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2020-12-31-accounts

Charity Number: 299872 in England and Wales SCO45652 in Scotland

The Royal College of Ophthalmologists

Report and financial statements For the year ended 31 December 2020

The Royal College of Ophthalmologists

Contents

For the year ended 31 December 2020

Reference and administrative details .............................................................................................. 1 Report of the Trustees..................................................................................................................... 4 Independent auditor’s report ....................................................................................................... 18 Statement of financial activities (incorporating an income and expenditure account) ................... 22 Balance sheet ............................................................................................................................... 23 Statement of cash flows………………………………………………………………………………….…………24 Notes to the financial statements ................................................................................................. 25

The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Charity number 299872 in England and Wales and SC045652 in Scotland Registered office 18 Stephenson Way and operational London address NW1 2HD Trustees The Trustees of the College who served during the year and up to the date of this report were as follows:

Mr MA Burdon President – to 20 May2020
Mr B Chang President – from 21 May2020
Mr DW Flanagan Vice President
Mr N Wilson-Holt HonoraryTreasurer – to 7July2020*
Prof CSC Liu HonoraryTreasurer – from 19 November 2020
Mr M Gupta HonorarySecretary
Miss M Corbett Member Trustee – from 21 May2020
Mr MSM Elalfy Member Trustee
Mrs M Hingorani Member Trustee – from 21 May2020
Mr PN Hossain Member Trustee
Dr V Kirthi Member Trustee – to 20 November 2020
Dr S Mamtora Member Trustee – from 23 November 2020
Miss AF Spencer Member Trustee – to 20 May2020
Mr RH Taylor Member Trustee – to 20 May2020
Mr GG Cropper LayTrustee – to 19 November 2020
Lord PA Hunt LayTrustee
Mr B Smith LayTrustee
Dr A Welchman LayTrustee - from 4 December 2020
Investment managers Solicitors Auditor
Juxon House Camerons Solicitors LLP Sayer Vincent LLP
100 St Paul's Churchyard 70 Wimpole Street Chartered Accountants and Statutory
Auditors
London London Invicta House,108-114 Golden Lane
EC4M 8BU W1G 8AX EC1Y 0TL

*Mr Wilson-Holt died in July 2020. He was greatly respected by clinicians, staff and patients; the Trustees pay tribute to his outstanding contribution as Honorary Treasurer.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Foreword from the Chief Executive

Anyone interested in the use of English will find much to consider in the analysis produced by Oxford Languages 2020 - Words of an unprecedented year. https://languages.oup.com/word-ofthe-year/2020/

It concluded that this year “cannot be neatly accommodated in one single word”.

I disagree and my word of the year is Covid-19, first known to be used in February 2020 by the World Health Organisation. While this report is peppered with words that would have been unfamiliar in 2019, the coronavirus disease has dominated our thinking and our actions since March when we closed the College for an initial 30 days. The transition to working from home went remarkably smoothly and we quickly adapted to Zoom meetings and the need to unmute before speaking.

In the event we kept the College closed completely until September when we returned on specified days for core business purposes, mainly to run courses and for some exam admin. The building had been well maintained by the Facilities Manager and everything worked satisfactorily. The refurbishment of building opposite was largely completed in our absence, but the area remained dominated by HS2 preparations and was strangely empty.

Remote working brings challenges; while many enjoy the freedom from commuting and some reported in a staff survey enhanced feelings of wellbeing, there is the danger of social isolation. In response, the College increased its training opportunities and we have had a series of webinars on topics such as managing mental health, equality and diversity, privilege and unconscious bias, leavened by a smattering of quizzes, social gatherings and, on one of the hottest days of the year, a chocolate making session.

Early on in lockdown we set up the COVID-19 Action Team. It initially met daily to produce guidance and step in to resolve local problems. It now meets on a weekly basis and its focus is on restoring ophthalmology services. https://www.rcophth.ac.uk/about/rcophth-guidance-on- - restoring ophthalmology services/

Of particular note, this year we have:

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

And all the while we have continued to:

Throughout this unprecedented and extraordinary year, the contribution of the staff team, the clinicians connected with the College, the Lay Advisors, Council and Trustees has been immense.

Kathy Evans Chief Executive

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

The Trustees of the College present their report and the audited financial statements for the year ended 31 December 2020.

The reference and administrative information set out on page 1 forms part of this report. The accounts have been prepared in accordance with the accounting policies set out on pages 22 to 49 of the attached accounts and comply with the College’s Charter, applicable laws, and the requirements of 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) (effective 1 January 2015).

The Aims, Objectives and Activities of the College

The College’s strategic plan sets out its focus areas and supporting aims as follows:

Strategic focus areas 2020
- 2022		 Supporting strategic aims
To empower all our
members to achieve the
life-long learning and
expertise needed for the
future of ophthalmology		 •
to deliver our charter in ways that are relevant to modern
ophthalmic care
•
to offer ophthalmologists in the UK and overseas, throughout
their working lives, relevant training, education and guidance
To define the workforce and
resources needed to deliver
safe sustainable care		 •
to define the UK workforce required and campaign to ensure
that it is developed and sustained
•
to invest in research to understand the future demand for eye
care
•
to improve service transformation through guidance and
leadership
To promote the highest
achievable standards of eye
care and speak out if care
falls short		 •
to continue to develop a proactive public affairs programme
of activity in the UK
•
to implement and maintain strategic membership
communications
To deliver our work through
efficient, flexible and
transparent processes		 •
to implement a robust operational structure supported by
efficient and consistent processes
•
to invest in the development of our staff and recruit
effectively to attract the right skills and experience
•
to implement a strategyto broaden our sources of income

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Achievements and Performance

Last year’s accounts were signed in April 2020 – just as COVID 19 was taking hold and beginning to impact the College’s operations significantly. The College’s offices were closed for business from 23 March 2020, and all staff were asked to work from home, which they still do at the date of signing of this report. Despite significant disruption to the College’s activities during the period of national lockdown, resulting in the postponement and cancellation of many of our in person examinations and seminars – the College has still managed to maintain high levels of activity.

Working with our clinicians and external stakeholders, the College produced the following guidance and documentation to continue to engage with and provide guidance to members during the pandemic:

The achievements and performance of the College during the year are set out below in the order of the four key strategic objectives.

Strategic Area 1 – To empower all our members to achieve the life-long learning and expertise needed for the future of ophthalmology

The College continued its aim to develop electronic examinations – a project that was accelerated because of the pandemic. Having just secured the facility for examinations candidates to take written exams at computer based testing centres, the pandemic necessitated a move to the delivery of online proctored examinations which could be delivered to and taken by candidates in their own homes. The College was able to run it overseas practical examination in Singapore in early 2020 but was forced to cancel its refraction exam in Malaysia. Both examinations are scheduled to run in 2021.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

The College also ran its recently re-formatted one and two-day Introduction to Ophthalmic Surgery and Phacoemulsification courses for trainees during 2020. These courses were run in Q3 and Q4 of 2020 as planned, albeit with reduced numbers due to social distancing requirements.

In addition to the production of the COVID specific guidance and documents listed above, the College produced a guideline document entitled Hydroxychloroquine and Chloroquine Retinopathy: Recommendations on Monitoring , following the publication of the RCOphth recommendations for monitoring in hydroxychloroquine and chloroquine users in 2018. This guideline was published due to recent data providing new evidence of hydroxychloroquine retinopathy being more common than previously reported.

The Annual Congress 2020 scheduled to run in May 2020 was cancelled and re-run as a smaller online event in October 2020. The College was also able to convert several seminars to webinars.

Strategic Area 2 – To define the workforce and resources needed to deliver safe sustainable care

The College has committed to carrying out a Workforce Project over the current strategic period to help address workforce issues identified in the 2018 workforce survey. In November 2020, the College embarked on a Cataract Workforce Project and opened a RCOphth Cataract Workforce Guidance Consultation to seek views on the proposed RCOphth Cataract Workforce Guidance. This guidance aims to facilitate streamlining the cataract referral pathways and help implement the pathways at a local level.

The College has also continued to use funding received from Health Education England to continue to develop and roll out the Ophthalmology Common Clinical Competency Framework (OCCCF), a training programme for postgraduate orthoptists, optometrists and ophthalmic nurses working in secondary care to help develop skills in cataract, glaucoma, medical retina and emergency eye care. This framework was developed into Ophthalmic Practitioner Training (OPT) and was ready to be implemented in all units from March 2020.

The College will continue to engage with the Government about the impact of changes to the NHS as they affect ophthalmologists and the practice of ophthalmology to ensure that patients receive the best possible treatment and care.

Strategic Area 3 - To promote the highest achievable standards of eye care and speak out if care falls short

Since August 2019, the College has sourced funding from Trusts and other interested parties to ensure that the Cataract National Ophthalmology Data audit can continue, with donations received from Bayer and Alcon. The fourth prospective National Ophthalmology Database (NOD) Audit report on cataract surgery performed in England, Wales and Guernsey during 01 September 2018 to 31 August 2019 was published on 15 September 2020. The NOD Audit Annual Report 2020 and the Key Findings Summary 2020 are available for download here .

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

In December 2020, the College publicised that its Eye to Eye Podcast had been listed as one of Eye News’ top five podcasts for trainees to listen to. In addition, the podcast has had its 10,000th listen. Reaching these two major milestones in the same week is testament to the popularity of this broadcast. The podcast is hosted by Doctor Sunil Mamtora, an Ophthalmology Trainee, but has content that all Ophthalmic healthcare professionals can enjoy.

Strategic Area 4 - To deliver our work through efficient, flexible and transparent processes

The College has begun a review of its governance and decision making framework to ensure that it is able to adapt to changes quickly and to deliver work efficiently is set up.

In addition to the changes made to the delivery of examinations noted above, the College has continued to focus on improving the efficiency of its processes during 2020 by launching a new customer relationship management system, iMIS. The College also moved to an electronic HR system to support its aim to reduce its reliance on paper. The College has also continued its work to develop a new and more engaging website.

A review of the finances of the College

The results for the year are summarised in the Statement of Financial Activities on page 22 with further details shown in the notes to the accounts. The overall net outgoing resources before gains and losses and transfers amount to £546,000 (2019: net outgoing resources of £335,000). This is combination of net losses on unrestricted, endowment and restricted funds of the College of £484,000, £6,000 and £56,000.

The College’s total income for 2020 was approximately £1m lower than in 2019 due mainly to the cancellation of its annual congress (which generated ££670,000 in 2019 vs £14,000 in 2020) and a reduction in examination income because of the COVID pandemic. The College’s largest source of income is from membership subscriptions which rose slightly in 2020 and accounted for approximately 39% of the College’s (reduced) income this year (2019: 30%).

The resources expended totalled £4,258,000 of which £38,000 relates to expenditure against the endowment fund and £166,000 relates to the costs of activities funded by external parties who have given funding for restricted purposes. The remaining expenditure of £4,054,000 on unrestricted funds includes central costs of £1,726,000 which are allocated to the individual departments based on the number of staff employed in each department. The departmental expenditure both before and after this allocation is shown in more detail in note 6.

A major component of expenditure is the depreciation of the costs of 18 Stephenson Way and its installed contents and systems: this amounts to £299,000. The building is being depreciated over 30 years. The electronic equipment and other moveable furniture and systems are being written off over periods of between three and ten years.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Reserves policy

The College has a policy of holding an income reserve to protect it against future and unforeseen fluctuations in its income and expenditure, particularly in the current period of change regarding the College's role in training and education and its need to support ophthalmologists.

The College holds a mixture of restricted, designated and unrestricted funds. Two endowment funds (one permanent and one expendable) together valued at £925,000 at 31 December 2020 are used to fund research projects. Several restricted funds, together valued at £833,000 at 31 December 2020 are used to fund scholarships, awards, and projects. Designated funds totalling £6,286,000 at 31 December 2020 mostly comprise the fixed assets represented on the balance sheet at 31 December 2020.

Trustees have agreed to fund the additional programme of work in the College’s strategic plan using the College’s reserves where necessary. This includes additional work

and will result in additional expenditure that may not be covered by income receipts, but which are deemed important for the College’s future. With that in mind, the Trustees have agreed to maintain general reserves of no less than 6 months’ running costs for the College.

As at 31 December 2020, general reserves amounted to just under £4,500,000 or 11.4 months of 2019’s unrestricted expenditure (2019: 11.8 months).

Investment policy and performance

The College has been given, by Royal Charter, wide powers to invest monies not immediately required. It has appointed Sarasin & Partners LLP as investment managers.

The College aims to invest funds not required for its immediate use to maintain the real value of its assets and the purchasing power of its income for both current and future beneficiaries of its services. The College also wishes to minimise its risk of capital and income losses. It does this by employing a professional fund manager, by restricting the range of investment instruments and by requiring its investment portfolio to be diversified by placing its investments in a range of common investment funds specifically designed for charities. For 2020, the performance of the funds was as follows:

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Fund Portfolio Benchmark Peer group benchmark
(ARC charity peergroup)
Income Reserves and
Research and Other Fund		 7.8% 6.7% 3.9%
Endowment and Reserves
Fund		 9.6% 6.8% 3.8%

The portfolio of investments currently has a market value at 31 December 2020 of £3,474,000 (2019: £3,227,000).

Funds held as custodian trustee

The College holds funds donated to the Keeler Scholarship Fund which is a charitable fund registered separately with the Charity Commission but incorporated within these financial statements. The fund receives regular donations which are dispensed by way of a scholarship to enable a member of the College to acquire further skill, knowledge or experience. No awards were made in 2020 (2019: none).

Risk Management

The Trustees understand that they have a duty to identify the major risks to which the College is, or might be, exposed. They also have a duty to establish systems to ensure that the exposure to these risks is minimised. The key operational, reputational and financial risks are included in a risk matrix which is reviewed at each Trustee Board meeting, and action is taken to ensure that mitigation measures are in place and acted on by all staff.

Key risk This is being managed by:
•
A lack of strategic leadership and direction
will negatively impact on the RCOphth's
ability to set strategic objectives and then
align service delivery and resources to
achieve agreed objectives. This to be set
against COVID-19 and restructuring
uncertainties.		 •
Ongoing discussions on the College’s
structure and decision making processes
•
Trustee Board monitors progress against
strategic objectives
•
Continued impact of Covid-19 leading to a
major reduction in income, especially on the
College’s annual congress and examinations		 •
Effective framework for longer term
financial planning
•
Monitoring of actual performance against
budget
•
Effective collection of income due
•
Employing NHS Trusts do not allow
members to spend time on College business		 •
Communicating the benefits of College
services to a wide audience

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

•
Writing supportive letters to trusts to
encourage them to release members for
College work
•
Active promotion of College roles to
widen participation rates
•
Encouraging the use of technology to
hold meetings e.g. video conferencing
•
Failure in infrastructure with an asset base
that does not support RCOphth objectives		 •
Maintaining an up to date disaster
recovery plan
•
Regular meetings with IT service
providers
•
Active maintenance of College assets to
ensure they support the College’s
objectives
•
Having support contracts in place
•
StrongICT and facilitiesplanning

The Trustees consider that the major risks have been identified and adequate systems are in place to monitor the College’s exposures and manage these risks.

How our activities deliver public benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit and regularly review the ways in which the activities of the College are carried out to enable the College to achieve its aims and deliver public benefit. This is also considered in the planning of future activities. Some of the ways in which the work of the College delivers public benefit are by the advancement of health and education and the promotion of the profession as fundamental to integrated primary health care.

All the activities of the College are directed to ensure high standards in the practice of ophthalmology for the benefit of both the medical profession and the public.

Going concern

The Coronavirus (COVID-19) continues to have a significant impact on the College. A year after the date of the last report, College staff continue to work from home – and so far, there continue to be changes to the programme of events planned by the College during 2021.

The College has decided to cancel the refraction examination scheduled for January 2021 and will instead run a larger examination in May. Although this does not have a negative effect on the College’s finances – it does evidence the College’s need to adapt quickly to the still fluid circumstances because of COVID-19.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

One significant area of uncertainty surrounds the College’s annual Congress – scheduled to run in May 2021. The College had planned to run a hybrid event – one where members would both attend Congress in Liverpool as well as providing sessions online. However, the College will now run a fully virtual event in May 2021. Congress usually generates a surplus of more than £200,000 for the College – with this surplus used to subsidise less profitable but vital activities at the College such as examinations and training. At the time of writing this report the College is unable to confidently predict the income that will be generated from this event – however it is anticipated that the event will at least break even.

Trustees and senior management continue to monitor the situation closely – and have been provided with a revised budget for 2021 which analyses best, worst and most likely scenarios. Trustees have also been provided with an assessment of the effect on the College’s cash position at the end of 2021 and continue to review the risks to the College.

At 31 December 2020, the College holds more than 11 months’ unrestricted reserves and can absorb the impact of this outbreak in the short term.

The Trustees, having reviewed scenarios on the financial position of the Charity including its forecasts and cashflows, liquidity position and existing commitments, confirm that the College has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties impacting on the College’s ability to be a going concern. Thus, the going concern basis of accounting is adopted in preparing the annual financial statement

Plans for the future

The College aims to deliver its core services (examinations, seminars and curriculum courses) with a minimum level of disruption during 2021.

Strategic Area 1 – To empower all our members to achieve the life-long learning and expertise needed for the future of ophthalmology

The College will continue its development of a new Curriculum for Ophthalmic Specialist Training as part of the GMC reform agenda (now due by 2023). In addition to this, the College aims to introduce further tools to support its members by the implementation of a learning management system during 2021. The structure of the material on the LMS will follow that already used by the College for educational materials:

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Strategic Area 2 – To define the workforce and resources needed to deliver safe sustainable care

2021 will see the College take the results of the RCOphth Cataract Workforce Guidance consultation (which started in November 2020 to seek views on the proposed RCOphth Cataract Workforce Guidance) to help quantify the demand for cataract surgery over the next 10 years and define the workforce required to meet this demand in a sustainable way. This important work is being carried out in response to increasing vacancies for eye consultants in the UK in 2018, and the need for clarity on how to address the problem.

The College plans to carry out membership survey in June 2021 to seek members’ views on how the College is performing, satisfaction levels with the services and benefits and to provide a chance for the College to gather insights.

Strategic Area 3 - To promote the highest achievable standards of eye care and speak out if care falls short

The College has committed to a three year project to develop an Age-related Macular Degeneration (AMD) national audit, in addition to the Cataract audit which is ongoing. AMD remains a leading cause of sight impairment – and the College aims to set up an audit to report on outcomes on AMD treatments in England, Wales and Northern Ireland. Using funding from the Macular Society, the College embarked on a project to assess the feasibility of setting up the audit. Discussions with funders to support this vital work are ongoing with the aim that the project begins in earnest in late 2021.

The College will also launch a new electronic database for the British Ophthalmological Surveillance Unit (BOSU) – which will enable the national collection of data on rare and important disorders in an efficient and more GDPR compliant manner.

Strategic Area 4 - To deliver our work through efficient, flexible and transparent processes

The College has begun a wide programme of works to improve its efficiency and processes. In July 2020, the College employed the services of an external consultant to review and suggest improvements to the College’s governance processes. Initial findings from the first part of this review are being discussed by Trustees, Committee members and College staff.

The College continues to undergo a digital transformation. Work on the recently launched customer relationship management system, iMIS continues in 2021. The new system should enable the College to better connect its members to each other – as well as to the College.

The College continues its project to deliver a new website – which is due for launch by summer 2021.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Structure, Governance and Management

The College was incorporated under Royal Charter on 14 April 1988 and was registered as a charity on 2 August 1988 in England and Wales (number 299872) and on 29 May 2015 in Scotland (number SC045652).

The College is governed by the rules and regulations set down in the Ordinances and enacted within its Royal Charter.

Trustee Board

The Trustee Board is the College’s governing body and meets 4 times a year. The Trustee Board comprises 4 College Officers (the President, the Vice President, the Honorary Secretary and the Honorary Treasurer), four members nominated from Council (two Regional Representatives and two Chairs of Standing Committees), the Chair of the Ophthalmologists in Training Group (OTG) and lay members appointed by the Trustee Board (three).

The Trustee Board is responsible for the governance, financial and legal aspects of the College.

The members of the Trustee Board are recruited as follows:

The College provides all new Trustees with an induction pack which outlines their responsibilities and gives an overview of the College, its functions and how it operates. In addition, training is provided on a range of relevant topics both to the Trustees as a whole and to individuals or groups where specific knowledge is required.

Council

Council reports directly to the Trustee Board and meets 4 times a year. Its function is to develop the College’s policy in relation to professional and clinical matters. Council comprises not more than 40 members including the Honorary Treasurer and Honorary Secretary, up to 20 members

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

elected on a geographical basis and up to four members co-opted by the Council (Ordinance 28) and members appointed by the Council (Ordinance 32). The Editor of Eye attends as of right.

Regional representatives Region Date appointed/(resigned)
Mrs D Sim Moorfields
Mr A Raghu Ram Wales (3 December 2020)
Mr Gwyn Williams Wales 4 December 2020
Mr IGM Duguid NW Thames
Mr M Mookhtair Yorkshire
Mr DC Mansfield Scotland West
Mr R Petrarca South West Thames
Mr P Puri Trent
Mr BJL Burton East Anglia
Mr A Reddy NE Thames
Mr IA Pearce Mersey
Mr M Adams Oxford
Mr MSM Elalfy South East Thames
Mr PN Hossain Wessex
Miss G Silvestri Northern Ireland (20 May2020)
Mr R Best Northern Ireland 21 May2020
Dr A Blake Eire
Dr AAE Pyott Scotland East
Mr S Sandramouli West Midlands
ProfJM Sparrow South West
Mr S Mahmood North West
Mrs V Manjunath North
Co-opted Members
Mr D Boghani Staff and Associate Specialists
Dr V Kirthi Ophthalmologists in Training (20 November 2020)
Dr S Mamtora Ophthalmologists in Training 23 November 2020
Mr W Dean International
Vacant LayAdvisoryGroup
ProfJS Rahi Academic sub committee
Dr S Sobha Editor of Eye

Executive Committee

The Executive Committee reports directly to the Trustee Board. It meets regularly to enact College business in a timely manner and contributes to the formulation of the values, mission, vision, goals, objectives and strategic direction of the Royal College.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

It provides an opportunity for College clinical and staff leaders to consider issues of importance, or which cut across defined committee or departmental boundaries in detail before they are brought to the Trustees for further debate and a final decision and acts in accordance with the strategic plan whilst being cognisant of financial and reputational risks.

Membership of the Executive Committee comprises the College Officers, the Chairs of the Standing Committees as well as key management personnel (defined as those in charge of directing and controlling the charity and running and operating the charity on a day to day basis) at the College:

Committee/role Date
appointed/(resigned)
Mr MA Burdon President (20 May2020)
Mr B Chang President 21 May2020
Mr DW Flanagan Vice President
Mr M Gupta HonorarySecretary
Mr N Wilson-Holt Honorary Treasurer (and Finance
Committee Chair)		 (7 July 2020)
Prof CSC Liu Honorary Treasurer (and Finance
Committee Chair)		 19 November 2020
Miss M Corbett Chair - Education Committee
Mr R Taylor Chair – Examinations Committee (20 May2020)
Mr G Shuttleworth Chair – Examinations Committee 21 May2020
Mrs M Hingorani Chair - Professional Standards Committee
Prof A Lotery Chair – Scientific Committee
Miss AF Spencer Chair – TrainingCommittee
KeyManagement Personnel
Mrs K Evans Chief Executive
Ms E Barnes Head of Professional Support
Mr D Costello Head of Examinations
Mrs A Fedyk Head of Education and Training
Ms T Mtetwa Head of Finance and Operations
Ms E Price Head of Communications and Stakeholder
Engagement

The College also relies on a several sub-committees to provide advice on specialist issues and to help develop policy.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Staff and Remuneration Policy

Staff remuneration is now based on a scale comprising 9 grades each with 2 entry, 4 established and 2 discretionary points. Each grade’s entry range is aligned to the recruitment market median for organisations of a similar size and carrying out similar activities to the College. No staff member is paid below the London living wage.

Staff progress up the pay scale in January of each year on successful completion of an annual performance review. Key management personnel meet annually to review and agree performance review summaries for all staff – and the Remuneration Committee reviews and ratifies this decision. The Remuneration Committee reviews the performance reviews for all key management personnel and agrees their progression up the pay scale as well as the % salary increase to apply to the College’s pay scale based on market data and affordability.

Statement of the Trustee’s responsibilities

The trustees are responsible for preparing the Trustee’s report and the financial statements 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these financial statements, the trustees are required to:

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

The trustees are responsible for the maintenance and integrity of the 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.

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The Royal College of Ophthalmologists

Report of the Trustees

For the year ended 31 December 2020

Auditors

Sayer Vincent LLP were re-appointed as the auditors of the College during the year and have expressed their willingness to continue in that capacity.

Approved by the Trustees on 15 April 2021 and signed on its behalf by

Prof Christopher Liu - Honorary Treasurer

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Independent auditors’ report

To the Trustees of

The Royal College of Ophthalmologists

Opinion

We have audited the financial statements of The Royal College of Ophthalmologists (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 FRS 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Royal College of Ophthalmologist'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.

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Independent auditors’ report

To the Trustees of

The Royal College of Ophthalmologists

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 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.

19

Independent auditors’ report

To the Trustees of

The Royal College of Ophthalmologists

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

20

Independent auditors’ report

To the Trustees of

The Royal College of Ophthalmologists

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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.

4 May 2021 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

21

The Royal College of Ophthalmologists

Statement of financial activities

For the year ended 31 December 2020

Unrestricted
Note
£'000s
Income from:
3
1,466
3
553
3
168
3
109
3
319
3
748
3
-
3
-
4
108
5
99
3,570
6
-
1,110
867
1,001
337
668
-
71
4,054
191
8
(293)
20
(8)
(301)
Reconciliation of funds:
20
11,105
20
10,804
Examinations
Education and Training
Charitable activities
Investments
Total income
Expenditure on:
Cost of generating funds
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
(484)
Net income/(expenditure)
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains/(losses) on investments
Journal "Eye" - joint venture
Scholarships and Awards
The British Ophthalmological
Surveillance Unit (BOSU)
Professional Support
National Ophthalmic Database
Charitable activities
Subscriptions
Examinations
Education and Training
Professional Support
Journal "Eye" - joint venture
National Ophthalmic Database
Scholarships and Awards
The British Ophthalmological
Surveillance Unit (BOSU)
Other trading activities		 Unrestricted
Note
£'000s
Income from:
3
1,466
3
553
3
168
3
109
3
319
3
748
3
-
3
-
4
108
5
99
3,570
6
-
1,110
867
1,001
337
668
-
71
4,054
191
8
(293)
20
(8)
(301)
Reconciliation of funds:
20
11,105
20
10,804
Examinations
Education and Training
Charitable activities
Investments
Total income
Expenditure on:
Cost of generating funds
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
(484)
Net income/(expenditure)
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains/(losses) on investments
Journal "Eye" - joint venture
Scholarships and Awards
The British Ophthalmological
Surveillance Unit (BOSU)
Professional Support
National Ophthalmic Database
Charitable activities
Subscriptions
Examinations
Education and Training
Professional Support
Journal "Eye" - joint venture
National Ophthalmic Database
Scholarships and Awards
The British Ophthalmological
Surveillance Unit (BOSU)
Other trading activities		 Endowment
£'000s
-
-
-
-
-
-
-
-
-
32		 Restricted
£'000s
-
-
31
2
20
-
28
29
-
-		 2020
Total
£'000s
1,466
553
199
111
339
748
28
29
108
131		 2019
Total
£'000s
1,442
764
340
830
300
710
29
28
132
136
3,570 32 110 3,712 4,711
-
1,110
867
1,001
337
668
-
71		 -
-
-
-
-
-
38
-		 -
-
81
-
40
-
2
43		 -
1,110
948
1,001
377
668
40
114		 26
1,368
1,411
1,065
356
634
46
141
4,054 38 166 4,258 5,047
191
(484)		 -
(6)		 -
(56)		 (546)
191		 378

(335)
(293)
(8)		 (6)
-		 (56)
8		 (355)
-		 43
-
(301)
11,105		 (6)
931		 (48)
881		 (355)
12,917		 43
12,874
10,804 925 833 12,562 12,917

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the financial statements.

22

The Royal College of Ophthalmologists

Balance sheet

As at 31 December 2020

Note
Fixed assets:
13
13
14
Current assets:
15
Liabilities:
16
20
Total unrestricted funds
Heritage Assets
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Restricted income funds
Unrestricted income funds:
Designated funds - functional property
Other designated funds
General funds
Endowment Funds
Investments
Cash at bank and in hand
Tangible assets
Total charity funds		 £'000s
948
2,667		 2020
£'000s
6,269
58
3,474		 £'000s
1,043
3,083		 2019
£'000s
6,420
58
3,227
9,801
2,761		 9,705
3,212
3,615
854		 4,126
914
6,286
36
4,482		 6,432
31
4,642
12,562 12,917
925
833
10,804		 931
881
11,105
12,562 12,917

Approved by the trustees on 15 April 2021 and signed on their behalf by

Prof. Christopher Liu Honorary Treasurer

Mr Bernie Chang President

23

The Royal College of Ophthalmologists

Statement of cash flows

For the year ended 31 December 2020

Note 2020 2019
£000's £000's £000's £000's
Cash flows from operating activities
Net cash (used in)/provided by operating activities 21 (343) (206)
Cash flows from investing activities:
Dividends and interest from investments 131 136
Purchase of fixed assets and artwork (138) (153)
Purchase of investments (66) (64)
Net cash (used in)/provided by investing activities (73) (81)
Change in cash and cash equivalents in the year (416) (287)
Cash and cash equivalents at the beginning of the
year 3,083 3,370
Cash and cash equivalents at the end of the year 22 2,667 3,083

24

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

b) Basis of preparation

The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts (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 the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The uncertainty caused by the Covid-19 pandemic has resulted in lower income from examinations and College events in 2020, however examinations have now been structured so that non-practical examinations can be run regardless of the pandemic. The College's annual congress will be scaled back to a virtual event in 2021 – however the reduced income from running a virtual event will be offset by the much reduced cost of doing so. The charity also holds general reserves equivalent to just over 11 months’ operating costs, which will cushion the effect of any future reductions in income.

The trustees consider that there are no sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. After having considered future income and expenditure and cash flow forecasts the trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

Grants and donations received are credited directly to the statement of financial activities in the year in which they are received or receivable, whichever is earlier. Legacy donations are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable (i.e. when confirmation has been received that probate is granted, executors have established that there are sufficient assets to pay the legacy and all conditions attached to the legacy have been fulfilled).

Subscriptions are accounted for on a receivable basis and credited to the statement of financial activities in the period to which they relate. Examination fee income is recognised when the examination takes place. Annual congress income is recognised when the event takes place. Journal 'Eye' income is recognised when the College receives notification of the amounts receivable for the year.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Income from the permanent endowment fund (Bibby/Horton Scholarship) is used to part fund research fellowships jointly with the Medical Research Council. The expendable Research Endowment Fund is used to improve research in ophthalmology and visual sciences.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

25

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

Expenditure on charitable activities includes the costs of delivering examinations, training and educational activities and other services undertaken to further the purposes of the charity and the associated support costs of providing these services.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support and governance costs

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the same basis . Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation lives in use are as follows:

Thirty years Between three and ten years Between

Heritage assets comprise historic books and other ophthalmological artefacts which are preserved and maintained in display cabinets and are not to be disposed of. These are capitalised at historic cost where the College has reliable cost information. The current net book value is believed to be at least equal to the residual value, and as such no further depreciation has been charged.

l) 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.

m) 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.

n) 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.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

o) Pensions

The Royal College of Ophthalmologists participates in two defined benefit pension schemes, the Superannuation Arrangements of the University of London (SAUL) which is a funded defined benefit scheme and the NHS Scheme which is an unfunded defined benefit scheme. The expected cost of providing pensions is charged to the statement of financial activities so as to spread the cost over the service lives of employees in such a way that the pension cost equals the annualised longterm cash outlay to the scheme. Both schemes are multi-employer schemes of which the assets and liabilities cannot be identified for individual employers. The accounts therefore include contributions payable on an accruals basis. Further information for both schemes is given in note 18.

26

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

p) Investments

Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net (losses)/gains on investments” in the statement of financial activities.

q) Grants payable

Grants payable are shown in the year in which the award is payable. If grants are in instalments over a period longer than a year the amounts shown relate to the instalment due in the year in question.

2 Detailed comparatives for the statements of financial activities in 2019

Total funds carried forward
Net movement in funds
Total funds brought forward
Net income/(expenditure)
Transfers between funds
Examinations
Education and Training
Professional Support
National Ophthalmic Database
Scholarships and Awards
The British Ophthalmological Surveillance
Unit (BOSU)
Total income
Expenditure on:
Other trading activities
Income from:
Charitable activities
Subscriptions
Journal "Eye" - joint venture
Charitable activities
Net income/(expenditure) before gains on investments
Examinations
Education and Training
Professional Support
National Ophthalmic Database
Journal "Eye" - joint venture
Scholarships and Awards
The British Ophthalmological Surveillance
Unit (BOSU)
Investments
Net gains on investments
Cost of generating funds
Total expenditure		 £'000s
1,442
764
308
821
290
710
11
-
132
104
Unrestricted		 Endowment
£'000s
-
-
-
-
-
-
-
-
-
32		 Restricted
£'000s
-
-
32
9
10
-
18
28
-
-		 2019
Total
£'000s
1,442
764
340
830
300
710
29
28
132
136
4,582 32 97 4,711
17
1,368
1,254
1,030
346
634
2
76		 9
-
-
-
-
-
-
-		 -
-
157
35
10
-
44
65		 26
1,368
1,411
1,065
356
634
46
141
4,727 9 311 5,047
(144)
378		 23
-		 (214)
-		 (335)
378
234
(37)		 23
-		 (214)
37		 43
-
197
10,908		 23
908		 (177)
1,058		 43
12,874
11,105 931 881 12,917

27

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

Examination fees
Membership subscriptions
Sub-total for Subscriptions
Sub-total for Professional Support
Contract income from Health Quality Improvement
Partnership
Fees for Skills Courses
Sub-total for Education and Training
Sub-total for National Ophthalmic Database
Gross income from Joint Venture with MacMillan
Sub-total for Journal Eye joint venture
Seminars
Other
Professional support
Dual Sponsorship fee income
Other income
Congress and specialty days
Health Screener Diploma
Income from Trusts
Sub-total for Examinations
National Ophthalmic Database
Journal Eye joint venture
Health Education England - OCCCF/OPT
E-integrity for E-learning
Education and Training
Income from Donors		 Unrestricted
£'000s
1,466		 Restricted
£'000s
-		 2020
Total
£'000s
1,466		 2019
Total
£'000s
1,442
1,466
553		 -
-		 1,466
553		 1,442
764
553
-
-
104
-
-
64		 -
5
21
-
-
-
5		 553
5
21
104
-
-
69		 764
6
20
155
88
25
46
168
64
45
-		 31
-
-
2		 199
64
45
2		 340
668
94
68
109
11
227
81		 2
-
-
20		 111
11
227
101		 830
192
70
38
319
748		 20
-		 339
748		 300
710
748 - 748 710

28

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

3a
Income from charitable activities - current year (continued)
3b
Sub-total for British Ophthalmic Surveillance Unit
Total income from charitable activities
Sub-total for Professional Support
National Ophthalmic Database
Income from Donors
Sub-total for National Ophthalmic Database
Fees for Skills Courses
Health Education England - OCCCF
Other income
Sub-total for Education and Training
Professional support
Congress and specialty days
Optic UK for Optic lecture at Congress
Seminars
Contract income from Health Quality Improvement
Partnership
Income from Trusts
Dual Sponsorship fee income
Fight for Sight
Jack Kanski Award
Sub-total for Scholarships and Awards
Income from charitable activities - prior year
Membership subscriptions
Sub-total for Subscriptions
Examination fees
Sub-total for Examinations
Education and Training
E-integrity for E-learning
Health Education England - for E-Learning
Other income
Sub-total for Journal Eye joint venture
Health Screener Diploma
Keeler Ltd for Keeler Scholarship
Scholarships and Awards
Journal Eye joint venture
Gross income from Joint Venture with MacMillan		 Unrestricted
£'000s
-
-
-		 Restricted
£'000s
-
25
3		 2020
Total
£'000s
-
25
3		 2019
Total
£'000s
15
14
-
-		 28
29		 28
29		 29
28
- 29 29 28
3,363 110 3,473 4,443
Unrestricted
£'000s
1,442		 Restricted
£'000s
-		 2019
Total
£'000s
1,442		 2018
Total
£'000s
1,345
1,442
764		 -
-		 1,442
764		 1,345
721
764
-
-
-
155
88
25
40		 -
6
-
20
-
-
-
6		 764
6
-
20
155
88
25
46		 721
5
25
20
164
265
-
65
308
662
94
65		 32
6
-
3		 340
668
94
68		 544
816
105
49
821
192
70
28		 9
-
-
10		 830
192
70
38		 970
-
-
283
290
710		 10
-		 300
710		 283
651
710 - 710 651

29

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

3b
Income from charitable activities - prior year (continued)
4
All income from trading activities in 2020 and 2019 is unrestricted.
Income from other trading activities
Advertising in College publications and other
miscellaneous income
Scholarships and Awards
Donations to John Lee Research Fellowship
Keeler Ltd for Keeler Scholarship
Other income
Sub-total for Scholarships and Awards
Fight for Sight
Sub-total for British Ophthalmic Surveillance Unit
Total income from charitable activities		 Unrestricted
£'000s
-
-
11		 Restricted
£'000s
-
15
3		 2019
Total
£'000s
-
15
14		 2018
Total
£'000s
3
15
4
11
-		 18
28		 29
28		 22
67
- 28 28 67
4,346 97 4,443 4,603
Unrestricted
£'000s
108		 2020
Total
£'000s
108		 2019
Total
£'000s
132
Income from investments - current year
Bank interest
Income from Common Investment Funds		 Unrestricted
£'000s
89
10		 £'000s
32
-
Endowment		 2020
Total
£'000s
£'000s
-
121
-
10
-
131
Restricted		 2019
Total
£'000s
118
18
99 32 - 131 136

5b Income from investments - prior year

Income from investments - prior year
Income from Common Investment Funds
Bank interest		 Unrestricted
£'000s
86
18		 £'000s
32
-
Endowment		 2019
Total
£'000s
£'000s
-
118
-
18
-
136
Restricted		 2018
Total
£'000s
111
11
104 32 - 136 122

30

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

6 Analysis of expenditure

Charitable activities

Staff employment costs (Note 9)
Other staff costs
Travel and accommodation costs
for meetings and events
Property and equipment costs
Depreciation
Venue hire
Patients' expenses
Print, post and stationary
Communications and PR
Insurance
Scholarships and Awards (Note 7)
Contractors' fees
Other project costs and third
party charges
Professional fees
Subscriptions
IT, telephone and software
Finance charges
Investment management charges
Auditors' remuneration
Irrecoverable VAT
Bad debts
Other costs
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Cost of
generating
funds
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Examinations
£'000s
263
82
-
-
63
4
1
-
-
-
25
1
-
-
118
-
-
-
-
-
39		 Education and
Training
£'000s
264
-
25
40
-
-
-
-
-
-
-
27
2
-
-
21
-
-
-
-
-
4		 Professional
Support
£'000s
234
-
10
-
-
240
-
-
1
1
-
-
121
-
-
2
-
-
-
-
-
11		 NOD
£'000s
66
-
-
-
-
-
-
-
-
-
-
107
2
79
-
18
-
-
-
-
-
-		 "Eye" Journal
Joint Venture
£'000s
46
-
-
-
-
-
-
144
-
-
-
-
385
-
-
-
-
-
-
-
-
3		 Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
40
-
-
-
-
-
-
-
-
-
-
-		 BOSU
£'000s
36
-
-
-
-
-
-
2
-
-
-
-
3
-
-
1
-
-
-
-
-
1		 Governance
costs
£'000s
-
-
5
-
-
-
-
-
-
-
-
-
-
5
-
-
-
23
14
-
-
13		 Support costs
£'000s
728
53
31
132
299
-
-
15
37
26
-
-
13
2
47
128
23
-
-
63
60
9		 2020 Total
£'000s
1,637
53
153
172
299
303
4
162
38
27
40
159
527
86
47
288
23
23
14
63
60
80		 2019 Total
£'000s
1,633
97
517
255
308
360
30
144
62
29
46
302
558
67
48
312
35
23
11
74
69
67
-
-
-		 596
496
18		 383
545
20		 620
368
13		 272
101
4		 578
87
3		 40
-
-		 43
69
2		 60
-
(60)		 1,666
(1,666)
-		 4,258
-
-		 5,047
-
-
- 1,110 948 1,001 377 668 40 114 - - 4,258 5,047
26 1,368 1,411 1,065 356 634 46 141 - - 5,047

Scholarships and awards are given to support research and travel costs. These are awarded following an application for funding and approval by the relevant Committee or Sub-Committee.

31

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2019

Staff employment costs (Note 9)
Other staff costs
Travel and accommodation costs
Property and equipment costs
Depreciation
Venue hire
Patients' expenses
Print, post and stationary
Communications and PR
Insurance
Scholarships and Awards (Note 7)
Contractors' fees
Other project costs and third party
Professional fees
Subscriptions
IT, telephone and software
Finance charges
Investment management charges
Auditors' remuneration
Irrecoverable VAT
Bad debts
Other costs
Support costs
Governance costs
Total expenditure 2019		 Cost of
generating
funds
£'000s
9
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
2		 Charitable activities Charitable activities Charitable activities Governance
costs
£'000s
-
-
30
-
-
-
-
-
-
-
-
-
-
22
-
-
-
23
11
-
-
12		 Support costs
£'000s
658
80
44
140
308
-
-
17
49
25
-
-
2
14
48
150
35
-
-
74
69
11		 2019 Total
£'000s
1,633
97
517
255
308
360
30
144
62
29
46
302
558
67
48
312
35
23
11
74
69
67
Examinations
£'000s
243
17
217
-
-
154
30
-
-
-
-
101
7
-
-
99
-
-
-
-
-
11		 Education
and Training
£'000s
356
-
119
115
-
-
-
2
-
-
-
83
23
-
-
32
-
-
-
-
-
24		 Professional
Support
£'000s
207
-
99
-
-
206
-
-
6
4
-
-
134
-
-
-
-
-
-
-
-
2		 NOD
£'000s
67
6
-
-
-
-
-
4
-
-
118
4
31
-
31
-
-
-
-
-
-		 "Eye" Journal
Joint Venture
£'000s
45
-
-
-
-
-
-
106
3
-
-
-
385
-
-
-
-
-
-
-
-
-		 Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
46
-
-
-
-
-
-
-
-
-
-
-		 BOSU
£'000s
36
-
2
-
-
-
-
19
-
-
-
-
3
-
-
-
-
-
-
-
-
5
11
14
1		 879
462
27		 754
622
35		 658
386
21		 261
90
5		 539
90
5		 46
-
-		 65
72
4		 98
-
(98)		 1,736
(1,736)
-		 5,047
-
-
26 1,368 1,411 1,065 356 634 46 141 - - 5,047

Scholarships and awards are given to support research and travel costs. These are awarded following an application for funding and approval by the relevant Committee or Sub-Committee.

32

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

7 Grant making - Scholarships and awards

Cost
The Research Fund
The Ethicon Scholarship
John Lee Research Fellowship
Lister Award
John Lee Primer
At the end of the year
Bayer Award Scheme
Duke Elder
The Patrick Trevor Roper Travel Award
Bibby/Horton Scholarship
Grants to individuals		 2020
£'000s
-
-
33
2
5
-
-
-
-		 2019
£'000s
8
1
-
3
2
1
30
2
40 47

The basis of the grants to individuals is described in note 21.

8 Net (expenditure)/incoming resources for the year

This is stated after charging:

This is stated after charging:
2020 2019
£'000s £'000s
Depreciation 299 308
Operating lease rentals:
Other 68 52
Auditors' remuneration (excluding VAT):
Audit 10 10
Other services 2 2

33

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Pension contributions
Social security costs
Redundancy and termination costs
Salaries and wages		 2020
£'000s
1,307
-
140
190		 2019
£'000s
1,307
12
141
173
1,637 1,633

Employees with salaries over £60,000 (not including National Insurance) were as follows:

2020 2019
No. No.
£60,000 - £70,000 4 3
£70,000 - £80,000 1 1
£100,000 - £110,000 1 1

The key management personnel of the charity comprise the trustees, the Chief Executive and the five (2019: five) heads of department. Gross salaries, employer national insurance and employer pension contributions for key management personnel this year were £431,940, £52,374 and £69,110 respectively (2019: £423,189, £51,294 and £67,846 respectively).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

12 (2019: 12) Trustees submitted expense claims relating to meetings and College related business activities totalling £3,561 (2019: £23,414). The College also incurred £12,642 (2019: £10,801) of expenditure, paid directly to suppliers, for activities relating solely to the role of President.

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Journal "Eye" joint Venture
Support
National Ophthalmological Database
Examinations
Education and Training
Professional Support		 2020
No.
6
6
6
1
1
12		 2019
No.
5
7
6
1
1
12
32 32

34

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

11 Related party transactions

There are no related party transactions to disclose for 2020 (2019: none).

Aggregate donations from related parties (trustees) were £NIL (2019: £10,500).

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

13 Tangible fixed assets

Tangible fixed assets
Cost
Depreciation
Net book value
At the end of the year
At the end of the year
At the start of the year
Additions in year
At the end of the year
At the start of the year
At the start of the year
Charge for the year		 Freehold
property
£'000s
7,005
-		 Fixtures and
fittings
£'000s
183
6		 Computer
equipment
£'000s
1,017
142		 Heritage
Assets
£'000s
85
-		 Total
£'000s
8,290
148
7,005 189 1,159 85 8,438
882
174		 96
18		 807
107		 27
-		 1,812
299
1,056 114 914 27 2,111
5,949 75 245 58 6,327
6,123 87 210 58 6,478

Land with a value of £1,800,000 (2019: £1,800,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

35

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

14 Listed investments

Listed investments
Additions at cost
Net gain/(loss) on revaluation
Market value at the start of the year
UK Common Investment Funds
Investments comprise:
Market value at the end of the year
Historic cost
Cash held for works of art		 2020
£'000
3,217
66
191		 2019
£'000
2,775
64
378
3,474 3,217
2,070 2,070
2020
£'000
3,474
-		 2019
£'000
3,217
10
3,474 3,227

The College has made investments in two Common Investment Funds, the Alpha Fund for Endowments and the Alpha Fund for Income and Reserves.

15 Debtors

Debtors
Other creditors
Taxation and social security
Subscriptions in arrears
Congress expenses in advance
Deferred income
Accruals
Trade debtors
Creditors: amounts falling due within one year
Trade creditors
Other event costs in advance
Prepayments
Other debtors		 2020
£'000
392
385
29
32
101
9		 2019
£'000
290
448
77
124
101
3
948 1,043
2020
£'000
89
40
420
58
247		 2019
£'000
164
47
361
89
253
854 914

16 Creditors: amounts falling due within one year

36

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

17 Deferred income

Deferred income comprises fees received before the year end for examinations, training and other events taking place in the following year.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2020
£'000
361
(361)
420		 2019
£'000
174
(174)
361
420 361

18 Pension schemes

SAUL pension

The College participates in the Superannuation Arrangements of the University of London (“SAUL”), which is a centralised defined benefit scheme within the United Kingdom and is contracted-out of the Second State Pension (prior to April 2016). SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Following a consultation with Members, the SAUL Final Salary Section closed from 31 March 2016 and all Members now build up benefits on a CARE basis from 1 April 2016.

The College is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency event of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (the “Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2017. Informal reviews of SAUL’s position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed in June 2018 and are due to be reviewed at SAUL’s next formal valuation in 2020 which is currently ongoing and due for agreement and submission to the Pension Regulator by 30 June 2021.

It is not possible to identify an individual Employer’s share of the underlying assets and liabilities of SAUL. The College accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid (i.e. cash amounts) in accordance with paragraphs 28.11 of FRS 102. Employer Contributions paid in 2020 were £183,000 (2019: £166,000).

37

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

18 Pension schemes (continued)

NHS pension

One member of staff is in the NHS Pension Scheme, an unfunded defined benefit scheme. The total employer contribution payable in 2020 was £6,000 (2019: £7,000).

Past and present employees are covered by the provisions of the two NHS Pension Schemes. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uk/pensions. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the FReM requires that “the period between formal valuations shall be four years, with approximate assessments in intervening years”. An outline of these follows:

a) Accounting valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2020, is based on valuation data as at 31 March 2019, updated to 31 March 2020 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

The latest assessment of the liabilities of the scheme is contained in the report of the scheme actuary, which forms part of the annual NHS Pension Scheme Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.

b) Full actuarial (funding) valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account recent demographic experience), and to recommend contribution rates payable by employees and employers.

The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2016. The results of this valuation set the employer contribution rate payable from April 2019 to 20.6%, and the Scheme Regulations were amended accordingly.

The 2016 funding valuation was also expected to test the cost of the Scheme relative to the employer cost cap set following the 2012 valuation. Following a judgment from the Court of Appeal in December 2018 Government announced a pause to that part of the valuation process pending conclusion of the continuing legal process.

38

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

19 Analysis of net assets between funds

Analysis of net assets between funds
Analysis of net assets between funds - Prior year
Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year - 2019
Net current assets
Net assets at the end of the year - 2020
Tangible fixed assets
Investments		 General
unrestricted
£'000
-
2,243
2,239		 £'000
6,286
-
36
Designated		 Restricted
£'000
41
1,231
486		 Total funds
£'000
6,327
3,474
2,761
4,482 6,322 1,758 12,562
General
£'000
-
2,060
2,582		 £'000
6,437
-
26
Designated		 Restricted
£'000
41
1,167
604		 Total funds
£'000
6,478
3,227
3,212
4,642 6,463 1,812 12,917

39

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

20
Movements in funds - current year
Permanent endowment fund
▪
The Bibby/Horton Scholarship
▪
Research Endowment Fund
Other restricted funds
▪
▪
▪
▪
E-Learning Fund (Health Education England)
▪
E-Learning Fund (Department of Health)
▪
▪
▪
Revalidation E-system cohort project
▪
OPT (formerly OCCCF) Project
▪
NOD Cataract audit - Bausch and Lomb
▪
NOD AMD audit
▪
E-Learning for Health - Maintenance
Expendable endowment fund
Medical Training Initiative (Department of Health)
Higher Specialist Scientist Training
Dual Sponsorship Scheme - Pilot matching scheme fee income
E-Learning Fund - E Integrity Project (Department of Health)
Educational website ST1 trainees		 £'000s
721
210
931
37
3
75
24
46
84
19
12
99
-
-
-
399
At 1 January
2020		 £'000s
27
5
32
-
-
21
-
-
5
-
-
-
20
-
4
50
Income and
gains		 £'000s
(33)
(5)
(38)
(5)
-
(5)
(11)
(1)
(5)
-
-
(50)
(20)
(20)
(4)
(121)
Expenditure
and losses		 Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
65
-
65		 At 31
December
2020
£'000s
715
210
925
32
3
91
13
45
84
19
12
49
-
45
-
393

40

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

Movements in funds - current year (continued)
Scholarships and Award Funds
▪
The Ethicon Scholarship
▪
The Jack Kanski Award
▪
The Keeler Scholarship
▪
The John Lee Research Fund
▪
The Nettleship Fund
▪
The Lister Award
▪
The Edridge-Green Lecture
▪
The Dorey Bequest
Project Funds, including Memorials and Bequests
▪
The Bibby/Horton Scholarship
▪
The Ashton Lecture
▪
The Professor Barrie Jones Lecture Fund
▪
The Elizabeth Thomas Seminar
▪
Optic Lecture
▪
The Winstanley Book Collection
▪
The Peter Curran Bequest
British Ophthalmological Surveillance Unit
Total Other Restricted Funds
Total Restricted Funds		 £'000s
130
-
21
8
2
7
26
13
207
104
2
54
65
3
41
6
275
-
881
1,812
At 1 January
2020		 £'000s
5
25
-
-
-
-
-
-
30
-
-
1
-
-
-
-
1
29
110
142
Income and
gains		 £'000s
(2)
-
-
-
-
-
-
-
(2)
-
-
-
-
-
-
-
-
(43)
(166)
(204)
Expenditure
and losses		 Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
(65)
-
-
(6)
(71)
14
8
8		 At 31
December
2020
£'000s
133
25
21
8
2
7
26
13
235
104
2
55
-
3
41
-
205
-
833
1,758

41

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

Designated funds:
▪
The Research Fund
▪
The Duke - Elder Memorial
▪
The Patrick Trevor - Roper Travel Awards
▪
John Lee Memorial Research Fund
▪
The Anne Allerton Fund
▪
Property and Equipment Fund
Total designated funds
General funds
Total unrestricted funds
Total restricted funds
Total funds
Unrestricted funds		 £'000s
-
5
3
6
17
6,432
6,463
4,642
11,105
1,812
12,917
At 1 January
2020		 £'000s
-
7
-
-
-
-
7
3,563
3,570
142
3,712
Income and
gains		 £'000s
-
(2)
-
-
-
-
(2)
(3,861)
(3,863)
(204)
(4,067)
Expenditure
and losses		 Transfers
£'000s
-
-
-
-
-
(146)
(146)
138
(8)
8
-		 As at 31
December
2020
£'000s
-
10
3
6
17
6,286
6,322
4,482
10,804
1,758
12,562

42

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2019

Movements in funds - prior year
Permanent endowment fund
▪
The Bibby/Horton Scholarship
▪
Research Endowment Fund
Other restricted funds
▪
▪
▪
▪
E-Learning Fund (Health Education England)
▪
E-Learning Fund (Department of Health)
▪
▪
▪
Revalidation E-system cohort project
▪
OCCCF Project
▪
NOD Cataract audit - Bausch and Lomb
▪
E-Learning for Health - Maintenance
Educational website ST1 trainees
Expendable endowment fund
Medical Training Initiative (Department of Health)
Higher Specialist Scientist Training
Dual Sponsorship Scheme - Pilot matching scheme fee income
E-Learning Fund - E Integrity Project (Department of Health)		 £'000s
693
215
908
45
3
63
36
50
97
19
12
232
-
-
557
At 1 January
2019		 £'000s
£'000s
28
-
4
(9)
32
(9)
-
(8)
-
-
20
(8)
-
(12)
-
(4)
6
(19)
-
-
-
-
-
(133)
10
(10)
5
(5)
41
(199)
Income and
gains
Expenditure and
losses		 Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31
December
2019
£'000s
721
210
931
37
3
75
24
46
84
19
12
99
-
-
399

43

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2019

20 Movements in funds - prior year (continued)

Movements in funds - prior year (continued)
Scholarships and Award Funds
▪
The Ethicon Scholarship
▪
Bayer Award Scheme
▪
The Keeler Scholarship
▪
The John Lee Research Fund
▪
The Nettleship Fund
▪
The Lister Award
▪
The Edridge-Green Lecture
▪
The Dorey Bequest
Project Funds, including Memorials and Bequests
▪
The Bibby/Horton Scholarship
▪
The Ashton Lecture
▪
The Professor Barrie Jones Lecture Fund
▪
The Elizabeth Thomas Seminar
▪
Optic Lecture
▪
The Winstanley Book Collection
▪
The Peter Curran Bequest
▪
London Deanery Equipment
British Ophthalmological Surveillance Unit
Total Other Restricted Funds
Total Restricted Funds		 £'000s
130
8
6
38
2
9
25
13
231
102
2
53
65
-
41
6
1
270
-
1,058
1,966
At 1 January
2019		 £'000s
£'000s
3
(3)
-
(8)
15
-
-
(30)
-
-
-
(2)
1
-
-
-
19
(43)
2
-
-
-
1
-
-
-
6
(3)
-
-
-
-
-
(1)
9
(4)
28
(65)
97
(311)
129
(320)
Income and
gains
Expenditure and
losses		 Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37
37
37		 At 31
December
2019
£'000s
130
-
21
8
2
7
26
13
207
104
2
54
65
3
41
6
-
275
-
881
1,812

44

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2019

Designated funds:
▪
The Research Fund
▪
The Duke - Elder Memorial
▪
The Patrick Trevor - Roper Travel Awards
▪
John Lee Memorial Research Fund
▪
The Anne Allerton Fund
▪
Property and Equipment Fund
Total designated funds
General funds
Total unrestricted funds
Total restricted funds
Total funds
Unrestricted funds		 £'000s
2
7
5
6
17
6,592
6,629
4,279
10,908
1,966
12,874
At 1 January
2019		 £'000s
£'000s
-
(2)
-
(2)
-
(2)
-
-
-
-
-
-
-
(6)
4,582
(4,342)
4,582
(4,348)
129
(320)
4,711
(4,668)
Income and
gains
Expenditure and
losses		 Transfers
£'000s
-
-
-
-
-
(160)
(160)
123
(37)
37
-		 As at 31
December
2019
£'000s
-
5
3
6
17
6,432
6,463
4,642
11,105
1,812
12,917

45

The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

20 Purposes of restricted and designated funds

Purposes of the Endowment Funds

The Bibby/Horton Scholarship

The late Miss Bernice Bibby left the College a substantial sum to create a permanent endowment fund, to provide for fellowships at post graduate level. The income from this endowment fund and from the related restricted fund will continue to be used to part fund research fellowships.

Research Endowment Fund

The Research Endowment Fund, an expendable endowment fund, was set up in 2008 to assure a stable mechanism to improve research in ophthalmology and visual sciences.

Purposes of the Other Restricted Funds

Medical Training Initiative . The College has received funds from the Department of Health and the Academy of Medical Royal Colleges to support a scheme placing overseas doctors wishing to train as ophthalmologists in the UK before returning to their own country to practice. The priority focus of the MTI is to provide training opportunities for doctors from DfID priority or low and middle income countries.

Higher Specialist Scientist Training. The College received funding from the Medical Research Council Hearing and Communications Group to develop a curriculum for medical scientists working in ophthalmology.

Dual Sponsorship Scheme. The College has received funding from the Department of Health to match overseas doctors wishing to undertake specialist training in the UK with appropriate training settings.

E-Learning (Health Education England) and E-learning (Department of Health) . The College has received funds from the Department of Health and related organisations to support the College's contribution to the UK E-Learning for Health project for aspect of the curriculum for trainee ophthalmologists.

E- Learning, E-Integrity Project. The College has received funds from the Department of Health for an additional e-learning project to provide resources for those providing training to ophthalmologists. E-learning Maintenance. The College received funds to maintain the electronic resources produced using the funding received above.

Revalidation E-Cohort . The College has received funding from the Academy of Medical Royal Colleges to enable it to participate in a cohort scheme with other medical colleges and faculties to develop a system for collecting information for doctor appraisal. The development of the scheme was completed in 2012 and the remaining funding will be used to support and maintain the system, at no cost to members, for an initial period.

OPT (formerly OCCCF) Project. The Ophthalmological Common Clinical Competency Framework (OCCCF) project was funded by Health Education England (HEE) and has been developed into Ophthalmic Practitioner Training (OPT). OPT trains postgraduate orthoptists, optometrists and ophthalmic nurses in secondary care to develop their skills in cataract, glaucoma, medical retina or emergency eye care.

NOD Cataract audit - Bausch and Lomb is a grant awarded to the College to carry out work on the National Ophthalmology Database now no longer funded by HQIP.

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The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

20. Purposes of restricted and designated funds (continued)

NOD AMD audit is funded in 2020 from a transfer from the Elizabeth Thomas Seminar fund, which was originally funded by the Macular Society. This funding will be used to set up the NOD AMD audit during 2020 and 2021.

Educational Website ST1 trainees. The College received funds from Bayer to subsidise access for ST1 trainees to an educational website with relevant learning content and advice for trainees at this level.

The Ethicon Scholarship provides travel funds to members and fellows who travel abroad for research or training.

Bayer Award Scheme. The College has received funding from Bayer PLC to provide travel and study grants to enable ophthalmologists to present their work and research at scientific meeting in the UK and abroad and thereby develop practical applications of research. This fund was expended in 2019.

The Jack Kanski Award is a lifetime achievement award to recognise passion, commitment and achievement in Ophthalmic Education. The fund was created in memory of Mr Jack Kanski who was an eminent ophthalmologist and Honorary Fellow who died in 2019.

The Keeler Scholarship provides financial assistance to members and fellows to acquire ophthalmic skills, knowledge or experience.

John Lee Research Fund . The College established a fund in memory of Mr John Lee who died in 2010 during his term as President. The fund is used to fund research fellowships in ophthalmology jointly with the Medical Research Council and with Fight for Sight.

The Nettleship Fund provides a medal award every four years for the best paper on ophthalmology published in the preceding four years.

The Lister Award provides travel funds for study to any ophthalmologist who is a citizen of the United Kingdom.

The Edridge-Green Lecture Fund was set up to fund an ophthalmic lecture given at the Annual Meeting every year.

The Dorey Bequest provides travel funds to members and fellows who travel abroad for study or research.

The second Bibby Horton Scholarship Fund receives the income from the Bibby Horton Endowment Fund which is not used in the year. In the immediate future years part of the College's financial commitment to a research projects including fellowships will be met from this fund.

The Ashton Lecture Fund was set up to fund an ophthalmic lecture to be given at the Annual Meeting every four years or at the discretion of the Council.

Professor Barrie Jones provided funds for a lecture on the subject of preventative ophthalmology in the developing world to be given every four years at the Annual Congress.

Elizabeth Thomas Seminar Fund . The Macular Society has made donations, in memory of Elizabeth Thomas, which have supported an annual seminar on macular disease. The Macular Society has agreed a change of use of this fund which will now be used to support the College's aim to start an AMD national audit.

The Optic Lecture. Optic UK provides funding for a lecture at the annual Congress.

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The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

20. Purposes of restricted and designated funds (continued)

Winstanley Fund . The College acquired a collection of antiquarian ophthalmic books from Mr John Winstanley which are housed in the College.

The Peter Curran Bequest was given for the purchase of works of art to be displayed in the College. The initial purchase was sold during 2015 and the proceeds will be reinvested in a work of art appropriate to both ophthalmology and the new setting of the College's headquarters.

London Deanery Equipment Fund . The London Deanery of the NHS has provided funding for the College to acquire an ophthalmic surgery simulator which is used in a range of training situations. This fund was fully expended in 2019.

The British Ophthalmological Surveillance Unit operates a national system to assist with the surveillance of rare ophthalmological conditions. The College meets the costs of providing accommodation and office support services. Further funding is provided by Fight for Sight.

The Research Fund accepts a number of small general donations to the College which are used to support College activities.

The Duke-Elder Memorial was set up in memory of Sir Stewart Duke-Elder, an eminent ophthalmologist and prolific writer. The fund has been used to support the Duke-Elder examinations which are open to medical undergraduates in the UK and Eire. When the funds come to an end the College will continue to fund an examination and a prize to be known as "The Royal College of Ophthalmologists - Duke-Elder Prize".

The Patrick Trevor-Roper Travel Awards Fund provides the Council with wide discretion and it has been decided that the income of this fund is to be used to provide travel funds for medical undergraduates travelling abroad for research or training.

John Lee Memorial Research Fund - the College established a restricted fund in 2011 to commemorate the contribution to ophthalmology of the late President with a joint MRC/College research fellowship the first of which completed in 2015. This fund represents the College's designation for the same purpose.

The Council was given wide discretion over funds transferred from the Anne Allerton Fund . Part of this fund was used to support the purchase of a second cataract simulator in 2016.

The Property and Equipment Fund represents the value of the fixed assets held by the College excluding the assets held in the Winstanley Fund which are shown separately (above).

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The Royal College of Ophthalmologists

Notes to the financial statements

For the year ended 31 December 2020

21 Reconciliation of net (expenditure)/income to net cash flow from operating activities

Net (expenditure)/ income for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends and interest from investments
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash (used in)/provided by operating activities
22
Analysis of cash at bank and in hand
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 At 1
January
£'000s
2,483
600		 2020
£'000s
(355)
299
(191)
(131)
95
(60)		 2019
£'000s
43
308
(378)
(136)
(373)
330
(343) (206)
Cash flows
£'000s
(416)
-		 £'000s
2,067
600
At 31
December
2020
3,083 (416) 2,667

23 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

each of the following periods
Less than 1 year
1 - 5 Years		 2020
2019
£'000s
£'000s
13
12
55
40
68
52
Equipment
68 52

24 Capital commitments

At the balance sheet date, the charity had committed £NIL in respect of the development of a new website and £37k for the development of the new CRM (2019: £40,000 for a new website, £145k for the CRM).

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