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2020-09-30-accounts

THE COLLEGE OF RADIOGRAPHERS

Report and Financial Statements For the year ended 30th September 2020

Company number 1287383 Charity number 272505 Scottish Charity Number SCO41867

THE COLLEGE OF RADIOGRAPHERS REPORT AND FINANCIAL STATEMENTS CONTENTS

Contents of this report 1
Administrative details 2
Structure, governance and management 3
Objectives and activities 4-6
Achievements and performance 6-9
Financial review 10-11
Independent auditor’s report 12-13
Statement of financial activities 14
Balance sheet 15
Cash flow statement 16
Notes to the Financial Statements 17-27

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

1. ADMINISTRATIVE DETAILS

College Trustees and Officers

For the period of this Annual Report and until (date of approval)

Senior Honorary Officers of The College:

President To 04.07.20 Mrs G Hodges DCR (T) From 04.07.20 Mr C Kalinka MSc DRI DCR(R) President Elect To 04.07.20 Mr C Kalinka MSc DRI DCR(R) From 04.07.20 Ms Claire Donaldson BSc (Hons) Vice President To 04.07.20 Ms Claire Donaldson BSc (Hons) From 04.07.20 Mr R McGhee BSc (Hons) Immediate Past President To 04.07.20 Mrs S Webb BSc (Hons) From 04.07.20 Mrs G Hodges DCR (T)

Trustees

Mrs S Mathers FCR MSc DCR(R) Chair Mrs K Smith MSc DCR(T) Mr D Adrian-Harris TD JP MPhil BA (psych) TDCR HDCR To 10.06.20 Mr C McCaffrey Ms A Vinall MSc BSc (Hons) Mr G Thomas BSc (Hons) PgCUTL FHEA To 10.06.20 Mrs S Webb BSc (Hons) Mrs J Jones Mr I Wolstencroft CPFA Mr C Kalinka MSc DRI DCR(R) Dr Stephen Davies Mrs G Hodges DCR (T) Dr P Cosson DCR(R) BSc PgC PGCE D.Prof Miss C Donaldson BSc (Hons) Mr R McGhee BSc (Hons) From 10.06.20 Dr M Jackson From 08.12.20

The College Trustees are indemnified by a directors and officers insurance.

Senior Officers

Chief Executive Officer Mr R Evans OBE HDCR Director of Professional Policy Mrs C Beardmore FCR, MBA (Open) DMS DCR (R) & (T) Director of Finance and Operations Mr D Manek FCCA MSc

The Senior Officers above are not members of the Board of Trustees of the College of Radiographers

Charity name The College of Radiographers Charity registration numbers England and Wales 272505 Scotland SCO41867 Company registration number 1287383 Registered office 207 Providence Square Mill Street London SE1 2EW Company Secretary Mr R Evans OBE HDCR

Auditor

Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

Bankers

Unity Trust Bank plc, Four Brindleyplace, Birmingham B1 2HB

Solicitors

Veale Wasbrough Vizards, Narrow Quay House, Narrow Quay, Bristol BS1 4QA

Investment Manager

Rathbone Investment Management Limited, Port of Liverpool Building, Pier Head, Liverpool L3 1NW

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal structure

The College of Radiographers is incorporated as a company limited by shares and is the subsidiary company of The Society of Radiographers. The College is a registered charity and is governed by its memorandum and articles of association.

How we are managed

The day to day running of the charity is delegated to the senior management team. The Trustees are listed on page 2 of the report as are the Chief Executive, the senior management team and principal advisers.

Trustees

The responsibility for the overall management and organisation of the charity rests with the Board of Trustees who met twice in person during the financial year, with a further three meetings taking place using electronic means. The Board, who are also the directors of the company, comprise six external trustees (selected by interview following advertisement for their experience in various fields and disciplines) and six trustees drawn from or appointed by the UK Council of Society of Radiographers. (Note: Numbers exclude The Society President and the Chair of the College Board.) Policies and procedures for the induction and training of trustees have been prepared and currently this is conducted according to need. None of the Trustees are remunerated.

Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees, as directors of the College, to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of the surplus or deficit of the company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the College's transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the trustees is aware, there is no relevant audit information of which the company’s auditors are unaware. The directors have each taken all the steps that they ought to have taken as directors in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Internal controls over all forms of income and expenditure are in place and are refined when necessary. Performance is monitored on a regular basis by the production of management information, which is reviewed by executives and the board of trustees.

Remuneration of key management personnel

The remuneration committee, with representation drawn from both the Society Council and College Trustees, meets each year to consider and make recommendations on the pay of key management personnel. The committee takes note of the ACEVO salary survey, along with other relevant information, when making its recommendations. The Council of the Society of Radiographers is ultimately responsible for setting the remuneration of the Chief Executive Officer (CEO). The CEO is responsible for setting the remuneration of the other senior officers.

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

3. OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects for which the College is established are to:

Much of the work undertaken is on behalf of and funded by the Society of Radiographers. To deliver these activities the College employs led by the Director of Professional Policy, a Professional and Education Manager, fourteen officers (some part time), based in different parts of the UK and who are supported by the head office administration. One additional officer is seconded to the Royal College of Radiologists (RCR) for the Quality Standard for Imaging (QSI) work.

Charity Governance Code

The Trustees are aware of the Charity Governance Code published in 2017, which sets out the principles and recommended practice for good governance within the sector. The Board continues to match its practices to the principles of the Code.

Strategy

Due to COVID-19 the next round of strategic planning takes place in 2021, in the interim the College continues to work towards filling the current set of strategies.

The Trustees agreed a strategy and identified five strategic priorities to deliver the College’s objectives from 2018 to 2020;

Activities

The main activities undertaken to achieve the strategic objectives are detailed below. Expenditure in each of these categories is shown in the Statement of Financial Activities on page 14 and is further analysed in note 4 to the accounts.

Conferences, seminars and other learning resources

The College organises a comprehensive programme of educational conferences and seminars to promote best practice in all areas of the profession. The College supports the development of modules for the e-Learning for Healthcare platform, which provides a wide range of online learning resources to NHS staff and students, and is available internationally through e-integrity https://www.eintegrity.org/pages/licensing.html

Journals and research

The College’s peer reviewed journal, Radiography , promotes evidence-based practice by disseminating high quality clinical, scientific and educational research related to all aspects of diagnostic and therapeutic radiography. The journal aims to influence clinical practice by informing managers, leaders and policy makers working within, or aligned to clinical imaging and radiation therapy services.

Imaging & Oncology is an annual title that spans all radiography and radiology practices, making it of interest to a wide range of professionals. The journal brings articles together from leaders within the professions, helping to widen the lens of knowledge and enhance the reader’s own practice.

The College makes grants to support research into the science and practice of radiography. Further details are shown in the research grant making policy on page 6 of this report. Support is also provided to the Council for Allied Health Professional Research, which aims to promote and develop research by allied health professionals and to enable the professions to speak with one voice on research issues, raising profile and influence.

Educational and professional standards and accreditations

The College of Radiographers works in partnership with clinical and academic departments, external organisations and individuals to ensure that all United Kingdom programmes of education and training related to the clinical imaging and oncology radiographic workforce, maintain, and continue to develop the highest standards of clinical imaging and oncology practice and conduct. Wherever possible, the College’s approval and accreditation framework operates within existing internal approval and quality assurance arrangements of education institutions and clinical departments. It also aims to work collaboratively with external bodies to provide a streamlined and integrated process.

Through the approval and accreditation framework the College:

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

The College promotes the importance of continuing professional development (CPD) for all those working in radiography and maintains an online CPD planning, recording and evaluation system, CPD Now, which is available to all members of the Society of Radiographers. This enables users to have their CPD accredited by the College and to demonstrate that they are undertaking CPD appropriate to their scope and level of practice – whether clinical, educational, managerial or in research.

The College publishes a wide range of guidance and policy documents across the breadth of radiography. These are available through the website (www.sor.org) in the online document library. The College’s numerous professional advisory groups have a key role in advising and contributing to publications.

In partnership with the RCR, the College delivers the Quality Standard for Imaging (QSI) (see note 11). These are professional evidenced based standards to support quality improvement. The process leads to formal accreditation through the UK Accreditation Service (UKAS) who are licensed to manage and deliver the accreditation.

The College’s team of professional staff provide advice on all areas of practice and education to those working in clinical imaging and radiotherapy, and to the public.

Promoting radiography and representing the profession

Due to the Covid-19 pandemic, the College has hosted a number of online events and attended virtual conferences both in the UK and overseas. The aim is to continue to ensure that the profile and influence of the organisation and the profession is maintained and enhanced wherever possible.

As a result of the pandemic, the annual UK Imaging and Oncology (UKIO) Congress was successfully moved online and held across June and July 2020. The College partners with the British Institute of Radiology (BIR), the Institute of Physics and Engineering in Medicine (IPEM) and the RCR for this event.

Collaborative working with other organisations, both in the UK and internationally, forms a vital part of the College’s work. The College has close links with other professional bodies through membership of the Allied Health Professions Federation (AHPF) and maintains key relationships with the RCR, the IPEM (including both the Clinical Imaging and Radiotherapy Boards), and the BIR. Positive working relationships continue to develop with the International Radiation Protection Association (IRPA) and the Society for Radiological Protection (SRP). The College is a member of the Consortium for Sonography Accreditation (CASE).

Volunteers

The College’s comprehensive structure of committees and advisory groups relies on volunteers who generously give their time and expertise. There are over 100 volunteers formally engaged in the work of the College. Each committee and advisory group is led by one of the College’s Health Care Professions Council (HCPC) registered employees. The structure facilitates rotation of volunteers, increasing the breadth of engagement. The Trustees wish to thank all those who have contributed to the activities of the College during the year.

Public Benefit

The Trustees have paid due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and planning the activities of the charity. The company has charitable purposes, as set out above, which are for the public benefit. They cover three of the descriptions of charitable purpose set out in the Charity Act:

The Charity Commission has set out two key principles of public benefit:

Fundraising

The College of Radiographers has no fundraising activity requiring disclosure under S162A of the Charities Act 2011.

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

GRANT MAKING POLICY

Research Grants

In order to further its charitable objects and specifically ‘to promote study and research work in radiography and radiotherapeutic technology and allied subjects and to publish the results of all such study and research’, the College makes grants to institutions under the following categories;

All grant applications are anonymously and individually evaluated by up to six members of the College’s research awards panel, with those meeting the required standard receiving funding subject to any budget constraints.

Other Grants

The College also makes grants to support qualified members of the Society of Radiographers to travel to events in the UK and overseas to present the findings of their research and/or service evaluation as an oral paper.

4. ACHIEVEMENTS AND PERFORMANCE

Work associated with the Covid-19 pandemic

In response to the unprecedented challenges around Covid-19, the College prioritised a number of resources and initiatives to support the profession.

Key projects of note:

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

Conferences, seminars and other learning resources

The College organised three face-to-face educational events between October 2019 - March 2020, which were attended by over 350 delegates. The programme was significantly impacted due to the Covid-19 pandemic. Events included the ‘Patient, Public and Practitioner Partnership’ one-day conference, ‘Understanding and Implementing the Guidelines on the Radiological Investigation of Suspected Physical Abuse in Children’, and the ‘Annual Radiotherapy Conference’.

Online accreditation workshops were held for members and were successfully implemented with the delivery of a series of six webinars focusing on Radiation Protection topics. Our strategy continues to be developed to deliver a blended approach to educational events.

The College continues to support the development of specific e-learning materials through the e-LfH programme;

A bid was awarded for the review of the Radiotherap-e e learning programme, and the programme team has met to plan this work.

Key Objectives for 2020/2021:

Journals and research

The College’s five-year Research Strategy, with three key aims continues to be widely promoted, and the 5[th] year review of the strategy has just started. The Patient Advisory Group (PAG) are working to implement their operational plan and making good progress in embedding the patient voice across multiple work streams The contribution of PAG members spans across many aspects of the organisations work and includes the development of guidance documents; responding with patient voice to consultations; contributing formally to the work of the Approvals and Accreditation Board, and delivering presentations about the importance of patient voice in informing practice. A second phase of the research mentorship scheme has been funded and work is underway to build on the learning from the first programme.

The clear targets for the profession are;

Expand UK radiography research capacity through development of skilled and motivated research-active members of the profession

The CoRIPS has 25 commercial partners providing funding and strengthening the opportunity for radiographer led research. Two rounds of applications were received in the year, from radiographers seeking research funding. Seven projects received funding, totalling more than £44,000.

A number of additional grants were also made available during the year:

The Society and College’s international journal Radiography continued to grow and develop with publication frequency five times a year. The journal remains the official journal of the EFRS. The Irish Institute of Radiography and Radiation Therapy continued to subscribe to the journal to enable access for all their members to Radiography. A new strategy has been developed and implemented to support further journal growth, and a new contract is being drafted to support the move to full online access of the journal, and to support the implementation of Plan S. A social media associate editor has been appointed and the profile of the online journal is increasing.

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

Educational and professional standards and accreditations

The programme established to review the Education and Career Framework was successfully started in March 2020.

The Approval and Accreditation Board (AAB), comprised of expert volunteers and supported by the professional team, provides advice and guidance and makes recommendations to the College Board of Trustees (CBoT) on all matters related to the CoR approval and accreditation policy and its objectives. More than 80 volunteer assessors support the approval and accreditation processes on behalf of the College.

Programme approvals/re-approvals and individual accreditations during the year included;

Individual accreditations/
re-accreditations
•
Assistant practitioners: 50 total
•
Advanced practitioners: 7 total
•
Consultant practitioners: 2 total
•
Practice educators: 9 total		 Course approvals/re-approvals
•
Pre-registration programmes: 9
•
Pre-registration new/increased
placements: 4
•
Pre-registration degree apprenticeships:
2
•
Post-registration MSc: 4
•
Post-registration PgC: 2
•
Short courses: 2
•
Stand-alone modules: 12
•
Assistant practitioner programmes: 3
•
Mammography associate programmes: 2		 Extensions of approval
•
Pre-registration programmes:
4
•
Post-registration MSc: 3
•
Post-registration PgC: 2
•
Return to practice short
course; 1
•
Assistant practitioner
programme: 1

An annual training event for CoR volunteer assessors, outlining the College standards for approval, was well supported and held to ensure consistency in approach in relation to programme approval and individual practitioners accreditations. The revised accreditation cycles for advanced and consultant practitioner accreditations were successfully implemented.

The College commissioned the University of Bradford to undertake a piece of work in exploring advanced practice across diagnostic radiography. We anticipate the outcomes will be published in the next 12 months.

Supporting services with quality improvement and ultimately achievement of accreditation against the QSI continues, and an increasing number of services are involved across each stage. The four yearly review of the standard is about to start, with the contract being awarded to an external expert organisation.

Thirteen guidance documents were published during the year (plus Covid-19 specific guidance for the profession), including joint documents with the British Medical Ultrasound Society (BMUS), the RCR and the IPEM. Guidance about communicating Radiation Benefit and Risk information to individuals under the IR(ME)R has been completed. The Clinical Imaging Board (CIB) developed guidance ‘Learning from Ionising Radiation Dose Errors, Adverse Events and Near Misses’, and work has started on development of implementation guidelines to support this. A working group, which included patient representatives, completed the review of the College’s Patient Consent guidance.

A census of the diagnostic and radiotherapy workforce in the UK was also completed and published for 2019. A large number of radiation protection guidelines continued to be updated in response to the new legislation.

The College commenced the transfer of the Professional Voluntary Register of Sonographers (PVRS) to the Professional Standards Authority (PSA) accredited register with the Register of Clinical Technologists (RPCT); the case for Sonographers to be statutorily regulated continues to be made.

Key objectives for 2020/2021:

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

Promoting radiography and representing the profession

The team of professional officers have contributed advice and leadership to a large number of national work streams and consultations being led by arm’s length bodies across health and social care.

A number of specific work streams established by HEE continued in relation to the Radiography and Sonography workforce, Advancing Clinical Practice and retention of therapeutic radiography students and remained a significant focus over the year, together with work to support the development of reporting standards with the RCR.

Work is ongoing with the Office for Students (OfS) on the final year of a commissioned project to support specialist professions. Therapeutic Radiography is one of the four professions included within this programme of work. Officers continue to contribute to workforce and service developments, at national regional and local levels.

There is continued development of guidance to support the understanding of the role of the radiographer and officers continue to promote the profession through national careers events.

Due to the pandemic, plans for the 10[th] National Conference for Radiology Managers are now in place for a virtual event in 2021.

The College continued to have significant representation at the Radiological Society of North America (RSNA) meeting, and at the EFRS AGM. There was regular virtual meeting engagement with the European Congress of Radiology (ECR), the European Society of Therapeutic Radiation (ESR) Oncology, and the ISRRT. These opportunities enable representatives from the College and volunteers to showcase latest innovations and research, and improvements in patient care.

The College of Radiographers successful publication ‘Imaging and Oncology’ was promoted to key stakeholders https://www.sor.org/news/2020-issue-imaging-oncology-available .

Key objectives for 2020/2021:

Radiography in Scotland

Many of the College’s activities and achievements described in this report are UK wide; however, there are specific activities in Scotland where health and education policy is devolved to the Scottish Government. The College employs a professional officer in Scotland, who leads much of the important work undertaken to represent the profession and promote best practice. Notable activities included:

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

5. FINANCIAL REVIEW

Financial Statements

The Trustees present their report and financial statements for the year to 30 September 2020. The accounting policies are set out on pages 17 and 18.

Financial Results

The results for the year are shown in full on page 14 of the financial statements.

Our end of year position needs to be seen against the backdrop of Covid-19 for part of the year and the significant impact and challenges on both our finances and operations. We implemented our resilience planning ahead of the first national lockdown in March 2020. Our focus was on supporting our members across the Radiography profession and through our specially designed Covid-19 microsite. At the same time, we also ensured that our IT systems were able to support home working across the organisation and we were able to hold virtual meetings to maintain ‘business as usual’ both internally and externally.

From March 2020, it became necessary to pause all in-person events for the remainder of the year to comply with government guidelines. During this period, the Conferences and Events Team have been reviewing the market and working on a digital delivery package that can meet the needs of our members. We have made considerable investment in upskilling our internal resources and preparing Officers for what may become the new normal in 2021 – delivering and participating in complex events virtually.

The College remains in a strong financial position and reported a net decrease in funds of £592,299 for the financial year (2019: £28,186). Total net assets stood at £4,962,798 at the end of the financial year (2019: £5,555,097).

The College’s principal source of income continues to be a contribution from the Society of Radiographers, which amounted to £2,235,000 during the year (2019: £2,200,200). In addition to this, the College generates income from its charitable activities and investment portfolio. The combined income from these sources enables the College to plan and deliver the comprehensive range of key services required to pursue its charitable objects.

The College’s total income for the year was £2,968,923 (2019: £3,025,444).

Total expenditure for the year decreased by £82,482 to £2,900,020. Overall costs for the four categories of charitable activities combined, amounted to £2,878,462 and had decreased by 2.8% from last year. Of this total, direct costs were £2,065,736 and had decreased to 4.9% from last year. Support costs totalled £715,688 and had increased by 9.9% from last year, in part due to higher staff travel and subsistence expenditure. Governance costs decreased by 3% from last year to £97,038.

The College’s investment portfolio showed net losses of £296,202 (2019: gain of £142,244) during a volatile year for global markets. This resulted in net expenditure, before actuarial losses on the defined benefit pension scheme, of £227,299 compared to a gain of £185,186 in 2019.

Changes in the demographic and financial assumptions underlying the present value of the plan liabilities, resulted in actuarial loses of £365,000 during the year. This further increased the College’s share of the scheme’s liability and resulted in an overall decrease in funds of £592,299 for the financial year (2019: increase of £157,000).

When added to funds brought forward, the College’s total funds decreased to £4,962,798. Included in this total were £1,758 of restricted funds, not available for the general purposes of the charity (see note 20).

Going Concern

We have set out above a review of financial performance and the Charity’s reserves position. We have adequate financial resources and are well placed to manage the business risks. Our planning process, including financial projections, has taken into consideration the impact of Covid-19, the current economic climate and its potential impact on the various sources of income and planned expenditure. The College’s main source of income is a contribution from the Society of Radiographers. This has not been adversely impacted by the Covid-19 pandemic as the Society’s membership continued to increase during the year. The College’s activities can be carried out effectively through remote working and the use of technology to deliver services to beneficiaries. We have a reasonable expectation that we have adequate resources to continue in operational existence for the foreseeable future. We believe that there are no material uncertainties that call into doubt the company’s ability to continue. The accounts have therefore been prepared on the basis that the charity is a going concern.

Fixed Assets

Details of movements in fixed assets during the year are set out in notes 9 and 10 to the financial statements.

Charity Reserves

The trustees have reviewed the level of free reserves (funds that are not designated or restricted) and have taken a risk-based approach to ensure that it holds sufficient reserves to cover the risks to which the Charity is exposed in the course of its business.

The charity’s reserves policy has been developed in full support of the Board’s strategic response to the key risks and uncertainties outlined below. In planning to mitigate these key risks and uncertainties the trustees have concluded that a minimum timescale of 12-15 months would be required, in which to adjust and reconfigure the operation, scale and business model of the charity, appropriate to a reduced income environment while retaining the capacity to build alternative sources of income. The charity’s unrestricted reserves after allowing for functional fixed assets, capital commitments not provided for and the designation of the equivalent of the defined benefit pension scheme liability amount to £3,693,877 (2019: £4,183,139) . This amount would cover 66 weeks’ unrestricted outgoings at the current rate of expenditure.

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THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2020

Trustees are aware that reserves are currently at the higher end of the required level. Additional expenditure has been approved for the 2020-21 financial year which is expected to further reduce the reserves. The level of reserves will continued to be monitored regularly by the Trustees.

Investment policy

The Trustees have established an Investment Committee, set up jointly with the Society, which reports to them twice each year on the performance and construction of the portfolios. The Committee’s monitoring and review of the portfolios during the year includes formal meetings with the appointed investment manager to consider performance against agreed benchmarks and in the context of the overall strategy and economic outlook. In determining the investment strategy on behalf of The Trustees, the Investment Committee considers the income requirements, the risk profile, ethical policy and the investment manager’s view of market prospects. The ethical policy precludes investment in armaments and tobacco stocks. Investments include cash balances (including short-term bank deposits) as well as the portfolio of listed investments.

Investment Performance

Investment returns during the year were slightly below the benchmark. Over the longer term, it is pleasing to note that performance of our portfolio continues to be strong, producing annualised returns of 2.1%, 7.1% and 6.7% over 3, 5 and 10 years respectively.

Risk Management

The charity maintains a register of risks setting out the nature of the risk, the likelihood of an occurrence and overall impact should the risk occur. The areas of risk accountability are also logged. The risk register is available to the Trustees to view throughout the year and is formally considered at least once each year at a meeting of the Trustees. The Chief Executive reviews, on a regular basis the major strategic business and operational risks, which the charity faces, and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

Among the major strategic business and operational risks monitored and assessed as above, the trustees have identified the key risk to the College as:

1) The downturn in the value of our investments, as a result of global and economic conditions in the UK, against our objective of growing the real value of the portfolios over time.

2) The exposure to fluctuations in the share of the liability for the staff defined benefit pension scheme.

3) Operational risk to the College as that stemming from the possibility of a significant fall in income, of a duration that would affect the charity’s ability to sustain its planned programme of work.

4) Impact of Covid-19 on our Operations and Finances.

The main source of income for the College is the annual contribution from the Society of Radiographers. The trustees have long recognised that the Society’s capacity to maintain and enhance this contribution is contingent on the continued recruitment and retention of imaging and radiotherapy professionals into membership of the Society as the trade union and professional body for radiography. The strategic environment factors of most relevance to the sustained achievement of this objective over the medium to long term can be broadly summarised as follows; A significant loss of members of the Society without a corresponding reduction in the overall size of the radiographic workforce as the result of the emergence of a competitor organisation or organisations offering a range of benefits and services valued more highly by radiographic professionals; A significant and sustained loss of members of the Society through a sharp reduction in the size of the radiographic workforce as a result of technological innovation and or political intervention in UK Health and Social Care and a combination of 1 and 2.

We have highlighted the impact of Covid-19 as part of the achievements and performance. We have also taken into consideration the risk of Covid-19 and its potential impact on the various sources of income and planned expenditure. We will continue to monitor this situation closely but believe the organisation is well placed to continue to operate effectively in the current environment.

Auditor

Crowe U.K. LLP have expressed their willingness to continue as auditors for the next financial year.

Annual Report

The annual report of The College of Radiographers (and also annual report of the Society) is available on the Society website www.sor.org

The report has been prepared taking advantage of the small companies exemptions within the Companies Act

Approved on 17[th] February 2021 Signed on behalf of the Trustees

Richard Evans OBE – Chief Executive Officer Sandra Mathers – Chairman of the Board of Trustees

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE COLLEGE OF RADIOGRAPHERS

Independent Auditor’s Report to the Members and Trustees of The College of Radiographers

Opinion

We have audited the financial statements of The College of Radiographers for the year ended 30[th] September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE COLLEGE OF RADIOGRAPHERS

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease 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 auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Redwood

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

London

Date: 25 February 2021

Page 13

THE COLLEGE OF RADIOGRAPHERS STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2020

Notes
Income from :
Donations and legacies
Contribution from the Society
Rent from the Society
2c
Charitable activities
Conferences, seminars and other learning resources
Accreditation and endorsement of educational and
professional standards
Other professional activities
Investments
Income from listed investments
Bank interest on deposits and current account
Total income
Expenditure on:
Raising funds
Investment management fees
Charitable activities
Conferences, seminars and other learning resources
Journals and research
Educational and professional standards and
accreditations
Promoting radiography and representing the profession
4,5
Total Expenditure
Net gains on investments
Net income / (expenditure)
Actuarial (losses) / gains on defined benefit pension
scheme
8
Net movement in funds
Funds brought forward
Funds carried forward at 30 September 2020		 Unrestricted
Funds
£
2,235,000
130,000
2,365,000
184,222
139,043
169,900
493,165
110,758
-
110,758
2,968,923
21,558
708,559
587,443
852,346
726,053
2,874,401
2,895,959
(296,202)
(223,238)
(365,000)
(588,238)
5,549,278
4,961,040		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
4,061
-
-
4,061
4,061
-
(4,061)
-
(4,061)
-
5,819
1,758		 Total
2020
£
2,235,000
130,000
2,365,000
184,222
139,043
169,900
493,165
110,758
-
110,758
2,968,923
21,558
708,559
591,504
852,346
726,053
2,878,462
2,900,020
(296,202)
(227,299)
(365,000)
(592,299)
5,555,097
4,962,798		 Total
2019
£
2,200,000
130,000
2,330,000
254,534
135,794
175,360
565,688
129,756
-
129,756
3,025,444
21,881
754,766
595,393
927,128
683,334
2,960,621
2,982,502
142,244
185,186
(157,000)
28,186
5,526,911
5,555,097

There are no other unrealised gains or losses which do not appear on the SOFA. All the above results are derived from continuing activities.

The notes on pages 17 to 27 form part of the financial statements.

Page 14

THE COLLEGE OF RADIOGRAPHERS BALANCE SHEET AS AT 30 SEPTEMBER 2020

Notes
Fixed assets
Intangible fixed assets
10
Tangible fixed assets
9
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
14
Liabilities
Creditors: amounts falling due within one year
15
Net current (liabilities) / assets
Net assets excluding pension
liability
Defined benefit pension scheme liability
8
TOTAL NET ASSETS
FUNDS AND SHARE CAPITAL
Called up share capital
17
Unrestricted funds
Restricted funds
20,23
Pension reserve
TOTAL CAPITAL AND RESERVES		 Unrestricted
Funds
£
-
1,267,161
4,358,344
5,625,505
151,870
667,188
819,058
845,523
(26,465)
5,599,040
(638,000)
4,961,040
2
5,599,038
-
(638,000)
4,961,040		 Restricted
Funds
£
-
-
-
-
-
1,758
1,758
-
1,758
1,758
-
1,758
-
-
1,758
-
1,758		 Total
2020
£
-
1,267,161
4,358,344
5,625,505
151,870
668,946
820,816
845,523
(24,707)
5,600,798
(638,000)
4,962,798
2
5,599,038
1,758
(638,000)
4,962,798		 Total
2019
£
-
1,366,137
4,574,245
5,940,382
92,226
696,046
788,272
959,557
(171,285)
5,769,097
(214,000)
5,555,097
2
5,763,276
5,819
(214,000)
5,555,097

These accounts have been prepared in accordance with the provisions of the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 14 to 27 were approved and authorised for issue by the Trustees on 17[th] February 2021

Mrs S Mathers Chair of the Board of Trustees

Mr C Kalinka President

The notes on pages 17 to 27 form part of these financial statements

Page 15

THE COLLEGE OF RADIOGRAPHERS CASH FLOW STATEMENT AS AT 30 SEPTEMBER 2020

Cash flows from operating activities
Net cash (used in) / provided by operating activities
Cash flows from investing activities
Dividends and interest from investments
Proceeds from the sale of plant and equipment
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Purchase of investments
Proceeds from sale of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net income/(expenditure) for the reporting period as per
the income statement
Net (expenditure) / income for the reporting period (as per the SOFA)
Adjustments for:
Depreciation and amortisation Charges
(Gains) / Losses on investments
Investment income
Loss on disposal of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase/(decrease) in pension liability recognised in profit and loss
Net cash (used in) provided by operating activities		 Total
2020
£
(41,804)
110,758
-
(15,753)
-
(703,385)
623,083
14,703
(27,101)
696,047
668,946
2020
£
(227,299)
114,729
296,202
(110,758)
-
(59,644)
(114,034)
59,000
(41,804)		 Total
2019
£
(25,355)
129,754
-
(119,583)
-
(613,957)
509,713
(94,073)
(119,428)
815,475
696,047
2019
£
185,184
118,155
(142,244)
(129,754)
509
(11,834)
(8,371)
(37,000)
(25,355)

Page 16

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

1. COMPANY INFORMATION

The charity is a private limited company (registered number 1287383), which is incorporated and domiciled in the UK and is a public benefit entity. The charity is governed by its Memorandum and Articles of Association. The address of the registered office is Quartz House, 207 Providence Square, Mill Street, London SE1 2EW.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

b)

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the objects of the Charity. Restricted funds are limited in their use, either geographically or for a particular purpose, by conditions imposed by the donors.

c) Income

All income is accounted for on a receivable basis. The College of Radiographers received a contribution of £2,235,000 (2019: £2,200,000) from The Society of Radiographers, representing 30.8% (2019: 32.8%) of members subscriptions paid to The Society of Radiographers during the year.

d) Expenditure

All expenditure is accounted for on an accruals basis and includes VAT under partial exemption rules. Costs of charitable activities relate to the activities carried out to meet the objects of the Charity. These include both directly attributable costs and apportioned support and governance costs and are further categorised under the following headings;

Direct staff costs are allocated according to time spent on each activity. Support and governance costs are apportioned using the same basis. Governance costs include professional fees incurred in meeting regulatory responsibilities, costs associated with meetings of the Board of Trustees and staff costs relating to the time spent on governance activities by key management personnel, the Executive Secretary and the finance department.

e) Fixed Assets, depreciation and amortisation

Tangible fixed assets are valued on the basis of cost less accumulated depreciation. Intangible fixed assets are valued on the basis of cost less accumulated amortisation.

Tangible and intangible fixed assets are capitalised where their cost exceeds £500. Smaller amounts are sometimes capitalised, provided the expected useful life of the asset is in line with the appropriate period set out below;

Depreciation is provided on the straight line basis over the useful life of the asset as follows: Long leasehold property over fifty years Office furniture and equipment over ten years Computer equipment over four years

Amortisation of website development and software is on a straight line basis over four years. This is the expected timeframe for the replacement of these assets.

f)

Pension costs

The Society of Radiographers operates a defined benefit pension scheme in conjunction with The College of Radiographers for the benefit of its employees. The current service cost, calculated in accordance with the requirements of FRS102, is charged to the income and expenditure account each year. Pension cost is assessed in accordance with the advice of a qualified actuary. Actuarial gains and losses arising are recognised within the gains and losses categories of the income and expenditure account under the heading “Actuarial gains / (losses) on defined benefit pension scheme”.

Page 17

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

2. ACCOUNTING POLICIES (continued)

g) Fixed Asset Investments

Listed investments are stated at market value. Gains and losses on investments are calculated as the difference between market value at the start and end of the financial year and are recognised in the profit and loss account.

h)

Going Concern

The College has adequate financial resources and is well placed to manage the business risks. Our planning process, including financial projections, has taken into consideration the impact of Covid-19, the current economic climate and its potential impact on the various sources of income and planned expenditure. The College’s main source of income is a contribution from the Society of Radiographers. This has not been adversely impacted by the Covid-19 pandemic as the Society’s membership continued to increase during the year. The College’s activities can be carried out very effectively through remote working and the use of technology to deliver services to beneficiaries. We have a reasonable expectation that we have adequate resources to continue in operational existence for the foreseeable future. We believe that there are no material uncertainties that call into doubt the company’s ability to continue. The accounts have therefore been prepared on the basis that the Society is a going concern.

i) Key judgements and estimates

In the application of the charity’s accounting policies, trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:

Pension liabilities – The charity recognises its liability to its defined benefit pension scheme which involves a number of estimations as disclosed in note 8. Liabilities in respect of the active members are split between the Society and College in accordance with information supplied by the Scheme Trustees. The liabilities in respect of deferred members and pensioners are split in the same proportion as the active members. The value of the assets is split in proportion to the value of the liabilities.

j) Financial instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.

Investments held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure.

Financial assets at fair value through income or expenditure were £4,358,344 (2019: £4,574,245).

3. CHARITABLE STATUS

The College of Radiographers has charitable status and is exempt from capital and income taxes. Only a partial recovery of value added tax is obtained.

Page 18

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

ANALYSIS OF EXPENDITURE ON CHARI
Activity
Conferences, seminars and other
learning resources
Journals and research
Educational and professional standards
and accreditations
Promoting radiography and representing
the profession
Total		 TABLE ACTI
Direct
Costs
498,063
478,535
597,150
491,988
2,065,736		 VITIES
Support
Costs
185,363
99,481
224,726
206,118
715,688		 Governance
Costs
25,133
13,488
30,470
27,947
97,038		 2020
Total £
708,559
591,504
852,346
726,053
2,878,462		 2019
Total £
754,766
595,393
927,128
683,334
2,960,621

Expenditure on research grants included in the above figures totalled £57,567 (2019: £80,952). All grants are made to institutions. Details of grants awarded are available on request from the College’s registered office and are made available online at www.sor.org

Analysis of support costs
Staff costs (finance, administration, secretarial and IT)
Overheads		 2020
£
343,720
371,968
715,688		 2019
£
252,754
398,282
651,036

Support costs are allocated in the same proportion as direct staff costs for each activity. Support costs relating to grant making activities have not been allocated separately, however all such activities are included within the category ‘Journals and Research’ in the analysis above.

5.

GOVERNANCE COSTS
Auditor’s remuneration –audit
Other legal and professional fees
Trustee training and meeting expenses
Staff costs
Total Governance costs
Expenses incurred by 15 trustees (2019 - 15 trustees)		 2020
£
12,350
7,012
14,505
63,171
97,038
19,204		 2019
£
12,100
27,818
19,913
78,559
138,390
33,931

Trustees’ expenses include travel to board meetings and travel, accommodation and subsistence costs incurred in attending radiographic events in the UK and overseas.

6.

NET INCOME / (EXPENDITURE) FOR THE YEAR

The net income / (expenditure) for the year is stated after charging

ET INCOME / (EXPENDITURE) FOR THE YEAR
he net income / (expenditure) for the year is stated after charging
2020 2019
£ £
Auditor’s remuneration:
for audit 12,350 12,100
for tax advisory services 3,400 -
Depreciation and amortisation charge, excluding charge to Society of 114,729 118,155
£10,080 (2019: £10,645).

Page 19

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

7 . EMPLOYEES

The average number of employees in the year was 22 (2019: 21).

The average numbers in each category are as follows:-
Senior officers
Professional and educational staff
Conferences and events staff
Employment costs:
Wages and salaries
Social security costs
Pension scheme current service cost
Total cost of staff employed
Temporary staff
Total staffing cost		 2020
No.
1
17
4
22
£
1,386,022
157,394
260,000
1,803,416
54,528
1,857,944		 2019
No.
1
16
4
21
£
1,353,320
154,321
177,000
1,684,641
23,155
1,707,796

One employee received remuneration within the band of £70,000 to £80,000 during the year (2019: One). The employee is a member of the defined benefit pension scheme.

Employment costs and remuneration are stated after the re-charge of salaries between the College and Society for staff whose employment costs are shared between the two entities. The total cost of staff employed shown above is for the equivalent of 24 full-time employees (2019: 25).

None of the College Board of Trustees received remuneration in the year (2019: £NIL).

The key management personnel of the charity are the Trustees and the senior officers shown on page 2 of the Trustees’ Report. The three senior officers also hold the same positions for the Society of Radiographers and therefore the cost of their employment is shared between the two entities. The aggregate remuneration charged to the College in respect of key management personnel during the year was £216,843 (2019: £220,305). These figures include employer’s National Insurance contributions.

8. ACCOUNTING FOR RETIREMENT BENEFITS

The Society of Radiographers operates a defined benefit scheme in the UK which also includes employees of the College of Radiographers. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 30 June 2019 and updated to 30 September 2020 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below.

This most recent actuarial valuation showed a deficit of £628,000. The Society has agreed with the trustees that it will aim to eliminate the deficit over a period of 3 years and 3 months from 1 July 2020 by payment of annual contributions of £150,000 in respect of the deficit. In addition and in accordance with the actuarial valuation, the Society has agreed with the trustees that it will pay 23.2% of pensionable earnings in respect of the cost of accruing benefits and will meet expenses of the scheme and levies to the Pension Protection Fund. Member contributions are payable in addition at the rate of 9.0% of contribution salary.

Liabilities in respect of the active members are split between the Society and College in accordance with information supplied by the Scheme Trustees. The liabilities in respect of deferred members and pensioners are split in the same proportion as the active members. The value of the assets is split in proportion to the value of the liabilities. This is consistent with the approach adopted in previous years.


This is consistent with the approach adopted in previous years.
This is consistent with the approach adopted in previous years.
This is consistent with the approach adopted in previous years.
Present values of defined benefit obligation, fair value of assets and defined benefit asset(liability)
2020 2019
£'000s £'000s
Fair value of plan assets 14,804 14,530
Present value of scheme liabilities (17,159) (15,321)
Deficit in plan (2,355) (791)

Page 20

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

8. ACCOUNTING FOR RETIREMENT BENEFITS (CONTINUED)

As all actuarial gains and assets are recognised, the surplus or deficit shown above is that recognised in the balance sheet.

The College’s share of the above figures is as follows:

2020 2019
£'000s £'000s
Fair value of plan assets 4,012 3,938
Present value of scheme liabilities (4,650) (4,152)
Deficit in plan (638) (214)
Reconciliation of opening and closing balances of the defined benefit obligation
Period ended Period ended
30/9/20 30/9/19
£'000s £'000s
Defined benefit obligation at start of period 4,152 3,301
Current service cost 260 177
Interest expense 79 96
Contributions by plan participants 79 72
Actuarial losses (gains) 227 624
Benefits Paid (51) (58)
Change in allocation of liabilities between Society and College (96) (60)
Defined benefit obligation at end ofperiod 4,650 4,152

8. ACCOUNTING FOR RETIREMENT BENEFITS (CONTINUED)

Reconciliation of opening and closing balances of the fair value of plan assets

Period ended Period ended
30/9/20 30/9/19
£'000s £'000s
Fair value of plan assets at start of period 3,938 3,207
Interest income 74 94
Actuarial gains (losses) (154) 477
Contributions by the company 206 216
Contributions by plan participants 79 72
Benefits paid (51) (58)
Change in allocation of assets between Society and College (80) (70)
Fair value ofplan assets at end ofperiod 4,012 3,938

The actual return on the College’s share of scheme assets over the period ended 30 September 2020 was (£80,000).

Defined benefit costs recognised in profit or loss

Defined benefit costs recognised inprofit or loss
Period ended Period ended
30/9/20 30/9/19
£'000s £'000s
Current service cost 260 177
Net interest cost 5 2
Defined benefit costs recognised in profit and loss
account 265 179

Page 21

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

8. ACCOUNTING FOR RETIREMENT BENEFITS (CONTINUED)

Assets
30/9/20 30/9/19
£'000s £'000s
Equities 954 970
Bonds 447 283
Diversified Growth 846 1,053
Property 102 100
LDI 833 804
Trustee accounts & cash 830 729
Total assets 4,012 3,939

None of the fair values of the assets shown above include any of the company’s own financial instruments or any property occupied by, or other assets used by, the company.

Defined benefit costs recognised in other comprehensive income

Period ended Period ended
30/9/20 30/9/19
£'000s £'000s
Return on plan assets (excluding amounts included in net
interest cost) - gain (loss) (154) 477
Experience gains and losses arising on the plan liabilities -
gain (loss) (80) (24)
Effects of changes in the demographic and financial
assumptions underlying the present value of the plan liabilities
- gain (loss) (131) (600)
Total amount recognised in other comprehensive income -
gain(loss) (365) (147)

Assumptions

Assumptions
30/9/20 30/9/19
%per annum %per annum
Discount rate 1.75 1.85
Inflation (RPI) 2.90 3.10
Inflation (CPI) 2.20 2.10
Salary growth 2.95 2.85
Allowance for revaluation of deferred pensions of CPI or 5% 2.20 2.10
p.a. if less
Allowance for pension in payment increases of CPI or 5% p.a. 2.20 2.10
if less
Allowance for commutation of pension for cash at retirement 50% of post A 50% of post A
Day Day

The mortality assumptions adopted at 30 September 2020 imply the following life expectancies:

Life
expectancy
at age 65
(Years)
Male retiring in 2020 21.6
Female retiring in 2020 23.4
Male retiring in 2040 23.0
Femalein 2040 24.9

Page 22

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

TANGIBLE FIXED ASSETS
Cost
1 October 2019
Additions
Disposals
30 September 2020
Depreciation
1 October 2019
Charge for the year
Disposals
30 September 2020
Net book value
at 30 September 2020
at 30 September 2019		 Long
leasehold
property
£
1,314,565
-
-
1,314,565
512,680
26,291
-
538,971
775,594
801,885		 Office
fixtures,
furniture &
equipment
£
712,299
758
-
713,057
184,258
66,990
-
251,248
461,809
528,041		 Computer
equipment
£
172,693
14,995
-
187,688
136,482
21,448
-
157,930
29,758
36,211		 Total
£
2,199,557
15,753
-
2,215,310
833,420
114,729
-
948,149
1,267,161
1,366,137

9. TANGIBLE FIXED ASSETS

There were no capital amounts contracted for but not provided in the financial statements at year end. (2019: None)

10. INTANGIBLE FIXED ASSETS

Cost
1 October 2019
Additions
Disposals
30 September 2020
Amortisation
1 October 2019
Charge for the year
Disposals
30 September 2020
Net book value
at 30 September 2020
at 30 September 2019		 Website
development
and software
£
41,518
-
-
41,518
41,518
-
-
41,518
-
-

Page 23

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

11. INVESTMENT IN JOINT VENTURES

Radiology and Oncology Congresses

The College of Radiographers is a member of Radiology and Oncology Congresses (ROC), a charitable company limited by guarantee (company number 4075344). The other members are The British Institute of Radiology and the Institute of Physics in Engineering and Medicine. The Royal College of Radiologists ceased to be a member in October 2019. Richard Evans and Claire Donaldson, who are the CEO and a trustee of the College respectively, were appointed Directors of ROC in September 2020, nominated by the College. The main objective of ROC is to organise the annual, UK Imaging and Oncology Congress (UKIO).

The results of the ROC Group of companies are shown below.

For the year to 30thSeptember
Total Income
Total Expenditure
Surplus for Year
As at 30thSeptember
Fixed Assets
Current Assets
Creditors
Net Assets		 2020
£
54,260
(285,829)
(231,569)
-
570,900
(168,747)
402,153		 2019
£
875,809
(888,622)
(12,813)
-
822,179
(188,457)
633,722

The College has no legal entitlement to any share of the net assets of ROC and therefore the results of ROC are shown separately to the College.

During the year, the College paid ROC Events Ltd (a subsidiary of ROC, and of which Richard Evans is also a director) £5,070 in respect of exhibition services and delegate registration fees for UKIO, however this amount was subsequently refunded due to cancellation of the event (2019: £11,589). No amounts were outstanding at 30[th] September 2020 (2019: Nil).

Imaging Quality Improvement Ltd (formerly Diagnostic Imaging Accreditation Ltd)

The College of Radiographers together with The Royal College of Radiologists are members of Imaging Quality Improvement Ltd (IQIL), a company limited by guarantee (company number 06799879). The company changed its name from Diagnostic Imaging Accreditation Ltd to Imaging Quality Improvement Ltd in May 2020 and also adopted new Articles of Association. The main objective of IQIL is to promote continuous quality improvement of imaging services in the UK. A jointly owned standard for quality and improvement (currently QSI) is promoted. Services may be accredited against this standard. This is delivered through a contract with The United Kingdom Accreditation Service (UKAS). Richard Evans is a director of IQIL, appointed by the College. There has been no financial activity during the year and there are no assets or liabilities at the year end.

12.
FIXED ASSET INVESTMENTS
Analysis of Movement of Investments
Market value at 1 October
Additions at cost
Disposal proceeds
Investment gains
Market value at 30 September
Analysis of Investment Assets
Listed investments - UK
Listed investments - Overseas
Cash held in the UK		 2020
£
4,574,245
703,385
(623,084)
(296,202)
4,358,344
2020
£
3,205,979
910,453
241,912
4,358,344		 2019
£
4,327,757
613,957
(509,713)
142,244
4,574,245
2019
£
3,333,662
973,605
266,978
4,574,245

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THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

13. DEBTORS

13.
DEBTORS
Trade debtors
Prepayments
Accrued income
Other debtors
14.
CASH AT BANK AND IN HAND
Cash at bank and in hand – unrestricted
Cash at bank – restricted
15.
CREDITORS: amounts falling due within one year
Amounts owed to parent company (the Society of Radiographers)
Accruals
Deferred Income
Trade creditors
Other creditors
16.
DEFERRED INCOME
At 1stOctober 2019
Deferred income released in year
Income deferred in year
At 30thSeptember 2020		 2020
£
111,945
19,626
4,268
16,031
151,870
2020
£
667,188
1,758
668,946
2020
£
450,970
94,370
206,436
90,348
3,399
845,523		 2020
£
111,945
19,626
4,268
16,031
151,870
2020
£
667,188
1,758
668,946
2020
£
450,970
94,370
206,436
90,348
3,399
845,523		 2019
£
62,976
28,950
-
300
92,226
2019
£
690,227
5,819
696,046
2019
£
394,752
133,009
328,379
100,417
3,000
959,557
£
328,379
(205,453)
83,510
206,436

Income has been deferred so as to be recognised in the same period that the relevant services are provided. Deferred income includes sponsorship, conference and seminar income and accreditation fees received from HEIs. Income has also been deferred in respect of services delivered to Health Education England relating to the e- Learning for Healthcare programme and other radiography research and workforce projects.

17.
CALLED UP SHARE CAPITAL
Allotted and fully paid
Ordinary shares of £1 each
Authorised
Ordinary shares of £1 each		 2020
2
100		 2019
2
100

18. CONSTITUTION

The College of Radiographers is incorporated under the Companies Act with limited liability and has a licence to dispose of the word ‘limited’ in its title.

Page 25

THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

PARENT UNDERTAKING

19.

PARENT UNDERTAKING
The Society of Radiographers is the company’s ultimate parent company
Transactions between parent and subsidiary include: 2020 2019
£ £
Contribution paid by The Society to The College 2,235,000 2,200,000
Licence Fee for office space charged by The College to The Society 130,000 130,000
Other occupancy costs charged by The College to The Society 14,584 39,098
Administration costs charged by The College to The Society 75,806 74,357
Insurance costs charged by the Society to the College 15,257 21,830
HR Advice costs charged by the Society to the College 6,121 12,440
Salary costs charged by the Society to the College 1,724,215 1,678,344

20. RESTRICTED FUNDS

Prostate Cancer Fund
Total		 At 1 October
2019
£
5,819
5,819		 Income
£
-
-		 Expenditure
£
(4,061)
(4,061)		 At 30 September
2020
£
1,758
1,758

Prostate Cancer Fund

In 2015, The College received a grant from Prostate Cancer UK to support research into the role of specialist urology radiographers in the treatment of prostate cancer patients.

21. RELATED PARTY TRANSACTIONS

The Society of Radiographers offers compensation to the employer of the elected President (shown on page 2) each year, who is also President of the College, in recognition of the time commitment required by the role. The Society paid £12,500 during the year in respect of this compensation (2019: £17,500).

The College received £1,100 from Medica Group plc for membership of the College of Radiographers Industry Partnership Scheme (CORIPS) (2019: £1,100). Dr Stephen Davies is a Trustee of the College and a director of Medica Group plc. No amounts were outstanding at year end (2019: Nil).

Except for the above, the transactions with the Society as disclosed in note 19 and the transactions with ROC disclosed in note 11, there were no related party transactions during the year to 30[th] September 2020 (2019: None). Balances owed by the College to the Society at the end of the financial year are disclosed in note 15.

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THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020

22. COMPARATIVE SOFA INFORMATION

Notes
Income from :
Donations and legacies
Contribution from the Society
Rent from the Society
Charitable activities
Conferences, seminars and other learning resources
Accreditation and endorsement of educational and
professional standards
Other professional activities
Investments
Income from listed investments
Bank interest on deposits and current account
Total income
Expenditure on:
Raising funds
Investment management fees
Charitable activities
Conferences, seminars and other learning resources
Journals and research
Educational and professional standards and
accreditations
Promoting radiography and representing the
profession
Total Expenditure
Net gains on investments
Net income / (expenditure)
Actuarial / losses) / gains on defined benefit pension
scheme
Net movement in funds
Funds brought forward
Funds carried forward at 30 September 2019		 Unrestricted
Funds
£
2,200,000
130,000
2,330,000
254,534
135,794
175,360
565,688
129,756
-
129,756
3,025,444
21,881
754,766
590,415
918,440
683,334
2,946,955
2,968,836
142,244
198,852
(157,000)
41,852
5,507,426
5,549,278		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
4,978
8,688
-
13,666
13,666
-
(13,666)
-
(13,666)
-
19,485
5,819		 Total
2019
£
2,200,000
130,000
2,330,000
254,534
135,794
175,360
565,688
129,756
-
129,756
3,025,444
21,881
754,766
595,393
927,128
683,334
2,960,621
2,982,502
142,244
185,186
(157,000)
28,186
5,526,911
5,555,097

23. COMPARATIVE INFORMATION – RESTRICTED FUNDS

Arthur Kay Fund
Prostate Cancer Fund
HRE Fund
Total		 At 1 October
2018
£
310
10,488
8,687
19,485		 Income
£
-
-
-
-		 Expenditure
£
(310)
(4,669)
(8,687)
(13,666)		 At 30 September
2019
£
-
5,819
-
5,819

Page 27