On 15 December 2020 the Board of Trustees (BoT) had further discussions about the RCP’s financial position, which like so many charities, has been impacted significantly by the COVID-19 pandemic.
While the College has made significant strides to mitigate £11 million of a total £14 million income loss in 2020, the leadership team continues to have to make difficult decisions. All aspects of RCP activity have come under review, including a range of cost reduction and income generation options. This included the possible sale of non-medical assets, which the BoT recognises has caused concern for some quarters of the membership.
The BoT acknowledges this concern and, while as the governing body it has the authority to progress with the plans, trustees have agreed to delay such a sale for the immediate future. Trustees have taken this decision because after much hard work, potential ways to achieve a balanced budget for 2021 have been identified, although these will result in reduced activity in some areas. All financial avenues will continue to be explored, including continuing to review risks and explore appropriate mechanisms for any potential sale of non-medical assets in case it should be required in the future.
2021 will be a year where the RCP embraces the strategic priorities of educating, improving and influencing to support the membership to continue delivering its mission for the best possible health and care for all. These were the areas of importance highlighted in a membership survey earlier in 2020, which along with the charitable purpose, must now guide efforts as the RCP re-shapes and develops its new strategy.
The BoT thanks all RCP staff for the progress that has already been made and emphasised the collective and collaborative effort that will be needed to strengthen the business next year and beyond. This will begin in earnest now.