Cl• rrfistr¥tion number 313355 (England and Walesl Conwany reglstratlom numberW721213 THE FELLOWSHIP OF POSTGRADUATE MEDICINE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 THE FELLOWSHIP OF POSTGRADUATE MEDICINE LEGAL AND ADMINI￿RATIVE INFORMATION Countll Members Or Kerr5 Baker FRCPE FACP Profe550r &r Peter Bames DM Dk FRCP FCCP Fmedsci F Or Anna Brackenridge MD FRCP Professor Bernbrd Cheun$ MA MB Bchir PhD FRCP FCP FHKCP FHKAM Or Neil Dewhurst MD FRCPE FRC Mr Wade Thmitri FRCS Or Jan Willem Elte MD PhD FRCP FACP FEFIM IHonl Prefessor Albert Ferro Pho FRCP FBPhS Profe550r Caflo Laizaro DtKtor Ma8lStfalis Or Timothy Nicholson Bsc MSC Pho MRCP MRCPsych Or Helen Oxenham MD lappointed on 17 November 20251 lunfjl 31 December 20251 lappointed on l April 20251 luntil 31 tkcember 20251 Profe550r Kenneth Redekop Pho Prefessor Allisier Vale MD FRCP FRCPE FRCPG FBTS FBPh5 Profe￿or ¥ Tony Yan8 Dk MPH luntil 31 March 20251 lappointed l April 20251 5¢¢rd*ry 8reams Se¢retsrles Limited Ch•rlty number 313355 Comp8ny number Cfj7ZIZ13 R￿l￿ered office Floor 8 71 Queen Virttyi• sireet London EC4V 4AY England Audltty HW Fisher Audit Acre House 11-IS William Road London NWI 3ER United Kingdom Irwestmem ad￿Sor5 Rathbone In¥e5tmeni Marwger Llmfted 159 New Bond Street London WIS 2UD THE FELLOWSHIP OF POSTGRADUATE MEDICINE CONTENTS Council Members. Report Statement of Council Members. Responsibilities Independent Audbtor's report 8-10 statement of financlal èctlvittes li 8alance sheet 12 Statsment of cash flows 13 Note5 to the linan¢ièl 5tatemehts 14-25 THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The member5 of the Council, who are tnjstees ¢rf the Charity foT the purp05e5 of charity law and dirertors for the purposes of company law, present their reFx)rtand financial statementslor theyear ended 31 DecernbeT 2025. The financial staternent5 have been prepared in accordance with the accounting policies Set out in note I to the financial staternent5 nd tomply with the charity's governing dotument, the Companies Art 21J)6, FRS 102'The Financial Re￿rtIng Standard applicable in thÈ UK and Republit of Ireland" and the char￿@$ SORP"A(countins and Rewjrting by Charities.. of Recommended Pr3cticÈ applitable to Charl￿eS P￿paring their attounts in atLtKd3nce with the Finantial Rep￿￿nI stsndard applicable in the UK ènd Republic of Ireland IF￿ 1021" The FellowshSp of Postgraduète MedStlne Is a registered chath (Charity rewstrafjon number.. 3133551 and è company Ilmlted by guarantee, not havSng a share caotsl, company re8lStratSon No. OJ721213. The Councll The Council Members are elected by the *Aem￿r$ and constitute directors of the Felbwship for the purposes of the Cempanles Act 2006 and trustees of the Fellowship forthe purwses of charity lew513t￿. Council mernber5 are recruited by WI￿en InWtat￿n of the President after discussion and approvalat Council, A recommendation fer a person to be inwited to join the Council ma¥ be m3de b¥ the President or any other member of the fellowship. Council Members are trustees of the Fellowship, and those in ollice in 2025 recei¥ed 3 briefin8 on the role5 and re5ponsibilitie5 of trustees of a UK charity by the Fellowship's13wyer5. Council membersare updated on CharityCommi55ion best prartice5 as required. Oblertl¥es and Aal¥ldes The Fellowship of Post8radu*e Mediclne operètes from 11 Chèndos Street in london, whith it leèses from the Medlcal Soclety of London. The dIS￿ngUIShed physician, Professor &r Willièm 0s￿r Bt. founded the Post-8raduate Medical Associatlon in 1917 to coordinate all the clinical facilittes which existsd in London foi'advènced studies. in Medicine. Osler was also a key contributor to the foundin8 of the Inter-Allied Fellowship of Medicine on 14 Januèry 1919, and he became its first Pre%dent. The amalgamètton of the Fellowshlp of Medlcine and Post-Graduate Medicèl Associafjon took place ot19 October 1919 with conswjerable encoura8ement from Osler. The new or8anization was to be known as the Fellowship of Medicine and Post-graduate Medical Associatton. Osler became the first Presldent but died on 29 De￿M￿r 1919. On 13 December 1944, its tltle was chan8ed to the Fellowship of Post8raduate Mediclne. The Fellowshlp has always been Independent of Go¥ernment and Universitre5. For several decade5 after It5 foundayon, the Fellowship had a pioneerSng role In developin& coordinatin8 and prwdin8 Postgraduate medical educafjon. This a150 Included helping p05tgraduate5 prepare for postgiaduate assessmenis such as the MRCPIUKI and FR(S examinarons. With the establishment of other organizatrons, such as the Britrsh Post8Taduaie Medical federation. postgradvate centres throughout the country, and the P05t8raduate 3ctivitie50f the Royal Colleses and Facvrtles, its role charbged. The Fellowship continues to make importaTht contribution5 to postgraduale mediral education not onw throvgh the P05tgroduote MedicGI Journal and Heolth Policy ond TechFJology. but also through its sponsorship of research priie5 Iwith the kniety for Acute Medicine and the London Cardiov35cular S￿iety} and 5cienttfic and health policyconfefen￿5. THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 hle¥ementsand Perforrnan¢e ReviewDf octivitiesin 202Sand￿S￿12O26 ondbryond The Fellowship of Postgraduate Medicine continued it5 interest in 2025 in 5upportin8 national and international p05tgradu3te medical edut3tion through it5 international journa15. the Postgraduate Medicul JtsurnLTI. founded in 1925, and Health Policy ond Technology. founded in 2012. Reports from the Editorkin-chief oftheseiouTn3lsare prti￿d￿ ￿lt)w. In 2025, the Council recruited three additSonal new members.. Dr Anna Brackenrid8e lappointed on 17 November 20251, Professor Carlo Lazzèro and Professor Y. Tony Yang (appointed on l April 2025 in their capacity as newly èppointed co-Editors-in-Chief of Heoth Policy ond Technology). Three Councll memb*s steod down in 2025. ￿me1¥ Professor Kenneth Redekop lon 31 March 2025 as outgoln8 Edltor-Sn-ChSef of Heoth Pollcy ond Technolwl. Mr Wade Dimsirl and DrTlmothy Nlcholson131 December 20251. The centenary of the foundation of the Posigroduote Medicoljournol was cdebrated on 2 December 2025 with a Conference at the Royal Society of Medicine. London. In addition to two introdL*aOry presenratws on the history of the Felowship of Postgraduate Medicine and the Postgroduore Medicoljournol. eight experts pr￿ided updates on the m3naEernent of various medical emergencies The pre5entabon5 were of very high quality, and the Conference received excellent feedback from the attendeek Abstract5 from the pre5enter5 are to be published in 3 future Supplement of the Postgroduore Medicol Journol. The earw history of the Journal has been described in an arbcle Postqroduote Mediculjournol, the eorfyyeurs, published to mèrkthe centenary Ihttps.'Ildoi.orglio.1093/postmjlqgaf2011 The collaborotion with the Society for Acute Medicine conbnued into 2025. In February 2026, the Fellowship of Postgraduate Medicine will jointly 5pon50r a Conference wth the Society for Acute Medicine on the Acure Medicui fvke.. Tuckling Diffi'cult C05e5 at the Royal College of PhysiciJn5. The Society for Acute Medicine and Fellowship of Postgraduate Medicine awarded a Net Zero Healthcare Service Prize of £l,fX)O to Dr Ma8da Na5her, Consvlt3nt ITh Acute and General Internal Medicine. Mersey and West LancJ5hire Teachin8 Hospitals NHS Trust, for her study entitle(J E￿nOMiC and eftvironrnentpl irnpurt ol reducing unfttte550ry ¢¢0gulolion Screen lesting on on ucute meditGI unit.. o guttlity ifftpro¥emertt pioJe¢t. This h•$ beeh published in the Pgstyrodyote Metli¢41 Jourrtol A furtherjoint conference will be o￿nI￿d in Fe￿Uary 2027, and Ot￿r joint initiatfvesare Cu￿nIty underdiscussion. The Fellowship's collabora￿On with the London Cèrdiovastular Society con￿n￿ed in 2025, with three educètlonal events being held In 2025, includin8 one dedicèted to early career reseèrchers. The presentattons by the eèrly cèreer researchers were of outstènding quality, and the Fellowship awèrded two prizes at this meettn8. Additionally. abstratts of èll the presentafjons were published in the Postgroduote Medicol Jotsrnol as a Supplement IhttPS."Ilacademic.oup.comlpmilissuel102ISupplement 11. All the meefjn8s were well attended and consldered a great success. Fvrtherloint me￿n8$ in ihe sameveln are plènned for 2026. THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 PostgrndrmteMedlwlJournol..Rtport by theEdltor.In-Chle£ Prolusor&gernordtheung The year 2025 wa5 the Centenary of the Postgraduthe MedJcolJournul. now published by Oxford University Press. This special year was rnarked with a centen3ry logo on the Journal's cover and website. a SPE(ial ￿11 for artille5, and a conference held at the Royal Society of Medicine on 2 Decembpr 2025. Extended abSt￿ct5 01 talk5 given at the (onference will be published in a Supplement to a future issue of the Journal. In 2025, the Journal recew 2,663 orS8inal mènuscripts. The vatt majorityof manuscripts were Ofi￿n31 ￿SearCh arfjcles, 2001 In number, followed by review arttcles, 320 in number. In 2022. there were onty 1.019 submissiot)s, so there has been a substanfjal increase in recent yeèrs. Although this has resulted in an increèsed amount of work in pfocessin8 and evaluaiin8 mènusuipts. it might be a slgn of the reputafjon and visibility of the Postgitsduote Medictsljoumal in the medical fi.eld. Due to the large number of manuscrlpts. the o%*rall accepunce rate was only 8%. The Immedlate reiethon rate was 83%, simllèr to 2023 and 2024. The mean time frem submission to final decision was IIZ days. The mean nme from submission te rejecDon was 77 days. The time it took for a dea￿On to be made had lengthened from the prewious year. so thwe is a dete¥minatioo to shorten the decision time in future, The Journal continued to receive and publish articles from all the worfd. The submitted articles came. in descending order, from China171%1, the United Kingdom IS%1, India14%1, Taiwan13%1. Tur*ey13%1 and the United States of Ameri(312%1. The acceptance rates for manuscripts from these countries were 4%, 36%, 16%, 7% and 28%, re5pecbwety. The large number of manuscripts frorn China and the low acceptance rate continued to P05e a challenge. The vast maiority of imrnedi3te rejection5 were due to the fact that the rnanuscripts were more suitable for 5peciali5t journa15 or that they made use ol lar8e datsbases to addre55 unimFQrtant research qvestion5. Since the estab115hment of •n Editorial Board in 2024. it h•5 been easier for m•nyscripts to recewe perceptwe reviews on Yme. The Editorial Board ha5 proved to be valuable •nd will be enlar8ed fvrther in 2026. At the sème time, there will alw be re¢ruitment of addlttonÈl •sso¢i4ie edltors. The transillon to online publicètlon èxclusivety went without a hitch. This modem modÈ ol publitatlon is more envirenmentally friendlv. We thènk our reèders for their understèndin8. We believe thèt the P0stgrodL￿te Medicol Journol will contlnue to thrive in its second century. The Joufnal will Con￿nUe to evolve and move with the ￿me$, keep eur readers up to dète with the lètest advances. ènd embrace new clinical prathces. The addifjon of the Acute Medicine secfjen to the Journal has been well receNed. It is a testamenttOOUfCLMnmitment to publith clinically relevant a￿CleS for junlor dottors and their trainers. THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Ileqlth Poll¢y t7nd fe¢hnology.' Rewrtbythe(TrEdltor$￿ex &WwswsCofflo Louoro Y. fony Yang In 2025, there were 1,352 manuscript 5ubmi5510ns, more than double the nurnber of submissions in recent years1506 in 2021, S16 in 2022, 550 in 2023, and 626 in 20241. The submitted articles carne predorninaThtly from authors in China In 1671, the United Stste5 In= 841, Irari In= 791. and Turkey In= 741. Cornpared to 2024, there was an increase in 5ubmi55ions from the United States, China 3nd India. Arnong attepted arkncies. the leading ￿UntrIeS weie China 1161. the United Stste51131. the Netherlands1121. and With the èppointment of a new senior editorial team. the o¥erall editorial process was much impro*d in 2025. The median ￿me to the Arst desk decision fell sharply from 10 dtys in 2024 to just 2 days in 2025. The median lime to the first standard decision after review was conslderably lower In 2025197 daysl than in 2024 1199 dtysl. The median fjme to the standard editorfal outcome lfi.nèl decision) also decreased substantially from 267 days in 2024 to 142 days in 2025. The median lime from stsbmlsslon te first publlcètlon online for publlshed articles also Improved, falling from 306 days in 2024 to 231 days in 2025. The acceptsnce rate In 2025 was 9%. which is comparable but lower than in previous yeafS12021.'14g(. 2022..17%., 2023..14%,, 2024.'13%1, Over the years 2021 to 2024. the proportion of desk rejections by the Editor-ln-chief versus 5tsndard reiecrons has been stable at about 75%, wherea5 It reached 84% in 2025. It shr4Jld be noted that Such rejecDon ratss 3re ¥*ry similar to those of re13ted journals. The Journal'5 m05t recent Clarivate Impact Factor 120241 was 3.7. vp from 3.4 in 2023, maintsining the Journ31'5 QI ranking in Health Policy & Service5. The Scopu5 Citescore for 2024 w35 6.2. kienceDirert fvll.text Usage reached 368,402 downloads in 2025, a 32% incre05e from 278,652 in 2024, reflecting growinB readership and engagement with the Journal'5 rnnt￿t. A total of 121 articles were published in 2025, rnore than double the S? published in 2024, with 51 published as open acce55. An addiyonal 3chievernent in 2025 was the enlargement of the 5trurture of the Editorial B￿rd t¥ ￿SUre th* it5 ¢OrnP051Yon better reflected the topics ¢overed in re¢ent Health Policy and Te¢hnok)8v publicatr)ns. The current membership of the Edit¢rièl Board now startds at 25, with repr¢s¢ntotton •¢ross Euffjpe144%1, Asj•132%1. North Am¥iu116%1, Afri¢a14%1 and O¢e4nla14%1. Editorial plans are in place to publish 10 Issues in 2026 lup from six Issues in 20251 and to increase the size of the Editodèl Boèrd further with the appointment of addl￿onal Editors and Editorial 8oèrd members. Flnanelal ievlew Re5ultsAor the yeur The incoffle for the year w45 £1,082,55212024.. £974,5881 before having laken acrovnt ol unreali*d 8aln on investments of £743,382 12024.. gain of £329,1391 and realiied Iosson investments of £33,66912024'. gain ol £Y.8401. lnvestmentpul1ryond￿rf0nnonC Rathbone Investment Mana8ement Limited m3na8es the Fellowship's investment portfolio. subject to Ihe terms of a distretionary m2na8èment a8reement. The investment mènb8er has been instructèd by the Fellowship that no purchè5e5 are permitted of 5hare5 in companie5 involved in the brÈwin8 of alcoholic bÈvera8es or the manufacture of tobacco or armaments produtt5. ThÈ totsl investment in any one entity sheuld not exceed IO% of the tot31 portfolio value. Otherwise, there are no restricth)ns on the chèrity's power to invest. Details of the Fellowship's investments are set out in note 15 to the èccounts. The Investment strategy takes Snto account income reouirements. Ihe risk profile and the itwestmett mana8er's view of the market prespects in the medium term. The overall investment policy is to maximize iotsl return, both In rerms of income and tspitèl appreclatton, threu6h a diversih-ed portfolio to minimize risk. The charity's Investment portfolio yielded income 01 É187.87612024.. É177.0101 and increased in value during the year to a market value of £8.390.19512024' E7.044.9801. The Council are satisfied with the performance of the inwestments in the year. THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Re5ervespolky t7ndfinun¢Wposllion The Fellowship maintain5 a general fund to (ontinue its prornotion of F•uate study ol rnedicine by publishing journ31s, arran8ln8 lectures, Symposia and education31 and research e¥ent5from tirne to time. The Fellowship's rèsèrvès polity is to mèintsin adequate general resewves to provide tontinuing intome from its investèd funds, to have general funds sufficiÈnt to meet the rè9uirement for working t3pitsl, and to meet any temporary shortfall of funds to Ènable the Fellowship to achieve its charitableobjethes. The b31ante sheet shows total funds of ￿,866,342 IZ024.. É7,572,0181. £012024". EOI of unrestrided funds have been desienated by the Councll members for the establishmet)t of the Heolth Policy ond Technology journal. After deducting this design*ed fund from the total unrestrlcted funds, the balance sheet shows geneial reserves of £8.866.84212024." E7.572.0181. Councll members are revlewing opttons for the use of reserves in the future. Free reserves ale also required to manage luture uncertainty In journal Income. The trustees conslder thai this level of free reserves matches the parameiers setout in the charity's reserves pollcy above, and they. therefore, conslder the free reserves te be adequate but not excessNe. Rlsk Management The Trea5vrer, on beh3W of the Council, has undertaken an a5ses5ment of the major risk5 to which the Charity is exposed, In particular those re13dng to the 5pecifk operational area5 of the charity and its finances. and 15 working to ensure that controls are in place to rniti8ate those ri5k5. The two maln risks for the ¢harty. Os idtnyfled by the trustees. are described bplow, tO8e¢her *4th the principal w•y in which they are rniti8ated.. Depletlon of finènelal reserves as afonsequenteof undertakiwd newatllvilles thatd• not 8efierats a surplus. This rlsk is mifj83ted by Officers ènd the Council ol the Fdlowship approving all athttes and only doing this after due Considera￿On of buslness plan which eutlines the financial implicatbons. Informatton securrty violatbons and potenfjal dlsrupfjon of the Fellowship's affairs ￿ any clrcumstances in which computer-held or paper ￿ordS and documents afe lost or de#royed. This risk Is mifj8ated by the charlty keepSn8 files on e￿erTraI compu*fs and by Morin8 records and other admInIstr￿On pèperwork offslte at a secure stora8e locatton. Publlc Beneflt The members of the Council conlirm that they have relerred to the Charity Commi5wn's gvidantron public benefit when reviewinE the Fellow5hip'5 objectives and aims and in planningfvture actmties for the year. GulnB concern assessment At the time of approving the financial Statements. the direttorsltru5tee5 hwe a fea50nable expectation, based on the level of their re5erve5, cash held at bank and investments, that the charity ha5 adequate ￿SOur1e5 to continue in operational existence for the foreseeable future. Thus, the Council tontinues to adoptthe going contem ba515 01 acttJuntin8 in prÈparin8the financial 5tstement5. siiiicturei go¥ern•nce •nd manazeme Constitution The charity 15 3 re815tered charty and a company litnited byguarantee. not h￿nga 5haTe ￿pital, lincortx)rated by li￿nSe of the Department ofTrade and Indijstryl, CompaThy Registration No. (KJ721213. Or8anization The charity operatesfrom 11 Chènd05 Street in London whith it lÈase5fvom the Medital Soiietyof London. THE FELLOWSHIP OF POSTGRADUATE MEDICINE COUNCIL MEMBERS, REPORT {INCWDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 The Cowcll The Council Member5 are elected by the Members and c0Th51rtute dirertor50f the Fellowship foTthe purp05e5 of the Companies Act 2fM)6 and tru5tee5 Qf the Fellowship forthe purposes olcharity le8islation. The Council MeM￿r$, who ère alsothe direttcts for the pufFK)se of company law. and who ser¥Èd durin8 the year ènd up to the date Df signature of the Ananti31 statem*ntswerÈ'. Or Kerri Baker FRCPE FACP Professor Sir Peter Barnes DM Dsc FRCP FCCP Fmedsci FR5 Or Anna Brackenridge MD FRCP Professor Bernard Cheung MA MB Bchir PhD FRCP FCP FHKCPFHKAM Or Neil Dewhurst MD FRCPE FRCP Mr Wade Dimitri FRCS Or Shahida Din M8ChB 8MSc PhD FRCPE Or Jan Willem Elte MD Pho FRCP FACP FEFIM IHWI Profe550r Albert Ferro PhD FRCP FBPhS Professor C3rlo Lè12aro Dortor Ma8lStrèlis Dr Timothy Nicholson Bsc Msc PhD MRCP MRCPS Dr Melen Oxenham MO Profe55or Kenneth Redekop Phcfy Profe55or Allister Vale MD FFICP FACPE FRCPG FBTS Fephs Professor YTony Yang Osc MPH Appointed on 17 November 2025 Honor3rySecretsry from 22 January 2026 Oemrtted oflice on 31 De￿mber 2025 Appointed on 22January 2026 Honor3ryTreasurer Appointed on l April 2025 HonorèrySe£retsry until JI December 2025 Demrtted ofliceon 31 March 2025 President Appointed on l April 2025 None of the Councll Member5 ha5 3ny beneficial interest in the company. All of the Coundl Membefs are members of the company and guarantee to contrlbute £1 in the e¥ent of a windingup. Man3gement of the Fellowship's aflair5 is diierted by its oNkers, the President, Honorary Secretsry and HonoraryTreasurer. Flnanclal rnatters are monitored and handled by the Presiden¢ and Honorary Tre35urer. with operational rnatters dealt with under the Treo5urer'5 direction and responsibility. I￿eStment decision5 are delegated tothe Fell¢y45hip's Inwe5trnent Maryr at Rathbones Investment Mèn38ement Limited and rnonitored bythe President and HonoraryTreasvrer. Key m4naBemenl persffin ThÈ Council MembÈr5 tonsidÈrthat thèy£omprisÈthe key mama8emefit olthecharity ahd are in £har8e of diretbn& tontrollirt8, running, and operÈtin8thÈ Charity on a d3y-ttrday basis. No Council Mtmber received any remuneratkjn for semcesas a memberof the Council durin8thÈ year12024.' none). Olstlo￿rt of inform•iiM tothe auditoi Each of the Council Members has confirmed that there is no inforrnation of which they are aware th# is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they ha¥e taken appropriate Steps to identify Such relevant information arid to establish thatthe auditor i5aware of such inlormation. The Countil Member5, report Wa5approved by the BoaTd ol Council MembEr5. Prole550rAlbert Feyro Pho FRCP FBPh5 Dated.. 08 Jul 2028 THE FELLOWSHIP OF POSTGRADUATE MEDICINE ATEMENT OF COUNCIL MEMBERS. RE5PON51BILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Couricil Member5. who are also the director5 of The Fellowship of P05tgrad￿￿te Medicine for the purpose of company law, are responsible for preparin8 the Council Members. Report and the financial 5tatement5 in accordan￿ with applicable law and United Kingdorn Accounting Standard5 Iunited Kin8dom Generally Accepted Accounting Prachcel. Company law requirÈs thÈ Countil mem￿rS to prÈparÈ finbntial ststÈmÈnts frir Èath finèntial year ¥thich glve a truè and fair view of the stste of aftairs of the chèrity and of the incoming fewur£es and applKatlon of resour￿, including the income and expenditure, of the charitable companyfor that year. In preparSng these financial ststements, the Council Members are required to". select Sultable accounting policies and then apply them cot)sistently.' - observe the methods and principles in the CharitiesSORP: make judgements and estimates that are reasonable and prudent.- - State whether 3ppIic3ble UK Accounting Standards have been followed. sufyect to any material departures disclosed and ex￿aIned in the financial 5tatement5' and prepare the linancial Statements on the 80in8 concern basis unless it 15 inappropriate to presuffe that the charity will con￿n￿e in operation. The Council Member5 are re5pon5ible ft>r keepin8 adequ*e accovntinB recwds that di5d05e with rea50n3ble 3ccurJcy at 3ny Yme the financial position ol the charity ond enawe them to ensure that the hnancial statements comply with the Companie5 Act 21X)6. They are a150 re5pon5ible for $4fe8uardin8 the assets ol the charity and hence lor takin8 reason3ble 5tep5 for the prevention and dete¢tion of fravd and other irregularitles. THE FELLOWSHIP OF POSTGRADUATE MEDICINE INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF THE FELLOWSHIP OF posfGRADUATE MEDICINE Oplnlon We have audited the flnanaal statements of The Fdlowship of PostEraduate Medicit)e Ithe'charity'l for the year ended 31 Oecember 2025 which comprise rhe statement of financial activities. the balance sheet. the statement of cash flows and notes to the financial statements. Including significant accounting policies. The finanoal repomng framework thar has been applied In their preparation Is applicable law and United Kingdom Accounting Standards. Including Finanoal Reporring StsndaTd 102 The FiJ)onciol Repomn Stondardupplicoble in the UKondRepubli£ of Irelond (United knngdom Generally Accepted Accounting Practitrl. In our opinion, the financial ststernents.. Éive a true and fair vSew of the state of the charitable compaty's affairs as at 31 De￿rnber 2025 and of its Sncomln8 resources nd application of resources. including its incomeand expendituce. for the yearthen ended., hève been properly prepared in accordance with United Kingdom Generally Aciepted Aciounting Prartio.. ond have been prepared in accordance with the fequirementsof thecompanies Act 21￿. ea￿S for oplnlon We conducted our audlt In a£cordafi￿ wlth International stsndaids on Audifjn8 IUKI 11&4s IUKII and appllcable law. Our responsibllifjes under those stsndards are further *Jescribed in the Auditors rewnsibilil*eslor the oudir ol thefinonciol sti*ements secfjon of our report. We are Independent ef the charity in accor¢Jance with the ethical ieouirements that are relevant to our audlt of the h-n3ncSal statemenis In the UK, includin8 the FRC'S Ethical 5taodard. and we have fulfilled our other ethical responsibilifjes In accordance with these requlrements. We believe th* the audit ewdence we hawe obtsined 55 5uffi"cierrt and approprlate to provlde a basis for our opinion. Conclyslon5 rela￿￿&to8￿n1 wicern In èudittn8 the h"nancial statements, we hève concluded that the Countil Members, use of the 8oin8 concern basis of accounttn8 In the Prepara￿On of the financlal statements is appropriate. Based en the work we hève performed, we hève not Identffied any matsrial uncertalnfjes rela￿n6 to events or condlfjons that, individually or collecfjvely, may cast signifi.cani doubt on the charity's ability to confjnue as a ￿Ing concern for a perled of at least twelve months frem when the fi.nancial ststements ale authorized for issue. Our re5pon5ibllitres and the respons1b1ll￿es of the Council Memters with respect to 8oln8 concem are descrlbed In the re￿vant sec￿0￿$ of thls report. Other Informadon The other infermafjon Comprises the informa￿On included in the annual report other than the financial statements ènd our auditor's report thereon. The Council Members ère responsible for the othei Infomiafjon contained within the ￿nUal report. Our opinion on the financlal statements dees not cover the ether Infomiation ènd. emcept to the emtent otherwise explicitly stated In our report. we do not express any form of assurance conclusion thereon. Our responsibility is io reèd the other InbrmaDon and, In doing so, conslder whether the ether Infermation is materially inconsisient wTih the finan£ial staiements or our knowledge obtsined in the course of the audit, or otherwise appears to be marerially missrated_ If we identify such maierial biconsistencies or apparent material misstatements. we are required ro determirbe whether rhis gNes rise to a marerial misststement in financial ststements themselves. If. based on the work we have Ferformed. we condude that there is a material misststement of this other inform3ty0n, we are required to report rhat fact. We have nothing to report in this ￿gard. Oplnlons on other matters presulbed bythe CompanlesArt 2L In our opinion, based on the work undertaken In the course of our èudlt-. the information wven in the Council Member5. report for the financial year for whiih the finaniial Statements are prepared, which include5 the dirertor5' report prepa￿ forthe Purp[￿suf company law. i510n51Stent with the financial 5taternent5.' and the directors, report included within rhe Council Mernbers, report has been prepared in accordance with applicable legal requirements. Matters on which we are requiredto report by exception In the light of the knowledge and understsndinÉ of the charity and its environment obtrined in the course of the aud￿, we have not identifi.ed material misstatements in the dirert¢ys' reky)rt included withii) thecounol Members, report. THE FELLOWSHIP OF POSTGRADUATE MEDICINE INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE FELLOWSHIP OF posfGRADUATE MEDICINE We have nothin8 to report in respect ol the following matters in relati¢)n to which the Cornpanies kt 2Tr)6 requires u5 to report to you if, in our opinion.. adeouate accounnng records have not èeen tr*pt. crf returns adequate forour audit hawe not been re￿ived from branches not visited by us.- er the linancial ststÈmÈnts arÈ not ill a8rÈÈmÈnt with thÈ attountin8 records and rÈtUTns: or certsin disclosures of tru5tee5' remuneration specified by laware not made- or we hève not received all the informaiion ènd explanationswe require ftsr our audit., or the Council Members were not eThtitled to prepare the linancial statements in accordance with the gn311 companie5 ￿￿lme and take advantage of the Small companie5. exemptions in preparing the Council Members, report and frorn the requirement to prepare 3 5tratewc report. Re5ponslblllt6esolCouncll Member5 As explained more fully In the statement of Counol Members. rewnsibility"e5, the Cwncil Members, who are a150 the director5 of the charity for the purpose of company law. are responsible for the preparation of the fin3rKial ststement5 and for being 5ati5fied that they give a true and fair view. and for such Internal control a5 the Council Members detemiine 15 necessary to enable the preparation of financial statements that are free from material rnisststernenl, whether due to fraud ry error. In preparing the Hnoncial 5tatement5, the Council Members are ie5ponsiNe lor a55e55ing the charity'5 ability to continue 05 a 8oin8 concern, disclosin8, as applicable, rnatters related to 8tyn8 concern and usin8 the 80ing conttrn ba515 of 3ccovntin8 unle55 the Council Mernber5 either intend to liquidate ther￿ritable0￿parVor tocea5e4jperat￿￿S. or hwe no realistic alternthe but to do 50. Audltor's r¢5ponslbllltlesfor the •udll of Ih¢ffinan¢lal stalemw Our objecrbves are te obtain reasonable assurance about whether the financlal statements a5 1 whole are free from materlal mlsstaternent, whether due to traud or erior. and to issue an auditor's report that includes our o￿Tron. Reasonable assurance 15 a high level of assurance but Is not a guarantee that an audit conducted in accordance with I￿5 IUKI will always detect a rnaterial missiaternent when It e¥i5ts. mI￿tatementS can arise from fraud or error and are considered material if, Indiwdually or In the a86regate, they could reasonably be expected to infiuence the econornic decisions of users taken on the basis of these financial ststements. The extent to whlch our procedure5 are capable of detethTr8 irreButsrit*s. includin8 froud. 15 detailed below. A5 part of our pl3nnin8 proce$5'. We enquired of m•n•8ernent the systems •hd ¢¢fitvols the ¢h•rity h#$ in pla¢e, the areas of the fin#n¢io1 stotements that re most 5vsceptible to the risk of irre8ularitie$ and fraud. and whether there wa5 any known. 5U5p&*ed or alle8ed fraud. The charity did not inform us of any known. suspe£ted or alle8ed fraud. We obtained an understanding of the 1È8al aNI rÈ8ulatory framework5 bppli¢ablÈ to the charity. WÈ determined that the following were most relevant.. the Charity SORP, FRS 102, CharitiÈ5Act 2011 and Compènies Act 2(Kl6. We considered the incenti¥e5 and opportunitiÈ5 that ex15t in the £harity, includin8 the oxtent of management bias, which present a potentlal fer irregulari￿e5 ènd fraud to be perpetuated. and tailored our risk asse5smentaccordin81y. Usin8 our knowled8È of the charity, together with the discUs￿onS held wTth the charity at the pla)nin8 5ta8e, we formed a conclusion on the risk of misststement due to ityegulèrifjes ind￿ing fraud and tailored our procedures accordin8 to this risk assessment. The key procedures we undertook io thect Irregularffjes irKludinB fraud during ihe course oftheaudit included,. Reviewing the hnancial ststement disclosures and determinin8 whether accounrin8 policies have been appreprlately applSed. Idenrfying and testing jourTral entries and the o¥erall accounting records. in particular those that were significant and unusual. Documentrngand verifying all significant relatetl party balances and trarwctions. Testing key revenue lines. in particular cut-off. lor evidentt of management bia5. Obtainingthird party confirmations for material bank and investment balance5. Reviewing documentation such a5the Council Minutes for discussionsof irregularities includingfraud. Owing to the inherent limitation5 of an audit. there is an unavoidable risk that we may not have (Ètected some rnaterial rnisstatefflent5 ill the financial Statements even though we have properly planned and perforrned our audit in accordance with auditing standard5. The prirnary responsibility for the pfevention and detection of irre8ularthes and fraud re5t5 Wlth the tru5tee5 of the charity. THE FELLOWSHIP OF POSTGRADUATE MEDICINE INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE FELLOWSHIP OF posfGRADUATE MEDICINE A fvrther description of our resw>nsibilthe5 is availab￿ on FinarKial Rewrting Council's website at.. https.'/lw¥vw.frc.org.uV auditor5 re5pon5ibilities. This description foms partof our auditor's Teport. Use of our report This report Is made solelytothe charttsble company's members. 3$3 body. in accordance wrf(h Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the charitsble company's memiers those matters we are required to stste to them in an auditof5 report and for no other purpose_ To the fullest eklent permitted by law, we do not actrpt or assume responsibility to anyone other than the charitsble company and the chantswe company's member5 a5 a body, for our audit work, for thi5 report. orfor the opinions we havelormed. r5 Dar5hna Choudhury (Senlor StstutoryALthorl for and on behalf of HW Flsher Audlt Chartered Accountants Statutory Auditor Acre House 11-IS William Road London NWI 3ER Unlted Kln8dom ..oa..Jul.2Q29 10- THE FELLOWSHIP OF POSTGRADUATE MEDICINE ATEMENT OF FINANCIAL A￿1VITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unre5tricled funds 2025 Unre5tritted fvnds 2024 Notes Income and endowmen¢$ from= Charitable activities Investments Other income 880,346 187,876 14.330 788,588 177,010 8.990 Tpl•l Income 1,082,552 974,588 Expendlture on.. Raisingfunds 4.729 452,712 39.459 401,530 Total expendiiure 497,441 440,989 Net 8ainslllossesl on investrnents 709,713 383.979 Net Incomeand mo%*ment In fvnds 1,294,824 917,578 Rewnclllatlpn ol funds.. Fund bèlances * i Januèry 2025 7,571,018 6,654,440 Fund ￿1&￿¢¢$￿t JI Oetember 2025 8,866,842 7,572,OL8 The stètement of finèncial èthvitles includes all 8ains and losses recognised in the ￿ar. All income and expenditure derive from confjnuingacttvittes. 11 THE FELLOWSHIP OF POSTGRADUATE MEDICINE BALANCE SHE ASAT31 DECEMBER 2025 2025 2024 Fixed a55et5 Tangible assets In¥estmÈnts 14 552 1,876 7,044,980 15 8.390.195 8.390.747 7,046,856 Current a55Qts Debtors Cash at bank ind in hind 17 336.￿1 229.587 294.082 373,109 565.594 159.4991 667,191 182.0291 Credltor5'. •mpynt5 lalllng wlthln one year Net current 45Set5 506.095 585.162 Total •sstts less cutyent Il*blllt5es &896.842 7,632.018 Credltors.. amounts lallln8 due after more than one veèr 130,COJI 160,oryJi Net assets 8.866.842 7,572,018 The lunds olthe chldty Unrestricted fund5 22 8.866.842 7,572,018 8.866.842 7,572,018 08 Jul 2026 The flnancial ststements were approved by thecouncil Memberson.-......-......... 4rra Profe550r Albert Ferro PhD FRCP FBPhS Company registratyon number (￿)721213 lE￿aThd and Wales) 12- THE FELLOWSHIP OF POSTGRADUATE MEDICINE ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flows from operatln8 aCtl¥llle5 Cash 8enerètÈd from operatkns 23 348.833 279,078 In¥estlni ath¥Mes Cash introduced into investment PDrtlolio Investment income received 1S¢X).(ml 7.645 ii.om,orKJi 12.790 Netash used ID Irwe5tin8 acti￿￿e5 1492,3551 1987,2101 Net rash used In flnaficln8 arti¥We5 Net de¢r¢4x In ¢•sh ush equ1￿￿￿t$ 1143.5221 1708,1321 Cash and ¢ash equivalents at bÈ8Snnln8 of y¢ai 373.109 1,081,241 Cash and tash equlvalents It end of 229.$87 373,109 13- THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2025 ounting poll¢ies Charity irTrlormatioTr The Fellowship of Postgraduate Medicine is a private compony limiied by guarantee incorporatsd in England and Wale5, The rew5tered office 15 71 Queen Wictoria Street, London EC4V 4AY. 1.1 Ac¢ountin8 Convention The flnanclal statements have been prepared Sn accordance wSth the tharlvs ArDcles of Assoclatbn. the Companles Act 2006 and 'Accounfjng and ReportinB by Charities". Statement ol Recommended PracDce applicable to charities preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the LIK and Republic of Ireland IFRS IOZI leffethve l January 20191. The charity Is a Public Benefit Entity as defined by FRS 102. The financial ststements are prepared in sterlin& and rounded tothe rbearest £. The financial 5tatement5 hove been prepared Under the historical c05t convenlion, motlified to include the revaluation of in￿StmentS at fair value. The principal accountin8 policie5 adopted are Set out below. 1.2 fjolnB concern At the nme of approvinE the fi"narKial 5tstements the trustees have 3 reasonable expectatlon, based on the level of their re5eNe5, cash held at bank and Investments. that the chanty has adequate re50wces to conbnue in operabonal e¥i5tence for the foreseeable future, Thus. the Counol Continue to adopt the 8oin8 concern ba￿5 of accountrng In preparing the linanclal ststements. 1.3 ChDriiable funds The 8eneral fund temprises those monies whi¢h may be twèrls me¢tln8 the ¢hèritable obje¢Yves of the Fellowshlp at the dis¢retton of the cou￿11. The de518nated fund comprlses morbles Set aside bythe Coundl for Specific purposes. 1.4 Income Income is rÈco8nized in the period in whith the thafity has entltlement to the I￿¢me. the amount of income can be measured reliably and it is probable th* the incomewill be received. Income compri5e5 investment income, income from publi￿1￿)￿5 and conferenees. Income from publtstions and torrfe￿n￿s is ret08n1￿d on a rÈcÈivablÈ basis in thÈfifian¢ial ￿art0 whith it ￿latÈ$. OividÈnd5 are reco8ni*d once the dITr￿dend has been de£lared and notification has bÈen reteived of the dividend due. Interest on funds held on deposit is inclvded when receivable and amount can be rneasured reli4)Iy by the charity,. this 15 normally uwn notification of the interest paid orpayable bythe bank. 14- THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policie5 Icontinuedl 1.5 Expendlture Expenditure is rÈtO8nisÈd ontÈ I￿re is a le831 or tonstrurti¥È obliKdtion to transfÈr etonomi£ bonèfit to è third party, It is probable that è transfer of ecommic beneffts will be required in settlement. and the amount of the obliga￿On can be measured reliably. Expenditure Is daS￿fied ty actlwty. The costs of each attiwty are made up of the totsl of dSr*t costs and shared costs, including supporr costs Involved In undertaking each aCDVity. Oirect costs attributable to è ￿ngle activity ère allocated directly to that athvity. Shared costs which contribute to more than one actiwty and sJPPOrt costs which a￿ not attributable to a single athwiry are apporrioned between those activiDe5 on a basis consisrent with the use of resowce5 Central staff costs are allocated en the ba515 of trme spent, and depreoation charges areallocated on ihe portion of the a55et'5 Use. Liabllittes are recognized as expenditure as soon as there is a legal or construrti¥e obligation uJmmittln8 the charity to make a payment to a third party, It is probable that a transfer of econom￿ benefits will be required In satlement and the amount of the obligation can be meèsuied reliabNf. All expendSture Is accounted for on an accruals basis. Expenditure comprlses direct Costs and supFort Costs. All expenses, includin8 SUPPOrt costs, are allocated or apportioned to the 3pplkable eKpendltrJre headlngs. The classiycation btheen actrvines is as follow5.. Expenditure on ra151ng funds includes all expenditure 3550C13ted with r3isin8 funds for the ch3rity. This compri5e5 Investment mana8ement lee5. Expenditure on charitsble a¢b￿tIeS includes all cos¢5 a5%Kiated with furtherin8 the charitable purposes of the harity through the provision ol i¢5 chari¢aWe othvifje5. Such costs include the c05t of productton, prornoyon and other incidental c05ts a5$0ciated with the production of thejourna15, and the costs associated with rvnning 5eminor5 and symposlums. These also in¢lude the ¢ommi$5iofi th•r8e•ble by the publishers, together wlth editorl)I fees and expenses. All expenditure is stated inclusiveof irretoverabie VAT. Allotat6on of support and ¢o%*m•nte tosts Support costs rÈpresent indirect charitable expenditure. In order to tarry out the wimary purposes of the charity It Is necessary to provide support in the form of petsonnel de¥elopmenL flnèncial procedures. p￿￿on of Offi￿ services and equipment and è suitable workin8 enwronmerf. Governance costs comprise the COMS inbthin8 the puNic accountability of the charity (including audit £e5tsl and £e5ts In respect te Its compliance￿th re8ulation and 8ood practice. Support costs and governan￿ costsare apportSoned based on an es￿rnalI)n ol ihe usage of the office at 11 Chandos Street. 1.6 Tan¢ible fixed assets All a55ets costing more than £l,(l)) and with a useful economic life exceeding one year are capitali5ed. Tangible lixed a55ets are initially rneasured at C05t and wbsequently measured at Cost net of deppciation and any imp3irment losses. Oepreciation is reco8ni5Ed 50 asto write down the cost oltsnyble fixed assets over theirexpected useful lives as follows.. Computers 25%￿(0 The gain or1055 ari5in8 on the disP05al of an asset 15 deterrnined a5 the diffe￿￿￿ between the sale proceeds and the carrying value of the asset, and is reco8niied in net incotnellexpenditurellor theyear. 15- THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policie5 Icontinuedl 1.7 Flyed asw In¥e5tments Listed investments are a form of basic financial instrument and initially rÈtO8niied at their transaction value and subsequentty measured at their fair vèlue3satthe balance sheet date usin8the£losin8 quoted t))arl*t prfce. Reallzed galns ler lossesl on Investment assets are olculated as the differen￿ between disposal prO￿ed$ and thelr openlng carryinÉ value er their purchase value if acouired subsequent to the first day of the finanoal year. Unreallzed galns and losses are calculated as the difference between the lair value ar the ￿ar end and their carrying value èr that dère. Realized and unrealized Investment Éains lor losses) are combined itt the sratemeni of fisla￿la1 athwiDes and are credited lor debitedl In the year in which they arise. 1.8 Cash and tash equlvalents Cash at bank and in hand represents such occounls and in5trvrnent5 that are wailable on dernand or have a m*urity of le55 than three month5 from the d•te olacqui5th0n. 1.9 Flnintl•l Instrumtmts The charity has elected to appty the proviyons of Section 11 '8ayc Financial Instruments, and *ti00 12 '0ther Financial In5trvments15sues' of FRS 102 to all of It5financial instruments. Other th3n Hxed a55et Investments. the charity only ha5 financial assets and finandal liabil￿e5 of a kind Inlttalw recognized at tran5actton value and 5ubsequentty measured at their 5ettlementvalue. The charity dops not acquire put opttons. derivati%t5 or other oynplex fin*cial in5trvment5. 1.10 L••s¢d •ss*t Rentals applicable te operatin8 leases where substsntially all ol the benefits and r15ks of ownership remain wlth the lessor are charged to the Statement of financial activines on a strai8hr line basis over the lease term. Cr1￿￿1 oc¢ountln8 e5tlm•lesandlud8ements In the application of the tharity's att0￿n￿￿8 wlities, thè Council MembeTS are required to rnake jud8ernent5. èstimates and assumptt'ons about the ￿rryIng amount of asset5 and liabilitie5 that are not wdily apparent from other Sources. The e&tifflate5 and a55ociated a55UmPtion5 are bas￿ on histofital experience and other faciors that are tonsidered to be relevant. Attual results may differ frorn theseestimates. The e5timate5 and underlying aS5umption53re feviÈwÈd on an ongoin8 bè515. Revisions trj accountin8 È5timatos are reco8niied in the pÈriod in ¥vhich the È5ttmate is revised where the rew*on affÈ£ts only that peried. or in period of the revision and future periods where the affects both current and firture perH￿* There were no crifjcal x£euntSn8 esiSmètes or Judgements in the year in Ques￿On. The Councll Members considei there to be no sfjRnificantludRements or key sourw ol esfjmafjon uncertainty In the financial ststements. 16- Is a THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income fr￿ in¥es¢ments Unrestricted Unre5tritted fvnds 2025 fvnds 2024 Income frorn listed inve5trnents Interest receivable 142,9D) 44,976 131,718 45.292 187,876 177,010 Otherlncome Unrestrftted lumds 2025 Unrestrlrted lunds 2024 other Income 14,330 8,990 lfivestmtfit marb•8ement Unrestrlcted funds funds 2025 2024 Investment mèna8ementfees Foreign exchange10$5e5, (goin51 on Cash held in pthlio 41,775 2,954 36,864 2,595 44,729 39.459 18- O￿0￿40￿0￿JryOO*ts O r4 - th erj eri P4 THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support CQ5ts ZOZ5 Support costs Gevernance costs 2024 Depreciat*n Rent, rates, light and heat Office equipment < £l,LK#) Le8al and profe55ional fees Other costs 1.324 13.633 6.455 3.263 1,324 13,633 6,455 3,263 7.689 2,522 16.425 191 2.014 12391 2,522 16,425 191 2,014 12391 Audit fees Accountancy 22.275 18,207 22,275 18,207 IA,100 18,409 14,100 18,409 32.364 40.482 72,846 20,913 32,509 53,422 Analyzed between Charitable actlvittes 32,364 40,482 72,846 20.913 32,509 53,422 Governance costs include5 paymerbts to the auditors ol E16.27512024- £13.I¢XII for audit fee5 and £9,91212024- £6,016) for ac¢ountsncy 5ervice5. Net movtmtnt Inlufids 2025 2024 The net movement in funds is stated afterchal81n￿1e￿ÈdliI￿8j'. Fees payable for the audit of thecharitys finar￿la1 statements Depreclayon of owned ¢¥n8ible fixed ¥ssth$ 22,275 1.324 14,1 2,522 10 Coyncll Membe No Council Members lor any person5wnnecled with them) recei4td any remuneratM?n for se￿l¢e$ as Council member5. Professor Ken Redekop, a mernber ol the Council. recwved an honorarium a5 Editor-in£hief of Heultlj. Poliry ond Technology £3,WO in 2025 12024.. £12,OCQI. Uw>n hi5 resi8nation. Prolessor Tony Yan8 and Professor Carlo Laiaro were appointed as Co Editor-in-Chief5 and each received £5,62512024.. £nill. Professor Bernard Cheung received £26,48412024.. £24,rA)01 as Editor- In-chief of the PostgrGduote Mediioljournol. In addithon. Professor Albert Ferro and Mr Wade Dimitri FRCS recewed £3,956 12024.. £6,204) and £3,50012024.. E2.(M171 re5pe(ti¥ely, a5Associate Editors olthe PostgrGduotE MEdiiGIJDurnal. Total expenses of £S,01112024.. £11,843) were reitnbursèdto ei¥ht membÈTs of the Countil in (onnettion with corÈ FÈllowship business. including attendèncÈ * the Annuèl General meetfn8 in London. and work ¢)n the journa15. These amount5 related predominantly to the reimbursement of event equiwent cost. IndNiduals are noi remunerated in heir cèpacity as members of the Council. li Employees There were no ernployee5 in the current or prioryeai. -20- THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Galns and losses on IrNestrnents Unrestricted Unre5tritted fvnds 2025 fvnds 2024 Gains/l1055e51 arising on.. Revaluation of investrnents Sale of investments 743,382 133,6691 329,139 54.840 7(rJ,713 383,979 Ta￿￿￿ The charSty 15 exempt from taNatton on ￿ activitses because all its income isappl*d for charitable purposes. Thn8lble fixed assets C•mpythfS Cost At I l#nuary 2025 15,468 At 31 December 2025 15,468 Deprec￿￿0￿ and Impalmient At I January 2025 Depreclation charged in theyear 13,592 1,324 At 31 December 2025 14,916 rryln8 amount At 31 December 2025 552 At 31 December 2024 1,876 21 THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 FIMed asset I￿￿￿tments ii#ed Cash In portlono In4*#ments Totsl C05t or valu*0 At I january 2025 Additions ValuaDon ch3nges Exchange losses on cash in portfolio Dividend income Investment managei lees Cash irnbursement Disposals 6,561,587 2,801,864 743.382 483,393 12,801,8641 7,044,980 743.382 12,9541 180,231 141,7751 5(h),O(M) 133,6691 12,9541 180,231 141,7751 S00,C¥)O 2,042,756 12,076,425) At 31 December 2025 8,030,408 3S9,787 8,390,195 Carryln8 amount At 31 December 2025 8,030,408 359,787 8,390,195 At 31 December 2024 6,561,587 483,393 7,044,980 16 Fln•ncl•l Inmrumeffts 2025 2024 C*rryln8 Imaumt of fln*ntl*l assets In5trvments measuied at fair value throuKh profft w10ss 8.030.408 6,561,587 17 OebtLVS 2025 2024 Amountslalllng due One￿41. Trade debtors Other debtor5 Prepayments and accrued income 233,034 33,322 69,651 193,231 38,429 62,422 336.007 294.082 THE FELLOWSHIP OF POSTGRADUATE MEDICINE NOTE5 TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Credltors-. amoyntsfallingdue thin we 2015 2024 DeferrÈd intome Trade creditor5 Accruals 21 30,fKJD 4,842 24,657 30,000 4,842 47,187 59,499 82,029 19 Lllblllty ol members The Fellowship Ss Cens￿tUted as a company1Smited byguarantee. In ihe e¥ent of the Fellowship belng wound up members are required to centribute an amount not exceeding El. 20 Credltors: amourrts lallln8due aftermwe year 2025 2024 Oeferred income 21 30.0 60,000 21 Deferred Income 2025 2024 Other deferred income 90,000 Oeferred incorne is included In the finarbrial staternents as follows.. 2025 2024 Deferred income 15 included within.. 30.0 30,orKJ 30.000 60.orKJ Non 1187,8761 2,954 33,669 1743,3821 1,324 41,775 1177,0101 2,595 154,8401 1329,1391 2,522 36.864 Mevements in working capitèl.. 141,9251 122,5301 130,IXXII 146,4611 143,0311 130.orKJl IDecreasel in creditors IDecrea5el in deferred income Cash senerated from opevatians 348,833 279.078 26 AnalY￿S of th•n8es Im r*et lur The charity had no mateTial debt duringthe year. -25-