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2022-03-31-accounts

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 2022. These were approved by the Board on 30[th] June 2022.

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 2021/22

Our key objectives were:

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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 £348,971 in 2021/22).

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 396 doctors in the course of this demanding year with a range of issues such as anxiety, depression and burnout.

DocHealth has now helped over 1,500 doctors in total.

2.3.3 Money advice

In 2021/22 the RMBF’s specialist money advisor helped beneficiaries with advice to secure state benefits to which they are entitled to a total value of £30,112 in addition to securing savings of £27,371 through debt renegotiation.

The RMBF also provided specialist online money advice to 62 medical students this year.

2.3.4 Online support

The RMBF website received over 80,000 visits this year. We are continuing to develop the site to provide easily accessible support on a range of subjects from wellbeing to money advice, volunteering and fundraising. This year we have expanded our Doctor Advice Hub to include new content on stress and burnout in doctors, PTSD and moral injury in doctors, dealing with difficult patients and coping with the death of a patient. We have also launched a dedicated area covering content supporting doctors returning to work, with a new Return to Work Vital Signs guide.

In addition to creating new content for the website, we have been engaged in a project focused on Search Engine Optimisation (SEO). This is to maximise traffic to our website through search engines such as Google and Microsoft. It means our wellbeing and advice content can be found and accessed more easily by doctors and medical students looking online for help.

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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:

The potential beneficiaries who are eligible to be considered for support include over 348,000 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 522,000 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 very evidently of great public benefit. The dedicated response of doctors to the Covid-19 pandemic is a clear 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 2021/22, 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 2021/22 this included the following:

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

Objective Achievement
1. To provide appropriate
financial support to all
eligible applicants and
beneficiaries in need of
help		 A total of £406,454 was awarded or secured for 259 beneficiaries across the
UK this year.
A further 51 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 continued to overcome lockdown
restrictions and other obstacles arising from the pandemic to promote the
work of the charity and support our beneficiaries. We have produced a new
social media toolkit to add to our other digital resources to encourage our
volunteers to become more active raising our profile online.
Our volunteers have continued to undertake a variety of different activities,
mostly virtually such as Zoom presentations and podcasts but as the
restrictions have eased they have undertaken face to face networking as and
when they have had the opportunity. Our fundraisers have once again been
particularly successful raising money through a mixture of individual events
and online activities.
Our medical student volunteers have continued to promote our work in UK
medical schools. 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 as these
challenging times have continued.

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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 wide range of
channels to raise the profile of the RMBF.
We have continued to build our reach via our social network platforms. We
ran targeted advertising on Facebook and LinkedIn leading to an increase in
engagement with our services and enquiries for help. In October 2021 we
live streamed a special programme of RMBF wellbeing sessions, during our
Self Care Sunday event. Hosted by experts in their areas, doctors and
medical students could log on to Instagram sessions and learn practical
selfcare techniques.
To complement our digital activity, we ran a marketing campaign in the BMJ
reaching their readership of over 100,000. We ran a series of print adverts
and leaflet inserts in their magazines promoting our financial and wellbeing
support.
Whilst Covid restrictions have impacted our event activity, we were able to
attend our first face to face conference in March 2022. We exhibited at The
Wounded Healer Hope and Healing beyond Covid Conference, distributing
RMBF Vital Signs guides and literature promoting DocHealth and our Financial
help.
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. A total of over
1,500 doctors have now been helped by the service, the majority of these
being junior doctors.
We continue our work with the Association of Anaesthetists to develop our
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		 We continued to target a range of different income streams to secure and
grow voluntary income. Our President’s Appeal this year raised a grand total
of £95,539 and we received further donations from our individual supporters
and regular givers throughout the year.

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

Objective Achievement
Our network of fundraising volunteers and Guild members contributed
income through their various fundraising challenges and initiatives. With the
restrictions on face-to-face events it has been difficult for them to run events
but we are very grateful for their ongoing support and their efforts over the
year.
We secured a grant from BMA Giving in support of our work on PTSD and
moral injury. 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 these two issues.
We are very grateful to the MDU who chose RMBF as a beneficiary charity for
their fundraising initiative. Foundation Year 1 members received reduced
subscription fees and could donate the remainder of their fee to the RMBF.
6. To support the research
project to identify the
extent of unmet need in
doctors, medical
students and families in
financial difficulty		 Following a rigorous selection process, assisted by an independent research
panel comprising experts in the field, UCL Research Department of Medical
Education were appointed to undertake this important research for the RMBF.
The research project aims to identify the nature and 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.
The research team are due to present the results to the Board of Trustees in
June 2022. Following a review of the findings, a strategy day will be held to
discuss how best to implement the key recommendations so as to increase
the reach and impact of the Charity in the coming years.

Factors relevant to the achievement of the RMBF's charitable objectives included:

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

4.2 Impact of the Covid-19 pandemic

The impact of Covid-19 on the medical profession has once again been considerable 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 measures were taken 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 continued increase in demand this year, with 396 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 some time to come and the RMBF will always be there for doctors, medical students and their families when they need our help.

5. FUNDRAISING ACTIVITIES AND COMPLIANCE

Voluntary income from donations this year totalled £402,284.

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 a Spring newsletter, Autumn 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.

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. We are very grateful for the hard work and commitment of all our fundraisers.

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5. FUNDRAISING ACTIVITIES AND COMPLIANCE (Continued)

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 developed or extended partnerships with BMA Giving, the Wesleyan Foundation, MDU, MDDUS, Medical Protection, 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.

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 2022 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 2022 and to date were/are:

Chair of the Board of Trustees: Professor Michael Farthing Treasurer: Professor Greg Rubin

Professor Derek Bell

Dr David Derbyshire (retired 9[th] December 2021) Mr Simon Dinnick Mr Andrew Hall Dr Aliyah Hussein Ms Janice Liverseidge (retired 9[th] December 2021) Dr Oliver Seyfried Dr Richard Stevens Dr Peter Szatmary Dr Susan West 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 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 2023

Our key objectives to March 2023 are:

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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. Our 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. To spread the risk in volatile financial markets the portfolio is managed by two investment houses, Newton Investment Management and CCLA Fund Managers Limited. Our investments with Newton are currently split between two funds, the Newton Sustainable Growth & Income Fund for Charities and the BNY Mellon Sustainable Real Return Fund.

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.

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.

8.1.2 Investment performance

The year saw very good investment returns during the period April to mid-December 2021, followed by a partial retracement in the period to March 2022. Overall net gains for the year were £2,138,276.

Recognising the increasing economic headwinds (weak growth, rising inflation and the conflict in Ukraine), and after taking external advice, the trustees have taken steps to de-risk the portfolio. In December 2021 we disposed of our direct investment holdings, which were principally in inflation-linked government bonds. In March 2022 we re-weighted our Newton holdings, moving £5.52m from the Sustainable Growth and Income Fund into the Sustainable Real Return Fund which adopts an absolute return strategy and has a lower exposure to equities. We have also increased our cash weighting, which at the end of March represented 13.9% of the portfolio, a significantly higher level than in recent years. We intend to drip feed some of this cash into suitable managed funds as and when the outlook improves.

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:

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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 £36.8 million at 31[st] March 2022, 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

The Statement of Financial Activities records net income for the year of £1,832,537 compared with £4,909,966 in the preceding year. This includes net gains on investments of £2,138,276 in the current year compared with £5,194,796 in the preceding year. As a result fund balances have increased from £37,046,026 to £38,878,563.

Total income was up by just under 2% at £1,218,260, due to higher legacies and higher investment income. The latter was mainly due to the transfer of our holding in the CCLA COIF Charities Investment Fund into income units. Our supporters kindly donated £402,284 (including gift aid), compared with last year’s exceptionally generous total of £532,487 which was boosted by our Covid appeals.

Expenditure on charitable activities increased from £1,229,669 to £1,251,550. Whilst grants awarded are down from £421,986 to £348,971 (although applications are now increasing), we are increasingly supporting doctors through other channels such as DocHealth, debt advice and the wellbeing platform. We also spent more on raising awareness, and on the research project into unmet need.

Expenditure on raising funds has increased from £174,773 to £188,598, whilst investment management fees have increased from £76,355 to £83,851, reflecting higher portfolio valuations. Support costs decreased by 4% mainly due to reduced expenditure on premises

Total resources at the disposition of the RMBF at 31st March 2022 amounted to £38.9 million, of which £36.8 million is unrestricted.

Social investments comprising interest free secured loans to beneficiaries stood at £522,635 compared with £543,835 last year.

Net current assets, the principal balance sheet measure of short to medium term solvency, decreased from £1,409,592 to £860,381. This was mainly due to the transfer of surplus cash balances into investments.

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 We undertake regular risk assessments, and monitor health and safety policies and
procedures, supported by Croner, who are specialists in health and safety law. Croner
conduct a premises review annually.
Specific risk assessments were conducted in relation to the Covid-19 pandemic.
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.
Disaster recovery The RMBF has a formal business recovery plan and 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 this year
have moved our IT systems from in-house servers into the cloud. Our data is regularly
backed up. All our PCs have automatically updating antivirus protection.

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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 President: Professor Sheila the Baroness Hollins Chief Executive: Steve Crone 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 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

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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:

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:

By order of the Board of Trustees

STEVE CRONE Chief Executive and Company Secretary

30[th] June 2022

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Opinion

We have audited the financial statements of the Royal Medical Benevolent Fund (the ‘charitable company’) for the year ended 31st March 2022 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:

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

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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:

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:

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:

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

30[th] June 2022

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 on investments
10
Net income and
net movement in funds
RECONCILIATION OF FUNDS
Fund balances brought forward at
1stApril 2021
Fund balances carried forward at
31st March 2022
15, 16		 2022
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
549,711
32,000
581,711
29,154
-
29,154
554,653
52,742
607,395
-
-
-
1,133,518
84,742
1,218,260
1,185,305
66,245
1,251,550
188,598
-
188,598
83,851
-
83,851
1,457,754
66,245
1,523,999
(324,236)
18,497
(305,739)
1,986,070
152,206
2,138,276
1,661,834
170,703
1,832,537
35,135,674
1,910,352
37,046,026
£36,797,508
£2,081,055
£38,878,563		 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

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		 2022
£
35,346,000
1,907,970
209,987
834,923
1,044,910
(184,529)
31,681,262
5,083,175
33,071
£
241,577
37,253,970
522,635
38,018,182
860,381
£38,878,563
36,797,508
2,081,055
£38,878,563		 2021
£
£
256,588
33,080,247
1,755,764
34,836,011
543,835
35,636,434
176,702
1,380,733
1,557,435
(147,843)
1,409,592
£37,046,026
29,310,213
5,726,361
99,100
35,135,674
1,910,352
£37,046,026		 2021
£
£
256,588
33,080,247
1,755,764
34,836,011
543,835
35,636,434
176,702
1,380,733
1,557,435
(147,843)
1,409,592
£37,046,026
29,310,213
5,726,361
99,100
35,135,674
1,910,352
£37,046,026
35,636,434
1,409,592
£37,046,026
35,135,674
1,910,352
£37,046,026

The financial statements were approved by the Board of Trustees on 30[th] June 2022 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

2022
Note
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
A
(801,123)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
(7,069)
Purchase of investments
(6,860,777)
Proceeds from sale of investments
10,241,586
Dividends and interest received
625,191
Investment management fees paid
(83,126)
Net cash provided by investment activities
3,915,805
Change in cash and cash equivalents in the
financial year
3,114,682
Cash and cash equivalents at the beginning of the
financial year
B
2,640,448
Cash and cash equivalents at the end of the
financial year
B
£5,755,130		 2021
£
£
(616,903)
(39,497)
(7,327,393)
7,588,379
519,654
(73,256)
667,887
50,984
2,589,464
£2,640,448		 2021
£
£
(616,903)
(39,497)
(7,327,393)
7,588,379
519,654
(73,256)
667,887
50,984
2,589,464
£2,640,448
50,984
2,589,464
£2,640,448

A. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES

Net income as per the statement of financial activities
Adjustments for:
- Depreciation
- Loss on disposal of tangible fixed assets
- Dividends and interest from investments
- Gains on investments
- Investment management fees
- Decrease in social investments
- (Increase)/decrease in debtors
- Increase/(decrease) in creditors
Net cash used in operating activities		 2022
£
1,832,537
22,007
73
(607,395)
(2,138,276)
83,851
21,200
(51,081)
35,961
£(801,123)		 2021
£
4,909,966
18,498
-
(565,392)
(5,194,796)
76,355
11,200
176,163
(48,897)
£(616,903)

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
2021
£
12,463
862,045
504,171
2,054
1,380,733
1,259,715
£2,640,448		 Movement
£
(751)
(40,868)
(504,171)
(20)
(545,810)
3,660,492
£3,114,682		 At 31st March
2022
£
11,712
821,177
-
**2,034 **
834,923
**4,920,207 **
£5,755,130

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

(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		 2022
Unrestricted
funds
£
Restricted
funds
£
Total
£
370,284
32,000
402,284
-
-
-
179,427
-
179,427
£549,711
£32,000
£581,711		 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

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

Dividends and interest
from listed investments
Other interest		 2022
Unrestricted
funds
£
Restricted
funds
£
Total
£
550,981
52,737
603,718
3,672
5
3,677
£554,653
£52,742
£607,395		 2021
Unrestricted
funds
£
Restricted
funds
£
Total
£
488,522
64,327
552,849
12,529
14
12,543
£501,051
£64,341
£565,392

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Support for doctors

2022
Unrestricted
funds
Restricted
funds
Total
£
£
£
Grants awarded
294,051
54,920
348,971
Less: Unsecured loans
repaid
(480)
-
(480)
Net grants awarded
293,571
54,920
348,491
Providing advice
98,551
4,439
102,990
Casework
192,870
-
192,870
Coach mentoring
5,907
-
5,907
Volunteer management
78,299
-
78,299
Raising awareness
144,312
6,886
151,198
Research into unmet need
66,029
-
66,029
Support costs
305,766
-
305,766
£1,185,305
£66,245 £1,251,550		 2021
Unrestricted
funds
Restricted
funds
Total
£
£
£
306,535
115,451
421,986
(420)
-
(420)
306,115
115,451
421,566
61,630
21,600
83,230
202,478
-
202,478
6,891
-
6,891
76,058
-
76,058
120,241
111
120,352
900
-
900
318,194
-
318,194
£1,092,507
£137,162
£1,229,669

5. EXPENDITURE ON RAISING FUNDS

Support for doctors

Trading
Fundraising costs
Support costs		 2022
Unrestricted
funds
£
11,407
114,052
63,139
£188,598		 2021
Unrestricted
funds
£
7,908
100,487
66,378
£174,773

Page 25

6. SUPPORT COSTS

2022 2021
Raising Support Total Raising Support Total
funds for doctors funds for doctors
£ £ £ £ £ £
Finance and IT 44,074 176,298 220,372 41,933 167,731 209,664
Premises 8,365 33,462 41,827 13,008 52,034 65,042
Office administration 10,700 42,797 53,497 11,437 45,747 57,184
Governance - 53,209 53,209 - 52,682 52,682
£63,139 £305,766 £368,905 £66,378 £318,194 £384,572

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
Termination payments
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
£100,001 to £110,000		 2022
£
530,409
54,504
78,953
6,500
£670,366
Number
13
10.3
1
-
1		 2021
£
518,260
52,965
78,069
-
£649,294
Number
13
10.7
1
1
-

The Trustees were not paid and did not receive any benefits from employment or other services supplied to the Charity during the year (2021: £nil). They are reimbursed expenses if they submit a claim. Reimbursed expenses during the year amounted to £116 (2021: £34).

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 £212,746 (2021: £202,864).

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 £69 (2021: £nil).

Page 26

8. NET INCOME

Net income for the year is stated after charging:

Depreciation
Auditors’ remuneration (including VAT)
- Audit
- Other services
Loss on disposal of tangible fixed assets		 2022
£
£
22,007
8,400
1,752
10,152
73		 2021
£
£
18,498
8,070
1,680
9,750
-

9. TANGIBLE FIXED ASSETS

Furniture, Computer
Freehold fixtures Office equipment
property and fittings equipment and software Total
£ £ £ £ £
Cost
At 1stApril 2021 377,519 94,071 23,878 37,500 532,968
Additions - 805 344 5,920 7,069
Disposals - (9,782) (4,812) - (14,594)
At 31stMarch 2022 377,519 85,094 19,410 43,420 525,443
Depreciation
At 1stApril 2021 188,132 44,176 21,153 22,919 276,380
Eliminated on disposal - (9,709) (4,812) - (14,521)
Charge for the year 4,000 6,546 1,387 10,074 22,007
At 31stMarch 2022 192,132 41,013 17,728 32,993 283,866
Net book value
At 31stMarch 2022 £185,387 £44,081 £1,682 £10,427 £241,577
At 31stMarch 2021 £189,387 £49,895 £2,725 £14,581 £256,588

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
Investments at market value
Market value at 1stApril 2021
Cost of additions
Proceeds of disposal
Realised gains on disposal
Unrealised increase in market value
Market value at 31st March 2022
Cash held under investments
Held by investment managers
Bank deposits		 Unrestricted
funds
2022
Restricted
funds
Total
Unrestricted
funds
2021
Restricted
funds
Total
£
£
£
£
£
£
31,820,532
1,755,764
33,576,296
27,187,846
1,454,640
28,642,486
6,860,777
-
6,860,777
7,327,393
-
7,327,393
(10,241,586)
-
(10,241,586)
(7,588,379)
-
(7,588,379)
735,437
-
735,437
1,448,034
-
1,448,034
1,250,633
152,206
1,402,839
3,445,638
301,124
3,746,762
30,425,793
1,907,970
32,333,763
31,820,532
1,755,764
33,576,296
2,920,207
-
2,920,207
120,244
-
120,244
2,000,000
-
2,000,000
1,139,471
-
1,139,471
£35,346,000
£1,907,970
£37,253,970
£33,080,247
£1,755,764
£34,836,011

Unrestricted funds

Unrestricted funds consist of listed investments managed on behalf of the Charity by Newton Investment Management Limited and CCLA Fund Managers Limited and cash held on deposit with CCLA and Barclays Bank.

As at 31[st] March 2022, the units in the funds managed by Newton were valued at £21,975,891 (2021: £21,256,876), the units in the fund managed by CCLA were valued at £8,449,902 (2021: £6,871,018). There were no other listed investments (2021: £3,692,638).

The portfolio at 31[st] March 2022 was invested as follows:

Name of fund % of portfolio
2022 2021
Newton Sustainable Growth and Income Fund for Charities (X shares) 31.3% 47.5%
BNY Mellon Sustainable Real Return Fund 30.9% 16.7%
CCLA COIF Charities Investment Fund 23.9% 20.8%
iShares USD TIPS ETF GBP - 6.1%
Other listed investments (each under 5% of the total) - 5.1%
Cash deposits 13.9% 3.8%

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 2022
2021
£522,635
£543,835

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 £21,200 was repaid (2021: No new loans and £11,200 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		 2022
£
18,333
22,905
4,376
52,115
112,258
£209,987		 2021
£
-
6,454
492
39,899
129,857
£176,702

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		 2022
£
11,712
821,177
-
2,034
£834,923		 2021
£
12,463
862,045
504,171
2,054
£1,380,733

Bank current accounts include £1,712 (2021: 2,037) held by the guilds.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants payable
Other creditors
Accruals
Deferred income		 2022
£
88,507
38,409
46,613
11,000
£184,529		 2021
£
77,200
14,437
45,206
11,000
£147,843

Page 29

15. UNRESTRICTED RESERVES

Balance at 1stApril 2020
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2021
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2022		 Accumulated
funds
Revaluation
reserve
Designated
reserve
Total
£
£
£
£
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
1,661,834
-
-
1,661,834
709,215
(643,186)
(66,029)
-
£31,681,262
£5,083,175
£33,071
£36,797,508

The designated reserve was established 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
BMA Giving (PTSD)		 No. COIF
units
Investments
at market
value
Net
current
assets
2022
Total
net
assets
2021
Total
net
assets
£
£
£
£
23,921
465,078
243
465,321
427,824
35,498
690,173
-
690,173
635,025
3,002
58,364
13,616
71,980
65,711
10,314
200,539
29,462
230,001
208,458
13,709
266,539
3,831
270,370
243,970
3,721
72,346
-
72,346
67,762
-
-
19,803
19,803
19,803
7,969
154,932
255
155,187
142,508
-
-
66,589
66,589
67,368
-
-
-
-
-
-
-
6,694
6,694
14,240
-
-
4,774
4,774
6,789
-
-
1,542
1,542
8,674
-
-
2,220
2,220
2,220
-
-
24,055
24,055
-
98,134
£1,907,971
£173,084
£2,081,055
£1,910,352

________________ Page 30

16. RESTRICTED FUNDS (Continued)

MOVEMENT IN FUNDS

MOVEMENT IN 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
BMA Giving (PTSD)		 At
1st April
2021
Movement
in market
value of
investments
Incoming
resources
Resources
expended
At
31st March
2022
£
£
£
£
£
427,824
37,101
12,855
(12,459)
465,321
635,025
55,058
19,077
(18,987)
690,173
65,711
4,656
1,613
-
71,980
208,458
15,998
5,545
-
230,001
243,970
21,263
7,369
(2,232)
270,370

67,762
5,771
2,000
(3,187)
72,346
19,803
-
-
-
19,803

142,508
12,359
4,283
(3,963)
155,187
67,368
-
7,000
(7,779)
66,589
-
-
-
-
-
14,240
-
-
(7,546)
6,694
6,789
-
-
(2,015)
4,774
8,674
-
-
(7,132)
1,542
2,220
-
-
-
2,220
-
-
25,000
(945)
24,055
£1,910,352
£152,206
£84,742
£(66,245)
£2,081,055

The income of the Bessie Jane Giffen Bequest, the Burney Yeo Bequest and the Lilla Rose Fund consists entirely of dividends on CCLA 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.

BMA Giving (PTSD)

This grant provides funding for the RMBF to support doctors being financially impacted as a result of posttraumatic stress disorder and moral injury. It is also helping us to raise awareness of the impact of these conditions on the medical profession.

COMPARATIVE MOVEMENT IN FUNDS

Movement
At in market At
1stApril value of Incoming Resources 31stMarch
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

Page 33

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.

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 £780 (2021: four trustees made unrestricted donations totalling £940).

During the year the RMBF made payments totalling £50,000 (2021: £30,000) 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 2022 (2021: £ Nil).

________________ Page 34