## **THE COLLEGE OF RADIOGRAPHERS** 

**Report and Financial Statements For the year ended 30th September 2024** 

**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|**4-7**|
|Achievements and performance|**7-10**|
|Financial review|**11-12**|
|Independent auditor’s report|**13-15**|
|Statement of financial activities|**16**|
|Balance sheet|**17**|
|Cash flow statement|**18**|
|Notes to the Financial Statements|**19-31**|



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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **1. ADMINISTRATIVE DETAILS** 

## **College Trustees and Officers** 

For the period of this Annual Report and until 17[th] February 2025. 

## **Senior Honorary Officers of The College:** 

President To 01.07.24 David Pilborough From 01.07.24 Thomas Welton President Elect To 01.07.24 Thomas Welton From 01.07.24 Katie Thompson Vice President To 01.07.24 Katie Thompson From 01.07.24 Rachel Nolan Immediate Past President To 01.07.24 Ross McGhee From 01.07.24 David Pilborough 

## **Trustees** 

Tia Cheang Appointed 21.05.24 Robert Emery Martin Hughes Dr Marcus Jackson Dr Emma-Louise Jones Christopher Kalinka Joseph Omorodion David Pilborough Dr Nicholas Spencer Gareth Thomas Katie Thompson Susan Webb Thomas Welton 

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

## **Senior Officers** 

Chief Executive Officer Richard Evans OBE Executive Director of Professional Policy Charlotte Beardmore CBE Executive Director of Finance and Operations Dilip Manek (to 31.12.24) Ian Hadlow (from 01.01.25) 

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** Richard Evans OBE 

## **Auditor** 

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

## **Bankers** 

Unity Trust Bank plc, Four Brindley Place, 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 2024** 

## **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 officers. The Trustees are listed on page 2 of the report as are the Chief Executive, the other senior officers and principal advisers. 

## **Trustees** 

The responsibility for the overall management and organisation of the charity rests with the Board of Trustees. The Board, who are also the directors of the company, currently comprises seven external trustees (selected by interview following advertisement for their experience in various fields and disciplines and including the Chair of the Board) and six trustees drawn from, or appointed by the UK Council of the Society of Radiographers, including the President of the Society. None of the Trustees is remunerated. 

## **Trustee Recruitment and Appointment** 

In furtherance of the College’s public benefit drivers, as well as its strategic objective around patient voice, a ‘Patient Trustee’ was recruited to the board. This trustee serves on the Patient Advisory Group and reports to the board on the group’s activities. The College sought professional advice on recruiting to this role, which was also supported by diversity and inclusion expertise. 

UK Council, the board of parent company The Society of Radiographers exercised its rights to appoint to the board, nominating the Vice President as trustee. 

## **Trustee Induction and Training** 

New trustees benefit from NCVO training on the duties and responsibilities of charitable trustees, supplemented by internal induction training which sets out the constitutional, legal and operational frameworks of the College. New trustees are also familiarised with key Charity Commission guidance notes on trustee effectiveness, as well as key College policies. 

The board received training to enrich skills in developing and setting corporate strategy, as well as in performance monitoring and review. This supported the processes around establishing the incoming College strategy 2024-27. 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business; and 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. 

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 2024** 

## **3. OBJECTIVES AND ACTIVITIES** 

## **Charitable Objects** 

The objects for which the College is established are to: 

- Promote and develop for the public benefit the science and practice of radiography and radiotherapeutic technology and allied subjects; 

- Promote study and research work in radiography and radiotherapeutic technology and allied subjects, and to publish the results of all such study and research; 

- Further public education therein. 

Much of the work undertaken is on behalf of and funded by the Society of Radiographers. To deliver these activities, the College employs an Executive Director of Professional Policy and a Head of Professional Practice and Education, who lead a team of fourteen officers, some of whom are employed by the Society and are supported by the administrative team. 

## **Charity Governance** 

The chair sets effective governance standards for the Board, also representing the College on the Joint Governance and Leadership Committee (JG&LC) from September 2024, as well as its immediate predecessor, the Joint Governance Task Group. The focus of the task group had been to deliver the short- and medium-term recommendations of the 2021/22 external governance review. The longer-term recommendations will be delivered by the committee, whose membership also includes the legal specialist trustee. 

Trustees also serve on other board committees such as the Investment Committee, Joint Risk Group, Remuneration Committee and Joint Equalities Committee, providing advice and expertise across key areas of financial performance, organisational culture and sustainability. 

## **Strategy** 

The College Trustees oversaw work in line with the respective strategic objectives (2021-2024) agreed in 2020. During the year, work was completed to develop new strategic objectives for 2024-2027. 

|•|**Recognising the College of Radiographers**|(College Identity)|
|---|---|---|
|•|**Leading Research in Radiography**|(Research)|
|•|**Setting standards for safer services**|(Education and Accreditation)|
|•|**Amplifying the patient voice**|(Patient Voice)|
|•|**Securing the future**|(Organisational Sustainability)|
|•|**Learning Organisation**|(Governance Review and Evidence)|



## **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 17 and is further analysed in note 4 to the accounts. 

The activity categories have been refined and updated to better reflect the programme of work undertaken by the college to further its objectives. Further details can be found in note 1.d to the accounts. 

The College’s team of professional staff provide advice on all areas of practice, education and research to those working in clinical imaging and radiotherapy, and to the public. The Executive Director of Professional Policy, the Head of Professional Practice and Education, and all Professional Officers are required to be HCPC registered radiographers; this ensures a standard of excellence and experience within the team as well as quality assurance for members and colleagues across the profession. 

## **Education** 

The College 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 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: 

- Secures consistency of standards of clinical imaging and oncology education. 

- Aligns standards of clinical practice with the profession’s Education and Career Framework (ECF) (2022). 

- Supports and encourages the development of courses at the forefront of education and developing clinical imaging and oncology practice; 

- Promotes and supports flexibility in the design and delivery of education and new roles in practice. 

- Disseminates guidance on best practice in clinical imaging and oncology education and practice. 

The College is one of seven member organisations of the Consortium for Sonography Accreditation (CASE), which exists to accredit sonographic courses delivered within the UK. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

The College organises a programme of educational conferences, seminars, and webinars to promote best practice in all areas of the profession. The College continues to support the development of specific e-learning materials through NHS England’s e- - learning for healthcare (e lfh) which provides a wide range of online learning resources to NHS staff and students and is available internationally through eIntegrity. 

The College maintains a register of expert witnesses covering all areas of radiography and provides training for those joining the register. 

The College is a member of Radiology and Oncology Congresses (ROC). This is a charitable company established to promote education and research in imaging and radiotherapy, primarily through the organisation of an annual multidisciplinary conference, the UK Imaging and Oncology Congress (UKIO). UKIO is aimed at all those involved in the field of radiological science and those working within radiation oncology. Details of the financial results of these events are shown in note 11 to the financial statements. 

## **Research** 

In partnership with the Society, the College supports the publication of the international peer reviewed journal, _Radiography_ . The journal promotes evidence-based practice and influences clinical practice through the dissemination of high-quality research related to diagnostic and therapeutic radiography. 

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 Professions Research (CAHPR), the representative voice of 14 allied health professional bodies on research matters. CAHPR’s mission is to develop AHP research, strengthen evidence of the professions’ value and impact for enhancing service user and community care, and enable the professions to speak with one voice on research issues, thereby raising their profile and increasing their influence. 

The College’s Research Advisory Group (RAG) encourages all radiographers to use research in their practice and to promote radiography’s unique knowledge base. This is achieved through the development and publication of a five-year research strategy with operational objectives. 

## **Professional and Service Standards** 

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 it is appropriate to their scope and level of practice – whether clinical, educational, managerial or in research. 

The College publishes a range of guidance and policy documents across the breadth of radiography. These are available through the Society website in the online document library. 

In partnership with the Royal College of Radiologists (RCR), the College delivers the Quality Standard for Imaging (QSI). This is a professional, evidence-based standard to support quality improvement. Until June 2024, accreditation against the standard was delivered through the UK Accreditation Service (UKAS) who were licensed to manage and deliver the accreditation. From July 2024, CoR, in collaboration with the RCR, launched a new process for diagnostic imaging services to be supported in implementing the jointly owned Quality Standard for Imaging. This includes assessment of achievement of the standard, the QSI Quality Mark. 

The College of Radiographers (CoR) Education and Career Framework (ECF) (fourth edition) provides guidance for the education and career development of the radiography profession. 

The ECF defines the various levels of radiography practice and the educational standards related to each. The framework informs the College’s pre- and post-registration programme approval process. It also informs the accreditation of individual members of the radiography workforce through the College’s accreditation schemes. 

Importantly, the goal of the ECF is to support improved outcomes for patients through the education and development of the radiography workforce. The involvement of representatives from the College’s Patient Advisory Group (PAG) in this research has been important to ensure the framework is patient-centred. 

The College partners with the RCR and Institute of Physics and Engineering in Medicine (IPEM) on the Clinical Imaging Board (CIB) and the Radiotherapy Board. These boards provide guidance, oversight and support for the continuing development of high-quality clinical imaging and radiotherapy services in the UK respectively. 

## **Other Activities** 

Collaborative working with other organisations, both in the UK and internationally, forms a vital part of the College’s work. Along with the relationships with the RCR, IPEM the BIR and the UK Health Security Agency, positive working relationships continue to develop with the International Radiation Protection Association (IRPA) and the Society for Radiological Protection (SRP). 

The College has a partnership with RAD-AID, an international charity that organises diagnostic imaging educational and infrastructure projects in developing countries. Through RAD-AID, the College supports SoR members that apply to join a project to share skills and assist in developing better imaging services overseas. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

Contributions from the College’s Patient Advisory Group (PAG) members spans many aspects of work and includes: providing a patient perspective in the development of policy and guidance documents; ensuring all College of Radiographers sponsored research projects are informed by patients and deliver benefits in patient care; responding with patient voice to public consultations; contributing formally to the work of the Approvals and Accreditation Board (AAB), and delivering presentations about the importance of patient voice in informing practice. 

The College’s Industry Partnership Scheme (CoRIPS) promotes collaboration between industry and the radiography profession, while generating income to support radiographer led research. Current partners include a range of leading companies working within the imaging and radiotherapy sector. This collaboration with industry directly assists in the promotion of research in radiography. It also assists the College objective to promote understanding and knowledge of the radiography profession. 

## **Volunteers** 

The College benefits from a network of volunteers who generously give their time and expertise across its charitable activities. Specifically, there are approximately 83 volunteers who are either members of the AAB, or who act as assessors for the College. 28 volunteers are members of the Research and Patient Advisory Groups. 

## **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 advancement of education; 

- The advancement of health or saving of lives; 

- The advancement of the arts, culture, heritage, or science. 

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

- **There must be an identifiable benefit or benefits** 

   - The College advances the education and training, principally of radiographers but including other disciplines engaged in diagnostic imaging and radiotherapy. This is achieved through setting standards in radiographic education and maintaining high levels of professionalism through CPD. The aim is to improve the standard of care for patients/public in diagnostic imaging and radiotherapy services through making available updates on best practice, guidance documents, holding seminars, publishing scientific journals, carrying out research and publishing the results. These activities promote the advancement of education, health and science. 

- **Benefits must be to the public, or sections of the public** 

   - The main direct beneficiaries of the activities of the charity are radiographers as healthcare professionals. However, maintaining high standards of practice, both in diagnostic and therapeutic radiography, is essential for the benefit of patients, users of services and the general public. These benefits are in terms of the standard of care, the application of specialist knowledge and expertise and crucially in the safe use of ionising and non-ionising radiation. Almost everyone in the UK will benefit from this at some point in their lives. 

## **Fundraising** 

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

## **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; 

- **CoRIPS Research Grants** 

   - As part of the College‘s commitment to the implementation of its research strategy, grants are made to fund small projects related to any aspect of the science and practice of radiography. The principal investigator/applicant must be a radiographer and a member of the SoR. Grants in this category are generally for sums up to £10,000 although bids for funding exceeding this amount are considered. Matched funding or other institutional contributions are advantageous. The aim is to support at least one grant for someone who has little or no previous experience of undertaking research and development projects. Final reports are made available online and researchers are encouraged to publish their work in _Radiography_ or _Insight_ 

- 

## **CoRIPS Undergraduate Student  Research  Awards** 

The CoRIPS Student Research Awards were established to encourage radiography students to consider a career path in research. Successful candidates who demonstrate their potential through application, will receive funding to support their research experience. 

As part of this scheme, the College launched the UKIO Pre-registration Student Attendance Award and the PreRegistration Student Dissertation Award. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

- **CoR Doctoral Fellowship Grants** 

   - The College’s Doctoral Fellowship Grant supports up to two appropriately qualified, experienced members of the Society of Radiographers to undertake doctoral level projects each year. A key condition of each grant is that the successful individual will implement and disseminate the work into practice for the benefit of patients, and their families and carers. Successful applicants also agree to prepare an article for publication in _Radiography_ and to give an address at one of the College’s Conferences. Applications for funding to the value of £25,000 are considered. 

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. 

## **The Valerie Carr Award** 

This is a bursary scheme offering grants to support pre-registration education and training in therapeutic radiography in England and Wales. It is funded from the Christopher and Valerie Carr restricted fund, further details of which are provided in note 20. 

The bursaries will provide support for new individuals to study and graduate in pre-registration therapeutic radiography in England and Wales, each year. 

The award is open to: 

- support workers already based in radiotherapy 

- individuals looking to study therapeutic radiography as a second degree 

’ Further information is available on the College s website. 

Applications are assessed by a panel, appointed by the College, in October each year. 

## **4. ACHIEVEMENTS AND PERFORMANCE** 

## **Education** 

Following the launch of the Education and Career Framework (ECF) (4th Edition) in November 2022, the College has continued to work to embed the ECF across the profession. New case studies have been published and the evaluation of the impact of the ECF is being published. College staff continue to engage with radiography education providers, supporting initial pre and post registration approvals, re-approvals, course changes and annual monitoring. Currently there are 34 education providers who hold College approval for a total of 80 pre-registration programmes, a large increase from the previous year. A total of 24 pre-registration programmes were approved during this year, of which six were first time approvals for diagnostic radiography. The diversity of programmes has increased with six new programmes being delivered by the degree level apprenticeship route, increasing access to education and training within the profession of radiography. 

The College is working with new providers to ensure all HCPC approved programmes in the UK are also seeking College approval. Educators recognise the value of this, showing willingness to align programmes to the professional body standards. 

The total number of education providers and pre-registration programmes which are approved or undergoing approval, are as below: 

||Providers|Standard route<br>programmes|Degree apprenticeship<br>programmes|
|---|---|---|---|
|Diagnostic Radiography|34|45|14|
|Therapeutic Radiography|12|17|4|



The revised Assistant Practitioner Accreditation Scheme and Mammography Associate Accreditation Scheme, seek to promote engagement with ongoing CPD, whilst encouraging alignment of professional development with the expectations for the support workforce as detailed within the ECF. The aim is to support growth and development of the workforce and promote quality in service delivery. These schemes together with the Practice Educator Accreditation Scheme for individual members continue to be attractive to members. 

Twenty higher education institutions have achieved postgraduate approval for their programmes at PgC levels and above, with six institutions holding short course approval. 

There are a total of 81 active members of the Society with the status of Accredited Assistant Practitioner (AAP) including Accredited Mammography Associates and 59 with Practice Education Accreditation (PEAS). 

The number of CPD Now endorsement applications increased for 2023-2024 to 119, applications for endorsement included study days, user-group meetings, scheduled webinars, online on-demand tutorials, symposiums, and conferences. CASE has worked closely with universities and other higher-education institutions to ensure the highest standards are met and during this year has worked to continue improving governance processes, developing a range of new guidance to support education providers. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

A hybrid programme of events was successfully organised in 2023/24. There was a focus on radiation protection with two webinars attracting around 700 delegates. These CPD events continue to be available to view online. An Artificial Intelligence (AI) update webinar was delivered and face-to-face events focused on sonographer career development and the two-day Achieving Excellence in Radiography Education and Research Conference. Joint events with the Society of Radiographers included a well-attended webinar about the recently published Inclusive Pregnancy Status guidance, with 1400 viewings to date and a focused event on Forensic Radiography linked to the publication of new guidance. 

The College continues to support the development of specific e-learning materials through the NHS e-learning for healthcare programme (elfh) and promotion has continued throughout the year; 

- **8 new sessions were delivered** (1 session on CT detection of pulmonary emboli, 4 new sessions on paediatric pathology, 2 sessions on Inclusive Practice in Medical Radiation Safety, and an introductory session to AI with pre and post learner evaluation surveys). 

- **65 reviews were completed** (Adult and Paediatric Chest, Suspected Physical Abuse, Nasogastric Tube Identification, CT Anatomy, Skeletal Anatomy) 

- A Preceptorship Learning Pathway, a return to work and overseas radiographers support programme published. 

- An e-Integrity bid was awarded in November 2023 to develop 5 sessions, these sessions have been developed and are all live. 

There was continued growth in interest for the Valerie Carr Award this year, yielding seven applications. Work continues to widen the promotion and increase the diversity of applications. Detailed monitoring of this is in place and is reviewed by the oversight panel, led by the College Chair. 

UKIO 2025 was attended by 1,346 delegates and 250 speakers, plus a further 376 visitors who attended the exhibition only. 34 countries were represented. The event showcased 88 exhibition stands and featured 200 sessions (64 of which were ‘education on the stands sessions’). 48 sessions were recorded and are available in the on-demand library. Delegate and exhibitor evaluations were positive. 

Key objectives for 2024/2025: 

- To continue to collaborate with key stakeholders to ensure that the workforce’s needs for ultrasound, clinical imaging, and radiotherapy services are appropriately planned for, taking account of the changing service needs, in order to support the delivery of safe and effective high-quality services for patients. 

- To continue to support the market growth in new radiography programmes ensuring delivery of timely approval of educational pre-and post-registration radiography programmes. 

- To continue to promote and embed the career pathways for the Radiography workforce with stakeholders and to promote this widely to support uptake in line with the recommendations. 

- To continue to deliver and grow online learning to support the profession’s and beneficiaries’ needs. 

- To deliver the agreed e integrity funded projects within the Image Interpretation programme. 

- To increase awareness of the Valerie Carr Award and widen access to support increased applications. 

## **Research** 

The Society and College’s international journal _Radiography_ received 31% more submissions than during the previous year, the impact continues to increase, and the number of open access papers is growing. Work continues to maintain and develop international relationships with professional bodies in Europe, including the European Federation of Radiographer Societies (EFRS), the Irish Institute of Radiography and Radiation Therapy (IIRRT) and from 2024, the Spanish Association of Medical Radiology (SERAM). This enables professionals who are members of these institutions to access research supported by the College which is published in the journal. Two special issues have been published; _Sustainability in Radiography_ and _Current Issues in Radiography Education_ , and three article collections to accompany national and international radiography events. Two journal associate editor fellowships have been offered and successfully implemented. 

The next journal strategy is being finalised with key performance indicators across eight priority areas and will be published in 2025. 

The College’s five-year Research Strategy 2021-2026 continues to be widely promoted. The three key aims of the strategy are; 

1. Embed research at all levels of radiography practice and education. 

2. Raise the impact and profile of radiography through high quality research, focused on improving patient care and/or service delivery. 

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

A CoRIPS research grant supported research about the impact of the Public Patients Practitioners Partnership guidance (published in 2017). 

The fourth phase of the research mentorship was successfully completed, and funding has been agreed for a fifth phase. Two rounds of CoRIPS research applications were received in the year, from radiographers seeking research funding. Eight applications were approved totaling £55,898. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

One Doctoral Fellowship Grant was awarded and received funding of £29,919.  The research project is titled: _Optimising image guided adaptive radiotherapy for rectal cancer_ . 

In addition, two Overseas Conference Grants were awarded, supporting radiographers to present their research papers at the International Society for Magnetic Resonance in Medicine (ISMRM) and Digestive Disease Week. Two radiographers were awarded the UKIO Attendance Grant to disseminate their work as first-time presenters. Two students attended UKIO 2024 (one diagnostic and one therapeutic) and were awarded a prize for best dissertation. 

Key objectives for 2024/2025: 

- To continue to promote the College’s research priorities and to evaluate the impact of the current Research strategy. 

- To continue to promote Council for Allied Health Professions Research (CAHPR) opportunities to radiographers, so increasing collaborative approaches to research. 

- The College remains committed to contributing to the success of the _Radiography_ journal, with the funding for _Radiography_ successfully transferred to the Society. This includes supporting the recipients of CoRIPS research funding to submit their work for consideration of publication in the journal. The College will continue to collaborate with the Society and support vital research for the journal. 

- To update the Public Patients Practitioners Partnership guidance. 

- To continue to offer grants to support radiographers and students research skills development. 

- To continue to offer grants to support radiographers, to present their research at national and international conferences. 

## **Professional and service standards** 

The Education and Career Framework (4[th] Edition) published in November 2022, continues to be promoted to the radiography workforce to help support and guide individuals career development, setting the expected standards of practice at each level. The framework underpins all the strategic policy work within the Society of Radiographers defining the radiography levels of practice from support worker through advancing practice, leadership and academia. College staff contributed to a Health Education England (now NHS England Workforce Training and Education directorate) project, evaluating the impact of the ECF, this work is nearing publication and will inform future work. The framework has informed national government led work in relation to apprenticeship schema development at enhanced levels and supports individual accreditation at support levels and for practice educators. 

Supporting services with quality improvement and ultimately achievement of recognition in meeting the QSI continued during this year. 

In August 2023, the colleges (CoR and RCR) had formally announced their decision to terminate their arrangement with UKAS to accredit against the standard, with effect from July 2024. The colleges decided that a new approach was required to support the outcomes focused nature of QSI, and to facilitate all service and staff participation in improving quality for the benefit of patients, staff, and service users. The intention to offer a scheme which achieves a more responsive, dynamic, and inclusive approach to working with imaging services has been progressed during this year. The colleges confirmed their agreement for the new scheme to go ahead, the governance arrangements are being finalised by the colleges, and the strategic business model developed and approved. Interest in the new scheme from service has been impressive and a supportive quality hub established with pilots completed, testing the new scheme. A Quality Mark Committee with volunteers supported by officers, has been established to enable clinical expertise from imaging services to inform operational development. 

The colleges have hosted several stakeholder engagement events for QI leads, service managers, clinical directors and patient and lay representatives to ensure that the scheme meets the needs of service providers. Constructive communications have also taken place with regulatory and government organisations. 

Key objectives for 2024/25: 

- To successfully implement the new endorsement scheme for QSI, to develop the Quality Improvement hub network and grow endorsements against the QSI through the colleges’ scheme. 

- To facilitate a smooth transition for services who transfer from the accreditation process with UKAS to the colleges. 

## **Other Activities** 

The PAG began a recruitment campaign for new members of the group. By the year end, three members had been added. This increase prompted a review of the group terms of reference. This will be completed in the next reporting period. 

The PAG was invited once again to organise a patient voice session in the annual congress for Diagnostic Imaging and Radiotherapy, the UKIO. The conference took place in June and the PAG session was well attended. The new collaboration of the CoR with the Royal College of Radiologists over Imaging Services quality evaluation, using the established Quality Standard for Imaging, was informed by the PAG during the planning and launch processes. The Group continues to receive updates and contribute to the developing process. 

CoRIPS continued to grow, with five new partners joining during the year, bringing the total to thirteen. An increasing number of in-person events has helped to develop engagement. The launch of the new CoRIPS Partners Knowledge Hub provides a platform for partners to share a wealth of thought leadership and expertise with the radiography workforce. Funds contributed through the scheme have supported research projects by radiographers from student up to doctoral levels. It has been pleasing to see that the volume of proposals and applications has been maintained at a high level despite workload pressures in clinical and academic settings. 

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**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **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 during the year included: 

- One Doctoral Fellowship Grant was awarded to Mrs Lynsey Devlin | Research Radiographer, Beatson West of Scotland Cancer Centre _Optimising image guided adaptive radiotherapy for rectal cancer._ 

- Three Higher education institutions in Scotland have approved pre-registration radiography programmes. Two offer programmes in Diagnostic and Therapeutic Radiography. 

- The Robert Gordon University achieved reapproval of their pre-registration programme during 2023-24 of the Master of Diagnostic Radiography (MD Rad). 

- Three CPD events in Scotland achieved CPD Now endorsement. 

- Regular meetings with NHS Education for Scotland (NES) supporting promotional activity for recruitment into both diagnostic and therapeutic radiography careers. Contribution to the Education and Career Review Recommendations Advisory Committee within Scottish Government working on improving education pathways into all AHP roles, including radiography. 

## **5. FINANCIAL REVIEW** 

## **Financial Statements** 

The Trustees present their report and financial statements for the year to 30 September 2024. The accounting policies are set out on pages 19 and 20. 

## **Financial Results** 

The results for the year are shown in full on page 16 of the financial statements. 

The College remains in a strong financial position reporting a net increase in funds of £288,347 for the financial year (2023: £395,425). Total net assets stood at £7,173,764 at the end of the financial year (2023: £6,885,417). 

The College’s principal source of income continues to be a contribution from the Society of Radiographers, which amounted to £1,627,000 during the year (2023: £1,875,000). 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 £2,222,296 (2023: £2,439,509). The decrease was attributable to the reduction in contribution from the Society. Income from charitable activities increased by £24,018 (8.3%). 

Total expenditure for the year decreased by £199,749 to £2,208,676. Overall costs for the four categories of charitable activities combined, amounted to £2,182,838 and had decreased by £201,899 (8.5%) from last year. 

Of this total, direct costs were £1,351,354 and had decreased by £85,475 (5.9%) from last year. Support costs totalled £722,744 had decreased by £100,320 (12.2%) from last year, with a smaller proportion of the cost of staff shared with the Society being charged to the College. Governance costs decreased by £16,104 from last year to £108,740. 

The College’s investment portfolios showed investment gains of £450,727 (2023: £129,341). This resulted in net income, before actuarial losses on the defined benefit pension scheme of £464,347 compared to £160,425 in 2023. 

Actuarial losses of £176,000 (2023: Gains of £235,000) have been recognised in relation to the College’s share of liabilities in the Society’s Pension and Life Assurance Scheme. Although the actuary assessed that the College’s share of the scheme’s assets exceeded its liabilities at year end by £186,000 (2023: £96,000), no asset has been recognised due to the uncertainty of the recoverability of this amount. (see note 7). 

At 30[th] September 2024, the College’s total funds were £7,173,764 (2023 £6,885,417). Included in this total were £916,136 of restricted funds (2023: £863,959) which are 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. We have a reasonable expectation that we have adequate resources to continue in operational existence for the foreseeable future. Taking into consideration the forecasts, budgets and balance sheet position, the College Board of Trustees are satisfied that the College of Radiographers (CoR) will be able to continue as a going concern for the foreseeable future and do not consider that a material uncertainty exists in relation to the ability of CoR as a charity to continue as a going concern for the foreseeable future. 

Page 10 



**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **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 any defined benefit pension scheme liability, amount to £5,350,164 (2023: £5,041,369). This amount would cover 129 weeks’ unrestricted outgoings at the current rate of expenditure (2023: 111 weeks). 

Trustees are aware that these reserves are currently above the required level. It is acknowledged that fluctuations in the value of both investments and pension scheme liabilities can have a significant impact on the level of reserves. Trustees will continue to monitor the level of reserves and consider options to realign reserves with the stated policy. 

## **Investment policy** 

Established jointly with the Society, the committee reports to Trustees on the performance and composition of the College’s investment portfolios. The Committee’s monitoring and review of the portfolios during the year includes 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 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** 

Performance is measured against the ARC Charity Steady Growth Index and the target return is CPI plus 4%. Investment returns during the year were 9.2% and were below the benchmark (13.2%), mainly due to the underperformance of overseas equity holdings. Over the longer term, performance was in line with expectations, with annualised returns of 2.0%, 3.7%, 5.4% over 3, 5, 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 regularly reviewed at trustee meetings. The Joint Risk Group 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. 

The risk of downturn in the valuation of our investments is managed through the Investment Committee, set up jointly with the Society which reports to it 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. Information on investment performance is also reported to Trustees at board meetings throughout the year. 

The risk of exposure to fluctuations in the share of the liability for the staff Defined Benefit pension scheme is managed by the Board of Trustees through regular reviews of the periodic Pension Dashboard from the Scheme Actuary. The Board also receives updates from the meetings of the Pension Trustees which includes representatives from the College Board who oversee the staff Defined Benefit pension scheme. 

The main source of income for the College is a 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 Society manages this risk by continuing to focus on member relations, providing relevant and highly valued member benefits, and ensuring all staff, Council members and representatives are aware of the vital importance of promoting and expanding membership. The Society also continues to use its influence, both locally and nationally, to help shape the future workforce in healthcare provision. During the year, a new risk process was implemented, overseen by the new Joint Risk Group focusing particularly on the development of a strategic Corporate Risk Register. 

Page 11 



**THE COLLEGE OF RADIOGRAPHERS TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **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 2025 


Signed on behalf of the Trustees 


Richard Evans OBE – Chief Executive Officer 

Dr Marcus Jackson – Chair of the Board of Trustees 

Page 12 



**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 (‘the  charitable company’) for the year  ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 September 2024 and of its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended). 

## **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** 

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

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

## **Other information** 

The trustees are responsible for the other information contained within the annual report. 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. 

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 this gives rise to a material misstatement in the financial statements themselves. 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 

- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

Page 13 



**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 their 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 requires us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report. 

## **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. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below. 

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. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), employment legislation, and taxation legislation. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within judgement and estimates, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 

Page 14 



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

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **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 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 and 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. 


Vincent Marke Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 

27 February 2025 

Page 15 



## **THE COLLEGE OF RADIOGRAPHERS STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2024** 

|Notes<br>**Income from:**<br>**Donations and legacies**<br>Contribution from the Society<br>Licence fee from the Society<br>Other donations<br>19<br>2c<br>**Charitable activities**<br>Education<br>Professional and service standards<br>Other professional activities<br>**Investments**<br>Income from listed investments<br>Bank interest on deposits and current account<br>**Total income**<br>**Expenditure on:**<br>**Raising funds**<br>Investment management fees<br>**Charitable activities**<br>Education<br>Research<br>Professional and service standards<br>Other activities<br>4,5<br>**Total Expenditure**<br>**Net gains on investments**<br>**Net Income**<br>Actuarial (losses) / gains on defined benefit pension<br>scheme<br>8<br>**Net movement in funds**<br>Funds brought forward<br>**Funds carried forward at 30 September 2024**|Unrestricted<br>Funds<br>£<br>1,627,000<br>130,000<br>-<br>1,757,000<br>252,610<br>8,277<br>51,968<br>312,855<br>124,770<br>8,602<br>133,372<br>2,203,227<br>21,550<br>946,183<br>467,621<br>692,236<br>31,876<br>2,137,916<br>2,159,466<br>368,409<br>412,170<br>(176,000)<br>236,170<br>6,021,458<br>6,257,628|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>19,069<br>-<br>19,069<br>19,069<br>4,288<br>44,922<br>-<br>-<br>-<br>44,922<br>49,210<br>82,318<br>52,177<br>-<br>52,177<br>-<br>863,959<br>916,136|**Total**<br>**2024**<br>**£**<br>**1,627,000**<br>**130,000**<br>**-**<br>**1,757,000**<br>**252,610**<br>**8,277**<br>**51,968**<br>**312,855**<br>**143,839**<br>**8,602**<br>**152,441**<br>**2,222,296**<br>**25,838**<br>**991,105**<br>**467,621**<br>**692,236**<br>**31,876**<br>**2,182,838**<br>**2,208,676**<br>**450,727**<br>464,347<br>**(176,000)**<br>**288,347**<br>**6,885,417**<br>7,173,764|Total<br>2023<br>£<br>1,875,000<br>130,000<br>50|
|---|---|---|---|---|
|||||2,005,050|
|||||232,002<br>14,677<br>42,158|
|||||288,837|
|||||145,622<br>-|
|||||145,622|
|||||2,439,509|
|||||23,688<br>1,097,449<br>513,892<br>707,154<br>66,242|
|||||2,384,737<br>2,408,425|
|||||129,341<br>160,425|
|||||235,000|
|||||395,425|
|||||6,489,992|
|||||6,885,417|



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 19 to 31 form part of the financial statements.** 

Page 16 



## **THE COLLEGE OF RADIOGRAPHERS BALANCE SHEET AS AT 30 SEPTEMBER 2024** 

|Notes<br>**Fixed assets**<br>Intangible fixed assets<br>10<br>Tangible fixed assets<br>9<br>Investments<br>12<br>**Current assets**<br>Debtors<br>13<br>Cash at bank and in hand<br>14<br>**Liabilities**<br>Creditors: amounts falling due within one year<br>15<br>**Net current assets / (liabilities)**<br>Net assets / (liabilities) excluding pension<br>liability<br>Defined benefit pension scheme liability<br>8<br>**TOTAL NET ASSETS**<br>**FUNDS AND SHARE CAPITAL**<br>Called up share capital<br>17<br>Unrestricted funds<br>Restricted funds<br>20,23<br>Pension reserve<br>**TOTAL CAPITAL AND RESERVES**|Unrestricted<br>Funds<br>£<br>1,110<br>907,464<br>5,475,804<br>6,384,378<br>227,550<br>329,869<br>557,419<br>684,169<br>(126,750)<br>6,257,628<br>-<br>6,257,628<br>2<br>6,257,626<br>-<br>-<br>6,257,628|Restricted<br>Funds<br>£<br>-<br>-<br>915,271<br>915,271<br>61<br>4,115<br>4,176<br>3,311<br>865<br>916,136<br>-<br>916,136<br>-<br>-<br>916,136<br>-<br>916,136|**Total**<br>**2024**<br>**£**<br>**1,110**<br>**907,464**<br>**6,391,075**<br>**7,299,649**<br>**227,611**<br>**333,984**<br>**561,595**<br>**687,480**<br>**(125,885)**<br>**7,173,764**<br>**-**<br>**7,173,764**<br>**2**<br>**6,257,626**<br>**916,136**<br>**-**<br>**7,173,764**|Total<br>2023<br>£<br>-<br>980,089<br>5,825,971|
|---|---|---|---|---|
|||||6,806,060|
|||||73,498<br>680,018|
|||||753,516<br>674,159|
|||||79,357|
|||||6,885,417<br>-|
|||||6,885,417|
|||||2|
|||||6,021,456<br>863,959<br>-|
|||||6,885,417|



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 17 to 31 were approved and authorised for issue by the Trustees on 17th February 2025. 



Dr Marcus Jackson Susan Webb Chair of the Board of Trustees Vice Chair of the Board of Trustees 

**The notes on pages 19 to 31 form part of these financial statements** 

Page 17 



## **THE COLLEGE OF RADIOGRAPHERS CASH FLOW STATEMENT AS AT 30 SEPTEMBER 2024** 

|**Cash flows from operating activities**<br>**_Net cash provided by / (used in) operating activities_**<br>**Cash flows from investing activities**<br>Dividends and interest from investments<br>Proceeds from the sale of plant and equipment<br>Purchase of tangible fixed assets<br>Purchase of intangible fixed assets<br>Purchase of investments<br>Proceeds from sale of investments<br>**Net cash provided by / (used in) investing activities**<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at the beginning of reporting period<br>**Cash and cash equivalents at the end of the reporting period**<br>**Reconciliation of net income/(expenditure) for the reporting period as per**<br>**the income statement**<br>Net income / (expenditure) for the reporting period (as per the SOFA)<br>Adjustments for:<br>Depreciation and amortisation Charges<br>(Gains) / Losses on investments<br>Investment income<br>Loss on disposal of fixed assets<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Increase/(decrease) in pension liability recognised in profit and loss<br>**Net cash provided by / (used in) operating activities**||**£**<br>**(344,066)**<br>**143,839**<br>**-**<br>**(30,028)**<br>**(1,402)**<br>**(1,611,916)**<br>**1,497,539**<br>**(1,968)**<br>**(346,034)**<br>**680,018**<br>**333,984**<br>**2024**<br>**£**<br>**464,347**<br>**102,604**<br>**(450,727)**<br>**(143,839)**<br>**341**<br>**(154,113)**<br>**13,321**<br>**(176,000)**<br>**(344,066)**|£<br>(189,885)|
|---|---|---|---|
||||145,622<br>-<br>(11,189)<br>-<br>(1,337,126)<br>1,218,010|
||||15,317|
||||(174,568)<br>854,586|
||||680,018|
||||2023<br>£<br>160,425<br>103,244<br>(129,341)<br>(145,622)<br>-<br>(13,619)<br>3,028<br>(168,000)<br>(189,885)|



**The notes on pages 19 to 31 form part of these financial statements** 

Page 18 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **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 £1,757,000 (2023: £2,005,000) from The Society of Radiographers (including a licence fee for the use of office space) 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; 

- Education 

- Research 

- Professional and service standards 

- Other activities 

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 and other involved in governance of the charity.. 

In previous years, expenditure on charitable activities was categorised under the following four headings; 

- Conferences, seminars and other learning resources 

- Journals and research 

- Educational and professional standards and accreditations 

- Promoting radiography and representing the profession 

The Trustees consider the revised categories to reflect more appropriately the activities currently carried out by the charity. The comparative expenditure figures for the prior year have therefore been restated to reflect the new categories. 

## **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 software is on a straight-line basis over four years. This is the expected timeframe for the replacement of these assets. 

Page 19 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **2. ACCOUNTING POLICIES (continued)** 

## **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”. 

## **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, takes into account 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. 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 College 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. The value of the liabilities for active members is calculated by allocating the individual member liabilities to either the Society or College and applying the relative proportions to the defined benefit obligation. Where the member has a joint contract of employment, the value of the liability is allocated equally between the Society and College. The value of the liabilities for deferred and pensioner members, and the value of the scheme assets, has then been apportioned using the same proportions as the active membership. 

## **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 £6,391,075 (2023: £5,825,971). 

## **k) Joint Venture accounting** 

Imaging Quality Improvement Ltd (IQIL) was dormant until 30[th] June 2024. It commenced trading on 1[st] July 2024 and its results and the College’s share of its deficit and liabilities are shown in note 11. The College is one of two members of IQIL, a company limited by guarantee. 

The College does not ascribe any value to its investment in Radiology and Oncology Congresses (ROC), a company limited by guarantee, of which the College has no entitlement to a share of net assets. The results of ROC are disclosed in note 11. 

No funds were transferred by the College to either joint venture at inception. 

Page 20 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **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. 

## **4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** 

|**ANALYSIS OF EXPENDITURE ON CHARI**<br>**Activity**<br>Education<br>Research<br>Professional and service standards<br>Other activities<br>**Total**|**TABLE ACTI**<br>**Direct**<br>**Costs**<br>567,048<br>301,324<br>459,421<br>23,561<br>**1,351,354**|**ITIES**<br>**Support**<br>**Costs**<br>368,599<br>144,549<br>202,368<br>7,228<br>**722,744**|**Governance**<br>**Costs**<br>55,458<br>21,748<br>30,447<br>1,087<br>**108,740**|**2024**<br>**Total £**<br>**991,105**<br>**467,621**<br>**692,236**<br>**31,876**<br>**2,182,838**|2023<br>(as restated)<br>Total £<br>1,097,449<br>513,892<br>707,154<br>66,242|
|---|---|---|---|---|---|
||||||2,384,737|



The comparative expenditure figures for the prior year have been restated to reflect updated categories of charitable expenditure (see note 1d). 

Expenditure on research grants included in the above figures totalled £85,817 (2023: £80,091). 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**<br>Staff costs (finance, administration, secretarial and IT)<br>Overheads|**2024**<br>**£**<br>**429,257**<br>**293,487 **<br>**722,744**|2023<br>£<br>492,953<br>330,111|
|---|---|---|
|||823,064|



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**<br>Auditor’s remuneration –audit<br>Other legal and professional fees<br>Trustee recruitment, training and meeting expenses<br>Staff costs<br>Total Governance costs<br>Expenses incurred by 13 (2023 – 12 trustees incurred expenses)|**2024**<br>**£**<br>**16,650**<br>**10,115**<br>**7,965**<br>**74,010**<br>**108,740**<br>**4,113**|2023<br>£<br>16,000<br>2,312<br>21,540<br>84,992|
|---|---|---|
|||124,844|
|||8,871|



Trustees’ expenses include travel, accommodation and subsistence costs incurred in attending board meetings, training and other radiographic events. 

## **6. NET INCOME / (EXPENDITURE) FOR THE YEAR** 

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

||**2024**|2023|
|---|---|---|
||**£**|£|
|Auditor’s remuneration:|||
|for audit|**16,650**|16,000|
|for tax advisory services|**3,000**|-|
|Depreciation and amortisation charge, excluding charge to Society of|**102,604**|103,244|
|£6,971 (2023: £5,041).|||



Page 21 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## 7 **.** 

## **EMPLOYEES** 

The average number of employees in the year was 16 (2023: 15). This includes staff jointly employed by the Society. 

|**Employment costs:**<br>Wages and salaries<br>Social security costs<br>Pension scheme current service cost<br>**Total cost of staff employed**<br>Temporary staff<br> **Total staffing cost**|**2024**<br>**£**<br>**1,244,146**<br>**145,673**<br>**86,000**<br>**1,475,819**<br>**4,379**<br>**1,480,198**|2023<br>£<br>1,394,184<br>163,647<br>141,000|
|---|---|---|
|||1,698,831<br>1,008|
|||1,699,839|



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 18.5 full-time employees (2023: 22.5). 

The remuneration of higher paid staff fell within the following bands. These figures only include the proportion of salary costs charged to the College. All employees included in the below are members of the defined benefit pension scheme. 

|||**2024**|2023|
|---|---|---|---|
|£60,000|- £70,000|**3**|2|



There were no termination payments made during the year (2023: £Nil). 

None of the College Board of Trustees received remuneration in the year (2023: £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 £222,519 (2023: £230,972). These figures include employer’s National Insurance contributions. 

## **8. ACCOUNTING FOR RETIREMENT BENEFITS** 

The Society of Radiographers operates a defined benefit pension 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 2022 and updated to 30 September 2023 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. 

The actuarial valuation at 30 June 2022 showed a deficit of £2,419,000. In determining the contributions to be paid in setting the recovery plan, the trustees considered the position at 30 April 2023, which was estimated by the actuary to be a deficit of £728,000. The Society agreed a recovery plan with the trustees that would aim to eliminate the deficit by 30 November 2025, with annual contributions payable in respect of the deficit increasing from £150,000 in the first year after the valuation date, to £259,000 in the second and third years, and £107,917 in the fourth year. The College agreed to contribute 31.3% of these amounts in respect of its share of the deficit.  In addition, and in accordance with the actuarial valuation, the Society agreed with the trustees to pay 15.5% (previously 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. 

The value of the liabilities for active members has been calculated by allocating the individual member liabilities from the 30 June 2022 valuation to either the Society or College and applying the relative proportions to the defined benefit obligation. Where the member has a joint contract of employment, the value of the liability has been allocated equally between the Society and College. 

Page 22 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **8. ACCOUNTING FOR RETIREMENT BENEFITS (Continued)** 

The value of the liabilities for deferred and pensioner members, and the value of the scheme assets, has then been apportioned using the same proportions as the active membership. This approach is consistent with the approach taken in previous years. 

The current service cost is allocated in the same proportion as the total employer contributions made during the year. Employer contributions are allocated between the Society and College in the same proportion as salaries. 

**Amounts recognised in the Statement of Financial Position** 

|Fair value of scheme assets<br>Present value of defined benefit obligation<br>Surplus (deficit) in scheme<br>Impact of asset ceiling<br>Surplus (deficit) to be recognised|**30 September**<br>**2024**<br>**£'000**<br>**13,274**<br>**(12,481)**<br>**793**<br>**(793)**<br>**-**|30 September<br>2023<br>£'000<br>11,094<br>(10,682)|
|---|---|---|
|||412<br>(412)|
|||-|



Due to the uncertainty associated with the recoverability of any surplus arising on the pension scheme, an adjustment of £793,000 has prudently been entered against the FRS102 surplus provided by the actuary for the fund, to reduce the asset position to a £nil asset amount. 

The above figures are estimated to be split between the Society and College as follows: 

|Fair value of scheme assets<br>Present value of defined benefit obligation<br>Surplus (deficit) in scheme<br>Impact of asset ceiling<br>Surplus (deficit) to be recognised|**30 September 2024**<br>**Society**<br>**College**<br>**£’000s**<br>**£’000s**<br>**10,159**<br>**3,115**<br>**(9,552)**<br>**(2,929)**<br>**607**<br>**186**<br>**(607)**<br>**(186)**<br>**-**<br>**-**|30 September 2023<br>Society<br>College<br>£’000s<br>£’000s<br>8,491<br>2,603<br>(8,175)<br>(2,507)<br>316<br>96<br>(316)<br>(96)<br>-<br>-|
|---|---|---|



The figures below reflect only the College’s share of assets, liabilities and costs. 

## **Change in defined benefit obligation** 

|Defined benefit obligation at end of prior year<br>Change arising from employee service in period (Current Service Cost)<br>Interest expense<br>Benefits payments from plan assets<br>Participant (employee) contributions<br>Effect of changes in assumptions<br>Effect of experience adjustments<br>Change in allocation of liabilities between Society and College<br>Defined benefit obligation at end of year|**2024**<br>**£’000**<br>**2,507**<br>**86**<br>**144**<br>**(68)**<br>**101**<br>**174**<br>**36**<br>**(51)**<br>**2,929**|2023<br>£’000<br>**3,899**<br>**141**<br>**144**<br>**(103)**<br>**108**<br>**(487)**<br>**(127)**<br>**(1,068)**|
|---|---|---|
|||2,507|



Page 23 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **8. ACCOUNTING FOR RETIREMENT BENEFITS (Continued)** 

|**Change in fair value of plan assets**<br>Fair value of scheme assets at end of prior year<br>Interest income<br>Employer contributions<br>Participant (employee) contributions<br>Benefits payments from plan assets<br>Return on plan assets (excluding interest income)<br>Change in allocation of assets between Society and College<br>**Fair value of scheme assets at end of period**<br>**Cost relating to defined benefit plan**<br>Change arising from employee service in period (Current Service Cost)<br>Interest expense on defined benefit obligation<br>Interest (income) on plan assets<br>Interest expense on effect of asset ceiling<br>Total net interest cost<br>**Cost relating to defined benefit plan included in P&L**<br>Effect of changes in assumptions<br>Effect of experience adjustments<br>Return on plan assets (excluding interest income)<br>Change in allocation of liabilities between Society and College<br>De-recognition of pension asset<br>**Total remeasurements included in other comprehensive income**<br>**(gain) / loss**<br>**Total cost relating to defined benefit plan recognised in Statement**<br>**of Comprehensive Income**<br>**Plan assets**<br>Cash and cash equivalents<br>Equity instruments<br>Debt instruments<br>Other<br>**Total assets**|<br>|**2024**<br>**£’000**<br>**2,603**<br>**153**<br>**258**<br>**101**<br>**(68)**<br>**165**<br>**(97)**<br>**3,115**<br>**2024**<br>**£’000**<br>**86**<br>**144**<br>**(153)**<br>**5**<br>**(4)**<br>**82**<br>**174**<br>**36**<br>**(165)**<br>**47**<br>**84**<br>**176**<br>**258**<br>**2024**<br>**£'000s**<br>**396**<br>**962**<br>**406**<br>**1,351 **<br>**3,115**|**2024**<br>**£’000**<br>**2,603**<br>**153**<br>**258**<br>**101**<br>**(68)**<br>**165**<br>**(97)**<br>**3,115**<br>**2024**<br>**£’000**<br>**86**<br>**144**<br>**(153)**<br>**5**<br>**(4)**<br>**82**<br>**174**<br>**36**<br>**(165)**<br>**47**<br>**84**<br>**176**<br>**258**<br>**2024**<br>**£'000s**<br>**396**<br>**962**<br>**406**<br>**1,351 **<br>**3,115**||2023<br>£’000<br>3,496<br>136<br>317<br>108<br>(103)<br>(320)<br>(1,031)<br>2,603<br>2023<br>£’000<br>141<br>144<br>(136)<br>-<br>8<br>149<br>(487)<br>(127)<br>320<br>33<br>96<br>(165)<br>(16)<br>2023<br>£'000s<br>**393**<br>**1,107**<br>**216**<br>**887**|
|---|---|---|---|---|---|
|||||||
|||**2024**<br>**£'000s**<br>**396**<br>**962**<br>**406**<br>**1,351 **<br>**3,115**||||
||||||2,603|



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

Page 24 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **8. ACCOUNTING FOR RETIREMENT BENEFITS (Continued) Assumptions** 

|**Assumptions**|||
|---|---|---|
||**2024**|**2023**|
||**% per annum**|**% per annum**|
|Discount rate|5.15|5.65|
|Salary increase rate|3.45|3.65|
|Inflation (RPI)|3.10|3.30|
|Inflation (CPI)|2.70|2.90|
|Allowance for revaluation of deferred pensions of CPI or 5% p.a. if less|2.70|2.90|
|Allowance for pension in payment increases of CPI or 5% p.a. if less|2.60|2.70|
||50% of post A|50% of post A|
|Allowance for commutation of pension for cash at retirement|Day|Day|



**The mortality assumptions adopted at 30 September 2024 imply the following life expectancies:** 

||Life expectancy at age 65|
|---|---|
||Years|
|Male retiring in 2024|20.7|
|Female retiring in 2024|22.9|
|Male retiring in 2044|22.0|
|Female in 2044|24.3|



## **9.** 

|**TANGIBLE FIXED ASSETS**<br>**Cost**<br>1 October 2023<br>Additions<br>Disposals<br>**30 September 2024**<br>**Depreciation**<br>1 October 2023<br>Charge for the year<br>Disposals<br>**30 September 2024**<br>**Net book value**<br>**at 30 September 2024**<br>_at 30 September 2023_|**Long**<br>**leasehold**<br>**property**<br>£<br>1,314,565<br>-<br>-<br>**1,314,565**<br>617,844<br>26,291<br>-<br>**644,135**<br>**670,430**<br>**696,721**|**Office**<br>**fixtures,**<br>**furniture &**<br>**equipment**<br>£<br>714,995<br>9,868<br>(36,691)<br>**688,172**<br>450,488<br>66,209<br>(36,350)<br>**480,347**<br>**207,825**<br>264,507|**Computer**<br>**equipment**<br>£<br>218,168<br>20,160<br>(68,356)<br>**169,972**<br>199,307<br>9,812<br>(68,356)<br>**140,763**<br>**29,209**<br>18,861|**Total**<br>£<br>2,247,728<br>30,028<br>(105,047)|
|---|---|---|---|---|
|||||**2,172,709**|
|||||1,267,639<br>102,312<br>(104,706)|
|||||**1,265,245**|
|||||**907,464**|
|||||**980,089**|



There were no capital amounts contracted for but not provided in the financial statements at year end. (2023: None) 

Page 25 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **10. INTANGIBLE FIXED ASSETS** 

|**Cost**<br>1 October 2023<br>Additions<br>Disposals<br>**30 September 2024**<br>**Amortisation**<br>1 October 2023<br>Charge for the year<br>Disposals<br>**30 September 2024**<br>**Net book value**<br>**at 30 September 2024**<br>_at 30 September 2023_|**Website**<br>**development**<br>**and software**<br>£<br>-<br>1,402<br>-|
|---|---|
||**1,402**|
||-<br>292<br>-|
||**292**|
||**1,110**|
||-|



## **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. Richard Evans, the CEO of the Society and College and Thomas Welton, a director of the Society and a trustee of the College, are directors of ROC. Ross McGhee was appointed a director of ROC in September 2024 and was a director of the Society until June 2024. The main objective of ROC is to organise the annual, UK Imaging and Oncology Congress (UKIO). 

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

|For the year to 30th September<br>Total Income<br>Total Expenditure<br>Surplus for Year<br>As at 30th September<br>Fixed Assets<br>Current Assets<br>Creditors<br>Net Assets|**2024**<br>**£**<br>**919,536**<br>**(886,975)**<br>**32,561**<br>**-**<br>**726,937**<br>**(81,761)**<br>**645,176**|2023<br>£<br>914,200<br>(795,732)|
|---|---|---|
|||118,468|
|||-<br>720,836<br>(83,221)|
|||637,615|



Due to provisions in the articles of ROC, the College has no direct entitlement in relation to winding up and as such has not accounted for its share of the assets and liabilities of the joint venture. 

The results of ROC disclosed in 2023 were based on draft figures, which were subsequently adjusted before being finalised. Additional expenditure of £25,000 was recognised, resulting in a final surplus of £93,468 and net assets at 30[th] September 2023 of £612,615. 

During the year, the Society (The College’s parent company) paid ROC Events Ltd (a subsidiary of ROC, and of which Richard Evans and Ross McGhee are also directors) £3,792 in respect of exhibition services and delegate registration fees for UKIO (2023: £3,975). No amounts were outstanding at 30 September 2024 (2023: £Nil). In 2023, the College paid ROC Events Ltd £625 during the year in respect of UKIO delegate registration fees. No amounts were paid by the College during the year. 

Page 26 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **11. INVESTMENT IN JOINT VENTURES (CONTINUED)** 

## **Imaging Quality Improvement Ltd (IQIL)** 

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 main objective of IQIL is to promote continuous quality improvement of imaging services in the UK. The jointly owned “Quality Standard for Imaging” (QSI) is promoted. Richard Evans is a director of IQIL, appointed by the College. 

Until June 2024, accreditation against this standard was delivered through a contract with The United Kingdom Accreditation Service (UKAS). IQIL had no financial activity up to 30[th] June 2024. 

In July 2024, the Colleges launched a new process for diagnostic imaging services to be supported in implementing the QSI. This includes assessment of achievement of the standard, the QSI Quality Mark. These services are delivered through IQIL and the company therefore began trading on 1[st] July 2024. The results below are for the period 1[st] July to 30[th] September 2024. 

Performance to date has been in line with expectations. It is anticipated that IQIL will make losses in the shortterm, with income increasing as service uptake grows. The Colleges intend to provide funding through loans to IQIL during the next 12 months. The Company has changed its year end to 30[th] September (from 31[st] January) to better align with the business objectives. 

The full results of IQI Ltd are shown below. 

|For the year to 30th September<br>Total Income<br>Total Expenditure<br>Surplus for Year<br>As at 30th September<br>Fixed Assets<br>Current Assets<br>Creditors<br>Net Assets/(Liabilities)|**2024**<br>**£**<br>**32,246**<br>**(117,638)**<br>**(85,392)**<br>**-**<br>**59,580**<br>**(144,972)**<br>**(85,392)**|2023<br>£<br>-<br>-|
|---|---|---|
|||-|
|||-<br>-<br>-|
|||-|



The College of Radiographers’ share of the deficit and net liabilities above is £42,696. (£2023: Nil). 

|**12.**<br>**FIXED ASSET INVESTMENTS**<br>**Analysis of Movement of Investments**<br>Market value at 1 October<br>Additions at cost<br>Disposal proceeds<br>Investment gains<br>Market value at 30 September<br>**Analysis of Investment Assets**<br>Listed investments - UK<br>Listed investments - Overseas<br>Cash held in the UK<br>Book cost of the above investments|**2024**<br>**£**<br>**5,825,971**<br>**1,611,916**<br>**(1,497,539)**<br>**450,727**<br>**6,391,075**<br>**2024**<br>**£**<br>**3,049,114**<br>**3,194,890**<br>**147,071**<br>**6,391,075**<br>**4,968,461**|2023<br>£<br>5,577,514<br>1,337,126<br>(1,218,010)<br>129,341|
|---|---|---|
|||5,825,971|
|||2023<br>£<br>**3,558,270**<br>**1,952,436**<br>**315,265**|
|||5,825,971|
|||5,370,722|



Page 27 



**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **13. DEBTORS** 

|**13.**<br>**DEBTORS**<br>Trade debtors<br>Prepayments<br>Accrued income<br>Other debtors<br> **14.**<br>**CASH AT BANK AND IN HAND**<br>Cash at bank and in hand – unrestricted<br>Cash at bank – restricted<br>**15.**<br>**CREDITORS: amounts falling due within one year**<br>Amounts owed to parent company (the Society of Radiographers)<br>Accruals<br>Deferred Income<br>Trade creditors<br>Other creditors<br>**16.**<br>**DEFERRED INCOME**<br>At 1stOctober 2023<br>Deferred income released in year<br>Income deferred in year<br>At 30thSeptember 2024|**2024**<br>**£**<br>**129,013**<br>**98,193**<br>**61**<br>**344**<br>**227,611**<br>**2024**<br>**£**<br>**329,869**<br>**4,115**<br>**333,984**<br>**2024**<br>**£**<br>**375,716**<br>**81,585**<br>**168,709**<br>**60,420**<br>**1,050**<br>**687,480**|**2024**<br>**£**<br>**129,013**<br>**98,193**<br>**61**<br>**344**<br>**227,611**<br>**2024**<br>**£**<br>**329,869**<br>**4,115**<br>**333,984**<br>**2024**<br>**£**<br>**375,716**<br>**81,585**<br>**168,709**<br>**60,420**<br>**1,050**<br>**687,480**|2023<br>£<br>54,794<br>17,311<br>818<br>575|
|---|---|---|---|
||||73,498|
||||2023<br>£<br>633,194<br>46,824|
||||680,018|
||||2023<br>£<br>426,276<br>101,327<br>124,036<br>20,778<br>1,742|
||||674,159|
||||**£**<br>**124,036**<br>**(122,586)**<br>**167,259**|
||||**168,709**|



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 approval fees received from HEIs. Income has also been deferred in respect of services e-Learning for Healthcare programme and other radiography research and workforce projects. 

|**17.**<br>**CALLED UP SHARE CAPITAL**<br>**Allotted and fully paid**<br>Ordinary shares of £1 each<br>**Authorised**<br>Ordinary shares of £1 each|**2024**<br>**2**<br>**100**|2023<br>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. 

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**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **19. PARENT UNDERTAKING** 

|The Society of Radiographers is the company’s ultimate parent company|||
|---|---|---|
|Transactions between parent and subsidiary include:|**2024**|2023|
||**£**|£|
|Contribution paid by The Society to The College|**1,627,000**|2,005,000|
|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|**15,395**|13,166|
|Administration costs charged by The College to The Society|**106,450**|71,532|
|Insurance costs charged by the Society to the College|**22,436**|32,819|
|HR Advice costs charged by the Society to the College|**4,003**|5,172|
|Salary costs charged by the Society to the College|**1,564,052**|1,832,546|



## **20. RESTRICTED FUNDS** 

|Prostate Cancer Fund<br>Christopher and Valerie<br>Carr Fund<br>Total|At 1 October<br>2023<br>£<br>1,758<br>862,201<br>863,959|Income<br>£<br>-<br>19,069<br>19,069|Expenditure<br>£<br>-<br>(49,210)<br>(49,210)|Investment<br>gains/(losses)<br>£<br>-<br>82,318<br>82,318|**At 30**<br>**September**<br>**2024**<br>**£**<br>**1,758**<br>**914,378**|
|---|---|---|---|---|---|
||||||**916,136**|



## **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. 

## **Christopher and Valerie Carr Fund** 

This fund was established by way of a trust deed, under which the residual estate of Mrs. Valerie Carr is to be held by the College of Radiographers as a restricted fund, for the following charitable object; 

- to promote and develop for the public benefit the science and practice of radiography and radiotherapeutic technology by furthering the education and training of therapeutic radiographers resident in England and Wales. 

The College has established a bursary scheme for this purpose. The Valerie Carr Award will support applicants by providing funding for tuition fees for pre-registration therapeutic radiography degree courses. 

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**THE COLLEGE OF RADIOGRAPHERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024** 

## **21. RELATED PARTY TRANSACTIONS** 

The Society of Radiographers (The College’s parent company) 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. 

Amounts agreed and charged to expenditure in respect of each President are as follows: 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Ross McGhee|**-**|12,500|
|David Pilborough|**12,500**|2,500|
|Thomas Welton|**2,500**|-|



An amount of £2,500 was outstanding at year end in respect of the above (2023: £Nil). 

The Society agreed to pay Claire Donaldson’s employer £18,000 for their year as President in 2021-22 and this amount was reported as outstanding at 30[th] September 2023. £15,000 has now been paid in respect of Claire’s presidential year and no further amounts will be paid. A credit of £3,000 has therefore been recognised in the year. 

Except for the above, the transactions with the Society as disclosed in note 19 and the transactions with ROC Events Ltd disclosed in note 11, there were no related party transactions during the year to 30[th] September 2024 (2023: 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 2024** 

## **22. COMPARATIVE SOFA INFORMATION** 

|Notes<br>**Income from :**<br>**Donations and legacies**<br>Contribution from the Society<br>Licence fee from the Society<br>Other donations<br>19<br>2c<br>**Charitable activities**<br>Conferences, seminars and other learning resources<br>Accreditation and endorsement of educational and<br>professional standards<br>Other professional activities<br>**Investments**<br>Income from listed investments<br>Bank interest on deposits and current account<br>**Total income**<br>**Expenditure on:**<br>**Raising funds**<br>Investment management fees<br>**Charitable activities**<br>Conferences, seminars and other learning resources<br>Journals and research<br>Educational and professional standards and<br>accreditations<br>Promoting radiography and representing the profession<br>4,5<br>**Total Expenditure**<br>**Net gains / (losses) on investments**<br>**Net Income**<br>Actuarial gains on defined benefit pension scheme<br>8<br>**Net movement in funds**<br>Funds brought forward<br>**Funds carried forward at 30 September 2023**|Unrestricted<br>Funds<br>£<br>1,875,000<br>130,000<br>50<br>2,005,050<br>63,819<br>182,860<br>42,158<br>288,837<br>126,348<br>-<br>126,348<br>2,420,235<br>19,947<br>538,577<br>418,167<br>764,821<br>635,411<br>2,356,976<br>2,376,923<br>96,728<br>140,040<br>235,000<br>375,040<br>5,646,418<br>6,021,458|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>19,274<br>-<br>19,274<br>19,274<br>3,741<br>-<br>-<br>-<br>27,761<br>27,761<br>31,502<br>32,613<br>20,385<br>-<br>20,385<br>-<br>843,574<br>863,959|**Total**<br>**2023**<br>**£**<br>**1,875,000**<br>**130,000**<br>**50**<br>**2,005,050**<br>**63,819**<br>**182,860**<br>**42,158**<br>**288,837**<br>**145,622**<br>**-**<br>**145,622**<br>**2,439,509**<br>**23,688**<br>**538,577**<br>**418,167**<br>**764,821**<br>**663,172**<br>**2,384,737**<br>**2,408,425**<br>**129,341**<br>160,425<br>**235,000**<br>**395,425**<br>**6,489,992**<br>6,885,417|Total<br>2022<br>£<br>2,090,000<br>130,000<br>901,978|
|---|---|---|---|---|
|||||3,121,978|
|||||57,147<br>147,907<br>23,719|
|||||228,773|
|||||131,793<br>-|
|||||131,793|
|||||3,482,544|
|||||22,316<br>619,534<br>475,529<br>834,729<br>692,796|
|||||2,622,588<br>2,644,904|
|||||(484,114)<br>353,526|
|||||413,000|
|||||766,526|
|||||5,723,466|
|||||6,489,992|



## **23. COMPARATIVE INFORMATION – RESTRICTED FUNDS** 

**.** 

|Prostate Cancer Fund<br>Christopher and Valerie<br>Carr Fund<br>Total|At 1 October<br>2022<br>£<br>1,758<br>841,816<br>843,574|Income<br>£<br>-<br>19,274<br>19,274|Expenditure<br>£<br>-<br>(31,502)<br>(31,502)|Investment<br>gains/(losses)<br>£<br>-<br>32,613<br>32,613|**At 30**<br>**September**<br>**2023**<br>**£**<br>**1,758**<br>**862,201**|
|---|---|---|---|---|---|
||||||**863,959**|



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