2025-08-31-accounts

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Charity Number: 1057744 Charity Number: SC038299

Royal College of Paediatrics and Child Health Annual report and financial statements for the year ended 31 August 2025

Published May 2026

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RCPCH Annual Report and Financial Statements 2024/25
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04 Forewords

06 Our vision and strategy

Our vision, mission and strategic goals Our values

08 Strategic Report

Goal One Goal Two Goal Three Goal Four Enablers KPIs What to expect 2025/26

17 Financial Review

Financial performance overview Income Expenditure Reserves Investments and cash management Going concern Looking ahead

30 Environmental, Social and Governance Review

Our environmental impact Supporting our people Fostering a Safe, Inclusive and Empowering Culture Investing in Our People A Place People Recommend Members with College Roles and volunteers Risk

34 Governance, Legal and administrative details

39 Independent Auditor’s Report

43 Financial Statements

Consolidated statement of financial activities Consolidated balance sheet Consolidated statement of cashflows Notes to the financial statements

RCPCH Annual Report and Financial Statements 2024/25

Forewords

Chair of the Board of Trustees

It is my privilege to present Royal College of Paediatrics and Child Health’s Annual Report for 2024/25. This year has unfolded against a backdrop of global and national uncertainty, with external pressures and divisions shaping the environment in which we operate. Our shared commitment to the health and wellbeing of children and young people remains the thread that binds us together, as the world around us grows more complex and divided.

enabling us to continue supporting our members and delivering on our commitment to child health.

A major transformation is underway. We are modernising our processes and systems, investing in digital infrastructure and reimagining how we engage with members. These changes are not simply operational, they are foundational, designed to create a more responsive, efficient, and inclusive College. Our new membership database and digital platform will help us serve our community better, ensuring that we remain relevant and resilient in a rapidly changing world.

Financial constraints have been a defining feature of the year. Like many organisations, we have had to make difficult choices, ensuring that all resources are directed towards our core mission and strategic goals.

Throughout this period, our values, Include, Influence, Innovate and Inspire have guided our decision making. The Board of Trustees has focused on creating an environment within which sincere differences of view between members and with staff representatives can be accommodated with mutual understanding and consideration. We are building a culture rooted in respect, collaboration, and continuous improvement and we are proud to have achieved Silver accreditation from Investors in People. The contributions of our members, staff, volunteers, and the children and families we serve are the lifeblood of the College. Together, we are navigating challenges and shaping a future defined by service, integrity, and hope.

The College has responded with pragmatism and care, balancing immediate needs with long-term ambitions. Our stewardship of finances reflects both caution and creativity,

Thank you for your ongoing support

Joanne Shaw Chair of the Board of Trustees

Chair's message

Joanne Shaw

Forewords

CEO

This year saw commencement of our new strategy, which has a vision for a world where every child is healthy and well. This shapes our activities and helps us steer through uncertainty to support our members’ working lives and be a powerful advocate for a healthier future for children and young people. As we look back, the strides made across several areas have been encouraging.

On shaping the future of child health policy, this was a particularly impactful year through lobbying on legislation such as the Tobacco and Vapes Bill, Children’s Wellbeing and Schools Bill, as well as engagement in the Department of Health and Social Care’s 10year health plan for England. We have also stepped up our influencing activity ahead of upcoming elections in Scotland, Wales and Northern Ireland.

Research, evidence and clinical standards saw key achievements. We continue to deliver high-impact national audits, develop our QI community and we digitised the Purple Book, a vital child protection clinical resource. We also delivered activities to support research skills for paediatricians in training.

On education and training, we are steadily making progress with the assessment review, we have expanded global exam delivery, and enriched our learning offer with new formats and resources. Furthermore, members in College roles devote much valued time and tireless contribution to the life of RCPCH – this is very much appreciated and I am pleased we are taking steps to strengthen and improve our support for them.

RCPCH &Us, our network for children and young people, marked a major milestone, celebrating its tenth anniversary this year. We were delighted our Patron, HRH The Princess Royal, visited the College to join the celebrations, spend time with young people and learn more about RCPCH &Us projects.

All of this is possible because of the cherished contributions of our members in College roles, staff, children and young people, parents and carers.

Thank you all for making a difference.

Ian Parrett Interim Chief Executive Officer From 01 January 2026

CEO's message

Ian Parrett

RCPCH Annual Report and Financial Statements 2024/25

Our vision and strategy

Our vision, mission and strategic goals

• Our vision is a world where every child is healthy and well. • Our mission is to advance child health practice, shape policy, set educational standards and empower paediatricians. We are led by insights from our members, children and young people.

This strategy is designed to match our membership offer with our members’ stated priorities to support their working lives and be a powerful advocate for a healthier future for children and young people. We have focused on how our members’ needs and priorities tie into the College’s role as a strong advocate for children and young people, and anticipated what the world might look like leading up to 2034. From this we have developed four 10-year strategic goals. The first three years, 2024-27, focus on our UK and international membership, the workforce of the UK and embedding more voices of children and young people in our own work and across the sector.

• We will deliver this through our four strategic goals and enablers

The size, skill and welfare of the UK child health workforce are prioritised by senior NHS decision makers to meet the needs of children and young people across the four nations.

Our enablers

1.[Improving our ] membership experience.

Child health is at the centre of decisionmaking across the four nations.

2.[ Improving the ] offer for members with College roles and staff.

Research, evidence and clinical standards improve safety and child health outcomes.

3.[Enabling ] efficiencies and diversifying our income.

RCPCH has an international impact in paediatrics and child health.

Our values

Our Values are our foundational beliefs and principles. They help us to define the College’s identity, guide our operations, and ensure that how we do things is of equal importance to what we do as a values-led organisation. I Include, I Influence, I Innovate and I Inspire – these are meaningful values, integral to a strategy that is living and active, which aids stewarding a positive culture.

We are guided by our values and behaviours framework, a practical tool for our people, describing what our values look like day-today.

I include:

I innovate:

• I will treat others fairly and with respect, ensuring that my behaviour is appropriate at all times. I will value individual differences, perspectives and contributions.

I aim for quality in everything I do, take pride in my work to have the greatest impact on the services provided by the College.

I inspire: I will be inspired by and open to possibilities, seeking to first understand the ideas of others. I will have the courage to embrace change and openly share my ideas freely with others to improve the way we work.

I influence:

I act with integrity, being open and honest, checking and challenging my behaviour and practices to improve working practices, and advance the work of the College.

I include I influence I innovate I inspire

One College, One Team

RCPCH Annual Report and Financial Statements 2024/25

RCPCH Annual Report and Financial Statements 2024/25

Strategic report

The income we receive as a College goes directly to delivering our strategy, we deliver Education, Training and Assessment in the UK (Goal One) and internationally (Goal Four) our membership income underpins our amplification of member voice through policy, advocacy and professional standards (Goal Two) and includes the overseas levy that funds a proportion of our Global child health programmes (Goal Four).

Research, Audit and Quality Improvement and Events and Partnerships drive the research, evidence and clinical standards to improve the safety and child health outcomes (Goal Three).

These efforts are part of a wider commitment to modernise our approach to assessment, ensuring it remains fair, flexible and fit for purpose. We are proud of the strides made and remain focused on delivering an assessment strategy that supports excellence in paediatric training and reflects the realities of clinical practice.

Goal One

Transforming exams and assessment

We continued to make significant progress in transforming our examinations and assessment strategy to better reflect the evolving needs of paediatricians in training. A major milestone was the launch of our new theory delivery system in January 2025, which introduced enhanced question banking and psychometric features to support more robust quality assurance. Feedback has been positive from candidates, with many highlighting the system’s ease of use and improved experience.

Curriculum innovation and frameworks

We continued to ensure that paediatric education remains responsive, inclusive and future-focused. A major achievement was the full regulatory approval of the Progress+ curriculum, which marks a significant evolution in paediatric training, offering greater flexibility, clearer progression, and a stronger emphasis on capability-based learning.

Alongside this, our Assessment Review has undertaken a comprehensive modular evaluation of the entire assessment framework, with a particular focus on aligning our assessment strategy with the Progress+ curriculum. This includes a renewed emphasis on workplace-based assessments and the development of entrustability metrics to better evidence trainee readiness for progression, from Core to Specialty training and ultimately to consultant roles.

Alongside this, we launched the Paediatric and Child Health Curriculum Framework for Advanced Clinical Practitioners in March 2025, a milestone that was celebrated in the Summer edition of Members’ magazine, Milestones . The framework provides a structured approach to supporting advanced practitioners and was further spotlighted at the Workforce Planning Board in May, where clinicians shared real-world examples of how it can help address workforce challenges and improve care delivery.

The review has made strong headway and is now entering its piloting phase, with completion expected by the end of 2026.

We also began consultation on new intercollegiate safeguarding standards, reflecting our commitment to collaborative, cross-sector approaches to child protection. These developments are part of our broader strategy to ensure that every paediatrician, whether in training or advanced practice, has access to high-quality, relevant and empowering educational frameworks that support their growth and the health of children and young people.

Expanding educational reach

RCPCH Learning continued its exciting journey of growth and innovation, expanding its reach and diversifying its educational offer to meet the evolving needs of paediatricians across the globe. With over 2,000 new account registrations added this year alone, the platform now supports more than 23,500 users since its launch in 2022, testament to its value and accessibility. From February 2025 onwards, over 12,700 active users have engaged with our content, reflecting the increasing global demand for high-quality, flexible learning. We’ve introduced new formats including bite-sized micro-lessons and on-demand theory exam preparation, designed to support learning on the go and cater to a wide range of professional development needs. Planning is also underway to transition our flagship Spotting the Sick Child resource to RCPCH Learning, with a dedicated Working Group now in place to guide this important move.

Alongside these developments, we’ve launched two new podcast series. Leading the Way , which explores leadership in paediatrics, and The Paeds Round, offering clinical insights and discussion. Looking ahead, we’re preparing to launch a new virtual National Grand Round Programme in September, further enriching our educational landscape. These initiatives reflect our commitment to providing accessible, engaging and impactful learning experiences that empower paediatricians at every stage of their careers.

Workforce and careers advocacy

We published new resources during 2024/25 including rostering guidance for postgraduate doctors in training, a consultant and SAS doctor job planning toolkit, and expanded our evidence library with member-led data contributions such as research into Physician Associates.

These tools are helping members navigate the complexities of workforce planning and career development. At the same time, we’ve maintained momentum across all levels of recruitment, national, subspecialty, consultant and international with near 100% fill rates for ST1, ST3 and subspecialty posts for 2025 entry. Our efforts have also focused on improving training support, with continued engagement across subspecialty committees, Tutors and Schools. Importantly, we’ve laid the groundwork for a full handover of the subspecialty recruitment process to PaedsNRO, ensuring a more streamlined and future-proofed approach.

Whether through policy, practical guidance or strategic reform, our commitment remains clear: to empower paediatricians with the tools, data and support they need to thrive in their roles and deliver the best possible care to children and young people.

RCPCH Annual Report and Financial Statements 2024/25

Goal Two

Shaping the future of health policy

We were proud to see our advocacy reflected in the Department of Health and Social Care’s 10-Year Health Plan for England. Children were positively referenced across multiple areas, from the expansion of family hubs to commitments on prevention, digital innovation (including the digital red book), and more. These wins were built on months of coordinated work across our policy, media and public affairs teams, amplifying member voices, elevating children and young people’s perspectives, and securing strong engagement with government officials.

Advocating for a smoke-free generation

We continued to lead the charge in protecting children and young people from the dangers of smoking and vaping. Our advocacy efforts reached a major milestone in October, when the UK Government announced a ban on disposable vapes from 1 June 2025. A landmark win for child health.

This followed our response to alarming data from Action on Smoking Health, which revealed that 18% of 11–17 year-olds had tried vaping, with widespread exposure to advertising and illegal sales. We called for urgent regulation, including flavour restrictions, plain packaging, and tighter controls on marketing. Our Vice President for Policy, Dr Mike McKean, was at the forefront of these calls.

But our work didn’t stop there. We brought together organisations representing over 850,000 health professionals through coalition efforts, urging Parliament to pass the Tobacco and Vapes Bill swiftly. We also highlighted the environmental toll of disposable vapes, with over five million discarded weekly.

This ban is a critical step, but we remain committed to pushing for comprehensive reform

to ensure every child grows up free from the harms of smoking and vaping. We will continue to advocate until that vision becomes reality.

Influencing legislation for children’s rights

We’ve contributed to the Children’s Wellbeing and Schools Bill in England, advocating for key issues including:

Equal Protection from physical punishment
• Free school meals
A Single Unique Identifier for children

Our member campaign to write to MPs generated significant momentum, with our amendment receiving the most support of any proposed changes to the Bill. While the government has yet to concede, we continue to influence the next stage as the Bill progresses through the House of Lords.

Devolved Nations: preparing for change

We’ve stepped up our engagement ahead of upcoming elections in Wales, Scotland and Northern Ireland.

Wales: We attended all major party conferences and launched our manifesto at the Senedd with cross-party support. Based on member feedback, our calls to action include empowering the workforce, digital and data transformation, and delivering equitable child health services.
Scotland: Following a member survey, we launched our new manifesto, spoke in support of child health at the SNP conference and are continuing cross-party engagement.
Northern Ireland: With the Assembly now restored, we’ve increased political engagement, provided evidence to the health scrutiny committee, and facilitated one-toone meetings with key parliamentarians on behalf of our membership.

Goal Three

Building a connected community for Quality Improvement (QI)

Introduced at our Annual Conference, RCPCH QI Community is a 12-month pilot hosted on the Hexitime time-banking platform designed to bring paediatricians together to collaborate, share expertise and strengthen quality improvement across child health. The online community offers members space to connect, exchange ideas and build skills in a flexible, peer-led environment. Early engagement has been promising, and we’re actively supporting members to explore the platform and make the most of its features.

This initiative reflects our commitment to fostering a culture of continuous improvement, where clinicians can learn from one another and drive change in their local settings. Alongside this, our Patient Safety e-bulletin continues to be published every two months, providing timely updates, tools and resources to help paediatricians deliver safe, high-quality care.

Digitising best practice in child protection

We took a significant step forward in safeguarding children and young people by digitising one of our most vital clinical resource, the Physical Signs of Child Sexual Abuse (Purple Book). Now live on the Child Protection Portal, this updated digital edition offers paediatricians and forensic clinicians streamlined access to best practice guidance for conducting examinations in cases of suspected child sexual abuse. The resource provides an evidence-based review of how to interpret physical signs, supporting clinicians in making informed, sensitive and accurate assessments.

This development reflects our ongoing commitment to child protection and our belief

that every child deserves to be seen, heard and safeguarded with the highest standards of care.

Supporting research skills for paediatricians in training

We hosted our Research Essentials Day for Paediatricians in Training, designed to demystify research and empower trainees to embed it meaningfully into their clinical careers. With over 150 delegates attending virtually, the day offered a rich and engaging programme that tackled both the practical and personal dimensions of research. Sessions ranged from “Networking for imposters” and “Personal experience with research” to “How to incorporate research into your clinical training” and “Understanding basic statistics used in research”. Each session was tailored to build confidence, spark curiosity and equip attendees with the tools to get started. By creating space for open discussion, peer learning and practical guidance, we are helping trainees interact with research as an integral part of their professional journey.

RCPCH Annual Report and Financial Statements 2024/25

Delivering high-impact national audits

We continued to deliver high-quality audits that inform and improve care for children and young people.

The National Paediatric Diabetes Audit (NPDA) published its 2023/24 Annual State of the Nation report, accompanied by benchmarking dashboards, unit-level reports, summary posters and data files.
The National Neonatal Audit Programme (NNAP) published key findings, extended analysis and national recommendations based on data collected in 2024.
The Epilepsy12 audit published its annual report, presenting the latest data on epilepsy care. The report highlights participation in the audit, community and neighbourhood provision, pathway strengthening, and support for mental health and wellbeing.

EPILEPSY12

National Clinical Audit of Seizures and Epilepsies for Children and Young People

Epilepsy12 2025 combined organisational and clinical audits:

Report for England and Wales

Clinical Cohort 6 – The first year of care for children and young people following a first paediatric assessment undertaken between 1 December 2022 and 30 November 2023

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RCPCH
Paediatrics and Child HealthRoyal College of
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Celebrating ten years of children, young people and families shaping the work of the College

RCPCH &Us marked a special milestone, celebrating ten years of children, young people and families shaping the work of the College. The anniversary launched at Conference in March with a vibrant stand capturing child health wishes for the next decade and sharing reflections drawn from the Voice Bank and past projects. Through presentations and conversations, children and young people encouraged delegates to reflect on their own practice and how to embed meaningful engagement on topics such as transition, eco distress, integrated care and children’s rights.

The celebrations included a showcase attended by our Royal Patron, HRH Princess Anne and will continue through to the 2026 Conference, offering a year-long opportunity to spotlight the right of children and young people to be heard and to access the best possible healthcare. RCPCH &Us projects have continued to shape College workstreams, with young people contributing to national audits, producing new resources on epilepsy and respiratory care, and finalising their input into the Air Pollution Companion.

Children and young people have shared their views on postgraduate training, the NHS 10Year Plan, and community child health services, culminating in the publication of “The Voice of the Nation” a powerful summary of insights from across the four nations, reinforcing the importance of listening to and acting on what matters most to children and young people.

Goal Four

Expanding access to clinical exams and RCPCH Learning

We delivered our first ever MRCPCH Clinical examinations in Qatar and Sri Lanka during 2025 and a new centre in Pune, India was confirmed for October 2025. We are actively exploring the establishment of a centre in Karachi, Pakistan to further extend our global footprint.

Alongside this, RCPCH Learning continues to deliver high quality paediatric development, with over 23,500 registrations since launch in June 2022. More than 12,700 active users from across the globe have accessed our resources, reflecting growing trust in our platform and the value it delivers. We are now focused on increasing accessibility for international members, including expanding our On Demand exam preparation and digital learning formats.

In recognition of academic achievement, we introduced the Theory Diploma of Royal College of Paediatrics and Child Health (TDRCPCH) for candidates who successfully complete all three theory exams which is a meaningful marker of progress.

These developments reflect our continued ambition to support paediatricians globally and ensure that excellence in child health education is accessible, inclusive and future-ready.

Delivering impact

Despite a challenging global health finance landscape, RCPCH Global team has maintained strong partnerships and continued to deliver highimpact programmes:

Rwanda: We’re working at national scale with the Ministry of Health and Rwanda Biomedical Center to shape policies, standards and care delivery for mothers, newborns and children. Our work spans four districts, supporting secondary hospitals and primary care, with a focus on neonatal care and post-

discharge follow-up for newborns at risk of developmental delay.

Gaza: Through our long-term UK NGO partner Medical Aid for Palestine , and with support from UNICEF OPTI , we’re remotely supporting facility-based newborn care in two independent hospitals in northern Gaza.
• Lebanon: We continue to provide humanitarian support to Palestinian refugee camp communities, especially in child disability care, at a time when resources for major actors like UNRWA are being reduced.
• Myanmar: We continue to support Ethnic Health Organisation partners in eastern Myanmar, primarily remotely.
Nepal: We remain in active partnership with the Nepal Paediatric Society , Paediatric Nurses Association of Nepal and UNICEF Nepal .
Nigeria: Our early child development programme in Osun State is nearing the end of its current UKAid grant. However, the model has been presented at federal level and we’ve supported the development of new state-level policy on early child development.
Sierra Leone: We’re supporting the newly formed Paediatric Association of Sierra
Leone (PASL) . Together, we’ve co-developed a national paediatric strategic plan, and supported their first Annual General Scientific Meeting.

RCPCH Global programme - Nigeria

RCPCH Annual Report and Financial Statements 2024/25

Enablers

Our Strategic Goals are supported by Enablers that enable efficiencies to improve our membership experience and our offer for members with College roles.

Creating a more accessible digital experience

We’ve embarked on a major website development project to ensure members and priority users can access the content they need more easily.

Our aim is to create a digital space that is intuitive, responsive and tailored to being a member-focused digital platform .

We’re currently finalising a new information architecture that will streamline navigation and make it easier for you to find the content that matters most. From August 2025, we've been undertaking in-depth research to better understand how our audiences interact with the site, exploring online behaviours, content preferences and communication needs.

This insight will shape the next phase of development, ensuring the new platform reflects the expectations of our members and delivers a seamless, user-centred experience. Whether accessing learning resources, exploring College roles or staying informed on policy and advocacy, our redesigned website will be a vital tool in helping members connect, contribute and thrive.

Bringing the College to you: regional paediatrics visits

Our recent member survey made it clear that members want a stronger regional presence from the College, one that reflects the realities of their local practice and fosters meaningful engagement. In response, we launched our Regional Paediatrics Visits programme, beginning with a visit to Blackpool Victoria

Hospital. The impact of this first visit was immediate and powerful. Blackpool has since actively engaged with several College initiatives, including participating in our Child Poverty Action Group survey, sharing an innovative AI workaround to support the Child Protection Companion, signing up to the Visiting Fellows Programme, and agreeing to be a case study for our Facing the Future project.

These outcomes demonstrate the value of

face-to-face engagement and the potential for regional visits to spark collaboration, innovation and deeper connection with our members. Based on the success and insights gained, we have now formalised a national plan to support ongoing regional engagement across the UK, ensuring our members feel seen, supported and empowered, wherever they work.

Strengthening connections through the Area Officer Programme

Our Area Officer programme continues to grow, helping build stronger two-way communication between members and their regional representatives. We have introduced a new Contact Us webpage, making it easier than ever for members to reach out directly to their Area Officer for support, guidance or collaboration.

We also launched a dedicated North of

England page, showcasing regional news, updates and events such as the Great North Conference, a vibrant proof of concept that we plan to expand across all five English regions. These developments reflect our commitment to making regional engagement more visible, accessible and meaningful. To further enhance our communications, we can tailor our content to ensure that members receive information that speaks directly to their local context, helping them feel more connected to the College and empowered in their roles. As we continue to grow the programme, our focus remains on strengthening relationships, amplifying regional voices and ensuring that every member, wherever they are, feels supported and heard.

Creating a clear path to get involved

Following a review of how members engage with

the College, supported by National Council for Voluntary Organisations (NCVO) we’re excited to be developing a new Get Involved Hub , a dedicated space on our website showcasing the full spectrum of volunteering opportunities.

You will be able to find this under the About Us section of our RCPCH website helping members to explore the benefits of volunteering, how you can contribute and what you’ll gain in return. Alongside this we’ve finalised the framework for ‘Our Offer to You’, a new resource designed to support and inspire members with College roles. Structured around three key areas: Why volunteer , What’s on offer , and What existing volunteers say and how to get involved , we’re actively consulting with members to shape the final version, ensuring it reflects the real experiences and aspirations of our volunteer community.

KPIs

Performance is monitored and evaluated throughout the year using a defined set of Key Performance Indicators (KPIs). These KPIs are designed to provide a balanced and comprehensive view of operational, financial, and strategic performance. Regular review of KPI data enables the identification of trends, supports informed decision-making, and ensures alignment with the College’s objectives. Where appropriate, corrective actions are implemented to address areas of under performance and to drive continuous improvement.

What to expect 2025/26

Our commitment to education and professional development will see the accelerated expansion of RCPCH Learning, with growth of virtual On Demand exam resources, the launch of a national Grand Round programme to enhance Learning Together, and a monthly leadership podcast series, Leading the Way. We’re also developing the next phase of our flagship Spotting the Sick Child programme in-house, bringing vital learning to life in new and accessible formats.

In workforce and careers, we will build on our core strategic aims to support and advocate for paediatricians at every stage. This includes deep dives into later careers and community child health, national guidance on person specifications and flexible working, a review of international recruitment programmes, and the next phase of Thrive Paediatrics. This work will be badged as Choose. Join. Thrive. Our assessment review will reach a pivotal moment, with recommendations for exams, START and workplace-based assessments shared, piloted and discussed with regulators, global partners and, most importantly, our members.

RCPCH Annual Report and Financial Statements 2024/25

RCPCH Annual Report and Financial Statements 2024/25

In year we will release a refreshed State of Child Health report, building on our landmark 2020 publication, and update our Facing the Future standard, covering standards for acute general paediatrics, standards for children with ongoing health needs and emergency care standards. Alongside this, we’ll deliver a comprehensive framework for ‘Making decisions to limit treatment in life-limiting and life-threatening conditions in children (DtLT)’ and updated clinical guidelines.

As a College we will continue to listen and proactively engage with government, not only to push forward our campaigns on vaping, vaccinations, community waiting times and equal protection but to understand how the NHS will develop and how we keep child health at the centre of decision making.

Our quality improvement work will continue through our newly established QI Community and through our Invited Reviews Programme. We will deliver a range of researcher engagement events to ensure research preparedness amongst paediatricians and partner with the National Institute for Health Research (NIHR) patient safety research collaboratives (SafetyNet) to develop future priorities in paediatric patient safety improvement and research.

During spring 2026 we will be launching our next Membership Survey to hear directly from members, and non-members to help us improve how we communicate with you and inform our strategic priorities.

2025/26 will see the cumulation of work with members to create a digital skills catalogue, where members can access case studies and signposting to digital solutions that will impact their day to day. Separately to this we will run our inaugural conference dedicated to advancing child health technology exploring how digital innovation is transforming paediatric care.

Globally, we’ll work to sustain and grow our grant-funded programmes in our strategic partner countries and continue to support institutional development across paediatric organisations. We will deliver exams internationally and further open access to our online Learning for international members. Trustees will undertake a process to recruit a new Chief Executive during the year, Ian Parrett will serve as interim CEO following Rob Okunnu’s departure in December 2025. Recruitment for a new Chair will commence during 2026 as Joanne Shaw completes her term of office in November 2026.

RCPCH shares its 30th birthday with the tenth birthday of RCPCH &Us and this year’s Conference will bring both celebrations together with the first ever children and young people’s conference, taking place within our RCPCH Conference 2026.

Financial review

Introduction by Alison Steele, Treasurer

2024/25 was a financially challenging year for the College. Although inflation began to ease, the cumulative pressure of rising salary costs, supplier prices and the growing investment needed to maintain our digital systems and organisational infrastructure continued to weigh on our finances. Throughout, the Trustees have remained focused on keeping the College on a sustainable footing – so that we can go on delivering the services members rely on and advancing our purpose of improving the health of children and young people.

We had anticipated a budget deficit for 2024/25 but after updates showed that this deficit was going to increase, the Trustees responded with a programme of measures to strengthen our financial position. This included tighter expenditure controls, clearer prioritisation of activity and actions to reduce the underlying cost base – while protecting the College’s core charitable work. Our objective is to ensure sustainability so the College can continue to provide high-quality services for members and invest in the systems and capability needed to deliver them.

We are acutely aware of the financial pressures many members face, particularly those in training. Managing the College's finances carefully is how we protect its long-term future and ensure that membership continues to represent genuine value – for paediatricians at every stage of their careers.

My focus as Treasurer is to ensure the College is on a secure and sustainable financial footing. The sections that follow set out how we performed in 2024/25 and the steps we are taking to strengthen our position.

Financial performance overview

The Group’s financial performance for the year is set out in the Statement of Financial Activities (page 43), the Balance Sheet (page 44) and the Statement of Cash Flows (page 45). These statements present the consolidated results of the College and its wholly owned trading subsidiary, British Paediatric Services Limited (BPSL). The College’s 50% interest in RCPCH Publications Limited is accounted for as an associate undertaking; further detail on both entities is provided in the Subsidiary and associate undertakings section of this review.

Total income for the year was £21.6m (2023/24: £21.4m), broadly in line with the prior year. Membership income grew to £7.1m (2023/24: £6.6m), while education, training and assessment was £8.3m (2023/24: £8.7m). Donations and legacies rose significantly to £1.2m (2023/24: £0.5m), reflecting a substantial legacy receipt during the year. The remaining £5.0m (2023/24: £5.6m) comprised events and partnerships, research and audit programmes, other trading activities and smaller income streams, each discussed in the Income section below.

RCPCH Annual Report and Financial Statements 2024/25

The chart below shows how income was spread across the College's main activities in 2024/25:

Total expenditure increased to £22.7m (2023/24: £20.8m), driven primarily by higher staff costs and increased support costs, particularly in relation to IT and digital infrastructure. The combination of broadly flat income and rising costs resulted in a net deficit of £1.0m for the year before investment gains (2023/24: surplus of £0.7m) – a swing of £1.7m compared with the prior year.

The table below summarises the Group’s operating performance by fund, together with a reconciliation to the reported deficit. The overall deficit arose primarily within general funds. Designated funds recorded a surplus, largely due to a significant legacy to support future charitable activity which the Trustees have designated to support research into child health and diseases affecting children.

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Restricted &
General Designated Endowment 2024/25 2023/24
Funds Funds Funds Total Total
£'000 £'000 £'000 £'000 £'000
Total income 18,374 1,307 1,947 21,628 21,435
Operating expenditure† (19,398) (211) (2,501) (22,110) (20,121)
Operating surplus/(deficit)‡ (1,024) 1,096 (554) (482) 1,314
- -
Depreciation and amortisation (495) (495) (545)
- -
Mortgage interest (68) (68) (84)
Transfers between funds (70) - 70 - -
Net income/(expenditure)
(1,657) 1,096 (484) (1,045) 685
before investment gains
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† Excludes depreciation, amortisation, and mortgage interest, which are shown separately below

‡ Represents the underlying operating position before non-cash charges and financing costs . Figures in £'000. Figures may be subject to minor rounding differences.

Income

Total income was £21.6m (2023/24: £21.4m), broadly stable year-on-year. While the overall figure was similar to the prior year, the mix of income shifted. Membership income grew strongly, reflecting continued growth in the College's membership base, and donations and legacies were significantly higher following a substantial legacy receipt during the year. These increases offset a reduction in global child health programme income – reflecting the completion or winding down of externally funded projects – and a small reduction in education, training and assessment income, which reflects expected annual fluctuations in examination activity rather than any decline in demand.

Of the total, £1.9m (2023/24: £2.9m) was restricted income – funds received from external funders for specific purposes, which the College is obliged to spend in accordance with the funder's directions. The reduction compared with the prior year reflects the completion of a number of restricted programmes.

----- Start of picture text -----
Donations and
legacies Other
Research, audit
and quality 3%
improvement 6%
Education,
Other trading 6% training and
activities assessment
6%
38%
Events and
8%
partnerships
33%
Membership
----- End of picture text -----

Figure 1: Income by source, year ended 31 August 2025

'Other income' comprises international programme grants (£463k) and investment income (£255k).

The table below sets out each income stream, with a comparison against the prior year.

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£'000 2024/25 2023/24 Change £ Change %
Education, training and assessment 8,335 8,731 (396) -5%
Membership 7,068 6,598 470 7%
Events and partnerships 1,680 1,588 92 6%
Other trading activities 1,311 1,200 111 9%
Research, audit and quality
1,305 1,415 (110) -8%
improvement
Donations and legacies 1,211 491 720 147%
Global child health programmes 463 1,128 (665) -59%
Investment income 255 284 (29) -10%
Total income 21,628 21,435 193 1%
----- End of picture text -----*

* Reflects a significant one-off legacy receipt; see income narrative below.

** Reflects the completion or phasing of externally funded projects; see income narrative below.

Figures are presented in £’000 and rounded to the nearest whole thousand. Totals may not sum due to rounding. Percentage variances are based on unrounded figures.

RCPCH Annual Report and Financial Statements 2024/25

Education, training and assessment

Income totalled £8.3m (2023/24: £8.7m). Examination and assessment fees grew to £7.0m (2023/24: £6.9m), reflecting continued demand for the College's examination programmes. Clinical assessment candidate numbers were 2,263 (2023/24: 2,375), and theory and standards examinations – comprising the Foundation of Practice, Theory and Science, and Applied Knowledge in Practice papers – were taken by 8,040 candidates (2023/24: 8,313), a 3.3% reduction in line with expected annual fluctuations. The overall reduction in income reflects lower income from other educational events (£519k vs £829k), which varies year-on-year with the timing and mix of training activity, and a fall in education grants following the completion of funded programmes.

Membership

Membership income increased to £7.1m (2023/24: £6.6m), driven by growth in membership subscriptions (£6.8m vs £6.3m). Total membership grew to 24,612 at 31 August 2025 (2023/24: 23,461), continuing a steady upward trend that has seen the College add over 1,000 members per year on average since 2022/23. Subscription income also reflects a fee increase of 3.5% in 2025 (2024: 6%), with trainee membership fees frozen in 2024/25. Membership income funds work across the College’s core activities, including essential work on policy, advocacy and professional standards.

(2023/24: £263k), and other research income to £54k (2023/24: £120k), reflecting the timing and completion of specific funded projects.

Global child health programmes

Income totalled £0.5m (2023/24: £1.1m). The reduction primarily reflects the completion or phasing of a number of significant international programme grants, alongside a broader contraction in international aid funding affecting many organisations working in global health. The College remains fully committed to its international work and continues to develop partnerships and funding opportunities to support paediatric services in lower-income countries. All this income is received from external funders for specific programmes and must be spent in accordance with their terms.

Other trading activities

Income from other trading activities totalled £1.3m (2023/24: £1.2m), arising from a range of commercial activities undertaken by the College and BPSL. The largest components are room hire and recharge income (£323k), service agreement income (£296k) and digital products and consultancy income (£271k), the last of which grew significantly year-on-year reflecting increased demand for the College's digital expertise and products.

Events and partnerships

Investment income

Income totalled £1.7m (2023/24: £1.6m). Publishing partnership income – primarily the College's arrangements with BMJ for Archives of Disease in Childhood and BMJ Paediatrics Open – grew to £1.0m (2023/24: £0.9m). Conference and event income was £464k (2023/24: £569k). The annual RCPCH Conference was held at the SEC Glasgow, attracting 2,106 delegates (2023/24: 2,324 at the ICC Birmingham). The lower attendance likely reflects Glasgow's location compared with Birmingham, whose more central position makes it particularly accessible for single-day attendance. Grants and partnership funding contributed £211k (2023/24: £161k).

Donations and legacies

Income totalled £1.2m (2023/24: £0.5m), more than double the prior year. The principal components were a legacy of £1.1m from the estate of Gordon Denney, an Honorary Fellow and longstanding supporter of paediatric research; a donation of £92k from RCPCH Publications Limited, representing 50% of its distributable profits; and a donation of £25k from the Haramead Trust. The Trustees have designated the unrestricted Denney legacy funds to support future research into child health and diseases affecting children. The prior year included a further £400k from the Denney estate, of which £350k was designated by the Trustees and £50k was restricted for the National Reye's Syndrome Foundation.

The College does not undertake fundraising through third-party organisations, and no fundraising complaints were received during the year. All offers of external funding are reviewed under the College’s Policy for Accepting Donations and Funding before acceptance.

Research, audit and quality improvement

Income totalled £1.3m (2023/24: £1.4m). The largest component is audit and quality improvement programme income, which was broadly stable year-on-year (£1,048k vs £1,032k), reflecting the College's established national audit programmes. Research programme income fell to £203k

Investment income totalled £255k (2023/24: £284k) – a modest reduction compared with the prior year reflecting lower average cash balances held during the year and lower interest rates.

Subsidiary and associate undertakings

BPSL reported a net profit of £646k (2023/24: £596k). Its results are consolidated within the Group's financial statements, and its profits will be transferred to the College under Gift Aid in 2025/26.

The College holds a 50% interest in RCPCH Publications Limited, which participates in the British National Formulary for Children (BNFC) and is accounted for as an associate undertaking. The company reported a net profit of £184k (2023/24: £180k), of which £92k was donated to RCPCH under Gift Aid.

Expenditure

Total expenditure for the year was £22.7m (2023/24: £20.8m), an increase of £1.9m or 9%. The table below sets out expenditure by cost type and activity, and the narrative that follows explains the key movements.

Staff are the College's largest cost, accounting for around 54% of total expenditure (2023/24: 53%). Staff costs rose to £12.3m (2023/24: £10.9m), reflecting pay increases, the full-year impact of more senior roles recruited towards the end of 2023/24, and broader growth in headcount. The increase in Employer National Insurance contributions from April 2025 added further pressure. The year also included £388k of redundancy costs (2023/24: £43k) arising from organisational changes initiated during the year.

RCPCH Annual Report and Financial Statements 2024/25

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£’000 2024/25 2023/24 Change £ Change %
Staff costs 12,261 10,894 1,367 13%
Non-staff costs:
Education, training and assessment 2,937 2,849 88 3%
Policy, advocacy and professional
788 589 199 34%
standards
Research, audit and quality improvement 770 886 (116) -13%
Global child health programmes 789 963 (174) -18%
Events and partnerships 705 658 47 7%
Membership 499 492 7 1%
Raising funds 237 208 29 14%
Other non-staff costs and overheads 3,124 2,582 542 21%
Total excl. depreciation and interest 22,110 20,121 1,989 10%
Depreciation and amortisation 495 545 (50) -9%
Mortgage interest 68 84 (16) -19%
Total expenditure 22,673 20,750 1,923 9%
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The way expenditure is analysed by activity has been updated this year to better reflect how the College now operates. Prior year figures have been reclassified accordingly. Total expenditure for 2023/24 is unchanged.

organisations contributing to standards development and policy work, and temporary staff (agency and contractor costs) costs (£214k). The remaining costs cover the production and distribution of the College's Milestones magazine and other professional guidance sent to members (£118k), together with wider media and digital content supporting the College's policy and advocacy work (£58k).

Research, audit and quality improvement – £0.8m (2023/24: £0.9m)

The College's research, audit and quality improvement work is delivered in partnership with NHS organisations, clinicians and specialist bodies. Consultancy fees (£395k) represent the largest cost element, comprising fees paid to NHS trusts and individual clinicians to deliver and participate in national clinical audit and quality improvement programmes, together with costs relating to the development and maintenance of the College's digital clinical tools – including the National Paediatric Diabetes Audit (NPDA), Epilepsy12 and the RCPCH Growth Charts. These programmes continue to provide an important resource for clinicians working to improve outcomes for children and young people. The reduction of £116k (13%) compared with the prior year reflects the timing of programme activity across financial years.

Global child health programmes – £0.8m (2023/24: £1.0m)

The College's global child health work supports the development of paediatric services and workforce capacity in lower-income countries. The principal costs are consultancy fees (£395k), reflecting payments to specialist organisations and individuals delivering programme activity, and grant payments (£210k) made to partner organisations. Meeting fees and expenses (£106k) include the costs of bringing together clinical and programme staff across geographies.

Events and partnerships – £0.7m (2023/24: £0.7m)

Members often ask for more detail about the College's non-staff expenditure, and the sections below aim to provide that. They set out the main costs within each area of the College's non-staff expenditure – the costs directly associated with delivering each programme or service.

Education, training and assessment – £2.9m (2023/24: £2.8m)

The non-staff costs of education, training and assessment are dominated by the costs of running the College's examination programmes. The largest elements are theory examination seat fees (£846k), the costs of running clinical examination centres (£823k), and meeting fees and expenses relating to examiner and assessor involvement (£428k). IT and systems costs (£359k) reflect the platforms used to deliver and administer examinations and finance processing costs (£210k) relate to the handling of candidate fees.

Policy, advocacy and professional standards – £0.8m (2023/24: £0.6m)

Costs in this area increased by £199k (34%), reflecting the scale and ambition of the College's work in developing clinical guidance, supporting the profession and influencing policy on behalf of children and young people. The largest cost elements are consultancy fees (£259k), paid to specialists and

The dominant cost in this area is venue hire and events costs (£654k), reflecting the non-staff costs of staging the annual RCPCH Conference and other member events. Meeting fees and expenses (£56k) cover speaker and related costs. The 7% increase of £47k reflects higher venue and event costs, consistent with broader inflationary pressures in the events sector.

Membership – £0.5m (2023/24: £0.5m)

The largest cost in this area is the provision of Archives of Disease in Childhood (ADC) (£391k), one of the world's leading paediatric journals, which is included as part of membership. All members have access to the online editions, covering child health and disease from the perinatal period to adolescence, including its Education and Practice and Fetal and Neonatal editions. Finance processing costs (£50k) relate to the handling of membership subscriptions. Costs were broadly stable year-on-year, reflecting the relatively fixed nature of these commitments.

Raising funds – £0.2m (2023/24: £0.2m)

These costs represent the trading costs incurred by BPSL in generating commercial income for the

RCPCH Annual Report and Financial Statements 2024/25

College. The principal cost is the commercial exhibition at the annual RCPCH Conference (£129k), which provides an important platform for industry engagement. It also includes consultancy fees (£66k) relating to the delivery of digital products and consultancy services.

Specific details of the designated funds and restricted reserves can be found in Note 23 to the financial statements.

Reserves position at 31 August 2025

Other non-staff costs and overheads – £3.1m (2023/24: £2.6m)

Other non-staff costs and overheads cover IT and digital, finance, premises, HR and other central functions, and increased by £542k (21%). The primary driver was IT and digital spend, which rose from £637k to £1.1m.

Much of this increase relates to two significant one-off projects. The first is the replacement of the College's core database – which holds membership records, examination bookings and results – with a modern platform built on Microsoft Dynamics, made necessary as the existing system nears end of supplier support. The second is the introduction of the Help Centre, a new platform for handling member enquiries designed to make it easier and faster for members to get the help they need. Software licensing costs also increased, from £153k to £230k, reflecting the growing range of digital tools used across the College.

Overall, expenditure grew significantly faster than income during the year, producing the deficit reported for 2024/25. The measures approved by Trustees to address this are described in the Looking Ahead section.

Reserves

Reserves policy

The College holds reserves as part of the Trustees’ responsibility to ensure the charity’s ongoing financial resilience and ability to deliver its charitable objectives. In line with Charity Commission guidance (CC19), reserves provide a financial buffer against uncertainty, enabling the College to continue its activities if income falls unexpectedly, to manage unplanned costs, and to respond to risks as they arise.

Maintaining an appropriate level of reserves also supports longer-term planning, allowing the College to invest in improvements to services, systems and infrastructure without undue reliance on short-term income or sudden increases in member fees.

The Trustees adopted a revised reserves policy in July 2025. Free reserves are defined as unrestricted general funds, less the net book value of fixed assets used in the College's operations, with an adjustment for long-term borrowing. This reflects the fact that fixed assets cannot readily be converted into cash to meet short-term needs.

The policy sets a target range of three to twelve months' operating expenditure, with an absolute minimum of two months' expenditure, equivalent to £3.0m based on planned 2025/26 operating costs of approximately £18m following restructuring. Reserves are monitored quarterly by the Audit, Finance and Risk Committee and reviewed annually by the Board of Trustees.

At 31 August 2025, total group funds were £22.4m (2024: £23.4m). Of this, £2.0m (2024: £2.4m) was held in restricted and endowment funds and £1.5m (2024: £0.4m) had been designated by the Trustees for specific purposes, leaving £18.9m (2024: £20.5m) in general unrestricted funds. In line with the College’s reserves policy, free reserves exclude fixed assets and include an adjustment for the mortgage loan. On this basis, free reserves were £3.6m (2024: £4.9m), as shown below:

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2025 2024
£'000 £'000
Total group funds 22,392 23,424
Less: restricted and endowment funds (1,973) (2,457)
Less: designated funds (1,521) (425)
General unrestricted funds 18,898 20,542
Less: tangible and intangible fixed assets (16,518) (16,937)
Add: mortgage loan 1,196 1,328
Free reserves 3,576 4,933
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Restricted and endowment funds represent income received for specific purposes defined by funders or donors and are not available for general use. Designated funds are amounts set aside by Trustees for specific purposes; they remain unrestricted but are not available for general use. Fixed assets are excluded as they cannot readily be converted to cash. The mortgage loan is added back as it represents financing of fixed assets included in the deduction above.

The table below shows the assets and liabilities in which free reserves are held:

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Restricted &
Free Designated endowment 2024/25
reserves funds funds Total
£'000 £'000 £'000 £'000
Investments 2,595 - - 2,595
Debtors 2,837 - - 2,837
Cash at bank and in hand 3,882 1,521 1,973 7,376
Creditors: amounts falling due within - -
(5,738) (5,738)
one year
Total 3,576 1,521 1,973 7,070
----- End of picture text -----

RCPCH Annual Report and Financial Statements 2024/25

Movement in free reserves

The table below shows the movement during the year in free reserves, together with designated funds and restricted and endowment funds. It is included to explain the College’s reserves position and does not represent total group funds, which were £23.4m at the start of the year and £22.4m at 31 August 2025.

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Restricted &
Free Designated endowment 2024/25
£'000 reserves funds funds Total
Operating surplus/(deficit) before
(1,024) 1,096 (554) (482)
depreciation and interest
- -
Purchase of tangible fixed assets (76) (76)
- -
Loan repayment (200) (200)
Investment gains 13 - - 13
Transfers between funds (70) - 70 -
Movement in funds (1,357) 1,096 (484) (745)
Balance brought forward 4,933 425 2,457 7,815
Balance carried forward 3,576 1,521 1,973 7,070
----- End of picture text -----

Free reserves of £3.6m are above the absolute minimum threshold of £3.0m, but below the target range of three to twelve months’ operating expenditure.

The reduction of £1.4m compared with the prior year reflects the deficit recorded in 2024/25. The Trustees are committed to rebuilding reserves to a level they consider more appropriate; the steps being taken are described in the Looking Ahead section.

Liquidity

At 31 August 2025, the Group held cash of £7.4m (2024: £8.2m) and investments of £2.6m (2024: £2.5m). Under the reserves policy, the Trustees expect cash and short-term investments to remain sufficient to cover obligations under restricted and designated funds together with at least one month's operating expenditure – a combined minimum of approximately £5.0m at current levels. Cash holdings at the year-end remained comfortably above this threshold.

Investments and cash management

The College’s investment and treasury arrangements are designed to safeguard capital, maintain liquidity and generate sustainable returns. Trustees review investment policy and performance regularly, with oversight delegated to the Audit, Finance & Risk Committee.

Investment policy

The College’s investment policy aims to balance financial return with environmental, social and governance (ESG) considerations. Over the long term, the objective is for the portfolio to grow by more than inflation, with a target return of the Consumer Prices Index (CPI) plus 3% a year over rolling five-year periods.

Performance is measured against the ARC Charity GBP Steady Growth Index, a widely used benchmark for charities investing in a balanced portfolio of assets such as equities and bonds. The benchmark reflects a moderate level of investment risk and provides a useful comparison for assessing whether the College’s investments are delivering appropriate returns over time.

The policy excludes direct investment in companies that are wholly involved in or derive a significant proportion of their income (typically 5% or more) from areas that the Trustees consider inconsistent with the College’s values. These include tobacco, alcohol, gambling, energy drinks, adult entertainment, child labour, formula milk, weapons, fossil fuels and oppressive regimes. Trustees recognise that applying these exclusions requires ongoing monitoring, particularly where investments are held through pooled funds.

Investment portfolio and performance

At 31 August 2025, the College’s investment portfolio was valued at £2.6m (2024: £2.5m) and was managed by LGT Wealth Management under an agreed investment mandate. The mandate includes limits on the proportion that can be invested in different asset classes, helping to maintain a balanced approach to risk.

For the year ended 31 August 2025, the portfolio delivered a total return of 2.5% against its benchmark of 5.8% (2023/24: 14.7% against 11.9%). Performance was below benchmark in 2024/25, following a year of outperformance in 2023/24. Trustees are monitoring performance closely over the longer term.

Banking and cash management

The College manages its day-to-day cash separately from its long-term investments. Its main banking provider is the Royal Bank of Scotland, part of NatWest Group. This was chosen for its reliability, value for money and broad alignment with the College's approach to responsible business.

Trustees also consider environmental and ethical factors when reviewing banking arrangements. NatWest has made commitments on areas including net zero, the financing of controversial weapons, and fossil fuel lending. Trustees consider these to be broadly in line with the College's values, while acknowledging that the activities of any large commercial bank are complex and need to be kept under review.

Cash not required for immediate use is held in a liquidity fund with Aberdeen Investments, helping to ensure funds remain accessible while avoiding over-reliance on a single institution.

RCPCH Annual Report and Financial Statements 2024/25

Going concern

In accordance with the Charities SORP (FRS 102), the Trustees are required to consider whether the College can continue operating for at least the next twelve months from the date these financial statements are approved. In making their assessment, they reviewed the College’s financial position, its budget and cash flow forecasts, and its financial plan to 31 August 2027. They also considered the main risks facing the College and the steps being taken to manage them.

In reaching their conclusion, the Trustees took account of the College’s strong core income from membership, examinations and training, its cash position and available liquidity, and the savings expected from organisational changes approved during 2024/25. These changes are reflected in the College’s financial plan, which shows a return to a more sustainable financial position over time.

On this basis, the Trustees have concluded that the College can continue to operate and meet its obligations as they fall due. The financial statements have therefore been prepared on a going concern basis.

Looking ahead

Tightening expenditure controls: tighter controls are being applied across staffing and running costs, and investment in digital systems and technology is being more carefully targeted to ensure it delivers clear value. The College is also improving how it understands income and costs across different areas of work, so it is clearer which activities cover their costs, which are supported by membership income, and where changes are needed to improve sustainability.
Growing and diversifying income: the College is continuing to develop existing income streams while also exploring new opportunities to make better use of its expertise and assets, reducing reliance on any one source of income.

The aim is not only to address the current deficit but to rebuild reserves to a level that supports confident planning and investment in the College’s future. Work to modernise systems and improve services will continue, but with a clear focus on affordability, prioritisation and value for money.

The Trustees consider that, through careful financial management and continued focus on what members need most, the College is well placed to navigate this period and remain focused on its purpose: improving the health and wellbeing of children and young people.

Expenditure in 2024/25 exceeded income by more than had been planned, leading to a deficit for the year and reducing the College’s free reserves. Although reserves remain above the minimum level set by the Trustees, they are below the target range. The Trustees have therefore acted promptly to strengthen the College’s financial position and rebuild reserves over time, while protecting the services that matter most to members.

The College's core income from membership, examinations and training remains stable, and membership continues to grow. The measures now being taken are intended to bring costs back into line with income and support a return to a more sustainable reserves position.

At the time of writing, the external environment remains uncertain. Ongoing geopolitical tensions, including conflict in the Middle East, have contributed to volatility in financial markets and may add to inflationary pressure. For the College, this means there is a risk that costs could continue to rise faster than income in some areas. The Trustees are keeping this position under close review. The College will continue to respond carefully to changes in the wider environment, while seeking to protect the services that matter most to members.

The Trustees' immediate priority is to bring costs in line with income. The main steps are:

Restructuring the organisation: the College approved a staffing restructure during 2024/25, with most changes implemented shortly after the year end. Around 20 roles were discontinued, with any related redundancy and restructuring costs included in the 2024/25 results. Headcount increased during 2024/25 before reducing after the restructure and is expected to settle at around 180 FTE in 2025/26, down from around 200 in 2024/25. Most of the ongoing savings from these changes will come through from 2025/26 onwards.

RCPCH Annual Report and Financial Statements 2024/25

RCPCH Annual Report and Financial Statements 2024/25

Environmental, Social and Governance Review

recycling providers, achieving a 40% reduction in landfill waste.

Our environmental impact

Energy Optimisation: Deploying new building management system to manage our resources and effectively cutting energy use by 18%.

Sustainability journey and facilities achievements

Green Spaces: Enhancing biodiversity through sustainable green roofs.

Our environmental sustainability journey with the Investors in the Environment (IIE) framework was transformative. From the outset, our goal was clear: embed sustainable practices into every facet of facilities management while aligning with organisational values and environmental commitments including achieving net zero by 2040.

Our energy saving efforts have earned us bronzelevel accreditation from IIE. Sustainability remains a key focus as we continue making improvements to our facilities. Although the College has pledged to reach net zero emissions by 2040 and has taken some sustainability actions, a formal plan for achieving this commitment is to be developed.

We began by conducting a comprehensive baseline assessment, identifying key areas for improvement such as energy efficiency, waste reduction, and water conservation. Through structured action plans, we implemented measurable changes; switching to LED lighting, optimising heating and cooling systems, and introducing smart metering to monitor consumption. These initiatives have resulted in a significant reduction in carbon footprint and improved compliance with sustainability standards.

Supporting our people

Fostering a Safe, Inclusive and Empowering Culture

We’re proud to be building a College where everyone feels safe, included and inspired to do their best work. Our culture is rooted in care, respect and continuous growth, values reflected in our new Values and Behaviours Framework, which sets clear expectations for how we work together and support one another.

The facilities team has been at the heart of this progress. Over the last 3 years we have delivered projects that go beyond compliance to create meaningful impact. Highlights include:

We continue to embed equality, diversity and inclusion across all that we do. Enhanced safeguarding awareness ensures colleagues are equipped to protect one another and those we serve. We’ve introduced neurodiversity toolkits for both managers and staff, strengthening our commitment to a neuroinclusive culture that celebrates individual differences as a source of innovation and creativity.

IIE Bronze accreditation: achieved through establishment of an environmental management system and Environmental Policy
Waste Management Overhaul: Introducing segregation systems and partnering with

In alignment with the Workers Protection Act 2023, we’ve also refreshed our Bullying and Harassment Policy, emphasising the freedom to speak up and proactive steps to prevent and address any form of harassment. This ensures that every voice can be heard safely and respectfully.

Investing in Our People

Our Silver Investors in People accreditation recognises the College as a place where people are developed, supported and valued. We’ve built on this further by placing an increased emphasis on effective and accessible internal communications, which includes the introduction of a core briefing mechanism that connects the College Strategic Plan directly to team and individual objectives, strengthening line of sight and shared purpose.

We’ve also introduced a refreshed, agile performance management approach built around continuous conversations, feedback and professional development, ensuring every colleague has opportunities to grow and thrive.

A Place People Recommend

We’re continuing to develop the College as a place people are proud to be part of and recommend to others. We’ll continue to listen, learn and evolve so that every colleague feels recognised and empowered to contribute their best.

We remain committed to upholding the principles of transparency and actively promote equality of opportunity to ensure that no individual or group is disadvantaged on the basis of protected characteristics. Our policies and practices are regularly reviewed to support an inclusive environment, with decisions made with due regard to equity and respect for all.

Together, we’re shaping a community where people truly matter and where every action reflects our shared values and commitment to excellence.

Members with College Roles and volunteers

Our work continues to be supported by a dedicated community of members who volunteer their time and expertise across a wide range of activities. From contributing to clinical guideline development and policy consultation to supporting examinations, training, and assessment, our members with College roles are central to the delivery of the College’s work. Their contributions ensure that the voice of paediatrics remains strong and what we do reflects the realities of clinical practice.

Our work is framed through the lens of what matters to children, young people and families, their voice is embedded through long term engagement with RCPCH &Us and through a wide breadth of micro volunteering. This range of opportunity supports children, young people and families in different situations allowing their voice to be heard and amplified.

We are immensely grateful to the many members, children, young people and family members who take on formal College roles, whether as officers, committee members, examiners, College tutors, or representatives on working groups. Their leadership, insight, and commitment underpin our ability to maintain high professional standards, shape education and training, and advocate for the health and wellbeing of children and young people. The breadth of their engagement exemplifies the collaborative spirit that defines RCPCH.

During the year, the College has continued to strengthen its support for volunteers through improved induction, training, and recognition frameworks. We have sought to ensure that opportunities are inclusive, accessible, and aligned with the diverse skills and insight that is provided.

RCPCH Annual Report and Financial Statements 2024/25

Risk

Trustees are mindful of their duty, as set out in the Charity Commission’s guidance, to identify and manage the risks that could affect the College’s ability to achieve its aims and ensure good governance. The Board of Trustees maintain an active risk management process that identifies key strategic risks and is overseen by the Audit, Finance & Risk Committee. During the 2024/25 year, trustees worked with the executive to refresh the strategic risk register to ensure the College is operating effectively, safeguarding assets, and continues to meet charitable objectives in line with public benefit. The safeguarding risk identified in the 2023/24 Annual Report was reclassified as an operational risk and is therefore excluded from the strategic risks outlined below. The risk register continues to evolve as it is actively managed and reviewed by the SLT through quarterly business reviews.

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Risk Mitigation
Membership do not see the value in Meaningful roles within the College
volunteering leading to the inability to run providing opportunities for development
the core statutory duties. and impact combined with recognition
for volunteer work. Regular surveys and
feedback with appropriate action to
respond to emerging themes.
Not being recognised as a strategic Contribution to key consultations and NHS
stakeholder by the NHS and / or government policy workstreams, engaging on relevant
leading to an inability to influence or drive legislation and building stakeholder
structural change for paediatricians and child relationships. Monitoring the impact of our
health. policy work and taking action to ensure we
remain relevant and involved.
Insufficient funding for paediatric research Work with various research bodies to
leading to a future knowledge gap regarding increase the number of paediatric research
paediatric diseases, potentially impacting the calls and supporting paediatricians to
ability to support members effectively. broaden their skills, knowledge and
experience in carrying out research
throughout their careers.
Not keeping pace with developments in Strategy to support members with digital
healthcare technology leading to an inability expertise, advice, guidance and skills
to appropriately support members in an resources, delivered with the support of
increasingly dynamic workspace. the Digital Committee.
The geopolitical environment becomes too Regular assessment and monitoring of
fractious leading to the College being unable risks associated with our international
to operate safely. work. Appropriate risk mitigations being
implemented prior to commencing
new initiatives. Use of partnerships
and alternative delivery models where
necessary.
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Risk Mitigation
A successful cyber-attack leading to data Reviews against industry standard controls
being stolen, locked down or held to ransom. supported with external penetration
testing and Cyber Essentials Plus
certification. Contingency plans are in
place and tested regularly.
The College’s reputation is damaged leading Strong systems of governance to engage
to member dissatisfaction and/or negative stakeholders and maintain professional
press. standards combined with effective
complaints handling process. Regular
reviews of issues that could cause
reputational damage at senior governance
forums.
The operating model is unable to keep up Membership of the Academy of Medical
with changing NHS requirements leading Royal Colleges which brings together
to the College’s closure and/or structural the collective voice of Royal Colleges and
change. strongly engages with the NHS ten-year
plan.
Paediatricians do not see the value in Focus on local presence, value for money
retaining Membership leading to a severe fall and improving the experience and offer
in membership numbers. for our Members. Regular surveys and
feedback with appropriate action to
respond to emerging themes.
Insufficient investment and failure to adopt An investment programme for technology
developments in technology leading to infrastructure is underway which includes
inefficient internal operations. a new Help Centre and CRM (member
database).
Failure to adapt workforce models to future A People and Culture strategic plan is
needs leading to outdated workforce in place with a strand focused on the
structures and ways of working that limit development of a skills-based workforce
agility and strategic responsiveness. approach.
Ceasing to be financially viable leading to Strong financial planning and cashflow
closure of the College / merger with another monitoring in place combined with reserve
organisation. policies and minimum cash requirements.
----- End of picture text -----

RCPCH Annual Report and Financial Statements 2024/25

Governance, Legal and administrative details

Charity Objects

The primary purposes for which the College is established are its objects. These are stated in its Royal Charter and are as follows:

to advance the art and science of paediatrics;
to raise the standard of medical care provided to children;
to educate and examine those concerned with the health of children;
to advance the education of the public (and in particular medical practitioners) in child health which means the protection of children, the prevention of illness and disease in children and safeguarding their optimal development.

Using these objects as our core, we aim to promote high quality, effective and efficient health services for children and young people, their parents and other carers, delivered by appropriately trained and experienced doctors. This is underpinned by the evidence base for such services’ effectiveness and efficiency and understanding how it works with all health carers of children to improve the overall physical, mental and emotional health of children and young people in the UK and elsewhere.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance Public benefit: running a charity (PB2).

Governance Structure

The Board of Trustees is ultimately responsible for the overall control and strategic direction of the College and the protection of its assets. Dayto-day responsibility for running the organisation is delegated to the Chief Executive and the Senior Leadership Team.

The majority of trustees are appointed for a term of three years with an option of a second term consisting of two years. Three Senior Officers sit as trustees: the President, Registrar and Treasurer. The President and Registrar are appointed via election by eligible College members – the President for three years only and the Registrar for three years plus an additional two as above. The Treasurer is appointed by the Board of Trustees for three years plus two as above. These roles are voluntary and trustees receive no remuneration, however out-of-pocket expenses may be reimbursed, and Trustees are permitted by the Royal Charter to receive remuneration from the College for nontrustee work for RCPCH.

When recruiting new trustees, we aim to attract a diverse range of candidates who have the skills required to create a high performing Board. We value the benefits of having members with different backgrounds, expertise and experience and all Board appointments are based on merit, in the context of ensuring that we have an appropriate balance of skills and experience.

All trustees receive an induction upon appointment. In addition to information relevant to their specific post, this includes:

• An overview of the legal duties of charity trustees, as set out in the Charity Commission’s document The Essential Trustee (CC3).

RCPCH’s governing and management structures, and its strategy and workplan.
• RCPCH’s approach to risk, financial management, and safeguarding.
• Meetings with the CEO and other senior staff.

In addition, trustees are offered appropriate training and development opportunities throughout their term. In the year under review, there has been a particular focus on ensuring a common approach to finance issues across the Board, with finance training being offered to all trustees.

There are five governance bodies directly reporting into the Board of Trustees

Council , our member representative body providing clinical viewpoint on child health and strategic direction. Chaired by Steve Turner, President of RCPCH.
Executive Committee , bringing together all Senior Officers and Senior Leadership Team to align the work of the College. Chaired by Steve Turner, President of RCPCH.
Nominations and Governance Committee , considering the membership of the Board Trustees, including skills, diversity and recruitment. Chaired by Joanne Shaw, Chair of Trustees.
Audit, Finance and Risk Committee , monitoring the financial performance of the College and budget processes with oversight of risk management and the external audit process. Chaired by Alison Steele, Treasurer.
People & Remuneration Committee , providing oversight on people and culture issues and related policies. Chaired by Simon Meredith, Independent Trustee.

Trustees

The trustees who served during the year and up to the date of this report are as follows:

Ms Joanne Shaw Chair Professor Steve Turner President Dr Alison Steele Treasurer Dr Jan Dudley Registrar Professor Sir Terence Stephenson Member Trustee (demitted 08/12/2025) Dr Tsitsi Chawatama-Kwambana Member Trustee (until 30/06/2025) Dr Bhanu Williams Member Trustee (demitted 31/03/2025) Dr Sunil Bhopal Member Trustee Dr Ronny Cheung Member Trustee (from 01/04/2025) Dr Edward (Ted) Baker Member Trustee (from 01/12/2025) Dr Terry Segal Member Trustee (from 08/12/2025) Mr Simon Meredith Independent Trustee Mr Adam Igra Independent Trustee (demitted 06/10/2025) Mr James Siswick Independent Trustee Mr Matthew Blaker Independent Trustee (from 01/12/2025) Mr Taona Makunganya Youth Trustee Ms Iman Osman Youth Trustee

Senior Leadership Team

The members of the Senior Leadership Team during the year and up to the date of this report are as follows:

Robert Okunnu Ian Parrett Emily Arkell Louise Beauchamp Carl Straw Paul Marchant Ramjyot Dhaliwal Richard Burley Daniel Waeland Lizzie Dowd

Chief Executive Officer (until 31/12/2025) Interim Chief Executive Officer (from 01/01/2026) and Executive Director of Corporate Services (from 14/10/2024 to 31/12/2025) Executive Director of Research and Quality Improvement Executive Director of People and Culture (until 31/03/2026) Executive Director of People and Culture (from 01/04/2026) Executive Director of Corporate Services (until 31/10/2024) Director of Finance (from 01/01/2026)

Executive Director of Digital Executive Director of Education and Training Executive Director of Membership, Policy and External Affairs

RCPCH Annual Report and Financial Statements 2024/25

Group structure

The College prepares consolidated financial statements which include the results of its subsidiary undertakings. At 31 August 2025, the College had a wholly owned trading subsidiary, British Paediatric Services Limited (BPSL), and a 50% interest in RCPCH Publications Limited, which is accounted for as an associated undertaking.

BPSL undertakes a range of commercial activities on behalf of the College, including the management of exhibition space at events, publication distribution and rental income. These activities are carried out with the aim of generating profits which are then transferred to the College to support its charitable objectives.

RCPCH Publications Limited is a joint venture established to support the development and dissemination of paediatric publications and educational resources. The College works in partnership with other organisations to deliver this activity.

The College maintains oversight of its subsidiary and associated undertakings through Board representation and regular financial and operational reporting. Trustees may also serve as directors of subsidiary entities to ensure appropriate governance and alignment with the College’s strategic objectives.

The activities of the subsidiary and associated undertaking form an integral part of the College’s operations and contribute to the diversification of income and long-term financial sustainability.

Relationships with related parties and partners

The College works in collaboration with a wide range of organisations to further its charitable objectives. These include healthcare bodies, academic institutions, professional organisations, and international partners. Through these relationships, the College is able to deliver education and training, influence policy, support research and quality improvement, and contribute to global child health programmes.

The College also has relationships with its subsidiary and associated undertakings, as described above, which support income generation and the delivery of publications and commercial services. All such relationships are managed in accordance with the College’s governance framework, with appropriate oversight to ensure that they align with the College’s strategic aims and charitable purposes.

Where trustees or senior staff have interests in related organisations, these are declared and managed in accordance with the College’s conflicts of interest policy.

Reference and administrative information

Charity name Royal College of Paediatrics and Child Health Charity number 1057744 England & Wales SC038299 Scotland

Incorporated in England by Royal Charter, registered number RC000764

Principal Office 5-11 Theobalds Road, LONDON WC1X 8SH Patron HRH The Princess Royal Principal Advisers: Bankers Royal Bank of Scotland plc LONDON WC1V 6PQ Solicitors DAC Beachcroft The Walbrook Building, 25 Walbrook, London EC4N 8AF External Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG Investment Manager LGT Wealth Management 14 Cornhill London EC3V 3NR

RCPCH Annual Report and Financial Statements 2024/25

Statement of Trustees’ Responsibilities

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The Trustees’ Annual Report has been approved by the trustees and signed on their behalf by:
Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

Joanne Shaw Alison Steele Chair of Trustees Treasurer

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
Approved on: 15 April 2026

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and with Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent auditors’ report to the Members and Trustees of Royal College of Paediatrics and Child Health

Opinion

We have audited the financial statements of Royal College of Paediatrics and Child Health (the ‘parent charity’) for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the 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 FRS 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 group and parent charity’s affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Charities Act 2011 and of the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as 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 group 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.

RCPCH Annual Report and Financial Statements 2024/25

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 Royal College of Paediatrics and Child Health'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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charity’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 144 of the Charities Act 2011 and section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
Sufficient and proper accounting records have not been kept; or
The financial statements are not in agreement with the accounting records and returns; or
We have not received all the information and explanations we require for our audit.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management, internal audit and the audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the charity’s/ group’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

RCPCH Annual Report and Financial Statements 2024/25

We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the parent charity’s trustees as a body, in accordance with section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Financial statements

Consolidated statement of financial activities for the year ended 31 August 2025

----- Start of picture text -----
Unrestricted Restricted Endowment 2025 Unrestricted Restricted Endowment 2024
Total Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income from:
Donations and legacies 2 1,186 25 - 1,211 441 50 - 491
Charitable activities 3 16,929 1,922 18,851 16,640 2,820 19,460
Other trading activities 4 1,311 - - 1,311 1,200 - - 1,200
Investments 5 255 - - 255 284 - - 284
Total income 19,681 1,947 - 21,628 18,565 2,870 - 21,435
Expenditure on:
Raising funds 237 - - 237 208 - - 208
Charitable activities 19,935 2,501 - 22,436 17,719 2,823 20,542
Total expenditure 6 20,172 2,501 - 22,673 17,927 2,823 - 20,750
Net (expenditure) /
income before gains on
investments (491) (554) - (1,045) 638 47 - 685
Gains on investments 14 13 - - 13 269 - - 269
Net (expenditure) / income
for the year 6 (478) (554) - (1,032) 907 47 - 954
Transfers between funds (70) 70 - - - - - -
Net movement in funds (548) (484) - (1,032) 907 47 - 954
Reconcilliation of funds:
Total funds brought
forward 20,967 2,442 15 23,424 20,060 2,395 15 22,470
Total funds carried forward 20,419 1,958 15 22,392 20,967 2,442 15 23,424
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 23a to the financial statements.

The consolidated Statement of Financial Activities above shows a deficit of £1,032k for the year ended 31 August 2025 (2024: surplus £954k). This includes the results of the College and its wholly owned subsidiary, British Paediatric Services Ltd, after eliminating intra-group transactions. On a parent-only basis, the College reported a deficit of £1,080k (2024: surplus £729k).

Date: 15 April 2026

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

RCPCH Annual Report and Financial Statements 2024/25

Balance sheet as at 31 August 2025

Consolidated statement of cash flows for the year ended 31 August 2025

Group College 2025 2024 2025 2024 Note £'000 £'000 £'000 £'000 Fixed assets: Tangible assets 12 16,235 16,525 16,235 16,525 Intangible assets 13 283 412 283 412 Investments 14 2,595 2,529 2,595 2,529 Current assets: 19,113 19,466 19,113 19,466 Debtors 17 2,837 2,301 2,954 2,243 Cash at bank and in hand 7,376 8,234 6,606 7,571 10,213 10,535 9,560 9,814 Liabilities: Creditors: amounts falling due within one year 18 (5,913) (5,424) (5,907) (5,301) Net current assets 4,300 5,111 3,653 4,513 Total assets less current liabilities 23,413 24,577 22,766 23,979 Creditors: amounts falling due after one year 20 (1,021) (1,153) (1,021) (1,153) Net assets 22,392 23,424 21,745 22,826 Funds: 23 Endowment funds 23 15 15 15 15 Restricted funds 23 1,958 2,442 1,958 2,442 Unrestricted income funds: Designated funds 1,521 425 1,521 425 General funds 18,898 20,542 18,251 19,944 Total unrestricted funds 20,419 20,967 19,772 20,369 Total funds 22,392 23,424 21,745 22,826 Approved by the trustees on 15 April 2026 and signed on their behalf by Cash fows from operating activities Net (expenditure)/ income for the reporting period (as per the statement of fnancial activities) Adjustments for: Depreciation of tangible assets Amortisation of intangible assets (Gains)/losses on investments Dividends and interest from investments Mortgage interest payable (Increase) in debtors Increase/(decrease) in creditors Net cash used in operating activities Cash fows from investing activities: Dividends and interest from investments Net movement on cash in investment portfolio Purchase of tangible fxed assets Purchase of intangible fxed assets Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) activities Cash fows from fnancing activities: Repayments of borrowing Mortgage interest payable Net cash used in fnancing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year At 1	Group College 2025 2024 2025 2024 Note £'000 £'000 £'000 £'000 Fixed assets: Tangible assets 12 16,235 16,525 16,235 16,525 Intangible assets 13 283 412 283 412 Investments 14 2,595 2,529 2,595 2,529 Current assets: 19,113 19,466 19,113 19,466 Debtors 17 2,837 2,301 2,954 2,243 Cash at bank and in hand 7,376 8,234 6,606 7,571 10,213 10,535 9,560 9,814 Liabilities: Creditors: amounts falling due within one year 18 (5,913) (5,424) (5,907) (5,301) Net current assets 4,300 5,111 3,653 4,513 Total assets less current liabilities 23,413 24,577 22,766 23,979 Creditors: amounts falling due after one year 20 (1,021) (1,153) (1,021) (1,153) Net assets 22,392 23,424 21,745 22,826 Funds: 23 Endowment funds 23 15 15 15 15 Restricted funds 23 1,958 2,442 1,958 2,442 Unrestricted income funds: Designated funds 1,521 425 1,521 425 General funds 18,898 20,542 18,251 19,944 Total unrestricted funds 20,419 20,967 19,772 20,369 Total funds 22,392 23,424 21,745 22,826 Approved by the trustees on 15 April 2026 and signed on their behalf by Cash fows from operating activities Net (expenditure)/ income for the reporting period (as per the statement of fnancial activities) Adjustments for: Depreciation of tangible assets Amortisation of intangible assets (Gains)/losses on investments Dividends and interest from investments Mortgage interest payable (Increase) in debtors Increase/(decrease) in creditors Net cash used in operating activities Cash fows from investing activities: Dividends and interest from investments Net movement on cash in investment portfolio Purchase of tangible fxed assets Purchase of intangible fxed assets Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) activities Cash fows from fnancing activities: Repayments of borrowing Mortgage interest payable Net cash used in fnancing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year At 1	2025 2024 £'000 £'000 (1,032) 954 366 418 129 127 (13) (269) (255) (284) 68 84 (536) (789) 489 (262)
		(784) (21) 255 284 (5) 144 (76) (273) - (82) 746 537 (794) (727)
		126 (117) (132) (112) (68) (84) (200) (196)
		(858) (334) 8,234 8,568
		7,376 8,234

	At 1	Other At 31
a) Changes in cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents b) Changes in net debt Mortgage loan (see Note 20) Total net debt	September 2024 Cash fows non-cash changes August 2025 £'000 £'000 £'000 £'000 8,234 (858) - 7,376
	8,234 (858) - 7,376
	At 1 September 2023 Cash fows Other non-cash changes At 31 August 2024 £'000 £'000 £'000 £'000 1,328 (132) - 1,196
	1,328 (132) - 1,196

		At 1		Other	At 31
		September 2024 Cash fows		non-cash changes	August 2025
a)	Changes in cash and cash equivalents	£'000	£'000	£'000	£'000
	Cash at bank and in hand	8,234	(858)	-	7,376
	Total cash and cash equivalents	8,234	(858)	-	7,376
		At 1		Other	At 31
		September 2023 Cash fows		non-cash changes	August 2024
b)	Changes in net debt	£'000	£'000	£'000	£'000
	Mortgage loan (see Note 20)	1,328	(132)	-	1,196
	Total net debt	1,328	(132)	-	1,196

Joanne Shaw Chair of Trustees

Dr Alison Steele Treasurer

RCPCH Annual Report and Financial Statements 2024/25

Notes to the financial statements for the year ended 31 August 2025

1. Accounting policies

uncertainties related to events or conditions that may cast significant doubt on the College’s ability to continue as a going concern for at least 12 months from the date of approval of these financial statements.

e) Income

a) Statutory information

Royal College of Paediatrics and Child Health (the “College”) is a body incorporated by Royal Charter (RC000764) and is a registered charity in England and Wales (1057744) and in Scotland (SC038299).

The principal office and registered address is 5–11 Theobalds Road, London, WC1X 8SH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (the Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

These financial statements consolidate the results of the College and its wholly-owned subsidiary British Paediatrics Services Limited (“BPSL”). The results of the subsidiary are consolidated on a line-by-line basis and intra-group balances and transactions are eliminated on consolidation.

The Group’s investment in its associate, RCPCH Publications Limited, is accounted for using the equity method in the consolidated financial statements.

In accordance with the Charities SORP (FRS 102), a separate Statement of Financial Activities for the College as an individual entity has not been presented. The College’s individual Balance Sheet is presented separately.

The financial statements are prepared on a going concern basis and under the historical cost convention, except for listed investments which are stated at fair value as described in the accounting policy on investments.

In applying the financial reporting framework, the trustees have made a number of judgements and estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy or note.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

Income is recognised when the College has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the College has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Where income is received in advance of meeting the criteria for income recognition it is deferred.

Members’ subscriptions are due on 1 January each year for existing members and on date of admission for new members; income is accounted for on an accruals basis over the calendar year to which it relates.

Income from events and services is recognised when the event takes place and/or the service is delivered. Income from service agreements is recognised as the related services are provided.

Income from legacies is recognised when receipt is probable and the amount can be measured reliably.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the College; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Endowment funds are monies which have been given to the College in trust with the restriction that they are held as capital, with the income generated from them to be used for specific awards.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes of the College.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

d) Going concern

The trustees have considered the financial position of the College, recognising its cash position. They have evaluated the risks that it faces and continue to hold the view that there are no material

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation

RCPCH Annual Report and Financial Statements 2024/25

can be measured reliably. Expenditure is classified under the following activity headings:

Raising funds includes the costs incurred by the College in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising or trading purpose.
Charitable activities includes the costs of delivering services to members and the profession undertaken to further the purposes of the College and the associated support costs.

Support costs (including governance costs) are identified separately and are allocated to activities in accordance with the policy set out in Note 1(i).

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the relevant activity where the cost relates directly to that activity. Support costs comprise premises, IT/digital, finance, HR, legal, governance and other central costs and are allocated to charitable activities on the basis of staff costs, which are considered to reflect the relative level of staff effort devoted to each activity and therefore the consumption of support services. The bases of allocation are reviewed annually and applied consistently.

Where publicity and communications activities are undertaken to further the College’s charitable purposes (including informing members, professionals and other beneficiaries about its work and services), the associated costs are allocated to charitable activities. Any publicity undertaken primarily to generate voluntary income is included within expenditure on raising funds.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures	5 years
Offce equipment	10 years
Fittings and Refurbishment	10 years
IT hardware	3 years
Website	7 years
Building	50 years
Intangibles - (database and software)	5-7 years

l) Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value is recognised in the Statement of Financial Activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the Statement of Financial Activities. The College does not acquire put options, derivatives or other complex financial instruments.

In the consolidated financial statements, the investment in the associate undertaking is accounted for using the equity method.

In the College’s own financial statements, investments in subsidiary undertakings are stated at cost.

m) Debtors

Governance costs are included within support costs and comprise trustee governance and compliance costs, including external audit, legal advice for trustees and constitutional and statutory requirements.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Operating leases

n) Cash at bank and in hand

Rental charges payable are charged on a straight-line basis over the term of the lease.

Rental income receivable is recognised on a straight-line basis over the lease term.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Tangible and intangible fixed assets

o) Creditors and provisions

The College’s freehold property is used primarily for operational purposes, with a proportion of the building leased to third parties under operating lease arrangements. The trustees have considered the requirements of FRS 102 in respect of mixed-use property. The property is managed as a single asset and it is not practicable to allocate the carrying value between the owner-occupied and leased elements. The property is therefore accounted for as a single tangible fixed asset. Rental income arising from the leased areas is recognised within income in the Statement of Financial Activities.

Creditors and provisions are recognised where the College has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

Items of equipment are capitalised where the purchase price exceeds £3,500 with the exception of computer hardware, for which the limit is £500. Depreciation (and amortisation of intangible assets) costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful lives.

The College only 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. Bank loans are subsequently measured at amortised cost using the effective interest method.

RCPCH Annual Report and Financial Statements 2024/25

q) Pensions

The College operates a Statutory Compliance Scheme which contributes a defined amount to individual employees' pension schemes and the pension charge represents the amounts payable by the College.

2. Donations and legacies

2025 2024	2025 2024	2025 2024	2025 2024	2025 2024	2025 2024
Unrestricted £'000 Restricted £'000 Total £'000 Unrestricted £'000 Restricted £'000 Total £'000
92 25 117 91 - 91
1,094 - 1,094 350 50 400
1,186	25	1,211	441	50	491

3. Income from charitable activities

Income from charitable activities

Education, training and assessment: Examination and assessment fees Training and course fees Conferences and educational events Education grants and programme income Membership: Membership subscriptions Other membership income Events and partnerships Publishing partnership income Conferences and event income Grants and partnership funding Research, audit and quality Improvement Audit and quality improvement programmes Research programme income Other research income Global child health programmes International programme grants Total income from charitable activities	2025 2024
	Unrestricted £'000 Restricted £'000 Total £'000 Unrestricted £'000 Restricted £'000 Total £'000

	7,029 - 7,029 6,906 - 6,906
	780 - 780 841 - 841
	519 - 519 829 - 829
	- 7 7 - 155 155
	8,328	7	8,335	8,576	155	8,731

	6,771 - 6,771 6,336 - 6,336
	232 65 297 181 81 262
	7,003	65	7,068 6,517 81 6,598
	1,005 - 1,005 858 - 858 464 - 464 569 - 569 75 136 211 - 161 161
	1,544 136 1,680 1,427 161 1,588
	- 1,048 1,048 - 1,032 1,032 - 203 203 - 263 263 54 - 54 120 - 120
	54 1,251 1,305 120 1,295 1,415
	- 463 463 - 1,128 1,128
	16,929 1,922 18,851 16,640 2,820 19,460

4. Income from other trading activities

Room hire and recharge income Digital products and consultancy income Exhibition income Royalties and licensing income Programme and sponsorship fee income (MTI/IPSS) Service agreement income Other trading income	2025 Total 2024 Total £'000 £'000 323 364 271 144 177 148 79 66 92 143 296 276 73 59
	1,311 1,200

Income from other trading activities includes commercial activities undertaken by the College and its trading subsidiary. All income from other trading activities is unrestricted.

5. Income from investments

Interest receivable Dividends from listed investments	2025 Total 2024 Total £'000 £'000 186 223 69 61
	255 284

All income from investments is unrestricted.

Included within restricted income are grants from government and government agencies totalling £Nil (2024: £441k).

RCPCH Annual Report and Financial Statements 2024/25

6a. Analysis of expenditure (current year)

Staff costs Other direct costs Other allocated costs: Finance Governance and legal HR IT and digital Premises and facilities Other corporate services Support costs Total expenditure Analysis of expenditure by fund Restricted expenditure Unrestricted expenditure Total expenditure	Raising funds £'000 - 237 - - - - - -	Charitable Activities Membership Policy, advocacy and professional standards Education, training and assessment Research, audit and quality improvement Events and partnerships Global child health programmes Total charitable activities Support costs 2025 Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 237 1,982 3,477 1,578 205 358 7,837 4,424 12,261 499 788 2,937 770 705 789 6,488 - 6,725 - - - - - - - 762 762 - - - - - - - 368 368 - - - - - - - 552 552 - - - - - - - 1,082 1,082 - - - - - - - 770 770 - - - - - - - 153 153
	237 -	736 2,770 6,414 2,348 910 1,147 14,325 8,111 22,673 245 2,051 3,599 1,633 212 371 8,111 (8,111) -
	-	981 4,821 10,013 3,981 1,122 1,518 22,436 - 22,673
	- 237	- 207 73 1,423 - 798 2,501 - 2,501 981 4,614 9,940 2,558 1,122 720 19,935 - 20,172
	237	981 4,821 10,013 3,981 1,122 1,518 22,436 - 22,673

The costs of policy, advocacy and professional standards are funded principally from membership income, reflecting the nature of these activities and their vital role in supporting the College’s members and professional remit.

Support costs comprise premises, IT, finance, HR, governance and other central costs. Support costs are allocated to charitable activities on the basis of staff costs, which are considered to reflect the relative level of staff effort devoted to each activity and therefore the consumption of support services. The bases of allocation are reviewed annually and applied consistently.

Governance costs included within support costs amounted to £368k (2024: £385k).

6b. Analysis of expenditure (prior year)

Staff costs Other direct costs Other allocated costs: Finance Governance and legal HR IT and digital Premises and facilities Other corporate services Support costs Total expenditure Analysis of expenditure by fund Restricted expenditure Unrestricted expenditure Total expenditure	Raising funds £'000 - 208 - - - - -	Charitable Activities Membership Policy, advocacy and professional standards Education, training and assessment Research, audit and quality improvement Events and partnerships Global child health programmes Total charitable activities Support costs 2024 Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 250 1,824 3,097 1,472 180 321 7,144 3,750 10,894 492 589 2,849 886 658 963 6,437 - 6,645 - - - - - - 719 719 - - - - - - - 385 385 - - - - - - - 644 644 - - - - - - - 637 637 - - - - - - - 755 755 - - - - - - - 71 71
	- -	742 2,413 5,946 2,358 838 1,284 13,581 6,961 20,750 244 1,777 3,018 1,434 175 313 6,961 (6,961) -
	-	986 4,190 8,964 3,792 1,013 1,597 20,542 - 20,750
	- 208	- 274 86 1,491 - 972 2,823 - 2,823 986 3,916 8,878 2,301 1,013 625 17,719 - 17,927
	208	986 4,190 8,964 3,792 1,013 1,597 20,542 - 20,750

During the year the College reviewed the categorisation of expenditure by activity to ensure that the analysis more closely reflects its current operational structure and internal reporting. As a result, the presentation of expenditure by activity has been updated.

Comparative information for the year ended 31 August 2024 has therefore been reclassified to align with the current year presentation. These changes relate solely to the allocation of expenditure between activity headings and have no impact on total expenditure reported for the prior year.

RCPCH Annual Report and Financial Statements 2024/25

7. Net income / (expenditure) for the year

Net income for the year is stated after charging/(crediting):

Depreciation of tangible fxed assets Amortisation of intangible assets Interest payable Operating lease charges Auditor's remuneration (excluding VAT): Statutory audit of the fnancial statements Tax compliance services	2025 Total 2024 Total £'000 £'000 366 418 129 127 68 84 8 15 47 58 1 -

8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages Social security costs Employer’s contribution to defned contribution pension schemes Redundancy and termination costs	2025 Total 2024 Total £'000 £'000 9,897 9,138 1,218 1,008 758 705 388 43
	12,261 10,894

Included within redundancy and termination costs of £388k, £174k was accrued at 31 August 2025 in respect of amounts paid after the year end. There were no outstanding redundancy and termination accruals at 31 August 2024.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

	2025	2024
£60,000 - £69,999	No. 20	No. 20
£70,000 - £79,999	12	3
£80,000 - £89,999	3	2
£90,000 - £99,999	2	1
£100,000 - £109,999	1	1
£110,000 - £119,999	-	-
£120,000-£129,000	-	1
£130,000-£139,000	1	1
£140,000-£149,000	1	-

Comparative information for 2024 has been restated to correct a prior year error in the employee benefit banding disclosure.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £993,974 (2024: £1,095,486). No trustee received any remuneration as part of this figure.

No trustees received payment in relation to work carried out under the Invited Review programme (2024: none). One trustee (2024: none) received remuneration of £1,052 (2024: £nil) for services

provided to the College outside of their role as a trustee. The services provided and the remuneration paid were authorised in accordance with the College’s governing document. No other trustees either received or waived any emoluments during the year (2024: none).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £5,712 (2024: £13,840) incurred by 10 trustees (2024: 7 trustees) in connection with attendance at meetings of the trustees, committee meetings, conferences and other activities undertaken in the performance of their trustee duties.

The relevant staff costs have been included in the costs of generating voluntary income and in costs of charitable activities. The gender split in the College workforce is 73% female 27% male (2024: 75% female, 25% male) and all roles are evaluated and paid in accordance with the College pay scales irrespective of gender.

9. Staff numbers

The average number of employees during the year was 202 (2024: 198) on a head count basis and 191 (2024: 185) on a full time equivalent basis.

Staff are split across the activities of the College as follows (head count basis):

Education, training and assessment Policy, advocacy and professional standards Research, audit and quality improvement Global child health programmes Membership services Digital Support	2025 Total 2024 Total 61 62 36 34 32 29 5 6 5 5 13 15 50 48
	202 198

During the year, the College reviewed the categorisation of staff numbers by activity to ensure that the analysis more closely reflects its current operational structure and internal reporting, in line with the revised expenditure analysis in Note 6b.

Comparative information for the year ended 31 August 2024 has therefore been reclassified to align with the current year presentation. These changes relate solely to the allocation of staff numbers between activity headings and have no impact on the total average number of employees disclosed for the prior year.

10. Related party transactions

The details of trustee expenses and reimbursements are disclosed in Note 8.

The College has a wholly-owned trading subsidiary and associated undertakings. Details of transactions with these entities are disclosed in Note 15.

In accordance with the College’s governing documents, seven trustee roles are reserved for members of the College. These member trustees paid annual membership fees during the year at the standard rate applicable to all members.

There were no other related party transactions in the year (2024: none).

RCPCH Annual Report and Financial Statements 2024/25

11. Taxation

The College is exempt from corporation tax on its charitable activities as all of its income is applied for charitable purposes.

The College has a wholly-owned trading subsidiary, British Paediatrics Services Limited, which covenants its taxable profits to the College under Gift Aid. As a result, no corporation tax liability arose in the year (2024: £nil).

12. Tangible fixed assets

Cost or valuation At 1 September 2024 Additions in year Disposals in year Reclassifcation between fxed asset categories At 31 August 2025 Depreciation At 1 September 2024 Charge for the year Loss on impairment Eliminated on disposal Reclassifcation between fxed asset categories At 31 August 2025 Net book value: At 31 August 2025 At 1 September 2024	Fixtures, offce equipment, and IT hardware Fittings and Refurbishment Freehold property Total £'000 £'000 £'000 £'000 1,512 742 16,799 19,053 76 - - 76 - - - - (25) 24 1 -
	1,563 766 16,800 19,129
	1,242 106 1,180 2,528 60 71 235 366 - - - - - - - - (45) 45 - -
	1,257 222 1,415 2,894
	306 544 15,385 16,235
	270 636 15,619 16,525

The freehold property at 5–11 Theobalds Road is included within tangible fixed assets at cost less accumulated depreciation. The College’s freehold premises were acquired on 15 January 2008 and provide approximately 23,000 square feet of flexible space. The purchase price was £17.4m. At the same time, the College took out a £4.0m mortgage loan with the Royal Bank of Scotland plc to fund the purchase. Costs associated with the acquisition of the premises, fitting it out to the College’s specification and irrecoverable VAT resulted in a total cost of £19.1m.

The property is held primarily for operational use by the College, with a proportion of the building leased to third parties under operating lease arrangements. At 31 August 2025 approximately 4,174 sq. ft. (2024: 4,174 sq. ft.), representing around 19% of the total floor area, was leased to third parties. Rental income from these arrangements amounted to £226,000 (2024: £222,000) and is recognised within the Statement of Financial Activities. Future minimum lease payments receivable are disclosed in Note 25.

The Trustees have considered the requirements of FRS 102 in respect of mixed-use property. While part of the building is leased to generate rental income, the premises are managed as a single asset and the Trustees consider it not practicable, without undue cost or effort, to allocate the

carrying value and related depreciation and impairment between owner-occupied and let areas in order to present a separate investment property component. The property is therefore accounted for as a single tangible fixed asset.

A valuation of the premises carried out by Knight Frank in July 2019 set the fair value at £16.8m and the related impairment was recognised in that year’s accounts. In July 2022 the property was revalued by Knight Frank at £16.5m. No further impairment was recognised as the College depreciates the building and its carrying value is below this valuation. The Trustees intend to obtain an updated external valuation in 2026.

The Trustees have considered the value of the property at the reporting date, including by reference to the most recent external valuation, recent rental agreements and available market evidence. The Trustees consider that the carrying value of the property is materially consistent with its current market value and is not materially higher than its recoverable amount at the reporting date. Accordingly, no further impairment has been recognised.

Land with a value of £5,000,000 (2024: £5,000,000) is included within freehold property and not depreciated.

Fixtures, office equipment and IT includes silverware and regalia and similar donated assets which have been valued for insurance purposes and for these accounts at a value of £49,555 (2024: £49,555). The valuation was performed in July 2013 by Thomas G Roswell (Rupert Toovey & Co Ltd, trading as Toovey's).

*During the year, amounts were reclassified between tangible fixed asset categories to align presentation with the underlying fixed asset register. The comparative opening balances have not been amended; instead, the reclassification is presented as a separate movement in the current year. This reclassification has no impact on total tangible fixed assets, net assets, or the surplus/deficit for the year.

13. Intangible fixed assets

Group and College Cost At 1 September 2024 Additions in year Disposals in year At 31 August 2025 Amortisation At 1 September 2024 Charge for the year Eliminated on disposal At 31 August 2025 Net book value: At 31 August 2025 At 1 September 2024	IT Software £'000 1,197 - -
	1,197
	785 129 -
	914
	283
	412

RCPCH Annual Report and Financial Statements 2024/25

14. Listed investments

Fair value at the start of the year Additions at cost Disposals at carrying value Net gain / (loss) on change in fair value Cash held by investment broker pending reinvestment Fair value at the end of the year Listed equities Bonds and fxed interest securities Property and liquidity investment funds Cash	Group and College
	2025 2024 £'000 £'000 2,472 2,013 794 727 (746) (537) 13 269
	2,533 2,472 62 57
	2,595 2,529
	2025 2024 £'000 £'000 2,007 2,260 413 184 113 28
	2,533 2,472 62 57
	2,595 2,529

British Paediatric Services Limited undertakes a range of commercial activities on behalf of the group, including the provision of exhibition space at the RCPCH Conference, room hire and related services, digital products and consultancy services, royalty and licensing arrangements, and programme administration and sponsorship activities such as the MTI/IPSS schemes.


Turnover Cost of sales and administrative expenses Operating proft Interest receivable Net proft Charitable trading funds Balance at 1 September Net proft To be gifted to College for year ended 31 August To be gifted to NPPG for year ended 31 August Balance at 31 August	2025 2024 RCPCH Publications BPSL RCPCH Publications BPSL £'000 £'000 £'000 £'000 224 942 226 865 (42) (307) (50) (278)
	182 635 176 587 2 11 4 9
	184 646 180 596
	- 596 - 329 184 646 180 596 (92) (596) (90) (329) (92) - (90) -
	- 646 - 596

Amounts due from group and associated undertakings are shown in Note 17.

In respect of RCPCH Publications Limited, the College charged £36,000 (2024: £36,000) for College staff, newsletter advertising and facilities used.

15. Subsidiary and associate undertakings

16. Parent undertaking (the College)

The College owns 100% of the ordinary share capital of British Paediatric Services Limited (company number 02158572, England and Wales), which has been consolidated as a subsidiary undertaking throughout the year. The College owns 50% of the ordinary share capital of RCPCH Publications Limited (company number 03670119, England and Wales). As the College does not exercise control over this entity, it has been accounted for as an associate undertaking using the equity method. Both companies are registered in England and Wales and have the same registered address as the parent undertaking (the College).

One trustee, Dr Alison Steele, is also a director of both British Paediatric Services Limited and RCPCH Publications Limited.

The related trading undertakings make Gift Aid payments to the College, usually equal to their distributable profits. In the case of British Paediatric Services Limited, Gift Aid payments are made in the year following that in which the profits arise; the amount gifted in the year ended 31 August 2025 (£596k) therefore represents the distributable profits of the year ended 31 August 2024. The activities of British Paediatric Services Limited have been consolidated in the Statement of Financial Activities in accordance with the accounting policy on consolidation (see Note 1). Income generated by the subsidiary is included within income from other trading activities, with the associated costs included within raising funds.

Both related trading undertakings have an accounting reference date of 31 August and summaries of their trading results are shown below.

The College's gross income and the results for the year are disclosed as follows:

Gross income Result for the year	2025 2024 £'000 £'000 21,341 21,005 (1,080) 729

17. Debtors

Debtors
Trade debtors Other debtors Amounts due from group undertakings Amounts due from associated undertakings Prepayments Accrued income	Group	College
	2025 £'000 2024 £'000 821 842 12 7 - - 264 136 816 611 924 705	2025 £'000 2024 £'000 725 681 5 4 245 166 264 136 816 611 899 645
	2,837 2,301	2,954 2,243

RCPCH Annual Report and Financial Statements 2024/25

18. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Mortgage loan Trade creditors Taxation and social security Other creditors Accruals Deferred income (Note 19)	Group	College
	2025 £'000 2024 £'000 175 175 342 445 413 389 148 98 822 591 4,013 3,726	2025 £'000 2024 £'000 175 175 410 444 416 397 142 91 806 550 3,958 3,644
	5,913 5,424	5,907 5,301

Analysis of mortgage loan not wholly repayable within 5 years by instalments In more than one year but not more than two years In more than two years but not more than fve years In more than fve years Total loan repayable	Group and College
	2025 £'000 2024 £'000 175 175 522 522 324 456
	1,021 1,153
	1,196 1,328

Interest was charged at 6.40% on the first £2,500,000 for the period to 15 January 2013. The interest on the remainder, and on the whole after this date, is charged at 0.75% above the Bank of England bank rate.

19. Deferred income

Deferred income represents income received in advance of the delivery of related services. It principally comprises membership subscriptions, examination income and other service income invoiced in advance.

Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year	Group	College
	2025 £'000 2024 £'000 3,726 4,200 (3,726) (4,200) 4,013 3,726	2025 £'000 2024 £'000 3,644 4,008 (3,644) (4,008) 3,958 3,644
	4,013 3,726	3,958 3,644

The mortgage loan is secured by a legal charge over the College’s freehold property at 5–11 Theobalds Road.

21. Pension scheme

The College operates a scheme to contribute a defined amount to individual employees' pension schemes. The assets of the various schemes are held separately from those of the College in independently administered funds. The total cost to the college of this scheme was £752,267 (2024: £704,109).

22a. Analysis of group net assets between funds (current year)

Deferred income at the year end relates to:

Membership subscriptions received in advance Course, exam and event fees received in advance Other income received in advance Total deferred income	Group	College
	2025 £'000 2024 £'000 1,541 1,459 2,332 2,006 140 261	2025 £'000 2024 £'000 1,541 1,459 2,332 2,006 85 179
	4,013 3,726	3,958 3,644

Tangible fxed assets Intangible assets Investments Net current assets Long term liabilities Net assets at 31 August 2025	General unrestricted Designated funds Restricted funds Endowment funds Total funds £'000 £'000 £'000 £'000 £'000 16,235 - - - 16,235 283 - - - 283 2,595 - - - 2,595 806 1,521 1,958 15 4,300 (1,021) - - - (1,021)
	18,898 1,521 1,958 15 22,392

All deferred income is expected to be recognised within one year.

22b. Analysis of group net assets between funds (prior year)

20. Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Mortgage loan Analysis of mortgage loan repayable within 12 months Within 12 Months	Group and College
	2025 £'000 2024 £'000 1,021 1,153
	1,021 1,153

	Group and College
	2025 £'000 2024 £'000 175 175
	175 175

Tangible fxed assets Intangible assets Investments Net current assets Long term liabilities Net assets at 31 August 2024	General unrestricted Designated funds Restricted funds Endowment funds Total funds £'000 £'000 £'000 £'000 £'000 16,525 - - - 16,525 412 - - - 412 2,529 - - - 2,529 2,229 425 2,442 15 5,111 (1,153) - - - (1,153) 20,542 425 2,442 15 23,424

RCPCH Annual Report and Financial Statements 2024/25

23a. Movements in Funds (current year)

Endowment funds Permanent endowment funds Total endowment funds Restricted funds Paul Polani Fund Other Awards and Prizes Policy and External Affairs Funds Illingworth-Rees Memorial Lecture Fund Child Health Research Fund Child Health Futures Fund Fundraising Fund International Projects Fund El Shamy Bequest Fund Other Education and Training Funds Research and QI Funds Denney Legacy – Reye’s Syndrome Fund Newlife Clinical Research Fund PCHR Fund Other Digital Funds CYP Participation Fund Total restricted funds Unrestricted funds Designated funds Jonathan Denney Bequest Fund Overseas Levy Fund Total designated funds General funds Total unrestricted funds Total funds	At 1 September 2024 Income and Gains Expenditure and Losses Transfers At 31 August 2025 £'000 £'000 £'000 £'000 £'000 15 - - - 15
	15 - - - 15
	30 - - - 30 20 - (1) - 19 84 127 (185) - 26 92 - - - 92 34 - - - 34 3 - - - 3 35 - - - 35 371 553 (749) - 175 485 - (49) - 436 249 7 (72) - 184 615 1,250 (1,423) - 442 50 - - - 50 47 - - - 47 368 - - - 368 (70) - - 70 - 29 10 (22) - 17
	2,442 1,947 (2,501) 70 1,958
	350 1,094 - - 1,444 75 213 (211) - 77
	425 1,307 (211) - 1,521 20,542 18,387 (19,961) (70) 18,898
	20,967 19,694 (20,172) (70) 20,419
	23,424 21,641 (22,673) - 22,392

The narrative to explain the purpose of each fund is given on page 64-65.

23b. Movements in Funds (prior year)

Endowment funds Permanent endowment funds Total endowment funds Restricted funds Paul Polani Fund Other Awards and Prizes Policy and External Affairs Funds Illingworth-Rees Memorial Lecture Fund Child Health Research Fund Child Health Futures Fund Fundraising Fund International Projects Fund El Shamy Bequest Fund Other Education and Training Funds Research and QI Funds Denney Legacy – Reye’s Syndrome Fund Newlife Clinical Research Fund PCHR Fund Other Digital Funds CYP Participation Fund Total restricted funds Unrestricted funds Designated funds International Training Fund Overseas Levy Fund CPD Diaries Fund Exam Booking System Fund Diabetes QAQI Fund Research and QI Project Work Fund Jonathan Denney Bequest Fund Committed Expenditure Fund General Donations Fund Writing Down Reserve Building Fund Infrastructure Fund Strategy Fund Paediatrics 2040 Fund Flexible Project Fund Holiday Pay Accrual Fund Investment Fund Total designated funds General funds Total unrestricted funds Total funds	At 1 September 2023 Income and Gains Expenditure and Losses Transfers At 31 August 2024 £'000 £'000 £'000 £'000 £'000 15 - - - 15
	15 - - - 15
	30 - - - 30 21 - (1) - 20 48 149 (113) - 84 92 - - - 92 34 - - - 34 - 3 - - 3 26 9 - - 35 73 1,208 (910) - 371 548 - (63) - 485 179 155 (85) - 249 824 1,239 (1,403) (45) 615 - 50 - - 50 45 45 (88) 45 47 368 - - - 368 27 - (97) - (70) 80 12 (63) - 29
	2,395 2,870 (2,823) - 2,442
	12 - - (12) - 72 181 (178) - 75 (21) - - 21 - 22 - - (22) - 1 - - (1) - 50 - - (50) - - 350 - - 350 45 - - (45) - 73 - - (73) - 977 - (308) (669) - 14,230 - (236) (13,994) - 1,147 - (180) (967) - 950 - 1 (951) - 138 - - (138) - 335 - (40) (295) - 109 - - (109) - 32 - - (32) -
	18,172 531 (941) (17,337) 425 1,888 18,303 (16,986) 17,337 20,542
	20,060 18,834 (17,927) - 20,967
	22,470 21,704 (20,750) - 23,424

The narrative to explain the purpose of each fund is given on page 64-65 .

RCPCH Annual Report and Financial Statements 2024/25

Purpose of funds

Endowment funds:

Permanent endowment funds comprise amounts that must be retained as capital in perpetuity. Income arising from these funds is applied in accordance with the terms of the endowment.

Unrestricted funds

General funds represent the free funds of the College that are not otherwise restricted or designated and are available for general charitable purposes.

Designated funds

Restricted funds:

Paul Polani Fund arises from a one-off donation restricted to support work in neuro-disability, including the potential funding of an award.
Policy and External Affairs Funds represent restricted income received to support specific policy, advocacy and external affairs activities undertaken by the College.
Other Awards and Prizes represents the aggregate of a number of smaller prize and award funds, including the Donald Paterson Prize Fund, John Lorber Fund, Heinz Fund, Visiting Fellowship Fund and the accumulated balances of the Michael Blacow Memorial Fund and the James Spence Medal Fund.
Illingworth-Rees Memorial Lecture Fund represents a donation restricted to support the IllingworthRees Memorial Lecture delivered at the College’s annual conference.
Child Health Research Fund supports funded research fellowships in paediatrics with the aim of building capacity in child health research and securing a new generation of academic leaders.
Child Health Futures Fund supports work relating to the College’s Child Health Futures programme and related strategic initiatives.
Fundraising Fund represents restricted income received through fundraising activity for specific charitable initiatives.
International Projects Fund represents balances held on restricted global health and international child health programmes.
Jonathan Denney Bequest Fund represents the unrestricted legacy left to the College under the will of Gordon Denney, which the Trustees have designated to support research into child health and diseases of children.
Overseas Levy Fund represents amounts originally raised through the Overseas Levy approved by members and designated by the Trustees to support overseas and global health activities.

Prior-year release of designated funds

During the year ended 31 August 2024 the Trustees reviewed the College’s designated funds and released a number of historic designations back to general funds in order to simplify the fund structure and improve transparency of reserves.

24. Operating lease commitments payable as a lessee

The Group and College have the following total future minimum lease payments under noncancellable operating leases, which relate to equipment leases:

Less than one year One to fve years	2025 £'000 2024 £'000 8 15 18 -
	26 15

El Shamy Bequest Fund represents a bequest received to support child health projects in the Palestinian Territories.

25 Operating lease commitments receivable as a lessor

Other Education and Training Funds represent restricted grants and other income received for specific education and training programmes.
Research and QI Funds represent restricted grants and other income received for research, audit and quality improvement programmes.
Denney Legacy – Reye’s Syndrome Fund represents a legacy left to the National Reye’s Syndrome Foundation of the United Kingdom, a restricted fund of the College, to support a further revision of the Decreased Conscious Level Guideline.
Newlife Clinical Research Fund represents funding restricted to support the joint RCPCH–Newlife Clinical Research Fellowship programme for child health research.
PCHR Fund represents royalty income received in relation to the Personal Child Health Record (“Red Book”), applied to support work relating to child health records.
Other Digital Funds represent restricted balances relating to digital projects, where the opening deficit at 1 September 2024 was cleared during the year by a transfer from general funds.
CYP Participation Fund supports work undertaken with the NHS London Specialised Paediatric Commissioning Group relating to children and young people’s participation in healthcare service development.

The Group leases parts of its freehold property at 5–11 Theobalds Road under operating lease arrangements.

At 31 August 2025, the Group and College had contracted to receive the following future minimum lease payments receivable under non-cancellable operating leases:

Less than one year One to fve years Over fve years	2025 £'000 2024 £'000 17 226 16 483 16 20
	49 729

Amounts exclude VAT and service charge recoveries.

The decrease in future minimum lease payments receivable in 2025 principally reflects the assessment of lease commitments over the non-cancellable period at the reporting date, including the effect of tenant break clauses where applicable. The 2024 comparative has not been restated and is presented as previously reported in the prior year financial statements.

Royal College of

Paediatrics and Child Health Annual report and financial statements for the year ended 31 August 2025

Published May 2026

London WC1X 8SH

Incorporated by Royal Charter and registered as a Charity in England and Wales: 1057744 and in Scotland: SCO38299. Registered Office 5-11 Theobalds Road, London WC1X 8SH. Patron HRH The Princess Royal.

Contents

04 Forewords

06 Our vision and strategy

17 Financial Review

30 Environmental, Social and Governance Review

34 Governance, Legal and administrative details

43 Financial Statements

Forewords

Chair of the Board of Trustees

Forewords

CEO

Our vision and strategy

Our vision, mission and strategic goals

Our enablers

Our values

I include:

I influence:

Strategic report

Goal One

Transforming exams and assessment

Curriculum innovation and frameworks

Expanding educational reach

Workforce and careers advocacy

Goal Two

Shaping the future of health policy

Advocating for a smoke-free generation

Influencing legislation for children’s rights

Devolved Nations: preparing for change

Goal Three

Building a connected community for Quality Improvement (QI)

Digitising best practice in child protection

Supporting research skills for paediatricians in training

Delivering high-impact national audits

EPILEPSY12

Epilepsy12 2025 combined organisational and clinical audits:

Report for England and Wales

Celebrating ten years of children, young people and families shaping the work of the College

Goal Four

Expanding access to clinical exams and RCPCH Learning

Delivering impact

Enablers

Creating a more accessible digital experience

Bringing the College to you: regional paediatrics visits

Strengthening connections through the Area Officer Programme

Creating a clear path to get involved

KPIs

What to expect 2025/26

Financial review

Introduction by Alison Steele, Treasurer

Financial performance overview

Income

Education, training and assessment

Membership

Global child health programmes

Other trading activities

Events and partnerships

Investment income

Donations and legacies

Research, audit and quality improvement

Subsidiary and associate undertakings

Expenditure

Research, audit and quality improvement – £0.8m (2023/24: £0.9m)

Global child health programmes – £0.8m (2023/24: £1.0m)

Events and partnerships – £0.7m (2023/24: £0.7m)

Education, training and assessment – £2.9m (2023/24: £2.8m)

Policy, advocacy and professional standards – £0.8m (2023/24: £0.6m)

Membership – £0.5m (2023/24: £0.5m)

Raising funds – £0.2m (2023/24: £0.2m)

Reserves position at 31 August 2025

Other non-staff costs and overheads – £3.1m (2023/24: £2.6m)

Reserves

Reserves policy

Movement in free reserves

Liquidity

Investments and cash management

Investment policy

Investment portfolio and performance

Banking and cash management

Going concern