The Royal College of Pathologists Pathology: the science behind the cure Annual report 2024-2025 **Section 1 Introduction** Changing lives in challenging times **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Introduction** By pulling together through turbulent times, our collective expertise has helped to pave a way forward. The impact we have had for patients as a worldwide community of pathologists has been more important than ever this year amid a challenging landscape of world events, national politics and healthcare pressures. - **nurtured the connections of our network** to make sure we harness global expertise into the future, continuing to celebrate dedication, skill and achievement ## We have: - **shaped decisions** , feeding into the government’s 10-Year Health Plan, National Cancer Plan for England and 5-Year National Action Plan for Antimicrobial Resistance (AMR), and the NHS England Medical Training Review - **forged new collaborative** - Action Plan for Antimicrobial **relationships** with industry, with Resistance (AMR), and the fellow colleges, charities and NHS England Medical Training beyond, to keep strengthening Review our voice, and to help steer - ● **strengthened our data** to conversations on the integration support our recommendations, of new technology listening more deeply to ● **focused on delivering initial** members so we can push with **aims of our 2024–2029** greater authority for investment **strategy** , which has kept us in pathology and in filling critical on track to deliver value for our workforce gaps members. We are a trusted voice in healthcare and we’ve pushed with renewed resolve this year to make sure pathology’s importance to patient outcomes is visible and valued. - **focused on delivering initial aims of our 2024–2029 strategy** , which has kept us on track to deliver value for our members. ## **Welcome from the President** We have seen considerable change and turbulence across politics, healthcare and world events over the last year. The Labour government is now fully embedded and has spent the year initiating and publishing a variety of reviews and plans around healthcare – many of which have direct implications for pathology services. The high-level nature of the 10-Year We continue to expand and develop Health Plan means that much of our partnerships with industry. the detail around pathology and the Corporate partners have joined us pathology workforce within the NHS to share knowledge and expertise. is not clear. We are also concerned about the lack of fiscal reserve to support change. Despite these challenges, we have remained actively engaged with the plans, both in England and across the devolved nations, to ensure that pathology is visible and its vital contribution acknowledged. Our new workforce strategy provides a key focus. Significant shortages across the pathology workforce are affecting the delivery of safe pathology services for patients. The strategy will improve the quality of our data, allowing more effective lobbying for additional investment and training capacity across the UK. Many have developed educational and scientific content for our members and engaged in activities that highlight the importance of pathology. We will continue to grow this collaboration in the years ahead so together we can be a stronger voice for the good of pathology and the patients it serves. Finally, we depend on our members not just to be members, but to volunteer and actively contribute to College work. We urge all members to consider volunteering – your involvement provides and helps retain the expertise, experience and knowledge needed to develop curricula and deliver examinations, guidelines, the Portfolio Pathway and many other essential services. And, collectively, you make the College voice stronger. **This College is its members, and its members are the College…** **Dr Bernie Croal President** **Section 1 Introduction** **4** **5** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** Over the last 12 months, we have seen a change in government that has brought with it a significant change in the approach to running the NHS, most notably the abolishment of NHS England. In response to the government’s consultation on their 10-Year Plan for NHS England, we submitted a strong, detailed reply. We addressed each of the 5 questions, emphasising the key role of all specialties in pathology in upholding standards in testing and patient care. We also underlined the need for investment in the pathology workforce, its estates and IT, and its long-term sustainability through education, research and innovation. To ensure the importance of pathology diagnostics and its workforce is recognised by parliamentarians, we continue to work closely with other member institutions of the Pathology Alliance, who also contributed to this national conversation. ## **Message from the Registrar** Since the summer of 2024, we have renewed our focus on delivering core activities that support pathology, our members and patients, at local, national and international levels. As Registrar, I have been actively involved in many of these activities. In my role as Registrar, I have collaborated with College staff to organise educational workshops and webinars, ensuring they reach all members, with many of these being attended and sponsored by our corporate partners. There is growing interest from industry in the College’s expertise in providing oversight and stewardship as new technologies are embedded into diagnostic pathways and laboratory workflows. In early July 2025, the government published the outcome of this broad consultation – the NHS 10-Year Plan (‘Fit for the Future: 10-Year Health Plan for England’). Over the upcoming months, we will work closely with the government to modernise and improve healthcare services with its 3 key shifts (moving care from hospitals to communities, embracing digital technologies and prioritising prevention over treatment). Within these shifts, we will strongly advocate for the inclusion of high-quality diagnostic tests and rigorous monitoring to ensure quality and accuracy, and ultimately achieve the aim of earlier disease detection and improved patient outcomes. One of the highlights of my role is leading the New Fellows’ Ceremonies twice a year where I warmly welcome and congratulate our new fellows and honorary fellows. I also oversee the RCPath Achievement Awards, presented at the annual dinner each June. These highly competitive awards recognise the hard work, dedication, skill and innovation of our members and teams across pathology. While the new government has been working on its 10-year strategy, I have been working with the College’s President, other honorary officers and staff to shape our own long-term vision for pathology. It is essential that we have a clear roadmap for the sustainability and future of pathology within the UK and beyond, especially given the domestic and international political I wish you all a successful year ahead. **Professor Sarah Coupland Registrar** ## **Message from the Chair of Trustee Board** It is a privilege to introduce this year’s annual report and reflect on the significant progress we’ve made over the past 12 months. excellence, education and training, trusted advocacy, member belonging and sustainability – we are making measurable progress. ## **From strategy to momentum: realising our vision together** This has been a year of renewed connection, strategic evolution and growing impact. As the healthcare landscape continues to shift, I am proud of how we have worked together – with members, volunteers, partners and policymakers – to keep pathology at the forefront of medical excellence and public health. ## **Stronger together: deepening engagement across our communities** At the heart of this progress is our community. Over the past year, we have strengthened our member and volunteer engagement through initiatives shaped by member insights, including the Member Survey. New specialist hubs – such as the medical examiner/ medical examiner officer and haematopathology communities – are connecting members through peer support and shared learning. Our refreshed membership campaign is helping us to better define our offer and more clearly communicate the value of being part of the College. Last year, we launched a bold new 5-year strategy, shaped by a deceptively simple question: ‘What would happen if the College didn’t exist?’ This prompted us to rearticulate our core purpose – to lead, influence, support and advocate for the pathology profession, its people and patients. One year in, I’m pleased to report that our 2024–2029 strategy has moved from vision to action. Guided by 5 core aims – pathology We also continue to grow our relationships with industry and international partners. Our Corporate Membership Scheme is helping us to deliver educational content, supporting events and opening new avenues for strategic collaboration. At the same time, we are reviewing how we manage and support our volunteer workforce, recognising the essential roles they play in governance, education and examinations. ## **Building a futurefocused organisation** This year we took important steps towards modernising and futureproofing the College, our ways of working and the services we provide. The recent Workforce Census, supported by new roles in workforce policy and project management, is already generating valuable insights to inform national supply and demand planning for pathology. We are also embedding data more deeply into our policy work – enabling faster, clearer and more evidencebased responses to emerging challenges. and financial instability experienced over the last year. **Section 1 6 Introduction** **Section 1 Introduction** **7** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** At the core of this transformation is our College-wide CRM (customer relationship management system) and CMS (content management system) programme. More than a technical upgrade, this programme will enhance how we engage with members, volunteers, partners and funders. Shaped by staff and members, and overseen by crosscutting digital and governance groups, the CRM/CMS roadmap is a critical enabler of our broader strategic ambitions. ## **Influencing policy and driving public health impact** Our profile as a trusted voice in health policy continues to grow – especially on antimicrobial resistance (AMR). We’ve contributed to the government’s 5-Year National Action Plan for AMR, been cited by the National Audit Office, and participated in policy forums alongside NHS departments, the UK Health Security Agency (UKHSA) and the Department for Environment, Food and Rural Affairs (Defra). These efforts underscore the indispensable role of pathology in public health surveillance, diagnostics and stewardship. Beyond AMR, we submitted evidence to the NHS 10-Year Plan and National Cancer Plan for England and have engaged directly with parliamentarians and policymakers to ensure pathology’s contribution is visible and valued. ## **Expanding education and learning opportunities** Education remains central to our mission. The Pathology Portal continues to grow in both scope and reach, supported by the development of new specialty webinars, assessment tools and tailored learning resources for all career stages. We are piloting a new digital examination platform. Support for new consultants has also advanced, with the College’s introduction of new leadership roles, a dedicated committee and tailored programmes. ## **A College ready for the future** Our modernisation continues – not only digitally, but also financially and operationally. We are reviewing our financial model to support sustainability and develop new income streams that align with our mission. These efforts will strengthen our ability to act as a confident, evidence-led advocate and partner to the profession. In closing, I want to thank our members, volunteers and staff. Your insight and commitment power everything we do. As we continue to deliver on our 5-year vision, I invite even more of you to get involved. As I said last year: we are only as strong as our people. That remains the foundation of our future. ## **Vince Voon** ## **Chair of Trustee Board** **----- Start of picture text -----**
Section 1
Introduction
**----- End of picture text -----**
**Section 1 Introduction** **8** **9** Section 2 11 Our progress in numbers **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** **Members & training** ••••• **10,833** members **1,163** registered trainees and undergraduates **157** new specialty registrars registered with the College **133** Certificate of Completion of Training (CCT) recommendations to the GMC **32** Certificate of Eligibility for Specialist Registration (CESR)/Portfolio Pathway evaluations recommended to the GMC ## **25** medical training initiative applications completed **8** ## **Events** ••••• **56** educational events managed, including a mixture of online and in-person events **9,021** attendees at all our events ## **291** new fellows welcomed across the College’s admission ceremonies in September 2024 and February 2025 **5** corporate events were planned and delivered ## **CPD** ••••• **4,753** CPD returns processed **317** events and 12 courses approved for CPD **5,484** members used our CPD portfolio **248,460** hours of CPD logged **Consultations, guidelines & audits** ••••• ## **19** clinical guidelines published **8** best practice recommendations published ## **9** clinical audits published ## **33** audits submitted to the audit certification scheme ## **2,206** people attended guideline implementation webinars ## **12** external consultations and 67 NICE consultation addressed international medical graduates sponsored for GMC registration **6** corporate members joined or rejoined the College **----- Start of picture text -----**
Section 2
Our progress in numbers
**----- End of picture text -----**
**Section 2 12 Our progress in numbers** **13** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2023–2024** ## **LEPT** ••••• **351** multi-source feedback assessments created **13,780** ## **Pathology Portal** ••••• ## **6,000** active users ## **2,200+** new users have joined in the last year workplace-based assessments created **23** ## **190,000** launches in the past 12 months reports on academic reports created **737** educational supervisors structured reports created **809** specialty annual review of competence progression outcome forms created ## **Consultant job descriptions** ## **6,700** resources are hosted ## **Exams** ••••• **63** exams run for 2,471 FRCPath, Diploma, Certificate and Biomedical Scientist examination candidates ••••• **310** job descriptions reviewed and approved ## **195** College assessors attended advisory appointment committees in England, Wales and Northern Ireland **Section 2 14 Our progress in numbers** **Section 2 15 Our progress in numbers** ## **Section 3** **Our achievements** A strong community. A champion of expertise. A leading voice for change. **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Connecting** We are working to build a stronger College community that every member is proud to be part of. ## **Clearly communicating the tangible and intangible benefits of College membership** In late 2024, we asked members to respond to a survey, to share what matters most to them, to help shape our work and to help us make informed, datadriven decisions. We developed and launched the Your College, Your Membership brochure in March 2025. The brochure lays out the vision and mission of the College, the key services we deliver and the wide array of member benefits available. All new fellows receive a copy at our New Fellows’ Ceremonies. The survey findings led us to develop our 6 key commitments. These align with members’ priorities and outline transparently how we intend to answer feedback. They focus on: communicating value; communities; content; workforce; query management and continuing professional development. ## **Continuing and deepening support for members at every stage of their career** ## **More opportunities to network and find support** We launched our pilot online community platform – the Medical Examiner/Medical Examiner Officer Hub (ME/MEO Hub) – in December 2024 as a space where members can share knowledge and best practice, foster connection and collaboration, and access exclusive online events. More than 400 of our medical examiner and medical examiner officer members are now part of this online community. Next, we launched the Haematopathology Hub in May 2025, with 144 members joining in its first month. We want to ensure that membership is accessible and affordable across all member classes and geographic locations. So, in response to member feedback, we introduced changes to the fees paid by new fellows by examination to support their progression to fellowship. We are forming the New Consultants’ Committee, which will allow us to Regional symposia this year were also well attended. Hosted by the regional councils of Northern Ireland, Scotland and Wales, these in-person and online recorded events provided networking opportunities and a valuable platform for knowledge exchange, as well as feedback to the College. understand support needs at that career stage, and provide a space to raise specific issues and interests. also signed a data sharing agreement with NHS England, granting us access to anonymised patient safety incident reports. This data will support the development of our national incident reporting dashboard and inform future patient safety initiatives. ## **A College that strives to represent all sectors of society** We and our members want everyone in our community to feel respected, listened to and able to give their best regardless of their protected characteristics and other visible or less visible forms of diversity. However, without accurate data, we cannot fully represent our members and champion equality, diversity and inclusion (EDI) as effectively as possible. Therefore, we launched our EDI review in autumn 2024, to collect benchmarking data on the diversity of our membership. ## **Always investing in education** To help us keep improving our Learning Environment for Pathology Trainees (LEPT) system, we surveyed trainees and trainers who use the system and responded with a series of virtual refresher sessions designed to support all system users ahead of the annual review of competence progression (ARCP) period. ## **Commitment to sustainability in pathology practice** ## **Protecting patient safety** In consultation with our members and key stakeholders from across the profession, including experts from different specialties, regional leaders and patient safety advocates, we published our 2024– 2029 Patient Safety and Quality Strategy. It ensures every aspect of the College’s work contributes to delivering safer, higher-quality pathology services, and addresses real-world challenges faced by our members and the wider pathology workforce every day, so they can maintain the highest standards of care. This year we appointed a Sustainability Lead for Pathology Practice to advance sustainability initiatives both within the College and across the wider pathology community. ## **Reinforcing our profession’s profile amid growing healthcare complexity** We launched the Patient Safety Steering Group (PSSG) to help implement the Patient Safety and Quality Strategy and strengthen safety systems to reduce diagnostic errors, support better outcomes and maintain public trust. We **College staff and members of the Patient Safety Steering Group.** **Section 3 18 Our achievements** **Section 3 Our achievements** **19** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Influencing** We believe the challenges facing pathology now are significant. Advocacy for pathology is more important than ever. ## **We fed member perspectives into** ties with this committee and its Chair, George Freeman MP. **government plans** , including the NHS 10-Year Health Plan, Phase 2 of the government’s spending review, the National Cancer Plan and the UK National Action Plan for AMR. In our response to the National Cancer Plan we recommended focusing on prevention, early diagnosis and reducing cancer waiting times through investments in pathology, digital technology and workforce expansion. Dr Charu Chopra, Chair of our Scotland Regional Council, attended a Scottish Parliamentary reception on behalf of the College, which was hosted by the IBMS and the Scottish Government. Our Bulletin article on drone delivery of pathology services in Cornwall was highlighted in parliamentary questions as an example of how drone technology can improve healthcare services. ## **We submitted evidence and feedback for government consultations,** **inquiries and parliamentary debates** , including responding to an inquiry held by the Scottish Parliament’s Health, Sport and Social Care Committee on remote and rural healthcare, and the Ministerial Advisory Group report on performance and productivity in the NHS in Wales. College President, Dr Bernie Croal, met the deputy Chief Medical Officer, Chief Scientific Officer and other pathology leads for a welcome discussion on the new ‘Blueprint’ for pathology in Northern Ireland. In collaboration with our Northern Ireland Regional Council, we launched our priorities for Northern Ireland – calling for investment in the pathology workforce, IT and infrastructure, and a commitment to staff wellbeing and learning from the pandemic. ## **We ran campaigns and published** **policy papers and joint reports** , including our long-term campaign for the introduction of a medical examiner service, which moved to statutory footing in September 2024, and the briefing Embracing AI to support the NHS in delivering early diagnoses. Dr Croal also met Crown Office and Procurator Fiscal Service Scotland representatives, and the Scottish Chief Medical Officer’s team alongside the Chair of the Death Investigation Committee, in relation to a petition on a high-profile post-mortem case. We aim to provide expert input in the ongoing programme to codesign and future-proof ## **We have made sure our members’ voices are heard** Professor Sarah Coupland, College Registrar, contributed to the discussion on ‘How can precision prevention reduce the demand on the NHS?’, strengthening our the delivery of death investigation and post-mortem services across Scotland. College fellow Stephanie Barton spoke at an event about priorities for rare disease diagnosis, care and treatment in England where policymakers and other stakeholders assessed practical steps following the publication of the Department of Health’s England Rare Diseases Action Plan 2025. At the All-Party Parliamentary Group (APPG) on Prostate Cancer, our specialty advisor, Professor Dan Berney, participated in discussions about the benefits and risks of increased screening. He was able to raise important points around overdiagnosis and overtreatment and the effect on the pathology workforce. We have continued to work closely with Prostate Cancer Research and Prostate Cancer UK on the future of how the disease is diagnosed and treated. Dr Sian Morgan, Chair of the College’s Genomics and Reproductive Science SAC, spoke at a Westminster Health Forum conference on ‘Next steps for genomics in the UK’, where she emphasised the importance of adopting and embedding genomic medicine in the NHS. ## **We gave presentations and speeches** ## **We brought parliamentarians and civil servants closer to pathology** Dr Bernie Croal was invited to speak on priorities for cancer prevention and next steps for national screening, diagnostics and early detection, outlining the steps needed to support and enhance pathology in the national cancer plan, and the need for wider NHS reform to improve patient outcomes. Mike Nesbitt MLA, Minister of Health in Northern Ireland, visited the Kelvin Laboratories, Royal Victoria Hospital, at Belfast Health and Social Care Trust, to **Mike Nesbitt MLA, Minister of Health in Northern Ireland, visiting the Kelvin Laboratories.** **Section 3 Our achievements** **Section 3 Our achievements** **20** **21** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** see the work of pathology and laboratory staff across a range of specialties. ## **We helped shape the headlines** The Pathologist and Pathology in Practice magazines covered our submission to the UK government’s 10-Year Health Plan, which highlights the key challenges facing pathology, including workforce shortages, outdated infrastructure and inadequate IT systems. College members Professor Roberto La Ragione and Kate English welcomed Defra representatives to the University of Surrey Veterinary School, where they joined a roundtable discussion on issues facing the veterinary pathology workforce. Kirsty Blackman MP, SNP, Aberdeen North, visited the laboratories at Aberdeen Royal Infirmary, NHS Grampian, where Dr Bernie Croal, College President, and Dr Noha El Sakka, College Vice President for Communications, discussed how we can work with parliamentary colleagues to put laboratory medicine in the right place in the government’s priority list. The Wales Coastal Walk, led by Dr Anu Gunavardhan, highlighted the work pathologists do and raised awareness of rare diseases. Welsh College members were joined by Cllr Gwenda Roberts, Mayor of Penarth, Jenny Rathbone MS, SWAN clinic, Ethnic Minority Women in Welsh Health Care and Nerve Tumours UK. Dr Charu Chopra, Chair of our Scotland Regional Council, responded to an editorial in the BMJ on the 10-Year Health Plan, highlighting the importance of pathology and laboratory medicine as key components of patient pathways and how pathology will be vital in delivering modernised, patient-centred care. College President Dr Bernie Croal gave an interview to The Pathologist magazine about what is needed to support safe and effective point-of-care testing for patients. In response to development of an AI tool to advance coeliac disease diagnosis, as reported in the Guardian, Dr Croal highlighted the need for ongoing investment to ensure AI delivers full benefits to patients by speeding up diagnosis and shortening waiting lists. In the HSJ, along with the British Society for Echocardiography, we called for the rapid heart failure test – NT-proBNP – to be made available in all community diagnostic centres (CDCs), cutting unnecessary waits for patients, reducing inappropriate referrals and easing pressure on diagnostic services. ## **Our approach to antimicrobial resistance** Antimicrobial resistance (AMR) poses a significant threat to public health. We are contributing to the fight against it by: - sharing good practice through educational resources such as our Global Antimicrobial Webinar series, which delivered 6 webinars and was shortlisted in the UKHSA Antibiotic Guardian Shared Learning Awards in the Multi-Country Collaboration category - raising awareness through events such as International Pathology Day 2024, which focused on ‘The rise of global antimicrobial resistance’ and where we were joined by Dame Sally Davies, the UK’s Special Envoy on Antimicrobial Resistance - submitting evidence and responses, including on the government’s response to AMR. Our evidence was cited in the Public Accounts Committee’s inquiry report who recommended investment in more medical microbiologists and virologists, highlighting gaps in the workforce that are jeopardising efforts to optimise prescribing and control infection. ● publishing position statements, for example our response to the government’s 5-year action plan to tackle AMR and our recommendations on tackling AMR in animals. The National Audit Office referenced our briefings in its report investigating the government’s efforts to tackle AMR, highlighting the incompatibility between pathology systems and electronic prescribing records, the lack of a standardised national digital pathology system and a lack of surveillance in animals. - amplifying our voice and reach by joining with other organisations, such as cosigning a consensus statement led by the British In Vitro Diagnostic Association (BIVDA), underlining the need for action to enable the adoption of existing rapid diagnostic technology that can support antibiotic prescribing - engaging in public policy forums, for example, Dr Noha El Sakka spoke at the Westminster Health Forum conference on the ‘Next steps for tackling antimicrobial resistance’, presenting the College’s position on AMR, the need for an increase in the medical microbiology workforce, improved diagnostics, robust IT and strong surveillance. **Section 3 Our achievements** **23** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Leading** As always, education and training are core to the College offer – supporting members to fulfil their goals and aspirations. Our members value our role in maintaining training standards and providing educational resources and opportunities for continued professional development. We continue to strive for excellence in these areas, offering tailored learning opportunities throughout our members’ multifaceted careers. By expanding our online events, we have widened our engagement with members both nationally and internationally. Our specialty-focused webinars offer regular expert updates and insights. Where appropriate, these sessions are recorded and hosted on our website and the Pathology Portal, serving as a valuable on demand resource for members and trainees. We have supported undergraduates, foundation doctors, trainees and members this year by: - offering undergraduates and foundation doctors the chance to explore pathology in more depth through our essay competitions. This year we saw 111 submissions, a 50% increase on previous years. - providing undergraduate medical students with an engaging and hands-on introduction to a career in pathology through the delivery of our annual Pathology Summer School. This year, 65 students took part and the 100% positive feedback - taking part in the GMC’s pilot quality assurance (QA) review of the 2021 chemical pathology curriculum, helping to guide the QA of medical postgraduate curricula and in so doing, identifying 14 actions for the College to undertake, including requesting a change of name for the curriculum. Further curricula reviews for cellular pathology and infection are currently underway. - continuing to grow the Pathology Portal, which celebrated its 3-year anniversary in August. The Portal has become a fantastic free resource for the global pathology community hosting high-quality content, fostering community engagement, supporting continuous learning and improving professional practice. It was presented at the 2025 British Society for Haematology meeting, the Fertility Conference and the International Federation of Fertility Societies world congress, expanding the Portal’s reach. - delivering our annual education update on the theme of ‘reasonable Conference and the International adjustments’, which explored how Federation of Fertility Societies world training and examinations can congress, expanding the Portal’s be adapted to best support those reach. undertaking them, among other related ● delivering 28 specialty webinars, areas. The meeting was attended by which have so far been attended or over 430 delegates and received a viewed by over 6,500 people from 76 positive response rate of 97%. countries - underscores the importance of early engagement with students in their educational journey. - awarding 4 medical elective grants to undergraduate medical and veterinary students under our scheme with partner societies. The grants support students undertaking electives in pathology specialties. - delivering our joint RCPath/BDIAP foundation taster event to 80 attendees, to strengthen links between foundation doctors and pathology, raise awareness of pathology specialties as career options and provide practical advice on the application and interview process **----- Start of picture text -----**
Section 3
25
Our achievements
**----- End of picture text -----**
- awarding 13 foundation fellowships, which give selected applicants the opportunity to freely attend events, educational meetings and symposia, to support their rotation through a pathology specialty - delivering 4 specialty-specific career webinars, viewed by over 1,100 participants, covering immunology (both medical and scientific training routes), genomics, and perinatal and paediatric pathology - awarding 3 research start-up grants, providing over £11,000 in financial support for postgraduate and undergraduate students at the beginning of their research projects **Section 3 24 Our achievements** **Royal College of Pathologists Annual report & accounts 2024–2025** **----- Start of picture text -----**
Royal College of Pathologists
Annual report & accounts 2023–2024
**----- End of picture text -----**
## **“Honestly one of the best experiences I’ve had during medical school.”** **“I loved every second of the Summer School and I am so thankful to everyone involved! I have been converted into an aspiring haematologist.”** ## **Pathology Summer School attendees** - delivering 3 joint educational webinars applications, training and specific in collaboration with some of our guidance related to the Portfolio corporate members, which were Pathway route. attended by more than 900 people. ● publishing 3 guidance documents The recordings have had over 600 that support increased flexibility in views so far. - publishing 3 guidance documents - The recordings have had over 600 that support increased flexibility in views so far. recognising capabilities for doctors in - ● delivering a dedicated webinar on the GMC-approved programmes, allowing for Histopathology Portfolio Pathway to a more individualised approach for each an audience of 200 attendees. Aimed doctor training in pathology specialties at histopathology doctors considering ● running the annual medical examiner a Portfolio Pathway application to the conference for over 260 attendees, GMC – as well as those supporting providing essential updates on the newly them, such as trainers – the session introduced statutory medical examiner provided comprehensive guidance system on the process. Representatives ● supporting continuing professional - from the GMC presented on the development (CPD) by processing 4,753 - application process, while College CPD returns and approving 329 events - speakers delivered talks on assessing - supporting continuing professional development (CPD) by processing 4,753 CPD returns and approving 329 events and courses for CPD accreditation. ## **An international network of excellence** We delivered and supported a wide range of activities globally this year, shaped by our International team, partners, members and a fantastic group of volunteers. These activities included: - the EU-funded ARISE project where, in collaboration with affiliate organisations, we made key contributions such as the development of national sickle cell disease prevention policies in Nigeria, Lebanon and Kenya. We worked with partners to provide secondments in the UK to researchers from Nigeria, Zambia and Angola, providing online and in-person training (e.g. train-thetrainer workshops in Nigeria), and helping to set up newborn screening programmes in Angola and Nigeria. - the externally funded Global Health Workforce Programme, which aimed to improve retention of chemical pathologists and training opportunities in Ghana, Kenya and Nigeria. Working in close collaboration with our partners (the National Postgraduate Medical College of Nigeria, the Ghana College of Physicians and Surgeons, the Aga Khan University in Kenya and the Association for Laboratory Medicine) the project delivered: - 4 CPD-approved webinars - 9 virtual case report sessions – a 12-week point-of-care testing course delivered in Kenya – a CPD-approved virtual training day on recent advances - scoping visits to Ghana and Kenya – a new chemical pathology curriculum in Kenya. - a 6-part webinar series on AMR, which was attended by over 600 attendees from 30 countries and shortlisted for a UKHSA Antibiotic Guardian Shared Learning award - a 4-part webinar series on gross examination and frozen sections, which was attended by 1,124 attendees from 29 different countries, allowing participants to share knowledge - a 2-part webinar series exploring key skills to enhance an academic career, providing pathologists from around the world with skills to build their academic career outside the laboratory - continued partnership with **Giles Hanratty, Kelley Price** - 9 organisations through our **and Professor Angharad** - Memorandums of Understanding **Davies attending the** - (MoUs) that continue to provide a foundation for much of our international **UKHSA Antibiotic Guardian** activity throughout the year, including: **Shared Learning Awards.** - meetings with representatives from the Sudanese Diaspora group to provide support to our members and fellow pathologists in Sudan during the ongoing crisis. As a result of these meetings, we focused on various initiatives, for example, working with partners across the Middle East to identify training opportunities and placements for Sudanese pathologists. - development of a dedicated refugee support document containing useful resources and signposting - collaboration on a virtual conference with the Shupyk National Healthcare University of Ukraine and the Feofaniya Clinical Hospital where College fellows gave presentations on behalf of the College. **Section 3 Our achievements** **Section 3 Our achievements** **26** **27** Section 4 Jp Spotlight on **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Our volunteers** ## We couldn’t do it without you! The invaluable support and expertise of our volunteers has driven so much of what we’ve achieved this year. Thank you for dedicating your time to the College, and to championing pathology. Your support – authoring guidelines, attending appointment advisory committees, reviewing job descriptions, presenting at webinars and more – ensures a continuous focus on what’s important to our members and their patients. Our examiners ensure we maintain high standards of training. Our committee members contribute to guidance documents and evidence submissions and represent their specialty, area of interest or region, helping to shape policies, standards and the future direction of the profession. - contributors have played a crucial role in developing and maintaining the high-quality resources available on the platform. - feedback on 12 consultations and responses, and 67 NICE consultations - reviews of 310 job descriptions - 63 exams - 44 webinars and events - review and recommendation to the GMC of 32 CESR/Portfolio Pathway applications. Over the year volunteers have helped us to deliver: ## **Over 1,000 volunteers are part of** ## **our committees.** - 27 clinical guidelines, guidance documents and best practice recommendation papers - new strategies, including the Patient Safety and Quality strategy, where Specialty Advisory Committee (SAC) chairs and experts across pathology provided valuable feedback on the key challenges and opportunities for improving patient safety - a 57% increase in Pathology Portal users. Over 100 editors and content ## **Collaboration that pushes new boundaries** Over the past year, we have collaborated and developed partnerships with industry, policymakers, stakeholders and kindred organisations. - Working in partnership with Roche, 3DHistech and Illumina, we delivered a series of webinars exploring how stronger collaboration between industry and academia can accelerate frontline use of new diagnostic technologies. - **3** - **1** These sessions gave practical advice on setting up efficient digital pathology workflows and transitioning to digital reporting, and shared recent advances in liquid biopsy, exploring how it is accelerating access to precision medicine and reshaping cancer pathways. - **4** - Professor Adrian Bateman, Chair of the RCPath Cellular Pathology Specialty Advisory Committee, attended a roundtable organised by the Royal College of Radiologists, with the Department for Health and Social Care, NHS England and other medical colleges to reinforce our evidence to the National Cancer Plan. Discussion focused on 2 specific elements of the plan: access and early diagnosis, and treatment and clinical pathways (looking specifically at service design and clinical decision-making). This was a good opportunity to feed in the issues affecting pathology services to the plan while it is in production. - **2** - In August 2024, we hosted our first Celtic Summit with representatives from Scotland, Wales and Northern Ireland to discuss the challenges and opportunities facing pathology services in each nation. We then published a report outlining current pathology provision across the 3 devolved nations and the various ways the College interacts with and supports these services. At our ‘Cellular pathology and genomics: Partnering for precision medicine’ conference, devised by Dr Sian Morgan (chair of our Genomics and Reproductive Science Specialty Advisory Committee), we brought together leading stakeholders across pathology, genomics, NHS England and industry to explore strategies for improving outcomes for cancer patients and accelerating access to new treatments. The conference explored how to promote closer working between cellular pathology, genomics and industry in the delivery of patient-centred care. A followup event is scheduled for the end of 2025, with the goal of generating a consensus statement on the most effective approaches to address challenges faced by patients awaiting the results of genomic testing. **Section 4 30 Spotlight on** **Section 4 Spotlight on** **31** **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Workforce** Our members called for us to focus on raising awareness of workforce shortages this year, and advocate for pathologists facing real challenges in the workplace. ## 47% of pathologists aged 50 and over ## In response, we: and intending to retire in their early 60s, as well as the unsustainable pressure on the workforce, with over 60% of UK-wide consultants working beyond the number of hours stated in their contract in a typical week. - launched our new 2025–2028 workforce strategy following extensive engagement with members and stakeholders. This sets out the actions we will take to influence changes, in particular in workforce intelligence, and is already driving new initiatives and strengthening our workforce data. We will use your experiences and our voice to understand and lobby for the changes the pathology workforce needs. ● relaunched our workforce census in February 2025, to better reflect the diverse professional backgrounds and experiences of our members. We had a response rate of 31% and published key fndings. This data is enabling us to identify shortfalls, and address recruitment, retention and morale issues across the pathology workforce in the absence of nationally coordinated data on pathologists and pathology services. - published 2 of 4 planned census spotlights that captured workforce priorities and challenges based on the data we collected. These highlight a potential retirement cliff edge with ● used census data and evidence from the College Specialty Training Committees and the Trainees’ Advisory Committee in our response to the NHS England Medical Training Review. We called for the creation of at least 150 additional training posts across the 17 pathology specialties, proportionally distributed across the regions according to population need. We outlined the challenges and opportunities needed to ensure postgraduate medical training remains fit and sustainable for the future. - launched the ophthalmic pathology fellowship after unexpected consultant retirements meant specialist eye services were in crisis. College Registrar Professor Sarah Coupland worked with our Workforce team to secure NHS England funding for the fellowship. - published guidance outlining strategies to support medical microbiologists and virologists in managing clinical consultant workloads - attended the APPG on Baby Loss meeting on inequalities in baby loss that took place at the start of Black Baby Loss Awareness Week in May, where our data on the lack of perinatal and paediatric pathologists and its effect was highlighted. **----- Start of picture text -----**
33
**----- End of picture text -----**
**Section 4 Spotlight on** **Section 4 Spotlight on** **32** pyi Our governance **Royal College of Pathologists Annual report & accounts 2024–2025** **Royal College of Pathologists Annual report & accounts 2024–2025** ## **Trustee Board and College Council (as at 30 June 2025)** ## **Co-opted Council Members** **Dr Rachael Liebmann,** Medical Director, Sonic Healthcare ## **Professor Marco Novelli,** Medical Director, HCA Laboratories ## **Dr Shubha Allard,** NHS Blood and Transplant ## **Trustee Board** ## **Vince Voon,** Chair and Lay Trustee **Dr Bernie Croal,** President ## **Professor Sarah Coupland,** Registrar **Dr John Ashcroft,** Treasurer **Professor Marta Cohen,** Vice President for Learning **Dr Noha El Sakka,** Vice President for Communications **Dr Laszlo Igali,** Vice President for Professional Practice ## **Professor Peter Johnson,** Vice President for Workforce and Corporate Engagement ## **Council Members** **Dr Bernie Croal,** Chair and President **Professor Sarah Coupland,** Registrar **Dr John Ashcroft,** Treasurer **Professor Marta Cohen,** Vice President for Learning ## **Dr Noha El Sakka,** Vice President for Communications **Dr Laszlo Igali,** Vice President for Professional Practice ## **Professor Peter Johnson,** Vice President for Workforce and Corporate Engagement ## **Dr Gareth McKeeman,** Chair, Northern Ireland Regional Council ## **Dr Gareth McKeeman** , Chair, Northern Ireland Regional Council ## **Dr Charu Chopra,** Chair, Scotland Regional Council ## **Dr Anu Gunavardhan,** Chair, Wales Regional Council ## **Lesli Flinn,** Lay Trustee ## **Jennifer Phillips,** Lay Trustee ## **Dr Shubha Allard,** Co-opted Trustee ## **Professor Marco Novelli,** Co-opted Trustee ## **Dr Charu Chopra,** Chair, Scotland Regional Council **Dr Anu Gunavardhan,** Chair, Wales Regional Council ## **Dr Arthi Anand,** National Elected Member and Chair, Histocompatibility and Immunogenetics Specialty Advisory Committee (SAC) ## **Dr Sayed Bukhari,** National Elected Member **Dr Susanne Burdak-Rothkamm,** National Elected Member **Dr Guy Hannah,** National Elected Member **Dr Alex Haragan,** Elected Member (England North) ## **Vince Voon,** ## **Observers to Council By Invitation** ## **Professor Jo Martin,** **Dr Lisa Ayers,** Chair, Healthcare Science Committee **Dr Adrian Bateman,** Chair, Cellular Pathology SAC National Specialty Advisor for Pathology, NHS England/Improvement ## **Dr Tony Maddox,** Chair, Cytopathology Sub-Committee **Dr Ralph BouHaidar,** Chair, Forensic Pathology SAC **Professor Sebastian Brandner,** Chair, Neuropathology SAC ## **Dr Bipin Mathew,** Chair, Dermatopathology Sub-Committee **Dr Sian Morgan,** Chair, Genomics and Reproductive Science SAC **Professor Nicki Cohen,** Clinical Director of Examinations ## **Professor Ronan McMullan,** Clinical Director of Training and Assessment ## **Professor Angharad Davies,** Clinical Director of Publishing and Engagement **Dr Mike Eden,** Clinical Director of Safety and Quality ## **Dr Karen Mitchell,** Chair, Pathology Informatics Committee **Dr Shruthi Narayan,** Chair, Transfusion Medicine SAC ## **Dr Clair Evans,** ## **Jennifer Phillips,** Chair, Prenatal, Perinatal and Paediatric Pathology SAC Lay Trustee ## **Dr Sarah Pitt,** President Elect, Institute of Biomedical Science ## **Lesli Flinn,** Lay Trustee ## **Dr Natasha Ratnaraja,** ## **Dr Ian Godber,** Chair, Joint Medical Microbiology and Medical Virology SAC President, Association for Laboratory Medicine ## **Dr Sophie Roberts,** **Professor Keith Hunter,** Chair, Research Committee Chair, Trainees’ Advisory Committee ## **Dr Golda Shelley-Fraser,** ## **Lt Col Dr Emma Hutley,** Chair, Medical Examiners Committee Military Observer ## **Professor Darren Treanor,** ## **Dr Jan Klapwijk,** Digital Pathology Lead Chair, Toxicology SAC ## **Dr Patrick Yong,** ## **Dr Shireen Kassam,** Chair, Immunology SAC Sustainability Lead ## **Dr Esther Youd,** Clinical Director for Digital Pathology Education, and Chair, Death Investigation Committee ## **Dr Pamela Kelly,** Chair, Veterinary Pathology SAC ## **Professor Mary Keogan,** Dean, Faculty of Pathology, Royal College of Physicians of Ireland Chair of Trustee Board and Lay Trustee **Professor Tahir Pillay,** Chair, International Committee **Section 5 36 Our governance** **Section 5 Our governance** **37** ## 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 © 2025 The Royal College of Pathologists Registered Charity in England and Wales | Number 261035 The Royal College of Pathologists Pathology: the science behind the cure Annual report and financial statements For the year ended 30 June 2025 Reglstered charity number 261035 Th$ Royal College of Pathologlsls 6 Ali$ Street, London, E180T, UK Tg1.' 020 74516700. www.rcpalh.org The Royal College of Pathologists Index to the financial statements Pa Report of the trustees Report of the auditors 15- 18 Consolidated statement of financial activities 19 Consolidated and College balance sheets 20 Consolidated statement of cash flows 21 Accounting policies 22-24 Notes to the financial statements 24-36 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 The Trustee Board are pleased to presenl their reporl together wlth the financi81 statements of the College for the year ended 30 June 2025. Objectives & activities The College's misslon is to promote excellence In the practlce of pathology and maintain standards through training, assessments, examinations and professional development, to the benefit of the public. The trustees have complied with the duty in the Charities Act 2011 to have due regard to guidanTr published by the Charity Commission, including public benefit guidance. Pathology is the science at the heart of modern medicine, vital for the understanding, diagnosis and planning clinical management of disease. 95 % of patients will have a pathologist involved their healthcare journey. (htlps.'/lwMv.england.nhs.uklvp- conlenvliplo8d￿2014/o2lpé1h01-dAg-flrsI.pdfj Pathologists sludy the causes of disease and the ways in which disease processes affect our bodies. Recognising the patterns that disease takes allows us to understand what's at the rool of a problem, enabling accurate diagnosis. Following up this understanding helps treatments to be devised and preventative measures to be put in place. Much of the work in pathology occurs behind the scenes which may explain why many people are largely unaware of its ongoing and vital contributions to modern medicine. Without the work of pathologists there would be no evidence to support the diagnosis and clinical management of disease, and improving or even maintaining the quality 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 pathologists 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 continuing professional development programme. Running scientific seminars. webinars and expert workshops on a national and regional basis. The College looks after the interests of patlents by: Producing guidelines and other documents that set standards of best praclice. Making our case to parliamentarians through the Health Committee, All Party Health Groups, individual ministers and civil servants to r8ise 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 Vit81 as 8 resource for patients to provide information about the range of cllnical tests that are used in their diagnosis and treatment. Page 1 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Objectives & actlvltles (continued) The College helps in the search for cures to disease by committing to strengthening the research base of the specialty. This is achieved through: Supporting fellows and trainees who undertake research activities as part oftheirday- to-day work. Awarding bursaries and prizes for research. The College has a public engagement programme whose aims include inspiring secondary school students to learn about science through an innovative and creatlve programme focusing on health and disease. The goals of this programme are to.. Increase interest in pathology as 8 career option. Raise awareness of pathology and its crucial role in treatlng and curing disease. Contribute to the wider initiative of engaging the public in contemporary science. Support the teaching of science in secondary schools. Change attitudes towards science, in particular pathology. Activities To achieve our objectives the College has undertaken significant activities during the year under review: Trainlng, examinatlons and assessments: Setting the standards for training in pathology through the provision of medical, clinical science and veterinary pathology curricula. Administering medical pathology training through College Specialist Tralning Committees. who advise and provide guidance on all major Issues relatlng to specialist training in pathology, Managing the development, implementation and evaluation of workplace-based assessments for medical trainees and advising on the development of workplace- based assessments for cllnical science trainees. Registering and monitoring Specialty Registrars for the duration of their training and recommending them forthe award of a Certificate of Completion of Tralning (CCT) to the General Medical Council (GMC). Providing electronic training portfolios to allow registered trainees to record Iheir progress in training. Development, implementation and delivery of the FRCPath Part 1 and Part 2 examinations in the 17 pathology speciallies, as well as the Certificate and Dlploma 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 change significantly. Page 2 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activities (continued) Recommending to the GMC whether or not the training andlor qualifications and experience of pathologists applylng to the Specialist Reglster under the Certificate of Equivalence of Specialist Registration (CESR) rules is equivalent in content and duration to that required for a Certificate of Completion of Training. Management of the review and approval of applicalions for Fellowship by published works. Supporting training and continuing professional development through the provision of the Pathology Portal. Supporting the provision and promotion of pathology in undergraduate and foundation training. Patient safety Establishment of a new Patient Safety Strategy. overseen by the new Patient Safety Steering Group. Support pathologists and their teams to improve safety and quallly of care. Encourage shared leaming to advance patient safety and quality improvement. Professional guidellnes and practice Deliver a leading programme for continuing professional development and user friendly online CPD and revalidation portfolio for members. Supporting the Professional Performance Committee to deal with concerns about professional performance in all disciplines of pathology. Providing healthcare organisations with formal advice on professional perfomiance in pathology. Supporting the ongoing oversight of, and governance for, external quality assessment stakeholders. Providing guidance 8nd support to members and trainees on patient safety and quality improvement methodologies including clinlcal audit and delivering continuous quality improvement awareness months. Ensuring pathology input into guidelines and standards produced by national bodies. Continued membership of the International Collaboration on Cancer Reporting to support the production of common and internationally validated and evidence-based pathology datasets for cancer reportin9 for use throughout the world. The production of high-quality evidence based clinical guidelines in pathology to accredited standards. Hosting webinars for new guidance documents to support pathologist understanding and apply them in practice. Commercial fundraising The provision of consultancy services to providers or commissioners where an authoritative independent review is required on the provision of high-quality pathology services, under the trading name RCPath Consulting. The provision of high quality conference and meeting facilities and catering services to external clienls utilising College rooms when not used for our own purposes, under the trading name Events@No6. Pago 3 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activities (continued) Workforce Establishing the College's first Workforce Strategy (2025-28) that strives to ensure the pathology workforce is provided with the right support to deliverthe highest quality of care for patients. Gathering robust insights and intelligence through a reformed approach to data collection. This includes a new, more comprehensive workforce survey of members, direct to service surveys and freedom of information requests of services across the UK Providing strong insights and intelligence to strengthen the College's voice on pathology workforce planning. Mainlaining standards in pathology by reviewing and approving consultant level job descriptions and overseeing the College's statutory role in consultant advisory appointment committees (AAC'S). Conferences and academic activities Management and development of the programme of in-house symposia and online webinars designed to keep participants up to date with current thinking and practice in the pathology discipllnes. Advisory committees Much of the work of the College is achieved 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 committees advise on specialty specific matters such as histopathology and microbiology, etc. Establishment of a network of lay advisors to Input into specific committees. Regional councils for Northem Ireland, Scotland and Wales maintain valuable regional and local influence and insight. Committees that report to the Trustee Board include Council, Govem8nce & Nominations Committee and the Remuneration Commitlee. Communications Production of the quarterly publication "The Bulletiii" distributed to members and subscribers electronically. 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 Maintenan￿ of the College's web site, including the members, area. Engagement with politicians, civil servants and other key stakeholders across the UK to raise awareness and understanding of the value of pathology and the role of the College. Responding to parliamentary questions and consultations. Identifying opportunlties to promote the work of the College via the media and improve the understanding of pathology. Delivering the College's public engagement programme, including National Pathology Week. Managing grant schemes and awards. Page 4 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activitles (continued) International development Providing support for the work of the International Commlttee, chaired by the Clinical Director of International Aclivities. and the International Regional Advisors and Country Advisors. Supporting current international medical graduates through provision of the College sponsorship scheme and Medical Training Initiative, and the International Trainee Support Scheme. Supporting future intemational pathologists throughout their careers Ihrough the provision of the International 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 regions affeded by challenge and conflict. 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 internationally, including through the delivery of projects. Supporting the professional development of inlernational members and trainees. Raising awareness and understanding about the role and contribution of pathology to global health. Equality, diversity and inclusion (EDI) Developing a new approach to EDI engagement with members and staff, through the establishment of a new online community. Delivering the EDI action plan to increase diversity and ensure inclusion. Progressing work to initiate a survey of member characteristics and barriers to engagement to better inform the College's policies and procedures. Hosting events to raise awareness of EDI matters and generate discussion. Volunteers Many members give their time freely to help the College achieve its objects by attending committee meetings, sitting on working parties, acting as examlners, 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 these individuals for their commitment and support. Achlevements & performance The College prodU￿S 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 2025. Page 5 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Sustainability The College has established its initial carbon baseline for the year ended June 2022 which was estimated at 1,036 tonnes of carbon dioxide equivalent for the six main greenhouse gasses. Trustee Board agreed an interim target of a 420/0 reduction in absolute emissions below this baseline by 2032 with a view to achieving Net Zero by 2040. Investment performance Global investment markets exhibited resilience over the year to 30 June 2025, navigating a complex macroeconomic landscape marked by geopolilical tensions, fluctuating inflation expectations, and evolving monetary policies. In the third quarter of the College's financial year, equity markets, particularly in the United States, experienced notable volatility following the announcement of new tariff measures by the U.S. administration. There was a rebound in the final quarter, supported by strong corporate earnings and renewed investor confidence in growth-oriented sectors such as technology and artificial intelligence. In the year the COIF Charities Ethical Investment Fund returned a negative 1.32 % misslng the CPl+4 % targel of 7.36 % and the comparator of 6.45 %. The equities within the fund initially kepl pace with the broader market bul then lagged behind the market as cyclical sectors such as defence rebounded. In absolute tems, the best performance in the fund's share portfolio came from the financial sectorand from consumer staples companies. Health care detracted from absolute performance. Relative to its comparator benchmark, the fund's 8voidan¢e of the energy sector was a positive whilst the fund's under-weight positioning among financials and technology shares was the main detractor from relative performance. The fund's property portfolio delivered a posilive contribution to returns. Private equity returns were negative, but the underlying portfolio companies remain strong. The value of infrastructure and fixed income assets in the fund suffered because investors now expect that interest rates will remain higher for longer. Financial review In the year ended 30 June 2025, the College generated total income of £10.5 million and incurred total expenditure of £10.35 million. Membership subscriptions remained the largest source of income, contributing £4.7 million. Income from postgraduate education and examinations increased slightly to £2.6 million, while expenditure on delivering these services rose to £2.9 million. Our commercial conference centre, Events@No6, operated by the College's wholly owned subsidiary, achieved a record year with turnover reaching £2.3 million. After deducting all costs. combined profits from Events@No6 and RCPath Consulting amounted to £484,000. This success enabled us to fully repay the remaining £40,000 of start-up losses, make a charitable donation under Gift Aid of £445,000 to the College, and contribute an additional £144,000 towards shared College overheads. Page 6 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Financial review (continued) Staff costs rose compared to the previous year. This reflects an increase in headcount following a restructure of the IT department, additional staffing in the workforce department, and Ihe full-year effect of new appointments in the examinations team. Premises costs also increased, mainly due to higher maintenance and utility expenses. We are actively managing these costs to reduce expenditure in future years. We continued work on our technology transformation project, launched at the end of the previous financial year. This significant investment will replace both the College's main database system and the website content management platform. Phase 1 delivery is expected in the first half of 2026. At 30 June 2025. the College had invested £698,000 in capital expenditure for this project. Depreciation will begin once the initial phase is operational. Reserves The Trustee Board has established a reseNes policy, whereby the unrestricted funds not commitled or invested in fixed assets or designated for specific purposes (the 'free reserves,) held by the College, should normally be sufficient to allow the College to operate without income for up to 9 months. This level of reserves is essential, because our income is not guaranteed and can be subject to significant fluctuations year on year. The College's reserves ensure that short term changes in revenue will not materially affect the College's activities, secures the long term funding of the College and enables the College to meet its duties 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 topical issues in pathology, which the College feels should be addressed. At 30th June 2025 the level of free reserves of £6.2 million equated to 7,5 months of unrestricted expenditure. The total amount of restricted funds at 30 June 2025 amounted to £1.6 mlllion. Total College funds amounted to £38.5 million. Going concern The trustees have reviewed the financial position and financial forecasts, taking into account the levels of investment reseNes and cash, and the systems of financial control 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 consider th8t the College has adequate resources to continue in operational existence forlhe foreseeable future. They continue to support the going concern basis in accounting and in preparing the annual financial accounts. Page 7 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Risk management The principal risks faced by the College are detailed below, together with the steps taken to mitigate 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 the volunteer model. Member engagement propositlon Is being drawn up explaining the value of the College and encouraging people to become involved. Additionally, members may not feel that the College is relevant lo their practice and may not volunteer for College roles or stand for election to College posts. Encouraging meetlngs 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 financl81 pressures on the College, with a deficit projected for the next few years, Monlhly 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 operating costs to establish efficiency savings Technology risks, including reliance on the College database, which is used by many departments across several different functions. A technology transformation project is in progress for the database and website platform, which has incorporated a review of all business processes. A review of IT infrastruclure took place in early 2022. and new hosting arrangements have been put in place. Auditors A resolution will be proposed at the Annual General Meeting that Begbies be re-appointed as audilors to the College for the ensuing year. Page 8 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Investment policy and objectives The Trustee Bo8rd's investment policy is to maximise the return on investments taking the medium to long-term view with a moderate level of risk. The capital value of the portfolio should be protected in Sine with the objective of generating an annual rate of return 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, shares, or securities and other investments within the United Kingdom or elsewhere as the Board sees fit, provided that Ihe Board is satisfied that such investment is not speculative 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, tobacco, mining or armament companies. The portfolio is managed by an investment management company. The total return approach where income and capital gains are considered in aggregate is adopted, including 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 ofthe 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 £2g.9 million. Plans for future periods Our new strategy for the five year period July 2024 to June 2029 was fomially launched in May 2024. Vlslon: Developing and supporting excellence in pathology for healthcare across the world. Mlsslon: To advance the science and practice of palhology. To further public education in the field of pathology. To promote study, research and innovation in pathology and disseminate the results. Values: Teamwork. Service. Ambition. Aims and Objectives: Aim 1- Lead excellence In pathology practlce. 1. Promote the breadth of opportunities and patient benefits of a career in pathology and laboratory medicine. 2. Use robust data and analysis to provide insights into the pathology workforce and lobby for the action needed to suslain it in the interests of patients. 3. Work with stakeholders to ensure safe, supportive and inclusive workplaces for pathologists. Page 9 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Plans for future periods (continued) 4. Establlsh strong policy positions and act on key priorities for pathology across the four UK nations. 5. Develop and maintain strong relationships with UK politicians. government bodies. public audiences and industry partners. Alm 2 - Promote the highest standards of pathology education and tralning. 6. Keep curricula, assessments, and examinations under review to ensure they are reflective of current best practice. 7. Enable individuals to progress through training by removing barriers and ensuring equity to reach consultant practice. 8. Support appropriately qualified international medical graduates to obtain registration to practice in the UK. 9. Provide support and reSou￿e5 for trainees and new consultants. Aim 3- Foster a sense of pride and belonglng among our members. 10.Listen to our members and use their insights to develop an engaging and inclusive membership benefit portfolio. 11. Provide opportunities for members to network. share best practice and find support to address any challenges they face. 12. Deliver professional development opportunities for members to safeguard their practice for the future. 13.Deliver high quality resources to support pathology practice. 14.Advocate for pathology and pathologists. Aim 4- Be the authorltatlve and trusted partner for pathology. 15.Maintain high slandards of professionalism, integrlty, 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 advlce we provide. 17. Leverage partnerships with kindred organisations, stakeholders and devolved nation health services. 18. Build on our international 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 sustainable and inclusive organlsatlon. 20. Ensure equity, diversity and inclusion in all that we do. 21. Deliver digital transformation to advance organisational efficiency and support our members. 22. Prioritise staff wellbeing and workload management. 23. Deliver our carbon reduction plan and net zero commitment. 24. Promote sustainability In pathology practice through collaboration with relevant stakeholders. 25. Ensure financial sustainability; significantly reducing the deficit within five years. Page 10 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Plans for future perlods (contlnued) 26. Harness new opportunities for income generation expansion and enhancement and promotion of commercl81 activllies of the College. 27. Explore how the College harnesses member expertise 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 Charitable Trust on 28 April 1970. The College is governed by its Royal Charter, Ordinances and By-laws, 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 Irustees of the College. Committees reporting to the Trustee Board include the Council, Governance & Nominations Committee. and Remuneration Committee. Councll Is responslble for the clinical, educational and professional functions of the College. Council has sub committees, including specialty and standing advisory committees, examinations and training committees, and regional councils. The trustees who served during the year are set out below. They comprise the 7 honorary officers, the chairs of each ofthe regional councils for Northern Ireland, Scotland and Wales, and 3 lay trustees. Trustees are elected or appointed for a three-year term of office after which they may serve again only after a one-year gap, unless elected to another honorary officer role. The Treasurer, Registrar and lay trustees can serve for two consecutive three- year temis of office. 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 diplom8te members in that region from amongst the fellows resident within the particular region. The three lay trustees are appointed following a process which includes advertising these positions, completion of an application form. shortlisting against the requirements contained in the role description and person specification, and a panel interview. Trustees take decisions In the best interests of the College as a whole. They operate in accordance with a code of conduct that makes expSicit reference lo objectivity in decision- making. A register of interests is mainlained in respecl of each member of the Trustee Board and Council. On appointment to office trustees receive an induction pack and are invited to attend the annual induction training meeting. The Trustee Board approves the College's annual budget and strategic plan. Once approved, the implementation of the plan is delegaled to the staff, who have the authority to work within the paramelers set by the Board. Decisions of a strategic nature, or items out with the agreed budget and plan, must be referred to the Board. The College wholly owns a subsldi8ry company, RCPath Trading Limited, which 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 company be paid to the College under gift aid. Page11 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Responsibilities of the trustees The trustees are responsible for preparing the report of the twstees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unlted 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 suilable accounting policies and then apply them consistently-, ObSe￿e the methods and principals 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 disclosed and explained in the financial stalements., and Prepare the financial stalements on Ihe going concern basis unless It is inappropriate to presume that the College will continue in operation. The trustees are responsible for keeping proper 8ccountlng records that disclose with reasonable accuracy at any time the financial 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 irregularities. The trustees are responsible for the maintenance and integrity of the College and financial information included on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Key management personnel remuneration The trustees consider the Trustee Board and the senior management team comprlse the key management personnel of the charity in charge of directing and controlling, running 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. The pay of all slaff, including the senior staff, is reviewed annually by the remuneration committee which reports to the trustee board. Pay is benchmarked periodically by an external 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. Slaff progress up the pay scale on successful completion of an annual performance review. The senior management team meet annually to review and agree performance review summaries for all staff, and the remuneration committee reviews and ratifies this decision. Page 12 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Key management personnel remuneration (continued) The remuneration committee reviews the performance 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 disclosure to auditor So far as the trustees are aware, there is no relevant audit information ofwhich the College's audilors 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 information and to establish thal the College's auditors are aware of that information. Reference & administrative details Trustees Those who served as trustees during the year were as follows: Dr Shubha Allard Co-opted Trustee (appointed 13 November 2024) Dr John Ashcroft Treasurer Dr Charu Chopra Chair, Scotland regional councll (appointed 13 November 20241 Prof Marta Cohen Vice President Prof Sarah Coupland Registrar Dr Bernie Croal Presidenl Dr Noha El Sakka Vice President Ms Lesli Flinn Lay Trustee Dr Anu Gunavardhan Chair, Wales regional council Dr Laszlo Igali Vice President Prof Peter Johnston Chair. Scotland r6gional council {demitled office 13 November 20241 Vice President (appointed 13 November 2024) Chair, Northern Ireland regional council Assistant Registrar Idemitled office 13 November 2024) Co-opted Trustee {appoinled 13 November 20241 Lay Trustee Lay Trustee & Chair of Trustee Board Dr Gareth McKeeman Dr Stephen Morley Prof Marco Novèlli Ms Jennifer Philllps Mr Vincent Voon Senior Staff Daniel Ross Joanne Brinklow Diane Gaston lan Hopper Nigel Pollard Katherine Timms Chief Executlve Director of Leamlng Direclor of Communications Interim Director of Corporate Services (from 8 April 2025) Director of Corporate Services (to 30 April 2025) Director of Professional Practice Page 13 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Reference & administrative details (continued) Principal Office The Royal College of Pathologists, 6 Alie Street, London E18QT. Telephone.. 020 74516700 E-mail: info@rcpath.org Website: www.rcpath.org Registered charity number 261035 in England & Wales. Company registration number RC000127. Professlonal advisors to the College Auditors Begbies. 9 Bonhill Street, London EC2A 4DJ. Taxation advisors 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 Klng William Street, London EC4N 7AF. Approved by the Trustee Board and signed on their behalf by: Dr Bernie Croal President 7 August 2025 Page 14 Independent auditor's report to the trustees of The Royal College of Pathologists Opinion We have audited the financial statements of The Royal College of Pathologists (the'charity,) for the year ended 30 June 2025 which comprlse the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial 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 statements: Give a true and fair view of the state of the parent charity and Its subsidiary undertaking's affairs as at 30 June 2025 and of their incoming resources and applicalion of resources. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance wilh the requlrements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further discussed in the auditor's responsibilities for the financial slatements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our 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 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other informatlon comprises the report of the trustees. Our opinion on the financi81 statements does not cover the other information and, except to the extent olhemise expllcitly st8ted in our report, we do not express any fonn of assurance conclusion thereon. Page 15 Independent auditor's report to the trustees of The Royal College of Pathologists In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or olheNise appears to be materially misstated. If we identify such material inconsistencles or apparent material misstatements, we are required to determine whether there is a material misstalement in the financial stalements or a material misstatement of the other Information. If based on the work we have performed, we conclude that there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon In the Ilghl of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the report of the trustees. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: The information given in the trustees, report is inconsistent in any material respect with the financial statements., or Sufficient accounting records have not been kept. or The financial statements are not in agreement with the accounting records. or We have not received all the information and explanations we require for our audit. Responsibilities 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 true and fair view, and for such internal control as the truslees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo conlinue as a going concern, disclosing, as applicable, malters relating to going concern and using the going concern basis of accounting unless the trustees either intend to ￿ase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 151 of the CharltSes Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Pgge 16 Independent auditor's report to the trustees of The Royal College of Pathologists Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to whlch the audlt was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Agreement of the financial statement disclosures to underlying supporting documentation. Enquiries and confirmation of management and the truslees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims., Review of minutes of Board meetings throughout the period; InCO￿oratIng unpredictability into the nature. timing andlor extent of testing. Evaluation of the selection and application of the accounting policies chosen by the charity; In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evalualing whether there was evidence of bias that represented a risk of material misstatement due to fraud., and We assessed the susceptibility of the charity's financial statements to material misstatement, including howfraud might occur by considering the key risks impacting the financial statements. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recogni5ing that the risk of not detecting a material misstatement due to fraud is hlgherthan 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 Ilmitatlons in the audit procedures performed and the further removed non-compllance with laws and regulalions is from the events and transactions reflected in the financial statements, the less Ilkely we 8re to become aware of it. A further description of our responsibilitles for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 17 Independent auditor's report to the trustees of The Royal College of Pathologists Use of our report This r&port is made solely lo the College's Iruslees, as a body. in accordance wllh part 4 of the Charilies (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slale lo the College's Iruslees those mallers we are required lo slate lo them in an auditor's report and for no other purpose, To the fullest extent perfflilted by law, we do not ac￿p1 or assume responsibllily lo anyone other than the College and ils Iruslees as a body, for our audit work, for Ihis report, or lor the opinions we have foTmed. Begbies Chartered Ac¢ounlants Slatulory Audilorg 9 Bonhill Street London EC2A 4DJ Begbies is eligible to act as an auditor Intorms of sectlon 1212 of the Companles Act 2006. Page 18 The Royal College of Pathologists Consolidated Statement of Financlal Acllvitles for the year ended 30 June 2025 Unrestricted Unrestricted General Designated Fund5 Funds Total Fonds 2025 Total Funds 2024 Reslrlcted Fund5 Income from: Note Donations & legacies Charitable activities 2,387 2,387 50.588 Subscripllons Poslgraduale education & examinations International development ConferenGes & academiG activities Professional practice Communications 4,643,435 2,640,687 18,300 119.103 75.840 23,450 4,643,435 2.645,188 60,562 129,603 75,840 24,950 4,430,527 2.521,116 68.763 122,783 108,935 10.000 4,501 42,262 10.500 1,500 Trading activities Investments 2,228,010 347.561 297.527 2,228,010 407,762 297,527 10,515,264 1.712.308 389,247 291,709 9,705,976 60,201 Other Total Income 10.396.300 118,964 Expendlture on: Raising funds Trading acllvilies & education centre Investment management Other 2,107,571 12,184 2,119,755 2.073,295 17,166 125,244 135,446 135,446 Charitable aclivities Postgraduate education & examinations Pathology portal Internalional development Conferences & academlc acllvilies Research Professlonal practice Workforce Communications Advisory commiltees Total expendlture 2,903,234 60,078 5,000 168,642 113.826 11,576 12,417 2,968,312 168,642 392.961 387,297 12,417 1,283,519 568.958 1,604,545 705,415 10,347,267 2.771,812 263,366 344,014 388,962 6,806 1,190,376 519,937 1,511,298 586,945 9,799,221 271,657 368,579 7.478 7,142 1.243,250 554,086 1,550,397 689.366 40,269 14,872 38,000 16,049 196,072 76,148 9,823,586 327.609 Ngt incomol {exp¢ndlture} before nel galns on Investments 572,714 {196,0721 {208,645} 167,997 193,2451 Net Ilossesl I gains on inv8stmenls Net Income l (expendlture} 15 {195,794) 376,920 116,710} {225,355} {212,504} {44,507) 411,173 317,928 {196,0721 Transfers between funds 20 16,737 {6,1061 110,631} Net movement In funds 393,657 1202.1781 1235,9861 {44,507} 317,928 Reconciliation of funds: Total funds brought forward Totsl funds carried forward 6,778.305 29,926,339 1,825.331 38,529,975 38,212,047 20 7.171,962 29,724,161 1.589,345 38,485,468 38,529,975 All of the above results are derived from Continuing aclivilies. There were no other re¢ognlsed galns or losses olher than those stated above. The notes on pages 22 to 36 fomi part of these accounts. Page 19 The Royal College of Pathologlsts Consolidated and College Balance Sheets as at 30 June 2D25 Consolidated 2025 2024 College 2025 2024 Note Fixed Assgt5: Tangible 8ssels Intangible assets Investmenls 13 14 15 36,385,843 691,042 4,929,621 36,882,142 75,177 5,142,125 36,385,843 691.042 4,929.721 36,882,142 75,177 5,142,225 Total flxed assets 42,006,5 42,099,444 42,006,606 42,099,544 Current assets: stocks Debtors Cash al bank and In hand 16 17 1,141 1,184,123 7,029,999 2,293 1,311,292 6,816,784 1,141 930,841 6.755,634 2,293 1,005,893 6,645,376 Totsl ¢urrent a$set$ 8,215,263 8,130,369 7,687,616 7,653,562 Llabllltles: Creditors.. Amounts falling due within one year 18 (5,074,545) 14,798,302) 14.546,998) (4,281,895) Net current assets 3,140.718 3,332,067 3,140,618 3,371.667 Total assets less current Ilabllltles 45,147,224 45,431,511 45,147,224 45,471,211 Creditors.. Amounts falling due after more than one year 18 {6,661,756) 16,901,536) 16,661,756) (6,901,536) Total net assets 38,485,468 38,529,975 38,485,468 38,569,675 The funds of the College: Unrestricted funds - general funds Unreslri¢ted funds- designated funds Restricted funds 22 22 22 7,171,962 29,724,161 1,589,345 6,778,305 29,926,339 1,825,331 7,171,962 29,724,161 1,589,345 6,818,005 29,926,339 1,825,331 Total College funds 38.485.468 38.529.975 38,485,468 38,569,675 The notes on pages 22 to 36 form part of Ihese accounts. The fin8ncl81 statements were approved by the Trustee Board on 7th August 2025 and slgned on behalf of the Trustee Board by Dr Bemie Croal President Dr John Treas rer Pag8 20 The Royal College of Pathologlsts Consolldated slatement of cash flows for the year ended 30 June 2025 2025 2024 Cash flow5 from operatlng actlvltles: Nel cash provided by l {used inl operating activi118s {note 1 below) Cash flows from investing activities: DivSdends and interest received VAT reclaim relating to the historic cost of freehold property Purchase of property, plant and equipment Proceeds from the sale of inveslments 647,252 {71,5661 407,762 105,898 (702,727) 389,247 105.110 {448,3471 657,034 Net ¢ash providgd by l (used inl invo5ting activitigs (189.067) 703,044 Cash flows from flnanclng actlvltles Repayment of borrowing Net cash provlded by I (used In) flnanclng actlvltles 1244,970) 1244,970) (1,022,473) {1,022.473) Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 213,215 (390,995) 6,816,784 7,207,779 Cash and cash equivalents at the end of the year (note 2 below) 7,029,999 6,816,784 Notes to the statemenl of cash flows l. Reconclllatlon of net Incomel(expendlture) to net cash flow from operatlng a¢tivlties 2025 2024 Net In¢ome l (expendltur•l for the year las pgr the statgmgnt of flnanclal actlvltlesl Adjustments for: Depreciation charges (Gains) I losses on investments Dividends and interest (Increase) I deC￿8$e in stocks Ilncrease) I decrease in debtors InGrease I Idecreasel in creditors 144.507) 317,928 477,263 212,504 1407,762) 1,152 127,169 281.433 482,206 {411,1731 {389,2471 593 (352,5491 280,676 Net ¢a$h provlded by I (used In) operatlng a¢tlvltl¢s 647,252 (71,566) 2. Analysls of cash and cash oqulval¢nts 2025 2024 Change in year Cash at bank COIF Charity Deposit Fund Total Gash and cash equivalents 1,126,822 5,903,177 2,266,784 4.550.000 (1,139,962) 1,353,177 7,029,999 6,816,784 213.215 Analysi5 of changes in net debt 2025 Cash flows 2024 Cash COIF Charity Deposit Fund Loans falling due within one yeaT Loans falling due more than one year 1,126,822 5,903,177 {224,2041 16,661,756) {1,139,962} 1,353,177 5.190 239,780 2,266,784 4,550,000 (229.3941 16,901,536) (314.1461 144,039 458,185 Pa9è 21 The Royal College of Palhologists Notes lo the Flnancial Statements as at 30 June 2025 1. Aecountlng pollc5&s la) Basls of preparatlon The financial statements have been prepared in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable the UK and Republic of Ireland IFRS 1021 and the Charilies Act 2011 and UK Generally Accepted Practice. {b} Public beneflt entity The College meets the definilion of a public benefil enllly under FRS 102. {Gl Going concern The Iruslees consider that there are no material uncerlalnlies about Ihe College's abllity to conlSnue as a golng concern. The trustees do not conslder that there are any sources of estimation uncertainly al the reporting dale that have a signrfic8nl risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next reporting period. Idl Group flnan¢lal $tat&m•nt$ The flnancial slalements consolidate the resulls of the College and ils wholly owned subsidlary, RCPalh Trading Limited, on a line by line basls. le} Income Income is included on a receivable basis. Income from subscriptions, trainee registration and fees for parlicipalN)n in the continuing professional development scheme are recognised in the accounting period lo which the servlces covered by those lees relate. Fees receNed in advance afe accounted for as deferred Income wilhln ¢redilors. Income from examinations and conferences & academic activities are Included in the accounting POTiod In which th8 examination or conferenGe lakes place. lfj Expen(Jlture and Irrecoverable VAT Expendllure is recognised once there is a legal OT conslruclive obllgalion lo make a payment lo a third parly. 1115 probable that selllemenl will be required and the amount of the obligation can be measured reliably. Expenditure on charilable activities includes the costs of deliveTing examlnalions, training and educational activities undertaken lo further the Purposes of the College and thei¥ associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Igl Allocatlon of support costs Resources expended are allocated lo the particular activity where the cost relates directly lo Ihal aclivily. However. the cost of overall direction and adminislralion of each aclivily, comprising the salary and overhead costs of the central funGlion, is apportioned. based on staff number5 engaged in each aclivily. Governance costs are apporlioned on the same basis. (h} Forèign Currèncles Transactions denomlnaled in foreign currencies are translated into slerlSng al Ihe rale of exchange prevailing al the lime of the Iransaclion. 111 Operatlng leases In51almenls under operating lease commitments arlsing In the year are included in the Slalemenl of Financial Activities for the year in which they arise. Page 22 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 ') Tanglble flxod assots and deproclatlon Tangible fixed assets costing more than £2,500 are capilalised. Depreciation is charged on fixed assets al rates calculated lo write off their cost evenly as follows.. Freehold buildings over 50 years lo resSdu81 value Land not depreciated Fixtures. fillings and office equipment over 3 10 5 years Computer systems and software over 2 10 5 years The College has adopted an accounting pollcy of capilalising borrowlng costs that are directly allribulable to the construction of the new buildlng. From the dale of QCGupallon of the premises in November 2019 interest has been Charged lo the Sialement of Financial Aclivilies. As explained in note 14, heritage assets have not been capilalised or depreciated as no rellable value can be allribuled. Ikl Slocks These are staled al the lower of Cost and nel realisable value. 111 Funds accountlng Funds held by the College are.. Unreslricled general funds these are funds which can be used in accordance with the charltable objects al the discretion of Ihe Trustee Board. UnresfriGled DeS￿nated funds - these are funds sel aside by the Trustee Board out of unreslricl8d general funds f speclfic future purposes or projects. Restricled funds these are funds that can only be used for particular reslrlcted purposes within the objects of the College. Reslriclions arise when specified by the donor or where funds are raised for particular reslricled purposes. Furlher explanation of the nature and purpose of each fund is included in the notes lo the accoutbls. Im) Penslon schemes The College parlicipales in 2 pension schemes.. the deflned benefit scheme, operated by SAUL Isuperannualion Arrangements of the University of London) and the defined contribution scheme operated by Royal London. For SAUL, the actuarial valuation applies lo SAUL as a whole and does not identify surpluses or deficits appllcable lo individual employers. As a whole, the market value of SAUL'S assets al 31 March 2023 was £3,096 million represenlSng 1050/0 of Ihe liabllilies. 11 Is not possible lo identify an individual employerfs share of the underlying assets and liabilities of SAUL. The College accounts for ils parlicipallon In SAUL as if il were a defined contribution scheme and pension costs are based on the amounts actually paid li.e. cash amounlsl in accordance with paragraphs 28.11 of FRS 102. As there was a technical provisions surplus al 31 March 2023, no deflcil contributions were requSred following the 2023 valuation arid there is no defined benefit liability li.e. the present value of any deficit contributions due lo SAULI to be recognised by the College. For the Royal London scheme, the pension Charge represents the contributions payable by the College. In) Research grants Grants payable and receivable are recognlsed in the slalemenl of financial activities in the period lo whlch the grant relates and where conditions relating lo the grant have been fulfilled. lol Termlnatlon payments Termination payments are recognised in the Slalemenl of Financial Activities when incurred. {p) Flxed asset Investments Fixed asset investments are included al their fair values Imarkel value) al the balance sheet dale. Any gain or loss on revalualion is taken lo the Slalement of Financial Aclivilies. Page 23 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 Iq} Debtors Trade and other debtors are recognised al Ihe Settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounls duo. (rl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquld investments with 8 short maturity of three months or less from the dale of acquisition OT opening of Ihe deposit or slmilar account. Cash balances include amounts held by way of rent deposits from lenants. Isl Croditor5 and provisions Creditors and provisions are recognised where the charity has a present obllgalion resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to sellle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognlsed al their settlement amount after allowing for any trade discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as bas1¢ financial instruments. 2. Trading Income and expendlture RCPalh Trading Limited The College owns 100 /0 of RCPalh Trading Limited (Company number 04535296). The main activities of the company are to undertake varlous Iradlng activitles of the College. The company supplies consultancy seNices under the trading name of RCPalh consulting. and operates a commercial conferenc8 centre called Evenls@No6 at the College's Alie Street premisgs.11 has entered into a Deed of Covenant to dgnate taxable profits lo the College under gift aid. Trading results extra¢led from its audited accounts are as follows.. 2025 2024 Profit & Loss account Turllover 2,334,298 1,813,330 (1,849,942) 11,663,129) 484,356 150,201 1444,6571 Cost of sales and administrative expenses Net profil Payable under gift ald to The Royal College of Pathologists Profit retained in RCPalh Tradlng Llmlled 39,699 150,201 Balanco sheet 2025 2024 Debtors Cash al bank 375,561 274,365 386.081 171,409 649.926 557,490 1649,8261 1597,089) Creditors.. 8mounts falllng due within one year Nel current assets c￿dI10rs'. amounts falling due after more than one ye81 100 (39,599) Net assets I Iliabililies) 100 (39.5991 Share capllal Profit and loss account 100 100 139,699) Capilal and reserves at 30 June 100 139,599) The College purchased £106.288 {2024 - £100.9261 of seNlces from ils wholly owned subsidiary during tho year and received a payment of £144,00012024 - £120,000) towards the cost of shared overheads. In accordance with the SORP, these transactions have been removed on consolidation. In addition, the College paid £161,92012024 - £203,280) of salarles relating to staff employed by the subsidiary company that were recharged in full. Page 24 The Royal College of Pathologists Notes to the Flnanclal Statements as at 30 June 2025 3. DètalSed comparatlves for thg Statement of flnanclal actlvltles In 2024 Unreslricled Unreslricled General Designated Funds Funds Total Re51riGled Funds Funds 30 June 2024 Incom9 from.. Donations & legacles Charitable activities 50,688 50,588 Subscriptions Poslgraduale gducalion & examinations International development Conferences & academic aclivilies Professional practice Communications 4.430,527 2,518,616 14,175 109,283 108.935 10,000 4,430,527 2,521,116 68,763 122,783 108,935 10,000 1,712,308 389,247 291,709 2,500 54,588 13,500 Trading activities Investments 1,712.308 338,387 50.860 Other 291,709 Total incomg 9,584,528 121,448 9,705,976 Expendlture on.. Raislng funds Trading activities Investment management Other 2.057,065 17,166 125.244 16,230 2,073,295 17,166 125,244 Charitable activities Postgraduate education & examinallons Pathology portal International development Conferences & academic aclivilies Research Professional practice Workfor¢e Communlcalions Advisory commillee8 Total expendlture 2,713,866 52,696 5,250 263.366 21,632 13,414 6,806 2,771,812 263,366 344,014 388,962 6,806 1,190.376 519,937 1,511.298 586,945 315,589 366,398 6,793 9,150 1,163,053 509.880 1,470,368 566.394 27,323 10,057 33,923 20,551 7.007 9,305,023 176,723 317.475 9,799.221 Net inGomg 11gxpenditure) before net galns on Investments Nel galns on Investments Net Income l {expenditurel Transfers between funds 279,505 376,576 {176,7231 {196.0271 34,597 193,245) 411,173 656,081 {583,6571 72,424 (17e,7231 582,657 {161,4301 1,000 317,928 Net movemont in funds 405,934 1160,430} 317,928 Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 6.705,881 29,520,405 1,985,761 38,212,047 6,778,305 29,926,339 1,825.331 38,529.975 Page 25 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 4. Income from Inv¢$tments 2025 2024 Bank deposit Interest Income from listed investments 249,533 158,229 245,030 144,217 407,762 389.247 5. Donatlons & Legacles 2025 2024 Legacies College members 50,000 2,387 2,387 50,588 6. Staff costs, trustee rèmungration and gxpenswJ, and the cost of key management personnel 2025 2024 The total cost of salarles and wages were Salaries and wages Redundancy and lermir¢alion costs Social security costs Pension contributions 3,763,724 31.701 425,263 456.780 3,390.211 1,998 368.147 456,638 4,677,468 4.216,994 The redundancy and torminalion costs were seiiled and paid al the balance sheet dalo. The number of employees whose emoluments exceeded £60,000 In the year was as follows.. 2025 2024 No. £60,001- £70,000 £70,001- £80,000 £80,001 - £90,000 £90,001- £100,000 £130.001 - £140,000 £140,001- £150,000 The key management personnel of the charlly comprise the Iruslees, the Chief Executive and the 412024 - 41 other senior managers. The total employee remuneration of the key management personnel amounted lo £638,684 (2024 - £594,341). The ch2rily Iruslees were not paid or recelved any other benefils from employment with the charity in the year (2024 £Nill. No charity Iruslee received payment for professional or other services supplied lo the charily12024 - £Nill. Travel, subsislence and accommodation costs incurred amounting lo £39,284 {2024 - £45.7881 were reimbursed lo 12 12024 - 141 members of the Trustee Board. Details of th8 transactions with the trading subsidiary are included In nole 2. During the year there were no olhgr rolaled party transactions (2024 - £Nil), Page 26 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 7. Stsff numbers The average numb8r of employees (head count based on number of staff employed) during the year was as follows: 2025 2024 No. 23.0 Postgraduate educatlon & examlnallons Conferences & academic activlties Professional practice Advisory commillees Communications Workforce Education centre International development 27.0 14.9 13.2 17.2 16.5 74.2 The average number of full time equivalent employees durlng the year was 74.3 68.0 8, Total expendlture (Current yearl Direct Costs Staff Costs Support Costs Total 2025 Tolal 2024 Trading actlvS1ies & edu¢allon cent Investment management Other Postgraduate education & examinations Pathology Portal International development Conferences & academrc aclivities Research Professional practice Workforcg Communications Advlsory commlttees 1,531,402 761,920 426,433 2,119,755 2,073,295 17,166 125,244 2,771,812 263,366 344,014 388,962 6.8 1.190.376 519,937 1,511,298 586,945 135,446 860,020 135,446 2,968,312 168,642 392,961 387,297 12,417 1,283,519 568,958 1,604,545 705,415 706,150 70,794 65.771 19.175 12.417 28,023 17,g84 113,172 58,524 1,402,142 97,848 205,238 197,897 121,952 170,225 866.159 360,640 977,944 407,680 389,337 190,334 513,429 239,211 Totsl for the year ended 30 June 2025 2,623,412 4.677,468 3,046,387 10,347,267 9,799,221 8. Total expendlture {Prior yearl Dlrect Costs Staff Costs Support Costs Total 2024 Tr8dlng activities & educallon ¢enl Investment management Other Postgraduate education & examlnations Pathology Portal International development Conferences & academic activities Research Professional practice Workforce Communications Advisory committees Total for the year ended 30 June 2024 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 1.511,298 586,945 125,244 866,442 691,281 184,775 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 2,751,388 4,216,994 2,830,839 g,799,221 Governance costs are contained within support costs and are not shown separately. They comprise the expenditure In lalion to the Iruslge board of £25,09912024 - £27,154), legal and professlonal costs of £4.671 {2024 - £Nil} and th8 aLJdilors remuneration as detailed in note 9. Page 27 The Royal College of Palhologlsts Notes to the Financial Statemenls as at 30 June 2025 9. Net Incomlng resources for the year 2025 2024 This IS stated after charging: Deprecialion Auditor's remuneration - external audll Auditorfs remuneration - subsidiary company Auditorfs remuneratlon - payroll bure8u services Trustee liability indemnity insurance 477.263 8,106 2,953 9.330 1.185 482,206 8,731 2,400 9.937 970 10. Penslons The College participates in 2 pension schemes.. the defined bengfit scheme, operated by SAUL (Superannuation Arrangements of Ihe University of London) and Ihe defined conlribulion scheme, operated by Royal London. SAUL scheme The College participates in the Superannuatlon Arrangements of the Unlversily of London I'SAUL.), which is a centralised defined benefit scheme within the United Kingdom and was conlracted-oul of the Second State Pension (prior to April 2016) SAUL is an independently-managed pension scheme for Ihe non-academic staff of over 50 colleges and institutions with links to higher education. Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings I'CARE") bas15. The College is not expected to be liable to SAUL for any other current participaling employels obligations under the Rules of SAUL, bul in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall Iwhioh cannot olheNise b8 recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation. Funding Policy SAUL'S slatulory fundlng objective is lo have sufficlenl and approprlale assels to meet the costs incurred by the Trustee in paying SAUL'S benefits as they fall due Ilhe "Technical Provisions"}. The Trustee adopls assumptions which, taken as a whole, are intended lo bo sufficlently prudent for pensions and benefits already in payment to continue lo be pald and for the commitments whSch arise from Members. accrued pension rights lo be met. The Technical Provisions assumptions include appropriate margins to allow for th8 possibllily of evenls lurnlng out worse than expeclod. However, Ihe funding method and assumptions do not completely remove the risk that the Technical Provisions could be Insufficient to provide benefits in the fulure. A fomial actuarial valuallon of SAUL Is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out wilh an effective date of 31 March 2023. Infomial reviews of SAUL'S position, reflectlng changes in market condltions, cash flow information and new accrual of benefits, are carried out between formal valuations. The funding principles were agreed by the Trustee and Employers in June 2024 and will be reviewed again at SAUL'S next formal valuation Sn 2026. At the 31 March 2023 valuation SAUL was 705Qk funded on ils Technical Provisions basis. As SAUL w89 In surplus on its Technical Provisions basis. no deficit contributions were required. The Trustee and the Employers have agreed that the ongoing Employers, contributions will fall from a rale of 21 ts/ts of CARE salaries to 190h of CARE salafies from 1 September 2024. Royal London scheme The College 0￿rateS a defined conlribullon scheme for staff other than senior managers who joined the College after 1 April 2021. The assets of Ihe scheme are held separately from those of the College in all independently administered fund with Royal London. The pension cosl charged ￿ presents the Contributions payable under the scheme by the College lo the fund. The College has no liability under the scheme other than for payment of these contributions. Page 28 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 11. Allocatlon of costs Support G05ts as per nots 8 above, ¢an be broken down by aclivily, as follows.. Inform81ion Finance technology & HR Secretariat {Current yearl Premises Total Postgraduate education & examinations International development Conferences & academic activities Professional practice Workforce Communicalions Trading a¢llvilies & education centre Advisory committees Other 218,998 27,260 26,035 118,228 54,214 135,381 44.412 58,502 292,474 37,932 35,935 164.704 75,864 248,553 60,890 81,853 46.851 5,832 5,570 25,293 11,598 29.182 9,282 12,516 301,696 50,928 102.685 81.112 48.659 100,313 311.848 86,341 135,446 860,019 121,952 170,225 389.337 190.335 513.429 426.432 239,212 135,446 Total support costs year ended 30 June 2025 3,046,387 Informalion technology Finance & HR Secretariat (Prior year) Premises Total Postgraduate education & examinations International development Conferences & academic activities Professional practice Workforce Communications Trading activities & education centre Advisory committees Other 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 56,601 55,957 106,325 56.553 144,320 148,169 110,338 125,244 866,442 126,715 148.499 405.299 162.385 483,583 272,477 240,195 125,244 Total support costs year ended 30 June 2024 2,830,839 The basls of allocation of support costs is as follows.. Information technology costs have been allocated on the basis of the number of computers used by each department. Finance costs and secretarial costs have been allocated on the basis of the headcounl. Promlses costs have been allocated on the basis of Ihg usage of floor aTe3s. Salary costs as per note 8 above can be further an81ysed as follows.. Direclty HR, Payroll Allribulable &IT (Current year) Flnanco Se¢retarlal Premlses Total Poslgraduale educauon & examlnallons Pathology portal International development Conferences & academic activitie5 Professional practice Workforce Cotnmunicalions Trading activities & education cenlre Advisory committees 952,239 97,848 148,865 143,733 617,686 251,384 696.918 73,651 286.424 165,715 147,747 76,364 60,078 1,402,143 97,848 205,237 197.897 866.158 360.639 977,945 161,920 407,681 20,831 20,073 93,838 38,550 104,035 31,978 44,856 18.558 17.871 80,975 36,929 92,646 28,621 39,953 9.505 9.078 41.226 18,904 47,207 15,486 20,399 7,478 7.142 32,433 14,872 37,139 12,184 16,049 Tolal salary costs year ended 30 June 2025 4,677,468 Page 29 The Royal College of Pathologists Notes to the Financlal Statements as at 30 June 2025 11. Allocation of costs Icontlnuedl Directty HR. Payroll Altributab18 &IT (Prior year) Finance Secretariat Premises Total Poslgraduale edu¢allon & examlnatlons Pathology portal International development Conferences & academlc a¢livities Professional practice Workfor Communications Trading acts'vities & education cenlre Advi50ry committees 816,647 78,591 131.704 145,325 538.033 224,038 633,815 119,375 217,685 155.679 129.945 68,939 42,879 1,214.089 78.591 184,738 218.771 767,175 323,890 896,666 203,280 329,794 21,097 28.689 90,712 33,390 104,293 32.111 43,733 17,194 24.049 74,487 26,563 85,338 27.774 36.736 9,090 12,766 39,423 31,196 45,142 14,809 19.507 5,653 7,942 24,520 8.703 28,078 9,211 12,133 Total salary costs year gndod 30 June 2024 4,216.994 The basls of allocation of salary costs is as follows- Information technology costs have been allocated on the basis of the number of computers Ltsed by each department. Finance costs, secretariat costs, premises costs and HR & payroll costs have been allocated on the basis of the headcount. 12. Taxation As a registered charity the College is ex8mpt from corporalion tax since all income is applied for ch8ri18ble purposes. 13. Tangible 1Sxèd assets Consolidated and College Computer Systems & Software Flxlures, Fittings & Equipmenl Freehold Pr¢)perty Total Cost or valuallon Al 1 July 2024 Addllions Adluslmenl to purchase cost Reclassification lo Intangible Fixed A5sels 38,500,308 1,088.533 904,904 101,178 40,493.745 101.178 1105,8981 121.4961 1105,8981 121,4961 AI 30 June 2025 38,394,410 1,067,037 1,006,082 40,467,529 Depr8cSalion Al 1 July 2024 ReclassificalSon lo Inlanglble Fixed Assets Provided in year 1,937.019 801,669 17,1801 71,412 872,915 3.611,603 17,1801 477.263 367,888 37,963 AI 30 June 2025 2,304.907 865,901 910,878 4,081.686 N8l book valug al 30 June 2025 36,080.5D3 201,136 95,204 36,385,843 Nel book value at 30 June 2024 36,563,289 286,864 31.989 36,882,142 In addilion to the capilallsed fixed assets held for the Charitls own use. Ihe College also has a number of assets on trust for retention in perpetuity as a permanent record of the College's history. These comprise a unlque colleelion of paintings depicting the College's 20 Presidents since its founding in 1962, logelher with a library collection and other artefacts whose intrinsic valug is also bound up with the College's history. These are irreplaceable originals to which no reliable cost or value can be attributed and accordingly these assets have not been capitalised in the financial slatemenls. Page 30 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 14. Intanglblo flxed assets Consolidated and College Database Project In Progrèss Total Cogt or valuation Al 1 July 2024 Reclassification from Tangible Fixed Assets Additions 75,177 21,496 601,549 75,177 21,496 601,549 AI 30 June 2025 698,222 698,222 Depreciation Al 1 July 2024 Reclassiflcalion from Tangible Fixed Assets Provided in year AI 30 June 2025 7,180 7,180 7,180 7,180 Nel book value al 30 June 2025 691,042 691,042 Nel book value al 30 June 2024 75.177 75,177 15, Investments Consolidated 2025 2024 College 2025 2024 Mark81 value al 1 July 2024 Disposals al market value Nel gain on revaluation Market value al 30 June 2025 5,142,125 5,387,986 1657.0341 411,173 5,142,225 5,388,086 1657,0341 411.173 1212,504) 4,929,621 1212,504) 4,929,721 5,142.125 5,142,225 Historical cost al 30 June 2025 4,625,569 4,625.569 4,625.669 4.625,669 Investments al markel value compri5ed'. Llsled investment trusts and unil IfU51s Unlisted investments 4.929,621 5.142.125 4,929.621 100 5.142,125 100 Market value as 8130 June 2025 4,929,621 5,142.125 4,929,721 5,142.225 The College has a single investment holding in the CCLA COIF Ethical Investment Fund. The inve81menl In this fund gives the College greater access lo diversificalion rather than dlrecl holdlngs. Unlisted investments al cost comprise.. 2025 2024 RCPath Trading Limlled - 100 ordlnary shares 01 £1 each 100 100 100 100 The College owns IOOO/o ol the ordinary share capital of RCPalh Trading Limited, company number 4535296, which ha5 been consolidated as a subsidiary undertaking Ihroughoul. The reglslered address of the company is 6 Alie Street. London E1 8QT. Further details of the investment pollcy and obleclives are contained in the investment policy section of the report of the Trustees. 16, Stocks Consolidated and College Memorabilia for resale 2025 2024 1,141 2,293 1,141 2.293 Pag8 31 The Royal College of Pathologist5 Notes to the Financlal Statements as at 30 June 2025 17. Debtors Consolidated 2025 2024 Collego 2025 2024 Trade debtors Prepayments and accrued In¢ome Other debtors Amounls due from subsidiary undertaklng 379,988 290.563 513.572 472.302 301.846 537,144 126,706 290,563 513,572 96,256 301,846 527,109 80,682 1,184,123 1,311.292 930,841 1,005,893 18. Credltors Consolidaled 2025 2024 College 2025 2024 Amounts falling due within one year Deferred income (note 19) Trade Cledllors Other ¢reditor$ Taxation and social security Accruals Bank Loan Amounts due lo subsidiary undertaking 3,736,073 390,836 143,483 145,148 434,801 224,204 3,495,434 380,371 153,287 48.831 490,985 229,394 3,362,734 131,014 143,483 145,148 418,137 224.204 122,278 3,236,112 125.686 153,287 48,831 488,585 229.394 5,074,545 4,798,302 4,546,998 4,281,895 Amounts falling dug after more than one year Consolidated and College Bank loan - amount due between 2 and 5 years Bank loan - amount due after 5 years 2025 2024 1,037,232 5.624.524 1,088,812 5,812,724 6,661,756 6,901,536 The loan Is a Commercial mortgage loan seGured by a first legal charge over the land and building owned by the College al 6 Alie Street. Interest is charged al 1.5Vo above base rate. 19. Deferred Income Consolidated 2025 2024 College 2025 2024 Balance 811 July 2024 Amounl released lo incoming resources Amount deferred in the year 3,495,434 3,124,839 3.236,112 3,006,192 {3,495,434) 13.124,839) 13,236,112) {3,006,1921 3.736,073 3,495,434 3,362.734 3,236,112 Balance as at 30 June 2025 3,736,073 3.495.434 3,362,734 3,236,112 Deferred income comprises income from subscriptions, trainee registration, examinations, conferences and continulng professional development, received in advance, that will form part of incoming resources during the following financial year. Page 32 The Royal College of Pathologists Notes to the Flnancial Statements as at 30 June 2025 20, Movorngnts In Funds Icurrenl year} Balance al 1 July 2024 Incoming Resources Outgoing Resources Transfers Gains and Losses Balance al 30 June 2025 Restrlcted funds Research Pool Fund Oliver Memorial Fund Bhagwan Singh Fund Flynn Fund Kohn Memorial Fund Developmental Pathology FL¢r¢d Inlernatlonal Challenge Events Fund Publlc Engagement Fund Summer School Fund William Tong Memorial Fund Pathology Portal Fund MTI Fund Arise Project Fund Galea Prize Fund Undergraduate Pathology Fund Covid Portal Fund Ghana Project Fund Global Health Workforce Programrn8 Fund Member Wellbeing Fund 16,951 145,220 76,835 177,712 38,364 24,518 18.683 2.088 42,704 2,259 1,050.898 51,787 40,225 5.154 35,623 40,312 8,480 47,518 654 5,966 2,802 6,849 1,399 973 674 54 14,673 84 33.822 1.509 531 1.728 2,720 1,476 94 42.879 77 118,964 112,4171 {2,2731 24.000 29,188 143.321 76.827 168.596 38,176 22.991 23,751 383 46,801 1.743 916,076 15,592) 12,810) 16,og3) 11,407) 1808) {9,8721 11801 (1,6921 {1,6061 {1,759) 111,576) 1600) 1168,644) 6.000 1,000 153,296) 18,335) {32,421) 1372) (4,400) 6,510 33,943 41,788 774 18,400 20,077 1,589,345 17,800} {71,997} 20,000 {10,631 } 1,825,331 (327,609) 116,7101 Unroslrict•d Funds Deslgnaled funds Property Fund Cancer Reporting Fund Suslainabilily Fund Examinations Development Fund Technology Transformation Fund Major Repairs Fund Corporale Membership Fund General unreslricled fund 29,432,148 22,935 33,020 100,000 187,375 150,000 861 1228.6061 22,500 29,203,542 37,600 33,020 fjoo,000 149,999 200,000 17,8351 {187,3761 150,000 50,000 18611 19,823,586) 10,515,264 110,347,267) 6,778,305 10,396,300 16.737 1195,794) 7,171,962 Total Funds 38.529.975 1212,504) 38,485.468 The transfer from the designated properly fund is so as lo maintain Ihe balance on the fund being equal to the nel book valu6 of the land and buildin9s less the capital oulslanding on the mortgage loan. The transfer to the summer schools fund represents the College's share of the funding for this activlly lo match that made by other individual pathology assoclations who jointly run this event. The transfer lo the major repairs fund is to sel aside monles foT the replacement of large items of planl and equlpmenl al 6 Alle Street. The transfer lo the technology transformation fund is to s61 aside monies lo continue developing the new contact relationship management ICRMI and Gonlenl management system ICMSI. that forrn the enterprise platform of th8 College. phase 1 of wh￿h is due lo launch in the first half of 2026. The transfer lo the cancer reporting fund Is lo allow Ihe continuing participation in the Inlernalion81 Collaborallon on Cancer Reporting, of which the College is a founder member. The transfer from the MTI fund lo the research fund, international challenge events fund and wellbelng fund was agreed by the original funder Sin￿ the project envisaged by the funder was no longer deliverable. Page 33 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 20. Movèmènts In Funds {Prior period) Balance at Incoming 1 July 2023 Resources Oulgolng Resources Transfers Gains and Losses Balance al 30 June 2024 Restrlcted funds Research Pool Fund Oliver Memorial Fund Bhagwan Singh Fund Flynn Fund Kohn Memorial Fund Developmental Pathology Fund International Challenge Events Fund Public Engagement Fund Summer School Fund William Tong Memorial Fund Pathology Portal Fund MTI Fund Arise Project Fun Galea Prlze Fund Undergraduate Pathology Fund Covid Portal Fund Ghana Project Fund Global Health Workforce Pfojecl Fund 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 59 30,515 1,270 1,149 126 3.414 1,002 845 54,402 (5,9411 {2,8231 16,951 145,220 76,835 177,712 38,364 24,518 18.683 2,088 42,704 2,259 1,050,898 51,787 40.225 5,154 35,623 40,312 8,480 47,518 11,576 5,818 12,615 2,914 1,674 13,8181 11501 14,720) {216) 113.414} 1250} (263,3661 1,000 110,0281 15,0001 18651 16,884) 1,985,761 121,448 1317.475) 1,000 34,597 1,825,331 Unrestrlcted Funds Property Fund Cancer Reporting Fund Suslaln8bilily Fund 60th Anniversary Fund Examinalions Development Fund Technology Translormalion Fund Major Repairs Fund C¢yporale Membershlp Fund General unreslricled fund 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 33,020 113,6111 12,0001 100,000 187,375 150,000 (154,5571 25,000 (6,555) 9.584,528 19,305.023) 1583,6571 9.705,976 19,799,221) 376,576 6,778,305 Total Funds 38,212.047 411,173 38,529,975 21. Restricted and deslgnated funds The Research Pool Fund was established in 1995 to promote researGh in pathology. The Oliver Memorial Fund was established lo perpeluale the name of Percy Lane Oliver, by provlding an annual national award for service lo blood Iransfuslon. and for th6 furtherance of knowledge relallng lo the principles and pracllces of blood Iransfuslon. The Bhagwan Singh Fund was established in 198210 sponsor occaslon81 visits between Ihe UK and Malaysia, lo promote Malaysian palhology. The Flynn Fund was established in 1998 to fund an annual lecture in clinical biochemistry. A number of buTsaries are awarded lo trainees lo allend the scientific meeting where the lecture is dellvered. The Kohn Memorlal Fund was established in 1987 to fund an annual lecture mainly in clinical biochemistry- The Developmental Pathology Fund was established in July 2004 as a gift from the Developmental Pathology Society lo fund an occasional named "Emerl, lecture in paedialric pathology. Page 34 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 21. Restrlcted and deslgnated funds Icontlnued) The Pathology Portal Fund was es13blished by grant in aid from Health Education England lo develop and implement a competence based model of learnlng support on a digital platform lor pathology which would include digilisalion of examinallons. The International Challenge Events Fund was eslablishod lo raise funds for the College's inlernalional development projects. The Publlc Engagement fund was eslabllshed by way of 8 prize awarded by The Royal Society lo Dr Suzy Lishman for her work on behalf of the College on public engagement and is available for the College's public engagement work. The Summer School Fund was established lo collect and administer the funds lo run the annual pathology summer school, which is funded and run in association with a number of pathology specialist societies. The Wllliam Tong Mewnorial Fund wa5 established by way of donations from the famlly and friends of the late William Tong lo provide an annual prize lo a trainee In virology on the basis of a piece of work submilled as a poster. The MTI Fund was eslabllshed by grant in aid from the Wesl London Cancor Alliance lo dellver training opporlunllies across London for inlernalional medical graduates in hislopalhology as part of the medical training inilialive. The funder agreed durlng the year lo reporpos& the fund towards research, wellbeing and international aclivllie$. The Arlse Project Fund was established by Grant in Aid from the European Union lo fund the College's involvement in a mulli-partner research project lo share and spread best practice In newborn screening, diagnosis and treatment of Sickle Cell Disease, leading lo improvements in overall disease oulcome. The undergraduate pathology fund wa5 established lo create undergraduate and foundation lasler events and Mater￿lS to support recruilmenl in pathology. and lo provlde bursaries under the medical elective scheme. The Galea Prize Fund was Èstablished by way of gift from Metabolic Support UK lo fund an annual prize lo encourage research into a therapy that will ameliorate and in future help find a cure for metabolic disorders and inherited rare conditions. The Covld Portal Fund was established lo fund a research project lo inlerrogale the Covid wst-mortem portal lo provide teaming from the pandemic which will be dissemlnaled by way of leaning materials, webinars or scientific papers. The Ghana Proje¢l F¢Jnd was established by Grant in Aid from The Tropical Health and Education Trust lo produce webinar5 to support tho now pathology curricula of the Faculty of Pathology of the College of Physicians of Ghana. The Global Health Workforce Programme Fund was established by Grant in Aid from the Tropical Health and Educational Trust to improve training and professional developmenl in Chemical Pathology in Ghana, Nlgeria and Kenya. The member wellbeing fund was established lo commission external rsearch lo explore wellbeing following a member survey conducted in 2023 to Inform the conlenl of a planned webinar series. The designated properly fund was established lo hold the nel book value of the College's funcllonal premlses al Alie Street less the amount of the capilal sum outstanding on tlie moilgage loan. The designated cancer reporting fund was established lo fund the College's share of the commitment lo Ihe Internallon81 Collaboration on Cancer Reporling, whose aims are lo pursue global harmonisalion of cancer dalaset5 for pathology reporting. The ICCR has been incorporaled as a nol for profil organisalion and the College Is a foundation member. The deslgn3led suslainabllily fund was eslabllshed lo support the College's project to deliver and implement a Carbon reduction roadmap and nel zero strategy, and lo be available for general suslainabilily inilialives. The dosignaled premises markelSng fund was eslablished for expendllure on the marketin9 of Ihe facilities al Alie Street that will generate revenue for the College in subsequent years. The designated 60th anniversary fund was established lo fund activities associated wlth the 60th anniversary of the founding of the College, which will be on 21st June 2022. The designated examinations development fund was established to fund the developmenl of the digilisallon of College examinations. The designated technology Iransformalion fund was established lo fund the replacemenl of the College's central database system, which is an enterprise wide system incorporating membership, finance, examinalions, training. CPD, academic symposia, and a dynamic link Ihal inlegrales lo the College website. The deslgnaled major repairs fund was established lo create a sinking fund for the repair and Teplacemenl of major pieces of plant and equlpmenl within the College's premises al Alie Street, The designated corporate mernbership fund was established lo fund the development and expansion of the College's corporate membership scheme. Page 35 The Royal College of Pathologists Notes to the Financial Statements as at 30 Jun8 2025 22. Analysis of group net assèt5 bètwèen funds Icurrent yèar}- Consolldated Nel current assets Long term Flxed assets Investments Total General unreslricled Designated Restricted 987,383 36.089,502 4.541,98S 1,642,593 296,416 1,201,709 7,171,961 16,661,756) 29.724,162 1,589,345 387,636 Nel assets as al 30 June 2025 37,076,885 4,929,621 3,140,718 16.661,756} 38,485,468 22. Analysls of group net assets between funds (Current year} . Collegè Nel Gurrent assets Long term Fixed assels Investments Total General unreslricled Deslgnaled Reslricled 987,383 36,089,502 4.542,085 1,642,493 296,416 1,201,709 7,171,961 16,661,756) 29,724.162 1,589,345 387,636 Nel assets as al 30 June 2025 37,076.885 4.929,721 3,140,618 16.661,756} 38,485,468 22. Analy818 of group nèt assets between funds (Prlor y8arl - Consolldated Nel current assets Long term Fixed assets Investments Total General unreslricled Designated Reslricled 394,241 36,563,078 4,737,779 1.646,285 264,797 1,420.985 6.778.305 16.901,5381 29,926,339 1,825,331 404,346 Nel assets as al 30 Jun8 2024 36,957,319 5.142.125 3,332,067 16,901.536) 38,529,975 22. Analysls of group nèt a$5915 between funds {Prior ygarl - College Nel current 8$sels Long term Fixed assets Investments Total General unreslricled Designated Reslricled 394,241 36,563,078 4,737,879 1,685,885 264,797 1,420,985 6,818,005 16,901,536) 29,926,339 1,825.331 404,346 Nel assets as al 30 June 2024 36,957,319 5,142.225 3,371,667 16.901.536) 38,569,675 23. Presentatlonal currency The presenlalional curroncy is Sterling. Page 36 The Royal College of Pathologists Pathology: the science behind the cure Annual report and financial statements For the year ended 30 June 2025 Reglstered charity number 261035 Th$ Royal College of Pathologlsls 6 Ali$ Street, London, E180T, UK Tg1.' 020 74516700. www.rcpalh.org The Royal College of Pathologists Index to the financial statements Pa Report of the trustees Report of the auditors 15- 18 Consolidated statement of financial activities 19 Consolidated and College balance sheets 20 Consolidated statement of cash flows 21 Accounting policies 22-24 Notes to the financial statements 24-36 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 The Trustee Board are pleased to presenl their reporl together wlth the financi81 statements of the College for the year ended 30 June 2025. Objectives & activities The College's misslon is to promote excellence In the practlce of pathology and maintain standards through training, assessments, examinations and professional development, to the benefit of the public. The trustees have complied with the duty in the Charities Act 2011 to have due regard to guidanTr published by the Charity Commission, including public benefit guidance. Pathology is the science at the heart of modern medicine, vital for the understanding, diagnosis and planning clinical management of disease. 95 % of patients will have a pathologist involved their healthcare journey. (htlps.'/lwMv.england.nhs.uklvp- conlenvliplo8d￿2014/o2lpé1h01-dAg-flrsI.pdfj Pathologists sludy the causes of disease and the ways in which disease processes affect our bodies. Recognising the patterns that disease takes allows us to understand what's at the rool of a problem, enabling accurate diagnosis. Following up this understanding helps treatments to be devised and preventative measures to be put in place. Much of the work in pathology occurs behind the scenes which may explain why many people are largely unaware of its ongoing and vital contributions to modern medicine. Without the work of pathologists there would be no evidence to support the diagnosis and clinical management of disease, and improving or even maintaining the quality 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 pathologists 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 continuing professional development programme. Running scientific seminars. webinars and expert workshops on a national and regional basis. The College looks after the interests of patlents by: Producing guidelines and other documents that set standards of best praclice. Making our case to parliamentarians through the Health Committee, All Party Health Groups, individual ministers and civil servants to r8ise 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 Vit81 as 8 resource for patients to provide information about the range of cllnical tests that are used in their diagnosis and treatment. Page 1 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Objectives & actlvltles (continued) The College helps in the search for cures to disease by committing to strengthening the research base of the specialty. This is achieved through: Supporting fellows and trainees who undertake research activities as part oftheirday- to-day work. Awarding bursaries and prizes for research. The College has a public engagement programme whose aims include inspiring secondary school students to learn about science through an innovative and creatlve programme focusing on health and disease. The goals of this programme are to.. Increase interest in pathology as 8 career option. Raise awareness of pathology and its crucial role in treatlng and curing disease. Contribute to the wider initiative of engaging the public in contemporary science. Support the teaching of science in secondary schools. Change attitudes towards science, in particular pathology. Activities To achieve our objectives the College has undertaken significant activities during the year under review: Trainlng, examinatlons and assessments: Setting the standards for training in pathology through the provision of medical, clinical science and veterinary pathology curricula. Administering medical pathology training through College Specialist Tralning Committees. who advise and provide guidance on all major Issues relatlng to specialist training in pathology, Managing the development, implementation and evaluation of workplace-based assessments for medical trainees and advising on the development of workplace- based assessments for cllnical science trainees. Registering and monitoring Specialty Registrars for the duration of their training and recommending them forthe award of a Certificate of Completion of Tralning (CCT) to the General Medical Council (GMC). Providing electronic training portfolios to allow registered trainees to record Iheir progress in training. Development, implementation and delivery of the FRCPath Part 1 and Part 2 examinations in the 17 pathology speciallies, as well as the Certificate and Dlploma 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 change significantly. Page 2 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activities (continued) Recommending to the GMC whether or not the training andlor qualifications and experience of pathologists applylng to the Specialist Reglster under the Certificate of Equivalence of Specialist Registration (CESR) rules is equivalent in content and duration to that required for a Certificate of Completion of Training. Management of the review and approval of applicalions for Fellowship by published works. Supporting training and continuing professional development through the provision of the Pathology Portal. Supporting the provision and promotion of pathology in undergraduate and foundation training. Patient safety Establishment of a new Patient Safety Strategy. overseen by the new Patient Safety Steering Group. Support pathologists and their teams to improve safety and quallly of care. Encourage shared leaming to advance patient safety and quality improvement. Professional guidellnes and practice Deliver a leading programme for continuing professional development and user friendly online CPD and revalidation portfolio for members. Supporting the Professional Performance Committee to deal with concerns about professional performance in all disciplines of pathology. Providing healthcare organisations with formal advice on professional perfomiance in pathology. Supporting the ongoing oversight of, and governance for, external quality assessment stakeholders. Providing guidance 8nd support to members and trainees on patient safety and quality improvement methodologies including clinlcal audit and delivering continuous quality improvement awareness months. Ensuring pathology input into guidelines and standards produced by national bodies. Continued membership of the International Collaboration on Cancer Reporting to support the production of common and internationally validated and evidence-based pathology datasets for cancer reportin9 for use throughout the world. The production of high-quality evidence based clinical guidelines in pathology to accredited standards. Hosting webinars for new guidance documents to support pathologist understanding and apply them in practice. Commercial fundraising The provision of consultancy services to providers or commissioners where an authoritative independent review is required on the provision of high-quality pathology services, under the trading name RCPath Consulting. The provision of high quality conference and meeting facilities and catering services to external clienls utilising College rooms when not used for our own purposes, under the trading name Events@No6. Pago 3 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activities (continued) Workforce Establishing the College's first Workforce Strategy (2025-28) that strives to ensure the pathology workforce is provided with the right support to deliverthe highest quality of care for patients. Gathering robust insights and intelligence through a reformed approach to data collection. This includes a new, more comprehensive workforce survey of members, direct to service surveys and freedom of information requests of services across the UK Providing strong insights and intelligence to strengthen the College's voice on pathology workforce planning. Mainlaining standards in pathology by reviewing and approving consultant level job descriptions and overseeing the College's statutory role in consultant advisory appointment committees (AAC'S). Conferences and academic activities Management and development of the programme of in-house symposia and online webinars designed to keep participants up to date with current thinking and practice in the pathology discipllnes. Advisory committees Much of the work of the College is achieved 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 committees advise on specialty specific matters such as histopathology and microbiology, etc. Establishment of a network of lay advisors to Input into specific committees. Regional councils for Northem Ireland, Scotland and Wales maintain valuable regional and local influence and insight. Committees that report to the Trustee Board include Council, Govem8nce & Nominations Committee and the Remuneration Commitlee. Communications Production of the quarterly publication "The Bulletiii" distributed to members and subscribers electronically. 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 Maintenan￿ of the College's web site, including the members, area. Engagement with politicians, civil servants and other key stakeholders across the UK to raise awareness and understanding of the value of pathology and the role of the College. Responding to parliamentary questions and consultations. Identifying opportunlties to promote the work of the College via the media and improve the understanding of pathology. Delivering the College's public engagement programme, including National Pathology Week. Managing grant schemes and awards. Page 4 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Activitles (continued) International development Providing support for the work of the International Commlttee, chaired by the Clinical Director of International Aclivities. and the International Regional Advisors and Country Advisors. Supporting current international medical graduates through provision of the College sponsorship scheme and Medical Training Initiative, and the International Trainee Support Scheme. Supporting future intemational pathologists throughout their careers Ihrough the provision of the International 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 regions affeded by challenge and conflict. 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 internationally, including through the delivery of projects. Supporting the professional development of inlernational members and trainees. Raising awareness and understanding about the role and contribution of pathology to global health. Equality, diversity and inclusion (EDI) Developing a new approach to EDI engagement with members and staff, through the establishment of a new online community. Delivering the EDI action plan to increase diversity and ensure inclusion. Progressing work to initiate a survey of member characteristics and barriers to engagement to better inform the College's policies and procedures. Hosting events to raise awareness of EDI matters and generate discussion. Volunteers Many members give their time freely to help the College achieve its objects by attending committee meetings, sitting on working parties, acting as examlners, 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 these individuals for their commitment and support. Achlevements & performance The College prodU￿S 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 2025. Page 5 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Sustainability The College has established its initial carbon baseline for the year ended June 2022 which was estimated at 1,036 tonnes of carbon dioxide equivalent for the six main greenhouse gasses. Trustee Board agreed an interim target of a 420/0 reduction in absolute emissions below this baseline by 2032 with a view to achieving Net Zero by 2040. Investment performance Global investment markets exhibited resilience over the year to 30 June 2025, navigating a complex macroeconomic landscape marked by geopolilical tensions, fluctuating inflation expectations, and evolving monetary policies. In the third quarter of the College's financial year, equity markets, particularly in the United States, experienced notable volatility following the announcement of new tariff measures by the U.S. administration. There was a rebound in the final quarter, supported by strong corporate earnings and renewed investor confidence in growth-oriented sectors such as technology and artificial intelligence. In the year the COIF Charities Ethical Investment Fund returned a negative 1.32 % misslng the CPl+4 % targel of 7.36 % and the comparator of 6.45 %. The equities within the fund initially kepl pace with the broader market bul then lagged behind the market as cyclical sectors such as defence rebounded. In absolute tems, the best performance in the fund's share portfolio came from the financial sectorand from consumer staples companies. Health care detracted from absolute performance. Relative to its comparator benchmark, the fund's 8voidan¢e of the energy sector was a positive whilst the fund's under-weight positioning among financials and technology shares was the main detractor from relative performance. The fund's property portfolio delivered a posilive contribution to returns. Private equity returns were negative, but the underlying portfolio companies remain strong. The value of infrastructure and fixed income assets in the fund suffered because investors now expect that interest rates will remain higher for longer. Financial review In the year ended 30 June 2025, the College generated total income of £10.5 million and incurred total expenditure of £10.35 million. Membership subscriptions remained the largest source of income, contributing £4.7 million. Income from postgraduate education and examinations increased slightly to £2.6 million, while expenditure on delivering these services rose to £2.9 million. Our commercial conference centre, Events@No6, operated by the College's wholly owned subsidiary, achieved a record year with turnover reaching £2.3 million. After deducting all costs. combined profits from Events@No6 and RCPath Consulting amounted to £484,000. This success enabled us to fully repay the remaining £40,000 of start-up losses, make a charitable donation under Gift Aid of £445,000 to the College, and contribute an additional £144,000 towards shared College overheads. Page 6 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Financial review (continued) Staff costs rose compared to the previous year. This reflects an increase in headcount following a restructure of the IT department, additional staffing in the workforce department, and Ihe full-year effect of new appointments in the examinations team. Premises costs also increased, mainly due to higher maintenance and utility expenses. We are actively managing these costs to reduce expenditure in future years. We continued work on our technology transformation project, launched at the end of the previous financial year. This significant investment will replace both the College's main database system and the website content management platform. Phase 1 delivery is expected in the first half of 2026. At 30 June 2025. the College had invested £698,000 in capital expenditure for this project. Depreciation will begin once the initial phase is operational. Reserves The Trustee Board has established a reseNes policy, whereby the unrestricted funds not commitled or invested in fixed assets or designated for specific purposes (the 'free reserves,) held by the College, should normally be sufficient to allow the College to operate without income for up to 9 months. This level of reserves is essential, because our income is not guaranteed and can be subject to significant fluctuations year on year. The College's reserves ensure that short term changes in revenue will not materially affect the College's activities, secures the long term funding of the College and enables the College to meet its duties 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 topical issues in pathology, which the College feels should be addressed. At 30th June 2025 the level of free reserves of £6.2 million equated to 7,5 months of unrestricted expenditure. The total amount of restricted funds at 30 June 2025 amounted to £1.6 mlllion. Total College funds amounted to £38.5 million. Going concern The trustees have reviewed the financial position and financial forecasts, taking into account the levels of investment reseNes and cash, and the systems of financial control 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 consider th8t the College has adequate resources to continue in operational existence forlhe foreseeable future. They continue to support the going concern basis in accounting and in preparing the annual financial accounts. Page 7 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Risk management The principal risks faced by the College are detailed below, together with the steps taken to mitigate 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 the volunteer model. Member engagement propositlon Is being drawn up explaining the value of the College and encouraging people to become involved. Additionally, members may not feel that the College is relevant lo their practice and may not volunteer for College roles or stand for election to College posts. Encouraging meetlngs 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 financl81 pressures on the College, with a deficit projected for the next few years, Monlhly 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 operating costs to establish efficiency savings Technology risks, including reliance on the College database, which is used by many departments across several different functions. A technology transformation project is in progress for the database and website platform, which has incorporated a review of all business processes. A review of IT infrastruclure took place in early 2022. and new hosting arrangements have been put in place. Auditors A resolution will be proposed at the Annual General Meeting that Begbies be re-appointed as audilors to the College for the ensuing year. Page 8 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Investment policy and objectives The Trustee Bo8rd's investment policy is to maximise the return on investments taking the medium to long-term view with a moderate level of risk. The capital value of the portfolio should be protected in Sine with the objective of generating an annual rate of return 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, shares, or securities and other investments within the United Kingdom or elsewhere as the Board sees fit, provided that Ihe Board is satisfied that such investment is not speculative 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, tobacco, mining or armament companies. The portfolio is managed by an investment management company. The total return approach where income and capital gains are considered in aggregate is adopted, including 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 ofthe 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 £2g.9 million. Plans for future periods Our new strategy for the five year period July 2024 to June 2029 was fomially launched in May 2024. Vlslon: Developing and supporting excellence in pathology for healthcare across the world. Mlsslon: To advance the science and practice of palhology. To further public education in the field of pathology. To promote study, research and innovation in pathology and disseminate the results. Values: Teamwork. Service. Ambition. Aims and Objectives: Aim 1- Lead excellence In pathology practlce. 1. Promote the breadth of opportunities and patient benefits of a career in pathology and laboratory medicine. 2. Use robust data and analysis to provide insights into the pathology workforce and lobby for the action needed to suslain it in the interests of patients. 3. Work with stakeholders to ensure safe, supportive and inclusive workplaces for pathologists. Page 9 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Plans for future periods (continued) 4. Establlsh strong policy positions and act on key priorities for pathology across the four UK nations. 5. Develop and maintain strong relationships with UK politicians. government bodies. public audiences and industry partners. Alm 2 - Promote the highest standards of pathology education and tralning. 6. Keep curricula, assessments, and examinations under review to ensure they are reflective of current best practice. 7. Enable individuals to progress through training by removing barriers and ensuring equity to reach consultant practice. 8. Support appropriately qualified international medical graduates to obtain registration to practice in the UK. 9. Provide support and reSou￿e5 for trainees and new consultants. Aim 3- Foster a sense of pride and belonglng among our members. 10.Listen to our members and use their insights to develop an engaging and inclusive membership benefit portfolio. 11. Provide opportunities for members to network. share best practice and find support to address any challenges they face. 12. Deliver professional development opportunities for members to safeguard their practice for the future. 13.Deliver high quality resources to support pathology practice. 14.Advocate for pathology and pathologists. Aim 4- Be the authorltatlve and trusted partner for pathology. 15.Maintain high slandards of professionalism, integrlty, 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 advlce we provide. 17. Leverage partnerships with kindred organisations, stakeholders and devolved nation health services. 18. Build on our international 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 sustainable and inclusive organlsatlon. 20. Ensure equity, diversity and inclusion in all that we do. 21. Deliver digital transformation to advance organisational efficiency and support our members. 22. Prioritise staff wellbeing and workload management. 23. Deliver our carbon reduction plan and net zero commitment. 24. Promote sustainability In pathology practice through collaboration with relevant stakeholders. 25. Ensure financial sustainability; significantly reducing the deficit within five years. Page 10 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Plans for future perlods (contlnued) 26. Harness new opportunities for income generation expansion and enhancement and promotion of commercl81 activllies of the College. 27. Explore how the College harnesses member expertise 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 Charitable Trust on 28 April 1970. The College is governed by its Royal Charter, Ordinances and By-laws, 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 Irustees of the College. Committees reporting to the Trustee Board include the Council, Governance & Nominations Committee. and Remuneration Committee. Councll Is responslble for the clinical, educational and professional functions of the College. Council has sub committees, including specialty and standing advisory committees, examinations and training committees, and regional councils. The trustees who served during the year are set out below. They comprise the 7 honorary officers, the chairs of each ofthe regional councils for Northern Ireland, Scotland and Wales, and 3 lay trustees. Trustees are elected or appointed for a three-year term of office after which they may serve again only after a one-year gap, unless elected to another honorary officer role. The Treasurer, Registrar and lay trustees can serve for two consecutive three- year temis of office. 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 diplom8te members in that region from amongst the fellows resident within the particular region. The three lay trustees are appointed following a process which includes advertising these positions, completion of an application form. shortlisting against the requirements contained in the role description and person specification, and a panel interview. Trustees take decisions In the best interests of the College as a whole. They operate in accordance with a code of conduct that makes expSicit reference lo objectivity in decision- making. A register of interests is mainlained in respecl of each member of the Trustee Board and Council. On appointment to office trustees receive an induction pack and are invited to attend the annual induction training meeting. The Trustee Board approves the College's annual budget and strategic plan. Once approved, the implementation of the plan is delegaled to the staff, who have the authority to work within the paramelers set by the Board. Decisions of a strategic nature, or items out with the agreed budget and plan, must be referred to the Board. The College wholly owns a subsldi8ry company, RCPath Trading Limited, which 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 company be paid to the College under gift aid. Page11 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Responsibilities of the trustees The trustees are responsible for preparing the report of the twstees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unlted 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 suilable accounting policies and then apply them consistently-, ObSe￿e the methods and principals 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 disclosed and explained in the financial stalements., and Prepare the financial stalements on Ihe going concern basis unless It is inappropriate to presume that the College will continue in operation. The trustees are responsible for keeping proper 8ccountlng records that disclose with reasonable accuracy at any time the financial 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 irregularities. The trustees are responsible for the maintenance and integrity of the College and financial information included on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Key management personnel remuneration The trustees consider the Trustee Board and the senior management team comprlse the key management personnel of the charity in charge of directing and controlling, running 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. The pay of all slaff, including the senior staff, is reviewed annually by the remuneration committee which reports to the trustee board. Pay is benchmarked periodically by an external 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. Slaff progress up the pay scale on successful completion of an annual performance review. The senior management team meet annually to review and agree performance review summaries for all staff, and the remuneration committee reviews and ratifies this decision. Page 12 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Key management personnel remuneration (continued) The remuneration committee reviews the performance 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 disclosure to auditor So far as the trustees are aware, there is no relevant audit information ofwhich the College's audilors 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 information and to establish thal the College's auditors are aware of that information. Reference & administrative details Trustees Those who served as trustees during the year were as follows: Dr Shubha Allard Co-opted Trustee (appointed 13 November 2024) Dr John Ashcroft Treasurer Dr Charu Chopra Chair, Scotland regional councll (appointed 13 November 20241 Prof Marta Cohen Vice President Prof Sarah Coupland Registrar Dr Bernie Croal Presidenl Dr Noha El Sakka Vice President Ms Lesli Flinn Lay Trustee Dr Anu Gunavardhan Chair, Wales regional council Dr Laszlo Igali Vice President Prof Peter Johnston Chair. Scotland r6gional council {demitled office 13 November 20241 Vice President (appointed 13 November 2024) Chair, Northern Ireland regional council Assistant Registrar Idemitled office 13 November 2024) Co-opted Trustee {appoinled 13 November 20241 Lay Trustee Lay Trustee & Chair of Trustee Board Dr Gareth McKeeman Dr Stephen Morley Prof Marco Novèlli Ms Jennifer Philllps Mr Vincent Voon Senior Staff Daniel Ross Joanne Brinklow Diane Gaston lan Hopper Nigel Pollard Katherine Timms Chief Executlve Director of Leamlng Direclor of Communications Interim Director of Corporate Services (from 8 April 2025) Director of Corporate Services (to 30 April 2025) Director of Professional Practice Page 13 The Royal College of Pathologists Report of the trustees for the year ended 30 June 2025 Reference & administrative details (continued) Principal Office The Royal College of Pathologists, 6 Alie Street, London E18QT. Telephone.. 020 74516700 E-mail: info@rcpath.org Website: www.rcpath.org Registered charity number 261035 in England & Wales. Company registration number RC000127. Professlonal advisors to the College Auditors Begbies. 9 Bonhill Street, London EC2A 4DJ. Taxation advisors 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 Klng William Street, London EC4N 7AF. Approved by the Trustee Board and signed on their behalf by: Dr Bernie Croal President 7 August 2025 Page 14 Independent auditor's report to the trustees of The Royal College of Pathologists Opinion We have audited the financial statements of The Royal College of Pathologists (the'charity,) for the year ended 30 June 2025 which comprlse the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial 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 statements: Give a true and fair view of the state of the parent charity and Its subsidiary undertaking's affairs as at 30 June 2025 and of their incoming resources and applicalion of resources. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance wilh the requlrements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further discussed in the auditor's responsibilities for the financial slatements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our 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 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other informatlon comprises the report of the trustees. Our opinion on the financi81 statements does not cover the other information and, except to the extent olhemise expllcitly st8ted in our report, we do not express any fonn of assurance conclusion thereon. Page 15 Independent auditor's report to the trustees of The Royal College of Pathologists In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or olheNise appears to be materially misstated. If we identify such material inconsistencles or apparent material misstatements, we are required to determine whether there is a material misstalement in the financial stalements or a material misstatement of the other Information. If based on the work we have performed, we conclude that there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon In the Ilghl of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the report of the trustees. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: The information given in the trustees, report is inconsistent in any material respect with the financial statements., or Sufficient accounting records have not been kept. or The financial statements are not in agreement with the accounting records. or We have not received all the information and explanations we require for our audit. Responsibilities 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 true and fair view, and for such internal control as the truslees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo conlinue as a going concern, disclosing, as applicable, malters relating to going concern and using the going concern basis of accounting unless the trustees either intend to ￿ase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 151 of the CharltSes Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Pgge 16 Independent auditor's report to the trustees of The Royal College of Pathologists Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to whlch the audlt was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Agreement of the financial statement disclosures to underlying supporting documentation. Enquiries and confirmation of management and the truslees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims., Review of minutes of Board meetings throughout the period; InCO￿oratIng unpredictability into the nature. timing andlor extent of testing. Evaluation of the selection and application of the accounting policies chosen by the charity; In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evalualing whether there was evidence of bias that represented a risk of material misstatement due to fraud., and We assessed the susceptibility of the charity's financial statements to material misstatement, including howfraud might occur by considering the key risks impacting the financial statements. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recogni5ing that the risk of not detecting a material misstatement due to fraud is hlgherthan 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 Ilmitatlons in the audit procedures performed and the further removed non-compllance with laws and regulalions is from the events and transactions reflected in the financial statements, the less Ilkely we 8re to become aware of it. A further description of our responsibilitles for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 17 Independent auditor's report to the trustees of The Royal College of Pathologists Use of our report This r&port is made solely lo the College's Iruslees, as a body. in accordance wllh part 4 of the Charilies (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slale lo the College's Iruslees those mallers we are required lo slate lo them in an auditor's report and for no other purpose, To the fullest extent perfflilted by law, we do not ac￿p1 or assume responsibllily lo anyone other than the College and ils Iruslees as a body, for our audit work, for Ihis report, or lor the opinions we have foTmed. Begbies Chartered Ac¢ounlants Slatulory Audilorg 9 Bonhill Street London EC2A 4DJ Begbies is eligible to act as an auditor Intorms of sectlon 1212 of the Companles Act 2006. Page 18 The Royal College of Pathologists Consolidated Statement of Financlal Acllvitles for the year ended 30 June 2025 Unrestricted Unrestricted General Designated Fund5 Funds Total Fonds 2025 Total Funds 2024 Reslrlcted Fund5 Income from: Note Donations & legacies Charitable activities 2,387 2,387 50.588 Subscripllons Poslgraduale education & examinations International development ConferenGes & academiG activities Professional practice Communications 4,643,435 2,640,687 18,300 119.103 75.840 23,450 4,643,435 2.645,188 60,562 129,603 75,840 24,950 4,430,527 2.521,116 68.763 122,783 108,935 10.000 4,501 42,262 10.500 1,500 Trading activities Investments 2,228,010 347.561 297.527 2,228,010 407,762 297,527 10,515,264 1.712.308 389,247 291,709 9,705,976 60,201 Other Total Income 10.396.300 118,964 Expendlture on: Raising funds Trading acllvilies & education centre Investment management Other 2,107,571 12,184 2,119,755 2.073,295 17,166 125,244 135,446 135,446 Charitable aclivities Postgraduate education & examinations Pathology portal Internalional development Conferences & academlc acllvilies Research Professlonal practice Workforce Communications Advisory commiltees Total expendlture 2,903,234 60,078 5,000 168,642 113.826 11,576 12,417 2,968,312 168,642 392.961 387,297 12,417 1,283,519 568.958 1,604,545 705,415 10,347,267 2.771,812 263,366 344,014 388,962 6,806 1,190,376 519,937 1,511,298 586,945 9,799,221 271,657 368,579 7.478 7,142 1.243,250 554,086 1,550,397 689.366 40,269 14,872 38,000 16,049 196,072 76,148 9,823,586 327.609 Ngt incomol {exp¢ndlture} before nel galns on Investments 572,714 {196,0721 {208,645} 167,997 193,2451 Net Ilossesl I gains on inv8stmenls Net Income l (expendlture} 15 {195,794) 376,920 116,710} {225,355} {212,504} {44,507) 411,173 317,928 {196,0721 Transfers between funds 20 16,737 {6,1061 110,631} Net movement In funds 393,657 1202.1781 1235,9861 {44,507} 317,928 Reconciliation of funds: Total funds brought forward Totsl funds carried forward 6,778.305 29,926,339 1,825.331 38,529,975 38,212,047 20 7.171,962 29,724,161 1.589,345 38,485,468 38,529,975 All of the above results are derived from Continuing aclivilies. There were no other re¢ognlsed galns or losses olher than those stated above. The notes on pages 22 to 36 fomi part of these accounts. Page 19 The Royal College of Pathologlsts Consolidated and College Balance Sheets as at 30 June 2D25 Consolidated 2025 2024 College 2025 2024 Note Fixed Assgt5: Tangible 8ssels Intangible assets Investmenls 13 14 15 36,385,843 691,042 4,929,621 36,882,142 75,177 5,142,125 36,385,843 691.042 4,929.721 36,882,142 75,177 5,142,225 Total flxed assets 42,006,5 42,099,444 42,006,606 42,099,544 Current assets: stocks Debtors Cash al bank and In hand 16 17 1,141 1,184,123 7,029,999 2,293 1,311,292 6,816,784 1,141 930,841 6.755,634 2,293 1,005,893 6,645,376 Totsl ¢urrent a$set$ 8,215,263 8,130,369 7,687,616 7,653,562 Llabllltles: Creditors.. Amounts falling due within one year 18 (5,074,545) 14,798,302) 14.546,998) (4,281,895) Net current assets 3,140.718 3,332,067 3,140,618 3,371.667 Total assets less current Ilabllltles 45,147,224 45,431,511 45,147,224 45,471,211 Creditors.. Amounts falling due after more than one year 18 {6,661,756) 16,901,536) 16,661,756) (6,901,536) Total net assets 38,485,468 38,529,975 38,485,468 38,569,675 The funds of the College: Unrestricted funds - general funds Unreslri¢ted funds- designated funds Restricted funds 22 22 22 7,171,962 29,724,161 1,589,345 6,778,305 29,926,339 1,825,331 7,171,962 29,724,161 1,589,345 6,818,005 29,926,339 1,825,331 Total College funds 38.485.468 38.529.975 38,485,468 38,569,675 The notes on pages 22 to 36 form part of Ihese accounts. The fin8ncl81 statements were approved by the Trustee Board on 7th August 2025 and slgned on behalf of the Trustee Board by Dr Bemie Croal President Dr John Treas rer Pag8 20 The Royal College of Pathologlsts Consolldated slatement of cash flows for the year ended 30 June 2025 2025 2024 Cash flow5 from operatlng actlvltles: Nel cash provided by l {used inl operating activi118s {note 1 below) Cash flows from investing activities: DivSdends and interest received VAT reclaim relating to the historic cost of freehold property Purchase of property, plant and equipment Proceeds from the sale of inveslments 647,252 {71,5661 407,762 105,898 (702,727) 389,247 105.110 {448,3471 657,034 Net ¢ash providgd by l (used inl invo5ting activitigs (189.067) 703,044 Cash flows from flnanclng actlvltles Repayment of borrowing Net cash provlded by I (used In) flnanclng actlvltles 1244,970) 1244,970) (1,022,473) {1,022.473) Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 213,215 (390,995) 6,816,784 7,207,779 Cash and cash equivalents at the end of the year (note 2 below) 7,029,999 6,816,784 Notes to the statemenl of cash flows l. Reconclllatlon of net Incomel(expendlture) to net cash flow from operatlng a¢tivlties 2025 2024 Net In¢ome l (expendltur•l for the year las pgr the statgmgnt of flnanclal actlvltlesl Adjustments for: Depreciation charges (Gains) I losses on investments Dividends and interest (Increase) I deC￿8$e in stocks Ilncrease) I decrease in debtors InGrease I Idecreasel in creditors 144.507) 317,928 477,263 212,504 1407,762) 1,152 127,169 281.433 482,206 {411,1731 {389,2471 593 (352,5491 280,676 Net ¢a$h provlded by I (used In) operatlng a¢tlvltl¢s 647,252 (71,566) 2. Analysls of cash and cash oqulval¢nts 2025 2024 Change in year Cash at bank COIF Charity Deposit Fund Total Gash and cash equivalents 1,126,822 5,903,177 2,266,784 4.550.000 (1,139,962) 1,353,177 7,029,999 6,816,784 213.215 Analysi5 of changes in net debt 2025 Cash flows 2024 Cash COIF Charity Deposit Fund Loans falling due within one yeaT Loans falling due more than one year 1,126,822 5,903,177 {224,2041 16,661,756) {1,139,962} 1,353,177 5.190 239,780 2,266,784 4,550,000 (229.3941 16,901,536) (314.1461 144,039 458,185 Pa9è 21 The Royal College of Palhologists Notes lo the Flnancial Statements as at 30 June 2025 1. Aecountlng pollc5&s la) Basls of preparatlon The financial statements have been prepared in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable the UK and Republic of Ireland IFRS 1021 and the Charilies Act 2011 and UK Generally Accepted Practice. {b} Public beneflt entity The College meets the definilion of a public benefil enllly under FRS 102. {Gl Going concern The Iruslees consider that there are no material uncerlalnlies about Ihe College's abllity to conlSnue as a golng concern. The trustees do not conslder that there are any sources of estimation uncertainly al the reporting dale that have a signrfic8nl risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next reporting period. Idl Group flnan¢lal $tat&m•nt$ The flnancial slalements consolidate the resulls of the College and ils wholly owned subsidlary, RCPalh Trading Limited, on a line by line basls. le} Income Income is included on a receivable basis. Income from subscriptions, trainee registration and fees for parlicipalN)n in the continuing professional development scheme are recognised in the accounting period lo which the servlces covered by those lees relate. Fees receNed in advance afe accounted for as deferred Income wilhln ¢redilors. Income from examinations and conferences & academic activities are Included in the accounting POTiod In which th8 examination or conferenGe lakes place. lfj Expen(Jlture and Irrecoverable VAT Expendllure is recognised once there is a legal OT conslruclive obllgalion lo make a payment lo a third parly. 1115 probable that selllemenl will be required and the amount of the obligation can be measured reliably. Expenditure on charilable activities includes the costs of deliveTing examlnalions, training and educational activities undertaken lo further the Purposes of the College and thei¥ associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Igl Allocatlon of support costs Resources expended are allocated lo the particular activity where the cost relates directly lo Ihal aclivily. However. the cost of overall direction and adminislralion of each aclivily, comprising the salary and overhead costs of the central funGlion, is apportioned. based on staff number5 engaged in each aclivily. Governance costs are apporlioned on the same basis. (h} Forèign Currèncles Transactions denomlnaled in foreign currencies are translated into slerlSng al Ihe rale of exchange prevailing al the lime of the Iransaclion. 111 Operatlng leases In51almenls under operating lease commitments arlsing In the year are included in the Slalemenl of Financial Activities for the year in which they arise. Page 22 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 ') Tanglble flxod assots and deproclatlon Tangible fixed assets costing more than £2,500 are capilalised. Depreciation is charged on fixed assets al rates calculated lo write off their cost evenly as follows.. Freehold buildings over 50 years lo resSdu81 value Land not depreciated Fixtures. fillings and office equipment over 3 10 5 years Computer systems and software over 2 10 5 years The College has adopted an accounting pollcy of capilalising borrowlng costs that are directly allribulable to the construction of the new buildlng. From the dale of QCGupallon of the premises in November 2019 interest has been Charged lo the Sialement of Financial Aclivilies. As explained in note 14, heritage assets have not been capilalised or depreciated as no rellable value can be allribuled. Ikl Slocks These are staled al the lower of Cost and nel realisable value. 111 Funds accountlng Funds held by the College are.. Unreslricled general funds these are funds which can be used in accordance with the charltable objects al the discretion of Ihe Trustee Board. UnresfriGled DeS￿nated funds - these are funds sel aside by the Trustee Board out of unreslricl8d general funds f speclfic future purposes or projects. Restricled funds these are funds that can only be used for particular reslrlcted purposes within the objects of the College. Reslriclions arise when specified by the donor or where funds are raised for particular reslricled purposes. Furlher explanation of the nature and purpose of each fund is included in the notes lo the accoutbls. Im) Penslon schemes The College parlicipales in 2 pension schemes.. the deflned benefit scheme, operated by SAUL Isuperannualion Arrangements of the University of London) and the defined contribution scheme operated by Royal London. For SAUL, the actuarial valuation applies lo SAUL as a whole and does not identify surpluses or deficits appllcable lo individual employers. As a whole, the market value of SAUL'S assets al 31 March 2023 was £3,096 million represenlSng 1050/0 of Ihe liabllilies. 11 Is not possible lo identify an individual employerfs share of the underlying assets and liabilities of SAUL. The College accounts for ils parlicipallon In SAUL as if il were a defined contribution scheme and pension costs are based on the amounts actually paid li.e. cash amounlsl in accordance with paragraphs 28.11 of FRS 102. As there was a technical provisions surplus al 31 March 2023, no deflcil contributions were requSred following the 2023 valuation arid there is no defined benefit liability li.e. the present value of any deficit contributions due lo SAULI to be recognised by the College. For the Royal London scheme, the pension Charge represents the contributions payable by the College. In) Research grants Grants payable and receivable are recognlsed in the slalemenl of financial activities in the period lo whlch the grant relates and where conditions relating lo the grant have been fulfilled. lol Termlnatlon payments Termination payments are recognised in the Slalemenl of Financial Activities when incurred. {p) Flxed asset Investments Fixed asset investments are included al their fair values Imarkel value) al the balance sheet dale. Any gain or loss on revalualion is taken lo the Slalement of Financial Aclivilies. Page 23 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 Iq} Debtors Trade and other debtors are recognised al Ihe Settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounls duo. (rl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquld investments with 8 short maturity of three months or less from the dale of acquisition OT opening of Ihe deposit or slmilar account. Cash balances include amounts held by way of rent deposits from lenants. Isl Croditor5 and provisions Creditors and provisions are recognised where the charity has a present obllgalion resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to sellle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognlsed al their settlement amount after allowing for any trade discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as bas1¢ financial instruments. 2. Trading Income and expendlture RCPalh Trading Limited The College owns 100 /0 of RCPalh Trading Limited (Company number 04535296). The main activities of the company are to undertake varlous Iradlng activitles of the College. The company supplies consultancy seNices under the trading name of RCPalh consulting. and operates a commercial conferenc8 centre called Evenls@No6 at the College's Alie Street premisgs.11 has entered into a Deed of Covenant to dgnate taxable profits lo the College under gift aid. Trading results extra¢led from its audited accounts are as follows.. 2025 2024 Profit & Loss account Turllover 2,334,298 1,813,330 (1,849,942) 11,663,129) 484,356 150,201 1444,6571 Cost of sales and administrative expenses Net profil Payable under gift ald to The Royal College of Pathologists Profit retained in RCPalh Tradlng Llmlled 39,699 150,201 Balanco sheet 2025 2024 Debtors Cash al bank 375,561 274,365 386.081 171,409 649.926 557,490 1649,8261 1597,089) Creditors.. 8mounts falllng due within one year Nel current assets c￿dI10rs'. amounts falling due after more than one ye81 100 (39,599) Net assets I Iliabililies) 100 (39.5991 Share capllal Profit and loss account 100 100 139,699) Capilal and reserves at 30 June 100 139,599) The College purchased £106.288 {2024 - £100.9261 of seNlces from ils wholly owned subsidiary during tho year and received a payment of £144,00012024 - £120,000) towards the cost of shared overheads. In accordance with the SORP, these transactions have been removed on consolidation. In addition, the College paid £161,92012024 - £203,280) of salarles relating to staff employed by the subsidiary company that were recharged in full. Page 24 The Royal College of Pathologists Notes to the Flnanclal Statements as at 30 June 2025 3. DètalSed comparatlves for thg Statement of flnanclal actlvltles In 2024 Unreslricled Unreslricled General Designated Funds Funds Total Re51riGled Funds Funds 30 June 2024 Incom9 from.. Donations & legacles Charitable activities 50,688 50,588 Subscriptions Poslgraduale gducalion & examinations International development Conferences & academic aclivilies Professional practice Communications 4.430,527 2,518,616 14,175 109,283 108.935 10,000 4,430,527 2,521,116 68,763 122,783 108,935 10,000 1,712,308 389,247 291,709 2,500 54,588 13,500 Trading activities Investments 1,712.308 338,387 50.860 Other 291,709 Total incomg 9,584,528 121,448 9,705,976 Expendlture on.. Raislng funds Trading activities Investment management Other 2.057,065 17,166 125.244 16,230 2,073,295 17,166 125,244 Charitable activities Postgraduate education & examinallons Pathology portal International development Conferences & academic aclivilies Research Professional practice Workfor¢e Communlcalions Advisory commillee8 Total expendlture 2,713,866 52,696 5,250 263.366 21,632 13,414 6,806 2,771,812 263,366 344,014 388,962 6,806 1,190.376 519,937 1,511.298 586,945 315,589 366,398 6,793 9,150 1,163,053 509.880 1,470,368 566.394 27,323 10,057 33,923 20,551 7.007 9,305,023 176,723 317.475 9,799.221 Net inGomg 11gxpenditure) before net galns on Investments Nel galns on Investments Net Income l {expenditurel Transfers between funds 279,505 376,576 {176,7231 {196.0271 34,597 193,245) 411,173 656,081 {583,6571 72,424 (17e,7231 582,657 {161,4301 1,000 317,928 Net movemont in funds 405,934 1160,430} 317,928 Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 6.705,881 29,520,405 1,985,761 38,212,047 6,778,305 29,926,339 1,825.331 38,529.975 Page 25 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 4. Income from Inv¢$tments 2025 2024 Bank deposit Interest Income from listed investments 249,533 158,229 245,030 144,217 407,762 389.247 5. Donatlons & Legacles 2025 2024 Legacies College members 50,000 2,387 2,387 50,588 6. Staff costs, trustee rèmungration and gxpenswJ, and the cost of key management personnel 2025 2024 The total cost of salarles and wages were Salaries and wages Redundancy and lermir¢alion costs Social security costs Pension contributions 3,763,724 31.701 425,263 456.780 3,390.211 1,998 368.147 456,638 4,677,468 4.216,994 The redundancy and torminalion costs were seiiled and paid al the balance sheet dalo. The number of employees whose emoluments exceeded £60,000 In the year was as follows.. 2025 2024 No. £60,001- £70,000 £70,001- £80,000 £80,001 - £90,000 £90,001- £100,000 £130.001 - £140,000 £140,001- £150,000 The key management personnel of the charlly comprise the Iruslees, the Chief Executive and the 412024 - 41 other senior managers. The total employee remuneration of the key management personnel amounted lo £638,684 (2024 - £594,341). The ch2rily Iruslees were not paid or recelved any other benefils from employment with the charity in the year (2024 £Nill. No charity Iruslee received payment for professional or other services supplied lo the charily12024 - £Nill. Travel, subsislence and accommodation costs incurred amounting lo £39,284 {2024 - £45.7881 were reimbursed lo 12 12024 - 141 members of the Trustee Board. Details of th8 transactions with the trading subsidiary are included In nole 2. During the year there were no olhgr rolaled party transactions (2024 - £Nil), Page 26 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 7. Stsff numbers The average numb8r of employees (head count based on number of staff employed) during the year was as follows: 2025 2024 No. 23.0 Postgraduate educatlon & examlnallons Conferences & academic activlties Professional practice Advisory commillees Communications Workforce Education centre International development 27.0 14.9 13.2 17.2 16.5 74.2 The average number of full time equivalent employees durlng the year was 74.3 68.0 8, Total expendlture (Current yearl Direct Costs Staff Costs Support Costs Total 2025 Tolal 2024 Trading actlvS1ies & edu¢allon cent Investment management Other Postgraduate education & examinations Pathology Portal International development Conferences & academrc aclivities Research Professional practice Workforcg Communications Advlsory commlttees 1,531,402 761,920 426,433 2,119,755 2,073,295 17,166 125,244 2,771,812 263,366 344,014 388,962 6.8 1.190.376 519,937 1,511,298 586,945 135,446 860,020 135,446 2,968,312 168,642 392,961 387,297 12,417 1,283,519 568,958 1,604,545 705,415 706,150 70,794 65.771 19.175 12.417 28,023 17,g84 113,172 58,524 1,402,142 97,848 205,238 197,897 121,952 170,225 866.159 360,640 977,944 407,680 389,337 190,334 513,429 239,211 Totsl for the year ended 30 June 2025 2,623,412 4.677,468 3,046,387 10,347,267 9,799,221 8. Total expendlture {Prior yearl Dlrect Costs Staff Costs Support Costs Total 2024 Tr8dlng activities & educallon ¢enl Investment management Other Postgraduate education & examlnations Pathology Portal International development Conferences & academic activities Research Professional practice Workforce Communications Advisory committees Total for the year ended 30 June 2024 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 1.511,298 586,945 125,244 866,442 691,281 184,775 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 2,751,388 4,216,994 2,830,839 g,799,221 Governance costs are contained within support costs and are not shown separately. They comprise the expenditure In lalion to the Iruslge board of £25,09912024 - £27,154), legal and professlonal costs of £4.671 {2024 - £Nil} and th8 aLJdilors remuneration as detailed in note 9. Page 27 The Royal College of Palhologlsts Notes to the Financial Statemenls as at 30 June 2025 9. Net Incomlng resources for the year 2025 2024 This IS stated after charging: Deprecialion Auditor's remuneration - external audll Auditorfs remuneration - subsidiary company Auditorfs remuneratlon - payroll bure8u services Trustee liability indemnity insurance 477.263 8,106 2,953 9.330 1.185 482,206 8,731 2,400 9.937 970 10. Penslons The College participates in 2 pension schemes.. the defined bengfit scheme, operated by SAUL (Superannuation Arrangements of Ihe University of London) and Ihe defined conlribulion scheme, operated by Royal London. SAUL scheme The College participates in the Superannuatlon Arrangements of the Unlversily of London I'SAUL.), which is a centralised defined benefit scheme within the United Kingdom and was conlracted-oul of the Second State Pension (prior to April 2016) SAUL is an independently-managed pension scheme for Ihe non-academic staff of over 50 colleges and institutions with links to higher education. Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings I'CARE") bas15. The College is not expected to be liable to SAUL for any other current participaling employels obligations under the Rules of SAUL, bul in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall Iwhioh cannot olheNise b8 recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation. Funding Policy SAUL'S slatulory fundlng objective is lo have sufficlenl and approprlale assels to meet the costs incurred by the Trustee in paying SAUL'S benefits as they fall due Ilhe "Technical Provisions"}. The Trustee adopls assumptions which, taken as a whole, are intended lo bo sufficlently prudent for pensions and benefits already in payment to continue lo be pald and for the commitments whSch arise from Members. accrued pension rights lo be met. The Technical Provisions assumptions include appropriate margins to allow for th8 possibllily of evenls lurnlng out worse than expeclod. However, Ihe funding method and assumptions do not completely remove the risk that the Technical Provisions could be Insufficient to provide benefits in the fulure. A fomial actuarial valuallon of SAUL Is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out wilh an effective date of 31 March 2023. Infomial reviews of SAUL'S position, reflectlng changes in market condltions, cash flow information and new accrual of benefits, are carried out between formal valuations. The funding principles were agreed by the Trustee and Employers in June 2024 and will be reviewed again at SAUL'S next formal valuation Sn 2026. At the 31 March 2023 valuation SAUL was 705Qk funded on ils Technical Provisions basis. As SAUL w89 In surplus on its Technical Provisions basis. no deficit contributions were required. The Trustee and the Employers have agreed that the ongoing Employers, contributions will fall from a rale of 21 ts/ts of CARE salaries to 190h of CARE salafies from 1 September 2024. Royal London scheme The College 0￿rateS a defined conlribullon scheme for staff other than senior managers who joined the College after 1 April 2021. The assets of Ihe scheme are held separately from those of the College in all independently administered fund with Royal London. The pension cosl charged ￿ presents the Contributions payable under the scheme by the College lo the fund. The College has no liability under the scheme other than for payment of these contributions. Page 28 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 11. Allocatlon of costs Support G05ts as per nots 8 above, ¢an be broken down by aclivily, as follows.. Inform81ion Finance technology & HR Secretariat {Current yearl Premises Total Postgraduate education & examinations International development Conferences & academic activities Professional practice Workforce Communicalions Trading a¢llvilies & education centre Advisory committees Other 218,998 27,260 26,035 118,228 54,214 135,381 44.412 58,502 292,474 37,932 35,935 164.704 75,864 248,553 60,890 81,853 46.851 5,832 5,570 25,293 11,598 29.182 9,282 12,516 301,696 50,928 102.685 81.112 48.659 100,313 311.848 86,341 135,446 860,019 121,952 170,225 389.337 190.335 513.429 426.432 239,212 135,446 Total support costs year ended 30 June 2025 3,046,387 Informalion technology Finance & HR Secretariat (Prior year) Premises Total Postgraduate education & examinations International development Conferences & academic activities Professional practice Workforce Communications Trading activities & education centre Advisory committees Other 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 56,601 55,957 106,325 56.553 144,320 148,169 110,338 125,244 866,442 126,715 148.499 405.299 162.385 483,583 272,477 240,195 125,244 Total support costs year ended 30 June 2024 2,830,839 The basls of allocation of support costs is as follows.. Information technology costs have been allocated on the basis of the number of computers used by each department. Finance costs and secretarial costs have been allocated on the basis of the headcounl. Promlses costs have been allocated on the basis of Ihg usage of floor aTe3s. Salary costs as per note 8 above can be further an81ysed as follows.. Direclty HR, Payroll Allribulable &IT (Current year) Flnanco Se¢retarlal Premlses Total Poslgraduale educauon & examlnallons Pathology portal International development Conferences & academic activitie5 Professional practice Workforce Cotnmunicalions Trading activities & education cenlre Advisory committees 952,239 97,848 148,865 143,733 617,686 251,384 696.918 73,651 286.424 165,715 147,747 76,364 60,078 1,402,143 97,848 205,237 197.897 866.158 360.639 977,945 161,920 407,681 20,831 20,073 93,838 38,550 104,035 31,978 44,856 18.558 17.871 80,975 36,929 92,646 28,621 39,953 9.505 9.078 41.226 18,904 47,207 15,486 20,399 7,478 7.142 32,433 14,872 37,139 12,184 16,049 Tolal salary costs year ended 30 June 2025 4,677,468 Page 29 The Royal College of Pathologists Notes to the Financlal Statements as at 30 June 2025 11. Allocation of costs Icontlnuedl Directty HR. Payroll Altributab18 &IT (Prior year) Finance Secretariat Premises Total Poslgraduale edu¢allon & examlnatlons Pathology portal International development Conferences & academlc a¢livities Professional practice Workfor Communications Trading acts'vities & education cenlre Advi50ry committees 816,647 78,591 131.704 145,325 538.033 224,038 633,815 119,375 217,685 155.679 129.945 68,939 42,879 1,214.089 78.591 184,738 218.771 767,175 323,890 896,666 203,280 329,794 21,097 28.689 90,712 33,390 104,293 32.111 43,733 17,194 24.049 74,487 26,563 85,338 27.774 36.736 9,090 12,766 39,423 31,196 45,142 14,809 19.507 5,653 7,942 24,520 8.703 28,078 9,211 12,133 Total salary costs year gndod 30 June 2024 4,216.994 The basls of allocation of salary costs is as follows- Information technology costs have been allocated on the basis of the number of computers Ltsed by each department. Finance costs, secretariat costs, premises costs and HR & payroll costs have been allocated on the basis of the headcount. 12. Taxation As a registered charity the College is ex8mpt from corporalion tax since all income is applied for ch8ri18ble purposes. 13. Tangible 1Sxèd assets Consolidated and College Computer Systems & Software Flxlures, Fittings & Equipmenl Freehold Pr¢)perty Total Cost or valuallon Al 1 July 2024 Addllions Adluslmenl to purchase cost Reclassification lo Intangible Fixed A5sels 38,500,308 1,088.533 904,904 101,178 40,493.745 101.178 1105,8981 121.4961 1105,8981 121,4961 AI 30 June 2025 38,394,410 1,067,037 1,006,082 40,467,529 Depr8cSalion Al 1 July 2024 ReclassificalSon lo Inlanglble Fixed Assets Provided in year 1,937.019 801,669 17,1801 71,412 872,915 3.611,603 17,1801 477.263 367,888 37,963 AI 30 June 2025 2,304.907 865,901 910,878 4,081.686 N8l book valug al 30 June 2025 36,080.5D3 201,136 95,204 36,385,843 Nel book value at 30 June 2024 36,563,289 286,864 31.989 36,882,142 In addilion to the capilallsed fixed assets held for the Charitls own use. Ihe College also has a number of assets on trust for retention in perpetuity as a permanent record of the College's history. These comprise a unlque colleelion of paintings depicting the College's 20 Presidents since its founding in 1962, logelher with a library collection and other artefacts whose intrinsic valug is also bound up with the College's history. These are irreplaceable originals to which no reliable cost or value can be attributed and accordingly these assets have not been capitalised in the financial slatemenls. Page 30 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 14. Intanglblo flxed assets Consolidated and College Database Project In Progrèss Total Cogt or valuation Al 1 July 2024 Reclassification from Tangible Fixed Assets Additions 75,177 21,496 601,549 75,177 21,496 601,549 AI 30 June 2025 698,222 698,222 Depreciation Al 1 July 2024 Reclassiflcalion from Tangible Fixed Assets Provided in year AI 30 June 2025 7,180 7,180 7,180 7,180 Nel book value al 30 June 2025 691,042 691,042 Nel book value al 30 June 2024 75.177 75,177 15, Investments Consolidated 2025 2024 College 2025 2024 Mark81 value al 1 July 2024 Disposals al market value Nel gain on revaluation Market value al 30 June 2025 5,142,125 5,387,986 1657.0341 411,173 5,142,225 5,388,086 1657,0341 411.173 1212,504) 4,929,621 1212,504) 4,929,721 5,142.125 5,142,225 Historical cost al 30 June 2025 4,625,569 4,625.569 4,625.669 4.625,669 Investments al markel value compri5ed'. Llsled investment trusts and unil IfU51s Unlisted investments 4.929,621 5.142.125 4,929.621 100 5.142,125 100 Market value as 8130 June 2025 4,929,621 5,142.125 4,929,721 5,142.225 The College has a single investment holding in the CCLA COIF Ethical Investment Fund. The inve81menl In this fund gives the College greater access lo diversificalion rather than dlrecl holdlngs. Unlisted investments al cost comprise.. 2025 2024 RCPath Trading Limlled - 100 ordlnary shares 01 £1 each 100 100 100 100 The College owns IOOO/o ol the ordinary share capital of RCPalh Trading Limited, company number 4535296, which ha5 been consolidated as a subsidiary undertaking Ihroughoul. The reglslered address of the company is 6 Alie Street. London E1 8QT. Further details of the investment pollcy and obleclives are contained in the investment policy section of the report of the Trustees. 16, Stocks Consolidated and College Memorabilia for resale 2025 2024 1,141 2,293 1,141 2.293 Pag8 31 The Royal College of Pathologist5 Notes to the Financlal Statements as at 30 June 2025 17. Debtors Consolidated 2025 2024 Collego 2025 2024 Trade debtors Prepayments and accrued In¢ome Other debtors Amounls due from subsidiary undertaklng 379,988 290.563 513.572 472.302 301.846 537,144 126,706 290,563 513,572 96,256 301,846 527,109 80,682 1,184,123 1,311.292 930,841 1,005,893 18. Credltors Consolidaled 2025 2024 College 2025 2024 Amounts falling due within one year Deferred income (note 19) Trade Cledllors Other ¢reditor$ Taxation and social security Accruals Bank Loan Amounts due lo subsidiary undertaking 3,736,073 390,836 143,483 145,148 434,801 224,204 3,495,434 380,371 153,287 48.831 490,985 229,394 3,362,734 131,014 143,483 145,148 418,137 224.204 122,278 3,236,112 125.686 153,287 48,831 488,585 229.394 5,074,545 4,798,302 4,546,998 4,281,895 Amounts falling dug after more than one year Consolidated and College Bank loan - amount due between 2 and 5 years Bank loan - amount due after 5 years 2025 2024 1,037,232 5.624.524 1,088,812 5,812,724 6,661,756 6,901,536 The loan Is a Commercial mortgage loan seGured by a first legal charge over the land and building owned by the College al 6 Alie Street. Interest is charged al 1.5Vo above base rate. 19. Deferred Income Consolidated 2025 2024 College 2025 2024 Balance 811 July 2024 Amounl released lo incoming resources Amount deferred in the year 3,495,434 3,124,839 3.236,112 3,006,192 {3,495,434) 13.124,839) 13,236,112) {3,006,1921 3.736,073 3,495,434 3,362.734 3,236,112 Balance as at 30 June 2025 3,736,073 3.495.434 3,362,734 3,236,112 Deferred income comprises income from subscriptions, trainee registration, examinations, conferences and continulng professional development, received in advance, that will form part of incoming resources during the following financial year. Page 32 The Royal College of Pathologists Notes to the Flnancial Statements as at 30 June 2025 20, Movorngnts In Funds Icurrenl year} Balance al 1 July 2024 Incoming Resources Outgoing Resources Transfers Gains and Losses Balance al 30 June 2025 Restrlcted funds Research Pool Fund Oliver Memorial Fund Bhagwan Singh Fund Flynn Fund Kohn Memorial Fund Developmental Pathology FL¢r¢d Inlernatlonal Challenge Events Fund Publlc Engagement Fund Summer School Fund William Tong Memorial Fund Pathology Portal Fund MTI Fund Arise Project Fund Galea Prize Fund Undergraduate Pathology Fund Covid Portal Fund Ghana Project Fund Global Health Workforce Programrn8 Fund Member Wellbeing Fund 16,951 145,220 76,835 177,712 38,364 24,518 18.683 2.088 42,704 2,259 1,050.898 51,787 40,225 5.154 35,623 40,312 8,480 47,518 654 5,966 2,802 6,849 1,399 973 674 54 14,673 84 33.822 1.509 531 1.728 2,720 1,476 94 42.879 77 118,964 112,4171 {2,2731 24.000 29,188 143.321 76.827 168.596 38,176 22.991 23,751 383 46,801 1.743 916,076 15,592) 12,810) 16,og3) 11,407) 1808) {9,8721 11801 (1,6921 {1,6061 {1,759) 111,576) 1600) 1168,644) 6.000 1,000 153,296) 18,335) {32,421) 1372) (4,400) 6,510 33,943 41,788 774 18,400 20,077 1,589,345 17,800} {71,997} 20,000 {10,631 } 1,825,331 (327,609) 116,7101 Unroslrict•d Funds Deslgnaled funds Property Fund Cancer Reporting Fund Suslainabilily Fund Examinations Development Fund Technology Transformation Fund Major Repairs Fund Corporale Membership Fund General unreslricled fund 29,432,148 22,935 33,020 100,000 187,375 150,000 861 1228.6061 22,500 29,203,542 37,600 33,020 fjoo,000 149,999 200,000 17,8351 {187,3761 150,000 50,000 18611 19,823,586) 10,515,264 110,347,267) 6,778,305 10,396,300 16.737 1195,794) 7,171,962 Total Funds 38.529.975 1212,504) 38,485.468 The transfer from the designated properly fund is so as lo maintain Ihe balance on the fund being equal to the nel book valu6 of the land and buildin9s less the capital oulslanding on the mortgage loan. The transfer to the summer schools fund represents the College's share of the funding for this activlly lo match that made by other individual pathology assoclations who jointly run this event. The transfer lo the major repairs fund is to sel aside monles foT the replacement of large items of planl and equlpmenl al 6 Alle Street. The transfer lo the technology transformation fund is to s61 aside monies lo continue developing the new contact relationship management ICRMI and Gonlenl management system ICMSI. that forrn the enterprise platform of th8 College. phase 1 of wh￿h is due lo launch in the first half of 2026. The transfer lo the cancer reporting fund Is lo allow Ihe continuing participation in the Inlernalion81 Collaborallon on Cancer Reporting, of which the College is a founder member. The transfer from the MTI fund lo the research fund, international challenge events fund and wellbelng fund was agreed by the original funder Sin￿ the project envisaged by the funder was no longer deliverable. Page 33 The Royal College of Pathologlsts Notes to the Financial Statements as at 30 June 2025 20. Movèmènts In Funds {Prior period) Balance at Incoming 1 July 2023 Resources Oulgolng Resources Transfers Gains and Losses Balance al 30 June 2024 Restrlcted funds Research Pool Fund Oliver Memorial Fund Bhagwan Singh Fund Flynn Fund Kohn Memorial Fund Developmental Pathology Fund International Challenge Events Fund Public Engagement Fund Summer School Fund William Tong Memorial Fund Pathology Portal Fund MTI Fund Arise Project Fun Galea Prlze Fund Undergraduate Pathology Fund Covid Portal Fund Ghana Project Fund Global Health Workforce Pfojecl Fund 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 59 30,515 1,270 1,149 126 3.414 1,002 845 54,402 (5,9411 {2,8231 16,951 145,220 76,835 177,712 38,364 24,518 18.683 2,088 42,704 2,259 1,050,898 51,787 40.225 5,154 35,623 40,312 8,480 47,518 11,576 5,818 12,615 2,914 1,674 13,8181 11501 14,720) {216) 113.414} 1250} (263,3661 1,000 110,0281 15,0001 18651 16,884) 1,985,761 121,448 1317.475) 1,000 34,597 1,825,331 Unrestrlcted Funds Property Fund Cancer Reporting Fund Suslaln8bilily Fund 60th Anniversary Fund Examinalions Development Fund Technology Translormalion Fund Major Repairs Fund C¢yporale Membershlp Fund General unreslricled fund 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 33,020 113,6111 12,0001 100,000 187,375 150,000 (154,5571 25,000 (6,555) 9.584,528 19,305.023) 1583,6571 9.705,976 19,799,221) 376,576 6,778,305 Total Funds 38,212.047 411,173 38,529,975 21. Restricted and deslgnated funds The Research Pool Fund was established in 1995 to promote researGh in pathology. The Oliver Memorial Fund was established lo perpeluale the name of Percy Lane Oliver, by provlding an annual national award for service lo blood Iransfuslon. and for th6 furtherance of knowledge relallng lo the principles and pracllces of blood Iransfuslon. The Bhagwan Singh Fund was established in 198210 sponsor occaslon81 visits between Ihe UK and Malaysia, lo promote Malaysian palhology. The Flynn Fund was established in 1998 to fund an annual lecture in clinical biochemistry. A number of buTsaries are awarded lo trainees lo allend the scientific meeting where the lecture is dellvered. The Kohn Memorlal Fund was established in 1987 to fund an annual lecture mainly in clinical biochemistry- The Developmental Pathology Fund was established in July 2004 as a gift from the Developmental Pathology Society lo fund an occasional named "Emerl, lecture in paedialric pathology. Page 34 The Royal College of Pathologists Notes to the Financial Statements as at 30 June 2025 21. Restrlcted and deslgnated funds Icontlnued) The Pathology Portal Fund was es13blished by grant in aid from Health Education England lo develop and implement a competence based model of learnlng support on a digital platform lor pathology which would include digilisalion of examinallons. The International Challenge Events Fund was eslablishod lo raise funds for the College's inlernalional development projects. The Publlc Engagement fund was eslabllshed by way of 8 prize awarded by The Royal Society lo Dr Suzy Lishman for her work on behalf of the College on public engagement and is available for the College's public engagement work. The Summer School Fund was established lo collect and administer the funds lo run the annual pathology summer school, which is funded and run in association with a number of pathology specialist societies. The Wllliam Tong Mewnorial Fund wa5 established by way of donations from the famlly and friends of the late William Tong lo provide an annual prize lo a trainee In virology on the basis of a piece of work submilled as a poster. The MTI Fund was eslabllshed by grant in aid from the Wesl London Cancor Alliance lo dellver training opporlunllies across London for inlernalional medical graduates in hislopalhology as part of the medical training inilialive. The funder agreed durlng the year lo reporpos& the fund towards research, wellbeing and international aclivllie$. The Arlse Project Fund was established by Grant in Aid from the European Union lo fund the College's involvement in a mulli-partner research project lo share and spread best practice In newborn screening, diagnosis and treatment of Sickle Cell Disease, leading lo improvements in overall disease oulcome. The undergraduate pathology fund wa5 established lo create undergraduate and foundation lasler events and Mater￿lS to support recruilmenl in pathology. and lo provlde bursaries under the medical elective scheme. The Galea Prize Fund was Èstablished by way of gift from Metabolic Support UK lo fund an annual prize lo encourage research into a therapy that will ameliorate and in future help find a cure for metabolic disorders and inherited rare conditions. The Covld Portal Fund was established lo fund a research project lo inlerrogale the Covid wst-mortem portal lo provide teaming from the pandemic which will be dissemlnaled by way of leaning materials, webinars or scientific papers. The Ghana Proje¢l F¢Jnd was established by Grant in Aid from The Tropical Health and Education Trust lo produce webinar5 to support tho now pathology curricula of the Faculty of Pathology of the College of Physicians of Ghana. The Global Health Workforce Programme Fund was established by Grant in Aid from the Tropical Health and Educational Trust to improve training and professional developmenl in Chemical Pathology in Ghana, Nlgeria and Kenya. The member wellbeing fund was established lo commission external rsearch lo explore wellbeing following a member survey conducted in 2023 to Inform the conlenl of a planned webinar series. The designated properly fund was established lo hold the nel book value of the College's funcllonal premlses al Alie Street less the amount of the capilal sum outstanding on tlie moilgage loan. The designated cancer reporting fund was established lo fund the College's share of the commitment lo Ihe Internallon81 Collaboration on Cancer Reporling, whose aims are lo pursue global harmonisalion of cancer dalaset5 for pathology reporting. The ICCR has been incorporaled as a nol for profil organisalion and the College Is a foundation member. The deslgn3led suslainabllily fund was eslabllshed lo support the College's project to deliver and implement a Carbon reduction roadmap and nel zero strategy, and lo be available for general suslainabilily inilialives. The dosignaled premises markelSng fund was eslablished for expendllure on the marketin9 of Ihe facilities al Alie Street that will generate revenue for the College in subsequent years. The designated 60th anniversary fund was established lo fund activities associated wlth the 60th anniversary of the founding of the College, which will be on 21st June 2022. The designated examinations development fund was established to fund the developmenl of the digilisallon of College examinations. The designated technology Iransformalion fund was established lo fund the replacemenl of the College's central database system, which is an enterprise wide system incorporating membership, finance, examinalions, training. CPD, academic symposia, and a dynamic link Ihal inlegrales lo the College website. The deslgnaled major repairs fund was established lo create a sinking fund for the repair and Teplacemenl of major pieces of plant and equlpmenl within the College's premises al Alie Street, The designated corporate mernbership fund was established lo fund the development and expansion of the College's corporate membership scheme. Page 35 The Royal College of Pathologists Notes to the Financial Statements as at 30 Jun8 2025 22. Analysis of group net assèt5 bètwèen funds Icurrent yèar}- Consolldated Nel current assets Long term Flxed assets Investments Total General unreslricled Designated Restricted 987,383 36.089,502 4.541,98S 1,642,593 296,416 1,201,709 7,171,961 16,661,756) 29.724,162 1,589,345 387,636 Nel assets as al 30 June 2025 37,076,885 4,929,621 3,140,718 16.661,756} 38,485,468 22. Analysls of group net assets between funds (Current year} . Collegè Nel Gurrent assets Long term Fixed assels Investments Total General unreslricled Deslgnaled Reslricled 987,383 36,089,502 4.542,085 1,642,493 296,416 1,201,709 7,171,961 16,661,756) 29,724.162 1,589,345 387,636 Nel assets as al 30 June 2025 37,076.885 4.929,721 3,140,618 16.661,756} 38,485,468 22. Analy818 of group nèt assets between funds (Prlor y8arl - Consolldated Nel current assets Long term Fixed assets Investments Total General unreslricled Designated Reslricled 394,241 36,563,078 4,737,779 1.646,285 264,797 1,420.985 6.778.305 16.901,5381 29,926,339 1,825,331 404,346 Nel assets as al 30 Jun8 2024 36,957,319 5.142.125 3,332,067 16,901.536) 38,529,975 22. Analysls of group nèt a$5915 between funds {Prior ygarl - College Nel current 8$sels Long term Fixed assets Investments Total General unreslricled Designated Reslricled 394,241 36,563,078 4,737,879 1,685,885 264,797 1,420,985 6,818,005 16,901,536) 29,926,339 1,825.331 404,346 Nel assets as al 30 June 2024 36,957,319 5,142.225 3,371,667 16.901.536) 38,569,675 23. Presentatlonal currency The presenlalional curroncy is Sterling. Page 36