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: 020 74516700
E-mail.. info@rcpath.org
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 R*s•￿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.
P*Je 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 remuner*ion 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$had lo fund a research prolect to intsrrogato th9 Covid po8trymortem portal to pro￿
leamlro from the pandemlc whbch will bè dissemlnated by way of leanlng materials, webinars or scienlific papers.
The Ghana Project FLtnd was estsblished by Grant in Aid from The Troplcal Health and EdU￿tiOn Tw5t to woduce
welynars to supwt the new pathology curricula of the Faculty of Pathology of Ihe College of Physictans of Ghana.
The Glob81 Health Workforce Programme Fund was established by Gr4nt in Aid from the Troplcal Health and Educalicfflal
Trust to improve training and professlonal development in Chemical Pathology In Ghana, NSgeria and Kenya.
Thè de8Sgn8ted property fund was èstsbllshed lo hold the n&t kook value of thg College's functlonal premlses al Ale
Street less the amount of the ¢8￿181 sum outstandlng on the mortgage loan.
The designated cancer reporting fund was established to fund the College's share of the wmmilment to the International
Collaboration on Cancer Reporting. v￿se a1rn5 are to pursue global harmonisation of cancer datasets for patlK)logy
reporting. The ICCR has been incorporated as a not for F*oflt Organisa￿On and the Collegels a f￿ndat￿n member.
designated EQA fund was 8stsb1I8hed to fuTrJ inibal expenditure on interprellve EQA and technkal EQA
monitoring systems.
The designated sustsinobllltyfvrbj was eslablished to 8UPPOrt Ihe Collgg8'$ 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 ex*minali¢)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. 


**----- Start of picture text -----**<br>
5<br>**----- End of picture text -----**<br>


**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 


**----- Start of picture text -----**<br>
Section 2<br>10<br>Our progress in numbers<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
Section 2<br>Our progress in numbers<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
11<br>**----- End of picture text -----**<br>




**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 



**----- Start of picture text -----**<br>
Section 2<br>Our progress in numbers<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
13<br>**----- End of picture text -----**<br>




## **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. 


**----- Start of picture text -----**<br>
Section 3<br>23<br>Our achievements<br>**----- End of picture text -----**<br>


**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. 


**----- Start of picture text -----**<br>
weather events.<br>**----- End of picture text -----**<br>


**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. 


**----- Start of picture text -----**<br>
Section 3<br>27<br>Our achievements<br>**----- End of picture text -----**<br>


**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** 


**----- Start of picture text -----**<br>
26%<br>Postgraduate<br>education &<br>examinations<br>46%<br>Subscriptions<br>Total<br>18%<br>100%<br>Trading<br>activities 1%<br>4%<br>International<br>3%<br>Investments development<br>1%<br>Other<br>income 1% Conferences<br>& academic<br>Professional<br>activities<br>practice<br>**----- End of picture text -----**<br>


**Expenditure 2023–2024** 


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


**3** 



**OCTOBER** 2024 

**ROYAL COLLEGE OF PATHOLOGISTS** ANNUAL  ACCOUNTS 

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


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


**4** 



**OCTOBER ROYAL COLLEGE OF PATHOLOGISTS** 2024 ANNUAL  ACCOUNTS 

## Consolidated Balance Sheet as at 30 June 2024 


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


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** 

**5** 



## 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 

© 2024 The Royal College of Pathologists Registered Charity in England and Wales | Number 261035