RANZCR Annual Report 2018–2019

Annual Report

2019

Achieving our Strategic Goals Summary of Activities and Progress (July 2018 – June 2019)

THE COLLEGE The Royal Australian and New Zealand College of Radiologists (RANZCR)

College Values That Drive What We Do

Our

Vision

Commitment to Best Practice

RANZCR leading best practice in clinical radiology and radiation oncology for the benefit of our patients and society.

Our

Purpose To drive the safe and appropriate use of radiology and radiation oncology to optimise health outcomes through leadership, education and advocacy.

Exemplified through an evidence-based culture, a focus on patient outcomes and equity of access to high quality care; an attitude of compassion and empathy.

Acting with Integrity Exemplified through an ethical approach: doing what is right, not what is expedient; a forward thinking and collaborative attitude and a patient-centric focus.

Accountability Exemplified through strong leadership that is accountable to members; patient engagement at professional and organisational levels.

Leadership Exemplified through a culture of leadership where we demonstrate outcomes.

Board of Directors

Dr Lance Lawler President

Clin A/Prof Sanjay Jeganathan Dean, Faculty of Clinical Radiology

Dr Madhavi Chilkuri Dean, Faculty of Radiation Oncology

Dr Gabriel Lau Chair, New Zealand Branch

Dr Brigid Hickey Elected Fellow

Dr Peter Pratten Elected Fellow

Dr Yvonne Ho Elected Fellow

Prof Vin Massaro Non-Fellow

2 I ANNUAL REPORT 2019 THE COLLEGE

A Message from the President

Dr Lance Lawler

At last year’s ASM in Canberra, Nobel Laureate Prof Brian Schmidt, spoke eloquently about the future and how we should best deal with our inability to predict it well. With another year now under our belts, we can reflect on the work we have done to create the future that we wish to see.

The year saw many successes that were as much a result of our efforts over the last few years to shift the College from its more inward focus as they were of the dedicated staff and volunteers creating the right conditions to achieve this success.

In this year alone, this intensified effort included over 20 submissions and a record number of meetings with Ministers and Shadow Ministers, in both Australia and New Zealand. This engagement has also resulted in governments and agencies regularly consulting with the College for its expertise, insight and input on both policy-related and other matters. RANZCR is now widely recognised as the peak body for clinical radiology and radiation oncology in Australia and New Zealand, and a respected voice elsewhere.

Though our list of achievements for the year is long, we must never forget that complacency is the enemy and continuously reassess and refocus our efforts when appropriate. The College continues to devote resources to promote the role of our two specialties, lobbying government to improve access and affordability in healthcare, and addressing the impact of Artificial Intelligence (AI) on our professions.

RANZCR recently co-hosted the first ever Radiation Oncology Horizon Summit in New Zealand with Health Minister, the Hon Dr David Clark. The event emphasised the current underutilisation of this lifesaving treatment and has kickstarted the process of developing new Government policies. The College has also provided a comprehensive response to New Zealand’s Health and Disability Review for both clinical radiology and radiation oncology.

Among our other advocacy achievements in Australia were increased funding in 2018–19 for specialist training program (STP) posts, additional MRI licences, and new Medicare items covering 3D breast tomosynthesis and a range of MRI scans, including certain obstetric, cardiac and liver cases, and the diagnosis of prostate cancer. You can read more about our achievements on page six of this annual report. The need for advocacy is unending, and despite the positives that came out of the recent Australian Federal Election the work continues. New Zealand will be holding their next federal election in 2020 and we will continue to look for opportunities to improve patient outcomes in our specialities. In these initiatives and many others, the College is playing a long form of the advocacy game, working towards the goal of becoming a 'trusted adviser.'

The principles have been downloaded from our website more than 1,500 times, making it our most viewed document in 2019.

This work continues to proceed whilst at the same time, the College continues to move towards achieving the goals of our 2021 strategy. I am encouraged in the knowledge that we are taking the right steps to tackle the coming challenges.

Striving to improve helps the College focus on the future of our profession, and surely, we need to remain focused if we want to have a future. As I have said in the past, the market for our professional services is among the most competitive in healthcare, and our funding streams and the health policies that affect us are under constant review. Whether in terms of technological innovation or competing service models, no medical specialist has as much at stake as the radiologists and radiation oncologists.

The Board and the College management team know these hard realities well and we will continue to keep this in mind as we focus on creating another successful year.

Beyond the advocacy efforts, our work in AI has been widely recognised. RANZCR was the first professional healthcare body in the world to develop Ethical Principles for Artificial Intelligence (AI) in Medicine.

PRESIDENT REPORT ANNUAL REPORT 2019 I 3

The College ONLINE

CEO presents… a year at a glance

COLLEGE SOCIAL MEDIA



3,226 followers on Twitter 4,476 likes on Facebook 2,578 followers on LinkedIn

TARGETING CANCER SOCIAL MEDIA



152

NEW TRAINEES



 

17 new

Educational Affiliates

RANZCR Research Grants Awarded Clinical Radiology $59,125 Radiation Oncology $59,978

The highest ever media coverage for the College total audience reached: 5,385,865

388% increase from 2017/18

4 I ANNUAL REPORT 2019 YEAR AT A GLANCE

149 NEW

4,080 followers on Twitter Twitter Engagements 361,500 2,968 followers on Facebook Facebook Reach 279,228 448 followers on LinkedIn

FELLOWS

RANZCR WEBSITE

93% 

of respondents rated their interaction with the College satisfactory / highly satisfactory

JMIRO Impact Factor 1.2

 108 Fellows

participated in MBS Review



163,594 users 346,674 sessions 823,645 page views TARGETING CANCER WEBSITE



142,866 users 170,586 sessions 248,412 page views INSIDERADIOLOGY WEBSITE 1,574,121 users 1,810,631 sessions 2,162,890 page views

Member DEMOGRAPHICS

EVENT Attendance GENDER:

TOTAL NO. MEMBERS:

   

4,486



SPECIALTY:

TYPE:

775

Educational Affiliates

Students

3,084

male

NSW

VIC

QLD

WA

SA

ACT

1,166 921 714

Oncologists

119

2018 Annual Scientific Meeting

LOCATION:

3,785 Clinical 698 Radiation Radiologists



1,381

female

1,035 delegates attended the

6

362

294

84

TAS

NT

NZ

Associate members

69

3,462

Fellows (including 99 Life members)

6 665 Overseas 193

A snapshot of some of the ways in which our members engaged with College activities in 2018/19

Members donating to our Education and Research Fund and the JP Trainor Archive Trust:

 90

Sitting on our committees, panels and working groups:

744

Participated in Special Interest Groups and Reference Groups:

1,530

Sitting on the Board and Faculty Councils:

45

NUMBER SUPPORTING OUR TRAINING PROGRAM

6

Network Training Directors (Radiology only)

8

Training Network Directors (Radiation Oncology only)

8

CONTRIBUTING TO OUR PUBLICATIONS

Branch Education Officers (Radiology only)

20

IMG Assessors

10

JMIRO:

1 Editor in Chief 2 Deputy Editors 34 Associate Editors 240 Reviewers

Inside News:

1 Editor in Chief 17 Contributors

Training Site Accreditation Assessors

189

255 delegates attended the 2018

NZ Branch Annual Scientific Meeting 168 delegates attended the Intelligence 18 Event 117 delegates attended the 2018 ACR Courses 24 delegates attended the 2019 FRO Phase 2 Exam Preparation Course 32 delegates attended the 2019 FRO Phase 1 Exam Preparation Course 31 delegates attended the 2019 FRO Phase 1 Foundation Course 38 delegates attended the 2019 FRO SMART Workshop

CREDENTIALING CT Coronary Angiography (CTCA) As at 30 June 2019, there are:

572

registered CTCA Specialists Level A CTCA: 394 Level B CTCA: 178 (including radiologists, cardiologists and nuclear medicine specialists)

CT Colonography (CTC) As at 30 June 2019 there are:

329

registered CTC Specialists (including radiologists only)

Interventional Neuroradiology (INR) As at 30 June 2019 there are:

51

recognised INR Specialists (including radiologists, nuerologists and neurosurgeons)

Cardiac MRI

Directors of Training

As at 30 June 2019 there are:

161

registered Cardiac MRI Specialists (including radiologists and cardiologists)

RANZCR Examiners

100

YEAR AT A GLANCE ANNUAL REPORT 2019 I 5

Key achievements of the year Record number of meetings (39) with Ministers and Shadow Ministers in both Australia and New Zealand.

Played a significant role in securing Australian Government commitment to additional funding for breast MRI as part of the treatment of breast cancer.

The Australian Government announced indexation of ultrasound and X-ray services, following advocacy by RANZCR and Australian Diagnostic Imaging Association (ADIA).

RANZCR was the first professional healthcare body in the world to develop Ethical Principles for Artificial Intelligence (AI) in Medicine. The principles have been downloaded from our website more than 1,500 times, making it our most viewed document ever.

Responded to several consultations on AI including CSIRO’s Ethical Framework Discussion Paper, the Therapeutic Goods Administration (TGA) consultation on the Regulation of Software as a Medical Device, the Australian Human Rights Commission consultation on AI and the NZ Therapeutic Products Bill.

The Australian Government committed $375 million over four years, to expand access to Medicare-eligible MRI machines. They also committed to working with RANZCR to further expand access to this important life-saving technology, including evaluation of the additional 53 MRI licences.

This year RANZCR developed an Australian federal election survey to promote our advocacy priorities.

The Coalition, Labor, Australian Greens and Central Alliance all completed the survey. As a result, RANZCR received commitments from all parties to: o Develop a comprehensive strategy to prepare for the adoption of artificial intelligence (AI) in healthcare o Support access to particle therapy, including the creation of a nationally coordinated plan for particle therapy, and o Support the MBS Review Taskforce recommendation to fund detailed modelling and a pilot of the proposed changes to the MBS Radiation Oncology Schedule.

6 I ANNUAL REPORT 2019 ACHIEVEMENTS

RANZCR provided a comprehensive response to New Zealand’s Health and Disability Review for both clinical radiology and radiation oncology.

RANZCR co-hosted the first ever Radiation Oncology Horizon Summit in New Zealand with Health Minister, the Hon Dr David Clark. The event emphasised the current underutilisation of this lifesaving treatment and has kick-started the process of developing new Government policies.

RANZCR led the Australian Medical Services Advisory Committee application for the new Medicare item for foetal MRI improving access to and affordability of this vital scan for pregnant women.

We were instrumental in the Australian Government listing of liver MRI saving patients up to $800 for a MRI scan which can help detect liver cancer more effectively.

RANZCR and other key stakeholders worked to secure $68 million to improve cancer care for patients in regional Australia through investing in new radiation therapy facilities.

The highest ever media coverage for the College, total audience reached: 5,385,865 (a 388% increase from 2017/18).

RANZCR has been a proactive contributor to the Medicare Benefits Schedule (MBS) Review and provided valuable feedback to all reports that impact on our sectors. The Department of Health has described RANZCR as the “outstanding contributor” to the Review process.

RANZCR has been invited by the Australian Department of Health (DoH) to participate in several Implementation Liaison Groups to support the implementation of changes from the MBS Review Taskforce.

An increase in proactive media activities, including editorials published in the Medical Observer, Australian Doctor and NZ Doctor.

Proactive TV feature stories raised the profile of the Targeting Cancer campaign which supported the Midnight Rambler crew in the Sydney to Hobart yacht race.

Submission of 2019 RANZCR Reaccreditation submission to Australian Medical Council (AMC) and Medical Council of New Zealand (MCNZ).

33 Specialist Training Program (STP) applications (predominantly Clinical Radiology) received in the Department of Health’s November Expression of Interest.

Examiner Code of Conduct approved.

The inaugural Network Training Development Forums were held for Clinical Radiology and Radiation Oncology, providing a greater focus on the requirements of the network training program, accreditation and STP.

ACHIEVEMENTS ANNUAL REPORT 2019 I 7

Key achievements of the year cont.

Training at new regional and private settings has increased as a result of the STP; each network now has a regional rotation.

Part 1 examination reforms have been finalised and approved with other exam changes approved.

Implementation intending to commence in 2021.

Both TAR Steering Committee have made steady progress in the Training and Assessment Reform, with the enhanced training program expected to be completed by end of September 2019.

Implementation of enhanced training programs has commenced and is progressing according to the plan.

Reviewed and adjusted accreditation report structure for both faculties

Review of IMG processes to align with MBA Good Practice Guidelines

Professional Document publication

Version 11 CR Standards of Practice Interventional Radiology White Paper Framework for Recognition of Training in Percutaneous Stroke Intervention Policy on the use of Thermography to detect Breast Cancer position statement – Sep 2018 Imaging of Breast implant associated Anaplastic Large Cell Lymphoma position statement – Nov 2018 Molecular Breast Imaging / Breast Specific Gamma Imaging position statement – Jun 2019 Breast Imaging Grading Comparison and Lesion Classification lists – Aug 2018

8 I ANNUAL REPORT 2019 ACHIEVEMENTS

New Fellows

Clinical Radiology

David Oar

Kenneth Sim

Gerard O'Sullivan

Christopher Cassady

Syed Zaheer

Shu Yi Tan

Jacobus Otto

Paul Parizel

Sarah Cherian

Melissa Cheng

Pallavi Byrapu

Michael Tuppin

Cheng Lin Ting

Stella Jo

Radiation Oncology

John Hilton

Jonathan Dillon

NZ

ACT

Rajeev Deva

Gary Tan

Neda Maani

Timothy Squire

Arani Halder

Ana Brusic

Eliot Bishop

NSW

Brendon May

Heather Pascoe

Debbie Yeh

Vicky Chin

Vinicius Carraro Do Nascimento

Eliza Preece

Shane Lee

Ro'ya Merie

Jeffrey Lai

Pradeep Sonwalkar

Hemanth Subramaniam

Gina Hesselberg

Mandy Ren

Manish Chug

Gorane Santamaria Hormaechea

Abigail Chong

Lee Young

Grace Aw

SA

Megan Ang

Anthony Harris

Edwin Ho

Chinthaka De Silva

James Bewes

Angeline Ng

Guy Harris

Samuel Toner

Felix Paterson

Chatura Wijetunga

Glyn Llewellyn-Jones

Terina Caughey

Edward Wang

Bob Tran

Gabrielle James

Sonal Amin

Andrew Low

Simeon Babawale

Seung Wook Ryu

Daniel Cornfeld

Scott Luxton

Chandra Annabattula

Weeragoda Gamage Wijesinghe

Thomas Paxton

Hayden Bell

Chester Chong

Claudia Weidekamm

Tyler Munk

Hao Xiang

William Howard

Emmy De Heer

Tanushree Bhattacharjya

Farhan Ahmed Muhammad Idris

Shane Diers

Louise Van Camp

Sarah Faithfull

Liyanaarachchi Silva

Albert Eshun

Sweta Shalini

TAS

Dylan Kurda

Singapore

Yuvnik Trada

Geetha Ramaswami

Emma Young

Hong Kok

Siska Muljadi

NZ

Matthew Mouat

Jennifer Shoobridge

WA

Overseas

Ruvini Gunawardana

Zhun Jeat Lee

Aradhna Raj

Balaji Kodivalasa

Singapore

Zerlene Lim

Susan-Mary O'Hanlon

Michelle Tseng

Marjanne Descamps

ACT Jatinder Shekhawat Melissa Craft Bhagya Ratna Tekula Wen Ter Kan

NSW Brendan Coghlan Diederick De Boo Timothy Shore Jaw Tzeng Tronidjaja

NT

Jessica Monkhorst

Ahmed Bilal

VIC

QLD

Jason Wong

Gregory Lock

Doreen Quan

Arjuna Somasundaram

Chau Nguyen

Yu-Ting Huang

Aaron Ow

Bradley Wray

Pieter Wood

William McKenzie

Shyam Sankaran

Christian Acksteiner

Anthony Cardin

Bernadette Wong

Ashley Rossiter Andrew Hely

Samuel Gane Charles Werren Jayant Kumar Sven Klinken

Kin Sang Lam Eun Ji Hwang

Kathy Wyant

Kimberley Nguyen Shreya Armstrong

NT Saad Maqsood Jonathon Hutton

QLD Edward Sia Gishan Ratnayake Joanne Castelli Hon Trinh Michael Huo

Mallikarjunappa Jing Zhou Olivia Chin

David Serich

Neelika Kirihetti Liyanage

Madusha Chandratilleke

Sean Mcilhone

Priyank Sheshagiri Chatra

Heba Abdelrahman

Verash Bhagwandas

NEW FELLOWS ANNUAL REPORT 2019 I 9

Support from our Members and Sponsors

The College is very grateful to the following Fellows and Members who have donated to the annual appeals for the Education Fund, the Research Fund and the JP Trainor Archive Trust. We also thank those members who declined to have their donations recognised.

College Donors Dr Firdaus Abd Rahim

Adj C/Prof Andrea Glynn

Dr Ashok Kumar

Dr Luke Oakden-Rayner

Dr Pradeep Sonwalkar

A/Prof Brendan Adler

Dr Stacy Goergen

Dr Numan Kutaiba

Dr Inna Page

Dr Peter Stein

Dr Verity Ahern

Dr Nirdosh Gogna

Dr Jan Labuscagne

Dr Amanda Palmer

Dr Abdul Tahir

Dr Suzan Bahadir

Dr Mary-Louise Greer

Dr Aleksandra Lange

Dr Geoffrey Peretz

Dr Keen Hun Tai

Dr Diana Balog

Dr Madhu Gulati

Dr Margaret Latham

Dr Richard Perry

Dr Julius Tamangani

Dr Gillian Beveridge

Dr Rebecca Hall

Dr Melissa Lea

Dr John Quayle

Dr Simon Tang

Dr Krishna Bharat Boddupalli

Dr Leigh Harvey

Dr Philip Lew

Dr Tulasi Ramanarasiah

Dr Stephen Thompson

Dr David Boshell

Dr Shabeer Hassam

Dr Kian Lim

Dr Vinicius Resende

Dr Mahdi Timasi

Dr Nicholas Brown

Dr Peter Henderson

Dr Glen Lo

Dr Ian Revfem

Dr David Byram

Dr Aneequa Hussain

Dr Ronny Low

Dr Joseph Richter

Dr Lourens Rasmus Van Der Westhuizen

Dr York Cheung

Dr Muhammad Idris

Dr Karthik Marripudi

Dr Donald Robertson

Dr John Stephen Vedelago

Dr Sheetal Dhote

Clin A/Prof Deepak Jain

Dr Thomas Mathews

Dr Patricia Robertson

Clin Prof Arthur Vellios

Dr Colin Dicks

Dr Sanjay Jeganathan

Dr Ky McGrillen

Dr Daniel Sampaio Vieira

Dr Michael Veness

Dr Peter Downey

Dr Sandeep Joshi

A/Prof Salim Merchant

Dr Darrel Sargeant

Dr Denise Warner

Dr John Eng

Prof Solokara Karunarathne

Dr Christopher Milross

Dr Giuseppe Sasso

Dr Philip Weeks

Dr Richard Foster

Dr Lizbeth Kenny

Dr Manish Mittal

Dr Christine Shearman

Dr Garvin Williamsz

Dr Patrick Galvin

Dr Shahroz Khan

Dr Deepali Nandurkar

Dr Darryl Shnier

Dr Alan Wise

Dr Peter Gendall

Dr Alan Klevansky

Dr Kenneth Neale

Dr Fariha Sitheeque

Dr Nazanin Zarerad

Dr Daniel Gierhake

Dr Ratna Koyyalamudi

Dr Katherine Neville

Dr Piyush Siwach

Dr John Gimpel

Dr Maren Krueger

Dr Kim-Son Nguyen

Dr Paul Smith

AstraZeneca

We acknowledge the valuable support provided during the year by our supporters and sponsors.

Kestral

AbbVie Pty Ltd

DPI Medical New Zealand Limited

Accuray Asia Limited

EIZO

Macquarie Bank

AlphaXRT

Elekta Pty Ltd

Medtronic Australasia Pty Ltd

Avant

European Society of Radiology

Mundipharma Pty Ltd

Bayer Australia Ltd BOQ Specialist Brainlab Camhealth Cancer Institute NSW

Everlight Radiology EverX Pty Ltd GE Healthcare GenesisCare

GRC Surgical Canon Medical Systems ANZ Guerbet Australia Pty Limited Healthcare Imaging Services Carestream

Kiwis STAT Ltd

Pacific Radiology Group Philips Healthcare QScan Radiation Oncology Private Practice Fund Administration Radiology DU Ltd Radius Imaging Siemens Healthcare Limited

Carl Zeiss Pty Ltd

Healthinc Pty Ltd

Siemens Healthineers

Central Data Networks Pty Ltd

Hologic (Australia) Pty Ltd

SKG Radiology, Sonic Healthcare

Hyland

Claremont Health Equipment IBM Watson Health Finance ICON Group Comrad Medical Systems Imaxeon Pty. Ltd. CorTechs Labs Culpan Medical Pty Ltd

I-MED Radiology Network

Integral Diagnostics Diagnostic Imaging Australia Intelerad Medical Systems

10 I ANNUAL REPORT 2019 SPONSOR AND MEMBER SUPPORT

Varian Medical Systems Volpara Solutions Voyager Imaging Waikato DHB

Treasurer’s Report surpluses of $7,713,871 which while small compared to the larger Royal Colleges, act as a financial buffer, and have provided investment and capital improvement gains that helped us to minimise fee increases.

Dr Peter Prattan Financial Performance in 2018-2019 The Financial Statements for the year ending 30 June 2019, along with the auditor’s report are presented in this document. Detailed versions can be found on the College website www.ranzcr.com.

The College’s current financial objective is to achieve a breakeven result, excluding extraordinary projects of special significance. Funding of these projects has been set aside from the cash reserves built up over the last several years (referred to as ‘Accumulated funds’ in the accounts).

Investment in our training programs continued through a comprehensive reform of Training and Assessment, which followed the earlier review findings of the ACER/Prideaux report (2014). This work and investment is nearing completion and is moving to full implementation phase, which is scheduled for 2021 academic year. The financial impact of the reform in the current financial year is $654,621 which is in line with the budget for the reform agenda.

The net income after the Training and Assessment Reform project results in a net surplus of $440,633 for 20182019. A significant contribution to the financial year’s surplus is attributed to the performance in the College’s investments. The College has retained

The implementation of Training and Assessment Reform will remain an important area of College investment.

Concurrently the College is working on IT platforms that will support the implementation of training and CPD reforms. IT costs will continue to be a major expense for the College as the rapidly changing environment dictates, we need to maintain the security, reliability and improve efficiency of the College’s programs. The timely and rigorous attention given to our IT platforms means that we are getting best value for member dollars.

Advocacy

Donations and Other Support The College is grateful for the support it received from its Fellows, members, corporate supporters and associated organisations throughout the year: detailed acknowledgement is available on page 10 of this report.

The College is also very grateful to Fellows and members who have donated to the Education and Research Fund annual appeal.

Without the generous pro bono assistance by so many members and Fellows, the cost of maintaining and growing the scope and the excellence of the College would require serious fee increases. We thank the Fellows who have contributed their time for the voluntary work and keep our costs contained by supporting training, examinations and a host of other activities.

The focus on Advocacy remained high during the election year with increased level of activities. The social and financial outcomes are satisfying for both our members and patients alike. However, ongoing interaction with policy and stakeholders to ensure timely and quality implementation of these changes will be crucial to bring these new policies to fruition.

A great intangible aspect of our positive approach to Advocacy has been further projected mitigation of perceived risk of RANZCR’s standing and image in medical practice, public and government perception.

Program Funding The Specialist Training Program continues to be funded by grants from the Australian Department of Health.

Most of the project is covering the College’s overhead costs to produce the outcomes required. The funding will continue until the end of the current contract in December 2021.

Membership Subscriptions The Board determined that for 2019 2020 annual subscription should be set at $2,795 for Fellows and Educational Affiliates. The fee will assist in covering our ongoing expenses and will contribute to the long-term financial viability of the College.

TREASURER'S REPORT ANNUAL REPORT 2019 I 11

Auditor’s Letter

Level 17, 383 Kent Street Sydney NSW 2000 Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230 T +61 2 8297 2400 F +61 2 9299 4445 E info.nsw@au.gt.com W www.grantthornton.com.au

Independent Auditor’s Report To the Members of The Royal Australian and New Zealand College of Radiologists Report on the audit of the financial report

Opinion We have audited the financial report of The Royal Australian and New Zealand College of Radiologists (the “Registered Entity”), which comprises the statement of financial position as at 30 June 2019, the statement of profit or loss and other comprehensive income, statement of changes in funds and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and the Responsible Entities’ declaration.

In our opinion, the financial report of The Royal Australian and New Zealand College of Radiologists has been prepared in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including: 1.

giving a true and fair view of the Registered Entity’s financial position as at 30 June 2019 and of its financial performance for the year period then ended; and

2.

complying with Australian Accounting Standards and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.

Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Registered Entity in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation.

12 I ANNUAL REPORT 2019 AUDITOR'S LETTER

www.grantthornton.com.au

Responsibilities of the Responsible Entities for the financial report The Responsible Entities of the Registered Entity are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and the Australian Charities and Not-for-profits Commission Act, and for such internal control as the Responsible Entities determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Responsible Entities are responsible for assessing the Registered Entity’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 Responsible Entities either intend to liquidate the Registered Entity or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Registered Entity’s financial reporting process.

Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 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 the Australian Auditing Standards 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 this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: •

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Registered Entity’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Responsible Entities.

•

Conclude on the appropriateness of the Responsible Entities use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Registered Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Registered Entity to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

AUDITOR'S LETTER ANNUAL REPORT 2019 I 13

Auditor’s Letter cont.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Grant Thornton Audit Pty Ltd Chartered Accountants

James Winter Partner – Audit & Assurance Sydney, 6 September 2019

14 I ANNUAL REPORT 2019 AUDITOR'S LETTER

Level 17, 383 Kent Street Sydney NSW 2000 Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230 T +61 2 8297 2400 F +61 2 9299 4445 E info.nsw@au.gt.com W www.grantthornton.com.au

Auditor’s Independence Declaration To the Responsible Entities of The Royal Australian and New Zealand College of Radiologists

In accordance with the requirements of section 60-40 of the Australian Charities and Not-for-profits Commission Act 2012, as lead auditor for the audit of The Royal Australian and New Zealand College of Radiologists for the year ended 30 June 2019, I declare that, to the best of my knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit.

Grant Thornton Audit Pty Ltd Chartered Accountants

James Winter Partner – Audit & Assurance Sydney, 6 September 2019

www.grantthornton.com.au

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AUDITOR'S LETTER ANNUAL REPORT 2019 I 15

Financials STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2019 NOTE

2019

2018

$

$

8,610,813

8,062,047

814,951

696,572

Annual Scientific Meeting income

1,663,062

1,628,440

Examination fees

1,987,266

1,776,356

Education and training fees

1,255,439

583,891

Fees

834,701

618,633

Course fees

770,225

1,156,210

723,740

703,850

16,660,197

15,225,999

(7,780,906)

(6,766,452)

(60,840)

(84,462)

Council and Committee costs

(2,736,139)

(2,528,016)

Annual Scientific Meeting costs

(1,268,040)

(1,307,628)

Printing, publicity and public relations

(310,875)

(219,704)

Professional, consulting and legal fees

(1,393,742)

(1,619,554)

Journal production and postage

(287,896)

(319,113)

Occupancy costs

(377,047)

(336,773)

(338,425)

(313,585)

(65,651)

(63,769)

Interest expense

(3,044)

-

Other expenses

(1,832,586)

(1,662,440)

(16,455,191)

(15,221,496)

205,006

4,503

883,693

703,553

Training and assessment reform

(654,621)

(536,437)

Surplus for the year

434,078

171,619

6,555

2,458

6,555

2,458

440,633

174,077

Operating activities: REVENUE Member subscription income Project funding

Other revenue

3

EXPENSES Employee benefits expense Project costs

Depreciation and amortisation expense Accounting and audit fees

Surplus before other operating expenses and revenue from investments and interest Interest and investment income

7

Other operating expenses

Other comprehensive income Foreign currency translation Other comprehensive income for the year

Total comprehensive income for the year This statement should be read in conjunction with the notes to the financial statements.

16 I ANNUAL REPORT 2019 FINANCIALS

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2019 NOTE ASSETS

2019

2018

$

$

CURRENT Cash and cash equivalents

4

3,379,843

3,198,019

Trade and other receivables

5

591,644

426,316

Financial assets

8

2,849,846

7,155,259

Other assets

6

624,169

453,203

7,445,502

11,232,797

TOTAL CURRENT ASSETS

NON-CURRENT Property, plant and equipment

7

3,670,080

3,927,302

Financial assets

8

17,382,637

10,643,104

TOTAL NON-CURRENT ASSETS

21,052,717

14,570,406

TOTAL ASSETS

28,498,219

25,803,203

LIABILITIES CURRENT Trade and other payables

9

4,086,528

2,937,389

Employee benefits

10

690,696

563,085

Other financial liabilities

11

13,081,588

12,048,543

17,858,812

15,549,017

134,255

189,667

134,255

189,667

TOTAL LIABILITIES

17,993,067

15,738,684

NET ASSETS

10,505,152

10,064,519

2,791,281

3,058,929

7,713,871

7,005,590

10,505,152

10,064,519

TOTAL CURRENT LIABILITIES

NON-CURRENT Employee benefits

10

TOTAL NON-CURRENT LIABILITIES

FUNDS Reserves Accumulated funds TOTAL FUNDS

12

This statement should be read in conjunction with the notes to the financial statements.

FINANCIALS ANNUAL REPORT 2019 I 17

Financials cont.

STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 30 JUNE 2019 Reserves

Accumulated funds

Total funds

$

$

$

2,998,589

6,891,853

9,890,442

-

171,619

171,619

2,458

-

2,458

Total comprehensive income for the year

2,458

171,619

174,077

Transfers from accumulated funds to reserves

57,882

(57,882)

-

3,058,929

7,005,590

10,064,519

3,058,929

7,005,590

10,064,519

-

434,078

434,078

6,555

-

6,555

6,555

434,078

440,633

(274,203)

274,203

-

2,791,281

7,713,871

10,505,152

Notes

Balance at 1 July 2017 Surplus for the year Other comprehensive income

Balance at 30 June 2018

12

Balance at 1 July 2018 Surplus for the year Other comprehensive income Total comprehensive income for the year Transfers from reserve to accumulated funds Balance at 30 June 2019

12

This statement should be read in conjunction with the notes to the financial statements.

18 I ANNUAL REPORT 2019 FINANCIALS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2019 2019

2018

$

$

10,325,214

10,008,185

Receipts from members

9,471,894

8,736,926

Receipts from exam and assessments

5,104,494

5,410,339

954,410

2,939,777

(3,044)

-

(24,046,069)

(21,456,552)

1,806,899

5,638,675

(81,203)

(268,440)

Net purchase of financial assets

(2,434,120)

(5,556,763)

Interest and investment income

883,693

703,553

(1,631,630)

(5,344,907)

-

-

175,269

293,768

3,198,019

2,901,793

6,555

2,458

3,379,843

3,198,019

Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from grants and managed government program

Other receipts Interest expense paid Payments to suppliers and employees Net cash provided by operating activities

16

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment

7

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES Net cash from financing activities

Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents, end of year

4

RANZCR INCOME

RANZCR EXPENDITURE Other

4%

3%

Sponsorship

1%

Research

3%

Events

7%

Training & Img Fees

Member Subscriptions

14%

Other

1%

Training & Assessment

59%

Standards & CPD

32%

20%

14%

Exam Fees

JMIRO

Events, Publications And Member Services

18%

Policy, Advocacy, Media, Analytics & Governance

23%

This statement should be read in conjunction with the notes to the financial statements.

FINANCIALS ANNUAL REPORT 2019 I 19

College Grants Awards and Prizes Awarded 2019 ASM Prize Recipients Clinical Radiology

Elekta Award – the advances in the use of technology in Radiation Therapy Dr Trang Pham

Wiley Best Exhibit Award – Radiology Dr Martin Blake

David Wigg Prize for Radiobiology Research Dr Joseph Sia

Branch of Origin Dr Sheila Oh I-Med Best Emergency Radiology Scientific Exhibit Prize Dr George Harisis

Radiation Oncology Varian Medical Systems Educational Grants Dr Kylie Lopes Floro Dr Revadhi Chelvarajah Dr Tao Xing Dr Robert Duvenage Dr Mihir Shanker Dr Anna Gubbins Dr Girish Shah Dr Christopher Cowling Varian Prize Dr Nicholas Bucknell Wiley Best Exhibit Award – Radiation Oncology Dr Craig Wilson Chris Atkinson Award – Best Radiation Oncology Scientific Paper Presentation A/Prof David Pryor

College and Sponsored Honours Roentgen Medal Adj Clinical Professor Stacy Goergen Denise Lonergan Educational Service Award Dr Marcus Dreosti Clinical Radiology Educational Service Award A/Prof Bruno Giuffre Thomas Baker Fellowship Dr Kartika Bhatia Trans-Tasman Radiation Oncology Group (TROG) Dr Michael Li Dr Wee Loon Ong Dr Tze Kok

Examination Prizes C.E. Eddy Prize – Radiation Oncology Dr Su Chen Fong

C.E. Eddy Prize – Clinical Radiology Dr Troy Wooding H.R. Sear Prize – Clinical Radiology Dr Sally Ayesa M.G.F. Donnan Prize Dr Shane Hyun Lee

Research Prizes and Grants Faculty of Radiology Oncology Bourne and Langlands Prize Dr Michelle Tseng Withers and Peters Grant Dr Joseph Sia Clinical Radiology Early Career Researchers Award Dr Michael Chan Clinical Radiology Research Grants A/Prof Frank Gaillard Dr Arian Lasocki Radiation Oncology Research Grants Dr Kylie Lopes Floro Dr David Kok Dr Sweet Ping Ng

Deceased members It is with regret that we record the deaths of the following members during the year under review: Dr Stephen Williams Educational Affiliate NZ Dr Merl De Silva Fellow TAS Associate Professor Robin Gibson Life NZ Dr Ezra Berley Educational Affiliate NSW Dr Jerzy Mirecki Fellow NSW Dr John Maxwell Fellow Overseas Dr Neville Myers Fellow SA

Dr Frederick Jensen Life TAS Dr James Stackpool Fellow NSW Dr Vimala Nayanar Fellow NSW Dr William Benson Life SA Prof Albert Lam Life NSW Dr Michael Ti Fellow VIC Dr Edward Johnston Fellow QLD Dr Sean Skea Fellow NZ

Sydney Office Level 9, 51 Druitt Street, Sydney NSW 2000, Australia. ABN 37 000 029 863 T +61 2 9268 9777 | F + 61 2 9268 9799 | E ranzcr@ranzcr.edu.au | www.ranzcr.edu.au Wellington Office Floor 6, 142 Lambton Quay, Wellington, New Zealand T +64 4 472 6470 | F +64 4 472 6474 | E nzbranch@ranzcr.org.nz Copyright for this publication rests with The Royal Australian and New Zealand College of Radiologists®