THE ROYAL COLLEGE OF MIDWIVES TRUST

Transcription

1 THE ROYAL COLLEGE OF MIDWIVES TRUST Annual Report and Trustees Report and Accounts for the year ended 31 December 2011 RCM Annual Report

2 Contents General Information 31 December Independent Auditor s Report to the Members of 19 Consolidated Statement of Financial Activities for the year ended 31 December Balance Sheets at 31 December Notes to the Accounts for the year ended 31 December Contact Details 36 RCM Annual Report

3 General Information 31 December 2011

4 General Information 31 December 2011 Auditors Crowe Clark Whitehill LLP St Bride s House 10 Salisbury Square London EC4Y 8EH Bankers Unity Trust Bank plc 9 Brindley Place Birmingham B1 2HB Investment Managers Schroder & Co. Limited 31 Gresham Street London EC2V 7QA Registered Office 15 Mansfield Street London W1G 9NH Solicitors Bates, Wells and Braithwaite Cheapside House 138 Cheapside London EC2V 6BB RCM Annual Report

5 General Information 31 December 2011 Legal and Administrative Information (the Trust) is a company registered in England under company number The Company is registered as a charity in England and Wales (charity registration number ) and in Scotland (charity registration number SC039694). The Trust s registered office is at 15 Mansfield Street, London W1G 9NH. The trustees and those who acted during the year are as follows: Belinda Ackerman (until 31/8/2011) Shirley Andrews (until 31/8/2011) Maria Brown (until 31/8/2011) Corina Casey-Hardman Tracey Cooper (until 31/8/2011) Claire Cutlan (until 31/8/2011) Rosemary Exton Carole Garrick Dr Patricia Gillen (from 1/9/2011) Debby Gould (until 31/8/2011) Amanda Hutcherson (until 31/8/2011) Kath Jones MBE (until 31/8/2011) Barbara Kuypers (from 1/9/2011) Professor Paul Lewis Marie McDonald (from 1/9/2011) Christina McKenzie (from 1/9/2011) Donna Ockenden (from 1/9/2011) Lynne Pacanowski (until 31/8/2011) Professor Lesley Page (from 1/9/2011) Kim Russell (until 31/8/2011) Vanessa Shand (from 1/9/2011) Anna Shasha (from 1/9/2011) Professor Marlene Sinclair (until 31/8/2011) Dr Dale Spence (until 31/8/2011) Liz Stephens (until 31/8/2011) Professor Suzanne Truttero (until 31/8/2011) Gill Walton (until 31/8/2011) RCM Annual Report

6 General Information 31 December 2011 The trustees who are also the directors of the company present their report for the year ended 31 December Structure, Governance and Management (a) The Trust s governing document is a Memorandum and Articles of Association. The Trust is a company limited by guarantee and is a subsidiary of the Royal College of Midwives. The Royal College of Midwives is a member of the Trust. (b) (c) (d) (f) Trustees are appointed by The Royal College of Midwives for terms of two years. An induction for newly appointed trustees is held every two years as near as conveniently possible to the date on which they take up office. The trustees are collectively known as the Board of Trustees (or Trustee Board ). Trustees are non-executive and unpaid. The Board of Trustees retains overall responsibility for the control of the Trust and has delegated the management of the Trust and its assets to a chief executive. The Board of Trustees is advised by an organisational audit & risk committee. The Board of Trustees has a committee (the Benevolent Fund Committee of the RCM Trust) to which it has delegated the day-to-day management of another charity of which the Trust is the trustee. Parties with which the Trust is related are (i) The Royal College of Midwives; (ii) RCM Trust Trading Company Limited; and (iii) The Benevolent Fund of the Royal College of Midwives Trust. (i) The Royal College of Midwives The Royal College of Midwives (a company limited by guarantee which is not a charity) is a corporate member of the Trust and appoints all the trustees. (ii) RCM Trust Trading Company Limited This is a company limited by shares. All the shares are owned by the Trust and the Trust appoints the directors of the company. The object of the company is to carry on business as a general commercial company. It is a trading subsidiary of the Trust and pays its net profits and gains to the Trust. (iii) The Benevolent Fund of the Royal College of Midwives Trust The Benevolent Fund of the Royal College of Midwives Trust is a charity governed by a scheme of the Charity Commission dated 18 April 2007 and altered on 24 March The Trust is the Trustee of the Benevolent Fund of the Royal College of Midwives Trust. All these parties are part of the Royal College of Midwives group and results are included in the Royal College of Midwives consolidated accounts. Therefore, transactions between the parties are not separately disclosed. RCM Annual Report

7 General Information 31 December 2011 AIMS OBJECTIVES AND ACTIVITIES s (RCM Trust) objectives are set annually in furtherance of the objects which are to promote and advance the art and science of midwifery and the effectiveness of midwives. This aim is met by ensuring that midwives have up-to-date information through the development of education, research and practice knowledge. The objectives are delivered through a wide range of Trust publications, information materials, conferences and education and training events and through the website and campaign work to raise standards of service provision. The charity s focus is both in the United Kingdom and globally as we aim to improve the experience of women, babies and their families. The objectives were focused on: Promoting the professional education of midwives; Engaging in a wide range of professional activities; Raising the research profile; Safe Motherhood Initiatives; Proving the highest quality information services to members and the public. The Trustees have had regard to the Charity Commission s guidance on public benefit when considering the Trust s objectives and activities. ACHIEVEMENTS AND PERFORMANCE The RCM Trust s successful achievements involve collaboration amongst all four UK countries in which the Royal College of Midwives works. The following has been achieved: 1. Promoting the professional education of midwives One of the main achievements was the development of the RCM Trust Professional Strategy, incorporating the education and professional development elements of the Trust. The strategy was informed by the outcome of a membership survey and two think tanks held with UK representatives from different spheres of practice. A comprehensive review of the RCM Trust Leadership portfolio and programme delivery was undertaken, with input from a membership survey and several leadership open space events. The analysis will inform the future RCM Trust Leadership portfolio. A very successful Leadership challenge event, which engaged 66 midwives from different Scottish Health Boards, was held in Scotland in November A total of 2,139 days were delivered via the events listed in Table 1 on the next page. The electronic learning (e-learning) leadership competences module, successfully launched, had attracted 56 users by the end of December 2011 and is well evaluated. Activities are varied, and designed to be innovative and engaging. The RCM has continued to be the lead provider for the Return to Midwifery Practice programme with demand for the programme attracting over 200 s and telephone enquiries in The course has attracted midwives from as far as Germany and the USA. Twenty-six midwives were accepted in three cohorts: February (5), June (13) and October (8). Twenty-two midwives successfully completed the course and the majority are employed, either part-time, full time or as a member of the NHS bank. This is a measure of the success of the programme in developing midwives competence and confidence. These midwives make an important contribution to ensuring adequate numbers of midwives staff UK maternity services. The Nursing and Midwifery Council designated the Return to Midwifery Practice (RTP) highly, and awarded autonomy status as a measure of the quality of the course and the partnership between the RCM and London South Bank University. RCM Annual Report

8 General Information 31 December 2011 Table 1: RCM Trust Continuing Professional Development Activities Title Delegate numbers Debate 3rd stage of labour 62 Education Think Tank 24 Leadership Challenge Scotland 80 Leadership Open space events (2 events) 33 Legal birth Conference London 232 RCM Library and Archives Launch event 40 Policy Think tank infant nutrition 32 Pregnancy Birth and beyond Conference 122 Professional Think Tank 20 RCM Leadership Development Centre 14 RCM Research strategy launch event 50 RCM Return to Practice (RTP) mentor update event 9 RCM, Sands, Bliss Bereavement conference 246 Risk Colloquium 44 Return to Midwifery Practice (RTP) Celebration event 15 International Day of the Midwife conference 112 Legal birth Scotland (not LRPD) 129 Leadership Challenge (Scotland) ( November Annual Conference November Student conference 360 Workplace Representatives 130 RCM e-learning programme (see table 2) The RCM i-learn electronic learning programme has attracted growing numbers and has enabled greater geographical access to our learning opportunities. Where midwives access materials in groups, the programme has been reported as being a useful means of updating and networking. The programme has expanded to include the Examination of the Newborn (EON) learning resource CD which was updated and translated into a full electronic learning (e-learning) format. It includes access to a range of literature and self-assessment quizzes and will be available in Access to midwife members and a wider audience (i.e. paediatricians and general practitioners) will be available subject to agreement with other organisations such as the National Screening Committee. Enabling midwives to become competent in the examination of the new born makes an important contribution to improving women s experience of maternity services. A series of ten minute tasters (short sessions) was added, as was a module on numeracy. The latter is vital as there is increasing evidence that numeracy amongst maternity services staff is not at a high enough level to ensure high quality care. The numbers for registered i-learn users from launch to 31 December 2011 were The RCM i-folio electronic portfolio, launched in November 2011, enables each practitioner to have an e-portfolio to record their learning and development and their previous work and appraisal processes and includes a reflective journal. 346 members registered to use the i-folio during November to 31 December RCM Annual Report

9 General Information 31 December 2011 Table 2: RCM i-learn (electronic learning) programme and activity to December 2011) Course Name Delegates in Progress Complete Delegates The Changing NHS Developing Your Study Skills Trade Unions Today and the RCM 17 7 Changing Environments and the Clinical Midwife Your Rights to Time-off and Facilities for Trade Union Duties 23 9 Membership Recruitment and Retention 6 3 Women, Families and Society Introducing i-learn The Midwife in Contemporary Practice Supporting Members in Grievance and Disciplinary Procedures Union Learning Representatives 12 6 Numeracy An Introduction to Midwifery Leadership Competencies 38 7 Ten Minute Taster: How to Measure a Baby s Heart Rate Ten Minute Taster: How to Wash Your Hands Ten Minute Taster: Calculating Expected Date of Delivery Ten Minute Taster: Interpreting Basic Blood Values in Pregnancy 1 1 Ten Minute Taster: Teaching Pelvic Floor Muscle Exercises Ten Minute Taster: Teaching Posture, Handling and Lifting in Pregnancy An Introduction to Research 16 9 Introducing i-folio RCM Annual Report

10 General Information 31 December Engaging in a wide range of professional activities The Campaign for Normal Birth (CNB) website continued to evolve and develop. Twelve video clips, of positions for use during labour and birth, an interactive map with video clips of midwives around the world and podcast interviews are now on the website. Three national audits on Midwives views on homebirth; Positions used during labour and birth; and Midwifery practices were undertaken, analysed and published. These are freely available on the RCM web-site. A birth positions swatch has been developed for use by midwives and women in thinking about and discussing different choices available for women during labour and birth. It utilised material from the positions during labour and birth audit; the audit tool was amended (and can be utilised by practitioners locally). The swatch has been enthusiastically welcomed by midwives, and frequent requests for more copies have been received. Work has commenced on updating the Midwifery led care in labour Evidence Based Guidelines (2008) which is available in an A5 short format booklet and on-line for practitioners [ practice-guidelines/]. RCM Trust Professional Accreditation, which provides a midwifery quality standard, was awarded to ten new organisations (see Table 3). Accreditation highlights activities, conferences and resources useful to midwives in their professional development or directed to women and families, but led by midwives. Other organisations have sought advice on how to ensure that programmes are relevant and suitable for midwives and other professionals. Table 3: RCM Professional Accreditation 2011 Date Title Organisation 27/01/11 Baby Lifeline (Cerebral Palsy from Conception to Birth) Baby Lifeline 10/03/11 Smokefree South West Reducing Smoking in Pregnancy Smokefree South West 27/04/11 Claims Involving Children Conference Kester Cunningham John 01/06/11 Empowering Women: The Jentler Way Imperial College London 20/07/11 Improving Care for Refugees and Asylum Seekers Training for Midwives 24/07/11 Physical and Emotional Tools to Support and Empowered Birth 03/08/11 Ferring Pharmaceutical Normalising Birth in the 21st Century Maternity Action 2 Wise Midwives Ferring Pharmaceuticals Ltd & Helen Lawn Associates 23/08/11 Ready Steady Mums Resource Ready Steady Mums 26/10/11 Birthplace: New Evidence, Key Findings and Implications for Maternity Care Birthplace 10/10/11 First Steps Resource First Steps The RCM Trust is also a member of the professional Advisory Group for Professor Munro s review of child protection, published in 2011 entitled Munro Review of Child Protection: Final Report - A child-centred system. Work in 2011 included the development of an early help criteria/package as recommended by Professor Munro for families who are below the threshold for child protection actions. Work was completed in 2011 on the Revision of Working Together to Safeguard Children document with the Department for Education (England). RCM Annual Report

11 General Information 31 December Raising the research profile The RCM Trust s Midwifery Research Strategy Action Plan was launched in October 2011 to an audience of 50 leading midwifery and maternity care researchers. It aims to engage the midwifery research community, contribute to increasing evidence based practice and inform the development of research and research priorities significant to the care and wellbeing of women, babies and their families. The Socio-economic Value of the Midwife, a systematic review, meta-analysis and economic analysis, commissioned by the RCM Trust, was published in late 2010 and disseminated during It highlights the research and evidence around midwife-led models of care, and the value to women, babies and their families of these models of care. The Health Foundation funded Perineal Assessment and Repair Longitudinal Study (PEARLS) project was completed and a final report was submitted to the Health Foundation in September The training DVD, based on best evidence and the PEARLS research, and other materials have been translated into a cutting edge e-learning product. It will be updated and uploaded to the RCM web-site in Remaining funds will be used for dissemination activities and maintaining the learning programme. RCM Trust support for a midwife undertaking a PHD into Normal Birth has been highlighted in previous reports. Her work was completed in Safe Motherhood Initiatives Global engagement and activities aimed at promoting maternal and new born health and developing midwifery have been maintained and enhanced. The RCM Trust maintains a strong global presence through membership of, and holding the presidencies of, the European Midwives Association (EMA) and the International Confederation of Midwives (ICM). The RCM has been active with Non-Governmental Organisations (NGOs), such as the Health Information for All (HIFA) initiative, Women and Children First and Women for Women, joining the Women on the Bridge march, celebrating International Women s Day on 8th March. The RCM Trust Global Strategy informed by RCM members, International stakeholders and RCM expert member s opinion has been developed. The RCM WHO Collaborating Centre for Midwifery, has completed development of the Macedonian Association on Nursing and Midwifery (MANM) Midwifery Education Curriculum, developed after the training the trainers programme for nine midwife teachers. An accompanying clinical record book, for student midwives, has also been developed. Both documents are with the MANM and the Minister of Health for action. The RCM Trust marked the International Day of the Midwife (IDM) with a Midwifery Conference held on 5 May 2011 and attended by 112 people. Attended by the Princess Royal, this day celebrated midwifery achievements and highlighted international activities by midwives [ The RCM Trust received 13 requests, from global sources, for information and joint working over These included requests for support in developing midwifery education, and the organisation of professional visits to learn more about experiences, and good practice examples in UK midwifery education and practice (See table 4). These requests either involve the provision of information, or as indicated in a face to face visit or development of a project. RCM Annual Report

12 General Information 31 December 2011 Table 4: Examples of International Requests and/or Visits Date of Request Country Organisation Project 2011 Abu Dhabi Abu Dhabi Midwifery Development 2011 Cambodia VSO Association Development 2011 India DFID Potential for DfiD representative to network for RCM in India 2011 Pakistan MoH Political Secretary 2011 Hungary Free Agnes Gereb Support Group Approach by minister in Sindh district for training and education. Agnes Gereb response, requested support from RCM, signed petitions, support letters etc Tanzania Women and Children First Approach by WCF for needs analysis March 2011 Uganda VSO Request to place VSO partner July 2011 Liberia Mothers of Africa Link in Cardiff Approached for information about formal midwifery training in Liberia and for contacts of midwives in-country. August 2011 India Fernandez Hospital, Andhra Pradesh Approached for recommendations for support in programme and standards development in South India. (RCM/ICM) August 2011 India Approached regarding a collaboration to develop midwifery training in India. August 2011 Ethiopia Midwife teacher looking for support and advice in establishing a regional midwives association. November 2011 China Your International Network Requested, a 2 hour visit to RCM To learn about roles and consultations of RCM, UK s policy and practices on midwifery profession; RCM s membership services, conferences, campaigns for normal birth and events. *To exchange situations of family planning situation in UK and China and establish relationship for future exchange. RCM Annual Report

13 General Information 31 December Provide the highest quality information services to members and the public The RCM Trust Library (Arnold Walker, Florence Mitchell) and RCM archives are now hosted by the Royal College of Obstetricians and Gynaecologists (RCOG). The new arrangements were launched with an event in November 2011, attended by 40 leading midwives and academics. The book collection and archives are accessible to RCM members and scholars, through an online search engine. See Table 5 for summary of activity. Table 5 Library and Archive Activity RCOG Nov December 2011 Visits to RCM Library at RCOG 42 visitors Library requests/enquiries 49 separate enquires (from May 2011) Visits to RCM Archives Archive requests/enquiries Retrievals Donations of Materials Received 5 visitors 13 enquiries many genealogical 30 Items: 17 boxes, 2 folders, 7 volumes and 4 photographs 3 Sets of Archive Material Received Midwife Papers of JW ( ) Papers/Registers of KS (1940s 1970s), Papers/Registers of ES ( ) The RCM Trust received numerous requests for information from RCM members, midwives, members of the public and organisations, via telephone, face to face and requests. The RCM has responded to requests for professional advice and support about career options, research issues and practice queries, in addition to media responses. Information is also provided to the public and this has included calls from childbearing women and people interested in the work of the midwife and midwifery in general. The website continues to be a major source of information for midwives, journalists and the public. Midwives and students are able to discuss matters relating to practice, education, research as well as topical matters from the general media via RCM communities. Over 1000 people have registered as a part of this initiative. The website also provides access to RCM i-learn and the i-folio. The RCM magazine Midwives (a digest of news, views and information from the midwifery world) and the Evidence Based Midwifery (EBM) journal (presentation of new research and discussion) are two useful sources of information. Midwives is circulated to all 40,000 members of the RCM and the most recent copy is also available on line for the for free access. There is open access to the news and updates via and these can be subscribed to via the website. RCM Annual Report

14 General Information 31 December 2011 The objectives for the RCM Trust for 2012 are: 1. Promoting the professional education of midwives To roll out and implement the Professional Strategy which incorporates the education and professional development elements of the Trust provision; To deliver professional events and accompanying publications where relevant, including a professional debate centred on Midwifery Education; FGM Zero tolerance event; Legal Birth Conference; Maternity and new born emergencies event; Loss and bereavement conference and International conference with VSO, RCN and MSF and the annual RCM conference scientific programme; Provide 2 programmes for RTP midwives; Evaluate the RTP programme; Present the new Leadership portfolio across the UK; Develop and launch new i-learn modules: including transition to parenthood; 2 research modules; Looking after yourself ; Nutrition and Exercise during pregnancy; Bullying and its prevention; Leadership module; writing a curriculum vitae; examination of the new born suite. 2. Engaging in a wide range of professional activities: Host a Leadership forum for Heads of Midwifery Services, Heads of Education and Consultant midwives; Continue to develop high quality CNB materials for midwives and public; Undertake, analyse and publish two midwifery audits; Update the RCM Trust Evidence based guidelines for midwife-led care during labour; Provide a suite of publications: Maternal-infant interaction; Maternal Nutrition and obesity and the role of the midwife in public health; Collaborative work with strategic initiatives i.e. NHS Sickle and Thalassemia National Screening committee; Department of Health information for parent; and safeguarding children; The RCM is a significant founding member of the Maternal Mental Health Alliance and work is underway in 2012 to further develop the awareness of maternal mental illness; Interaction with public health midwife practitioner network. 3. Raising the research profile: Establish the RCM Trust Research Core Standing Group (RSG), appoint members and hold the inaugural meeting; Hold a research Colloquium centred on research priorities; Publish and disseminate research findings from the PEARLS project; Support the Postnatal research project with Stirling University, and Resilience project with Cardiff University; Support two Well-being of Women (WOW) research Scholarship in collaboration with the RCOG for novice researchers; Work in partnership with the Doctoral Midwifery Research Society and support doctoral students and post-doctoral midwives; Lead and support professional research, and support to researchers, as a member of the Academy of Nursing, Midwifery and Health Visiting Research. 4. Safe Motherhood Initiatives: To implement the RCM Trust Global Strategy; Strengthen international partnerships with (DFID) and engage with partner programmes; WHO Collaborating Centre - start the new WHOCC work plan for 2012; Support a Well-being of Women (WOW) international Scholarship in collaboration with the RCOG. 5. Provide the highest quality information services to members and the public: Plan future long term management of the RCM at the RCOG collaboration; Develop virtual access on line services via the RCM website e-books, e-journals available via the website. RCM Annual Report

15 General Information 31 December 2011 INTERNAL CONTROLS AND THE MITIGATION OF MAJOR RISKS The Trustees are responsible for the management of the risks faced by the RCM Trust. An annual review of the RCM Trust s risk management processes and systems has taken place. Policies have been put in place to mitigate any significant risk identified. INVESTMENT POWERS, POLICY AND PERFORMANCE The Trustees have wide investment powers and has delegated responsibility for the management of the investment portfolio of the RCM Trust to its fund managers. In consultation with the fund managers, the Trustees have established an investment policy compatible with planned levels of expenditure, with a due regard to risk. Investments are spread over equity, fixed interest, gilt and retail unitised Schroder Charity Funds. The RCM Trust does not invest in companies involved in arms manufacture, tobacco, alcohol and breast milk substitutes. The Trustees review the investment portfolio regularly with the fund managers, comparing performance against the benchmark and, periodically, reviewing the appropriateness of the benchmark. Overall the investment performance has approximately mirrored the market and the benchmark during the year. The movement of the RCM Trust s investments during the year is shown in Note 9 to the accounts SUBSIDIARIES OF THE TRUST These Trust Accounts include the results of the Trust s two subsidiaries, namely, The Benevolent Fund of the RCM Trust, and RCM Trust Trading Company Ltd, for which separate statutory financial accounts have been prepared and audited. The Benevolent Fund of the RCM Trust had assets and liabilities amounting to 587,160 at 31 December 2011, and recorded a net negative movement in funds for the year of ( 99,239). The RCM Trust Trading Company Ltd had assets and liabilities amounting to ( 10,964) at 31 December 2011, and recorded no movement in funds for the year. RCM Annual Report

16 General Information 31 December 2011 FINANCIAL REVIEW In financial terms RCM Trust (RCMT) had a positive year and continues to be financially sound. The financial statements of the RCM Trust show net incoming resources for the year of 263,265 in comparison to 5,277 in the previous period. This year has seen RCMT total incoming resources amounting to 2,769,482 for the twelve month period compared with 3,156,697 for the previous sixteen month period. This pro rata increase was primarily due to the higher donation from the RCM. Overall expenditure amounted to 2,506,217 compared with 3,151,420 in the previous period. After taking into account ( 3,987) realised losses on investments that were sold during the year and ( 195,126) unrealised losses on investments due to decrease in their market value, the RCMT shows a net movement in funds of 64,152. This compares with the previous period s net movement of 392,402 after adding realised investment gains of 7,565, and unrealised investment gains of 379,560. The results include the RCM Trust Trading Company Limited s result of a trading profit of 163,476, plus interest received of 230 giving a net operating profit of 167,706. After a donation equal to the profit for the year, the Trading Company Accounts show a net break-even position for the sixth year of trading. Separate accounts have been prepared, audited, and signed off by the Directors. The Benevolent Fund of the Royal College of Midwives Trust accounts show an increased level of grants paid of 102,574 in 2011 ( 77,984 in the 16 months to ) resulting in a reduction of reserves of 99,239 after taking into account an unrealised loss on investments of ( 42,651) and adding an realised loss of ( 613). This compares with the previous period s net increase in funds of 8,430 after deducting unrealised gains of 62,083 and realised gain of 1,621 on investments. The above resulted in an increase in reserves and net assets of the RCM Trust by 64,152 during the year from 5,525,912 to 5,590,064. The overall results represent a good achievement by all involved in the RCM Trust. GOING CONCERN Having reviewed the financial position the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt a going concern basis in preparing the financial statements. RCM TRUST RESERVES POLICY The RCM Trust aims to maintain the level of its unrestricted reserves each year at the level of up to one years operating expenditure. The Trust therefore fulfilled its objective with regard to reserves during the financial year. At 31 December 2011 the RCM Trust had reserves totalling 5,590,064 including unrestricted funds of 4,790,473. The Trust s free reserves (defined as unrestricted funds less tangible fixed assets and safe motherhood fund) amounted to 3,447,333. The RCM Trust invests any surplus funds not immediately required in fixed interest and charity equity securities in accordance with its Investment Policy in order to maximise the return thereon. RCM Annual Report

17 General Information 31 December 2011 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its net incoming/outgoing resources for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 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. Insofar as each of the trustees of the company at the date of approval of this report is aware there is no relevant audit information (information needed by the company s auditor in connection with preparing the audit report) of which the company s auditor is unaware. Each trustee has taken all of the steps that he/she should have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the company s auditor is aware of that information. AUDITORS Crowe Clark Whitehill LLP has indicated its willingness to be reappointed as statutory auditor. This trustees report has been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. Approved by the Trustees on and signed on their behalf by Trustee RCM Annual Report

18 Independent Auditor s Report to the Members of The Royal College of Midwives Trust

19 Independent Auditor s Report to the Members of We have audited the group and parent company financial statements of for the year ended 31 December 2011 set out on pages 16 to 26. These accounts have been prepared in accordance with the accounting policies set out therein. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company s members, as a body, in accordance with Chapter 3 Part 16 of the Companies Act 2006 and to the charitable company s trustees, as a body, in accordance with section 44(1c) of the Charities and Trustee Investment (Scotland) Act Our audit work has been undertaken so that we might state to the charitable company s members those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the company s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of trustees and auditor As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 44(1c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition we read all the financial and non-financial information in the Trustees Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the group s and the charitable company s affairs as at 31 December 2011 and of the group 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations RCM Annual Report

20 Independent Auditor s Report to the Members of Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Trustees Annual Report for the financial period for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: the parent charitable company has not kept adequate accounting records; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the directors were not entitled to take advantage of the small companies exemption in preparing the directors report. Tina Allison Senior Statutory Auditor For and on behalf of Crowe Clark Whitehill LLP Statutory Auditor LondonDate: RCM Annual Report

21 The Royal College of Midwives Trust Consolidated Statement of Financial Activities for the year ended 31 December 2011

22 Consolidated Statement of Financial Activities for the year ended 31 December 2011 INCOME AND EXPENDITURE Notes Unrestricted Funds Restricted Funds Endowed Funds Total 2011 Total 16 months to 31 December 2010 Incoming resources Incoming resources from generated funds Voluntary income Donation from RCM 1,424, ,424,598 1,265,018 Benevolent fund donations ,515 6,559 Corporate partnerships 289, , ,569 Investment income 67,045 14,257-81,302 80,256 Services provided to RCM 3 631, , ,689 Incomings resources from charitable activities 4 132,399 12, , ,774 Other incoming resources 5 163, , ,832 Total Incoming Resources 2,708,710 60,772-2,769,482 3,156,697 Resources expended 6 Costs of generating funds 125, , ,114 Charitable activities Professional education 1,555,707 22,353-1,578,060 2,006,165 Information services to members and the public 407,372 3, , ,999 Promotion of midwifery practice 29, ,993 34,041 RCM Trust s research - Pearls 47,373 44,584-91, ,150 Safe Motherhood 43, ,243 68,481 Financial support to members 73,091 99, , ,060 Governance costs 47,766 4,659-52,425 70,410 Total resources expended 6 2,330, ,414-2,506,217 3,151,420 Net incoming / (outgoing) resources for the period 377,907 (114,642) - 263,265 5,277 Realised (losses) / gains on investments (3,159) (828) - (3,987) 7,565 Net outgoing resources before unrealised gains / (losses) 374,748 (115,470) - 259,278 12,842 Unrealised (losses) / gains on investments (147,217) (47,909) - (195,126) 379,560 Net movement in funds for the period 227,531 (163,379) - 64, ,402 Funds brought forward at 1 January 4,562, , ,336 5,525,912 5,133,510 Funds carried forward at 31 December 4,790, , ,336 5,590,064 5,525,912 The notes on pages 18 to 26 form part of these accounts. RCM Annual Report

23 Balance Sheets at 31 December 2011

24 Balance Sheets at 31 December 2011 Group Charity Notes FIXED ASSETS Tangible fixed assets 8 1,274,722 1,345,250 1,274,722 1,345,250 Investments 9 2,569,937 2,765,570 2,569,937 2,765,570 3,844,659 4,110,820 3,844,659 4,110,820 CURRENT ASSETS Stock 3,392 3,575 3,392 3,575 Debtors , ,655 1,022,695 1,015,509 Cash at bank and in hand 2,105,488 2,045,913 1,896,472 1,760,906 2,963,137 2,842,143 2,883,822 2,779,990 CREDITORS: Amounts falling due within one year 11 (1,217,732) (1,427,051) (1,166,190) (1,353,934) NET CURRENT ASSETS 1,745,405 1,415,092 1,756,369 1,426,056 NET ASSETS 5,590,064 5,525,912 5,601,028 5,536,876 ENDOWED FUND Benevolent Fund , , , ,336 RESTRICTED FUNDS 13 Specific Headquarters Funds 70,831 74,152 70,831 74,152 Benevolent Funds 423, , , ,063 Sheelagh Bramley Fund 6,877 27,742 6,877 27,742 Other restricted funds 134, , , , , , , ,633 UNRESTRICTED FUNDS 14 Designated Fixed Asset Fund 1,274,722 1,345,250 1,274,722 1,345,250 Designated Safe Motherhood fund 68,418 55,431 68,418 55,431 General Funds 3,447,333 3,162,262 3,458,297 3,173,226 4,790,473 4,562,943 4,801,437 4,573,907 5,590,064 5,525,912 5,601,028 5,536,876 Approved and authorised for issue by the Board of Trustees on Trustee The notes on pages 18 to 26 form part of these accounts. RCM Annual Report

25 Notes to the Accounts for the year ended 31 December 2011

26 Notes to the Accounts for the year ended 31 December STATUS OF THE COMPANY is a company limited by guarantee. At 31 December 2011 there was 1 member with guarantee. 2. ACCOUNTING POLICIES a) Accounting convention The accounts are prepared under the historical cost accounting rules, modified by the revaluation of freehold property and investments, and in accordance with applicable accounting standards and the Companies Act The accounts follow the Statements of Recommended Practice Accounting and Reporting by Charities (Charities SORP 2005) issued by the Charity Commission. b) Basis of consolidation The consolidated accounts incorporate the accounts of the Trust and its subsidiaries: The Benevolent Fund of the Royal College of Midwives, which is a subsidiary charity of the Trust and so reported within the charity s results and balances, and the RCM Trust Trading Company Limited, a subsidiary company of the Trust. The Trust has taken advantage of the exemption available under s408 of the Companies Act not to present an unconsolidated Statement of Financial Activities. The Trust s unconsolidated surplus for the year was 64,152. c) Depreciation Depreciation of fixed assets is charged by equal annual instalments commencing with the year of acquisition, at rates estimated to write off their cost or valuation less any residual value over their expected useful lives, which are as follows: Freehold Leasehold property Furniture and office equipment Computer software 50 years over period of lease 5 years 3 years d) Investments Investments are stated at mid-market value at the balance sheet date. Gains are calculated based on the difference between the closing market value or sales proceeds and the purchase price or opening market value. e) Incoming resources Donated income is credited to the Statement of Financial Activities in the period in which it is received. Investment income, interest and other incoming resources are credited to the Statement of Financial Activities as they are earned. Income received for services is recognised during the year in which the service is provided. Grant income is recognised in the Statement of Financial Activities as receivable. f) Resources expended Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are categorised as Support costs and are apportioned over the relevant charitable activities on the basis of direct expenditure incurred on each activity. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs associated with complying with constitutional and statutory requirements, such as the costs of Trustees meetings and of preparing statutory accounts and satisfying public accountability. RCM Annual Report

27 Notes to the accounts for the year ended 31 December 2011 g) Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for any obsolete or slow moving items. h) Leasing Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. i) Funds Endowed funds are funds which are to be treated as capital. Income can be used for the general purposes of the charity but the capital element of the fund is available for use at the discretion of the trustees. Restricted Funds are funds which are to be used according to the wishes of donors. Unrestricted Funds are funds available for use in furtherance of the general objects of the Fund. Designated Funds comprise unrestricted funds that have been set aside by the Council for particular purposes. 3. SERVICES TO RCM months to 31 December 2010 Rent 82, ,290 Library 36,370 25,816 Education 463, ,089 Equipment 48,990 67, , , INCOME FROM CHARITABLE ACTIVITIES months to 31 December 2010 Unrestricted Promotion of Professional Education 81, ,897 Safe Motherhood Initiative 2,005 4,143 Magazine/website income 30,761 75,776 Other income 18, ,768 Restricted Research 12, , , ,774 RCM Annual Report

28 Notes to the accounts for the year ended 31 December OTHER INCOMING RESOURCES months to 31 December 2010 VAT Recovered 163, , ANALYSIS OF TOTAL RESOURCES EXPENDED Recharged staff costs Depreciation Other costs Support costs Total 2011 Total 16 months to 31 December 2010 Costs of generating funds , , ,114 Charitable activities Professional education 610,157 47, , ,461 1,578,060 2,006,165 Information services to members and the public - 12, , , , ,999 Promotion of midwifery practice ,526 13,557 29,993 34,041 RCM s research - 2,786 47,657 41,514 91, ,150 Safe Motherhood - 1,340 22,934 19,969 44,243 68,481 Finance support to members - 5,226 89,450 77, , ,060 Total charitable activities 610,157 70, ,125 1,050,983 2,453,792 3,081,010 Governance costs 52,425 52,425 70,410 TOTAL RESOURCES EXPENDED 610,157 70, ,550 1,050,983 2,506,217 3,151,420 RCM Annual Report

29 Notes to the accounts for the year ended 31 December SUPPORT COSTS ANALYSIS (CONTINUED) Support costs are allocated to each charitable activity on the basis of direct costs attributable to each activity: Support cost narrative Professional education IS to members and the public Promotion of midwifery practice RCM s Research Safe Motherhood Financial support to members Total 2011 Total 16 months to 31 December 2010 Premises costs 53,017 13,812 1,009 3,089 1,486 5,795 78, ,953 Office costs 23,828 6, , ,605 35,150 40,554 Repairs 3, ,035 13,566 Recharged Salaries 528, ,631 10,053 30,784 14,806 57, , ,907 Printing & stationery 41,946 10, ,444 1,176 4,586 61,877 79,833 Travel 4,549 1, ,711 10,046 Bank charges 2, ,636 4,325 Other * 54,930 14,310 1,045 3,201 1,540 6,004 81, ,693 Totals 712, ,604 13,557 41,514 19,969 77,878 1,050,983 1,349,877 No member of the Board of Trustees received any remuneration from. Trustee travel and subsistence expenses borne by the RCM Trust amounted to 9,086 (2010: 18,863). These payments were in respect of 12 Trustees (2010: 19). *Note Other costs comprise mainly IT Costs 22,398, Marketing 15,878, and HR support costs 20, NET INCOMING RESOURCES IS STATED AFTER: months to 31 December 2010 Auditors remuneration - audit 6,225 5,925 - other services - taxation advice 1,448 2,488 Operating lease rentals - plant and machinery 11,161 10,930 - land and buildings 33,404 44,135 Depreciation 70,527 92,476 RCM Annual Report

30 Notes to the accounts for the year ended 31 December TANGIBLE FIXED ASSETS Group and charity Freehold land and buildings Long leasehold properties Furniture and office equipment Total Cost or valuation At 1 January ,000 1,465, ,372 1,958,297 Disposal - - (12,119) (12,119) At 31 December ,000 1,465, ,253 1,946,178 Depreciation At 1 January , , , ,048 Charge for period 1,923 25,468 43,136 70,527 Disposal - - (12,119) (12,119) At 31 December , , , ,456 Net book value At 31 December ,944 1,086,755 70,023 1,274,722 At 31 December ,867 1,112, ,160 1,345,250 Freehold land and buildings costing 5,000 were re-valued on an open market value for existing use basis at 31 August 1996 by Mr J J Gibb, FRICS at 155,000. Long leasehold property situated at 15 Mansfield Street was re-valued on an open market value for existing use on 22 November 1995 by Chesterton Plc. There were no capital commitments at the year end. 8. TANGIBLE FIXED ASSETS (CONTINUED) Long leasehold property, if stated at cost, would be as follows: Cost 188, ,150 Depreciation (130,128) (125,265) 58,022 62,885 RCM Annual Report

31 Notes to the accounts for the year ended 31 December FIXED ASSET INVESTMENTS Group and charity Market value at start of year / period 2,765,570 2,299,164 Additions 256, ,293 Disposals (253,303) (426,447) (Losses) / gains (199,113) 379,560 Market value at 31 December 2,569,937 2,765,570 Cost at 31 December 2,178,454 2,115,415 The investments of the RCM Trust are managed by Schroder & Co. Limited. The investments held at the end of the year were: Schroder The Charity Equity Fund income units 684, ,878 Black Rock UK Dynamic fund - 256,746 Artemis UK Special Situations 224,205 - Schroder UK Alpha Plus fund 538, ,893 Schroder QEP global active value fund 477, ,454 Schroder The Charity Fixed Interest Fund income units 89,885 82,375 M & G Strategic Corporate Bond 156, ,407 Property income Trust for Charities 62,846 63,715 Schroder Commodity Fund 54,814 59,670 Schroder Unit Trusts Retail U.K. Exempt Property Unit 110, ,489 Schroder Private Equity Fund 169, ,943 2,569,937 2,765,570 RCM Annual Report