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2025-12-31-accounts

MAY 2026

Trustees’ report and financial statements for the year ended 31 December 2025

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Contents

1. Trustees’ report 3
2. Financial report 11
Responsibilities of the trustees 20
3. Independent auditor’s report to the members of the RCR 22
Consolidated statement of financial activities of The Royal College of
Radiologists for the year ended 31 December 2025 26
Consolidated and charity balance sheet as at 31 December 2025 27
Consolidated statement of cash flows as at 31 December 2025 28
4. Notes to the financial statements for the year ended 31 December 2025 29

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01

Trustees’ report

Reference and administrative details of The Royal College of Radiologists (the RCR), its trustees and advisers for the year ended 31 December 2025 and to the date of signing these accounts.

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Officers and trustees
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On 31 December 2025 To 31 August 2025
President Dr Stephen Harden Dr Katharine Halliday
Medical Director Dr Qaiser Malik Dr Qaiser Malik
Membership and
Business
Vice-presidents Prof Amaka Ofiah, Clinical Dr Stephen Harden, Clinical
Radiology Radiology
Dr NickyThorp, Clinical Oncology Dr Tom Roques, Clinical Oncology
Medical Director Dr David Little, Clinical Radiology Dr Priya Suresh, Clinical Radiology
Education and Training Dr Louise Hanna, Clinical Oncology Dr Louise Hanna, Clinical Oncology
Medical Director Dr Robin Proctor, Clinical Radiology Dr Robin Proctor, Clinical Radiology
Professional Practice Dr Petra Jankowska, Clinical Dr Petra Jankowska, Clinical
Oncology Oncology
Treasurer Mr AnthonyCarey Mr AnthonyCarey
Lay Trustee Sir James Duddridge Sir David Sloman
Mr John Coughlan
Charity Number 211540
Address 63 Lincoln’s Inn Fields London WC2A 3JW
Key management roles Oliver Reichardt, Chief Executive
Tania Vanburen, Executive Director and Deputy Chief Executive
David Botha, Executive Director
Gemma Malley, Executive Director
Independent Auditor HaysMac LLP
10 Queen Street Place, London EC4R 1AG
Bankers National Westminster Bank
PO Box 2021, 10 Marylebone High Street, London W1A 1FH
Solicitors Bates Wells LLP
10 Queen Street Place, London EC4R 1BE
Investment managers Sarasin & Partners LLP
Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU

The trustees present their report and the audited financial statements for the period ended 31 December 2025 for the RCR group, consisting of the charity, The Royal College of Radiologists, and its wholly owned subsidiary, RCR Education Ltd. The reference and administrative information set out on pages 3–10 forms part of this report. The financial statements comply with current statutory requirements, the Royal Charter and By-laws of the RCR and the Charities Statement of Recommended Practice (SORP) (Financial Reporting Standard [FRS] 102) applicable to charities preparing group accounts after 2019.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01 Trustees' report

Structure, governance and management

The trustee board is the ultimate governing body of the RCR and comprises up to 12 trustees. The trustees are: the seven elected officers (President, two Vice-presidents, two Medical Directors Education and Training, and two Medical Directors Professional Practice), the appointed Medical Director Membership and Business, and up to four appointed lay trustees including the Treasurer. Eligibility requirements and electoral arrangements for all elected positions are set out in the By-laws and Regulations.

Main governance boards in the RCR

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Clinical Oncology Clinical Radiology
Faculty Leadership Trustee Board Faculty Leadership
team team
Clinical Oncology Clinical Radiology
Council
Faculty Board Faculty board
Equality, Diversity Devolved Nations Finance and
Remuneration
and Inclusion Standing Investment
Committee
Committee Committees Committee
Fellowship without
Honours Journals
Examination
Committee Board
Committee
Feedback and challenge
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The trustee board is responsible for the governance of the RCR consistent with the objects defined in the Royal Charter. The board sets the strategy for the RCR and delegates the decisions on and implementation of specialty-specific policy to the appropriate faculty. Each faculty is led by a team of officers headed by the Vice-president and is charged under the constitution with developing its specialty. The faculties are responsible to the trustee board for managing the affairs of their faculty through the boards and committees.

Each faculty is led by a faculty leadership team to which a number of committees report, including a Specialty Training Board, a Professional Support and Standards Board, an Academic Committee and a Strategic Learning Committee. From time to time other committees and working groups are set up to help deliver the affairs of the faculty. Other committees and working groups are used from time to time.

The Finance and Investment Committee (FAIC) is responsible to the trustee board for ensuring that resource and business planning, delivery and risk for the RCR supports and enables achievement of the RCR’s strategic priorities. The FAIC is led by the Treasurer and includes the President, both Vice-presidents and the Medical Director Membership and Business and two non-trustee lay members with expertise in business planning, risk management and performance.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01 Trustees' report

The senior management team (SMT), headed by the Chief Executive, provides operational leadership of the RCR and management of all staff. The SMT and staff of the RCR support and advise officers, trustees, the boards and committees.

The RCR has an elected Council, a board of elected members to scrutinise, challenge and feed back members’ views and needs to the trustees. The Council is responsible for appointing the lay trustees and Treasurer.

Trustees and SMT members must maintain and keep up to date their entry in a published Register of Interests.

Induction and training

Trustees are inducted with a combination of training and briefings on the duties of trustees and documentation specific to the RCR and also from the Charity Commission (eg The Essential Trustee: what you need to know (CC3)); guidance on charitable purposes and public benefit; a copy of the RCR Charter, By-laws and Regulations; information on the RCR governance and reporting structures; the travel and expenses policy; the RCR Strategic Priorities; and the Compact, the RCR’s statement of behavioural values.

In addition, the officers have a tailored induction programme on election and access to training and coaching throughout their term of office.

We revise this programme of induction and training from time to time to ensure trustees are properly supported in fulfilling their duties and kept informed on new requirements and standards.

The RCR group activities

The RCR owns a subsidiary company, RCR Education Ltd, and this financial report is for the group, which includes that company. The RCR also has a 50% stake in Imaging Quality Improvement Limited (IQI) as part of a joint venture.

RCR Education Ltd

RCR Education Ltd was established in February 2022 as a wholly owned subsidiary of the charity. The RCR uses the entity to undertake areas of its work where there are financial benefits for the charity of operating a limited company as opposed to a charitable operation.

Its constitution ensures that there is tight control of the purposes and operations of the entity and limits trading outside of a narrow band of activities agreed with the charity. The directors of RCR Education Ltd are drawn from the employed SMT and officers.

RCR Education Ltd reports the financial operations of the global exams and e-learning activities for the RCR group for the year ending 31 December 2025.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01 Trustees' report

Imaging Quality Improvement Limited (IQI)

The RCR operates a joint venture with the Society and College of Radiographers (SCoR) and through this has 50% control of a company limited by guarantee, IQI. This form of joint venture vehicle is recommended practice as an effective risk management strategy for charitable joint ventures.

IQI commenced trading in July 2024 and generates income through Quality Mark in Standards for Imaging and membership of the Quality Standard for Imaging (QSI) hub. The company has a September year end and so information contained in these accounts is based upon management information as at 31 December 2025. We reflect our share of losses in these accounts.

The full financial accounts for IQI Ltd will be published independently of the RCR and SCoR because neither group has majority control. Both parties have equal numbers of directors.

Objects and activities

The objects of the RCR are to advance the science and practice of clinical radiology and clinical oncology, as stated in its Royal Charter. These benefit patients by improving the accuracy and speed of diagnosis and the quality of treatment, which will improve the quality of life for patients.

Clinical oncologists are medical specialists skilled in cancer treatment with radiotherapy, chemotherapy and other systemic therapies. Clinical radiologists are medical specialists who inform the detection, diagnosis and management of disease through the use of imaging techniques. Radiologists also use minimally invasive methods to treat disease.

As a charity, the RCR is independent of the state and not part of the National Health Service in any of the four UK nations. The RCR depends upon the skills and experience of its Fellows and members to deliver its work. The RCR has over 18,000 Fellows and members worldwide in the disciplines of clinical oncology and clinical radiology.

RCR membership – 2025

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01 Trustees' report

The trustees deliver public benefit through the work of the RCR in and for the specialties of clinical radiology and clinical oncology in the interest of patients and the wider public. This includes:

Achievements and next steps

Throughout 2025, the RCR made significant progress towards accomplishing its strategic priorities. The following sections set out our achievements by key business area.

1. Workforce

We support excellent patient care by working collaboratively on team-wide standards and shaping sustainable workforce models for our patients and our specialties.

In 2025 we:

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Trustees’ report and financial statements for the year ended 31 December 2025

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01 Trustees' report

2. Be the experts

We highlight the contribution our specialties make to safe, evidence-based and cost-effective patient care, and contribute to the debate on the future of healthcare in the UK and overseas.

During 2025 we:

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

01 Trustees' report

3. Professional learning

We strive to develop our educational offer to support our doctors to meet the challenges of practice.

In 2025 we developed our professional learning offer and:

4. Membership value

We support all our Fellows and members to deliver the best care for patients for their entire career, regardless of where or how they practise.

In 2025 we:

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Trustees’ report and financial statements for the year ended 31 December 2025

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01 Trustees' report

5. Our College

We shape a College that is agile, responsive, accountable and open.

In 2025 we:

All these achievements provide a strong foundation for delivering our strategic priorities in the year ahead across both our specialties.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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Financial report

Risk management

The trustee board holds ultimate responsibility for the management of risk but delegates the oversight of risk management strategy and process to the FAIC. The FAIC and the SMT identify the strategic and operational risks, which the SMT manages day to day through programmes focused on income diversification, business process improvement and the application of new technology. The FAIC oversees these activities, scrutinises the risk register and advises the trustees accordingly.

The trustee board has reviewed the risks and has identified the following as the most significant threats to delivery of the RCR’s strategic aims.

Risk

The RCR depends on UK doctors to design and deliver content and services to other members and Fellows, but the environment of competing workplace pressures (workload, culture, workforce) threatens the availability, capacity and appetite of those contributors to provide this support.

This creates uncertainties in relationships, delivery and plans for our strategic priorities.

Mitigation and monitoring

We have agreed and implemented a Contributor Strategy through 2025. We have been working on simplifying processes and improving the experience for contributors. We have a campaign to raise the profile and attractiveness of contributor roles and ensure effective reward and recognition. We survey the cohort annually, to understand their motivations and likeliness to continue giving their time voluntarily, and act upon the results. Faculty leadership teams monitor, and trustees have oversight through reporting.

We continue to advocate for, and lobby National Health Service England and the Department of Health and Social Care on, the importance of doctors developing their specialties through RCR activities.

Unmet overseas demand, especially for CR2B (the final clinical radiology exam), discourages candidates from seeking FRCR, leading to declining funding and damage to the RCR’s reputation and unwittingly boosting other qualifications. This is linked to time commitment from examiners, who may be unable to find time to cope with the increased volumes.

Our 2026 programme includes significant increase in capacity at CR2B to reduce wait times. We continue to build exams and examiner capacity in the UK and internationally.

We are developing new models of examinations to accommodate demand and make it easier for candidates to participate.

This impacts significantly on our ability to fund exams and subsidise other activities that the RCR undertakes for members, or leads to excessive exam price rises to compensate for lower volumes.

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Trustees’ report and financial statements for the year ended 31 December 2025

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02 Financial report

Risk

As for all organisations, the RCR is exposed to an increase in cyber threats, which risks compromising access to, or the quality of, our data, operations and communications.

Mitigation and monitoring

We have implemented changes to our information services consistent with a Cyber Assessment Framework (CAF) strategic framework, including comprehensive policies and processes to enhance protection, a cyber response plan and associated measures to enhance our response.

We intend to complete the full programme of change in 2026 and will resource to maintain and enhance the protections in future.

We carry out regular testing of our infrastructure and services, employ specialist knowledge in our governance and IT teams and strive to maintain the Cyber Essentials Plus standards.

The shortage of national training places, coupled with increasing anticipated demand for workforce improvements and retirements, may lead to a drop in membership numbers, income and capacity.

We have expanded our campaign for workforce improvements, adding additional resources to our communications and policy areas.

We will continue to contribute to NHS and government plans and policy.

We will increase our membership overseas.

Discussions between resident doctors and government have indicated the potential for government paying for member and/or exam fees in future years. This could create downward financial pressure and limit our ability to fund key activities.

Failure to deliver financial sustainability may require us to promote a short-term response (significant cost reduction or fee increases) over medium-term priorities.

We continue to monitor government communications with residents on this issue, discuss this with government and diversify through expansion of global activities to reduce reliance on this income stream.

Comprehensive regular financial reporting and a multi-year financial planning regime, along with targets and regular discussions and transparency, ensures that trustees have visibility of and ability to influence out-turns.

Going concern

The accounts are prepared based on the RCR being a going concern, which means being able to operate for a period of at least 12 months from the date of signing these accounts. The trustee board assesses the financial circumstances and outlook for the RCR and takes the advice of the FAIC when considering the accounts.

The FAIC regularly scrutinises financial management and performance information and provides advice to the trustee board on the statutory accounts, budgets, forecasts and reserves policies. This information includes:

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Trustees’ report and financial statements for the year ended 31 December 2025

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02 Financial report

Confidence in going concern

The trustee board has considered and accepted the advice and recommendation of the FAIC, which, after scrutinising the financial reports and resources of the RCR, has recommended approval of the accounts on a going concern basis.

The main points considered by the FAIC in its recommendation to trustee board are:

Policies

Employee remuneration policy

The RCR carries out regular remuneration reviews to ensure employee remuneration is competitive in the market and that we can recruit and retain high-quality staff. The RCR operates a pay progression structure that links pay progression to the achievement of objectives, learning and development expectations and core competencies.

The Remuneration Committee exercises responsibility on behalf of the trustee board for the review of the remuneration of key management personnel and any remuneration of Fellows.

The RCR had a pay budget of 3% to allocate salary increases to employees, with uplifts taking effect from 1 January 2025. This was 1% lower than the 4% rises in January 2024. The distribution of the budget was informed by the results of our annual pay benchmarking exercise that took place in October 2024, which highlighted some pay grades were being paid above the median rate within the market and others were being paid below the market rate. To recognise this, varied pay rates were applied to each grade to ensure salaries remained competitive and continued to align with the RCR’s pay principles. All adjustments to pay rates were made within the 3% budget approved by trustees.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

02 Financial report

The Remuneration Committee also assesses the need for executive bonuses annually.

Ethical and sustainable investment policy

The RCR uses the Sarasin Climate Active Endowment fund, which takes a strong stance on ethical and social stewardship matters and uses positive and ethical screening in the investments. This excludes companies whose principal purpose is in tobacco, armaments, gambling, pornography, extraction or production of thermal coal and tar sands and fossil fuels extraction. The trustees are content that this positive screening approach is an effective way of demonstrating the RCR’s support for climate change initiatives and is consistent with the RCR’s charitable objectives.

The objectives of the investment policy are to maximise total returns via growth in capital and income to enable the RCR to carry out its purposes consistently year by year with due and proper consideration for future needs. Its key strategic measure is to achieve at least Consumer Prices Index (CPI) plus 4% over the time frame of five to seven years. It also compares performance with similar funds using the ARC Steady Growth Charity Index.

During the year the RCR opened a liquidity fund to help diversification and in response to volatility in global markets, which was impacting other investments. This returns circa 4% a year.

The portfolio returns over different periods are shown below. The FAIC has explored the performance with the fund manager and is satisfied with the performance of the investment manager in achieving the fund aims in the long term but is disappointed with the short-term returns. The CPI measure is impacted significantly by 2022, when markets performed poorly yet CPI was at circa 10%. As can be seen in the three-year measure, performance is again above benchmarks. The trustees will monitor short-term performance in 2026 and assess the portfolio manager against peers.

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To 31 December 2025 1 year 3 years 5 years 7 years
% (annualised) % (annualised) % (annualised) %
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The Royal College of Radiologists 4.3 8.3 4.7 7.6
(net of costs)
Long-term target: CPI + 4% 6.7 6.9 8.6 7.3
(net of fees)
ARC Steady Growth Charity Index 8.6 8.1 5.1 6.3
(net of fees)

Environmental policy

The RCR recognises that its operations can have an impact on the local and global environment and that these effects will adversely impact global health issues and health inequality.

The RCR has made changes to its suppliers and ways of working that have resulted in a significant reduction in its carbon footprint for scope 1 and 2 activities from its 2019 benchmark of 108 tonnes CO2e annually to less than 25% of that now. Over the period 2021 to 2024, the RCR has reduced its carbon intensity (per £m turnover and per full-time equivalent

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Trustees’ report and financial statements for the year ended 31 December 2025

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02 Financial report

[FTE]) by over 50% and the RCR’s carbon footprint for all three scopes is the lowest since 2021.

Reserves policy

The RCR has a policy to have sufficient general reserves to fund a minimum of five months of operating expenses to cover the financial implications of a significant reduction in income and managing a controlled contraction of the business to sustainable levels.

In 2022 trustees agreed a financial strategy that would cause the level of general reserves to dip below the policy threshold of five months’ activity in 2023 and 2024 and then begin to climb from 2025 to achieve the policy goal in 2026. This plan remains on track.

This plan is monitored regularly by the FAIC and the SMT and approved annually by the trustee board. The trustee board reaffirmed the plan in 2025.

Trustees have considered the advice of the FAIC on the reserves policy and agree that the free general reserves are sufficient to meet the RCR’s immediate needs.

General reserves, which includes general reserves, the building maintenance fund, the major projects fund and the revaluation reserve, was £4.8m (2024: £4.7m). For the purposes of determining reserves cover we ordinarily exclude the revaluation reserve of £0.7m. Based upon annual general fund expenditure, the current level is circa 4.9 months of cover compared with the policy threshold of 5.

Financial review

The results for the year are set out in the statements on pages 26 to 47.

Summary of results

The RCR grew strongly due to growth in global examination candidates and in global membership. At the end of 2025 membership stood at over 17,600 members, up 6% during the year, 57% of which are based in the UK and the remaining 43% are spread across over 100 countries.

We expanded exams delivery from 8,700 to over 9,200 exam sittings, with 55% of these held at global venues. Around 30% of all candidates are UK resident doctors ("UK Resident"), and mindful of the economic environment we sought to maintain exam fees at reasonable levels, with members benefiting from priority booking and cheaper rates. Strategically, we aim to operate exams for UK residents at break even after covering their share of overheads, albeit in the short term these exams are loss making. In the long term we would aim to break even on UK resident exams. Some 61% of all members are Fellows, with over 25% of all members having been so for more than 16 years, thus demonstrating that members remain after

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

02 Financial report

passing their exams, which is important to the RCR.

The income of the RCR has grown considerably since 2020, particularly from increased exam places and membership.

Income by business area (£'000)

Membership fees form a key part of our income and it is important that we demonstrate membership value in terms of where the fees are used. The majority of the fees are used for professional practice activities, including professional standards, networks, website and other marketing-related activities. External affairs includes lobbying government, the census and various campaigns aimed at driving funding and explaining the need for more radiologists and oncologists.

Admission ceremonies are a key milestone for members who pass their exams, and we rightly ensure these are delivered at a standard that gives the requisite recognition to those achieving their FRCR.

Beyond that we must maintain solvency and use some of the funds to build reserves and support delivery in other areas of the business such as exams and our events programme, where members receive reduced prices for activity as part of their membership benefits.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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02
Financial report
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Therefore a standard UK Fellow fee of £622 broadly equates to being used as below.

Admission ceremonies £43.86
Renewals/joiners £34.32
E-learning £27.82
Workforce development £101.95
Professionalpractice £276.11
Journals £10.83
External afairs £78.08
AI £5.35
Global development £8.06
Buildingreserves and subsidy £35.62
Total income £622.00

UK members are still the majority of our membership. They make up 57% of our full membership, with over 8,000 UK Fellows at the end of 2025, out of 18,720 members. While the number of global Fellows has grown, of our 11,500 Fellows approximately 73% are UK based. The fees graph shows in percentage terms how we use membership fees. In many areas we supplement these activities with third-party funding or reserves.

Looking further forward, the trustee board has set distinct policies to ensure membership fees and fees for UK resident doctors are set fairly and proportionately. For UK fees, these are set in line with CPI plus or minus 2% based upon circumstances. We expect the fees in 2026 to be set broadly in line with CPI (3.4% as at December 2025) rather than at the top of the scale. Global fees are set separately, again according to the wider budget need and recognising the value of priority booking and discounts available for members taking exams.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

02 Financial report

UK resident doctor exam fees are set with the intention of breaking even on their delivery across the UK. This subset of exam delivery is costed to ensure we keep these fees as low as possible. In 2025, as described above, we actually delivered these at a loss, meaning in hindsight we should have set fees higher, but we have managed to offset this through global growth to make it financially viable. We understand the financial pressures on UK residents and try to balance this with ensuring we remain financially viable overall. This balance can prove challenging and any fees rises are only implemented where necessary.

Group results

Income grew £2.0m to £15.2m (2024: £13.2m) with the largest growth contributions coming from exams (£1.1m), membership subscriptions (£0.5m) and RCR Learning events (£0.8m), offset by falls in iRefer and investments.

Expenditure rose from £13.6m to £14.8m, an increase of £1.2m. This arose from increased costs of exam delivery and an increase in our events activities delivered via RCR Learning, including the Global AI Conference in June 2025. There were new or expanded activities across the RCR, including additional support for specialty training and recruitment, iRefer and support for membership and our website. Staffing costs make up approximately 50% of our cost base, and these rose by £0.5m due to additional headcount as we continued to support growth areas.

The group made an operating surplus of £0.4m (2024: £0.4m loss) as income grew at a faster rate than costs of delivery.

We also reported losses of £150k on our joint venture, IQI, which was in its first year of operation.

We made investment gains of £0.2m in the managed investment portfolio despite the impact of US tariffs in early 2025. At that time the portfolio lost £0.8m but has since recovered to deliver year-on-year growth. The portfolio reduced in value overall due to withdrawals exceeding deposits by £1m during the year.

Overall the RCR reports an increase in reserves of £0.4m (2024: £0.4m). Reserves closed at £26.0m (2024: £25.6m). Unrestricted funds closed at £6.9m (2024: £6.9m) including general reserves of £5.0m (2024: £4.8m). Restricted reserves closed at £1.5m (2024: £1.7m).

This was the fourth period of trading by RCR Education Ltd covering the 12 months to 31 December 2025. The organisation made a profit of £417k (2024: £40k) because the income grew while costs were managed around global exams and due to overhead allocations. RCR Education Ltd also gift aided £170k to the RCR, with the payment being due in 2026. The charity trustees recognise that many of the costs of RCR Education Ltd are the shared costs of the charity and are not incremental. Therefore they have agreed to support RCR Education Ltd financially in 2026 and beyond.

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The Royal College of Radiologists

02 Financial report

Designated and restricted reserves

The RCR holds funds in restricted and designated reserves for specified purposes. The main funds are shown below. Many of these funds are invested, and dividend income is used to top them up or they feel the effect of unrealised gains and losses.

Designated funds

Two funds are set aside to support projects by the RCR, and these are included under the reserves policy: £500k in a building maintenance fund to cover uninsured emergency repairs on Lincoln’s Inn Fields and a major project fund to support the write-down of the old customer relationship management (CRM) asset in early 2025.

Restricted funds

Total restricted reserves were £1.5m (2024: £1.7m). In 2025 the RCR spent £0.26m of restricted funds, with the largest component being on education activities including e-learning.

The education fund’s purpose is to support any educational activity within the RCR’s remit. It is a restricted fund with a clear and defined purpose to support education activities (year end value £907k).

The clinical oncology research fund is used to foster research into the investigation and treatment of cancer (see below; year end value £392k).

Research funds

The RCR invites applications for its research grant schemes annually and makes awards based on scientific merit. Grants are to foster research into medical imaging (clinical radiology [CR]) and the investigation and treatment of cancer (clinical oncology [CO]).

The RCR has funds allocated for research grants and spent £230k in 2025. A balance of £0.7m remains across both funds, with future grants beyond that coming from other funds or general funds.

Other funds

The RCR retains unrestricted funds separate from the general funds considered under the reserves policy:

Both funds are supported by dividend income to offset costs.

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The Royal College of Radiologists

02 Financial report

Tangible fixed assets

The RCR retains its buildings at the prevailing valuation and the trustees believe no change in value of land or buildings is required. The accounting policy is set out in the notes to the accounts.

Cash

Cash balances fluctuate significantly during the year based upon receipts from members for their annual subscriptions and payments by candidates for exam bookings. Expenditure remains relatively stable over the months, driven by consistent payments for staff costs and regular supplier payments. We manage this through disinvesting and reinvesting funds from our investment portfolio, which allows us to maximise returns on free cash at times of the year when receipts are high.

Fundraising

The RCR had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Responsibilities of the trustees

The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year that give a true and fair view of the situation of the RCR and of the incoming resources and application of resources of the RCR for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the RCR and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities SORP (FRS 102) and the provisions of the Royal Charter and By-laws.

Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Trustees are also responsible for safeguarding the assets of the RCR and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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All charitable companies have a duty to act in accordance with Section 172 of the Companies Act 2006 (duty to promote the success of a company). The trustees consider that they have complied with their duties in Section 172 of the Companies Act 2006 by promoting the charity’s success in achieving its charitable purpose: improving the science and practice of clinical radiology and clinical oncology.

In so far as each of the trustees at the time the report is approved are aware:

The trustees

Individuals who served as charity trustees during the year and up to the date of this report were as follows.

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1 January 2025 to 31 August 2025 1 September 2025 to 31 December 2025
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Dr K Halliday, President Dr S Harden, President
Dr Q Malik, Medical Director, Membership and Dr Q Malik, Medical Director, Membership and
Business Business
Dr S Harden, Vice-president, Clinical Radiology Prof A Ofiah, Vice-president, Clinical Radiology
Dr T Roques, Vice-president, Clinical Oncology Dr N Thorp, Vice-president, Clinical Oncology
Dr P Suresh, Medical Director, Education and Dr D Little, Medical Director, Education and
Training, Clinical Radiology Training, Clinical Radiology
Dr L Hanna, Medical Director, Education and Dr L Hanna, Medical Director, Education and
Training, Clinical Oncology Training, Clinical Oncology
Dr R Proctor, Medical Director, Professional Dr R Proctor, Medical Director, Professional
Practice, Clinical Radiology Practice, Clinical Radiology
Dr P Jankowska, Medical Director, Professional Dr P Jankowska, Medical Director, Professional
Practice, Clinical Oncology Practice, Clinical Oncology
Mr A Carey, Treasurer Mr A Carey, Treasurer
Sir David Sloman, Trustee Sir James Duddridge, Trustee
Mr John Coughlan, Trustee

Auditors

HaysMac LLP were re-appointed as the charity’s auditors during the year and have expressed their willingness to continue in that capacity. The report of the trustees has been approved by the trustees on 8 May 2026 and signed on their behalf by:

Dr Stephen Harden, President

Anthony Carey, Treasurer

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Independent auditor’s report to the members of the RCR 03

Opinion

We have audited the financial statements of The Royal College of Radiologists for the year ended 31 December 2025, which comprise the consolidated statement of financial activities, the group and charity balance sheets, the consolidated cash flows statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council (FRC) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

22

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

03 Auditor'sreport

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 20–21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

23

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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03
Auditor'sreport
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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the group and the environment in which it operates, we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the charity’s Royal Charter, payroll and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to income and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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03
Auditor'sreport
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A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report or for the opinions we have formed.

HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG

Statutory auditors

Date

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

25

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Consolidated statement of financial activities of The Royal College of Radiologists for the year ended 31 December 2025

----- Start of picture text -----
Restricted funds Unrestricted Total funds Total funds
2025 funds 2025 2025 2024
----- End of picture text -----

Note
£’000 £’000 £’000 £’000
Income from:
Donations and legacies 4 9 9 18 10
Income from activities 5 - 11,415 11,415 10,083
Tradingsubsidiary 5 - 3,421 3,421 2,565
Investments 6 38 291 329 510
Other income 7 - 32 32 26
Total income 47 15,168 15,215 13,194
Expenditure on:
Charitable activities 8 260 11,775 12,035 11,063
Other activities 8 - 2,834 2,834 2,495
Total expenditure 260 14,609 14,869 13,558
Net income/(expenditure) (213) 559 346 (364)
Share of losses injoint venture 14 - (150) (150) -
Gains/(losses) on revaluation of fixed assets 15 - - - (50)
Gains/(losses) on investments 16 34 181 215 855
Net movement in funds (179) 590 411 441
Reconciliation of funds:
Total funds brought forward 1,686 23,881 25,567 25,126
Net movement in funds (179) 590 411 441
Transfers between funds 12 (12) - -
Total funds carried forward 1,519 24,459 25,978 25,567

The notes on pages 26 to 47 form part of the financial statements.

26

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Consolidated and charity balance sheet as at 31 December 2025

----- Start of picture text -----
Consolidated The charity
----- End of picture text -----

2025 2024 2025 2024
£’000 £’000 £’000 £’000
Note
Fixed assets
Intangible assets 12 3,756 2,887 3,756 2,887
Tangible assets 13 14,546 14,818 14,546 14,818
Investment injoint venture 14 - - 150 -
Investmentproperty 15 1,950 1,950 1,950 1,950
Listed investments 16 10,448 11,253 10,448 11,253
30,700 30,908 30,850 30,908
Current assets
Debtors 17 1,600 1,429 1,607 1,429
Cash at bank and in hand 23 1,347 1,042 1,342 1,037
2,947 2,471 2,949 2,466
Liabilities
Creditors: amounts fallingdue within oneyear 18 (7,531) (7,439) (7,533) (7,017)
Net current assets (4,584) (4,968) (4,584) (4,551)
Creditors: amounts fallingdue more than oneyear 19 (138) (373) (138) (373)
Net assets 25,978 25,567 26,128 25,984
Charityfunds
Restricted funds 21 1,519 1,686 1,519 1,686
Unrestricted funds 21 24,459 23,881 24,609 24,298
Total funds 25,978 25,567 26,128 25,984

The notes on pages 26 to 47 form part of the financial statements.

The report of the trustees has been approved by the trustees on 8 May 2026 and signed on their behalf by:

Dr Stephen Harden, President

Anthony Carey, Treasurer

27

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Consolidated statement of cash flows as at 31 December 2025

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2025 2024
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Note £’000 £’000
Cash flows from operating activities
Net cashgenerated byoperatingactivities 22–24 772 134
Cash flows from investing activities
Dividends, interest and rent from investments 329 510
Purchase of tangible fixed assets 13 (117) (309)
Purchase of intangible fixed assets 12 (1,359) (1,197)
Purchase of investments (750) (500)
Sale of investments 1,770 862
Net cash used in investing activities (127) (634)
CBILS* loan repayment (180) (180)
Loan tojoint venture (150) -
CBILS loan interest (10) (15)
Net cash used in financing activities (340) (195)
Change in cash and cash equivalents in theyear 305 (695)
Cash and cash equivalents at the beginningof theyear 1,042 1,737
Cash and cash equivalents at the end of theyear 24 1,347 1,042

The notes on pages 26 to 47 form part of the financial statements.

28

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Notes to the financial statements for the year ended 31 December 2025 04

1. General information

The Royal College of Radiologists is a Public Benefit Entity registered as a charity in England and Wales (charity number: 211540) and a Royal Charter company (RC000854). Its registered office is 63 Lincoln’s Inn Fields, London WC2A 3JW.

The trading subsidiary is RCR Education Ltd, 13941872, a wholly owned subsidiary of the RCR and registered in England and Wales with an office at 63 Lincoln’s Inn Fields, London WC2A 3JW.

2. Accounting policies

2.1 Basis of preparation of financial statements

The consolidated financial statements have been prepared in accordance with the Charities SORP (FRS 102) – Accounting and Reporting by Charities:

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

2.2 Going concern

The trustees consider that there are no material uncertainties about the RCR’s ability to continue as a going concern, ie to operate for a period of at least 12 months from the date of signing these accounts. The RCR’s main revenue streams of exams revenue and membership subscriptions are well established, and with payment for most being well in advance we have visibility to make changes should the need arise. The trustees regularly review forward cash flows and the RCR has an investment portfolio from which it can draw down money at times of the year when needed. This portfolio is in excess of £10m at the balance sheet date.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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04
Notes
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2.3 Income

Income is recognised when the RCR has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Membership subscriptions are recognised on an accruals basis, with the element relating to 1 January 2025 to 31 May 2025 being shown as deferred income on the balance sheet.

Examination income is recognised in the period that the exam sitting takes place. Income and costs related to the delivery of the exams for 2026 sittings are deferred until the date of the exam.

Income for events bookings is recognised in the period the event takes place along with the costs of delivery.

Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities and is recognised on receipt or when entitlement to receipt is probable.

Income from other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes the costs of delivering services to members, examinations, training and other educational activities undertaken to further the purposes of the RCR and the associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

04 Notes

Allocation of support costs

Resources expended are allocated to the activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis, which is an estimate, based on staff time, of the amount attributable to each activity.

Professionalpractice and member support 44%
UK exams 9%
Global exams 12%
Specialtytraining 13%
Professional learningand development 11%
E-learning 5%
iRefer 6%

No allocation is made directly to restricted reserves; some costs are funded or subsidised by use of restricted reserves but no overheads are allocated to these.

2.5 Intangible assets and amortisation

Intangible assets are stated at cost, less accumulated amortisation. Intangible assets costing more than £500 are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible fixed assets are measured at cost less accumulated amortisation. All costs incurred to bring an intangible fixed asset into its intended working condition are included in the measurement of cost.

The intangible assets capitalised during the year are under construction and not in use, therefore no amortisation has been charged in the period. Asset lives are reviewed annually and may be shortened and the accelerated depreciation recognised as a cost.

The useful economic lives are as follows.

iReferguidelines 5.5years
iReferproduct asset 6years
Intangible assets 4–7years
CRM2 6years (commencingJanuary2026)

31

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

04 Notes

2.6 Tangible fixed assets and depreciation

Individual tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Land and freehold property are held at fair value at the reporting date. In accordance with FRS 102 freehold land is not depreciated. Depreciation is charged on freehold buildings over 50 years on a straight-line basis.

Valuations are performed periodically with a maximum interval of five years, and more frequently if open-market values are considered to be volatile, to ensure that the fair value of a revalued building does not differ materially from its carrying amount. In any accounting period where a formal revaluation is not undertaken a desktop impairment review will be conducted.

Any revaluation surplus or loss is charged to the statement of financial activities in the year of revaluation. Accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the buildings and the net amount is restated to the revalued amount of the buildings.

The estimated useful lives are as follows.

The estimated useful lives are as follows.
Freeholdproperty 50years
Buildinginfrastructure 10years
Fixtures and fittings 5years
Computer hardware 3–5years

2.7 Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. The valuation method is based upon use of market data and where relevant expert third-party information.

2.8 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the statement of financial activities.

The RCR does not acquire put options, derivatives or other complex financial instruments.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

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04
Notes
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2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date because of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably.

2.12 Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

2.13 Pensions

The RCR operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the RCR in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the RCR to the fund. The RCR has no liability under the scheme other than for the payment of those contributions.

2.14 Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for purposes.

Restricted funds and expendable endowment funds are to be used for specific purposes as laid down by the donor. Expenditure that meets these criteria is charged to the funds.

2.15 Basis of consolidation

The financial statements consolidate the accounts of the RCR and the wholly owned subsidiary, RCR Education Ltd, on a line-by-line basis.

33

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

04 Notes

2.16 Accounting for joint ventures

The financial statements use the equity method of accounting for joint ventures including the group’s share of profits or losses for the year within the statement of financial activities under income or expenditure, and the share of assets or liabilities within the investment section of the balance sheet in line with the statement of financial activities.

The investment in the charity-only balance sheet is recognised at cost less impairment.

2.17 Gift aid from trading subsidiary

The trading subsidiary pays its taxable profits for the reporting period to its parent charity under the gift aid scheme where there are distributable reserves available to do so. These gift aid payments are recognised as distributions to owners in equity within retained earnings.

At the reporting date there was no legal obligation in place for the trading subsidiary to make this gift aid payment, although prior to the reporting date the board had indicated its intention to pay the taxable profits to the parent charity in respect of the reporting period. The payment is expected to be made within nine months of the end of the reporting date.

The gift aid payments result in the trading subsidiary recognising a taxation charge on its profits for the year up to the level of its distributable reserves. However, the application of the exception under paragraph 29.14A of FRS 102 provides relief in respect of the accounting for the tax charge. This results in an overall nil charge for tax in the income statement. This exception is only applicable as it is probable that the gift aid payment will be made by the company to the parent charity within nine months of the reporting date.

In the consolidated accounts of the group there is no direct impact on the consolidated numbers or balance sheet with these transactions being consolidated out. On the companyonly balance sheet the gift aid receipt is shown within other debtors.

3. Critical accounting estimates and areas of judgement, estimates and assumptions

Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

Critical accounting estimates and assumptions

Valuation of land and buildings and investment properties – the RCR’s land, buildings and investment properties are stated at their estimated fair value based on management estimates as disclosed in note 13.

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Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

4. Income from donations and legacies

----- Start of picture text -----
Restricted funds Unrestricted Total Total
funds
----- End of picture text -----

2025 2025 2025 2024
£’000 £’000 £’000 £’000
David Skeggs lecture - - - 1
Rontgen Professorshipfund 9 - 9 9
Clinical management – CR related - 9 9 -
Total income 9 9 18 10
Total 2024 10 - 10

5. Income from activities

----- Start of picture text -----
Restricted Unrestricted funds – Unrestricted Total Total
funds – charity RCR Education Ltd funds – charity
----- End of picture text -----

2025 2025 2025 2025 2024
£’000 £’000 £’000 £’000 £’000
Membershipsubscriptions - - 6,482 6,482 5,971
UK examination fees - - 2,054 2,054 1,950
Global examination fees - 3,359 - 3,359 2,453
Event income - - 1,263 1,263 477
E-learning programme - 62 - 62 112
Royalties andpublications - - 393 393 349
Service fees - - 1,223 1,223 1,336
Total income - 3,421 11,415 14,836 12,648
Total 2024 123 2,565 9,960 12,648

6. Investment income

Restricted funds Unrestricted
funds		 Total Total
2025 2025 2025 2024
£’000 £’000 £’000 £’000
Properties income – rent - 83 83 67
Investment income – bank interest - 28 28 28
Investment income – dividends 38 180 218 277
Investment income – realisedgain - - - 138
Total investment income 38 291 329 510
Total 2024 117 393 510

35

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

7. Other income

----- Start of picture text -----
Unrestricted funds 2025 Unrestricted funds 2024
----- End of picture text -----

£’000 £’000
Facilities income 32 26
Total other income 32 26

8. Resources expended 2025

----- Start of picture text -----
Professional UK Global Specialty Professional E-learning iRefer Restricted Total
affairs and exam exam training learning and prog.
support prog. prog. development
----- End of picture text -----*

£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Direct staf costs 1,904 444 552 616 785 85 347 189 4,922
Direct expenses 971 1,214 1,275 129 729 88 153 71 4,630
Depreciation 85 144 - - - - 160 - 389
Total 2,960 1,802 1,827 745 1,514 173 660 260 9,941
Support costs 1,876 403 503 572 456 223 260 - 4,293
(8a)
Governance 278 59 75 85 67 33 38 - 635
costs (8a)
Total 2025 5,114 2,264 2,405 1,402 2,037 429 958 260 14,869
Average 35.4 7.6 9.5 10.8 8.6 4.2 4.9 - 81.0
headcount
2025 headcount 44% 9% 12% 13% 11% 5% 6% 0%
allocation

*Note: Some staff costs are allocated to reserves but for the purposes of allocating support activities these are allocated against the business unit.

Resources expended by fund

Unrestricted Professional
afairs and
support
5,114		 UK
exam
prog.
2,264		 Global
exam
prog.
-		 Specialty
training
1,402		 Professional
learning and
development
2,037		 E-learning
prog.
-		 iRefer
958		 Restricted
-		 Total
11,775
Restricted - - - - - - - 260 260
Charitable 5,114 2,264 - 1,402 2,037 - 958 260 12,035
activities
RCR Education - - 2,405 - - 429 - - 2,834
Ltd

36

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

8a. Support activities 2025

----- Start of picture text -----
Support costs Governance Total
----- End of picture text -----

£’000 £’000 £’000
Indirect staf costs 1,765 344 2,109
Indirect expenses 2,105 291 2,396
Depreciation 423 - 423
Total 4,293 635 4,928

8b. Resources expended 2024

----- Start of picture text -----
Professional UK Global Specialty Professional E-learning iRefer Restricted Total
affairs and exam exam training learning and prog.
support prog. prog. development
----- End of picture text -----

£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Direct staf costs 1,666 438 489 502 750 131 351 303 4,630
Direct expenses 755 1,004 1,201 89 269 71 116 227 3,732
Depreciation 121 123 - - 8 - 209 - 461
Total 2,542 1,565 1,690 591 1,027 202 676 530 8,823
Support costs 1,622 376 419 503 604 122 281 318 4,245
(8c)
Governance 187 44 48 58 70 14 32 37 490
costs (8c)
Total 2024 4,351 1,985 2,157 1,152 1,701 338 989 885 13,558
Average 30.6 7.1 7.9 9.5 11.4 2.3 5.3 6.0 80.1
headcount
2024 headcount 38% 9% 10% 12% 14% 3% 7% 7%
allocation

Resources expended by fund

Unrestricted Professional
afairs and
support
4,351		 UK
exam
prog.
1,985		 Global
exam
prog.
-		 Specialty
training
1,152		 Professional
learning and
development
1,701		 E-learning
prog.
-		 iRefer
989		 Restricted
-		 Total
10,178
Restricted - - - - - - - 885 885
Charitable 4,351 1,985 - 1,152 1,701 - 989 885 11,063
activities
RCR Education - - 2,157 - - 338 - - 2,495
Ltd

37

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

8c. Support activities 2024

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Support costs Governance Total
----- End of picture text -----

£’000 £’000 £’000
Indirect staf costs 1,584 302 1,886
Indirect expenses 2,089 188 2,277
Depreciation 540 - 540
Write-of of fixed assets 32 - 32
Total 4,245 490 4,735

9. Auditor’s remuneration

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000
Feespayable to the RCR’s auditor for the audit of the RCR’s annual accounts 29 24
Other feespayable to the RCR’s auditor 6 2
Total 35 26

10. Staff numbers and costs

The aggregate costs of all staff including temporary staff are as follows.

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000
Wages and salaries (includingtemporarystaf) 5,688 5,247
Social securitycosts 657 530
Pension costs 653 714
6,998 6,491

The above costs include all employment costs for permanent and temporary staff but exclude the RCR’s payment of the apprenticeship levy.

The average number of persons employed by the RCR during the year is below.

No. 2025 No. 2024
Examinations 17 17
Specialtytrainingand events 9 11
Professional learningand development inc. e-learning 15 11
iRefer 5 5
Professional afairs and support inc. CRM development 40 41
QualityStandards for Imaging(recharged to IQI) 7 3
Support and administration 25 26
Total 118 114

38

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

----- Start of picture text -----
2025 2024
----- End of picture text -----

C1 In the band £60,000 to £69,999 8 8
C2 In the band £70,000 to £79,999 5 3
C3 In the band £80,000 to £89,999 2 -
C4 In the band £90,000 to £99,999 1 2
C5 In the band £100,000 to £119,999 2 1
C6 In the band £150,000 to £159,999 - 1
C7 In the band £180,000 to £189,999 1 -

The total employee benefits including pension and employer’s NI contributions of the key management personnel were £655,398 (2024: £625,751).

11. Trustees’ remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2024: £NIL).

During the year ended 31 December 2025, expenses totalling £27,397 were reimbursed or paid directly to trustees (2024: £24,487). Expenses were in connection with travel and accommodation costs.

12. Intangible assets

----- Start of picture text -----
Database Database Intangible Assets under Total
CRM1 CRM2 assets construction
----- End of picture text -----

Cost £’000 £’000 £’000 £’000 £’000
At 1 January2025 1,197 1,240 2,285 73 4,795
Additions - 1,101 227 31 1,359
Transfer - - 73 (73) -
Disposals - - (2) - (2)
At 31 December 2025 1,197 2,341 2,583 31 6,152
Amortisation
At 1 January2025 1,132 - 776 - 1,908
Charge 65 - 423 - 488
Disposals - - - - -
At 31 December 2025 1,197 - 1,199 - 2,396
Net book value
At 31 December 2025 - 2,341 1,384 31 3,756
At 1 January2025 65 1,240 1,509 73 2,887

The intangible assets column includes assets linked to iRefer product development and guidelines, our learning management system, our exams management system, website and AI registry.

39

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

13. Tangible fixed assets

----- Start of picture text -----
Land and Building Fixtures and Computers Network Artwork Total
buildings infrastructure fittings
----- End of picture text -----

£’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost or valuation
At 1 January2025 14,500 243 706 1,018 183 9 16,659
Additions - 35 24 55 - 3 117
Disposals - - - (254) - - (254)
At 31 December 2025 14,500 278 730 819 183 12 16,522
Depreciation
At 1 January2025 304 68 576 791 102 - 1,841
Charge for theyear 152 25 61 114 37 - 389
Disposals - - (254) - - (254)
At 31 December 2025 456 93 637 651 139 - 1,976
Net book value
At 31 December 2025 14,044 185 93 168 44 12 14,546
At 1 January2025 14,196 175 130 227 81 9 14,818

14. Investment in joint venture – group

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000
At 1 January - -
Investment made in theyear 150 -
Share of losses in theyear (150) -
At 31 December - -

The company has a 50% ownership in IQI, a joint venture between the RCR and SCoR. We use the equity method to account for IQI, which started trading on 1 July 2024. In the period 1 July 2024 to 31 December 2024, IQI had net liabilities of £136k. By 31 December 2025, the balance sheet date, IQI’s net liabilities were £390k. The RCR’s share of net liabilities is £185k. In line with FRS 102, losses can only be recognised to an extent that there are assets to offset them and the carrying value cannot fall below £nil. The RCR therefore recognises losses capped at £150k, with the balance of £35k to be recognised in 2026 against future loans.

Both joint venture partners have committed funding of up to £400,000 each, which can be drawn down on request. At the balance sheet date £150,000 has been drawn down. Staff of IQI are employed by the RCR and recharged at cost.

40

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

Investment in joint venture – charity

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000
At 1 January - -
Loans made duringtheyear 150 -
Impairment - -
At 31 December 150 -

15. Investment property

Investment properties
2025		 Investment properties
2024
Valuation £’000 £’000
At 1 January 1,950 2,000
Loss on revaluation - (50)
At 31 December 1,950 1,950

16. Fixed asset investments

16. Fixed asset investments
Listed investments 2025 2024
Cost or valuation £’000 £’000
At 1 January 11,253 10,759
Additions 750 500
Disposals (1,770) (862)
Revaluations 215 856
At 31 December 10,448 11,253
Breakdown:
Sarasin Climate Active Endowment fund units 9,683 10,983
(prev. Ex-Energy)
Sarasin LiquidityFund 765 -
Cash - 270
10,448 11,253

During the year, funds of £9.686m were transferred from the Sarasin Climate Active Endowments Ex-Energy fund to the Sarasin Climate Active Endowments fund. This was due to the Sarasin Climate Active Endowments fund applying the same energy exclusion and the two funds were merged by Sarasin for all clients.

41

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

17. Debtors

----- Start of picture text -----
Charity Group Charity Group
----- End of picture text -----

2025 2025 2024 2024
£’000 £’000 £’000 £’000
Trade debtors 114 114 414 414
Other debtors 388 223 226 226
Prepayments and accrued income 1,105 1,263 789 789
Total debtors 1,607 1,600 1,429 1,429

18. Creditors – amounts falling due within one year

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000 £’000 £’000
Charity Group Charity Group
Subscriptions and fees in advance 2,267 2,267 2,348 2,438
Trade creditors 501 501 726 726
Other taxation and social security 279 279 65 65
Accruals and deferred income 2,284 4,304 2,278 4,120
CBILS loan 180 180 180 180
Intercompanycreditor 2,022 - 1,420 -
Total creditors 7,533 7,531 7,017 7,439

19. Creditors – amounts falling due after one year (charity and group)

2025 2024
£’000 £’000
CBILS loan 45 225
Royalties contract bonus - 10
iRefer royalties 93 138
Total creditors 138 373

42

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

20. Statement of funds – current year

----- Start of picture text -----
Balance at Income Expenditure Share of Transfers Gains/ Balance at
1 January losses in joint in/(out) (losses) 31 December
2025 venture 2025
----- End of picture text -----

£’000 £’000 £’000 £’000 £’000 £’000 £’000
Restricted funds
E-learning projects 38 - (144) - 106 - -
QSI accreditation - - - - - -
programme
NHS England 39 - (15) - - - 24
Prize fund 109 - (4) - (12) - 93
Lecture fund 65 - - - - 65
Research CO 438 - (21) - (25) - 392
Education fund 967 38 (75) - (57) 34 907
Other restricted funds 30 9 (1) - - - 38
Total restricted funds 1,686 47 (260) - 12 34 1,519
Unrestricted funds
General funds 4,852 15,154 (13,484) (150) (1,475) 136 5,033
Designated funds
Buildingmaintenance fund 500 - - - - - 500
Majorprojects fund 73 - (69) - - - 4
Cyclotron 181 3 (7) - - 4 181
CR research fund(Kodak) 529 9 (209) - - - 329
Wormald fund 838 2 (28) - (11) 41 842
Fixed asset funds
Freeholdproperty 14,196 - (152) - - - 14,044
Fixed asset fund 582 - (237) - 156 - 501
Intangible assets 2,860 - (423) - 1,318 - 3,755
Revaluation reserve (730) - - - - - (730)
Totalgeneral funds 23,881 15,168 (14,609) (150) (12) 181 24,459
Total funds 25,567 15,215 (14,869) (150) - 215 25,978

Transfers out of restricted funds shown above are not transfers out but reflect expenditure in the previous year that should have been allocated to restricted funds.

43

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

21. Summary of funds – current year

----- Start of picture text -----
Balance at Income Expenditure Transfers, Balance at
1 January 2025 gains/(losses) 31 December 2025
----- End of picture text -----

£’000 £’000 £’000 £’000 £’000
Designated funds 19,029 14 (1,125) 1,508 19,426
General funds 4,852 15,154 (13,634) (1,339) 5,033
Restricted funds 1,686 47 (260) 46 1,519
Total 25,567 15,215 (15,019) 215 25,978

Summary of funds – prior year

----- Start of picture text -----
Balance at Income Expenditure Transfers, Balance at
1 January 2024 gains/(losses) 31 December 2024
----- End of picture text -----

£’000 £’000 £’000 £’000 £’000
Designated funds 18,826 9 (1,245) 1,439 19,029
General funds 4,136 12,935 (11,478) (741) 4,852
Restricted funds 2,164 250 (885) 157 1,686
Total 25,126 13,194 (13,608) 855 25,567

21a. Analysis of net assets between funds – current year

Restricted funds Unrestricted
funds		 Total funds
2025 2025 2025
£’000 £’000 £’000
Tangible fixed assets - 14,546 14,546
Intangible fixed assets - 3,756 3,756
Fixed asset investments 1,519 8,929 10,448
Investmentproperty - 1,950 1,950
Current assets - 2,947 2,947
Creditors due within oneyear - (7,531) (7,531)
Creditors due after more than oneyear - (138) (138)
Total 1,519 24,459 25,978

44

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

21b. Analysis of net assets between funds – prior year

----- Start of picture text -----
Restricted funds Unrestricted Total funds
funds
----- End of picture text -----

2024 2024 2024
£’000 £’000 £’000
Tangible fixed assets - 14,818 14,818
Intangible fixed assets - 2,887 2,887
Fixed asset investments 1,905 9,348 11,253
Investmentproperty - 1,950 1,950
Current assets - 2,471 2,471
Creditors due within oneyear - (7,439) (7,439)
Creditors due after more than oneyear - (373) (373)
Total 1,905 23,662 25,567

22. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
Notes 2025 2024
----- End of picture text -----

£’000 £’000
Net income for the year 411 441
(asper statement of financial activities)
Adjustments for:
Depreciation and amortisation charges 12–13 878 1,001
Revaluation of investmentproperties 15 - 50
(Gains)/losses on investments 16–17 (215) (855)
Share of losses injoint venture 14 150 -
Dividends, interests and rents from investments (329) (510)
Loss on the sale of fixed assets 2 41
(Increase)/decrease in debtors (171) 853
Increase/(decrease) in creditors 37 (902)
CBILS loan 9 15
Net cashprovided by operating activities 772 134

45

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

23. Analysis of cash and cash equivalents

----- Start of picture text -----
2025 2024
----- End of picture text -----

£’000 £’000
Cash in hand 1,326 1,013
Cash in transit 21 29
Total cash and cash equivalents 1,347 1,042

24. Analysis of net debt

----- Start of picture text -----
At 1 January Cash flow At 31 December
2025 2025
----- End of picture text -----

£’000 £’000 £’000
Cash at bank and in hand 1,042 305 1,347
Borrowings – due within oneyear (180) - (180)
Borrowings – due after oneyear (225) 180 (45)
Net debt 1,042 305 1,347

Total loans of £225k (2024: £405k) relate to CBILS loan as at 31 December.

25. Capital commitments

As at 31 December 2025 the group has no capital commitments (2024: £165k in relation to a CRM project).

As at 31 December the group had a £400k loan facility agreement with IQI Limited, the group’s joint venture. At the balance sheet date funds of £150k were drawn down from this agreement. Repayments are due from September 2030.

27. RCR Education Ltd – statement of comprehensive income for the period ended 31 December 2025

2025 2024
£’000 £’000
Turnover 3,421 2,565
Cost of sales (2,001) (1,892)
Grossprofit 1,420 673
Administrative expenses (834) (632)
Profit/(loss) on ordinary activities before taxation 586 41
Taxation ofprofit on ordinaryactivities - -
Profit for theyear 416 41
£’000 £’000

46

Trustees’ report and financial statements for the year ended 31 December 2025

The Royal College of Radiologists

----- Start of picture text -----
2025 2024
----- End of picture text -----

Statement of retained earnings
Total retained earnings brought forward (416) (457)
Profit for theyear 586 41
Distribution undergift aid toparent charity (170) -
Total retained losses carried forward - (416)

RCR Education Ltd – statement of financial position at 31 December 2025

----- Start of picture text -----
2025 2024
----- End of picture text -----

Note £’000 £’000
Current assets
Debtors 9 2,185 1,420
Cash 5 5
2,190 1,425
Current liabilities
Amounts fallingdue within oneyear 10 (2,190) (1,841)
Net current liabilities - (416)
Capital and reserves
Called upshare capital 11 - -
Retained earnings - (416)
Shareholders’ funds - (416)

47

The Royal College of Radiologists 63 Lincoln’s Inn Fields London, WC2A 3JW, UK

The Royal College of Radiologists is a Charity registered with the Charity Commission No 211540.

+44 020 7405 1282 enquiries@rcr.ac.uk rcr.ac.uk

@RCRadiologists

The Royal College of Radiologists. Trustees’ report and financial statements for the year ended 31 December 2025 . London: The Royal College of Radiologists, 2026.

The Royal College of Radiologists is a Charity registered with the Charity Commission No. 211540 © The Royal College of Radiologists, May 2026.

This material has been produced by The Royal College of Radiologists (RCR) for use internally within the specialties of clinical oncology and clinical radiology in the United Kingdom. It is provided for use by appropriately qualified professionals, and the making of any decision regarding the applicability and suitability of the material in any particular circumstance is subject to the user’s professional judgement.

While every reasonable care has been taken to ensure the accuracy of the material, RCR cannot accept any responsibility for any action taken, or not taken, on the basis of it. As publisher, RCR shall not be liable to any person for any loss or damage, which may arise from the use of any of the material. The RCR does not exclude or limit liability for death or personal injury to the extent only that the same arises as a result of the negligence of RCR, its employees, Officers, members and Fellows, or any other person contributing to the formulation of the material.