Charity Number: 299872 OSCR Number: SCO45652
## The Royal College of Ophthalmologists
Report and financial statements For the year ended 31 December 2022
The Royal College of Ophthalmologists
## Contents
For the year ended 31 December 2022
Reference and administrative details .............................................................................................. 1 Chief Executive’s annual report ....................................................................................................... 2 Report of the Trustees..................................................................................................................... 4 Independent auditor’s report ....................................................................................................... 17 Statement of financial activities (incorporating an income and expenditure account) ................... 21 Balance sheet ............................................................................................................................... 22 Statement of cash flows ................................................................................................................ 23 Notes to the financial statements ................................................................................................. 24
The Royal College of Ophthalmologists
## Reference and administrative details
## For the year ended 31 December 2022
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 B Chang President Mr DW Flanagan Vice President – until 24 May 2022 Mr SB Kaye Vice President – from 24 May 2022 Prof CSC Liu Honorary Treasurer Mrs M Hingorani Honorary Secretary Mr M Parulekar Honorary Secretary Mr MSM Elalfy Member Trustee Mr PN Hossain Member Trustee Dr S Mamtora Member Trustee – until 17 Nov 2022 Dr H Naveed Member Trustee – from 17 Nov 2022 Mr W Newman Member Trustee Prof S Sivaprasad Member Trustee Mr M Easton Lay Trustee – from 7 January 2022 Mr B Smith Lay Trustee – until 30 Dec 2022 Mr A Carey Lay Trustee – from 31 Dec 2022 Dr A Welchman Lay Trustee Investment Sarasin & Partners LLP managers Juxton House 100 St Paul's Churchyard London EC4M 8BU Solicitors Camerons Solicitors LLP 70 Wimpole Street London W1G 8AX Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditors Invicta House 108-114 Golden Lane EC1Y 0TL
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The Royal College of Ophthalmologists
Chief Executive’s annual report
For the year ended 31 December 2022
## Chief Executive’s Annual Report
The College is, in essence, about people and information and in 2022 the RCOphth has tried to get back to normal, whilst building on the lessons learned in the pandemic. A few specific date points illustrate some of the work undertaken:
- In February, we overhauled the way Academic Ophthalmic Research is presented on the RCOphth website to encourage ophthalmologists to participate in and contribute to clinical research as part of their core activity.
- Ophthalmology is a very popular specialty. National Recruitment took place virtually in March; there were over 700 applicants, 230 interviews were offered, 120 appointable candidates for 66 posts. Since March the number of training posts have increased but we continue to argue that as patient need increases, more training posts are required.
- In May, we held a hybrid Congress in Glasgow, our major opportunity to disseminate information. 1,425 delegates registered from 37 countries; 44% of delegates attended in person, 56% of delegates attended virtually and 91% of all delegates rated the programme good or excellent. In addition, the Scientific and Events team delivered a series of wellattended, informative seminars through-out the year.
- The National Ophthalmology Database (NOD) team continued to run the well-respected Cataract Audit and in May was able to carry out the first full data extraction of the Agerelated Macular Degeneration (AMD) audit. This provided data for 20,000 treatment naïve eyes and demonstrated some variation in processes and outcomes, useful information that will be further analysed in the coming year.
- In June, we reported on the continued success of the Eye journal and the upward trajectory of its impact factor, in 5 years it has gone from 2.28 to 4.64.
- INSPIRE, the learning platform designed to stimulate and support the development of ophthalmologists and colleagues in eye care, was launched in October. Multi-media materials cover the whole clinical spectrum and the project has required sustained effort from the Education team and a complex system of editors, trainee editors and contributors.
- The Membership team started preparations to elect the next President early in 2022 and when voting opened in November, the seven candidates had produced written election statements and videos and had submitted declaration of interest forms. For the first time there was a hustings event, posted to the website. Ben Burton was elected and will take office at the May 2023 AGM.
- During November and December, the Policy and Comms team ran an ophthalmology workforce census.
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The Royal College of Ophthalmologists
## Chief Executive’s annual report
## For the year ended 31 December 2022
Other on-going work continued, such as:
- The Examinations team continued to deliver high-quality, robust examinations in the UK through-out 2022. For the first time they have also run examinations in Egypt and Trinidad and Tobago, resumed diets in Singapore and, after many years, ran exams in India. The number of candidates sitting the written elements of FRCOphth Part 1 and Part 2 has dramatically increased now that the papers can be taken remotely and candidates are based in all parts of the globe.
- The Training team has worked on Curriculum 2024, the new Ophthalmic Specialist Training curriculum, and has been assiduous in informing trainees and trainers of developments.
- The Quality & Standard team has produced guidance on safety alerts, drug shortages and unexpected responses to cataract surgery. It has responded to tariff consultations and worked with the Getting it Right First Time (GIRFT) to improve services.
- Work on the Culture Review project which started in 2021 continued during the year and in July the Trustee Board formally adopted the values of Inclusion, Integrity, Innovation and Improvement.
The values are underpinned by a set of behaviours; the College demonstrates its values by being:
Adaptable : working to deliver on its aims and plans while being adaptable and responsive Collaborative : working together as equal partners across the College; working productively with stakeholders
Decisive : making timely decisions based on consultation with stakeholders
Respectful : empowering people to express a diversity of views; treating those views considerately Trusted : engendering a climate of trust in how it works so that stakeholders view the College as reliable and credible
Sustainable : adopting policies and practices that help the College, its communities and stakeholders be viable and resilient.
The next phase of the project is to embed these behaviours in day to day work and a specific task is to improve induction processes for staff and clinicians taking on new roles. Behind the scenes, the staff have carried out the HR and finance functions, maintained the premises and developed our IT infrastructure. We have regularly communicated with members via Eye Mail and College News and supported CESR and Dual Sponsorship applicants.
This will be my last annual report as Chief Executive. Thank you to all my colleagues and to the members for their support, kindness and dedication and for making this a very interesting and covetable role.
Kathy Evans Chief Executive
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
The Trustees of the College present their report and the audited financial statements for the year ended 31 December 2022.
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 in Note 1 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 2019).
## 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 strategy to broaden our sources of
income|
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
## Achievements and Performance
Strategic Area 1- To empower all our members to achieve the life-long learning and expertise needed for the future of ophthalmology
The RCOphth ran two, fully subscribed Student Ophthalmology Review Days (SORD) to provide medical students and foundation doctors with the support to learn essential ophthalmology skills.
We organised the inaugural Medical Students Societies meeting.
We ran our popular one and two-day Introduction to Ophthalmic Surgery and Phacoemulsification courses for trainees.
We launched INSPIRE the learning platform for all ophthalmologists and eye care professionals.
Strategic Area 2 - To define the workforce and resources needed to deliver safe sustainable care
The President’s session at Congress was devoted to sustainable healthcare.
The College launched the 2022 census.
The British Ophthalmological Surveillance Unit celebrated its 25 years of rare disease surveillance, having maintained a high participation rate, changed clinical practice and had its 85[th] peerreviewed paper published.
The RCOphth Differential Attainment Report contained data and recommendations.
Strategic Area 3 - To promote the highest achievable standards of eye care and speak out if care falls short
Together with the College of Optometrists we have called for the standardisation of digital imaging across eye care services https://www.rcophth.ac.uk/news-views/the-royal-college-of-ophthalmologists-and-the-college-ofoptometrists-call-for-the-standardisation-of-digital-imaging-across-eye-care-services/
We have helped shape the development of cataract pathways in Scotland
https://www.rcophth.ac.uk/news-views/holyrood-eye-health-day-helps-to-highlight-ophthalmologychallenges-in-scotland/
We facilitated the Pyott Report on eyecare services in Wales.
https://www.rcophth.ac.uk/news-views/gwyn-williams-llywydd-of-the-royal-college-of-ophthalmologistswales-committee-reflects-on-the-minister-for-health-and-social-services-in-wales-encouragement-to-
the-eyecare-community-to-dev/
We have spoken out about the capacity challenge facing ophthalmology and been an advocate for the importance of SAS doctors
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The Royal College of Ophthalmologists
## Report of the Trustees
## For the year ended 31 December 2022
https://www.rcophth.ac.uk/news-views/gmc-workforce-report-illustrates-capacity-challenge-facingophthalmology-and-growing-role-of-sas-doctors/
Strategic Area 4 - To deliver our work through efficient, flexible and transparent processes
We have run an open and transparent President’s election. We have carried out a review of HR processes and agreed a hybrid working policy. We have expanded the electronic invoicing process.
We have participated in the National Medical Director’s Clinical Fellow Scheme (2021/2 – Vishal Shah, 2022/3 Sunil Mamtora). Successive RCOphth Fellows have contributed to the research and activity of the College.
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
## A review of the finances of the College
The results for the year are summarised in the Statement of Financial Activities on page 21 with further details shown in the notes to the accounts. The overall net outgoing resources before gains and losses and transfers amount to £90k (2021: net incoming resources of £387k). This is a combination of net losses on unrestricted funds of £41k and net losses on endowment and restricted funds of £49k.
The College’s total income for 2022 exceeded £5.5m, an increase of £392k (7.6%) on 2021. Annual Congress income increased as the event returned to pre-covid attendance. Increases in overseas exams and the number of examination candidates taking written examinations this year saw exam income increase by £221k. The NOD funding has reduced as one of the main funders has ceased contributions. Membership subscriptions marginally increased in 2022 and is still the College’s largest source of income.
The resources expended totalled £5.6m of which £214k relates to expenditure against the restricted funds. The remaining expenditure of £5.4m on unrestricted funds includes central costs of £2.1m 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 5.
A major component of expenditure is the depreciation of the costs of 18 Stephenson Way and its installed contents and systems: this amounts to £362k. 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.
## 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. Trustees have agreed to maintain general reserves of no less than 6 months’ running costs for the College.
At 31 December 2022, two restricted endowment funds (one permanent and one expendable) together valued at £878k, are used to fund research projects. Several restricted funds, together valued at £791k are used to fund scholarships, awards, and projects. Designated funds totalling £5.9m mostly comprise the fixed assets represented on the balance sheet.
As at 31 December 2022, general reserves amounted to just over £5.0m or 11 months of 2022’s unrestricted expenditure (2021: 14 months).
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The Royal College of Ophthalmologists
## Report of the Trustees
## For the year ended 31 December 2022
Trustees have agreed to use these additional reserves to fund the additional programme of work in the College’s strategic plan where necessary. This includes additional work
- to carry out a review of the Ophthalmological workforce
- to review the structure, culture and governance of the College
- to improve the efficiency of the College’s processes, and
- to introduce a greater focus on policy work
- to develop a learning management system and introduce a new e-portfolio.
This will result in additional expenditure that may not be covered by income receipts, but which are deemed important for the College’s future.
## Investment policy and performance
The College has been given, by Royal Charter, wide powers to invest monies not immediately required. The College employs a professional fund manager, Sarasin & Partners LLP 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 and does this 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.
The College has previously committed to not invest in tobacco producing companies. Trustees will continue to monitor environmental, social and governance (ESG) issues, and make investment decisions via discussions held with the fund manager twice a year.
For the 12-month period ending 31 December 2022, the performance of the funds was as follows:
|Fund|Portfolio|Benchmark|Peer group benchmark
(ARC charity peergroup)|
|---|---|---|---|
|Income Reserves and
Research and Other Fund|-15.4%|-14.7%|-8.4%|
|Endowment and Reserves
Fund|-9.6%|-6.9%|-9.61%|
The portfolio of investments currently has a market value at 31 December 2022 of £4.3m (2021: £3.7m). As at the date of signing these accounts, the value of investments was £4.5m – having increased almost £200k because of global market recovery.
## 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
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
enable a member of the College to acquire further skill, knowledge or experience. Two awards were made in 2022 (2021: two).
## 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. A Risk Management Group was set up in 2022 to increase scrutiny of the risks the College faces. The key operational, reputational and financial risks are included in a risk matrix which is regularly reviewed by the Trustees and action is taken to ensure that mitigation measures are in place and acted on by all staff.
|measures are in place and acted on by all staff.||
|---|---|
|Key risk|This is being managed by:|
|•
Lack of capacity in the department if new
tasks being added to workload, staff not
having time to undertake all tasks to
required standard leading to delays or
mistakes negatively affecting deadlines or
quality of work.|•
Effective framework for decision making
via the consistent use of business plans
and other decision making tools
•
Clarity on the College’s main operational
and strategic priorities to enable work to
be reallocated, delayed or ceased as
appropriate
•
The College will create a new
membership services department in 2023
to increase capacity|
|•
Employing NHS Trusts do not allow
members to spend time on College business|•
Communicating the benefits of College
services to a wide audience
•
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|
|•
Impact of inflation on the College finances|•
Close monitoring of budgets and
expenditure
•
Development of events to generate
income.|
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The Royal College of Ophthalmologists
## Report of the Trustees
For the year ended 31 December 2022
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
At 31 December 2022, the College holds more than 11 months’ unrestricted reserves.
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 statements.
## Plans for the future
Strategic Area 1- To empower all our members to achieve the life-long learning and expertise needed for the future of ophthalmology
We will develop INSPIRE
We will promote the new Associate Membership category in order to support medical students, foundation doctors and eye care professionals.
We will test the new ePortfolio in advance of the introduction of Curriculum 2024.
We will launch a new course for recently appointed consultants.
Strategic Area 2 - To define the workforce and resources needed to deliver safe sustainable care
We will publish a report on the findings of the 2022 census.
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The Royal College of Ophthalmologists
## Report of the Trustees
## For the year ended 31 December 2022
We will build on the Paediatric Subcommittee’s report on the Paediatric Ophthalmology Workforce report which contains recommendations to deal with problems arising from: waiting lists and workloads, new ways of working and training, recruitment and retention.
We will consider how the role of Physician Associates may be developed to support the hospital eye service.
We expect to work with the College of Optometrists to determine the current and future eye care workforce trends for each UK nation.
Strategic Area 3 - To promote the highest achievable standards of eye care and speak out if care falls short
We will develop standards for the delivery of Cataract Services. This will include the production of a self-assessment tool to allow departments to assess themselves against the Cataract Service Standards.
We will develop Concise Practice Points to succinctly describe the available scientific and clinical evidence. These are to help clinicians make better decisions about appropriate healthcare where there is recognised uncertainty.
We will report on the findings of the AMD Audit.
Strategic Area 4 - To deliver our work through efficient, flexible and transparent processes
We will begin work on the Strategic Plan 2024 – 2026.
We will strengthen our approach to risk management with the development of a Risk Management Group to review the registers for all departments for consistency and to identify omissions. This will provide the Trustee Board with reassurance that significant risks have been managed effectively.
We will agree and begin to implement a Digital Strategy to provide digital solutions to enhance membership engagement and provide seamless access to products and services.
We will improve our on-boarding processes so that staff and clinicians feel welcome and are productive early on in their relationship with the College.
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
## 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 posts (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 President is elected by all Fellows, members and diplomates in good standing, home and overseas and the current OTG Chair is elected by the OTG. The Vice President, Honorary Treasurer and Honorary Secretary are appointed following an application and interview process.
- Lay Trustees - Lay Trustees are appointed following an application and interview process, the posts are advertised in national newspapers and online.
- Chairs of Standing Committees - There are 5 Standing Committee chairs who are appointed, following an application and interview process. 2 Standing Committee chairs serve on the Trustee Board on a rotating basis.
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.
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The Royal College of Ophthalmologists
## Report of the Trustees
For the year ended 31 December 2022
## 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 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.
## 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.
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:
|at the College:|||
|---|---|---|
||Committee/role|Date
appointed/(resigned)|
|Mr B Chang|President||
|Mr DW Flanagan|Vice President|(24 May2022)|
|Mr SB Kaye|Vice President|24 May2022|
|Mrs M Hingorani|HonorarySecretary||
|Mr M Parulekar|HonorarySecretary||
|Prof CSC Liu|HonoraryTreasurer||
|Ms R Ford|Chair - Education Committee|25 May2021|
|Mr G Shuttleworth|Chair – Examinations Committee||
|Mr W Newman|Chair - Professional Standards
Committee||
|Dr S Sivaprasad|Chair – Scientific Committee||
|Miss AF Spencer|Chair – TrainingCommittee|(24 May2022)|
|Mrs S Maling|Chair – TrainingCommittee|24 May2022|
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The Royal College of Ophthalmologists
## Report of the Trustees
## For the year ended 31 December 2022
|Key Management 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|(14 October 2022)|
|Ms A Frater|Interim Head of Finance and Operations|3 October 2022|
|Ms E Price|Head of Communications and
Stakeholder Engagement||
The College also relies on several sub-committees to provide advice on specialist issues and to help develop policy.
## Staff and Remuneration Policy
Staff remuneration is now based on a scale comprising 6 grades each with 1 entry, 3 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.
## Fundraising Statement
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although the College does not undertake fundraising from the public, the legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes.” Where discussions with organisations have resulted in a contribution to College activities, these are allocated in the accounts as income against the activity to which the contribution arose.
The College does not use commercial participators or professional fund-raisers, or third parties to raise funds. The day to day management of all income generation is delegated to the Senior Management Team, who are accountable to the trustees.
We have received no complaints in relation to fundraising activities. Our terms of employment require staff to behave reasonably at all times; we do not approach individuals for funds nor do we consider it necessary to design specific procedures to monitor such activities.
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
## Charity relationships with suppliers, customers, partners, and others
The delivery of our charitable aims and objectives is dependent on a range of relationships with universities, suppliers and others, and we are extremely grateful for the advice and support received during the past year.
The College has maintained strong and effective relationships with communities, key opinion leaders, medical research charities and the NHS to help shape and inform our policies and further our objectives to ensure high standards of ophthalmic patient care and to save the sight of the nation.
## 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, Scotland 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operation.
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 trust deed ,the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
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The Royal College of Ophthalmologists
Report of the Trustees
For the year ended 31 December 2022
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Auditor
Sayer Vincent LLP was re-appointed as the auditor of the College during the year and has expressed its willingness to continue in that capacity.
Approved by the Trustees on 6 April 2023 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 2022 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:
- Give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Charities Act 2011 and of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended)
## 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:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient and proper accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit
## 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.
18
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:
- We enquired of management and the Executive and Finance committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
19
Independent auditors’ report
## To the Trustees of
## The Royal College of Ophthalmologists
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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.
## 13 June 2023 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
20
The Royal College of Ophthalmologists
## Statement of financial activities
## For the year ended 31 December 2022
|Unrestricted
Note
£'000s
Income from:
2
1,598
2
61
2
1,348
2
252
2
700
2
313
2
851
2
-
2
-
3
115
4
126
5,364
5
1,638
1,093
1,110
732
742
-
90
5,405
(514)
7
(555)
19
(8)
(563)
Reconciliation of funds:
19
11,434
19
10,871
Examinations
Education and Training
Charitable activities
Investments
Total income
Expenditure on:
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
(41)
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
Donations & legacies|Unrestricted
Note
£'000s
Income from:
2
1,598
2
61
2
1,348
2
252
2
700
2
313
2
851
2
-
2
-
3
115
4
126
5,364
5
1,638
1,093
1,110
732
742
-
90
5,405
(514)
7
(555)
19
(8)
(563)
Reconciliation of funds:
19
11,434
19
10,871
Examinations
Education and Training
Charitable activities
Investments
Total income
Expenditure on:
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
(41)
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
Donations & legacies|Restricted /
Endowment
£'000s
-
-
-
30
1
65
-
16
32
-
21|2022
Total
£'000s
1,598
61
1,348
282
701
378
851
16
32
115
147|Unrestricted
£'000s
1,531
-
1,127
245
344
698
774
10
-
100
93|Restricted /
Endowment
£'000s
-
-
-
32
2
75
-
58
17
-
31|2021
Total
£'000s
1,531
-
1,127
277
346
773
774
68
17
100
124|
|---|---|---|---|---|---|---|
||5,364|165|5,529|4,922|215|5,137|
||1,638
1,093
1,110
732
742
-
90|-
51
-
66
-
57
40|1,638
1,144
1,110
798
742
57
130|1,432
1,032
767
439
691
-
85|-
78
-
57
-
111
58|1,432
1,110
767
496
691
111
143|
||5,405|214|5,619|4,446|304|4,750|
||(514)
(41)|-
(49)|(514)
(90)|195
476|-
(89)|195
387|
||(555)
(8)|(49)
8|(604)
-|671
(41)|(89)
41|582
-|
||(563)
11,434|(41)
1,710|(604)
13,144|630
10,804|(48)
1,758|582
12,562|
||10,871|1,669|12,540|11,434|1,710|13,144|
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 19 to the financial statements.
21
The Royal College of Ophthalmologists
## Balance sheet
## As at 31 December 2022
|As at 31 December 2022|As at 31 December 2022||||
|---|---|---|---|---|
|Note
£'000s
Fixed assets:
12
12
13
Current assets:
14
982
2,323
3,305
Liabilities:
15
897
19
878
791
5,794
73
5,004
Total unrestricted funds
Heritage Assets
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Unrestricted income funds:
Designated funds - functional property
Other designated funds
General funds
Restricted funds:
Endowment Funds
Restricted income funds
Investments
Cash at bank and in hand
Tangible assets
Total charity funds||2022
£'000s
5,777
58
4,297|£'000s
1,022
3,297|2021
£'000s
6,082
58
3,734|
|||10,132
2,408||9,874
3,270|
||3,305
897||4,319
1,049||
||878
791
5,794
73
5,004||877
833
6,099
60
5,275||
|||12,540||13,144|
||||||
|||1,669
10,871||1,710
11,434|
||||||
|||12,540||13,144|
Approved by the trustees on 6 April 2023 and signed on their behalf by
Prof. Christopher Liu Honorary Treasurer
Mr Bernie Chang President
22
The Royal College of Ophthalmologists
## Statement of cash flows
## For the year ended 31 December 2022
|For the year ended 31 December 2022|For the year ended 31 December 2022|For the year ended 31 December 2022|||
|---|---|---|---|---|
|Note
£000's
£000's
20
70
147
(114)
(1,077)
(1,044)
(974)
3,297
21
2,323
Cash flows from operating activities
Net cash (used in)/provided by investing activities
Net cash (used in)/provided by operating activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets and artwork
Purchase of investments
2022
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year|||£000's
£000's
728
124
(157)
(65)
(98)
630
2,667
3,297
2021||
||||||
|||(974)
3,297||630
2,667|
|||2,323||3,297|
23
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
- 1 Accounting policies
- a) The Royal College of Ophthalmologists is incorporated by Royal Charter and a charity registered with the Charity Commission in England & Wales and Scotland.
The registered office address is 18 Stephenson Way, London, NW1 2HD.
## 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
Following the conversion of examinations to an electronic format and the running of a virtual Congress during 2020, the College's income levels improved significantly during 2021 as reliance on generating income from in-person activities was reduced.
The main source of uncertainty going forward is the movement in the value of investments as a result of the current global unrest - however, the College is not dependent on investment income to continue our activities.
The trustees, having reviewed a stress tested budget and cashflow, 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, and therefore consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
## e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
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 an estimate based on financial forecasts received from the College's publishers, Springer Nature. The final figure is not known until July of the following year to which it relates.
## 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
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
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.
24
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 1 Accounting policies (continued)
## h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
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
Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of the charity, comprising the salary and overhead costs of the central function, is apportioned, based on staff numbers engaged in each activity. Governance costs are apportioned on the same basis. Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.
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:
- Freehold buildings Thirty years
- Equipment, furniture and fittings Between three and ten years Major computer and software systems Between three and five years
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 long-term 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 17.
## 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. 25
25
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
## 2a Income from charitable activities - current year
|Income from charitable activities - current year|||||
|---|---|---|---|---|
|Dual Sponsorship fee income
Other income
Congress and specialty days
Sub-total for Professional Support
Contract income from Health Quality Improvement
Partnership
Fees for Skills Courses
Sub-total for Education and Training
Professional support
Examination fees
Membership subscriptions
Sub-total for Subscriptions
Jack Kanski Award
Sub-total for Scholarships and Awards
Sub-total for Examinations
National Ophthalmic Database
Journal Eye joint venture
Scholarships and Awards
Sub-total for National Ophthalmic Database
Gross income from Joint Venture with MacMillan
Education and Training
Income from Donors
Sub-total for Journal Eye joint venture
Seminars
Other
Other contract income
Other income
Fight for Sight
Sub-total for British Ophthalmic Surveillance Unit
Sadhu Gupta
Total income from charitable activities
Donations & Legacies
Sub-total for Donations & Legacies
Keeler Ltd for Keeler Scholarship
Income from Trusts
E-integrity for E-learning|Unrestricted
£'000s
1,598|Restricted
£'000s
-|2022
Total
-
1,598|2021
Total
£'000s
1,531|
||1,598
61|-
-|1,598
61|1,531
-|
||61
1,348|-
-|61
1,348|-
1,127|
||1,348
-
-
180
72|-
-
29
-
1|1,348
-
29
180
73|1,127
5
21
143
108|
||252
620
38
42|30
-
-
1|282
620
38
43|277
274
67
5|
||700
-
313
-
-|1
-
-
-
65|701
-
313
-
65|346
24
265
409
75|
||313
851|65
-|378
851|773
774|
||851
-
-
-
-|-
15
-
-
1|851
15
-
-
1|774
30
-
25
13|
||-
-|16
32|16
32|68
17|
||-|32|32|17|
||5,123|144|5,267|4,913|
## Contingent Asset
In 2021 the College had a contingent asset in the form of a legacy receivable, this was received in 2022.
26
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
- 2b Income from charitable activities - prior year
|For the year ended 31 December 2022
2b
Income from charitable activities - prior year|||||
|---|---|---|---|---|
|3
Advertising in College publications and other miscellaneous income
Membership subscriptions
Sub-total for Subscriptions
Examination fees
Jack Kanski Award
Other income
Contract income from Health Quality Improvement
Partnership
Income from Trusts
Fight for Sight
Sub-total for Journal Eye joint venture
Sub-total for National Ophthalmic Database
Sub-total for Examinations
Other contract income
Other
Dual Sponsorship fee income
Income from other trading activities
Sub-total for Scholarships and Awards
Income from Donors
Education and Training
E-integrity for E-learning
Fees for Skills Courses
Other income
Sub-total for Education and Training
Professional support
Congress and specialty days
Seminars
Sub-total for Professional Support
Scholarships and Awards
Keeler Ltd for Keeler Scholarship
National Ophthalmic Database
Sadhu Gupta
Journal Eye joint venture
Gross income from Joint Venture with MacMillan
Total income from charitable activities
All income from trading activities in 2022 and 2021 is unrestricted.
Sub-total for British Ophthalmic Surveillance Unit|Unrestricted
£'000s
1,531|Restricted
£'000s
-|2021
Total
£'000s
1,531|2020
Total
£'000s
1,466|
||1,531
1,127|-
-|1,531
1,127|1,466
553|
||1,127
-
-
143
102|-
5
21
-
6|1,127
5
21
143
108|553
5
21
104
69|
||245
274
67
3|32
-
-
2|277
274
67
5|199
64
45
2|
||344
24
265
409
-|2
-
-
-
75|346
24
265
409
75|111
11
-
227
101|
||698
774|75
-|773
774|339
748|
||774
-
-
-
10|-
30
-
25
3|774
30
-
25
13|748
-
25
-
3|
||10
-|58
17|68
17|28
29|
||-|17|17|29|
||4,729|184|4,913|3,473|
|||Unrestricted
£'000s
115|2022
Total
£'000s
115|2021
Total
£'000s
100|
||||||
27
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
|For the year ended 31 December 2022||||||
|---|---|---|---|---|---|
|4a
4b
Bank interest
Income from investments - current year
Income from Common Investment Funds
Income from Common Investment Funds
Bank interest
Income from investments - prior year|Unrestricted
£'000s
124
2|£'000s
21
-
Endowment|2022
Total
£'000s
£'000s
-
145
-
2
-
147
2021
Total
£'000s
£'000s
-
121
-
3
-
124
Restricted
Restricted||2021
Total
£'000s
121
3|
||126|21|-|147|124|
||Unrestricted
£'000s
90
3|£'000s
31
-
Endowment|||2020
Total
£'000s
121
10|
||93|31|-|124|131|
28
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
- 5a Analysis of expenditure (current year)
|||Charitable activities|Charitable activities|Charitable activities|||Governance
costs
£'000s
-
-
13
-
-
-
-
-
-
-
-
-
-
55
-
-
-
30
12
-
-
11|Support
costs
£'000s
906
175
18
156
327
-
-
5
54
30
-
-
17
1
29
193
40
-
-
115
34
10|2022
Total
£'000s
2,029
175
502
225
362
321
7
183
55
36
59
278
550
57
29
389
40
30
12
115
34
131|2021
Total
£'000s
1,749
39
266
257
344
238
7
171
62
28
111
245
463
38
34
327
45
26
14
84
87
115|
|---|---|---|---|---|---|---|---|---|---|---|
|Examinations
£'000s
317
-
344
-
18
111
7
-
-
-
1
-
3
-
-
144
-
-
-
-
-
85|Education
and Training
£'000s
314
-
60
69
17
-
-
-
-
-
-
4
-
-
-
48
-
-
-
-
-
1|Professional
Support
£'000s
268
-
66
-
-
210
-
-
1
6
3
-
93
-
-
-
-
-
-
-
-
12|NOD
£'000s
136
-
-
-
-
-
-
-
-
-
-
274
36
1
-
4
-
-
-
-
-
9|"Eye" Journal
Joint Venture
£'000s
51
-
-
-
-
-
-
177
-
-
-
-
401
-
-
-
-
-
-
-
-
-|Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
55
-
-
-
-
-
-
-
-
-
-
2|BOSU
£'000s
37
-
1
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
1|||||
|1,030
575
33|513
597
34|659
426
25|460
320
18|629
107
6|57
-
-|40
85
5|121
-
(121)|2,110
(2,110)
-|5,619
-
-|4,750
-
-|
|1,638|1,144|1,110|798|742|57|130|-|-|5,619|4,750|
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.
29
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
- 5b Analysis of expenditure (prior year)
|Analysis of expenditure (prior year)|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Staff employment costs (Note 8)
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 6)
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 2021|||Charitable activities|||||Governance
costs
£'000s
-
-
7
-
-
-
-
-
-
-
-
-
-
30
-
-
-
26
14
-
-
5|Support
costs
£'000s
812
36
37
196
344
-
-
9
59
27
-
-
14
8
34
141
45
-
-
84
87
10|2021 Total
£'000s
1,749
39
266
257
344
238
7
171
62
28
111
245
463
38
34
327
45
26
14
84
87
115|
||Examinations
£'000s
254
1
152
-
-
204
7
1
-
-
-
-
3
-
-
135
-
-
-
-
-
72|Education
and Training
£'000s
267
-
56
61
-
-
-
-
-
-
-
13
-
-
-
45
-
-
-
-
-
5|Professional
Support
£'000s
246
-
14
-
-
34
-
-
-
1
-
-
23
-
-
-
-
-
-
-
-
2|NOD
£'000s
89
2
-
-
-
-
-
-
-
-
-
232
28
-
-
5
-
-
-
-
-
17|"Eye" Journal
Joint Venture
£'000s
46
-
-
-
-
-
-
142
3
-
-
-
395
-
-
-
-
-
-
-
-
-|Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
111
-
-
-
-
-
-
-
-
-
-
-|BOSU
£'000s
35
-
-
-
-
-
-
19
-
-
-
-
-
-
-
1
-
-
-
-
-
4||||
||829
578
25|447
636
27|320
429
18|373
118
5|586
101
4|111
-
-|59
81
3|82
-
(82)|1,943
(1,943)
-|4,750
-
-|
||1,432|1,110|767|496|691|111|143|-|-|4,750|
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.
30
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
## 6 Grant making - Scholarships and awards
|Grant making - Scholarships and awards|||
|---|---|---|
|Keeler Scholarship
Jack Kanski Prize
Cost
Sadhu Gupta Award
Grants to individuals
At the end of the year
Ashton Award
Bibby/Horton Scholarship
Nettleship Fund
Optic Lecture|2022
£'000s
-
49
-
1
3
5
1|2021
£'000s
2
79
30
-
-
-
-|
||59|111|
The basis of the grants to individuals is described in note 1.
## 7 Net (expenditure)/incoming resources for the year
This is stated after charging:
|This is stated after charging:|||
|---|---|---|
||2022|2021|
||£'000s|£'000s|
|Depreciation|362|344|
|Operating lease rentals:|||
|Other|41|55|
|Auditor's remuneration (excluding VAT):|||
|Audit|12|11|
|Other services|3|3|
31
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
8 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:|||
|---|---|---|
|Social security costs
Salaries and wages
Pension contributions|2022
£'000s
1,591
177
261|2021
£'000s
1,386
149
214|
||2,029|1,749|
Employees with salaries over £60,000 (not including National Insurance) were as follows:
||2022|2021|
|---|---|---|
||No.|No.|
|£60,000 - £70,000|4|2|
|£70,000 - £80,000|-|2|
|£80,000 - £90,000|1|-|
|£110,000 - £120,000|-|1|
|£120,000 - £130,000|1|-|
The key management personnel of the charity comprise the Chief Executive and the five (2021: five) heads of department. Gross salaries, employer national insurance and employer pension contributions for key management personnel this year £469,314, £60,296 and £80,919 were respectively (2021: £451,106, £54,939 and £72,123 respectively).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
6 (2021: 13) Trustees submitted expense claims relating to meetings and College related business activities totalling £2,376 (2021: £3,561). The College also incurred £7,635 (2021: £5,234) of expenditure, paid directly to suppliers, for activities relating solely to the role of President.
## 9 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as
|The average number of employees (head count based on number of staff employed)|during the year|was as|
|---|---|---|
|Journal "Eye" joint Venture
Support
National Ophthalmological Database
Examinations
Education and Training
Professional Support|2022
No.
6
6
5
3
1
16|-
No.
5
6
5
2
1
13|
||37|32|
## 10 Related party transactions
There are no related party transactions to disclose for 2022 (2021: none).
Aggregate donations from related parties (trustees) were £NIL (2021: £NIL).
32
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 11 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 12 Tangible fixed assets
|Tangible fixed assets||||||
|---|---|---|---|---|---|
|Net book value
At the end of the year
At the end of the year
At the end of the year
At the start of the year
Disposals
Cost
Depreciation
Charge for the year
At the start of the year
Disposals
At the start of the year
Additions in year|Freehold
property
£'000s
7,005
-
-|Fixtures and
fittings
£'000s
189
-
-|Computer
equipment
£'000s
1,316
114
(103)|Heritage
Assets
£'000s
85
-
-|Total
£'000s
8,595
114
(103)|
||7,005|189|1,327|85|8,606|
||1,230
174
-|132
18
-|1,066
170
(46)|27
-
-|2,455
362
(46)|
||1,404|150|1,190|27|2,771|
||5,601|39|137|58|5,835|
||5,775|57|250|58|6,140|
Land with a value of £1,800,000 (2021: £1,800,000) is included within freehold property and not depreciated.
All of the above assets are used for charitable purposes.
## 13 Listed investments
|Listed investments|||
|---|---|---|
|Historic cost
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|2022
£'000
3,734
1,077
(514)|2021
£'000
3,474
65
195|
||4,297|3,734|
||3,399|2,323|
||2022
£'000
4,297|2021
£'000
3,734|
||4,297|3,734|
The College has made investments in two Common Investment Funds, the Alpha Fund for Endowments and the Alpha Fund for Income and Reserves
Non-adjusting post balance sheet event
The value of investments at the date of signing amounted to £4,477,545, an increase of £181,000 on the value listed in the balance sheet.
33
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
## 14 Debtors
|Debtors|||
|---|---|---|
|Congress expenses in advance
HMRC
Trade debtors
Other event costs in advance
Prepayments
Other debtors|2022
£'000
44
401
67
216
219
35|2021
£'000
263
434
46
169
110
-|
||982|1,022|
## 15 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
|Taxation and social security
Deferred income
Accruals
Trade creditors|2022
£'000
383
-
422
92|2021
£'000
543
14
444
48|
||897|1,049|
## 16 Deferred income
Deferred income comprises fees received before the year end for examinations, training and other events taking place in the following year.
|
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|2022
£'000
444
(444)
422|2021
£'000
420
(420)
444|
||422|444|
34
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 17 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 was 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.
Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings ("CARE") basis.
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.
## Funding Policy
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 2020. 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 by the Trustee and employers in June 2021 will be reviewed again at SAUL’s next formal valuation in 2023.
At the 31 March 2020 valuation SAUL was 94% funded on its Technical Provisions basis. However, market movements following the valuation date were positive and the Trustee and Employers agreed to allow for postvaluation experience up to 30 April 2021. As SAUL was in surplus on its Technical Provisions basis at that date, no deficit contributions were required. However, the Trustee and the Employers have agreed that the ongoing Employers' contributions will increase from a rate of 16% of CARE Salaries to 19% of CARE Salaries from 1 April 2022 and to 21% of CARE Salaries from 1 January 2023.
## Accounting Policy
The Royal College of Ophthalmologists is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL's assets at 31 March 2020 was £3,612 million representing 94% of the liabilities. The market value of SAUL's assets at 30 April 2021 was £4,369 million representing 109% of the estimated liabilities.
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.
Although there was a Technical Provisions deficit at 31 March 2020, allowing for post valuation experience to 30 April 2021, SAUL had a Technical Provisions surplus. Therefore, no deficit contributions were required following the 2020 valuation and there is no defined benefit liability (i.e. the present value of any deficit member contributions due to SAUL) to be recognised by the College. Employer Contributions paid in 2022 were £264,000 (2021: £209,000).
35
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 17 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 2021 was £6,500 (2021: £6,000).
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.
36
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
18a Analysis of net assets between funds
|18a
Analysis of net assets between funds|||||
|---|---|---|---|---|
|Tangible fixed assets
Investments
Net current assets
18b
Tangible fixed assets
Investments
Net current assets
Analysis of net assets between funds - Prior year
Net assets at the end of the year - 2021
Net assets at the end of the year - 2022|General
unrestricted
£'000
-
3,020
1,984|£'000
5,794
-
73
Designated|Restricted
£'000
41
1,277
351|Total funds
£'000
5,835
4,297
2,408|
||5,004|5,867|1,669|12,540|
||General
£'000
-
2,457
2,818|£'000
6,099
-
60
Designated|Restricted
£'000
41
1,277
392|Total funds
£'000
6,140
3,734
3,270|
||5,275|6,159|1,710|13,144|
37
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2022
19a Movements in funds - current year
|19a
Movements in funds - current year||||||
|---|---|---|---|---|---|
|Permanent endowment fund
0223
The Bibby/Horton Scholarship
-663
0223
Research Endowment Fund
-214
(876)
Other restricted funds
0224
-25
0224
-3
0224
-105
E-Learning Fund (Health Education England)
0
0224
E-Learning Fund (Department of Health)
-37
0224
-84
0224
-19
0226
Revalidation E-system cohort project
-12
0224
OPT (formerly OCCCF) Project
-17
NOD Cataract audit - Bausch and Lomb
0227
NOD AMD audit
-63
(365)
Educational website ST1 trainees
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)|At 1 January
2022
£'000s
663
214|Income &
gains
£'000s
-
1|Expenditure
& losses
£'000s
-
-|Transfers
£'000s
-
-|At 31
December
2022
£'000s
663
215|
||877|1|-|-|878|
||25
3
105
-
37
84
19
12
17
-
63
-|-
-
29
-
-
-
-
-
-
-
65
-|(8)
-
(8)
-
(1)
(14)
-
-
(16)
-
(66)
-|-
-
-
-
-
-
-
-
-
-
-
-|17
3
126
-
36
70
19
12
1
-
62
-|
||365|94|(113)|-|346|
38
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
19a Movements in funds - current year (continued)
|For the year ended 31 December 2022
19a
Movements in funds - current year (continued)||||||
|---|---|---|---|---|---|
|Check
Scholarships and Award Funds
0230
The Ethicon Scholarship
-137
0230
The Jack Kanski Award
-25
0230
The Keeler Scholarship
-21
0230
The Sadhu Gupta Award
-25
0230
The John Lee Research Fund
-8
0230
The Nettleship Fund
-2
0230
The Lister Award
-7
0240
The Edridge-Green Lecture
-26
0230
The Dorey Bequest
-13
(265)
Project Funds, including Memorials and Bequests
0240
The Bibby/Horton Scholarship
-104
0240
The Ashton Lecture
0
0240
The Professor Barrie Jones Lecture Fund
-56
0240
The Elizabeth Thomas Seminar
0
0240
Optic Lecture
-3
0223
The Winstanley Book Collection
-41
0223
The Peter Curran Bequest
0
(204)
British Ophthalmological Surveillance Unit
Total Other Restricted Funds
(833)
Total Restricted Funds
(1,709)|At 1 January
2022
£'000s
137
25
21
25
8
2
7
26
13|Income and
gains
£'000s
2
-
15
-
-
-
-
-
-|Expenditure
and losses
£'000s
-
(5)
(3)
(1)
-
-
-
-
-|Transfers
£'000s
-
-
-
-
-
-
-
-
-|At 31
December
2022
£'000s
139
20
33
24
8
2
7
26
13|
||264|17|(9)|-|272|
||104
-
56
-
3
41
-|21
-
-
-
-
-|(49)
-
-
-
(3)
-
-|-
-
-
-
-
-
-|76
-
56
-
-
41
-|
||204|21|(52)|-|173|
||-|32|(40)|8|-|
||833|164|(214)|8|791|
||1,710|165|(214)|8|1,669|
39
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
19a Movements in funds - current year (continued)
|For the year ended 31 December 2022
19a
Movements in funds - current year (continued)||||||
|---|---|---|---|---|---|
|Designated funds:
0305
The Duke - Elder Memorial
-24
0305
The Patrick Trevor - Roper Travel Awards
-3
0305
John Lee Memorial Research Fund
-6
0305
The Anne Allerton Fund
-17
0305
The Foulds Trophy
-10
Property and Equipment Fund
#N/A
Total designated funds
#N/A
0300General funds
-5,275
Total unrestricted funds
#N/A
Total restricted funds
(1,709)
Total funds
#N/A
Unrestricted funds|At 1 January
2022
£'000s
24
3
6
17
10
6,099|Income and
gains
£'000s
14
-
-
-
-
-|Expenditure
and losses
£'000s
(1)
-
-
-
-
-|Transfers
£'000s
-
-
-
-
-
(305)|At 31
December
2022
£'000s
37
3
6
17
10
5,794|
||6,159
5,275|14
5,350|(1)
(5,918)|(305)
297|5,867
5,004|
||11,434|5,364|(5,919)|(8)|10,871|
||1,710|165|(214)|8|1,669|
||13,144|5,529|(6,133)|-|12,540|
40
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
|For the year ended 31 December 2022||||||
|---|---|---|---|---|---|
|19b
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
Educational website ST1 trainees
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)
Movements in funds - prior year|£'000s
715
210
At 1 January
2021|£'000s
27
4
Income and
gains|£'000s
(79)
-
Expenditure
and losses|Transfers
£'000s
-
-|At 31
December
2021
£'000s
663
214|
||925|31|(79)|-|877|
||32
3
91
13
45
84
19
12
49
-
45
-|-
-
21
-
-
5
-
-
-
10
65
5|(7)
-
(7)
(13)
(8)
(5)
-
-
(32)
(10)
(47)
(5)|-
-
-
-
-
-
-
-
-
-
-
-|25
3
105
-
37
84
19
12
17
-
63
-|
||393|106|(134)|-|365|
41
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
19b Movements in funds - prior year (continued)
|Movements in funds - prior year (continued)||||||
|---|---|---|---|---|---|
|Scholarships and Award Funds
The Ethicon Scholarship
The Jack Kanski Award
The Keeler Scholarship
The Sadhu Gupta Award
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
133
25
21
-
8
2
7
26
13
At 1 January
2021|£'000s
4
-
30
25
-
-
-
-
-
Income and
gains|£'000s
-
-
(30)
-
-
-
-
-
-
Expenditure
and losses|Transfers
£'000s
-
-
-
-
-
-
-
-
-|At 31
December
2021
£'000s
137
25
21
25
8
2
7
26
13|
||235|59|(30)|-|264|
||104
2
55
-
3
41
-|-
1
1
-
-
-
-|-
(3)
-
-
-
-
-|-
-
-
-
-
-
-|104
-
56
-
3
41
-|
||205|2|(3)|-|204|
||-|17|(58)|41|-|
||833|184|(225)|41|833|
||1,758|215|(304)|41|1,710|
42
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
19b Movements in funds - prior year (continued)
|Movements in funds - prior year (continued)||||||
|---|---|---|---|---|---|
|Designated funds:
The Duke - Elder Memorial
The Patrick Trevor - Roper Travel Awards
John Lee Memorial Research Fund
The Anne Allerton Fund
The Foulds Trophy
Property and Equipment Fund
Total designated funds
General funds
Total unrestricted funds
Total restricted funds
Total funds
Unrestricted funds|£'000s
10
3
6
17
-
6,286
At 1 January
2021|£'000s
14
-
-
-
10
-
Income and
gains|£'000s
-
-
-
-
-
-
Expenditure
and losses|Transfers
£'000s
-
-
-
-
-
(187)|At 31
December
2021
£'000s
24
3
6
17
10
6,099|
||6,322
4,482|24
4,898|-
(4,251)|(187)
146|6,159
5,275|
||10,804|4,922|(4,251)|(41)|11,434|
||1,758|215|(304)|41|1,710|
||12,562|5,137|(4,555)|-|13,144|
43
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 19 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.
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. The fund also includes a contribution from Alcon.
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.
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.
44
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 19 Purposes of restricted and designated funds (continued)
The Keeler Scholarship provides financial assistance to members and fellows to acquire ophthalmic skills, knowledge or experience.
The Sadhu Gupta Award will provide an award for the best performing international candidate in a RCOphth examination. This is a way to promote learning and increase the global level of ophthalmic knowledge.
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.
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 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.
45
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
## 19 Purposes of restricted and designated funds (continued)
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.
Professor Wallace Foulds left a legacy to continue the payment of The Foulds Trophy prize. It has been left to the discretion of the Trustees to use these funds in any way they feel necessary but Trustees have agreed to use the fund as Professor Foulds intended.
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).
46
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2022
20 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
Fixed Asset write offs
(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
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
Analysis of cash at bank and in hand|At 1 January
2022
£'000s
2,697
600|2022
£'000s
(604)
362
57
514
(147)
40
(152)|2021
£'000s
582
344
-
(195)
(124)
(74)
195|
|---|---|---|---|
|||70|728|
|||Cash flows
£'000s
(1,289)
315|At 31
December
2022
£'000s
1,408
915|
||3,297|(974)|2,323|
21 Analysis of cash at bank and in hand
## 22 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
|The charity's total future minimum lease payments under non-cancellable operating
of the following periods|leases is as follows for each|leases is as follows for each|
|---|---|---|
|Less than 1 year
1 - 5 Years|2022
2021
£'000s
£'000s
14
14
27
41
41
55
Equipment||
||41|55|
## 23 Capital commitments
At the balance sheet date, the charity had committed £NIL for the development of the new CRM (2022: £33k)
47