Royal College of Physicians of Edinburgh

Office of Treasurer
General
  • The Council as the charity trustees* appoint the Treasurer of the College.
  • The Treasurer is not an elected member of Council.
  • The term of office will normally be 3 years, renewable for a second term with the agreement of Council.
  • The financial year of the College runs from 1st February to 31st January.
  • The post is unpaid but expenses are recoverable.
  • All College Office Bearers are appraised annually by the President
Function

The Treasurer, with appropriate professional advice, is responsible for leading the development and implementation of the College’s corporate services with particular focus on the financial strategy. The Treasurer chairs the Colleges Finance and Remuneration Committees and is an ex officio Charter Trustee.

The Treasurer is the office bearer and budget holder for the Corporate Services Department which includes teams with responsibility for financial management and payroll, IT, human resources, building and maintenance and the events/conferencing business of the College.

  • The Department is led by a Senior Manager, supported by a number of team leaders
  • An Assistant Treasurer may be appointed to support the Treasurer in the non-financial aspects of their remit
  • The C.E.O. has overall responsibility for the day to day affairs of the College, including financial matters.
  • The Charter Trustees of the College are responsible to Council for custody of investment assets and investment decisions.
Financial Structure
  • Within its accounting structure the College operates a number of different funds:

General – Main Operating Fund

Designated – as agreed by Council

Restricted – as agreed by Council or the provider of funds

Endowment (Trusts and Bequests) – Various Permanent & Expendable

Budgeting

The budget for the funds shown above, is formulated between October and December each year and submitted by the Treasurer, for approval by the Finance Committee. If approved it will then be submitted to Council at its December meeting in draft and finalised in February.

The College financial performance is audited annually and the Treasurer has responsibility (with the President) for authorising the Annual Report and Accounts and their submission to the Office of the Charity Regulator (OSCR)

Federation responsibilities

The Federation of Royal Colleges of Physicians is the vehicle through which the 3 Colleges run their examinations, the Joint Royal Colleges of Physicians Training Board and our CPD diary and policy. The financial affairs ofFederation are governed by a MOA and agreed formula share. The Treasurer has oversight of Federation financial performance on behalf of the College and for integrating the flow of funds from Federation into the College budgets.

Summary of Duties of the Treasurer
  • Be responsible to the Council for the overall planning and reporting of the financial affairs of the College.
  • Represent the non-financial interests of the corporate services department at Office Bearer/Council level supported by the Senior Manager for that team
  • Undertake medium to long term financial planning in support of College activities.
  • Oversee the annual budgeting agenda and produce a budget for the next financial year for Council approval.
  • Propose rates for the annual subscriptions of Fellows, Collegiate Members and Associate Members in the early Autumn for approval at the College AGM in December.
  • Oversee the preparation of Annual Report in the format required of a charitable institution. Currently: The Charities SORP (Statement of Recommended Practice) 2015 (FRS102) issued by the Office of the Scottish Charity Regulator (OSCR))
  • Be a Charter Trustee of the College* and attend quarterly investment meetings. (Appendix 2)
  • Attend College and Council meetings and other committees as required by the College (see below).
Committees and meetings and other events

The Treasurer attends:

  • Council 5 per year
  • President’s Advisory Group3 per year
  • Finance Committee and Remuneration Committee (as chairman)3 per year
  • Myre Sim Committee2 per year
  • Admission ceremonies for Fellows (2 annually) and those passing the MRCP(UK) examination (3 annually).
  • College social events as a member of the College (New Fellows Day, St Andrewstide, Triennial Dinner, Regional Advisors,)
  • Church parades

Selection Criteria

Fellow of the College in good standing

Resident in the UK (for statutory accounting purposes)

Experience of developing and implementing financial strategies

Experience of operational and financial management

Understanding of financial investment policy

Comfortable with electronic communications technology

February 2016
Appendix 1

The Laws of the College in respect of the Treasurer

  • The Treasurer shall receive, disburse and be accountable for the funds of the College and shall be responsible for the safe keeping of all titles and securities.
  • He may pay, without any special order, the ordinary expenses of the College but shall not pay or disburse any other sum without previous direction to that effect from the Council.
  • He shall prepare the Accounts of the College and Trust Funds as at the 31st day of January or other such date as may be determined by Council in each year and shall present or cause to be presented, to an Ordinary Meeting, a Statement of the Accounts duly audited.
  • He shall keep accounting records sufficient to disclose at any time the financial position of the College.
  • He may retain in his hands such a sum not to exceed a maximum to be determined from time to time by the Council of the College, but any surplus above the maximum sum shall be lodged in the Bank. When the funds, so lodged, are more than is necessary for current requirements the balance shall be placed in an interest bearing account in the name of the College.
  • He shall not overdraw the current account of the College without the authority of the Council.
  • He may expend a sum not to exceed a maximum to be determined from time to time by the Council of the College on such repairs to the buildings as may be necessary. When the estimated expense exceeds that sum he shall previously obtain the authority of the Council.
  • After the Accounts of the College and Trust Funds have been approved, they shall be filed in the College.
  • The Treasurer shall be authorised to employ assistants for the necessary work connected with his responsibilities.
  • On demitting office the Treasurer shall hand over all documents and papers in his custody, with a proper inventory thereof, to his successor in office whose receipt for the same shall free him from all further responsibility regarding them.

Appendix 2

The Laws of the College in respect of the Trustees
  • The Trustees shall consist of the Treasurer and four Fellows.
  • On a vacancy occurring in the office of Trustee by death, resignation or otherwise, the Council shall fill the vacancy, and shall intimate the action taken to the College at the next Meeting of the College.
  • The Trustees shall manage the investments of the College and shall invest all monies belonging to the College in the name of the College in its corporate capacity (Chapter XVII, Laws 6 and 7), with the exception of the sums allowed to be retained in the Bank and in the Treasurer's hands (Chapter XIII, Para 5, Law 5) and investments quoted on the Stock Exchange which may be registered in the name of a nominee company in a designated account on behalf of the College.
  • They shall meet at least twice in each year. Three Trustees shall constitute a quorum.