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2021-03-31-accounts

Annual report and accounts 31 March 2021

Charity Registration Number 223106

Scottish Charity Registration Number SC040430

Contents

Honorary Treasurer’s introducton 3
Reference & administratve details of the charity, trustees & advisors 4
Report of the Trustees 9
Independent auditor’s report to the members of Royal College of
General Practtoners		 32
Consolidated statement of fnancial actvites 36
Balance sheets 37
Consolidated cash fow statement 38
Notes to the fnancial statements 40

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RCGP Accounts 2021

Honorary Treasurer’s introduction for the year ended 31 March 2021

This year has truly been a year like no other for RCGP. I am immensely proud of the response of both RCGP and our members, to what continues to be one of the most challenging public health crisis of modern times.

The response to Covid-19 has understandably dominated our work over the year, particularly the vaccination programme where some three quarters of vaccinations have been led by GP services. At the same time General Practice has evolved to more remote working and dealing with the consequences of long-covid and longer hospital waiting lists. It has been a tough time for GPs and our patients, and we will continue to be challenged as we deal with the terrible legacy Covid leaves on the nation’s health.

Over the year the College has continued to grow with membership increasing 0.45% on last year’s recordbreaking year to 54,159. Our new three-year strategy ‘Putting members at the heart of everything we do’ launched this year around four major themes to support our ever-growing membership base:

  1. Deliver practical solutions to tackle workload pressures and sustain and equip GPs to provide the best possible patient care.

  2. Develop the College into a dynamic and inclusive membership community.

  3. Promote the contribution of general practice and the role of the GP.

  4. Ensure members place a high value on their College membership.

Despite the demands of the pandemic, we have made a great start to delivering on this strategy and will continue to integrate our response to Covid-19 with our wider priorities. Workload and burn-out have exacerbated under Covid as it has for many other specialities, and we are working hard to amplify our core message that more needs to be done both to recruit new GPs and retain our more experienced workforce. We all want our patients to get the best standards of care possible and that is only possibly by nurturing and protecting our dedicated GPs and wider practice team.

The COVID-19 pandemic has continued to have an impact on the College’s operations and finances but over the year we have adapted to on-line, remote working and events, including two major membership conferences. The RCGP team has shown remarkable resilience and professionalism throughout.

It has been a difficult year where we have made difficult choices about priorities. Throughout, the guiding principles have been to support members and protect and develop the assets we hold on their behalf.

It continues to be a great privilege to serve as Honorary Treasurer and I would like to thank everyone who contributes to and supports the College’s work.

Dr Steve Mowle FRCGP

Honorary Treasurer

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RCGP Accounts 2021

Reference & administrative details of the charity, trustees & advisors

For the year ended 31 March 2021

The constitution of the College

The Royal College of General Practitioners was founded in 1952 and granted a Royal Charter in 1972. It is a Chartered Corporation and a registered charity, administered in accordance with its Royal Charter, Ordinances and Bye-Laws.

The Charter, Ordinances and Bye-Laws of the College are the governing instruments of the College, and the Trustees are ultimately responsible for ensuring that the administration of the College is in accordance with those instruments.

Patron of the College

Our Patron, HRH Prince Philip, The Duke of Edinburgh sadly passed away on 9 April 2021.

Members of the Trustee Board

The members of the Trustee Board during the year ended 31 March 2021 were:

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Chair and Officers
Chair Prof Nigel Mathers FRCGP (until 31 May 2021))
Dr John Chisholm CBE FRCGP (from 1 June 2021)
Honorary Treasurer Dr Steve Mowle FRCGP
Honorary Secretary (job-share) Dr Jonathan Leach OBE FRCGP (until 19 November 2020)
Dr Victoria Tzortziou-Brown OBE FRCGP (from 20 November 2020)
Chair of Council Prof Martin Marshall CBE FRCGP
Council Member Trustees
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Dr John Chisholm CBE FRCGP

Professor Kamilla Hawthorne (from 20 November 2020) Dr Miles Mack FRCGP (until 19 November 2020)

Prof Simon Gregory FRCGP

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Reference & administrative details

Lay Trustees

Dr David Pendleton FRCGP (Hon) Mr Brendan Russell Mr Ian Jeffery Mr Simon Sapper

Observer

Dr Paul Myres FRCGP, Observer and Chair, RCGP Audit Committee

Members of College Council

The members of College Council during the year ended 31 March 2021 were as follows:

Council Members

Professor Nigel Mathers FRCGP

Professor Simon Gregory FRCGP Dr Andrew Papanikitas FRCGP

Dr Sophie Lumley AiT Dr Adam Thomas AiT Dr Ian Wood MRCGP Dr Aarti Bansal MRCGP - from Nov 2020 Dr Abrar Ibrahim MRCGP Dr Ashley Liston MRCGP Dr Catherine Tichler MRCGP Professor Clare Gerada MBE FRCPsych FRCGP Dr Ginikachukwu Ilechukwu MRCGP - from Nov 2020 Dr Holly Hardy FRCGP Dr Hussain Gandhi MRCGP Dr Imran Rafi FRCGP Dr John Chisholm CBE FRCGP Professor Kamila Hawthorne MBE FRCGP Dr Kirsty Alexander MRCGP Dr Lucy Henshall FRCGP Dr Margaret Ikpoh FRCGP - from Nov 2020 Dr Margaret McCartney MRCGP Dr Omon Imohi MRCGP - from Nov 2020 Dr Sonali Kinra MRCGP - from Nov 2020 Dr Susi Caesar FRCGP

Chair - Trustee Board (Until June 2021) Dr John Chisholm CBE FRCGP (from 1 June 2021) Council Trustee Chair - Committee on Medical Ethics - from Nov 2020

Co-Chairs - AiT Network

First 5 Committee Chair

Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member

Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member Nationally Elected Council Member

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Reference & administrative details

Faculty Representatives

Representative(s)

Dr Frances Cranfield FRCGP Dr Fiona Leckie FRCGP– until Feb 2021 Dr Alice Cozens MRCGP – from Feb 2021 Dr David Shackles MRCGP – until Feb 2021 Dr Munro Stewart MRCGP - from Feb 2021 Dr Sunil Gupta FRCGP Dr Thomas Patel-Campbell MRCGP Dr Saqib Anwar FRCGP Dr Andrew Spooner FRCGP Professor Veronica Wilkie FRCGP - until Nov 2020

Faculty

Bedford & Hertfordshire East Anglia East Anglia East of Scotland

Essex Humber and the Ridings Leicester Mersey Midland

Brigadier Robin Simpson FRCGP

Dr Jamie Hynes FRCGP - from Nov 2020 Dr Andrew Dharman MRCGP Dr Sam Bethapudi FRCGP Dr Sabir Zaman MRCGP Dr Alasdair Forbes FRCGP Vacant Dr David Stephens FRCGP - from Nov 2020 Dr Sioned Enlli MRCGP Dr Alison Lea MRCGP Dr Narveshwar Sinha MRCGP Dr Waqar Ahmed MRCGP Dr Diarmuid Quinlan FRCGP - until Nov 2020 Dr Ide Delargy FRCGP - from Nov 2020 Dr Steve Holmes FRCGP Dr Sian Tucker MRCGP Dr Kate Neden FRCGP Dr Rowena Christmas FRCGP Dr David Mummery MRCGP Dr Jaspreet Dhillon FRCGP Professor Simon de Lusignan FRCGP Dr Mark Vaughan FRCGP Dr Janet Hall FRCGP Dr Susanna Hill FRCGP Dr Shamila Wanninayake MRCGP

(with additional member >5%) North & West London North East England North East London North East Scotland Cumbria North of Scotland North Wales North West England (with additional member >5%) Northern Ireland RoI RoI Severn South East Scotland South East Thames South East Wales South London South West Thames South West Thames (as Faculty Deputy) South West Wales SYNT Tamar Thames Valley

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Reference & administrative details

Council Observers

Mrs Jenny Aston Prof Carolyn Chew-Graham FRCGP Dr MeiLing Denney FRCGP Dr Alan Dow FRCGP – from 22 June 2019 Dr Mary McCarthy FRCGP – from 22 June 2019 Dr Tim Morton FRCGP - from Feb 2021 Dr Chandra Kanneganti MRCGP Dr Sanjiv Sinha MRCGP - (job share) Dr Euan Lawson FRCGP

Wing Commander Dr Dudley Graham FRCGP

Colonel Professor Michael Smith FRCGP Dr Dharini Shanmugabavan – until Feb 2021 Owen Richards – from 23 Nov 2019

Allied Health Professionals representative Society for Academic Primary Care (SAPC) RCGP Chief Examiner British Medical Association General Practitioners Committee (BMA GPC)

British International Doctors Association (BIDA) representative (Job Share) Editor (Acting) of the British Journal of General Practice (BJGP) Committee of General Practice Education Directors (COGPED) representative Armed Forces representative RCGP Medical Director Clinical Quality RCGP PCPG representative

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Reference & administrative details

PRINCIPAL ADDRESS 30 Euston Square London NW1 2FB PRINCIPAL ADVISORS Bankers Barclays Bank PLC 1 Churchill Place Level 28 Canary Wharf London E14 5HP

Solicitors The College uses various firms of solicitors based on their speciality External Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Internal Auditor RSM LLP 25 Farringdon Street London EC4A 4AB Investment Managers Ruffer LLP 80 Victoria Street London SW1E 5JL Royal London Asset Management 55 Gracechurch Street London EC3V 0RL

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Report of the Trustees For the year ended 31 March 2021

The Trustees of the Royal College of General Practitioners (RCGP) are pleased to present their report together with the College’s accounts for the year ended 31 March 2021.

Introduction

This Governance Statement sets out the governance, risk management and internal control arrangements for the Royal College of General Practitioners. It applies to the financial year 1 April 2020 to 31 March 2021 and includes key areas of best practice as identified in the Charity Governance Code 2020 and how the organisation has responded and continues to respond to the impact of Covid-19.

Governance structure

The Trustee Board is responsible for the management and administration of the College and its status as a charity.

The Trustee Board Chair and the four Council Member Trustees are elected by Council via ballot. The remaining three Officer Trustees are appointed to the Trustee Board following election by Council and comprised the Chair of Council, the Hon. Treasurer and the Hon. Secretary. As the Hon. Secretary position is currently held as a job share, one of the post holders is appointed as a Trustee and one is an observer to the Trustee Board.

The four external lay Trustees are sought through open public advertisement of the vacancy, short listing and interview by the Nominations Sub-Committee. Their appointment is approved by resolution of Council on the recommendation of Nominations Sub-Committee and in the light of their expertise and experience in matters within the terms of reference of the Trustee Board. To ensure proper communication and accountability, the Chair of the Audit Committee also sits on the Trustee Board as an observer.

The RCGP is unique amongst the medical Royal Colleges in having both a President and a Chair of Council. These two roles are complementary but distinct. The Chair of Council is responsible for representing and guiding the views of Council and for representing the RCGP with a wide range of stakeholders. The Council is responsible for the overall strategic policy direction and leadership of the College in leading the profession of general practitioners.

The President is a non-voting member of Council and is a figurehead with ceremonial duties. There are no executive powers attached to the role. The President is an elected position by ballot of the whole membership. The term of office is a single term of two years.

There are six Officers of Council as listed below. All are elected by Council via ballot.

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Report of the Trustees

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Post Officer Term
Chair Prof Martin Marshall CBE FRCGP 3 years
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Chair Prof Martn Marshall CBE FRCGP 3 years
Vice-Chair Dr Gary Howsam FRCGP 3 years
Vice-Chair Dr Michael Mulholland FRCGP 3 years
Vice-Chair Dr Mike Holmes FRCGP (untl 23 February
2021 and thereafer vacant)		 3 years
Honorary Secretary Dr Jonathan Leach OBE FRCGP 4 years
Dr Victoria Tzortziou-Brown OBE FRCGP
(job sharers)
Honorary Treasurer Dr Steve Mowle FRCGP 5 years, with further 3 years
possible

Devolved nations

Each of the devolved nations is represented by a Devolved Chair and Council who develop and lead the profession for the specifics in each country.

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Post Officer Term
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Chair of RCGP Northern Dr Laurence Dorman FRCGP 3 years
Ireland
Chair of RCGP Scotland Dr Carey Lunan MRCGP 3 years
(untl 31 December 2020)
Dr David Shackles MRCGP
Dr Chris Williams MRCGP
(job sharers – both took ofce from
1 January 2021)
Chair of RCGP Wales Dr Mair Hopkin FRCGP 3 years
(job-share) Dr Peter Saul FRCGP

Faculty representatives

The College has a network of 32 faculties to support its members across the UK which are each supported by regional offices, and national offices in each of the devolved nations. The business of each faculty is determined by a Faculty Board and they each have a representative on Council.

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Executive Management Team

The Executive Management Team is responsible for implementing the policies of the College and managing the day-to-day business. It comprises the Chief Operating Officer and five Directors.

Executive Management Team

Chief Operating Officer Dr Valerie Vaughan-Dick PhD Executive Director of Policy and Engagement Mark Thomas Executive Director of Professional Training and Standards Fiona Erasmus Executive Director of Planning and Resources Harriet Jones Executive Director Membership Development and Ben Clacy Education (from 6 October 2020; Managing Director of Enterprises and Conferences previously) Executive Director of Membership and International (to Simon Bowen 3 September 2020)

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Report of the Trustees

Trustee Board and Committee structures are shown in the table below

Commitee
Role
Reports
to
Audit Commitee
Chair –
Dr Paul Myres FRCGP
Two Trustees, one independent and
three College members including the
Chair.
Met four tmes in 2020/21
Oversees the
adequacy of the risk
and control systems
with an emphasis
on scrutny of key
risks and monitoring
internal audit
programme.
Planning & Resources Commitee
Chair –
Dr Steve Mowle FRCGP
Four Trustees (including the Chair),
two independent members and one
College member.
Met four tmes in 2020/21
Oversees
the fnancial
management of the
College
Governance Commitee
Chair –
Dr Jonathan Leach FRCGP (untl
20 Nov 20)
Dr Victoria Tzortziou-Brown (from
21 Nov 20)
Three Trustees (including the Chair),
one Council member, one member
of the College and one member
from the College’s Patent Carers
Partnership Group.
Met six tmes in 2020/21.
Supports the Chair
of the Trustee Board
with advising on the
skills required by
Trustees and through
its Nominatons
Sub-Commitee
appraises suitability
of candidates for
Ofcer roles
Remuneraton Commitee
Chair –
Alan Wells
Three Trustees, one external
member, one Council member, and
an independent Chair.
Met twice in 2020/21.
Approves the
Executve Pay Policy
Investment Commitee
Chair –
Dr Steve Mowle FRCGP
Three Trustees (including the Chair).
Met twice in 2020/21 but now
disbanded and dutes transferred to
Planning & Resources Commitee.
Ensures the College’s
investment policy is
met		 Trustee Board
12 Trustees
Met nine tmes
in 2020/21
(including two
extra-ordinary
meetngs and
three planned
additonal
meetngs)		 Collectve
decision
making on the
management
and
administraton
of the College
and its status
as a charity.

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Covid-19

Initial Response

From 23 March 2020, when the Government advice on social distancing came into force, the College moved rapidly to contain risks to the organisation and its people by setting up internal and external working groups to implement rapid decisions and seek to mitigate, reduce or transfer risks as they arose.

Internal Overview & Prioritisation Group

This group assessed and considered the College-wide response to the Covid-19 pandemic and provided oversight of the risks identified by the two main Covid groups detailed below. The strategic risk on Covid-19 is the key mechanism for providing assurance to the Trustee Board on how risks are being mitigated where possible or where the current risk score remains high.

Covid Clinical Advisory and Policy Group

This group coordinated the College’s response to key Covid-related policy and clinical issues and had been active in advising NHS England on the development of Standard Operating Procedures.

Covid Response Group

This group focused upon the College’s internal response to the pandemic, regularly reporting key decision areas, actions and risks to the Internal Overview & Prioritisation Group. Immediate areas of focus included the utilisation of the Government’s Job Retention Scheme, managing the College finances in response to the pandemic and mitigating impact on the College’s essential business as usual activities.

Other Governance Changes

The Trustee Board would normally hold workshops prior to each quarterly meeting to cover training needs and provide Trustee updates. During 2020 these were suspended, and the focus of the Trustee Board between April-July 2020 was the implementation of the Finance Recovery Plan and managing critical risks.

Clinical Skills Assessment

In order to ensure that the cohort of trainee doctors in 2020 were able to exit training as planned in August 2020 the College developed at speed a new assessment to be used as part of the MRCGP examination. This is called Recorded Consultation Assessment (RCA) in place of the Clinical Skills Assessment (CSA) which enables trainees to submit recorded consultations with real patients as opposed to travelling to London and having mock consultations in person. This rapid development mitigated one of the key risks around the delay of doctors qualifying during the pandemic.

Homeworking

The College was already well advanced with its IT infrastructure and transitioned rapidly to remote working. The College’s decision-making meetings moved online with all non-essential meetings either cancelled or postponed during the early stages of the pandemic.

Financial Assessment and Actions

From April 2020 the College worked to minimise the financial consequences of the pandemic on the financial stability of the organisation. The scale of the challenge was substantial.

An additional two College short life working groups were set up to prepare for activities of the College once the immediate threat of the pandemic had passed – the Future of the College Post Covid-19 and the Future of General Practice Post Covid-19 (the work of this later group is detailed under our progress and achievements section). A Financial Recovery Plan was agreed by Trustees. The closure of the College’s

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headquarters at 30 Euston Square for commercial use significantly impacted the financial model for the College. The Trustee Board met monthly from April to October 2020 (omitting August) in order to steer the College through the implementation of the revised financial planning. A staff restructure took place resulting in redundancies and some staff were placed on long term furlough.

Continuing Response

A wide-ranging consultation was undertaken with staff, partners, clinicians, Council and faculty members to help steer how the future function and organisational structure of the College needed to change. Six formal consultation events were held – four with staff; one with Council; and one with RCGP clinicians.

It was clear from the consultation and the recommendations from the Future of the College short life working group that there needed to be increased transparency over how decisions were made and an increase in diversity – of people and opinions, so members could see themselves and their views reflected in the work of the College.

Covid-19 Risks

There is a specific strategic risk on Covid-19 which details the obvious ongoing risks associated with the pandemic such as financial; staff; and wellbeing but in addition wider risks include:

Patient Groups

Patients are at the heart of activity at the College and are the hub of healthcare. Their viewpoints are an important development of general practice. There are patient groups based in each country and the aims of each are to:

The effectiveness of the Trustee Board and its committees

The Charity Governance Code, which is endorsed by the Charity Commission, recommends that charities publish in their Annual Report & Accounts a statement explaining use of the Code. A detailed report on the seven principles of the Code was considered by Trustees and focussed upon principle 4 – decision making, risk and control: and principle 5 – Board effectiveness.

Overall, the College is performing well against many of the principles including reviewing delegation of authority; membership of committees; and access to specialist advice as required. Areas of additional focus were found to be the need to ensure there was necessary time and space to consider information during Board meetings and for Trustees to discuss their own effectiveness and ability to work together. The move to remote meetings and the pause in Trustee Board workshops during the pandemic have meant there has been less time to consider relationship building. Another area which requires further improvement is the prioritisation of items for discussion within a limited time frame.

There has been a resumption of Trustee Board workshops with a focus on risk appetite the most recent topic. These workshops will continue into 2021/22.

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Report of the Trustees

Policies and procedures for the induction of Trustees

Upon appointment each Trustee is provided with an induction process that includes the following:

Performance reporting to the Trustee Board

During 2020-21 the information considered by the Trustee Board was quality assured by:

Risk management

The Audit Committee provides detailed scrutiny of the risk management processes in place across the College whilst the Trustee Board retains overall responsibility for risk management and reviews the strategic risk register at each meeting.

Risk management is designed to achieve a proportionate balance between control, cost and risk-taking.

The remaining major strategic risks excluding Covid-19 which are discussed above facing the College,

including financial sustainability, are:

Workforce

The risk when there is a misalignment between the organisation’s existing workforce and the workforce required to deliver its objectives. The risks relating to the impact on staff of Covid-19; including furlough where applicable; school closures; wellbeing; as well as the ability of staff to pivot quickly to ensure the new requirements of members are met have been under consideration. Key mitigations include improved communication; flexible working with staggered start and finish times; staff talks from GPs on specialist topics including men’s health; resilience and cardiovascular health. An internal audit report dated March 2021 that assessed whether the College had effective controls in place in order to build an effective and motivated workforce was rated with substantial assurance. A People Plan was launched in January 2021 with five workstreams that seek to strengthen staff engagement and resilience.

Information Technology

The risks arising from cyber threats exploiting weaknesses in controls and security of processing activities and the need to ensure threats to technology are constantly monitored and mitigated. Ongoing work to minimise the risks include technical patching on an agreed schedule; annual review of relevant policies on passwords and security; frequent vulnerability scans, penetration testing and other reviews of the technology eco-system by external specialists. In March 2021 the internal auditors did a follow up report on cyber security and confirmed that the College had adequate policies and guidelines for remote working that had been in place since before the pandemic.

During 2020-21 the College had not been required to report a formal incident to the Information Commissioner’s Office or the Charity Commission. However, in June 2021 a notification was made to the

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Report of the Trustees

Charity Commission about the resignation of the Chair of the Trustee Board. This did not meet the criteria of a ’serious incident’ but was made to demonstrate proactive transparency.

Pensions Deficit

Detail on the pension deficit can be found in the financial section but under risk management the pension deficit is mitigated through effective budgeting and forecasting which takes into account payments, including deficit payments, in relation to the pension plan.

30 Euston Square

The headquarters of the College has been predominately closed during 2020 including its hospitality and hotel commercial functions. This closure has had a significant impact on the finances of the College as well as leading to new risks relating to maintenance whilst empty and the need to ensure work on HS2 and its possible impact on the building remains under scrutiny. The mitigations included an early robust risk assessment of the building to ensure staff and visitor safety during the pandemic as well as the Finance Recovery Plan that detailed the commercial impact of closure on the College’s finances.

Equality, Diversity & Inclusion

Strategy

The College published its first Equality Diversity & Inclusion Plan 2020-2023 in September. This set out ambitious milestones relating to membership; governance; and policy. Plans are underway for short life working groups on each of the nine protected characteristics under the Equality Act 2010 with the intention of ascertaining if there are issues the College should be addressing. This is a key priority for the Council of the College and Council and Faculty members will be participating in this area of work.

The responsibility for ensuring that the Equality, Diversity & Inclusion Policy is implemented lies with the Chief Operating Officer and through the Chair of Council and the Chair of the Trustee Board in respect of Council members, Trustees volunteers and membership involvement. Further information about the impact of this work is reported in pages 29 and 30.

Employment

The College is committed to a policy of equality of opportunity in its employment practices and aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of race (including colour, nationality, ethnic or national origins), sex, sexual orientation or marital status, disability or of other conditions not justified in law or relevant to the performance of the job.

Individuals are selected, promoted and treated on the basis of their abilities and merits, and according to the requirements of the job.

Safeguarding

An advisory report by our internal auditors provided recommendations on how to ensure the College adopts best practice for safeguarding arrangements. These recommendations reflect the wider scope of what is considered safeguarding in the charity sector to include duty of care to staff, volunteers and beneficiaries in general. The College used this as the basis for a review to reflect safeguarding as a culture and to use the expertise of our GPs to inform this implementation.

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Report of the Trustees

Our vision, purpose and values

Object of the College

“To encourage, foster and maintain the highest possible standards in general medical practice and for that purpose to take or join with others in taking any steps consistent with the charitable nature of that object which may assist towards the same”

Our vision

Excellence in general practice for patients worldwide

Our purpose

To promote the best possible quality of health and healthcare for the population by:

Our values

The RCGP is the heart and voice of General Practice and as such:

Public benefit

The College provides public benefit, and the advancement of health and of education, through:

The Trustees have referred to the Charity Commission’s guidance on public benefit when reviewing its aims and objectives and in planning its future activities to ensure that the activities the College undertakes are in line with its charitable objects and aims.

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Strategic plan 2020–2023

This year we published our new strategic plan ‘Putting members at the heart of everything we do’ which set out the following four main objectives:

  1. Deliver practical solutions to tackle workload pressures and sustain and equip GPs to provide the best possible patient care.

  2. Develop the College into a dynamic and inclusive membership community.

  3. Promote the contribution of general practice and the role of the GP.

  4. Ensure members place a high value on their College membership.

These objectives are to be achieved whilst maintaining our core values set out in our People Plan

Compassion – for our patients, the populations we serve, our members, our colleagues and ourselves

Inclusivity – we value diversity as part of our community and treat each individual with equal respect

Sustainability – we look to the future and care about the long-term wellbeing of our members, our profession, our patients and the world around us

Accountability – we take responsibility for the results of our actions and continuously strive to be the best that we can be

Integrity – we are honest, open, ethical, just and fair

Activities and achievements during 2020-21

Responding to Covid-19

The response to the Covid-19 pandemic and the need to equip members with the resources to support their work and well-being has inevitably dominated the work of RCGP. At the outset of the pandemic, GPs were faced with the immediate challenge of remote working - introducing new on-line and telephone consultations for patients and ensuring those requiring urgent care received this, all against the backdrop of a reduced workforce itself experiencing increased absence levels due to Covid-19. Throughout the pandemic, GPs have dealt with some of the toughest conditions to have faced the profession in modern times through to spearheading the NHS Vaccination Programme.

The governance response has been outlined in “COVID-19, Risk Management and the Trustee Board” above. The major achievements listed below are those which were the focus on specific Covid response workstreams which inevitably took priority, particularly during the first half of the year. As the pandemic has progressed more Covid related work has become a mainstream part of our strategic priorities and where this is the case are reported in progress on the four priority objectives.

Progress and Achievements

Campaigning work

The RCGP has played a highly influential role externally throughout the pandemic with our Chair, Officers and Devolved Council Chairs appearing in the national media almost daily most particularly at the outset of the pandemic and the GP-led vaccination programme. In July 2020 we published ‘General Practice in the Post Covid World’ setting out our vision for the future of General Practice. This was informed by a rapid RCGP engagement exercise with members, patients and external stakeholders. This included virtual engagement events during the Covid-19 lockdown; a written consultation exercise with our member groups and Committees; a virtual workshop with external stakeholders including think thanks, academics, clinical leaders, and policy makers; and written submissions from responders to a consultation document

We have been a significant influence on national policy in all four nations on issues including on issues such as PPE, shielding, care home guidance, testing, end of life drugs, anticipatory care planning and death certification. We successfully lobbied for a suspension of CQC inspections for our members in England,

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the suspension of QOF in Wales and Northern Ireland, as well as relaxation of the professional regulatory burden by the GMC and removal of red tape which delayed the return of retired GPs to support the national vaccination programme.

Continuation of the delivery of the MRCGP examination:

The College has responded to the disruption of arising from the COVID-19 pandemic by developing a Recorded Consultation Assessment (“RCA”) in place of the Clinical Skills Assessment. The RCA is a summative assessment of a doctor’s ability to integrate and apply clinical, professional, communication and practical skills appropriate for general practice. It requires candidates to submit 13 recorded consultations, which may be any combination of audio, video or face to face encounters.

Establishment of the Covid Resource Hub

At the outset of the Covid-19 pandemic we recognised the need to quickly develop and signpost members to guidance to support GPs in understanding and managing their response and contribution. Freely available to anyone on the RCGP website, it brings together information on topics ranging from diagnosis to keeping practices safe. The hub is updated daily with the latest developments and guidance.

On-line events

As a result of the pandemic, we have successfully moved our income and non-income generating event delivery online. We began with 1-hour free online Covid webinars to support general practice in managing the significant demands thrown up in a fast-changing environment. We re-developed our existing face to face courses, such as one day Essentials for an on-line audience and also created some new ‘for digital’ webinars, such as the Essentials Webinar Series. Our face-to-face Telephone Consulting & Triage Skills courses have always been very popular, and the pandemic has increased demand threefold for our online equivalent.

International Collaboration

In a further demonstration of RCGP’s standing internationally, we hosted a webinar in collaboration with the World Health Organisation in February 2021 examining global lessons learnt from COVID -19. The event attracted over 600 members and healthcare professionals from around the world and is expected to be the first of several high-level collaborations between RCGP International and WHO.

Delivering practical solutions to tackle workload pressures and sustain and equip GPs to provide the best possible patient care.

Our objective

By 2023 members will be able to access a range of practical resources to tackle workload pressures and deliver relationship-based care in new ways; and that the College will be the first port of call to meet members’ professional development needs.

To achieve this aim we are:

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Progress and achievements:

A one stop shop for CPD

At the end of December, we transferred over 25,647 active users to a new trainee e-portfolio and introduced a new Appraisal Toolkit enabling trainees who gain their CCT to move their records seamlessly to the latter, providing they have RCGP membership. This is a welcome development enabling RCGP members to have a single e-record in which to hold all professional qualifications and CPD records.

Fit for the Future

We have successfully completed Continuity of Care and Person-Centred Care outputs in partnership agreements with NHS England and the Health Foundation. We published a Digital Technology roadmap which outlines the actions required to achieve our vision of a digitally enabled general practice by 2030.

Monitoring Workload

The Research and Surveillance Centre service transfer from Surrey University to Oxford University is complete and a new CRM system in place to support further expansion of the number of practices providing surveillance data. A member survey provided important data to assess the impact of Covid-19 work on GPs.

New Qualifications in Family Medicine

The scoping and market research assessment of an RCGP Diploma in Family Medicine has been completed and following a cost benefit evaluation we are considering an alternative ‘International Certificate’. Although Covid-19 has had an impact on international partnership agreements for delivery of MRCGP (INT), we have continued to advise partners through virtual meetings.

Developing the College into a dynamic and inclusive membership community

Our aim with this priority:

Our aim is that by 2023 more members will be engaged in the College and its work, and that RCGP will be recognised as a responsive and inclusive organisation that better reflects the diversity and dynamism of the profession.

To achieve this aim we are:

Progress and achievements

Membership

Total membership for the year ended at 54,159 compared to 53,918 for the same period last year - a net increase of 0.45%.

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The total number of new members joining since 1 April 2020 is 4,781 compared to 4,563 for the same period last year - an increase of 4.8%.

The total number of reinstatements since 1 April 2020 is 1,690 compared to 1,326 for the same period last year – an increase of 27.45%.

The total number of leavers is 5,907 (10.62% of total membership) - an increase of 741 leavers compared to the previous year.

The retention rate ended at 89.38%.

Faculty Events

We held 317 on-line events across the UK. These events consist of a mix of CPD, wellbeing, member and student engagement and MRCGP Preparation courses for our GP Trainees. A number of English Faculties and RCGP Wales have developed online courses and events to support Trainees with the new Recorded Consultation Assessment (RCA).

Digital Engagement

The MyRCGP app was launched in February 2020 providing members with instant access to the latest news, courses, and e-learning. Members can stay up-to-date when they are on the move. The app also features personalisation to user interests to provide a tailored list of events local to members. Feedback shows the app is increasingly being used to improve access to toolkits, events and Covid-19 resources.

An online member forum was launched in May 2020 with an initial focus on supporting members posting experiences, questions, concerns and sharing good practice in responding to Covid-19. The Forum has since evolved to cover communities of interest such as Associates in Training, Research, Equality Diversity and Inclusion, International and Overseas members, and Technology.

Membership Pathways

From May 2021 any GPs who have been on the GMC GP register for a minimum of five years and have completed at least one revalidation cycle (or completed CEGPR) are now eligible to apply for membership via a new, inclusive route advertised on the RCGP website. Work on development of a refreshed and streamlined fellowship process is underway, although progress was interrupted by the need to direct resources to Covid-19 work. An interim offline application process expected early May 2021 and further progress detailed under future plans.

Member Participation and Development

RCGP Mentoring was launched in February 2021 offering an array of resources to help members to:

In the first two months since launching RCGP Mentoring, we have over 400 mentors and 200 mentees registered and using the platform.

Career support

The College aims to develop a compressive ‘careers hub’ to equip current and prospective members with the knowledge, understanding, confidence and skills that they need to make informed choices and plans for their future learning and career. To date, early work has taken place to develop dedicated support and resource for early career GPs, navigating GP training and life post-CCT. Our CelebrAiT and GP Ready campaigns provide an example of the support and resource we wish to offer on a larger scale, for all members, at all stages of their career.

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Promote the contribution of general practice and the role of the GP

Our aim with this priority:

Our aim is that by 2023 members feel that because of the College’s efforts, the contribution of general practice and the role of GPs and their teams are more highly valued by patients, the public, politicians and opinion formers. We would also like to see general practice as the preferred destination for more students, doctors and other trainees and professionals considering their career options in the NHS.

To achieve this aim we are:

Progress and achievements

Celebrate the Value of General Practice

This work was overtaken by Covid-19 and redirected into the highly successful General Practice is Open Campaign. We have created a series of resources that can be incorporated into practice websites. We further responded to the Covid-19 Vaccine programme led by GPs using social media to raise awareness through #GPisOpen and #GPCovidJab. Amongst all this ongoing work, RCGP Scotland and RCGP Wales developed and launched highly influential manifestos to promote the value of general practice to candidates and the media ahead of Parliamentary elections in May 2021

Investment and workforce numbers

We successfully campaigned for the removal of unnecessary bureaucratic obstacles to enable GP returners to be cleared to deliver the vaccination programme. We have as well as working hard behind the scenes on these issues. As a result of our lobbying, the requirement in England for GPs wanting to assist with the vaccination programme to be on the performers list has been removed, and we have been feeding into NHSE/I guidance and processes to ensure the route for returners is as streamlined as possible. We’ve also successfully lobbied to see an increase in GP training places in Wales, investment in an occupational health service for GPs in Scotland, and a commitment to continue to the rollout of MDTs across Northern Ireland.

GP as a career

The College aims to develop a comprehensive ‘careers hub’ to equip current and prospective members with the knowledge, understanding, confidence and skills that they need to make informed choices and plans for their future learning and career. To date, early work has taken place to develop dedicated support and resource for early career GPs, navigating GP training and life post-CCT. Our CelebrAiT and GP Ready campaigns provide an example of the support and resource we wish to offer on a larger scale, for all members, at all stages of their career.

Launched in April 2020, Observe GP is a free, interactive learning platform for aspiring medics. It is an alternative to work experience, providing value insights into medicine, available 24/7, irrespective of geography, background, or family network.

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Since it launched, over 20,000 aspiring medics have registered and used the platform.

The platform has been designed specifically for young people, aged 16 and over, who are living in the UK and who are interested in applying to study medicine.

In developing Observe GP, our ambitions were:

Over 90% of users indicate that they now have a better understanding of what a GP does. 70% of which stated, ‘Yes I am more likely to consider pursuing a career as a GP because of Observe GP’.

WONCA 2022 Conference

RCGP will be host to the WONCA Europe Conference at the Excel Centre in June 2022. This highly prestigious event will be cojoined with the RCGP annual conference for one of the largest gatherings in primary care internationally. A scientific committee has been convened to start work on developing a scientific programme that will enable members to exchange experiences and good practice with GPs from across Europe.

MRCGP

To become licensed to practise as a GP in the UK, doctors must pass the College’s MRCGP examination, comprising the Applied Knowledge Test (AKT), Remote Consultation Assessment (RCA) and WorkplaceBased Assessment (WPBA). The RCA replaced the Clinical Skills Assessment (CSA) in July 2020, as a result of the Covid-19 pandemic. In 2020-2021, 4673 candidates sat the AKT and 4102 sat the RCA.

Ensure members place a high value on their College membership

Our aim with this priority:

By 2023 we want to improve member satisfaction levels and the retention rate among all member grades.

To achieve this aim we are:

Progress and achievements

Enhancing our CPD offer

New Membership and Events Teams were established in Scotland, Wales and Northern Ireland, to ensure that locally appropriate CPD is developed and delivered locally, as well as CPD from across the College is promoted to members.

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Digital Transformation

The new Trainee e-Portfolio system has been successfully rolled-out to all 45,000 users of the system. The discovery phase for a new website is nearing completion and implementation will begin in Q2 of 2021.

Business Planning and Supporting Staff

Business plans were amended to reflect the unexpected challenges arising from Covid including resource constraints. These have been reviewed throughout the year along with monthly re-assessment of the financial impact and progress in delivering the agreed finance recovery plan. The two organisational restructures during the year were challenging for the organisation and all staff. Despite these, progress against the delivery of the People Plan is continuing well with the successful delivery of management development training and the launch of staff wellbeing initiatives.

New Income-Generating activity

The Programme delivery teams are delivering the NHSE/I backed Personalised Care Institute, which remains a high-profile programme. It is the organisation responsible for standard setting and accreditation for personalised care, with the objective to educate seventy-five thousand professionals to deliver personalised care by 2024, working closely with more than forty partners to achieve its goals. The Women’s Health, QOF QI, Physical Activity Charter project, Veterans Friendly are among the most successful projects and are likely to continue into the next financial year.

The RCGP consultancy programme, Primary Care Development, has successfully moved to the provision of virtual rather than face to face coaching and practical support due to the pandemic. The coaching element has been especially important during the pandemic.

The events team have successfully transferred face to face events to online events which have proved to be extremely popular with our members. A new webinar series has also been created, the ‘Essential Webinar Series’, aimed at providing short clinical updates that can be accessed live or recorded to access anytime.

Future plans

We anticipate that Covid-19 will continue to be a major influence on our work over the coming year. GPs will have a critical role in dealing with the terrible legacy left by the pandemic from those suffering the effects of Long Covid and mental health issues, patients waiting for urgent treatments that have been displaced by critical Covid care, and the prospect of on-going vaccination programmes.

We plan to continue our work to support the key objectives of the Strategic Plan during 2021-22.

Delivering practical solutions to tackle workload pressures and sustain and equip GPs to provide the best possible patient care.

We will be developing a new consultation assessment component of the MRCGP, which will replace both the CSA and the interim RCA. This is a major project which will involve considerable resource and include engagement with stakeholders.

Developing the College into a dynamic and inclusive membership community

A new online application process will be developed as the primary method of application. This will incorporate new pathways to fellowship and new digital functionality. Preliminary work on this has already begun and further development will continue over the next 10 months. It is anticipated that the new online application process will be ready to launch in early 2022.

Promote the contribution of general practice and the role of the GP

We will shape the future of general practice post-Covid, through our policy and influencing work, focusing on relationship-based care, digital innovation and community health. We will deliver a programme of work to measure GP workload and reduce the workload pressures on general practice through policy influencing and practical solutions.

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Ensure members place a high value on their College membership

We will continue to offer our events, coaching and consultancy services virtually while re-introducing face to face options as appropriate. We will also be introducing hybrid events, where members can attend an event face to face and others virtually. We will further develop this offer based on the feedback from our membership.

The development of the new website will continue at pace this year, with personalised marketing of events and CPD offers to members increasingly becoming a feature as digital integration between our systems enables us to understand more about our member needs and wants.

Equality, Diversity and Inclusion.

In September 2020 we published the RCGP action plan reinforcing our determination to be an inclusive organisation where diversity is respected and encouraged. We realise it is easy to promise commitments in writing, but it is much harder to make concrete improvements to our organisational culture. For that reason, we have initiated an ambitious programme of work around the seven protected characteristics in the Equality Act 2010, building on the foundations of our initiatives to support BAME and LGBT+ staff and members.

BAME Task Force

A BAME Task Force was established to identify measures for addressing a number of issues following feedback from members. Working groups involving staff and members were commissioned around the following themes:

Progress

Work is still being finalised but already the groups have made significant progress:

In the light of experience of BAME GPs and communities, we have written to the Equalities Minister, along with the Department for Health and Social Care to raise concerns regarding culturally competent occupational risk assessment tools; the need for better public health communication and improved data collection on ethnicity, the inclusion of primary care in the NHS Staff survey; and asking for more accountability for health inequalities in the NHS. Briefings to all MPs highlighted these and other broader issues in general practice and we called on the Secretary of State to clarify the rationale for people from Black, Asian and Minority Ethnic communities not being included on the initial JCVI prioritisation list.

We have engaged major stakeholders on how they monitor for differentials on BAME GPs and develop mitigating actions.

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LGBT

In September 2020, in a partnership with the Government Equalities Office (GEO) we launched a suite of e-learning resources to support GPs and other healthcare professionals to deliver the best possible care for Lesbian, Gay, Bisexual and Trans (LGBT) patients. The first-of-its-kind learning hub is designed to be accessible to busy GPs working under considerable time pressures with six on-line modules ranging from 15-30 minutes in length. Backed-up with podcasts and screencasts, the resources aim to ensure users have access to evidence-based, up-to-date information to deal with the unique health needs LGBT patients may have.

Future actions

BAME Task Group is expected to conclude its work by June 2021 including recommendations for future work.

We have established seven Equality, Diversity and Inclusion Working Groups to review priorities for members around each of the nine protected characteristics. This work will aim to conclude and report mid-year.

Sustainability and carbon reporting

As a founding member of the UK Health Alliance on Climate Change, RCGP is committed to playing a leading role in decarbonising General Practice as well as our own climate footprint. In 2019 we took the decision to disinvest in fossil fuels and switched to the purchase of renewable electricity.

This is the first report where we are providing Streamlined Energy and Carbon Reporting data. We have carried out detailed work to measure and understand our main energy usage. These figures are for our main buildings at 30 Euston Square, London and 25 Queen Street Edinburgh. We have not been able to obtain figures from landlords for the 19 leased premises and have excluded these from the report.

Our reporting methodology is based on the World Resources Institute/World Business Council for Sustainable Development Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (revised edition), and the UK Government’s Environmental Reporting Guidelines, 2019.

We have reported emissions from operations over which RCGP has operational control. All emissions calculations are derived from activity data. The primary sources used for energy and fuel is billing data. The data for air, train and car (land) travel is derived from expenses claims and invoices from our company travel broker.

We will continue to embed measurement of greenhouse gas emissions (GHG) as an integral ‘business as usual’ approach to energy management practice, improve our understanding of how energy is being utilized and identify further opportunities to reduce this.

Energy Reduction and other sustainability Initiatives

Energy usage in 2020/21 was materially impacted by COVID with our move to remote working and curtailment of College activity. Our planned activity to support our initiatives to reduce emissions were impacted as a result. Our electricity is from renewables.

We have improved monitoring and management of building temperature and increased the use of light sensors across 90% of our main building. We sold our office in Scotland which as an older building was energy inefficient.

The impact of COVID resulted in limited flights on College business during the year. Travel emissions had been declining over recent years as the use of digital channels increased, having been at nearly 400,000 kgCO2e in 2018/19 and now zero in 2020/21.

We have made significant investment in upgrading our technology to improve digital accessibility and reduce the need for printed documents as part of our ‘digital-first’ policy. Print volumes in 2018 were 1.5m pages (average of 125,000 per month); volumes in 2020/21 were 175,000 pages in total.

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Overall recycling rates have steadily increased in 2020/21 with improved awareness of recycling facilities in working areas as well as across commercial activity. We achieve zero waste to landfill through analysis of each waste stream, suitable end of life solutions through re-use, recycling and redesign of waste products. We removed the provision of disposable cups from our staff kitchenettes. Prior to closure necessitated by COVID, 87% of packaging used in our café facility had a green credential (recyclable origin, compostable, bio-degradeable). Various initiatives have reduced food waste including re-use of coffee grounds, bespoke ordering, cooking oil conversion to bio-diesel. We have replaced bottled water for hospitality purposes with in-house filtered water.

Energy Consumption

----- Start of picture text -----
GHG - CO2e Tonnage 2019/2020 2020/21
Natural Gas Consumption 528 486
Electricity Consumption 319 174
Water 16 4
Land Travel 19 0.2
Air Travel Not available 1
Train Travel Not available 0.35
Total 882 665
Intensity Ratio (total emissions/RCGP fte as of 31 March 2021) 2.98
Methodology GHG Conversion Factors for Company Reporting
----- End of picture text -----

Financial review for the year

Results for the year

The consolidated statement of financial activities shows the College’s total incoming resources for the year have decreased to £36.5m (2020: £43.4m), while total resources expended decreased to £34.9m (2020: £44.2m).

This year there were gains on the revaluation and disposal of investments of £0.9m (2020: Loss of £0.1m). The actuarial loss on defined benefit pension scheme was £0.4m (2020: gain of £0.4m). The pension scheme deficit decreased to £4.2m (2020: £4.7m).

The funds balances at the year end are represented by unrestricted funds £53.9m (2020: £50.7m), restricted funds £1.5m (2020: £1.5m) and capital endowment funds £Nil (2020: £Nil).

The College has net current liabilities of £1.4m (2020: £3.9m) at the year end. The improvement on the previous financial year is due to higher cash balances due to the sale of our office in Edinburgh which completed in March and proceeds from sale of investments being held as cash in the short term.

The principal funding sources for the College remain membership subscriptions, examinations income and surplus generated by its trading subsidiaries.

Reserves policy

The College has £53.9m held in general funds. These funds represent the accumulated surpluses from general business activities and are available for use at the discretion of the Trustees.

General funds include unrestricted funds, designated project funds, a designated property reserve and the pension deficit fund.

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----- Start of picture text -----
Fund Total £(m)
----- End of picture text -----

Unrestricted funds 5.6
Designated project funds 2.4
Designated property reserve 50.1
Pension defcit (4.2)
Total General Funds 53.9

Designated project funds

These are funds that have been assigned to particular projects the College is undertaking. For more detail on individual designations see Note 31 on page 54.

Designated property reserve

This reserve represents funds invested in the property owned by the College, 30 Euston Square, London and other fixed assets less the amount repayable on the loan for the building.

This is a change from the prior year calculation which excluded non property fixed assets.

Pension deficit

The College has a material pension deficit which remains a risk. This is being managed with an effective budgeting and forecasting process in place that takes into account payments, including deficit payments, in relation to the pension plan.

Where further actions are being taken in terms of plans for the future of the scheme or discussions with pension Trustees this is also being included.

Free reserves

The Trustees consider all unrestricted funds and designated project funds to be free reserves and readily realisable. As at year end these totalled £8.0m.

Trustees have reviewed key risks, as outlined in Risk Management . Where possible these risks have been quantified in order to assess the optimal level of free reserves required.

Following this review Trustees have agreed a target range for the level of free reserves of 3 to 6 months operational expenditure (£9.0m to £18m).

Currently the College holds free reserves totalling £8.0m. This is £1.0m less than the lower end of agreed range. Trustees have reviewed a 3-year plan which intends to restore reserves to within the desired level through delivering higher surpluses.

Going concern

Trustees have considered several factors in concluding that the adoption of a going concern basis in the preparation of these financial statements is appropriate. These factors have included a summary of the key risks and uncertainties in the context of the College’s operations (including COVID-19) and a review of the budgets and forecasts for the next three years. The forecasts consider both immediate liquidity and longer-term solvency, together with the impact on reserves.

For the period to 31 March 2024 the Board has considered the impact of a series of scenarios, detailing what is considered to be an assumed position against a ‘best-case’ and ‘worst-case’ scenario. Material differences between the scenarios result from assumptions relating to commercial use of the Head Office, member numbers and inflation.

Working capital requirements are met through income received from business activities. The College has the ability to drawdown against funds held within the College’s investment portfolio if required. The College has a loan facility in place with Barclays Bank as detailed in note 29 to the financial statements.

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During the year the College agreed a deferral of loan capital repayments for 12 months from June 2020 as part of the Finance Recovery Plan implemented in response to challenges presented by COVID. Repayment will be at the end of the loan term.

The COVID-19 pandemic had a significant, immediate impact on the College’s operations.

The government guidelines introduced in March resulted in the Clinical Skills Assessment examination in March and the Applied Knowledge Test in April being cancelled. The College rapidly developed an alternative Recorded Consultation Assessment with the first sitting taking place in July and continuing throughout the year.

Membership income is a key income stream, and the College continues to ensure the delivery of value of being a member to guard against decline.

The most significant financial impact has been in relation to the cancellation of face-to-face events and conferences, impacting College activity directly as well as activity in the College’s trading subsidiary, RCGP Enterprises, as third-party events were significantly reduced with only external exams being hosted at 30 Euston Square. With the expected easing of lockdown restriction during Summer 2021, events income is assumed to make a gradual recovery.

Having regard to the financial models for the period to 2024 and the assumptions on which those are based, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Subsidiary and related companies (subsidiaries)

The College has three subsidiary undertakings which are consolidated in these accounts:

Investment policy

The investment objective of the portfolio, as set by the Trustee Board, is an absolute return strategy which aims to maintain the capital value of the portfolio in real terms and achieve positive returns.

The Charity’s ethical investment policy precludes direct or indirect investment in companies that generate more than 10% of revenues from:

Investment is also precluded in companies which:

Updated: 06/2020

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During the financial year, Trustees agreed to move investments from a discretionary portfolio managed by Ruffer LLP to a managed fund with Royal London Asset Management Ltd. Liquidating the investment portfolio held with Ruffer and reinvestment with Royal London was partially complete by 31 March 2021. The investment portfolio valuation as of 30[th] June 2021 was £9.5m, £0.5m higher than at year-end.

Fundraising policy

The College is a member of the Fundraising Regulator. The College does not currently undertake specific fundraising activities, but it supports the Code of Fundraising Practice, and any future fundraising activity would be carried out in line with its recommendations.

Grant making policy

The Scientific Foundation Board (SFB) awards grants for research whose findings will be of direct relevance to the care of patients in the general practice setting. Any GP, primary healthcare professional or university-based researcher may apply for a grant for scientific research to be undertaken in the UK. The SFB’s definition of research is descriptive and includes experimental studies. All applications are judged on the quality of the project proposal. It should be noted that the Board does not fund audit projects.

The SFB gives a high priority to submission from practising GPs and other members of primary care teams. The SFB encourages, and will give priority to, applications from young and/or new researchers and to those who have not previously been funded by the SFB. Applications are not restricted to those from members of the College.

The SFB administers offers two forms of research funding: annual research grants of up to £30,000 and Practitioner Allowance Grants of up to £2,000. Applications for annual research grants are reviewed by members of the SFB, and at the annual meeting of the SFB (held in the Autumn) the Board decides where research grants will be awarded. Practitioner Allowance Grants can be applied for at any time of the year and are awarded following review by the chair and at least one other member of the SFB.

Employment

The College is committed to a policy of equality of opportunity in its employment practices and aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of race (including colour, nationality, ethnic or national origins), sex, sexual orientation or marital status, disability or of other conditions not justified in law or relevant to the performance of the job.

Individuals are selected, promoted and treated on the basis of their abilities and merits, and according to the requirements of the job.

Pay policy for staff

Senior staff

The Executive Management Team is considered the key management personnel of the College. The pay of the Executive Management Team is monitored by the Remuneration Committee. A professional reward consultancy undertakes an extensive benchmarking exercise triennially and produces a report which is then considered by the Remuneration Committee, who makes a final decision on the Executives pay. Our Executive Pay Policy sets out our approach to pay and is underpinned by the following principles: to pay a fair salary and reward package to attract and retain skilled and expert senior leaders for the College and to ensure our salaries and benefits are competitive within the sector, proportionate to the complexity of each role and responsibility and affordable.

All staff

RCGP operates the Reward Connected Job Evaluation scheme (JESS), which determines the College’s pay structure and associated pay. The median market rate for each of the grades is the minimum salary for all posts at RCGP. In order to ensure RCGP salaries continue to accurately reflect median market rates, an exercise to review the market is conducted triennially by an external consultancy. Following the external

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review, which informs the College on the market rates, amendments to the pay and grading are considered by Trustees.

Separately to the benchmarking exercise, the College determines on an annual basis any general uplift to existing rates of pay for College employees.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales and Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the of the College and the group and of the incoming resources and application of resources of the College and the group for that year.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the College’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the Charity’s constitution. They are also responsible for safeguarding the assets of the group and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Crowe U.K. LLP were re-appointed as auditor during the year and have indicated their willingness to continue in office.

The Trustees who held office at the date of the Report of the Trustee Board confirm that there is no relevant audit information of which the College’s auditors are unaware. Each Trustee has taken the necessary steps to ensure they are aware of any relevant audit information and to establish that the College’s auditors are aware of that information.

Approved by the Trustee Board and signed on its behalf by:

Dr John Chisholm

Acting Chair of Trustee Board

Dr Steve Mowle FRCGP

Honorary Treasurer

Approved on 29th July 2021

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Independent Auditor’s Report to the Members of Royal College of General Practitioners

Year to 31 March 2021

Opinion

We have audited the financial statements of the Royal College of General Practitioners (‘the parent charity’) and its subsidiaries (‘the group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the College and Group Balance Sheets, the Consolidated Cash Flows Statement and notes to the financial statements, including 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 group 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 trustee’s 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 charity’s or the

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group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 34 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

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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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, Health and Safety legislation, Taxation legislation and employment legislation. We also considered compliance with local legislation for the group’s overseas operations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

34

RCGP Accounts 2021

Independent Auditor’s Report

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

London

Date 26 August 2021

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Crowe U.K. LLP is eligible for appointment as auditor of the charity under regulation 10(2) of the Charities Accounts (Scotland) Regulations by virtue of its eligibility under section 1212 of the Companies Act 2006.

35

RCGP Accounts 2021

Consolidated statement of financial activities

Consolidated statement of financial activities

Consolidated statement of fnancial actvites
Consolidated statement of financial activities		 Consolidated statement of fnancial actvites
Consolidated statement of financial activities		 Consolidated statement of fnancial actvites
Consolidated statement of financial activities		 Consolidated statement of fnancial actvites
Consolidated statement of financial activities
Note
Income from:
Charitable actvites
Project income
Examinaton fees
Membership income
Courses & events
Other income
Other trading actvites
Trading income from subsidiaries
Investment income
Total income
Expenditure on:
Raising funds
Fundraising costs
Trading expenditure
Investment management fees
Charitable actvites
Future of general practce
GP educaton
Supportng membership
Voice of General Practce
Total expenditure
20
Net income / (expenditure) before gains
Net gains on investments
25
Net gains on disposal of fxed assets
Net income / (expenditure)
Transfers between funds
32, 33
Actuarial gains
34
Net movement in funds
Balances at 1 April 2020
Balances at 31 March 2021		 Unrestricted
Funds
£’000
4,448
6,515
19,869
809
1,392		 Restricted
Funds
£’000
870
-
-
4
-		 Total
£’000
5,318
6,515
19,869
813
1,392
2,638
38		 -
1		 2,638
39
35,709 875 36,584
-
2,280
62		 -
-
18		 -
2,280
80
2,342 18 2,360
4,133
10,109
9,367
8,120		 60
490
170
2		 4,193
10,599
9,537
8,122
31,729 722 32,451
34,071 740 34,811
1,638
907
832
3,377		 135
23
-
158		 1,773
930
832
3,535
192
(381)		 (192)
-		 -
(381)
3,188 (34) 3,154
50,689
53,877		 1,503
1,469		 52,192
55,346
RCGP Accounts 2021

Balance sheets

Balance sheets

Note
Fixed assets
Tangible assets
24
Investments
25
Current assets
Stocks
Debtors
26
 College
2021
£’000
67,499
11,862		 College
2020
£’000
70,062
11,070		 Group
2021
£’000
67,499
11,862		 Group
2020
£’000
70,062
11,070
79,361 81,132 79,361 81,132
11
2,472		 10
2,779
 44
2,871		 51
3,354
Short term deposits - 443 - 443
Cash at bank and in hand
27
Creditors:
amounts falling due within one year
28
Net current liabilites
Total assets less current liabilites
Creditors:
amounts falling due afer one year
29
Net assets excluding pension liability
Defned beneft pension scheme liability
34
Net assets including pension liability
34
Represented by:
Unrestricted funds
Designated funds
31
Pension defcit
34
General funds
Restricted funds
32
Capital funds
Funds		 7,834 3,763 9,445 4,637
10,317
(11,722)		 6,995
(10,944)		 12,360
(13,765)		 8,485
(12,434)
(1,405) (3,949) (1,405) (3,949)
77,956
(18,364)		 77,183
(20,264)		 77,956
(18,364)		 77,183
(20,264)
59,592
(4,246)		 56,919
(4,727)		 59,592
(4,246)		 56,919
(4,727)
55,346 52,192 55,346 52,192
5,618
52,505
(4,246)		 7,825
47,591
(4,727)		 5,618
52,505
(4,246)		 7,825
47,591
(4,727)
53,877
1,469		 50,689
1,503		 53,877
1,469		 50,689
1,503
- - - -
55,346 52,192 55,346 52,192

Approved by the Trustee Board and signed on its behalf by:

Dr John Chisholm Acting Chair of Trustee Board Approved on 29[th] July 2021

Dr Steve Mowle FRCGP Honorary Treasurer

37

RCGP Accounts 2021

Consolidated cash flow statement

Cash fow statement
Net cash infow from operatng actvites
Returns on investments and servicing of fnance:
Interest received
Dividends received
Net cash infow from returns on investments
P i ibl fd		 2021
£’000
4,996
2
37
39
766		 2020
£’000
783
30
64
94
982
ayments to acqure tange xe assets
Proceeds from disposal of fxed assets
Purchase of investments
Proceeds from disposal of investments
 ()
1,565
(9,276)
8,747		 ()
-
(3,896)
3,963
Net cash outlow from investng actvites
Pension defcit repayments
Capital repayment of secured loan
Interest payable on secured loan
Revaluaton of investment property
Interest rate swap liability
Net cash outlow from fnancing actvites
Cash infow / (outlow) before use of liquid resources
Decrease in short term deposits
Increase / Decrease in cash
Reconciliaton of incoming resources to operatonal cashfow
Net incoming / (outgoing) resources
Adjustment for investments
Adjustment for pension
Gains on disposal of fxed assets
Depreciaton
Interest payable on secured loan
Investment income and bank interest receivable
Decrease in stock
Decrease in debtors
Increase / (Decrease) in creditors
Net cash infow from operatng actvites		 270
(980)
(533)
(552)
711
(126)
(1,480)
3,825
443
4,268
2021
£’000
3,537
(1,516)
118
(832)
2,595
552
(39)
8
482
91
4,996		 (915)
(980)
(3,200)
(560)
(35)
289
(4,486)
(4,524)
389
(4,135)
2020
£’000
(707)
(378)
134
-
2,506
560
(94)
11
71
(1,320)
783

38

RCGP Accounts 2021

Consolidated cash flow statement

Reconciliation of movement in net debt

Increase / (decrease) in cash
Cash outlow from bank loan
Movement in net debt in the period
Net debt at 1 April 2020
Net debt at 31 March 2021
Analysis of net debt		 2021
£’000
4,268
534
4,802
(15,619)
(10,817)		 2020
£’000
(4,135)
3,200
(935)
(14,684)
(15,619)
Cash held by investment managers (note 26)
Cash at bank and in hand (note 28)
Bank loan due within one year (note 29)
Bank loan due afer one year (note 30)
Net debt at 31 March 2021		 2021
£’000
-
9,445
9,445
(1,898)
(18,364)
(10,817)		 2020
£’000
540
4,637
5,177
(533)
(20,263)
(15,619)

39

RCGP Accounts 2021

Notes to the financial statements Year to 31 March 2021

1. Charity information

The Royal College of General Practitioners is a Chartered Corporation and a registered charity, administered in accordance with its Royal Charter, Ordinances and Byelaws. The Charter was granted to the College in 1972. The Charity Registration Numbers are 223106 (England) and SC040430 (Scotland). The registered address is 30 Euston Square, London, NW1 2FB.

2. Basis of accounting

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice 2005 which has since been withdrawn.

The Royal College of General Practitioners meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Trustees have considered several factors in concluding that the adoption of a going concern basis in the preparation of these financial statements is appropriate. These factors have included a summary of the key risks and uncertainties in the context of the College’s operations (including COVID-19) and a review of the budgets and forecasts for the next three years. The forecasts consider both immediate liquidity and longer-term solvency, together with the impact on reserves.

For the period to 31 March 2024 the Board has considered the impact of a series of scenarios, detailing what is considered to be an assumed position against a ‘best-case’ and ‘worst-case’ scenario. Material differences between the scenarios result from assumptions relating to commercial use of the Head Office, member numbers and inflation.

Working capital requirements are met through income received from business activities. The College has the ability to drawdown against funds held within the College’s investment portfolio if required. The College has a loan facility in place with Barclays Bank as detailed in note 29 to the financial statements. During the year the College agreed a deferral of loan capital repayments for 12 months from June 2020

40

RCGP Accounts 2021

Notes to the financial statements

as part of the Finance Recovery Plan implemented in response to challenges presented by COVID. Repayment will be at the end of the loan term.

The COVID-19 pandemic had a significant, immediate impact on the College’s operations.

The government guidelines introduced in March resulted in the Clinical Skills Assessment examination in March and the Applied Knowledge Test in April being cancelled. The College rapidly developed an alternative Recorded Consultation Assessment with the first sitting taking place in July and continuing throughout the year.

Membership income is a key income stream, and the College continues to ensure the delivery of value of being a member to guard against decline.

The most significant financial impact has been in relation to the cancellation of face-to-face events and conferences, impacting College activity directly as well as activity in the College’s trading subsidiary, RCGP Enterprises, as third-party events were significantly reduced with only external exams being hosted at 30 Euston Square. With the expected easing of lockdown restriction during Summer 2021, events income is assumed to make a gradual recovery.

Having regard to the financial models for the period to 2024 and the assumptions on which those are based, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Having regard to the above the Trustees believe it appropriate to adopt the going concern basis of consolidation in preparing the financial statements.

The consolidated accounts comprise the results of the College and its wholly owned subsidiary companies, RCGP Conferences Limited (company number 03896012 (England and Wales)), RCGP Enterprises Limited (company number 01984344 (England and Wales)) and RCGP International Limited (company number 12033221 (England and Wales)), made up to the balance sheet date. Accounts of all three companies will be filed with the Registrar of Companies.

A separate statement of financial activities for the College is not presented as permitted by the SORP. The College has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a College only cash flow statement.

3. Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Membership/Examination income is credited to the statement of financial activities (SoFA) in the year to which it relates.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

Government grants are recognised on the accruals basis, when there is reasonable assurance that the College will comply with the conditions attaching to the grant and the grant will be received. The grant in connection to the job retention scheme, has been recognised in the period to which the underlying furloughed staff costs relate to.

4. Expenditure and the basis of apportioning costs

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

RCGP Accounts 2021

41

Notes to the financial statements

Expenditure comprises the following:

5. Investments

Listed investments are included in the balance sheet at their open market value at the end of the financial period. Realised and unrealised gains or losses are recorded in the SoFA in the year in which they arise. Investment property is revalued annually using a discounted cash flow approach to rental income.

Investments in subsidiary companies are included at cost.

6. Stocks

All stocks are stated at the lower of cost and their net realisable value.

7. Tangible fixed assets

All assets costing more than £5,000 and with an expected useful life expectancy exceeding one year are capitalised. The College also capitalises items of less than £5,000 which are part of the capital replacement programme.

Freehold properties, comprising freehold buildings and freehold land owned by the College are stated in the accounts at cost.

Freehold buildings which, following professional advice, are deemed to equate to 85% of the total cost of the freehold properties are depreciated over 50 years, on a straight-line basis.

Finance costs and interest payments associated with the acquisition of fixed assets are not capitalised.

No depreciation is charged on freehold land.

Improvements to property are depreciated on a straight-line basis over five years.

Furniture and equipment (other than computer equipment) are capitalised and depreciated on a straightline basis over two or five years determined by the useful life of the asset.

Computer equipment, software and network systems are capitalised and depreciated over three years with the exception of servers and website which are depreciated over five years both on a straight-line basis and IT design equipment which is depreciated over 7 years.

The CRM is capitalised and depreciated over 10 years.

Website and Revalidation capitalisation - Design and content development costs have been capitalised only to the extent that they lead to the creation of an enduring asset delivering future economic benefits at least as great as the amount capitalised. The useful life has been determined to be five years with exception of software costs which have a three-year life and are both depreciated on a straight-line basis. The carrying value of the asset will be subject to annual impairment reviews.

42

RCGP Accounts 2021

Notes to the financial statements

8. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

9. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

10. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

11. Financial instruments

The College only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Included in creditors is a total of £0.5m relating to the interest rate swap on the College’s loan. This is a derivative financial instrument which has been measured at fair value through the SoFA.

Other basic financial instruments held by the college include investments measured at fair value through statement of financial activities, total value £11 . 9m (2020: £11 .0 m).

12. Fund accounting

Restricted funds comprise monies raised for, or have their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the College’s charitable objects.

13. Councils and faculties

Transactions, assets and liabilities of the Scotland, Wales and Northern Ireland Councils and the individual faculties of the College are included in the SoFA and balance sheet of the College.

14. Pension costs

The College operates two pension schemes for or on behalf of eligible staff:

All staff are eligible to contribute to this scheme on joining the College. The College contributes 8% and employees contribute 4%, based on eligible employees’ pensionable earnings, which is payable to employees’ personal pension plans. Contributions by the College are recognised in the SoFA in the period to which they relate.

43

RCGP Accounts 2021

Notes to the financial statements

ii) Defined benefit pension plan

The College contributes to a defined benefits pension scheme providing benefits based on final pensionable salary, which closed on 30 June 2006. Pensionable contributions are paid into the scheme in accordance with the recommendations of actuaries.

The scheme is funded, with the assets of the scheme held separately from those of the College.

Current service costs, past service costs, gains and losses on settlement and curtailments, interest on pension scheme liabilities and the expected return on pension scheme assets are charges to resources expended, allocated on the basis of the number of employees.

Actuarial gains and losses are recognised immediately as other recognised gains and losses, after “net incoming/ (outgoing) resources for the year”.

As detailed in note 36, pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained triennially and are updated at each balance sheet date. The resulting defined benefit pension scheme liability is presented separately after “net assets excluding pension liability” on the face of the balance sheet.

15. Termination payments

Termination payments are recognised as an expense in the SoFA when incurred.

16. Leased assets: Lessor

Rentals applicable to operating leases are charged to the SoFA on a straight-line basis over the period of the lease.

17. Leased assets: Lessee

Rentals applicable to operating leases are charged to the SoFA on a straight-line basis over the period of the lease.

18. Related Party Transactions

During the year the charity made payments for services of £114,277 to Health Education England of which Professor Simon Gregory (Trustee) is a director, and Steve Mowle (Trustee) is an employee.

The charity made payments of £5,720 to King Edward Road Surgery, of which Professor Simon Gregory (Trustee) is a director.

There is no amount outstanding between the charity and these entities at year end.

During the year the charity made payments for services of £250 to University of Oxford, of which Margaret McCartney (Trustee) is an employee.

There is no amount outstanding between the charity and this entity at year end.

During the year the charity made payments for services of £61,881 to University of East Anglia, of which Professor Amanda Howe (President) is an employee.

The amount outstanding between the charity and this entity at year end was £12,412.

During the year the charity made payments for services of £67,885 to Cambridgeshire and Peterborough CCG, of which Dr Gary Howsam (Officer) is an employee.

There is no amount outstanding between the charity and this entity at year end.

During the year the charity made payments for services of £52,435 to Gough Walk Practice, of which Dr Victoria Tzortziou Brown (Officer) is an employee.

RCGP Accounts 2021

44

Notes to the financial statements

There is no amount outstanding between the charity and this entity at year end.

During the year the charity made payments for services of £714 to Pendleton King Ltd of which Dr David Pendleton (Trustee) is a director.

There is no amount outstanding between the charity and this entity at year end.

19. Critical accounting judgements and estimates

The preparation of the Group financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses, including the assumptions associated with the College’s pension scheme liability and the estimates used to revalue the Investment property. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience, for example with the actuarial assumptions used for the pension scheme.

20. Expenditure

Cost of generatng funds
Fundraising costs
Commercial expenditure
Investment management
Charitable expenditure
Future of general practce
GP educaton
Supportng membership
Voice of General Practce
Total		 Direct costs
£’000
Grants made
£’000
Support
costs
£’000
Total
2021
£’000
Total
2020
£’000
-
-
-
-
9
2,280
-
-
2,280
6,892
18
62
-
80
103
3,095
-
1,098
4,193
4,566
7,222
-
3,377
10,599
10,448
4,164
-
5,373
9,537
13,958
4,793
-
3,329
8,122
8,208
21,572
62
13,177
34,811
44,184

Support costs total £11.6m (2020: £15.3m) for the year. These include property services, finance, IT, HR and other governance costs. These are allocated on a headcount basis as below. Included is £44k (2020: £45k) for audit fees.

Support costs
Finance & procurement
Property costs (including depreciaton)
Faculty & devolved council support
IT costs
HR (including pension costs)
Governance		 2021
£’000
2020
£’000
1,401
1,908
5,611
5,913
628
1,209
4,384
4,852
998
1,169
155
225
13,177
15,276

RCGP Accounts 2021

45

Notes to the financial statements

21. Grants payable

During the year eleven (2020: thirteen) grants were payable to individuals totalling £107k (2020: £52k). These grants were made in accordance with the policy outlined in the Trustees report.

22. Employee information

22. Employee informaton
Wages and salaries
Social security costs
Childcare Vouchers
Group personal pension plan costs		 2021
£’000
2020
£’000
10,431
11,776
1,073
1,228
22
38
1,303
1,489
12,829
14,531

The average number of employees during the year was as follows:

Cost of generatng funds, charitable actvites and governance
Support functon
Total		 2021
2020
222
274
47
53
269
327

At year end the number of employees whose emoluments exceeded £60k was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
£110,001 - £120,000
£160,001 - £170,000		 19
17
9
10
1
4
2
3
1
1
1
1
33
36

During the year the College paid salaries, including Employer’s NI and pension, totalling £729,843 (2020: £775,849) to key management personnel as listed on page 7.

During the year the College made redundancy payments of £250k (2020: £57k) and there were no balances outstanding at year end (2020: £Nil).

Employer pension contributions totalling £250k (2020: £361k) were made in respect of thirty-three employees (2020: thirty-six) who earned total emoluments in excess of £60,000.

23. Trustees’ and council members’ expenses

None of the Trustees or members of Council received any remuneration in respect of their services in those roles during the year (2020: none).

Expenses in the year were paid to 31 Trustees and members of council (2020: 71) and comprised the following:

Locum fees
Travel and subsistence		 2021
£’000
2020
£’000
141
109
5
130
146
239

RCGP Accounts 2021

46

Notes to the financial statements

24. Tangible fixed assets

Cost (£’000)
At 1st April 2020
Additons
Reclassifcaton
Disposals
At 31st March 2021
Depreciaton (£’000)
At 1st April 2020		 Freehold
propertes
Furniture
and equipment
Computer and
network
systems
Revalidaton
system and
website
Total
71,702
3,064
8,392
186
83,344
246
64
248
208
766
100
(100)
(752)
752
-
(816)
(47)
(163)
(186)
(1,212)
71,232
2,981
7,725
960
82,898
8755
1189
3197
141
13282
,
,
,

,
Charge for the year
Disposals
At 31st March 2021
Net book values (£’000)
At 31st March 2021
At 31st March 2020		 1,208
461
808
118
2,595
(207)
(18)
(104)
(149)
(478)
9,756
1,632
3,901
110
15,399
61,476
1,349
3,824
850
67,499
62,947
1,875
5,195
45
70,062

Assets under construction costing £0.3m are included in Computer and network systems.

£1.4m of assets under construction have been completed in the year. £0.8m current year computer and network systems assets under construction spend has been reclassed to Revalidation system and website on completion.

Freehold property includes 30 Euston Square, London and in the opinion of the Trustee Board the market value of the property is considerably in excess of their cost.

Freehold property 25 Queen Street, Edinburgh was sold in March 2021.

25. Investments

Listed investments
Market value at 1 April 2020
Additons at cost
Disposals at opening market value
Realised gains on disposal
Net unrealised investment gains
Market value at 31 March 2021
Other investments
Cash held by investment managers
Investment property
Total		 College
2021
£’000
2020
£’000
6,958
6,647
9,275
3,896
(8,747)
(3,963)
1,046
28
470
350
9,002
6,958
-
540
2,860
3,572
11,862
11,070		 Group
2021
£’000
2020
£’000
6,958
6,647
9,275
3,896
(8,747)
(3,963)
1,046
28
470
350
9,002
6,958
-
540
2,860
3,572
11,862
11,070

RCGP Accounts 2021

47

Notes to the financial statements

Turnover
Cost of sales
Gross proft
Administratve expenses
Operatng proft		 RCGP Enterprises Ltd
2021
£’000
2020
£’000
1,260
8,561
(1,027)
(5,820)		 RCGP Enterprises Ltd
2021
£’000
2020
£’000
1,260
8,561
(1,027)
(5,820)		 RCGP Conferences Ltd
2021
£’000
2020
£’000
1,336
2,389
(1,073)
(1,678)		 RCGP Conferences Ltd
2021
£’000
2020
£’000
1,336
2,389
(1,073)
(1,678)		 RCGP Internatonal Ltd
2021
£’000
2020
£’000
43
-
(34)
-
9
-
-
-
9
-		 RCGP Internatonal Ltd
2021
£’000
2020
£’000
43
-
(34)
-
9
-
-
-
9
-
233
(22)		 2,741
(95)		 263
(123)		 711
(178)		 9
-
211 2,646 140 533 9
Gif aid to parent
Net proft for year
Assets
Liabilites
Net assets		 (211) (2,646) (140) (533) - -
-
-
-
-
- - - - 9
1,716
(1,716)		 2,486
(2,486)		 718
(718)		 525
(525)		 82
(73)
- - - - 9

The College owns the entire share capital of RCGP Enterprises Limited, RCGP Conferences Limited and RCGP International Limited, all registered in England and Wales. All three entities traded in the year, RCGP Enterprises Limited providing catering and event income from room hire at 30 Euston Square, RCGP Conferences Limited the annual conference and other events and RCGP International Limited providing consultancy services for overseas customers. At year-end both RCGP Enterprises Limited, RCGP Conferences Limited and RCGP International Limited had net assets of £1 (2020: £1).

During the year RCGP Enterprises made no sales of room hire and catering services to the College (2020: £1.6m). At year-end there is a balance of £0.2m owing from RCGP Enterprises Limited to College (2020: £1.2m owing from College to RCGP Enterprises Limited).

During the year RCGP Conferences made no sales of publishing services to the College (2020: £0.01m). At year end there is a balance of £0.2m (2020: £0.3m) owing from RCGP Conferences Limited to the College.

RCGP International started trading during the financial year and made no sales of consultancy services to the College. At year end there is a balance of £0.04m (2020: Nil) owing from RCGP International Limited to the College.

The balance included in investments for investment property is the valuation applied to the area of 30 Euston Square rented out to 3[rd] parties. The valuation has been calculated using a discounted cash flow model based on forecast yields.

48

RCGP Accounts 2021

Notes to the financial statements

26. Debtors

Trade debtors
Other debtors
Accrued income
Amount due from RCGP Conferences Ltd
Amount due from RCGP Enterprises Ltd
Amount due from RCGP Internatonal Ltd
Prepayments		 College
2021
£’000
2020
£’000
1,506
1,237
36
71
43
200
205
285
212
-
43
-
427
986		 College
2021
£’000
2020
£’000
1,506
1,237
36
71
43
200
205
285
212
-
43
-
427
986		 Group
2021
£’000
2020
£’000
1,881
2,010
57
109
506
244
-
-
-
-
-
-
427
991		 Group
2021
£’000
2020
£’000
1,881
2,010
57
109
506
244
-
-
-
-
-
-
427
991
2,472 2,779 2,871 3,354

27. Cash at bank

Current accounts
Facultes’ current and deposit accounts
28. Creditors
Trade creditors
Income received in advance
Accruals
Taxaton and social security
Barclays Loan due within one year
Other creditors
Amount due to RCGP Enterprises
Interest rate swap		 College
2021
£’000
2020
£’000
6,894
915
940
2,848
7,834
3,763
College
2021
£’000
2020
£’000
1,430
2,537
3,602
4,060
2,410
1,858
426
237
1,900
533
1,479
426
-
692
475
601
11,722
10,944		 Group
2021
£’000
2020
£’000
8,505
1,789
940
2,848		 Group
2021
£’000
2020
£’000
8,505
1,789
940
2,848
9,445 4,637
Group
2021
£’000
2020
£’000
1,551
2,757
4,829
5,634
2,767
1,943
764
540
1,900
533
1,479
426
-
-
475
601
11,722 13,765 12,434

28. Creditors

49

RCGP Accounts 2021

Notes to the financial statements

The interest rate swap is valued at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates. It has an average fixed rate of 2.662%, the notional principal value is £27.2m and is shown at fair value of £0.5m.

The College has agreed a deferral of loan capital repayments with Barclays for 12 months from June 2020.

Reconciliaton of deferred income
Balance brought forward
Released to SoFA
Deferred in year
Balance carried forward		 College
2021
2020
£’000
£’000
4,060
3,482
(4,060)
(3,482)
3,602
4,060
3602
4060		 Group
2021
2020
£’000
£’000
5,634
5,373
(5,634)
(5,373)
4,829
5,634
4829
5634
,
,		 ,
,

29. Creditors: amounts falling due after more than one year

Bank loan due between 2 & 5 years
Bank Loan due afer 5 years		 College
2021
2020
£’000
£’000
10,133
10,128
8,231
10,136
18,364
20,264		 Group
2021
2020
£’000
£’000
10,133
10,128
8,231
10,136
18,364
20,264

The College has entered into an agreement with Barclays Bank plc for a development and term loan facility of up to £32m. The bank loan is secured by way of a first legal charge over the College’s headquarters (that is, 30 Euston Square, London, NW1 2FB)

The College’s exposure to interest rate fluctuations on the loan has been managed by using an interest rate swap. An agreement was signed in July 2016 to fix the interest costs on the loan at 2.662%.

30. Operating leases

Operatng lease due within 1 year
Operatng lease due with 2 & 5 years		 College
2021
£’000
2020
£’000
82
51
154
102
237
153		 Group
2021
£’000
2020
£’000
82
51
154
102
237
153

Operating leases relate to IT equipment and renewals are at the option of the lessee. The annual lease cost is £82k (2020: £51)

50

RCGP Accounts 2021

Notes to the financial statements

31. General and designated funds

Internatonal
Educaton
Special measures & other projects
CIRC Projects
Fixed Assets Designated Fund		 At 1 April
2020
£’000
145
167
322
1,398
45,559		 Income
£’000
-
812
289
1,978
-		 Expenditure
£’000
(20)
(244)
(176)
(1,603)
-		 Realised
and
unrealised
gains/
(loss)
£’000
-
-
-
-
-		 Transfers
£’000
(3)
(570)
52
(137)
4,536		 At 31
March
2021
£’000
122
165
487
1,636
50,095
Total Designated Funds
General funds
Pension funds
Total Unrestricted funds		 47,591 3,079 (2,043) - 3,878 52,505
7,824 31,929 (30,375) 907 (4,667) 5,618
(4,727) - (118) (381) 980 (4,246)
50,688 35,008 (32,536) 526 191 53,877

International Fund - This fund was set up following the introduction of the MRCGP International programme to support the development of general practice/family medicine world-wide and in raising standards of the discipline, being of equivalent academic rigour to the MRCGP in the UK. A new category of International Member was created, and the designation MRCGP [INT] will be in addition to the qualification awarded by the relevant national bodies in the countries concerned, which fund the accreditation process. These are expected to be utilised over the next few years.

Education - These relate to projects the College is undertaking delivering education programs for General Practice, primarily in e-learning. These will be spent over the development of the various projects, which is normally 1 year. Transfer between funds represents the reclassification of Primary care Institute funding to the general funds at the end of the year.

Special measures and other projects - This is project funding relating to the work the College undertakes supporting practices that are at risk of being placed in special measures. It is anticipated the fund will be utilised over the next year.

CIRC projects - This is project funding relating to the work the College undertakes delivering clinical innovation and research, these funds are expected to be spent over the life span of the projects which is normally 1 year.

Fixed Asset Designated Fund - The charity has established a separate reserve to reflect a proportion of the value of the College’s building assets and other assets to prevent the general reserves being overstated by the inclusion of assets which are part of its permanent operating structure. This reserve is different from other reserves as it cannot be realised for cash purposes (e.g. as in charging any other fees or costs that are payable by means of cash going out – this is what we normally do for most designated funds). Transfers represent the net effect of additions to the to assets, depreciation on the asset and repayment of the loan secured against the building.

RCGP Accounts 2021

51

Notes to the financial statements

32. Restricted funds

Kuenssberg Prize
Other secretariat funds
Other internatonal funds
OLE & educatonal
CIRC Projects
Sitf Fdt Bd		 At 1 April
2020
£’000
96
55
151
338
406
16		 Income
£’000
-
-
16
521
90
-		 Expense
£’000
-
(2)
(42)
(496)
(54)
(16)		 Realised
and
Unrealised
gains/
(loss)
£’000
14
-
10
-
-
-		 Transfers
£’000
-
-
-
48
(228)
-		 At 31
March
2021
£’000
110
53
135
411
214
-
cenc ounaon oar
Other Scotsh Funds
Welsh funds
Facultes funds
Total Restricted Funds		 72
46
321		 238
9
-		 (121)
(8)
-		 -
-
-		 -
-
(12)		 189
47
309
1,501 874 (739) 24 (192) 1,468

– Kuennsberg prize This is awarded to those who have had an impact on clinical excellence or patient safety in general practice.

OLE & educational – These relate to projects the College is undertaking delivering education programs for General Practice, primarily in e-learning on specific topics. These will be spent over the development of the various projects, which is normally 1 year. Restricted funds also include funds for the ongoing maintenance and development of the online learning platform

CIRC projects – These funds represent grant project income for clinical innovation and research. Included in the balance is £100k for research into Adolescent special interest groups. Transfer out of the fund represent reclassification of management fees from unrestricted fund.

Scottish appeal fund – This appeal was established to develop the College in Scotland and included in the balance is a fund to investigate health inequalities in Scotland

Faculties funds – These funds are grants held by individual faculties for a range of purposes.

33. Analysis of net assets between funds

Tangible fxed assets
Investments
Net current liabilites
Amounts falling due afer one year
Net assets excluding pension liability
Pension liability
Net assets including pension liability		 Unrestricted
funds
£’000
67,499
10,393
(1,405)
(18,364)		 Restricted
funds
£’000
-
1,469
-
-		 Total
2021
£’000
67,499
11,862
(1,405)
(18,364)
58,123
(4,246)		 1,469
-		 59,592
(4,246)
53,877 1,469 55,346

52

RCGP Accounts 2021

Notes to the financial statements

34. Pension commitments

As described in Note 15, the College operates two pension schemes, one of which is a defined benefits scheme. The assets of this scheme are held separately from those of the College, being invested with Insight Investment Management Limited.

The last formal actuarial valuation was at 1 April 2020. Pension deficit funding contributions was agreed at £1.0m per annum from April 2018.

The level of funding at 1 April 2020 was 72%, and the market value of the fund at the time of the last valuation was £472m. The pension contribution for the year was £1.0m (2020: £1.0m), and no amounts were outstanding at the year end.

Financial Reporting Standard 102 (FRS102) requires the surplus or deficit on the Scheme as at 31 March 2020, calculated in accordance with the requirements of the FRS102, to be included on the balance sheet.

For the purpose of FRS102, the assets of the Scheme have been taken at market value and the liabilities have been calculated by a qualified independent actuary. The major assumptions used by the actuary were:

2021 2020 2019 2018 2017
% % % % %
Rate of increase in salaries 2.65 2.05 2.45 2.30 2.40
LPI pension increases (based on RPI subject to a
maximum of 5% p.a.) 3.30 2.80 3.45 3.30 3.40
Discount rate 2.00 2.30 2.45 2.60 2.50
RPI Infaton assumpton 3.45 2.85 3.45 3.30 3.40
CPI Infaton assumpton 2.65 2.05 2.45 2.30 2.40

The underlying mortality assumption is based upon the standard table known as S3PA Light on the year of birth usage with CMI_2019 future improvement factors and a long-term rate of future improvement equal to 1.25% p.a (2020: same). This gives the following life expectancies in years at 60, for members aged either 45 or 60 at 31 March 2021 (with comparative figures based on mortality assumptions used at previous year end)

Equity and property
GARS & LDI Funds
Cash
Total market value of assets
Present Value of Scheme Liabilites
Net Pension Liability		 Value at 31
March 2021
£’000
13,418
16,102
298		 %
45
54
1
100		 Value at 31
March 2020
£’000
13,230
13,500
270		 %
49
50
1
29,818
(34,064)		 27,000
(31,727)		 100
(4,246) (4,727)

53

RCGP Accounts 2021

Notes to the financial statements

Movement in defcit during year
Defcit at 1 April
Contributons
Other fnance costs
Actuarial gain/(loss)
Defcit at 31 March
 2021
£’000
2020
£’000
(4,727)
(5,932)
980
980
(118)
(134)
(381)
359
(4,246)
(4,727)
2021
£’000
 2021
£’000
2020
£’000
(4,727)
(5,932)
980
980
(118)
(134)
(381)
359
(4,246)
(4,727)
2021
£’000
 2020
£’000
Analysis of amount charged to Statement of Financial Actvites

Other fnance cost
Total operatng charge
Analysis of net return on pension scheme
Expected return on pension scheme assets
Interest on pension liabilites
Net return
Actual return on Scheme assets
Amounts recognised as Pension Scheme gains and losses
Actual return less expected return on pension scheme assets
Experience gains and losses arising on scheme liabilites
Change in fnancial and demographic assumptons underlying scheme assets
Actuarial gain/(loss) recognised in the Statement of Financial Actvites
Cumulatve amount of actuarial gains and losses recognised for the year ending
31 March 2021 are as follows:
Cumulatve actuarial (loss) at beginning of the period
Recognised during the period
Cumulatve actuarial (loss) at end of the period
Movement in (defcit) during the year ending 31 March 2021 are as follows:
(Defcit) in Scheme at the beginning of year
Expenses recognised in proft and loss
Contributon paid by the College
Actuarial gain
(Defcit) in Scheme at the end of the year		 (118)
(118)
837
(719)
118
2,756
2,134
569
(3,084)
(381)
2021
£’000
(12,028)
(381)
(12,409)
(4,727)
(118)
980
(381)
(4,246)		 (134)
(134)
638
(772)
(134)
735
97
45
217
359
2020
£’000
(12,387)
359
(12,028)
(5,932)
(134)
980
359
(4,727)

RCGP Accounts 2021

54

Notes to the financial statements

Changes in the present values of the Scheme liabilites for the year ending
31 March 2021 are as follows:
Present value of Scheme liabilites at the beginning of period
Interest cost
GMP equalisaton cost
Actuarial losses/(gains)
(Gains)/Losses on plan changes
Benefts paid
Present value of Scheme liabilites at end of period		 31,727
719
-
2,515
21
(918)
34,064		 31,780
772
-
(262)
-
(563)
31,727
Changes in the present values of the Scheme assets for the year ending

31 March 2021 are as follows:
Market Value of Scheme assets at the beginning of period
Expected return
Actuarial gains
Benefts paid
Contributons paid by the College
Market value of Scheme assets at the end of period		 27,000
622
2,134
(918)
980
29,818		 25,848
638
97
(563)
980
27,000

Group Personal Pension Plan

On 1 July 2006, the College established a Group Personal Pension Plan with Aviva into which it contributes a maximum of 8% of basic annual salary provided the employee also contributes a minimum of 4%. In order to comply with legislation, a Stakeholder Plan was also established but no employer contribution is paid into this arrangement and, to date, nobody has joined.

The assets of the Group Personal Pension Plan are held separately from those of the College and are invested by Aviva. The total employer contribution for the year was £1.5m (2020: £1.5m) The pension contribution outstanding at 31 March 2021 was £0.1m (2020: £0.1m).

RCGP Accounts 2021

55

Notes to the financial statements

35. Prior year financial information

Note
Income from:
Donatons and legacies
Donatons
Charitable actvites
Project income
Examinaton fees
Membership income
Courses & events
Other income		 Unrestricted
Funds
£’000
-
4,262
6,382
19,579
2,197
855		 Restricted
Funds
£’000
-
655
-
-
5
-		 Total
£’000
-
4,917
6,382
19,579
2,202
855		 2019
£’000
10
4,662
6,663
19,773
2,216
848

Other trading actvites
Trading income from subsidiaries
Investment income
Total income
Expenditure on:
Raising funds
Fundraising costs
Trading expenditure
Investment management fees
Charitable actvites
Future of general practce
GP educaton
Supportng membership
Voice of General Practce
Total expenditure
21
Net (expenditure) before gains
Net (losses)/gains on investments
26
Net expenditure
Transfers between funds
32, 33, 34
Actuarial gains
35
Net movement in funds
Balances at 1 April 2019
Balances at 31 March 2020		 9,344
67		 -
27		 9,344
94		 9,375
108
42,686 687 43,373 43,655
2
6,892
2		 7
-
101		 9
6,892
103		 6
6,862
129
6,896 108 7,004 6,997
4,411
10,082
13,544
8,081		 155
366
414
127		 4,566
10,448
13,958
8,208		 4,674
11,315
14,757
7,993
36,118 1,062 37,180 38,739
43,014 1,170 44,184 45,736
(328)
(57)
(385)		 (483)
161
322		 (811)
104
(707)		 (2,081)
(170)
(2,251)
2,142
359		 (2,142) -
359		 -
1,474
2,116 (2,464) (348) (777)
48,573
50,689		 3,967
1,503		 52,540
52,192		 53,317
52,540

RCGP Accounts 2021

56

Notes to the financial statements

36. Restricted funds

Kuenssberg Prize
Other secretariat funds
Other internatonal funds
Informaton Service Foundaton
OLE & educatonal
CIRC Projects
 At 1 April
2019
£’000
91
58
193
145
376
451		 Income
£’000
1
-
26
5
315
146		 Expense
£’000
(1)
(4)
(71)
(122)
(353)
(186)
 Realised
and
Unrealised
gains/(loss)
£’000
3
-
2
28
-
-		 Transfers
£’000
-
-
-
(56)
-
-
 At 31
March
2020
£’000
94
54
150
-
338
406
Scientfc Foundaton Board 2,065 20 (103) 120 (2,086) 16

Scotsh Appeal Fund
Other Scotsh Funds
Northern Ireland Funds
Welsh funds
Facultes funds
Total Restricted Funds		 150
48
4
65
321		 1
168
-
5
-		 (159)
(143)
(4)
(24)
-		 8
-
-
-
-		 -
-
-
-
-		 -
73
-
46
321
3,967 687 (1,170) 161 (2,142) 1,503

37. Analysis of net assets between funds

Tangible fxed assets
Investments
Net current liabilites
Amounts falling due afer one year
Net assets excluding pension liability
Pension liability
Net assets including pension liability		 Unrestricted
funds
£’000
70,062
9,412
(3,794)
(20,264)		 Restricted
funds
£’000
-
1,658
(155)
-		 Total
2019
£’000
70,062
11,070
(3,949)
(20,264)
55,416
(4,727)		 1,503 56,919
(4,727)
50,689 1,503 52,192

RCGP Accounts 2021

57

Notes to the financial statements

38. General and designated funds

Internatonal
Educaton
Special measures & other projects
CIRC Projects
Scotsh Council Funds
Northern Ireland Council Funds		 At 1 April
2019
£’000
215
200
204
1,544
132
10		 Income
£’000
-
39
211
1,257
-
-		 Expenditure
£’000
(70)
(72)
(93)
(1,403)
-
-		 Realised
and
unrealised
gains/
(loss)
£’000
-
-
-
-
-
-		 Transfers
£’000
-
-
-
-
(132)
(10)		 At 31
March
2020
£’000
145
167
322
1,398
-
-
RCGP Wales Development Fund
Facultes Central Designated Funds
Fixed Assets Designated Fund
Strategic Development Fund
Leadership fund
Business development fund
Contngency & Capacity Fund
Total Designated Funds
General funds
Pension funds
Total Unrestricted funds		 7
6
43,565
283
118
441
932		 -
-
-
-
-
-
-		 -
-
-
(38)
(53)
(19)
(131)		 -
-
-
-
-
-
-		 (7)
(6)
1,994
(245)
(65)
(422)
(801)		 -
-
45,559
-
-
-
-
47,657 1,507 (1,879) - 306 47,591
6,848 41,179 (41,001) (57) 856 7,825
(5,932) - (134) 359 980 (4,727)
48,573 42,686 (43,014) 302 2,142 50,689

58

RCGP Accounts 2021