series continued with a strong performance and an array of interesting guests. As well as welcoming 46,295 delegate participants to the events, we raised voluntary donations of £80k from delegates.

Shortly after the year end, the RSM held a fundraising gala dinner to showcase our educational work, and to engage with our members and supporters. The gala dinner raised more than £60k.

Performance

During the year, we received £1,503k in donations, an increase from £952k in 2019-20. Of this, £297k came from legacies (2019-20: £10k).

Total fundraising costs were £143k (2019-20: £170k), meaning a return of £10.51 for every pound spent (2019-20: £5.60).

Future plans

The RSM will continue to explore new ways of encouraging philanthropic giving to support the development of education and innovation programmes for healthcare professionals that support existing and emerging health issues.

This work would not be possible without support from our members and supporters.

Relationships with substantive new donors are continually explored and work continues with longstanding friends of the RSM who have made significant contributions to the work of the Society over several years.

COVID-19 and the festive season: expert advice for staying safe with Kate Garraway and Dr Clare Gerada

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Annual Report 2020-21

In Conversation Live, with Sanjeev Bhaskar, interviewed by Dr Akanksha Mimi Malhotra, Vice President of the RSM Respiratory Medicine Section

A message of thanks to our donors

Since the beginning of the pandemic, the Royal Society of Medicine has received over 3,000 charitable donations from individuals and organisations.

Major donors to the RSM

All gifts to the RSM, both large and small, are warmly welcomed and will help to support healthcare professionals with medical education that will lead to better patient outcomes.

The Trustees of the RSM would like to thank all donors for their generosity and continued support.

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Annual Report 2020-21

Commercial Services.

Royal Society of Medicine Commercial Services Limited is a wholly owned subsidiary of the RSM. It provides event management, catering and audio visual services for the Society’s education programme, as well as to external clients and conference organisers hiring the auditoria and meeting rooms at the RSM’s London building. The company also operates the Club facilities for members, including a restaurant, bar and hotel.

Historically, these services have delivered a significant financial contribution to the RSM’s charitable activities. However, the financial performance during 2020-21 was severely impacted by restrictions brought about by the pandemic, following a difficult year in 2019-20.

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1,643
30 bookings on newhotel system
external conferences 45
average number
of delegates
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Annual Report 2020-21

“As always, Domus Medica, and indeed the whole of the RSM, was a welcome oasis in busy central London. We attended the Summer Conference of the Neonatal Society and throughout the building felt that everything possible had been done to maintain comfort while maximising safety.”

Highlights

The Audio Visual team continued supporting the technical delivery of the online RSM education programme, running around 600 online events. They also supported almost 100 events for commercial clients.

In May 2021, when the second UK lockdown ended, despite a national shortage of staff in the hospitality sector, staff were recruited to deliver resources events and club services.

Social events hosted in-person resumed from May 2021, including use of the private dining rooms and event spaces.

The RSM’s club facilities include a bar

“It was my first trip out since lockdown last year so was a bit apprehensive coming into London. However, when I arrived and saw some familiar, friendly faces it felt a bit like coming home. We’ve been members for over 10 years and love the service at RSM.”

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Annual Report 2020-21

Members and their guests have access to a range of facilities including a club lounge

Performance

Club sales income for the year was £421k (2019-20: £1,178k, excluding Chandos House) and event sales income was £196k (2019-20: £1,761k, excluding Chandos House). In 2018-19 (pre-pandemic), club sales income was £2,435k and event sales income was £3,314k.

A programme of reduction in staff numbers was completed after the tiered system of pandemic restrictions was introduced in the UK in October 2020. This followed a previous reduction in staff numbers during 2019-20.

The Commercial Services team worked against a backdrop of changing operational restrictions,

including social distancing (which reduced capacities in the lecture theatres by up to 75%), social bubbles and seated catering throughout most of 2020-21.

The total number of external conferences taking place at the RSM during 2020-21 was 30, with more than half (63%) taking place in September 2021. The average number of delegates was 45. This compared with 150 external conferences taking place in the previous year, with an average of 121 delegates.

Club facilities were open for a brief period in Autumn 2020 prior to the second UK lockdown, when the

building was closed. Between May and September 2021, the hotel hosted 3,650 guests, representing a 31% occupancy rate. Across 2020-21 there was an 80% reduction in hotel income compared with the historic norm. Despite encouraging numbers of social events taking place in the RSM’s building over the summer months, there was a similar negative impact in hospitality sales income in both the restaurant and bar.

Overall, the impact of COVID-19 saw a 90% reduction in traditional trading levels for RSM Commercial Services Limited.

Future plans

The business partially recovered in the autumn of 2021 before suffering a set back with Omicron in late 2021 and early 2022. Most recently, the RSM’s club and hotel facilities and commercial events were busier in spring 2022 than at any time since COVID-19. The business also needs to manage significant wage and price inflationary pressures.

The RSM offers a seasonal menu in its restaurant and lounge area

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Annual Report 2020-21

. RSM Council, Officers and Advisers

Patron

Her Majesty Queen Elizabeth II

Senior Management Team

(from 1 October 2020 to 29 June 2022)

CHIEF EXECUTIVE

RSM Council

(from 1 October 2020 to 29 June 2022)

PRESIDENT

Professor Roger Kirby MD FRCS

VICE-PRESIDENTS

Dr Suzy Walton PhD CPsychol CDir (to 30 September 2021) Dr Claire Bayntun MBBS MPH FFPH

Mr Hamish Thomas (Appointed as a Trustee 1 April 2021 and as Vice-President on 1 October 2021)

HONORARY TREASURER

Professor Linda Luxon CBE FRCP (to 14 February 2022)

Mr Richard Murley (from 14 February 2022, previously a Trustee)

CHAIR OF THE ACADEMIC BOARD

Professor Nik Patel FRCP

OTHER TRUSTEES

Professor Philip Bloom MB ChB FRCS (Ed) FRCOphth (to 30 September 2021)

Professor Henrietta Bowden-Jones OBE MD FRCPsych (from 1 October 2021)

Dr Sarah Filson BSc (Hons) MBBS MRCP DTM&H (to 30 September 2021)

Dr Elizabeth Haxby MBBS MA MSc FRCA

Dr Melita Irving BSc MRCPCH

Dr Stephanie Kaye-Barrett MB ChB MD FRCP

Dr Hélène Menagé BSc MRCP

Dr Hiten Patel MBBS MRCP (from 1 October 2021)

Dr Samantha Shinde MBBS BSc FRCA (from 1 October 2021)

Ms Michele Acton

DEAN OF EDUCATION

Professor Humphrey Scott

MBBS FRCS Ed MS FRCS Eng MAc/inEd FAcadMEd FFSTEd (from 23 October 2020)

DIRECTOR OF OPERATIONS/MANAGING DIRECTOR OF RSM COMMERCIAL SERVICES Mr Nigel Collett

DIRECTOR OF ENGAGEMENT AND ACTING DIRECTOR OF LEARNING

Mr Neville Carter (Acting Director of Learning to 25 April 2022)

DIRECTOR OF LEARNING

Professor Mary Bishop (from 25 April 2022)

DIRECTOR OF FINANCE AND IT

Mr Richard Whitley

DIRECTOR OF COMMUNICATIONS

Ms Michelle Gordon (from 31 March 2021)

Professional Advisors

BANKERS Lloyds Bank plc 39 Threadneedle Street London EC2R BAU

SOLICITORS Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

AUDITORS

BDO LLP 55 Baker Street London W1U 7EU

INVESTMENT MANAGERS Cazenove Capital Management 12 Moorgate London EC2R 6OA

Biographies for Council members

34

Annual Report 2020-21

Governance.

Charter and Structure

The RSM is registered as a charity in England and Wales (charity number 206219) and is a company established by Royal Charter (RC000525). The affairs of the charity are governed by its Charter, By-Laws and Regulations.

The Royal Society of Medicine was established in 1805, originally as the Medical and Chirurgical Society of London. Its founding principle was to be a society that ‘unites physicians and surgeons under one organisation to benefit from shared knowledge.’ It was subsequently granted a Royal Charter by King William IV in 1834. A Supplementary Charter was granted by King Edward VII in 1907 which included the power to create Sections for the cultivation and promotion of any branch of medicine or any science connected with, or allied to, medicine. The merger of various organisations resulted in the new charity being renamed the Royal Society of Medicine. Since then, there have been various other revisions to the Charter and By-Laws, including substantial changes in 1997 and 2009.

A new Supplementary Charter came into effect on 1 October 2020. This states that the Society exists for ‘the advancement of health, for the public benefit, through the provision of professional education and good practice for those working in the healthcare professions, and the promotion of public awareness and the understanding of matters relating to medicine and healthcare.’

In 2019, RSM Council Trustees completed a full review of the organisation’s governance arrangements using the Charity Governance Code, to ensure that it was achieving best practice in a manner which was proportionate and appropriate for a charity of its size, complexity and operations. A series of recommendations were made including the need to review structures, policies and procedures. These recommendations have now largely been implemented and have resulted in changes to the Society’s Regulations in October 2020 and in February 2021.

The RSM’s conferencing and hospitality business is undertaken by its trading company, Royal Society of Medicine Commercial Services Limited (02820374). All profits from the company are donated to the Society under the Gift Aid scheme. In 2020, the RSM took steps to clarify and formalise arrangements between the charity and the trading company. As a consequence, formal agreements are now in place covering, inter alia:

The RSM also has a dormant trading company, Royal Society of Medicine International Limited (08781651).

Council

Council is responsible for setting the overall strategic direction of the RSM. Members of Council comprise the Trustees detailed on page 34. As a result of the introduction of the Supplementary Charter on 1 October 2020, the number of Trustees reduced from a limit of 18 (12 elected and 6 co-opted) to 13 (10 elected and 3 appointed).

From 1 October 2020, Trustees serve a three-year term of office (previously four years). Trustees may serve a maximum of two consecutive terms, if re-elected or re-appointed. The term of office can only be extended in exceptional circumstances by a Special Resolution of Council.

Council is chaired by the President, who has a three-year term of office. This can only be extended in exceptional circumstances by a Special Resolution of Council. As a result of the Supplementary Charter implemented on 1 October 2020, future Presidents will be elected by the membership of the RSM.

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Annual Report 2020-21

Governance. (continued)

There are five Officers of the Society. These are the President, two Vice-Presidents, an Honorary Treasurer and the Chair of the Academic Board. The Vice-Presidents and Honorary Treasurer are appointed by the Trustees from amongst themselves. The Chair of the Academic Board is elected by the members of that Board.

In order to support the work of Council, a skills audit of Trustees was undertaken in September 2020. As a result, it was agreed a Trustee with digital experience would be sought. The role was widely advertised and after an extensive selection process, a new Trustee (Mr Hamish Thomas) was appointed in April 2021.

All new Trustees undertake a formal induction programme, which includes meeting with the Chief Executive and Directors as well as briefings on the role of Trustees, the governing documents, the RSM’s Code of Conduct, strategies and budgets.

Council committees

A review of the structure of Council committees and terms of reference was undertaken at the end of 2020. In February 2021, Council approved a new committee structure and committee terms of reference, and appropriate amendments were made to the Society’s Regulations.

During the year the following standing committees were in place:

Council was also supported by the following committees:

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Annual Report 2020-21

Governance. (continued)

Senior Management Team

The Chief Executive is responsible for the day-to-day management of the RSM. The Chief Executive leads the SMT, comprising the Directors and the Dean of Education. Each Director has their own specific responsibilities, delegated by the Chief Executive.

Public Benefit

Trustees have considered the Charity Commission’s guidance on public benefit when reviewing the RSM’s aims and objectives and in planning future activities.

The public benefit of the RSM is delivered through its strategic goal (to be the leading provider of continuing learning to healthcare professionals); mission (to share learning and support innovation) and objectives (providing a broad range of educational activities and opportunities; promoting the exchange of knowledge, information and ideas on the science, practice and organisation of medicine).

This is delivered through the provision of education and learning resources to medical and healthcare professionals, both members and non-members of the RSM, in order that they may deliver improved care for the benefit of patients. The RSM also provides education directly to patients, their doctors and carers.

Members’ annual subscriptions form a significant part of the RSM’s income and are used to fund the activities for public benefit. Whilst members themselves receive some benefit, without its members the RSM could not continue to pursue its objectives, as they are responsible for the delivery of most of the education programmes. The financial barriers to membership of the RSM are relatively small, with students and trainees benefiting from discounted membership rates.

Principal risks and uncertainties

Trustees are responsible for the management of the risks faced by the RSM. A risk register identifies key risks and mitigations in place to manage them. It is compiled by the SMT, reviewed by the Audit and Risk Committee on a quarterly basis, and presented to and considered by Council. This framework is supplemented by additional risk registers at a departmental level for Health and Safety as well as for key projects.

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Annual Report 2020-21

Governance. (continued)

Trustees have determined that the most significant risks that the RSM faces and the necessary mitigations to manage these issues are as follows:

Key risks Mitigations
Strategic:our education strategy lacks Our education strategy is based on analysis of trends in post
buy-in or understanding of the broad graduate medical education. KPIs are in place to track progress.
medical education context leading to
our core charitable mission not being
efectively delivered.
Business model:the RSM fails to deliver We are developing plans to further improve our education and
a viable fnancial model after COVID-19 membership ofers, including targeted investment in digital. We
and to manage further fnancial risks, closely monitor the fnancial position (cash and reserves) of both
meaning that operations in their current the Charity and RSM Commercial Services Limited, taking action
form are no longer viable. to reduce costs where possible. We are reviewing strategic options
around the most efective use of our 1 Wimpole Street property.
Health and safety failure:causes harm to A health and safety policy is in place. The Safety Committee meets
an employee, member or visitor. regularly and comprises staf from across the RSM. A health and
safety risk register is maintained.
Cyber risk:the Society is seriously The RSM, working with its service partners, has efective IT
impacted by a cyber event e.g. cyber systems, policies and procedures and staf training in place.
attack, leading to data loss, GDPR or The Society has appropriate insurances to protect it from
potential ransomware issue. fnancial losses.
Recruitment and retention:the RSM A remuneration strategy was implemented in January 2022,
is not able to recruit or retain the right to target recruitment and retention priorities within fnancial
number and calibre of staf within its constraints. An annual staf survey is undertaken.
budgets, including as a consequence
of Brexit and the post pandemic job
market changes.
Staf workloads:signifcant workloads
and the need to adapt to agile working		 Support is in place to promote the physical and mental wellbeing
of staf, including an employee assistance programme with a
and changed service oferings impacts on confdential helpline. A wellbeing strategy is in place.
the wellbeing of employees and leads to
unplanned absences, claims against the
RSM and the inability to deliver services
to the high standards required.

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Annual Report 2020-21

Governance. (continued)

Fundraising statement

The RSM is registered with the Fundraising Regulator and complies with its code of practice. The RSM does not currently employ commercial participators, professional fundraisers, or third parties. There were no complaints made concerning fundraising activities in the financial year.

Remuneration policy

During the year, a remuneration strategy was developed to cover issues such as staff recruitment and retention and fair pay, within the context of the RSM’s medium-term financial strategy and the on-going adverse financial impact of COVID-19. The strategy includes the RSM’s commitment to pay the minimum of the London Living Wage to all staff. Implementation of the strategy began in January 2022.

Details of remuneration of the Senior Management Team for the year ended 30 September 2021 are set out in note 8 of the financial statements.

Sustainability and climate change

The RSM is committed to environmental sustainability and tackling climate change by:

Equal opportunities, diversity and a positive work environment

The RSM is committed to encouraging diversity amongst its workforce, ensuring that it is representative of wider society and that each employee is treated with dignity and feels respected and able to give their best. To this aim, the Society will ensure its employment, working and management practices, including those relating to recruitment, selection, training, reward, attendance, conduct, performance management, development and promotion, result in no job applicant or staff member receiving less favourable treatment because of their age, disability, gender reassignment, marriage or civil partnership, pregnancy and maternity, race, religion or belief, sex or sexual orientation.

The RSM is currently in the process of developing an equality, diversity and inclusion strategy.

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Annual Report 2020-21

Governance. (continued)

Trustees’ responsibility statement

Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

In preparing these financial statements, the Trustees are required to:

Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

40

Annual Report 2020-21

Financial Review.

The financial statements for the Society and its subsidiaries for 2020-21 are set out on pages 48 to 66 of this report.

Summary of performance for 2020-21

The RSM’s trading performance for the year ended 30 September 2021 reflects the ongoing significant impact of the COVID-19 pandemic on both charitable and commercial operations at Wimpole Street, with the loss of most in-person education events and commercial events, plus reduced business in the hotel and Members’ club. In response, the Society continued to act to reduce costs to minimise losses and continued to utilise the UK Government Coronavirus Job Retention Scheme (furlough).

Income

Income from charitable activities (education programme events, information resources and membership subscriptions) at £5,653k was comparable to the previous year (2019-20: £5,646k). Although fewer in-person Section events took place, income from membership subscriptions was £241k (5%) higher in 2020-21 at £4,644k.

Income from trading activities, mainly from conferencing and hospitality, fell sharply in 2020-21 by 82% to £624k (2019-20: £3,558k). This reflected the impact of COVID-19 on business at 1 Wimpole Street across the full twelvemonth period.

Income from donations and legacies was £1,786k (2019-20: £1,596k). The RSM is grateful for the generosity of all its supporters. This includes £283k of grant funding under the Government’s Coronavirus Job Retention Scheme (201920: £644k).

Investment income was £135k (2019-20: £212k).

Total income for the year fell by 26% to £8,198k compared to 2019-20 on a like-for-like basis (2019-20: £11,012k, excluding £6,358k one-off profit from the sale of Chandos House).

Expenditure

Total expenditure in 2020-21 was 25% lower than the previous year at £11,543k (2019-20: £15,422k), reflecting lower charitable and business activity levels and cost savings achieved.

Within total expenditure, the costs of charitable activities reduced to £9,596k (2019-20: £10,263k), of which £6,761k (2019-20: £8,296k) was spent on the education programme and information resources. The Society continued to fund budgeted core charitable activity from the onset of the pandemic in March 2020, including the delivery of education events via webinars.

£143k (2019-20: £170k) was spent on fundraising and fundraising support costs to raise income from donations and legacies of £1,503k (2019-20: £952k).

Termination payments totalled £90k (2019-20: £150k), primarily due to redundancies within RSM Commercial Services Limited as a consequence of reduced activity during the COVID-19 pandemic.

Net expenditure

Overall, the RSM reported a net deficit for the year of £1,917k (2019-20: £1,005k gain, including the one-off surplus of £6,358k on the sale of Chandos House). This comprises a loss on operating activities of £3,345k (2019-20: £1,948k surplus), partially offset by gains on investments of £1,428k (2019-20: £943k loss).

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Annual Report 2020-21

Financial Review. (continued)

Movement on funds

Total funds carried forward at 30 September 2021 for the group were £35,426k (September 2020: £37,343k). The reduction in funds is primarily due to the deficit of income versus expenditure for the year.

Unrestricted funds

General free reserves for the group at 30 September 2021 were £7,109k (30 September 2020: £8,630k).

The financial strategy of the RSM is to aim to hold general free reserves representing six months’ unrestricted expenditure, to provide adequate reserves to protect against unexpected downturns, including a significant reduction in income. This amounted to £4,649k as at 30 September 2021 (30 September 2020: £5,789k), meaning actual free reserves of £7,109k represent 9.2 months’ provision (September 2020: 9.0 months). However, the ongoing impact of COVID-19 will continue to erode free reserves in 2021-22.

Designated funds set aside for charitable purposes were £1,823k at 30 September 2021 (30 September 2020: £1,802k). These principally comprise the balances designated for Sections of £1,539k (30 September 2020: £1,538k).

Restricted and permanent endowment funds

Restricted funds increased to £3,330k at 30 September 2021 (30 September 2020: £3,042k), as incoming funds exceeded expenditure by £102k and investments grew in value by £185k.

Permanent endowment funds rose to £2,221k (30 September 2020: £1,757k) as a result of gains in investments of £464k (2019-20: £476k loss).

Investments

Strategy

The RSM’s investment strategic objective is to achieve good returns consistent with an acceptable level of risk. There are three portfolios:

Funds are managed by Cazenove Capital Management. The Finance and Investment Committee reviews performance of the portfolio on a quarterly basis against appropriate benchmarks.

Ethical investment policy

The Trustees are aware of their responsibility to invest funds in a responsible manner, as well as to provide a good risk-adjusted return. The RSM’s policy does not permit the direct holding of investments in any company with tobacco interests screened at more than 10% of revenue. It also does not permit the direct holding of investments whose primary business is in gambling, arms, pornography or fossil fuels (including the production, extraction and refining of oil, gas and coal) screened at more than 10% of revenue. The total value of funds invested indirectly should not be more than 5% in these areas.

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Annual Report 2020-21

Financial Review. (continued)

A significant proportion of the RSM’s investments are held in the Cazenove Charity Responsible Multi-Asset Fund. The Fund is intended to have a positive impact on people and the planet by avoiding harm through environmental, social and governance (ESG) integration and exclusions, benefiting stakeholders through responsible business activities and contributing to solutions through influence and investing for impact. Cazenove assesses the environmental and social impact of all RSM’s investments, with the twin objectives of reducing carbon emissions attributable to holdings of companies invested in and delivering a higher positive social impact, measuring factors such as fair work, tax, medicine provision, financial inclusion and access to water.

Financial Performance

The RSM sold its holdings in an unlisted company and a listed company in 2020-21 for proceeds of £397k and £364k respectively.

There was an unrealised gain on investments under management of £1,031k (2019-20: £943k loss), primarily due to the recovery of global stock markets over the period. Returns for the 12 months across each fund are shown in the table below:

Returns Oct 20 - Sept 21
Permanent endowment 31.9%
Expendable endowment 14.3%
Unrestricted endowment 14.2%

The Permanent endowment fund benefitted from its exposure to UK equities, which performed strongly in the year.

Impact

The two measures employed by Cazenove to measure impact are:

Going concern

COVID-19 restrictions have had an ongoing material impact on the RSM’s operations and finances since March 2020.

Despite accessing the UK Government’s Job Retention Scheme (furlough), with total grant income of £928k to September 2021, the RSM still had to reduce headcount to mitigate the financial impact of COVID-19. Unfortunately, this resulted in significant staff redundancies, in addition to other cost savings. Headcount reduced from 188 in March 2020 to 107 at September 2021.

The RSM also made a successful application under the Coronavirus Business Interruption Loan Scheme (CBILS) to provide further cash (£2,500k) to help manage the impact of COVID-19 on the charity’s business.

The group has adequate levels of cash and reserves to manage its affairs over the period to June 2023. As stated in this review, the RSM had free reserves of £7,109k at 30 September 2021, representing 9.2 months’ unrestricted expenditure. The group accounts also show total cash holdings of £14,670k, of which the majority was unrestricted.

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Annual Report 2020-21

Financial Review. (continued)

A comprehensive cash forecast exercise has been undertaken for the group to June 2023 (and beyond) with analysis for the Society and RSM Commercial Services Ltd. This is based on budget information, current trading levels and known and likely trends. As part of this exercise the potential impact of downside pressures has been considered. There is uncertainty over the ongoing and lasting impact of COVID-19 on the Society’s operations and business model, but Trustees believe that they have downgraded planning assumptions to adequately reflect this.

RSM Commercial Services Ltd has been more severely impacted than the charity. Trading results for the first six months of 2021-22 show that net profit is behind target with the impact of the Omicron variant over the winter months. However, business did partially recover in the autumn of 2021 before suffering a setback with Omicron in late 2021 and early 2022. Most recently, the RSM’s club and hotel facilities, and commercial events, were busier in spring 2022 than at any time since COVID-19 struck in March 2020. There are significant wage and price inflationary pressures facing operations, together with competition in the marketplace. Costs will continue to be closely managed to mitigate any adverse effects on financial performance.

A formal agreement with the RSM also provides RSM Commercial Services Ltd with appropriate financial protection should COVID-19 restrictions mean the Wimpole Street building is not open for business. However, to provide further stability for the company, the Society has extended the initial capital and interest repayments holiday on the loan by an additional 12-month period to September 2022 and resolved not to recall overdraft facilities before June 2023. This action is also supported by RSM Commercial Services Ltd’s strong record of delivering significant returns in recent years prior to COVID-19 – around £3,000k each year of contribution to overheads or profit over the ten years to 2018-19.

The review concludes that:

As a consequence of the above, Trustees remain satisfied the RSM can continue operating for the foreseeable future. No material uncertainties have been identified and the Trustees consider it appropriate for the accounts to be prepared on a going concern basis.

Signed on behalf of the Members of Council on 29 June 2022.

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Annual Report 2020-21

Independent auditor’s report to Trustees of . The Royal Society of Medicine

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Royal Society of Medicine (“the Parent Charity”) and its subsidiary (“the Group”) for the year ended 30 September 2021 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements 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.

Conclusions related 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 Group and the Parent 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.

Other information

The Trustees are responsible for the 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 other information comprises: Presidents Report, Chief Executive’s Report, Governance and Financial Review. Our opinion on the financial statements

45

Annual Report 2020-21

does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 in relation to which the Charities Act 2011 us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, 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 determines 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 Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent 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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

As part of designing our audit, based on our understanding of the industry in which the Group operates, we assessed the risks of material misstatement in the financial statements, including how fraud may occur. We considered the Group’s own assessment of the risks that irregularities may occur either as a result of fraud or error and held discussions to consider whether there was any knowledge of actual, suspected or alleged fraud. As part of our

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Annual Report 2020-21

discussions, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Where possible, we obtained and reviewed corroborating documentation.

We also gained an understanding of principal laws and regulations that directly affect the financial statements and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Appropriate audit procedures included the review of the Parent Charity’s documentation of risks and associated mitigating actions, review of Trustee Board and Audit & Risk Committee meeting minutes, and enquiries regarding any matters identified as a Serious Incident reportable to the Charity Commission. Note that auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Those Charged with Governance and other management, and inspection of regulatory and legal correspondence if any.

We also completed the following procedures:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with 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 anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor London, UK 05 July 2022

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Annual Report 2020-21

. Consolidated statement of financial activities

FOR THE YEAR ENDED 30 SEPTEMBER 2021

notes
INCOME FROM:
Donations and legacies
3
Other trading activities
Conferencing and hospitality
Rental income
Investment income
4
Charitable activities
Education:
Academic programme
Information resources
Publishing
Membership subscriptions
5
Other income
Disposal of Chandos House
6		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL
2021
TOTAL
2020
£000
£000
£000
£000
£000
1,336
450
-
1,786
1,596
617
-
-
617
3,523
7
-
-
7
35
624
-
-
624
3,558
35
100
-
135
212
803
-
-
803
1,040
40
-
-
40
17
166
-
-
166
186
4,644
-
-
4,644
4,403
5,653
-
-
5,653
5,646
-
-
-
-
6,358
Total income 7,648
550
-
8,198
17,370
EXPENDITURE ON:
Raising funds
7
Fundraising costs
Conferencing and hospitality
Rental income costs
Investment management costs
Charitable activities
7
Education:
Academic programme
Information resources
Publishing
Membership subscriptions		 143
-
-
143
170
1,797
-
-
1,797
4,835
-
-
-
-
142
7
-
-
7
12
1,947
-
-
1,947
5,159
3,715
262
-
3,977
4,914
2,598
186
-
2,784
3,382
141
-
-
141
159
2,694
-
-
2,694
1,808
9,148
448
-
9,596
10,263
Total expenditure 11,095
448
-
11,543
15,422
NET (EXPENDITURE) / INCOME
BEFORE GAINS AND LOSSES ON
INVESTMENTS
Net gains / (losses) on investments
12
Transfer between funds
NET (EXPENDITURE) / INCOME
RECONCILIATION OF FUNDS
Total funds brought forward		 (3,447)
102
-
(3,345)
1,948
779
185
464
1,428
(943)
(1)
1
-
-
-
(2,669)
288
464
(1,917)
1,005
32,544
3,042
1,757
37,343
36,338
Total funds carried forward
19,20		 29,875
3,330
2,221
35,426
37,343

The notes on pages 51 to 66 form part of these financial statements.

48

Annual Report 2020-21

. Consolidated and charity balance sheets

AS AT 30 SEPTEMBER 2021

notes
FIXED ASSETS
Tangible assets
10
Intangible assets
11
Investments
12
Heritage assets
13
Shares in subsidiarycompanies		 GROUP
CHARITY
2021
£000
2020
£000
2021
£000
2020
£000
17,596
18,101
17,596
18,101
2
665
2
665
5,623
4,777
5,623
4,777
3,346
3,346
3,346
3,346
-
-
2
2
TOTAL FIXED ASSETS 26,567
26,889
26,569
26,891
CURRENT ASSETS
Stocks and work in progress
14
Debtors
15
Short term investments
12
Bank deposits
Cash at bank and in hand
Total current assets
CREDITORS: Amounts falling due within one year
16
NET CURRENT ASSETS
CREDITORS: Amounts falling due
after more than one year
17
PROVISIONS FOR LIABILITIES AND CHARGES
18		 164
51
126
-
792
1,355
698
1,619
-
179
-
179
13,757
13,205
13,757
13,205
913
336
496
320
15,626
15,126
15,077
15,323
(3,273)
(3,757)
(2,949)
(3,447)
12,353
11,369
12,128
11,876
(3,494)
(862)
(3,494)
(862)
-
(53)
-
(53)
NET ASSETS 35,426
37,343
35,203
37,852
FUNDS
Unrestricted funds:
Tangible fxed assets fund
Designated funds
General fund
19
Permanent endowment funds
20
Restricted funds
20		 20,943
22,112
20,943
22,112
1,823
1,802
1,823
1,802
7,109
8,630
6,886
9,139
29,875
32,544
29,652
33,053
2,221
1,757
2,221
1,757
3,330
3,042
3,330
3,042
TOTAL FUNDS 35,426
37,343
35,203
37,852

Approved and authorised for issue on 29 June 2022 by Members of Council and signed on their behalf by:

Professor Roger Kirby MD, FRCS President

Mr Richard Murley Honorary Treasurer

The notes on pages 51 to 66 form part of these financial statements.

49

Annual Report 2020-21

. Consolidated statement of cash flows

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR THE YEAR ENDED 30 SEPTEMBER 2021
2021
£000
Net cash (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends from investments
100
Proceeds from sale of Chandos House
-
Purchase of tangible and intangible fxed assets
(395)
Proceeds from sale of long term investments
397
Cash infow from bank interest
35
Proceeds from sale of short term investments
364
Net cash generated by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
CBILS loan
2,500
Repayments of loan fnance: quarterly instalments paid
-
Interest paid
-
Net cash used in fnancing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Net (expenditure)/ income before investment gains/ (losses) for the
reporting period (as per the SOFA)
Adjustments for:
Depreciation
1,563
Proft on disposal of Chandos House
-
Interest / Dividends / Proceeds from sale of investments
(135)
Impairment write of intangible fxed assets
-
Decrease in debtors
563
Decrease in stock and work in progress
(113)
Decrease in creditors
(352)
Decrease in provision
(53)
Net cash (used in) operating activities
ANALYSIS OF CHANGES IN NET DEBT
Cash and cash equivalent
Cash
Bank deposits
Borrowings
Debt due within one year
Debt due after one year
Total		 2021
£000
100
-
(395)
397
35
364		 2021
£000
(1,872)

501


2,500		 2020
£000
183
10,025
(608)
1,250
29
38		 2020
£000
(2,208)



10,917
(312)
(300)
(12)
2,500
-
-
1,464
(6,358)
(200)
360
1,016
13
(411)
(40)
1,129
13,541		 8,397
5,144
14,670 13,541
(3,345)


1,473		 1,948



(4,156)
(1,872) (2,208)
At 30 Sept 2021
£000

913

13,757
13,541
1,129
14,670
-
(167)
(167)
-
(2,333)
(2,333)
-
(2,500)
(2,500)
13,541
(1,371)
12,170

The notes on pages 51 to 66 form part of these financial statements.

50

Annual Report 2020-21

. 1. Accounting Policies

Basis of preparation

The accounts are prepared under the historical cost convention, except for the modification to include certain assets at valuation as specified in the accounting policies below.

The parent of the company, the Royal Society of Medicine (RSM) sold its leasehold interest in Chandos House in June 2020. All activities relating to discontinued activities have been presented in a separate column on the face of the comparative SOFA for 2019-20 on page 56.

The financial planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure.

COVID-19 has had an ongoing material impact on the RSM’s operations and finances in 2020-21 as was the case in 2019-20, with the temporary closure of the in-person education programme, hotel, restaurant and commercial events business. A further loss is projected for 2021-22. Trustees conclude that levels of reserves and cash, together with continuing action to reduce costs, mean that they are satisfied that the RSM meets going concern requirements for the coming 12 month period from the date of signing of the 2020-21 financial statements. Accordingly, they have adopted the going concern basis in preparing the annual report and accounts.

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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Society meets the definition of a public benefit entity under FRS 102. As described further within the Governance section of the Trustees report on page 35, it is a Charity registered with the Charity Commission in England and Wales.

In preparing the separate financial statements of the parent charity, advantage has been taken of the following disclosure exemptions available in FRS 102:

equivalent disclosures but have been provided in respect of the group as a whole; and

The accounts include the transactions, assets and liabilities of Special Trusts which are administered by the Society. A summary of these transactions is shown in note 20.

The accounts include transactions, assets and liabilities of Royal Society of Medicine Commercial Services Limited, and Royal Society of Medicine International Limited (dormant), which are wholly owned subsidiaries and are run as an integral part of the Society. The subsidiaries’ accounts are produced separately as required by the Companies Act 2006 and are summarised in note 9.

The SORP requires that income and costs are allocated where appropriate to charitable activities and to activities for raising funds. No separate SOFA has been presented for the Society alone as permitted by section 408 of the Companies Act 2006.

The accounting policy in respect of payments under Gift Aid by the subsidiary, Royal Society of Medicine Commercial Services Limited to its parent, the Royal Society of Medicine, is set out below.

Significant judgments and key sources of estimation uncertainty

The Society’s significant accounting policies are stated below. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity and judgment involved in their application and their impact on the consolidated financial statements.

Significant accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are as follows:

51

Annual Report 2020-21

. (continued) 1. Accounting Policies

a) Valuation of the CRM system - Following a review of the intangible assets during the year, it was considered that, due to the bespoke nature of the developed software, it no longer held a suitable value for purchase. Consequently it was held to have no residual value, and its amortisation was accelerated.

b) Valuation of Heritage Assets - Heritage assets comprise of a collection of books and manuscripts held in the RSM’s Library. They are included in 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 by the Trustees to be appropriate following a review by Bonhams in January 2022 that the market for similar material has remained relatively stable since 2015.

c) Parent charity provision – The balance sheet of the parent charity includes amounts due from RSM Commercial Services Ltd, including the loan.

until the date that control ceases. The turnover and expenditure of the subsidiaries are included within the consolidated SOFA. The assets and liabilities are included on a line by line basis in the consolidated balance sheet in accordance with FRS 102, section 9 ‘Consolidated and Separate Financial Statements.’ The financial statements of all Group companies are prepared using consistent accounting policies.

The following are the accounting policies adopted for material items:

Income

Income is included in the SOFA when the Society is legally entitled to the income, there is probability of receipt, and the amounts can be quantified with reasonable accuracy. If these conditions are not met then the income is deferred.

Notwithstanding the measures put in place to support Commercial Services, there is a risk that the impact of COVID-19 and other factors may affect the speed of recovery of the conferencing and hospitality business.

Income is shown within four main categories in the Consolidated Statement of Financial Activities:

As a result, it has been deemed prudent to provide fully against the amounts due from RSM Commercial Services Ltd in the accounts of the Charity. There is no impact of this provision on the group accounts.

The following specific policies apply to categories of income:

Basis of consolidation

The Group comprises the Royal Society of Medicine and its subsidiaries which are set out in note 9 to these accounts. The principal trading subsidiary is Royal Society of Medicine Commercial Services Limited which operates the catering, accommodation and conference activities on behalf of the Society.

The consolidated financial statements incorporate the financial statements of the Society and its subsidiaries for the year ended 30 September 2021 and the comparative period.

Subsidiaries are entities controlled by the Society. Control exists when the company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences

52

Annual Report 2020-21

. (continued) 1. Accounting Policies

The expenditure on raising funds is comprised of those costs attributable to the provision of catering and accommodation services, managing the investment portfolio, rental income costs and fundraising costs which are those incurred in seeking voluntary contributions for the Society.

The expenditure on charitable activities relate to the core charitable purposes of the Society – education (academic programme and information resources), publishing and membership subscriptions.

Governance costs are those associated with the governance arrangements rather than the day-to-day management of the Society. These costs are allocated to expenditure on raising funds and charitable activities on the basis of estimated service usage within each area.

Support costs represent expenditure on administration, financial management, human resources, information systems and marketing and communications – they assist the work of the Society but do not directly undertake charitable activities. These are allocated to expenditure on raising funds and charitable activities, on the basis of headcount or on the estimated service delivered by the support service or other bases if these are more appropriate.

Termination payments are payable when employment is terminated by the Society before the normal retirement date or end of employment contract. Termination costs are recognised at the earlier of when the Society can no longer withdraw the offer of benefits or when the Society recognises any related restructuring costs.

Any income restricted to future accounting periods is deferred and recognised in those accounting periods.

Expenditure

Expenditure is accounted for on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

The consolidated SOFA defines expenditure in two specific categories:

Fund accounting

General funds are unrestricted funds that are available for use at the discretion of the Trustees in accordance with the general objectives of the Society.

Designated funds are unrestricted funds that represent amounts set aside at the discretion of the Trustees for specific purposes. They would otherwise form part of the general reserves.

The permanent endowment funds represent capital for the permanent benefit of the Society, and the income arising forms part of either restricted or unrestricted funds.

Restricted funds are subject to specific restrictions imposed by donors. The aim and use of the major restricted funds is set out in the notes in the financial statements.

53

Annual Report 2020-21

. (continued) 1. Accounting Policies

Impairments

The carrying values of the Society’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of fair value and its value in use. If the asset’s recoverable amount falls below its book value, an impairment charge is recognised to bring its book value down to the recoverable amount.

Heritage assets

Heritage assets, being the contents of the Library, have been included in the Society’s accounts as fixed assets since the year ended 30 September 2011. The heritage assets are included at fair value based on an estimated auction value in December 2015 carried out by Bonhams for insurance purposes and reviewed in January 2022. The Trustees consider that the value of the Library collection does not depreciate in value and, as such, no depreciation is charged.

Tangible fixed assets

Tangible fixed assets are measured at costs less accumulated depreciation and any accumulated impairment losses.

Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life which is reviewed annually.

Investment property

The one investment property that was disposed of in June 2020 was measured at fair value at the reporting date in the charity only balance sheet.

Investments

All investments under management are valued at the year-end market value. Quoted investments, all of which are quoted on a stock exchange, are also stated at the year-end market value. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Assets under construction are not depreciated until they are brought into use.

The estimated useful lives are as follows:

Leasehold Premises Non-Fabric

50 years

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value.

Leasehold Premises Fabric 100 years

Plant and Office Equipment 5 to 20 years

Major Computer Systems 4 to 7 years

Debtors

Trade and other debtors are recognised at the settlement amount due, less any provision for bad or doubtful amounts. Such provisions are specific and applied in a consistent manner based on a debt’s aging and other factors affecting potential recoverability.

Furnishings and Fittings

10 years

Intangible Assets

Short term investments

10 years

Quoted investments, all of which are quoted on a stock exchange, are stated at the year-end market value.

54

Annual Report 2020-21

. (continued) 1. Accounting Policies

Cash and cash equivalents

Cash, for the purpose of the Statement of Cash Flows, represents balances on hand. Bank deposits are those with a short maturity of three months or less. Such balances are subject to insignificant risk of changes in value and are readily convertible.

Creditors

Leasing contracts

The Society has two long-term operating lease agreements in relation to its properties. Lease premiums and other costs of acquiring long-term leases, together with subsequent leasehold improvements, are capitalised as tangible fixed assets in the group balance sheet and depreciated as shown in the depreciation policy above. Ongoing rentals under these leases are charged to the SOFA as they fall due under the terms of each lease.

Trade and other creditors are recognised at transaction price due, after allowing for any trade discounts.

Deferred income represents invoices raised and cash receipts for which income recognition criteria is not yet met and will be satisfied in future accounting periods. Such amounts are not discounted.

Taxation

Translation of foreign currencies

The Society’s functional and presentational currency is pound sterling. Income and expenditure items are converted at the date of the transactions. Assets and liabilities are converted at the rate ruling at the year-end. All differences are recognised in the SOFA.

As a registered charity, the Royal Society of Medicine is exempt from taxation of income and gains falling within Part 11 Corporation Tax Act 2010 or Section 256 Taxation of Chargeable Gains Act 1992 to the extent these are applied to its charitable objects.

Other financial instruments

The Society has considered FRS 102 sections 11 and 12, identifying and classifying financial instruments as ‘basic’ and ‘other.’ The Society only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors, creditors and bank loans are initially recognised at transaction value and subsequently measured at their settlement value.

Employee benefits

Receipt of payments from subsidiary undertaking under Qualifying Charitable Donation

The Society’s subsidiary undertaking, Royal Society of Medicine Commercial Services Limited, has adopted a policy of paying all of its taxable profits to the Society under Qualifying Charitable Donation in the next financial period when it is approved by the Directors of this subsidiary. If an operating profit exists at the balance sheet date, a tax liability arises in both the subsidiary and the group. The current tax liability will be reversed in the next financial period provided that the approved post year-end Qualifying Charitable Donation declaration is settled within nine months of the reporting date. Qualifying Charitable Donation payments are therefore recognised as distributions through equity.

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society through a Group Stakeholder Pension Scheme. The pension costs, shown in note 8, represent contributions payable by the Society to the scheme. Short-term employee benefits, including holiday pay and contributions to the defined contribution pension scheme, are recognised as an expense in the period in which they are incurred.

55

Annual Report 2020-21

2. Comparative consolidated statement of activities. financial

FOR THE YEAR ENDED 30 SEPTEMBER 2020


notes
INCOME FROM:
Donations and legacies
3
Other trading activities
Conferencing and hospitality
Rental income
Investment income
4
Charitable activities
Education:
Academic programme
Information resources
Publishing
Membership subscriptions
5
Other income
Proft on disposal of Chandos House
6
UNRESTRICTED FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL FUNDS 2020
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Continuing
operations
Continuing
operations
Discontinued
operations
Total
£000
£000
£000
£000
£000
£000
£000
£000
1,141
-
1,141
455
-
1,596
-
1,596
2,913
610
3,523
-
-
2,913
610
3,523
35
-
35
-
-
35
-
35
2,948
610
3,558
-
-
2,948
610
3,558
96
-
96
116
-
212
-
212
1,040
-
1,040
-
-
1,040
-
1,040
17
-
17
-
-
17
-
17
186
-
186
-
-
186
-
186
4,403
-
4,403
-
-
4,403
-
4,403
5,646
-
5,646
-
-
5,646
-
5,646
6,358
-
6,358
-
-
6,358
-
6,358
Total income 16,189
610
16,799
571
-
16,760
610
17,370
EXPENDITURE ON:
Raising funds
7
Fundraising costs
Conferencing and hospitality
Rental income costs
Investment management costs
Charitable activities
7
Education:
Academic programme
Information resources
Publishing
Membership subscriptions		 170
-
170
-
-
170
-
170
4,288
547
4,835
-
-
4,288
547
4,835
142
-
142
-
-
142
-
142
12
-
12
-
-
12
-
12
4,612
547
5,159
-
-
4,612
547
5,159
4,728
-
4,728
186
-
4,914
-
4,914
3,263
-
3,263
119
-
3,382
-
3,382
159
-
159
-
-
159
-
159
1,808
-
1,808
-
-
1,808
-
1,808
9,958
-
9,958
305
-
10,263
-
10,263
Total expenditure 14,570
547
15,117
305
-
14,875
547
15,422
NET INCOME BEFORE
INVESTMENT LOSSES
Net losses on investments
12
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward		 1,619
63
1,682
266
-
1,885
63
1,948
(273)
-
(273)
(194)
(476)
(943)
-
(943)
1,346
63
1,409
71
(476)
942
63
1,005
31,135
-
31,135
2,970
2,233
36,338
-
36,338
Total funds carried forward
19,20		 32,481
63
32,544
3,041
1,757
37,280
63
37,343

56

Annual Report 2020-21

. Notes to the financial statements

3
DONATIONS AND LEGACIES
Donations
Legacies
Government grant
Government grant is for support received from the Coronavirus Job Retention Scheme (Furlough).
4
INVESTMENT INCOME
Dividends and bank interest		 2021
£000
2020
£000
1,206
942
297
10
283
644
1,786
1,596
2021
£000
2020
£000
135
212

5 MEMBERSHIP SUBSCRIPTIONS

Membership subscriptions represent annual and lifetime memberships and are shown net of VAT. Income is recognised in the accounting period in which the services covered by those subscriptions are provided. Deferred membership income of £1,681k (2020: £1,259k) was released to income during the year.

OTHER INCOME
Proft on sale of disposal of Chandos House		 2021
£000
2020
£000
-
6,358

6 OTHER INCOME

ANALYSIS OF EXPENDITURE
(a) EXPENDITURE 2021
Expenditure on raising funds:
Fundraising costs
Conferencing and hospitality
Interest cost
Expenditure on charitable activities:
Education: Academic programme
Education: Information resources
Publishing
Membership subscriptions		 Staf costs
£000
Support costs
£000
Other
£000
Depreciation and
amortisation
£000
2021
£000
73
40
14
16
143
1,250
362
185
-
1,797
-
-
7
-
7
1,323
402
206
16
1,947
1,265
1,781
348
583
3,977
300
934
1,027
523
2,784
59
27
55
-
141
775
863
615
441
2,694
2,399
3,605
2,045
1,547
9,596
Total expenditure 3,722
4,007
2,251
1,563
11,543
(a) EXPENDITURE 2020
Expenditure on raising funds:
Fundraising costs
Conferencing and hospitality
Rental income costs
Interest cost
Expenditure on charitable activities:
Education: Academic programme
Education: Information resources
Publishing
Membership subscriptions		 Staf costs
£000
Support costs
£000
Other
£000
Depreciation
£000
2020
£000
44
97
11
18
170
3,319
918
598
-
4,835
-
69
1
72
142
-
-
12
-
12
3,363
1,084
622
90
5,159
1,202
1,804
1,327
581
4,914
449
909
1,241
783
3,382
58
34
67
-
159
353
616
829
10
1,808
2,062
3,363
3,464
1,374
10,263
Total expenditure 5,425
4,447
4,086
1,464
15,422

Support costs are analysed further in (b) overleaf.

57

Annual Report 2020-21

. (continued) Notes to the financial statements

7 ANALYSIS OF EXPENDITURE (continued)

(b) SUPPORT COSTS 2021
Cost of generating funds
Fundraising (including Investment Management)
Conferencing and hospitality
Rental income
Charitable expenditure
Education: Academic programme
Education: Information resources
Publishing
Membership subscriptions		 Governance
£000
Facilities
management
£000
IT
£000
Management
and admin
£000
2021
£000
4
13
9
14
40
37
141
73
111
362
-
-
-
-
-
41
154
82
125
402
174
454
456
697
1,781
70
403
182
279
934
4
-
9
14
27
70
333
182
278
863
318
1,190
829
1,268
3,605
Total support costs 359
1,344
911
1,393
4,007
(b) SUPPORT COSTS 2020
Cost of generating funds
Fundraising (including investment management)
Conferencing and hospitality
Rental income
Charitable expenditure
Education: Academic programme
Education: Information resources
Publishing
Membership subscriptions		 Governance
£000
Facilities
management
£000
IT
£000
Management
and admin
£000
2020
£000
3
13
23
58
97
15
475
140
288
918
-
47
-
22
69
18
535
163
368
1,084
115
427
300
962
1,804
55
545
101
208
909
6
-
-
28
34
109
25
149
333
616
285
997
550
1,531
3,363
Total support costs 303
1,532
713
1,899
4,447

Support costs are allocated to the costs of raising funds and charitable expenditure on the basis of headcount or on the estimated service delivered by the support service or other bases if these are more appropriate.

Auditor’s fees and expenses include the following: 2021
£000		 2020
£000
Fees payable to the auditors of The Royal Society of Medicine:
in respect of the charity audit 43 27
in respect of the subsidiary audits 15 10
in respect of the subsidiary audit prior year - 2
in respect of the charity audit prior year 35 -
Other non-audit services:
in respect of taxation compliance 10 15
Total fees payable to auditor 103 54

58

Annual Report 2020-21

. (continued) Notes to the financial statements

8 EMPLOYEE COSTS

Members of Council do not receive remuneration. The total sum relating to reimbursement of expenses and benefits for accommodation amounted to £1,347 for 3 members (2020: £2,386 for 4 members).

The average number of persons employed during the period was:
Fundraising
Conferencing and hospitality
Education: Academic programme
Education: Information resources
Marketing and communications
Governance
Support functions
Total number of persons		 2021
Number
2020
Number
1
1
46
105
18
28
12
13
19
19
2
1
14
14
112
181

The above figures are calculated on monthly averages across each 12 month period. Due to the closure of significant parts of its operations due to the COVID-19 pandemic, the Society had to make significant redundancies in August 2020. As a result, total headcount at September 2020 was reduced to 125, of which 57 relate to conferencing and hospitality. There was a further round of redundancies in December 2020.

Total employment costs were:
Wages and salaries
Social security costs
Defned contribution pension costs
Redundancy and termination payments
Other employment costs / life assurance
Total employment costs		 2021
£000
2020
£000
3,963
5,504
404
556
421
515
90
150
648
902
5,526
7,627

Staff costs of £1,804k (2020: £2,203k) are included within support costs within note 7.

All staff are employed by Royal Society of Medicine Commercial Services Limited and their costs are recharged to the Society. The above analysis includes the recharged amounts and represents the group costs. Wages and salaries are shown before any deduction for salary sacrifice arrangements. The Society benefitted from the UK Government’s Coronavirus Job Retention Scheme and staff who were not business critical were furloughed for parts of the year. Grant income of £283k (2020: £644k) has been claimed back from the government during the pandemic.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 during the year were as follows:

£60,001 to £70,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£140,001 to £150,000
Pension contributions paid into a defned contribution scheme
in respect of the above identifed higher paid employees amounted to:		 2021
No.
2020
No.
3
2
-
1
-
3
1
1
3
-
1
1
£000
114
£000
112

There were payments for redundancies or loss of office of £nil (2020: £20,983) to staff receiving remuneration of over £60,000.

Key management personnel

The key management personnel are the members of the Senior Management Team (listed on page 34). The total employee benefits (including pension) paid to key management personnel were £599k (2020: £744k).

The remuneration during the year for Michele Acton, Chief Executive, comprised:

2021 2020
£ £
Salary 140,000 140,000
Benefts in kind 2,654 2,654
Employers National Insurance contributions 18,104 18,271
Defned contributionpension scheme 24,500 24,500
Totals 185,258 185,425

59

Annual Report 2020-21

. (continued) Notes to the financial statements

9 SUBSIDIARIES

The Society has two wholly-owned subsidiaries. It holds 1,000 ordinary shares of £1 each in Royal Society of Medicine Commercial Services Limited (RSMCS Ltd Company No. 2820374). The Company operates the catering, accommodation and conference activities on behalf of the Society. RSMCS Ltd gift aids its taxable profit to the Society.

The Society also holds 1,000 ordinary shares of £1 each in Royal Society of Medicine International Limited (Company No. 08781651) which was incorporated in 2014. The company remained dormant in 2020-21.

A summary of the results and summary balance sheet for RSMCS Ltd is as follows:

PROFIT AND LOSS ACCOUNTS
Turnover
Cost of sales
Gross loss
Administrative costs
Other operating income
Loss for the year before taxation
Tax charge
Retained loss for the year
BALANCE SHEETS
Stocks
Debtors
Bank balances
Trade and other creditors
Owed to parent Charity
Loan from parent Charity
Net liabilities		 2021
£000
2020
£000
617
3,523
(1,326)
(3,629)
(709)
(106)
(471)
(1,207)
255
644
(925)
(669)
-
-
(925)
(669)
2021
£000
2020
£000
38
51
93
145
416
15
(324)
(311)
(157)
(409)
(1,500)
-
(1,434)
(509)

Other operating income comprises grant income received from the UK Government’s Coronavirus Job Retention Scheme (furlough).

10 TANGIBLE FIXED ASSETS

Group and charity
Cost or Valuation
At 1 October 2020
Additions
Transfers
Disposals
At 30 September 2021
Depreciation
At 1 October 2020
Charge for year
Transfers
Disposals
At 30 September 2021
Net Book Value at 30 September 2021
Net Book Value at 30 September 2020		 Leasehold
premises
£000
Furnishings
and fttings
£000
Plant, vehicles and
ofce equipment
£000
Total
£000
22,695
600
9,914
33,209
161
4
49
214
-
6,043
(6,197)
(154)
-
(449)
(410)
(859)
22,856
6,198
3,356
32,410
6,186
592
8,330
15,108
258
202
243
703
-
5,305
(5,443)
(138)
-
(449)
(410)
(859)
6,444
5,650
2,720
14,814
16,412
548
636
17,596
16,509
8
1,584
18,101

The insured value of the assets (insurance brokers, Arthur J Gallagher Ltd) included in Leasehold Premises as at 30 September 2021 is £67.1m (2020: £70.3m).

60

Annual Report 2020-21

. (continued) Notes to the financial statements

Group and Charity
Cost or Valuation
At 1 October 2020
Additions
Transfers
At 30 September 2021
Depreciation
At 1 October 2020
Charge for year
Transfers
At 30 September 2021
Net Book Value at 30 September 2021
Net Book Value at 30 September 2020		 Software
£000
2,086
181
121
2,388
1,421
860
105
2,386
2
665

Following a review of the intangible assets during the year, it was considered that, due to the bespoke nature of the developed software, it no longer held a suitable value for purchase. Consequently it was held to have no residual value, and its amortisation was accelerated. The remaining £2k of assets relates to a trademark held by the Society, which is being amortised over 5 years.

12 INVESTMENTS

Long term investments:
Property
Market value 1 October 2020
Disposal
Market value 30 September 2021		 Charity
2021
£000
2020
£000
-
9,200
-
(9,200)
-
-

The investment property (Chandos House) was sold in June 2020.

Investment funds and other investments
Market value 1 October 2020
Disposal proceeds
Change in market value
Market value 30 September 2021
Short term investments:
Market value 1 October 2020
Disposal proceeds
Change in market value
Market value 30 September 2021		 Group and Charity
2021
£000
2020
£000
4,777
6,932
(397)
(1,250)
1,243
(905)
5,623
4,777
179
255
(364)
(38)
185
(38)
-
179

In 2021, the RSM sold its holdings in two companies - one listed in the USA (part of investment funds and other investments) and an unlisted UK company (within short term investments).

HERITAGE ASSETS
Books and manuscripts
Value 1 October 2020 and 30 September 2021		 Group and Charity
2021
£000
2020
£000
3,346
3,346

Heritage assets comprise the collection of books and manuscripts held in the RSM’s Library. They are included in 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 obtained in December 2015 is still deemed to be appropriate following a review by Bonhams in January 2022 that the market for similar material has remained stable since then. There have been no additions, disposals or impairments in the periods disclosed.

61

Annual Report 2020-21

. (continued) Notes to the financial statements

14 STOCKS AND WORK IN PROGRESS GROUP CHARITY
2021 2020 2021 2020
£000 £000 £000 £000
Goods for resale 38 51 - -
Work in progress 126 - 126 -
164 51 126 -
Work in progress relates to professional fees and other costs relating to property development, the scope of which will be fnalised in the next
fnancial year.
15 DEBTORS GROUP CHARITY
2021 2020 2021 2020
£000 £000 £000 £000
Trade debtors 173 73 123 34
Other debtors 199 633 155 527
Prepayments and accrued income 355 555 355 555
Amounts due from subsidiary undertakings - - - 408
HMRC Gift Aid & VAT 65 94 65 95
792 1,355 698 1,619
16 CREDITORS: Amounts due within one year GROUP CHARITY
2021 2020 2021 2020
£000 £000 £000 £000
Bank loan 167 - 167 -
Trade creditors 193 663 153 589
Accrued expenses and deferred income 1,089 1,078 1,056 956
Membership subscription income deferred (note 5) 1,367 1,681 1,367 1,681
Tax and social security 131 116 - 2
Other creditors 326 219 206 219
3,273 3,757 2,949 3,447

In May 2021, the RSM took out a Coronavirus Business Interruption Loan (CBIL) of £2,500k with Bank of Scotland plc. The capital is repayable in 60 equal monthly installments of £41,667 commencing 13 months after drawdown of the loan. The rate of interest payable on the loan is Bank of England Base Rate plus 1.71%. There are no early repayment charges payable. The loan is secured against the RSM’s leases at Wimpole Street, London.

17
CREDITORS: Amounts falling due after more than
Membership subscription income deferred (note 5)
Bank loan
18
PROVISIONS FOR LIABILITIES AND CHARGES
Provision		 one year
GROUP
CHARITY
2021
£000
2020
£000
2021
£000
2020
£000
1,161
862
1,161
862
2,333
-
2,333
-
3,494
862
3,494
862
GROUP
CHARITY
2021
£000
2020
£000
2021
£000
2020
£000
-
53
-
53
-
53
-
53

62

Annual Report 2020-21

Notes to the Financial statements. (continued)

19 MOVEMENT IN GROUP UNRESTRICTED FUNDS

2021 Group
General
Designated funds:
Fixed assets
Educational funds
Sections' funds (note 22)
Academic fund (note 22)
2020 Group
General
Designated funds:
Fixed assets
Educational funds
Sections' funds
Academic fund
2021 Charity
General
Designated funds:
Fixed assets
Educational funds
Sections' funds (note 22)
Academic fund (note 22)
2020 Charity
General
Designated funds:
Fixed assets
Educational funds
Sections' funds
Academic fund		 At 1 October
2020
Transfers
Net income /
(expenditure)
Net gain on
investments
At 30 September
2021
£000
£000
£000
£000
£000
8,630
1,084
(3,365)
760
7,109
22,112
(1,168)
(1)
-
20,943
214
-
1
19
234
1,538
83
(82)
-
1,539
50
-
-
-
50
32,544
(1)
(3,447)
779
29,875
At 1 October
2019
Transfers
Net income /
(expenditure)
Net losses on
investments
At 30 September
2020
£000
£000
£000
£000
£000
2,806
(140)
6,217
(253)
8,630
26,607
(12)
(4,483)
-
22,112
229
-
5
(20)
214
1,443
140
(45)
-
1,538
50
12
(12)
-
50
31,135
-
1,682
(273)
32,544
At 1 October
2020
Transfers
Net income /
(expenditure)
Net gain on
investments
At 30 September
2021
£000
£000
£000
£000
£000
9,139
1,084
(4,097)
760
6,886
22,112
(1,168)
(1)
-
20,943
214
-
1
19
234
1,538
83
(82)
-
1,539
50
-
-
-
50
33,053
(1)
(4,179)
779
29,652
At 1 October
2019
Transfers
Net income /
(expenditure)
Net losses on
investments
At 30 September
2020
£000
£000
£000
£000
£000
2,611
(140)
6,921
(253)
9,139
32,218
(12)
(10,094)
-
22,112
229
-
5
(20)
214
1,443
140
(45)
-
1,538
50
12
(12)
-
50
36,551
-
(3,225)
(273)
33,053

The Fixed Assets Fund represents the net book value of tangible, intangible and heritage assets at 30 September 2021 after deducting related loan balances.

The Designated Educational Funds represent monies set aside predominantly to support the Sectional programme. Nearly £800k of these funds will be undesignated in the financial years 2021-22 and 2022-23 to finance a proportion of the direct costs incurred by the RSM in supporting delivery of the Sectional programme.

63

Annual Report 2020-21

. (continued) Notes to the financial statements

20 PERMANENT ENDOWMENT AND RESTRICTED FUNDS – GROUP AND CHARITY

Coloproctology funds
Cowley Fund
Dobson Bequest
Dowling Endowment
Ellison-Clife Lecture
Finzi Bequest
Louis Forman Fund
John Glynn Young Fellows Prize
Jephcott Lecture Fund
Richard Kovacs Fund
G Levene Memorial Fund
London Clinic
Ophthalmology Fund
Rank Fund
Smith Kline French
Stevens Fund
Lord Soulsby
RSM Foundation
Kantor Fund
Thompson Fund
Various Funds with balances of less
than £50,000		 Permanent endowment funds
At 1 Oct
2020
£000
Gains/
on invt
£000
At 30 Sep
2021
£000
31
8
39
77
21
98
-
-
-
47
12
59
126
35
161
-
-
-
-
-
-
31
8
39
796
211
1,007
120
32
152
-
-
-
-
-
-
38
10
48
-
-
-
107
28
135
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
384
99
483		 Restricted funds
At 1 Oct
2020
£000
Income
(inc. transfer)
£000
Expenditure
£000
Gains/
(losses)
on invt
£000
At 30 Sep
2021
£000
55
2
-
6
63
3
5
-
(1)
7
65
1
-
5
71
(1)
3
-
-
2
18
7
(1)
(1)
23
301
2
(1)
31
333
192
-
-
17
209
10
2
-
-
12
205
42
(37)
-
210
82
14
-
-
96
75
1
(1)
8
83
70
1
(5)
-
66
18
3
-
-
21
249
1
(79)
16
187
49
5
-
-
54
376
-
(46)
14
344
63
1
(6)
8
66
177
2
-
21
200
81
201
(186)
-
96
-
100
(21)
-
79
954
158
(65)
61
1,108
Totals 1,757
464
2,221
3,042
551
(448)
185
3,330
2020 comparatives 2,233
(476)
1,757
2,970
571
(305)
(194)
3,042

RESOURCES EXPENDITURE

Details of the major funds (income or balances over £100,000) are as follows:

21 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

GROUP
2021 Unrestricted funds Designated funds Endowment funds Restricted funds Total funds
£000 £000 £000 £000 £000
Tangible fxed assets and heritage assets - 20,944 - - 20,944
Fixed asset investments 1,691 162 2,221 1,549 5,623
Current assets 12,185 1,660 - 1,781 15,626
Current liabilities (3,273) - - - (3,273)
Liabilities due after more than one year (3,494) - - - (3,494)
Provisions for liabilities and charges - - - - -
Group net assets 7,109 22,766 2,221 3,330 35,426

64

Annual Report 2020-21

. (continued) Notes to the financial statements

2020 Unrestricted funds Designated funds Endowment funds Restricted funds Total funds
£000 £000 £000 £000 £000
Tangible fxed assets and heritage 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)
Liabilities due after more than one year (862) - - - (862)
Provisions for liabilities and charges (53) - - - (53)
Group net assets 8,630 23,914 1,757 3,042 37,343
CHARITY
2021 Unrestricted funds Designated funds Endowment funds Restricted funds Total funds
£000 £000 £000 £000 £000
Tangible fxed assets and heritage assets - 20,944 - - 20,944
Fixed asset investments 1,691 162 2,221 1,549 5,623
Shares in subsidiary companies 2 - - - 2
Current assets 11,636 1,660 - 1,781 15,077
Current liabilities (2,949) - - - (2,949)
Liabilities due after more than one year (3,494) - - - (3,494)
Provisions for liabilities and charges - - - - -
Group net assets 6,886 22,766 2,221 3,330 35,203
2020 Unrestricted funds Designated funds Endowment funds Restricted funds Total funds
£000 £000 £000 £000 £000
Tangible fxed assets and heritage assets 1,168 20,944 - - 22,112
Fixed asset investments 1,510 146 1,757 1,364 4,777
Shares in subsidiary companies 2 - - - 2
Current assets 10,821 2,824 - 1,678 15,323
Current liabilities (3,447) - - - (3,447)
Liabilities due after more than one year (862) - - - (862)
Provisions for liabilities and charges (53) - - - (53)
Group net assets 9,139 23,914 1,757 3,042 37,852

22 FINANCIAL COMMITMENTS

(i) Operating leases

The total of future minimum rentals payable under non-cancellable operating leases at 30 September 2021 is £nil (2020: £nil).

(ii) Capital commitments

Capital expenditure contracted for, but not provided in the financial statements, was £nil (2020: £215k).

65

Annual Report 2020-21

. (continued) Notes to the financial statements

23 SECTION FUND BALANCES AND ACADEMIC FUND

Under the Section Finance Guidelines adopted by the Society’s Council in 2009-10, 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 objectives.

All such balances are held as designated funds, as scheduled below.

----- Start of picture text -----
Year-end balance
Section £
Anaesthesia 26,609
Cardiology 119,473
Cardiothoracic 2,139
Clinical Forensic & Legal Medicine 12,492
Clinical Immunology & Allergy 30,033
Clinical Neurosciences 17,029
Coloproctology 19,809
Comparative Medicine 584
Critical Care 19,715
Dermatology 118,031
Digital Health 46,652
Emergency Medicine 14,433
Endocrinology & Diabetes 39,324
Epidemiology & Public Health (2,116)
Food & Health Forum 15,132
Gastroenterology & Hepatology 18,876
General Practice with Primary Healthcare 6,283
Geriatrics & Gerontology 1,552
History of Medicine 13,733
Hypnosis & Psychosomatic Medicine 18,913
Intellectual Disability 3,702
Laryngology & Rhinology 23,031
Maternity and the Newborn 10,077
Medical Genetics 7,896
Military Medicine 13,612
Nephrology 33,002
Obstetrics & Gynaecology 2,001
Odontology (9,032)
----- End of picture text -----

----- Start of picture text -----
Year-end balance
Section £
Oncology 24,349
Occupational Medicine 7,479
Open section 6,104
Ophthalmology 87,356
Oral & Maxillofacial Surgery 1,411
Orthopaedics 88,953
Otology 21,024
Paediatrics & Child Health 105,731
Pain Medicine Section 20,464
Palliative Care 43,691
Pathology 25,606
Patient Safety 20,090
Plastic Surgery 20,128
Psychiatry 24,781
Radiology 121,034
Respiratory Medicine 58,147
Retired Fellows 19,570
Rheumatology & Rehabilitation 12,185
Sexuality & Sexual Health 11,014
Sleep Medicine 22,247
Sport & Exercise Medicine 12,085
Student Members 33,894
Surgery 7,174
Trainees 16,216
Urology 62,064
Vascular, Lipid and Metabolic Medicine 29,311
Venous Forum 13,995
Total Section Funds 1,539,088
Total Academic Fund 50,000
----- End of picture text -----

24 RELATED PARTY TRANSACTIONS

The Society has considered the disclosure requirements of the SORP for charities and FRS 102 ‘Related Party Disclosures’ and believes that there are such transactions during this financial year.

During the year, sales of £22k (2020: £559k) were made on normal trading terms by RSM Commercial Services Limited to the parent Charity. In addition, RSM Commercial Services Limited made recharges for other services of £218k (2020: £nil) to the Charity and the Charity made recharges of £385k (2020: £582k) to RSM Commercial Services Limited.

At 30 September 2021, £1,659k (2020: £408k) was owed by RSM Commercial Services Ltd to the charity.

As stated in Note 1, Significant judgments and key sources of estimation uncertainty on page 52, notwithstanding the measures put in place to support Commercial Services, there is a risk that the impact of COVID-19 and other factors may affect the speed of recovery of the conferencing and hospitality business and it has been deemed prudent to provide fully against the amounts due from RSM Commercial Services Ltd in the accounts of the Charity. There is no impact of this provision on the accounts of RSM Commercial Services Ltd or the group accounts.

66

Annual Report 2020-21

RSM Sections and their Presidents.

Section President 2021-22 President 2020-21
Anaesthesia Dr Wim Blancke Dr Samantha Shinde
Cardiology Dr Sukhjinder Nijjer Dr Sukhjinder Nijjer
Cardiothoracic Mr Aziz Momin Mr Aziz Momin
Clinical Forensic & Legal Medicine Dr Bernadette Butler Dr Helena Thornton
Clinical Immunology & Allergy Dr Chris Rutkowski Dr Chris Rutkowski
Clinical Neurosciences Dr Alistair Purves Dr Bridget MacDonald
Coloproctology Professor Steven Brown Professor Sue Clark
Comparative Medicine Dr David Danson Dr Martha Bower
Critical Care Medicine Dr Peter Shirley Dr Peter Shirley
Dermatology Dr Daniel Creamer Dr Christopher Harland
Digital Health Dr Tim Ringrose Mr Loy Lobo
Emergency Medicine Dr Laurence Fitton Dr Laurence Fitton
Endocrinology & Diabetes Dr Stella George Professor Ketan Dhatariya
Epidemiology & Public Health Professor Maggie Rae Professor Gabriel Scally
Food & Health Forum Dr Leigh Gibson Mr Anthony Mander
Gastroenterology & Hepatology Dr Robert Logan Dr Joel Mawdsley
General Practice with Primary Healthcare Mrs Jeshni Amblum-Almer Dr Andrew Papanikitas
Geriatrics & Gerontology Dr Pandora Wright Dr Pandora Wright
History of Medicine Society Professor Sean Hughes Professor Tilli Tansey
Hypnosis & Psychosomatic Medicine Dr David Kraft Dr Deborah Mairs-Houghton
Intellectual Disability Forum Professor Regi Alexander Professor Regi Alexander
Laryngology & Rhinology Mr Michael Kuo Mr Guri Sandhu
Maternity and the Newborn Forum Dr Panicos Shangaris Mrs Roxane Chamberlain
Medical Genetics Dr Shwetha Ramachandrappa Dr Sarah Rae
Medicine and Society Mr Jonathan McKee Dr Robina Shah
Military Medicine Colonel Julian Woodhouse Colonel Julian Woodhouse
Nephrology Dr Stephen McAdoo Dr Stephen McAdoo
Obstetrics & Gynaecology Miss Sadaf Ghaem-Maghami Dr Sangeeta Agnihotri
Occupational Medicine Dr Michael Goldsmith Dr Lisa Curran
Odontology Dr Aditi Desai Dr Deborah Bomfm
Oncology Professor Christopher Nutting Professor Michael Seckl
Ophthalmology Mr Larry Benjamin Mr Larry Benjamin
Oral & Maxillofacial Surgery Mr Andrew Hobkirk Mr Mehmet Manisali
Orthopaedics Mr Michael Pearse Mr Rajarshi Bhattacharya
Otology Mr Jeremy Lavy Mr Philip Robinson
Paediatrics & Child Health Dr Philippa Stilwell Dr Margarita Burmester
Pain Medicine Dr Sibtain Anwar Dr Sibtain Anwar
Palliative Care Dr Libby Sallnow Dr Libby Sallnow
Pathology Professor Mary Sheppard Professor Amit Patel
Patient Safety Mr Tarik Amer Moira Durbridge
Plastic Surgery Mr Naveen Cavale Mr Naveen Cavale
Psychiatry Professor Henrietta Bowden-Jones Professor Henrietta Bowden-Jones
Radiology Dr Graham Robinson Dr Cynthia Gupte
Respiratory Medicine Dr Neeraj Shah Dr Neeraj Shah
Retired Fellows Society Dr Jefrey Rosenberg Dr Richard Lansdown
Rheumatology & Rehabilitation Dr Helen Cohen Dr Helen Cohen
Sexuality & Sexual Health Mr Matt Broadway-Horner Dr Huda Taha
Sleep Medicine Dr David O’Regan Dr Kirstie Anderson
Sport & Exercise Medicine Dr Daniel Brooke Dr Daniel Brooke
Students Mr Papakas Wijeyendram Mr Aleksander Dawidziuk
Surgery Mr Joe Ellul Mr Joe Ellul
Trainees Dr Bernard Ho Dr Barry McHugh
Urology Professor Seshadri Sriprasad Professor Justin Vale
Vascular, Lipid & Metabolic Medicine Professor Saroj Das Professor Saroj Das
Venous Forum Mr Manjit Gohel Mr Ian Franklin

67

Annual Report 2020-21

Contacting the RSM

Chief Executive’s Office +44 (0)20 7290 2900 Membership Queries +44 (0)20 7290 2991 Library Enquiries +44 (0)20 7290 2940 Attending a Meeting +44 (0)20 7290 2991 Restaurant Reservations +44 (0)20 7290 2957 Domus Reservations +44 (0)20 7290 2960 Finance Department +44 (0)20 7290 2914

paceo@rsm.ac.uk membership@rsm.ac.uk library@rsm.ac.uk events@rsm.ac.uk restaurant@rsm.ac.uk domus@rsm.ac.uk finance@rsm.ac.uk