2023-09-30-accounts - The Royal Society Of Medicine

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The Royal Society of Medicine Annual Report. 2022/23 THE ROYAL SOCIETY OF MEDICINE

Annual Report 2022/23

Contents.

4 Report from the President and Chief Executive 8 Education

Learning Resources

16
22 Membership
26 Philanthropy
30 Commercial Services
34 Financial Review

RSM Council, Officers and Advisers

38
39 Governance
46 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

Annual Report 2022/23

Report from the President and Chief Executive.

webinar series rapidly responded to topical healthcare issues. The In Conversation Live series continued to engage diverse audiences with prominent voices in healthcare and beyond.

We are pleased to present the latest Annual Report for the Royal Society of Medicine, covering the period from 1 October 2022 to 30 September 2023. This marked the first year since 2018/19 without COVID-19 directly impacting all our operations, allowing us to be more strategic in our planning. We welcomed the opportunity to offer a balanced mix of in-person, online and hybrid activities, to suit the varying circumstances of our diverse membership base. Navigating through challenges with agility and adaptability, we not only recovered but surpassed prepandemic performance in certain areas. As we look back on this year, we are proud to share the progress we have made in education, innovation and collaboration.

The highly valued volunteers who run our 55 sections and societies, alongside RSM staff, delivered a specialist education programme of immense breadth, expertise and knowledge. We would like to warmly thank all section volunteers and staff for their contributions towards delivering our 2022/23 education programme.

Our members benefit from being part of a large network of healthcare professionals. In 2022/23, the Royal Society of Medicine boasted a global community with members in 109 countries. From dedicated students to seasoned fellows, their enthusiasm drove our education programmes and formed the heartbeat of the RSM. Despite the challenging economic environment, our membership numbers remained largely resilient, ending the year slightly down at 18,863. We prioritised active engagement, which saw a quarter of members participating in education events. We saw significant growth in student, overseas and associate memberships.

We sustained our commitment to high-quality medical education for healthcare professionals, with 290 specialist, multidisciplinary and public engagement events. Together with our 55 sections and societies, as well as partners and sponsors, RSM volunteers and staff organised 173 in-person/hybrid and 117 online-only events. Our Tackling Inequalities programme with NHS England, which launched in January 2023, took centre stage, uniting health leaders and healthcare professionals in a conference that addressed healthcare disparities. Meanwhile, our ‘Spotlight’

We were delighted that the Journal

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

Annual Report 2022/23

of the Royal Society of Medicine (JRSM) maintained its prestigious rank of 11th among general medical journals globally, with an impact factor of 17.8. We enhanced the digital offering of our historic library, upgrading the digital library catalogue and introducing a new ‘discovery’ tool to navigate our rich resources seamlessly. We saw a 9% increase in member engagement with digital resources.

While there was very positive growth in income compared to the previous year, we still incurred a significant loss overall of £2,301k (2022: £1,923).

We ended the year with general reserves for the group of £4,382k (2022: £5,716k). These are impacted by our operating deficit, which is why we must work towards a sustainable financial model. To achieve this, the RSM must continue to be prudent by instigating strong cost controls and creating efficiencies wherever possible while progressing new revenue streams. This includes enhancing existing activities and designing new initiatives across philanthropy and innovations within our education programme. A key part of this was the launch of Partner Symposium, a new initiative in which we host events jointly with corporates and other partners, providing them with logistical and promotional support. These successful events help enhance our global standing and foster valuable connections across the healthcare landscape whilst supporting the RSM financially.

We forged new collaborations with partners and sponsors to broaden our impact in 2022/23. For example, we signed a partnership agreement with the Datta Meghe Institute of Higher Education and Research (DMIHER) in India, which will see hundreds of DMIHER students, trainees and faculty become RSM members in the coming years.

We continued to invest in digital systems and explore new income streams. To this end, the year marked a significant step forward in solidifying our leadership in digital education. We developed an AI and VR-powered simulation to enhance communication skills for healthcare professionals in dealing with angry patients. This immersive module, used both in the UK and globally, reflects our commitment to technological innovation and staying at the forefront of advancing medical knowledge and competency.

The Royal Society of Medicine has emerged from the pandemic with a clear sense of purpose and a renewed commitment to our charitable mission. We must advance the strategic activities that can transform the offer to our members and the wider healthcare community while delivering financial sustainability.

It was also a momentous year for how we are governed. Professor Gillian Leng CBE was elected as the next President of the RSM and will take over on 23 July 2024. Professor Leng’s election marked a historic moment as she became the first RSM President chosen by the membership, a departure from recent elections decided by Trustees. We extend our warmest congratulations to her and our heartfelt appreciation to all the candidates and RSM members who voted.

Finally, we would like to extend our thanks to our Council Trustees who completed their terms of office during 2022/23. Dr Melita Irving, Dr Hélène Menagé and Dr Hiten Patel all made exceptional contributions to the work of the RSM. With the departure of these three Trustees, we welcomed Dr Sarah Clarke, Professor David Oliver and Dr Siân Rees, who took up their posts on 1 October 2023.

Professor Roger Kirby, President Michele Acton, Chief Executive

Annual Report 2022/23

Education.

As a leading provider of continuing education for healthcare professionals, we offer a broad programme of multidisciplinary, specialist and general education events, along with professional development opportunities.

Our highly valued volunteer members, spanning 55 sections and societies covering the breadth of medical fields, play a crucial role in developing and delivering our extensive specialist education events. Collaborating closely with RSM staff, these dedicated volunteers bring national and international expertise, contributing to our goal of better healthcare for better lives.

Complementing our specialist programmes, the RSM provides cross-specialty learning opportunities for healthcare professionals to address key issues in the sector.

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290
events hosted:
• 72 in-person
• 101 hybrid
• 117 online
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40.4k
event participant
registrations
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A participant addresses fellow attendees during the 2023 Tackling Inequalities conference.

Annual Report 2022/23

Highlights

“Really thoughtprovoking questions from the crowd. The cases selected were very engaging and delivered in

We delivered an exciting and useful programme of education built around the busy lives of our audiences. We aimed for a tight focus on the learning that they needed, with a considered mix of in-person and digital options. We continued and enhanced our programme of social and general interest events, convening speakers and topics from across the spectrum of healthcare.

Specialist education

Our specialist education programme featured 244 events during the year.

Many events were jointly organised with other sections for collaborative professional training. The Dermatology event was held with the Clinical Immunology & Allergy Section, yielding benefits from working together and discussions about further joint meetings.

an interesting way. The social networking event afterwards was really well run, with well-considered food options for those with allergies and gluten free requirements. Would definitely attend again.”

January 2023 saw ‘Digital approaches to end-of-life care: Dying in a technology enhanced way’, examining the future of medicine with new technologies.

In July 2023, the Paediatric & Child Health Section held a one-day, in-person event, offering trainees the chance to develop practical leadership skills through face-toface interaction and connect with leaders in the field.

‘Current trends in British and Swedish coloproctology’ was an international event held by the Coloproctology Section in Stockholm, Sweden, attracting participants from across Europe.

Virtual events were also wellrepresented. In April 2023, the Endocrinology & Diabetes Section hosted ‘Menopause: New treatments, bone health and cardiovascular risk’ over three days.

The Digital Health Section hosted an in-person event exploring current applications of immersive technologies and their potential impact on health and social care. Virtual reality (VR) and augmented reality (AR) headsets, along with conventional devices and biosensors, illustrated the nature of virtual experiences. The event delved into key application areas from mental health to patient education.

In September 2023, the Dermatology Section organised an event on clinical cases to deepen consultants’ and academics’ understanding of the diagnosis and management of rare, unusual dermatology cases, including diagnostics for allergic skin conditions.

Professor Bola Owolabi, Director of Healthcare Inequalities, NHS England, was a keynote speaker at the 2023 Tackling Inequalities conference

General education

As a multidisciplinary organisation within healthcare, we are uniquely placed to promote crossdisciplinary collaboration, bringing together our diverse membership and others to learn collectively and enhance outcomes.

While our popular COVID-19 series continued until January 2023, we subsequently shifted our focus to develop the ‘Spotlight’ webinar series of rapid response episodes, leveraging our global network of experts, clinicians and researchers to facilitate thought-provoking conversations on topical and groundbreaking medical advances and research. Examples of this series included Spotlight on Monkeypox (now Mpox) and Spotlight on Group A Strep (Streptococcus pyogenes).

The In Conversation Live series, with 14 events during the year, continued to attract audiences, both in-person and online. This series featured high-profile voices in healthcare, politics, entertainment and the media.

Central to this effort is Tackling Inequalities, our five-year healthcare inequalities programme, in partnership with NHS England. The programme commenced in January 2023 with the inaugural Tackling Inequalities conference, a sell-out event uniting health leaders, healthcare professionals and policy makers to address ways to narrow the gap in health outcomes for UK residents.

A total of 33 general education events took place, with more than 3,500 registrants.

“Very well organised with very respected speakers from all over UK. I have learned a lot from this event. Thank you.”

Annual Report 2022/23

Public engagement

Addressing diverse subjects with leading speakers, our public engagement programme offered open-to-all, free events appealing to healthcare professionals and those with a keen interest in healthcare and science.

The 2023 London Clinic lecture, ‘Pancreatic cancer – the future’, with Professor Hemant Kocher, Mr Krish Menon and Dr Shivan Sivakumar, which was held in February 2023.
The Stevens Lecture, held in May 2023, which was given by Mr Matthew Taylor on the 75th anniversary of the NHS and the need for a health policy.

The Medicine and Me series, in partnership with charities, continued, addressing various topics across four events: living with myocarditis, participating in dementia research, living with a visible difference or disfigurement, and young sudden cardiac death.

• The Jephcott Lecture, held in March Highlights of the 2022/23 programme 2023, which was given by Sir Patrick include: Vallance on the importance of science for the health, wealth and • The Howard Foundation 40th security of society.

The Howard Foundation 40th security of society. Anniversary Lecture, ‘Seeing is believing – the transformation of • The Dangoor Lecture, held in prostate cancer management over April 2023, which was given by Dr the last decade’, by Professor Mark Axel Heitmueller on the critical Emberton, which took place in challenges facing the NHS and what November 2022. needs to change.

“Wonderful meeting. Extremely interesting range of cases presented with many learning points. Excellent standard of presentations.”

“Excellent, informative event, great food, wonderful company. I would attend these kind of collaborative events again. Thank you!”

Professional development

We continually explore new approaches to support the professional development of healthcare professionals.

This year, we developed and launched a ground-breaking training simulation driven by artificial intelligence (AI) and virtual reality (VR), in partnership with edtech startup Bodyswaps. Our innovative module on Navigating Angry Conversations enables doctors and healthcare professionals to learn and practice vital patient-centred soft skills in a virtual environment, with or without a VR headset.

“Booking was very easy. Speakers were excellent. Cases by Juniors were well chosen

and interesting. Time keeping and chairing was beautiful.”

An individual tries out the RSM’s new virtual-reality training module

Partnerships

Several specialist education events were held in partnership with external organisations. For example, the Paediatrics & Child Health Section held an event in association with the London School of Paediatrics to discuss topical issues. Similarly, the Occupational Medicine Section worked with the Society of Occupational Medicine on an event exploring neurodiversity in the workplace.

We also introduced Partner Symposium, a new initiative offering corporate and other partners the opportunity to co-host events at our esteemed 1 Wimpole Street venue. With support from the RSM’s expertise and brand, events are marketed as ‘hosted and powered by the RSM’, providing a distinct identity from the RSM’s content. One event under the new initiative was delivered during 2022/23 and four are already scheduled for 2023/24.

Annual Report 2022/23

Many of our events were enriched by having partners and sponsors present

Performance

We provide a robust process for certifying our educational events as suitable for continuing professional development (CPD), in line with the standards and criteria set out by the Academy of Medical Royal Colleges. This enables doctors and healthcare practitioners to be confident in the training we provide, and that it will maintain and improve their professional performance. All educational events aimed at nontrainee doctors were approved for CPD purposes throughout the year.

We held 290 events, comprising 173 in-person or hybrid events and 117 exclusively online, in contrast to the approximately 365 events held in 2021/22.

“Very well organised. The content was informative and has increased my understanding of the subject. It will inform my client practice.”

The total number of participants registering for RSM education programmes was 40,413 (2021/2022: 89,775). A decline was anticipated as more people returned to in-person activities after living their lives largely online during the pandemic (online events have a higher attendance capacity). In 2018/19, when all events were held in-person, there were 36,500 registered participants.

Future plans

Our plans encompass: “A wonderful event! • Investing in the enhancement of Very informative digital systems and leveraging a and fantastic diverse range of digital platforms for learning purposes including speakers, we innovative use of new technologies. are very glad we
• Providing comprehensive support attended - was well and development plans for our section volunteers. Additionally, worth our time” we will be offering various optional training courses for section councils and meeting organisers throughout the year.

Adapting to post-pandemic ways of working presents us with both challenges and opportunities. We are working with our members to understand how the current context and ways of working are affecting education needs. This includes maximising opportunities for networking in-person as well leveraging digital delivery to offer flexibility and reach.

While facing challenges in translating registrations to attendance at free, in-person events post-pandemic, we are experimenting with a new model, providing event footage for asynchronous catch-up rather than concurrent live-streaming.

Exploring and developing new
income streams to ensure the financial sustainability of our education initiatives, including working with partners to shape new offerings.

Our work in professional development for health practitioners demonstrates how immersive technologies can offer innovation. We continue to review our approach to platforms and plan innovations.

Further developing our work on Partner Symposium.

Practical and hands-on workshops formed an important part of our education programme

Annual Report 2022/23

21.3% of members used library e-resources

events with embedded learning resources

60k digital logins

26.1k interactions with the library

Learning Resources.

We are renowned for our historic library, housing a rich archive collection and extensive online medical resources, providing healthcare professionals worldwide access to major clinical databases, e-journals and nearly 2,000 e-books.

Throughout 2022/23, we prioritised meeting the digital needs of healthcare professionals, ensuring the digital delivery of our knowledge services. This not only enhanced our offering for existing users but also maximised growth opportunities among new global audiences.

Despite the continued importance of digital library services, in-person interactions with the library and its services rebounded, experiencing a 50% growth from the previous year.

Annual Report 2022/23

Highlights

Conservation efforts for old and rare books continued, with five items sent to professional book conservators, including Culpeper’s The Complete Herbal (1850), and Richard Lower’s Tractus du corde (1661).

Digital support for learning is integral to our services. This year, we significantly upgraded the digital library catalogue by removing duplicate records, enhancing search filters and simplifying links to full-text articles. We introduced an upgraded ‘discovery’ tool with concept mapping, multifaceted searching and improved bibliographic tools for advanced researchers. We also improved and expanded the Library Search Hub, introducing additional support pages with guidance and video tutorials for members using the digital library.

The NHS at 75: Looking back to the appointed day and Edward Jenner: A Life in Letters both opened in July 2023. The library staff transcribed Jenner’s letters, providing insight into his correspondence with one of the RSM’s founders, Dr Alexander Marcet.

Exhibitions, rare book viewings and tours were busy throughout the year, boosting physical library visitor numbers.

Throughout the year, the library hosted filming for: the BBC Two documentary series Union with David Olusoga ; an in-depth interview with retired psychiatrist and Life Fellow, Aggrey Burke; and a fivepart documentary series by German broadcaster ZDF on the sexual history of humans with Dr Jessica Borge.

A doctoral student trainee curated The Golden Age of Melancholy exhibition from January to July 2023, hosting a well-attended research symposium in March 2023. Unmasked Voices: Clinicians out-of-hours , an art exhibition, opened in April 2023, followed by Medicine’s Great Humanist: William Osler in May 2023, attracting 120 attendees from the American Osler Society in a single day.

A specialist archive consultant was engaged to review our archives, rare books and heritage assets, leading to a full conservation review with national specialists to ensure the highest standard of preservation. We also reviewed storage, moving many assets to specialist off-site locations, with a retrieval service in development.

“Just a formal expression of gratitude … for another successful research visit during my time in London... You have a remarkable facility.”

The Golden Age of Melancholy exhibition ran from January to July 2023

Unmasked Voices: Clinicians out-of-hours opened in April 2023

“I would like to thank you and the members of the library team for the wonderful tour and book viewing you put together for us. We were all … completely blown away with the quality and extent of the exhibition [and] people view the tour and viewing as some of the highlights of the event. Thank you so much.”

Annual Report 2022/23

“I thank you very, very much, for the unbelievable rapidity and completeness of your reply, absolutely above my expectation.”

Future plans

Ensuring the reliable delivery of learning resources and information services in both digital and in-person formats is crucial for the future success of the RSM library. We plan to maintain a strong focus on the library’s exceptional digital offerings, meeting the needs of existing and prospective members.

Our commitment to evidence-based decisions includes measuring and exploring data insights from member usage of the digital library. This approach helps us identify search behaviours and patterns that can inform promotional themes, encourage additional research and reading, and better understand evolving member needs.

Performance

More than one in five (21.3%) RSM members accessed digital learning resources during the year, logging in 59,962 times to the digital library, reflecting a 9% increase from the previous year (2021/22: 55,029). The successful OpenAthens rollout in 2021 continues to provide robust and consistent access to e-resources, with enhanced tracking of member access and usage.

The Journal of the Royal Society of Medicine (JRSM) ranked 11th out of the world’s 169 general medical journals. It published 110 academic papers across 12 issues. As of 30 September 2023, 2,499 RSM members were subscribed to the print edition, alongside institutional subscribers through SAGE Publishing.

The library recorded 18,809 in-person visits, compared to 7,231 the previous year. Numbers remain below prepandemic levels of approximately 33,000, possibly due to online resource accessibility and changing work practices.

The document delivery service provided access to older materials not electronically available, with 750 items supplied, a slight increase from the previous year (2021/22: 716).

As part of the RSM’s commitment to maximising member value, learning resources were curated to enhance the experience of those participating in the education programme. Bespoke reading lists were provided for 85 education events and an extensive research timeline was prepared for the Tackling Inequalities conference in January 2023.

“Thank you so much for a really helpful and engaging session. [It] made me realise just how much better my … literature searches could be.”

Annual Report 2022/23

. Membership

Our members make us what we are. Their energy and interests shape our education programme. They broaden our horizons and those who they connect with. Representing the full breadth of healthcare roles, our dynamic global membership ranges from passionate students to senior fellows, fostering a vibrant, diverse community.

Whatever their individual contribution to healthcare, our members share a common goal - to continue their learning and contribute to better healthcare for better lives. Accessing our exemplary education programme, comprehensive learning resources, and exclusive healthcare networking, RSM membership offers unique value to our members.

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19,336
members
2,851
new members
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countries with
RSM members
109
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The RSM hosts several member receptions, giving members the opportunity to meet one another, explore the building and learn about their member benefits

Annual Report 2022/23

Highlights

We saw a growing volume of members using RSM Club facilities, including the hotel, with numbers returning to prepandemic levels. Member receptions saw increased attendance, as we expanded the invitation to all members and introduced new interactive elements.

We also signed a partnership agreement with the Datta Meghe Institute of Higher Education and Research (DMIHER) in India, which will see hundreds of DMIHER students, trainees and faculty become RSM members in the coming years.

We continued to promote membership to our growing database of contacts and sought to ensure that members were making maximum use of the various educational resources and benefits at their disposal.

This resulted in 25% of our members participating in education events. Out of the 4,912 who attended an event, a majority were highly active, registering for multiple events throughout the year.

To attract new members, we participated in university freshers’ fairs and ran a cross-platform promotional campaign featuring testimonials from existing members in various healthcare roles and locations.

Performance

In a challenging year, membership numbers returned to their previous lower levels. We ended the year with 19,336 members (2021/22: 20,049).

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, associate and overseas membership categories.

The wider RSM community also grew during the year. We have a mature presence on the social media channels Facebook, Instagram, LinkedIn and X, as well as a YouTube channel, which hosts educational video content. Our combined audience grew by 5.4% during the year, with 6.2k additional followers, bringing our total audience to 120.1k (2021/22: 111.5k). Our LinkedIn channel is growing most rapidly, accounting for 4.7k of our new followers.

The RSM Club includes a restaurant, lounge bar and hotel for members to use

Future plans

In 2023/24, our focus will shift towards cultivating more partnerships for membership growth.

Grow membership in target areas.
Ensure a highly valued member offer, at the right price.

Expanding our membership enhances member connections, boosts financial support for the RSM’s charitable mission, and contributes significantly to our key strategic pillars in education, learning resources, networking and innovation. We will allocate resources and plan actions to:

Help members feel engaged with the life of the Society and make best use of their membership, through new member-focused events and targeted communication.

xxx

Annual Report 2022/23

. Philanthropy

Our ability to impact all areas of healthcare is greatly enhanced by the generous support shown by our donors. All large and small gifts aid us in continuing our charitable mission to share learning and support innovation, to achieve our vision of better healthcare for better lives.

Some of the guests from our 2022/23 In Conversation Live series, which enabled particpants to interact with high-profile speakers from within and beyond healthcare

Annual Report 2022/23

Highlights

Performance

Philanthropy supported our specialist and public engagement education, learning resources and collections. Donations funded education events, prizes and bursaries, and took the form of individual gifts, regular donations, endowments and legacies.

Our popular Medicine and Me and In Conversation Live series were both supported by generous anonymous donors.

Philanthropic income was £678k (2022: £862k). No fundraising events or campaigns were held during the year. A new Director of Development joined the RSM during the year. Total costs related to philanthropy were £105k (2021/22: £147k), meaning a return of £6.45 for every £1 spent (2021/22: £5.86).

The Alan and Sheila Diamond Charitable Trust generously funded a clinical masterclass on painful neuropathies.

Generous support from The Thompson Family Charitable Trust funded several initiatives, including the development of our AI and VR-powered training modules for healthcare professionals.

We are grateful to all our valued donors at every level, and this includes everyone who chooses to remember the RSM in their will. Legacy giving enables donors to ensure that the delivery of our high-quality education programme continues and flourishes to serve the next generation.

2022 marked the Howard Foundation 40th anniversary lecture, supported by The Howard Foundation. This year’s topic was ‘Seeing is believing – the transformation of prostate cancer management over the last decade’.

A message of thanks to our donors

We thank all donors for their generosity and continued support. Your gifts extend the reach and scope of our leading medical education for healthcare professionals, improving patient outcomes and therefore lives.

Major donors to the RSM

Dr Keith and Myriam Willis
Jarrah Trust

A Wall of Honour in the RSM’s central atrium is inscribed with dedications made by donors in honour of someone important to them.

The Alan and Sheila Diamond Charitable Trust
The Ellison-Cliffe Charitable Trust

Future plans

The Exilarch’s Foundation
The Hadley Trust

healthcare professionals with the latest information and research on health inequalities and will share ideas on how to build equity in the delivery of healthcare in the future. We will also deliver a conference on gene and cell therapy and ATMPs, tailored for doctors to learn about the latest medical treatments and forecasts for the future in this rapidlydeveloping field. The support of new and longstanding friends of the RSM will be vital in making these a success. Over the coming year and beyond, we will also be developing opportunities for prospective donors to become involved with other new initiatives, especially around supporting the next generation of doctors and innovations in medicine and health.

The RSM remains committed to honouring the generosity of our donors by delivering relevant education of exceptional quality. We plan to invest in philanthropy and to offer new opportunities for current and prospective supporters to become involved and we will also promote legacies which can be invaluable in helping to ensure we can flourish for future generations of healthcare professionals.

The Howard Foundation
The Lord Leonard and Lady Estelle Wolfson Foundation
The Thompson Family Charitable Trust

Philanthropic giving is helping us embark upon major new programmes of focused activity on emerging and established health issues, such as our five-year series of Tackling Inequalities conferences, which will connect

“The RSM is of immense importance in our lives, a constant source of learning and a secure and homely venue in Central London. The RSM stands out as a sparkling jewel in these troubled times. To us, as to many, the constant advancement of learning provides hope for humanity.”

Dr Keith and Myriam Willis

Professor Mark Emberton delivered the 40th anniversary Alan Howard Memorial Lecture in November 2022

Annual Report 2022/23

Commercial Services.

Royal Society of Medicine Commercial Services Limited is a wholly-owned subsidiary of the RSM, providing event management, catering and audio-visual services for the RSM’s education programme, as well as venue hire and services to external clients and conference organisers. The RSM’s Club facilities for members, including a restaurant, private dining rooms, bar and hotel, are also operated by the company. These services support the core educational purpose of the RSM and deliver a financial contribution to the Society’s charitable activities.

RSM Commercial Services saw financial performance in 2022/23 continue to build upon the improvements seen in 2021/22, as more people returned to in-person activities. While the impacts of the pandemic subsided, the financial year brought new and significant challenges such as hospitality workforce pressures and renewed industrial action in healthcare and transport.

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18.4k
hotel nights booked
average number of
108 delegates per event
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The RSM’s private dining rooms are free for RSM members to hire

Annual Report 2022/23

Highlights

“As usual your staff members made us feel very welcome in a highly professional and friendly way.”

2022/23 saw business levels for the Club and for external events increase to the levels seen in 2018/19, before the pandemic caused a reduction in visitor levels. The Commercial Services team’s focus in 2022/23 was to rebuild the team to meet business demand and to continue to expand the service offer across the year. As with the previous year, a continuing shortage of skilled resource meant that recruiting people of the appropriate calibre and skill set remained a challenge.

In addition they supported conferences, meetings and events for commercial clients and installed new audio-visual equipment in many of the lecture theatres and meeting rooms.

We saw a growing appetite from our customers for small to mid-sized meetings. To meet this increasing demand and to adapt our offering to expand our sources of revenue, we refurbished and repurposed underutilised areas to create additional flexible-use spaces.

The audio-visual team supported the technical delivery of a blend of in-person, hybrid and virtual events in the RSM’s education programme, running 290 events.

Our in-house audio-visual team support RSM events and the events for external clients

“I have organised hundreds of events and conferences across the UK, and No. 1 Wimpole Street is one of the best conference venues I have used.”

Performance

Club sales income for the year increased to £2,412k (2021/22: £1,763k) and event sales income increased to £2,719k (2021/22: £1,412k). This surpassed the totals seen in 2018/19, the last full year before the pandemic, when Club sales income was £2,435k and event sales income was £2,465k.

Throughout the year, bookings in the hotel amounted to 18,418 nights, reflecting an enhanced average occupancy of 76% (compared to 60% in 2021/22).

Club facilities were open throughout the year for social events and hospitality income from the restaurant and bar increased to £584k. This was a 51% increase on the previous year (2021/22: £387k) and in line with historic trading levels.

The number of external conferences that took place at the RSM increased by 38%. The average number of conference delegates was 108, up from 85 in 2021/22.

Despite a significant number of meetings and events that were cancelled due to transport strikes in the early part of 2022/23, delegate numbers were more resilient as the year progressed, which meant that overall sales income exceeded targets by the end of the year.

Future plans

In 2023/24, our focus will be to continue to build on the activity and income levels of 2022/23, while managing ongoing challenges, including industrial action, inflation and restricted supply of hospitality workforce resources.

“Perfectly placed geographically for our exploration of central London”

“On the subject of your staff I must make an extra special compliment towards the reception team who greet you on arrival and bid you farewell on departure. They are quite simply ‘best in class’.”

Annual Report 2022/23

Financial Review.

Summary of performance for the year ended 30 September 2023

Despite significant growth in income, the continuation of challenging economic conditions, including the pressure of high inflation, resulted in a further loss-making year for the RSM. The loss sustained would have been comparable with the previous financial year, but for the write off of costs in respect of a property development project.

Unrestricted funds

General free reserves for the Group as at 30 September 2023 were £4,382k (2022: £5,716k).

The financial strategy of the RSM 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 £4,566k as at 30 September 2023 (2022: £4,069k), meaning the actual free reserves of £4,382k represent 5.8 months’ provision (2022: 8.4 months). However, the on-going tough economic climate will continue to erode free reserves in the year to 30 September 2024.

Income

Membership subscriptions of £4,370k (2022: £4,584k) were slightly down on the previous year but retention remains strong. Conferencing and hospitality income continued to recover following the years impacted by the pandemic, increasing to £5,131k (2022: £3,176k). Similarly, the increasing number of events meant that education income continued to grow during the year, increasing to £1,399k (2022: £1,123k).

Income from donations and legacies was £678k (2022: £862k). As ever, the RSM is extremely grateful for the generosity of all its supporters.

Investment income of £369k (2022: £228k) shows an increase over the previous year which included £122k relating to an earnout from the previous disposal of an unlisted investment.

The growth in revenues continued as total income for the year reached £12,164k (2022: £10,150k), an increase of 20% year on year.

Designated funds set aside for charitable purposes were £1,096k at 30 September 2023 (2022: £1,374k). These principally comprise the balances designated for Sections of £807k (2022: £1,096k) and included the undesignation of £404k (2022: £382k) during the year.

Restricted and permanent endowment funds

Restricted funds decreased to £3,117k as at 30 September 2023 (2022: £3,224k), as expenditure and transfers exceeded incoming funds by £113k and investments increased in value by £6k.

Permanent endowment funds increased to £2,241k (2022: £2,090k) as a result of an increase in the market value in investments of £151k (2022: £131k loss).

Investments

Expenditure

Strategy

Total expenditure in the year increased by 17% to £14,624k (2022: £12,473k), a reflection of the higher levels of activity in conferencing and hospitality.

Within total expenditure, the costs of charitable activities increased to £9,481k (2022: £8,693k), of which £7,242k (2022: £6,692k) was spent on the education programme and information resources.

A total of £105k (2022: £147k) was spent on fundraising and fundraising support costs to raise income from donations and legacies of £678k (2022: £862k).

The write off of costs (incurred in this and previous financial years) relating to the property development project are reported as an exceptional item of £324k (2022: £nil).

Net expenditure

Overall, the RSM reported a net deficit for the year of £2,301k (2022: £1,923k deficit). This comprises a loss on operating activities of £2,460k (2022: £2,323k deficit), and a gain on investments of £159k (2022: £296k loss). The movement in the value of heritage assets was £nil (2022: £696 gain).

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

Movement on funds

Total funds carried forward as at 30 September 2023 for the Group were £31,202k (2022: £33,503k). The reduction in funds is as a result of the deficit of income versus expenditure for the year.

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%.

Annual Report 2022/23

Financial Review. (continued)

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

Financial performance

There was an unrealised gain on investments under management of £159k (2022: £296k loss). Returns for the 12 months across each fund are shown in the table below:

	Returns Oct 22 - Sept 23
Permanent endowment	+10.8%
Expendable endowment	+1.0%
Unrestricted endowment	+0.8%

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 (369 tonnes) versus benchmark (521 tonnes);

Financial Review. (continued)

The review concludes that:

In total, cash held by the Group is sufficient to cover requirements to July 2025 and beyond;
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.

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

Signed on behalf of the Members of Council on 23 July 2024

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 4.0% for all investments against the benchmark for all funds of -3.7%.

Going concern

The Group has adequate levels of cash and reserves to manage its affairs over the period to July 2025 and beyond. As stated in this review, the RSM had free reserves of £4,382k at 30 September 2023 (2022: £5,716k), representing 5.8 months’ (2022: 8.5 months) unrestricted expenditure. The Group accounts also show total cash holdings of £10,900k (2022: £12,172k), of which the majority was unrestricted.

A comprehensive cash forecast exercise has been undertaken for the Group to July 2025 (and beyond). This is based on budget information, current trading levels and expected trends. As part of this exercise the potential impact of downside pressures has been considered.

Trading at RSM Commercial Services Limited continued its recovery from the effects of the pandemic in the year to 30 September 2023 and this improved performance has continued into the following year. However, the impact of the high inflation economic environment does mean that cost pressures remain. Expenditure will continue to be closely managed to mitigate any adverse effects on financial performance.

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 initial capital and interest repayments holiday on the loan was extended to June 2024. It was also resolved not to recall overdraft facilities before June 2024. This action is also supported by RSM Commercial Services Limited’s strong record of delivering significant returns in the years prior to COVID-19.

Annual Report 2022/23

. RSM Council, Officers and Advisers

Senior Management Team

Patron

His Majesty King Charles III

CHIEF EXECUTIVE Ms Michele Acton

RSM Council

DEAN OF EDUCATION

(from 1 October 2022)

Professor Humphrey Scott MBBS FRCS Ed MS FRCS Eng MAc/inEd FAcadMEd FFSTEd (to 22 October 2022)

PRESIDENT Professor Roger Kirby MD FRCS

Professor Gillian Leng CBE (from 23 October 2022)

VICE-PRESIDENTS Mr Hamish Thomas Professor Henrietta Bowden-Jones OBE MD FRCPsych

GENERAL MANAGER John Armstrong

DIRECTOR OF LEARNING Professor Mary Bishop

HONORARY TREASURER Mr Sanjay Shah BA (Hons) FCA

INTERIM DIRECTOR OF ENGAGEMENT Ms Angie Corkhill (to 28 July 2023)

CHAIR OF THE ACADEMIC BOARD Professor Nik Patel FRCP

DIRECTOR OF ENGAGEMENT Ms Christine Yeates (from 10 July 2023)

OTHER TRUSTEES

Dr Sarah Clarke BM BCh (from 1 October 2023) Mr Ian Currie FRCOG Dr Melita Irving BSc MRCPCH (to 30 September 2023) Dr Hélène Menagé BSc MRCP (to 30 September 2023) Professor Paul O’Flynn FRCS

INTERIM DIRECTOR OF FINANCE AND OPERATIONS Mr Alex Chiang (to 11 June 2023)

DIRECTOR OF FINANCE AND OPERATIONS Mr Simon Mills (from 12 June 2023)

DIRECTOR OF COMMUNICATIONS Ms Michelle Gordon

DIRECTOR OF DEVELOPMENT Ms Janet Alexander (from 20 February 2023)

Professor David Oliver FRCP (from 1 October 2023)

Dr Hiten Patel MBBS MRCP (to 1 November 2022) Dr Linda Patterson OBE FRCP Professor Margaret Rae OBE MSc FPH Dr Sian Rees MBBS BA (from 1 October 2023) Dr Samantha Shinde MBBS BSc FRCA Biographies for Council members can be found on the RSM website: www.rsm.ac.uk

Professional Advisers

BANKERS

Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU

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

Co-opted Members of Council Committees

AUDITORS

BDO LLP 55 Baker Street London W1U 7EU

AUDIT AND RISK COMMITTEE Mr Nick Gash (Chair) Mr Richard Hewes Mr Richard Farr

INVESTMENT MANAGERS

Cazenove Capital Management 12 Moorgate London EC2R 60A

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.'

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 non-trading company, Royal Society of Medicine Innovations Limited (formerly 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. The maximum number of Trustees is 13 (10 elected and 3 appointed).

Trustees serve a three-year term of office. Trustees may serve a maximum of six consecutive years, if re-elected or re-appointed, 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. As a result of the Supplementary Charter implemented on 1 October 2020, future Presidents will be elected by the membership of the RSM.

FINANCE AND INVESTMENT COMMITTEE Mr Christopher Smith Mr Chris Appleton

MEMBERSHIP COMMITTEE

Revd Hilary De Lyon Dr Bernard Ho

BUSINESS DEVELOPMENT COMMITTEE Professor David Russell (Chairman of RSM Commercial Services Limited)

Annual Report 2022/23

Governance. (continued)

Council met five times during 2022/23. The graph below shows how many meetings Trustees attended.

----- Start of picture text -----
1 2 3 4 5
Roger Kirby
Henrietta Bowden-Jones
Hamish Thomas
Sanjay Shah
Nik Patel
Ian Currie
Melita Irving
Hélène Menagé
Paul O'Flynn
Linda Patterson
Maggie Rae
Samantha Shinde
----- End of picture text -----

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.

The following additional committees were also operational during the year:

Academic Board – which 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 and 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.

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.

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.

Senior Management Team

Council committees

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.

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 four 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 five 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.

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 2.10 of the Regulations. For a copy of the Regulations, 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 continuing learning to healthcare professionals); mission (to share learning and support innovation) and objectives (providing a broad range of educational activities and opportunities; promoting the exchange of knowledge, information and ideas on the science, practice and organisation of medicine).

Annual Report 2022/23

Governance. (continued)

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

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

Principal risks and uncertainties

The management of risks faced by the RSM is overseen by our Trustees in conjunction with the Senior Management Team (SMT). An internal register is in place which identifies the key risks and mitigants that are being taken. The register is updated regularly and reviewed quarterly by our Audit, Risk and Governance Committee.

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

Key risks

Mitigations

The RSM’s education strategy has been developed over several years in collaboration with our members and is designed to reflect the breadth and depth of expertise within the medical specialities. There is a continual focus on identifying innovative ways to enhance our education programme and ensure a best practice approach. Our operational model and infrastructure is also regularly reviewed to assess and implement improved service delivery.

Strategic: our education strategy lacks engagement or understanding of the broad medical education context leading to our core charitable mission not being effectively delivered.

The RSM’s financial model is monitored closely with a constant focus on cash flow, operational costs and reserves. We have recently undergone a full strategic review across all areas of the business and are currently implementing measures to reduce inefficiencies, grow income and transform our offering. In addition, we continue to assess the most efficient use of our 1 Wimpole Street property. Potential external risks to the business, such as the economy and other sector developments, are also assessed to determine the financial impact and inform planning.

Business model: the RSM is unable to deliver a sustainable, viable financial model as well as manage existing risks therefore jeopardising our current operational infrastructure.

Health and safety failure: causes harm to an A robust health and safety framework is in place. Training is provided employee, member or visitor. to all staff with new modules rolled out throughout the year. Monitoring of training is undertaken to ensure take-up. A Safety Committee made up of staff across the RSM is embedded within the organisation and meets regularly.

Governance. (continued)

Recruitment and staff retention: the RSM is not able to recruit or retain the right calibre of staff or access the required resources to meet business requirements.

A full review of our reward and remuneration framework has been conducted. We continue to assess the overall working environment and wellbeing of staff and to implement proactive initiatives to support this. Staff levels are closely monitored and analysis over the last year shows good retention levels and consistently high-calibre candidates applying for roles.

Fundraising statement

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

Remuneration policy

A reward and remuneration strategy was developed in 2021/22 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 the ongoing challenges faced. The strategy includes the RSM’s commitment to pay the minimum of the London Living Wage to all staff. Implementation of the strategy began in January 2022.

Details of remuneration of the Senior Management Team for the year ended 30 September 2023 are set out in note 7 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.

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.

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.

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.

Cyber risk: the RSM is seriously impacted by a In conjunction with our service partners, the RSM has developed and cyber event leading to financial and data loss. embedded an effective, IT security and technology infrastructure. This carries regulatory and reputational risk. Regular training is provided to staff on the risks and impact cyberattacks can have.

Annual Report 2022/23

Governance. (continued)

Independent Auditor’s Report to Trustees of . the Royal Society of Medicine

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.

Opinion on the financial statements

In our opinion, the financial statements:

give a true and fair view of the state of the Group’s and of the Parent Charity’s affairs as at 30 September 2023 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.

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.

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

Trustees’ responsibility statement

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

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;

We have audited the financial statements of The Royal Society of Medicine (“the Parent Charity”) and its subsidiaries (“the Group”) for the year ended 30 September 2023 which comprise the Consolidated Statement of Financial Activities, 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.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

make judgements and accounting 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

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 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

Annual Report 2022/23

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 themselves. 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.

Review of minutes of Trustee Board and Finance & Audit Committee meetings for any indication of non-compliance with laws and regulations.
Understanding 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;
Making enquiries regarding any matters identified as a Serious Incident reportable to the Charity Commission.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in 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

Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations.
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Discussion with management, including consideration of known or suspected instances of non-compliance with laws and regulations.

Fraud

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud and how management monitor these processes.

Audit procedures performed by the engagement team included:

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:

Non-compliance with laws and regulations

As part of designing our audit, based on our understanding of the industry in which the Group operates, we gained an understanding of the legal and regulatory framework applicable to the Group and the Parent Charity. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, as well as considering financial performance, key drivers for performance targets and the risks of non-compliance with other requirements imposed by the Charity Commission. As part of our discussions, we identified the internal controls established to mitigate risks related to non-compliance with laws and regulations and how management monitor these processes. Where possible, we obtained and reviewed corroborating documentation.

Our procedures in respect of the above included:

Reading minutes of meeting of those charged with governance for any evidence of fraud or suspected fraud.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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 result.
Assessing the design and operating effectiveness of controls and procedures relevant to the preparation of the financial statements and the detection and prevention of irregularities and fraud.
Assessing the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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

Date 29 July 2024

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).

Review of the Parent Charity’s documentation of risks and associated mitigating actions, considering ways that any risks could give rise to non-compliance with laws and regulations.

Annual Report 2022/23

Consolidated Statement of Financial Activities.

notes INCOME FROM: Donations and legacies 3 Other trading activities Conferencing and hospitality Investment income 4 Charitable activities Education: Academic programme Information resources Publishing Membership subscriptions 5 FOR THE YEAR ENDED 30 SEPTEMBER 2023	UNRESTRICTED FUNDS RESTRICTED FUNDS ENDOWED FUNDS TOTAL 2023 TOTAL 2022 £000 £000 £000 £000 £000 413 265 - 678 862
	5,131 - - 5,131 3,176
	5,131 - - 5,131 3,176
	292 77 - 369 228
	1,399 - - 1,399 1,123 21 - - 21 33 196 - - 196 144 4,370 - - 4,370 4,584
	5,986 - - 5,986 5,884
Total income	11,822 342 - 12,164 10,150
EXPENDITURE ON: Raising funds 6 Fundraising costs Conferencing and hospitality Charitable activities 6 Education: Academic programme Information resources Publishing Membership subscriptions Other expenditure Exceptional item: property development 13	105 - - 105 147 4,714 - - 4,714 3,633
	4,819 - - 4,819 3,780
	4,192 350 - 4,542 4,374 2,595 105 - 2,700 2,318 158 - - 158 138 2,081 - - 2,081 1,863
	9,026 455 - 9,481 8,693
	324 - - 324 -
Total expenditure	14,169 455 - 14,624 12,473
NET EXPENDITURE BEFORE GAINS AND LOSSES ON INVESTMENTS Net gains/(losses) on revaluation of investments 11 Net gains on revaluation of heritage assets 12 NET (EXPENDITURE)/INCOME RECONCILIATION OF FUNDS Total funds brought forward	(2,347) (113) - (2,460) (2,323) 2 6 151 159 (296) - - - - 696 (2,345) (107) 151 (2,301) (1,923) 28,189 3,224 2,090 33,503 35,426
Total funds carried forward 17,18	25,844 3,117 2,241 31,202 33,503

. Consolidated and Charity Balance Sheets

Consolidated and	Annual Report 2022/23 Charity Balance Sheets.
notes FIXED ASSETS Tangible assets 9 Intangible assets 10 Investment funds 11 Heritage assets 12 Investment in subsidiary undertakings 8 AT 30 SEPTEMBER 2023	GROUP CHARITY 2023 £000 2022 £000 2023 £000 2022 £000 16,323 17,056 16,323 17,056 1 1 1 1 5,738 5,578 5,738 5,578 4,042 4,042 4,042 4,042 - - 2 2
TOTAL FIXED ASSETS	26,104 26,677 26,106 26,679
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	61 286 - 241 1,466 1,490 823 723 8,649 11,344 8,649 11,344 2,251 828 2,201 780
	12,427 13,948 11,673 13,088 (5,749) (4,391) (7,079) (4,013)
	6,678 9,557 4,594 9,075 (1,580) (2,731) (1,580) (2,731)
NET ASSETS	31,202 33,503 29,120 33,023
FUNDS Unrestricted funds: Tangible fixed assets fund Other designated funds General fund 17 Permanent endowment funds 18 Restricted funds 18	20,366 21,099 20,366 21,099 1,096 1,374 1,096 1,374 4,382 5,716 2,300 5,236
	25,844 28,189 23,762 27,709 2,241 2,090 2,241 2,090 3,117 3,224 3,117 3,224
TOTAL FUNDS	31,202 33,503 29,120 33,023

Approved and authorised for issue on 23 July 2024 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.

Annual Report 2022/23

Consolidated Statement of Cash Flows.

2023 £000 89 (94) - (1) 280 (120)	2023 £000 (926) 154 (500)	2022 £000 55 (222) 122 (251) 51 (25)	2022 £000 (2,061) (270) (167)

(500)		(167)

	(1,272) 12,172		(2,498) 14,670
	10,900		12,172

FOR THE YEAR ENDED 30 SEPTEMBER 2023

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES

827 - (369) - 120 24 225 707	(2,460) 1,534	763 (122) (51) (55) 25 (698) (122) 522	(2,323) 262
At 1 Oct 2022 £000 828 11,344		Movement £000 - -
	(926)		(2,061)
	Cash flows £000 1,423 (2,695)		At 30 Sept 2023 £000 2,251 8,649
12,172	(1,272)	-	10,900
(500) (1,833)	500 -	(500) 500	(500) (1,333)
(2,333)	500	-	(1,833)
9,839	(772)	-	9,067

. 1. Accounting Policies

Basis of preparation

The accounts are prepared under the historical cost convention, except for the modification to include certain assets at valuation as specified in the accounting policies below. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 recovery of the RSM’s operations and finances following the impact of COVID-19 has been affected by the pressures of high inflation and the labour shortages in certain sectors. In addition to losses sustained to date, a further loss is projected for 2023/24. However, in consideration of the levels of reserves and cash, together with continuing action to eliminate the operating loss, the Trustees are satisfied that the RSM meets the going concern requirements for the coming 12-month period from the date of signing the 2022/23 financial statements and beyond. Accordingly, the annual report and accounts have been prepared on the going concern basis.

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 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.

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

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

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.

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.

The accounts include transactions, assets and liabilities of Royal Society of Medicine Commercial Services Limited, and Royal Society of Medicine Innovations Limited (Royal Society of Medicine International Limited to 16 May 2023) (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 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.

The accounting policy in respect of qualifying charitable donations by the subsidiary, Royal Society of Medicine Commercial Services Limited, to its parent, the Royal Society of Medicine, is set out below.

Significant judgements and key sources of estimation uncertainty

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

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

Annual Report 2022/23

. (continued) 1. Accounting Policies

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:

prepared using consistent accounting policies.

The following are the accounting policies adopted for material items:

Income

a) Valuation of heritage assets - Heritage assets comprise a collection of books, manuscripts, pictures and other items. They are not depreciated but are revalued every five years and any surplus or deficit on revaluation is credited or debited to the Statement of Financial Activities. They are included in the balance sheet at 30 September 2023 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.

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.

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

Income from donations and legacies
• Income from other trading activities • Income from investments • Income from charitable activities

b) 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 economic factors 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.

The following specific policies apply to categories of income:

a) Legacies and donations
i) 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 2023 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

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

. (continued) 1. Accounting Policies

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.

reported over a 10-year period commencing in the month of receipt, with the unexpired balance deferred and reported under creditors.

ii) All other income from charitable activities is accounted for on an accruals basis.

Fund accounting

e) Income from government grants
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.

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

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

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

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

Annual Report 2022/23

. (continued) 1. Accounting Policies

The estimated useful lives are as follows:

Short term investments

Leasehold Premises Non-Fabric 50 years

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

Leasehold Premises Fabric 100 years

Cash and cash equivalents

Plant and Office Equipment 5 to 20 years

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.

Major Computer Systems 4 to 7 years

Furnishings and Fittings 10 years

Intangible Assets 10 years

Heritage assets

Creditors

Heritage assets 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 2023 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 collection does not depreciate in value and, as such, no depreciation is charged.

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

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

Taxation

Investments

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.

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.

Other financial instruments

Stocks and work in progress

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 are valued at the lower of cost and net realisable value.

Debtors

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

Employee benefits

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

. (continued) 1. Accounting Policies

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.

Leasing contracts

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

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.

Annual Report 2022/23

2. Comparative Consolidated Statement of FinancialActivities.

notes INCOME FROM: Donations and legacies 3 Other trading activities Conferencing and hospitality Investment income 4 Charitable activities Education: Academic programme Information resources Publishing Membership subscriptions 5 FOR THE YEAR ENDED 30 SEPTEMBER 2023	UNRESTRICTED FUNDS RESTRICTED FUNDS ENDOWED FUNDS TOTAL 2022 £000 £000 £000 £000 144 718 - 862
	3,176 - - 3,176
	3,176 - - 3,176
	173 55 - 228
	1,123 - - 1,123 33 - - 33 144 - - 144 4,584 - - 4,584
	5,884 - - 5,884
Total income	9,377 773 - 10,150
EXPENDITURE ON: Raising funds 6 Fundraising costs Conferencing and hospitality Charitable activities 6 Education: Academic programme Information resources Publishing Membership subscriptions	147 - - 147 3,633 - - 3,633
	3,780 - - 3,780
	3,783 591 - 4,374 2,182 136 - 2,318 138 - - 138 1,863 - - 1,863
	7,966 727 - 8,693
Total expenditure	11,746 727 - 12,473
NET (EXPENDITURE)/INCOME BEFORE GAINS AND LOSSES ON INVESTMENTS Net (losses)/gains on revaluation of investments 11 Net gains on revaluation of heritage assets 12 Transfers between funds NET EXPENDITURE RECONCILIATION OF FUNDS Total funds brought forward	(2,369) 46 - (2,323) (89) (76) (131) (296) 696 - - 696 76 (76) - -
	(1,686) (106) (131) (1,923) 29,875 3,330 2,221 35,426
Total funds carried forward 17,18	28,189 3,224 2,090 33,503

Notes to the Financial Statements.

3 DONATIONS AND LEGACIES Donations Legacies	2023 £000 2022 £000 678 884 - (22)
	678 862

During 2022, there was a downward adjustment to legacy income of £34k arising from the finalisation of a bequest notified in the previous year.

4 INVESTMENT INCOME Dividends and bank interest Profit from disposal of shares	2023 £000 2022 £000 369 106 - 122
	369 228

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 £2,803k (2022: £2,789k) was released to income during the year (Note 16).

6	ANALYSIS OF EXPENDITURE (a) EXPENDITURE 2023 Expenditure on raising funds: Fundraising costs Conferencing and hospitality Expenditure on charitable activities: Education: Academic programme Education: Information resources Publishing Membership subscriptions Other expenditure: Exceptional item: property development	Staf costs £000 Support costs £000 Other £000 Depreciation and amortisation £000 2023 £000 46 47 4 8 105 3,236 423 1,055 - 4,714
		3,282 470 1,059 8 4,819
		1,315 2,137 781 309 4,542 325 1,079 1,019 277 2,700 74 34 50 - 158 520 1,007 321 233 2,081
		2,234 4,257 2,171 819 9,481
		- - 324 - 324
	Total expenditure	5,516 4,727 3,554 827 14,624
	(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

Support costs are analysed further in (b) overleaf.

Annual Report 2022/23

Notes to the Financial Statements. (continued)

6 ANALYSIS OF EXPENDITURE (continued)

(b) SUPPORT COSTS 2023 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 2023 £000 3 14 12 18 47 39 142 96 146 423
	42 156 108 164 470
	166 457 598 916 2,137 67 407 239 366 1,079 3 - 12 19 34 67 336 239 365 1,007
	303 1,200 1,088 1,666 4,257
Total support costs	345 1,356 1,196 1,830 4,727
(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

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:	2023 £000	2022 £000
Fees payable to the auditors of The Royal Society of Medicine:
in respect of the Charity audit	75	50
in respect of the subsidiary audits	15	25
Other non-audit services:
in respect of taxation compliance	10	10
Total fees payable to auditor	100	75

Notes to the Financial Statements. (continued)

EMPLOYEE COSTS

7 EMPLOYEE COSTS Members of Council do not receive remuneration. The total sum relating to reimbursement of expenses and benefits for accommodation amounted to £455 for one member (2022: £959 for two 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	2023 Number 2022 Number 1 1 80 63 22 20 8 12 22 20 3 2 15 14
	151 132
	2023 £000 2022 £000 5,725 4,549 594 500 497 608 - 47 551 1,020
	7,367 6,724

Staff costs of £1,851k (2022: £2,295k) are included within support costs above in note 6.

Some staff are employed by Royal Society of Medicine Commercial Services Limited and their costs are recharged to the Society. The above analysis includes the recharged amounts and represents the Group costs. Wages and salaries are shown before any deduction for salary sacrifice arrangements.

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

	2023	2022
	No.	No.
£60,001 to £70,000	5	4
£70,001 to £80,000	1	2
£80,001 to £90,000	2	1
£90,001 to £100,000	1	1
£100,001 to £110,000	1	-
£110,001 to £120,000	2	1
£140,001 to £150,000	-	1
£160,001 to £170,000	1	-
Pension contributions paid into a defined contribution scheme	£000	£000
in respect of the above identified higher-paid employees amounted to:	152	139

Key management personnel

The key management personnel are the members of the Senior Management team (listed on page 38). The total employee benefits (including pension) paid to key management personnel was £847k (2022: £771k).

Annual Report 2022/23

Notes to the Financial Statements. (continued)

SUBSIDIARIES

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 Society.

The Society also holds 1,000 ordinary shares of £1 each in Royal Society of Medicine Innovations Limited (Royal Society of Medicine International Limited to 16 May 2023) (Company No. 08781651) which was incorporated in 2014. The company remained dormant in 2023 and 2022.

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 Administrative costs Profit for the year before taxation Tax charge Retained profit for the year BALANCE SHEETS Stocks Debtors Bank balances Trade and other creditors Owed by/(to) parent Charity Loan from parent Charity Net assets/(liabilities)	2023 £000 2022 £000 6,336 3,934 (3,987) (2,728)
	2,349 1,206 (746) (906)
	1,603 300 - -
	1,603 300
	2023 £000 2022 £000 61 46 643 769 51 48 (1,158) (380) 2,372 (117) (1,500) (1,500)
	469 (1,134)

9 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Group and Charity Cost At 1 October 2022 Additions At 30 September 2023 Depreciation At 1 October 2022 Charge for year At 30 September 2023 Net Book Value at 30 September 2023 Net Book Value at 30 September 2022	Leasehold premises £000 Furnishings and fittings £000 Plant, vehicles and ofice equipment £000 Total £000 22,856 6,232 3,544 32,632 - - 94 94
	22,856 6,232 3,638 32,726
	6,797 5,822 2,957 15,576 478 119 230 827
	7,275 5,941 3,187 16,403
	15,581 291 451 16,323
	16,059 410 587 17,056

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 2022 Disposals At 30 September 2023 Depreciation At 1 October 2022 Charge for year At 30 September 2022 Net Book Value at 30 September 2023 Net Book Value at 30 September 2022	Sofware £000 2,388 (54)
	2,334
	2,387 (54)
	2,333
	1
	1

11 LONG TERM INVESTMENTS Investment Funds Market value 1 October 2022 Additions at cost Disposal proceeds Change in market value Change in bank balances Market value 30 September 2023 The total market value at 30 September comprises: Investment funds Gilts Bank balances Total Investment Funds 12 HERITAGE ASSETS Books and manuscripts Value 1 October 2022 Change in market value Value 30 September 2023	Group and Charity 2023 £000 2022 £000 5,578 5,623 405 230 (597) (117) 159 (296) 193 138
	5,738 5,578
	5,186 5,315 96 - 456 263
	5,738 5,578
	Group and Charity 2023 £000 2022 £000 4,042 3,346 - 696
	4,042 4,042

Heritage assets comprise the collection of book, manuscripts, pictures and other items. They are included in the balance sheet at their external valuation most recently carried out in January 2023 by Bonhams for insurance purposes, at their estimated auction value. In the years ended 30 September 2019, 2020 and 2021, heritage assets were held at the previous valuation of £3,346k. There were no additions, disposals or revaluations in these periods.

Based on this valuation, the Trustees are confident that there is no impairment of the carrying value of heritage assets.

13 STOCKS AND WORK IN PROGRESS Goods for resale Work in progress	GROUP CHARITY 2023 £000 2022 £000 2023 £000 2022 £000 61 45 - - - 241 - 241
	61 286 - 241

Work in progress at 30 September 2022 related to professional fees relating to property development. The costs totalling £324k (including the £241k work in progress) were written off in the current financial year and classified as an exceptional item in the SOFA.

Annual Report 2022/23

Notes to the Financial Statements. (continued)

otes to te Fna	ca Statements.(continued)
14 DEBTORS Trade debtors Other debtors Prepayments and accrued income Amounts due from subsidiary undertakings HMRC Gif Aid & VAT	GROUP CHARITY 2023 £000 2022 £000 2023 £000 2022 £000 1,284 864 663 161 79 183 57 118 103 440 103 440 - - - 1 - 3 - 3
	1,466 1,490 823 723

Amounts due from group undertakings are unsecured, interest free and repayable on demand.

15 CREDITORS: Amounts due within one year Bank loan Trade creditors Accrued expenses and deferred income Membership subscription income deferred (note 5) Tax and National Insurance Amounts due to subsidiary undertakings Other creditors	GROUP CHARITY 2023 £000 2022 £000 2023 £000 2022 £000 500 500 500 500 915 715 534 599 710 742 499 631 2,252 1,586 2,252 1,586 182 223 114 94 - - 2,487 - 1,190 625 693 603
	5,749 4,391 7,079 4,013

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 instalments 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.

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

16 CREDITORS: Amounts falling due afer more than one Membership subscription income deferred (note 5) Bank loan Bank loans Analysis of maturity of loans is given below: Between one and two years Between two and five years More than five years	year GROUP CHARITY 2023 £000 2022 £000 2023 £000 2022 £000 247 898 247 898 1,333 1,833 1,333 1,833
	1,580 2,731 1,580 2,731
	2023 £000 2022 £000 2023 £000 2022 £000 500 500 500 500 1,333 1,000 1,000 1,000 - 833 333 833
	1,833 2,333 1,833 2,333

Membership subscription income deferred Amounts falling due within one year (Note 15) Amounts falling due afer more than one year	2023 £000 2022 £000 2023 £000 2022 £000 2,252 1,586 2,252 1,586 247 898 247 898
	2,499 2,484 2,499 2,484

Notes to the Financial Statements. (continued)

17 MOVEMENT IN GROUP UNRESTRICTED FUNDS

2023 Group General Designated funds: Fixed assets Educational funds Sections' funds (note 21) Academic fund (note 21) 2022 Group General Designated funds: Fixed assets Educational funds Sections’ funds (note 21) Academic funds (note 21) 2023 Charity General Designated funds: Fixed assets Educational funds Sections' funds (note 21) Academic fund (note 21) 2022 Charity General Designated funds: Fixed assets Educational funds Sections' funds Academic fund	At 1 October 2022 Transfers Net (expenditure) / income Net gains on revaluation At 30 September 2023 £000 £000 £000 £000 £000 5,716 1,137 (2,473) 2 4,382 21,099 (733) - - 20,366 228 - 11 - 239 1,096 (404) 115 - 807 50 - - - 50
	28,189 - (2,347) 2 25,844
	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 2022 Transfers Net (expenditure) / income Net gains on revaluation At 30 September 2023 £000 £000 £000 £000 £000 5,236 1,137 (4,075) 2 2,300 21,099 (733) - - 20,366 228 - 11 - 239 1,096 (404) 115 - 807 50 - - - 50
	27,709 - (3,949) 2 23,762
	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

The Designated Fixed Assets Fund represents the net book value of tangible, intangible and heritage assets at 30 September 2023 after deducting related loan balances.

The Designated Sections’ Funds represent monies set aside predominantly to support the Sectional programme. During the year, £404k (2022: £382k) of these funds were undesignated. The undesignation of funds finance a proportion of the direct costs incurred by the RSM in supporting delivery of the Sectional programme.

Deferred subscription income at the start of the year was £2,484k (2022: £2,528k). During the year, subscriptions of £2,818k (2022: £2,745k) were deferred and £2,803k (2022: £2,789k) was released to the SOFA. The amount of deferred subscription income at the end of the year was £2,499k (2022: £2,484k).

Annual Report 2022/23

Notes to the Financial Statements. (continued)

18 PERMANENT ENDOWMENT AND RESTRICTED FUNDS – GROUP AND CHARITY

Coloproctology funds Cowley Fund 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 2022 £000 Gains on inv’t £000 At 30 Sep 2023 £000 37 2 39 92 7 99 151 11 162 - - - - - - 947 69 1,016 143 10 153 - - - 127 9 136 - - - - - - - - - 593 43 636	Restricted funds At 1 Oct 2022 £000 Income £000 Expenditure (incl transfer) £000 Gains on invt £000 At 30 Sep 2023 £000 62 2 - - 64 9 2 - - 11 254 8 (12) 1 251 323 2 (1) 1 325 174 1 - - 175 187 30 (72) - 145 99 5 - - 104 141 1 - - 142 57 4 - - 61 305 2 (24) - 283 193 - - 1 194 154 200 (209) - 145 1,266 85 (137) 3 1,217
Totals	2,090 151 2,241 3,224 342 (455) 6 3,117
2022 comparatives	2,221 (131) 2,090 3,330 773 (803) (76) 3,224

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.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 Richard Kovacs Fund – To fund a triennial lecture/visiting professorship organised by the Section of Rheumatology and Rehabilitation.
y Thompson Fund - To support the RSM’s charitable activities.

Notes to the Financial Statements. (continued)

19 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

	Unrestricted	Designated	Endowment	Restricted	Total
2023 Group	funds	funds	funds	funds	funds
	£000	£000	£000	£000	£000
Tangible and intangible assets, incl heritage assets	-	20,366	-	-	20,366
Fixed asset investments	1,631	156	2,241	1,710	5,738
Current assets	10,080	940	-	1,407	12,427
Current liabilities	(5,749)	-	-	-	(5,749)
Liabilities due afer more than one year	(1,580)	-	-	-	(1,580)
Groupnet assets	4,382	21,462	2,241	3,117	31,202
	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 oneyear	(2,731)	-	-	-	(2,731)
Groupnet assets	5,732	22,457	2,090	3,224	33,503
	Unrestricted	Designated	Endowment	Restricted	Total
2023 Charity	funds	funds	funds	funds	funds
	£000	£000	£000	£000	£000
Tangible and intangible assets, incl heritage assets	-	20,366	-	-	20,366
Fixed asset investments	1,631	156	2,241	1,710	5,738
Shares in subsidiary companies	2	-	-	-	2
Current assets	9,326	940	-	1,407	11,673
Current liabilities	(7,079)	-	-	-	(7,079)
Liabilities due afer more than one year	(1,580)	-	-	-	(1,580)
Charitynet assets	2,300	21,462	2,241	3,117	29,120
	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	10,348	1,219	-	1,521	13,088
Current liabilities	(4,013)	-	-	-	(4,013)
Liabilities due afer more than oneyear	(2,731)	-	-	-	(2,731)
Groupnet assets	5,236	22,473	2,090	3,224	33,023

20 FINANCIAL COMMITMENTS

(i) Operating leases

The total of future minimum rentals payable under non-cancellable operating leases at 30 September 2023 is £nil (2022: £nil).

(ii) Capital commitments

Capital expenditure contracted for, but not provided in the financial statements, was £nil (2022: £54k).

Annual Report 2022/23

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 Year end balance £ Anaesthesia 5,062 Cardiology 56,665 Cardiothoracic 5,299 Clinical Forensic & Legal Medicine 4,612 Clinical Immunology& Allergy 18,482 Clinical Neurosciences 6,643 Coloproctology 12,290 Comparative Medicine 687 Critical Care 6,904 Dermatology 106,442 Digital Health 23,386 EmergencyMedicine 10,982 Endocrinology& Diabetes 22,013 Epidemiology& Public Health 8,597 Food & Health Forum 11,789 Gastroenterology& Hepatology 7,398 General Practice with PrimaryHealthcare (2,101) Geriatrics & Gerontology 1,886 Historyof Medicine 16,878 Hypnosis & Psychosomatic Medicine 2,593 Intellectual Disability 9,127 Laryngology& Rhinology 173 Maternityand the Newborn 3,601 Medical Genetics (1,552) Medicine and Society 2,190 MilitaryMedicine 3,874 Nephrology 23,929 Obstetrics & Gynaecology (3,378)	Section Year end balance £
	Occupational Medicine 7,342
	Odontology (6,428)
	Oncology 16,847
	Ophthalmology 33,339
	Oral & Maxillofacial Surgery (2,073)
	Orthopaedics 56,267
	Otology 8,511
	Paediatrics & Child Health 67,955
	Pain Medicine Section 13,395
	Palliative Care 16,712
	Pathology 14,931
	Patient Safety 8,072
	Plastic Surgery 19,578
	Psychiatry 6,875
	Radiology 38,522
	RespiratoryMedicine 27,121
	Retired Fellows 23,976
	Rheumatology& Rehabilitation 4,544
	Sexuality& Sexual Health 14,008
	SleepMedicine 26,255
	Sport & Exercise Medicine 7,949
	Student Members 4,319
	Surgery 2,448
	Trainees 5,059
	Urology (5,509)
	Vascular,Lipid and Metabolic Medicine 14,599
	Venous Forum 18,338
	Total Section Funds 807,233
	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 £1,205k (2022: £571k) 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 £nil (2022: £187k) to the Charity and the Charity made recharges of £nil (2022: £386k) to RSM Commercial Services Limited.

At 30 September 2023, £872k (2022: £1,616k owed by) was owed to RSM Commercial Services Ltd by the Charity.

Section	President 2022/23
Anaesthesia	Dr Wim Blancke
Cardiology	Dr Sukhjinder Nijjer
Cardiothoracic	Mr Mark Jones
Clinical Forensic & Legal Medicine	Dr Bernadette Butler
Clinical Immunology& Allergy	Dr Helen Brough
Clinical Neurosciences	Dr Jonathan Hyam
Coloproctology	Dr Jeremy Nightingale
Comparative Medicine	Dr David Danson
Critical Care Medicine	Dr Nishita Desai
Dermatology	Dr Portia Goldsmith
Digital Health	Dr Tim Ringrose
EmergencyMedicine	Dr Fleur Cantle
Endocrinology& Diabetes	Dr Stella George
Epidemiology& Public Health	Professor Maggie Rae
Food & Health Forum	Dr Leigh Gibson
Gastroenterology& Hepatology	Dr Robert Logan
General Practice with PrimaryHealthcare	Mrs Jeshni Amblum-Almer
Geriatrics & Gerontology	Dr Mashkur Khan
Historyof Medicine Society	Dr Christopher Gardner-Thorpe
Hypnosis & Psychosomatic Medicine	Dr David Kraf
Intellectual DisabilityForum	Professor Regi Alexander
Laryngology& Rhinology	Professor Peter Andrews
Maternityand the Newborn Forum	Dr Panicos Shangaris
Medical Genetics	Dr Shwetha Ramachandrappa
Medicine and Society	Mr Jonathan McKee
MilitaryMedicine	Vacant
Nephrology	Dr Allyson Egan
Obstetrics & Gynaecology	Mr Patrick O’Brien
Occupational Medicine	Dr Michael Goldsmith
Odontology	Dr Aditi Desai
Oncology	Professor Christopher Nutting
Ophthalmology	Mr Graham Duguid
Oral & Maxillofacial Surgery	Mr Andrew Hobkirk
Orthopaedics	Mr Michael Pearse
Otology	Professor Manohar Bance
Paediatrics & Child Health	Dr Daniel Cromb
Pain Medicine	Dr Sibtain Anwar
Palliative Care	Dr Libby Sallnow
Pathology	Professor Mary Sheppard
Patient Safety	Mr Tarik Amer
Plastic Surgery	Mr Fateh Ahmad
Psychiatry	Dr Gordana Milavic
Radiology	Dr Graham Robinson
RespiratoryMedicine	Dr Neeraj Shah
Retired Fellows Society	Dr Jefrey Rosenberg
Rheumatology& Rehabilitation	Dr Helen Cohen
Sexuality& Sexual Health	Vacant
Sleep Medicine	Dr David O’Regan
Sport & Exercise Medicine	Dr William Wynter Bee
Students	Miss Bhumi Shah
Surgery	Mr Joe Ellul
Trainees	Dr Bernard Ho
	Dr Josie Cheetham
Urology	Mrs Nadine Coull
Vascular,Lipid & Metabolic Medicine	Professor Andrew Krentz
Venous Forum	Mr Manjit Gohel

Annual Report 2022/23

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