Charlty re9istratlon number 1179633 (England and Wale81 THE FEMALE LEAD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
THE FEMALE LEAD LEGALANDADMINISTRATIVE INFORMATION Trustees C Humby E Humby R Humby A Prophet R Sandy (Appointed 14 August 20251 IAppointe(114 August 20251 Charity numb•r 1179633 Prlnclpal address 54 Sheffield Terrace LoThJon United KIn10M W8 7NA Independent examlner John H(ward FCA Azets 2rMI Flwr. Regis House 45 ng Wlliam Street LONDON EC4R 9AN United Kingdom
THE FEMALE LEAD CONTENTS Pago Twslees report Independent examinerfs report Stslement of finanoal activities Balan sheet Notes to the financAal ststements 7-11
THE FEMALE LEAD TRUSTEES REPORT FQR THE YEAR ENDED 31 AUGUST 2025 The Trustees present their report and financial statements for the year ended 31 August 2025. The Female Lead was formally kn¢)wn as The Edwina Dunn and Clive Humby EdLTr¢abonal Fcun¢Jation. The financial ststements have been prepar1 in arxordaThx the attounb"Ag p)liue¥ sel out in note 1 to the financial statements and compty with the Charilable Incorporated Organisation's goveming document, the Charities Act 2011 and "AcGotJnling and Reporting by Charities. Statement of Recommended Practice applicable to charrties preparing their accounts in a¢¢ordance wilh the Finanoal Reporting Standard applicable In the UK and Republic of Ireland IFRS 102)" las amended axountyry perirth commewng from 1 January 20161 Objectives and activities The Charitable In¢orporaled Organisation's objects are to than sueh charrtable purposes lac(x)rding lo the law of England and VWdles} as the Trustees see fft from b.me in paitular but not limited lo the advancing of the education of young people for the public tenefit. by making grants and awards. in particular but not exclus>vely to lil individual young persons-, lill educational organisab.ons and projects for young people- {iiil community development organisations proiets which aim to fijrther the edltion of, SUPFK)rt and ir75pire young people", livl arts and sciences organisations and woieds which aim lo further the education of. support and inspire young people. The Trustees have pald due regard to gutdance issued by the Charity Crynmlssl¢ in de¢Fdir)g what activrties the Ch8ritsble IncorFK)rated Organisalion should undertake. The trustees may make grant payments against speoft [la set by the tntstees in accordance ¥Mth the Charity's objectives. Achievements and perfom)ance Global Reach and Impact The Female Lead continues to grow its cornmunity- we now have 9 million followers. We conts.nue lo work with partners and educational establishments 10 Showcase diverse and inspiriThJ role models. Our organi58b.on showcAses comFelling sttyeEling and onee innovab.ve ieseaich and fact-finding inth'atives. This evidence challenges stereotypes. breaks myth5 and career barriers, and fosters a more inclusive society. Ils aim remains consistent- to create an environment where women feel empoweted to pursue their amb((ions and reach their full ecOn1C and societal wtentsal. Despite operating during challenging ecorM)mic trmes. we are delighted lo have SeCred a long-terrn partnership wf(h a major retsiler. Our ground-breaking work is fc¢used on the menopause. Our research study has revealed what womèn need from employars during this ph3S8 of their lives. The research a150 helps the retailer lo improve its product range and seTvices for customern. AdvoGTr¢y 4nd Policy Influ•n¢• The Female Lead serves as a digitsvpubtishing platforni that amplrfies the voKs of millK)ns of women at every age and stage, highlghts.g their needs. wants. and experiences. The insights we gather frtyn the 9 million community shape our thinking and help us to inform *JbJre poliue5 and prosses. These insights help lo shape meaningfLJI change so that leaders and organisath.ons adapt lo and engage vrith their workforce of the future. We are pleased to have partner5 and Stakeholders that continue lo help us work towards more diverse and balanced representation lo ensure that all voices are heard. Current projects include research and campaigns that are based on The Money Gap arKI how lo educate and empower women who have long been prevented from tsknng an acts.ve or invesJ"ng role in the finanGial rxjmmunrty.
THE FEMALE LEAD
TRUSTEES REPORT (CONTINUED
FOR THE YEAR ENDED 31 AUGUST2025
Educational Impact
All educational resources (print atmj digttall are devek)ped by The Female Lead. indudsng Iwo published boDks
and films. These are distributed free of charge to schools globalty, wilh parhcular emphasis on institutions in the
United kn"ngdom and the United States. maintain a strong preserKe 8cros5 secondary schools, colleges, and
universities.
The charity's educatMal campaign operates thrOh RISE ovmed and manage(1 by The Female Lead. This
focus is direct interadion with our educator nek and a once in a year event called Inspiring Careers. Our
RISE programme presents powerful reSoUrS designed by women for girts. While not part of the fixed
curriculum, our term-focused r8sourcÈs stimutatè dèbate and leadership dèv8lopment. helping students to
anliGipate and overcome barriers presented by soual media and other societal or work pressures. We continue
to provide students in our 11>12 Ambassador schools, with speual in person evenls which remain hugely
popular. These include vIts to galleries and theatres.
In 2026, we successfijlly hosted our Ihird 'lnspiring Careers of the Fubjre. event. Previou5 events have been held
in London and we were delighted to host a techrjokoy and Al fcKused event in Cambridge this year, in
conjunth.on wth the Centre for compukn.ng Histw.
Pub118hlng and Digitsl Engagement
Our subscriber base, launched in late 2023 offers free and premium content and has rW expanded lo over
32,000 subscribers. Our content strategy fSeS on six key Pillars of FulfilmenL Setf. Relationships. Health.
Work, Money, and Society.
Our Fulfilmenl Finder Survey uses a neuroscience apwoach to measure motNab"on and emotional drivers that
influenGe women's wod(-lrfe balance. This continues to prowde rich dats and insights. To dale. this survey has
collecteta over 150,000 rich survey responses. The survey is free but a customised enterpnse version is available
to organisalions wanted to explore salisfadion and motivation levels wthin their workfoffje. The insights give
leadership teams a clear understanding of women's needs and expectations in the workplace.
Trustees
Two additional independent trustees were appointed to the Board in August 2025. The new trustees wll bring
addrtional expertise to the Board and are committed to ensuring that the operntion of the tharity is in line with our
Charitatrile status.
Future Directlons
Looking ahead, the Trustees are committed tr) builrfing these athievements by..
1. Continuing to share original, impacttul content
2. Strengthening engagement with our dedicated and highly engaged communty
3. Developing strategic partnerships Vth or9anisab"on5 to extend our reach and influen
The Tru¥tees express their sin(we appreation to all slaff. Volunt$, partner8, and supporters who have
contributed to another s$$fijI yearfor The Female Lead.
Financial review
During the year, the CIO had lotal incoming resources of £94,505 {2024.' £111,108}. The CIO incurred direct
expenditure of £44,57212024". £31.6171. in relation to frjrthering the Female Lead project, through the distribution
of books to schoots, research and development of the Fulfilment yJrvey.
11 is the policy of the Charitable Incorpofaled Organisation that all fvnds held by Ihe charity are unieslriGted and
may be applied to any of it5 charitable activrties. The Tru5tee5 COn5i(ler the reserves will ensure that. in the event
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THE FEMALE LEAD TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Structure, govemance and management The Chariiable IncorpK)rated Organisation is omtrolled by its goveming documenL a deed of trust, and constitutes a Charitable InrpIxated Organisation. The Trustees who served durirMJ the year arKI up to the date of gnatUre of the financbal statements were.. C Humby E Humby R Humby A Prophet R Sandy IApp)inted 14AuW 2025) IApFM)inted 14AuW 2025) Recruitment and appointment of trustoes Appointment for fixed tem". apart from the first charity trustees. every trustee must be apwjinted for a tem) of three years by a resolution passed at a properfy convened meeting of the charity trustees in selecting indivtdsjals for apwntment as chanty trustees, the charity trustees must have regard lo the skills, knedge and experience needed for the effective administration of the CIO How dgclslons arn rnado Any decision may be taken either". at a meebng of the chanty trustees by resolub.on in writin9 or elethonic form agreed by a rna1 of all of the ¢harty trustees. which may mprise either a single dUment or several documents (x)nlaining the text of the resolution in like form lo which a majortty of all of the charity trustee5 has 5igntfied thr agreement. Such a resolution shall be effective provided that.. {al a copy of the proposed rv4Olut has tren senL at or as near as reasonably practicable to the sarne lime. to all of the ¢h8rity twslees". and {bl the majorty of all of the charity twstees has signffied agreement to the resolut*)n in a document or documents which has or have been authenticated by their signature. by a statement of their identity accompanwng the doojment or d¢Ments. or in such other manner as the tharity trustees have previously resolved. and delivered lo Ihe CIO 8t rts prinopal Offi or such other place as the tnjstees may resolve. Going concem The Trustees are very confident that income and donations wtll be forthcoming aThJ much more substantial in this coming year Thi5 forecast is based on the development of parthership twls and capabilities that unlock value for a variety of major corporatsons. The chariVs key assets and guiding principles wll of course be maintained at all times. In the interim, the Trustees are Committ to supporbThJ the finanoa ne of the eharity guaranteeing that il remains finantsally viable until that irKcvne is [med. The Trust rt was approved the Board of Truste&8. E Humby Trustee
THE FEMALE LEAD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FEMALE LEAD I report to the Trustees on my examination of the financial stslements of THE FEMALE LEAD {Ihe Charitable Incorporated org8nis8tionl for the year ended 31 August 2025. Responslbllltles and basis of report As the Trustees ol the Charrtable Incorporaled Organisabon you 8re resw)nsible for the preparation of the fin8n¢tal ¥lalemen15 in acy))rdance the requirements of the Charibes Acl 2011. I report in respect of my examination of the Charitable Irwporaled Organisation's fin8ncAal stslemenls carried out under section 145 of the ch8rits.es Act 2011. In carrying oul my examination I have followed thè Dirèctions given by the Charity Commission undgr sethon 145151{b} of the Charities Act 2011. Independent examinerfs ststement Your attention is drawn to the fact that the charity has ppared the finan statements in accordancè with thè relevant version of the Statement of RecommendJ Praciice applicable to tharrties preparing their financial statements in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the AoUnting and Reporting by Chartbes". Statement of Recommended Practice issued on 1 April 2005 whith is ferred lo in the extant regulations but has now been wrthdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally ApIed Ao¢ounting Prnth". I have complel8d my examination. I Confi that no matters have come to my attention in connection wlh the exarnination giwng me cause to believe that in any malertal respect.. accounting records were not kept in resFett of the ChaTitaNe Incorporated Organisation as required by seGlion 130 of the Charitses Act 2011. the financial statements do not accord wth those records,. or the finanaal slalements do not comply wrth the applicable requirements tn¢eMIng the fomi and content of financial statements sel out in the charib.es (Acujunls and Rerk)rtsl Regulions 2008 other than any requirement that the financial Ststeftts give a In and tair vw. tch is not a matter nsidered as part of an independent examinth"on. I have no concems and fwe Come atxoss no other mattets in connection wth the examination lo which attention should be drawn in this report in order to enable a prOr understanding of the financia5 statements lo be reached. John Howard FCA Azets 2nd Floor, Regis House 45 King Wlliam Street LONDON EC4R 9AN Unf(ed Kingdom Dated.. 28 May 2026
THE FEMALE LEAD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Unrestricted fund5 2025 Unrestricted funds 2024 Incomo and endowmgnts from: Donations and legaues Other income 18 94,489 52.327 58.781 Total income 94,505 111,108 Expendrture on: Charitable activities 469.066 425,072 Total expendlture 469,066 425,072 Not expendlture and movement In funds 1374,5611 {313,%41 Reconciliation of funds: Fund balances at 1 September 2024 1566,8661 1252,9021 Fund balances at 31 August 2025 (941,4271 {566,8661 The statement of finanual activities indudes all gains and losses rethjnised in the year. All income and expenditure derive from continuing activiti.es.
THE FEMALE LEAD BALANCE SHEET ASAT31AUGUST2025 2025 2024 Notes Flxed assets Investments Current assets Debtors Cash al bank and in hand 4.600 3.854 10,869 15,810 8.454 26,679 Creditorn: amounts falling due within one year 10 {949,882) 1593,5461 Net current Ilabllltlgs {941.428} 1566,8671 Total assets less current liabilities (941,427) 1566,8661 The fund5 of the Charitable Incorporated Oryanlsalion UnreslriGted funds {941.4271 1566.8681 (941.4271 1566,8661 Thefi ments were apwo I.9.5.1.).l by theTn1ees0n... ... E Humby Trustee
THE FEMALE LEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accounting polici Charity infonnation The Female Lead, fomially knovm as The Ethn8 Dunn and Clive Humby Education81 Foundation, is a Charitable Incorporated Organisabon ICIOI. 1.1 A¢¢ounting Gonvention The finanoal ststements have ppared in accordarKe V4i(h the Charitable Incorporated Organisation's governing do¢ument, the Charrties Act 2011 and "Accounting ana Reporting by Charities." Statement of Re¢ommended Practice applicable to tharrties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021. las amended for a¢untIng periods commencing from 1 January 20161. charitat 1rOrror8ted Organisation is 8 Public Benefit Entity as defined by FRS 102. The Ch8rit8ble Incorporated Organisabon has taken advantage of Ihe F>rowon¥ in the SORP for charities apYIng FRS 102 Update Bulletin 1 not to wepare a Statement of Cash Flows. The financial statements are prepared in stsrfing. wthich is the ftjnctional currency of the Charitable Incorwrated Organtsation. MorEtary amounts in thes8 finanual statements are munded to the nearest £. The financi slalemenls have been wepared under the historical cost convention. The prinapal accounting policies a(knpled are set out bekhv. 1.2 Golng concem Al the b'me of approving the financial ststemenls, the Trust have a reasonable expectation that the Charrtable Incorporated organisats.on has adequ8te resources to ¢oth"nue in opErab"onal existeftce for the foreseeable fvture. Thus the Trustees iJ)ntinue lo adopt the going o)n¢em basis of accounting in preparing the finanaal stalemenls. The Trustees are very confident that irthme and donations will be forthcoming and much more substantial in this coming year. This forecast is based on the development of partnership tools and capabilities that unlock value for a variety of major cwtions. The key assets and guKling prinuples wll of course be rnainlained al all b'mes. 1.3 Charitable funds Unreslricled funds are avaitable for use at the discretion of TTUStee5 in fvrtherance of their charitsble objectives. 1.4 Incoming resources Income is recognised Vtsn the Chantab]8 Organisation is legally entiued to it after any perfomiance conditions have twi met. the amounts can be m&wred reliabfy. and it is probable that income will be received. Cash donations are rewgni5ed on receipt. Other donatnS are recognised On the Charitable Incorporated Organisation has been notified of the donatson. unless perlomance condrtions require deferral of the amount. Inctsme lax recoverable in relabon to donth.ons received under GIftd or deeds of covenant Is recognised al the lime of the donatson. 1.5 ResoUe$ expended Liabilities are recogllised as expendrture as soon as there is a legal or constructive obligation committirg the ch8nty to th8t expenditure, rt 1$ probable that a transfer of ecorMiC beneffts will be required in Settlement and thg gmount of thg obligation can be measured relSably Expenditurè is acjntÉd for on #n $ecruals basis 8nd has been classified under headings that aggregate all cost related to the category. Where costs CAnnol be directly attributed to partiojlar heading5 they have been allocated to adivibes on a basys consistent wlh the USÉ of resourw.
THE FEMALE LEAD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accounting policies Icontlnuedl 1.6 Flxed asset Investments A subsidiary 1$ an entrty controlled by the Chartable 1nc0rpcaled Organisation. Control is the power to govern the financial and operating poliaes of entsty so as to obtain benefits from rts 8Ctivrties. 1.7 Forelgn exchange Transactions In currencies other than pounds steFling are recorded at the rates of exchange pvallIng at the dates of the Ir8ns8Ctions. Al each rerK)rting ermj date. rnorry a&8ets and liabilities that are denominated in foretgn eurrenoes are translated at the rates prevailing On the Ports"ng end dale. Gains and losses arising on translation are induded in t irwmeJlexpendilure} for the pen(xJ. Donations and legacies Unrestrlcted Unrestricted fund$ funds general general 2025 2024 tlonations and gifts 16 52,327 Other Income Unrestrlcted Unrestricted funds funds general general 2025 2024 other incom& Book sales 35,569 58.920 46,459 12.322 94,489 58.781
THE FEMALE LEAD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Charitsble activities Dlrect Costs 2025 Dlrect Costs 2024 Photography and kxinting costs Consultancy Costs 12.955 31.617 11,617 20.000 44,572 31.617 Share of JPPort costs (see Tr)te 5} sha of govemance costs (see note 5) 333,814 90,880 231,029 162.426 469,lJ66 425.072 Support costs Support Governance ¢osts 2025Supwt sts Govemance costs 2024 staff costs Travel and transport osts Computer costs Sundry costs Bank charges Advertising costs 304,177 304.177 205.995 205,995 2.422 18.803 1,560 157 2.092 2,422 18.803 1.560 157 2,092 18.801 4,697 1.805 3,485 18,801 4.697 1,805 3.485 Leg81 and professional Accountsncy fee5 81.830 81.830 8.850 154.381 8.045 154.381 8.045 333.814 90.680 424.494 231,029 162.428 393,455 Tru$tee$ rgmuneratlon and beneffts Norbe of the TnJstee5 {or any persons conneded with them) received any remuneration or benefits from the Charitable Inccvporated Organisation during the year. Employoes The average monthty number ofempw during the year was.. 2025 Number 2024 Numbèr Employees
THE FEMALE LEAD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Employees Icontlnuedl Employment costs 2025 2024 Wages and salaries Social security cost5 Other pension cost5 274,350 23,711 6,116 186,260 15,378 4,357 304,177 205,995 During the finanu81 year th vme employeeswh05e annual remuneratK)n Wds £60.000 or more. Flxed asset investments Other Investments Cost or valuatlon Al 1 September 2024 & 31 August 2025 CarryÉng anx)unt At 31 August 2025 At 31 August 2024 2025 2024 other investmenls comprise". Notss Invesknents in subsidiaries 12 Debto 2025 2024 Amounts falling due within one year. Other debtors 4,600 10,869 10 Greditors: amounts lalling due within one year 2025 2024 Amounts owed lo SUb.diary undertaknn Other credrtors Accruals and deferred inwme 2,082 940.000 7.81X) 6,091 580.000 7.455 949,882 593,546 io-
THE FEMALE LEAD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 11 Related party transactions During the year, the Charity drew down a lotsl of £360.00012024: £300,000) in loans from Mrs E D Humby, who is a trustee. The loans are interest free and repayable on the eadier of {1) the second anniversary of the agreement dat8s. or lill on an exit. During the year, the Charity pakl £59.400 12024." £108.9001 for services from Rhomu Limited, a Company connected to a Trustee. These services We prowded on an arms-length basis under Rhomu's Gharity rate. 12 Subsidlarles Female Lead Enterprises Ltd is a private limited company. registered number 13766608. The company was incorporated or the 26 November 2021 and 100% of the £1 Ordinary share capital Is owned by The Female Lead_ At the year end 31 August 2025, the accounts have Tr)t been ccs011ded into the accoun15 of The Female Lead due to the subsidiary not bein9 material. The subsidiary's year end is 31 AugLESt 2025, aThY the followng was noted". Profil and LossAccounl Turnover Cost of sales Administration expenses 59,000 10) Profft for the financial period 35.569 The subsidia$ net a55ets as at 31 August 2025 are £1. 11