-. ¥ ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW Report and Financial I statements For the year ending 31 March 2025
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CONTENTS PAGE
PRESIDENT’S MESSAGE .............................................................................................................................. 3 TRUSTEES’ REPORT .................................................................................................................................... 4 CHARITY INFORMATION ............................................................................................................................ 13 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES ..................................................................... 16 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES .................................................................... 19 CHARITY STATEMENT OF FINANCIAL ACTIVITIES ................................................................................. 20 CONSOLIDATED BALANCE SHEET AND CHARITY BALANCE SHEET .................................................. 21 CONSOLIDATED STATEMENT OF CASH FLOWS AND CHARITY STATEMENT OF CASH FLOWS .... 22 NOTES TO THE FINANCIAL STATEMENTS .............................................................................................. 23
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
PRESIDENT’S MESSAGE
WELCOME
In November 2024, we marked a significant milestone: 425 years since our College was founded. There’s a lot to celebrate - four centuries of innovation, standing up for medical professionals, and enhancing patient care.
It was on these strong foundations that in December 2024, we set out our vision for the next three years. ‘Strategy 2025-2028: Building a Healthy, Inclusive and Sustainable Society’ has our Fellows and Members at its heart, ensuring they have the knowledge, influence and support to improve healthcare standards in a time of change.
Over the last year, I’ve had the pleasure of meeting many of our Members in the UK and internationally. I am constantly inspired by their work, their commitment, and the impact they are having on the communities they serve.
They are working in an environment where change is the norm. It is estimated that the doubling time of medical knowledge in 1950 was 50 years; in 1980, seven years; and in 2010, 3.5 years. In 2020 it was thought to be just 73 days. The role of our College in delivering high quality education and training – and crucially, support – has never been more important.
It was in this spirit that when I became President in December 2024, I promised to throw open the doors of the College. I’m pleased to report that we’ve done just that. Over the last year, we have increased our number of conferences and events to almost 150, bringing world-class speakers together to audiences in the UK and around the world.
We’ve also continued to widen access to our ‘gold standard’ assessment, with nearly 2,400 candidates sitting medical, surgical and dental exams.
At the same time, we’ve invited many more partners and Glasgow residents to our buildings in the heart of Glasgow. Our events have included our 425 Anniversary Leadership Lectures, showcases of our rich history, and an inspiring exhibition celebrating the innovation College Fellow, Sir William Macewen.
As the UK’s only multidisciplinary Royal College, we have a distinctive voice in healthcare and we are continuing to use it, engaging with MPs, MSPs, Chief Medical Officers, NHS leaders, the GMC, the Academy of Medical Royal Colleges and other influencers on the issues that matter most to our College community.
The impact of our collective efforts is being felt on our finances. In early 2024, – then President – and the College trustees set out an ambitious target to reverse our structural deficit. We agreed to redouble our efforts after several years of operating in a challenging financial environment.
I’m pleased to say that under the leadership of , our CEO, the College Leadership Team, and with the support of the entire College staff, we have made a very significant turnaround. Together, we have reduced our unrestricted deficit by almost £400,000, providing a strong platform for future growth. The pages that follow give a snapshot of our work and achievements over the last year. None of them would be possible without our 15,000 Fellows and Members, who play an active part in College life through membership and volunteering.
This includes our UK and international advisors, examiners, education faculty, the members of our Resident Doctors’ and Dental Trainees’ Committees, faculty boards, our mentors, our sustainability steering group, policy network, Senior Fellows’ group, and College Council.
On behalf of the Executive Board of Trustees, I would like to put on record my thanks to each one of them – and thank them for their continued support in the year ahead.
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CHARITABLE OBJECTIVES AND ACTIVITIES
The charitable purpose of the Royal College of Physicians and Surgeons of Glasgow (“the College”), which has remained unchanged throughout our 425-year history, is to achieve the best possible outcomes for patients through elevating the standard and assessment of healthcare and how it is provided.
Healthcare professionals look to the College for training, education, assessment, support, and a voice that represents them. Our purpose is built around delivering:
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Excellent education and outstanding membership experience
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New standards through assessment and gold-standard qualifications
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Transformative impact on the health and wellbeing of the wider world
The College trustees, CEO, College Council and senior staff leadership team develop strategy and policies supported by annual operating plans, budgets and key outcome measures across our unrestricted and restricted funds to achieve our charitable purpose.
ACHIEVEMENTS AND PERFORMANCE
Over the last 12 months, and in consultation with key stakeholders, trustees and the College leadership team, we developed a new three-year strategic, financial and operational plan, Strategy 2025-2028: Building a Healthy, Inclusive and Sustainable Society. Our work towards the plan’s five strategic goals is driving us towards financial sustainability and future growth, building on the significant progress achieved over the last year.
The achievements and performance outlined below reflect the substantial progress and sustained momentum achieved during this reporting period.
Strategic Goal One – An outstanding membership experience
Our diverse and talented community of more than 15,000 Fellows and Members is at the heart of everything we do.
We aim to nurture a strong sense of belonging, creating a space where Members can connect, share ideas, and support each other.
In June 2024, we asked our membership for their views of the College via a survey. Of the 1,073 respondents, 82% told us they would recommend joining our College to a friend or colleague. It was a heartening result that aligns to our high retention rate: more than 90% of our existing Members chose to stay with us.
We also saw our core membership grow to 14,437 by 1 April 2025, a 1.3% increase from the same time the previous year, bringing our total membership (including affiliate Members) to 15,560.
While these are very positive results, we are not resting on our laurels. We continue to work hard to ensure we are meeting our Fellow and Members’ needs in a rapidly changing healthcare environment.
This includes active engagement with the membership community we serve. In this reporting period, we held 89 engagement events, including a member reception in Hong Kong attended by the President, an exhibition stand at the Association of Surgeons in Training in Belfast, and numerous Foundation Year inductions across the UK, reaching nearly 9,000 healthcare professionals.
We also supported our Resident Doctors’ Committee (RDC) in organising events on wellbeing and less than full time working, and in contributing actively to our college’s position on Physician Associates. In conjunction with the Dental Trainees’ Committee, a response was submitted to NHS Education for Scotland (NES) outlining concerns over changes to the study leave budget, which resulted in amendments to the proposed policy.
Our Specialty, Associate Specialist, and Specialist doctors (SAS) Committee continued to develop its strategy by contributing to a social media campaign to promote SAS doctors as mentors, examiners and educators.
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At the same time, we worked closely with our networks of 74 Regional Advisors and 48 International Advisors. These clinical volunteers share insights on the challenges and opportunities our Fellows and Members are facing in their geographical areas, as well as helping us to reach new audiences.
We aim to support our Fellows and Members at every stage of their journey, and in the 2024-25 we launched My Mentoring, a community platform for all disciplines and career stages. It has already attracted 34 approved mentors and 52 mentees, meeting a need for peer support and professional development.
We are also committed to celebrating the outstanding achievements of our College community, with our diploma ceremonies being the highlight of the College calendar. In this reporting period, we held all our ceremonies in the College – a change from our previous model of hosting larger ceremonies in a university setting – and welcomed 338 diplomates and 664 guests. We are enjoying the benefits of bringing our diplomates ‘home’ to see the College for themselves, with many travelling across the world to celebrate with family and friends while forging a lasting connection with us.
Our diploma ceremonies were also a chance to build on our long tradition of recognising excellence by awarding Honorary Fellowships to those who are inspiring new generations of doctors and healthcare professionals. Recipients included: the renowned surgeon and hearing sciences expert, ; the dental academic who helped to establish Malawi’s first dental school, ; a chartered accountant who became the College’s first Lay Trustee, Scotland’s Chief Medical Officer, ; Scotland’s Chief Scientist, , and a Foundation Fellow of the College of Surgeons of East and Central and Southern Africa, .
Honorary Fellowships were also awarded to: the President of the Royal College of Surgeons of Ireland,
the Director of the Centre for Biomechanics and Rehabilitation at Staffordshire University, ; the Founding Director of Education at the American College of Surgeons, the Head of the Department of Surgery at the NSCB Government Medical College in Jabalpur, India, ; the Chair of the Joint Committee on Surgical Training, ; the distinguished Pakistani surgeon, ; and one of the founding Fellows of our Faculty of Travel Medicine,
Of course, our relationship with new Fellows and Members often begins online. In this reporting period, we scoped and developed our new College website - our ‘shop window’ to the world - which subsequently launched on time and to plan in May 2025. Developed with insight and feedback from clinicians, it has been well-received and represents a major step forward in user experience and accessibility.
Strategic Goal Two – Excellence in Education
The College produced a vibrant and wide-reaching education programme in 2024/25, reflecting our commitment to supporting healthcare professionals at every stage of their careers. A total of 97 College-led courses were delivered, spanning clinical, procedural, and professional skills. This included hands-on training in the Clinical Anatomy Skills Centre – a facility run jointly with the School of Medicine, Dentistry and Nursing at the University of Glasgow.
In addition, 27 courses run by external providers utilised our clinical skills facilities, reinforcing the College’s reputation as a centre of excellence in medical education.
Our conference programme expanded significantly, with 20 events delivered - up from 14 the previous year. This included the launch of a new conference for SAS doctors, further strengthening our inclusive approach to lifelong learning.
Our conferences provided opportunities for resident doctors to showcase their work through poster competitions, while the hybrid ‘in-person and online’ format enabled both face-to-face networking and international participation.
Educational content addressed pressing global health issues, with leading speakers sharing insights on topics such as the obesity crisis, climate sustainability, and the impact of ultra-processed foods - highlighted by a keynote lecture from doctor, television broadcaster and author, .
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We continued to invest in formal qualifications, delivering three diploma and postgraduate certificate programmes. We also launched new exam preparation content for clinicians embarking on MRCP(UK) PACES and FRCS Ophthalmology, helping candidates access high-quality resources to boost their chances of success and reduce differential attainment.
Digital learning was enhanced through the launch of a new Learning Management System, offering an improved user experience and serving as the central hub for all online education for doctors, surgeons, dentists and other healthcare professionals. It has also become the home for the College’s staff development. Our webinar series - covering areas such as travel medicine, sustainability, and global partnerships with the Association of Physicians of India and the Association of Surgeons of India - extended our reach worldwide.
The College welcomed 5,576 delegates across all educational events and saw a rise in sponsorship, with £169,000 secured from 110 sponsors, up from £137,000 and 80 sponsors the previous year. This support helps ensure our educational offerings remain as accessible and affordable as possible.
Strategic Goal Three- Elevating standards through assessment
In 2024/25, we continued to expand and enhance our assessment portfolio, reinforcing our College’s role in delivering high-quality, clinically relevant examinations across multiple specialties.
In total, we delivered 62 exam diets over the period, with 2,376 candidates sitting assessments across medical, surgical and dental arenas.
Our network of MRCP PACES exam centres grew to 17 active sites, an increase of three from the previous year. This expansion supports greater accessibility for physicians undertaking this important medical clinical examination and reflects the College’s commitment to maintaining geographically diverse assessment provision.
In February 2025, the Federation of Royal Colleges of Physicians of the UK, of which our College is part, shared the regrettable news that incorrect examination results were communicated to 283 doctors who took the MRCP(UK) Part 2 written examination in September 2023. In the months that followed, our focus has been on supporting those doctors who were affected. Through the Federation, we have written to them to apologise unreservedly and offer one-to-one support. The three colleges and the Federation are committed to learning lessons, and an independent review has been commissioned.
Delivery of the MRCS Part B surgical clinical examination increased to seven diets, with the addition of a new centre in India. This growth supports the College’s international reach and ensures that surgical trainees have access to consistent, high-standard assessments across regions.
Significant progress was made in the development of new intercollegiate dental examinations. Working collaboratively with the Royal College of Surgeons of Edinburgh and the Royal College of Surgeons of England, the College has shaped assessment strategies for 10 of the 13 dental specialties. The catalyst for this work was the introduction of the new General Dental Council-approved curricula, which presented a rare, perhaps once-ina-generation, opportunity to redesign our assessments and make them more accessible. Clinicians have been recruited to newly established Exam Boards, and the College will act as the secretariat for delivery, with the first diets scheduled for September 2026.
Our College also played an active role in Intercollegiate Committee for Basic Surgical Examinations (ICBSE) working groups, contributing to a comprehensive review of the surgical examination, MRCS, and its purpose, content, and delivery. This strategic involvement ensures that assessments remain aligned with evolving clinical practice and educational standards.
More generally, work on future assessment continues at pace. To support examiner development and uphold assessment quality, new systems of examiner observation and evaluation were introduced and embedded during the year. These provide structured feedback to examiners, fostering continuous improvement and consistency in candidate experience.
In line with our commitment to equity in medical education, the College submitted our annual progress report to the General Medical Council in December 2024, outlining actions taken to address differential attainment and reaffirming its goal to reduce disparities by 2030.
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Strategic Goal Four – Global engagement and impact
In November 2024, we marked 425 years since the College was founded. We used this major milestone as a platform to celebrate with our existing College community and heighten a sense of belonging and pride, as well as raising the College’s profile with new and emerging audiences in the UK and internationally.
The ongoing, year-long campaign that followed, 425 Years of Innovation, celebrated the trailblazers of our past and those who are driving positive change in healthcare today, as well as amplifying the inspiring voices of those who represent our future.
Our first anniversary event, the : At the Cutting Edge exhibition, marked 100 years since the death of arguably the most innovative surgeon of his time. In 1879, became the first person to successfully remove a brain tumour. Since the launch of the exhibition, we have also produced a documentary, The Boy from Bute, to help share his inspiring story with audiences around the world.
We also worked on making our annual Founder’s Day service in December 2024 a particularly special occasion. Our milestone anniversary coincided with one of our lay advisors, the , becoming the Moderator of the General Assembly of the Church of Scotland, who helped us to welcome people of all faiths and none from our local community at Glasgow Cathedral, the burial site of our Founder, Peter Lowe.
Reflecting the level of change our Fellows and Members are currently facing in the health service, we responded to the need for inspiring leadership with the development of our 425th Anniversary Leadership Lecture series. The first lecture with Chemistry Nobel Prize laureate, , took place shortly after the end
of the reporting period in April 2025, and was well-received by a packed audience.
Our special issue of College Voice magazine, anniversary video, email and social media campaigns further enabled us to tell the story of our inspiring Fellows and Members and engage with large audiences. In December 2024, lodged a parliamentary motion, signed by 21 MSPs, congratulating the College on its anniversary.
As the UK’s only multidisciplinary Royal College, we have a distinctive voice in healthcare. In 2024/25 we reinvigorated our UK Policy Network to help inform policy makers and give a College view on the matters that most affect our Fellows and Members. The network has helped us to respond to consultations on assisted dying, the Covid inquiries in the UK and Scotland, and Change NHS – the national conversation that went on to inform the creation of the 10 Year Plan for the NHS in England.
Similarly, our President met with key stakeholders including Scotland’s First Minister and Cabinet Secretary for Health to discuss the future of the NHS.
Further afield, we continued our support for examinations internationally by sending four surgical external examiners to the College of Surgeons of East, Central and Southern Africa.
We also supported the Medical Training Initiative, the scheme that allows international medical graduates to train in the UK’s NHS for up to two years, enhancing their skills and knowledge to improve healthcare in their home countries. Six international doctors took part through our involvement in the initiative, one of whom was selected to receive a College bursary.
In 2024/25, our active and committed Global Health Group continued to thrive. Our former Director of Global Health, , previously worked with Kamuzu University of Health Sciences to set up Malawi’s first dental school in 2019. In Spring 2024, we were delighted to welcome two students from the first cohort to visit Glasgow, funded by our HOPE Foundation. The students have subsequently gone on to graduate.
We also remain proud custodians of a fascinating heritage collection and history. In August 2024, we unveiled a new portrait of Jamini Sen, a surgical pioneer who broke down barriers for women in medicine and became our first female Fellow in 1912.
Our collections more generally continued to engage audiences, with nearly 450 people attending live events, 362 at outreach events, 2,969 downloads of our heritage podcast, 134 visitors on College tours, and 5,009 people accessing our exhibition.
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Strategic Goal Five – Operational excellence
Our success over the coming years will be underpinned by a continued focus on operational excellence, ensuring our people have the skills, systems and processes to excel.
This includes a strong focus on our finances, recognising that financial strength is key to our future sustainability and growth. In this reporting period, we redoubled our efforts to grow our income, and manage our investments, physical assets and operating costs – work which ultimately enables us to invest in activities that support our membership. You can read more about our financial performance in the section below.
We delivered eight major ICT projects this reporting period. In addition, more than 135 ‘micro projects’ were implemented.
In addition to the development of our College website, we moved our other websites (focused on services including external conferencing and events and heritage) to secure, cloud-based servers.
Work also included the development of our Microsoft roadmap, which included email exchange updates, security enhancements including two factor authentication, installation of Defender, Intune and Windows 11.
Following the implementation of SharePoint as our content management platform in the previous year, we developed a new intranet on the same system. This marked a major step forward in our ability to inform and engage our employees with news, updates and progress towards our strategic goals.
We continued to make improvements to oomi, our customer relationship management system, with developments including a waiting list for exam candidates, and improvements to support the flow of membership applications. Business Central – our system for financial processing and reporting – was also upgraded, and a telecoms project to bring in a new phone system, Ring Central, has been completed.
During the year we made system improvements to free up staff time for more strategic work, including implementation of an AV self-service system, and we began the implementation of our new and improved HR/payroll system.
We continued to drive excellence through our hospitality and events venue, 1599 at the Royal College. We were proud to host a wide range of high-profile external events, from a conference to mark the 50th anniversary of the Glasgow Coma Scale, to commercial events for global companies and universities.
Our commitment to excellence brought the team external recognition. In this reporting period 1599 at the Royal College was named Best Corporate Scottish Venue by Prestige Awards for the second year running, and Best Scottish Venue and Events Team by the E Awards.
The College recognises that the climate emergency is already harming health and wellbeing – and at the same time, healthcare delivery itself contributes to climate change. For this reason, we are committed to achieving carbon net zero status by 2045.
In this reporting period, we built on the progress made in the previous year in internal operations, support for Fellows and Members, and advocacy. We completed the sale of 100% of our direct investments in fossil fuel companies, and, as a result of our ongoing environmentally friendly approach to people, planet and places, we achieved Green Tourism Bronze certification.
This award encompasses a wide range of activity in every area of the College, from sourcing food from local suppliers and using sustainable cleaning products, improving energy efficiency of lighting and utilities, supporting our membership with educational events on sustainability, and advocating for sustainable healthcare through our membership of the UK Health Alliance on Climate Change and its policy group.
We also continued to invest in our people and their personal and professional development. In this reporting period, we delivered 547 hours of employee training. Subjects included leadership and management, first aid, active bystander training and technical training on platforms including our customer relationship management system.
As part of the Scottish Government funded Museum Transformers: Delivering Change programme, employees from across the College also took part in anti-racism training.
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We value the wellbeing of our staff, and we were pleased that 67 members of the staff team utilised our health and wellbeing benefit in the reporting period – a contribution towards an activity that supports mental or physical wellbeing.
Finally, we implemented an annual Equality, Diversity and Inclusion (EDI) plan, reporting on progress at our Executive Board and College Council on a monthly basis.
FINANCIAL OVERVIEW
Key highlights
The deficit before movements in investments for the year in the Charity’s Statement of Financial Activities was £485,954, compared with £834,562 in the previous year, a reduction of £348,608. This was driven by improvements in the Charity’s unrestricted charitable finances which are outlined below. Incorporating gains on investments of £200,853, the Charity’s total funds decreased by £285,101 to £28,020,763.
The Charity’s unrestricted deficit in the year of £371,280 was £387,800 less than that of the the previous year. This major improvement was achieved primarily through increasing unrestricted charitable income by £697,378 (9.5%) by means of increases in member numbers and subscription fees, and the introduction of new assessment centres. Alongside increasing income, there was a focus on keeping cost increases, particularly staff and travel costs, as low as possible. As a result the increase in charitable expenditure was kept to £306,142 (3.7%), in line with inflation.
Increasing income and restricting cost increases followed the setting, and subsequent achievement, of an ambitious budget which required consistent focus and effort throughout College. While the improved financial results in the year are testament to those efforts, this is not the end of the required financial progress. Ensuring the financial upturn is sustained and further improved in 2025/26 and beyond remains a key focus of trustees and the College’s management team.
The Charity’s net expenditure from Restricted Funds continues to grow. From £9,542 in 2023 to £75,482 in 2024, to £114,674K in 2025. This is in line with trustees strategy of expending accumulated Restricted reserves to fulfil the wishes of the original donors and further our charitable objectives.
Reserves Policy
The College has built up considerable funds as an institution in pursuit of its charitable purpose. These funds have arisen in three different ways. The principal Endowment Funds, representing gifts and bequests granted for the specific purposes set out, are shown in note 25 to the financial statements. Restricted Funds, representing grants awarded to the College for specific purposes are shown in note 27 to the financial statements. The remaining funds are held as General Reserves and represent a combination of:
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The originating funds of the College
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Non-specific gifts and bequests
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Unrestricted funds arising from past operating results
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Capital growth over the years of the investments in which these general reserves are invested.
With free unrestricted reserves (liquid investments less net current liabilities) at the year-end of £7,866,832, trustees are confident that the College has sufficient reserves to fund its ongoing activities and invest in the development of future activities. College continued its policy of expending accumulated Restricted Funds to further the College’s charitable objectives, with net expenditure in the year before investment movements of £114,674, an increase of £39,191 (52%).
Investment policy
In June 2024 the College moved the management of its investment portfolio from a non-discretionary basis to a discretionary basis, i.e. day-to-day investment decisions are now made by our investment manager, Rathbones, in line with the investment strategy set out by trustees.
Trustees have set a long-term total return target of CPI +4%, with an income target for 2024/25 of £450,000. Rathbones met the income target. While total returns achieved in the 12 months to March 2025 were 3% against the target of 6.6%, it should be noted that the target is a long-term target, the period included a significant
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rebalancing of the portfolio following the move to discretionary management, and the year ended with a high degree of market volatility as a result of the USA’s tariff policy. Trustees will continue to monitor investment performance quarterly and will meet regularly with our investment managers.
For many years College has not invested in tobacco. During the year the College fully divested from its direct fossil fuel investments. in support of the College’s aim of being carbon net zero by 2045.
RISK MANAGEMENT
The Audit and Risk Committee and the Executive Board regularly review the College’s main risks, using its Risk Register, to identify and track key risks faced by our College and ensure progress on completion of mitigating actions.
During the year, term as Chair of the Audit and Risk Committee came to an end after 12 years of supporting College in a variety of roles. We were delighted to recognise his contribution to the work of our College and the accountancy profession by conferring on him an Honorary Fellowship. , former Executive Director of Finance at Glasgow City Council, and currently Chief Financial Officer at Enable, joined as a lay trustee and the new Chair of the Audit and Risk Committee.
A number of areas of high risk have been reduced to medium risk over the past year:
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The development of the College’s new website and moving its management to a well-respected partner, Union, has significantly reduced the risks associated with what is our College’s principal route to market.
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• The risk of continuing operating deficits has been significantly reduced following the improvement in operating results outlined above in the Financial Overview’s key highlights. The College has also introduced a new Business Proposal process, ensuring that any material business decisions are made with full understanding of their financial implications and are signed off by trustees.
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The improved operating results for 2024/25 and the introduction of the new Business Proposal process have both reduced the risks associated with organisational capacity.
A number of areas of high risk remain:
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While delivery of some of our activity through intercollegiate arrangements brings undoubted strengths, it also brings risks. Intercollegiate activity brings additional complexity and reduces direct control of process and systems. Our College is working closely with intercollegiate partners to mitigate these risks for all parties.
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Competition for Members from UK Medical and Surgical Colleges remains a key risk, but also an opportunity for the College. Meeting this challenge is a key plank of our three-year strategic, financial and operational plan.
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Protecting the College from cyber-crime remains a key focus, with continuing investment in our College’s systems, processes and infrastructure to minimise the associated risks.
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International activity comprises a significant proportion of the College’s work, both in membership numbers and delivery of exams. This brings a number of risks including international socioeconomic and security factors, and foreign tax regimes. The safety of volunteers, staff, and candidates is of paramount importance, and the College closely monitors risks in its areas of activity to ensure unnecessary risks are not taken.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The College is a charity registered in Scotland. It is a body incorporated by Royal Charter whose principal concerns are with education and training for medical, surgical and dental practice and for the maintenance of high standards of professional competence and conduct. In practice, the College works collaboratively with several other Royal Colleges via intercollegiate committees to fulfil its purposes.
The following documents are the governing documents of the College:
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Royal Charter of King James VI of Scotland of 29 November 1599;
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Act of the Scottish Parliament of 11 September 1672;
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Act of the British Parliament of 1850 (13 and 14 Vict CXX); and
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- Royal College of Physicians and Surgeons of Glasgow Order Confirmation Act 1962.
At its Annual General Meeting in December 2020, the College amended its governance arrangements following a detailed internal and legal review. The principal changes were to the roles and functions of Council and the Executive Board and the replacement of the Investment Committee and the Finance Audit and Risk Committee with the Finance and Investment Committee and the Audit and Risk Committee.
As regards the roles and functions of Council and the Executive Board, the complementary and mutually supportive working relationship between Council and the Executive Board is now defined as follows:
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Council remains the constitutional representative body and the voice of the College’s membership in terms of what is set out in the College Royal Charter Confirmation Act from 1962 and is responsible for articulating strategy and the future development of the role of College.
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The Executive Board comprises the elected Office Bearers from Council (equating to around 30% of Council membership as it is currently constituted through the College byelaws and regulations) plus the two lay Chairs of the Finance and Investment Committee and the Audit and Risk Committee.
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The members of the Executive Board are the trustees of the College. As the trustee body, the Executive Board’s role is to ensure the College fulfils its charitable, fiduciary and legal responsibilities under charitable law.
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By the nature of how the College undertakes its work, the Executive Board will continue to involve Council in its activity through consultation and discussion.
Key management personnel
The College Leadership team is responsible for designing policies and procedures to support the strategies authorised by the Board of trustees, as well as managing the daily operations of the organisation. During the year, the College Leadership team comprised Interim Chief Executive Officer; Interim Director of Membership and Engagement (from January 2025); the Director of Education and Assessment; the Director of Finance, Operations and ICT Services; and the Director of Strategic Communications and Marketing.
Remuneration is set using a scale which is related to the job description and responsibilities of the role. Increases are approved by the trustees annually.
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TRUSTEES’ RESPONSIBILITIES STATEMENT IN RELATION TO THE FINANCIAL STATEMENTS
The trustees are responsible for preparing the Trustees’ Annual 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 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 of the charity for that period.
In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP 2019 (FRS 102)
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and charity 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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees’ report was approved by the trustees on 24 September 2025 signed on their behalf by:
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CHARITY INFORMATION
| Charity registration number | SC000847 |
|---|---|
| Registered office | 232 – 242 St Vincent Street |
| Glasgow | |
| G2 5RJ | |
| Independent auditor | CT Audit Limited |
| 61 Dublin Street | |
| Edinburgh | |
| EH3 6NL | |
| Bankers | Santander |
| 301 St. Vincent Street | |
| Glasgow | |
| G2 5NB | |
| Solicitors | Burness Paull LLP |
| 2 Atlantic Square | |
| 31 York Street | |
| Glasgow | |
| G2 8AS | |
| Investment Managers | Rathbone Brothers Plc |
| George House | |
| 50 George Square | |
| Glasgow | |
| G2 1EH |
13
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CHARITY INFORMATION
TRUSTEES (Executive Board)
COUNCIL
Council membership comprises the trustees and Executive Board members noted above plus the following nontrustee Council members and Advisory Co-optees:
NON TRUSTEES (Council members)
14
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CHARITY INFORMATION
NON-TRUSTEES (Advisory Co-optees)
COLLEGE SENIOR MANAGEMENT TEAM
15
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW FOR THE YEAR ENDED 31 MARCH 2025
Opinion
We have audited the financial statements of the Royal College of Physicians and Surgeons Glasgow (the parent charity) and its subsidiary (the group) for the year ended 31 March 2025 which comprise the Consolidated and Parent Charity Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheet, the Consolidated and Parent Charity Statement of Cash Flows, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 March 2025 and of the group’s and the parent charity’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 6 and 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 accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Executive Board’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s 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 Executive Board with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The Executive Board is responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
16
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW FOR THE YEAR ENDED 31 MARCH 2024
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 (Scotland) Regulations 2006 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report (Annual Report); or
-
proper accounting records have not been kept; or
-
the accounts are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of The Executive Board
As explained more fully in the Trustees’ Responsibilities Statement set out on page 16, the Executive Board is responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Executive Board determines 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 Executive Board is responsible for assessing the group’s and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Board either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
We have been appointed as auditor under 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 is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Charities and Trustee Investment (Scotland) Act 2005.
Our audit procedures were designed to respond to risks of material misstatement in the accounts, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the charity’s financial statements. Our tests included, but were not limited to:
-
agreement of the financial statement disclosures to underlying supporting documentation;
-
enquiries of senior management and the Executive Board;
-
review of minutes of Executive Board meetings throughout the year;
-
review of legal correspondence or invoices, and
-
obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
17
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW FOR THE YEAR ENDED 31 MARCH 2024
Auditor’s responsibilities for the audit of the accounts (continued)
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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Executive Board, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Executive Board 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 Executive Board as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of CT Audit Limited Chartered Accountants & Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL
…………..…… 2025 20 October
CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
18
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Endowment | Restricted | Unrestricted | Total | Endowment | Restricted | Unrestricted | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | Funds | Funds | ||
| Note | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | £ | £ | ||
| Income and endowments from: | |||||||||
| Donations and legacies | 5 | - | 245,255 | - |
245,255 | - | 385,927 | - |
385,927 |
| Charitable activities | 6 | - | 2,000 | 7,824,121 |
7,826,121 | - | - | 7,144,743 | 7,144,743 |
| Other trading activities | 7 | - | - | 484,247 |
484,247 | - | - | 538,209 | 538,209 |
| Investments | 8 | - | 150,964 | 347,197 |
498,161 | - | 122,421 | 283,633 |
406,054 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total income | - | 398,219 | 8,655,565 | 9,053,784 | - | 508,348 | 7,966,585 |
8,474,933 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Expenditure on: | |||||||||
| Raising funds | 9 | - | 13,822 | 602,164 | 615,986 | - | 2,644 | 517,563 |
520,207 |
| Charitable activities | 10,11 | - | 499,071 | 8,514,244 | 9,013,315 | - | 581,186 | 8,208,102 |
8,789,288 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total expenditure | - | 512,893 | 9,116,408 | 9,629,301 | - | 583,830 | 8,725,665 |
9,309,495 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Deficit before movements in investments |
- | (114,674) | (460,843) | (575,517) | - | (75,482) | (759,080) | (834,562) | |
| Net gains/(losses) on investments | 13,343 | 11,302 | 176,208 | 200,853 | 188,499 | 164,219 | 835,224 |
1,187,942 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net income/(expenditure) | 13,343 | (103,372) | (284,635) | (374,664) | 188,499 | 88,737 | 76,144 |
353,380 | |
| Transfers between funds | 27,28 | - | - | - | - | - | - | - | - |
| Other recognised gains | |||||||||
| Revaluation of heritage assets | 17 | - | - | - | - | - | - | 962,080 | 962,080 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net movement in funds | 4 | 13,343 | (103,372) | (284,635) | (374,664) | 188,499 | 88,737 | 1,038,224 |
1,315,460 |
| Reconciliation of funds | |||||||||
| Total funds brought forward | 26,27,28 | 2,802,669 | 3,875,001 | 21,628,331 | 28,306,001 | 2,614,170 | 3,786,264 | 20,590,107 |
26,990,541 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds carried forward | 26,27,28 | 2,816,012 | 3,771,629 | 21,343,696 | 27,931,337 | 2,802,669 | 3,875,001 | 21,628,331 |
28,306,001 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes form part of these financial statements.
19
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Endowment | Restricted | Unrestricted | Total | Endowment | Restricted | Unrestricted | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | Funds | Funds | ||
| Note | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ |
£ | £ | £ | £ | £ | ||
| Income and endowments from: | |||||||||
| Donations and legacies | 5 | - | 245,255 | - |
245,255 | - | 385,927 | 34,053 | 419,980 |
| Charitable activities | 6 | - | 2,000 | 7,824,121 |
7,826,121 | - | - | 7,144,743 | 7,144,743 |
| Other trading activities | 7 | - | - | 74,500 | 74,500 | - | - | 64,000 | 64,000 |
| Investments | 8 | - | 150,964 | 347,197 |
498,161 | - | 122,421 | 283,633 | 406,054 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total income | - | 398,219 | 8,245,818 |
8,644,037 | - | 508,348 | 7,526,429 | 8,034,777 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Expenditure on: | |||||||||
| Raising funds | 9 | - | 13,822 | 102,854 |
116,676 | - | 2,644 | 77,407 | 80,051 |
| Charitable activities | 10,11 | - | 499,071 | 8,514,244 |
9,013,315 | - | 581,186 | 8,208,102 | 8,789,288 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total expenditure | - | 512,893 | 8,617,098 |
9,129,991 | - | 583,830 | 8,285,509 | 8,869,339 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Deficit before movements in investments |
- | (114,674) | (371,280) | (485,954) | - | (75,482) | (759,080) | (834,562) | |
| Net gains/(losses) on investments | 13,343 | 11,302 | 176,208 |
200,853 | 188,499 | 164,219 | 835,224 | 1,187,942 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net income/(expenditure) | 13,343 | (103,372) | (195,072) | (285,101) | 188,499 | 88,737 | 76,144 | 353,380 | |
| Transfers between funds | 27,28 | - | - | - | - | - | - | - | - |
| Other recognised gains | |||||||||
| Revaluation of heritage assets | 17 | - | - | - | - | - | - | 962,080 | 962,080 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net movement in funds | 4 | 13,343 | (103,372) | (195,072) | (285,101) | 188,499 | 88,737 | 1,038,224 | 1,315,460 |
| Reconciliation of funds | |||||||||
| Total funds brought forward | 26,27,28 | 2,802,669 | 3,875,001 | 21,628,194 |
28,305,864 | 2,614,170 | 3,786,264 | 20,589,970 | 26,990,404 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds carried forward | 26,27,28 | 2,816,012 | 3,771,629 | 21,433,122 |
28,020,763 | 2,802,669 | 3,875,001 | 21,628,194 | 28,305,864 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes form part of these financial statements.
20
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CONSOLIDATED BALANCE SHEET AND CHARITY BALANCE SHEET AS AT 31 MARCH 2025
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| Note | 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Fixed assets: | |||||
| Tangible assets | 16 | 6,500,970 | 6,658,219 | 6,500,970 |
6,658,219 |
| Heritage assets | 17 | 7,065,320 | 7,048,760 | 7,065,320 |
7,048,760 |
| Investments | 18 | 14,959,492 | 16,724,971 | 14,959,592 |
16,725,072 |
| ─────── | ─────── | ─────── | ─────── | ||
| Total fixed assets | 28,525,782 | 30,431,950 | 28,525,882 |
30,432,051 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Current assets: | |||||
| Stocks | 20 | 9,646 | 24,745 | 9,646 |
24,745 |
| Debtors | 21 | 1,521,808 | 1,328,469 | 1,586,936 |
1,374,673 |
| Cash at bank and in hand | 22 | 606,840 | 316,288 | 579,599 |
234,161 |
| ─────── | ─────── | ─────── | ─────── | ||
| Total current assets | 2,138,294 | 1,669,502 | 2,176,181 |
1,633,579 | |
| Liabilities: | |||||
| Creditors falling due within one year | 23 | (2,732,739) | (3,795,451) | (2,681,300) | (3,759,766) |
| ─────── | ─────── | ─────── | ─────── | ||
| Net current liabilities | (594,445) | (2,125,949) | (505,119) | (2,126,187) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Total net assets | 27,931,337 | 28,306,001 | 28,020,763 | 28,305,864 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| The funds of the charity: | |||||
| Endowment funds | 25 | 2,816,012 | 2,802,669 | 2,816,012 |
2,802,669 |
| Unrestricted funds | 26 | 21,343,696 | 21,628,331 | 21,433,122 |
21,628,194 |
| Restricted income funds | 27 | 3,771,629 | 3,875,001 | 3,771,629 |
3,875,001 |
| ─────── | ─────── | ─────── | ─────── | ||
| Total charity funds | 27,931,337 | 28,306,001 | 28,020,763 |
28,305,864 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
The financial statements were approved by the trustees on 24 September 2025 and signed on their behalf by:
The notes form part of these financial statements.
21
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
CONSOLIDATED STATEMENT OF CASH FLOWS AND CHARITY STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| Note | 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Cash flows from operating activities: | |||||
| Net cash used in operating activities | 29 | (736,449) | (295,199) | (681,563) | (190,477) |
| Cash flows from investing activities: | |||||
| Dividends, interest and rents from investments |
498,161 | 406,054 | 498,161 | 406,054 | |
| Purchase of property, plant and equipment | (370,933) | (358,021) | (370,933) | (358,021) | |
| Purchase of heritage assets | (16,560) | - | (16,560) | - | |
| Proceeds from investments | 8,122,177 | 976,656 | 8,122,177 | 976,656 | |
| Purchase of investments | (6,155,844) | (317,538) | (6,155,844) | (317,538) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net cash provided by investing activities | 2,077,001 | 707,151 | 2,077,001 | 707,151 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Cash flows from financing activities: | |||||
| Repayments of borrowing | (1,050,000) | (150,000) | (1,050,000) | (150,000) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net cash used by financing activities | (1,050,000) | (150,000) | (1,050,000) | (150,000) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Change in cash and cash equivalents in the year |
290,552 | 261,952 | 345,438 | 366,674 | |
| Cash and cash equivalents at 1 April | 316,288 | 54,336 | 234,161 | (132,513) | |
| ─────── | ─────── | ─────── | ─────── | ||
| Cash and cash equivalents at 31 March | 606,840 | 316,288 | 579,599 | 234,161 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Cash and cash equivalents comprise the following: | |||||
| Cash at bank and in hand | 606,840 | 316,288 | 579,599 | 234,161 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Cash and cash equivalents at 31 March | 606,840 | 316,288 | 579,599 | 234,161 | |
| ═══════ | ══════ | ════════ | ═══════ |
The notes form part of these financial statements.
22
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General Information
These financial statements are presented in pounds sterling (GBP) as that is the currency in which the group’s transactions are denominated. These financial statements are of the Royal College of Physicians and Surgeons of Glasgow and its subsidiary 1599 Limited.
The mission of the Royal College of Physicians and Surgeons of Glasgow is to provide career support to membership through education, training, professional development, examination and assessment, whilst acting as a charity and leading voice on health issues in order to set the highest possible standards of healthcare.
The principal activity of 1599 Limited during the year was that of establishing the College building as a first class venue for corporate functions, weddings and private dining.
The Royal College of Physicians and Surgeons of Glasgow is a body incorporated by Royal Charter, recognised as a charity for tax purposes by HMRC and is registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC000847. Details of the registered office can be found on the charity information page of these financial statements.
2. Accounting policies
a) Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with United Kingdom Accounting Standards, including the Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Royal College of Physicians and Surgeons of Glasgow meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transition value unless otherwise stated in the relevant accounting policy.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies (see note 3).
The principal accounting policies applied in the preparation of these financial statements are noted below. These policies have been applied consistently to all the years presented, in dealing with items which are considered material in relation to the group’s financial statements unless otherwise stated.
b) Consolidation
The group financial statements consolidate the financial statements of the Royal College of Physicians and Surgeons of Glasgow and its subsidiary 1599 Limited. The results of the subsidiary are consolidated on a line-by-line basis.
c) Going concern
The trustees have reviewed the level of funds, together with the budgeted expectations for the forthcoming year and having considered the wider economic challenges of recent inflation rises and issues affecting medical and surgical professions in the UK, consider it reasonable that the group will remain in operation for a period of 12 months from the date of approval of these financial statements.
23
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
d) Income recognition
All income is included in the Statement of Financial Activities (SOFA) when the group is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Donation and legacy income is received by way of grants, donations, legacies and gifts and is included in full in the Statement of Financial Activities when the group is entitled to the funds. Grants, where entitlement is not conditional on the delivery of a specific performance by the group, are recognised when the group becomes unconditionally entitled to the grant.
-
Income from legacies is credited to the Statement of Financial Activities on an accruals basis when the income can be measured and it is probable that the group will receive the income.
-
Income from grants, where related to performance and specific deliverables, is accounted for as the group earns the right to consideration by its performance.
-
Income from charitable and commercial trading activities is accounted for when earned.
-
Subscriptions are paid in advance for a period of 12 months. Only the portion of the subscription which relates to the current year is recognised as income with the portion relating to the following year being included in the balance sheet in deferred income.
-
Investment income is included when receivable and is allocated to funds on an appropriate basis.
Income is only deferred when:
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions that must be met before the group has unconditional entitlement.
e) Donated services and facilities
Donated professional services and donated facilities are recognised as income when the group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the group of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Fellows and Members is not recognised, nor is the volunteer time of the library volunteers.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the group which is the amount the group would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt
f) Expenditure recognition
Expenditure is recognised once there is a legal and 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 includes any VAT that cannot be fully recovered and is reported as part of the expenditure to which it relates:
-
Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
-
Charitable expenditure comprises those costs incurred by the group in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the group and include the audit fees and costs linked to the strategic management of the group.
-
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.
-
.
24
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
g) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the group and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and postgraduate scholarships are broadly equivalent. The allocation of support and governance costs is analysed in note 12.
h) Gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
i) Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities. The obligation to pay future rentals on operating leases is shown by way of a note to the Financial Statements.
j) Pension scheme
The charity operates a defined contribution group pension scheme. The annual cost of this scheme is the employer contributions made on behalf of employees in the year.
k) Taxation
The College is a charitable entity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only.
The subsidiary company is not exempt from taxation. The tax expense for the year comprises corporation tax. Tax is recognised in the Consolidated Statement of Financial Activities, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in funds is also recognised in other comprehensive income or directly in funds respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the company operates and generates income.
25
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
l) Tangible fixed assets
Fixed assets are stated at cost net of depreciation and impairment losses. Where more than £4,000 has been spent on an item that the group gains long-term benefit from, it is capitalised. Smaller sums may be capitalised if they are part of a larger project.
Depreciation is recognised so as to write off the cost of assets less their residual values over their estimated useful lives on the following bases:
| Freehold land and buildings | 40 years |
|---|---|
| Refurbishment of buildings | 40 years/20 years |
| Fixtures and fittings | 5 years |
| Plant and machinery | 15 years |
| IT software | 5 years |
| IT equipment | 5 years/3 years |
No depreciation is applied in the year of purchase. Depreciation on IT software will be charged from the year it becomes operational. The rate applied is dependent on the estimated life span of the software and this also applies to IT hardware. Refurbishment costs are capitalised and depreciated on a straight-line basis over a 20- or 40-year period, dependent on the nature of the refurbishment. Permanent structural refurbishment is depreciated over a 40-year period, while internal, cosmetic office refurbishment is depreciated over 20 years.
m) Heritage assets
Heritage assets are stated at their most recent valuation. They are revalued periodically. In addition, they are reviewed annually for any material impairments.
Valuations are conducted by reputable valuers with experience and expertise relevant to the classes of heritage assets held by the College.
The College holds four categories of heritage asset, its Art Collection, its Library, other heritage assets including its Museum Collection, and its archive.
Of the four categories of heritage asset, the College only has a reliable valuation for its Art Collection, Library and other heritage assets. Its archive is therefore not recognised in the financial statements.
n) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Investment in the subsidiary undertaking is included at cost.
o) Stock
- Stock is included at the lower of cost or net realisable value, after making due allowance for obsolete and slow-moving items.
p) 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.
q) Cash and cash equivalents
Cash and cash equivalents include 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.
r) Creditors and provisions
Creditors and provisions are recognised where the group 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 are normally recognised at their settlement amount after allowing for any trade discounts due.
26
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
s) Financial instruments
The group only enter into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
Financial assets and liabilities are offset, and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and the liability simultaneously.
t) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the group.
Permanent endowment funds relate to bequests and gifts to the College, the terms of which require that the capital many not be spent, with income generated from the invested capital used for the purposes specified by the legatee or donor.
Expendable endowment funds relate to bequests and gifts to the College where both the capital and the income generated from any invested capital must be used for the purposes specified by the legatee or donor.
Restricted funds are only available for the use specified by the donor.
Further details of each fund are disclosed in notes 25, 26 and 27.
3. Judgements and significant estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The trustees are satisfied that the accounting policies are appropriate and applied consistently. Key sources of estimation have been applied to the depreciation rates. The depreciation rates are deemed to be appropriate for the class of asset.
27
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. Net movement in funds
| This is stated after charging: | Group | Charity | Charity | |
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Auditor’s remuneration | ||||
| Audit fees | 20,590 | 17,700 | 20,590 | 14,750 |
| Non-audit services | 1,175 | 1,279 | - | - |
| Depreciation | 523,745 | 504,083 | 523,745 | 504,083 |
| Operating lease costs – Other | 4,320 | 4,320 | 4,320 | 4,320 |
| Staff pension costs | 282,181 | 285,111 | 272,702 | 277,134 |
| ═══════ | ═══════ | ═══════ | ═══════ |
5. Income from donations and legacies
| Endowment | Restricted | Unrestricted | 2025 | |
|---|---|---|---|---|
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Group | ||||
| Donations and legacies | - | 13,437 | - | 13,437 |
| Grants | - | 231,818 | - | 231,818 |
| ─────── | ─────── | ─────── | ─────── | |
| - | 245,255 | - | 245,255 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Endowment | Restricted | Unrestricted | 2024 | |
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Group | ||||
| Donations and legacies | - | 14,682 | - | 14,682 |
| Grants | - | 371,245 | - | 371,245 |
| ─────── | ─────── | ─────── | ─────── | |
| - | 385,927 | - | 385,927 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Endowment | Restricted | Unrestricted | 2025 | |
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Charity | ||||
| Donations and legacies | - | 13,437 | - | 13,437 |
| Grants | - | 231,818 | - | 231,818 |
| ─────── | ─────── | ─────── | ─────── | |
| - | 245,255 | - | 245,255 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Endowment | Restricted | Unrestricted | 2024 | |
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Charity | ||||
| Donations and legacies | - | 14,682 | 34,053 | 48,735 |
| Grants | - | 371,245 | - | 371,245 |
| ─────── | ─────── | ─────── | ─────── | |
| - | 385,927 | 34,053 | 419,980 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
28
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. Income from charitable activities
| 2025 | 2024 | ||
|---|---|---|---|
| Total | Total | ||
| £ | £ | ||
| Group and Charity | |||
| Membership | 3,016,508 | 2,799,908 | |
| Assessment | 3,477,113 | 2,960,185 | |
| Education | 1,332,500 | 1,384,650 | |
| ─────── | ─────── | ||
| 7,826,121 | 7,144,743 | ||
| ═══════ | ═══════ | ||
| All | income from charitable activities in 2025 and 2024 is unrestricted. | ||
| . | Income from other trading activities | ||
| 2025 | 2024 | ||
| Total | Total | ||
| £ | £ | ||
| Group | |||
| Letting | 74,500 | 64,000 | |
| 1599 Limited event income | 409,747 | 474,209 | |
| ─────── | ─────── | ||
| 484,247 | 538,209 | ||
| ═══════ | ═══════ | ||
| 2025 | 2024 | ||
| Total | Total | ||
| £ | £ | ||
| Charity | |||
| Letting | 74,500 | 64,000 | |
| ─────── | ─────── | ||
| 74,500 | 64,000 | ||
| ═══════ | ═══════ |
7. Income from other trading activities
All income from other trading activities in 2025 and 2024 is unrestricted.
8. Investment income
| Restricted | Unrestricted | 2025 | |
|---|---|---|---|
| Funds | Funds | Total | |
| £ | £ | £ | |
| Group and Charity | |||
| Dividends | 150,964 | 336,772 | 487,736 |
| Interest | - | 10,425 | 10,425 |
| ─────── | ─────── | ─────── | |
| 150,964 | 347,197 | 498,161 | |
| ═══════ | ═══════ | ═══════ | |
| Restricted | Unrestricted | 2024 | |
| Funds | Funds | Total | |
| £ | £ | £ | |
| Group and Charity | |||
| Dividends | 122,421 | 282,915 | 405,336 |
| Interest | - | 718 | 718 |
| ─────── | ─────── | ─────── | |
| 122,421 | 283,633 | 406,054 | |
| ═══════ | ═══════ | ═══════ |
29
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. Expenditure on raising funds
| . Expenditure on raising funds |
||
|---|---|---|
| 2025 | 2024 | |
| Total | Total | |
| Group | £ | £ |
| 1599 Limited | 499,310 | 440,156 |
| Fundraising activities | 13,822 | 2,644 |
| Investment management fees | 102,854 | 77,407 |
| ─────── | ─────── | |
| 615,986 | 520,207 | |
| ═══════ | ═══════ | |
| 2025 | 2024 | |
| Total | Total | |
| Charity | £ | £ |
| Fundraising activities | 13,822 | 2,644 |
| Investment management fees | 102,854 | 77,407 |
| ─────── | ─────── | |
| 116,676 | 80,051 | |
| ═══════ | ═══════ |
10. Expenditure on charitable activities
| Restricted | Unrestricted | 2025 | |
|---|---|---|---|
| Funds | Funds | Total | |
| Group and Charity | £ | £ | £ |
| Membership | 181,013 | 1,239,112 | 1,420,125 |
| Assessment | 40,000 | 4,239,651 | 4,279,651 |
| Education | 1,402 | 1,959,320 | 1,960,722 |
| Other charitable activities | 276,656 | 1,076,161 | 1,352,817 |
| ─────── | ─────── | ─────── | |
| 499,071 | 8,514,244 | 9,013,315 | |
| ═══════ | ═══════ | ═══════ | |
| Restricted | Unrestricted | 2024 | |
| Funds | Funds | Total | |
| Group and Charity | £ | £ | £ |
| Membership | 254,194 | 1,558,264 | 1,812,458 |
| Assessment | - | 3,705,670 | 3,705,670 |
| Education | 20,048 | 2,249,051 | 2,269,099 |
| Other charitable activities | 306,944 | 695,117 | 1,002,061 |
| ─────── | ─────── | ─────── | |
| 581,186 | 8,208,102 | 8,789,288 | |
| ═══════ | ═══════ | ═══════ |
30
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. Expenditure on charitable activities
| Support | ||||
|---|---|---|---|---|
| Direct | Costs | 2025 | ||
| Costs | Staff Costs | (Note 12) | Total | |
| Group and Charity | £ | £ | £ | £ |
| Membership | 287,074 | 564,404 | 568,647 |
1,420,125 |
| Assessment | 1,774,126 | 791,865 | 1,713,660 |
4,279,651 |
| Education | 417,728 | 757,881 | 785,113 |
1,960,722 |
| Other charitable activities | 323,476 | 566,869 | 462,472 | 1,352,817 |
| ─────── | ─────── | ─────── | ─────── | |
| 2,802,404 | 2,681,019 | 3,529,892 |
9,013,315 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Support Costs | 2024 | |||
| Direct Costs | Staff Costs | (Note 12) | Total | |
| Group and Charity | £ | £ | £ | £ |
| Membership | 337,364 | 647,539 | 827,555 |
1,812,458 |
| Assessment | 1,276,257 | 737,433 | 1,691,980 |
3,705,670 |
| Education | 473,880 | 759,166 | 1,036,053 |
2,269,099 |
| Other charitable activities | 246,991 | 414,123 | 340,947 |
1,002,061 |
| ─────── | ─────── | ─────── | ─────── | |
| 2,334,492 | 2,558,261 | 3,896,535 |
8,789,288 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
12. Support and Governance Costs
| 2025 | 2024 | |
|---|---|---|
| Total | Total | |
| £ | £ | |
| Group and Charity | ||
| Staff costs | 1,071,356 | 1,126,767 |
| Property | 247,826 | 368,192 |
| ICT | 410,819 | 433,384 |
| Other costs | 828,759 | 876,617 |
| Depreciation | 523,745 | 504,083 |
| ─────── | ─────── | |
| 3,082,505 | 3,309,043 |
|
| Governance | ||
| Trustee expenses | 8,864 | 4,430 |
| Staff costs | 271,502 | 357,617 |
| Audit fees | 20,590 | 14,750 |
| Legal fees | 78,283 | 62,200 |
| Travel and accommodation | 67,980 | 145,724 |
| Other | 168 | 2,772 |
| ─────── | ─────── | |
| 447,387 | 587,493 |
|
| ─────── | ─────── | |
| 3,529,892 | 3,896,536 |
|
| ═══════ | ═══════ |
31
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. Staff costs and numbers
Staff costs were as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Group|Charity|
|2025|2024|2025|2024|
|£|£|£|£|
|Wages and salaries|3,691,606|3,637,601|3,567,599|3,535,826|
|Social security costs|328,642|326,720|317,602|317,579|
|Other pension costs|282,181|285,111|272,702|277,134|
|───────|───────|───────|───────|
|4,302,429|4,249,432|4,157,903|4,130,539|
|═══════|═══════|═══════|═══════|
|Group|Charity|
|2025|2024|2025|2024|
|Average monthly number of employees during the period|126|121|126|121|
|═══════|═══════|═══════|═══════|
----- End of picture text -----
The number of employees whose emoluments in the year exceeded £60,000 were:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Group|Charity|
|2025|2024|2025|2024|
|No|No|No|No|
|£70,001-£80,000|-|1|-|1|
|£80,001-£90,000|1|-|1|-|
|£90,001-£100,000|1|3|1|3|
|£100,001-£110,000|1|-|1|-|
|£110,001-£120,000|1|-|1|-|
|£230,001-£240,000|-|1|-|1|
|═══════|═══════|═══════|═══════|
----- End of picture text -----
All employees are members of the defined contribution pension scheme.
Key management personnel of the College consists of the Interim Chief Executive Officer and the directors of departments detailed on the Charity Information page. Total remuneration costs for the year including employer national insurance contributions and employer pension contributions for key management personnel were £454,080 (2024 - £648,083). Payment in lieu of notice and termination payments of nil (2024 – £111,977) were paid during the year.
14. Trustee remuneration
No trustees received any remuneration in the year ( 2024: £nil) . Travel and hotel costs amounting to £8,864 ( 2024: £4,430 ) were reimbursed to 12 ( 2024: eight ) trustees.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the group or charity during the year ( 2024 - None ).
15. Government grants
College received a grant from the Scottish Government Public Health Division of £119,465 (2024: £198,117) for the purpose of supporting and developing Obesity Action Scotland (OAS). OAS was established in 2015 to provide clinical leadership and independent advocacy on preventing and reducing overweight and obesity in Scotland. It is hosted by the College on behalf of the Academy of Medical Royal Colleges.
32
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. Tangible fixed assets
| Freehold land | Fixtures | Plant and | ||||
|---|---|---|---|---|---|---|
| Group and Charity | and buildings | and fittings | IT equipment | IT software | equipment | Total |
| £ | £ | £ | £ | £ | £ | |
| Cost | ||||||
| As at 1 April 2024 | 6,782,430 | 1,080,207 | 566,488 | 1,364,242 | 175,678 | 9,969,045 |
| Additions | - | 37,843 | 228,614 | 104,476 | - | 370,933 |
| Disposals | - | - | (109,648) | - | - | (109,648) |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | |
| As at 31 March 2025 | 6,782,430 | 1,118,050 | 685,454 | 1,468,718 | 175,678 | 10,230,330 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | |
| Depreciation | ||||||
| As at 1 April 2024 | 1,307,027 | 816,284 | 327,605 | 766,487 | 93,423 | 3,310,826 |
| Charge for the year | 213,060 | 36,292 | 83,611 | 179,261 | 11,521 | 523,745 |
| Disposals | - | - | (105,211) | - | - | (105,211) |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | |
| As at 31 March 2025 | 1,520,087 | 852,576 | 306,005 | 945,748 | 104,944 | 3,729,360 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | |
| Net book value | ||||||
| As at 31 March 2025 | 5,262,343 | 265,474 | 379,449 | 522,970 | 70,734 | 6,500,970 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| As at 31 March 2024 | 5,475,403 | 263,923 | 238,883 | 597,755 | 82,255 | 6,658,219 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
33
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. Heritage Assets
| Group and Charity | Other | |||
|---|---|---|---|---|
| Art | Heritage | |||
| Library | Collection | Assets | Total | |
| £ | £ | £ | £ | |
| Valuation at 1 April 2024 | 5,985,400 | 675,450 | 387,910 | 7,048,760 |
| Additions in year | - | 16,560 | - | 16,560 |
| ─────── | ─────── | ─────── | ─────── | |
| Valuation at 31 March 2025 | 5,985,400 | 692,010 | 387,910 | 7,065,320 |
| ═══════ | ═══════ | ═══════ | ═══════ |
The College owns a number of historical, scientific and artistic assets held principally for their contribution to knowledge and culture. Those assets for which the College has a reliable valuation have been recognised as heritage assets and are described below.
Library
The College library houses over 30,000 volumes and dates back to 1698. The earliest volume dates to 1491, resulting in a collection that spans over 500 years of medical and surgical history. There are also books relating to the history of Glasgow and the West of Scotland and a half set of the world renowned ‘The Birds of North America’ by Audubon.
Art Collection
The art collection contains portraits of past presidents by famous artists such as Sir Henry Raeburn and Sir Daniel Macnee as well as a number of works by contemporary artists purchased from exhibitions of the Royal Glasgow Institute of Fine Arts.
Other Heritage Assets
Museum Collection:
The museum collection consists of items of a medical and surgical nature and includes the instruments of William Beatty, surgeon aboard HMS Victory at the Battle of Trafalgar.
Other Assets:
The College owns a variety of other heritage assets including antique furniture, badges of office, ceramics, silver, coins and memorabilia.
In addition, the College retains the College Archive which dates from the first Minute Book in 1602. The Collage has been unable to obtain a reliable valuation of its Archive. The archive contains papers relating to physicians, surgeons and dentists with connections to the College.
Management of Heritage Assets
The College’s heritage assets span over six centuries and are an excellent resource for exploring the history of medicine and the history of the city of Glasgow. Many items from its collections have been digitised and are available to view online. The College’s collections have obtained full museum accreditation status.
Our College’s heritage assets are managed by a dedicated team with experience and expertise in managing historic collections. Heritage assets are kept securely in environments appropriate to ensure their condition does not degrade.
College’s heritage assets were last valued in February 2024. As this valuation is relatively recent, all items valued remain within the collection, and there have been no material external factors to affect the February 2024 valuation, Trustees are confident that the valuation is still justified.
34
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. Investments
| 18. Investments | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Listed investments at fair value | ||||
| Equities | 13,271,420 | 16,049,447 | 13,271,420 | 16,049,447 |
| Fixed rate securities | 1,399,982 | 558,074 | 1,399,982 | 558,074 |
| Infrastructure funds | 288,090 | 117,450 | 288,090 | 117,450 |
| Unlisted investments at cost | ||||
| Investment in subsidiary (note 19) | - | - | 100 | 100 |
| ─────── | ─────── | ─────── | ─────── | |
| 14,959,492 | 16,724,971 | 14,959,592 | 16,725,072 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Listed investments | ||||
| 2025 | 2024 | |||
| Group and Charity | £ | £ | ||
| Market value at 1 April | 16,724,972 | 16,196,148 | ||
| Additions at cost | 6,155,844 | 317,538 | ||
| Disposals at opening book value | (8,000,948) | (956,564) | ||
| Unrealised movement in market value | 79,624 | 1,167,850 | ||
| ─────── | ─────── | |||
| Market value at 31 March | 14,959,492 | 16,724,972 | ||
| ═══════ | ═══════ | |||
| Historical cost at 31 March | 11,232,735 | 9,197,609 | ||
| ═══════ | ═══════ |
All listed investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The group and charity‘s investments are mainly traded in markets with good liquidity and high trading volumes. The group and charity have no material investment holdings in markets subject to exchange controls or trading restrictions.
The group and charity manage these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The group and charity do not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer-term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular five-year period will normally be corrected.
35
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. Subsidiary undertaking
The charity owns 100% of 1599 Limited, a private company limited by shares and incorporated in Scotland, company number SC424139. The principal activity of the subsidiary is that of establishing the College building as a first class venue for corporate functions, weddings and private dining. When the company has distributable reserves, all profits are gifted to the parent charity. A summary of the financial position of the subsidiary is given below.
| 2025 | 2024 |
|
|---|---|---|
| £ | £ |
|
| Turnover | 409,747 | 474,209 |
| Cost of sales and administration costs | (499,310) | (440,156) |
| ─────── | ─────── |
|
| (Loss)/surplus before tax | (89,563) | 34,053 |
| Surplus gift aided to parent | - | (34,053) |
| ─────── | ─────── |
|
| Retained in subsidiary | (89,563) | - |
| ═══════ | ═══════ | |
| The assets and liabilities of the subsidiary were: | ||
| Current assets | 44,215 | 123,256 |
| Current liabilities | (133,540) | (123,018) |
| ─────── | ─────── |
|
| Net (liabilities)/assets | (89,325) | 238 |
| ─────── | ─────── |
|
| Aggregate share capital and reserves | (89,325) | 238 |
| ═══════ | ═══════ |
|
| 20. Stock | Group | and Charity |
| 2025 | 2024 |
|
| £ | £ |
|
| Goods for sale | 9,646 | 24,745 |
| ═══════ | ═══════ |
There is no material difference between the book value of stocks and replacement cost.
| 21. | Debtors | Group | Group | Charity | |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
||
| £ | £ | £ | £ |
||
| Trade debtors | 482,551 | 444,540 | 466,122 | 404,416 |
|
| Accrued income | 692,214 | 597,253 | 692,214 | 597,253 |
|
| Other debtors | 162,399 | 135,903 | 162,399 | 135,903 |
|
| Prepayments | 184,644 | 150,773 | 184,099 | 149,768 |
|
| Amounts owed by group undertakings | - | - | 82,102 | 87,333 |
|
| ─────── | ─────── | ─────── | ─────── |
||
| 1,521,808 | 1,328,469 | 1,586,936 | 1,374,673 |
||
| ═══════ | ═══════ | ═══════ | ═══════ |
36
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 22. | Cash at bank and in hand | Group | Group | Charity | Charity |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Cash at bank and in hand | 606,840 | 316,288 | 579,599 | 234,161 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 606,840 | 316,288 | 579,599 | 234,161 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 23. | Creditors: Amounts falling due within | ||||
| one year | Group | Charity | |||
| 2025 | 2024 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Bank loan | - | 1,050,000 | - | 1,050,000 | |
| Trade creditors | 366,921 | 262,347 | 366,130 | 262,276 | |
| Other creditors | 284,983 | 245,967 | 284,983 | 245,967 | |
| Social security and other taxes | 132,084 | 113,415 | 130,532 | 112,074 | |
| Deferred income (note 24) | 1,370,223 | 1,339,658 | 1,323,217 | 1,309,535 | |
| Accruals | 578,528 | 784,064 | 576,438 | 779,914 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 2,732,739 | 3,795,451 | 2,681,300 | 3,759,766 | ||
| ═══════ | ═══════ | ═══════ | ═══════ |
Included in Other Creditors is a balance of nil (2024: £190,686) relating to the Livingstone Fellowship, an award funded by the Scottish Government and administered by the College to support physicians and surgeons in training from Malawi and Zambia to undertake a year’s Speciality training in the NHS in Scotland.
24. Deferred income
| Scotland. | ||||
|---|---|---|---|---|
| Deferred income | Group | Charity | ||
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Balance at 1 April | 1,339,658 | 1,171,380 | 1,309,535 | 1,114,432 |
| Released in the year to income | (1,339,658) | (1,171,380) | (1,309,535) | (1,114,432) |
| Received in the year | 1,339,658 | 1,339,658 | 1,309,535 | 1,309,535 |
| ─────── | ─────── | ─────── | ─────── | |
| Balance at 31 March (note 23) | 1,339,658 | 1,339,658 | 1,309,535 | 1,309,535 |
| ═══════ | ═══════ | ═══════ | ═══════ |
Deferred Income relates to examination and education fees, Members’ subscriptions, room hire income and grants received in advance. Grants are recognised as deferred income where performance conditions have not yet been met.
37
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25.Endowment funds
| 5.Endowment funds | ||||||
|---|---|---|---|---|---|---|
| Balance at | Expend- | Balance at | ||||
| Group and Charity | 1 April 2024 | Income | iture | Gains | Transfers | 31 March 2025 |
| £ | £ | £ | £ | £ | £ |
|
| Permanent endowments | ||||||
| Ethicon Fund | 244,352 | - | - |
1,163 | - |
245,515 |
| Lock Hospital Trust | 1,653,060 | - | - |
7,870 | - |
1,660,930 |
| Mr and Mrs Walker Trust | 648,382 | - | - |
3,087 | - |
651,469 |
| Ben Walton Trust Fund | 114,299 | - | - |
544 | - |
114,843 |
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 2,660,093 | - | - |
12,664 | - |
2,672,757 |
|
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| Expendable endowments | ||||||
| Lachlan McNeill | 45,022 | - | - |
214 | - |
45,236 |
| David Murdoch Memorial | 95,955 | - | - |
457 | - |
96,412 |
| Cameron Lockie Fund | 1,599 | - | - |
8 | - |
1,607 |
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 142,576 | - | - |
679 | - |
143,255 |
|
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 2,802,669 | - | - |
13,343 | - |
2,816,012 |
|
| ═══════ | ═════ | ═════ | ══════ | ══════ | ════════ | |
| Balance at | Expend- | Balance at | ||||
| Group and Charity | 1 April 2023 | Income | iture | Gains | Transfers | 31 March 2024 |
| £ | £ | £ | £ | £ | £ |
|
| Permanent endowments | ||||||
| Ethicon Fund | 227,918 | - | - |
16,434 | - |
244,352 |
| Lock Hospital Trust | 1,541,880 | - | - |
111,180 | - |
1,653,060 |
| Mr and Mrs Walker Trust | 604,774 | - | - |
43,608 | - |
648,382 |
| Ben Walton Trust Fund | 106,612 | - | - |
7,687 | - |
114,299 |
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 2,481,184 | - | - |
178,909 | - |
2,660,093 |
|
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| Expendable endowments | ||||||
| Lachlan McNeill | 41,994 | - | - |
3,028 | - |
45,022 |
| David Murdoch Memorial | 89,501 | - | - |
6,454 | - |
95,955 |
| Cameron Lockie Fund | 1,491 | - | - |
108 | - |
1,599 |
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 132,986 | - | - |
9,590 | - |
142,576 |
|
| ─────── | ───── | ───── | ─────── | ────── | ─────── | |
| 2,614,170 | - | - |
188,499 | - |
2,802,669 |
|
| ═══════ | ═════ | ═════ | ══════ | ══════ | ════════ |
Details of the funds are included in note 27.
38
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 26. | Unrestricted Funds | Balance at | Balance at 31 | ||||
|---|---|---|---|---|---|---|---|
| Group | 1 April 2024 | Income |
Expenditure | Gains | Transfer | March 2025 |
|
| £ | £ | £ |
£ | £ | £ |
||
| Designated Funds | |||||||
| Honeyman fund | 10,000 | - | - | - | - | 10,000 |
|
| Designated assets fund | 13,398,940 | - | - | - | - | 13,398,940 |
|
| ─────── | ────── | ─────── | ────── | ────── | **─────── ** | ||
| 13,408,940 | - | - | - | - | 13,408,940 |
||
| General fund | 8,219,391 | 8,655,565 | (9,116,408) |
176,208 | - | 7,934,756 |
|
| ─────── | ────── | ─────── | ────── | ────── | **─────── ** | ||
| 21,628,331 | 8,655,565 | (9,116,408) |
176,208 | - | 21,343,696 |
||
| ═══════ | ══════ | ═══════ | ══════ | ══════ | ═══════ |
||
| Unrestricted Funds | Balance at | Balance at 31 | |||||
| Group | 1 April 2023 | Income | Expenditure | Losses | Transfer | March 2024 |
|
| £ | £ | £ |
£ | £ | £ |
||
| Designated Funds | |||||||
| Honeyman fund | 10,000 | - | - | - | - | 10,000 |
|
| Designated assets fund | 13,398,940 | - | - | - | - | 13,398,940 |
|
| ─────── | ────── | ─────── | ────── | ────── | ─────── | ||
| 13,408,940 | - | - | - | - | 13,408,940 |
||
| General fund | 7,181,167 | 7,966,585 | (8,725,665) |
1,797,304 | - | 8,219,391 |
|
| ─────── | ────── | ─────── | ────── | ────── | ─────── | ||
| 20,590,107 | 7,966,585 | (8,725,665) |
1,797,304 | - | 21,628,331 |
||
| ═══════ | ══════ | ═══════ | ═══════ | ══════ | ═══════ |
||
| Balance at | |||||||
| Unrestricted Funds | Balance at | 31 March | |||||
| Charity | 1 April 2024 | Income |
Expenditure | Gains | Transfer | 2025 |
|
| £ | £ | £ |
£ | £ | £ |
||
| Designated Funds | |||||||
| Honeyman fund | 10,000 | - | - | - | - | 10,000 |
|
| Designated assets fund | 13,398,940 | - | - | - | - | 13,398,940 |
|
| ─────── | ────── | ─────── | ─────── | ────── | ─────── | ||
| 13,408,940 | - | - | - | - | 13,408,940 |
||
| General fund | 8,219,254 | 8,245,818 | (8,617,098) |
176,208 | - | 8,024,182 |
|
| ─────── | ────── | ─────── | ─────── | ────── | ─────── | ||
| 21,628,194 | 8,245,818 | (8,617,098) |
176,208 | - | 21,433,122 |
||
| ═══════ | ══════ | ═══════ | ═══════ | ══════ | ═══════ |
||
| Unrestricted Funds | Balance at | Balance at 31 | |||||
| Charity | 1 April 2023 | Income |
Expenditure | Losses | Transfer | March 2024 |
|
| £ | £ | £ |
£ | £ | £ |
||
| Designated Funds | |||||||
| Honeyman fund | 10,000 | - | - | - | - | 10,000 |
|
| Designated assets fund | 13,398,940 | - | - | - | - | 13,398,940 |
|
| ─────── | ────── | ─────── | ─────── | ────── | ─────── | ||
| 13,408,940 | - | - | - | - | 13,408,940 |
||
| General fund | 7,181,030 | 7,526,429 | (8,285,509) |
1,797,304 | - | 8,219,254 |
|
| ─────── | ────── | ─────── | ─────── | ────── | ─────── | ||
| 20,589,970 | 7,526,429 | (8,285,509) |
1,797,304 | - | 21,628,194 |
||
| ═══════ | ══════ | ═══════ | ═══════ | ══════ | ═══════ |
Honeyman fund
This fund was set up to provide the College with funds to purchase works of art.
Designated fund
This fund represents the net book value of the charity’s fixed assets at the year-end (excluding the CASC and Macewen skills lab equipment which is covered by the William and Elizabeth Davies Restricted Fund).
Transfers between funds No transfers were made between funds in the year.
39
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| **27. ** | Restricted funds | Balance at | ||||
|---|---|---|---|---|---|---|
| Balance at | 31 March | |||||
| Group and Charity | 1 April 2024 | Income | Expenditure | Gains | 2025 | |
| £ | £ | £ | £ | £ | ||
| Ben Walton Trust Fund | 5,156 | 4,624 | (3,000) | - | 6,780 | |
| Cameron Lockie Fund | 203 | 47 | - | - | 250 | |
| David Murdoch Memorial Fund | 29,794 | 2,798 | - | - | 32,592 | |
| Diana Cawson Fund | 61,500 | - | (1,000) | - | 60,500 | |
| Ethicon Fund | 73,683 | 7,126 | - | - | 80,809 | |
| Glasgow Lock Hospital Trust | 448,371 | 48,207 | (167,131) | - | 329,447 | |
| Heritage Project Grants | 135 | 30,750 | (7,795) | - | 23,090 | |
| Hope Foundation | 18,776 | 13,147 | (13,822) | - | 18,101 | |
| Innovation Fund | 1,285 | - | (3,655) | - | (2,370) | |
| Lachlan McNeill Scholarship | 3,871 | 1,313 | (5,000) | - | 184 | |
| Mr and Mrs Walker Trust Fund | 185,722 | 18,908 | (21,000) | - | 183,630 | |
| NES Equipment Grant | 5,159 | - | - | - | 5,159 | |
| Obesity Action Scotland | 118,520 | 202,067 | (197,851) | - | 122,736 | |
| Professor TC White Bequest | 1,556,662 | 45,396 | (73,402) | 7,411 | 1,536,067 | |
| Revalidation Helpdesk | 16,798 | - | - | - | 16,798 | |
| Revalidation Project | 13,054 | - | - | - | 13,054 | |
| Ritchie Trust Fund | 710,651 | 20,724 | (10,305) | 3,383 | 724,453 | |
| Royal Medico-Chirurgical Society | 21,444 | - | - | - | 21,444 | |
| Staff Benevolent Fund | 709 | - | - | - | 709 | |
| The Aileen Lynn Bequest | 106,727 | 3,112 | (8,932) | 508 | 101,415 | |
| William and Elizabeth Davies Foun- dation Trust |
496,781 | - | - | - | 496,781 | |
| ────── | ────── | ─────── | ────── | ────── | ||
| 3,875,001 | 398,219 | (512,893) | 11,302 | 3,771,629 | ||
| ══════ | ══════ | ═══════ | ══════ | ══════ |
40
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
27. Restricted funds (continued)
| Balance at | Balance at 31 | ||||
|---|---|---|---|---|---|
| Group and Charity | 1 April 2023 | Income | Expenditure | Gains | March 2024 |
| £ | £ | £ | £ | £ | |
| Ben Walton Trust Fund | 3,875 | 3,281 | (2,000) | - | 5,156 |
| Cameron Lockie Fund | 166 | 37 | - | - | 203 |
| David Murdoch Memorial Fund | 27,554 | 2,240 | - | - | 29,794 |
| Diana Cawson Fund | 63,000 | - | (1,500) | - | 61,500 |
| Ethicon Fund | 84,978 | 5,704 | (16,999) | - | 73,683 |
| Glasgow Lock Hospital Trust | 553,517 | 38,588 | (143,734) | - | 448,371 |
| Heritage Project Grants | 2,756 | 1,100 | (3,721) | - | 135 |
| Hope Foundation | 12,351 | 14,069 | (7,644) | - | 18,776 |
| Innovation Fund | 24,560 | - | (23,275) | - | 1,285 |
| Lachlan McNeill Scholarship | 7,820 | 1,051 | (5,000) | - | 3,871 |
| Mr and Mrs Walker Trust Fund | 170,587 | 15,135 | - | - | 185,722 |
| NES Equipment Grant | 5,159 | - | - | - | 5,159 |
| Obesity Action Scotland | 125,158 | 248,701 | (255,339) | - | 118,520 |
| Professor TC White Bequest | 1,462,139 | 36,593 | (47,500) | 105,430 | 1,556,662 |
| Revalidation Helpdesk | 16,798 | - | - | - | 16,798 |
| Revalidation Project | 13,054 | - | - | - | 13,054 |
| Ritchie Trust Fund | 708,910 | 17,742 | (67,118) | 51,117 | 710,651 |
| Royal Medico-Chirurgical Society | - | 21,444 | - | - | 21,444 |
| Staff Benevolent Fund | 709 | - | - | - | 709 |
| The Aileen Lynn Bequest | 106,392 | 2,663 | (10,000) |
7,672 | 106,727 |
| William and Elizabeth Davies Founda- | |||||
| tion Trust | 396,781 | 100,000 | - |
- | 496,781 |
| ────── | ────── | ─────── | ────── | ────── | |
| 3,786,264 | 508,348 | (583,830) | 164,219 | 3,875,001 | |
| ══════ | ══════ | ═══════ | ═════ | ══════ |
Ben Walton Trust Fund: In 2018 funds were received to provide resources for a biannual lecture on oral cancer care and also fund oral cancer care projects.
Cameron Lockie Fund: In 2015 a fund was established to cover the costs of the prize for the best Diploma in Travel Medicine student.
Diana Cawson Fund: This fund was provided to establish the J C MacDougall Travelling Fellowship along with funding scholarships in oral pathology.
Ethicon Fund: This fund was provided to promote international goodwill in medicine and surgery by means of grants to assist the overseas travel of surgeons, or for such other purposes as the Council may from time to time determine.
Glasgow Lock Hospital Trust: This fund was provided to support:
-
Research into venereal disease;
-
Counselling and advertising on the prevention of venereal disease; and
-
Such other purposes for the advancement of medical science as the Council may think fit.
Heritage Project Grants: Heritage project grants relate to specific grants from a variety of sources related to work on the management and promotion of the College’s heritage.
Hope Foundation: The Hope Foundation is the fund through which College makes charitable donations with the aim of making a positive difference to the health of people living in challenging circumstances where access to quality healthcare is, for whatever reason, limited. The Hope Foundation funds have been donated by members, family and friends of the College. Decisions on awarding grants are made by the Hope Foundation Board, which is made up of both College members and lay advisors. Administration support is provided at nil cost by College staff.
41
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
27. Restricted funds (continued)
Innovation Fund: During 2016, this fund was established to assist the College healthcare activities in areas such as Malawi and other developing countries.
Lachlan McNeill Scholarship: The fund was established to further knowledge in Ophthalmology. The favoured use is to provide funding to junior doctors for travel to events that could help expand their knowledge in their particular discipline.
Mr and Mrs Walker Trust Fund: This fund was provided to support:
-
The acquisition of literature relating to rheumatic diseases;
-
A lectureship in some subject relating to rheumatic diseases;
-
A scholarship or scholarships (no subject specified); and
-
Such other purposes as the Council may think fit.
NES Equipment Grant: In March 2012, the College received £17,600 from NHS Education for Scotland to fund the purchase of equipment for skills-based learning courses.
Obesity Action Scotland: Obesity Action Scotland was established as an independent advocacy group in June 2015 and provides leadership and advocacy on preventing and reducing obesity and overweight in Scotland by raising awareness and understanding; identifying and pursuing prevention strategies and promoting healthy weight.
Professor TC White Bequest: This fund was provided for the furtherance of postgraduate dental education and research.
Revalidation Helpdesk: In August 2012, the College was awarded a grant of £20,409 from The Academy of Medical Royal Colleges to set a Help Desk programme to aid Fellows and Members through the process of revalidation.
Revalidation Project: In January 2010, the College was awarded a grant of £80,000 from The Academy of Medical Royal Colleges to provide an e-system for validation and recertification of its Members and Fellows.
Ritchie Trust Fund: Initially the Ritchie Trust Fund will support a Research Fellowship. As the Fund grows, it may be used to support training fellowships, travelling fellowships, visiting scholarships, travel grants or any other educational activity that the Scholarship Committee considers appropriate.
Royal Medico-Chirurgical Society: These funds, donated to the College on the winding up of the Royal Medica-Chirurgical Society, are for the furtherance of medical education.
Staff Benevolent Fund: In December 2012, the retiring President, used for the benefit of the College staff.
, donated £3,697.50 to be
The Aileen Lynn Bequest: This bequest from the late Aileen Lynn has enabled the College to establish a fund to be used in the field of cancer research. The Scholarship Committee will award small equipment grants of up to £5,000 each. One or two grants may be awarded each year dependent on the quality of submissions and the balance on the fund.
The David Murdoch Memorial Fund: This fund was provided to support scholarships to enable Fellows and Members of the College to travel to other medical centres in the United Kingdom or overseas in furtherance of their knowledge of cardiology.
William and Elizabeth Davies Foundation Trust: The College is the major beneficiary of the William and Elizabeth Davies Foundation Trust. In September 2009, the College received £525,910 from the Foundation Trust to fund an agreed programme of events in the financial years 2009/10 through to 2013/14. During the year to 31 March 2012, the Trust provided further funding of £350,000 towards specific College activities, including £275,000 towards the costs of the Clinical Anatomy Skills Centre. In the year to 31 March 2013, a further £725,000 was received to help fund the Clinical Anatomy Skills Centre collaboration with Glasgow University. During the year to 31 March 2024 College received £100,000 from the Trust towards the purchase of a robotic surgery simulator.
Transfers between funds: There were no restricted fund transfers in the year.
42
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
28. Analysis of net assets between funds
| Endowment | Unrestricted | Restricted | 2025 | |
|---|---|---|---|---|
| Funds | Funds | Funds | Total | |
| Group | £ | £ | £ | £ |
| Tangible fixed assets | - | 6,500,970 | - | 6,500,970 |
| Heritage assets | - | 7,065,320 | - | 7,065,320 |
| Investments | 2,816,012 | 9,781,545 | 2,361,935 | 14,959,492 |
| Current assets | - | 728,600 | 1,409,694 | 2,138,294 |
| Creditors due in less than one year | - | (2,732,739) | - | (2,732,739) |
| ─────── | ─────── | ───────── | ────────── | |
| 2,816,012 | 21,343,696 | 3,771,629 | 27,931,337 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Endowment | Unrestricted | Restricted | 2024 | |
| Funds | Funds | Funds | Total | |
| Group | £ | £ | £ | £ |
| Tangible fixed assets | - | 6,658,219 | - | 6,658,219 |
| Heritage assets | - | 7,048,760 | - | 7,048,760 |
| Investments | 2,802,669 | 11,548,262 | 2,374,040 | 16,724,971 |
| Current assets | - | 168,541 | 1,500,961 | 1,669,502 |
| Creditors due in less than one year | - | (3,795,451) | - | (3,795,451) |
| ───────── | ───────── | ───────── | ───────── | |
| 2,802,669 | 21,628,331 | 3,875,001 | 28,306,001 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Charity | Endowment | Unrestricted | Restricted | 2025 |
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Tangible fixed assets | - | 6,500,970 | - | 6,500,970 |
| Heritage assets | - | 7,065,320 | - | 7,065,320 |
| Investments | 2,816,012 | 9,781,645 | 2,361,935 | 14,959,592 |
| Current assets | - | 766,487 | 1,409,694 | 2,176,181 |
| Creditors due in less than one year | - | (2,681,300) | - | (2,681,300) |
| ─────── | ─────── | ─────── | ────────── | |
| 2,816,012 | 21,433,122 | 3,771,629 | 28,020,763 | |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Charity | Endowment | Unrestricted |
Restricted | 2024 |
| Funds | Funds |
Funds | Total | |
| £ | £ |
£ | £ |
|
| Tangible fixed assets | - | 6,658,219 |
- | 6,658,219 |
| Heritage assets | - | 7,048,760 |
- | 7,048,760 |
| Investments | 2,802,669 | 11,548,363 |
2,374,040 | 16,725,072 |
| Current assets | - | 132,618 |
1,500,961 | 1,633,579 |
| Creditors due in less than one year | - | (3,759,766) |
- | (3,759,766) |
| ────────── | ────────── | ────────── | ────────── | |
| 2,802,669 | 21,628,194 |
3,875,001 | 28,305,864 | |
| ═══════ | ═══════ |
═══════ | ═══════ |
43
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
29. Reconciliation of net expenditure to net cash flow from operating activities
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Net expenditure for the year (as per the Statement of Financial Activities) |
(429,800) | 353,380 | (340,237) | 353,380 |
| Adjustments for: | ||||
| Net loss/(gain) on investments | (200,853) | (1,187,942) | (200,853) | (1,187,942) |
| Loss on disposal of fixed assets | 4,437 | - | 4,437 | - |
| Depreciation charges | 523,745 | 504,083 | 523,745 | 504,083 |
| Dividends, interest and rents from investments | (498,161) | (406,054) | (498,161) | (406,054) |
| Increase in stocks | 15,099 | (640) | 15,099 | (640) |
| Decrease/(increase) in debtors | (138,200) | 181,382 | (157,125) | 257,955 |
| Increase/(decrease) in creditors | (12,712) | 260,592 | (28,466) | 288,741 |
| ─────── | ─────── | ─────── | ─────── | |
| Net cash used in operating activities | (736,445) | (295,199) | (681,561) | (190,477) |
| ═══════ | ═══════ | ═══════ | ═══════ |
30. Analysis of net debt
| 30. Analysis of net debt | |||
|---|---|---|---|
| Balance at | |||
| Balance at | 31 March | ||
| 1 April 2024 | Cashflows | 2025 | |
| £ | £ | £ | |
| Group | |||
| Cash | 316,288 | 290,552 | 606,840 |
| Cash equivalents | - | - | - |
| Debt due within one year | (1,050,000) | 1,050,000 | - |
| ─────── | ─────── | ─────── | |
| (733,712) | 1,340,552 | 606,840 | |
| ═══════ | ═══════ | ═══════ | |
| Balance at | |||
| Balance at | 31 March | ||
| 1 April 2024 | Cashflows | 2025 | |
| £ | £ | £ | |
| Charity | |||
| Cash | 234,161 | 345,438 | 579,599 |
| Cash equivalents | - | - | - |
| Debt due within one year | (1,050,000) | 1,050,000 | - |
| ─────── | ─────── | ─────── | |
| (815,839) | 1,395,438 | 579,599 | |
| ═══════ | ═══════ | ═══════ | |
| 31. Lease commitments | |||
| 2025 | 2024 | ||
| Group and Charity | £ | £ | |
| Operating leases payable | |||
| Within 1 year | 7,509 | 12,657 | |
| Later than 1 year and not later than 5 years | 8,682 | 16,190 | |
| ─────── | ─────── | ||
| 16,191 | 28,847 | ||
| ═══════ | ═══════ |
44
ROYAL COLLEGE OF PHYSICIANS AND SURGEONS OF GLASGOW
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
32. Pension
The charity operates a defined contribution scheme for the benefit of its employees. At 31 March 2025 £42,437 (2024 - £43,328) was payable to the administrators of the scheme. This balance is included in other creditors.
33. Related party transactions
During the year the outgoing College President, , was an employee of NHS Greater Glasgow and Clyde, and the current President. , was an employee of NHS Scotland. With the agreement of their employers and College, a proportion of their contracted sessions were devoted to fulfilling their roles as College President and President Elect. During the year College paid NHS Greater Glasgow and Clyde £54,029 in respect of , and NHS Scotland £44,401 in respect of .
34. Federation of the Royal Colleges of Physicians of the UK
The Federation of the Royal Colleges of Physicians of the UK (the Federation), based in the UK and with international reach, is a collaboration between the three UK Royal Colleges of Physicians: the Royal College of Physicians and Surgeons of Glasgow, the Royal College of Physicians, and the Royal College of Physicians of Edinburgh. The Federation delivers the MRCP(UK) exams and training to physicians throughout the UK and internationally.
The collaboration is governed by a Memorandum of Agreement which sets out each college’s entitlement to or responsibility for any Federation surpluses, deficits, assets and liabilities.
Included in the College’s Balance Sheet in Accrued Income £91,549 (2024: £104,160 ) being the amount due to the College from the Federation for its outstanding share of the Federation’s surplus during the preceding 12 months.
Included in Fixed Assets is College’s share of Federation’s fixed assets with a net book value of £351,983 ( 2024: £253,372 ).
The Balance Sheets in these Financial Statements do not fully consolidate balances from Federation as they are not all of a sufficiently material value to warrant their inclusion.
45