Council reviewed the GOC’s financial performance report for the year 2013-14 which shows that the regulator achieved a surplus of £379,000 against a budget of £6 million.
The biggest contribution to the surplus was a rebate of business rates from Westminster City Council after the GOC was awarded charitable status. This was a one-off receipt to the GOC of £282,000.
The GOC also achieved efficiency savings in areas including insurance, media monitoring, transcribing hearings and travel booking.
Samantha Peters, GOC chief executive and registrar, said: “As we rely almost entirely on registrants’ fees for our funding, we know how important it is to use that money efficiently. The rebate has helped us to achieve a good headline figure but it shouldn’t distract from the hard work that has gone on throughout the GOC to make numerous smaller savings, the cumulative effect of which is also significant. We will continue to do our utmost to use our resources prudently and keep fees at a reasonable level while ensuring public protection remains at the heart of everything we do.”
Council also discussed the progress that has been made to address the issues raised by the Francis Inquiry, many of which are being tackled through the GOC’s ongoing review of the standards it set.
Other items Council considered include the GOC’s procedures for dealing with requests for change of gender identity and the Remuneration Committee’s terms of reference.
The next Council meeting will be held on Wednesday 23 July 2014 in London. Time and venue to be confirmed at a later date.