Covid-19 has provided a fundamental test of the CSP’s resilience and, as we have become a remote-first organisation, working from homes across the UK to support our members through the crisis
Our Covid-19 organisational review indicated that, rather than merely surviving as an organisation in our ability to function remotely and to support our members during an intensive time, the CSP actually thrived in many areas. The lessons are largely positive, characterised by an organisation working with higher levels of flexibility, dynamism, trust and autonomy while delivering our corporate strategy and member services.
The pandemic also provides the backdrop to our financial performance and position in 2020. The CSP continued to grow its membership with 60,449 physiotherapists, support workers and students by yearend, an increase of over 1,000 on the previous year. This contributed to a £0.6m increase in income to £19.7m and a surplus of £2.2m.
The surplus was largely as a result of changes to our planned activities and savings on travel and events caused by travel
restrictions and nationwide lockdowns. The CSP’s balance sheet has continued to show volatility driven by record low interest rates used to value the pension. The pension liability was valued at £37.2m at year-end per the accounting standard method, up from £25.2m in 2019. This puts the CSP in a net liability position, where the sum of our liabilities now exceeds the value of our assets by £10.2m.
In 2020 Council committed to a financial strategy that looks to return a surplus of at minimum £1m each year in order to improve our balance sheet position. The defined benefit pension scheme is currently undergoing a triennial actuarial valuation which will inform updated recovery plan payments to reduce the liability over time. The pension scheme risk has been managed through changes to the staff pension that came into effect from April 2020.
The numbers are now finalised following the completion of the 2020 audit.
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