The Academy of Medical Royal Colleges Trustees’ Annual Report & Financial Statements For the year 1 April 2024 to 31 March 2025 Company Number: 03166361 Charity Number: 1056565 The Trustees present their report and the financial statements of the Academy of Medical Royal Colleges (“the Academy”). The financial statements comply with current statutory requirements, the memorandum and articles of association, and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP) applicable to charities preparing their accounts in accordance with FRS 102. ## OBJECTIVES AND ACTIVITIES ## Charitable Objectives The charitable objectives for which the charity was established and registered are stated in the Academy’s Memorandum and Articles of Association as follows: “The protection and preservation of health and the relief of sickness by supporting, promoting and co-ordinating the work of the Medical Royal Colleges and their Faculties as defined in their respective Charters and by providing a forum for discussion and collaboration among the Medical Royal Colleges and their Faculties (but without prejudice to the autonomy of each such body) so as to promote for the benefit of the public the efficiency and effectiveness of the Medical Royal Colleges and their Faculties” ## Benefits and Beneficiaries The charity’s ultimate beneficiaries are patients, and benefits to patients are provided through continuing to share and co-ordinate the work of the Colleges and Faculties. ## Trustees’ Assessment of Public Benefit The Trustees have taken the Charity Commission’s general guidance on public benefit into consideration in preparing their statements on public benefit contained within this Trustees’ annual report. The Trustees are of the view that the pursuit of the Academy’s objects provides public benefit as follows: Through the delivery of projects which have potential benefit to patients. Through the work of the Academy’s Patient/Lay group, the co-option of the Chair of the Patient/Lay group onto the Academy Council, and the involvement of lay members in all the major work streams run by the Academy such as education and quality improvement. Through the support of cross-College activity which has an express aim of providing public benefit. ## Main Activities In pursuance of its charitable objectives, the Academy’s principal activity is sharing and coordinating the work of the Colleges and Faculties. The Academy undertakes project work in areas which cross College/Faculty boundaries. In particular, the Academy co-ordinates College and Faculty activity on issues relating to education and training, quality improvement, and workforce. The Academy also supports and promotes the Medical Training Initiative (MTI) which enables overseas doctors to train in the UK for a limited period. The Academy regularly meets Ministers and senior staff from the UK Department of Health and Social Care (DHSC) and national level health services bodies to discuss issues of concern to the Colleges and Faculties relating to quality standards and postgraduate training and education. The Academy also responds to relevant consultation documents on generic issues. ## Policy Priorities The Academy reviews its policy priorities on an annual basis. In 2024-25 this was achieved in the context of four overarching health policy objectives: Shaping care delivery Rebalancing the NHS Strengthening education and training The future workforce. Delivery against our overarching health policy objectives was achieved through the work of the Academy Chair of Council, Academy Council, its sub-committees, and the representative committees[1] . ## ACHIEVEMENTS AND PERFORMANCE Underpinning our policy objectives throughout this period has been an ambition to build on the Academy’s ability to directly influence healthcare policy at the most senior levels. We have done this by: Strengthening our links with ministers and other key decision-makers by hosting meetings, roundtables, and events with the senior ministers, senior officials, the Chief Medical Officers from all four nations, senior policy makers in the Department of Health and Social Care, the National Medical Directors, the NHS England leadership, regulators, and other stakeholders. It is worth noting that the Secretary of State for Health Wes Streeting, his special advisors and Zubir Ahmed, the Parliamentary Under-secretary of State for Health all attended the Academy’s annual Policy Day Dinner in September 2025. We have successfully navigated the first part of changeover between management teams within NHS England (NHSE) and are well placed in relation to the on-going absorption of NHSE into the Department of Health and Social Care (DHSC). We have maintained strong links with a range of parliamentarians, including ministerial teams, opposition front benches, the Chair of the Health and Social Care Select Committee, and members of the House of Lords. The Academy is currently working closely with a number of cross-bench peers on the health harms to children and young people being caused by tech and devices. This work is at an early stage. Meeting our policy priorities: Shaping care delivery In May 2024 The Academy completed phase three of the Evidence-based Interventions Programme. This five-year body of work was designed to reduce tests, treatments and procedures of little or no clinical value. It was a significant success in changing clinical behaviour and improving the quality of care at the same time. The Academy, its members, and policy team worked closely with the team at the DHSC over the summer and autumn of 2024 who were producing the 10-year plan. This culminated in a round-table discussion at the Academy’s Policy Day in September 2024 led by Sally Warren, the lead author for this piece of work which effectively sets out how care will be delivered in England over the next ten years. Children and Young People’s Gender Services – The Academy has provided education and training materials to over 130 clinicians working in the new hubs treating children and young people with gender dysphoria and/or gender related distress. This training, which takes place face to face and online, was commissioned by NHS England’s Specialised Commissioning team, initially in November 2023. The work is ongoing and is expected to continue until March 2027. In January 2025 the Academy published an update to the Code of Practice for the Diagnosis and Confirmation of Death. This followed the Academy’s earlier guide published in 2008 and has become the accepted standard for clinicians, courts, and ethicists on this subject. It was produced by a team of medical, legal, and ethics experts and took evidence from over a hundred stakeholders such as religious groups, coroners, and the police. In March 2025, the Academy Chair of Council, Dr Jeanette Dickson, gave evidence to the Health and Care Committee in Parliament on NHS England’s reorganisation. In April 2025 the Academy also published ‘Treating patients well: principles for shared clinical practice’. In June 2025 it published ‘Pregnancy Loss and Fertility Issues’ with the Royal College of Paediatrics and Child Health. The Academy and its members have produced an updated guide to its 2019 publication, ‘Please write to me’ which set guidelines for the way hospital doctors should write directly to patients rather than to the patient’s GP. This latest edition takes into account the way doctors are using AI in face-to-face consultations. ## Rebalancing the NHS In May 2024, the Academy co-hosted, with Impower, a healthcare services consultancy, a round table discussion with senior health service leaders to examine why it is so hard to deliver community-based care. This led to a widely acclaimed report published in October 2024 entitled, ‘The Future is Out There’. This document sets out clearly what needs to happen if the NHS is to find a way of delivering healthcare more effectively and efficiently. In the spring of 2025 the Academy partnered with the Health Innovation Network to hold a one day conference called, ‘Thinking Differently: Frontline NHS staff set out what’s needed to unlock innovation’. This was followed by a report published in October 2025 which gave numerous guides and case-studies of how innovation can be embedded in everyday health and care practice. The Academy’s clinical fellow worked throughout 2025 on a programme called ‘Escape the Tape’ – this was co-hosted by the Academy and NHSE. It set out 10 quick wins to reduce burdensome bureaucracy at the interface between primary and secondary care. The report was published in October 2025 as an addendum to previous work the Academy has done on this subject. Strengthening Education and Training The Academy hosts fortnightly meetings with the Chief Medical Officer for England to discuss issues related to the Education and Training of doctors and is currently hosting a short life working group to contribute to the Medical Training Review currently being conducted by DHSC. The Academy is hosting a series of workshops on the impact of artificial intelligence (AI) on medical assessment and training. This is of growing interest to members and others and will continue to be a major focus of work in future to look at how it can be used to improve the quality of training. We continue to manage the doctors’ Foundation Programme curriculum, and work with the UK Foundation Programme Office to ensure close ties between them and colleges where appropriate. The Academy also hosts the Joint Academy Training Forum which brings together the training and education leads from all of the medical royal colleges and faculties. The Academy has continued to work with the General Medical Council (GMC) on the fairer training cultures agenda. This has included co-hosting a workshop to find ways of reducing differential attainment among doctors from different backgrounds. It has produced new best-practice guidance on feedback to candidates following an exam. The Academy education committees have continued their work on improving consistency when making reasonable adjustments for candidates taking exams. The Academy produced principles on what college policy should be when a candidate fails an exam. This helps to ensure consistency across medical specialities. The future workforce In May 2024, The Academy coordinated and published a statement on ‘The Added Value of a Senior Doctor in a Multi-professional Team.’ In October 2024 it published ‘Who we are’ a guide for patients to the work of SAS doctors. In 2025 The Academy proposed and secured from the DHSC The Leng Review of the roll-out of Physician Associates and Anaesthesia Associates and are closely involved in the adoption of the eighteen recommendations Professor Leng makes. The Academy has facilitated and co-hosted sessions for the Academy’s Resident Doctors’ Committee (ARDC) and the Academy’s Specialist and Associate Staff Grades Committee (SAS) and the workforce policy team at DHSC. This enabled those specific staff groups to make their case directly to the people responsible for the shape and size of the medical workforce in England. Indicators, Milestones and Benchmarks The Academy Council and Board of Trustees reviews and agrees its work programme on an annual basis and considers the potential for public benefit of all work undertaken. The Council identifies its policy priorities and progress on delivering these is reported to the Council and Board. Progress in specific areas is monitored by the appropriate Committee and Council. Copies of the Academy’s reports and consultation responses are freely available and can be found on the Academy’s website www.aomrc.org.uk. ## FINANCIAL REVIEW Financial Results of Activities and Events The financial results of the charity’s activities for the period ended 31 March 2025 are set out in the Statement of Financial Activities and supporting notes. The Academy’s financial position is almost always finely balanced across its various programmes of work. The Trustees carefully monitor performance against budgets via quarterly management accounts to ensure that the charity remains financially viable. During the 12-month period, the charity generated total incoming resources of £1,507,488 (2024: £1,526,357) and expended total resources of £1,790,190 (2024: £1,589,231). In addition to its committees and associated work programmes, the Academy undertakes project work funded by national health bodies and fitting with the Academy’s strategic aims. Some of these projects straddle more than one financial year and payment schedules vary. The deficit in accounts in the current year relates to both restricted and unrestricted funds. The restricted funds deficit was planned and due to the timing difference that arises when income received in advance is recognised in a previous year but spent in the current year. ## Restricted Funds The Academy holds a number of restricted funds relating to project work commissioned by external bodies. A number of these relate to activity which is expected to be undertaken on a continuing basis over more than a single year. Expenditure on the projects is managed carefully and allocated on an annual basis, as appropriate. The Board is aware of the need to ensure that restricted funds are fully utilised. Details of individual funds can be found in note 14 of the financial statements. Remuneration Policy Remuneration policy is determined by the Board with decisions on any pay uplift made in relation to economic indices and consideration given to the level of any rise in subscriptions. ## Reserves Policy As of 31 March 2025, the Academy held £3,339,707 in total reserves (2024: £3,652,182). Of this, £973,741 was held as restricted funds (2024: £1,234,129), £888,539 was held as designated funds (2024: £989,731), and £1,477,427 was held as general funds (2024: £1,428,322). The Trustees recognise the need to keep unrestricted free reserves at a level appropriate to the needs of the organisation. The Trustees have formally approved a reserves policy which is reviewed on an ongoing basis. In summary, reserves are held for the following purposes: Fund unexpected expenditure, e.g. unplanned events, project overruns, staffing cover for long term sickness; Ensure continuity and fund shortfalls in income when income does not reach expected/required levels; Provide funds to replace assets or capital development; and Cover the cost of the closure of the charity. The approach used to calculate the target range of unrestricted reserves is to hold between nine and twelve months running costs. Therefore the target range for unrestricted reserves is between £948k and £1.3M. With £1,477,427 in unrestricted reserves, at 31 March 2025, the difference will be transferred to the development fund for planned capital expenditure in 2025/26 relating to the property in Dallington Street which will bring the reserves into target range. ## Development Fund The Board has designated a “Development Fund” to cover specific expenditure related to the Academy’s development programme and strategic finance needs. This fund has been used for a range of development activities this year. These needs will vary over time; therefore the Board reconsiders the appropriate level on an annual basis. As at 31 March 2025, the development fund stood at £182,780 (2024: £253,145) which trustees have assessed as sufficient for current needs. ## Going Concern There are well publicised constraints of funding in the healthcare sector. The Academy continues to offer value and deliver for its members by mitigating against exposure to the political agenda and policy change via its influencing work (see the sections on objectives and achievements above). As per the financial review section and consideration of reserves (above), the Trustees considered that there were no material uncertainties about the Academy’s ability to meet its ongoing needs and strategic objectives and therefore the accounts are prepared on a going concern basis. ## Investments Policy As per the Academy’s reserves policy, funds required for the continued operation of the charity have been identified and any funds which are held for a longer period are invested at the boards’ discretion in order to seek returns to support the Academy’s aims and objectives. The Board has adopted a policy of ethical investment for major investments. This means the Academy avoids investments in fossil fuels, tobacco, alcohol, armaments, gambling or adult entertainment. The majority of the Academy’s investments are currently held in CCLA’s COIF Ethical Investment Fund, which meets these investment criteria. The target benchmark for this fund is Consumer Price Index plus 5%, meaning that over time the fund aims to achieve (before fees) an average total return before costs of inflation, as measured by the CPI, plus 5%. Regular monitoring of the performance of the fund against the benchmark is a responsibility of the Audit and Risk Committee. ## Fundraising practice The Academy does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Academy nevertheless observes the relevant fundraising regulations and codes. During the year the Academy received no complaints relating to its fundraising practice. ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Status and History The Academy of Medical Royal Colleges is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the charity in the event of the charity being wound-up during the period of membership, or within one year thereafter. The Academy was incorporated on 29 February 1996 and became a registered charity on 3 July 1996. New Governance arrangements and Articles of Association came into effect from April 2011 with minor revisions to the Articles made in September 2022. Substantial revisions to the Academy’s Regulations were adopted by the Trustees in May 2011 and December 2024. ## Organisational Structure The overall strategic direction of the charity is determined by the Board of Trustees advised by the Council, a standing committee of the Board. The work of the Academy is centred on the Council which comprises the Presidents or equivalent Head Officers of all member Colleges and Faculties. The Council has established a series of subcommittees to carry out the organisation’s work. These comprise representatives of member Colleges and Faculties and, where appropriate, representatives from outside organisations. There is an Officers’ Group comprising the Chair of Council supported by two council elected Vice Chairs, an Independent Clinician Trustee, and a Royal College of General Practitioners representative. Officers direct work between Council meetings. The Academy has a senior executive officer, the Executive Director, and employs other full and part time employees, who all work closely with the elected Officers. ## Governance Under the governance structure Colleges and Faculties are corporate members of the Academy and their nominated representatives, who must be their current Presidents or equivalent head officers, form the bulk of the Academy Council[2] . The Council has delegated responsibility for the development and implementation of Academy policy on healthcare issues and the healthcare profession. The Board of Trustees is responsible for the governance of the organisation. It comprises an appointed Chair of Trustees, three further lay trustees, three members of the Academy Council (one of whom, known as the Independent Clinician Trustee, may remain on the Board for a period of two years after they demit office as a Council member to provide clinical continuity.) and the Chair of Council. At least two of the lay trustees must not be medically qualified. The Board has an Audit and Risk Committee comprising a minimum of three trustees and the Chair of Trustees who attends ex officio. The Audit and Risk Committee has delegated authority from the Board of Trustees to advise on specific financial and risk issues, including to receive the audited accounts and audit findings, monitor internal controls, oversee investments, and monitors the risk management processes of the charity. Method of Recruitment, Appointment, Election, Induction and Training of Trustees Recruitment, Appointment and Election The lay trustees are appointed through a process of external appointment. The Regulations set out the composition of the panel required to appoint lay trustees. The Council trustees are elected by the members of the Council following a call for nominations. The Independent Clinician Trustee is one of the previous Council members invited to stay on the Board when they demit office as a Council member. The Chair of Council is a trustee by virtue of their role. ## Induction and Training Trustees receive copies of Charity Commission guidance for trustees together with the organisation’s Articles and Regulations. The Academy also publishes information on each of its members and trustees on its website. This is updated on a regular basis. Trustees receive a briefing on the organisation from the Chair of Trustees and the Executive Director. Trustees can attend meetings of the Council (if they are not already a member of Council) to gain an understanding of the current policy issues. Trustees receive a weekly update of Academy activity by email. There is an annual process of performance review for trustees on an individual and collective basis and on seeking re-appointment. External training is also available for trustees on financial and governance issues through the Auditors. ## Resources The principal sources of income of the Academy comprise annual subscriptions from its constituent corporate members, the Colleges and Faculties, and monies payable to the Academy as administrator or manager of projects to be carried out either by the Academy directly or by Colleges and Faculties. ## Risk and Corporate Governance Matters A formal risk register is maintained, under the headings of strategic, operational, people/staff, reputational and financial and investment risks. Key risks are identified during the year along with methods to reduce, manage or eliminate these risks. In 2024/2025 the key risks were: Contentious policy issues with the potential to divide membership. This risk has increased slightly on the previous year. The NHS 10 year plan and looming further industrial action by resident doctors both engender differences of opinion in the Academy’s membership. This is mitigated primarily through the work of the Chair of Council in meeting with a wide range of stakeholders in both formal and informal settings (see also the section above on activities). Difficulties contracting with national bodies. Delays in procurement process, onerous contractual terms, and a lack of long-term financial commitments from the Academy’s funders continue to present challenges. In late 2024 and early 2025 the Academy resorted to writing to the chair of one key funder to formally express concerns. This resulted in an apology, expediting of late payments, and the provision of a contact through which the Executive Director can raise concerns. Cyber security. Cyber security remains a major risk for all organisations and especially charities. This is mitigated through the creation and implementation of an IT security policy, regular meetings with the Academy’s outsourced IT provider, employee cyber security training and obtaining Cyber Essentials certification. IT security is continually monitored and reviewed by the Board and employee training is ongoing. The ongoing project to migrate Academy data from a server based provision to cloud based provision also mitigates some of these risks. Failure to secure new long-term funding sources. The difficult economic climate in general and the pressure on health spending in particular remain features of the external environment in which the Academy must operate. The Academy’s successful work on Children and Young People’s Gender Services has contributed significantly to reducing this risk in the medium term. Efforts to diversity funding sources are ongoing. Monitoring of the risk register is the responsibility of the Audit and Risk Committee and Board of Trustees. The Audit and Risk Committee keeps the content and format of the Risk Register under review. The Board receives a report on the performance of the organisation at each meeting and also on financial projections. There is a policy on conflict/declaration of interests, and individual Trustees are asked to complete a declaration of interests form on an annual basis as well as to verbally declare any new or relevant interests at the beginning of each meeting of the Board or its committees. This is compiled into a register of interests which is reviewed annually by the Board and published on the Academy’s website. ## Staffing and HR There is a rolling programme to review all HR policies at least once every 3 years. The pay and reward structure was revised in April 2019 and remains in place (with annual salary reviews). The senior leadership team restructure, which was implemented in 2022, remains in place. At the time of writing it is under review. ## Indemnity Insurance The charity has taken out an insurance policy that provides professional indemnity cover for the Trustees, Officers, and employees of the charity. ## Trustees’ and Directors’ Responsibilities in the Preparation of Financial Statements The Trustees (who are also the directors of The Academy of Medical Royal Colleges for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date, and of the incoming resources and application of resources, including income and expenditure, for that period. In preparing those financial statements, the Trustees as directors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to Disclosure of Information to the Auditor In so far as the Trustees are aware: There is no relevant audit information of which the charitable company’s auditors are unaware The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## PLANS FOR FUTURE PERIODS Future Strategy, Activities and their Impact The Academy has a clear work plan and budget. Future activities are planned by the Council at its annual policy away day and this feeds into the business planning and budget setting cycle introduced by the Board. There has been a decline in funding for some projects from national bodies, however, this has been offset by new project income streams. The Trustees continually monitor this situation and are aware of the need to continue to generate income to ensure the long-term viability of the Academy. The last strategic review of the organisation’s activities was conducted in 2021 and considered options for the development of future activity in conjunction with members. In essence, members were strongly supportive of the Academy’s role in representing and advocating for members and were keen to see the organisation’s focus remains on this. Widening membership of the Academy beyond medical organisations was not felt to be appropriate at the current time. Members recognised the need for the Academy to generate income through project activity, but this should not distract from the organisation’s core representational role. The question of expanding membership of the Academy was considered again by Council in July 2024. It was decided not to grant membership to organisations who are not yet distinct medical specialties in their own right. ## REFERENCE AND ADMINISTRATIVE DETAILS The Trustees of the charity, who are also the directors of the company, are: Ms Alison Johns, Chair of Trustees (commenced first term on 1[st] Apr 2025) Mr. David Stout, Lay Trustee and Chair of the Audit and Risk Committee (throughout the period covered by this report, commenced 1[st] Dec 2022 and Chair of the Audit and Risk Committee from Oct 2024) Mr Graham Smith, Lay Trustee (throughout the period covered by this report, commenced first term on 1[st] Dec 2022) Mr Richard Bernstein, Lay Trustee (commenced first term 1[st] Oct 2024) Dr Daniele Bryden, Council Trustee (throughout the period covered by this report, commenced first term on 26[th] May 2023) Dr Jeanette Dickson, Chair of Council (throughout the period covered by this report, commenced on 6[th] Jul 2023) Professor Bernie Chang, Council Trustee (throughout the period covered by this report, commenced as Independent Clinician Trustee from 1[st] Nov 2023 resigned 31[st] Oct 2025) Professor Kamila Hawthorne, Council Trustee (throughout the period covered by this report, commenced on 1[st] Dec 2023 resigned 31[st] Oct 2025) Professor Andrew Eder, former Chair of Trustees (commenced on 1[st] Apr 2022 and demitted 31[st] Mar 2025) Mrs Sarah Harkness, former Lay Trustee and Chair of the Audit and Risk Committee (commenced in Sept 2018 and demitted 30[th] Sept 2024) Dr Sheuli Porkess, Appointed 1[st] Nov 2025 Dr Lade Smith, Appointed 1[st] Nov 2025 The address of the charity and the registered office of the company is at: 10 Dallington Street, London EC1V 0DB. The charity is registered under charity number (England and Wales) 1056565, and the company is incorporated in the United Kingdom with the company registration number 03166361. The Trustees have made the following professional appointments: Accountant: Accountability Europe Ltd, Omnibus Workspace LTD, 39-41 North Road, London, N7 9DP Auditor: Price Bailey LLP, Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, CB4 0WZ Banker: National Westminster Bank plc, 1 Cavendish Square, London W1A 4NU Asset Manager: CCLA, One Angel Lane, London, EC4R 3AB The following key senior members of staff have been responsible for the day-to-day management of the charity: Mrs Amy White, Executive Director. ## EXEMPTIONS FROM DISCLOSURE No exemptions from disclosure apply. ## FUNDS HELD AS CUSTODIAN Although the Academy maintains restricted funds to deal with incoming resources that are allocated for a particular purpose by donors, sponsors, and other funders, the charity does not currently hold, and the Trustees do not anticipate that it will in the future hold, any funds as custodian for any third party. ## OTHER INFORMATION This report has been produced to comply with statutory reporting requirements and follows the structure for a Trustees Report as laid out in SORP FRS 102. For further information on the work of the Academy during this period, please see the Academy website. ## APPROVAL This report was approved by the Trustees on 5[th] November 2025, and was signed for and on behalf of the board by: Alison Johns (Dec 18, 2025, 10:35am) The Chair of Trustees, Ms Alison Johns ## Independent Auditor’s Report to the Members of The Academy of Medical Royal Colleges ## Opinion We have audited the financial statements of The Academy of Medical Royal Colleges (the ‘charitable company’) for the year ended 31 March 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information The 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. 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. We have nothing to report in this regard. ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report ## Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor responsibilities for the audit of the financial statements 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. 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 is detailed below: - We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the charitable company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charitable company this included employment law and financial reporting. The risks were discussed with the audit team, and we remained alert to any indications of non-compliance throughout the audit. - We reviewed systems and procedures to identify potential areas of management override risk. In particular. we agreed the financial statements to underlying records and we carried out testing of journal entries and other adjustments for appropriateness. - We reviewed accounting policies for evidence of management bias and ensured that the accounting policies were in accordance with accounting standards and correctly applied to the financial statements. - We reviewed minutes of Trustee Board meetings to ensure any matters of noncompliance identified and reported to Trustees were adequately dealt with. - We have made enquiries of management of the charitable company regarding laws and regulations applicable to the organisation. 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 FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-forthe-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-forThis description forms part of our auditor’s report. ## Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Shaun Jordan ACA (Senior Statutory Auditor) For and on behalf of Price Bailey LLP Chartered Accountant and Statutory Auditor Tennyson House Cambridge Business Park Cambridge CB4 0WZ Date: 18 December 2025 THE ACADEMY OF MEDICAL ROYAL COLLEGES ststement of financial activities {incorporaling an income and expenditure account) For the year ended 31 March 2025 2025 Total Unre5tricled 2024 Total Unrestricted Restricted Restricted Note Income from- Charitable activities.. Sharing & co-ordin*ing the ¥KJrk of the Colleges & Faculties 1.055,089 424,344 1,479,433 1,037,644 474,649 1,512,293 Investrnenl income 28.055 28.055 14.064 14,064 Total income 1.083,144 424.344 1,507,488 1,051,708 474,649 1,526,357 Expenditure on: Charitable activities.. Sharing & cckordinating the ¥M)rk of the Colleges & Faculties 1,105,458 684,732 1,790,190 1,000,985 588,246 1,589,231 Total ex￿ndIt￿re 1.105,458 684.732 1,790.190 1.000.985 588.246 1.589.231 Net lexpenditurel l income before nat galns I (los￿) on Invastmants 122,3141 1260.388) {282.702} 50.723 1113.5971 162.8741 Nel I lossl I gain on investments Not l¢xpenditur¢l l income tor th¢ year and nat movemont In funds 29,773 29.773 236,807 236,807 152.0871 1260.388) {312.475} 287,530 1113,5971 173,933 Reconciliation of funds: Total funds brought forwaril 2,418,053 1,234,129 3,652,182 2,130,523 1,347,726 3.478,249 Total funds carried I0￿￿rd 2.365,966 973.741 3,339.707 2.418.053 1.234.129 3.652.182 l of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in fijnds are disdosed in note 14. The attached notes forni part of these financial statements. 22 ## **05 November** Alison Johns (Dec 18, 2025, 10:35am) 23 THE ACADEMY OF MEDICAL ROYAL COLLEGES Statement of cash flows For the year ended 31 March 2025 Note 2025 2024 Net cash (used in) operating activities 185,1781 1176,5631 Cash flows from investing activities: Interesu renv dividends from investments Purchase of fixed assets 28.055 (3,905) Cash used in investing activities 28.055 {3,9051 Change in cash and cash equivalents in the year 157,1231 1180,4681 Cash and cash equivalents at the beginning of the year 939,350 1,119,318 Cash and cash equivalents at the end of the year 882,227 938,850 al Reconciliation of net {expenditurel l income to net cash flow from operating activities 2025 2024 Net (expenditure) l income for the reporting period las per the slatement of finanaal activities) Depreciation Interest Losses I (Gains) on investments Decrease l (Increase) in debtors Increase in creditors Net cash (used in) operating activilies {312.4751 173,933 30.827 128.0551 29.773 151.900 42.852 85.178 31,130 {236,8071 (158,1771 13,358 176,563 b) Analysis of cash and cash equivalents At31 March 2025 At 1 April 2024 Cash flows Other changes Cash at bank and in hand Cash deposit held with CCLA Total cash and cash equivalents 938,850 500 1577,326) 520,203 157,123 361,524 520,703 882,227 939,350 24 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2025 1 Accounting policies Statutory infomiation The Academy of Medical Royal Colleges is a charitable company limited by guarantee and is incorporated in the England and Wales. The registered Offi￿ address is 10 Dallington Street, London, EC1V ODB. Basis of preparation The financial statements have been prepared in accordan￿ with Accountr"ng and Reporting by Charit"es.' Statement of Recommended PraCts.￿ applicable to charibes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021 the Charites Act 2011, the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transath.on value unless otherwise stated in the relevant accounting policy or note.The financial statements are prepared in F(sund sterling which is the fijnctional currency of the charity and rounded to the nearest £. Going concern The truslees consider that there are no material ￿n￿rtaInlieS about the charity's ability lo conlinue as a going COn￿rn. The trustees do not consider that there are any SoUr￿S of estimation uncertainty at the reporb.ng date that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities within the next reporting period. Income Income is recognised when the charity has entiuemenl to the funds, any performance condilions attached to Ihe income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government, contracts and other grants, whelher 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any perf0rrnan￿ conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advan￿ for the provision of specified Servi￿ is deferred until the criteria for income recognition are mel. Credit is taken in the accounts for all membership Subscriptions. which are re￿1Vable, as Ihe membership year is Co-terminus with the Academls financial year. Al other similar income are also accounted for on an accruals basis. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity," this is normally upon nob'fication of the interest paid or payable by Ihe bank. Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are funds that have been set aside by the Irustees for particular purposes. Restricled funds are subjected lo restrictions on their expenditure as imposed by the donor. Expenditure and irre¢overable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is probable thal settlement will be required and Ihe amount of the obligation can be measured reliably. Expendilure is dassified under the following activity heading.. Expenditure on charitable acliwties includes the costs of delivering Servi￿$, exhibitions and olher educational activities undertaken to further the purposes of the charity and their associated support cosls. Irrecoverable VAT is charged as a cost against the ath.vity for which the expenditure was incurred. 25 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial statements For the year ended 31 March 2025 1 Accounting policies (continued) Allocation of support costs All cosls Ihat cannot be identified as relating direclly to the charity's prinapal activities are categorised as eilher support costs or governance costs. Any costs that cannot be specifically categorised are allocated in proporbons based upon a suitable ratio applicable to the nature of the costs involved. Tangible fixed assets All tangible assets purchased that have an expeded useful economic life that exceeds one year and purchase pri￿ exceeds £1,000 are capitalised and dassified as fixed assets. Depreaats"on 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 rales in use are as follows". Leasehold propety Furniture and fittings Computer equipment over 50 years 15 /0 Straight line over 3 to 5 years Debtors 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. Cash at bank and in hand Cash at bank and cash in hand includes cash and short tem highly liquid investments with a short malurity of three monlhs or less from the date of acquisition or opening of the deposil or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a presenl obligats'on resulting from a past event that will probably resutt in the transfer of funds to a third paty and the amount due lo settle the obligation can be measured or estimated reliabty. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Pensions The charily makes contributions into defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The amount charged to the statement of finanaal activits.es in respect of pension costs is the total contributions payable for the year. Listed investments Investments are a form of basic financial instrument and are initialty recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using ihe dosing quoted markel price. Any change in fair value will be recognised in the statement of finanaal activits'es under Ihe heading 'Net gainslllosses} on investments". The charity does not acquire put options. derivatives or other complex financial instruments. 26 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 2 Income from charitable activities 2025 Total 2024 Total Unr•strict8d Rastricted Unrestricted Restricted Sharing and ctrordinating th¢ work of the College5 and Facufties: Subscriptions from members Grants and contracts for servic£s 502,454 552,635 502,454 976,979 492,575 S45,￿9 492,575 1,019,718 424,344 474,649 Total incoma from charitabl8 activities 1,055,089 424,344 1,479,433 1,037,644 474,649 1,512,293 The above indudes govemment grantslconlracts from the NHS. 3 In¢om• from investments 2025 Total 2024 Total Unrestricted Restricted unresth.cted Resliicted Bank I deposit accounts 28,055 28,055 14, 14,064 28,055 28,055 14. 14,064 4 Analysis of expenditure- charitable activities Current year Sharing and C{￿ordInating thè work of tho Collow and Facultias Dir¢¢t Support Goveman¢ 2025 2024 costs costs Total Total Direct costs Staff costs (See note 6) Committees & forums expenses Premises costs Admin costs Insurance Communication costs Audit fees Legal and professional fees Bank and credit card charges Depreciation- owned assets Total expenditure 2025 526,172 315.827 526,172 1,038,126 18,633 40,115 41,383 11,780 11,121 16,720 54,195 1,118 30,827 1,790,190 332,221 1,028,020 24,448 38,115 42,220 12,231 23,466 9,160 47,063 1,157 31,130 1.589,231 722,299 17,699 40.115 41.383 11,780 11,121 934 16,720 54,195 1,118 30.827 930,537 841.999 17,654 Of the total expenditure £1,105,458 {2024'. £1,000,985) was unrestrided £684,73212024'. £588,246) was restricted. 27 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 Analysis of expenditure - continued Prior year Sharing and ccpordinating the work of the Colleges and Faculties Direct costs Support costs Governance costs 2024 Total Direcl costs Staff costs (See note 6) Committees & forums expenses Operating lease rentals Premises costs Admin costs Insuran Communication costs Audit fees Legal and professional fees Bank and credit card charges Depreciation - owned assets 332,221 497,724 332,221 1.028,020 24,448 530.296 24,197 251 38,115 42.220 12.231 23.466 38,115 42,220 12,231 23,466 9,160 47,063 1,157 31,130 9,160 47,063 1.157 31,130 Total expenditure 2024 829,945 749.875 9.411 1,589,231 Net expenditure for the year 2025 2024 This is stated after charging.. Depreciation Auditor's remuneration-. Audit fee {excl. VAT) Trustees, expenses 30,827 31,130 13,500 934 9,600 251 28 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 Analysis of stsff costs. trustee remuneration and expenses. and the cost of key management personnel staff costs were as follows= 2025 2024 Salaries and wages Social security costs Employer's contribution to defined conlribution pension schemes Luncheon vouchers Temporary and other staff costs 858.061 97,700 78.933 1,004 2.428 1,038,126 838,618 94,219 77,175 5,927 12,081 1,028,020 Pension and other post-retirement benefits= The charity operates a defined contribution pension plan for its employees. the amount recognised as an expense in the period was £78,933 (2024= £77.175). At the 31 March 2025 £8.330 {2024'. £17,862) was unpaid and included in other creditors. The number of employees who received employee benefils (excluding employer National Insurance and employer pension) over £60.000. during the yearemployees who received.. 2025 2024 £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 The lotal employee benefits including employer Nalional Insurance and pension contributions of the key management personnel were £100,381 (2024.. £99,803). The charity has taken out an insurance policy that provides professional indemnity cover for the trustees, directors and staff of the charity- The cost of this insurance policy to the charity for the year was £6,908 (2024.. £12,231). The charity Irustees were not paid or re￿iVed any other benefits from employment wilh the charity in Ihe year {2024= £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil). One trustee was reimbursed travel & accommodation expenses during the year for £934 {2024'. £251 }. Staff numbers The average number of employees (head count based on number of staff employed} during the year was as follows.. 2025 2024 Office and administration Charitable activities 14 16 15 17 Taxation The Academy is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 29 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 Tangible fixed assets Leasehold property Fumiture & fittings CompLrter equipment Total Cost Al the slarl of the year Additions in year Al the end of the year Depreciation At the start of the year Charge for the year At the end of the year Net book value At the end of the year At the start of the year 985.650 52,567 234,870 1.273.087 985,650 52,567 234,870 1.273.087 262,660 19,656 282,316 49.635 516 50,151 224,206 10,655 234,861 536,501 30.827 567,328 703.334 722,990 2.416 2,932 705.759 736,586 10,664 All of the above assets are used for charitable purposes. Investments 2025 Cash deposit 2025 Ethical investment 2024 Cash deposit 2024 Ethical investment Fair value at Ihe start of the year Additions at cost Net {lossll Gain on revaluation Interest income Fair value al Ihe end of the year 500 499,500 2.020.969 1,784,162 5Crf) { 29.773) 236,807 20,703 520.703 1.991.196 500 2,020,969 Historic cost at the end of the year 500,000 1,000,000 500 1,000,000 10 Debtors 2025 2024 Trade debtors Other debtors Accrued income 9,165 5.695 47,041 61.901 105,286 31,114 77,401 213,801 11 Creditors: amounts falling due within one year 2025 2024 Trade creditors Taxation and social security induding pension Other creditors Accruals Deferred Income 73.957 32,349 56.577 31,256 107.237 301.376 34,056 44,011 23,762 25,137 131,558 258,524 12 Deferred income 2025 2024 Balance at Ihe beginning of the year Amount released to income in the year Amounl deferred in the year Balance at the end of the year 131.558 (131.558) 107.237 107.237 86,150 (86,150) 131,558 131,558 Deferred income comprises funds received in advan￿ of activikn'es and services being delivered from grants or contracls in the 2025126 financial year. 30 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 13 Analysis of net assets between funds Current year General unrestricted Designated Restricted 2025 2025 2025 Total funds 2025 Tangible fixed assets Investments Net current assels Net assets at the end of the year 705,759 182,780 705.759 2,511,899 122.049 3,339,707 2.329,119 (851,692) 1,477,427 973,741 973,741 888,539 General unrestricted 2024 Total funds 2024 Designated 2024 Restricted 2024 Prior year Tangible fixed assets Investments Net current assets Net assets at the end of the year 736,586 253,145 736,586 2.021,469 894,127 3,652,182 1.768,324 (340,(X)2) 1.428,322 1,234,129 1,234,129 989,731 14 Movements in funds Current year At the start of the year Income & Expenditure gains & losses At the end of the year Transfers Restricted funds- e-Lfh Fund Education and Training Projects Research Hub (fomierly HEE) COPMed and COGPED Medical Training Initiative(MTI) Patient Safety Syllabus Patient Safety Wales Academy Genomics Changing Face of Mediane Health Inequalities Total restricted funds g,(y)9 249,864 548,685 91,938 128,107 34,631 91,676 5.116 60,159 6,704 8,240 1,234,129 33,368 185,553 64,434 198,867 166,468 34,631 10,272 74.311 484.251 111.186 130,368 10,(KIO 218,115 168,729 (34,631 ) 91,676 5,116 66.561 27,500 21,098 6,704 8,240 684,732 424,344 973,741 Unrestricted funds: Designated funds.. Designated Building Fund (STA) Designated Development Fund Total designated funds 736.586 253,145 989,731 30,827 70,365 101.192 705.759 182.780 888.539 General funds 1,428,322 1.083,144 1.034,039 1.477.427 Total unrestricted funds 2,418,053 1,083,144 1,135,231 2,365,966 Total funds 3.652.182 1.507.488 1.819.963 3.339.707 31 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 14 Movements in funds {continued) Prior year At the start of Ihe year Income & Expendilure gains & losses At the end of the year Transfers Reslricted funds.. e-Lfh Fund Education and Training Projects Research Hub (fomierly HEE) COPMed and COGPED Medical Training Initiative Patient Safety Syllabus Patient Safety Wales Academy Genomics Changing Fa￿ of Medicine Health Inequalities 31,637 244,508 610,512 58,173 132,461 52,578 91,676 5.116 97,617 15,208 8,240 22,628 40,643 61,827 209,365 165,048 17.947 9,009 249,864 548,685 91,938 128,107 34,631 91,676 5,116 60,159 6,704 8,240 45.999 243,130 160,694 24,826 62,284 8.504 Total restricted funds 1,347,726 474,649 588,246 1,234,129 Unrestricted funds.. Designated funds.. Designated Building Fund (STA) Designated Developmenl Fund Total designated funds 764,311 312,557 1.076,868 31,130 59,412 90,542 3,405 736,586 253,145 989,731 3,405 General funds 1,053,655 1.288,515 910,443 (3,405) 1,428,322 Total unrestricted funds 2,130,523 1,288,515 1,000,985 2,418,053 Total funds 3,478,249 1,763,164 1,589,231 3,652,182 32 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 14 Movements in funds {continued) Purposes of restricted funds Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the reslricled funds are set OLrt below.. E-Lfh {e4earning for health) Fund. This is from HEE (as was) and enables the Academy to commission individuals producing e-leaming material for joint projects be￿een the Acaderny and e-Lfh, including the Foundation e-Learning programme. Education and training projects. This fund covers a nurnber of specific commissioned projects or work areas in relation to education and training= Foundalion. This fund covers funding for speafic work in relalion lo the regular review and updating of the Foundalion curriculum which the Academy undertakes for the UK Foundation Programme. Flexibilit (including Generic Professional Capabiltlies and Shared content ) This funding from the GMC supports work for enabling more flexibility into curriojla and specifically developing shared content across curricula. It also incorporates the remainder of work on Generic Professional Capabilities. Education - Other- This covers other education work. e.g. DEMEC, Broad Based Training. Anal sis= Funding from HEE {as was) for development of a pro￿$$ and digital tool for identifying gaps in trainee learninglexperience when moving back to training. Projecl did not progress as originally intended and was used for to draw down fomier CEO secondment costs. Awaiting further instruction from funder. Research Hub {fomierly HEE). Research in medical education and workforce (previously Swanwick) Previously the funding for Tim Swanwick's project on leadership, this has been redesignaled to cover a project with HEE on collating medical education and y￿rkfOrCe ￿searth. COPMeDICOGPED. Are the UK bodies bringing together representatives of DeanerieslLETBs to provide a strategic overview and operational delivery of postgraduate medical and GP training. The Academy hosts the CPMeDICOGPED secretariat which support and manages their budget. Medical Training Initiative IMTII. The Academy was commissioned by the Department of Health to be the national sponsor of Ihe MTI scheme which provides Iwo year training opportunities for overseas doctors in the NHS. Funding. now provided by NHSE (formedy HEE), supports the Academy's management of the scheme including our MTI staff. Patient Safety. A project to develop a pab'ent safety syllabus and training for a proactive approach to risk to improve safety. Funded by HEE las was). Wales Academy. including income from Wales's members and costs of administration and management charge. Genomics. NHS England funded work to promote understanding and spread of genomics. Changing Face of Medicine. Academy hosted projert looking at the changing role of medicine and doctors. Funding from a number of SoUr￿s. Health Inequalities. A review of existing educational resour￿$ concerning health inequalities. Health inequalities are defined as the unfair and avoidable differences in health across the population, and between different groups within society- 33 THE ACADEMY OF MEDICAL ROYAL COLLEGES Notes to the financial ststements For the year ended 31 March 2025 14 Movements in funds {continued) Designated Funds: Designated Funds are those allocaled from within the Academys overall general funds by the Trustees for specific purposes or projects determined by the Counal and Trustees. They are kept as separate funds in the balance sheet for the duration of the project. Designated Building Fund. Represents the value of the fixed asset of the Academy property at 10 Dallington Street. The outgoing resources are Ihe depreaalion of the capital value and minor repairs. Designated Development Fund has been designated by the Trustees as a reserve to meet any shortfall in olher funding sources, unforeseeable expenditure, or investment in the Academy's syslems, assets or employees. 15 Legal status of the charity The charity is a company limited by guarantee and has no share capital. Each member is liable to conlribute a sum not exceeding £1 in the event of the charity being wound up. 16 Related party transactions There are no related party transaclions to disclose for 2025 (2024= none). There are no donalions from related parties which are outside the normal course of business and no restricted donations from related parties. There are payments to and from members and trustees which are part of the normal cnurse of business. Expenses reimbursed lo truslees are disclosed in note 6. 34