2024-06-30-accounts

The Royal College of Pathologists Pathdogy. the science behlnd the cure Annual report and financial statements For the year ended 30 June 2024 Registered charity number 261035 The Royal College of Pathtsksi8ts 6 Ai• Street, London, E18QT. UK Td.. 020 745167CQ. wW.r¢￿h.Or9

The Royal College of Pathologists Index to the financial statements Report of the trustees Report of the auditors 1&18 Consolidated ststement of financial activities 19 Consolidated and College balance sheets 20 Consolidated statement of cash flows 21 Accounting policies 22-24 Notes to the financial ststements 24-36

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 The Trustee Board are pleased to present their report logether with the financial statements of the College for the year ended 30 June 2024. Objectlves & activities The College's mission is to promote excellence In the practice of pathology and maintain standards through training, assessments. examlnatDns and professional development, to the benefit of the publlc. The trustees have complled with the duty In the Charities Act 2011 to have due regard to guidance published by the Chaiity Commission. induding public benefit guidance. Pathology is the science at the heart of modem medicine, vital for the understsnding. diagnosis and planning clinical management of disease. 950/0 of patients will have a pathologist involved in their healthcare journey. (https."/knww.england.nhs.ukthp- Contentlu￿08d8l2ol4lo2lp8thoI-dlg-frst.pdfj Pathologisls study the causes of disease and the ways in which disease P￿cesseS affect our bodies. Recognising the pattems that disease takes allows us to understand what's at the root of a problem, enabling accurate diagnosis. Following up this understanding helps treatments to be devised and preventatlve measures to be put in place. Much of pathology goes on behind the scenes whith may account for the fact that many people are almost unaware of its ongolng and vital contributlons to modern medicine. Without the worf< of pathologists there would be no evidence to support the diagnosis and dinical management of disease, and improving or even maintaining the qualty of medical Care would be impossible. The College's unique role ensures that high quality standards of knowledge and expertise are maintained in all areas relating to pathology. The College ensures that pathologlsts are qualified and up to date in their practice by: Setting standards for education and training in pathology. Examining against these standards. Providing a leading wntinuing professional development programme. Running scientific seminars. webinars and expert workshops on a national and regional basis. The College looks after the interests of patients by: Producing guidelines and other documents that set standards of best practice. Making our case to parfiamentarians through the Health Committee, All Party Health Groups. individual ministers and civil seNants to raise awareness of the role pathology plays in providing safe patient care. Ensuring lay representation on all designated College committees. Working with organisations such as Lab Tests On-Line and Labs Are Vitsl as a resource for patients to provide infomiation about the range of Clinical tests that are used in their dlagnosls and treatment. Page 1

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Objectives & activitles (continued) The College helps in the search for cures to disease by wmmitting to strengthening the research base of the specialty. Thls Is achieved through: Supporting fellows and trainees who undertake research activities as part of their day- to-day work. Awarding bursarles and prizes for research. The College has a public engagement programme whose alms Include inspiring secf>ndary school students to leam about science through an innovative and creative programme focusing on health and disease. The goals of this programme are to: Increase interest in pathobgy as a career option. Raise awareness of pathology and its crucial role in treating and curing disease. Contribute to the wider initiative of engaging the public In ￿ntempOrary science. Support the teaching of science in secondary schools. Change attitudes towards science. in particular pathology. Activities To achieve our objectÈves the College has undertaken significant activities during the year under review: Training, examinatlons and assossm•nts: Setting the standards for training in pathology through the provision of medical. dinical science and veterinary pathology curricula. Administering medical pathology training through College Specialist Training Committees, who advise and provlde guidance on all major Issues relating to specialist training in pathology. Managing the development, implementstion and evaluation of workplace-based assessments for medical trainees and advising on the development of workplace- based assessments for clinical science trainees. Registering and monitorlng Specialty Registrars for the duration of their training and recommending them for the award of a Certificate of Completion of Training {CCT) to the General Medical Council {GMC). Providing electronic training porffollos to alk)w registered trainees to record their progress in training. Development. implementstion and delivery of the FRCPath Part 1 and Part 2 examinations in the 17 pathology specialties. as well as the Certificate and Diploma examinations and the Stage A and Stage C BMS examinations. Ensuring that curricula. assessments and examinations are approved by the appropriate regulator. and that transitional arrangements are In place where these thange significantly. Page 2

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Actlvltles (continued) Recommending to the GMC whether or not the training andlor qualifications and experience of pathologists applylng to the Specialist Register under the Certificate of Equivalen￿ of SpecAalist Registration {CESR) wles is equivalenl in content and duration to that required for a Certificate of Completion of Training. Management of the review and approval of applications for Fellowship by published works. Supportlng tralnlng and continuing professional development through the provision of the Pathology Portal. Supporting the provlslon and promotion of pathology in undergraduate and foundation training. Patlent safety Support pathologists and their téams to Improve safety and quality of Gare. Encourage shared leamlng to advance patient safety and quality improvement. Profèssional guSdellnes and practice Deliver a leading continuing professional development scheme and user friendly online CPD and revalidation portfolio for members. Supporting the Professional Conduct Committee to deal with revalidation queries and concerns about professional perfonnance In all disciplines of pathology. Deliverfng Invlted reviews of pathology services for healthcare org8nlsatlons and providing fomial advice on professional performance in pathology. Supporting the ongoing oversight of. and govemance for, extemal quality assessment stakeholders. Providing guidance and support to members and trainees on patient safety and quality improvement methodologies induding dinical audit and delivering continuous quality improvement awareness months. Ensuring pathology Input into guidelines and standards produc4d by rk2tional bodies. Continued membership of Ihe Intemational Collaboration on Cancer Reporting to support the production of Common and intemationally validated and evidence-based pathology datssets for cancer reporting for use throughout the world. The production of high-quallty evidence based dinical guidelines in pathology to accredited standards. Hosting weblnars for new guldance documents to support pathologist understanding and apply them in practice. Comrnerclal fundraising The provision of consultancy services to provlders or Commissioners where an authoritative independent review is required on the provision of highquality pathology services, under the trading name RCPath Consulting. The provision of high quality conference and meetlng facllltles and catering services to extemal clients utilising College rooms when not used for our own purposes, under the trading name Events@No6. Page 3

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Activities (continued) Workforce Maintaining standards in pathology by revlewing and approving consultant level job descriptions and overseeing the College's statutory role in consultant advisory appointment committees (A4C's). Collecting dats from direct surveys and the outcomes of appointments to enable the College to define the worlrforce required to dellver high quality patient centred pathology servi￿5 throughout the UK. Providing data to enable the College to have a dear volce on pathobgy V￿rkforCe planning. Conferen¢e$ and acad•mic actlvltles Management and development of the programme of in-house symposia and onllne webinars designed to keep participants up to date with current thinking and pradice in the pathology d1￿1p11nes. Advisory commlttees Much of the work of the College Is aehieved through the College's committee structure reporting to Council. These activities provide professional advice and guidance through specialty advisory committees. intercollegiate and joint committees. Committees deal with generic matters crossing all pathology specialties whilst the specialty advisory cx)mmittees advise on specialty specific matters such as histopathology and microbiology, etc. Establishment of a nelwork of lay advisors to input Into specific committees. Regional councils for Northem Ireland, S￿tland and Wales maintain valuable regional and local influence and insight. Committees that report to the TNstee Board indude Council, Govemance & Nominations Committee and the Remuneration Committee. Communicatlons Production of the quarterly publication °The Bulletin. distributed to members and subscribers. Production of a range of publications and guidelines on best practice in pathology. Production of the monthly President's e-newsletter for members. Development and maintenance of the College's web site, including the members, area. Engagement with politicians, dvll servants and other key stakeholders across the UK to raise awareness and understsnding of the value of pathology and the role of the College. Responding to parliamentary questions and consultations. Identifying opportunities to promote the work of the College via the media and improve the understandlng of pathology. Providing a professional point of contsct for all media enquiries. Delivering the College's public engagement programme, including National Pathology Week. Managing grant sd)ernes and awards. Page 4

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Activities (contlnuod) International development Providing support for the work of the International Committee, thaired by the Clinical Director of Intemational Activities. and the International Regional Advisors and County Advisors. Supporting current international medlcal graduates through provlslon of Ihe College sponsorship scheme and Medi(xl Training Initiatlve, and the Intematlonal Tralnee Support Sdieme. Supporting future intemational pathologists throughout thelr careers through the provision of the Intemational Pathology School. Providing support for examinations and candidates based outside of the UK. Providing support for refugee pathologists in the UK. Providing resources for members and healthcare workers In reglons affected by challenge and confllct. Fostering international strategic partnerships, collaborations and alliances through the development of Memorandums of Understanding and delivering the work agreed. Delivering International Pathology Day annually. Advocating and promoting the role of the College intemationally, induding through the delivery of projects. Supporting the professional development of intemational members and trainees. Raising awareness and understanding about the role and contribution of pathology to gbbal health. Equallty, dlvepJlty and inclusion {EDI) Hosting ￿gUlar meetings of the EDI to ensure EDI is ernbedded In all the College does. Developing an action plan to increase diversity and ensure Inclu￿On. Progressing work to initiate a survey of member characteristics and baniers to engagement to better Inform the College's policies and procedures. Hostlng events to raise awareness of EDI matters and generate discussion. Volunteers Many members give their time freely to help the College achleve Its objects by attendlng committee meetings. sltting on worf(Ing parties, acting as examiner5, commenting on reports. acting in a local liaison capacity. assisting with the public engagement programme, or undertaking some other task or function on behalf of the College. The Trustee Board is greatly indebted to Ihese individuals for their commitment and support. Achievements & performance The College produces a full Annual Report, which should be consulted for an analysls of the achievements and performance of the College for the year to 30th June 2024. Page S

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Sustainability During the year the College established its initial carbon baseline for the year ended June 2022 which y￿S estimated at 1.036 tonnes of carbon dioxide equivalent for the six maln greenhouse gasses. Trustee Board agreed an interim target of a 42% reduction in absoluts emissions below this baseline by 2032 with a view to achieving Nel Zero by 2040. Investment perfonnance The year to 30th June 2024 has seen strong market galns. Global Equities. over 70% of the Fund. have retumed 20.880/0, Wlth UK Govemment gilts up 4.5%. commercial property 0.880/0 and cash 5.290/0. In the early part of the financial year. the markets experienced a robust upswing driven by renewed investor confidence post-pandemic and posltive economic data. The Bank of England's cautious approach to monetary tightening provided a supportive backdrop, enabling ￿MPanieS to navigate the economic landscape with a degree of certainty regarding interest rates. However, the latter half of the year witnessed increased volatility and a downward trend, influenced by a confluence of geopolitical tensions and mauoeconomic challenges. Within equities it has been a mixed picture with technology perfomiing particularly strongly. For the first few months of the year technology and more specifically Al focused tech was the only game in town. Unlike the dotcom era much of the increase in value has been supported by eamings growth. Technology started and finished the year as the largest sector exposure in the fund spread over 20 world-class business. Other notable sectors including healthcare and finance have advanced as the market rally broadened. Whilst sectors with little or no exposure: energy, mining and utilities have stNggled. Rising earnings were supported by the sharp fall in inflation and interest rate expectstions that have now stabilised and polnt to a more normalised policy going foNard. Market fundamentsls are solid. Leading indicators are pointing to modest global growth. something that should bode well for corporate retums and hence rlsk assets over the medium tem. Financlal revlew For the year, the College's total income amounted to £9.7 mlllion. while expenditure reached £9.8 million. Subscriptions remain the largest source of income, contributing £4.4 million. Income from postgraduate education and examinations increased slightly to £2.5 million, wlth Corresponding expenditure of £2.8 million. The rising number of candidates sitting College examinations has driven both the inmse in revenue and associated costs. The College operates a commerclal conference venue through its wholly owned subsidiary mpany. Following a surge in income as pandemic restrictions eased, it is encouraging that this level of income has been maintained at £1.7 million. INhile margins have remained steady. stsff related costs have risen due to the tight labour market in hospitality and the need to source temwrary stsff for multiple concurrent events. Despite these challenges, a healthy surplus has been generaled from this activity. Page 6

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Flnanclal review (continued) Investrnent inwme and interest received have increased in Ilne wlth the rise in general interest rates and the full year effed of transitioning to our new investment management finn. Conversely, mortgage interest payments have also risen for the same reason. Rentsl income from the 5th fioor at Alie Street has remained ￿nStsnt. Despite these posrtive developments, overall costs have increased compared to the previous year. Inflatlonary pressures, though easing. have elevated the running costs associated with all College activities. However. we have achieved budgetary savings due to the delayed wmmencement of the CRM replacement system. and lower staff cost resulting from longer than anticipated vacancy periods. As outlined in thls report, the College generates funds through subscrlptions, eXam1r￿tion fees, grants and tradlng via its subsidiary. The College does not 501icit donatSons from the general public and does not employ or engage fundraisers from (x)mmerc¢al partlcipants. No voluntary fundraising schemes have been joined, and no fundraising complaints have been received. The College's subsidiary initially incurred deficits due to the ￿MMenceMent of trading and the significAnt impact of Covbd-19, which severely restricted events over an extended period. The subsidiary began the year with £190k deficit, however, strong trading reduced this deficit to £40k by generating a £150k profiL The company is expected to eliminate the remaining deficit in the next year. During the yearthe College disposed of its investment property and applied the net proceeds to repay capital on the mortgage loan. Other capital repayments took place during the year with the balance outstanding at 301h June amounting to £7.1 million. Rosorves The Trustee Board has established a reserves policy, whereby the unrestricted funds not Committed or invested in tangible fixed assets or designaled for specific purposes {the Yree reserves,) held by the College, shoukl nomally be sufficient to allow the College to operate viithoul income for up to 9 months. This level of reserves is essential, because our income Is not guaranteed and can be subject to signfficant fluctuations year on year. The College's reserves ensure that short term c*anges in revenue will not materlally affect the College's activities, seCU￿S the long term funding of the College and enables the College to meet its dutie5 under statute and its Royal Charter to promote standards of education and practice of pathology. This level of reserves would also enable the College to address any unforeseeable ad-hoc expenditure arising from topi￿1 issues in pathology, which the College feels should be addressed. At 30th June 2024 the level of free reserves of £6.4 million equated to 8 months of unrestricted expendlture. The total amount of restricted funds at 30 June 2024 amounted to £1.8 million. Total College fijnds amounted to £38.5 million. Page 7

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Going concern The trustees have reviewed the financial position and financial forecasts, taking into ac￿Unt the levels of investment ￿serveS and cash, and the systems of financial ￿ntrol and risk management. As a result of this review, the trustees believe that they are well placed to manage operational and financial risks successfully. Accordingly, the trustees conslder that the College has adequate resources to continue in operational existence for the foreseeable future. They continue to support the going concem basi5 in accounting and in preparing the annual financial accounts. Rlsk management The principal risks faced by the College are detailed below, together wlth Ihe steps taken to mltlgate against them. Risk NHS Trusts and other employers of pathologists may not release them to devote to College duties. A wide range of work, ultimately for the benefit of the NHS, is undertaken by pathologists for the College. Miti ation Trustee review of Ihe volunteer model. Member engagement proposition is being drawn up explaining the value of the College and encouraglng people to become invofved. Additionally, members may not feel that the College is relevant to their practice and may not volunteer for College roles or stand for election to College posts. Encouraging meetings to take place electronically or in hybrid style using available technologies. General economic conditions, including high rates of general cost inflation, higher bank base rates and utility costs increasing has led to significant financial pressures on the College, with a deficit projeded for the next few years. Monthly management accounts produced comparing actual against budget to inform trustees of the up to date position. Review of College activities to see if additional income can be generated from sources other than subscriptions and examination fees. Review of activities to see if some could be paused whilst cost ressures are ex erienced. A technology transformation project is in progress for the database and website platform. which has incorporated a review of all business processes. Technology risks, including reliance on the College database, which is used by many departments across several different functions. A review of IT infrastructure took place in early 2022, and new hosting arrangements have been put in place. Page 8

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Audltors A resolution will be proposed at the Annual General Meetlng that Begbies be re-appointed as auditors to the College for the ensuing year. Investment policy and objectives The Trustee Board's investment polScy is to maximise the retum on investrnents taking the medium to long-temi view with a moderate level of ￿Sk. The capital value of th8 Portfolio should be protected in line with the objective of generating an annual rate of retum of inflation, as defined by the Consumer Price Index (CPI), plus 40/0 over a 5-year basis after expenses. The Trustee Board may invest funds of the College in such stocks, funds, shar8s, or securities and other investments within the United Kingdom or elsewhere as the Board sees fit, provided that the Board is satlsfied that such investrnent Is not speculalive and will not expose such monies and other investments to undue risk. The Trustee Board has adopted an ethical investment policy precluding investment in fossil fuel, lobacco, mining or armament companies. The portfolio is managed by an investment management company. The tolal retum approach where income and capital gains are nsidered in aggregate is adopted, Induding for those investments relating to restricted funds. Designated funds Designated funds are funds set aside by the Trustee Board out of unrestricted general funds for specific future purposes or projects and are excluded from the value of the College's free reserves. An explanation of the College's designated funds is given in note 21 to these accounts. The total of designated funds at 30 June 2024 amounted to £29.9 million. Plans for future periods Our new strategy for the five year period July 2024 to June 2029 was launched in May 2024. Vlsion: Developing arKJ supporting excellence In pathology for healthcare across the world. Mlsslon: To advance the science and practice of pathology. To further publlc education In the field of pathology. To promote sludy. researth and innovation in pathology and disseminate the results. Values: TeamV￿rk. Service. Ambition. Alms and ob￿ctIVes. Alm 1- Lead excellence in pathology pThictlce. 1 . Promote the breadth of opportunities and patient benefits of a career in pathology and laboratory medi¢lne, Page 9

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Plans for future periods (contlnued) 2. Use robust data and analysis to provide insights into the pathology workforce and lobby for the action needed to sustain it in the interests of patients. 3. Work with stakeholders to ensure safe, supportive and indusive workplaces for pathologists. 4. Estsblish strong policy posltlons and act on key priorities for pathology across the four UK nations. 5. Develop and maintain strong relationships with UK politicians. govemment bodies, publlc audiences and industry parkners. Aim 2- Promote the hlghest standards of pathology education and tralnlng. 6. Keep curricula, assessments, and examinations under review lo ensure they are refiective of current best practice. 7. Enable individuals to progress through training by removing barriers and ensuring equty to reach consultant practice. 8. Support appropriately qualified intemational medical graduates lo obtain registration to practice in the UK. 9. Provide support and resources for trainees and new consultants. Alm 3- Foster a sens• of prlde and belonging among our members. 10. Listen to our members and use their insights to develop an engaging and Indusive membership benefit portfolio. 11, Provide opportunities for members to ne￿rk. share best practice and find support to address any challenges they face. 12. Deliver professional development opportunities for members to safeguard their pradice for the future. 13. Deliver high quality resources to support pathology practice. 14.Advo¢ate for palhology and pathologists. Alm 4 - Be the authorltative and trusted partner for pathology. 15.Maintain high standards of professionalism. integrity, and transparency in our interactions and communications. 16.Collaborate with partners to gather and share Intelligence and provide a strong evidence base to support the recommendations and advice we provide. 17. Leverage partnerships wlth kindred organisations. stakeholders and devolved nation health services. 18. Build on our intemational profile as a trusted partner and advisor in pathology practice. 19. Develop industry partnerships to share knowledge and insights across pathology. Aim 5 - Be a well-resourced sustalnable and incluslve organlsatlon. 20. Ensure equity. diversity and indusion in all that we do. 21.Deliver digital transfomiation to advance organisational efficiency and support our members. 22. Prioritise staff wellbeing and workload management. 23. Deliver our carbon reduction plan and net zero ￿MMItMent. Page 10

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Plans for future periods (continued) 24. Promote sustainability in pathology practice through collaboration with relevant stskeholders. 25. Ensure financial sustainability. significantly reducing the deficit within five years. 26. Harness new opportunities for income generation expansion and enhancement and promotion of commercial activities of the College. 27. Explore how the College hamesses member expertlse to deliver its mission. Structure, Governance & Management The College of Pathologists was founded on 21 June 1962 and was incorporated under Royal Charter on 28 February 1970 and registered as a Charitsble Trust on 28 April 1970. The College Ss govemed by its Royal Charter, Ordinances and By4aws, the "governing documents.. The Trustee Board is responsible for the structure. govemance and management of the College, including financial matters. Members of the Board are the trustees of the College. Committees reporting to the Trustee Board include the Council, Governance & Nominations Committee, and Remuneration Committee. CouncAI is ￿sponSible for the clinical, educational and professional functions of the College. Council has sub committees, induding specialty and stsnding advisory commlttees, examinations and training commlttees. and reglonal councils. The trustees who served during the year are set out below. They comprise the 7 honorary officers, the chairs of each of the regional councils for Northem Ireland. Scotland and Wales, and 3 lay tNstees. Trustees are elected or appointed for a three-year temi of office after which they may serve again only after a one-year gap. unless elected to another honorary officer role. The Treasurer. Reglstrar and lay trustees can serve for tw￿ consecutive three- year terms of offKe. The honorary officers are elected by the fellows and diplomate members as a whole from amongst the fellows. The chairs of the regional councils are elected by the fellows and dlplomate members in that region from amongst the fellows resident w51hln the particular region. The three lay trustees are appointed following a process which includes advertising these positions, completion of an application fomi, shortlisting against the requirements contained in the role description and person specification. and a panel intepiiew. Trustees take decisions in the best Interests of th8 College as a whole. They operate In accordance with a code of conduct that makes explicit reference to objectivty in decision- making. A register of interests is maintsined in respect of each member of the Trustee Board and Council. On appointrnent to office trustees receive an induction padf and are invited to attend the annual induction training meeting. The Trustee Board approves the College's annual budget and strateglc plan. Once approved, the implementation of the plan is delegated to the staff, who have the authority to work within the parameters set by the Board. Decisions of a strategic nature. or items out with the agre8d budget and plan. must be referred to the Board. Pag?11

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Structure, Govemance & Management {continued) The College wholly owns a subsidiary company, RCPath Trading Limited. whlch undertakes certain trading activities. The directors of the company are the College's President, Treasurer, Chief Executive, and an independent director appointed by the College's Trustee Board. The Trustee Board requires that the taxable profits of the ￿MpanY be paid to the College under gift aid. 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 Klngdom 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 which give a true and fair view of the state of affairs of the College and of the incoming resources and application of resources of the College for that period. In preparing these financial statements, the trustees are required to: Select suitable accxjunting policies and then apply them consistently; Observe the methods and prfnclpals of the Statement of Recommended Practice (Charities SORP)., Made judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures discbsed and explained in the financlal statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the College will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the finandal position of the College 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, Ordinances and By-Laws. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other iTregularities. The trustees are responsible for the maintenance and integrity of the College and financial infomiation included on the College's website. Legislation in the United Kingdom governing Ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Key management personnel remuneratlon The trustees consider the Trustee Board and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, wnning and operating the College on a day to day basis. All trustees give of their time freely and no trustee received remuneration In the year. Details of trustees. expenses are disclosed in note 6 to the accounts. Page 12

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Key management personnel remuneration (contlnued) The pay of all staff. including the senlor staff, is reviewed annually by the remuneration committee whith reports to the trustee board. Pay is benchmarked periodically by an extemal expert in employee remuneration arrangements against the median of the range for similar roles in similar sized organisations in the London not for profit sector. Remuneration is based upon eight pay bands each with five pay points. Staff progress up the pay scale on successful completion of an annual perfomiance revlew. The senior management team meet annually to review and agree perfomiance review summaries for all staff, and the remuneration comrnittee reviews and ratifies this decision. The remuneration commlttee reviews the perfomiance reviews for all of the members of the senior management team and agrees their progression up the pay scale. No employee of the College or of its contractors is paid below the London living wage. The College consults its employees on significant employment matters via the staff forum. Statement of dlsclosure to auditor So far as the Irustees are aware, there is no relevant audit information of which the College's auditors are unaware. Additionally. the trustees have taken all the steps they ought lo have taken as trustees in order to make themselves aware of any relevant audit infonnation and to establish that the College's auditors are aware of that infonnalion. Reference & administrativ• details Trustees Those who served as trustees during the year were as foll0v￿.. Dr John Ashoroft Treasurer Prof Marta Cohen Vice Presldent (appointed 16 November 2023) Prof Sarah Coupland Vlce President (demitted office 16 November 2023) Registrar (appolnted 16 November 2023} Chair, Scotland regional ¢oun¢il (demitted office 16 November 2023) President (appointed 16 November 2023) Vice President (demitted office 16 November 2023) VIC8 Pre5klent (appointed 16 November 20231 Lay Truslee (appolnted 16 Novembgr 2023) Chair. Waies regional councll Co-opted Trustee Idemitted office 16 November 2023) Vice President {apwinted 16 November 20231 Vice President {demitted office 16 November 20231 Chair. Scotland regional council (appointed 16 November 2023) Co-opted Trustee (demitted office 16 November 2023) Chalr. Northem Ireland region81 council Asslstant Registrar President (demitted offl¢e 16 November 2023) Lay Trustee (appolnted 16 November 2023) Registrar (demitted office 16 November 2023} Lay Trustee & Chair ofTrustee Board (demitted office 16 Nov9mbgr 2023) Lay Trustee & from 16 November 2023 Chair of Trustee Board Dr Bemie Croal Prof Angharad Davies Dr Noha El Sakka M8 Lesll Flinn Dr Anu Gunavardhan Dr Anita Hlll Dr Laszlo Igali Prof Peter Johnston Dr Elijah Matovu Dr Gareth M¢Ke&man Dr Stephen Morfey Prof Mike Osbom Ms Jennlfer Phillips Dr LanGe Sandle Mr Robert Smith Mr Vincent Voon Pag¢ 13

The Royal College of Pathologists Report of the trustees for the year ended 30 June 2024 Reference & administrative detalls (contlnued) Senior Staff Daniel Ross Joanne Brinklow Diane Gaston Nigel Pollard Katherine Timms Chief Executive Director of Leaming Director of Communications Director of Corporate Services Director of Professlonal Practice Prlnclpal Office The Royal College of Pathologists, 6 Alie Street, Lon(Jon E18QT. Telephone: [phone] E-mail.. [e-mail] Website: www.rcpath.org Registered charity number 261035 in England & Wales. Company registration number RC000127. Professional advisors to the College Auditors Begbies, 9 Bonhill Street, London ECZ4 4DJ. Taxation advisor8 Crowe, 55 Ludgate Hill, London EC4M 7JW. Solicitors Womble Bond Dickinson, 4 More London Riverside. London SE12AU. Investment managers CCLA, One Angel Lane. London EC4R 3AB. Bankers HSBC, 69 Pall Mall, St. James's, London SW1Y 5EY. Co-operative Bank, 1 King William Street, London EC4N 7AF. Approved by the Trustee Board and signed on their behalf by.. Dr Bernle Croal Presldent 8 August 2024 Pa9è 14

Independent auditor's report to the trustees of The Royal College of Pathologists Oplnion We have audited the financial statements of The Royal College of Pathologists {the 'charity') for the year ended 30 June 2024 which cornprise the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Ststement of Cash Flows and notes to the financial statements, including a summary of significant accounting pollcies. The financial reporting framework that has been applled In thelr preparatlon Is appllcable law and Unlted Kingdom Accounting Standards. including Financlal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: Glve a true and falr vlew of the state of the parent charity and its subsidiary undertaking's affairs as at 30 June 2024 and of thelr Incomlng resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accept￿1 Accounting Practice. have been prepared in accordance with the requirements of the Charities Act 2011. Basbs for opinion We conducted our audlt In accordan￿ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further discussed in the auditorfs responsibilities for the financial statements section of our report. We are independent of the charity in accordance with the ethi(21 requirements that are relevant to OUT audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtslned is sufficient and approprlate to provlde a basis for our opSnlon. Concluslons relatlng to golng concern In auditing the financlal statements, we have concluded thal the directors, use of the going concern basis of acwuntlng in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identlfied any material uncertainties relating lo events or (xjnditions that, individually or collectively. may cast significant doubt on the companls ability to contlnue as a going concem for8 period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbS1ities of the directors with respect to going Concem are described in the relevant sections of this report. Oth•r Infomiation The trustees are responslble for the other infomiation. The other Infonnation CL)mpri8es the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿iSe explicitly stated in our report, we do not express any fomi of assurance condusion thereon. Page 15

Independent auditor's report to the trustees of The Royal College of Pathologists In connedion with ourauditof the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether Ihe other infomiation is materially inconsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identlfy such material inconsistencies or apparent material misstatements, we are required to detemilne whether there is a material misststement 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 malerial 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 requlred to report by exception In the light of the knowledge and understanding of the tharity and its environment obtained in the course of the audit, we have not identtfied any materlal mlsstatements in the report of the trustees. We have nothing to report in respect of the following matters in relation to which the Charities (Aco)unts and Reports) Regulations 2008 require us to report lo you rf, in our opinion: The informatK)n glven in the trustees, report is inconsistent in any material respect with the financial ststements., or SuffiGient accounting records have not been kept. or The financial statements are not in agreement wth the accounting records; or We have not received all the infomation and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or efror. In preparing the financial statements, the trustees are responsible for assessing the charty's ability to continue as a going concem. disclosing, as applicable, matters relating to going concem and using the going concern basis of accounting unless the trustees either Intend to cease operations, or have no realistic altemative but to do so. Audltorfs responslbllities for the audit of the financlal statements We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Page 16

Independent auditor's report to the trustees of The Royal College of Pathologists Our obJe¢tlvas 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 assuran￿, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or error arKJ are consklered material if. individually or in the aggregate, they coukl reasonably be expected to influence the economlc declslons of users tsken on the basis of these financial ststements. Extent to whlch the audlt was capable of detectlng irregularltles. includlng fraud Irregularities. induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responslbilities, outlined above, lo detect material misstatements in respect of irregularities, induding fraud. The extent to whlch our procedures are capable of detecting irregularities, including fraud is detailed below: Agreement of Ihe financial statement disdosures to underlying supporting documentation., Enquiries and confimiatlon of management and the trustees as to their identification of any non-compliance with laws or regulations. or any actual or potential claims; Review of minute$ of Board meetings throughout the period; Incorporating unpredictabilty into the nature, timlng andlor extent of testing; Evaluation of the selection and application of the a¢￿UntIng policies chosen by the In relation to the risk of management override of internal controls, by undertaking procedures to review loumal entries and evaluating whether there was eviden￿ of bias that represented a risk of material misstatement due to fraud: and We assessed the susceptibilty of the charty's financlal statements to material mlsstatement, including how fraud rnight ocLur by (x)nsidering the key rfsks Impacting the financial statements. Our audit procedures were deslgned to respond to risks of material misstatement in the financial statements. recognising that the risk of not detecting a materlal misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery. misrepresentations or through collusion. There are inherent Ilmltatlons In the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions rellected in the financial statements, the less likely we are to become aware of it. A further des(YiPtion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte at.. ww.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Page17

Independent auditor's report to the trustees of The Royal College of Pathologists Uso of our report This report is made solety to the College's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the College'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 nol accept or assume responsibility to anyone other than the College and its trustees as a body. for our audit work, for this report. or for the opinions we have fomied. Begbies Chartered Accountants Statutory Auditors 16/09/14 Begbies is ellgible to act as an auditor in terms of section 1212 of the Companies Act 2006. 9 Bonhill Street London EC2A 4DJ Page 18

The Royal Collego of Pathologlsts Consolidated Statement of Financlal Actlvltie8 for the y•ar •nded 30 Juno 2024 Ur￿stricted Unrgstri¢tsd General Designated Funds Funds Total Funds 2024 Total Funds 2023 RestriGted Funds Incomo from: Note Donations & legacles Charitable aclivilies J,588 588 Subscriptions Postgraduate education & examinations Pathology portal Intemational developmont Conferences & academic activities Professional practice Communications & publk Ongagement 4,430.527 2,518,616 4,4XJ,527 2,521.116 4,047.750 2.428,610 500.CQO 56.584 207,090 64.777 14,175 109,283 108,935 10.000 54,&88 13,500 68,763 122,783 108,935 10.000 TradlNJ aclivllies IDve$knents 1,712,308 338,387 291,709 1.712,308 389,247 291.709 1,713,200 167.917 253,690 50.860 Olher Total Incom• 9,584,528 121,448 9.705.976 9,440,206 Expgnditure on: Ralsing funds Trading activities & educatSon centre Investment management 2.057,065 17,166 125,244 16,230 2.073.295 17,166 125,244 1,779,242 16,876 228,630 Charitablo a¢tivitSos Postgyaduale education & examinalion$ Pathology portal Intemational development Conferences & academlc activities R8se8rch Professlonal pract Workforce Communkatlons & public engagemont Advisory ¢ommitleey Totsl expèndlture 2.713,866 52,696 5,250 263.366 21,632 13,414 6.806 2,TT1,812 263,366 344,014 &88.962 6,806 1.190,376 519,937 1,511,298 586.945 2,704,046 164,162 426,579 315,589 .398 6,793 9,1S) 1,163,053 S)9,880 1,470,368 566,394 27,323 10,057 33,923 20.551 1,058,787 424,860 1,508,455 597,252 7.007 9,305,023 176,723 317.475 9,799,221 9,415,337 Not Income l {exp8nditurg) ￿fore nat galns on Invostments 279,505 1176,7231 1196,0271 (93,2451 24.869 gains on Inveslment8 Not incom• I16xpendltur•) 15 376.576 34.597 411.173 232.104 656,081 {176,7231 1161.4301 317,928 256,9n Transfers be￿en funds 20 (583,6571 582.657 1,000 Noi M￿men1 In funds 72,424 405,934 1160.4301 317,928 256,973 R•conclllatlon of funds: Totsl funds brought forwar(I 6,705,881 29,520,405 1.985,761 38.212,047 37.955.074 Totsl fvnds Garri•d fobward 20 6.778,305 29,926,339 1,825.331 38.529,975 38,212.047 All of the above results are derived from continuing actlvllle8. There were no other re￿gnised galns or1088es other than those slated above. The notes on pages 22 to 36 foryn part of these 8¢¢wnlg. P¥Je 19

Royal Collage of Pathologists Consolidated and College Balance Sheets as at 30 June 2024 Consolidated 2024 2023 College 2024 2023 Not& Fix•d Assets: Tangible assets Intanglble assets Invesknents 13 14 15 36,882,142 75,177 5,142,125 37.096,288 ,882,142 75,177 5.142,225 37,096.288 5.387,986 5,388,086 Total fix•d oss•ts 42,099,444 42,484,274 42.099.544 42,484,374 Curront as8•ts: Stocks Debtors Cash at bank and in harKI 16 17 2,293 1.311.292 6,816.784 2,886 958,743 7,207,779 2.293 1,005.893 6.645.376 2,886 784,189 7,146,393 Total current assots 8,130,369 8.169,408 7,653,562 7.933.468 Llabilitles: Creditors: Amounts falling d wllhln one year 18 (4,798,302) {4.484,144} {4,281,8951 14.058.404) N•t currént assets 3.332,067 3,685,264 3,371,667 3,875,064 Total assets Gurront liabilltles 45,431.511 46,169,538 45,471,211 46.359,438 Creditors: Amounts falling due after more than one year 18 {6.901,5361 17,957.4911 {6,901,5361 17,957,491) Total nol assgts 38,529,975 39.212,047 38,569.675 38.401.947 The funds of the Collfjge: Unrestricted funds - gener81 funds Unrestricted funds - designated funds Restricted funds 22 22 22 6,778,305 29,926.339 1,825,331 6,705,881 29,520,405 1.985,761 6,818.005 29,926.339 1,825,331 6,895,781 29,520,405 1.985,761 Total College funds 38,529,975 38.212.047 38,569,675 38.401.947 The notes on pages 22 to 36 form part of these accounts. The financial statements were approved by the Trustee Board on 8th Augusl 2024 8nd signed on behalf of the Trustee Board by Dr Bernie Croal Pre$ldent Dr Joh Tr ur P￿• 20

The Royal College of Pathologlsts Consolidat•d statement of cash flows for the year ended 30 June 2024 2024 2023 Cash Ilows from op•rntlng a¢llvltles: Net cash provided by l {4ts8d in) operatlng actlvlues (note 1 below) (71,5661 373.371 Cash Ilows from Investlng a¢tlvltl•s: Di￿dendS and interest rg¢eived VAT rec18im relallng to the histori¢ ¢ost of freehold propety Purchase of property, plant and equipment Pro¢gods from the sale of Inve8tsnents Pwchaso of invostments S39,247 105,110 {448.3471 657,034 167.917 {16,823) 4,682,091 14,737,135) Net cash provlded by l (usod Inl Snv•stlng actlvNI 703.044 96,0 Cash flows from flnanclng actlvltles Repaylnent of borrowing N•t calh provld•d by l (us•d Inl finan¢ing 8ctivitle• (1.022,4731 {460,804) (1.022.473) {460,804) Change In ¢a8h and cash equlv8len18 In the year 1390,9951 8,617 Cash arNJ cash equivalents at the beglnning of the year 7,207,779 7,199,162 Cash and cash equlvalents at the end of th• wr (mte 2 below) 6,816,784 7,207,779 Notos to the statement of cash flows 1. Rttonclllatlon of not Incom•ll•xp•ndhurn) to n•1 ¢a8h flow from oporatlng a¢llvltloS 2024 2023 N•t In¢ome l (expendlture) for iho year (as pw th• stst•mont of flnanclal actlvlllos) 317.928 256.973 Adjustments for. Dèpreciation charg85 IGaln$l I losse8 on Investments DI￿d￿ndS aTrd Interest Ilncreasel I decrease In stocks Ilncreasel I deGrgase in debtors Increase l {decreasel in Greditor& 482.206 {411,1731 (389.2471 593 (352,5491 280,676 697,9￿1 1232,104) 1167.917) 1,603 I155,0￿1) 128,084) Not cash provldod by l (used In) oporatlng aclmtles 171.5661 373.371 2. Anatysls of ca8h and cash •qulvalents 2024 2023 Chango in yoar Cash at bank COIF Charity Deposit Fund 2,266,784 4.550,000 3,207,779 4.C¥XI,000 1940,995) Total cash and cash equivalents 6.816,784 7.207,779 1390,9951 AMlysl$ of change8 In n•t debt 2024 Cash flows 2023 Cash COIF Charity Deposit Fund Loans falling due within one year Loans falling due morg than one year 2,266,784 4,550,000 {229,3941 I6,￿1,586) (940.9951 550,0Th) 133,482> 1,055,955 3,207,779 4,000,000 {195,912) (7.957,491) {314,1461 631,478 1945.624) P48 21

Tho Royal College of Palhologlsts Notes to the Flnan¢ial Ststemonts as at 30 Juno 2024 l. Accounting pollcles la) Basls of pryratlon The financial slalemenls have been prepared in aC￿rdan￿ %Mth the Ststement of Recommended Pradice: Accounting and Reporting by Charities preparing their accounts in awordance wlh the Finanoal Reporting Standard applicable in the UK and Republic of Ire18nd {FRS 10218nd the Financial R6portiTha Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Charits'es Act 20118nd UK Generally Accepted Practice. Ib) Public b•n•fit •ntlty The Co1￿98 meets the definRion of a publiG bgnefil entity under FRS 102. {cl Golng ¢onc•rn The trustees consider that there are no material uncertainties obout the College's ability to c￿ntInUe as a goSng concem. The trustees do not consider that there are any sources of est6m8tion uncertalnty at the reporting date Ihot have significant risk of causing a material adjustment to the carrying amounts of assets ar￿ liabilitles within the next reporting period. Id) Group flnanclal slatements The finanaal statements consolidate the resums of the College and ils wholly ovmed subsidiary. RCPath Trading mited, on a Ilne by line ba$i5. (e) Incom• Income is irKluded on a receivable basis. Income from subscripti¢Ms. tralnee registration and fees for parb¢ipallon in the continuing professional development scheme are recognised in the accounting period lo vthich the Se￿￿8 covered by those fees relate. Fees received In advance are accounted for as deferred income wthin creditors. Income from exeminations and conferences & academic actiwties 8re includgd in the acGounting period in vthich the 8X8minatson or conference takes place. IQ ExpwKlltur• and irr•coverable VAT Expenditure is recognised once there is a legal or constructive obligalitin to make a paymenl lo a third paty. il is probable that settlement will be requSred and ihe amount of the obligation can be measured reliably. ExFendSlure on charitable activities includ8S the costs of delivering examinations. training and educational activthes undertaken to further the purposes of the College and Ihelr ass¢xlaled support costs. Irrecoverable VAT Is charge(l as a ￿st against the activty for which the expenditure was incurred. (gl Allocatlon of support G￿t8 R6sources expended are allocated lo the particular acliMly where the cost relates direclly to that activity. However, the cost of overall direction and adminlstralion of each aCtI￿ty, comprising the salary and overhead costs of the central function. is apportKJned, based on stsff numbers eng8ged in each acliwty. Govern8nee costs are apporlioned" on Ihe same basis. {hl For•lgn ¢urroDGIg$ Transactions denominated in foreign eurrencies are translated into sterling at the rale of exchange prevailing at lh8 time of the transaction. 111 Owratlng l•as•s Instslmenls under ¢)peraling lease commilmenls arising in the year are inclLKled in the Statement of Finaw81 Activities for the yeor in ¥thich they arise. P•Jè 22

The Royal Collggo of Pathologists Notes to the Financlal Statements as at 30 June 2024 Ul Tanglbl• fixed ais•ts and depreclatlon Tang￿￿ fixed assets costing more than £2,5fy) are witalised. DepreGBtion 1$ ¢harged on fixed assets al rate8 calculated to ￿lte off thsir cost eventy as followts: Freehold buildings over 50 years lo resldugl v8lu& Lar not depreciated Fixtures. fittin9$ and Ol￿e equipment over 3 10 5 years Comwter systems and sofhv8re over 2 10 5 years Tho College has adopted an a￿oUntIng policy of eaixtslising borrowng costs that are direclty attrfbulable lo the construction of the new building. From the date of occupation of the premises in Novembèr 2019 Interest has been Charged to the Stst&ment of Financial Activilios. As explained in r￿t• 14, ￿ritage assets have not been ¢9pitsli$ed or depreclated as no rollab￿ velue can b8 attrlbuied. {k) Sto¢ks These are stated ot the of cost and net reallsat4e value. {1) Funds aeeountlng Funds held by the College are: Unreslrycted gener81 fvnds - Ihese 8r8 funds c•n be u$ed In accordance th& chaTitsbie ¢)blects 81 thg discretion of the Trustsg Bgard. Unrestncted De&9n8t8d funds - these are furKIs Set a&de by the Trustee Board OLrt of unre5trictsd general fiJnds specific fvlure purposes ￿ projects. Restrlcted fvnds - these are funds that C8n only be used for p8rtl¢ular regtricted purposes vAthSn the obSecls of the College. ReslriGlion$ arise vthen spedfied ty the donor Or ￿ere funds are r818ed for partlcular resiricted purposes. Furlher explan8tlon of the nalure and purpose of each fund is included In the notes to the accounts. Im) Penslon schemes The Colkge parbcipales in 2 pension schemes.. the defined benefit scheme, operated by SAUL (Superannuation Arrangements of the UnNersity of London) and the defined contribution Scheme operated by Royal London. For SAUL, the actuarial waluation applies to SAUL as a whole and d￿8 not Jentify surpluses or deficrts appllcabl8 to indNidual employers. As a whcAo. the market value of SAUL'S assets at 31 March 2023 was £3.0￿ million represen￿ng 1051>/0 of the liatililie5. It is not posslble lo Sdentify an individual employerfs shar8 of the underfwng assets and liabilities of SAUL. Thè College accounts for ils partScipation in SAUL a5 rf il were a defined contribution scheme and pension costs are based on the amounts actually paid11.e. cash amounlsl In accord8nce paragraphs 28.11 of FRS 102. As there was a technlcal prowsions surplus at 31 March 2023. no deficit contrfbutions were required following the 2023 valuation and there is no defined benefit liability (l.e. the present value of ony defiat contribuUons due to SAUL) to be recognised by th8 College. For the Royal London schomg, the pension charge represents the conlrbutions payable by the Colege. {nl Rs•￿h grants Grants payable end reCe￿ab￿ are recognlsed In the statement of finan¢ial a¢tiwties In the perfod to %thich the grant relates ant1 Ythe￿ ¢ondlth)ns relating lo the grant hgv8 been fulfilled. {ol T•nnlnatlon payments TO￿ln?110n paymfjnts are recognlsed in the Statsment of Financlal AdvSties lthen Incu￿8￿. Ip} Fix•d ass•t invHtm•nts Fixed asset investments are Included al their fair walues Imathet value) at th8 balance sheet date. Any gain or loss on revaluation is tsken to the Slalement of FinanrAal Activlt4es. Page 23

The Royal Colloge of Pathologists Notes to tho Flnancial Statements as at 30 Juno 2024 {ql D•btors Trad8 and other debtors are recognised al the s¢ttlement amount due after any trade disGount offered. Prepayments are valued at the amount prepald n81 of any trade discounts due. Ir) Cash at bank and in hand Cash al bank and cash in hand includ8s cash and short term hlghly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar aCc￿nI. Cash balan¢es include amounts held by way of rent deposits from tenants. (sl Crodltors and provislons Creditors and provisions are recognised wherg lh8 char6ty has a present obligation resulting from a past event that wll probably r￿Ul1 in the transfer of funds to a third paty and the amount due to settlt th8 obligatlon can be measured or estimated reliably. Creditors and provi8ions ar& normally recognised al their setuement amount aftgr allowing fix any trade discounts due. The cha￿ty only has fingnci81 assets 8nd financial liabililles of a kind Ihal quallfy as basic finanGial instruments. l Tradlng Income and •xpendllur• RCPath Trading Llmit•d The College owns 100Yv of RCPath Trading Limited (Company number 04535296}. The main artivities of the company are lo undertakg various trading aclivibes of the Collegg. The company supplies Consultancy services under the trading name of RCPalh consulting. and operates 8 commercial confergn¢e centre called Events@N¢6 al the College's Alie Street premises. The latter op8ration Gommènced in January 2019 and has made some losses to date in il's 5tsrt￿p situation. It will donate future taxable profits to the College under glft ald. Trading results exlracted from its audlted accounts are as follows.. 2024 2023 Profit & Loss acGount Tumover 1.813.330 1.799,202 Cost of sal88 and administrative expenses (1,663.1291 (1.569,520} 229.682 Nel profil Payable under gfft aid lo The Royal College of Palhologi$ls Profit retsined in RCPath Trading Limited 150.201 150,201 229.682 BalanG• sheet 2024 2023 Debtors Cash at bank 386.081 171,409 266,923 61,386 557.490 328,309 {597.089) 1425,7401 Cr8ditors= amounts falling due within one year Nel cuffent assets Creditors.. amounts falling due after more than ong year (39,599) 197,4311 192.3691 N8t assets I (liabilities) {39.599) {189,800} Share capital Profit and loss aG￿nt 100 100 139,6991 1189.900) Capitsl and reseNes at 30 June (39.$99} 1189,8001 The College has agr99d a fom)al loan to financially support its trading subsidiary companls105$99 during the stsrt￿p phase of its conference centre operations. Th8 loan is for a period of up lo 10 years. The College purchased £100.92612023- £86.0021 of services from its wholly owned subsidiary during the year and received payment of £120,00012023 - £234.442) towards the cost of shared overheads. In accordance with the SORP, these transactions have been removed on consolidation. In addition. the College paid £203.28012023 - £57,282> of salaries relating to staff employed by the subsidiary company that were recharged in full. Paga 24

The Royal Colloge of Pathologists Nots8 to the Financlal Statements as at 30 Juno 2024 3. D•lallod Gompar•tlv•* th• slat•m•nt of IIDwiGlal •Gtivltlos in 2023 Unrestricted Unr8StrictwJ General Designated Funds Funds Totsl Restri¢led Fl￿￿$ Funds 30 June 2023 Incom• from: Donallons & leg8des Ch¥itable act1￿lIeS Subscriptions Postgraduate educollorb & examinations Patholcgy portal Intemational development Conferences & acadern￿ acliwlies PrOf￿￿Onal standards 4.047.750 2,413.610 4,047,7￿1 2,428.610 )o.oc 15,000 s￿,000 12,294 44.290 207.090 64.TT7 207.09) 64,777 Tradlng athties Investments 1.713.200 1.713.2C 153.171 14,746 167.917 Other 253.690 253.69) Total Incomg 8.898.166 542.040 9.440.206 Exp•ndllur• on: Ralslng funds Tradlng activitses Investsnent management feès 1.777,035 16.876 192.190 2,207 1,779.242 16.876 228.630 36.440 Charltable activities Postgraduate educatlon & examlnallons Pathology p￿ts1 Intematsjnal development Conferences & academlc acllvhles Professional practice Worl(force Communications & publlc engagement Advisory committees 2.674.685 18.834 10.527 164.162 7.166 2.704,046 164.162 426.579 )6,448 1.058,787 424, 1,508,455 597,252 413,675 1,518 1,042.478 420,516 1,468,333 592,100 5.738 4,930 16.309 20.286 5,152 19,836 Total exwndlturo 9.099.￿ 114,240 201.691 9,415.337 Net Incom• I I•xponditur•> b•fore net galns on investmgnts Nel gains on Invesknenls N•t Incom• I l•xp•ndltur•) Transfws bglwogn fund8 1201.240) {114,2401 198.611 340.349 24.869 33,493 232,104 12,6291 {114.2401 {78.997> 77,997 373.842 256,973 1,0 Nol movemont ID funds {81,626> 136,2431 374.842 256.973 Reconclllatlon of funds: Totsl funds brought forwrard 6.787.S)7 29,556,648 1.610,919 37.955.074 Total fund• caThlod forw•nl 6.705.881 29,520.405 1.985,761 38.212.047 P•Jo 25

Tho Royal College of Patholog18ts Notes to the Financlal Ststements as at 30 June 2024 Income from Investm•nts 2024 2023 Bank deposit inleresl Incorne from Ilsled investments IrKome from investment properties 245,030 144,217 31.351 106,483 30.083 389.247 167,917 S. Donatlons & Loga¢ios 2024 2023 Legaci8$ College members 50,CQO 588 50,588 fj. Slaff costs, trust9• r•mun6ratlon and oxp•nsos, and th• ￿$¢ of key manag8m•nt p•rsonnel 2024 2023 The total cosl of salarie$ and wages ￿re Salaries and wages Redundancy and termination costs al security costs Pen$ion contr11￿tiOnS 3.390.211 3,121,715 15.131 343.794 416,538 368,147 4%.638 4.216.994 3,897,178 The redundancy and lerminatvJn Go$ts wer8 setued and paid at the balance sheet date. The number of empbye8$ whose emoluments exceeded £60,000 in the year was as follows.. 2024 No. 2023 £60,001- £70,000 £70.001- £80.000 £80.001- £90.000 £90,001- £100,C4)0 £130,001- £140,000 £140,001- £150,0 Contribut)ns were made lo a defined benefit pension scheme amounting to £131,21512023- £122.0981 in ￿pect of th8 staff noted above. Tho key management personnd of the charity comprise the tru$tee5. the Chlef Execlrtive and the 412023 - 41 other senior managers. The total employee remuneration of the key managernent personnd amounted to £653,703 (2023- £617.880). The charfty trustees were not pald and did not receive any other b8nefrts from employmonl with the charity in the year 12023- £Nill. No charty trustee payment for pn)feSsi￿al or other services supplied to the ¢harity12023- £Nill. Travel. subsistence and aC￿mMOd&lOn costs incurred amounting to £45,788 {2023- £45,532) ￿re reimbursed to 14 12023 - 131 members of the Trustee Board. Details of the trans8cllons wlh the trading subsKliary are Induded in note 2. During the year there were no other reL8te(I paty transact￿n6{2023- £Nill. PJe 26

The Royal College of Pathologists Notes to the Financlal Statements as at 30 June 2024 7. Staff numbors The average number of employees (head ¢ount based on number of 8taff èmployed) dudng the year was 88 follows.. 2024 2023 No. 23.3 Postgraduate educatSon & examlnations Conferences & academiG adivitie8 Professional practice Advisory committges Communications & publlG relations Workforce Educatlon c8nt Intemalional development 23.0 13.2 11.8 16.5 17.5 3.6 75.1 74.2 The average numbgr of ful lime &]UiV8lent employees during the year wa8 69.5 8. Tol•l •xpondlture (Cwrenl y88r) Dlrect Costs Staff Costs Support Costs Total 2024 Totsl 2023 Trading acllvS1ies & education centre Inve8trnent management 1.597,538 17,166 203,280 272.477 2,073,295 17.166 125,244 2,771,812 263.366 344,014 388,962 6,806 1,190,376 519,937 1,511,298 586,945 1.779,242 16,876 228,630 2,704,046 164,162 426,579 506,448 125,244 866.442 Postgraduate educatlon & examinations Pathdogy Portal Intemational development Conferences & 8cademlc actlwtles Research Professional practlce Workforce c[￿M￿nIG8110nS & publio 8ngag9mont Advisory Committees 691.281 184,775 32,561 21,692 6,806 17.902 33,662 131,049 16.956 1,214.089 78,591 184.738 218.771 126,715 148,499 767,175 323,890 896.666 329,794 405.299 162.385 483.583 240.195 1,058,787 424,860 1.508,455 597,252 T¢)tal for the year gnded 30 June 2024 2,751,388 4,216.994 2,830.839 9.799,221 9,41 S,337 8. Total ￿PendItur (Prior yearl Direct Costs Support Costs Totsl 2023 Costs Trading activiligs & ￿uCat￿)n centre Investsnent management Other Postgraduate education & examln8tions Pathdogy Portal Intematlonal development Conferenc8s & academiG aGtivities Professlonal practice workf￿¢8 Communlcation8 & public angag￿￿ent Adv180ry committe88 1,048,402 16,876 46.193 773,375 89,106 31.097 14,366 59,432 2,065 190,657 82,614 57.282 673,558 1,779,242 16,876 228,630 2,704,046 164.162 426,579 506,448 1,058,787 424,860 1,￿8.455 597,252 182.437 787,083 1,143,588 75.056 190,340 279,562 694.038 258,795 877,CQ6 321,511 205.142 212.520 305,317 164,000 440,792 193,127 T¢)tal for the year ended 30 June 2023 2,354,183 3.897,178 3.163,976 9,415.337 Govemancé costs are containe(I wthin support Gosts and are not shown separately. They comprise the expenditure in relation to the Iruslee board of £27,15412023- £12,757). Iruslee recruitment costs of £Nil12023- £34,872), legal and profe88icnal costs of £NII12023- £12,269) and the auditors remunerion a8 detailed in note 9. Page 27

The Royal College of Pathologists Notes to the Flnancial Statements as at 30 Juna 2024 9. Net InGomlng rupu￿$ for the y•ar 2024 2023 Thls Is slated after chargiro.. Depre¢￿tion Auditorf8 r￿uneratIOn - extemal audit Auditorfs remuneration - subsidiary company Auditorf5 remuneration - payroll bureau services Trustee liability indemnity insurance 482.206 8.731 2,400 9,937 970 697,950 8.604 2.308 8,833 1.000 10. Penslons The College participates in 2 pension schemes-. the defined benefit scheme. operated by SAUL Isuperannualion Arrangement$ of the Unlversity of London} and the defined contribution scheme, operated by Royal Londc3n. SAUL sGh•me The College participates in the Superannuation ArTangemenls of the University of London I"SAUL'}, which is a Ggnlralised defined benefit scheme wthin the United lfjngdom and was contracted-out of the SeGond Stale PenSIc￿ {prior to April 2016). SAUL 15 an lnd8pondent1y-mana￿d pen8ion 5¢heme for the non-ac8d8mi¢ staff of over So college8 and Institutions with Ilnks to higher e(lucation. Pen8ion beneffts aCc￿￿d wlthin SAUL curr8nUy bulld up on a Career Averggg Rèvalued Eamings I'CARE'I basi$. The College is not expected to be liable lo SAUL for any other current participating employerfs obligations under the Rule$ of SAUL, but in the event of an insolvency of any partlcipaling employer within SAUL. an amount of any pension shortfall {whlch cannot othe￿[$￿ be rècovered) in respect of Ihal employer, may be spread across ts remalnlng partlcipatlng employers a￿1 rofleGted in the next actuarial valuation. Funding Policy SAUL'S statutory funding objective is lo have sufficient and appropriate assets lo meet the costs incurred by the Trustee in paying SAUL'S bengfi1$ as they fall due {the Yechni¢al Provisions'l. The Trustee adopts assumptions which. taken as a whole, are intended to bo sufficienlty prudent for p8nsions and benefits already in payment to continue to be pald and for the commitments whlch arisg from Members, accrued penSIc￿ rights to bo met. The Technlc81 Provlslons assumptions include apprc¢sriats margins to allow for the possibility of events tuming out worse than expected. However. the funding method and assumptions do not completely remove tha r16k that the Technical Provisions could bo insufficient to provide benefits in the fijture. A fomial actuarial valuation of SAUL is carried out every thrge years by a professionally qualffied and independent actuary. The last actuarial valuation was Garried out wth an effective date of 31 Ma￿h 2023. Infomi81 reviews of SAUL'$ position, reflecting changes In market conditions. Gash flow inf(mation and new aGGrual of b6neflts, are carried OLrt bgtsyeen fomial valuations. The funding principles were agreed by the Trustee and Employery In June 2024 and will be reviewed agaln at SAUL'S next formal valuation In 2026. At the 31 March 2023 valuation SAUL was 1050A funded on Its Technical Provisions basis. As SAUL was in surplus on ils Technical Promsions basls, no deficit contributions were required. The Trustee ar￿ the Employers have agreed that the ongoing Employers, contributions will fall from a rale of 21•A of CARE salaries to 190/0 of CARE salaries from 1 September 2024. Roy•l London scheme The College operates a definod contribution scheme for staff other than senior managers who joined the College after 1 April 2021. The assets of the scheme are h91d separately from those of the College in an independently administgrfjd fund with Royal London. The pension cost charged represents the contributions payable under thg sch&m8 by the College to thg fuThJ. The College has no liability uThJer the scheme other than for payment of thes& contribution5. P*Je 28

Thè Royal Collogo of Pathologists Notos to the Flnancial Statemgrrts as at 30 June 2024 11. Allocatlon of costs Support costs as per note 8 abovo, Can be broken down by acuvlty, as fc4lows'. Information Finance technology & HR s￿retarIat (Current yearl Premises Total Postgraduate education & examinati￿$ Intemational development Confwences & academlc acti￿lIeS Profe$5ional practlce Workforco Communications & publi¢ w￿0gement Tradlng activities & educabon rEntre Advisory committees 183,958 22,531 31.146 96,750 34,459 111,329 36,856 46,935 299,307 39,908 49,884 169,607 59.861 189.561 74,022 65,654 59,478 7,675 11,512 32,617 11,512 38.373 13,430 17,268 323,699 866,442 56,601 126.715 55,957 148.499 106,325 405,299 56,553 162,385 144.320 483,583 148.169 272,477 110,338 240.195 125.244 125,244 Tolal 8UPPOrt costs year ended 30 June 2024 2,830,839 Irrfomation technology Flnance & HR Secretarlat (Prior y8ar} Premlses Total PostgTaduate eduGalion & examin8tlC418 Intsmalional development Conferences & academlc actlvllles Pfofesslonal practlce Workforce Communications & publi¢ engagement Trading aclivilios & eduGation witro Advisory committees 138,455 42,186 36,236 58.411 31.910 90,437 16,225 37,859 285.675 84,552 72.544 117.072 64,540 181.111 32.520 67.574 51.968 15,381 13,197 21,297 11,741 32.947 5,916 12.287 310.985 63.023 90,543 108,537 55,809 136.297 618,897 75,407 182.437 787,083 205.142 212,520 305.317 164.iJ)O 440,792 673,558 193,127 182.437 Total support Go$ts year ended 30 June 2023 3,163,976 The basis of allocation of sUPPQrt costs is as fc41ows'. Infomiation technology costs have been allocated on the basis of the number of computers used by each department. Flnance costs and secrgtsriat Costs have been allctaled on the basis of Ihe headcount. Premlses costs have been allc¢ated on thg basis of the usage of floor areas. Salary ¢o$ts as per note 8 above can be further analysed as follow8.. Dir¢¢Uy HFL Payrdl AttrSbutable &IT ICurr6nt year) FlnarKe SeGrelaTiat Premises PoBtyaduatg edLKation & examln8Uons Pathok)gy wrtal Inlemational development Corrfergnc•$ & academic act1￿lieS Professional praGliGe Cllnical effectiveness Workforce CommLmications & Fublic 8ryagthn￿I Trading activities & education centre Advisory committ8e$ 816,647 78,591 131,704 145,325 538,033 155,679 129,945 68,939 42.879 1,214,089 78.591 184.738 218.771 767,175 21.097 28,689 90,712 17,194 24,049 74,487 9,090 12.766 39,423 5.653 7.942 24.520 224,038 633,815 119,375 217,685 33,390 104,293 32.111 43,733 26.563 85.338 27,774 36,736 31,196 45.142 14,809 19,507 8,703 28.078 9.211 12,133 896,666 203,280 329,794 Tolal salary costs year ended 30 June 2024 4,216,994 Pag8 29

The Royal Collage of Pathologists Notes to the Financial Statomonts as al 30 Jung 2024 11. AlloGatlon of costs Icontlnued) Direclly HR, PayToII Attrlbutsble &IT (Prior yearl Finance SeGretariat Pr¢mi88$ Total Postgraduate edLKatlon & examlnallon8 Digital educ8tion project Inlemational developm￿1 Conferences & academic activitigs Professional pracllc8 Workfo￿¢ Communications & publiG engagemer Trading activities & education centre Advisory committees 754,982 75.056 112.151 200.934 499.584 179,378 605,067 35,385 205,024 148.121 132,150 69,302 39,033 1,143,588 75,056 190,340 279,562 694,038 258,795 877,006 57.282 321,511 29,402 ,458 75,352 30.525 104,430 8,274 44,184 26,786 26,503 65,5XI 26,884 92,100 7,481 39,717 14,079 13,860 34,269 14,079 48,239 3,929 20,845 7.922 7.8D7 19,303 7,929 27,170 2.213 11,741 Total salary Costs ygar ended 30 June 2023 3,897,178 The basls of allocatlon of salary costs 18 as foll¢)ws: Infomialion technology costs have been allocoted on th• basis of the number of computers used by each department. Finance costs. wrelarlat Costs, premi8es costs and HR & payroll costs have been allocated on the basis of the headcount. 11 Taxatlon Ay a registered charity the Cdlege is exempt from corporation tsx since all income is applied for Gharitsble purposes. 13. Tanglble flx•d Ass•ts Con80lid8t8d and Cdleg Computer Systems & So￿are Fixiures, Fit￿r￿a Eqiipmenl Freghold Prop9rty Totsl Cost or v81uafjon At 1 July 2023 Addillons Adlustmenl to purcha8e cost Dlsposals 38,605,418 1,180.988 360.257 910.529 12.913 40,896.935 373.170 1105,1101 (4T1,2￿) {105,1101 1452.712} 118,5381 AI 30 Jung 2024 38,5￿.306 1.088,533 9(M.904 40.493.745 Depreciatron At 1 Juty 2023 Provlded In year Di8w)sal8 1.577.524 359,495 1,158,574 95,807 1452.7121 884,549 26,9)4 118,538} 3,600,647 482,206 1471,250) At 30 Junè 2024 1,937,019 801.e69 872.915 3,811.803 Net iKsok valug * ￿ Jun& 2024 36.563,289 286,864 31,989 36,882.142 N6t ts)ok value at J) June 2023 37.027.894 22,414 45,980 37,096,288 In 8ddition to the cap1181ised fixed assets held for the Ch)rity's own use, the College also has 8 numb9r of assets on trust ft)r retention in perpeluty as a permanent record of the College's history. These comprf8e a unique collection of paintings deplcting the Colle99'$ 20 Presidgnts since ils founding in 1962, together with a library collection and other artefacts whose Intrinsic value is also bound up with the College's history. These are irreplaceable originals to which no reliable cost or valuo ¢8n be attrlbuled and accordingty these assets have not been caplta118ed in the financlal statements. Pw30

The Royal College of Pathologists Notes to the Flnanclal Statements as at 30 June 2024 1& Intanglble Consdidatad an(1 Cdl&J& P￿￿ct In Prcgress Cost cff valuatKJn At 1 July 2023 AthJltion5 75.177 75.177 At 30 JLme 2024 75,177 75.177 Net bcok value 0130 June 2024 75.177 75.177 Net bcok ¥8lue al 30 Jung 2023 15. Investments Consolidated 2024 2023 College 2024 2023 Markel value at 1 July 2023 Additions 8t cost Diswsols al m8rk6t value Net galn on reValua￿On Marf(el value at 30 June 2024 5,387,986 5,233,165 5.388.086 5.233.265 4,737,135 4,737,135 {857,034} 14,814,418) 1657,034) {4.814,4181 411,173 232,104 411,173 232,104 5.142.125 5.387,986 5.142,225 5.388.1186 Histodc81 cost at 30 June 2024 4.625.569 S,360,425 4,625.669 5.360.525 Inveslmwlts at market value CC￿PriSed.' Listed Investment trusts and unit trusts Investhient propety Unlisted Invesknents 5,142.125 4.702,165 5,142.125 4,702.165 685.821 685.821 100 Mthet value as at 30 June 2023 5.142.125 5.387,986 5,142.225 5.388.086 t￿ring the prior year the College tendered its investsmenl management arraro8rnents. The result of this is that bwth effect fr(XT Decemb8r 2022 CCLA Investment Management V•pie appolnted. Thé Cc4lege now has a single Investment holding In thg CCLA COIF Ethlcal Investment Fund. The Investment In this fund glves the College greater awss to dlv8rstfication rather than dlrecl holdings. Unlsted Investments al cost ￿MPrise. 2024 2023 RCPath Trading Limited - 100 ordinary shares of£1 e*h 100 100 1(Ki The College owns 1000/0 of the ordinary share eapital of RCP8lh Tradlng Umlted. company number 4535296, which has been consolidated as a subsidiary undertaking thrwghoul. The registered address of the company Is 6 Alie Street. London E18QT. Further detalls of tho investment pc4icy and obiedives are wntained in th6 inNestrnent policy seC￿n irf the report of the Trustees. 10. Stocks Consolidated aTrJ Collggg 2024 Memorabllla for resale 2,293 2.293 P•Jo 31

The Royal Collego of Pathologists Notss to the Flnanclal Statements as at 30 June 2024 17. Dabtor8 Consolidated 2024 2023 Cdlege 2024 2023 Tradg debtors Prepaymgnls and a¢crved Income Other debtors Amounts due from subsidiary undertaking 472,302 301,846 537,144 284,365 99,702 574,676 96,256 301.846 527,109 80,682 24,442 99,702 567,676 92,369 1,311,292 958.743 1,005,893 784.189 18. Crfjditors Consolldated 2024 2023 Cdlege 2024 2023 Amounts falling due ￿thin one year Deferred income (note 191 Trade Creditors Other creditors Taxation and sccial securty Accruals Bank Loon 3,495,434 3,124.839 380,371 365,693 153.287 202,572 48.831 91.687 490,985 J3,441 229,394 195,912 3,236,112 125,686 153,287 48,831 488,585 229,394 3,0(￿,192 61,C(11 202,571 91,687 501,041 195,912 4.798,302 4,484,144 4,281.895 4,058,404 Amounts falling due after more than ong year Consolidated and Colle 2024 2023 Bank loan - amount due be￿ 2 and 5 years Bank loan - amount due after 5 years 1.088,812 5.812.724 912,166 7,045,325 6.901.536 7,957,491 The toan is a commercial mortgage loan secured by a first leg81 charge over the land and bulldlng owned by the College at 6 Alie StreeL Interest is charged al 1.5QA above base rate. 19. Deferred incomt Consolidated 2024 2023 College 2024 2023 Balance al 1 July 2023 Amount released lo inGomirrfJ rèsources Amount deferred In the year 3.124,839 3,378,715 3,￿6,192 3.244.738 13,124.839} 13,341,155) {3,C*)6.1921 13.244,738} 3,495.434 3,087,279 3,2￿,112 3,006,192 Balance as al 30 June 2024 3,495,434 3,124.839 3,236.112 3,006,192 Deferred income comprlses income from subscriptions, trainee registralion, examinati¢)ns. conferences and continuing professlon81 d8velopmenl, r¢Ggivod in advance, that wsll form part of incoming resources during the following flnancial ￿ar. The Cdlege was in receipt of £Nil of Statutory funding for the year {2023- £500.0001 by way of grants for 5peGrfI¢ projects. All Conditions relating to these grants have been m61 in full. Page 32

Tho Royal College of Pathologists Notes to the Financial Statèmènts as at 30 June 2024 20. Movemonts in Funds {Currenl yearl Balance at IrKomlng 1 Juty 2023 Resources Outgoing Resources Transfers G8ins and Losses Balance at 30 June 2024 Restrfctedfunds Research Pool Fund Oliver Memorfal Fund Bhagwan Singh Fund Flynn Fund Kohn Memorlal Fund Devetopmentsl Palhol¢w Fund Inlemational Challenge Evènts Fund Publlc Engagement Fund Summer School Fund William Tong Memorial Fund Palhology Portal Fund MTI Fund Arise Project Fund Gaba Prize Fund Undergraduate Pathology Fund Cowd Portal Fund Ghana Proje￿ Fund GioW H￿1￿) Wo￿101￿ Prc4ect Fw 22.387 132.330 68.865 163,904 34,521 22.166 22,832 2.249 40.640 2.450 1.283,749 50,517 49,104 5,028 37,209 40.175 7,635 505 4.137 2,152 5,011 1.079 678 571 55 14.478 {5,941} {2.823} 16,951 145,220 76.835 17T.712 11,576 5.818 12.615 2,914 1,674 (3.818} (1￿1} 24,518 18,683 2.088 (4.7201 (2161 13,414} (2501 1263a661 1.000 2,259 1,OYJ,898 51,787 40.225 5,154 35,623 40,312 30.515 1,270 1,149 126 3,414 1.002 845 54,402 121.448 (10,028} (S.0￿) 18651 (6.8841 1317,4751 47.518 1.825,331 1,985,761 1.000 34.597 UnrestrlthdFunds Design8ted funds Propety Fund Cancer Reporting Fund Sustsinabilty Fund 60th Anniversary Fund Examinations Development Fund Technology Transfomiation Fund Major Repairs Fund Corporate Membèrshlp Fund General unreslrlcled fvnd 28,874.491 22.935 46,631 2,000 100.000 341.932 125.000 7,416 6.705.881 557,657 29,432,148 22,935 33.020 (13,611) (2,0(Kl} 100,0(KI 187,375 150.000 1154.$57} 25.000 (6.555) 9.584,528 {9,305,023} 1583,6571 376,576 6.778,305 Total Funds 38.212,047 9.705.976 {9,799.221} 411,173 38,529,975 The transler to the designated propety luTrJ 1$ $0 as to malntaln the balance on the fund being equal to the net book value of the land and buildings less the cspital outstanding on the mortg8ge108n. Th& transler to the summer schools fund repwsents the College's share of the funding for this athity to matth Ihat made by other Indmdual pathology a5scciation5 who jointly run this event. The transfer to the major rep8irs fund Is lo set aside monle8 for the replacement of large items of pLgnt and gquipment a16 Alie Street.

The Royal College of Patholog18ts Notes to the Finan¢lal Statements as at 30 June 2024 20. Movement8 In Funds (Prlor period} Balance at Incoming 1 July 2022 R$souTco$ Outgoing Resources Transfers Gains and Lossos Balance at 30 June 2023 R￿trIcted funds Research Pool Fund Oliver Memorial Fund Bhagwan Singh FurKI Fwn Fund Kohn Memorial Fund Developmental Pathc4ogy Fund Inlemation81 Challenge Events Fund Publi¢ Engagement Fund Fumess Prize Fund Summer School Fund William Tong Memollal Fund Pathology P¢ytal Fund MTI Fund Arise Project Fund Galea Prize Fund Undergraduate Pathology Fund Covid Portal Fund Ghana Project Fun(J 22.289 121.978 62,912 165.655 29,831 19.462 22,733 2,531 159 35,040 2,689 941.899 50,297 51,391 5,006 37,047 40,000 22,387 132,330 68,865 163,904 34.521 22,166 22.832 2,249 3.217 1,162 2,302 {7,0251 {2} {12.081} 25} 14,160 4.793 8.028 4.127 2.385 319 11 1293} 11591 {10,5271 12501 1164,1621 15.127 11 9)6,012 220 222 22 162 175 12.293 40.640 2,450 1.283,749 50,517 49,104 5.028 37.209 40,175 7,635 12,5091 {4,658} 1.610.919 542.040 {201.6911 1,000 33,493 1.985.761 Unr•strf¢ted Funds Property FLmd Cancer RéportiNJ FLtnd EQA Fund Sustslnabllity Fund PTemi5es Markeung Fur)d 60th Anniversary Fund Examin8tirKbs Dèvèkspm8nt Fund Technolr¥Jy TT8nsf(xrnalion Fund Major Repalrs Fund C￿porats Memi￿rShIY FLmd General unrestricted fund 28,821.494 31.298 50.WO 52.997 28,874,491 22,935 18,3631 Is).000) 9).000 13,3691 136,440) (8,000} 46,631 36,440 10,000 100,000 400,OCrf) 100,000 7.416 6,787,S07 2,000 100,000 341.932 125.000 7,416 {58.068) 25.000 8,898,166 19,099,406) 178,997) 198,611 6,705,881 T¢)tal Funds 37,955.074 9.440.206 19,415,337) 232,104 38.212,047 21. Restrlcted and d•slgn•tod funds The Research Pool Fund was established in 1995 to promote research in pathology. The Oliver Memorial Fund was established to perpetuate the name of Percy Lane Oliver, by prowding an annual national award for seNi¢e to blood transfijsion, and for the furtherance of knovAedge relating to the principles and practices of blood transfusion. The Bhag¥Yan Singh Fund was 8stsblished in 1982 to sponsor ctcaslonal Msits t*h¥een Ihe UK and Malaysla. to promote Malaysi8n pgthology. The FI￿n Fund was eststrAished in 1998 to fund an annual lecture in clinical biothemi5ty. A number of bursaries are awarded to IraSnees to attend the srientifiG meeting where the lecture is delivered. The Kohn Mwmorial Fund was establlshed In 1987 to fund an annual lecture mainly in clinical biochemisty. Tho Developmental P8thology Fund w8s estsblished in Juty 2004 as a gift from the Developmental Pathology Sodety to fund an Oc￿s1onal n￿ed 'Emerf lecture in paediatric palhology. Pago 34

Thg Royal Collego of Pathologists Not08 to the Financial Statèrnants a$ at 30 June 2024 21. R•strlct•d and d￿IgnIted fvnds (¢ontlnuod) The Patholcqy Portal Fund was estsbll$hed by grant In ald from Health EduGthn EnglarKI to da￿0p and ImF4ement ompetence based model of leaming support on a dlgltal plattomi for pathclogy whlth M)ukl Include dgl1lsa￿0n of examinations. The Intemational Challenge Evats Fund was established lo ralse fuThJs for lh8 Colkge's Internalion81 development projects. The Public Engagement fund vrds established by ￿￿Y of a prlze 8warded by The Royal Society to Dr Suzy Llshman for her th on behaEf of the College on public engagement and is available for the Cc41ege's public eng8gement wod(. Tho Fumess Prlze fund was estsblished in 2010 to fund an annual prfze in scie￿e communiGati¢m In relallon to pathology. The Summer SclK>oI Fund was established to collect and 8dmlnlsler the funds to run the annual pathobJy summgT school, whith is fvnded and run In asgoc18Ion wth a number of p2thology Spedallst 80dellos. The Willlam Tong Memorial Fund was established ty vmy of (ksnations frcrfn the famlly and friends of the late Wllllam Tong to an annual wize to a trainee in wrology on the basis of a piece of work submmed as a poster. The MTI Fund was estsblished bygrant in aid from the West London Cancer Alllance to deliver training opportunlties across London for intemational medical graduates in histopathology as part of the medic81 tr8iniThJ initiative. The Adse Project Fund was establlshed by Grant In Aid from the European Unlon to fund the Colw's Involvemenl In ? mu￿￿rtnar r8s8afch proi8ct to share and spread best practice in neWt￿rn screenlng. dlagno818 and treatment of Slckle Cell Dlsease. leadirrfJ to improvements In overall dlsegse outcome. The undergraduate pathology fund was established to create undergraduate and foundation taster events and m8lerfals to support r6cruilment in pathology. and lo promde bursaries under the me(Ical elgctive scheme. The Galga Prize Fund was establlshed by way of gift from Metabolic Support UK to fund an annual prize to encourage research Into a therapy that ￿11 amellorale and In fu￿re help firKI a Cure for Metab￿1¢ dlsorders ￿ inhorited rare cOndI￿on$. The Covkl Portal Fund w89 ast8￿1$had lo fund a research prolect to intsrrogato th9 Covid po8trymortem portal to pro￿ leamlro from the pandemlc whbch will bè dissemlnated by way of leanlng materials, webinars or scienlific papers. The Ghana Project FLtnd was estsblished by Grant in Aid from The Troplcal Health and EdU￿tiOn Tw5t to woduce welynars to supwt the new pathology curricula of the Faculty of Pathology of Ihe College of Physictans of Ghana. The Glob81 Health Workforce Programme Fund was established by Gr4nt in Aid from the Troplcal Health and Educalicfflal Trust to improve training and professlonal development in Chemical Pathology In Ghana, NSgeria and Kenya. Thè de8Sgn8ted property fund was èstsbllshed lo hold the n&t kook value of thg College's functlonal premlses al Ale Street less the amount of the ¢8￿181 sum outstandlng on the mortgage loan. The designated cancer reporting fund was established to fund the College's share of the wmmilment to the International Collaboration on Cancer Reporting. v￿se a1rn5 are to pursue global harmonisation of cancer datasets for patlK)logy reporting. The ICCR has been incorporated as a not for Foflt Organisa￿On and the Collegels a f￿ndat￿n member. designated EQA fund was 8stsb1I8hed to fuTrJ inibal expenditure on interprellve EQA and technkal EQA monitoring systems. The designated sustsinobllltyfvrbj was eslablished to 8UPPOrt Ihe Collgg8'$ project to dellver and Implement a carbon reduction roadmap and net zero slr8teoy, arnl to be av8ilable lor general 8UStalnablllty In￿aINes. The de$lgn8ted premises marketing fund was estsbli5hed for expenditure on the marketing of facililles at Alle Street that will generate re￿lue for the College in subsequent years. The designated 60th annive￿ary fund was estsblished to fur￿ actiwties assoclated wth the 60th anniversary of th¢ foundiThJ of the College, vthich wll be on 21st June 2022. The designated exminali¢)n8 development fund was established to fvnd thè d6¥elopment of the dlgitisatlon of Colleg8 examinations. The designated technology transformallon fund was estsbllshed to fund the replacement of the College's central d8tabase system, Nthich is an &nlerprise system incorporating membership, finar￿. examinations. trainlng, CPD, academic symposia, and a dynamic link that inlegrales lo the ColW V•pbsite. The designated malor repairs fuThJ was established to create a sinklng fund for the repair and repleGement of m8lor ple￿8 of plant and equipment within the College's premises at Alie StreeL The destgnaled corporate membership fund vms establbshed to fund th6 develowient and expansion of the Cdlege'8 corporate mgmbershlp scheme. Page 35

The Royal Colloge of Pathologists Notes to the Financlal Ststemonts as at 30 June 2024 22. Analysls of group not a$sots betweon funds (Current year}. Consolldatod Tangible ffixed assets Investments Nel current assets Long temi liabilities Total General unrestrictsd Designated Re8trlcted 394,241 36.563.078 4,737,779 1.646,285 264,797 1,420,985 6,778,305 16,901.536129.926,339 1,825.331 404,346 Net assets as at 30 June 2024 36,957,319 5,142,125 3.332.067 16,901.5361 38,529,975 22. Analys1$ of group net a8•ets belw••n funds Icurrorrt yoarl - Collqge Tangible fixed assets Investments Net current assets Lon9 term liabilities Total General unrestrictod Designated Restrktsd 394.241 36,563,078 4.737.879 1,685,885 264,797 404.348 1,420,985 6.818.C(J5 16.9D1,536) 29.926,339 1,825.331 Net assets as at 30 June 2024 36,957,319 5,142.225 3,371.667 16,901,536) 38,569.675 22. Analys1$ of group not assots betwoon funds {Prlor yoarl- Consolldat Tangible fixed assets Inveslments Net current assets Long temi liabilities Totsl General unrgstricled Designaled Restdcled 68,394 37.027.894 5.018.236 1,619,251 450,002 1,616,011 6,705,881 {7.957.491129.520,405 1.985.761 369,7Y) Nel assets as 8t 30 June 2023 37,096,288 5.387,986 3.685.264 17,957,491) 38.212.047 22. Anatysls of group nel ass•ts btheon funds {Prl¢x year) - Colleg• Tangible xed assets Investments Nel current assets Long term liabilllies Total General ￿n￿$t￿cted Designated Restricted 68,394 37,027.894 5.018,336 1,809.051 450.002 1,616.011 6.895,781 {7.957,491} 29,520,405 1,985,761 369,750 Nel assets as at 30 June 2023 37,096,288 5,388,086 3.875.064 {7,957,491 I 38,401.947 23. Pr•s•ntational currency The presentstional currerKy 1$ Sterling. Page 36

The Royal College of Pathologists Pathology: the science behind the cure Annual report & accounts 2023-2024

Section 1 Introduction Working as one, we can provide better outcomes for all

Royal College of Pathologists Annual report & accounts 2023–2024

Introduction

We represent a worldwide community of pathologists across all 17 specialties and career stages. Working together, we can do more to develop and support excellence in pathology, resulting in better health outcomes for people across the world.

We develop and deliver internationally recognised exams, upholding the highest standards of pathology practice.

We develop innovative and readily accessible resources to support pathology education.

For example, the Pathology Portal provides easy access to one of the biggest collections of pathology specialty training materials that is unavailable elsewhere. This year, the Portal received the Outstanding Innovation Award at the Healthcare Honours 2023, was highly commended at the 2024 HSJ Digital Awards and was given the Margaret Kenwright award at the British Blood Transfusion Society 2024 conference.

In the last year, we ran 67 exams for 2,278 FRCPath, Diploma, Certificate and Biomedical Scientist exam candidates. Working with our international regional advisors and country advisors, we set up new international exam centres in Singapore and Qatar, providing greater access to those wishing to take exams outside the UK.

We are proud to work with you and your support allows us to advocate for better pathology services and patient care across the world. Read on to learn more about our achievements in the last year and how these have paved the way for future work as we set out on our new ambitious 5-year journey.

Thanks to our members’ expertise and knowledge, we can make vital improvements in diagnostic and pathology services that benefit patients’ lives.

Our new technical external quality assurance (EQA) governance and oversight frameworks are a case in point. Participation in these frameworks will afford greater transparency to the process of ensuring standards of quality and safety are being upheld in all pathology specialties across the UK.

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Section 1 Introduction

4

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

There has been considerable

deterioration in healthcare provision across the UK in recent years. This is deeply concerning and we are determined to ensure that pathology is fully incorporated into future healthcare models.

We must cement high levels of professional wellbeing and job satisfaction to support improved patient care and outcomes. Direct and potent engagement with the new government and other stakeholders is one of the most important elements of our strategy for pathology.

Welcome from the President

Message from the Registrar

My first year as College President has been a real honour and privilege. Working closely with College staff, volunteer members and other stakeholders has highlighted the great skill, commitment and dedication that everyone puts in to help the College deliver work that is vital for healthcare, patients and our membership. So, a huge thank you to everyone for your much valued contributions that are so essential.

I am delighted to welcome you to my first annual report as Registrar since I took on this role last November. Like any of the honorary officer (HO) positions within the College, it is a huge honour to have been elected. Each HO has their different remits and the roles are associated with steep learning curves and many hours of dedication.

Over the last year, we developed and launched our new 5-year strategy, which will be pivotal to our objectives. This strategy is focused on and relevant to both the demands of healthcare and the needs of our membership.

To use some sport analogies (since we’ve had a summer of sports viewing, including the Men’s Euro 2024, Tour de France, the Olympics and Paralympics), the role of the Registrar is a bit like a ‘sweeper’ (or libero). That is, the Registrar has to be versatile – taking on tasks that crosscut directorates and don’t necessarily fall into a specific pigeonhole, acting as back-up for the President when needed, and helping to ‘glue’ the HO team together by ‘sweeping up’ and providing cover. The Registrar also has the wonderful role of announcing all the new fellows at our twice-yearly ceremonies, which take place in the College building with families and friends seeing loved ones receive their certificates.

issues, from education and training, to regulation, and how to create a sustainable workforce. We have taken up these issues with the new government, lobbying health policymakers with the combined voice of the Pathology Alliance, which remains committed to working with NHS Improvement, to ensure patients have equitable access to high-quality, cost-effective pathology provision wherever they live.

We commit to delivering this strategy in the years ahead and ask for your continued involvement in helping us to achieve this.

Dr Bernie Croal President

Our College continues to do great things in areas such as examinations and assessment, education, national representation, international work and guidelines. However, our renewed focus on workforce and relations with the diagnostic industry is increasingly important and will feed directly into how we function, service delivery, innovation, professional wellbeing and patient care.

We have responded to consultations

on a wide range of issues, including pathology staffing and how the new medical examiner service will interact with the Health Services Safety Investigations Body. All affect the quality of services we can provide to patients.

In keeping with our mission, the HO team and College staff have seized opportunities presented by external consultations to use our collective voice to influence how decisions are made across a range of pathology

As well as responding to these external challenges, the HOs have worked with College staff to draw up our new 5-year strategy, which includes how we can work with other stakeholders in diagnostics

to ensure the College stays ‘ahead of the curve’ with respect to technological developments and research in healthcare.

Finally, our award-winning Pathology Portal, the online learning resource hosted by NHS England, continues to grow in all specialties, with access being extended to our international members, in line with our increasing international outreach.

Please remember the HOs of the College are volunteers from the membership: as your Registrar, I will endeavour to represent you and your concerns. I look forward to working with you over the next 2 years..

Professor Sarah Coupland Registrar

Section 1 Introduction

Section 1 Introduction

6

7

Section 2 Our progress in numbers

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Members & training Events CPD Consultation, ••••• ••••• ••••• guidelines 13,515 30 6,740 & audits members educational events CPD returns processed ••••• managed, including a mixture of online and in-person events 19 10% 314 NICE-accredited guidelines were of our members volunteer for the events and 20 courses accredited for 268 published College CPD new fellows welcomed across the College’s admission ceremonies in 13 153 5,391 September 2023 and February 2024 audits published new specialty registrars registered with people used our CPD portfolio the College 4,356 24 86 attendees at all our events 232,278 audits submitted to the audit certification hours of CPD logged scheme Certificate of Completion of Training (CCT) recommendations to the GMC 600 35 people attended guideline

24 audits submitted to the audit certification scheme

600 people attended guideline implementation webinars 280 external consultations addressed

Certificate of Eligibility for Specialist Registration (CESR)/Portfolio Pathway evaluations recommended to the GMC

23 medical training initiative applications completed

5 international medical graduates sponsored for GMC registration

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Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

LEPT

•••••

417

multi-source feedback assessments created

776

annual review of competence progression (ARCPs) created

Job descriptions

•••••

330

job descriptions reviewed and approved

180

College assessors attended advisory appointment committees in England, Wales and Northern Ireland

12,688

workplace-based assessments reviewed in those ARCPs

Pathology Portal

•••••

5,555

resources on the Pathology Portal

3,819

active users

171,812

visits to our resources since launch

100+

editors and content contributors

Section 2 12 Our progress in numbers

Committees

•••••

64

committees managed by College staff

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Section 3

Our achievements Working as one, we’re more inclusive, innovative and have more impact

ROYAL COLLEGE OF PATHOLOGISTS ANNUAL REPORT & ACCOUNTS 2023 – 2024

Royal College of Pathologists Annual report & accounts 2023–2024

Our community

Nurturing excellence in pathology by supporting a diverse and inclusive professional community.

Celebrating our new fellows

We were delighted to welcome 268 new fellows to the College and to celebrate their achievements at our New Fellows’ Ceremonies. Our Member Engagement and Support team showcased their journeys to becoming pathologists, what fellowship means to them and what we can do to support them in the next stages of their careers.

“I have been practising pathology since 2014. I was inspired to join the Royal College of Pathologists by members who attended a meeting about the College in my home country, Egypt.

“To become a member … is a nice feeling; the feeling of being a part of a family. It’s one of the biggest things I have achieved in my life so far.

“In terms of my hopes for my time at the College, I’m planning to publish papers, and to volunteer as an examiner.

Dr Nesrin Tolba

Supporting our members with high-quality resources

While the demand on our pathology workforce increases, so too does the need to fill gaps in recruitment. Understanding how we can support our members at this time has become a key focus for the College. The College’s Medical Microbiology and Medical Virology Specialty Advisory Committee (SAC) has published several practical guidance documents to help microbiologists streamline service provision and lab processes.

We developed and reviewed 3 comprehensive fetal autopsy guidelines. The voice of bereaved parents and engagement with charities and stakeholders were central to producing these guidelines, and the authors held the narrative of parents’ vulnerabilities and wishes at the heart of the discussions. The guidelines are now referenced by NHS England as the new policy for perinatal post-mortem examinations.

Assisting pathologists through new processes

We collaborated with the General Medical Council and our Specialty Training Committees to develop new specialtyspecific guidance (SSG) in preparation for the implementation of the new Portfolio Pathway system, which replaced the Certificate of Eligibility for Specialist Registration (CESR) in November 2023.

The guidance sets out the evidence that doctors will need to provide to apply for specialist registration. The change in system gives applicants more flexibility to submit evidence that holistically demonstrates their knowledge, skills and experience and how they have achieved the high level capabilities in practice (CiPs) of the relevant curriculum. The College has seen a considerable increase in the number of CESR/Portfolio Pathway applications and the increased flexibility for those applicants who are successful will enable more doctors to apply for NHS consultant posts.

In addition to the SSG, a template has been produced to allow Portfolio Pathway applicants to map their evidence to the relevant curriculum CiPs and describe how they meet them. This will help

assessors (our members) to better understand how applicants intended the evidence submitted to be used. We also held webinars to support both current and new Portfolio Pathway assessors in assessing applications received under the new system.

Building national and international networks

We co-hosted a multiprofessional, multispecialty in-person northern symposium with the Institute of Biomedical Science in October 2023 in response to feedback from our members during the Your College, Your Profession member engagement tour. The symposium presented members in the north of England with the opportunity to discuss local issues, share experiences and network with local colleagues. 100 people attended the event from a variety of specialties and professional backgrounds.

We collaborated with our international partners to produce 26 new webinars. These supported the roll out of new pathology curricula in Ghana across a range of specialties, including medical microbiology, chemical pathology and haematology.

Section 3 16 Our achievements

Section 3 Our achievements

17

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

We signed 2 new Memoranda of Understanding that outline how these partnerships will improve pathology and training standards. In September 2023, we delivered 2 webinars to guide UK employers and international medical graduates (IMGs) on the process of obtaining GMC registration in order to come to the UK to obtain training.

multidisciplinary exchange between researchers, early stage investigators and other relevant staff members of the project partner institutions.

In support of the staff exchange programme, we expanded our collaborations with laboratories, partnering with North Bristol NHS Trust Severn Pathology and Trafford General Hospital under Manchester University NHS Foundation Trust. This development has allowed us to host 3 more incoming secondments. These secondments facilitate the exchange of skills and knowledge, offering new perspectives that benefit the secondee, their home hospital and the host hospital. Dr Theresa Otu and Dr Hannah Olawumi shared how the programme benefitted them.

We were awarded a grant under the Global Health Workforce programme (GHWP) to improve the quality of chemical pathology training and service provision in Ghana, Kenya and Nigeria, in collaboration with the National Postgraduate Medical College of Nigeria (NPMCN), the Ghana College of Physicians of Surgeons (GCPS), the Aga Khan University in Kenya and The Association for Laboratory Medicine. As part of this project, we will provide CPD sessions that will also be available to our chemical pathology members.

“We had a wonderful experience in Manchester. Our time in the laboratory exposed us to haemoglobinopathy diagnostic facilities that we were not familiar with before now. The clinical experience also gave us the opportunity to see how management of haemoglobinopathy can be patient friendly.

This year, we furthered our alliances with hospital teams, as part of the African Research and Innovative Initiative for Sickle cell Education (ARISE) project. ARISE is a staff exchange programme that has enabled an inter-agency and

Dr Theresa Otu and Dr Hannah Olawumi

Providing standardised and equitable care

The UK Standards for Microbiology Investigations (UK SMIs) are an important resource for those working in laboratories and are used in the diagnosis of infectious diseases and to standardise processes. They help ensure patients receive the same standard of care regardless of the laboratory used.

In October 2023, as part of a collaboration with the Standards Unit at the UK Health Security Agency and UK SMI Steering Committee, our website became the new host for these evidence-based NICEaccredited standards for diagnostic and public health microbiology laboratories.

Promoting and funding pathology careers

Our Medical Electives Scheme, which we deliver with several partner specialist societies, continues to fund undergraduate medical and veterinary students to undertake pathology electives and projects, providing essential exposure to pathology early on in careers. We have now funded 5 students, and our first cohorts have finished their electives and projects.

Lucie Williamson, who undertook a forensic pathology elective at the University of Glasgow, highlights the benefits of this scheme.

“I have always been interested in a career in forensic pathology and have attended many events run by the College, including the Summer School Unfortunately, the general medical training curriculum does not contain large amounts of pathology; therefore, I was very keen to pursue an elective in pathology.

I was fortunate to undertake my elective at the University of Glasgow Forensic Medicine Department. This insight into life as a forensic pathologist and the histopathology training path is very valuable to my career ... I really enjoyed my elective in forensic pathology, and I am very appreciative for the advice and training that I was given to pursue a career in this area.

I am very grateful for the Royal College of Pathologists and The Pathological Society combined medical elective bursary for allowing me to carry out this elective.

Lucie Williamson

As part of our pathology outreach strategy, the College launched a rolling programme of careers webinars in 2023, showcasing roles across pathology specialties. More than 300 students have attended webinars on 6 specialties so far. Our annual Pathology Summer School remains a hugely successful event, with 70 medical students from around the UK attending the 2-day event. The feedback from students highlights how important this event is with all respondents stating that it had either persuaded them or made them think about a career in pathology.

We awarded 13 Foundation Fellowships to foundation doctors with posts in pathology departments, to support their learning and involvement in their specialties of interest.

Our achievements

Section 3 18 Our achievements

Section 3

19

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Our innovation

Transforming pathology together through innovation and collaboration.

Lobbying for investment and working collaboratively

Wales Regional Council, met Mike Emery (Chief Digital and Innovation Officer for NHS Wales) and Dr Delia Ripley (Wales’ Deputy Chief Scientific Adviser for Health) to discuss issues specific to the roll out of digital pathology in Wales and they updated us on the status of digital pathology. With funding secured for the digitisation of pathology services in Wales, including equipment such as scanners, we will be collaborating with them and providing guidance and support.

Artificial intelligence (AI) could change the landscape of diagnostic services in the UK, helping to improve patient outcomes and reduce waiting lists. However, we are fully aware of the challenges and work required to ensure its use across the NHS. We delivered our position statement on the role of AI in cellular pathology, which highlighted the potential of AI to improve laboratory workflow and consistency of diagnosis. We are pushing for its implementation to be clinically lead and for investment in digital pathology and AI, both for technology and training.

Action is needed to develop digital pathology in remote areas to ensure patients receive equitable care and the benefits that digital pathology has to offer. Our Scotland Regional Council responded to the Scottish Parliament Health, Social Care and Sport Committee consultation on remote and rural healthcare. We met Neil Gray MSP, the Cabinet Secretary for NHS Recovery, Health and Social Care in Scotland, to update them on the College’s work in this area and discuss how digital pathology can be progressed in Scotland.

We co-chaired a meeting at 10 Downing Street to discuss the role of AI in facilitating rapid and early diagnoses in the NHS and published a joint report with the Royal College of Radiologists. The report focuses on discussions from the meeting and sets out a shared plan of action for the UK government, the NHS and medical royal colleges to ensure patients and the pathology workforce benefit from diagnostic AI.

We have used this report to engage politicians and policymakers. Our Wales Regional Council sought support from the Minister for Health and Social Services for funding of digital pathology across Wales in response to the slow progress on developments around digital pathology and AI. Dr Bernie Croal and Dr Anu Gunavardhan, Chair of the RCPath

Our Northern Ireland Regional Council provided input into the rollout of the encompass project. The project will deliver a single digital care record for anyone who receives health and social care in Northern Ireland, with the aim of improving access to health information for both patients and healthcare professionals.

Our manifesto and priorities

for pathology

Ahead of the 2024 general election, we published a manifesto setting out 4 key challenges facing the pathology workforce — challenges the government must act on. These key areas are: 1. investing in workforce for patients; 2. tailoring treatment for patients; 3. harnessing digital pathology for better patient care; and 4. diagnosis closer to patients. The challenge to transform healthcare cannot be underestimated. We will, however, advocate and campaign on your behalf, lend our expertise and join with other voices to bring pathology to the forefront of discussions and planning. Through our manifestos and policy reports on workforce, AI, digital pathology, genomics and point-of-care testing, we have provided clear steps the government could take to address the challenges facing pathology and healthcare.

Following the restoration of the Northern Ireland Executive, our Northern Ireland Regional Council published their new priorities to focus on areas that are central to the delivery of pathology services. This includes AI, ongoing pathology service transformation and new LIMS roll out.

Optimising healthcare through partnerships

We need to optimise pathology services as healthcare evolves, but we can’t do this on our own. By fostering partnerships and collaborating with stakeholders, kindred organisations and industry, we can bring about change to benefit our members, the wider pathology workforce and, ultimately, patients.

Our first Industry Leaders’ Forum in April 2024 was an opportunity to discuss examples of successful collaboration between pathology and pathologyrelated industry and put forward ideas for future partnerships. Following the event, we produced a report highlighting key discussion points and setting out areas for strategic collaboration with industry. We are working with industry partners to bring freely accessible educational material to our members and build joint educational initiatives.

How patients interact with healthcare has changed, with greater access to test results and direct-to-consumer testing. Therefore, it is vital that patients understand what the tests are for and how to interpret results. We are focusing on areas where we can engage with patients, such as funding of Lab Tests Online-UK, which provides free advice to patients about the laboratory tests that are used to diagnose, monitor and treat illnesses. Our College representative for Lab Tests Online-UK and our Lay Advisory Group provide professional advice and editorial support to ensure information is accurate.

We are members of a now expanded Pathology Alliance – a group of 10 organisations committed to greater interaction and collaboration with subgroups set up to cover diagnostic stewardship, workforce and National Pathology Week. By joining forces with other pathology associations, our reach and impact is widened.

Section 3 Our achievements

Section 3 Our achievements

20

21

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Funding pathology research

Our Research Committee launched a new small grant scheme in 2023 to support undergraduate and postgraduate students to develop pathology-related research ideas into viable research projects. New clinical research can improve health outcomes and patient care. With the use of increasingly complex molecular diagnostics and involvement in clinical trials, research literacy among the pathology workforce is important; but funding, particularly in the early stages of careers, is limited. In 2023, we awarded 2 grants and in 2024 we awarded 3.

Creating more accessible learning content

We delivered 17 free, specialty-focused webinars as part of our new focus on providing more CPD-accredited events for our members. The webinars provide updates and insights into the work of the specialties and the recordings are available on our website and the Pathology Portal, offering further resources for members and trainees. Over 2,000 people from 76 countries attended the webinars and the recordings have 1,400 views to date.

Delivering a new workforce strategy

We are developing a new workforce strategy that builds on our work over the last year. During 2023 and 2024 we focused on fostering relationships with a diverse range of stakeholders to aid the sharing of data and information and ensure our workforce efforts are grounded and reflect the needs of our members, the profession and patients. Our workforce stakeholder event was attended by over 50 organisations and the event facilitated a significant shift in how and from where we will source workforce data in the future.

Our new strategy seeks to secure timely and robust data aimed at tackling the workforce crisis that is facing pathology services. Robust workforce data and intelligence for both workforce and workload is fundamental for evidence-based workforce planning. It is therefore more important than ever that we have the best possible insight on workforce.

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Our achievements
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Section 3 22 Our achievements

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Our impact

Working together to bring about better outcomes for more people across the world in ways that are sustainable for our community and the planet.

Calling for effective patient care: right test, in the right place, at the right time

In the report, we call for further funding so CDCs can be established in communitybased settings and areas with high levels of deprivation and health inequalities. A national strategy is needed so that patient data and digital tools to support and streamline diagnostic pathways can be integrated into CDCs. While progress against targets have been made, significant challenges persist; not least staffing the centres from an already over-stretched pathology workforce compounded by chronic shortages. The report featured in a Daily Mail article highlighting the issue around visibility of CDCs, both in terms of GP referrals and location in easy-to-reach places.

As joint secretariat for the All-Party Parliamentary Group for Diagnostics, we worked with the Royal College of Radiologists to produce the report ‘CDCs Unveiled: Challenges & Triumphs: An Inquiry into Community Diagnostic Centres’ in January 2024. The report followed an inquiry into community diagnostic centres (CDCs).

In January 2024, the Department of Health and Social Care (DHSC) accepted and published the UK National Screening Committee’s recommendation for the use of digital pathology in screening programmes – this should make screening for breast, bowel and cervical cancer quicker and more effective under plans to roll out the use of digital images to detect cancer. In 2020, we asked the UK National Screening Committee to consider evidence for using whole slide imaging for examining body tissue samples as part of cancer screening programmes. We were pleased to see the recommendation was accepted and published, allowing roll out across the NHS.

Hearing patient voices

Regulations introducing reforms to the death certification process became statutory on 9 September 2024. The reforms build on the non-statutory system and further improve support for bereaved people and care for patients. As the lead royal college for medical examiners, we have campaigned for years for their implementation. To support the medical examiner and medical examiner officer community, we hosted 2 online events to share information on the reforms. Over 1,400 people attended the events and the recordings have been watched over 1,000 times. To date, we have trained over 3,000 medical examiners and medical examiner officers.

Providing sustainable pathology services

We are supporting our members and the pathology community to work in sustainable ways to reduce their carbon footprint. Our ‘How green is your lab?’ event in December 2023 explored how we can collaborate to improve sustainability.

Practical solutions included: narrative reporting in microbiology laboratories, which has been proven to decrease the number of samples sent to the laboratory, and replacing plastic bags with reusable racks to transport specimens. We shared learning in our April issue of the Bulletin, which was dedicated to sustainability initiatives in pathology services, and the effect of climate change on them.

The effect of climate change on disease was the focus of International Pathology Day 2023, which brought together insights from colleagues from around the world. Our global speakers explored how climate change-related increases in tropical diseases are creating pressure on blood transfusion services in India. They highlighted the barrier to laboratories implementing sustainable processes, and they discussed the increases in diseases such as Dengue, malaria and cholera seen during extreme weather events.

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weather events.
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Section 3 Our achievements

Section 3 24 Our achievements

25

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Leading the fight against antimicrobial resistance

We partnered with other organisations to call for the development and use of rapid diagnostic technology in a consensus statement coordinated by the British In Vitro Diagnostics Association. This technology will speed up the process of identifying infections and deciding on the most suitable antibiotics for treatment, helping in the fight against antimicrobial resistance (AMR). College fellow Professor Angharad Davies reiterated the need to invest in diagnostic services to support prescribing decisions during her talk at the APPG Roundtable ‘The Race Against Resistance’, and at the Infection Management Coalition roundtable at the King’s Fund annual conference.

We published our position statement on AMR focusing on the support and investment needed to tackle this global health threat. Our call for action includes increasing the number of medical microbiology and virology trainee places (both medical and clinical scientists), since the number of trainees will need to double over the next 5 years to meet current demands, the existing shortfall in workforce and expected retirements.

The UK government’s 5-year national action plan to combat AMR aligned with many of the recommendations in our position statement. We are leading the way in many areas of work in the national plan and have forged strong connections with partners around the world through our Memoranda of Understanding and webinar series. This year we delivered a 6-part global webinar series exploring best practice for antimicrobial stewardship in different healthcare settings with 23 speakers from 12 countries worldwide.

Our good practice series paper on the recording of AMR as a cause of death was used as an example of good practice in the House of Lords when Baroness Bennett asked what progress has been made towards introducing the recording of AMR as a cause of death to support surveillance of AMR.

Professor Roberto La Ragione, immediate past Chair of our Veterinary Pathology Specialty Advisory Committee, spoke at a Westminster Health Forum conference on the next steps for tackling AMR. He underlined the need to reduce antibiotic use in animals, highlighting the new tools veterinary microbiologists are researching to achieve this while improving antimicrobial stewardship.

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Section 3 Our achievements

26

Section 4 Building a stronger future

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

As we headed towards the end of our current 2021–2024 strategy, our intentions were to develop a new strategy by asking what is the key role of the College and what unique services do we provide. This provoked an in-depth discussion (and some soul-searching) about what distinguishes us from other royal colleges and organisations, and what matters most to our members and their patients, our staff and the public.

We identified 4 key purposes for the College:

1. be the leading advocate for pathology, influencing and providing leadership

2. focus on education, training and research for our members

3. define the professional standards for patient care

4. create a global community of pathologists.

These focal points formed the basis for our 5-year strategy, with a new and energised perspective of the communities we support, serve and create. The 5 aims of our strategy are very much focused on leading from the front in areas such as

Our new 5-year strategy

A new outlook for a new strategy

Our 5-year plan combines our strategic aims with our core values of teamwork, service and ambition. We must become agile and evolve if we’re to meet the challenges ahead for us and our members. Our new longer-term strategy will provide us with the tools to do this.

Over the last year, the Trustee Board and the Senior Management Team have been heavily involved in setting the future direction of the College, both at a strategic and an operational level.

We have identified 5 areas of focus that build on the foundations of previous successes and projects. Each area represents strategic objectives that will align our efforts with what matters most to our members and the pathology profession.

pathology excellence, standards for services to our members, member education and training, advocacy engagement plans and our carbon and being a trusted partner, in reduction and Net Zero strategy, to addition to fostering a greater sense name but a few. of belonging with our members, and ensuring the College is well The College cannot, however, resourced to support our members achieve its ambitions without the and communities. engagement and involvement of its members. We are at the cusp of You will see distinct differences in driving a new strategy, developed our new strategy. We are looking from a bold new perspective of at the longer-term ambitions for the unique value we bring to our the College, hence the extended members. We hope that more of 5-year view. We intend to identify you will actively get involved in the and define measurable outcomes, College and join us on this new wherever possible, so that members journey.

2 Promote the highest standards of pathology education and training

Lead excellence in 1 pathology practice

We are committed to developing relationships across all 4 UK nations, while advocating for safe, supportive and resourced workplaces by:

You will see distinct differences in our new strategy. We are looking at the longer-term ambitions for the College, hence the extended 5-year view. We intend to identify and define measurable outcomes, wherever possible, so that members will have greater visibility of what the College does and the tangible value it brings.

We will support the professional growth and development of the pathology workforce at all stages of their careers and worldwide by:

• promoting the breadth of opportunities, along with the patient benefits, that a career in pathology and laboratory medicine presents

• keeping curricula, assessments and examinations under review to ensure they are reflective of current best practice

• using robust data and analysis to provide insights into the pathology workforce and lobby for the action needed to sustain it in the interests of patients

College does and the tangible value The past 3.5 years of working with it brings. the College (first as a Lay Trustee and the last year as Chair) have The new strategy builds on strong made me reflect on our resilience foundations of the significant in facing a wide range of global and work done so far by the College economic uncertainties. The College in raising the profile of pathology has emerged unshaken because of as a career, advocating for the the strength, innovation and tenacity profession, maintaining high training of our staff and volunteers in and educational standards, and in persevering in unprecedented times. being a clear and coherent voice This reminds us of a fundamental for the pathology profession and truth: “We are only as strong as our its members. Operationally, we people”. I therefore hope that many continue with our ambitious digital of you will continue to volunteer and transformation project, which support the College. will provide new and improved

• enabling individuals to progress through training by removing barriers to equity in the journey toward consultant practice

• supporting appropriately qualified international medical graduates to obtain registration to practise in the UK

• working with stakeholders to ensure safe, supportive and inclusive workplaces for pathologists

• establishing strong policy positions and act on key priorities for pathology across the 4 UK nations

persevering in unprecedented times. This reminds us of a fundamental truth: “We are only as strong as our people”. I therefore hope that many of you will continue to volunteer and support the College.

• providing support and resources for trainees and new consultants.

• developing and maintaining strong relationships with UK politicians, government bodies, public audiences and industry partners.

Vince Voon Chair of Trustee Board

Section 4 30 Building a stronger future

Section 4 Building a stronger future

31

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

3 Foster a sense of pride and belonging among our members

We will listen to the needs of our members to drive change that will support them in delivering the highest standard of care for their patients by:

• using our members’ insights to develop an engaging and inclusive membership benefit proposition

• providing opportunities for members to network, share best practice and find support to address any challenges they face

• delivering professional development opportunities for members to safeguard their practice for the future

• delivering high-quality resources to support pathology practice

• advocating for pathology and pathologists.

Be the authoritative and 4 trusted partner for pathology

We will strengthen our position as the leading voice of pathology and build partnerships to share knowledge and best practice by:

• maintaining high standards of professionalism, integrity and transparency in our interactions and communications

• collaborating with partners to gather and share intelligence, providing a strong evidence base to support the recommendations and advice we provide

• leveraging partnerships with kindred organisations, stakeholders and devolved nation health services

• building on our international profile as a trusted partner and advisor in pathology practice

• developing industry partnerships to share knowledge and insights across pathology.

5 Be a well-resourced, sustainable and inclusive organisation

We will promote sustainable pathology practice and ensure the College is resourced to achieve our current and future aims by:

• ensuring equity, diversity and inclusion in all that we do

• delivering digital transformation to advance organisational efficiency and support our members

• prioritising staff wellbeing and workload management

• delivering our carbon reduction plan and net zero commitment

• promoting sustainability in pathology practice through collaboration with relevant stakeholders

• ensuring financial sustainability; significantly reducing the deficit within 5 years

• harnessing new opportunities for income generation expansion and enhancement and the promotion of commercial activities of the College

• exploring how the College harnesses member expertise to deliver its mission.

Section 4

Section 4

32 Building a stronger future

33

Building a stronger future

Our governance

Royal College of Pathologists Annual report & accounts 2023–2024

Royal College of Pathologists Annual report & accounts 2023–2024

Trustee Board and College Council (as at 30 June 2024)

Co-opted Council Members

Dr Rachael Liebmann,

Medical Director, Sonic Healthcare

Trustee Board

Vince Voon, Chair and Lay Trustee

Dr Bernie Croal, President

Professor Sarah Coupland, Registrar

Dr Stephen Morley, Assistant Registrar

Dr John Ashcroft, Treasurer and Chair, Intercollegiate Committee on Haematology

Dr Noha El Sakka, Vice President for Communications

Professor Marta Cohen, Vice President for Learning

Council Members

Dr Bernie Croal, President

Professor Sarah Coupland, Registrar

Dr Stephen Morley, Assistant Registrar

Dr John Ashcroft, Treasurer

Dr Noha El Sakka,

Vice President for Communications

Professor Marta Cohen, Vice President for Learning

Dr Laszlo Igali,

Vice President for Professional Practice

Dr Gareth McKeeman,

Chair, Northern Ireland Regional Council

Observers to Council By Invitation

Professor Mary Keogan,

Dr Srinivas Annavarapu,

Dr Laszlo Igali, Vice President for Professional Practice

Dean of the Faculty of Pathology, Royal College of Physicians of Ireland

Chair, Prenatal, Perinatal and Paediatric Pathology SAC

Dr Gareth McKeeman ,

Professor Jo Martin,

Dr Lisa Ayers,

Chair, Northern Ireland Regional Council

National Specialty Advisor for Pathology, NHS England/Improvement

Chair, Healthcare Science Committee

Professor Peter Johnston,

Dr Adrian Bateman, Chair, Cellular Pathology SAC Dr Ralph BouHaider, Chair, Forensic Pathology SAC Professor Sebastian Brandner, Chair, Neuropathology SAC Joanne Brinklow, Director of Learning

Chair, Scotland Regional Council

Dr Sian Morgan,

Dr Anu Gunavardhan, Chair, Wales Regional Council

Chair, Genomics and Reproductive Science SAC

Professor Ronan McMullan,

Lesli Flinn, Lay Trustee

Clinical Director of Training and Assessment

Dr Karen Mitchell,

Jennifer Phillips, Lay Trustee

Chair, Pathology Informatics Committee

Dr Shruthi Narayan, Chair, Transfusion Medicine SAC

Professor Nicki Cohen, Clinical Director of Examinations

Debra Padgett,

Institute of Biomedical Science Representative

Dr Paul Craig, Chair, Dermatopathology Sub-Committee Professor Paul Cross, Chair, Cytopathology Sub-Committee

Jennifer Phillips,

Lay Trustee

Nigel Pollard,

Director of Corporate Services

Professor Peter Johnston, Chair, Scotland Regional Council Dr Anu Gunavardhan, Chair, Wales Regional Council

Professor Angharad Davies,

Clinical Director of Publishing and Engagement Dr Mike Eden, Clinical Director for Safety and Quality

Dr Natasha Ratnaraja,

Chair, Joint Medical Microbiology and Medical Virology SAC

Dr Sophie Roberts,

Dr Guy Hannah, National Elected Member

Chair, Trainees’ Advisory Committee

Lesli Flinn, Lay Trustee Diane Gaston, Director of Communications Dr Ian Godber, Chair, Clinical Biochemistry SAC

Daniel Ross,

Dr Arthi Anand, National Elected Member

Chief Executive

Dr Golda Shelley-Fraser,

Dr Sayed Bukhari, National Elected Member

Chair, Medical Examiners Committee

Katherine Timms,

Dr Alex Haragan, Elected Member (England North)

Director of Professional Practice

Kath Hayden, Association of Laboratory Medicine Representative

Professor Darren Treanor,

Vince Voon, Chair and Lay Trustee

Chair, Digital Pathology Committee

Professor Keith Hunter,

Dr David Turner,

Chair, Histocompatibility and Immunogenetics SAC

Chair, Research Committee

Lt Col Dr Emma Hutley,

Dr Patrick Yong,

Military Observer

Chair, Immunology SAC

Dr Esther Youd,

Dr Jan Kalpwijk,

Chair, Death Investigation Committee

Chair, Toxicology SAC

Dr Pamela Kelly,

Chair, Veterinary Pathology SAC

Section 5 36 Our governance

Section 5

37

Our governance

OCTOBER 2024

ROYAL COLLEGE OF PATHOLOGISTS ANNUAL ACCOUNTS

Financial report

For the year, the College’s total income amounted to £9.7 million, while expenditure reached £9.8 million. Subscriptions remain the largest source of income, contributing £4.4 million. Income from postgraduate education and examinations increased slightly to £2.5 million, with corresponding expenditure of £2.8 million. The rising number of candidates sitting College examinations has driven both the increase in revenue and associated costs.

The College operates a commercial conference venue through its wholly owned subsidiary company. Following a surge in income as pandemic restrictions eased, it is encouraging that this level of income has been maintained at £1.7 million. While margins have remained steady, staff-related costs have risen owing to the tight labour market in hospitality and the need to source temporary staff for multiple concurrent events. Despite these challenges, a healthy surplus has been generated from this activity.

Investment income and interest received have increased in line with the rise in general interest rates and the full-year effect of transitioning to our new investment management firm. Conversely, mortgage interest payments have also risen for the same reason. Rental income from the 5th floor at Alie Street has remained constant.

Despite some positive developments, overall costs have increased compared with the previous year. Inflationary pressures, although easing, have elevated the running costs associated with all College activities. However, we saw budgetary savings due to the delayed commencement of the customer relationship management (CRM) replacement system, and lower staff cost resulting from longer than anticipated vacancy periods.

The College’s subsidiary initially incurred deficits owing to the commencement of trading and the significant impact of COVID-19, which severely restricted events over an extended period. The subsidiary began the year with £190k deficit, however, strong trading reduced this deficit to £40k by generating a £150k profit. The company is expected to eliminate the remaining deficit in the next year.

The investment portfolio has seen strong market gains for the year. Global Equities, over 70% of the Fund, have returned 20.88%, with UK government gilts up 4.5%, commercial property 0.88% and cash 5.29%. In the early part of the financial year, the markets experienced a robust upswing driven by renewed investor confidence post-pandemic and positive economic data. However, the latter half of the year witnessed increased volatility and a downward trend, influenced by a confluence of geopolitical tensions and macroeconomic challenges.

The accounts published overleaf are not the statutory accounts, but a summary of information relating to both the statement of financial activities and the balance sheet. The full financial statements have been audited and contain an unqualified audit report. They were approved by the Trustee Board on 8 August 2024 and have been submitted to the Charity Commission. Any member may request a copy of the full accounts by writing to the Chief Executive.

Dr John Ashcroft, Treasurer

Mr Daniel Ross, Chief Executive

2

OCTOBER 2024

ROYAL COLLEGE OF PATHOLOGISTS ANNUAL ACCOUNTS

Income 2023–2024

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26%
Postgraduate
education &
examinations
46%
Subscriptions
Total
18%
100%
Trading
activities 1%
4%
International
3%
Investments development
1%
Other
income 1% Conferences
& academic
Professional
activities
practice
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Expenditure 2023–2024

----- Start of picture text -----
21%
29%
Trading
activities Postgraduate
& education education &
centre examinations
Total 16% 12% 4%
Communications
Professional
100% & public 5% Conferences
practice
& academic
engagement
Workforce activities
6%
4%
Advisory 3% International
committees development
Pathology
Portal
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3

OCTOBER 2024

ROYAL COLLEGE OF PATHOLOGISTS ANNUAL ACCOUNTS

Consolidated Statement of Financial Activities for the year ended 30 June 2024

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Unrestricted Unrestricted Restricted Total Funds Total Funds
General Designated Funds 30 June 30 June
Funds Funds 2024 2023
£ £ £ £ £
Income from:
Donations & legacies 50,588 - - 50,588 588
Charitable activities
Subscriptions 4,430,527 - - 4,430,527 4,047,750
Postgraduate education & examinations 2,518,616 - 2,500 2,521,116 2,428,610
Pathology Portal - - - - 500,000
International development 14,175 - 54,588 68,763 56,584
Conferences & academic activities 109,283 - 13,500 122,783 207,090
Professional practice 108,935 - - 108,935 64,777
Research - - - - -
Communications & public engagement 10,000 - - 10,000 -
Trading activities 1,712,308 - - 1,712,308 1,713,200
Investments 338,387 - 50,860 389,247 167,917
Other 291,709 - - 291,709 253,690
Total income 9,584,528 - 121,448 9,705,976 9,440,206
Expenditure on:
Raising funds
Trading activities & education centre 2,075,586 16,230 - 2,091,816 1,779,242
Investment management 17,166 - - 17,166 16,876
Other - - - - 228,630
Charitable activities
Postgraduate education & examinations 2,754,328 52,696 5,250 2,812,274 2,704,046
Pathology Portal - - 263,366 263,366 164,162
International development 322,664 6,793 21,632 351,089 426,579
Conferences & academic activities 373,393 9,150 13,414 395,957 506,448
Research - - 6,806 6,806 -
Professional practice 1,176,343 27,323 - 1,203,666 1,058,787
Workforce 516,949 10,057 - 527,006 424,860
Communications & public engagement 1,488,408 33,923 7,007 1,529,338 1,508,455
Advisory committees 580,186 20,551 - 600,737 597,252
Total expenditure 9,305,023 176,723 317,475 9,799,221 9,415,337
Net income / (expenditure) before 279,505 (176,723) (196,027) (93,245) 24,869
net gains on investments
Net gains on investments 376,576 - 34,597 411,173 232,104
Net income / (expenditure) 656,081 (176,723) (161,430) 317,928 256,973
Transfers between funds (583,657) 582,657 1,000 - -
Net movement in funds 72,424 405,934 (160,430) 317,928 256,973
Reconciliation of funds:
Total funds brought forward 6,705,881 29,520,405 1,985,761 38,212,047 37,955,074
Total funds carried forward 6,778,305 29,926,339 1,825,331 38,529,975 38,212,047
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OCTOBER ROYAL COLLEGE OF PATHOLOGISTS 2024 ANNUAL ACCOUNTS

Consolidated Balance Sheet as at 30 June 2024

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2024 2023
£ £
Fixed assets:
Tangible assets 36,882,142 37,096,288
Intangible assets 75,177 -
Investments 5,142,125 5,387,986
Total fixed assets 42,099,444 42,484,274
Current assets:
Stocks 2,293 2,886
Debtors 1,311,292 958,743
Cash at bank and in hand 6,816,784 7,207,779
Total current assets 8,130,369 8,169,408
Liabilities:
Creditors: Amounts falling due within one year (4,798,302) (4,484,144)
Net current assets 3,332,067 3,685,264
Total assets less current liabilities 45,431,511 46,169,538
Creditors: Amounts falling due after more than (6,901,536) (7,957,491)
one year
Total net assets 38,529,975 38,212,047
The funds of the College:
Unrestricted funds – general funds 6,778,305 6,705,881
Unrestricted funds – designated funds 29,926,339 29,520,405
Restricted funds 1,825,331 1,985,761
Total College funds 38,529,975 38,212,047
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The financial statements were approved by the Trustee Board on 8 August 2024 and signed on behalf of the Trustee Board by Dr Bernie Croal, President, and Dr John Ashcroft, Treasurer.

Independent Auditor’s Statement to the Trustees of the Royal College of Pathologists

Dr Bernie Croal President

Dr John Ashcroft Treasurer

The full financial statements were audited by Begbies, Chartered Accountants, and approved by the Trustee Board on 8 August 2024 and signed on their behalf by Dr Bernie Croal and Dr John Ashcroft.

Begbies,

Chartered Accountants and Registered Auditors, 9 Bonhill Street, London EC2A 4DJ 8 August 2024

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The Royal College of Pathologists

Pathology: the science behind the cure

Thank you!

Thank you to our members, volunteers and staff for all they have achieved over the year. We’re excited for next year and building on our achievements and successes.

6 Alie Street, London E1 8QT 020 7451 6700 | www.rcpath.org

@rcpath /rcpath

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