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-ryknJ The Royal Society of Medicine Annual Report. 2023124

Annual Report 2023/24

Contents.

4 Foreword from the Chief Executive

5 About the RSM

7 Our story: 2023/24

16 Trustees' report and financial statements

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Annual Report 2023/24

Foreword

Foreword from the President.

The Royal Society of Medicine is a fantastic organisation with a wonderful history. Since my inauguration in July 2024, I’ve been fortunate to have the opportunity of meeting many members and I’m hugely grateful for all their support.

Against this backdrop, the RSM will need to refresh its strategy. We will take into account the challenging external environment, talk to experts and of course prioritise the views and needs of our members.

I would like to thank Michele Acton and her team for running the organisation so efficiently and for their great service. I am also hugely grateful to the many volunteers including my Trustee colleagues around the Council table, and those who work to provide educational programmes in our speciality Sections.

Professor Roger Kirby, my predecessor as President, played an important role in steering the organisation through the challenging years of the pandemic. I am now able to look to the future and it’s a great credit to the Chief Executive and her team that the financial position is now looking increasingly positive and that many more people are visiting the building.

I look forward to an exciting year to come.

My role is now to look ahead, to create a thriving Society that delivers world leading education. We are living in a world of geopolitical uncertainty, facing the impact of climate change, of ongoing cybersecurity threats and with huge changes expected as a result of rolling out artificial intelligence across healthcare.

Professor Gillian Leng CBE, RSM President July 2025

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Annual Report 2023/24

Foreword

Foreword from the Chief Executive.

offering. We are grateful to our philanthropic donors who have enabled us to deliver a wide range of education programmes. We continued to provide our club facilities and saw an increase in use of our hotel, restaurant and bar facilities by members over the year. We also saw a significant increase in income from the commercial hiring of 1 Wimpole Street. The surpluses from these activities are used to support the provision of the RSM’s education programme.

I’m proud to reflect on another year of advancing health for all through our comprehensive education programmes.

Throughout 2023/24 we continued to provide a mix of in-person, hybrid and online highquality medical education events for healthcare professionals as well as our public engagement programme. These would not be possible without the significant commitment from our members who volunteer to run our Sections and societies. These volunteers ensure that the RSM is able to deliver a specialist and multidisciplinary programme bringing together a wide range of professions with broad expertise and knowledge.

As a result of these activities and a concerted action to reduce costs through efficiency gains, I’m pleased to report a surplus for the year of £0.8 million. This compares to a loss of £2.3 million in the previous year. There is still a need to continue to grow income but the RSM is now in a more secure position to deliver against its strategic goals and charitable purpose.

Networking opportunities, our online and physical library resources and our leading medical journal (Journal of The Royal Society of Medicine) all helped to support the learning of those in the UK and overseas.

None of this would have been possible without the significant contribution of our members, Section Councils, volunteers, partners, donors and staff teams. Thank you for your dedication and commitment.

During the year we worked with both long standing and new partners to support our education programme and membership

I’d also like to take this opportunity to thank our President, Professor Gillian Leng CBE as well as Immediate Past President, Professor Roger Kirby, our outgoing Council member, Dr Samantha Shinde and the members of the RSM Council and Council Committees for their invaluable support during the year.

Michele Acton, RSM Chief Executive July 2025

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Annual Report 2023/24
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RSM Honorary Fellows at the
Presidential inauguration, July 2024
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About the RSM.

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Annual Report 2023/24

About the RSM

Who we are.

The Royal Society of Medicine (RSM) is a membership organisation and UK charity dedicated to advancing health.

Through learning and collaboration we empower a global community of healthcare professionals to enhance their practice and improve patient outcomes, while promoting a broader understanding of medicine and healthcare through public engagement.

Our members, partners and collaborators work collectively, drawing on one another’s expertise to raise standards and develop innovative solutions.

Together, we are transforming healthcare, and lives, for the better.

Founded in 1805, the RSM has a long history of bringing individuals with diverse experiences together to share knowledge and pioneer new approaches to health. Today, our membership connects the full spectrum of healthcare disciplines across career stages, with our educational events programmes and learning resources supporting healthcare professionals worldwide.

Our vision: Better healthcare for better lives.

Our mission: To share learning and support innovation within and across all areas of healthcare.

Strategic goal: To be the leading provider of continuing learning to healthcare professionals.

Our strategy

The RSM is part-way through a five-year strategy, building on its illustrious 200-year history to secure the organisation’s position to deliver on its charitable purpose for future generations of healthcare professionals.

The 2021-2026 strategy is centred on four key pillars:

Education: Learning Resources: Networks: Innovation Support: Delivering Providing excellent Connecting those Leveraging expertise multidisciplinary healthcare resources involved in and from across the RSM specialist and general interested in to help and inspire education as well healthcare innovators as professional development

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Annual Report 2023124 •• Ourstory: 2023124.

Our Story: 2023/24

Annual Report 2023/24

. 2023/24 highlights

'Global cancer control: 'In Conversation Live with Bridging boundaries' Professor Anil Seth interviewed by Dr Sotiris Posporelis'

Professor Sir Chris Whitty discussed proposed changes to smoking legislation for our event 'Spotlight on: A smoke-free generation'

Professor John Nolan delivered the 2024 Howard Foundation Lecture: 'Connecting carotenoids from eye to brain'

Panel discussion at 'Can we futureproof the health and care workforce?'

Professor Kevin Fenton CBE delivered the 2024 Stevens Lecture, 'AI and the future of public health'

We launched a new debating series for balanced and informed discussions on important medical topics

‘Edward Jenner – A life in letters' exhibition at the RSM library

Professor Gillian Leng CBE inaugurated as president

'The 35th symposium: Cystic fibrosis in children and adults'

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Our Story: 2023/24

Annual Report 2023/24

Education.

Our carefully curated learning programmes support healthcare professionals at all stages of their careers. By providing a forum for discussion and knowledge sharing across a range of topics, our events promote evidence-based care to enable our members and the wider health sector to achieve better patient outcomes.

We collaborate closely with the expert volunteers who lead our 50+ Sections and networks to deliver specialist education programmes covering the breadth of medical fields, while our generalist events engage the wider public on key issues in health.

We secured over 25,000 registrations for our educational events programme.

We ran 185 education events, of which over 150 delivered specialist education.

To support professional development, we made nearly 700 CPD points available across our educational events over the course of the year.

More than 50 prizes, awards and fellowships were offered.

Content from our educational programmes was viewed online 64,000 times through live webinars and recordings.

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 programmes.

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Our Story: 2023/24

Annual Report 2023/24

Chair of the Academic Board - Professor Nik Patel

RSM Sections and their Presidents.

Section President 2023/24 Anaesthesia Dr J Bernard Liban Cardiology Dr Teresa Castiello Cardiothoracic Mr Mark Jones Clinical Forensic & Legal Medicine Mr David Heming Clinical Immunology & Allergy Professor Helen Brough Clinical Neurosciences Dr Richard Orrell Coloproctology Mr Justin Davies Comparative Medicine Dr Felicity Mehendale Critical Care Medicine Dr Nishita Desai Dermatology Dr Jane Sansom Digital Health Professor Julia Manning Emergency Medicine Dr Fleur Cantle Endocrinology & Diabetes Dr Abdul Lakhdar Epidemiology & Public Health Professor Maggie Rae Food & Health Forum Dr E Leigh Gibson General Practice with Primary Healthcare[Dr Ja][y][ Verma] Geriatrics & Gerontology Dr Mashkur Khan History of Medicine Society Dr Hilary Morris Hypnosis & Psychosomatic Medicine Dr Sarah Partridge Intellectual Disability Forum Professor Regi Alexander Laryngology & Rhinology Professor Claire Hopkins Maternity and the Newborn Forum Dr Surabhi Nanda Medical Genetics Dr Shwetha Ramachandrappa Medicine and Society Dr Sian Rees Military Medicine Lieutenant Colonel Edward Sellon Nephrology Dr Allyson Egan Obstetrics & Gynaecology Professor Mark Brincat Occupational Medicine Dr Sam Valanejad Odontology Professor Barry Quinn Oncology Professor Christopher Nutting Ophthalmology Mr Graham Duguid Oral & Maxillofacial Surgery Mr Ashraf Messiha Orthopaedics Mr Enis Guryel Otology Professor Peter Rea Paediatrics & Child Health Dr Daniel Cromb Pain Medicine Dr Sibtain Anwar Palliative Care Dr Sara Robbins Pathology Professor Mary Sheppard Patient Safety Mr Ed Glasgow Plastic Surgery Mr Fateh Ahmad Psychiatry Dr Gordana Milavic Radiology Dr Eric Woo Respiratory Medicine Dr Bavithra Vijayakumar Senior Fellows Forum Dr Jeffrey Rosenberg Rheumatology & Rehabilitation Dr Helen Cohen Sleep Medicine Dr Jane Hicks Sport & Exercise Medicine Dr William Wynter Bee Students Miss Nikki Kerdegari Surgery Mr Josef Watfah Trainees Dr Josie Cheetham Urology Professor James Green Vascular, Lipid & Metabolic Medicine Professor Andrew Krentz Venous Forum Professor Bruce Campbell

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Our Story: 2023/24

Annual Report 2023/24

Learning Resources.

Our outstanding library resources provide RSM members with the clinical and research material they need to stay at the forefront of learning. Whether via our easily accessible online resources, our extensive and historic print collection at 1 Wimpole Street or through information services provided by our excellent library team, the RSM is a gateway to a wealth of knowledge.

Learning is also supported with access to the latest clinical research and commentary published in our peer-reviewed and top-ranking Journal, the Journal of the Royal Society of Medicine (JRSM), and its open access sister publication JRSM Open.

Members accessed our digital learning resources over 55,000 times.

Our library services, including document delivery and literature searches, were accessed more than 32,000 times.

In response to feedback from members, we extended our library opening hours in April 2024. Now open 7am to 11pm, seven days a week, the extended hours provide members with greater flexibility to work, study and conduct research in our library.

Our exhibition ‘Edward Jenner – A life in letters’ explored Jenner’s pivotal role in vaccine development through a collection of insightful correspondence with one of the RSM’s founders, Dr Alexander Marcet.

JRSM ranked in global top ten medical journals

In 2023, JRSM was ranked as one of the world’s top ten general medicine journals for the first time. Being placed tenth out of 329 ‘general and internal medicine’ titles in Clarivate’s 2023 Journal Citation Reports (JCR), this is JRSM’s highest ever ranking to date, having risen yearly since being ranked 28 out of 160 titles in 2018.

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Our Story: 2023/24

Annual Report 2023/24

Networks.

We facilitate formal and informal learning networks, providing opportunities for members and other healthcare professionals to engage with those in similar and related fields or other areas of interest.

Through both our formal networks, including the educational events driven by the RSM’s 50+ member-led specialty Sections, and informal networking opportunities, such as those offered at our London members’ club, the RSM convenes healthcare professionals to enable crossdisciplinary and multi-professional knowledge sharing and collaboration.

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The RSM’s central London home at 1 Wimpole Street brings healthcare professionals together to learn and connect with others, while our educational programme offers both in-person and online networking.

Our historic building also houses our wholly owned trading subsidiary, Royal Society of Medicine Commercial Services Limited (RSMCS Ltd). RSMCS Ltd manages the RSM club facilities and commercial hiring of our conference and meeting spaces under the 1 Wimpole Street brand, with all profits reinvested to support the RSM’s charitable mission.

Over the course of the year, the RSM was visited more than 108,000 times - by a combination of members, educational event participants and commercial event delegates.

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Our Story: 2023/24

Annual Report 2023/24

Innovation events 2023/24

Innovation . Support

The tremendous breadth and depth of knowledge within the RSM is invaluable in supporting innovators. By leveraging this expertise, we can help and inspire innovators to develop the healthcare solutions of tomorrow.

In 2023/24 we have been exploring the development of our innovation strategy pillar, scoping opportunities to support innovators through our networks and using our events platform to increase focus on innovation.

Looking ahead, we plan to scale up these activities, further expanding our programme of innovation events to showcase new developments to both members and nonmembers. We also aim to evolve a comprehensive and enhanced approach to innovation support through our networks.

'Unveiling Gene Therapy: Transforming medical practice through ATMPs'

Professor Bola Owolabi at 'Tackling Inequalities: Through Innovation and Entrepreneurship'

'Digital twins: Tailoring medicine insilico'

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Annual Report 2023124 Future plans. 14

Annual Report 2023/24

. 2024/25 focus

Centred around our four strategic pillars, our key areas of focus for 2024/25 include:

Education

Learning Resources

Networks

Innovation Support

In 2024/25 we also plan to undertake a strategic review of membership to ensure that we better meet the needs of both current and future generations of members. In addition, attention will turn to the development of a new organisational strategy to start at the end of 2026.

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Annual Report 2023124 Trustees, report and financialstatements. 16

Trustees’ report and financial statements

Annual Report 2023/24

Summary of performance for the year ended 30 September 2024

The financial period represented the first period of a two-year recovery plan designed to stabilise the RSM’s finances. The loss of income during Covid had been exacerbated by the challenging economic conditions, including the pressure of high inflation, in the years that followed. Action was required to stem the drain on reserves. The result for the year, the first surplus (excluding exceptional items) since 2018, demonstrates the initial success of the plan.

Income

Total income rose by 15% from £12.2 million to £14.0 million. Increases were delivered in all key income streams:

Expenditure

An aim of the recovery plan was to identify and implement efficiencies in our operations. This focus on improving value has allowed the RSM to do more, while reducing expenditure. Total expenditure of £13.7 million (2023: £14.6 million) was a 6% reduction on the previous year.

Our charitable activities, including the education programme and information resources, accounted for 65% of total expenditure, similar to the 64% reported in the previous year.

The cost of trading activities, amounting to 33% of total expenditure, was also very similar to the previous year (32%).

Staffing remained the greatest single cost, constituting 54% of total expenditure. This was an increase on the 50% noted in the previous year, however the actual cost reduced slightly from £7.4 million to £7.3 million.

Net result

The RSM reported a net surplus for the year of £0.8 million, a significant improvement on the deficit of £2.3 million reported in the previous period.

As a result of the surplus of income over expenditure in the year, total funds carried forward increased from £31.2 million to £32.0 million.

Reserves

The RSM has total reserves of £32.0 million (2023: £31.2 million) comprising:

Unrestricted funds of £26.3 million (2023: £25.9 million) which include:

Restricted funds of £3.3 million (2023: £3.1 million) which are set aside for specific purposes and projects.

Permanent endowment funds of £2.4 million (2023: £2.2 million) which must be retained in perpetuity.

Reserves policy

The financial strategy of the RSM is to aim to hold accessible funds representing six months’ unrestricted expenditure, to provide adequate protection against unexpected downturns, including a significant reduction in income. This policy therefore focuses purely on general reserves.

General free reserves for the Group at the end of the financial year were £4.8 million (2023: £4.4 million). Given that six months’ unrestricted expenditure would amount to £4.3 million, the balance of general reserves exceeded the target. The level of reserves held, together with the detailed forecasts prepared, supports the view that there are no material uncertainties associated with the RSM’s ability to continue as a going concern.

Investments

Strategy

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

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

Ethical investment policy

The Trustees are aware of their responsibility to invest funds in a responsible manner, as well as to provide a good riskadjusted 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%.

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 £0.4 million (2023: £0.2 million). Returns for the 12 months across each fund are shown in the table below:

Returns Oct 23 - Sept 24
Permanent endowment +10.8%
Expendable endowment +12.2%
Unrestricted endowment +12.1%

Impact

The two measures employed by Cazenove to measure impact are:

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

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Trustees’ report and financial statements

Annual Report 2023/24

Patron His Majesty King Charles III

RSM Council

PRESIDENT

OTHER COUNCIL MEMBERS

Professor Roger Kirby (to 23 July 2024)

Dr Sarah Clarke

Mr Ian Currie Professor Paul O’Flynn

Professor Gillian Leng CBE (from 23 July 2024)

VICE-PRESIDENTS

Professor David Oliver

Mr Hamish Thomas

Dr Linda Patterson Professor Margaret Rae CBE

Professor Henrietta Bowden-Jones OBE

Dr Sian Rees

HONORARY TREASURER

Dr Samantha Shinde

Mr Sanjay Shah

Senior Management Team

CHIEF EXECUTIVE

DIRECTOR OF DEVELOPMENT

Ms Michele Acton

Ms Janet Alexander

DEAN OF EDUCATION

DIRECTOR OF LEARNING

Professor Gillian Leng CBE (to 22 July 2024)

Professor Mary Bishop

DIRECTOR OF FINANCE AND OPERATIONS

Professor Julia Manning (from 2 September 2024)

Mr Simon Mills

GENERAL MANAGER

DIRECTOR OF

Mr John Armstrong

TRANSFORMATION

DIRECTOR OF ENGAGEMENT

Ms Michelle Gordon (to 9 July 2024)

Ms Christine Yeates (to 11 January 2024)

Ms Cathy Ditchfield (from 15 April 2024)

CHAIR OF THE

ACADEMIC BOARD

Professor Nik Patel

Also attending Council (ex-officio) INDEPENDENT CHAIR OF AUDIT, RISK AND GOVERNANCE COMMITTEE

Mr Nick Gash

Professional advisers

AUDITORS

BANKERS

BDO LLP 55 Baker Street, London W1U 7EU

Lloyds Bank plc 39 Threadneedle Street, London EC2R 8AU

INVESTMENT MANAGERS

SOLICITORS

Cazenove Capital Management 1 London Wall Place , London EC2Y 5AU

Stone King LLP

Boundary House, 91 Charterhouse Street London EC1M 6HR

As the RSM is a registered charity, Council members are also Trustees. Biographies for Council members can be found on the RSM website: www.rsm.ac.uk

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Trustees’ report and financial statements

Annual Report 2023/24

Charter and structure

The Royal Sciety of Medicine 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 promotion of good practice for those working in the healthcare professions, and the promotion of public awareness and the understanding of matters relating to medicine and healthcare’.

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. Agreements are in place covering, inter alia, the sharing of data, the use of trademarks, managing conflicts of interest and performance reporting.

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, all of whom act as Trustees, are detailed on page 18. The maximum number of Council members is 13 (10 elected and three appointed).

Council met five times during 2023/24. The graph below shows how many meetings Council members attended.

Council members serve a three-year term of office. Council members may serve a maximum of six consecutive years, if reelected or reappointed, but must then wait a further six years before they can stand again. The term of office can only be extended in exceptional circumstances by a Special Resolution of Council.

themselves. The Chair of the Academic Board is elected by the members of that Board.

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. RSM Presidents are elected by the membership, in accordance with a new process that came into effect on 1 October 2020.

All new Council members 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.

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

Principal risks and uncertainties

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

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

Principal risks Strategic: the education programme fails to attract relevant audiences leading to the RSM's core charitable mission not being effectively delivered.

Mitigations

The RSM’s education strategy has been developed over several years in collaboration with the members and is designed to reflect the breadth and depth of expertise within the medical specialties. 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.

1 2 3 4 5

Professor Roger Kirby Professor Henrietta Bowden-Jones Hamish Thomas Mr Sanjay Shah Professor Nik Patel Dr Sarah Clarke Mr Ian Currie Professor Paul O’Flynn Professor David Oliver Dr Linda Patterson Professor Margaret Rae Dr Sian Rees Dr Samatha Shinde

Business model: the RSM is unable to deliver a sustainable, viable financial model.

Health and safety failure: harm is caused to an employee, member or visitor.

Cyber risk: the RSM is seriously impacted by a cyber event that compromises the confidentiality, integrity or availability of data or affects our ability to operate the business.

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.

A robust health and safety framework is in place. Training is provided 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.

In conjunction with our service partners, the RSM has developed and embedded an effective IT security and technology infrastructure. Regular training is provided to staff on the risks and impact cyberattacks can have.

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Trustees’ report and financial statements

Annual Report 2023/24

Council committees

During the year, Council was supported by the following standing committees, as required by its By-Laws:

The following additional committees were also operational during the year:

We are grateful for the contribution of the independent advisors listed below who served on the following committees:

Finance and Investment Committee:

Council 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 Audit, Risk and 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 Fellows, Honorary Fellows and Associate members are invited to vote.

Senior Management Team

The Chief Executive is responsible for the day-to-day management of the RSM. The Chief Executive leads the Senior Management Team (SMT), comprising the Directors. Each Director has their own specific responsibilities, delegated by the Chief Executive.

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 please email paceo@rsm.ac.uk.

Public benefit

The public benefit of the RSM is primarily delivered through its strategic goal (to be the leading provider of continual learning to healthcare professionals); its mission (to share learning and support innovation); and its objects (advancement of health through the provision of professional education and promotion of good practice for those working in the healthcare professions, and the promotion of public awareness and the understanding of matters relating to medicine and healthcare).

The first of these objects, advancement of health through education of healthcare professionals, is fulfilled through the provision for the public benefit of education and learning resources to those working in medical and healthcare professions, both members and non-members of the RSM, in order that they may deliver improved care for the benefit of patients.

The second, promoting public awareness and understanding of health matters, is delivered primarily through our public engagement events. These events are open to the public and free to attend, with the recordings published online. They

include our Medicine & Me series of events, each of which partners with a patient-facing charity to highlight different medical conditions and the lived experience of those affected by them.

Remuneration policy

The RSM has developed a reward and remuneration strategy to cover issues such as staff recruitment and retention and fair pay, within the context of the RSM’s medium-term financial strategy and the ongoing challenges faced. The strategy includes the RSM’s commitment to pay the minimum of the London Living Wage to all staff.

Members’ annual subscriptions form a significant part of the RSM’s income and are used to fund the activities for public benefit. While members themselves receive some benefit, without its members the RSM could not continue to pursue its objectives, as they are responsible for the delivery of most of the education programmes.

Details of remuneration of the Senior Management Team for the year ended 30 September 2024 are set out in note 7 of the financial statements.

Fundraising statement

Environmental report

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

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.

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Trustees’ report and financial statements

Annual Report 2023/24

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.

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.

We recognise the environmental impact of our on-site operations and are dedicated to continuously improving our sustainability practices. We have achieved the Green Meetings Bronze award and Greengage ECOsmart Silver certification, demonstrating our commitment to implementing a wide range of eco-friendly initiatives. From reducing waste to procuring all of our energy from green and renewable sources and working closely with suppliers to improving energy efficiency, we are taking meaningful steps to minimise our footprint and drive positive change.

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 Financial Statements in accordance with applicable law and regulations.

Equal opportunities, diversity and a positive work environment

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.

The RSM is committed to increasing diversity among its workforce, ensuring that it is representative of the 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,

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

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.

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

Signed on behalf of the Members of Council on 19 September 2025

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Independent auditor’s report to trustees of the Royal Society of Medicine

Annual Report 2023/24

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Royal Society of Medicine (“the Parent Charity”) and its subsidiaries (“the Group”) for the year ended 30 September 2024 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

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 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.

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;

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibility 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

We considered the significant laws and regulations to be The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ published in 2019, the Charities Act 2011, Corporate and VAT legislation, Employment Taxes, and the Bribery Act 2010. The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and revenue recognition.

Our procedures in respect of the above included:

22

Independent auditor’s report to trustees of the Royal Society of Medicine (continued)

Annual Report 2023/24

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 September 2025

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).

23

Annual Report 2023/24

Consolidated statement of financial activities.

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR THE YEAR ENDED 30 SEPTEMBER 2024
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		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL
2024
TOTAL
2023
£000
£000
£000
£000
£000
420
412
-
832
678
6,307
-
-
6,307
5,131
6,307
-
-
6,307
5,131
565
133
-
698
369
1,512
-
-
1,512
1,399
20
-
-
20
21
64
-
-
64
196
4,593
-
-
4,593
4,370
6,189
-
-
6,189
5,986
Total income 13,481
545
-
14,026
12,164
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		 201
-
-
201
105
4,550
-
-
4,550
4,714
4,751
-
-
4,751
4,819
4,102
509
1
4,612
4,542
2,156
-
-
2,156
2,700
130
-
-
130
158
2,050
-
-
2,050
2,081
8,438
509
-
8,948
9,481
-
-
-
-
324
Total expenditure 13,189
509
1
13,699
14,624
NET INCOME/(EXPENDITURE) BEFORE GAINS AND
LOSSES ON INVESTMENTS
Net gains on revaluation of investments
11
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward		 292
36
(1)
327
(2,460)
147
133
163
443
159
439
169
162
770
(2,301)
25,844
3,117
2,241
31,202
33,503
Total funds carried forward
17,18		 26,283
3,286
2,403
31,972
31,202

The notes on pages 25 to 33 form part of these financial statements.

Consolidated and . charity balance sheets

AT 30 SEPTEMBER 2024
notes
FIXED ASSETS
Tangible assets
9
Intangible assets
10
Investment funds
11
Heritage assets
12
Investment in subsidiary undertakings
8
AT 30 SEPTEMBER 2024		 GROUP
CHARITY
2024
£000
2023
£000
2024
£000
2023
£000
15,921
16,323
15,921
16,323
104
1
104
1
6,296
5,738
6,296
5,738
4,042
4,042
4,042
4,042
-
-
2
2
TOTAL FIXED ASSETS 26,363
26,104
26,365
26,106
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		 55
61
-
-
1,537
1,466
2,385
823
9,023
8,649
9,023
8,649
1,344
2,251
1,167
2,201
11,959
12,427
12,575
11,673
(5,216)
(5,749)
(8,662)
(7,079)
6,743
6,678
3,913
4,594
(1,134)
(1,580)
(1,134)
(1,580)
NET ASSETS 31,972
31,202
29,144
29,120
FUNDS
Unrestricted funds:
Tangible fixed assets fund
Other designated funds
General fund
17
Permanent endowment funds
18
Restricted funds
18		 20,068
20,366
20,068
20,366
1,430
1,096
1,430
1,096
4,785
4,382
1,957
2,300
26,283
25,844
23,455
23,762
2,403
2,241
2,403
2,241
3,286
3,117
3,286
3,117
TOTAL FUNDS 31,972
31,202
29,144
29,120

Approved and authorised for issue on 19 September 2025 by Members of Council and signed on their behalf by:

Professor Gillian Leng CBE President Mr Sanjay Shah Honorary Treasurer

The notes on pages 25 to 33 form part of these financial statements.

24

Annual Report 2023/24

Consolidated statement of cash flows.

Notes to the financial statements.

1 ACCOUNTING POLICIES

Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends from investments
Purchase of tangible and intangible fixed assets
Net transfer into investment cash
Cash inflow from bank interest
Cash outflow from bank interest paid
Net cash generated by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of loan finance: quarterly instalments paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September
FOR THE YEAR ENDED 30 SEPTEMBER 2024		 2024
£000
211
(332)
(115)
487
(112)		 2024
£000
(172)
139
(500)		 2023
£000
89
(94)
(1)
280
(120)		 2023
£000
(926)
154
(500)
(500) (500)
(533)
10,900		 (1,272)
12,172
10,367 10,900

FOR THE YEAR ENDED 30 SEPTEMBER 2024

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES

Net income/(expenditure) before investment gains and
revaluations for the year (as per the SOFA)
Adjustments for:
Depreciation and Amortisation
Disposal of fixed assets
Interest received
Interest payable
(Increase)/Decrease in debtors
Decrease in stock and work in progress
(Increase)/Decrease in creditors
Net cash used in operating activities
ANALYSIS OF CHANGES IN NET DEBT
Cash and cash equivalents
Cash
Bank deposits
Borrowings
Debt due within one year
Debt due afer one year
Total		 555
76
(698)
112
(71)
6
(479)		 327
(499)		 827
-
(369)
120
24
225
707		 (2,460)
1,534
At 1 Oct 2023
£000
2,251
8,649		 Movement
£000
-
-
(172) (926)
Cash flows
£000
(907)
374		 At 30 Sept 2024
£000
1,344
9,023
10,900 (533) - 10,367
(500)
(1,333)		 500
-		 (500)
500		 (500)
(833)
1,833 500 - (1,333)
9,067 (33) - 9,034

The notes on pages 25 to 33 form part of these financial statements.

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 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.

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

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 (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.

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

Public benefit entity

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 19, it is a charity registered with the Charity Commission in England and Wales.

Going concern

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 financial statements have been prepared on the basis that the RSM has adequate resources to continue in operational existence for the foreseeable future, meeting its obligations as they fall due.

The Group has adequate levels of cash and reserves to manage its affairs over the period to September 2026 and beyond. The RSM had free reserves of £4.8 million at 30 September 2024 (2023: £4.4 million), representing over 6 months’ unrestricted expenditure. The Group accounts also show total cash holdings of £10.4 million (2023: £10.9 million), of which the majority was unrestricted.

A comprehensive cash forecast exercise has been undertaken for the Group to September 2026 (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 Royal Society of Medicine Commercial Services Limited continued its recovery from the effects of the pandemic in the year to 30 September 2024 and this improved performance has continued into the following year. The impact of the high inflation economic environment does mean that cost pressures remain. Expenditure will therefore continue to be closely managed to mitigate any adverse effects on financial performance.

The review concludes that:

25

Annual Report 2023/24

Notes to the financial statements. (continued)

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.

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.

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:

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.

The consolidated financial statements incorporate the financial statements of the Society and its subsidiaries for the year ended 30 September 2024 and the comparative period.

Subsidiaries are entities controlled by the Society. Control exists when the Society 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 entities are prepared using consistent accounting policies.

The following are the accounting policies adopted for material items:

Income

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

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

The following specific policies apply to categories of income:

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

Expenditure

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

The consolidated SOFA defines expenditure in two specific categories:

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

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

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

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

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

Fund accounting

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

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

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

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

Impairments

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

Tangible fixed assets

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

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

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

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

The estimated useful lives are as follows:

Leasehold Premises Non-Fabric

50 years

Leasehold Premises Fabric

100 years

Plant and Office Equipment

5 to 20 years

Major Computer Systems

4 to 7 years

Furnishings and Fittings

10 years

Intangible Assets

10 years

26

Annual Report 2023/24

Notes to the financial statements. (continued)

Intangible fixed assets

Significant expenditure on computer software and infrastructure developed in-house is capitalised as an intangible asset and stated at cost less accumulated amortisation and impairment. Amortisation is charged on a straight line basis over the estimated useful economic life of 5 years and charged to Finance costs. Amortisation is only charged once the software has been brought into use.

Bank deposits and cash at bank and in hand

Cash, for the purpose of the consolidated Statement of Cash Flows, represents balances held with banks, including those in deposit accounts. 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.

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.

Creditors

Heritage assets

Heritage assets are assets that are held for the contribution and culture and 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 2024 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. The Trustees consider the value of the collection does not depreciate in value and, as such, no depreciation is charged. A review of indicators of impairment is undertaken annually. The value of heritage assets is adjusted where the Trustees consider there to be a material impairment on the values compared to those stated.

Investments

All investments under management are valued at their bid value at the balance sheet date. 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.

Stocks and work in progress

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

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

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

Other financial instruments

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

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.

Employee benefits

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.

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society through a Group Stakeholder Pension Scheme. The pension costs, shown in note 7, represent contributions payable by the Society to the scheme. Short-term employee benefits, including holiday pay and contributions to the defined contribution pension scheme, are recognised as an expense in the period in which they are incurred.

27

Annual Report 2023/24

Notes to the financial statements. (continued)

2 COMPARATIVE 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 2024		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
ENDOWED
FUNDS
TOTAL
2023
£000
£000
£000
£000
413
265
-
678
5,131
-
-
5,131
5,131
-
-
5,131
292
77
-
369
1,399
-
-
1,399
21
-
-
21
196
-
-
196
4,370
-
-
4,370
5,986
-
-
5,986
Total income 11,822
342
-
12,164
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		 105
-
-
105
4,714
-
-
4,714
4,819
-
-
4,819
4,192
350
-
4,542
2,595
105
-
2,700
158
-
-
158
2,081
-
-
2,081
9,026
455
-
9,481
324
-
-
324
Total expenditure 14,169
455
-
14,624
NET EXPENDITURE BEFORE GAINS AND LOSSES
ON INVESTMENTS
Net gains on revaluation of investments
11
NET (EXPENDITURE)/INCOME
RECONCILIATION OF FUNDS
Total funds brought forward		 (2,347)
(113)
-
(2,460)
2
6
151
159
(2,345)
(107)
151
(2,301)
28,189
3,224
2,090
33,503
Total funds carried forward
17,18		 25,844
3,117
2,241
31,202
3
DONATIONS AND LEGACIES
Donations
Legacies
4
INVESTMENT INCOME
Dividends and bank interest		 2024
£000
2023
£000
818
678
14
-
832
678
2024
£000
2023
£000
698
369
698
369

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 £2,745k (2023: £2,803k) was released to income during the year (Note 16).

ANALYSIS OF EXPENDITURE
(a) EXPENDITURE 2024
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
2024
£000
120
52
23
6
201
3,422
461
667
-
4,550
3,542
513
690
6
4,751
1,002
2,285
1,089
236
4,612
285
1,237
423
211
2,156
45
33
52
-
130
448
1,134
290
178
2,050
1,780
4,689
1,854
625
8,948
-
-
-
-
-
Total expenditure 5,322
5,202
2,544
631
13,699
(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

Support costs are analysed further in (b) overleaf.

28

Annual Report 2023/24

7 EMPLOYEE COSTS

Notes to the financial statements. (continued)

6 ANALYSIS OF EXPENDITURE (continued)

(b) SUPPORT COSTS 2024
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
2024
£000
7
20
11
14
52
54
205
85
117
461
61
225
96
131
513
362
660
530
733
2,285
145
586
212
294
1,237
7
-
11
15
33
145
484
212
293
1,134
659
1,730
965
1,335
4,689
Total support costs 720
1,955
1,061
1,466
5,202
(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

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: 2024
£000		 2023
£000
Fees payable to the auditors of The Royal Society of Medicine:
in respect of the Charity audit 75 75
in respect of the subsidiary audits 15 15
Other non-audit services:
in respect of taxation compliance 10 10
Total fees payable to auditor 100 100
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		 2024
Number
2023
Number
1
1
84
80
20
22
6
8
15
22
4
3
15
15
145
151

The above figures are calculated on monthly averages across each 12 month period.

Total employment costs were:
Wages and salaries (including redundancy costs of £15k)
Social security costs
Defined contribution pension costs
Other employment costs/life assurance
Total employment costs		 2024
£000
2023
£000
5,659
5,725
557
594
596
497
526
551
7,338
7,367

Staff costs of £2,016k (2023: £1,851k) 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.

Members of Council do not receive remuneration, but are eligible to claim expenses. The total sum relating to reimbursement of expenses and benefits for travel and accommodation amounted to £1,423 for four members (2023: £455 for one member).

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

2024 2023
No. No.
£60,001 to £70,000 5 5
£70,001 to £80,000 2 1
£80,001 to £90,000 2 2
£90,001 to £100,000 1 1
£100,001 to £110,000 1 1
£110,001 to £120,000 - 2
£130,001 to £140,000 1 -
£160,001 to £170,000 1 1
Pension contributions paid into a defined contribution scheme £000 £000
in respect of the above identified higher-paid employees amounted to: 177 152

Key management personnel

The key management personnel are the members of the Senior Management team (listed on page 18). The total employee benefits (including pension) paid to key management personnel was £846k (2023: £847k).

29

Annual Report 2023/24

Notes to the financial statements. (continued)

8 SUBSIDIARIES

The Society has two wholly-owned subsidiaries. It holds 1,000 ordinary shares of £1 each in Royal Society of Medicine Commercial Services Limited (Company No. 2820374). The Company operates the catering, accommodation and conference activities on behalf of the Society. Royal Society of Medicine Commercial Services Limited 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 (Company No. 08781651) which was incorporated in 2014. The company remained dormant in 2024 and 2023.

A summary of the results and summary balance sheet for Royal Society of Medicine Commercial Services Limited is as follows:

PROFIT AND LOSS
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 parent Charity
Loan from parent Charity
Net assets		 2024
£000
2023
£000
7,663
6,336
(4,258)
(3,987)
3,405
2,349
(445)
(746)
2,960
1,603
-
-
2,960
1,603
2024
£000
2023
£000
55
61
485
643
177
51
(1,074)
(1,158)
4,520
2,372
(1,334)
(1,500)
2,829
469

9 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Group and Charity
Cost
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for year
Disposals
At 30 September 2024
Net Book Value at 30 September 2024
Net Book Value at 30 September 2023		 Leasehold
premises
£000
Furnishings
and fittings
£000
Plant, vehicles and
ofice equipment
£000
Total
£000
22,856
6,232
3,638
32,726
-
191
36
227
(139)
(482)
(1,693)
(2,314)
22,717
5,941
1,981
30,639
7,275
5,941
3,187
16,403
349
83
122
554
(139)
(474)
(1,626)
(2,239)
7,485
5,550
1,683
14,718
15,232
391
298
15,921
15,581
291
451
16,323

10 INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Group and Charity
Cost
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for year
Disposals
At 30 September 2024
Net Book Value at 30 September 2024
Net Book Value at 30 September 2023		 Sofware
£000
2,334
105
(653)
1,786
2,333
1
(652)
1,682
104
1
LONG TERM INVESTMENTS
Investment Funds
Market value 1 October 2023
Additions at cost
Disposal proceeds
Change in market value
Change in bank balances
Market value 30 September 2024
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 2023
Value 30 September 2024		 Group and Charity
2024
£000
2023
£000
5,738
5,578
819
405
(537)
(597)
443
159
(167)
193
6,296
5,738
5,905
5,186
102
96
289
456
6,296
5,738
Group and Charity
2024
£000
2023
£000
4,042
4,042
4,042
4,042

Heritage assets comprise the Society's collection of books, manuscripts, pictures, photos and other items. Our archive collection offers an insight into the history and evolution of both the Royal Society of Medicine and the medical profession.

items are located at 1 Wimpole Street and at a secure heritage storage facility. All items, including those stored offsite, are available to view by appointment. Heritage assets are included in the balance sheet at their external valuation, most recently carried out in January 2023 by Bonhams. In the years ended September 2020, 2021 and 2022, the heritage assets were held at their 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 the heritage assets.

13

STOCKS AND WORK IN PROGRESS
Goods for resale		 GROUP
CHARITY
2024
£000
2023
£000
2024
£000
2023
£000
55
61
-
-
55
61
-
-

30

Annual Report 2023/24

Notes to the financial statements. (continued)

nancal statemen s. (continued)
14
DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income
Loan to subsidiary undertaking		 GROUP
CHARITY
2024
£000
2023
£000
2024
£000
2023
£000
1,025
1,284
551
663
61
79
50
57
451
103
451
103
-
-
1,333
-
1,537
1,466
2,385
823

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

15
CREDITORS: Amounts due within one year
Bank loan (note 16)
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
2024
£000
2023
£000
2024
£000
2023
£000
500
500
500
500
852
915
435
534
364
710
245
499
2,259
2,252
2,259
2,252
209
182
147
114
-
-
4,521
2,487
1,032
1,190
555
693
5,216
5,749
8,662
7,079

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:
Less than one year
Between one and two years
Between two and five years		 year
GROUP
CHARITY
2024
£000
2023
£000
2024
£000
2023
£000
301
247
301
247
833
1,333
833
1,333
1,134
1,580
1,134
1,580
2024
£000
2023
£000
2024
£000
2023
£000
500
500
500
500
500
1,000
500
1,000
333
333
333
333
1,333
1,833
1,333
1,833

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.

Membership subscription income deferred
Amounts falling due within one year (Note 15)
Amounts falling due afer more than one year		 2024
£000
2023
£000
2024
£000
2023
£000
2,259
2,252
2,259
2,252
301
247
301
247
2,560
2,499
2,560
2,499

Deferred subscription income at the start of the year was £2,499k (2023: £2,484k). During the year, subscriptions of £2,806k (2023: £2,818k) were deferred and £2,745k (2023: £2,803k) was released to the SOFA. The amount of deferred subscription income at the end of the year was £2,560k (2023: £2,499k).

17 MOVEMENT IN UNRESTRICTED FUNDS

2024 Group
General
Designated Funds:
Fixed Assets
Educational Funds
Sections' Funds (note 21)
Academic Fund (note 21)
2023 Group
General
Designated Funds:
Fixed Assets
Educational Funds
Sections’ Funds (note 21)
Academic Funds (note 21)
2024 Charity
General
Designated Funds:
Fixed Assets
Educational Funds
Sections' Funds
Academic Fund
2023 Charity
General
Designated Funds:
Fixed Assets
Educational Funds
Sections' Funds
Academic Fund		 At 1 October
2023
Transfers
Net
(expenditure)
/ income
Net gains on
revaluation
At 30 September
2024
£000
£000
£000
£000
£000
4,382
298
(40)
145
4,785
20,366
(298)
-
-
20,068
239
-
4
2
245
807
-
328
-
1,135
50
-
-
-
50
25,844
-
292
147
26,283
At 1 October
2022
Transfers
Net
(expenditure)
/ income
Net
gains/(losses)
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
2023
Transfers
Net
(expenditure)
/ income
Net gains on
revaluation
At 30 September
2024
£000
£000
£000
£000
£000
2,300
298
(786)
145
1,957
20,366
(298)
-
-
20,068
239
-
4
2
245
807
-
328
-
1,135
50
-
-
-
50
23,762
-
(454)
147
23,455
At 1 October
2022
Transfers
Net
(expenditure)
/ income
Net
gains/(losses)
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

The Designated Educational and Sections’ Funds represents the net book value of tangible, intangible and heritage assets at 30 September 2024 after deducting related loan balances.

The Designated Sections’ Funds represent monies set aside predominantly to support the Sectional programme. During the year, £nil (2023: £404k) 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.

31

Annual Report 2023/24

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
2023
£000
Gains on
inv’t
£000
At 30 Sep
2024
£000
39
3
42
99
7
106
162
12
174
-
-
-
-
-
-
1,016
74
1,090
153
11
164
-
-
-
136
10
146
-
-
-
-
-
-
-
-
-
636
45
681		 Restricted Funds
At 1 Oct
2023
£000
Income
£000
Expenditure
(incl transfer)
£000
Gains
on inv’t
£000
At 30 Sep
2024
£000
64
4
-
3
71
11
3
-
-
14
250
15
(13)
19
271
325
10
-
20
355
175
6
(35)
11
157
145
29
(91)
1
84
104
5
-
-
109
142
5
-
11
158
61
4
-
-
65
283
34
(32)
9
294
195
6
-
14
215
145
200
(130)
-
215
1,217
224
(208)
45
1,278
Totals 2,241
162
2,403
3,117
545
(509)
133
3,286
2023 comparatives 2,090
151
2,241
3,224
198
(305)
-
3,117

RESOURCES EXPENDITURE

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

19 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Designated Endowment Restricted Total
2024 Group Funds Funds Funds Funds Funds
£000 £000 £000 £000 £000
Tangible and intangible Aassets, incl heritage assets - 20,067 - - 20,067
Fixed asset investments 1,886 174 2,403 1,833 6,296
Current assets 9,249 1,257 - 1,453 11,959
Current liabilities (5,216) - - - (5,216)
Liabilities due afer more than one year (1,134) - - - (1,134)
Groupnet Assets 4,785 21,498 2,403 3,286 31,972
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 aasset 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 oneyear (1,580) - - - (1,580)
Groupnet assets 4,382 21,462 2,241 3,117 31,202
Unrestricted Designated Endowment Restricted Total
2024 Charity Funds Funds Funds Funds Funds
£000 £000 £000 £000 £000
Tangible and intangible assets, incl heritage assets - 20,067 - - 20,067
Fixed asset investments 1,886 174 2,403 1,833 6,296
Shares in subsidiary companies 2 - - - 2
Current assets 9,865 1,257 - 1,453 12,575
Current liabilities (8,662) - - - (8,662)
Liabilities due afer more than one year (1,134) - - - (1,134)
Charitynet assets 1,957 21,498 2,403 3,286 29,144
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 oneyear (1,580) - - - (1,580)
Groupnet assets 2,300 21,462 2,241 3,117 29,120

20 FINANCIAL COMMITMENTS

(i) Operating leases

The total of future minimum rentals payable under non-cancellable operating leases at 30 September 2024 is £nil (2023: £nil).

(ii) Capital commitments

Capital expenditure contracted for, but not provided in the financial statements, was £nil (2023: £nil).

32

Notes to the financial statements. (continued)

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
9,044
Cardiology
86,534
Cardiothoracic
5,299
Clinical Forensic & Legal Medicine
5,358
Clinical Immunology& Allergy
24,144
Clinical Neurosciences
6,643
Coloproctology
29,336
Comparative Medicine
687
Critical Care
35,240
Dermatology
110,582
Digital Health
28,275
EmergencyMedicine
10,800
Endocrinology& Diabetes
25,465
Epidemiology& Public Health
9,479
Food & Health Forum
10,482
Gastroenterology& Hepatology
7,398
General Practice with PrimaryHealthcare
1,415
Geriatrics & Gerontology
5,618
Historyof Medicine
16,456
Hypnosis & Psychosomatic Medicine
4,322
Intellectual Disability
18,854
Laryngology& Rhinology
10,286
Maternityand the Newborn
2,696
Medical Genetics
1,759
Medicine and Society
2,673
MilitaryMedicine
3,874
Nephrology
52,830
Obstetrics & Gynaecology
(4,371)		 Section
Year end
balance
£
Occupational Medicine
5,763
Odontology
(8,024)
Oncology
33,441
Ophthalmology
45,403
Oral & Maxillofacial Surgery
197
Orthopaedics
83,666
Otology
22,756
Paediatrics & Child Health
91,175
Pain Medicine
14,196
Palliative Care
22,132
Pathology
27,070
Patient Safety
18,908
Plastic Surgery
18,397
Psychiatry
5,097
Radiology
43,409
RespiratoryMedicine
35,627
Rheumatology& Rehabilitation
4,544
Senior Fellows
21,893
Sexuality& Sexual Health
14,008
SleepMedicine
41,391
Sport & Exercise Medicine
13,595
Students
6,413
Surgery
1,846
Trainees
5,059
Urology
11,035
Vascular,Lipid and Metabolic Medicine
14,390
Venous Forum
21,026
Total Section Funds
1,135,591
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 £1,242k (2023: £1,205k) 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 (2023: £nil) to the Charity and the Charity made recharges of £nil (2023: £nil) to RSM Commercial Services Limited.

At 30 September 2024, £3,187k (2023: £872k) was owed to RSM Commercial Services Ltd by the Charity.

33

The Royal Society of Medicine 1 Wimpole Street, London, W1G 0AE +44 (0)20 7290 2990 www.rsm.ac.uk info@rsm.ac.uk