Annual Report and Financial Statements 31 December 2020 CONTENTS Trustees’ Annual Report 8 2020 highlights 10 • President’s foreword 12 • Chief Executive’s foreword 14 Making an impact – our work in 2020 44 Trustees’ responsibility statement 45 Treasurer’s report & financial review 58 Independent auditor’s report Financial Statements 61 • Statement of financial activities 62 • Balance sheet 63 • Statement of cash flows 66 • Principal accounting policies 72 • Notes to the accounts 93 About this report 94 Our governance Charity Commission for England and Wales Registration Number 228636 Oce of the Scottish Charity Regulator Registration Number SC038369 2 Trustees’ Annual Report Trustees’ Annual Report 3 Our values Courage Collaboration Champion the specialty of psychiatry and its benets to patients Work together as One College – incorporating all members, employees, • • patients and carers Take every opportunity to promote and inuence the mental health agenda • Work professionally and constructively with partner organisations Take pride in our organisation and demonstrate self-belief • • Consult all relevant audiences to achieve eective outcomes • Promote parity of esteem • for the College Uphold the dignity of those aected by mental illness, intellectual disabilities Work together with patients and carers as equal partners • and developmental disorders. • • Be transparent, wherever possible and appropriate. Innovation Learning • Embrace innovation and improve ways to deliver services • Learn from all experiences Challenge ourselves and be open to new ideas • Share our learning and empower others to do the same • Value and encourage personal feedback Seek out and lead on new, and where possible evidence-based, • • ways of working Use feedback to make continuous improvements • Have the condence to take considered risks Create an enabling environment where everyone is listened to, • • regardless of seniority Embrace the methodology of Quality Improvement to improve mental • health services and the work of the College. • Positively embrace new ways of working. Excellence Respect Deliver outstanding service to members, patients, carers and • other stakeholders • Promote diversity and challenge inequalities • Behave respectfully – and with courtesy – towards everyone • Promote excellent membership and employee experience • Challenge bullying and inappropriate behaviour • Always seek to improve on own performance • Value everyone’s input and ideas equally • Promote professionalism by acting with integrity and behaving responsibly • Consider how own behaviour might aect others • Demonstrate accountability in all that we do • Respect the environment and promote sustainability. • Uphold the College’s ‘Core Values for Psychiatrists’. 4 Trustees’ Annual Report Trustees’ Annual Report 5 Treasurer, Dr Jan Falkowski Dean, Dr Kate Lovett Registrar, Dr Trudi Seneviratne President, Dr Adrian James Our vision – for 2020 Our strategic objectives – for 2020 A strong and progressive College that supports its members to deliver 1. To deliver education, training and research in psychiatry high-quality patient-centred care across the UK, and all over the world. 2. To promote recruitment and retention in psychiatry 3. To improve standards and quality across psychiatry and wider mental health services, and support the prevention of mental ill health Our mission – for 2020 4. To be the voice of psychiatry The College works to secure the best outcomes for people with 5. To support psychiatrists to achieve their professional potential, by providing mental illness, intellectual disabilities and developmental disorders an excellent member experience , and by promoting excellent mental health services, supporting the 6. To ensure the eective management of resources, and provide excellent an prevention of mental illness, training outstanding psychiatrists, employee experience, so as to eciently deliver agreed priorities. promoting quality and research, setting standards and being the voice of psychiatry. 6 Trustees’ Annual Report Trustees’ Annual Report 7 Our digitised exam control centre Head of External Aairs, Bex Couper Receptionist, Rachel Owen We helped to persuade the Government to rm up its promise of an additional £500m for mental health services in England in 2021/22, and a Chief Executive, Paul Rees further £50m for 2020/21, for supporting patients to be discharged from hospital when appropriate, as well as additional funding for growing the NHS workforce and investing in the mental health estate. Our highlights 2020 We secured our highest level of media coverage ever, with 13,207 media mentions (up by 34% on 2019) and an aggregate audience of 1.25bn (more than seven times higher than in 2019). Our Choose Psychiatry campaign helped further boost the popularity of psychiatry among foundation doctors, with 100% of psychiatric core training We continued to run our quality improvement (QI) collaborative places in the UK being lled, for the rst time on record. programme, which is one of the biggest QI initiatives in mental health globally. We delivered the biggest webinar programme of any UK medical royal college, with 79,081 live and on-demand member views for our 247 online We divested from fossil fuels and moved all of our investments to a green events, including 20,319 views for our specialist clinical paid-for content. and ethical portfolio in line with the UN Sustainable Development Goals. We rolled out one of the biggest digital exams run by any UK medical royal We created our own bespoke diversity celebration called South Asian college, in response to the challenges of the pandemic, with 3,218 candidates History Month, in July 2020, to mark the contribution of South Asian successfully sitting our virtual Clinical Assessment of Skills and Competencies psychiatrists – and were the rst medical royal college to issue a statement (CASC), Paper A and Paper B, as part of our MRCPsych examination. condemning all forms of racism in response to the tragic murder of George Floyd in the US, in May 2020. Working in partnership with the NHS, we published comprehensive guidance for clinicians on how to deliver mental health services in the midst Our Choose Psychiatry campaign won the award for the Best Integrated of the pandemic, on our website, within days of the rst lockdown – with Marketing Campaign in the ‘memcom’ UK membership sector awards – this information being viewed almost 500,000 times, and 21% of those views and our Chief Executive Paul Rees won the ‘memcom’ UK membership coming from overseas. sector Louis Armstrong CEO Leadership Award. 8 Trustees’ Annual Report Trustees’ Annual Report 9 of Paper A and two diets of Paper B, with a In addition, I would like to pay tribute to my combined total of 3,218 candidates sitting at predecessor Professor Wendy Burn, whom I least one of the diets. replaced on 1 July. She led the College with In the UK, there was a major lack of personal humility, humour and great insight, and helped President’s protective equipment (PPE) during the rst I would like to thank our former President steer us through the dicult rst days of the wave, in particular – and a disproportionate Professor Wendy Burn, Dean Kate Lovett, Chief pandemic. foreword number of Black, Asian and Minority Ethnic Examiner Ian Hall and our amazing sta team healthcare sta were seriously aected by for digitising our exam so quickly at such Shortly after I stepped up to being President, COVID-19. a dicult time. While the user experience from Registrar, I was delighted to welcome Dr for some candidates and examiners was Trudi Seneviratne as our new Registrar, who Due to the extraordinary eorts of our challenging, particularly during the September brings great experience and vision to the role. members and sta, I am pleased to say that CASC, this was undoubtedly one of the biggest the College managed to continue to deliver achievements in the College’s history. At our AGM, in June 2021, our Dean Dr Kate It has been said many times, but last year really comprehensive and excellent services Lovett and Treasurer Dr Jan Falkowski will both was unprecedented. throughout the year. During this period, working in partnership demit oce and be replaced by Professor with NHS England, we also published Subodh Dave and Professor John Crichton. I The COVID-19 pandemic truly turned Having started to cancel events in February and comprehensive guidance for clinicians on how would like to pay tribute to Kate and Jan for all everyone’s world upside down. early March, we took the decision to switch to to deliver mental health services in the midst their excellent work as part of our ocer team. being a virtual organisation on 17 March – and of the pandemic. We managed to publish this They have worked tirelessly and with great skill Many of our members will have suered illness thanks to the work of our brilliant Information guidance on our website within days of the rst and contributed hugely to the success of the with COVID-19, at some point during the year. Systems (IS) department, and other members lockdown, and during the course of the year, College over the last ve years. Thank you. I also Others may have lost someone dear to them: a of the sta team, we were fully functional as a the information was viewed almost 500,000 wish Subodh and John the very best of luck for mother, a father, a wife, a husband, a partner, a virtual organisation from 9am the next day. times – with 21% of those views coming from their future roles. son, a daughter. overseas. Within a matter of days, we started to deliver I am deeply grateful to all our members who Some members of the College, and other member webinars – and by the end of the year, I am pleased to say that in the midst of contribute so much to the college and our members of the wider mental health sta team, we had delivered one of the biggest webinar this period, we saw our Choose Psychiatry dedicated sta who truly went the extra mile will even have lost their lives.