The Royal Society of Medicine
Annual Report.
2021/22
Annual Report 2021/22
Annual Report 2021/22
## Contents.
- 4 **Report from the President and Chief Executive** 8 **Education**
## **Learning Resources**
- 17
- 22 **Membership**
- 27 **Philanthropy**
- 30 **Commercial Services**
- 34 **Financial Review**
**RSM Council, Officers and Advisers**
- 38
- 39 **Governance**
- 45 **Independent Auditor’s Report to Trustees**
- 48 **Financial Statements**
## **Accounting Policies**
- 51
- 56 **Comparative Consolidated Statement of Financial Activities**
- 57 **Notes to the Financial Statements**
## **RSM Sections and their Presidents**
- 67
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Annual Report 2021/22
Annual Report 2021/22
## Report from the President and Chief Executive.
We are pleased to introduce the latest Annual Report for the Royal Society of Medicine (RSM). The year from 1 October 2021 to 30 September 2022 was one of interrupted recovery for the Society. After green shoots in the autumn, winter brought with it the Omicron variant and Government Plan B pandemic restrictions in the UK, which significantly impacted our operations and income in the first two quarters. Spring and summer brought renewed energy as activity began to increase again.
Digital delivery remained a key part of our approach in 2021/22 but many more of our events were in hybrid format and a significant minority were in person.
Our members benefit from being part of a large network of healthcare professionals. So, we were pleased to see that our membership base grew marginally, by around 700 people to 20,049. This is a good result given the challenges we have faced. We were particularly encouraged that more of our members made greater use of their benefits: 28% (2020/21: 23%) accessed and attended education events and 21% used our digital library.
This was, however, a year during which the RSM proved again its relevance to the modern healthcare professional and as a trusted provider of medical education.
Those members benefited from one of the most extensive online medical collections in Europe. There were also signs of recovery in visits to our historic library space at 1 Wimpole Street in central London. RSM members and others visited our physical library 7,231 times in 2021/22, which was close to a threefold increase on the previous year (2020/21: 2,619). The pandemic accelerated pre-existing trends in how people access and consume learning resources and we do not expect that physical library visits will return to pre-pandemic levels of circa 33,000 a year. Indeed, our work to modernise our library services pre-dates the pandemic and continues.
We continued to provide a range of specialist and multidisciplinary education for healthcare professionals, holding 365 education events during the year. While we never expected to repeat the exceptional results from the previous year (2020/21: 608), when the pandemic drove most activities online and people lived largely digital lives, it is hugely positive that large numbers of people continued to engage with our education this year. People booked almost 90,000 places on our events (2020/21: 202,000) and watched our event recordings 255,612 times (2020/21: 1.3m times), via links sent to event participants (77,612) and on our YouTube channel (178,000).
_RSM President, Professor Roger Kirby, and Chief Executive, Michele Acton._
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The lifeblood of the RSM is the specialist education developed by the highly valued volunteers who run our 55 sections and societies. Alongside RSM staff, they have delivered this year a specialist education programme of immense breadth, expertise and knowledge. We give warm thanks to all section volunteers and staff for their contributions towards delivering our 2021/22 education programme.
A key part of our strategy is to better integrate different member benefits to provide a more well-rounded experience for members. This is happening right across the Society. One example that we have been pleased to progress this year has been augmenting 95 of our education events with specially curated learning resources in the form of bespoke reading lists.
year reached its milestone 100th episode and beyond. The series is a fantastic achievement by the RSM, drawing on all specialties. As well as its immediate utility, it has created a uniquely detailed oral history of the pandemic, which will be vital for educating future generations of healthcare professionals. It has also served as a gateway to our other education programmes, broadening our reach both in the UK and internationally. Delivered online, it has encouraged us to explore other digital opportunities to engage our members.
The RSM achieved an improved operating position overall compared with 2020/21. However, the business still experienced a significant net operating deficit of £2,323k (2020/21: £3,345k).
As a connected organisation, the RSM continued to play an important role in the national and global healthcare ecosystem. There was renewed interest in our successful and highprofile COVID-19 series, which this
The RSM’s charitable activities are supported by the income we receive from our commercial operations, such as our restaurant, hotel and external events business. On top of the impact of winter and Plan B, our Commercial Services were further impacted by other fluctuations, such as the changing behaviour of event participants. With fewer people than planned attending events at the RSM’s London building, there was a subsequent impact on our income from food and drink sales, hotel bookings and other commercial activity. Commercial income recovered somewhat in the third and fourth quarters but remained below historic levels. Across the year, we generated 6,378 hotel bookings (2020/21: 3,650) and hosted 156 external conferences (2020/21: 30), with an average of 85 delegates (2020/21: 45). We continued to flex our approach to respond to client behaviour – for example, we refurbished and repurposed some meeting rooms to accommodate the current preference for small and midsized event spaces.
We ended the year with total income of £10,150k, which is 24% higher than 2020/21 (£8,198k). Membership income was £4,584k, slightly down on the previous year (2020/21: £4,644k). Philanthropic income returned to a typical level at £862k after an exceptional year in 2020/21, when we received £1,503k. Income from RSM Commercial Services Limited increased by 515% to £3,176k (2020/21: £617k). We ended the year with general reserves for the Group of £5,716k (2020/21: £7,109k).
As we work towards a sustainable financial operating model, the RSM continues to be careful, with strong cost controls, as well as focus on generating new income streams. This included enhancing existing activities and designing new initiatives across philanthropy and innovations within our education programme. Our fivepart clinical masterclass series with Cleveland Clinic is a great example of how we delivered high-quality education supported by individuals and organisations aligned with our mission.
Published in October 2021, our fiveyear strategy for the RSM tethers us to a shared purpose and clear sense of direction, even when the external headwinds are turbulent. It remains a tough external environment. Like most organisations, we are experiencing inflationary pressures, skilled labour shortages and industrial action affecting national infrastructure, such as transport. These will continue to impact our operations. Our strategy is helping us to mitigate these impacts and enables exciting opportunities to reimagine the RSM.
Part of this includes living with uncertainty. We quickly adapted to changes brought on by the pandemic but the post-COVID landscape is less clear. We do not yet know which changes will end up as temporary adjustments and those that will become permanent shifts. What is clear is the challenges in the NHS mean that healthcare professionals are stretched for time and we must be responsive to their needs. This is our central organising thought as we design and deliver our services.
We have begun to implement a number of transformational projects around our education programme, our physical and technological infrastructure, equality, diversity and inclusion, and making better use of data for planning and improvement projects. It will take time before we can fully realise their potential, but we have every confidence that these will deliver considerable benefits for the RSM and our members in the medium and long term. We look forward to sharing our plans and engaging with our members and stakeholders in the months to come.
Finally, we would like to extend our thanks to our Council Trustees who completed their terms of office. Honorary Treasurers Professor Linda Luxon and Mr Richard Murley; Vice-President Dr Claire Bayntun; Dr Elizabeth Haxby, Dr Stephanie KayeBarrett and Dr Hiten Patel all made exceptional contributions to the work of the RSM. With the departure of these five Trustees, we welcomed new Honorary Treasurer Mr Sanjay Shah on 26 July 2022. Mr Ian Currie, Professor Paul O’Flynn, Dr Linda Patterson and Professor Maggie Rae became Trustees on 1 October 2022. Professor Henrietta Bowden-Jones took up her post as Vice-President on 1 October 2022.
Professor Roger Kirby, President Michele Acton, Chief Executive
_We were able to hold more in-person events at our headquarters in central London as the year progressed._
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## Education.
**Fundamental to the education provided by the RSM are our highly valued volunteer members who develop and deliver the specialist medical programmes run by our 55 sections and societies.**
**Working closely with RSM staff and representing expertise often at a national and international level, these volunteers offer a unique breadth of healthcare expertise and knowledge. Working in collaboration with partners, the RSM’s volunteers have expanded the reach of our specialist programmes. In 2021/22 new ways of working virtually were extended with trials of different types of platforms and new event formats.**
**Alongside our specialist programmes, we delivered cross-specialty learning opportunities for healthcare professionals. Bringing together expertise and the latest thinking on key issues affecting healthcare, many of these multidisciplinary programmes were developed in collaboration with the sections. Themes include professional development, women in leadership, health inequalities and the COVID-19 series. We also held broader engagement events for members of the public who have an interest in healthcare.**
**As in 2020/21, the majority of events took place online or in hybrid format, with more in-person events hosted at our building as the year progressed. However, shifting audience behaviours that emerged during the COVID-19 pandemic continued into 2021/22. Even without pandemic restrictions, many people chose to attend events online. We worked to understand how this challenge, which is likely to represent an ongoing change in event attendance behaviour, represents an opportunity to broaden reach and increase impact both regionally and internationally.**
_A stellar cast of public health experts reunited at the RSM to broadcast the landmark 100th episode of our COVID-19 series._
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101 89k
prizes awarded event participant
registrations
365
events hosted
117 in person/hybrid 255k
248 online views of event recordings
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## Highlights
The RSM is unique among UK providers in delivering specialist postgraduate education across medical fields via our 55 specialty sections and societies. To complement these deep learning opportunities, we also deliver a programme of broad education on the most challenging cross-discipline health issues of our time, as well as events to engage the public, harnessing our convening power as a connected organisation.
## Specialist education:
Over the course of July through to September 2022, the Respiratory Medicine Section held a 10-day virtual course for respiratory specialist trainees sitting their Specialty Certificate Examination. The course included elements of the Joint Royal Colleges of Physicians’ Training Board curriculum.
We ran 281 events through our specialist education programme during the year. Here are some examples:
In April 2022, the Plastic Surgery Section held a one-day, in-person event, where experts discussed innovative surgical techniques, research and new service development, and trainees competed for a national award.
Many events during the year were held in partnership with external organisations. In September 2022, the Pathology Section held a virtual event in association with the Anticoagulation Specialist Association. Providing a platform for clinicians to discuss and debate topical issues relating to anticoagulation therapy, the event attracted participants from Australia, Canada, Egypt, India, Iran, Pakistan, Thailand, Turkey and the UK.
Minority stress implications on LGBTQ+ health was the focus of a webinar hosted by the Sexuality & Sexual Health Section in April 2022. Updates on sexual variation and mental health and the prevalence of minority stress and its impacts on this patient group supported the RSM’s work on health inequalities. An international perspective was presented through the exploration of LGBTQ+ online help in Africa.
_Professor Sir Simon Wessely, RSM Immediate Past President; Professor Roger Kirby, RSM President; Michele Acton, RSM Chief Executive; Professor Sir Jonathan Van-Tam, Deputy Chief Medical Officer for England (2017–2022); and Professor Sir Chris Whitty, Chief Medical Officer for England._
## General education:
**“Good collaboration and an outstanding conference.”**
_An audience of 200 heard the latest research, data and treatments for diabetes at an RSM conference in May 2022._
Our general education programme is multidisciplinary, bringing together healthcare professionals across specialties to take part in broader medical conversations that matter.
We hosted a broad programme of such events throughout the year, which also saw the launch of the RSM’s ‘Tackling Inequalities’ programme, in partnership with NHS England. This five-year programme brings together health leaders, healthcare professionals and policy makers to narrow the gap in health outcomes across the UK.
Our popular COVID-19 series continued throughout 2021/22, with a special conference in March 2022 marking our 100th episode, on the second anniversary of the first pandemic lockdown in the UK.
> Each episode covered the latest information on current and future **“Thank you**
> management of COVID-19. High- **for putting this** profile speakers taking part in the series included Professor Susan **seminar on.**
> Michie, Professor Sharon Peacock, Professor Sir Jonathan Van-Tam and **It was so honest,**
> Professor Sir Chris Whitty. A total of 15 **informative and** episodes were held across the year, attracting around 20,000 registrations. **eye opening – it will make me** A series of clinical masterclasses in collaboration with Cleveland Clinic **a better, more** was launched in September 2022. The masterclasses featured leading **understanding**
> experts discussing the latest **nurse but also a** innovations and developments in the fields of cardiology, gastroenterology, **better parent.”** neurology, orthopaedics and surgical oncology. Across the series, there were 300 participants in person and more than 600 online attendees.
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## Performance
365 events were held during 2021/22, with 117 events hosted in person or in hybrid format and 248 events held exclusively online. This compares to around 600 events held during 2020/21, when, exceptionally due to the pandemic, almost all were hosted online.
The number of participants registering for RSM education programmes was 89,775 (2020/21: 202,795). In 2018/19 (pre-pandemic), when all events were held in person, there were 36,500 registered participants.
A Programme Approval Committee (PAC) was established in October 2021 to ensure that RSM educational programmes are consistently meeting
**“ I appreciate** high academic standards in line with our education strategy. Across **the efforts put in** the year, 86% of our education **by the RSM team** programmes were CPD accredited. **and the doctors** The number of views on the RSM’s **to conduct such** YouTube channel decreased from 1.3m in 2020/21 to 178,000 in 2021/22, **a well-organised** reflecting the return to more in-person events and people leading less of their **comprehensive** lives online as the world moved out of **course for the** the pandemic. **exam. It was** The number of education events **of immense** held with external partners increased slightly from 30 in 2020/21 to 32 in **benefit to me.”** 2021/22.
_The RSM used its convening power to bring together healthcare professionals and other expert speakers._
## Public engagement:
We offered a range of events of interest to healthcare professionals and the wider public.
• The Darwin Lecture, held in to healthcare professionals and the November 2021, which was given wider public. by Professor Dame Lesley Regan on gender equality, the fifth UN Our popular In Conversation Live Sustainable Development Goal series continued in 2021/22, with 31 events held both in person and online, • The Alan Howard Memorial attracting 15,172 bookings. Guests Lecture, held in December 2021, included leaders from the world of which was given by Professor healthcare and other fields, such as Sir Stephen O’Rahilly on the academia, entertainment, charity and centenary of insulin politics. In September 2022, 100 people gathered at the RSM to hear Chair of • The London Clinic Lecture, held in the Wellcome Trust and former prime February 2022, which was given minister of Australia, Hon Julia Gillard, by Professor Ranjit Manchanda in conversation with Professor Sir Simon on population genetic testing for Wessely. cancer predisposition
- The London Clinic Lecture, held in February 2022, which was given by Professor Ranjit Manchanda on population genetic testing for cancer predisposition
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 included:
- The Stevens Lecture, held in May 2022, which was given by Professor James Larkin on curing metastatic solid tumours with immune checkpoint inhibitors
- The Dangoor Lecture, held in • The Jephcott Lecture, held in October 2021, which was given by May 2022, which was given by Professor Sir David Spiegelhalter on Professor Sir John Cunningham communications about COVID-19 on crosstalk between the kidney and the heart
- The Ellison-Cliffe Lecture, held in October 2021, which was given by Professor Mark Lythgoe on advances in biomedical imaging
The RSM’s ‘Medicine and Me’ series continued through the year. Bringing together patients, clinicians and researchers, each episode was offered in partnership with a charity. Partners during the year included:
- Action for Rare Disease Empowerment (ARDent) – four events exploring the effects of COVID-19 on those with rare diseases
- Esme’s Umbrella – a webinar about Charles Bonnet Syndrome
- Fifth Sense – a webinar on smell/ taste disorders
- The Adult Cerebral Palsy Movement – an event calling for a new approach to adults with cerebral palsy
- Twins Trust – a webinar outlining common complications in multiple pregnancies
With more than 2,000 registrants across the eight events, the series received very positive feedback.
_More events in person during the year meant more opportunities to network._
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## Future plans
We will continue to focus on new digital solutions, including developing a more immersive learning experience for event participants. This will be used for full digital delivery and to complement the experience of those joining events in person, who can network in a more social, face-to-face environment.
We are delighted that our partnership with NHS England delivered the inaugural Tackling Inequalities conference in January 2023. Both organisations see this as a strategic partnership with the intent of developing a five-year plan addressing this subject.
Underpinning all this work is the desire to co-create with our membership, listening to new ideas and shaping a provision that meets the current and future needs of healthcare professionals.
We continue to support our members as they move through their careers with dedicated events, such as specialty careers fairs.
**“This was a mindexpanding session from my perspective and very worthwhile. Excellent presentations and a rich programme.”**
We are looking to develop new income streams to contribute to a sustainable financial model. This includes new projects working with partners in different ways.
_Above and left: Many events had interactive elements, enabling participants to share ideas across specialties and roles._
**“The online platform used for the webinar was transparent and user friendly – so straightforward in booking, logging in and communicating with the presenters.”**
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12.7k **members used our library services** 7 231 , **visits**
20.6% 95 **of members used events with library e-resources embedded learning** 55k **resources**
**digital logins**
## Learning Resources.
**The Royal Society of Medicine has one of the most extensive online medical collections in Europe, providing relevant, up-to-date learning resources that support the delivery of continuing education for healthcare professionals.**
**Our members have access to major clinical databases, more than 5,000 e-journals and almost 2,000 e-books. Services and materials are offered via our digital library and at our central London home at 1 Wimpole Street.**
**We have developed our knowledge services to reflect the fact that much of our education provision is delivered digitally or with a digital dimension. This digital provision not only ensures flexibility but also extends the RSM’s reach, enabling both knowledge and services to have a wider impact.**
**This societal shift towards digital, accelerated by the pandemic, meant that our digital library services and remote access to learning resources were highly valued by members this year. In-person visits to our library increased but remained lower than before the pandemic.**
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## Highlights
2022 saw the opening of _Louis Pasteur: Celebrating 200 Years_ . A joint exhibition on diabetes ran from May 2022. _Towards the Discovery of Insulin_ was curated by library staff, while Novo Nordisk loaned _100 Years of Insulin_ , a photo exhibition on the treatment of diabetes since the discovery of insulin in 1921.
Digital support was core to our learning resources provision. Autumn 2021 saw the successful rollout of OpenAthens, a technology platform enabling fast, seamless and secure access to our digital library for members. We introduced several on-demand video tutorials to help users get the most out of our learning resources. This included Karger Campus; a suite of tutorials to guide and support those researching and writing for medical publications.
Our document delivery service allowed members to access items in our collections that are not available electronically. This is helpful for remote library users.
Exhibitions boosted visitor numbers to our physical library throughout the year. The _Treasures of the RSM_ exhibition, which ran until December 2021, was followed in February 2022 by _Medicine and Literature_ , and September
_Volunteer conservators rebinding old and rare books in the RSM’s Library collection._
> Towards the end of the year, a **“If I can access one** doctoral student joined the team on placement from the Shakespeare **or two major texts**
> Institute, via the AHRC-funded **then [the digital** Midlands4Cities partnership, and has
> drawn upon our collection of old and **library] alone** rare books to curate a new exhibition, _The Golden Age of Melancholy_ , which **pays for itself! All**
> opened in January 2023. **members should know about this as it’s cost-saving, convenient and a major membership bonus.”**
Conservation of old and rare books continued with 13 items sent to book conservators. Some of these books, including _The Surgeon’s Mate_ (Woodall, 1617), are now on display alongside recent donations, such as _Essayes upon the Five Senses_ (Brathwaite, 1635) and _The Ladies Delight_ (Wolley, 1672). A collection of seventeenth-century English Delftware apothecary jars, generously donated by Professor Richard Ramsden, former President of the RSM Otology Section, is also now on permanent display in the Heritage Centre.
_Regular tours and exhibitions enable members and visitors to explore the treasures of our historic library._
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## Performance
**“Thank you for such a high-quality output and support for our upcoming publication. I hope you keep this very valuable service running and I can come back to you in the future.”**
More than one in five (20.6%) members accessed digital learning resources during the year. Sample data indicates a 13% increase in article downloads over the previous academic year. The successful rollout of OpenAthens delivered more robust and consistent access to e-resources, with improved tracking of member access and usage.
Our literature search service reopened during the year, offering members a free ‘quick search’ or a paid-for ‘comprehensive and complex search’ of the databases.
RSM member subscribers to the print edition of the _JRSM_ , alongside other institutional subscribers secured through SAGE Publishing.
The library recorded 7,231 in-person visits during the academic year, compared to 2,619 in the previous year. While numbers are rising, they remain significantly below pre-pandemic levels of circa 33,000. With increased digital activity, inperson visits are unlikely to return to these levels. This has prompted us to review how we are using our physical spaces and has led to the repurposing of the library’s second floor for event space, and the creation of a members’ library lounge and another meeting room.
Curating learning resources for education events is an increasingly important part of how we aim to maximise value for our members. We provided bespoke reading lists for 95 educational events and created an extensive research timeline for the COVID-19: Two Years On event in March 2022.
Our own journal, the _Journal of the Royal Society of Medicine (JRSM)_ , was ranked, in the 2022 Journal Citation Reports, 11th in the world out of more than 170 general medical journals and publishes important and topical commentaries and research. Twelve issues, containing 121 papers, were published in 2021/22. There were 2,695 (as of 30 September 2022)
## Future plans
The RSM Library aims to deliver excellent learning resources and services for members. As technology develops, we are innovating our approaches and developing our resources to reflect member needs, such as offering a ‘digital-first’ library in terms of collections, services and curated content, and a physical space to welcome members.
In September 2022, we commissioned a consultant archivist to review, report on and make strategic recommendations about the RSM’s archives. These date from 1805 and are an important resource for researchers of medical history and the rise of the medical profession. This work will conclude in 2023 and is key to ensuring the RSM archives are appropriately cared for, while being made accessible to members, and the general public, where appropriate.
We are committed to being informed by evidence and continue to measure and explore data insights from member use of the digital library. In doing so, we can identify search behaviours and patterns that might inform promotional themes and encourage further research and reading.
_Above and right: As well as housing an extensive collection of books, journals and e-resources, the RSM Library offers quiet study space in central London and a number of other services and benefits._
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## . Membership
**Our members make the Royal Society of Medicine the vibrant and impactful organisation it is today. Representing unrivalled specialist medical and scientific expertise across the breadth of healthcare, they play an invaluable role in delivering inspirational learning at the RSM.**
**Members of the RSM include doctors and a wide array of healthcare professionals at every stage of their careers and beyond. From students to qualified trainees, and from senior healthcare professionals to the healthcare leaders of today and tomorrow, all have access to outstanding education and learning resources, together with opportunities to network, socialise and work, in person and online.**
**Our priorities in 2021/22 were to broaden the reach of our unique RSM community by expanding our membership in the UK and overseas; and to improve and enhance every aspect of the RSM experience for our members after two challenging years where access to education events and facilities often fluctuated.**
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20 049 55
,
members nationalities
among our
new members
673
more members
than 2020/21
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_We run a number of activities to help healthcare professionals and students make the most of their RSM membership._
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_The RSM offers members a range of formal and informal spaces for working, studying and socialising._
## Highlights
Links with organisations such as The Royal College of Surgeons in Ireland – Medical University of Bahrain (RCSI Bahrain) led to encouraging growth in our Student and Trainee membership categories. This partnership, which created over 500 new RSM memberships, was marked by a special networking reception for RCSI Bahrain UK alumni in September 2022.
To help our members make better use of our Club facilities, we introduced new initiatives, including themed weekend breaks in and around London, with tours revealing gourmet delights and the secret side of London.
Tailored communications to engage RSM members with the Society’s education programmes resulted in 28% of members accessing and attending education events during 2021/22 (2020/21: 23%), with many participating in multiple events during the year. The learning experience for participants at 95 events was enhanced with carefully curated content and resources from the RSM Library.
Regular bulletins promoted accommodation, afternoon tea and pre-theatre menu offers, and featured a range of special promotions and seasonal celebrations, including The Queen’s Platinum Jubilee, the RHS Chelsea Flower Show and the Wimbledon Tennis Championships.
Four receptions were held during the year, two in person and two online, for new RSM members to hear more about how to make best use of their membership. In addition to learning more about the valuable benefits of being part of the RSM community, these receptions gave new members opportunities for multidisciplinary networking with other members from around the world.
The membership categories most frequently using the digital library were UK and Overseas Fellows. Other library services popular with members included tutorials, document delivery, library visits and enquiries to the library team.
We established plans to grow RSM membership among early-career UK doctors and healthcare professionals, while maintaining and broadening the appeal of membership for senior doctors and healthcare professionals in the UK and overseas.
**“Thank you for providing an excellent space to study in peace and quiet in the centre of town and putting on such excellent courses.”**
## Performance
The number of RSM members grew by 673 during the year to 20,049 (2020/21: 19,376). We welcomed new members from 55 different countries. The overall member retention rate was 84.9%.
The RSM has a range of memberships to cater for healthcare professionals at various stages before, during and after their careers.
UK Fellows represented the largest membership category, followed by Associate members, Retired and Overseas Fellows. The largest growth during the year was seen in the Student and Trainee membership categories and the highest renewal of membership continued to be among UK Fellows and Retired Fellows.
The wider RSM community also grew during the year. We have a mature presence on the social media channels Facebook, Instagram, LinkedIn and Twitter, as well as a YouTube channel, which hosts educational video content. Our combined audience grew by 8.9% during the year, with 8,800 additional followers, bringing our total audience to 111,594 (2020/21: 102,800). Our LinkedIn channel is growing most rapidly, accounting for almost 6,000 of our new followers.
**“The enormous value of the RSM is its combination of broad, globally focused, trans-specialty educational**
**programmes complemented by world-leading specialty events.”**
## Future plans
> The RSM will continue to enhance the **“It is one of the top** experience of members, including
> the introduction of new educational **professional bodies**
> technologies, such as virtual reality, and access to services to help members **and I have seen it go**
> manage their personal finances. **from strength over** As the number of in-person events **the years. Exemplary**
> at the RSM grows, there will be more **for ambition, focus** opportunities to promote membership
> to event participants who have not **and achievement of** already joined the RSM. **such high standards**
> We are planning to attend externally **of excellence.”** organised exhibitions and conferences aligned to several specialty areas, as well as university freshers’ fairs, to promote the benefits of RSM membership to the medical professionals of the future.
_UK Fellows make up the largest group of RSM members, followed by Associate members, Retired and Overseas Fellows._
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## . Philanthropy
**Our charitable mission to share learning and support innovation within and across all areas of healthcare is enriched by the generous support of our donors.**
**The income the RSM receives from philanthropy extends the reach and scope of our leading medical education. We have welcomed donations from new and long-term donors this year, all of whom share our vision of better healthcare for better lives.**
_Some of the guests from our 2021/22 In Conversation Live series, which attracted many individual philanthropic donations from event participants._
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## Highlights
In 2021/22, we saw a broadening of Foundation. We are grateful to philanthropic support across our The Lord Leonard and Lady Estelle specialist and public engagement Wolfson Foundation for making it education, learning resources and possible for us to hold an inspiring collections. Donations to the RSM event in June 2022 on Advancing funded educational events, prizes, Women in Healthcare. Our popular bursaries and heritage assets, and took Medicine and Me series, where the form of individual gifts, regular we partner with charities to bring donations, endowments and legacies. together patients, clinicians and researchers, continued with We worked with donors on innovative eight episodes in 2021/22. We are approaches to education, including grateful to an anonymous donor a new, five-part clinical masterclass for supporting this series.
Among our valued donors, we remain 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 high-quality education programme. Notably, we received a permanent endowment to deliver the annual Ellison-Cliffe Lecture. Separately, we administered the Ellison-Cliffe travelling fellowship scheme, which enables senior registrars and early-career consultants to study, research or train overseas.
We worked with donors on innovative approaches to education, including a new, five-part clinical masterclass series with the Cleveland Clinic Foundation and a clinical masterclass on painful neuropathies, supported by The Alan and Sheila Diamond Charitable Trust. In December 2021, we held our annual Alan Howard Memorial Lecture, on the centenary of insulin, thanks to The Howard
The RSM is proud to house a number of heritage assets related to the history of medicine. This was expanded in 2021/22 with the donation of a collection of 24 English Delftware apothecary jars by Professor Richard Ramsden.
Our ongoing In Conversation Live series performed strongly, bringing first-hand insights into the lives and views of highprofile and inspiring individuals. We welcomed 15,617 event participants across 31 events.
_Lady Estelle Wolfson (second from left) supported our Advancing Women in Healthcare event in June 2022, via The Lord Leonard and Lady Estelle Wolfson Foundation. Also pictured are (L-R): Antoinette Jackson, Lady Wolfson’s daughter and Trustee of the Foundation; Professor Henrietta Bowden-Jones, RSM Vice-President (from October 2022); and Professor Roger Kirby, RSM President._
_Our heritage collection expanded with the donation of 24 English Delftware apothecary jars._
## Performance
## Future plans
Philanthropic giving returned to a typical level at £862k, following an exceptional performance in 2020/21 (£1,503k), and was slightly down on 2019/20 (£952k)
The RSM remains committed to honouring the generosity of our donors by delivering relevant education of exceptional quality. We will continue to innovate and develop new approaches to philanthropic giving and make valuable new connections to ensure we are the foremost source of continuing learning for healthcare professionals in the UK and around the world.
The RSM held a fundraising gala dinner to engage with our members and supporters. The gala dinner raised more than £60k.
No other major fundraising campaigns were carried out this year as we consider and prepare for upcoming initiatives.
Philanthropic giving is helping us embark upon major new programmes of focused activity on emerging and established health issues, such as our Tackling Inequalities initiative, which aims to connect healthcare professionals with the latest thinking and research on health inequalities. The support of new and longstanding friends of the RSM will be vital in making these a success.
Total fundraising costs were £147k (2020/21: £143k), meaning a return of £5.86 for every £1 spent (2020/21: £10.51).
## A message of thanks to our donors
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.
## Major donors to the RSM
- Cleveland Clinic Foundation
- Dangoor Education
- The Alan and Sheila Diamond Charitable Trust
- The Ellison-Cliffe Charitable Trust
- The Hadley Trust
- The Howard Foundation
- The Joron Charitable Trust
- The Lord Leonard and Lady Estelle Wolfson Foundation
- The Thompson Family Charitable Trust
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## 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 venue hire and services to external clients and conference organisers. The company also operates the Club facilities for members, including a restaurant, private dining rooms, bar and hotel. These services support the core educational activity of the RSM and deliver a financial contribution to the Society’s charitable activities.**
**Financial performance during 2021/22 improved as the effects of the pandemic on the business eased. However, significant challenges remained; not least ongoing uncertainty around changing patterns of event attendance created by the pandemic and industrial action, particularly that which affected transport.**
**----- Start of picture text -----**
6 378
,
hotel bookings
**----- End of picture text -----**
**----- Start of picture text -----**
156
external conferences
**----- End of picture text -----**
85 **average number of delegates**
_Our Club facilities are available for the exclusive use of RSM members._
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## Highlights
Business levels for the Club and for external events increased during 2021/22 as the effects of the pandemic subsided. The Commercial Services team worked to build the service offer across the year.
The Audio-Visual team continued supporting the technical delivery of the RSM education programme, running 365 events, both online and in person. They also supported 156 conferences and 584 meetings for commercial clients.
We continued to recruit audiovisual and hospitality staff to support increased levels of business. However, due to a shortage of skilled resource throughout the hospitality sector, recruiting people of the appropriate calibre and skill set has been challenging.
_Above and right: our lounge bar and restaurant offer warm and welcoming spaces to relax and unwind._
**“As always, our stay at the Domus was excellent and I cannot speak too highly of your outstanding staff. They do an amazing job in difficult circumstances and as always maintain the very high standards expected at the RSM.”**
Some meeting rooms were refurbished and repurposed to meet the current appetite for small to mid-sized hybrid meetings, with lower delegate numbers on site.
**“I come over to London frequently, and I always wish to stay at the RSM. It is such a friendly place with wonderful staff, delicious food and superb rooms. For single people like me it really is the first choice... a home away from home.”**
## Performance
Club sales income for the year was £1,763k (2020/21: £421k) and event sales income was £1,412k (2020/21: £196k). In 2018/19 (pre-pandemic), Club sales income was £2,435k and event sales income was £3,314k.
We significantly increased how many external events took place at the RSM, from 30 in 2020/21 to 156 in 2021/22. The average number of delegates was 85, up from 45 in 2020/21.
Between September 2021 and May 2022, a reduced hotel bedroom rate offer was well received. Across the year, the hotel hosted 15,255 guests and had an average occupancy of 60% (2020/21: 31%).
Club facilities for social events
were open throughout the year and hospitality income from the restaurant and bar increased to £387k. Although significantly better than the previous **“Thank you** year (2020/21: £98k), income has not **very much, the** yet returned to pre-pandemic levels of trading. **events went** Despite the improved volume of **really well, the** business activity, a substantial number **AV support was** of meetings and events were cancelled due to waves of COVID-19 infections **extremely helpful** and transport strikes. Together with **and the food and** cost-of-living pressures and supply chain problems, these constrained **refreshments** trading levels in 2021/22. **were fantastic. Really couldn’t fault anything** Future plans **about it so thank** We will aim to build on the activity **you so much for** levels during 2021/22, while managing significant challenges, **facilitating and** including industrial action, inflation, restricted supply of goods and **ensuring it all ran** hospitality workforce pressures. **smoothly.”**
_Our specialist, in-house audio-visual team supported more than 1,000 education and commercial events across the year._
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## Financial Review.
The financial statements for the Society and its subsidiaries for 2021/22 are set out on pages 48 to 66 of this report.
## Unrestricted funds
General free reserves for the Group at 30 September 2022 were £5,716k (30 September 2021: £7,109k).
## Summary of performance for 2021/22
Overall, the Society made good progress during the year.
Challenging macro-economic conditions, driven by inflationary pressures together with the ongoing impact of the COVID-19 pandemic, resulted in a loss at the operating level. The loss, however, was £1,022k smaller than last year. The spread of the Omicron variant of COVID-19 in the early part of the financial year affected both charitable and commercial operations at Wimpole Street, with the loss of in-person education and commercial events, plus reduced business in the Club. The Society continued to work hard to control costs while adapting to the post-pandemic world.
## Income
Membership subscriptions of £4,584k (2020/21: £4,644k) were in line with last year and continue to underpin the Society’s income. Despite the impact of COVID-19, there was a strong rebound in conferencing and hospitality income, increasing to £3,176k (2020/21: £617k). With more than 100 in-person events, education income has also shown good progress during this last financial year, increasing to £1,123k (2020/21: £803k).
The financial strategy of the Society is to aim to hold general free reserves representing six months’ unrestricted expenditure, to provide adequate protection against unexpected downturns, including a significant reduction in income. This amounted to £4,069k as at 30 September 2022 (30 September 2021: £4,649k), meaning actual free reserves of £5,732k represent 8.4 months’ provision (September 2021: 9.2 months). However, the on-going tough economic climate will continue to erode free reserves in 2022/23.
Designated funds set aside for charitable purposes were £1,374k at 30 September 2022 (30 September 2021: £1,823k). These principally comprise the balances designated for Sections of £1,096k (30 September 2021: £1,593k) and included the undesignation of £382k (2020/21: £Nil) during the year.
## Restricted and permanent endowment funds
Restricted funds decreased to £3,224k at 30 September 2022 (30 September 2021: £3,330k), as expenditure and transfers exceeded incoming funds by £30k and investments decreased in value by £76k.
Permanent endowment funds decreased to £2,090k (30 September 2021: £2,221k) as a result of a decrease in market value in investments of £131k (2020-21: £464k gain).
Income from donations and legacies was £862k (2020/21: £1,503k). The Society received £Nil (2020/21: £283k) of grant funding under the Government’s Coronavirus Job Retention Scheme. The RSM is grateful for the generosity of all its supporters.
Investment income of £228k (2020/21: £135k) includes £122k relating to an earnout from the previous disposal of an unlisted investment.
## Investments
## Strategy
Total income for the year recovered to £10,150k (2020/21: £8,198k), an increase of 24% year on year.
## Expenditure
Total expenditure in 2021/22 was 8% higher than the previous year at £12,473k (2020/21: £11,543k), reflecting higher business activity levels in conferencing and hospitality, offset by cost savings and the release of provisions for liabilities no longer required.
Within total expenditure, the costs of charitable activities reduced to £8,693k (2020/21: £9,596k), of which £6,692k (2020/21: £6,761k) was spent on the education programme and information resources. The Society continued to fund budgeted core charitable activity including the delivery of education events via webinars.
£147k (2020/21: £143k) was spent on fundraising and fundraising support costs to raise income from donations and legacies of £862k (2020/21: £1,503k).
Termination payments totalled £47k (2020/21: £90k), primarily due to redundancies within RSM Commercial Services Limited as a consequence of restructuring arrangements.
The RSM’s investment strategic objective is to achieve good returns consistent with an acceptable level of risk. There are three portfolios:
- Permanent Endowment Fund: holding the capital of all permanent endowment funds. As the capital of these funds cannot be spent but the income earnt can, the return objective is to maximise income, targeting 3.5% to 4.0% yield per annum growing in line with inflation;
- Expendable Endowment Fund: holding the capital of restricted funds, with a total annual return (capital and income) objective of inflation plus 3.0%; and
- Unrestricted Endowment Fund: holding unrestricted funds not deemed as required for expenditure in the short or medium term, with a total annual return objective of inflation plus 3.0%.
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
## Net expenditure
Overall, the RSM reported a net deficit for the year of £1,923k (2020/21: £1,917k deficit). This comprises a loss on operating activities of £2,323k (2020/21: £3,345k deficit), together with a loss on investments of £296k (2020/21: £1,428k gain) and a gain on the revaluation of heritage assets of £696k (2020/21: £nil).
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 in these areas should not be more than 5%.
## Movement on funds
Total funds carried forward at 30 September 2022 for the Group were £33,503k (30 September 2021: £35,426k). The reduction in funds is primarily due to the deficit of income versus expenditure for the year.
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## 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 Review. _(continued)_
A formal agreement with the Charity also provides RSM Commercial Services Limited with appropriate financial protection going forward. 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 June 2024 and resolved not to recall overdraft facilities before June 2024. 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 10 years to 2018/19.
The review concludes that:
## Financial performance
- In total, cash held by the Group is sufficient to cover requirements to June 2024 and beyond;
There was an unrealised loss on investments under management of £296k (2020/21: £1,428k gain), primarily due to the poor performance of global equity markets over the period. Returns for the 12 months across each fund are shown in the table below:
||Returns Oct 21 - Sept 22|
|---|---|
|Permanent endowment|-3.8%|
|Expendable endowment|-4.0%|
|Unrestricted endowment|-4.3%|
- The Charity’s position reflects that of the Group, as it holds the majority of its cash and other assets;
- In respect of RSM Commercial Services Ltd, forecasts for the company indicate that the cash position will operate within the terms set out in loan and overdraft agreements with the RSM.
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.
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:
- Carbon emissions: in 2021/22, the RSM’s investments produced a significantly lower carbon footprint (288 tonnes) versus benchmark (454 tonnes);
- Social dividend: this is measured by the social contribution of the companies invested in, expressed as a percentage of sales. For example, a score of 2% means that the portfolio adds £2 of benefits to society for every £100 of sales. In 2021/22, the RSM’s equity investments outperformed the benchmark, with social dividends of 4.4% for all investments against the benchmark for all funds of -4.7%.
Signed on behalf of the Members of Council on 23 May 2023.
## Going concern
The Group has adequate levels of cash and reserves to manage its affairs over the period to June 2024 and beyond. As stated in this review, the RSM had free reserves of £5,732k at 30 September 2022 (at 3 September 2021 £7,109k), representing 8.5 months’ (2020/21: 9.2 months) unrestricted expenditure. The Group accounts also show total cash holdings of £12,172k (2020/21: £14,670k), of which the majority was unrestricted.
A comprehensive cash forecast exercise has been undertaken for the Group to June 2024 (and beyond) with analysis for the Society and RSM Commercial Services Limited. 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 impact of COVID-19, inflationary pressures and the tough labour market on the Society’s operations and business model, but Trustees believe that they have downgraded planning assumptions to adequately reflect this.
Trading at RSM Commercial Services Limited has recovered well in 2021/22 and has continued to improve in the first quarter of 2022/23. As noted above, 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.
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## . RSM Council, Officers and Advisers
## Senior Management Team
## Patron
Her Majesty Queen Elizabeth II _(Patron from 2022/23 to be confirmed)_
CHIEF EXECUTIVE Ms Michele Acton
## DEAN OF EDUCATION
## RSM Council
Professor Humphrey Scott _MBBS FRCS Ed MS FRCS Eng MAc/inEd FAcadMEd FFSTEd (to 22 October 2022)_
_(from 1 October 2021)_
## PRESIDENT
Professor Gillian Leng _CBE (from 23 October 2022)_
Professor Roger Kirby _MD FRCS_
## VICE-PRESIDENTS
ACTING GENERAL MANAGER John Armstrong _(from 18 June 2022)_
Dr Claire Bayntun _MBBS MPH FFPH (to 30 September 2022)_ Mr Hamish Thomas
DIRECTOR OF LEARNING
Professor Henrietta Bowden-Jones _OBE MD FRCPsych (appointed as a Trustee 1 October 2021 and as Vice-President 1 October 2022)_
Professor Mary Bishop _(from 25 April 2022)_
DIRECTOR OF ENGAGEMENT AND ACTING DIRECTOR OF LEARNING
## HONORARY TREASURERS
Mr Neville Carter _(to 30 September 2022) (Acting Director of Learning to 25 April 2022)_
Professor Linda Luxon _CBE FRCP (to 14 February 2022)_ Mr Richard Murley _(Honorary Treasurer from 14 February 2022 until 26 July 2022. Previously a Trustee)_ Mr Sanjay Shah _BA (Hons) FCA (appointed as a Trustee 26 July 2022)_
INTERIM DIRECTOR OF FINANCE AND OPERATIONS
Mr Alex Chiang _(from 11 July 2022)_
DIRECTOR OF OPERATIONS/MANAGING DIRECTOR OF RSM COMMERCIAL SERVICES
Mr Nigel Collett _(to 26 July 2022)_
## CHAIR OF THE ACADEMIC BOARD
Professor Nik Patel _FRCP_
INTERIM DIRECTOR OF ENGAGEMENT Ms Angie Corkhill _(from 17 October 2022)_
## OTHER TRUSTEES
Mr Ian Currie _FRCOG (from 1 October 2022)_ Dr Elizabeth Haxby _MBBS MA MSc FRCA (to 30 September 2022)_ Dr Melita Irving _BSc MRCPCH_ Dr Stephanie Kaye-Barrett _MB ChB MD FRCP (to 30 September 2022)_
DIRECTOR OF COMMUNICATIONS Ms Michelle Gordon
DIRECTOR OF FINANCE AND IT
Mr Richard Whitley _(to 8 July 2022)_
## Professional Advisers
Dr Hélène Menagé
## BANKERS
_BSc MRCP_
**Lloyds Bank plc** _39 Threadneedle Street London EC2R 8AU_
Professor Paul O’Flynn _FRCS (from 1 October 2022)_
Dr Hiten Patel _MBBS MRCP (to 1 November 2022)_ Dr Linda Patterson _OBE FRCP (from 1 October 2022)_
SOLICITORS **Stone King LLP** _Boundary House 91 Charterhouse Street London EC1M 6HR_
Professor Margaret Rae _MSc FPH (from 1 October 2022)_ Dr Samantha Shinde _MBBS BSc FRCA_
AUDITORS
**BDO LLP** _55 Baker Street London W1U 7EU_
CHAIR OF THE AUDIT AND RISK COMMITTEE
Mr Nick Gash _BA FRSA_
INVESTMENT MANAGERS
**Cazenove Capital Management** _1 London Wall Place London EC2Y 5AU_
_Biographies for Council members can be found on the RSM website: www.rsm.ac.uk_
## 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 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. Consequently, formal agreements are now in place covering, inter alia:
- How resources and data are shared between the two parties;
- How the trading subsidiary may use the Charity’s trademarks and other intellectual property;
- How conflicts of interest are managed; and
- How the trading subsidiary reports its performance to the RSM using an agreed suite of key performance indicators.
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 38. As a result of the introduction of the Supplementary Charter on 1 October 2020, the maximum number of Trustees reduced from 18 (12 elected and 6 co-opted) to 13 (10 elected and 3 appointed).
Trustees serve a three-year term of office (four years prior to 1 October 2020). Trustees may serve a maximum of six consecutive years, if re-elected or reappointed, but must then wait a further six years before they can stand again. 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. An extension of one year (until no later than July 2024) was granted to the current President, Professor Roger Kirby, in consideration of the impact of COVID-19 on the RSM. 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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## Governance. _(continued)_
Council met nine times during 2021/22. The graph below shows how many meetings Trustees attended.
**----- Start of picture text -----**
1 2 3 4 5 6 7 8
Roger Kirby 9
Claire Bayntun
Henrietta Bowden-Jones
Elizabeth Haxby
Melita Irving
Stephanie Kaye-Barrett*
Linda Luxon*
Hélène Menagé
Richard Murley*
Hiten Patel
Nik Patel
Sanjay Shah*
Samantha Shinde*
Hamish Thomas
* Dr Stephanie Kaye-Barrett and Dr Samantha Shinde were on sabbatical for part of the year
**----- End of picture text -----**
- Dr Stephanie Kaye-Barrett and Dr Samantha Shinde were on sabbatical for part of the year Professor Linda Luxon resigned on 14 February 2022 Mr Richard Murley demitted office on 26 July 2022
Mr Sanjay Shah was appointed on 26 July 2022
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 among themselves. The Chair of the Academic Board is elected by the members of that Board.
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
During the year, Council was supported by the following standing committees, as required by its Charter:
- Audit and Risk Committee (formerly Audit, Risk and Governance Committee) – which supports Council by providing effective oversight of RSM’s financial reporting, audit and risk management processes. It met three times during the year.
- Education Committee – which supports Council by ensuring the RSM delivers its mission of sharing learning across all areas of healthcare. It met four times during the year.
- Finance and Investment Committee (formerly Investment Committee) – which gives assurance to Council on the financial position and financial strategies of the RSM, within the context of the Society’s overall strategic objectives, and ensures effective financial stewardship of the Society’s assets. It met eight times during the year.
- Remuneration, People and Culture Committee (formerly Remuneration Committee) – which supports Council in defining what sort of culture is needed to underpin the RSM’s mission and delivery of its strategic goals and aligns reward, incentives, policies and staff wellbeing measures to support that culture. It met twice during the year.
## Governance. _(continued)_
The following additional committees were also operational during the year:
- Academic Board – which comprises Section Presidents and supports the delivery of high-quality education programmes by the Sections of the RSM within the framework of the Society’s overall education strategies.
- Business Development Committee – which supports Council in generating new ideas and opportunities that support the strategic goals of the Society and which oversees the development and implementation of plans that support new initiatives.
- Governance Committee – which supports Council by reviewing the governance structures, policies and practices of the Society and by overseeing recruitment processes for Council members and the Chief Executive.
- Membership Committee (formerly Member Services Committee) – which supports Council through ensuring an attractive membership proposition and strategies that support retention and recruitment of members.
- Safety Committee – which supports Council in ensuring a safe and healthy workplace as well as ensuring that the Society complies with its legal duties and responsibilities. The Committee acts as a consultative committee for nominated health and safety representatives from different areas of RSM operations.
- Wellbeing Steering Committee – which supports Council in ensuring the wellbeing of all RSM staff.
We are grateful for the contribution of the independent advisors listed below who served on the additional committees:
Finance and Investment Committee Mr Christopher Smith _Barrister_ Mr Chris Appleton _FCA MSc_
Audit and Risk Committee Mr Nick Gash (Chair) _BA FRSA_ Mr Richard Hewes _BSc (Hons) CPFA_ Mr Richard Farr _BA_
Membership Committee Revd Hilary De Lyon _BA MPhil_ Dr Bernard Ho _MBBS_
Business Development Committee Professor David Russell (Chairman of RSM Commercial Services Limited)
## Trustee recruitment process
Council comprises a maximum of 10 elected and three appointed Trustees. All are recruited via open competition, with the process agreed by the Governance Committee on behalf of Council. Appointed Trustee vacancies are advertised widely, with shortlisted candidates interviewed by a panel comprising the President and other Trustees. Nominations for Elected Trustees are sought from within the Fellowship of the RSM. If more candidates stand than there are vacancies, an election is held, in which all Fellow, Honorary Fellow and Associate members are invited to vote.
## Senior Management Team
The Chief Executive is responsible for the day-to-day management of the RSM. The Chief Executive leads the Senior Management Team (SMT), comprising the Directors. Each Director has their own specific responsibilities, delegated by the Chief Executive.
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## Governance. _(continued)_
## Division of responsibilities
As its governing body, Council has responsibility for setting the strategic direction of the RSM. As such, certain decisions are reserved for Council. Others are delegated to the Chief Executive, who in turn may delegate to the SMT. Full information on this is included in sections 2.1 and 2.9 of the Regulations. For a copy of the Regulations please email paceo@rsm.ac.uk.
## 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 continual learning to healthcare professionals); its mission (to share learning and support innovation) and its objects (advancement of health through the provision of professional education and promotion of 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).
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.
Members’ annual subscriptions form a significant part of the RSM’s income and are used to fund the activities for public benefit. While 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.
## Governance. _(continued)_
Health and safety failure: causes harm to an employee, member or visitor.
Cyber risk: the Society is seriously impacted by a cyber event e.g. cyber attack, leading to data loss, GDPR or potential ransomware issues.
## Recruitment and retention: the RSM is not
able to recruit or retain the right number and calibre of staff within its budgets, including as a consequence of Brexit and the post-pandemic job market changes.
Staff workloads: significant workloads and the need to adapt to agile working and changed service offerings impact on the wellbeing of employees and lead to unplanned absences, claims against the RSM and the inability to deliver services to the high standards required.
A health and safety policy is in place. The Safety Committee meets regularly and comprises staff from across the RSM. A health and safety risk register is maintained.
The RSM, working with its service partners, has effective IT systems, policies and procedures and staff training in place. The Society has appropriate insurances to protect it from financial losses.
A reward and remuneration strategy was implemented in January 2022 to target recruitment and retention priorities within financial constraints. Phased work is ongoing in relation to the strategy.
Support is in place to promote the physical and mental wellbeing of staff, including an employee assistance programme with a confidential helpline. A wellbeing strategy is in place.
## Fundraising statement
## 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 Senior Management Team (SMT), reviewed by the Audit and Risk Committee on a periodic basis, and presented to and considered by Council annually. This framework is supplemented by additional risk registers at departmental level and for health and safety, as well as for key projects from time to time.
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
Our education strategy is developed in collaboration with our members and reflects their expert views in deep vertical medical specialties. In addition, working with the Dean of Education and Trustees, we horizon scan in our content selection for broader-based topics and use selection criteria to ensure we produce content that will deliver the RSM vision and mission. KPls are in place to track progress.
Strategic: our education strategy lacks buy-in or understanding of the broad medical education context leading to our core charitable mission not being effectively delivered.
We are developing plans to further improve our education and membership offers, including targeted investment in digital. We closely monitor the financial position (cash and reserves) of both the Charity and RSM Commercial Services Limited, taking action to reduce costs where possible. We are reviewing strategic options around the most effective use of our 1 Wimpole Street property.
Business model: the RSM fails to deliver a viable financial model after COVID-19 and to manage further financial risks, meaning that operations in their current form are no longer viable.
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 reward and 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 ongoing 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 SMT for the year ended 30 September 2022 are set out in note 7 on page 59 of the financial statements.
## Environmental report
The RSM recognises the strong links between climate change and human health and we are committed to providing relevant information through our education programmes and taking action to embed sustainability in all of our operations. We are a founding member of the UK Health Alliance on Climate Change, an alliance of UK-based health organisations representing around one million health professionals.
Through a range of different education programmes we have highlighted how climate change impacts health. We have also focused on the role of medical education in addressing the impacts of climate change.
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## Governance. _(continued)_
We are equally committed to tackling our own environmental footprint – for example, by encouraging and promoting hybrid events and digital learning, thereby minimising travel. Within our on-site operations we have implemented a range of measures including working with suppliers who use sustainable practices, sourcing seasonal and local food and drink as well as plantbased foods, using energy-saving controls for lighting and heating, minimising packaging and single-use plastics, serving purified tap water and sending food waste for conversion to biogas.
## Independent Auditor’s Report to Trustees of . the Royal Society of Medicine
## Opinion on the financial statements
In our opinion, the financial statements:
In addition, we believe in investing the Society’s funds in a responsible manner. Our investment policy excludes areas of significant social or environmental harm, which includes all direct or indirect holdings in fossil fuel companies.
The RSM is currently reviewing its property strategy. Sustainability will be at the heart of any new strategy as will the development of a carbon reduction plan with measurable targets.
## Equal opportunities, diversity and a positive work environment
The RSM is committed to increasing diversity among 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 collates speaker data to ensure there is oversight of the diversity of speaker panels. The data is benchmarked against published NHS data. Regular and continued monitoring and reporting of this data has allowed the RSM to identify the areas that require more focus throughout the next two years. The sections have actively collaborated with the Programme Approval Committee to improve diversity and continue to better align with NHS data.
- give a true and fair view of the state of the Group’s and of the Parent Charity’s affairs as at 30 September 2022 and of the Group’s incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
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 2022 which comprise the consolidated and charity balance sheets, the consolidated statement of cash flows 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.
The RSM is currently in the process of developing its equality, diversity and inclusion strategy.
## Independence
## 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:
- Select suitable accounting policies and then apply them consistently;
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
- Observe the methods and principles of the Charities Statement of Recommended Practice (SORP);
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity and the Group will continue in operation.
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.
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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form
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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
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:
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires our opinion:
- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or
- adequate accounting records have not been kept by the Parent Charity; or
- the Parent Charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the 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 151 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 discussions, we identified the internal controls established
- We agreed the financial statement disclosures to applicable legislation;
- We understood how the Parent Charity is complying with those legal and regulatory frameworks that are significant to their activities by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of minutes;
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- We confirmed from management that there were no serious incidents reported to the Charity Commission in the year under review. We also confirmed that there was no ongoing litigation or claims;
- In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results through the timing of the recognition of income or the calculation of the cost recharge to its subsidiary company;
- Challenged assumptions made by management in their significant accounting estimates, in particular, in cash flow forecasts used in going concern assessments; and
- Performed audit procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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 non-compliance 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/auditresponsibilities. 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
## 27 July 2023
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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## Consolidated Statement of Financial Activities.
|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
FOR THE YEAR ENDED 30 SEPTEMBER 2022|UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL
2022
TOTAL
2021
£000
£000
£000
£000
£000
144
718
-
862
1,786|
|---|---|
||3,176
-
-
3,176
617
-
-
-
-
7|
||3,176
-
-
3,176
624
173
55
-
228
135|
||1,123
-
-
1,123
803
33
-
-
33
40
144
-
-
144
166
4,584
-
-
4,584
4,644|
||5,884
-
-
5,884
5,653|
|Total income|9,377
773
-
10,150
8,198|
|EXPENDITURE ON:
Raising funds
6
Fundraising costs
Conferencing and hospitality
Investment management costs
Charitable activities
6
Education:
Academic programme
Information resources
Publishing
Membership subscriptions|147
-
-
147
143
3,633
-
-
3,633
1,797
-
-
-
-
7|
||3,780
-
-
3,780
1,947|
||3,783
591
-
4,374
3,977
2,182
136
-
2,318
2,784
138
-
-
138
141
1,863
-
-
1,863
2,694|
||7,966
727
-
8,693
9,596|
|Total expenditure|11,746
727
-
12,473
11,543|
|NET (EXPENDITURE) / INCOME BEFORE GAINS AND
LOSSES ON INVESTMENTS AND REVALUATIONS
Net (losses)/gains on investments
11
Gains on revaluations of heritage assets
12
Transfers between funds
NET EXPENDITURE
RECONCILIATION OF FUNDS
Total funds brought forward|(2,369)
46
-
(2,323)
(3,345)
(89)
(76)
(131)
(296)
1,428
696
-
-
696
-
76
(76)
-
-
-
(1,686)
(106)
(131)
(1,923)
(1,917)
29,875
3,330
2,221
35,426
37,343|
|Total funds carried forward
17,18|28,189
3,224
2,090
33,503
35,426|
## . Consolidated and Charity Balance Sheets
|Consolidated and|Annual Report 2021/22
Charity Balance Sheets.|
|---|---|
|notes
FIXED ASSETS
Tangible assets
9
Intangible assets
10
Investment funds
11
Heritage assets
12
Investment in subsidiary undertakings
AT 30 SEPTEMBER 2022|GROUP
CHARITY
2022
£000
2021
£000
2022
£000
2021
£000
17,056
17,596
17,056
17,596
1
2
1
2
5,578
5,623
5,578
5,623
4,042
3,346
4,042
3,346
-
-
2
2|
|TOTAL FIXED ASSETS|26,677
26,567
26,679
26,569|
|CURRENT ASSETS
Stocks and work in progress
13
Debtors
14
Bank deposits
Cash at bank and in hand
Total current assets
CREDITORS: Amounts falling due within one year
15
NET CURRENT ASSETS
CREDITORS: Amounts falling due
afer more than oneyear
16|286
164
241
126
1,490
792
723
698
11,344
13,757
11,344
13,757
828
913
780
496|
||13,948
15,626
13,088
15,077
(4,391)
(3,273)
(4,013)
(2,949)|
||9,557
12,353
9,075
12,128
(2,731)
(3,494)
(2,731)
(3,494)|
|NET ASSETS|33,503
35,426
33,023
35,203|
|FUNDS
Unrestricted funds:
Tangible fixed assets fund
Designated funds
General fund
17
Permanent endowment funds
18
Restricted funds
18|21,099
20,943
21,099
20,943
1,374
1,823
1,374
1,823|
||22,473
22,766
22,473
22,766
5,716
7,109
5,236
6,886|
||28,189
29,875
27,709
29,652
2,090
2,221
2,090
2,221
3,224
3,330
3,224
3,330|
|TOTAL FUNDS|33,503
35,426
33,023
35,203|
Approved and authorised for issue on 23 May 2023 by Members of Council and signed on their behalf by:
Professor Roger Kirby MD, FRCS President Mr Sanjay Shah BA (Hons) FCA Honorary Treasurer
The notes on pages 51 to 66 form part of these financial statements.
The notes on pages 51 to 66 form part of these financial statements.
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## Consolidated Statement of Cash Flows.
|Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends from investments
Purchase of tangible and intangible fixed assets
Earn-out from disposal of shares in prior year
Net transfer into investment cash
Cash inflow from bank interest
Proceeds from sale of investments
Net cash (used in)/generated by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Drawdown of CBILS loan
Repayments of CBILS loan
Net cash (used in)/generated by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September
FOR THE YEAR ENDED 30 SEPTEMBER 2022|2022
£000
55
(222)
122
(251)
51
-|2022
£000
(2,086)
(245)
(167)|2021
£000
100
(395)
-
-
35
761|2021
£000
(1,872)
501
2,500|
|---|---|---|---|---|
||||2,500
-||
||-||||
||(167)||||
||||||
|||(2,498)
14,670||1,129
13,541|
|||12,172||14,670|
## FOR THE YEAR ENDED 30 SEPTEMBER 2022
## RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
|Net expenditure before investment (losses)/gains and revaluations
for the year (as per the SOFA)
Adjustments for:
Depreciation and Amortisation
Earn out from disposal of shares in prior year
Interest received
Dividends received
Increase in stock and work in progress
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in) operating activities
ANALYSIS OF CHANGES IN NET DEBT
Cash and cash equivalents
Cash
Bank deposits
Borrowings
Debt due within one year
Debt due afer one year
Total|763
(122)
(51)
(55)
(122)
(698)
522|(2,323)
237|1,563
-
(35)
(100)
(113)
563
(405)|(3,345)
1,473|
|---|---|---|---|---|
||At 1 Oct 2021
£000
913
13,757||Movement
£000
-
-||
|||(2,086)||(1,872)|
|||Cash flows
£000
(85)
(2,413)||At 30 Sept 2022
£000
828
11,344|
||14,670|
(2,498)|-|12,172|
||(167)
(2,333)|167
-|(500)
500|(500)
(1,833)|
||(2,500)|167|-|(2,333)|
||12,170|
(2,331)|-|9,839|
The Bank deposits figure includes £2.375m that was transferred out of RSM accounts and intended to be held as collateral against borrowings but wasn’t required and was transferred back after year end.
The notes on pages 51 to 66 form part of these financial statements.
## . 1. Accounting Policies
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 18.
## 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 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 8.
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.
The SORP requires that income and costs are allocated where appropriate to charitable activities and to activities for raising funds. No separate Statement of Financial Activities (SOFA) has been presented for the Society alone as permitted by section 408 of the Companies Act 2006.
COVID-19 continues to have an impact on the RSM’s where appropriate to charitable activities and to activities for operations and finances in 2021/22, impacting the in-person raising funds. No separate Statement of Financial Activities education programme, hotel, restaurant and commercial (SOFA) has been presented for the Society alone as permitted events business. The uncertain outlook for inflation, labour by section 408 of the Companies Act 2006. shortages in certain sectors and the on-going energy crisis will affect trading in the coming year. A further loss The accounting policy in respect of payments under Gift Aid is projected for 2022/23. Trustees conclude that levels by the subsidiary, Royal Society of Medicine Commercial of reserves and cash, together with continuing action to Services Limited, to its parent, the Royal Society of Medicine, eliminate the operating loss, mean that they are satisfied is set out below. the RSM meets going concern requirements for the coming 12-month period and beyond from the date of signing the 2021/22 financial statements. Accordingly, they have adopted the going concern basis in preparing the annual report and Significant judgements and accounts. key sources of estimation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement uncertainty
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.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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’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 judgement involved in their application and their impact on the consolidated financial statements.
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 39, it is a charity registered with the Charity Commission in England and Wales.
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:
In preparing the separate financial statements of the parent Charity, advantage has been taken of the following disclosure exemptions available in FRS 102:
a) Valuation of the CRM system - Following a review of the intangible assets last 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.
- No cash flow statement has been presented for the parent Charity;
- Disclosures in respect of the parent company’s financial instruments not been presented as equivalent disclosures but have been provided in respect of the Group as a whole; and
b) Valuation of heritage assets - Heritage assets comprise a collection of books and manuscripts held in the RSM’s Library. They are included in the balance sheet at 30 September 2022 at their external valuation (before deductions of any charges and excluding any buyer’s premium), most recently carried out in January 2023 by Bonhams for insurance purposes, at their estimated auction value.
- No disclosure has been given for the aggregate remuneration of the key management personnel of the parent Charity as their remuneration is included in the totals for the Group as a whole.
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## . _(continued)_ 1. Accounting Policies
c) Parent Charity provision – The balance sheet of the parent Charity includes amounts due from RSM Commercial Services Ltd, including the loan. 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. 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.
- Income from donations and legacies
- • Income from other trading activities • Income from investments
- Income from charitable activities
The following specific policies apply to categories of income:
a) Legacies and donations
- i) Donation income is recognised when received.
- ii) Entitlement to legacy income is considered to be on the earlier of the date of payment or where there is sufficient evidence to provide the necessary probability that the legacy will be received and the value is measurable with sufficient reliability. This is defined as the point when the executor has notified the Society of probate.
## Basis of consolidation
The Group comprises the Royal Society of Medicine and its subsidiaries, which are set out in note 8 to these accounts. The principal trading subsidiary is Royal Society of Medicine Commercial Services Limited which operates catering, accommodation and conference activities on behalf of the Society.
iii) Income from Qualifying Charitable Donations is recognised at the date of the receipt of the associated donation.
- b) Income from other trading activities
The consolidated financial statements incorporate the financial statements of the Society and its subsidiaries for the year ended 30 September 2022 and the comparative period.
- i) Income from conferencing and hospitality is accounted for at the point of event date.
- ii) Rental income is accounted for on an accruals basis.
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 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.
- c) Investment income
- i) Investment income, excluding interest from bank deposit accounts, is recognised on an accruals basis.
- d) Income from charitable activities
- i) Membership subscriptions are accounted for on an accruals basis. The unexpired portion of annual subscriptions is deferred and reported under creditors in the balance sheet. Life membership income is reported over a 10-year period commencing in the month of receipt, with the unexpired balance deferred and reported under creditors.
The following are the accounting policies adopted for material items:
- ii) All other income from charitable activities is accounted for on an accruals basis.
## Income
- e) Income from government grants
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.
- i) Government grant income is accounted for on an accruals basis and therefore recognised in income over the periods in which the Society recognises the related costs for which the grant is intended to compensate.
Income is shown within four main categories in the Consolidated Statement of Financial Activities:
## . _(continued)_ 1. Accounting Policies
Any income restricted to future accounting periods is deferred and recognised in those accounting periods.
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.
## Expenditure
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.
Expenditure is accounted for on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.
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.
The consolidated SOFA defines expenditure in two specific categories:
- Expenditure on raising funds
- • Charitable activities
## Impairments
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 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.
The expenditure on charitable activities relates to the core charitable purposes of the Society – education (academic programme and information resources), publishing and membership subscriptions.
## Tangible fixed assets
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.
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.
Support costs represent expenditure on administration, financial management, human resources, information systems,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.
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.
Assets under construction are not depreciated until they are brought into use.
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.
The estimated useful lives are as follows:
## Leasehold Premises Non-Fabric
50 years
## Leasehold Premises Fabric
100 years
## Fund accounting
## Plant and Office Equipment
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.
5 to 20 years
## Major Computer Systems
4 to 7 years
52
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Annual Report 2021/22
## . _(continued)_ 1. Accounting Policies
## Furnishings and Fittings
## Creditors
10 years
Intangible Assets 10 years
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.
## 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 30 September 2022 at fair value based on an estimated auction value (before deduction of any charges and excluding any buyer’s premium) in January 2023 carried out by Bonhams for insurance purposes. The Trustees consider the value of the Library collection does not depreciate in value and, as such, no depreciation is charged.
## Taxation
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.
## Investments
## Other financial instruments
All investments under management are valued at the yearend market value. Quoted investments, all of which are quoted on a stock exchange, are also stated at the year-end market value. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
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.
## Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
## Employee benefits
## Debtors
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 7, 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.
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.
## Short term investments
## Leasing contracts
Quoted investments, all of which are quoted on a stock exchange, are stated at the year-end market value.
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.
## Cash and cash equivalents
Cash, for the purpose of the consolidated 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.
## . _(continued)_ 1. Accounting Policies
## 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.
## 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.
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Annual Report 2021/22
## 2. Comparative Consolidated Statement of Financial Activities.
|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
FOR THE YEAR ENDED 30 SEPTEMBER 2021|UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL
2021
£000
£000
£000
£000
1,336
450
-
1,786|
|---|---|
||617
-
-
617
7
-
-
7|
||624
-
-
624|
||35
100
-
135|
||803
-
-
803
40
-
-
40
166
-
-
166
4,644
-
-
4,644|
||5,653
-
-
5,653|
|Total income|7,648
550
-
8,198|
|EXPENDITURE ON:
Raising funds
6
Fundraising costs
Conferencing and hospitality
Investment management costs
Charitable activities
Education:
Academic programme
Information resources
Publishing
Membership subscriptions|143
-
-
143
1,797
-
-
1,797
7
-
-
7|
||1,947
-
-
1,947|
||3,715
262
-
3,977
2,598
186
-
2,784
141
-
-
141
2,694
-
-
2,694|
||9,148
448
-
9,596|
|Total expenditure|11,095
448
-
11,543|
|NET (EXPENDITURE)/INCOME BEFORE GAINS
AND LOSSES ON INVESTMENTS
Net gains on investments
11
Transfers between funds
NET (EXPENDITURE)/INCOME
RECONCILIATION OF FUNDS
Total funds brought forward|(3,447)
102
-
(3,345)
779
185
464
1,428
(1)
1
-
-|
||(2,669)
288
464
(1,917)
32,544
3,042
1,757
37,343|
|Total funds carried forward
17,18|29,875
3,330
2,221
35,426|
## Notes to the Financial Statements.
|3|DONATIONS AND LEGACIES|2022|2021|
|---|---|---|---|
|||£000|£000|
||Donations|884|1,206|
||Legacies|(22)|297|
||Government grant|-|283|
|||862|1,786|
||During the year, there was a downward adjustment to legacy income of £34k arising from the finaliation of a bequest notified last year.|||
||Government grant is for support received from the Coronavirus Job Retention Scheme (furlough).|||
|4|INVESTMENT INCOME|2022|2021|
|||£000|£000|
||Dividends and bank interest|106|135|
||Profit from disposal of shares|122|-|
|||228|135|
The profit on disposal of shares of £122k (2021 £Nil) relates to an earn-out from a disposal in a previous year.
- 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 £2,789k (2021: £2,834k) was released to income during the year (see Note 16).
|6|ANALYSIS OF EXPENDITURE
(a) EXPENDITURE 2022
Expenditure on raising funds:
Fundraising costs
Conferencing and hospitality
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
2022
£000
66
44
29
8
147
2,391
389
853
-
3,633|
|---|---|---|
|||2,457
433
882
8
3,780|
|||1,259
2,068
763
284
4,374
289
992
782
255
2,318
48
35
55
-
138
376
940
332
215
1,863|
|||1,972
4,035
1,932
754
8,693|
||Total expenditure|4,429
4,468
2,814
762
12,473|
||(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|
Support costs are analysed further in (b) overleaf.
56
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Annual Report 2021/22
Annual Report 2021/22
## Notes to the Financial Statements. _(continued)_
6 ANALYSIS OF EXPENDITURE (continued)
|(b) SUPPORT COSTS 2022
Cost of raising funds
Fundraising (including Investment Management)
Conferencing and hospitality
Charitable expenditure
Education: Academic programme
Education: Information resources
Publishing
Membership subscriptions|Governance
£000
Facilities
management
£000
IT
£000
Management
and admin
£000
2022
£000
4
10
12
18
44
39
104
97
149
389|
|---|---|
||43
114
109
167
433|
||200
336
610
922
2,068
80
298
243
371
992
4
-
12
19
35
80
246
243
371
940|
||364
880
1,108
1,683
4,035|
|Total support costs|407
994
1,217
1,850
4,468|
|(b) SUPPORT COSTS 2021
Cost of raising funds
Fundraising (including investment management)
Conferencing and hospitality
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|
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:|2022
£000|2021
£000|
|---|---|---|
|Fees payable to the auditors of The Royal Society of Medicine:|||
|in respect of the Charity audit|50|43|
|in respect of the subsidiary audits|25|15|
|in respect of the Charity audit prior year|-|35|
|Other non-audit services:|||
|in respect of taxation compliance|10|10|
|Total fees payable to auditor|85|103|
## Total fees payable to auditor
## Notes to the Financial Statements. _(continued)_
## EMPLOYEE COSTS
- 7
Members of Council do not receive remuneration. The total sum relating to reimbursement of expenses and benefits for accommodation amounted to £959 for 2 members (2021: £1,347 for three 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
The above figures are calculated on monthly averages across each 12 month period.
Total employment costs were:
Wages and salaries
Social security costs
Defined contribution pension costs
Redundancy and termination payments
Other employment costs/life assurance
Total employment costs
Staf costs of £2,295k (2021: £1,804k) are included within support costs above in note 6.|2022
Number
2021
Number
1
1
63
46
20
18
12
12
20
19
2
2
14
14|
|---|---|
||132
112
2022
£000
2021
£000
4,549
3,963
500
404
608
421
47
90
1,020
648|
||6,724
5,526|
|||
Some staff are employed by Royal Society of Medicine Commercial Services Limited and their costs are recharged to the parent Charity. The above analysis includes the recharged amounts and represents the Group costs. Wages and salaries are shown before any deduction for salary sacrifice arrangements. Grant income related to the pandemic of £nil (2021: £283k) was claimed back from the government.
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 during the year were as follows:
||2022|2021|
|---|---|---|
||No.|No.|
|£60,001 to £70,000|4|3|
|£70,001 to £80,000|2|-|
|£80,001 to £90,000|1|-|
|£90,001 to £100,000|1|-|
|£100,001 to £110,000|-|1|
|£110,001 to £120,000|1|3|
|£140,001 to £150,000|1|1|
|Pension contributions paid into a defined contribution scheme|£000|£000|
|in respect of the above identified higher-paid employees amounted to:|139|114|
## Key management personnel
The key management personnel are the members of the SMT (listed on page 38). The total employee benefits (including pension) paid to key management personnel were £711k (2021: £599k).
The remuneration during the year for Michele Acton, Chief Executive, comprised:
||||
|---|---|---|
|The remuneration during the year for Michele Acton, Chief Executive, comprised:|2022|2021|
||£|£|
|Salary|140,000|140,000|
|Benefits in kind|3,657|2,654|
|Employers National Insurance contributions|18,608|18,104|
|Defined contribution pension scheme|25,667|24,500|
|Totals|187,932|185,258|
58
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Annual Report 2021/22
## Notes to the Financial Statements. _(continued)_
## SUBSIDIARY UNDERTAKINGS
## 8
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 Parent Charity.
The Society also holds 1,000 ordinary shares of £1 each in Royal Society of Medicine International Limited (RSMI Ltd Company No.08781651) which was incorporated in 2014. The company remained dormant in 2022 and 2021. RSMI Ltd commenced trading after the year-end.
A summary of the results and summary balance sheet for RSMCS Ltd is as follows:
|PROFIT AND LOSS ACCOUNTS
Turnover
Cost of sales
Gross profit/(loss)
Administrative costs
Other operating income
Profit/(loss) for the year before taxation
Tax charge
Retained profit/(loss) for the year
BALANCE SHEETS
Stocks
Debtors
Bank balances
Trade and other creditors
Owed to parent Charity
Loan from parent Charity
Net liabilities|2022
£000
2021
£000
3,934
617
(2,728)
(1,326)|
|---|---|
||1,206
(709)
(906)
(471)
-
255|
||300
(925)
-
-|
||300
(925)|
||2022
£000
2021
£000
46
38
769
93
48
416
(380)
(324)
(117)
(157)
(1,500)
(1,500)|
||(1,134)
(1,434)|
Other operating income comprises grant income received from the UK Government’s Coronavirus Job Retention Scheme (furlough).
9 TANGIBLE FIXED ASSETS
|TANGIBLE FIXED ASSETS||
|---|---|
|Group and Charity
_Cost or Valuation_
At 1 October 2021
Additions
At 30 September 2022
_Depreciation_
At 1 October 2021
Charge for year
At 30 September 2022
Net Book Value at 30 September 2022
Net Book Value at 30 September 2021|Leasehold
premises
£000
Furnishings
and fittings
£000
Plant, vehicles and
ofice equipment
£000
Total
£000
22,856
6,198
3,356
32,410
-
34
188
222|
||22,856
6,232
3,544
32,632|
||6,444
5,650
2,720
14,814
353
172
237
762|
||6,797
5,822
2,957
15,576|
||16,059
410
587
17,056|
||16,412
548
636
17,596|
The insured value of the assets (insurance brokers, Arthur J Gallagher Ltd) included in Leasehold Premises as at 30 September 2022 is £77.3m (2021: £67.1m).
## Notes to the Financial Statements. _(continued)_
## 10 INTANGIBLE FIXED ASSETS
|otes to the Financial Statements._(continued)_
INTANGIBLE FIXED ASSETS||
|---|---|
|Group and Charity
_Cost or Valuation_
At 1 October 2021
At 30 September 2022
_Depreciation_
At 1 October 2021
Charge for year
At 30 September 2022
Net Book Value at 30 September 2022
Net Book Value at 30 September 2021|Sofware
£000
2,388|
||2,388|
||2,386
1|
||2,387|
||1|
||2|
Following a review of the intangible assets last 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 £1k of assets relates to a trademark held by the Society, which is being amortised over five years.
|11
INVESTMENTS
Group and Charity
Long-term investment funds at market value:
At 1 October 2021
Additions at cost
Disposal proceeds
Net (losses)/gains on investments
At 30 September 2022
Short-term investments at market value:
At 1 October 2021
Disposal proceeds
Revaluation of short-term investments
At 30 September 2022
12 HERITAGE ASSETS
Group and Charity
Books and manuscripts at market value:
At 1 October 2021
Revaluation of heritage assets
At 30 September 2022|2022
£000
2021
£000
5,623
4,777
368
-
(117)
(397)
(296)
1,243|
|---|---|
||5,578
5,623|
||-
179
-
(364)
-
185|
||-
-|
||2022
£000
2021
£000
3,346
3,346
696
-|
||4,042
3,346|
Heritage assets comprise the collection of books and manuscripts held in the RSM’s Library and certain items of art and furniture. They are included in the balance sheet at 30 September 2022, at their external valuation (before deduction of any charges and excluding any buyer’s premium) most recently carried out in January 2023 by Bonhams for insurance purposes, at their estimated auction value. There is no material difference between their value at January 2023 compared to September 2022.
|13
STOCKS AND WORK IN PROGRESS
Goods for resale
Work in progress|GROUP
CHARITY
2022
£000
2021
£000
2022
£000
2021
£000
45
38
-
-
241
126
241
126|
|---|---|
||286
164
241
126|
Work in progress relates to professional fees and other costs relating to property development, the scope of which will be finalised in the next financial year.
60
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Annual Report 2021/22
## Notes to the Financial Statements. _(continued)_
|14|DEBTORS|||GROUP||||CHARITY|
|---|---|---|---|---|---|---|---|---|
||||2022|2021||2022||2021|
||||£000|£000||£000||£000|
||Trade debtors||864|173||161||123|
||Other debtors||183|199||118||155|
||Prepayments and accrued income||440|355||440||355|
||Amounts due from subsidiary undertakings||-|-||1||-|
||HMRC Gif Aid & VAT||3|65||3||65|
||||1,490|792||723||698|
|15|CREDITORS: Amounts due within one year|||GROUP||||CHARITY|
||||2022|2021||2022||2021|
||||£000|£000||£000||£000|
||Bank loan||500|167||500||167|
||Trade creditors||715|193||599||153|
||Accrued expenses and deferred income||780|1,089||669||1,056|
||Membership subscription income deferred (note 5)||1,586|1,367||1,586||1,367|
||Tax and National Insurance||223|131||94||-|
||Amounts due to subsidiary undertakings||-|-||-||3|
||Other creditors||587|326||565||203|
||||4,391|3,273||4,013||2,949|
||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 afer 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.|||||
|16|CREDITORS: Amounts falling due afer more than one year|||GROUP||||CHARITY|
||||2022|2021||2022||2021|
||||£000|£000||£000||£000|
||Membership subscription income deferred (note 5)||898|1,161||898||1,161|
||Bank loan||1,833|2,333||1,833||2,333|
||||2,731|3,494||2,731||3,494|
||||2022|2021||2022||2021|
||Bank loans||£000|£000||£000||£000|
||Analysis of maturity of loans is given below:||||||||
||Amounts falling due within one year||500|167||500||167|
||Amounts falling due 1-2 years||1,000|1,000||1,000||1,000|
||Amounts falling due 3-5 years||833|1,333||833||1,333|
||||2,333|2,500||2,333||2,500|
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.
|Membership subscription income deferred
Amounts falling due within one year (Note 15)
Amounts falling due afer more than one year|2022
£000
2021
£000
2022
£000
2021
£000
1,586
1,367
1,586
1,367
898
1,161
898
1,161|
|---|---|
||2,484
2,528
2,484
2,528|
During the year £2,745k of membership subscriptions were deferred from the current year. The amount deferred from prior years released to the income statement in the current year was £2,789k.
## Notes to the Financial Statements. _(continued)_
## 17 MOVEMENT IN GROUP UNRESTRICTED FUNDS
|2022 Group
General
Designated funds:
Fixed assets
Educational funds
Sections' funds (note 21)
Academic fund (note 21)
2021 Group
General
Designated funds:
Fixed assets
Educational funds
Sections' funds
Academic fund
2022 Charity
General
Designated funds:
Fixed assets
Educational funds
Sections' funds (note 21)
Academic fund (note 21)
2021 Charity
General
Designated funds:
Fixed assets
Educational funds
Sections' funds
Academic fund|At 1 October
2021
Transfers
Net
(expenditure)
/ income
Net gains/
(losses) on
revaluation
At 30 September
2022
£000
£000
£000
£000
£000
7,109
302
(2,309)
614
5,716
20,943
156
-
-
21,099
234
-
1
(7)
228
1,539
(382)
(61)
-
1,096
50
-
-
-
50|
|---|---|
||29,875
76
(2,369)
607
28,189|
||At 1 October
2020
Transfers
Net
(expenditure)
/ income
Net gains on
revaluation
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
2021
Transfers
Net
(expenditure)
/ income
Net
gains/(losses)
on revaluation
At 30 September
2022
£000
£000
£000
£000
£000
6,886
302
(2,566)
614
5,236
20,943
156
-
-
21,099
234
-
1
(7)
228
1,539
(382)
(61)
-
1,096
50
-
-
-
50|
||29,652
76
(2,626)
607
27,709|
||At 1 October
2020
Transfers
Net
(expenditure)
/ income
Net gains on
revaluation
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|
The Designated Fixed Assets Fund represents the net book value of tangible, intangible and heritage assets at 30 September 2022 after deducting related loan balances.
The Designated Sections’ Funds represent monies set aside predominantly to support the Sectional programme. During the year, £382k of these funds were undesignated. A further amount of approximately £400k of these funds will be undesignated in the financial year 2022/23. The undesignation of funds finance a proportion of the direct costs incurred by the RSM in supporting delivery of the Sectional programme.
62
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Annual Report 2021/22
Annual Report 2021/22
## Notes to the Financial Statements. _(continued)_
## 18 PERMANENT ENDOWMENT AND RESTRICTED FUNDS – GROUP AND CHARITY
|Coloproctology funds
Cowley Fund
Dangoor
Ellison-Clife Lecture
Finzi Bequest
Louis Forman Fund
Jephcott Lecture Fund
Richard Kovacs Fund
Rank Fund
Smith Kline French fund
Stevens Fund
RSM Foundation
Thompson Fund
Various funds with balances of less
than £100,000|Permanent endowment funds
At 1 Oct
2021
£000
Losses
on invt
£000
At 30 Sep
2022
£000
39
(2)
37
98
(6)
92
-
-
-
161
(10)
151
-
-
-
-
-
-
1,007
(60)
947
152
(9)
143
-
-
-
135
(8)
127
-
-
-
-
-
-
-
-
-
629
(36)
593|Restricted funds
At 1 Oct
2021
£000
Income
£000
Expenditure
(incl transfer)
£000
Losses
on invt
£000
At 30 Sep
2022
£000
63
1
-
(2)
62
7
2
-
-
9
110
-
(110)
-
-
23
255
(11)
(12)
255
333
1
-
(11)
323
209
1
(30)
(6)
174
210
22
(45)
-
187
96
3
-
-
99
187
1
(41)
(6)
141
54
3
-
-
57
344
1
(35)
(5)
305
200
-
-
(8)
192
79
200
(125)
-
154
1,415
283
(406)
(26)
1,266|
|---|---|---|
|Totals|2,221
(131)
2,090
3,330
773
(803)
(76)
3,224||
|2021 comparatives|1,757
464
2,221
3,042
550
(447)
185
3,330||
## RESOURCES EXPENDITURE
Details of the major funds (income or balances over £100,000) are as follows:
- y Ellison-Cliffe Lecture – To fund an annual lecture on fundamental sciences in advancement of medicine.
- y Finzi Bequest – To fund purposes for the benefit of the Section of Radiology, including an annual lecture.
- y Louis Forman Fund – To fund dermatology research with a view to publication and a prize awarded by the Dermatology Section.
- y Jephcott Lecture – To fund a series of lectures on a scientific and/or medical subject. Surplus income is available to be applied for other education purposes, with priority to science and medicine.
- y Rank Fund – The capital and income to be used to fund audio-visual content, in particular e-learning.
- y Smith Kline French Fund – The income to be used for speakers’ travel/accommodation expenses and foreign business travel expenses of RSM representatives.
- y Stevens Fund – To fund the advancement of medical knowledge by the general public and to promote a closer understanding between the general public and the medical profession.
- y RSM Foundation – To fund the Hewitt and Frohlich awards, and cover costs of administration of these funds. Remaining funds can be used for the RSM’s general charitable purposes of medical education.
y Thompson Fund – To support the RSM’s charitable activities.
- y Richard Kovacs Fund – To fund a triennial lecture/visiting professorship organised by the Section of Rheumatology and Rehabilitation.
## Notes to the Financial Statements. _(continued)_
## 19 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
||Unrestricted|Designated|Endowment|Restricted|Total|
|---|---|---|---|---|---|
|2022 Group|funds|funds|funds|funds|funds|
||£000|£000|£000|£000|£000|
|Tangible and intangible assets, incl heritage assets|-|21,099|-|-|21,099|
|Fixed asset investments|1,630|155|2,090|1,703|5,578|
|Current assets|11,224|1,203|-|1,521|13,948|
|Current liabilities|(4,391)|-|-|-|(4,391)|
|Liabilities due afer more than one year|(2,731)|-|-|-|(2,731)|
|Groupnet assets|5,732|22,457|2,090|3,224|33,503|
||Unrestricted|Designated|Endowment|Restricted|Total|
|2021 Group|funds|funds|funds|funds|funds|
||£000|£000|£000|£000|£000|
|Tangible and intangible assets, incl 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 afer more than oneyear|(3,494)|-|-|-|(3,494)|
|Groupnet assets|7,109|22,766|2,221|3,330|35,426|
||Unrestricted|Designated|Endowment|Restricted|Total|
|2022 Charity|funds|funds|funds|funds|funds|
||£000|£000|£000|£000|£000|
|Tangible and intangible assets, incl heritage assets|-|21,099|-|-|21,099|
|Fixed asset investments|1,630|155|2,090|1,703|5,578|
|Shares in subsidiary companies|2|-|-|-|2|
|Current assets|10,364|1,203|-|1,521|13,088|
|Current liabilities|(4,013)|-|-|-|(4,013)|
|Liabilities due afer more than one year|(2,731)|-|-|-|(2,731)|
|Charitynet assets|5,252|22,457|2,090|3,224|33,023|
||Unrestricted|Designated|Endowment|Restricted|Total|
|2021 Charity|funds|funds|funds|funds|funds|
||£000|£000|£000|£000|£000|
|Tangible and intangible assets, incl 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 afer more than oneyear|(3,494)|-|-|-|(3,494)|
|Groupnet assets|6,886|22,766|2,221|3,330|35,203|
## 20 FINANCIAL COMMITMENTS
## (i) Operating leases
The total of future minimum rentals payable under non-cancellable operating leases at 30 September 2022 is £nil (2021: £nil).
## (ii) Capital commitments
Capital expenditure contracted for, but not provided in the financial statements, was £54k (2021: £nil).
64
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Annual Report 2021/22
Annual Report 2021/22
## Notes to the Financial Statements. _(continued)_
## RSM Sections and their Presidents.
## 21 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.
|Section
At 30 September
2022
£
Anaesthesia
15,521
Cardiology
88,725
Cardiothoracic
3,310
Clinical Forensic & Legal Medicine
7,305
Clinical Immunology& Allergy
30,357
Clinical Neurosciences
9,436
Coloproctology
16,675
Comparative Medicine
1,033
Critical Care
10,776
Dermatology
142,174
Digital Health
40,827
EmergencyMedicine
15,162
Endocrinology& Diabetes
23,911
Epidemiology& Public Health
2,316
Food & Health Forum
15,516
Gastroenterology& Hepatology
14,037
General Practice with PrimaryHealthcare
(977)
Geriatrics & Gerontology
1,061
Historyof Medicine
15,556
Hypnosis & Psychosomatic Medicine
8,349
Intellectual Disability
4,841
Laryngology& Rhinology
6,055
Maternityand the Newborn
(1,898)
Medical Genetics
1,626
Medicine and Society
(5,106)
MilitaryMedicine
6,875
Nephrology
22,365
Obstetrics & Gynaecology
(1,615)|Section
At 30 September
2022
£|
|---|---|
||Occupational Medicine
6,979|
||Odontology
(13,744)|
||Oncology
20,479|
||Ophthalmology
58,097|
||Oral & Maxillofacial Surgery
1,207|
||Orthopaedics
67,262|
||Otology
7,538|
||Paediatrics & Child Health
78,330|
||Pain Medicine Section
18,284|
||Palliative Care
30,265|
||Pathology
22,856|
||Patient Safety
11,098|
||Plastic Surgery
7,959|
||Psychiatry
7,057|
||Radiology
86,367|
||RespiratoryMedicine
40,279|
||Retired Fellows
13,830|
||Rheumatology& Rehabilitation
1,295|
||Sexuality& Sexual Health
10,547|
||SleepMedicine
23,883|
||Sport & Exercise Medicine
8,583|
||Student Members
15,539|
||Surgery
11,163|
||Trainees
10,786|
||Urology
15,919|
||Vascular,Lipid and Metabolic Medicine
17,943|
||Venous Forum
22,468|
||Total Section Funds
1,096,482|
||Total Academic Fund
50,000|
## 22 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 £571k (2021: £22k) 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 £187k (2021: £218k) to the Charity and the Charity made recharges of £386k (2021: £385k) to RSM Commercial Services Limited.
At 30 September 2022, £1,614k (2021: £1,659k) 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.
|Section|President 2022/23|President 2021/22|
|---|---|---|
|Anaesthesia|Dr Wim Blancke|Dr Wim Blancke|
|Cardiology|Dr Sukhjinder Nijjer|Dr Sukhjinder Nijjer|
|Cardiothoracic|Mr Mark Jones|Mr Aziz Momin|
|Clinical Forensic & Legal Medicine|Dr Bernadette Butler|Dr Bernadette Butler|
|Clinical Immunology& Allergy|Dr Helen Brough|Dr Chris Rutkowski|
|Clinical Neurosciences|Dr Jonathan Hyam|Dr Alistair Purves|
|Coloproctology|Dr Jeremy Nightingale|Professor Steven Brown|
|Comparative Medicine|Dr David Danson|Dr David Danson|
|Critical Care Medicine|Dr Nishita Desai|Dr Peter Shirley|
|Dermatology|Dr Portia Goldsmith|Dr Daniel Creamer|
|Digital Health|Dr Tim Ringrose|Dr Tim Ringrose|
|EmergencyMedicine|Dr Fleur Cantle|Dr Laurence Fitton|
|Endocrinology& Diabetes|Dr Stella George|Dr Stella George|
|Epidemiology& Public Health|Professor Maggie Rae|Professor Maggie Rae|
|Food & Health Forum|Dr Leigh Gibson|Dr Leigh Gibson|
|Gastroenterology& Hepatology|Dr Robert Logan|Dr Robert Logan|
|General Practice with PrimaryHealthcare|Mrs Jeshni Amblum-Almer|Mrs Jeshni Amblum-Almer|
|Geriatrics & Gerontology|Dr Mashkur Khan|Dr Pandora Wright|
|Historyof Medicine Society|Dr Christopher Gardner-Thorpe|Professor Sean Hughes|
|Hypnosis & Psychosomatic Medicine|Dr David Kraf|Dr David Kraf|
|Intellectual DisabilityForum|Professor Regi Alexander|Professor Regi Alexander|
|Laryngology& Rhinology|Professor Peter Andrews|Mr Michael Kuo|
|Maternityand the Newborn Forum|Dr Panicos Shangaris|Dr Panicos Shangaris|
|Medical Genetics|Dr Shwetha Ramachandrappa|Dr Shwetha Ramachandrappa|
|Medicine and Society|Mr Jonathan McKee|Mr Jonathan McKee|
|MilitaryMedicine|_Vacant_|Colonel Julian Woodhouse|
|Nephrology|Dr Allyson Egan|Dr Stephen McAdoo|
|Obstetrics & Gynaecology|Mr Patrick O’Brien|Miss Sadaf Ghaem-Maghami|
|Occupational Medicine|Dr Michael Goldsmith|Dr Michael Goldsmith|
|Odontology|Dr Aditi Desai|Dr Aditi Desai|
|Oncology|Professor Christopher Nutting|Professor Christopher Nutting|
|Ophthalmology|Mr Graham Duguid|Mr Larry Benjamin|
|Oral & Maxillofacial Surgery|Mr Andrew Hobkirk|Mr Andrew Hobkirk|
|Orthopaedics|Mr Michael Pearse|Mr Michael Pearse|
|Otology|Professor Manohar Bance|Mr Jeremy Lavy|
|Paediatrics & Child Health|Dr Daniel Cromb|Dr Philippa Stilwell|
|Pain Medicine|Dr Sibtain Anwar|Dr Sibtain Anwar|
|Palliative Care|Dr Libby Sallnow|Dr Libby Sallnow|
|Pathology|Professor Mary Sheppard|Professor Mary Sheppard|
|Patient Safety|Mr Tarik Amer|Mr Tarik Amer|
|Plastic Surgery|Mr Fateh Ahmad|Mr Naveen Cavale|
|Psychiatry|Dr Gordana Milavic|Professor Henrietta Bowden-Jones|
|Radiology|Dr Graham Robinson|Dr Graham Robinson|
|RespiratoryMedicine|Dr Neeraj Shah|Dr Neeraj Shah|
|Retired Fellows Society|Dr Jefrey Rosenberg|Dr Jefrey Rosenberg|
|Rheumatology& Rehabilitation|Dr Helen Cohen|Dr Helen Cohen|
|Sexuality& Sexual Health|_Vacant_|Mr Matt Broadway-Horner|
|Sleep Medicine|Dr David O’Regan|Dr David O’Regan|
|Sport & Exercise Medicine|Dr William Wynter Bee|Dr Daniel Brooke|
|Students|Miss Bhumi Shah|Mr Papakas Wijeyendram|
|Surgery|Mr Joe Ellul|Mr Joe Ellul|
|Trainees|Dr Bernard Ho|Dr Bernard Ho|
||Dr Josie Cheetham||
|Urology|Mrs Nadine Coull|Professor Seshadri Sriprasad|
|Vascular,Lipid & Metabolic Medicine|Professor Andrew Krentz|Professor Saroj Das|
|Venous Forum|Mr Manjit Gohel|Mr Manjit Gohel|
66
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Annual Report 2021/22
## Contacting the RSM
Chief Executive’s office Membership queries Library enquiries Attending a meeting Restaurant reservations Domus reservations Finance department
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