|**Contents**||
|---|---|
||Pages|
|Report of the Board of Trustees|1 - 15|
|Report of the Auditors|16 - 18|
|Statement of financial activities|19|
|Balance sheet|20|
|Statement of cash flows|21|
|Notes forming part of the accounts|22 - 34|
A company limited by guarantee. Registered Company No. 00139113. A charity registered with the Charity Commission for England and Wales No. 207275 and the Scottish Charity Regulator No. SC046148.
The Trustees submit their report and the financial statements of the Royal Medical Benevolent Fund (RMBF) for the year ended 31[st] March 2021. These were approved by the Board on 24[th] June 2021.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Rules and Articles of Association of the RMBF, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019).
## **1. OUR CHARITABLE OBJECTS**
The objects of the RMBF are to prevent or relieve poverty and to relieve need arising from youth, age, ill health, disability and bereavement among people who are doctors or who have worked as doctors, and medical students and the dependants of all such individuals.
## **2. OUR AIMS, OBJECTIVES AND ACTIVITIES**
## **2.1 Our aims**
The RMBF aims to support doctors and their families through times of crisis and great hardship. We aim to help our beneficiaries to become independent and self-sufficient, and we may be able to consider longer term support when this is not possible.
Our Medical Student Programme aims to help medical students who are facing exceptional hardship to finalise their studies, qualify as doctors and complete their foundation years.
Our Refugee Doctors Programme works with key partners to help refugee doctors to secure GMC registration on successful completion of their exams and subsequently to obtain supervised employment in a training post in the NHS.
In addition we aim to keep under review emerging needs relating to doctors, medical students and their families.
## **2.2 Our objectives for 2020/21**
Our key objectives were:
- To provide appropriate financial support to all eligible applicants and beneficiaries in need of help
- To continue the development of the RMBF volunteer network
- To raise the profile of the Charity in the profession so that those needing help know where to turn
- To develop partnerships with relevant organisations to maximise the Charity's impact
- To diversify and grow the Charity's income streams so that we can respond to increasing demand for our help
- To commission research to identify the extent of unmet need in doctors, medical students and families in financial difficulty
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## **2. OUR AIMS, OBJECTIVES AND ACTIVITIES (Continued)**
## **2.3 Our charitable activities**
## **2.3.1 Grant making** (the award of grants amounting to £421,986 in 2020/21).
The RMBF provides grants and loans to help with living costs, back to work and retraining costs, home adaptations and specialist equipment.
The Grants and Awards Committee meets regularly to consider applications for assistance from those in financial hardship.
The Board of Trustees keeps the Charity’s grant making policies under regular review to ensure they are effective in meeting the Charity’s aims and objectives.
## **2.3.2 DocHealth**
DocHealth provides confidential, specialist-led support for doctors experiencing mental health issues. The service is supported jointly by the RMBF and the BMA. DocHealth helped 392 doctors in the course of this very demanding year with a range of issues such as anxiety, depression and burnout.
DocHealth has now helped over 1,000 doctors in total.
## **2.3.3 Money advice**
In 2020/21 the RMBF’s specialist money advisor helped beneficiaries with advice to secure state benefits to which they are entitled to a total value of £47,983 in addition to securing savings of £8,187 through debt renegotiation.
The RMBF also provided specialist online money advice to 76 medical students this year.
## **2.3.4 Online support**
The RMBF website received a total of 102,184 visitors this year. We are continuing to develop the site and add content which make it as easy as possible to access RMBF’s services and to get support on a range of subjects from wellbeing to money advice, volunteering to fundraising.
In June 2020 we launched a new web-based support service in partnership with Rightsteps; this offers wellbeing sessions on a variety of topics from burnout and stress to alcohol dependency and smoking. In the ten months between June and March, 379 people tried the find out more sessions, with the most popular being Stress at work, 5 ways to wellbeing, Preventing burnout, Motivation, and Anxiety. Forty people then registered on the platform to use the more detailed CBT based support programmes which involve typically six to eight separate sessions.
Work was carried out on the new hubs for doctors and medical students, which are due to go live on the website shortly. This will include a dedicated area covering content supporting doctors returning to work and a new Return to Work Vital Signs guide.
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## **3. PUBLIC BENEFIT REQUIREMENT**
The Board of Trustees confirms that it has complied with the duty set out in the Charities Act to have regard to the Charity Commission’s guidance on public benefit when exercising its powers and duties.
The Trustees are aware of the guidance and have taken it into account when determining the activities undertaken by the Charity. To fulfil the RMBF’s charitable objectives the Charity provides a range of support as follows:
- Monthly grants to help with essential day-to-day living costs
- Back-to-work awards for doctors returning to work after a period of illness
- Help with purchasing specialist equipment
- Help with purchasing disability adaptations for a car or home
- Money and debt management advice
- Telephone befriending, for those who are isolated and in need of support
- Coach-mentoring support for beneficiaries seeking a return to employment
The potential beneficiaries who are eligible to be considered for support include over 330,000 doctors registered with the GMC as well as an unknown number of retired doctors who are no longer registered. A conservative estimate is that each doctor has on average 1.5 dependants, producing a further 495,000 dependants. In addition, there are now over 40,000 medical students.
The work undertaken by doctors in providing medical diagnosis, treatment and care for the people of the United Kingdom is clearly of great public benefit. The phenomenal response of doctors to the Covid-19 pandemic is a powerful demonstration of this. By helping doctors through their own individual periods of need, so that they can return to medical practice where appropriate, a further public benefit is provided.
Our Medical Student Programme, which helps medical students facing unexpected and exceptional hardship to finalise their studies to qualify as doctors and complete their foundation years, further extends the public benefit provided by the Charity.
## **4. OUR ACHIEVEMENTS AND PERFORMANCE**
## **4.1 Principal funding sources and how expenditure in the year under review has supported the key objectives of the Charity**
The principal funding sources in 2020/21, in order of financial importance, were: investment income, donations and legacies.
All income is used to support the Charity’s key objectives, as identified in section 2.2 above. In 2020/21 this included the following:
- A total of 287 beneficiaries were helped by the Charity, including direct financial support for 270 beneficiaries across the UK
- £421,986 in grants awarded to those in financial hardship
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## **4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)**
- Specialist money advice which assisted beneficiaries to secure a further £47,983 in statutory benefits, in addition to securing savings of £8,187 through debt renegotiation
- Back to work support for doctors following a period of ill health
- Support for medical students in exceptional and unexpected hardship
- Support for refugee doctors retraining to practise medicine in the UK
- Development of the RMBF volunteer network
- Web based information, wellbeing and advice services
- Dedicated online money advice for medical students
- Support for the DocHealth psychotherapeutic consultation service
|**Objective**|**Achievement**|
|---|---|
|1. To provide appropriate
financial support to all
eligible applicants and
beneficiaries in need of
help|A total of £478,156 was awarded or secured for 270 beneficiaries across the
UK this year.
A further 17 beneficiaries received specialist money advice, telephone
befriending or coach mentoring support.|
|2. To continue the
development of the
RMBF volunteer
network|Our volunteers are the backbone of the RMBF, providing vital support to our
beneficiaries and promoting our work throughout the medical profession.
Over the past year RMBF volunteers have overcome lockdown restrictions
and other obstacles arising from the pandemic to continue promoting the
work of the charity and supporting our beneficiaries. We have also
developed our digital resources to enable them to better raise our profile
online.
Our volunteers have continued to undertake a variety of different activities,
mostly virtually such as zoom presentations and podcasts. Our fundraisers
have been particularly successful raising money through a mixture of
individual events and online activities.
The number of medical student volunteers promoting our work in UK medical
schools has continued to grow. And our cohort of volunteer coach-mentors
have been providing specialist telephone and remote coaching to
beneficiaries looking to return to work after a period of ill health.
We have over 200 volunteers and we are very grateful for the hard work and
commitment demonstrated across the RMBF volunteer network during such
challenging times.|
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## **4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)**
|**Objective**|**Achievement**|
|---|---|
|3. To raise the profile of
the Charity in the
profession so that those
needing help know
where to turn|Our staff, trustees and volunteers have continued to use a range of channels
to raise the profile of the RMBF. With lockdown and the cancellation of all
events we have changed the focus of our profile raising to digital and print
media.
We significantly increased our reach and engagement on Twitter, Instagram
and Facebook through more consistent posting and the creation of an RMBF
style based on the RMBF brand. This was supported by targeted advertising
on Facebook to reach new audiences and promote our services. This led to
an increase in engagement with our services and enquiries for help.
These activities on social media also led to increased opportunities to work
with partners, recruit new volunteers and fundraisers and has led to greater
awareness and extended the reach and impact of the Charity.|
|4. To develop partnerships
with relevant
organisations to
maximise the Charity’s
impact|We have continued to build on our programme of meetings with medical
organisations to help identify new and emerging needs and how best the
RMBF could respond to those needs.
We have developed our partnership with the BMA to support DocHealth, the
confidential psychotherapeutic support service for doctors. The service has
responded to meet exceptional demand during the Covid pandemic and has
helped 392 doctors this year. A total of over 1,000 doctors have now been
helped by the service, the majority of these being junior doctors.
We continue to work closely with the Association of Anaesthetists on
developing our joint wellbeing partnership as lockdown restrictions are eased.
We will be resuming our joint volunteering initiative to recruit RMBF and
Association volunteers to raise the profile of both organisations and promote
wellbeing initiatives amongst their colleagues.|
|5. To diversify and grow
the Charity’s income
streams so that we can
respond to increasing
demands for our help|During the year, members and supporters of the RMBF’s Guilds contributed
through their fundraising events and donations. With the restrictions on face
to face events it has been a challenge for them to run events but we are very
grateful for their ongoing support and their efforts over the year.
Following the response to our Covid-19 appeal, we also secured Covid grant
funding from BMA Giving, CHSA (Covid Healthcare Support Appeal) and the
Healthcare Workers’ Foundation (formerly HEROES). This kind support
meant we were able to respond promptly and effectively to meet the needs
of doctors, medical students and families facing financial difficulty due to the
impact of the pandemic.
In the Autumn we again ran our President’s Appeal and our generous
supporters donated a total of £107,621 this year.|
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## **4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)**
|**Objective**|**Achievement**|
|---|---|
|6. To commission research
to identify the extent of
unmet need in doctors,
medical students and
families in financial
difficulty|We undertook a tender process to commission a high-quality research project
to identify the extent of unmet need in medical practitioners, medical
students and families who are in financial difficulty as a result of ill health,
disability or bereavement.
In addition to identifying the extent of unmet need, we expect the
researchers to identify organisational strategies for the RMBF to help us
reach those potential beneficiaries who are not engaging with the Charity
and at the earliest opportunity.
Following a rigorous selection process, assisted by an independent research
panel comprising experts in the field, we have now appointed UCL Medical
School to undertake this important research for the RMBF.|
Factors relevant to the achievement of the RMBF's charitable objectives included:
- The commitment, care and professionalism of the RMBF’s President, Board of Trustees, staff and volunteer network
- Partnerships with a wide range of medical and other organisations
- The kindness and generosity of all those who support the RMBF as donors and fundraisers.
## **4.2 Impact of the Covid-19 pandemic**
The impact of Covid-19 on the medical profession has been devastating and our charity has seen the toll it has taken on the health and wellbeing of doctors, medical students and families.
Thanks to the generosity of our supporters, the RMBF was able to respond promptly and effectively to meet the needs of doctors and medical students facing financial difficulty due to the impact of the pandemic. Applications were assessed in a timely manner and we introduced new measures to ensure fast-track payments could be made to beneficiaries in urgent need.
The DocHealth psychotherapeutic support service for doctors, supported jointly by the RMBF and the BMA, saw a significant increase in demand this year, with 392 doctors self-referring for help with issues such as anxiety, depression and burnout.
We know that the impact of the Covid pandemic will be felt by the profession for months and even years and the RMBF will always be there for doctors, medical students and their families when they need our help.
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## **5. FUNDRAISING ACTIVITIES AND COMPLIANCE**
Voluntary income from donations this year totalled £532,487 which was some £164,992 above last year.
Without the generosity of our donors our work wouldn’t be possible. The vital funds and awareness that our supporters help us raise means we can be there when doctors, medical students and their families need help.
## **5.1 Donations from individuals**
The majority of the RMBF’s voluntary income is from individual giving. The RMBF has a very loyal core of donors who give regularly either by standing order or on an ad-hoc basis in response to our mailings. This year we sent out an Emergency Covid-19 appeal, Summer newsletter, and our President’s Appeal.
## **5.2 Legacies and In Memoriam donations**
Legacies form a large part of the RMBF’s voluntary income. We also receive a number of In Memoriam donations each year, often in lieu of flowers at a funeral. We are very grateful for families thinking of the RMBF at such a difficult time. This year we also saw a group of individuals ran a fundraising challenge in memory of their friend, who was a trainee doctor.
## **5.3 Community and events**
We have an active network of fundraising volunteers; the majority are part of a Guild structure. The Guilds organise local fundraising events in their communities and help spread the message about the RMBF. With lockdown it was a challenging year for the Guilds as they were unable to run their usual calendar of events but they rose to the challenge, fundraising in different ways including running virtual events.
With Covid-19 we also saw an increase in individual supporters taking on fundraising challenges on behalf of the Charity; this year it included head shaves, a charity single, and climbing the equivalent of Mount Everest up the stairs in their house.
We are very grateful for the hard work and commitment of all our fundraisers.
## **5.4 Medical organisations, trust funding and corporate support**
We are proud to work with medical organisations, charitable trusts and commercial companies to raise money to help us care for more doctors, medical students and families and also to raise awareness of our services. We received funding from BMA Giving, CHSA and the Healthcare Workers’ Foundation to create a restricted fund to help doctors and medical students who were impacted by Covid-19.
We also developed or extended partnerships with the Wesleyan Foundation, MDU, MDDUS, the Medical Protection Society, Incision, the Association of Anaesthetists, the Tod Benevolent Fund and many others.
## **5.5 Regulation**
The RMBF is registered with the Fundraising Regulator and committed to adhering to the Code of Fundraising Practice.
We review compliance through audit and monitoring feedback, and take corrective action where required.
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## **5. FUNDRAISING ACTIVITIES AND COMPLIANCE (Continued)**
## **5.6 Standards and monitoring**
The RMBF is committed to following the highest ethical standards and to ensuring a quality supporter experience. We do not use professional fundraisers or commercial third parties. All of our employees who undertake fundraising as part of their duties receive thorough inductions and regular training and supervision.
Our fundraising, communications, administration and finance personnel also work closely with fundraising supporters and RMBF Guild committees to ensure they are well supported and compliant in their own voluntary fundraising efforts.
## **5.7 Complaints**
We have a complaints policy and can report our complaints on a calendar year basis to comply with the Fundraising Regulator’s requirements. In the 12 months to 31[st] March 2021 we did not receive any complaints.
## **5.8 Managing communications**
Most people who donate to us want to know how their money is being used to benefit doctors, medical students and their families. We ask if they would like us to keep in touch with them and how they would prefer us to communicate, whether by email, post, telephone or SMS. We also give supporters the option to let us know if they prefer less contact or no longer wish to hear from us, and always respect their wishes.
We do not sell or exchange lists of data with any other charities or companies. Further details are set out in our privacy policy at https://rmbf.org/privacy-policy .
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## **6. OUR STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **6.1 Board of Trustees**
The Trustees, who are the Directors of the Company, during the year ended 31[st] March 2021 and to date were/are:
Chair of the Board of Trustees: **Professor Michael Farthing** Treasurer: **Professor Greg Rubin** (appointed 21[st] September 2020)
**Dr Edward Adams** (retired 21[st] September 2020) **Professor Derek Bell** (appointed 25[th] June 2020) **Dr David Derbyshire Mr Simon Dinnick Mr Andrew Hall** (appointed 8[th] September 2020) **Mr Jonathan Hine** (retired 21[st] September 2020) **Professor Amritpal Hungin** OBE DL (retired 21[st] September 2020) **Dr Aliyah Hussein Ms Janice Liverseidge Professor Pauline McAvoy** (retired 21[st] September 2020) **Miss Heather Mellows** OBE (retired 25[th] June 2020) **Dr Oliver Seyfried Dr Richard Stevens Dr Peter Szatmary** (appointed 8[th] September 2020) **Dr Susan West** (appointed 25[th] June 2020) **Mr Tim Woods**
## **6.2 How trustees are recruited, appointed, inducted and trained**
Under the RMBF’s constitution the Board of Trustees consists of a minimum of five members but not more than fifteen members, serving for three years in the first instance, renewable for a second term.
Before recruiting new trustees, an analysis is undertaken by the Nominations Committee, on behalf of the Board to ensure appropriate diversity and to identify what experience, expertise and contacts will be most helpful to further the aims and objectives of the Charity. We then advertise the role through relevant media to identify suitable potential trustees for interview.
Each new trustee receives an induction pack, providing information about the RMBF (including its constitution, its most recent Annual Report and Accounts) and the role of a charity trustee. Each trustee is also invited to attend an induction session at the RMBF’s offices, arranged by the Chair and Chief Executive, which includes observing a Grants and Awards Committee meeting in order to see at first hand the types of case requiring help, the way these are assessed and the range of support considered. During the Covid-19 pandemic trustee inductions were held remotely.
A budget is allocated for trustee development and details of external trustee training opportunities are circulated to all trustees.
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## **6. OUR STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)**
## **6.3 Organisational structure**
The RMBF is governed by a high profile and dedicated Board of Trustees, which includes senior representatives from across the medical profession. The Board meets quarterly to consider how best to achieve the RMBF’s charitable objects; provide strategic leadership and approve, monitor and review development plans; agree policies; agree and keep under review the RMBF’s organisational structure and arrangements for delegation; and approve the annual budget, annual accounts, investment strategy, reserves policy, risk review and audit arrangements.
The Board is assisted by a number of specialist sub committees. These comprise:
- the Grants and Awards Committee, which meets every two months to review applications for financial assistance
- the Finance Committee, which meets quarterly to review the RMBF’s financial position and operating performance and to review the performance of the RMBF’s investment portfolio
- the Compliance Committee, which meets annually to help ensure the RMBF is meeting its legal requirements, to review health and safety compliance and to conduct a review of the risk register
- the Staffing Committee, which is responsible for staff terms and conditions and ensuring equality of opportunity
- the Nominations Committee, which is responsible for ensuring that the RMBF Board and associated Committees have the appropriate balance of expertise and experience
The Board and its sub committees are advised by the RMBF’s Chief Executive, who is responsible for arranging the drafting of development plans, budgets and policies for consideration by the Board; for arranging implementation of Board and Committee decisions; and for day to day management of the RMBF. The RMBF’s staff arrange support for those in need, coordinate the work of the RMBF’s volunteer network, organise national fundraising (such as the President’s Appeal) and ensure that the RMBF meets all Charity Commission, Scottish Charity Regulator and other statutory and legal requirements.
The RMBF remains fortunate that so many members of the medical profession and their families voluntarily give their time to support its work. Our national network of volunteers supports the Charity’s work in many ways and we are very grateful for their hard work and commitment.
## **7. OUR AIMS AND KEY OBJECTIVES TO MARCH 2022**
Our key objectives to March 2022 are:
- To provide appropriate financial support to all eligible applicants and beneficiaries in need of help
- To continue the development of the RMBF volunteer network
- To raise the profile of the Charity in the profession so that those needing help know where to turn
- To develop partnerships with relevant organisations to maximise the Charity’s impact
- To diversify and grow the Charity’s income streams so that we can respond to increasing demand for our help
- To support the research project to identify the extent of unmet need in doctors, medical students and families in financial difficulty
Page 10
## **8. FINANCIAL PERFORMANCE**
## **8.1 Investment policy**
The investment policy aims to provide a balance between income and capital growth with a medium level of risk over the longer term, thereby enabling the Trustees to meet their objectives in respect of the requirements of the Charity.
The RMBF adopts a total return approach. To spread the risk in volatile financial markets the portfolio is managed by two investment houses, Newton Investment Management (64% of the unrestricted portfolio) and CCLA Fund Managers Limited (21%), with 11% of investment funds invested directly and 4% held in cash.
The Trustees require their investment managers to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as appropriate to the circumstances of the Charity. Any restrictions on the type of investments or markets in which the manager may invest on the Charity’s behalf will be given in writing.
This year saw exceptionally good investment returns with a net gain of £5,194,796. Valuations at the start of the financial year had been depressed by the pandemic. But they recovered quickly, with the performance of our investments reflecting the growth of global stock markets in response to a combination of the low interest rate environment, quantitative easing and hopes of recovery in the major economies.
During the year the Trustees took external advice on the appropriateness of our investment target. As a result of the Finance Committee discussing the recommendations of this external review, a new, more realistic, target return has been set at CPIH plus 3.5% per annum net of fees, enabling the RMBF to spend this amount (whether from income or capital) and to maintain the real value, and dividend paying capacity, of the invested portfolio over the course of an economic cycle. This replaces the previous target of RPI plus 3.85%. Going forward we will continue to keep the target under review.
## **8.1.1 Investment restrictions**
The RMBF may have no direct or indirect investment in tobacco production and no direct or material indirect exposure to companies that derive more than 10% of their turnover from tobacco. ‘Exposure’ includes shares, fixed interest securities and other financial instruments.
## **8.2 Reserves policy**
The Board of Trustees has examined the Charity’s requirements for reserves and identified the need for sufficient reserves to generate the investment income needed to:
- Maintain its charitable activity – to include maintaining support for current beneficiaries for as long as the need exists including the new demands from the medical student programme; and
- Extend its charitable work, to meet new and emerging needs in the medical profession.
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## **8. FINANCIAL PERFORMANCE (Continued)**
This requirement takes account of the fact that, in a typical year, the RMBF’s charitable expenditure considerably exceeds the aggregate of its voluntary and trading income. This shortfall is largely covered by investment income and most of the RMBF’s reserves are held in the form of investments which the RMBF requires to generate returns to support its long-term work.
The Finance Committee monitors the reserves of the RMBF regularly and will recommend corrective action to the Board of Trustees, where appropriate.
The Finance Committee formally reviews the reserves policy each year (or more frequently should the need arise) and recommends to the Board of Trustees whether the policy should be continued or amended.
The RMBF’s unrestricted reserves stood at £35.1 million at 31[st] March 2021, the majority of which is subject to market risk. The continuing high reliance on investment income to finance the RMBF’s charitable work during a period of continuing stock market volatility and unusually low interest rates, emphasises the importance of maintaining adequate reserves of at least this order.
## **8.3 Financial performance for the year and financial position at the year end**
In a year in which many charities struggled with fundraising, we were pleased to record a 45% increase in donations from £367,495 to £532,487. Much of this increase was generated from our Covid appeals. Total income for the year was down, however, at £1,195,967, compared with £1,433,846 in the preceding year. This was mainly because of lower legacy income - down from £465,114 to £62,916 - with last year’s figure having included one particularly generous legacy of £350,000.
Expenditure on charitable activities fell from £1,311,759 to £1,229,669 reflecting lower grant applications, although we spent more on providing advice. Investment management fees decreased from £160,333 to £76,355 with the reorganised investment holdings now including a higher proportion of investments where fees are charged against the capital of the fund rather than being invoiced separately.
Overall, the statement of financial activities recorded net income for the year of £4,909,966 compared with net expenditure of £1,197,205 last year, with the improvement mainly due to the investment gains.
Total resources at the disposition of the RMBF at 31st March 2021 amounted to £37.0 million, of which £35.1 million is unrestricted. Nearly £35 million is held in investments.
Social investments comprising interest free secured loans to beneficiaries stood at £543,835 compared with £555,035 last year.
Net current assets, the principal balance sheet measure of short to medium term solvency, were little changed at £1.41 million.
Our financial position makes the Charity well placed to respond to anticipated increases in the level of demand for help as the long term impact of the Covid-19 pandemic on doctors becomes more apparent.
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## **9. RISK MANAGEMENT**
The Trustees have identified the risks to which the RMBF is exposed, including risks to its financial position and reputation as well as health and safety considerations. These are reviewed annually by the Compliance Committee, which ensures that risk management procedures and controls are in place to minimise risk and, where appropriate, to consider further action.
The key types of risk to which the RMBF is exposed, along with the principal processes in place to manage and mitigate the risks, are briefly described below:
|**Risk**|**Mitigation**|
|---|---|
|Adverse external
financial
environment and
performance of
investment
managers|The Finance Committee regularly reviews the financial performance of the Charity and
monitors the investment managers closely, taking expert advice.
In order to provide balance and diversification to the portfolio and reduce risk, the RMBF
splits its investments between at least two fund managers with different approaches.|
|Fraud|Financial controls at the RMBF are documented and follow Charity Commission
guidelines. The RMBF accounts are fully audited annually. IT systems are regularly
updated.|
|Health and safety|Basic health and safety training and fire safety training is part of the induction process
for new staff. Smoke detectors, fire extinguishers and emergency lighting are checked
regularly. Office evacuations will be conducted when lockdown restrictions have been
lifted. All-staff training sessions are held throughout the year, to cover areas such as
defibrillator training, CPR, and allergy awareness in the workplace.
Annual Health and Safety reviews are conducted by Croner, who are specialists in health
and safety law. Our most recent review took place in December 2020. Safety processes
and policies were checked, and all was in order. We continue to undertake regular risk
assessments, and health and safety is a standing item on the agenda at all staff
meetings.
We continue to monitor guidance about Covid-19. We have put in place enhanced
hygiene measures at the office and have supported homeworkers with advice and
guidance on health and safety issues relevant to them. We will continue to monitor and
review for as long as is needed.
Our Volunteers receive guidance and training on health and safety issues and lone
working.|
|Health pandemic|The RMBF has procedures in place to ensure the Charity can continue to operate
effectively and deliver all services in the case of a health pandemic such as Covid-19.
We will monitor and follow government advice on safe working procedures while
ensuring that we can assess grant applications and make payments in a timely manner.
The majority of staff can work from home with secure access to their work and
payments can also be processed remotely with appropriate safeguards. We have a
formal business recovery plan in place.|
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## **9. RISK MANAGEMENT (Continued)**
|**Risk**|**Mitigation**|
|---|---|
|Disaster recovery|The RMBF has a formal business recovery plan. A disaster recovery contract has been
agreed with our IT support provider which includes a commitment to have our server up
and running in 48 hours. All staff have been issued with laptops to enable remote
working.|
|Data protection,
cyber security and
loss of
information|We ensure that all of our staff receive training on data protection and cyber security.
Our data protection policy is circulated to all staff and procedures are in place to ensure
compliance with the Data Protection Act and GDPR. We will continue to monitor RMBF
data protection procedures and best practice.
Our IT support function is outsourced to a professional service company who ensure
that daily backups of our data are held securely off site. Our LAN is protected by a
managed firewall and our servers and PCs have automatically updating antivirus
protection.|
## **10. REFERENCE AND ADMINISTRATIVE INFORMATION**
The Royal Medical Benevolent Fund is a private company limited by guarantee, number 00139113. It is a charity registered with the Charity Commission for England and Wales, number 207275 and the Scottish Charity Regulator, number SC046148. The Trustees are listed in paragraph 6.1 above.
Address and registered office: 24 Kings Road, Wimbledon, London SW19 8QN.
Patron: HM The Queen Chief Executive: Steve Crone President: Professor Sheila the Baroness Hollins Website: https://rmbf.org
Our principal advisors during the year were:
## **Legal**
Charles Russell Speechlys 5 Fleet Place London EC4M 7RD
## **Investment managers**
Newton Investment Management Limited 160 Queen Victoria Street London EC4V 4LA
Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE
CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET
## **Bankers**
National Westminster Bank Plc. Regent Street Branch 250 Regent Street London W1B 3BN
## **Auditors**
Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
____________________________________________________________________________________________________
Page 14
## **11. STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law and the law applicable to charities in England and Wales requires the Charity Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of its income and expenditure for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles of the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue to operate.
The Trustees are responsible for keeping proper accounting records which 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. 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.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.
The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies:
- So far as each Trustee is aware there is no relevant audit information (information needed by the Company’s auditors in connection with preparing their report) of which the Charity’s auditors are unaware; and
- Each Trustee has taken all the steps necessary to make herself/himself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.
## **By order of the Board of Trustees**
## **STEVE CRONE Chief Executive and Company Secretary**
24[th] June 2021
____________________________________________________________________________________________________
Page 15
## **Opinion**
We have audited the financial statements of the Royal Medical Benevolent Fund (the ‘charitable company’) for the year ended 31st March 2021 which comprise the statement of financial activities, the balance sheet, the 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31st March 2021 and its 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **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 are independent of the charitable company in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating 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 charitable company’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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
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.
In connection with our audit of the financial statements, 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
Page 16
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirements to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company 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 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
____________________________________________________________________________________________________
Page 17
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.
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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
- We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
- The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- Our approach was to check that the income from donations, legacies and grants were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We confirmed the movements and income from investments, including unrealised gains/losses. We also reviewed journal adjustments and unusual transactions for management override, and considered the identification and disclosure of related party transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.
Gregory Stevenson, Senior Statutory Auditor For and on behalf of Knox Cropper LLP, Statutory Auditors 65 Leadenhall Street, London, EC3A 2AD
____________________________________________________________________________________________________
24[th] June 2021
Page 18
|Notes
**INCOME FROM**
Donations and legacies
2
Other trading activities
Investments
3
Other income
**Total**
**EXPENDITURE ON**
Charitable activities
4
Raising funds
5
Investment management fees
**Total**
**Net income/(expenditure) before**
**gains and losses on investments**
Net gains/(losses) on investments
10
**Net income/(expenditure) and**
**net movement in funds**
**RECONCILIATION OF FUNDS**
Fund balances brought forward at
1stApril 2020
**Fund balances carried forward at**
**31st March 2021**
15, 16|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**516,903**
**97,500**
**614,403**
**12,882**
**-**
**12,882**
**501,051**
**64,341**
**565,392**
**3,290**
**-**
**3,290**
**1,034,126**
**161,841**
**1,195,967**
**1,092,507**
**137,162**
**1,229,669**
**174,773**
**-**
**174,773**
**76,355**
**-**
**76,355**
**1,343,635**
**137,162**
**1,480,797**
**(309,509)**
**24,679**
**(284,830)**
**4,893,672**
**301,124**
**5,194,796**
**4,584,163**
**325,803**
**4,909,966**
**30,551,511**
**1,584,549**
**32,136,060**
**£35,135,674**
**£1,910,352**
**£37,046,026**|2020
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
805,109
27,500
832,609
44,144
-
44,144
506,660
50,433
557,093
--
-
-|
|---|---|---|
|||1,355,913
77,933
1,433,846|
|||1,259,023
52,736
1,311,759
180,723
-
180,723
160,333
-
160,333|
|||1,600,079
52,736
1,652,815|
|||(244,166)
25,197
(218,969)
(927,285)
(50,951)
(978,236)
(1,171,451)
(25,754)
(1,197,205)
31,722,962
1,610,303
33,333,265|
|||£30,551,511
£1,584,549
£32,136,060|
There were no discontinued or acquired activities during the current or preceding financial year.
____________________________________________________________________________________________________
Page 19
|Notes
**FIXED ASSETS**
Tangible assets
9
Investments – Representing:
Unrestricted funds
10
Restricted funds
10
Social investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
13
**CREDITORS**: Amounts falling
due within one year
14
**Net current assets**
**Total assets less liabilities**
**UNRESTRICTED FUNDS**
15
Accumulated funds
Revaluation reserve
Designated reserve
**RESTRICTED FUNDS**
16|**2021**
**£**
**33,080,247**
**1,755,764**
**176,702**
**1,380,733**
**1,557,435**
**(147,843)**
**29,310,213**
**5,726,361**
**99,100**|
**£**
**256,588**
**34,836,011**
**543,835**
**35,636,434**
**1,409,592**
**£37,046,026**
**35,135,674**
**1,910,352**
**£37,046,026**|2020
£
£
235,589
28,438,600
1,454,640
29,893,240
555,035
30,683,864
307,127
1,338,710
1,645,837
(193,641)
1,452,196
£32,136,060
28,957,573
1,493,938
100,000
30,551,511
1,584,549
£32,136,060|2020
£
£
235,589
28,438,600
1,454,640
29,893,240
555,035
30,683,864
307,127
1,338,710
1,645,837
(193,641)
1,452,196
£32,136,060
28,957,573
1,493,938
100,000
30,551,511
1,584,549
£32,136,060|
|---|---|---|---|---|
|||||30,683,864
1,452,196|
|||||£32,136,060|
|||||30,551,511
1,584,549|
|||||£32,136,060|
The financial statements were approved by the Board of Trustees on 24[th] June 2021 and signed on its behalf by:
**Michael Farthing** Chair of the Board of Trustees
**Greg Rubin** Treasurer
Registered Company Number: 00139113 Charity Commission Registration Number: 207275 Scottish Charity Registration Number: SC046148
____________________________________________________________________________________________________ Page 20
|**2021**
Note
**£**
**£**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
A
**(616,903)**
**CASH FLOWS FROM INVESTING ACTIVITIES**
Purchase of tangible fixed assets
**(39,497)**
Proceeds from sale of tangible fixed assets
**-**
Purchase of investments
**(7,327,393)**
Proceeds from sale of investments
**7,588,379**
Dividends and interest received
**519,654**
Investment management fees paid
**(73,256)**
**Net cash provided by investment activities**
**667,887**
**Change in cash and cash equivalents in the**
**financial year**
**50,984**
Cash and cash equivalents at the beginning of the
financial year
B
**2,589,464**
**Cash and cash equivalents at the end of the**
**financial year**
B
**£2,640,448**|2020
£
£
(704,265)
(17,667)
1,890
(18,635,037)
18,646,144
612,328
(194,560)
413,098
(291,167)
2,880,631
£2,589,464|2020
£
£
(704,265)
(17,667)
1,890
(18,635,037)
18,646,144
612,328
(194,560)
413,098
(291,167)
2,880,631
£2,589,464|
|---|---|---|
||||
|||(291,167)
2,880,631|
|||£2,589,464|
## **A. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES**
|Net income/(expenditure) as per the statement of financial activities
Adjustments for:
- Depreciation
- Gains on sale of tangible fixed assets
- Dividends and interest from investments
- (Gains)/losses on investments
- Investment management fees
- Decrease in social investments
- Decrease/(increase) in debtors
- (Decrease)/increase in creditors
**Net cash used in operating activities**|**2021**
**£**
**4,909,966**
**18,498**
**-**
**(565,392)**
**(5,194,796)**
**76,355**
**11,200**
**176,163**
**(48,897)**
**£(616,903)**|2020
£
(1,197,205)
27,483
(1,580)
(557,093)
978,236
160,333
21,200
(180,614)
44,975|
|---|---|---|
|||£(704,265)|
## **B. ANALYSIS OF CHANGES IN NET FUNDS**
|Bank current accounts
Cash on deposit - less than 24 hours' notice
Cash on deposit - more than 24 hours' notice
Cash in hand
Cash held under investments|**At 1st April**
**2020**
**£**
**17,818**
**816,410**
**502,451**
**2,031**
**1,338,710**
**1,250,754**
**£2,589,464**|**Movement**
**£**
**(5,355)**
**45,635**
**1,720**
**23**
**42,023**
**8,961**
**£50,984**|**At 31st March**
**2021**
**£**
**12,463**
**862,045**
**504,171**
**2,054**|
|---|---|---|---|
||||**1,380,733**
**1,259,715**|
||||**£2,640,448**|
____________________________________________________________________________________________________
Page 21
## **1. ACCOUNTING POLICIES**
## (a) **Basis of accounting**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value, with the exception of listed investments which are shown at their market value at the balance sheet date. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Rules and Articles of Association of the RMBF, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019).
The RMBF meets the definition of a public benefit entity under FRS 102.
The Trustees consider that there are no uncertainties about the Charity’s ability to continue as a going concern.
## (b) **Significant judgements and estimates**
- Unsecured loans to beneficiaries - unsecured loans are provided for in full by expensing them as grants made in the year in which they are granted. Any subsequent repayments are credited against grants paid in the year of receipt. The Trustees do not consider the recoverability of these loans to be sufficient enough to justify recognition of these loans as an asset on the balance sheet.
- Useful lives of depreciable assets - the annual depreciation charge is sensitive to changes to the estimated useful lives and residual values of assets. The useful lives and residual values are reassessed annually and amended where necessary.
## (c) **Income recognition**
Income is recognised once the RMBF has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
In practice donations are generally recognised on a cash received basis. The tax credits on gift aided donations are recognised in the same financial year as the income to which they relate.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash, recognition is subject to the value of the gift being reliably measurable with a degree of accuracy and the title to the asset having been transferred to the RMBF.
Dividends receivable are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on fixed interest securities and bank deposits is accounted for on an accruals basis.
____________________________________________________________________________________________________ Page 22
## **1. ACCOUNTING POLICIES (Continued)**
## (d) **Expenditure recognition**
Grants are awarded to beneficiaries in the furtherance of the charitable objects of the RMBF. Grants are recognised as expenditure in the financial year in which they are approved by the Grants and Awards Committee and the offer is conveyed to the beneficiary. Where grants are subject to conditions, they are only recognised to the extent that those conditions have been met at the year end. Grants awarded but not yet paid are recorded in creditors.
Unsecured loans to beneficiaries are accounted for as an expense in the year in which they are granted and any subsequent repayment is credited against grants awarded in the year of receipt. Unsecured loans are not deemed sufficiently recoverable to justify recognition as an asset on the balance sheet.
Other liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis.
All expenses are allocated or apportioned to the applicable expenditure headings. Where possible, costs are allocated to activities on an actual basis. Where actual allocation is not possible, costs are apportioned on the basis of staff time.
Support costs are those functions that assist the work of the Charity but do not undertake charitable activities. Support costs include back office costs, finance and IT and governance costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. This includes costs related to statutory audit and legal fees together with an apportionment of staff time.
The RMBF is not registered for VAT and is unable to recover input tax. Expenditure therefore includes VAT where incurred.
## (e) **Investments**
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The investments held by RMBF fall under the category of basic financial instruments.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase price if acquired after the beginning of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
## (f) **Financial instruments**
The RMBF only has financial assets and liabilities of a kind that qualify as basic financial instruments, for example debtors, bank deposits and creditors. These are initially recognised at transaction value and subsequently valued at settlement value.
____________________________________________________________________________________________________
Page 23
## **1. ACCOUNTING POLICIES (Continued)**
## (g) **Depreciation of tangible fixed assets**
Depreciation is calculated to write off the cost of fixed assets on a straight-line basis over the expected useful lives of the assets concerned. Freehold land is not depreciated. Freehold property is accounted for on a component cost basis with each component being depreciated over its estimated economic life as shown below.
|**Freehold property**||**Other assets**||
|---|---|---|---|
|Fabric of building|60 years|Furniture, fixtures and fittings|10 years|
|Roof|25 years|Office equipment|4 years|
|Windows|15 years|Computer hardware and software|3 to 5 years|
|Partitioning|10 years|||
## (h) **Social investments**
Secured loans to beneficiaries for charitable purposes are accounted for as a social investment. These are stated at the amount originally paid out with the carrying amount reduced in subsequent years to reflect repayments and adjusted if necessary for any impairment.
## (i) **Restricted funds**
Restricted funds represent amounts bequeathed or donated to further objects which, whilst similar to the RMBF’s objects, are subject to certain restrictions imposed by the donor (note 16).
## (j) **Pension costs**
Pension costs comprising employer contributions for current employees in the defined contribution scheme are allocated to the applicable expenditure heading. The total paid in respect of the year is disclosed in the employee costs note (note 7).
## **2. DONATIONS AND LEGACIES**
|Donations
Sponsorship
Legacies|**2021**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**£**
**434,987**
**97,500**
**532,487**
**19,000**
**-**
**19,000**
**62,916**
**-**
**62,916**
**£516,903**
**£97,500**
**£614,403**|2020
Unrestricted
funds
£
Restricted
funds
£
Total
£
339,995
27,500
367,495
-
-
-
465,114
-
465,114|
|---|---|---|
|||£805,109
£27,500
£832,609|
The RMBF operates almost entirely within the UK.
Donations are stated inclusive of tax recoverable on amounts received under Gift Aid.
The RMBF has been notified of its entitlement to a further instalment of a legacy, but is currently uncertain as to the amount of the payment to be received and therefore no income has been accrued.
____________________________________________________________________________________________________ Page 24
## **3. INVESTMENT INCOME**
|**2021**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**£**
Dividends and interest
from listed investments
**488,522**
**64,327**
**552,849**
Other interest
**12,529**
**14**
**12,543**
**£501,051**
**£64,341**
**£565,392**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
**Support for doctors**
**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
Grants awarded
**306,535**
**115,451**
**421,986**
Less: Unsecured loans
repaid
**(420)**
**-**
**(420)**
Net grants awarded
**306,115**
**115,451**
**421,566**
Providing advice
**61,630**
**21,600**
**83,230**
Casework
**202,478**
**-**
**202,478**
Coach mentoring
**6,891**
**-**
**6,891**
Volunteer management
**76,058**
**-**
**76,058**
Raising awareness
**120,241**
**111**
**120,352**
Research into unmet need
**900**
**-**
**900**
Support costs
**318,194**
**-**
**318,194**
**£1,092,507**
**£137,162 £1,229,669**|**2021**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**£**
Dividends and interest
from listed investments
**488,522**
**64,327**
**552,849**
Other interest
**12,529**
**14**
**12,543**
**£501,051**
**£64,341**
**£565,392**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
**Support for doctors**
**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
Grants awarded
**306,535**
**115,451**
**421,986**
Less: Unsecured loans
repaid
**(420)**
**-**
**(420)**
Net grants awarded
**306,115**
**115,451**
**421,566**
Providing advice
**61,630**
**21,600**
**83,230**
Casework
**202,478**
**-**
**202,478**
Coach mentoring
**6,891**
**-**
**6,891**
Volunteer management
**76,058**
**-**
**76,058**
Raising awareness
**120,241**
**111**
**120,352**
Research into unmet need
**900**
**-**
**900**
Support costs
**318,194**
**-**
**318,194**
**£1,092,507**
**£137,162 £1,229,669**||2020
Unrestricted
funds
£
Restricted
funds
£
Total
£
486,818
50,372
537,190
19,842
61
19,903
£506,660
£50,433
£557,093
2020
Unrestricted
funds
Restricted
funds
Total
£
£
£
538,134
49,748
587,882
(2,205)
-
(2,205)|
|---|---|---|---|
|||||
|||||
||||535,929
49,748
585,677
54,643
915
55,558
191,946
-
191,946
10,986
-
10,986
77,965
-
77,965
95,986
2,073
98,059
-
-
-
291,568
-
291,568|
||**£1,092,507**
**£137,162 £1,229,669**||£1,259,023
£52,736
£1,311,759|
## **4. EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Support for doctors**
## **5. EXPENDITURE ON RAISING FUNDS**
## **Support for doctors**
|Trading
Fundraising costs
Support costs|**2021**
**Unrestricted**
**funds**
**£**
**7,908**
**100,487**
**66,378**
**£174,773**|2020
Unrestricted
funds
£
24,400
99,826
56,497|
|---|---|---|
|||£180,723|
____________________________________________________________________________________________________
Page 25
## **6. SUPPORT COSTS**
|||**2021**|||2020||
|---|---|---|---|---|---|---|
||**Raising**|**Support**|**Total**|Raising|Support|Total|
||**funds**|**for doctors**||funds|for doctors||
||**£**|**£**|**£**|£|£|£|
|Finance and IT|**41,933**|**167,731**|**209,664**|36,494|145,974|182,468|
|Premises|**13,008**|**52,034**|**65,042**|8,335|33,341|41,676|
|Office administration|**11,437**|**45,747**|**57,184**|11,668|46,671|58,339|
|Governance|**-**|**52,682**|**52,682**|-|65,582|65,582|
||**£66,378**|**£318,194**|**£384,572**|£56,497|£291,568|£348,065|
Support costs include staff costs and other expenses relating to these activities, which are allocated on the basis of staff time.
## **7. EMPLOYEE COSTS**
|Salaries
National Insurance contributions
Defined contribution pension costs
The average monthly number of employees during the year
(excluding Trustees) was:
Head count
Full time equivalent
Employees who earned in excess of £60,000 had earnings in the
following bands:
£60,001 to £70,000
£90,001 to £100,000|**2021**
**£**
**518,260**
**52,965**
**78,069**
**£649,294**
**Number**
**13**
**10.7**
**1**
**1**|2020
£
477,390
48,767
69,569|
|---|---|---|
|||£595,726|
|||Number
12
10.2|
|||-
1|
The Trustees were not paid and did not receive any benefits from employment or other services supplied to the Charity during the year (2020: £nil). They are reimbursed expenses if they submit a claim. Reimbursed expenses during the year amounted to **£34** (2020: £2,643).
The key management personnel comprise the Trustees, the Chief Executive Officer and the Head of Finance and IT. The total employee benefits of the key management personnel (including National Insurance and pension costs) were **£202,864** (2020: £192,662).
In addition, over 200 volunteers across the UK also gave their services, contributing in particular to the RMBF’s charitable work and its fundraising. No value is reflected in the accounts for these donated services. The reimbursed expenses to volunteers amounted to **£nil** (2020: £5,763).
____________________________________________________________________________________________________ Page 26
## **8. NET INCOME**
Net income for the year is stated after charging/(crediting):
|Depreciation
Auditors’ remuneration (including VAT)
- Audit
- Other services
Gain on disposal of tangible fixed assets|**2021**
**£**
**£**
**18,498**
**8,040**
**1,680**
**9,720**
**-**|2020
£
£
27,483
7,920
1,650
9,570
(1,580)|
|---|---|---|
||||
## **9. TANGIBLE FIXED ASSETS**
|||**Furniture,**||**Computer**||
|---|---|---|---|---|---|
||**Freehold**|**fixtures**|**Office**|**equipment**||
||**property**|**and fittings**|**equipment**|**and software**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Cost**||||||
|At 1stApril 2020|**371,675**|**66,736**|**23,381**|**91,375**|**553,167**|
|Additions|**5,844**|**27,335**|**594**|**5,724**|**39,497**|
|Disposals|**-**|**-**|**(97)**|**(59,599)**|**(59,696)**|
|At 31stMarch 2021|**377,519**|**94,071**|**23,878**|**37,500**|**532,968**|
|**Depreciation**||||||
|At 1stApril 2020|**184,072**|**39,761**|**19,943**|**73,802**|**317,578**|
|Eliminated on disposal|**-**|**-**|**(97)**|**(59,599)**|**(59,696)**|
|Charge for the year|**4,060**|**4,415**|**1,307**|**8,716**|**18,498**|
|At 31stMarch 2021|**188,132**|**44,176**|**21,153**|**22,919**|**276,380**|
|**Net book value**||||||
|At 31stMarch 2021|**£189,387**|**£49,895**|**£2,725**|**£14,581**|**£256,588**|
|At 31stMarch 2020|£187,603|£26,975|£3,438|£17,573|£235,589|
The freehold property is the RMBF’s registered office in Wimbledon.
All tangible fixed assets are used in the furtherance of the RMBF’s charitable objects.
____________________________________________________________________________________________________
Page 27
## **10. INVESTMENTS**
|**NVESTMENTS**|||||||
|---|---|---|---|---|---|---|
|||**2021**|||2020||
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
||**funds**|**funds**||funds|funds||
||**£**|**£**|**£**|£|£|£|
|**Investments at market value**|||||||
|Market value at 1stApril 2020|**27,187,846**|**1,454,640**|**28,642,486**|28,126,238|1,505,591|29,631,829|
|Cost of additions|**7,327,393**|**-**|**7,327,393**|18,635,037|-|18,635,037|
|Proceeds of disposal|**(7,588,379)**|**-**|**(7,588,379)**|(18,646,144)|-|(18,646,144)|
|Realised gains on disposal|**1,448,034**|**-**|**1,448,034**|904,144|-|904,144|
|Unrealised increase/(decrease) in market value|**3,445,638**|**301,124**|**3,746,762 **|(1,831,429)|(50,951)|(1,882,380)|
|**Market value at 31st March 2021**|**31,820,532**|**1,755,764**|**33,576,296**|27,187,846|1,454,640|28,642,486|
|**Cash held under investments**|||||||
|Held by investment managers|**120,244**|**-**|**120,244**|120,135|-|120,135|
|Shawbrook Bank CAF 12 Month Fixed Rate Saver|**639,406**|**-**|**639,406**|630,554|-|630,554|
|Virgin Money Charity Deposit Account|**500,065**|**-**|**500,065**|500,065|-|500,065|
||**£33,080,247**|**£1,755,764**|**£34,836,011**|£28,438,600|£1,454,640|£29,893,240|
## **Unrestricted funds**
Unrestricted funds consist of listed investments managed on behalf of the Charity by Newton Investment Management Limited and CCLA Fund Managers Limited, listed investments in Exchange Traded Funds and Exchange Traded Commodities and cash held on deposit with CCLA, Shawbrook Bank and Virgin Money.
As at 31[st] March 2021, the units in the funds managed by Newton were valued at **£21,256,876** (2020: £17,879,528), the units in the fund managed by CCLA were valued at **£6,871,018** (2020: £5,687,795) and other listed investments were valued at **£3,692,638** (2020: £3,620,522).
The following investments represented more than 5% of the value of the total unrestricted fund investment portfolio at 31[st] March 2021:
|Name of fund|% of|portfolio|
|---|---|---|
||**2021**|2020|
|Newton Sustainable Growth and Income Fund for Charities (X shares)|**47.5%**|46.5%|
|BNY Mellon Sustainable Real Return Fund|**16.7%**|16.4%|
|CCLA COIF Charities Investment Fund|**20.8%**|20.0%|
|iShares USD TIPS ETF GBP|**6.1%**|6.8%|
The 12 Month Fixed Rate Saver account with Shawbrook Bank pays interest at 1.4% per annum and matures on 10 July 2021.
## **Restricted funds**
All of the restricted funds’ investments are held in COIF Charities Investment Fund income units, managed by CCLA Fund Managers Limited.
____________________________________________________________________________________________________ Page 28
## **11. SOCIAL INVESTMENTS**
|Secured loans to beneficiaries|**2021**
2020
**£543,835**
£555,035|
|---|---|
These interest free concessionary loans are made wholly to advance charitable purposes for the benefit of the RMBF’s beneficiaries. No new loans were made during the year and £11,200 was repaid (2020: No new loans and £21,200 repaid).
Loans are usually recovered from beneficiaries’ estates although beneficiaries may opt to make earlier repayment. They are therefore not recoverable within one year.
## **12. DEBTORS**
|Legacies
Tax recoverable under Gift Aid
Other debtors
Prepayments
Accrued income|**2021**
**£**
**-**
**6,454**
**492**
**39,899**
**129,857**
**£176,702**|2020
£
175,000
5,564
12,253
30,016
84,294|
|---|---|---|
|||£307,127|
## **13. CASH AT BANK AND IN HAND**
|Bank current accounts
Cash on deposit – less than 24 hours’ notice
Cash on deposit – more than 24 hours’ notice
Cash in hand|**2021**
**£**
**12,463**
**862,045**
**504,171**
**2,054**
**£1,380,733**|2020
£
17,818
816,410
502,451
2,031
£1,338,710|
|---|---|---|
Bank current accounts include **£2,037** (2020: £6,473) held by the guilds.
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Grants payable
Other creditors
Accruals
Deferred income|**2021**
**£**
**77,200**
**14,437**
**45,206**
**11,000**
**£147,843**|2020
£
95,588
29,843
38,210
30,000|
|---|---|---|
|||£193,641|
____________________________________________________________________________________________________
Page 29
## **15. UNRESTRICTED RESERVES**
|Balance at 1stApril 2019
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2020
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2021|**Accumulated**
**funds**
**Revaluation**
**reserve**
**Designated**
**reserve**
**Total**
**£**
**£**
**£**
**£**
**27,791,552**
**3,931,410**
**-**
**31,722,962**
**(1,171,451)**
**-**
**-**
**(1,171,451)**
**2,337,472**
**(2,437,472)**
**100,000**
**-**|
|---|---|
||**28,957,573**
**1,493,938**
**100,000**
**30,551,511**
**4,584,163**
**-**
**4,584,163**
**(4,231,523)**
**4,232,423**
**(900)**
**-**|
||**£29,310,213**
**£5,726,361**
**£99,100**
**£35,135,674**|
The designated reserve has been set up to meet the cost of research into unmet need.
## **16. RESTRICTED FUNDS**
|Bessie Jane Giffen Bequest
Burney Yeo Bequest
Lilla Rose Fund
The Job Trust
Essex and Herts Benevolent Fund
Devon and Exeter Benevolent Medical
Society Fund
Henry Francis Burdett Memorial Fund
Eastes Permanent Endowment Fund *
Tod Endowment Trust **
Mrs EMM Paton's Trust ***
BMA Giving (Back to work hub)
BMA Giving (Covid-19)
Healthcare Workers’ Foundation
Covid Healthcare Support Appeal
Sarah Isabella McClean Charitable Trust|**No. COIF**
**units**
**Investments**
**at market**
**value**
**Net**
**current**
**assets**
**2021**
**Total**
**net**
**assets**
2020
Total
net
assets
**£**
**£**
**£**
£
**23,921**
**427,978**
**(154)**
**427,824**
354,568
**35,498**
**635,115**
**(90)**
**635,025**
526,137
**3,002**
**53,708**
**12,003**
**65,711**
54,532
**10,314**
**184,541**
**23,917**
**208,458**
171,538
**13,709**
**245,276**
**(1,306)**
**243,970**
203,072
**3,721**
**66,574**
**1,188**
**67,762**
54,880
**-**
**-**
**19,803**
**19,803**
19,803
**7,969**
**142,572**
**(64)**
**142,508**
118,167
**-**
**-**
**67,368**
**67,368**
61,818
**-**
**-**
**-**
**-**
34
**-**
**-**
**14,240**
**14,240**
20,000
**-**
**-**
**6,789**
**6,789**
-
**-**
**-**
**8,674**
**8,674**
-
**-**
**-**
**2,220**
**2,220**
-
**-**
**-**
**-**
**-**
-|
|---|---|
||**98,134**
**£1,755,764**
**£154,588**
**£1,910,352**
£1,584,549|
____________________________________________________________________________________________________ Page 30
## **16. RESTRICTED FUNDS (Continued)**
## **MOVEMENT IN FUNDS**
|**MOVEMENT IN FUNDS**||||||
|---|---|---|---|---|---|
|||**Movement**||||
||**At**|**in market**|||**At**|
||**1st April**|**value of**|**Incoming**|**Resources**|**31st March**|
||**2020**|**investments**|**resources**|**expended**|**2021**|
||**£**|**£**|**£**|**£**|**£**|
|Bessie Jane Giffen Bequest|**354,568**|**73,401**|**15,680**|**(15,825)**|**427,824**|
|Burney Yeo Bequest|**526,137**|**108,926**|**23,269**|**(23,307)**|**635,025**|
|Lilla Rose Fund|**54,532**|**9,211**|**1,968**|**-**|**65,711**|
|The Job Trust|**171,538**|**31,650**|**6,770**|**(1,500)**|**208,458**|
|Essex and Herts Benevolent Fund|**203,072**|**42,066**|**8,989**|**(10,157)**|**243,970**|
|Devon and Exeter Benevolent Medical||||||
|Society Fund|**54,880**|**11,418**|**2,439**|**(975)**|**67,762**|
|Henry Francis Burdett Memorial Fund|**19,803**|**-**|**-**||**19,803**|
|Eastes Permanent Endowment Fund *|**118,167**|**24,452**|**5,226**|**(5,337)**|**142,508**|
|Tod Endowment Trust **|**61,818**|**-**|**7,500**|**(1,950)**|**67,368**|
|Mrs EMM Paton's Trust ***|**34**|**-**|**-**|**(34)**|**-**|
|BMA Giving (Back to work hub)|**20,000**|**-**|**-**|**(5,760)**|**14,240**|
|BMA Giving (Covid-19)|**-**|**-**|**25,000**|**(18,211)**|**6,789**|
|Healthcare Workers’ Foundation|**-**|**-**|**25,000**|**(16,326)**|**8,674**|
|Covid Healthcare Support Appeal|**-**|**-**|**25,000**|**(22,780)**|**2,220**|
|Sarah Isabella McClean Charitable Trust|**-**|**-**|**15,000**|**(15,000)**|**-**|
||**£1,584,549**|**£301,124**|**£161,841**|**£(137,162)**|**£1,910,352**|
- This fund was a separate charity with its own trustees who chose to donate funds to the RMBF for restricted purposes. With Charity Commission consent, the Eastes Trust was wound up and part of its net assets transferred to the RMBF and these are designated as the Eastes Permanent Endowment Fund above.
- ** This fund is a Scottish charity with its own trustees which donates funds to the RMBF for restricted purposes.
- *** This is a separate trust which owns seven properties in St. Andrews, which are let at reduced rents to retired General Medical Practitioners or their widows or dependants. The terms of the Trust Deed state that if there is a surplus of rental income in any year this will be divided equally among the RMBF, the Episcopal Church and the Church of Scotland.
The income of the Bessie Jane Giffen Bequest, the Burney Yeo Bequest and the Lilla Rose Fund consists entirely of dividends on COIF Charities Investment Fund income units. The income of the Job Trust, the Essex and Herts Benevolent Fund, the Devon and Exeter Benevolent Medical Society Fund and the Eastes Permanent Endowment Fund includes dividends on COIF units and small amounts of bank interest. The remaining income came from donations.
The expenditure charged against each restricted fund consists of grants paid to beneficiaries, money advice given and other expenditure made in accordance with the restrictions imposed by the terms of the gift or bequest.
____________________________________________________________________________________________________
Page 31
## **16. RESTRICTED FUNDS (Continued)**
## **OBJECTS**
## **Bessie Jane Giffen Bequest**
The fund was established under the will of Bessie Jane Giffen in 1948 and may be applied to provide relief of indigent doctors in such ways as the Trustees think fit.
## **Burney Yeo Bequest**
This fund was established under the will of Dr Isaac Burney Yeo in 1915 and may be applied to provide annuities for necessitous, aged or disabled persons who are or have been members of the medical profession, their wives, widows, children or dependants.
## **Lilla Rose Fund**
The fund was established by donations. The income arising on the fund may be applied to the payment of nursing home fees.
## **The Job Trust**
Income from the trust may be applied to assist the daughters of doctors with professional or vocational education.
## **Essex and Herts Benevolent Fund**
Income from the fund can be applied to assist medical practitioners and their widows who practised in Essex and Hertfordshire.
## **Devon and Exeter Benevolent Medical Society Fund**
Income from the fund can be applied to assist medical practitioners and their widows who practised in Devon and Exeter.
## **Henry Francis Burdett Memorial Fund**
Income from the fund can be applied to assist widows and daughters of medical men who have practised either in Warwickshire or Leicestershire.
## **Eastes Permanent Endowment Fund**
The Eastes Trust Fund represents restricted income donated by the Eastes Trust to the RMBF and can be applied to assist registered members of the medical profession of any age, born of English or Scottish parents, or widows, children and/or full orphans of a member of the profession.
## **Tod Endowment Trust**
Income from the fund can be applied to allow doctors who have been resident in Scotland and have worked in medicine for at least two years to obtain rest and recuperation in Scotland.
## **Mrs EMM Paton's Trust**
Income from the fund can be applied to assist retired General Medical Practitioners or their widows or dependants, with a preference for those resident in Scotland.
## **BMA Giving (Back to work hub)**
The fund may be applied to offset the costs of the RMBF Back to Work project.
____________________________________________________________________________________________________ Page 32
## **16. RESTRICTED FUNDS (Continued)**
## **BMA Giving (Covid-19)**
This grant was to support the RMBF’s Covid-19 response fund, helping doctors directly impacted by Covid-19, and to contribute to a British Association of Physicians of Indian Origin (BAPIO) project to support overseas doctors stranded in the UK and unable to work during the pandemic.
## **Healthcare Workers’ Foundation**
This grant was to support the RMBF’s Covid-19 response fund and supported both medical students and doctors impacted by Covid-19.
## **Covid Healthcare Support Appeal**
This grant was to support the RMBF’s Covid-19 response fund and supported doctors impacted by Covid-19.
## **Sarah Isabella McClean Charitable Trust**
This donation was made in support of DocHealth, to whom the funds were remitted shortly after receipt.
## **COMPARATIVE MOVEMENT IN FUNDS**
|||Movement||||
|---|---|---|---|---|---|
||At|in market|||At|
||1stApril 2019|value of|Incoming|Resources|31stMarch 2020|
|||investments|resources|expended||
||£|£|£|£|£|
|Bessie Jane Giffen Bequest|366,969|(12,419)|12,278|(12,260)|354,568|
|Burney Yeo Bequest|544,479|(18,431)|18,221|(18,132)|526,137|
|Lilla Rose Fund|54,550|(1,559)|1,541|-|54,532|
|The Job Trust|174,058|(5,355)|5,335|(2,500)|171,538|
|Essex and Herts Benevolent Fund|210,317|(7,117)|7,049|(7,177)|203,072|
|Devon and Exeter Benevolent Medical||||||
|Society Fund|54,900|(1,932)|1,912|-|54,880|
|Henry Francis Burdett Memorial Fund|19,803|-|-|-|19,803|
|Eastes Permanent Endowment Fund|122,052|(4,138)|4,097|(3,844)|118,167|
|Tod Endowment Trust|61,806|-|7,500|(7,488)|61,818|
|Mrs EMM Paton's Trust|1,369|-|-|(1,335)|34|
|BMA Giving (Back to work hub)|-|-|20,000|-|20,000|
||£1,610,303|£(50,951)|£77,933|£(52,736)|£1,584,549|
## **17. PENSION SCHEME**
The RMBF operates a defined contribution plan for all eligible employees who do not opt out of the pension scheme. Contributions are made by both employer (at 15% of pensionable salary) and employees at variable levels. Once the contributions have been paid the RMBF has no further payment obligations.
The assets of the scheme are held separately from those of the RMBF in an independently administered pension trust.
____________________________________________________________________________________________________
Page 33
## **18. TAXATION STATUS**
The RMBF is a registered charity and is exempt from corporation tax on income applied to charitable activities.
## **19. RELATED PARTY TRANSACTIONS**
Four trustees made unrestricted donations to the RMBF during the year totalling **£940** (2020: six trustees made unrestricted donations totalling £865).
During the year the RMBF made payments totalling **£30,000** (2020: £26,000) to Doctor Health Limited (“DocHealth”), as a contribution to their work providing confidential, specialist-led support for doctors experiencing mental health issues. One of the RMBF trustees, Derek Bell, and the RMBF Chief Executive, Steve Crone, are both directors of DocHealth. Neither Professor Bell nor Mr Crone receives any remuneration from DocHealth.
## **20. CAPITAL COMMITMENTS**
There were no capital commitments at 31[st] March 2021 (2020: £ Nil).
____________________________________________________________________________________________________ Page 34