Occupational Therapy News OTnews July 2019 | Page 53

AGM REPORT
the UK and the many events, roadshows, networking days, CPD
and other learning events to bring members together to share
CPD and discuss the future of the profession.
The chair encouraged members to get involved with their
professional body as volunteers on boards or committees in
regional or local groups or specialist sections and she thanked
members who had engaged with the organisation in the past year.
The profession is going from strength to strength. The work of
RCOT is becoming more influential, more doors are opening and
the visibility of the occupational therapy is growing steadily.
Audited accounts
Professor Priscilla Harries, vice chairman of council, presented the
audited accounts for BAOT/RCOT. The total income for the period
2017-18 was £9.9 million, including £8.3 million from membership
subscriptions, which continue to be the largest source of income
for the organisation, and £1.6 million from other sources of income,
which come mainly from conferences and events, advertising and
subscriptions, professional activities and investment income.
Total expenditure was £9 million, split between industrial
relations (£1.6 million), staffing costs (£3.7 million) and professional
activities (£3.7 million), which covers areas such as practice support
services, journal production and events and conferences.
After the year-end statutory accounting adjustments, there was
a deficit for the year of £2.5 million, compared with a surplus of
£1.5 million in 2017. This was as a result of the one-off cost of the
pension, which was £3.5 million and investments only generating
gains of £112,000, compared with £580,000 the previous year.
The £3.5 million cost of the pension relates to the initial payment
to Aviva for the buy-out of the defined benefit pension scheme.
The balance sheet for the organisation on 30 September 2018
showed a net worth of £15 million, compared with £17.5 million the
previous year. Of the total net worth, £4.7 million was held in cash
and £9.3 million in investments, which both provide income from
interests.
These reserves meet the target set by council of having 26 to
52 weeks of budgeted expenditure to protect the organisation
against any changes in income and expenditure. These figures
demonstrate that the organisation is in a healthy financial position.
It must be noted that the
organisation still has a significant
pension liability of £931,000 for the
defined benefit pension scheme and,
as the pension buy-out is not finalised,
this liability could increase.
No increase to member
subscriptions
Professor Harrries was pleased to
announce that, as a result of the
current financial position of the
organisation and in recognition of
members having to pay increased
© GettyImages/RobinOlimb
Health and Care Professions Council registration fees, council has
been able to freeze next year’s subscriptions across all categories.
After members in attendance voted to adopt both the BAOT
and RCOT annual accounts, re-appointed BDO LLP as auditors
to both companies, and authorised the BAOT/RCOT audit
committee to set the remuneration of the auditor, council and the
management team answered questions from the audience.
It was Dr McClure’s last AGM as chairman of the organisation
and she thanked members for the outstanding work they do
across the UK, council members for the support they have shown
her during her tenure and staff at the Royal College for their hard
work on behalf of the profession.
Dominique Le Marchand, senior administrative officer, RCOT
RCOT HAS ITS HIGHEST EVER
LEVEL OF MEMBERSHIP – WITH
NEARLY 33,500 MEMBERS
ACROSS THE UK
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