Reporting – Year end
The Financial Year of the Royal College of Surgeons in Ireland (RCSI) runs from 01 October to 30 September. The Finance Department currently prepares 6 separate sets of financial statements under the RCSI Group.
Each year an external firm audits the financial statements of the RCSI group and its subsidiary entities. They ensure that the figures presented give a true and fair reflection of the activities of the College for the year.
The Audit Committee (Committee of Council with External Members) reviews the results of the audit and recommend the accounts for approval by Council.
Reporting – Monthly
Departmental and activity reports are issued to budget holders each month. These reports provide year to date information on the actual spend by month and amounts committed in the department as compared to the agreed budget / forecast.
The Finance Department prepare a monthly reporting pack and hold a month end meeting to discuss movements in the month. The latest year to date financial results and forecast for the year are reported to Senior Management and the Finance Committee (Committee of Council with external members) each time it meets.
Minutes of the Finance Committee are then reported at the monthly Council meeting.
Monthly and Quarterly Business Reviews are held by the Senior Finance Team with Budget Holders across the College to further analyse and understand financial performance of each area.
Reporting – Tax Status
RCSI has Charitable Status (CHY1277) and is not liable to corporation tax on most of its activities.
The majority of income earned by RCSI is exempt from VAT. This in turn means that RCSI is unable to reclaim VAT on most purchases. Staff should be aware that the applicable VAT rate will apply to all purchases (Domestic and Overseas) and will be a cost to the department budget/grant when ordering goods/services. The standard rate of VAT is 23%.
Reporting – Centralisation
The Financial strategy of RCSI is one of centralisation and all financial processes and policies are defined and determined by RCSI Finance Management.
Company and Bank Account Set up
No staff member/person associated with RCSI has authorisation to set up any legal entity using the RCSI name (or any associated name) or any bank account using the RCSI name or address.
Only the Legal Affairs department authorised by Senior Management & Council has the authority to set up a legal entity. Only the Finance Department authorised by Senior Management has the authority to open a new bank account.