Faculty of Medical Leadership and Management Annual Report and Financial Statements April 2024- March 2025 Published December 2025
Table of Contents In accordance with Charity Commission and Companies House requirements: CHAPTER SUBJECT PAGE CEO Foreword.. A Year of Challenge, Change and Collaboration Chairf5 Reflections.. Looking Back,. Moving Forwards Charity and Company Administrative Information Advisers, Suppliers and Collaborators Structure, Governance and Management Aims, Objects and Activities Our People io Oijr Members and Fellows 13 April 2024 to March 2025.. An oveieW of Reporting Period April 2024 to March 2025.. Financial Overview 15 io 21 li Principal Risks and Uncertainties 23 12 Future Strategy 24 13 Statement of Responsibilities of FMLM Trustees 26 14 Independent Auditor's Report 29 15 Consolidated Statement of Financial Activity (incorporating an income and expenditure account) 34 16 Balance Sheet 35 17 Consolidated Statement of Cash Flow 36 18 Notes to the Financial Statements 37
Chief Executive Officer Foreword: Professor Rich Withnall "A Year of Challenge, Change and Collaboration" FMLM'S past year has been one of challenge. change. and co118boration. The NHS has operated tjnder extraordinary pressure whilst stlll dealing with the ongoing legacy of the COVID palldemic. The demands upon seNice5, the pace ol refomi, and the need to restore and sustain the wellbeing ol the workforce have testerl leaders at every level. Throughout 2024-25. NHS formations were required to deliver efficiency savings ol more than £9 billion. frusts we asked to make rapld short-term savings, limiting strategic planning and 5hiftin8 leaders, focus towards delivery wtthin financial con5traintS, C05t-improvement programtne5 and short-terrn measures rather than long-term investrnent. Fundin8for continuous professionèl developrrent and workforce training was squeezed. Trusts delayed or cancelled non-essential trainin& $trIcted funding for specialist development, redUd the number of staff supported off-site or on study programme5. Inevitablyi like other charitie5 In the sector. the NHS fiscal climate adversely impacted FMLM'S revenue streams. To mitigate these risks, better support our membership, strengthen our rde as the UK professional home for cllnlcal leadership, and ensure our long-term f5nanclal su5t&inability. FMLM has necessarily evolveLI. In the first quarter of 2024-2S, the FMLM Board approved and implemented structural changes to FMLM'S organisatlon design to ensure we remained agile. financially sustainable, and ready to meet the evolving needs of our members. FMLM'S prirnary objectwe remained to raise the standard of patient cère by improving clinical leadership but, to better enable this, the FMLM Board invested in erowing speciali5ed M3rketin8 8nd Communications, Membership Services and Cornmercial Oevelopment capabilities. We embraced new technologies, refined how we delivered oui service5, and continued to build 8 culture that values transparency, engagement. an(J shared purpose. This strategic PToEFe5s resulted in a hi8h turnover of Staff though, some ol whorn had been wff(h FMLM since its creation. Despite the associated personal challenges, the new FMLM team worked hard to improve ourfla85hip offers. including the Clinical Fellows Scheme, and deliver improvement5- at pace- to our website, marketin8 and communications as we develop a new 5- vear FMLM strategyto better support our members and fellow5. Underpinned by a new philosophy of 'collabor3tion not competltion" a broader range of leadership development programmes and enhanced clinical fellowships were developed and delivered. We launched new partnerships acrossthe NHS, academic institutions, and professlonal bodles, reinforcing our belief that collaboration is not just desirable but essential for meaningful and lasting change. Our policy initiatives influenced the national conversation on medical leadership within the Health and Social Care Select commtte Ithe first tirne FMLM has been Invlted to deliver oral evidencel, the Me55enger Report. and the now-publi5hed 10 Year Health P18n for En8larkd. Our accreditation standards have helped or8anisations continue to raise the barfor leadership development and culture in an evidence-informed, inclusive, and compassionate way As we look ahead. we do so with optimism and resolve. 5UPPOrted by a new FMLM Board led by Dame Celia Ingham aark. The challenges facing health and care systems remain significant. But 50 too are the opportunities to lookthrtsugh a broader len5 and support clinical leadership across multidisciplindry tearn5, or8ani5ations and systems. All clinical leaders and managers must make a difference, listen well, Collaborate, and att with integrity. Over the last year, I have been continually impressed and inspid by the determination. adaptability and professionalism demonstrated by FMLM members and fellows across the four nations. To each of you who has contributed to FMLM'S shared mission, thank you. To8ether, we continue to shape the future of health and care leadership- one defined not by hlerarchy, but by courage, compassion, and collaboration.
Chair's Reflections: Dame Celia Ingham Clark "Looking Back: Moving Forwards" I have been a fflember and then Senior Fellow of FMLM Sin its inception. l am a strong believer in the need to professionalise medical leadership to improve the quality of patient care, and I know FMLM 15 the key organi5ation to drive this forward in the UK. l stood down frotn a national role as a deputy Medical Director at NHS England in 2024 and this gave me the opportunity to applyto become a trustee at FMLM. I then appld successfully to become Interim Chalr of the 8oard of Trustees and took up this role in January 2025 pendin8 ratification at the next Annual General Meetin8. 1 have been made very welcome by all the staff and by the Members and Fellows who I have mt. Ivs a tough act to follow the previous Chairman, Professor &'r Mayur Lakhani. who chaired the Board for the maximum term of five years up until December 2024. My th8nks go to him and the other trustees who ended their terms of Offi around that tlme. Lookln8 bacl the sSrnukaneous end of terms of office of all the prevsous trustee5 presented a challenge that we had to use as an opportunity. At the time I was appointed as a trustee four more clinical trustees were also appointed.. Professor Jacky Hayden, Profèssor William Roche, Profe550r Margaret Ikwh and Profe550r Colin Melwlle. I feel very fortunate to have these colleagues on the Board, bringing a wealth of expertise in medical education, professional standards and leadership. One of my first tasks as Chair was to appoint new lay trustees to join u5 on the Board. I was very pleased with the calibre of the applicants and thrilled to have been able to appoint the followin8.' Ms Jane In8ham, a previous charity CEO and Royal College NED,. Mr Neil Newman, Commercial Direttor for the Chartered Governance Institute,. ProfessorJe55amy Bègenal, Senior Executive EditoratThe Lanrel,. ond Dr Lisa Kni8ht, Head of ManageTnent Development at Liverpool Business School. MovingfoTward5 Wlth this renewed FMLM Board, we are rebuildlng strong governan and further developlng our lationships wlth key stakeholders including in NHS leadership acros5 the breadth of clinical and managerial professions. FMLM'S stren8ths include our Leadership and maThagernt Standards that are evldence-ba&ed and whlch we are uslng to influence wider development of NHS Leadership and Management standards. We ère also proud of our national Clinical Fellow schemes that give outstandine young doctors, dentists, pharrnacists and other healthcare professiona15 a boost to accelerate their progress toward5 hetyltheare leadership role5 forthe future. Going forward we also plan to broaden acce55 to leadership development at all levels. Including peer networks and coachine and fflentoring SUPPOrt. We are progressing our own analogue to digital transformation in terms of our operating systems, and we are collaborating with others to further develop the proposal for a'college of Executive and Clinical leadership- FMLM Is committed to transpareney, inclu51Vlty and 5UStainability and aims to be an agile and forward-looking player in the on8oin8 professionali5ation of leadership and management in healthcare. My thanks to all our staff, MembeTS, Felltsws and partner5 for the work that you do and the collaborarions that we a building together. My Since gratitude to my fellowTrustees lor the time. wisdom and effort that you contribute to FMLM. Our ambition continues to be to improve patient care by advancing eX[lence in clinlcal leadership and management. l am confident that we can continue to work effective to achieve this through effeaive colkboration with colleagues and partners.
Charity FACULTY OF MEDICAL LEADERSHIP & MANAGEMENT IFMLMI Charity Number 1178741 Company Number 11390175 Countries of Registration England and Wales Country of Incorporation Incorporated in England and Wales Registered Address 167-169 Great Portland Street 5, Floor London WIW SPF Telephone +44101203 137 3643 Email en uiries fmlm.ac.uk Company FMLM APPLIED LIMITED Company Number 111640712 Countries of Registration England and Wales Country of Incorporation Incorporated in England and Wales Registered Address 167-169 Great Portland Street 5, Floor London WIW SPF Telephone +44101203 137 3643 Email a lied fmlm.ac.uk
FMLM works with a range of organisations who provide us with essential services and support professional collaboratlolls, including (shown in alphabetical orderl.. Seniices NAME EXPERTISE ADDRESS Accounts Pro Accountancy Legal 17 Kings Drive, London, HA8 8ED 10 Queen Street Place, London, EC4R IBE 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Create Centre, Smeaton Road, Bristol, BS16XN Bateswells Braithwaite Charities Aid FoiJnd3tion Bank ICAF Bank Limited) Banking Circle Interactive Robinson Grace HR HR Glenwood, 28 Stone Lane. Swindon, 5N5 3LD Smartde5C IT 133 Whitechapel High Street, London, El 7PS 10 Stadium Business Court. Millenium Way, Pride Park, Derby, DE24 8HP Primrose Farmhouse, East Stoke, Wareham, Dorset, BH20 6AN TC Derby Ltd Audit Wessex Appraisal Service Ltd Appraisal Collaborations NAME EXPERTISE ADDRESS BMI Leader Academic journal Management Nursing & Midwifery BMI Leader Editorial Office, BMA House. Tavistock Square. London, WCIH 9JR 77 King5way. London, WC26 6SR Chartered Management Institute Florence Nightingale Foundation 10-18 Union Stree¢ London, SEI ISZ KPMG UK Consultancv 15 Canada Square, Canarywharf, London. E14 5GL UK Health Alliance on Climate Change Sustainabilitv clo BMJ Publishing Group, Tavistock Square. London, WCIH 9JR
Structure, Governance and Management Legal Structure and Status FMLM is a re8iStered charity and the sole shareholder of FMLM Applied Limited. FMLM Applied Limited is FMLM'5 subsidiary trading company wholly owned by the Charity. Governance Framework Governance responsibilities for the "FMLM Group" IFMLM Charity and FMLM Applied Limited) were consolidated under the FMLM Charity's Board of Trustees upon dissolution of the FMLM Applied Limited Company Board in September 2024. The aim of this wa5 to streamline operations and strengthen alignment with the Charity's core mission. Hence, the FMLM Board sets the strategic direction, oversee5 policy, and ensures compliance acr05S the whole FMLM Group. Trustee5 seNe a non*xecutive capacity. Appointed in open competition after interview, they bring diverse expertise and insights to the FMLM Group. Their appointments and terms of office are set out in the Articles of Associations. Trustees serve on the FMLM CharItS Board'pro bono" and receive no wider financial or other benefits. Induction training and regular reviews ensure Trustees remain up-to- date with their duties and best practice in governance standards. Board Meetings, Attendance and Support Quarterly Board meetings are attended by the Trustees, FMLM'S Chief Executive Officer, Treasurer, and Chief Operating Officer ICOOI who acts as Company Secretary and FMLM Board Secretary. The wider attendance enables the FMLM Board to receive updates on operational matters, performance, risk, and key strate8lC 155ues to inform their decision-making. Committees and Delegated Authorities To ensure effertive oversight and manage workload. the FMLM Board delegates specific responsibilities to sub-committee5 or working groups chaired by a Trustee appointed within the overarching FMLM Board. Examples include FMLM'S "Flnante, Audit & Risk Committee". Risk Management and Internal Controls The FMLM Board is responsible for establishing and VIewIng the FMLM Group's risk management framework. Regular assessments are conducted to identify, evaluate, and mitigate operational, financial, reputational, and strategic risks. Robust internal controls, financial procedures, and oversight mechanisms are in place to Safeguard assets and ensure compliance with all leEal and regulatory requirement5.
Tran5parencyi Accountability and Reporting FMLM remains committed to hTr8h standards of tTanspJrency and accountability. Annual reports and financial statements are produced in accordance with regulatory requirement5 and accounting standards. Successlon, Tralning and Trustee Development As detailed below, this reporting period saw a change of the whole FMLM Board as the FMLM Chair an(1 all Trustees, maximum tenures culminated within a matter of week5. We shall avoid Tepetition of this in future. steps are being taken to improve the skills balance. diversity. and continuity within the FMLM Board. All Trustees now receive an induction, developmental support, and periodic updates on governance, regulatory changes, and sector practice. Trustees. own leadership development is encouraged to strengthen FMLM'S collective 8overnance capacity. Chlef Executive Offlcer {CEOI The CEO has delegated responsibility from the FMLM Trustees for the leadership and management of FMLM. The CEO is held accountable for the efficient deployment of resources (including employed staff), financial management, funding generation and sustainability of the organisation. The CEO is responsible for strategy development and delivery, ensuring effective governance, high standards and qL*ality throughout the organisation as well as meeting statutory aims for health and safety, data protection and other legal reqU1MentS involved in the management of a charity and its subsidiary trading company. The CEO is also FMLM'S "Responsible Officert, leading the statutory role of FMLM as a Designated Body. As such, the CEO must be a registered medic31 practitioner with a licence to practise.
Aims, Objects and Activities Aims FMLM is a registered charity that aims to improve patient Ca by advanclng excellence in clinical leadership and management. The charity and its subsidiary trading company operate for the public benefit through education, standard settin& leadership development, and 5UPPOrt for clinical professionals acros5 all stages of their careers. Object5 FMLM'S charitable object5 are.. l. To advance education and knowledge in the field of medical leadership and management and to promote research and publish useful results. 2. To advance health by setting professional standard5 and competencies in medical lea(lership, management and quality improvement. Activities These aims are delivered through a range of activities. including: 1. Setting and assessing standards of clinical leadership, and awardin8 fellowships to individuals who demonstrate excellence against these standards. 2. Supporting a membership of clinicians through access to leadership resources, training programmes, mentoring, and events. 3. Contributing to the evidence base for clinical leadershlp through research, publitations and thought leadership. 4. Delivering tailored development programmes for individuals, teams and organisations to improve leadership capability across the healthcare system. 5. Acting as a Designated Body for doctors in accordance wrth statutory regulations. The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission's guidance on public benefit. All activities undertaken by FMLM are designed to support its charitable objects and deliver demonstrable public benefit, particularly through the improvement of clinical leadership and, ultimately, patient outcomes. The Trustees review FMLM'S aims and actlvities annually to ensure they remain aligned with its charitable purpose5 and continue to deliver value and benefit to the public.
Our People FMLM Board Members Within this reporting perlod of this Annual Report: April 2024 to December 2024 (shown in alphabetical orderl.. NAME ROLE Professor Sir Mayur Lakhani Professor Philbp Kloer Nargis Ara-Ranaldi David Bennett Chair Trustee Lay Trustee Lay Trustee Lay Trustee Lay Trustee Board Advisor Alastair Henderson Mark SpraEg Tom Grinyer Professor Rich Withnall CEO Yasmin Ali COO and Board Secretary The following new Clinical Trustees were appointed on 13 December 2024 to replace the outgoing Tnjstees Ishown in alphabetical orderl.. NAME ROLE Dame Celia Ingham Clark Professor Jacky Hayden Professor MarBaret Ikpoh Professor Colin Melville Became Interim Chair on I" January 2025 Trustee Trustee Trustee Professor William Roche Trustee Outside the reporting period of this Annual Report To complete the new FMLM Board, the following new Lay FMLM Board Members were appointed in April 2025 Ishown in alphabetical orderl: NAME ROLE DATE Professor Jessamy Bagenal Jane Ingham Dr Lisa Knight Neil Newman Lay Trustee Lay Trustee Lay Trustee Lay Trustee Treasurer 15, April 2025 15, April 2025 15, April 2025 15, April 2025 IS, April 2025 Chris Hoult 10
FMLM Applied Limited Board April 2024 to September 202415hown in alphabetical orderl.. NAME ROLE Stephen Brook5 David Bennett Chair and Director Director Jamie Ward Director Dr lain Wallace Director Nargis Ara Ranaldi Professor Rich Withnall Yasmin Ali Charity Lay Trustee CEO COO and Company secretary In September 2024, the Chair and Dirertors of FMLM Applied Limited voluntarily tendered their resignations to enable governance responsibilities for the 'FMLM Group" IFMLM Charity and FMLM Applied Limited) to be con501idated under the FMLM CharItS Board of Trustees to streamline operations and strengthen the subsidiary trading company'5 alignment with the Charity's core mission. 11
Executive and Operational Team As reported in FMLM'S last Annual Report and Financial Statements (January 2023- March 20241, despite solid foundations, prior forecasting had been adversely impacted by the COVID-19 pandemic. To re-establish FMLM'5 firm financial footlng, protect charitable reseNes, and ensure the busines5 remains a long-term "going concern", the FMLM Board conducted a full review of all staff and services. After careful investigation, consideration and consultation, the Board approved a new structure to streamline operations, re-focus strategic priorities, and improve efficiency. The new structure was enacted during this reporting period, with a reduced staff footprint mitigated by new staff roles and Increased investment in contracted partnerships with expert providers of accountanry, marketing. communications, membership and appraisal services. NAME ROLE DEPARTED JOINED Professor Rich Withnall Yasmin Ali Maria Sword Kirsten Armit Chief Executive Officer Chief Operating officer Programme Coordlmator Director of Researth Director of FMLM Applied knmited & Leadership Development PrraMme Coordlnator A550ciate Director of Finan Senior Progrèmme Manager Membership Officer Senior Project Officer (Temporary rolel Head of Professional Services and Innovation Events M3nager Operations Manager ITemptsrary rolel FMLM Clinical Fellow ITernporary rolel Medical Director Director of Commercial Development Head of Marketing. Communications and Policv Programmes and Events Mana8er Membership and Operations Manager Executive Officer Executive Officer Marketing and Communication5 Officer Apr 24 May 24 Dr Daljit Hothi Jane Howells Petia Ivanova Sophie McGhee Nick Murrav DomiF)ique Spence-Rollins An8us Waite Tes5 Bridle Natasha Clarkson Dr Shehryar Khan Dr Paul Evans Richard Evens Luke O'Reillv Natasha Esdale Jen Happe Zoe Seed Kirk Wakefield Mary Howard May 24 May 24 Jun 24 Jun 24 Jun 24 Jun 24 lun 24 Aug 24 Aug 24 Aug 24 Sep 24 Sep 24 Sep 24 Sep 24 Sep 24 Sep 24 Sep 24 Sep 24 12
Our Members and Fellows FMLM is primarily a professional membership body. The expertise, engagement, and ongoing SUPPOrt of our members and fellow5 continue to shape our direction and strengthen our impact. At the end of March 2025, FMLM had a total membership of 1764, comprising 1546 Members and 218 Fellows. FMLM is mindful of emerging Office for National Statistic5 best practice about how membership and fellowship data should be described, especially when cohorts are small and individuals could be personally identified. To Ilmit this risk, "Othel, and 'Not Detlared" cateEorie5 have been merged within this Annual Report. Demographics for the reporting period are provided below, respertful of colleagues, rights not to share their protected characteristics. Moving fornards, as part of FMLM'S new Equity, Diversity, Inclusion and Belonging IEDI&BI commitments, we are already striving to improve equity of opportunity across all our membership and fellowship categories. Members Membership by Category CATEGORY PERCENTAGE Associate Undergraduate Student Resident Doctor Qualified Ipost-CCT) International Retired Honorary 33.1 53.2 Membership by self-identiffied Gender CATEGORY MALEI%I 50.0 58.7 34.6 49.9 42.9 70.0 36.3 FEMALEI%I 50.0 40.0 36.7 29.9 42.9 30.0 27.3 OTHER / NOT DECLAREDI%I Asso¢?ate Undergraduate Student Resident Doctor Qualified Ipost-CCTI International Retired Honorary 28.7 20.2 14.2 36.4 13
Membership by self-identlfled Ethnlclty CATEGORY Associate Undergraduate Student Resident Doctor Qualified Ipost-ccri International Retired Honorary WHITEI%I 76.9 35.3 32.8 50.1 71.4 60.0 45.5 BAMEIY.) 15.4 58.0 35.2 26.1 21.4 30.0 OTHER/NOT DECLAREDI%I 32.0 23.8 10.0 54.5 Fellows Fellowship by Category CATEGORY PERCENTAGE 22.9 Associate Collaborative Fellow Senior International 34.4 40.3 Fellowship by self-identified Gender CATEGORY Associate Collaborative Fellow Senior International MALEI%I 62.0 33.3 77.3 52.3 FEMALEI%I 32.0 33.3 17.3 45.5 ith).o OTHERINOT DECLAREDI%I 33.3 Fellowship by self-ldentlfled Ethnlclty CATEGORY WHITEI%I 60.0 BAMEI%I 30.0 66.6 25.3 17.0 i¢J).o OTHER/NOT DECLAREDI%I 10.0 33.3 12.0 11.4 Associate Collaborative Fellow Senior International 62.7 71.6 14
An Overview of the Reporting Period Appraisal and Revalidation In line with FMLM'S charitable objects to advance health by selting professional Standards and competencies in medical leadership, management and quality improvement, between April 2024 and March 2025, FMLM continued to fulfil its statutory responsibilities as a Designate(l Body, providing appraisal and revalidation support to doctors a£r055 the UK. Professor Rich Withnall ICEOI was FMLM'S Responsible Officer. On 31 March 2025, FMLM had 46 connected doctors, reflecting a sustained level of engagement from senior medical leaders working in a wide range of organisations and sectors. This year marked the beginning of an important new FMLM partnership wlth Wessex Appraisal Services Ltd, aimed at enhancing the quality. efficiency. and consistency of the appraisal process for connected doctors. Through this collaboration, FMLM has 5trenBthened its capacity to provide robust governance and professional development support, ensuring that revalidation continues to uphold the highest standards of medical leadership and practice. Between April 2024 anil March 2025, 38 appraisals were conducted. 98% of the feedback regarding the Appraiserfs skills was rated Wery Good, by connected doctors. A total of 29 revalidation recommendations were submitted to the General Medical Council122 positive recommendations; 7 deferrals as a neutral actl. The amendments to the Medical Profession (Responsible Officers) IAmendmentl Re8ulations 2025151 202512211 came into force on 27 March 2025. These made changes to the connections of some senior doctors and require that NHS England, the Department of Health and Social Care and the General Medical to nominate or appoint a sufficient number of ROS. The Medical Director of NHS England, the Chief Medical Officer of the Department of Health and Social Care. and the Responsible Officers for the Scottish and Welsh Ministers now have a prescribed connection wrth the General Medical Council. Whi15t the Medical Director and Deputy Medical Director of NHS England are no longer connetted to FMLM, we continue to have a close relationship with these post holders. FMLM Research In line with FMLM'S charitable objects to advance education and knowledge, promote research and publish useful results, FMLM continued its successful 50% co-ownership of BMI Leader with the BMI Group. Now in its seventh year, this partnership supports the journal's mission to advance evidence- based leadership and management in healthcare. BMJ Leader is available to all FMLM members as part of their membership. Between April 2024 and March 2025, BMJ Leader maintained its position as a leadlng international journal dedicated to medical and healthcare leadership. The journal's reach and influence cot)tinued to grow, with over 262,750 article views and downloads. Subscriptions from academic institutions, healthca organi5ations, and leadership bodies expanded steadily, and citation rates ¢ontinL¢ed to rise 15
helping the journal to achieve its inaugural Impact Fartor of 1.3. Its Sclmago Journal Ranking of 0.409 confirmed BMJ Lea(ler was performing 501idly within its category and growing its international academic and professional impact and recognition. Through this co-ownershlp, FMLM has strengthened its role in promoting high-quality Search, thought leadership, and professional discourse on medical leadership worldwide. Leadership Development In line with FMLM'S charitable objects to advance edLKation and knowledge in leadership and management, FMLM has continued to deliver a broad and impactful portfolio of leadership development activity Spanning national Clinical Fellows Scheme5, FMLM Applied Limited proErammes and accreditations across the UK, and new intemational partnerships. We have also prioritised our wider societal responsibilities in areas Such as sustainabilitv. Clinical Fellow5 Scheme5 The highly successful FMLM Clinical Fellow Scheme ICFSI is now into its fifteenth year. In 2024-25, the CFS was sponsored by NHS England's National Medical Director, Chief Dental Officer for England, Chief Pharmaceutical Officer, and Chief Sustainability Officer. It supporteil 48 Clinical Fellows who were selected through open competition that included redacting processes to ensure equity of opportunity. The Clinical Fellows benefited from placements across 25 host organisations. These included lin alphabetical orderl.. Academy of Medical Royal Colle8es Bupa Care Quality Commission Centre for Pharmacy Postgraduète Education Deloitte General Dental Council General Medical Covncil General Pharmaceutical Couneil Health and Social Care Committee Healthcare Quality Improvement Partnership National Audit Office NH5 Buslness Services Authority NHS England Iwith Fellow5 placed across directorate5 such as Transformation and GIRFT, and the Offices of the Chief Allied Health Professional, Chief Pharmaceutical Officer. and Chief Dental Officer for Englandl NHS Pathology Network National Instltute for Health and Care Excellence Royal Pharmaceutical Society Specialist Pharmacy Service The Health Foundation UK Health Security Agencv and Integrated Care Boards includin8 NHS Cambridgeshire and Peterborough. Greater Manchester, Kent and Medway, and Sussex 16
The CFS programme follows the academic year. It provides Fellows with a structured developmental pathway aligned to FMLM'S Leadership and Management standards. The key learnin8 domains focus on Organisation, Self, Teams and Systems. Throughout the 12-month programme from September 2024 to August 2025, Fellows participated in a range of developmental and educational activities, including-. webinars,. Action Learning Sets. ijse of FMLM'S 360-de8ree feedback tool,. Teams Days.. a 'Power and Politics Day" interacting with sitting Members of Parliament- and themed days such as "Olivier Mythodrama" lan innovative. inspirational leadership Session that blends classic storytelling on a wwerfLtI and practical journey of self-lliscovery and growth through 10 archetypes inspired by Shakespeare's Henry Vl. The 2024-25 programme concluded with a Graduation event at the Royal College of Anaesthetists on 16 July 2025 in which we celebrated the Fellows, outstanding achievement5. Our Keynote Speaker was Professor Dame Parveen Kumar, Emerita Professor of Medicine and Education. Upon completion of the CFS programme, Fellows join the FMLM Alumni network, providing feedback and supporting and mentoring futLsre CFS cohorts. Following the 2024-25 CFS programme, 87.5% of Fellows who responded fed back thal they would recommend the programme to a friend or colleague. They reported in¢8$ed confidence, resilience, and appreciation for the value of effective clinical leadership, a5 well as feeling more empowered to lead within the NHS and across the wider healthcare system. FMLM Applied Limited Programmes and A¢¢reditations In line with FMLM'S charitable objects to advance education and knowledge. between April 2024 and March 2025, FMLM Applied Limited worked with a widening range of ¢linicians including Medical Dirertors. Clinical Dirertors, Clinical Leads, Consultants, SAS doctors and Resident Doctors to deliver and/or accredit over 40 leadership development programmes across the UK and overseas. These ran8ed from one-day workshops to 12-month interventions to address local strategic priorities such as quality improvement, workforce well-being and operational resilience. Interactive, blended and spiral learning techniques were applied. The use of Action Learnin8 Sets successfully est8blished new leadership networks. In extending its historical reach beyond England, FMLM strived to improve its SUPPOrt to colleagues in Wales. Scotland and Northern Ireland. Partnerships have been broadened and deepened at University, Trust and Governmental levels. 17
Examples lin alphabetical orderl included: PARTNERING ORGANISATION Barking, Havering and Redbridge University Hospitals NHS Trust Cass Business School PROGRAMME Leading beyond boundaries Executwe Masters in Medical Leadership Women in Cardiothoracic Surgery Leadership Masterclass European Association for Cardio-Thoracic Surgery Green Templeton College, University of Oxford Management in Medicine Guy'5 & St Thomas, NHS Foundation Trust Generic Professional Capabilities Hub Anaesthetic Leadership Development echrysalis Leadership Programme Emerging Leaders Programme Leadership Development Pro8ramme Next Steps: Leadership and Management Fellows Programme Leaders Plus NHS Fellowship Clinical Directors Leadership Development Programme Renal Leadership Programme HSC Leadership Centre, Belfast Ingenix Leadership Ltd Johns Hopkins Aramco Healthcare Company King's College London Leaders Plus Liverpool University Hospitals NHS Foundation Trust NHS England and Boehringer Ingelheim Northern Lincolnshire and Goole NHS Foundation Trust Emerging Leaders Programme Oxford Medwell Academy Royal College of Psychlatry Leadership in Healthcare Management Leadership and Management Fellow Scheme Foundation Leadership and Management Programme SASH+ Lean for Leaders Scottish Ambulance Serwi Surrey and Sussex Healthcare NHS Trust Swansea University MScAdvanced Heatth and Care Management Ilnnovation and Transformation) Msc Advanced Health and Care Management (Values 8ased Healthcare) Msc Health Professions Education (Leadership) Senior Leader Development Programme swansea University University College London Medical School Velindre University NHS Trust Wessex Workforce. Training and Education Directorate Wessex Chief Residents Programme 18
Such leadership development is a critical enabler of progress across all dimensions of the NHS Quintuple Alm.. improving population health,. enhancing the patient experience of care- supporting the workforce,. advancing health equity,. and ensuring financial sustainability. FMLM'S work directly addressed these interconnected goals by equipping clinicians with the individual, team, organisational and 5yStems-thinking capabilities required to lead necessary transformation within complex environments. The programmes fostered multidisciplinary collalK>ration and innovation. They enabled integrated pathways to improve population outcomes and patient safety by helping colleagues to recognise structural inequities and engage their communities meaningfully to narrow disparities in acce55 and outcomes le.g. by cohering metabolic, renal and cardiovascular care pathwaysl. By cultivating compassionate, inclusive, and evidence-informed leadership behaviours, FMLM supported improvements in staff experience and retention, key determinants of service quality and productivity le.g. in under-resourced mental healthcare SeICe$l. International Partnershlps In line with FMLM'5 charitable object to advance educatlon and knowledge, FMLM has also grown its portfolio of international partnerships reflecting our strategic commitment to advancing clinical leadership and system improvement globally. Challenges facing healthcare leadership, such as quality, equity. sustainability, and workforce resilience, transcend national boundaries. By sharing UK expertise and learning from global best practice, FMLM has strengthened our own leadership frameworks whilst supporting the development of capable, values-driven leailers in diverse health systems. Through new, outward-facing engagement, FMLM extended its impact beyond the UK and started to position itself as a catalyst for team, organisational and system-level leadership improvement across international boundaries. For example, as a founding member of the World Health Leaders Network, FMLM contributed to multinational collaboration. research. and peer learning. Academic partnerships with the Royal Australasian Colle8e of Medical Administrator5 IRACMAI in Australia and New Zealand helped build managerial capacity, foster system thinking, and promote patient-centred, sustainable healthcare delivery. Keynote presentations in Sao Paulo informed Ministerial and UNIMEO redesign of Brazilian primary healthcare seNices that provide community care for approximately 18-20 million beneficiaries. Sustalnability FMLM joined the UK Health Alliance on Climate Change IUKHACCI to reflect our recognition that environmental sustainability is integral to high-quality healthcare leadership and system performance. The climate emergency is a health emergency. The UKHACC unites major health organisations with a combined membership of over I million NHS colleagues. The Alliance: advocates for action on climate change as a health emergency: increase5 awareness of climate-related health risks,. promotes policies that reduce emissions- advocates for accelerated decarboni5ation across health seNices,' and promotes resilient, equitable healthcare systems. Through membership of UKHACC, FMLM contributes a leadership perspective to this agenda, emphasising the pivotal role of clinical and organisational leader5 in embeddinB Sustainability into strategic decision-makinB, seryice design, and everyday practice. 19
In partnership with UKHACC and in line with FMLM'S charitable objects to advance education and knowledge in leadership and management, FMLM now aligns its leadership development pmgrammes with the principles of planetary health, supporting NHS leaders to drive the transition to net 2ero, integrate sustainability metrics into quality improvement. and inspire behavioural change acros5 their teams. organisation5 and systems. In doing so, FMLM reinforce5 Its own commitment to the NHS'S net zero ambitions and strengthens the capacity of healthcare leaders to address the complex, interdependent thallenges that define 21st-century healthcare. Events Following FMLM most successful Annual Conference to date (Manchester, 26-27 March 20241. the FMLM Board temporarily paused events during the reporting year to focus resources on FMLM restructuring. A major FMLM Conference is currently being planned for early 2026. 20
Financial Overview Overall Financial Position Between April 2024 and March 2025, FMLM'S income was £1,100,000. Due to the multifactorial challenges signposted in the CEO'S foreword. this was 42% lower than the £1,890,000 achieved in the 15-month trading year from January 2023 to March 2024 (which included the highly successful and profitable FMLM Annual Conference on 26-27 March 20241. Between April 2024 and March 2025, FMLM'S expenditure wa5 £1.553,000. Thi5 was a 43% decrease compared to the £2,713.000 expenditure in the 15-month trading year from January 2023 to Marth 2024. As predicted, the April 2024 to March 2025 year-end position foi the FMLM Group was a deficit of £425,000 la SIEnificant redijction in the £855,000 deficit between January 2023 and March 20241. The reFnaining deficit wa5 primarily because consultancy income fell by 60% Ifrom £887,000 in 2023-24 to £359,000 in the current year) and, due to FMLM'S reorganisation, events that took place in 2023-24 were not repeated in 2024-25 with a eonsequent reductiorb in income of £216,1)00. The substantial improvement in the deficit position resulted from FMLM'S organi5ational review of all staff and seNices. Between April 2024 and March 2025. the staff costs were £916.000135% lower than the £1,406,000 staff costs in the 15-month trading year from January 2023 to March 20241. De5Plte these process efficiencies, FMLM membership income grew by 15% from £256,000 between january 2023 to March 2024 to £295,(KJO between April 2024 and March 2025. At the end of the April 2024 to March 2025 financial year, unrestricted funds carried fotward totalled £113,000. The FMLM Group also had a strong cash position, with cash totalling £547,OCQ at the end of the April 2024 to March 2025 financial year. So, whilst there has been a reduction on in the Unrestricted Reserves. the actions taken over the past two years mean that FMLM'S activity, income and expenditure are now back in line and the Trustees Set a balanced budget for the year to March 2026 and to date the finantial performance is in line wtth expectations. The FMLM Trustees and Senior Management Team tontinue to monitor the actual and forecast reseThes to ensure that the charity can mitigate the risks that it might face as a result of any changes in the internal or external environment. 21
Public Fundraising FMLM does not engage in public fundraising and neither uses professional fundraiser5 nor commercial participators. Nevertheless. FMLM obseThes and complies with the relevant fundraising regulations and codes. Between April 2024 and March 2025, there was neither non-compliance with these regulations and codes, nor any complaints relating to FMLM'S fundraising practice. Reserves policy FMLM continuously seeks to find and maintain new sources of income to further its activities and mitigate any risk of over-reliance on major income streams. The FMLM reserves policy is to hold on average half its annual expenditure in reserve to enable FMLM to weather a temporary significant decrease in income andlor wind up the charity in an orderly manner, in line with best practice guidance for ¢harities. The Charity, as at 31 March 2025. maintained unrestricted reseNes of £112,538 and restricted reserves of £39,825. The amount of funds that can only be realised by disposing of tangible fixed assets amounted to £3,144. After making allowance for this. the free reserves of the Charity are £109,394. The Trustees note that the current level of reserves is below the level detailed in the reserve5 policy. Thi5 is due to the difFicult trading circumstances surrounding the Charity and the restructure occurring in the year. The Trustees have introduced cost cutting exercises and have a clear pipeline of income strategie5 including the return of events to rebL¢ild reserves over the next 24 months. FMLM Pay Pollcy FMLM'5 pay policy is reviewed annual by the FMLM Board. It is designed to attract, retain and Tnotivate individuals with the appropriate skills, experience, and leadership capability to deliver the organisation'5 strategic goals. FMLM'S pay policy outlines how pay decisions are made and the key factors considered, including.. benchmarking against relevant comparator organisations and sector norms- organisational performance, income. and financial forecasts; recnjitment and retention trends,. and staff performance. Due to FMLM'S fiscal climate, no general pay increase was applied between April 2024 and March 2025. At 31 March 2025, two members of the FMLM staff received annual remuneration above £60,000 per annum. 22
Principal Risks and Uncertainties Risk management 15 a standing item on the FMLM Board's 3gend3 and 15 embedded within 5trateEiC and operational planning processes. In Marth 2025, the FMLM Board identified the following strategic risks which are now actively monitored and mitigated.. l. Membershlp growth and retention. The risk of stagnation or attrition in membership could affect organisational sustainability and en8agement. Miti8ating actions include the recruitment of a dedicated marketing and communications team and the implementation of a wider digital transformation strategv. 2. Flnanclal dependency on NHS income. FMLM'S significant reliance on income from NH5 contracts presents a financial concentration risk. In mitigation, efforts a underway to diversify income sources. 3. Stafflng ¢apaclty and organlsational alignment. There is a risk that a mismatch between staffing levels and the demand5 associated with organisational growth will adversely impact staff morale and programme delivery. In mitlEation, a provisional 'Temporary OrEanisation' structure was approved to ensure better alignment of roles and capatity. 4. Servlce prlclng and cost recovery. Historical under-pricing of SeiceS has impacted financial sustainability. In mrtigation, a programme of restructuring, revised pricing models, and strengthened financial oversi8ht has been implemented to improve cost recovery and preseNe res¢e5. 23
Future Strategy- Shaping the Next Chapter of Medical Leadership As we look beyond 2024-25, FMLM stands at an important and exciting juncture. The challenges faced by healthcare systems are complex and persistent.. from workforce pressures and digital transformation. to widening inequalities and the ongoing need to restore trust and morale across multidisciplinary teams. These realities demand a new era of leadership.. one that 15 compassionate, empathic, evidence- based, and collaborative. FMLM'S charitable objects are unchanged, and our purpose remains clear: to inspire and support excellence in clinical leadership and management, 50 that patients receive the hi8he5t Possible quality of care. To achieve this, our strategy for the coming years will focus on five key priorities: l. Strengthening professional standards of clinical leadership and support for our membership FMLM will continue to champion leadership as a CO professional discipline. By updating FMLM'S Leadership and Management Standards for Medical Profes5iona15, we shall ensure these standards remain current. practical, and embedded across the healthcare system. We shall work with regulators, employers, and educational bodies to make leadership competence an Integral part of career progression and appraisal. We shall prioritise better support for our Members and Fellows at every step of their leadership journeys. 2. Expanding leadershlp development and careersupport FMLM will broaden access to high-quality leadership development for clinicians at all stages, from students to aspiring leaders to those already in executive roles. Through a broader and deeper blend of accredited programmes. coaching, mentorin& and peer networks, we shall nurture leaders who are confident, competent, compassionate, and capable of navigating complexity. FMLM will also enhance its career support offer, helping members align their leadership ambitions with the needs of their team5, organisations, systems and communities. 3. Deepening collaboration across the system Collaboration remains central to our success. FMLM will strengthen partnerships with the NHS. Royal Colleges, managerial bodies, universities, and international medical leadership bodies, creatillg a unified voice for clinical leadership and management. These relationships will enable shared learning, amplify the impart of evidence-based leadership. and help shape national policy, FMLM will also better en8aBe with patients, recognising that their experiences and insight5 must sit at the heart of leadership decision-making. 24
- Investing in FMLM'S organi5ational sustainability and digital transformation To continue delivering value for our Members, Fellows and partners, FMLM will modernise its operations by investing in digital systems, data, and member engagèment tools that improve acce55ibility and responsiveness. We shall strengthen our governance, diversrfy our income streams, and ensure that FMLM remains a financially sustainable, agile, and resilient organisation.
- College of Executive and Clinical Leadership FMLM'S proposal for a multidisciplinary Leadership College received wide political support and featured in several NHS Provider Conference keynote speeches by the Secretary of State, and now in the 10 Year Health Plan for England. FMLM welcomes more steps to professionalise and standardise the quality of clinical leadership and management. The Secretary of State's continued commltment to the creation of a 'College of Executive and Clinical Leadership" will help do that. It is important that time is taken to get this right. Wide Stakeholder engagement should enable collaboration not competition. FMLM looks forward to continuing to work with the Department of Health and Social Care, the four NHS administrations, and existing professional bodie5 to inform the development of the proposed College. Looklng ahead wlth purpose The next chapter for FMLM is about consolidation, growth and deepenin8 our impact whilst remaining true to our foundinE principles and values. FMLM has earned its position as the professional home for medital leadership,. now we must build on that foundation to ensure that every clinital leader ca access the development. recognition, and support they need to lead and manage effectively. We do so with confidenee - because our community of Members. Fellows, and partners has consistently shown the vision, integrity, and collaboration that define great leadership. Together, we shall continue to champion a culture of leadership that drNes improvement, inspires innovation, and above all, enhanS patient care. 25
Statement of Responsibilities of the FMLM Trustees The trustees Iwho are also directors of FMLM for the purposes of company lawl 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 affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. obseNe the method5 and principles in the Charities Statement of Recommended Practice ISORPI,. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the basis of 'Golng Concern, unless it is inappropriate to presume that the charity will continue to operate, 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 safe8uardin8 the assets of the charitable company and group and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware, there is no relevant audit information of which the ¢harrtable company'5 auditor is 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 auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity 8uarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees on 31 March 2025 was five. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneflclal interest in the charity. 26
Going Concern Having reviewed FMLM'S financial position, levels of cash and reserves, long-term projections, system5 of financial control, processes to manage risk, and Senior Management Team's continued endeavours to deliver operational efficiencies, the trustees believe FMLM is well-plèted to manage its business risks successfully. The trustees consider FMLM has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees consider that FMLM remains a "Goin8 Concern,. Audltor TC Derby Limited were appointed as the charitable company's auditor in 2024 and have expressed their willingness to continue in that capacity. The trustees, annual report has been prepared in accordance with the special provSslons applicable to companies subject to the small companies. regime. The trustees. annual report has been approved by the trustees on l December 2025 and signed on their behalf by- Dame Celia Ingham Clark Interim Chair, Faculty of Medical Leadership and Management 27
Independent Auditor's Report For the Period Ended 31st March 2025
Faculty of Medkal Leadershlp and Management Independent audltorfs pOrt For the Perlod Ended 31 March 2025 Independent auditorfs report to the members of Faculty of Medical Leadership and Management. Opinion We have audited the financial statements of Faculty of Medical Leadership and Management Ithe'parent charitable ctsmpany'l and it5 subsidiaries Ithe'group'l for the year ended 31 March 2025 which cornprise the con501idated statement of financial activities, the 8roup and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied In thelr preparatlon is appllcable law and United Kingdom Accounting siandards, including FRS 102 The FinonGiol Reporting Stondurd opplicoble in the UK ond Republic of Irelond (United Kingdom Generally ACpted Accounting Practice). In our opinion, the financial 5tatements'. Give a true and fair view of the state of the group's and of the parent charitable companws affairs as at 31 March 2025 and of the group's Incoming resources and applicatlon of resourcès, including its income ènd expenditure, for the year then ended. Have been properly prepared in accordance with Ur*ited Kingdorn Generally Accepted Accounting Practice. Have been prepared in accordance with the requirement5 of the Companies Act 26 and the Charlties Aet 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and pplicable law. OUT re5pon5ibilities under those standards are further described in the Auditorfs respon5ibilitie5 for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that afe relevant to our audit of the financial Statements in the UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficiènt and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matter5 in relation to which the ISAS IUKI require us to report to you where.. The Trustees. use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or The Trustees. have not disclosed In the financi31 statements any Sdentified materlal uncertainties that may cast signif1cant doubt about the group's or the parent charitable company's ability to continue to adopt the 80ing concern basis of accountin8 for a period of at least twelve months from the date when the financial statements are authorised for issue. 29
Faculty of Medlcal Leadershlp and Management Independent audltor's report For the Perfod Ended 31 March 2025 Other Information The Trustees are responsible for the other information. The other informaiion tompri5es the inftsrmation included in the Annual Report other than the financial statements and our Auditors report thereon. Our oplnion on the financial Statements does not cover the other information and, except to the extent otheise explicitly stated in our report, we do not express any form of assurance condu5ion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information nd, in doing so. consider whether the other inftsrmation 15 rn3terially inconsistent with the financial statements or our knowledge obtained durin8 the course of the audit oi otherwise appears to be materiallv misstated. If we identify such material inconsi5tencbes or apparent rnaterial misstatement5, we are required to determine whether this gives rise to a material misstatement in the finanei315taternents themselves. If, based on the work we have performed. we conelude that there is a material rnisstatement of this other information, we are requlred to reporr this facl. We have nothing to report in th*s 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, annual report. for the financial period for which the financial statements are prepared is consistent with thè financial statements. The tru5tee5' annual report ha5 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 group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material mi55tatements in the trustees. annual report. We have nothlng to report in respect of the following matters in relation to which the Companies Act 2006 and Charitie5 Act 2011 requires us to report to you if. in our opinion.. Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by tss,. or The parènt charitable company 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 havè not received all the information and explanations we require for our audit. or The directors weie not entitled to prepare the financial statements in acctsrdance with the small companies règime and take advantage of the srnall companies, exemptitsn5 in preparing the trustees. annual report and from the requirement to prepare a strategic report. 30
Faculty of Medlcal Leadershlp and Management Independent audlwr's feport For the Perlod Ended 31 Mwth 2025 Responsibilitie5 of trustee5 As explained more fully in the statement of trusièes, re5ponsibilbties set out in the trustees. annual report. the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true nd fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud OT error. In preparlng the financlal statements, the trustees are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the Èoing concern basis of accounting unless the trustees either Intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic altèrnative but to do 50. Auditorfs responsibilities for the aud it of the financial statements We have been appointed auditor under the Compantes Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts. Our obje¢tive5 are to obtain ieasonable assurance about whether the financial statements as a whole are free from maierhal misstatement, whether due to fraud or error, and to issue an auditorfs report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantèe that an audit conducted in accordance with ISAS IVKI will alway5 delect a material misstaternent when it eK15ts. 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 declsions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our re5pon5ibilities, outlined above, to detect material misstatements irb r&spect of irregularilies, 5ncluding fraud. The extent to which our procedures are capable of detecting irregularitie5, Including fraud are Set out below. Capability of the audit in detecting irregularities In identifyin8 and a55essing risks of material misstatement in respect of irregularilies. induding fraud and non-cornpliance w(th laws and regulations, we considered the following.. The nature of the Industry ènd sector, the control environment and business performance targets for incoming resources and Surplus or deficit position5 achieved. Results of our enquiries with management and Trustees about their own Identlfication and assessment of rlsks and irregularitSes,' Any other matters that we have idÈntified having obtained and reviewed documentatlon of the groups, policies and proceduTes Identifying, evaluating and complying with relevant laws and regulations and whether management are aware of any instances of non-compliance. This includes but is not limited to non-compliance with General Data Protection Regulations and the Bribery Act 2010,. Detectlng and responding io the risks of fraud and whether management have knowledge of any actual, 31
Faculty of Medlcal Leadershlp and Management Independent audltor's report For the Perlod Ended 31 March 2025 Ilèged or suspected fTaud occurring in the reporting period or to the date of the approval of these rinancial statements. The internal controls designed and implernented to mitigate the risk5 of fraud or non-compliance with laws and regulations. The audit engagement team held di5CU5sions to determine how and where the financial statements would be susceptible to rnisstatement and how to identify any indicators of fraud," A5 a result of the produreS undertaken, we have considered that the greatest opportunSty and incentlve for fraud to occur withiri the business is the ability of management to manipulate revenue recognition. This is in common wlth audit engagements conducted under ISAS IUKI. In addition. we are required to perform specific procedures in response to the risks of management override. We have also reviewed the legal and regulatory framework in which the group operates. We have focused on the Specific laws and regulations that directly impact the determination of key materlal balances or di5cIosures required within the financial statements. We have considered that the key laws èppSic3ble were.. The Companies Act 2006. The charities Act 2011 and the Financial Reporting standard 102. We have also considered laws and regulations ihal do not have a direct impact on the financial statements but with which compliance is fundamental to group operations or are required to avold material penalties. Some of the key areas identlfied in thls regard were.. The General data Protection Regulations. Health and Safety Pollcies, the Bribery Act 2010 and regulations imposed by the General Medical Council. We developed appropriate procedures tts respond to the risks identified prior, These procedures included.. A review of the disclosure5 rnade within the financial statements and to ensure that sufficient testing was undertaken ¢)n supporting documentation to assess Complian with the provision of laws and regulations. Enqulred of management and Trustees ¢on¢erning the existence of any actual or potential litigation clairns. Documenting and verifyin8 all related party transaction5 and any balances due between such parties at the reporting period end. Perform analytical procedures to identify any unexpected relationships that could indicate material misstatements as a result of fraud To directly address the risks of misstatement through revenue recognition, we have tested a sample of revenue recorded in the period and agreed that the relevant docurrentation matched the recognition criteria. Additionally. we have ènsured that revenue is complete via performing review of invoices and 8enerating expectations for revènue. Thi5 Was supported by di5CUS5ion5 Wlth management over the volatility of revenue in a Èivèn rèptsrting period. To address the risks of a misstatement occurring as a result of rnanagement override of controls, we have tested the appropriatene55 of jourrsal entrie5 and adjustments made within the period. We have focused our testing on adjustments that considered large, were made by unexpected team mernbers. entries ol an unexpected or unusual value, quantity or description. Key accounting estimales were reviewed to determine whether any judgements. assumptions and calculètions made by management are indicative of management bias. Flnally, we have revlewed the rationale for any transactions that have been considered unusual or outside the normal activities of the group. We also communicated relevant identified laws, regulations and potential fraud risks to all engagement team members to ensure that we remain vigilant for any indicators of fraud or non-compliance and that a suitable level of professional scepticism was rnaintained throughout the audit engagement. 32
Faculty of Medlc•l Leadershlp and Management Independent audltorfs report For the Perlod Ended 31 March 2025 Because of the inherent limitations of an audit. there is a risk ihat we will not detect all irrÈgularitie5, including those leading to a material misstatement in the financial statemenis or r50n-cornpli3nce with regulation. Thrs risk increases the more that compliance with a law or re8ulalion is removed from the event5 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 Involve5 Illtentional concealment, forgery, collusion. omission or misrepresentation. A further description of Ouf responsibilities is available on the Financial Reporting Councll's website at- www.lrc.or auditorsres onsibilitte5. This 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 thè Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs 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'5 members as a body, for OUT audit work, for this report. or for the opinions we have formed. James Liptrott Isenior sta tory auditor) for and on behalf of TC Group (Statutory Audito¥sl 10 Stadium Business Court Millennsurn Way, Pride Park Derby. OE24 8HP Date.. 33
ol Lmdernhlp aThl
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Faculty of Medlcal Leadershlp ind Mana9ernent ealance shett Company no. 11390175 The 9fOUP 2025 The charlty 2025 2024 2024 Nore Flxed as1$.. Tangible a55ets Inve5tmeTrt in 5ub5idiary 3.144 10.949 3,1 10,949 3.144 10.949 3.145 10.950 Current asse. Debtors Cash at bank and hafid 14 105.632 S46.8SO 652.482 207.765 1,039,016 164,476 771,568 490.897 1,246,781 532.563 936,044 Llabllltles.. Creditor5.' amounts falllng due wiihln one year 503 263 1680,4111 1428.520) 1503.5771 N4t ltert assots 149.219 566.370 1104,043) 432,467 Totsl net assets 152.363 577,319 1107.188) 443.4 16 Funds: Restricted income funds Unrestri<ted income funds.. eneral funds 18 39.825 39.825 39.825 39.825 112.538 537.494 67.363 403,591 Total unrestrlcted funds 112,538 537,494 67,363 403,591 Total funds 152.363 577.319 107.188 443,416 Approved by the trustee5 on 2nd December 2025 and signed on their behalf bv Darne Celia Ingham Clark Trustee 35
F•¢ultyof M•dI( L•ad•rshlp nd MarwmÈrt Conso11ded Statement of ush Note 2025 2024 C45h flDWS frpm ypEr4tini4rtryltie> Netincomelorthereportingperiod 1424.9561 Depreriatlon th¥8e5 Intere5tfrom Investments Ilnryea5elldecYease ID debtors 6.963 112,10 130.581 {177,14BI 654 128,455 7,673 601.069 Intere5tp& chaite ProliiondispN?lol tanwble Ixed assets 7,362 32.207 Net c4sh wo¥lded byoper4tlnq xt (504.6191 C•5h flows lwom lThvestlw art5.. Interest from inve5tment5 12,107 12.836 Purchaseoffixtd assets ProCeed5fiomsaleOftso Purcha5eofinvestments Net esh lus•d In} 1rwa¥r1r 13.107 6,705 (ash flo¥v5 from IlnncinKctNrtiEs.' 1fj541 17,3621 cash lusod In) flr•n¢lng artlW¢s (6541 (7,3621 Change In ugh and cash eqtslvalÈnt5 In the 1492.166> 1411,539} Cash and o5h equivalents at the beginning of Ihe year Cash md tsh 4ufv41ent$ 41 the end of ihe 1.039.01fj 1,450,555 S4650 1.059.016 36
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The financ1 statements have been prepared Ih accordance with Accounting and Reporring bychariiies.. Statement of Recornmtnded
Prarnice applicable ro rharliies preparjng their Jccounts In accordance with the Financial Reporting Standard appllcable in tht UK and
Republic of Ireland IFRS 1021 Icharyties 50RP FRS IOZI. the Flnancial Reporting 5iandard applirable in rh¢ UK aftd Republi< of Ireland IFAS
1021 and the Companies Aci 2006.
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line by line ba515. Tran5aCtion5 and balance5 between ihe charirable company and It5 subsldlary have been trlimih&rEd froTry the
consolidated financlal srarements. Balances between tht t Cornpanle5 are disclosed the notes of rhe charitsble companys balan<e
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ill bo required and the ol the obligation can be measurd reliably. EXpdItur Is classified under the following headings..
Ctssts of raisin9 fund5 relate to the costs incurred by rhe running commercial consultancy a<tivlty tlrougtt FMLM AppljÈd.
E¥pendiiure on charitable actiwties Includes the costs of dell¥erlng StrviCÈ% to Our meTnber5 undertaken io further rhe purp05e5 ofthe
chariLy and their associated Support ctssls
oiher expendltwe represents those ilms moi falllng Into any oiher headlDg
Irrecoverable VAT is chèrged as a cost against thE activity fofwhich th@ expendirure wa5 lntuwed.
Resources expendtd are allotated to ihe particular acilvirywhere rhe cosi relaies directly to that acrivity. However. the cost Df ovtrall
diretrion and admin15Erarion of eath acrivity, comprising the salary and overhead tost5 of the central function, Is apporvoned on the
following basis which art an estitnate, based on 5tafF time. of rhe arnount attributable ro each aciivity.
Where information aboui thè aims. tsbléttive5 and project5 ofthe thanty 15 prowded to potential beneficlarie5, Ihe <osis associaied wlth
this publicity are 311ocaied io charitable expenditure.
support and governante CD5T5 afE rall0[are to each of the li%111e5 on the following basi5 whKh is an esiimate. based on staff timè. of
the arnount attriburjble ro each activjty-.
ProfÈ15ionAI bady 5ervjces
tkvelopment. dUcation & iraining SeMce5
FMLM Events
Raising fund5 liniludlng ca5t5 vf tradiry)
27%12024- Z
41%12024- 39A)
12%12024- 14%)
20%12Q24- 2trAI
Gov+rnanc£ costs are the costs a550ciatod with th go¥ernance arraryemenrs of rhe charity. Thest costs ar associatsd With consdtutioDal
and statutory requlrtments ahd intlud any tost5 &55QClated with the strategic managemeni of the <hanty's actiwties.
Renial charyes are charyed on a 5tralght line basis over the ttrm tsf lea%e.
T11• flx•l
Tangible flxed aS5et5 are initially recognised at ¢osr. Depreciation c¢sts are allDcatEd to actlvitie5 on the b4515 ofthe use Of the related
a55e15 In rhose aciivitie5. Assets are reviewed for Impairmeht if cifcUm5tancey Indicaie ifveir carryqng value may exceed their net realisable
value and value In use.
DtprEthatlon 15 provided at rate5 lCUlated io vlriie do¥vn the c05t of each asset to its estlmated residual vdue OvEr its oxpecred useful life.
The depreciarw)n rare5 in use are as follow5..
Fixtures ar fittings
Leasehold improvemonts
Cornpurers
3 years
3 years
3 year5
ml IrFrtsrmEnts In 5ub5kll•1
1nvesrmenis In subsidiarie5 are at C05t.
nl Debtors
rrode and other debtors are recognlsed at the s4rt1emenl amount due after any trade d15couni offered. Prepayrnent5 are valued at th4
amouni prpaid nt Df any rrle dlscounts duo.
o) Cash at bank &id In hv
Cash at bank and Ea5h in hand includes cash and short ierm hi9hly liquid Investments wlth a short malutY of EhrEe mtsnih5 Or155 frtkn
Ihe dale ol acqui51tion or opening of the dep0511 or similar account.
pj Cr•dlWS
Cieditors and P
202S 1024 Total nre5tricted Res(ted Unrestricted e5tnct¢d 0on41ion5 Grant intome Legades 22.602 22,602 22.602 22,602 2025 Totd Unrestri<ted 2024 Total Unrestricted Restn<ted Restncted Membtrship Income BMJ LÈadtrlournal Ftllow5hip Revalidadon and appralsal feÈs 294,667 27,759 10,795 72,614 294,667 27.759 10,79S 72,614 256,155 74,497 74.497 84.941 84,941 sut0[ for Professional body SerCS 405,835 405M35 41 S.593 415.593 14ational MEdid Directar Clinical Fellowship $Chme 267,714 267.714 283.593 283.593 Chief Dental Officer Clini£al Fellowship Scheme CPD And ACcrdiiarbn Other incorne from Development serw<e5 College Officers Programme 1401 1401 1.350 10,784 34.319 10,489 5.568 15,769 10.489 S,S68 IS.769 10.784 34.319 su10t for development, education & training seNlces 299,540 299.940 330,(X)6 330,6 Conference Other event5 (1.601) 14961 12.09 132.875 80.936 132.875 80,936 14961 Sub-toial for FMLM evenr5 12,097) Total incom& from charitablq actMlie5 703,278 703278 959.410 959.410 4 Int4m• fivm othw tr•Jlng 202S 1024 Ttstal UnrÈ&lricted Restricted Unrestricted RÈstrtci* Advertisiw and general income 25.441 358.749 25.ml 354,749 8.465 886.649 8,465 886,649 384.190 384.1 39
•w or •xp•nthr• I(•m y Baisl Ilndudlr duoitlon & Covernanc CQ5ts Support £Q5t5 2025 Totsl 2024 Irattlngl body 5ewl£e5 FMLM Events 27.469 15.644 26.557 32,311 136069 45M#) 0.122 Jsi ) Jthj 217 l.405.aza Ttmporary %t>ff costs Z6,557 18.263 294.237 45.259 136.869 45.000 69.558 1,2QD Develpment 5ewl¢es (Q515 23.B49 $2 &365 6.579 12.596 129.6Z6 $6.Oa4 Z7.330 6.36S 6.379 82.596 20.625 69.781 26.849 17.069 Olhor cost5 39.5l3 963 6.963 7.674 dEksY¢rlllenpfl 261.722 343.667 4&.094 1,5$2. Support costs 66,026 Cw•minc costs 9.619 Tal •XpWdr• 1025 3KJ•4 414th67 5M975 150.961 1,$52.W7 40
Sb 010plEI tOSt5 ¢t tfadin91 servl<es GovernarKe Support cosis 2024 Servltt FMLM Evonts 272.648 39.658 344.652 T•mporaiy cost& 68.2S3 88.263 294.237 Coniult4Thcy colts 294.237 45.259 35.902 Revalhlafhn 4nd 4pplial costs 3S,902 l)evttopmenl 5trvlct5 C0515 23,B49 23,849 CafeeF devtlDpmeThl costs Oihei eI5 cosT5 M4tkttln9 18.587 129.626 56,Q84 27,330 56.084 27.330 139.085 rrand ollltÉcosrs 21.365 69,763 Z6.549 26.849 (hh*r cost% Dtpieclallon 7.674 7.674 B&d Debf5 wrfllen 393.077 509,505 133,990 241.286 355,635 ctssrs 23.799 iii. 657,BJ9 971.939 271,274 1.712,956 41
Flty of Il•dkd L•adÈrshlp and Mffj4•m•ni to lh• flnmdal sMt•Thnts N•t IrKome for the yw Th15 1$ 5tatEd after charging I Icreditingl.. 2025 2024 Profli on d15posal of tanglble fixèd assÉts Depreckitlo 1158) 6.963 654 7.674 7,362 Operarin9 lease rentals.. Propertv her Audiior'5 rernunerailon lexcluding VAT).. Audlt Other sÈrvltes 13.275 18.500 1.765 18.865 2.500 Anatysls of staff msts. f•nvAn•rnllon and •xwnses, thÈ cost of kty mth4•rr•t srarr costs were as follow5". 2025 2024 5alarle5 and wages 811,607 70.7SZ 33.285 1.228.310 126.412 Employer'5 contrlbutlon ro deflned contrlbutlon penslo# schemes 915.6H 1,405,823 The followlng number of Èmployees rtcefved employee beneflt5 (excludin9 employer penslon costs and employees natlonal Insurance) dudng the year beTr4een'. 2025 2024 (60,000- £69,999 £70,000- £79.999 £80.000- £89.999 190,000- £99.999 £100,000- £109,999 £120.000- £129.999 £160,000- £169.999 The t¢ral employee benefit5 (including penslon contributlons and empk)yee$ national insurance) of the key mana9emeni personnel were £289,222 12024.. £587,0311. The charity Ifusttts were nélther pald nor received any other beneflts from employment with Ehe chanty in the year 12024-. £nill. No charity trustee received payment for profe551onal or other services 5upplled to the <harity 12024 £YJif). Tru5ree5' expenses represent the paymeni tyr reimbursement of travel and subs151ence costs torallng f 360.30 P024-. £259.61) relating to èttÈndanre at meetings of rhe trusrees. 42
Fxuhy of hkdlcal L•ad•rshlp M*n4•mthi Not•$ to ih• flnWK1 ststhm•nts S¢aff wmbETS Staff are spllt across the aciivltles of ihe charitable <ompany as follows (full tlme 2025 2024 Ra15ing funds Professional body seThice5 Development, educatlDn & ¢ralnlng strCeS FMLM events Support R•laied iraThsK$ There are no related party trans4105 to disclose for 2025 12024.. none). The charlty Is exempt from ctsrpor4tiOn as all lis income Is ¢harlrable and is applled for charitable purpose5. The charity's trading subsidiary FMLM Applled Lirniied charge I Icrediil to corporatbn tax in tho peylod was.. 2025 2024 UK corporaiion tax at Z5% {2024'. 25%) 128,4551 32,207 Tanglbl• flxod as5•ts The 4fKI tharlty Fixture5 and Leasehold fittings lrnpr¢vernents Compurers Ar the stari of the year Additions In year D15posa15 In year 1.560 58.057 24.868 84.48$ (3.891) At the end of the year 58,057 22.537 80,594 At the start of the year harge for ihe year Ellmlnated on dI5posal 1,560 58,057 13,979 6.963 (1.4891 73.536 6.963 13.049) (1,5601 Ai the end of Ihe year Net Aitheendofthes 58.057 19.393 77.450 3.144 3.144 At the start of the year 10,949 10.949 43
of M•dlEal IAdershlp staMrMThts Absldl•ry und•rtaklng The charitable tompany Owhs the whole of the issued ordinary share capiral of FMLM App11ed Ltd. a Company registered in Englanit. The sub5idlary is used for non-prlmary purpose Iradiny &crivirie5. All acrivirie5 have beeTr consolidated on a Ilne by Ilne basis th statemènt of flnancrdl arrivlrie5. Available pronis are 9lft aided to ihe charltable company. Rlchard Wirhnall 15 the 501e direcior of the subsldiary. A summary of Ihe results of the subsldlary 15 shown below.. 2025 2024 Turnover Cost of sales 35Q749 (i a6,869) 221.880 886,549 130S.6161 Gro¥s 581.033 Admlni5tratlve expenses 1539.0631 1414,9241 1117,183} 166.109 Tax pald (Z8.4551 (J2,207) Prnfft l (lo¥¥l fvrth flTr•nthl 188.728) 133.902 A•ialn•d •amlr4s Toial retained earnlngs brought fon¥ard 133.902 188,72V• 133.902 Dlstrlbutlon undèr Gllt Ald to parent tharlty Totsl r•MIMd earnlhgs trled frrrd 45.714 133.902 The aggregate of the assets. Ilabilitits and funds was.. Assets 174.435 1129,2601 386,655 1252.7521 Funds 45,714 133,903 Amounis owed tolfrom the parent undertaklng are shown in note I S. 13 Parent thvlty The parent Charlty's gro55 income and the results for the year ar@ dlsclosèd as follows-. Z025 2024 Grogs Intamè Result for the ¥r 849,389 1336,2281 1,002,222 1989.1031 14 Dei0 Th• grwp 2025 2024 2025 2024 Tradedebtors OtherdeoIS epInents and accNed kncome fj3 13,478 189,060 Z4i88 13A78 145.771 18,075 630 18.075 630 455 105.632 207,765 164.476 44
FUlty of MHllr41 LewkrsNp WKI Noths to st•tsmÈnts 15 Cr¢dlwrs'. •mounty +A• wtthln one ye The 9fDUP 2025 2024 2025 2024 Trad ¢rediiors Amount5 owed to subsidiary Taxation and 50cial Security Accruals Deferred Income Inott 161 Oiherireditors 28.377 96,602 17,951 54.517 28,922 85.819 228.906 12,398 63,846 75,918 33,052 48,266 275,468 7.027 47.580 15.819 329,089 12,398 139,947 63,885 372,9S0 7.027 503,263 680.411 428.520 503,577 lé O•feff•d kl¢O1111 Otferred Income ¢ompr15e5 membershlp fee5, development, education & trainlng service5 fees and fees for consuttancy work received in advance. The uP 2025 The thaFy 2025 2024 2024 BalaDcÈ ar the beglnnlng of Ihe year Amount released to Income In Ihe ar Amount deferred IM the year 372.950 1372,9501 329,089 542.376 1542.3761 372,950 275,468 1275,468) 228,906 57.209 157,2091 275.468 Balance at the end of the year 329,089 372.950 221906 275.468 17a Ansls of group nEt 4$5¢15 belwttn funds IvJTh•ni General De51gnaTed furbd RÈstrlcted funds Twal funds Tanglble fixed assets Ner current a5se15 3,144 109,394 1.144 149,219 39.825 NÈt SS¢ts 31 2025 112.538 39,825 152,363 17b Ar*ls ol grP ntt bttween lurM15 (Jjwlor G&neral unrestrlcted De5ignared funds Rèstricted funds Tal Tangik>le fixed a55eis NEI curreni a55eis 10,949 526.S45 10.949 566.370 39,825 Ilet •ss•ts at 31 2024 537.494 39,825 577,319 45
Fatulty of Ml¢al L•ader5hlp and Ntsnapm•nt Noth¥ th• st•tements i& MON15 In funds l(urreht At31 Marth 2025 At l Aprfl 2024 Income & Expendirure & 9ains losses Transfe Rtstrfcted ftsnds.. CarèÈ¢ Developmènt for Medical Leaders Career DevelDpmeTht for UK doctors Tegi5tered with rhe General Medical Council (Sir Neil Dougal Travel Fund} 9,825 925 s0.ooo 30,000 Total restdaed funds 39,82S 39.825 VnrestrlttJ funds: G•n•r•l fuDd5 537,494 1.099.576 112.538 To1 unrnllrftt•d fuThJs 537.494 1.099.576 112.538 Total fvrKI$ 577,319 1,099,576 (1,524,532) 152363 18b Movern¢m5 In fvr15 Iprknr At31 March 2024 At I January 2023 Income & Expenditure & gains Transfers Re5(red fvnds: Experl Leadtrshlp Oevelopmenr PrograrnTne Career Oevelopment for bAedKal Leaders Career Development for UK doctors registered wirh the General Medltal Countll 1511 Nell Dougal Travel Fundl 3.692 13.692) 15,825 16.000) 9,825 30.000 30,1100 Tot•1 resirlcmd 49,517 19,6921 39,825 UDr•¥trtrwl funds.. Gtneral fvnds 1,383,003 1,877,1 Z6 (2,722,6351 537,494 TO unrestrfcted fi# 1,183,003 1,877,126 12,722,635) 537.494 fvnds 1.432,520 1,877,126 12,732,32n 577.319 46
Fwmy of Medl(al L•4d•r5hlp and Magement 18b MoNments ITh fvrKls Iprlor Cfter ¥t10pMt for Medl¢al Lthlers A yrant provlded by the DinbvDodle CharltablE Company In respecr of the dellvery OF an onllne learnlng platfom) for medical managernent iraining for the medical profession. The aim of the pioject Is to develop a fully Inleratllve digital toolkit which will provlde a tomprehen5ive'cradle 10 9rave' career rnap wirh links to a broad colleciion of resource wlll providt support to docror5 hawng to meet the comwlsory requiiemenis of revalldaiion speclfic41 with regard ro rhe domain of leadership. Carn•r DlopM¢t for UK dtxthrs wlsivd wlth the fAnÈrnl kled1t Cwttdl lT Ntll Doug41 TTr1 Fund) A fund ro be used for ihe enhancement of the management and leadership skills aDd abililie5 Qf individual UK doctors r*glstered wlth rhe Gèneral Medlcal Council. To be used io inirease the leadership and mana9ernent experlence, ski115 and ablllties by gainlng txperlence of The healthcare sysrems ID narion5 or regbn5 in whlch rhe individua15 do nor currenttywork. Owr4iing Iw• WMMkn1its The ChatY and group's total future mlnlmum lease payments under non-¢an¢Ellable operating leases 15 a5 follow5 for each of Ihe follo¥vlng perlods.. Property Equlpmtnt 1025 2025 2024 Z024 Less than one year One ¢0 flve years 20 Lég•1 st•t¥s ¢1 th¢ <h•rllV The charlty 15 a iompany lirniied by guarantao and has no Sha capltal. Thè Ilability of each rnember in rhe eveni or 47