Annual Report

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

College Values That Drive What We DoCommitment to Best PracticeExemplified 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 IntegrityExemplified through an ethical approach: doing what is right, not what is expedient; a forward thinking and collaborative attitude and a patient-centric focus.

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

LeadershipExemplified through a culture of leadership where we demonstrate outcomes.

Board of Directors

Dr Lance Lawler President

Dr Brigid Hickey Elected Fellow

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

Dr Peter Pratten Elected Fellow

Dr Madhavi Chilkuri Dean, Faculty of Radiation Oncology

Dr Yvonne Ho Elected Fellow

Dr Gabriel Lau Chair, New Zealand Branch

Prof Vin Massaro Non-Fellow

THE COLLEGEOur

Vision

Our

Purpose

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

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

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

2 I ANNUAL REPORT 2019 THE COLLEGE

A Message from the President

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 kick-started 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.'

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.

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.

Dr Lance Lawler

PRESIDENT REPORT ANNUAL REPORT 2019 I 3

CEO presents… a year at a glance

108 Fellows

participated in MBS Review

JMIRO Impact Factor 1.2

149 NEW FELLOWS

17 new Educational Affiliates

152 NEW

TRAINEES

93%

of respondents rated their interaction with

the College satisfactory /highly satisfactory

142,866 users

170,586 sessions

248,412 page views

1,574,121 users

1,810,631 sessions

2,162,890 page views

TARGETING CANCER WEBSITE

INSIDERADIOLOGY WEBSITE

3,226 followers on Twitter

4,476 likes on Facebook

2,578 followers on LinkedIn

COLLEGE SOCIAL MEDIA

4,080 followers on Twitter

Twitter Engagements 361,5002,968 followers on Facebook

Facebook Reach 279,228448 followers on LinkedIn

TARGETING CANCER SOCIAL MEDIA

RANZCR WEBSITE

163,594 users

346,674 sessions

823,645 page views

The College ONLINE

RANZCR Research Grants Awarded

Clinical Radiology $59,125Radiation 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

Member DEMOGRAPHICS

GENDER:

3,462 Fellows (including 99 Life members)

775 Students

119 Educational

Affiliates

6 Associate members

1,381 female

3,084 male

TOTAL NO. MEMBERS:

4,486

TYPE:

SPECIALTY:

698 Radiation Oncologists

3,785 Clinical Radiologists

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

Participated in Special Interest Groups and Reference Groups:

1,530

Sitting on our committees, panels and

working groups:

744

Sitting on the Board and

Faculty Councils:

45

CONTRIBUTING TO OUR PUBLICATIONS

JMIRO:

1 Editor in Chief

2 Deputy Editors

34 Associate Editors

240 Reviewers

Inside News:

1 Editor in Chief

17 Contributors

NUMBER SUPPORTING

OUR TRAINING PROGRAM

6 Network Training

Directors (Radiology only)

8 Training Network

Directors (Radiation Oncology only)

8 Branch Education

Officers (Radiology only)

20 IMG Assessors

10 Training Site Accreditation

Assessors

189 Directors

of Training

161 RANZCR Examiners

LOCATION:

ACT

84

QLD

714

NZ

665

NSW

1,166VIC

921

TAS

69NT

6

WA

362SA

294

Overseas 193

CREDENTIALING

CT Coronary Angiography (CTCA)

As at 30 June 2019, there are:

572 registered CTCA Specialists

Level A CTCA: 394Level 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

As at 30 June 2019 there are:

100 registered Cardiac MRI Specialists

(including radiologists and cardiologists)

EVENT Attendance

1,035 delegates attended the 2018 Annual Scientific Meeting

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

YEAR AT A GLANCE ANNUAL REPORT 2019 I 5

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

RANZCR provided a comprehensive response to New Zealand’s Health

and Disability Review for both clinical radiology and radiation oncology.

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

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.

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.

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.

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

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.

Key achievements of the year

6 I ANNUAL REPORT 2019 ACHIEVEMENTS

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 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.

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.

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

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.

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.

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.

Examiner Code of Conduct approved.

ACHIEVEMENTS ANNUAL REPORT 2019 I 7

Part 1 examination reforms have been finalised and approved with other exam changes approved. Implementation intending to commence in 2021.

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

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

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.

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

Key achievements of the year cont.

8 I ANNUAL REPORT 2019 ACHIEVEMENTS

Clinical Radiology

ACT

Jatinder Shekhawat

Melissa Craft

Bhagya Ratna Tekula

Wen Ter Kan

NSW

Brendan Coghlan

Diederick De Boo

Timothy Shore

Jaw Tzeng Tronidjaja

Manish Chug

Grace Aw

Edwin Ho

Guy Harris

Glyn Llewellyn-Jones

Gabrielle James

Seung Wook Ryu

Chandra Annabattula

Hayden Bell

Hao Xiang

Emmy De Heer

Louise Van Camp

Sweta Shalini

Geetha Ramaswami

Matthew Mouat

NT

Ahmed Bilal

QLD

Gregory Lock

Arjuna Somasundaram

Yu-Ting Huang

Bradley Wray

William McKenzie

Christian Acksteiner

Bernadette Wong

David Oar

Syed Zaheer

Sarah Cherian

Michael Tuppin

John Hilton

Rajeev Deva

Arani Halder

Brendon May

Vinicius Carraro Do Nascimento

Pradeep Sonwalkar

Gorane Santamaria Hormaechea

SA

James Bewes

Felix Paterson

Edward Wang

Andrew Low

Scott Luxton

Thomas Paxton

Tyler Munk

Tanushree Bhattacharjya

Sarah Faithfull

TAS

Emma Young

Jennifer Shoobridge

Jessica Monkhorst

VIC

Jason Wong

Doreen Quan

Chau Nguyen

Aaron Ow

Pieter Wood

Shyam Sankaran

Anthony Cardin

Ashley Rossiter

Andrew Hely

Kenneth Sim

Shu Yi Tan

Melissa Cheng

Cheng Lin Ting

Jonathan Dillon

Gary Tan

Ana Brusic

Heather Pascoe

Eliza Preece

Jeffrey Lai

Mandy Ren

Abigail Chong

Megan Ang

Angeline Ng

Chatura Wijetunga

Bob Tran

Simeon Babawale

Weeragoda Gamage Wijesinghe

Chester Chong

Farhan Ahmed

Muhammad Idris

Liyanaarachchi Silva

Dylan Kurda

Hong Kok

WA

Ruvini Gunawardana

Balaji Kodivalasa

Susan-Mary O'Hanlon

Samuel Gane

Charles Werren

Jayant Kumar

Sven Klinken

David Serich

Madusha Chandratilleke

Priyank Sheshagiri Chatra

Gerard O'Sullivan

Jacobus Otto

Pallavi Byrapu

Stella Jo

NZ

Neda Maani

Eliot Bishop

Debbie Yeh

Shane Lee

Hemanth Subramaniam

Lee Young

Anthony Harris

Chinthaka De Silva

Samuel Toner

Terina Caughey

Sonal Amin

Daniel Cornfeld

Kathy Wyant

Claudia Weidekamm

William Howard

Shane Diers

Albert Eshun

Singapore

Siska Muljadi

Overseas

Aradhna Raj

Zerlene Lim

Marjanne Descamps

Mallikarjunappa

Jing Zhou

Olivia Chin

Neelika Kirihetti Liyanage

Sean Mcilhone

Verash Bhagwandas

Heba Abdelrahman

Christopher Cassady

Paul Parizel

Radiation OncologyACT

Timothy Squire

NSW

Vicky Chin

Ro'ya Merie

Gina Hesselberg

Kin Sang Lam

Eun Ji Hwang

Kimberley Nguyen

Shreya Armstrong

NT

Saad Maqsood

Jonathon Hutton

QLD

Edward Sia

Gishan Ratnayake

Joanne Castelli

Hon Trinh

Michael Huo

Yuvnik Trada

NZ

Zhun Jeat Lee

Singapore

Michelle Tseng

New Fellows

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.

Dr Firdaus Abd Rahim

A/Prof Brendan Adler

Dr Verity Ahern

Dr Suzan Bahadir

Dr Diana Balog

Dr Gillian Beveridge

Dr Krishna Bharat Boddupalli

Dr David Boshell

Dr Nicholas Brown

Dr David Byram

Dr York Cheung

Dr Sheetal Dhote

Dr Colin Dicks

Dr Peter Downey

Dr John Eng

Dr Richard Foster

Dr Patrick Galvin

Dr Peter Gendall

Dr Daniel Gierhake

Dr John Gimpel

Adj C/Prof Andrea Glynn

Dr Stacy Goergen

Dr Nirdosh Gogna

Dr Mary-Louise Greer

Dr Madhu Gulati

Dr Rebecca Hall

Dr Leigh Harvey

Dr Shabeer Hassam

Dr Peter Henderson

Dr Aneequa Hussain

Dr Muhammad Idris

Clin A/Prof Deepak Jain

Dr Sanjay Jeganathan

Dr Sandeep Joshi

Prof Solokara Karunarathne

Dr Lizbeth Kenny

Dr Shahroz Khan

Dr Alan Klevansky

Dr Ratna Koyyalamudi

Dr Maren Krueger

College Donors

AstraZeneca

AbbVie Pty Ltd

Accuray Asia Limited

AlphaXRT

Avant

Bayer Australia Ltd

BOQ Specialist

Brainlab

Camhealth

Cancer Institute NSW

Canon Medical Systems ANZ Pty Limited

Carestream

Carl Zeiss Pty Ltd

Central Data Networks Pty Ltd

Claremont Health Equipment Finance

Comrad Medical Systems

CorTechs Labs

Culpan Medical Pty Ltd

Diagnostic Imaging Australia

DPI Medical New Zealand Limited

EIZO

Elekta Pty Ltd

European Society of Radiology

Everlight Radiology

EverX Pty Ltd

GE Healthcare

GenesisCare

GRC Surgical

Guerbet Australia

Healthcare Imaging Services

Healthinc Pty Ltd

Hologic (Australia) Pty Ltd

Hyland

IBM Watson Health

ICON Group

Imaxeon Pty. Ltd.

I-MED Radiology Network

Integral Diagnostics

Intelerad Medical Systems

Kestral

Kiwis STAT Ltd

Macquarie Bank

Medtronic Australasia Pty Ltd

Mundipharma Pty Ltd

Pacific Radiology Group

Philips Healthcare

QScan

Radiation Oncology Private Practice Fund Administration

Radiology DU Ltd

Radius Imaging

Siemens Healthcare Limited

Siemens Healthineers

SKG Radiology, Sonic Healthcare

Varian Medical Systems

Volpara Solutions

Voyager Imaging Waikato DHB

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

Dr Ashok Kumar

Dr Numan Kutaiba

Dr Jan Labuscagne

Dr Aleksandra Lange

Dr Margaret Latham

Dr Melissa Lea

Dr Philip Lew

Dr Kian Lim

Dr Glen Lo

Dr Ronny Low

Dr Karthik Marripudi

Dr Thomas Mathews

Dr Ky McGrillen

A/Prof Salim Merchant

Dr Christopher Milross

Dr Manish Mittal

Dr Deepali Nandurkar

Dr Kenneth Neale

Dr Katherine Neville

Dr Kim-Son Nguyen

Dr Luke Oakden-Rayner

Dr Inna Page

Dr Amanda Palmer

Dr Geoffrey Peretz

Dr Richard Perry

Dr John Quayle

Dr Tulasi Ramanarasiah

Dr Vinicius Resende

Dr Ian Revfem

Dr Joseph Richter

Dr Donald Robertson

Dr Patricia Robertson

Dr Daniel Sampaio Vieira

Dr Darrel Sargeant

Dr Giuseppe Sasso

Dr Christine Shearman

Dr Darryl Shnier

Dr Fariha Sitheeque

Dr Piyush Siwach

Dr Paul Smith

Dr Pradeep Sonwalkar

Dr Peter Stein

Dr Abdul Tahir

Dr Keen Hun Tai

Dr Julius Tamangani

Dr Simon Tang

Dr Stephen Thompson

Dr Mahdi Timasi

Dr Lourens Rasmus Van Der Westhuizen

Dr John Stephen Vedelago

Clin Prof Arthur Vellios

Dr Michael Veness

Dr Denise Warner

Dr Philip Weeks

Dr Garvin Williamsz

Dr Alan Wise

Dr Nazanin Zarerad

10 I ANNUAL REPORT 2019 SPONSOR AND MEMBER SUPPORT

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 2018- 2019. A significant contribution to the financial year’s surplus is attributed to the performance in the College’s investments. The College has retained

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.

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.

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

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

Dr Peter Prattan

TREASURER'S REPORT ANNUAL REPORT 2019 I 11

Auditor’s Letter

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.

www.grantthornton.com.au

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.

12 I ANNUAL REPORT 2019 AUDITOR'S LETTER

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

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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

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

Operating activities: $ $

REVENUE

Member subscription income 8,610,813 8,062,047

Project funding 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

Other revenue 3 723,740 703,850

16,660,197 15,225,999

EXPENSES

Employee benefits expense (7,780,906) (6,766,452)

Project costs (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)

Depreciation and amortisation expense 7 (338,425) (313,585)

Accounting and audit fees (65,651) (63,769)

Interest expense (3,044) -

Other expenses (1,832,586) (1,662,440)

(16,455,191) (15,221,496)

Surplus before other operating expenses and revenue from investments and interest

205,006 4,503

Interest and investment income 883,693 703,553

Other operating expenses

Training and assessment reform (654,621) (536,437)

Surplus for the year 434,078 171,619

Other comprehensive income

Foreign currency translation 6,555 2,458

Other comprehensive income for the year 6,555 2,458

Total comprehensive income for the year 440,633 174,077

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 2019 2018

ASSETS $ $

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

TOTAL CURRENT ASSETS 7,445,502 11,232,797

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

TOTAL CURRENT LIABILITIES 17,858,812 15,549,017

NON-CURRENT

Employee benefits 10 134,255 189,667

TOTAL NON-CURRENT LIABILITIES 134,255 189,667

TOTAL LIABILITIES 17,993,067 15,738,684

NET ASSETS 10,505,152 10,064,519

FUNDS

Reserves 12 2,791,281 3,058,929

Accumulated funds 7,713,871 7,005,590

TOTAL FUNDS 10,505,152 10,064,519

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

FINANCIALS ANNUAL REPORT 2019 I 17

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

Notes ReservesAccumulated

fundsTotal funds

$ $ $

Balance at 1 July 2017 2,998,589 6,891,853 9,890,442

Surplus for the year - 171,619 171,619

Other comprehensive income 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) -

Balance at 30 June 2018 12 3,058,929 7,005,590 10,064,519

Balance at 1 July 2018 3,058,929 7,005,590 10,064,519

Surplus for the year - 434,078 434,078

Other comprehensive income 6,555 - 6,555

Total comprehensive income for the year 6,555 434,078 440,633

Transfers from reserve to accumulated funds (274,203) 274,203 -

Balance at 30 June 2019 12 2,791,281 7,713,871 10,505,152

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

Financials cont.

18 I ANNUAL REPORT 2019 FINANCIALS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2019

Notes 2019 2018

CASH FLOWS FROM OPERATING ACTIVITIES $ $

Receipts from grants and managed government program 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

Other receipts 954,410 2,939,777

Interest expense paid (3,044) -

Payments to suppliers and employees (24,046,069) (21,456,552)

Net cash provided by operating activities 16 1,806,899 5,638,675

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment 7 (81,203) (268,440)

Net purchase of financial assets (2,434,120) (5,556,763)

Interest and investment income 883,693 703,553

Net cash used in investing activities (1,631,630) (5,344,907)

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash from financing activities - -

Net change in cash and cash equivalents 175,269 293,768

Cash and cash equivalents, beginning of year 3,198,019 2,901,793

Effects of exchange rate changes on cash and cash equivalents 6,555 2,458

Cash and cash equivalents, end of year 4 3,379,843 3,198,019

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

Member Subscriptions59%

Exam Fees14%

Training & Img Fees14%

Events7%

Sponsorship1%

Other4%

RANZCR INCOME

Training & Assessment32%

Events, Publications And Member Services

18%

Policy, Advocacy, Media, Analytics & Governance23%

Standards & CPD20%

Research3%

Other1%

JMIRO3%

RANZCR EXPENDITURE

FINANCIALS ANNUAL REPORT 2019 I 19

Sydney OfficeLevel 9, 51 Druitt Street, Sydney NSW 2000, Australia. ABN 37 000 029 863T +61 2 9268 9777 | F + 61 2 9268 9799 | E ranzcr@ranzcr.edu.au | www.ranzcr.edu.au

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Copyright for this publication rests with The Royal Australian and New Zealand College of Radiologists®

College Grants Awards and Prizes Awarded 2019

ASM Prize Recipients

Clinical RadiologyWiley Best Exhibit Award – Radiology Dr Martin Blake

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 FloroDr Revadhi ChelvarajahDr Tao XingDr Robert DuvenageDr Mihir ShankerDr Anna GubbinsDr Girish ShahDr 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

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

David Wigg Prize for Radiobiology Research Dr Joseph Sia

College and Sponsored HonoursRoentgen MedalAdj Clinical Professor Stacy Goergen

Denise Lonergan Educational Service AwardDr Marcus Dreosti

Clinical Radiology Educational Service AwardA/Prof Bruno Giuffre

Thomas Baker FellowshipDr Kartika Bhatia

Trans-Tasman Radiation Oncology Group (TROG) Dr Michael LiDr Wee Loon OngDr Tze Kok

Examination PrizesC.E. Eddy Prize – Radiation OncologyDr Su Chen Fong

C.E. Eddy Prize – Clinical RadiologyDr Troy Wooding

H.R. Sear Prize – Clinical RadiologyDr Sally Ayesa

M.G.F. Donnan PrizeDr Shane Hyun Lee

Research Prizes and GrantsFaculty of Radiology Oncology Bourne and Langlands PrizeDr Michelle Tseng

Withers and Peters GrantDr Joseph Sia

Clinical Radiology Early Career Researchers AwardDr Michael Chan

Clinical Radiology Research GrantsA/Prof Frank GaillardDr Arian Lasocki

Radiation Oncology Research GrantsDr Kylie Lopes FloroDr David KokDr Sweet Ping Ng

It is with regret that we record the deaths of the following members during the year under review:

Dr Stephen Williams Educational Affiliate NZDr Merl De Silva Fellow TASAssociate Professor Robin Gibson Life NZDr Ezra Berley Educational Affiliate NSWDr Jerzy Mirecki Fellow NSWDr John Maxwell Fellow OverseasDr Neville Myers Fellow SA

Dr Frederick Jensen Life TASDr James Stackpool Fellow NSWDr Vimala Nayanar Fellow NSWDr William Benson Life SAProf Albert Lam Life NSWDr Michael Ti Fellow VICDr Edward Johnston Fellow QLDDr Sean Skea Fellow NZ

Deceased members