Page 20

(19) ROYAL COLLEGE OF PAEDIATRICS AND CHILD HEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2006 (continued) 1.

ACCOUNTING POLICIES (continued) 1.9 Pensions (continued) For a few employees the College also participates in the Universities Superannuation Scheme (USS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension (S2P). The assets of the scheme are held in a separate trustee-administered fund. The College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 17 “Retirement benefits”, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to expenditure represents the contributions payable to the scheme in respect of the accounting period. 1.10 Operating Leases Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are included in the Statement of Financial Activities on a straight line basis. 1.11 Taxation The College, but not its trading subsidiaries, by virtue of its charitable status, is exempt from Corporation Tax on any surplus of income over expenditure. Value Added Tax (VAT) charged to the College may be fully recoverable, partly recoverable or totally irrecoverable. In accordance with principles laid down by HM Revenue & Customs, all VAT which is only partly recoverable or is totally irrecoverable is included within the different types of expenditure in the Statement of Financial Activities and the proportion which is recoverable is included in other income.

2.

INVESTMENT INCOME Unrestricted Funds

3.

Restricted Funds

2006 Total

2005 Total

Funds held by investment managers: Dividends from quoted investments Interest

181,812 1,995

-

181,812 1,995

147,889 2,911

Funds managed by the College Interest

211,853

21,809

233,662

227,609

395,660

21,809

417,469

378,409

Other Direct Costs £

Other Allocated Costs £

2006 Total £

2005 Total £

TOTAL RESOURCES EXPENDED Staff Costs £ Costs of generating voluntary income

15,367

12,801

7,101

35,269

38,982

-

36,131

-

36,131

27,807

660,600

971,547

291,339 1,923,486

1,705,443

74,776

388,864

24,181

487,821

537,173

Education

169,632

411,959

61,459

643,050

633,412

Training

489,718

209,967

175,152

874,837

754,904

Research

534,702

312,242

173,732 1,020,676

855,440

Other professional activities & standards 1,015,971 1,148,855

349,575 2,514,401

2,097,318

Fundraising trading: cost of goods sold and other costs Examinations Spring Meeting

Governance costs Total Resources Expended

45,196

43,857

2,960,766 3,537,562 1,082,539 7,580,867

6,694,336

-

45,196

-

British Paediatric DR&Acs31.12  

PRINCIPAL OFFICE 50 Hallam Street, London, W1W 6DE Telephone: 020 7307 5600 Website: www.rcpch.ac.uk INVESTMENT Lazard Asset Management Lim...

British Paediatric DR&Acs31.12  

PRINCIPAL OFFICE 50 Hallam Street, London, W1W 6DE Telephone: 020 7307 5600 Website: www.rcpch.ac.uk INVESTMENT Lazard Asset Management Lim...

Advertisement