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2021-03-31-accounts

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The Duke of Edinburgh’s International

Award Foundation

(a Company Limited by Guarantee)

Trustees' Annual Report and Financial Statements

for the year ended 31 March 2021

Company Number: 3666389 Registered Charity Number: 1072453

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Trustees’ Annual Report

Contents

Trustees’ Annual Report

About Us ............................................................................................................................................................. 3 Our year ............................................................................................................................................................. 4 Chairman’s Introduction – 2020-21 Trustees’ Annual Report ........................................................................... 5 The Foundation’s ambition .............................................................................................................................. 7 How we are supporting the Award across the world ........................................................................................ 8 Marking the life and legacy of HRH the late Duke of Edinburgh, KG, KT ......................................................... 10 Financial Review ............................................................................................................................................... 12 Trustees’ commitment ..................................................................................................................................... 17 Thank you ......................................................................................................................................................... 17 Independent Auditor’s Report to Members of the Duke of Edinburgh’s International Award Foundation.............. 18 Consolidated statement of financial activities for the year ended 31 March 2021 ................................................... 22 Consolidated and Charity balance sheets at 31 March 2021 ..................................................................................... 23 Consolidated cash flow statement for the year ended 31 March 2021..................................................................... 24 Notes to the financial statements for the year ended 31 March 2021...................................................................... 25 Trustees’ Annual Report (continued) Structure governance and management ......................................................................................................... 52 Statement of Trustees’ responsibilities ........................................................................................................... 60 Thank you ................................................................................................................................................................... 61

The Duke of Edinburgh’s International Award Foundation’s Trustees present their annual report, including the strategic report, and the audited financial statements of the company limited by guarantee for the year ended 31 March 2021. In preparing this report the Foundation’s Trustees have complied with the Charities Act 2011, the Companies Act 2006, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (“Charities SORP (FRS102)”), UK Generally Accepted Practice and the provisions of the Memorandum and Articles of Association for The Duke of Edinburgh’s International Award Foundation. This report has been prepared in accordance with the Companies Act 2006 and with regard to Charity Commission guidance on public benefit. Disclosures required in the Trustees’ report (including the strategic report) by the Companies Act 2006 and Charities SORP (FRS102) are also contained within the appendix.

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About Us

THE AWARD

The Duke of Edinburgh’s International Award is a global framework for non-formal education and learning, challenging young people to discover their potential and find their purpose, passion and place in the world.

Founded in 1956 by HRH the late Duke of Edinburgh, KG, KT it now operates in more than 130 countries and territories, helping to inspire millions of young people. Although the Award’s framework remains the same wherever it is delivered, no two Awards are the same. Instead, each young person designs and creates their own bespoke programme.

Over the past 65 years more than 13 million Award journeys have started involving more than 125 million hours of voluntary service and over 6.5 million Awards gained by young people allowing them to reach their potential and develop self-confidence and a sense of purpose.

THE FOUNDATION

The Duke of Edinburgh’s International Award Foundation manages the Award through a social franchise, licensing more than 480 operators, ranging from National Award Operators to individual organisations. The Award is delivered to young people through an ecosystem of 19,591 units, such as schools, youth groups, custodial institutions and other operators

The Foundation’s charitable purpose is “to encourage the establishment and administration of Schemes of Awards for young people anywhere in the world and thereby through the development of their character to promote good citizenship for the public benefit”.

The Foundation does this by:

THE ASSOCIATION

The Duke of Edinburgh’s International Award Association is the collective name for all the constituents of The Award family and is established by the consent of all the parties concerned to encourage mutual cooperation, share responsibility for development and foster collective ownership in our brand. Its main body of constituents comprises the 418 operators licensed by the Foundation.

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Our year

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Chairman’s Introduction – 2020-21 Trustees’ Annual Report

This has been an extraordinary year for all manner of reasons.

The onset of the Covid-19 pandemic, far from being a crisis for the International Award, brought out the best in our Award family. Our participants, alumni, volunteers and staff members demonstrated the values and ethos of the Award by seeking ways to overcome the challenges and seize the opportunities. Our participants, especially, exhibited all the skills, experiences and resourcefulness we seek to instil, especially by volunteering in their communities or continuing their Award journeys by adapting their activities to the circumstances. It is really quite difficult to express just how immensely impressed I am with how everyone responded.

In this year, we recorded an extraordinary 750,000 active participants in the Award. Counter to expectations, we experienced the equivalent of 1,000 young people starting their Award journeys every day. This may be down on the previous year, but is still a remarkable testament to the Award’s importance and relevance even in these challenging times. Much credit must go to our network of partners and operators, their staff and volunteers. The fact that our 200,000 registered volunteers found ways to continue to guide and support their participants is equally impressive.

The transition to remote and online working was remarkably smooth, thanks largely to our investment in digital tools over the past few years. This was especially important when it came to communicating with participants and recording their activities as well as with volunteers and enabling them to continue their personal development. Indeed, it was those countries which had embraced these technologies who saw the best retention and experienced growth in overall numbers of participants.

It was truly heartening to see the way that the International Award Association pulled together. Although spread over more than 130 countries and territories, we all faced a common threat and common challenges which has actually drawn us closer together than at any other time. Over the period, I was fascinated to watch how our regular virtual gatherings changed from initially being about welfare, to how we could adapt the Award’s conditions to allow greater flexibility for participants, to sharing stories of success so that we can do better in the future. This camaraderie is the main influence behind delaying the Association’s Forum until 2022 so that when we can meet, it will be in person.

The International Award Foundation itself has experienced profound and extraordinary change. Before the pandemic struck, we had begun to implement the recommendations of our Comprehensive Sustainability Review which enabled us to weather the storm far better. Apart from reducing our expenditure, we also managed to increase our income and, perhaps more importantly, created a much nimbler management approach which helped us to react swiftly to an ever-changing environment and to make the most of the opportunities presented.

Our Communicating team (page 8) have been at the forefront of maintaining the Award’s profile by running awareness campaigns and notably worked with Royal Communications to take-over all their channels on World Youth Day. They have also been leading in-house developments such as running virtual seminars and virtual Award ceremonies to celebrate young people’s achievements. The team was also integral to developing plans to mark our Founder’s centenary.

Our Operating team (page 8) have been leading our partnership with the World Health Organisation, along with other global providers of non-formal education (‘the big six’), which is a direct result of the pandemic. The object is to support young people engaging in and designing efforts to tackle the impact of Covid-19. The team also successfully introduced new licence fees with our Independent Award Centres, a clear sign of both the excellent relationship we have with our Operators and the value with which the Award is perceived. They managed to achieve this in spite of having to bear the brunt of the changes incurred by the Comprehensive Sustainability Review.

Our Resourcing team (page 9) took the lead in implementing the Comprehensive Sustainability Review and dealing with the outcomes. A re-imagining of our fundraising was timely and allowed us to engage with our supporters in a

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fresh way which elicited a positive and welcome response. Ongoing development of our digital tools took on a new sense of urgency and relevance. The team were also responsible for taking on the ownership of Award House, a quite extraordinary act of immense generosity by the Ho family and a wonderful gesture of confidence.

The Financial Review (page 12) illustrates the initial impact of the Comprehensive Sustainability Review as well as the transfer of Award House. It is very pleasing to be able to report a more balanced financial situation, especially under the circumstances. There are areas that still need attention, but it does feel as if we have turned a corner.

Our Future is beginning to look more hopeful. As restrictions begin to ease from place to place, we are seeing strong recovery in terms of new starters. Award completions are on the increase as full Adventurous Journeys are allowed once again and Gold Residential Projects can be undertaken. The impact of the Comprehensive Sustainability Review continues to achieve further benefits and provides a focus on key priorities. The Association is working closer together than ever before so it is a good time to begin discussions around our future strategy and just how the Award can make the most of whatever the new normal looks like.

My fellow Trustees and I are hugely grateful to all our donors who have maintained their financial support over this period, both to the Foundation and to many of our National Award Operators. We also wish to thank our Operators for their understanding and excellent collaboration. We also want to thank all who work for the Foundation, this has been an incredibly difficult period for all, and we are immensely grateful to them for their forbearance and commitment. They have enabled us to help young people discover the endless possibilities of the Award and that there is more in them than they think.

It would be utterly remiss of me not to reflect on the desperately sad news of The Duke of Edinburgh and our Founder’s passing in April 2021. His loss was felt keenly by the whole Association for he was Patron of the Award in several countries, had chaired the Foundation and Association since inception until 2000 and visited many of our National Operators. Yet it was the moving and heartfelt tributes by so many Award holders, of how he had touched their lives that, more than anything, illustrated Prince Philip’s passion for the Award as well as his vision that it should be for all, regardless of circumstances.

Among my father’s many achievements it was his Award that was referred to time and time again as his greatest legacy. I am reminded of the great seventeenth century architect, Sir Christopher Wren, who was responsible for the City of London’s St Paul’s Cathedral, among many other churches and buildings of the period, and was laid to rest there. However, if you go looking for a memorial you will only find a circle of black marble on the main floor beneath the centre of the dome which reads, “Lector si monumentum requiris circumspice” [“Reader, if you seek his monument – look around you.”] Perhaps the same might be said of my father and his greatest legacy.

On 10[th] June 2021, what would have been HRH The Prince Philip’s 100[th] birthday, we launched our campaign to mark his centenary and the impact of his Award. We very much hope that the success of this campaign will enable us to create our meaningful legacy to his name and his championing of young people.

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The Foundation’s ambition

The Foundation and Association share an ultimate objective or ambition that one day every eligible person aged 14 to 24 will have the opportunity to participate in the Award.

We refer to this as ‘Universal Access’ and reaching everyone geographically and societally and giving them equal opportunity is the charity’s greatest challenge and our most important quality.

Our immediate reason for being is that, daily, the Foundation, our network of Operations and the young people we serve can inspire, transform and empower individuals, communities and societies.

Circumstances over the past year have meant that we’ve focussed our efforts on supporting current participants to continue as best as possible and to complete their Awards. Early signs indicate that this has not only worked in retaining both participants and volunteers, but also enabled very strong recovery in terms of completions and new starters when restrictions have eased.

n we follow our agenda successfully, we create

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How we are supporting the Award across the world

OPERATING

The Foundation oversees the licensing of the Award around the world, assists prospective and current Award Operators and organisations, and enables them to deliver the Award effectively and consistently. We help these organisations to develop and improve, especially in terms of access to the Award among ‘at risk’ and marginalised young people.

The Award is currently operating in more than 130 countries and territories through a network of licensed organisations, including:

As the pandemic began to affect the lives of everyone around the world, we worked to accommodate the needs of Operators and transitioned successfully to virtual working utilising the digital tools and online platforms developed in prior periods. Our Operational objectives for the year were to strengthen links with global associations internally and externally and ensure that participants and deliverers of the Award remained supported. We also wished to widen the reach of the Award through building networks with organisations which could offer us increased insight, awareness, and best practice.

To meet those objectives:

As we now begin to look beyond the pandemic, we expect to capitalise on these developments, using what we have learned to provide Operators with strong and sound foundations for recovery and growth.

COMMUNICATING

The Foundation manages the Award brand and communications and ensures relevant, consistent messaging and material to promote the Award and its impact worldwide. Through this we drive awareness and support the global growth and development of the Award.

As schools closed as a result of the pandemic and opportunities for formal education became more limited, we took the opportunity to: raise awareness of non-formal education and learning; develop communications with our alumni,

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growing their sense of community; develop resources to allow young people to continue their Award from home during the pandemic lockdowns; and work on evaluating our economic and social value.

To take advantage of those opportunities:

Each of these actions has provided us with opportunities for further development, which we will examine as we develop the refreshed strategy for the Association.

RESOURCING

The Foundation supports the Award across the world by generating and developing the human, financial and technical resources to meet and sustain our ambitions.

We recognised that, along with many charities and not-for-profit organisations, we would not necessarily be considered a front-line service and that donor’s attention would likely be drawn to other organisations. We set the objectives of strengthening current resources, making savings where appropriate, and being responsive to the changing environment. We implemented our Comprehensive Sustainability Review to ensure our financial security and increase our support of the Award providers around the world.

To meet those objectives:

Once again, each of these areas of investment have provided strong foundations for future growth and development. The pandemic has inevitably had an impact on our original ambitions for growth as laid out in our current strategy whilst we focussed our efforts on supporting current participants to continue and to complete their Awards. We have, however, used the last few months to take stock, to lay new stronger foundations for expansion and prepare for the creation of a strategy to “forge forward, faster and more fairly”.

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Marking the life and legacy of HRH the late Duke of Edinburgh, KG, KT

As the world mourned the loss of HRH The Late Duke of Edinburgh in April this year, so too did The Duke of Edinburgh’s International Award family.

John May, Secretary General of The Duke of Edinburgh’s International Award Association, himself a Gold Award achiever, writes, “Prince Philip’s ‘do-it-yourself growing up kit’ has been part of my life since I was 14 years old. As a teenager it helped me learn about the world and apply what I was learning to my life’s adventurous journey: getting back on track after getting lost; the ability to develop new skills, resilience, the right attitudes and positive behaviours; true leadership, selflessness and compassion. In my time as Secretary General, I have been fortunate to receive advice and guidance directly from The Duke, as I have sought to support the Award’s development. He knew everything about the Award and everyone involved. He could explain why I was encountering challenges in a particular country, who I should talk to about them and what I might do to get things sorted. He was always interested and always determined that we should do the right thing for young people. He was, quite simply, an inspiration. I will miss him enormously.”

Immediately after The Duke’s death, the Foundation dedicated part of the Award website to collecting stories and memories. Each story helped build a picture of the difference the Award has made to so many people and is a tribute to the legacy of Prince Philip. Award participants, alumni and volunteers shared how the Award had impacted their lives, the friends they had made, the challenge they undertook and the skills they learned. https://memories.intaward.org/stories/

“The Award equipped me for life. Thank you, our Founder, for giving us a platform to discover ourselves. A platform to make a difference for ourselves, our communities, our country and the world.” Esaya Maluleke

“As an Air Cadet in 936 Squadron Air Training Corps I was awarded the Silver standard of the Duke of Edinburgh's Award in November 1961 followed by the Gold in November 1962. To my great surprise the award was to be presented by the Duke himself at Buckingham Palace. I remember there being six or seven other boys and our parents present. The Duke spoke to all the young people in turn asking what we had done for the award and presenting us with the Gold Certificates. He then spoke and joked with the parents. A lasting impression was made and that changed my life.” Terry Glassett

“I never thought back in 1974 as a 21-year-old that when I had children they would follow in my footsteps. More than twenty years later I was to attend the ceremony of both sons who achieved their Gold Awards.” Moira Dalmedo

“At first glance, the simplicity of the Award is deceiving - how can something so uncomplicated drive so much impact? For me, that was the greatest lesson learned from HRH The Prince Philip, Duke of Edinburgh: make it purposeful, keep it simple, and ‘get on with it’ (his use of dry wit running a close second). The straightforward design of the Award has made it easily accessible and scalable; it truly resonates with youth from all corners of the globe. I take the Duke of Edinburgh's call to action as a daily challenge and a reminder that every one of us can make a difference.” Sagar Chandaria

“It has taught me more on how to dream!” Monwabisi Nteyiya

“The experiences I gained from the Award changed my entire life. I believe that everything we do leads us to the destination of where we are supposed to be in life, as long as we never give up and continue to preserve and follow our passion.” Dilushika Lakshani De Silva

The Award family is resolutely committed to ensuring Prince Philip’s legacy can continue for many years to come and, on the anniversary of The Duke’s 100[th] birthday, the International Award Association launched a global 3-year initiative, the ‘Founder’s 100’ to celebrate the impact of the Award, with the ambition of raising £25m to sustain Prince Philip’s vision. Through this initiative, we hope to, amongst other things, enable an additional two million

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young people across the world to access the Award programme, with a particular focus on supporting those from at risk and marginalised backgrounds.

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Financial Review

FINANCIAL HIGHLIGHTS

----- Start of picture text -----
2021 2020 Change
£000s £000s £000s
Income 7,889 2,915 4,974
Expenditure (3,980) (5,403) 1,423
Net Operating Income/ (Expenditure) 3,909 (2,488) 6,397
Digital and social development expenditure (397) (354) (43)
Restructuring expenses and investment write downs (341) (520) 179
Net Income/ (Expenditure) 3,171 (3,362) 6,533
Investment gains/ (losses) 1,057 (257) 1,314
Unrealised loss on investment properties (69) (8) (61)
Net Surplus/ (Deficit) 4,159 (3,627) 7,786
Reserves 11,196 7,037 4,159
Unrestricted 2,853 3,860 (1,007)
Unrestricted long term asset reserve 4,637 0 4,637
Restricted 492 624 (132)
Endowment 3,214 2,553 661
----- End of picture text -----

On 25[th] June 2020 the Foundation was gifted the freehold interest in its London Offices at Award House, London. This generous gift has a market value of £4.7 million and is included at that value in income above.

INCOME

----- Start of picture text -----
Income
£7.0
£6.0
£5.0
£4.0
£3.0
£2.0
£1.0
£0.0
Donations and legacies Charitable Activities Other trading activities Grants
2021 2020
Millions
----- End of picture text -----

Full year income excluding the gift of Award House was £3,230,000, £314,000 ahead of the prior year despite the impact of COVID.

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Income from other individual donations was marginally ahead of the prior year, but income from gifts in kind following the cessation of the rent subsidy for Award House on its change in ownership and income from Trusts and Foundations were lower. Operator fees increased by £342,000 mainly reflecting a change to the fee structure for our Independent Award Centres.

Grant Income benefitted from the UK Coronavirus Job Retention Scheme (Furlough) by £142,000.

EXPENDITURE

----- Start of picture text -----
Expenditure
£7.0
£6.0
Overhead
£5.0
£4.0 Direct costs
£3.0
Restructuring and investment
£2.0 write offs
£1.0 Staff costs
£0.0
Millions
----- End of picture text -----

Total expenditure fell by £1,559,000 during the year, reflecting tight cost control and lower staff costs following the implementation of our Comprehensive Sustainability Review in the first quarter of the year.

The costs of raising funds of £760,000 (2020: £1,164,000) decreased by £404,000 in the year, reflecting the lower fundraising event activity.

Core expenditure on Charitable Activities of £3,218,000 (2020: £4,759,000) was £1,541,000 lower than the previous year. Operating costs were £1,193,000 lower reflecting the restructuring of our overseas regional management combined with staff savings in the UK. Higher grant expenditure for Special Projects slightly offset reductions to Resourcing Costs which included the write-off of a loan to the US Award in the prior period.

We spent a further £740,000 (2020: £354,000) on Charitable Activities – development projects of which £341,000 was spent on restructuring to reduce the ongoing cost base resultant from our Comprehensive Sustainability Review with the balance spent on delivering our digital and research agendas.

INVESTMENT POLICY AND PERFORMANCE

Our constitution contains general powers for the Trustees to invest funds at their discretion. The Trustees’ policy is to protect and, over the long term, increase the value of the investment portfolio in real terms whilst, at the same time, generating funds that may be used to support the charity’s operations.

During the year, our investment portfolio was held within two total return funds with a long-term objective to achieve an average growth of inflation plus 3%. In the year to 31 March 2021 the charity made gains of £1,057,000 as the financial markets recovered from the rapid downturn at the end of the last financial year (2020: loss of £257,000). The charity receives monthly updates on the funds’ performance which are reviewed by the Finance, Audit and Property Committee. The Committee also reviews the investment managers’ longer-term performance on an annual basis.

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The value of the charity’s investment portfolio on 31 March 2021 was £5,336,000 (2020: £4,376,000), an increase in the year of £960,000 (2020: £4,686,000 decrease). During the year the charity disinvested a net £42,000 from the portfolio (2020: divestment of £4,340,000) to meet its cash flow needs and invest in development projects.

RESERVES AND RESERVES POLICY

On 31 March 2021 total reserves stood at £11,196,000 (2020: £7,037,000) of which £3,706,000 (2020: £3,177,000) were restricted or endowment funds. Unrestricted funds stood at £7,490,000 (2020: £3,860,000). Of these unrestricted funds, £2,977,000 (2020: £3,336,000) are designated to enable the Trustees to support development projects. The remainder of the Foundation’s unrestricted funds comprise general funds deficit of £(124,000) (2020: surplus of £524,000) and the long-term Asset fund of £4,637,000 (2020: £nil).

The charity’s Reserves Policies were set by the Trustees in June 2018 with the view of making the reserves work harder to provide value to the beneficiaries of the Award, whilst setting aside a financial buffer to cover short term financial risk and uncertainty. A key aim was the ability to plan and make strategic and sustainable investments to grow the access, reach and impact of the Award globally. In making this change the Trustees took full account of the requirements and guidance set out in the Charity Commission publication “ Charity Reserves; Building Resilience” (CC19) and on emerging best practice.

The bulk of our Restricted funds comprise the International Special Projects Fund that supports our grant-giving to members of the International Award Association to enable them to grow the access, reach or impact of the Award in their country or region.

The Trustees have defined the future use and intended purpose of our Designated Funds, whilst setting aside an appropriate level of general funds, recognising the financial and operational risks faced by the Foundation. The designated fund forms part of our unrestricted funds as the Trustees can re-designate its use.

We have divided the designated funds into two elements:

On 31 March 2021 the balance of the Unallocated Development Fund was £2.8 million.

To achieve and sustain these ambitions, the Trustees consider that the target range of designated funds should be £2.5 - £7.0 million (excluding the Allocated Development Fund). The current level is £3.0 million.

The Foundation’s General Fund is defined as being primarily intended to provide a shock absorber or cushion against financial risk, uncertainties and opportunity. Based on a financial risk assessment of the Foundation’s income and expenditure, the Trustees consider that the target level of the Foundation’s General Fund should be a risk range of £2.2 - £3.5 million, with a medium risk point of £2.85 million. At the end of the period the charity’s general fund stood at a deficit of £124,000. The fund proved to be very necessary during the last two financial years due to the combined impact of the

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pandemic and challenging fund-raising environment on the Foundation’s finances. The trustees have set out a financial plan to re-build this fund over a five-year plan to the mid-point of the risk range

Financial Sustainability

Reserves and liquid resources

The Foundation started the current year ending 31 March 2022 with reserves of £11.2 million (of which £3.7 million is held in restricted or endowment funds and a further £4.6 million held in the unrestricted long term asset reserve) and strong liquidity with cash and short-term investments of £6.3 million.

In June 2020, the Foundation was gifted the freehold to its office building in London. The freehold building has a value of £4.7 million which is shown in the long-term asset reserve and could be used, if necessary, as security for a loan to provide further liquidity although at this stage we have not started active pursuit of this option.

Financial forecasts

The Foundation has assessed its financial prospects over a three-year planning period. This assessment takes account of the Foundation’s financial performance in the first six-months of the current financial year, the reduction in cost base arising from restructuring initiatives, new fee structure for participants, improvements in the fundraising environment and successful Founders campaign, in the year under review together with the principal risks and uncertainties set out in in the Structure Governance and Management statement on pages 51 to 59. Given current uncertainties we have assessed outcomes from both a base case and alternative downside case.

The key inputs and assumptions for the base case include that our core Fundraising will grow slightly during the year augmented mainly by higher contributions from the corporate sector. This will be significantly augmented by a specific campaign supported by our Founder’s 100[th] anniversary. License fee income will also increase with participation rates recovering post pandemic. Costs have been reduced in the current year reflecting the Foundation’s restructure and will increase only in line with inflation in subsequent years.

For the downside case we have reflected lower levels of philanthropic income from 2022/23 and held it flat thereafter, reflecting lower donor recruitment. Event income has also been curtailed. We have also assumed that operating fee income will be lower (reflecting lower participation rates). Our expenditure forecast has been left unchanged as we consider cost overruns unlikely, and we have not considered potential remedial cost cuts that we might implement following a shortfall in income.

The results from both forecasts and taking into account the Foundation’s strong reserves and liquid resources indicate that the Trustees can have reasonable confidence in the Foundation’s financial sustainability over the next three years.

Going concern

The Trustees are required to confirm that it is appropriate for the Foundation to adopt the going concern principle in preparing its accounts.

Although the Foundation made a substantial surplus of £4.2 million during the year ended 31 March 2021, this surplus was reliant on the receipt of donated property of £4.7 million. Without this generous gift the Foundation would have made a deficit of £0.5 million. The Foundation’s unrestricted funds at 31 March 2021, excluding the long term asset reserve were £2.9 million, comprising a general fund deficit of £0.1 million and a designated fund of £3.0 million.

The Trustees currently expect the results for the current year ending 31 March 2022 to show an overall surplus, but with unrestricted including the general fund at breakeven for the year.

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The general fund forms a buffer for short term shortfalls in income against the regular expenses of the Foundation. Its target range is between £2.2 and £3.5 million. The Trustees have set out a plan to re-build this fund over a five-year horizon.

Forecasts for the year ahead and beyond rely on the flow of funds from donations and fee income. Should this income not materialize, the Foundation will need to secure additional funding which is not guaranteed. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the Foundation to continue as a going concern and as a consequence that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Despite this uncertainty, based on the current financial position and projections the Trustees continue to prepare the financial statements on a going concern basis.

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Trustees’ commitment

The Trustees confirm that these financial statements have been produced in accordance with relevant legislation. Each Trustee confirms that:

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Further detail on Trustees’ Commitments and the structure, governance and management of the Charity is provided on pages 52 to 59, which forms part of the Trustees’ Report (including the Strategic Report). The Trustees have re-appointed BDO LLP to act as auditors for year ended 31 March 2022.

Thank you

Thank you to all our supporters and staff.

We are sincerely grateful to all our donors for their tremendous support for our work and continued confidence in our efforts.

We are grateful to all those individuals and organisations who have provided pro bono assistance over the past year. The Trustees would also like to thank all staff for their continuing hard work, loyalty and support.

This report (including the Strategic Report) was approved by the Board of Trustees on 27[th] January 2022 and signed on their behalf by:

Andrew Smith Trustee 28th January 2022

Registered office: Award House, 7-11 St Matthew Street, London SW1P 2JT Company Number: 3666389

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Independent Auditor’s Report to Members of THE DUKE OF EDINBURGH’S INTERNATIONAL AWARD FOUNDATION

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Duke of Edinburgh’s International Award Foundation (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2021 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheet, the consolidated cash flow statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and Parent Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Material uncertainty related to going concern

We draw attention to note 1c to the financial statements which highlights the uncertainty in forecasting the flow of funds from donations and fee income. Should this income not materialise, the Foundation will need to secure additional funding which is not guaranteed. As stated in note 1c these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Charitable Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The other information comprises The Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustee’s report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

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Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Audit Response to risks identified

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. 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 the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jill Halford (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK

31 January 2022

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Consolidated statement of financial activities for the year ended 31 March 2021

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds Funds Funds Funds Funds Funds
2021 2021 2021 2021 2020 2020 2020 2020
Note £000 £000 £000 £000 £000 £000 £000 £000
Income and endowments from:
Donations and legacies 3 5,986 442 - 6,428 1,620 304 - 1,924
Charitable activities 4 1,341 39 - 1,380 836 19 - 855
Other trading activities 5 74 - - 74 132 - - 132
Investments 6 1 6 - 7 3 1 - 4
Total Income and endowments 7,402 487 - 7,889 2,591 324 - 2,915
Expenditure on:
Raising funds 7 (717) (10) (33) (760) (1,066) (26) (72) (1,164)
Charitable activities – development projects 7 (699) (41) - (740) (320) (34) - (354)
Charitable activities – core activities 7 (2,719) (499) - (3,218) (4,348) (411) - (4,759)
Total expenditure 7 (4,135) (550) (33) (4,718) (5,734) (471) (72) (6,277)
Net operating (expenditure)/income 3,267 (63) (33) 3,171 (3,143) (147) (72) (3,362)
Net gains/(losses) on investments 10 363 - 694 1,057 338 - (595) (257)
Net (expenditure)/income 3,630 (63) 661 4,228 (2,805) (147) (667) (3,619)
(Losses)/ Gains on revaluation of 9 - (69) - (69) - (8) - (8)
investment properties
Net movement in funds 3,630 (132) 661 4,159 (2,805) (155) (667) (3,627)
Reconciliation of funds
Total funds brought forward 3,860 624 2,553 7,037 6,665 779 3,220 10,664
Total funds carried forward at 31 March 14 7,490 492 3,214 11,196 3,860 624 2,553 7,037

All the above results are derived from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities; therefore, a separate statement of recognised gains and losses has not been prepared. The £1,057,000 gain (2020: £257,000 loss) on investments comprises £136,000 realised losses and £1,193,000 unrealised gains (2020: realised gains of £863,000 and unrealised losses of £1,120,000). The results for the Charity are disclosed in Note 1 and on the balance sheet.

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Consolidated and Charity balance sheets at 31 March 2021

Company number 3666389

Note
Fixed Assets
Tangible assets
8
Investment Properties
9
Investment Portfolio
10
Total fixed assets
Current Assets
Debtors
11
Cash at bank and in hand
Total current assets
Liabilities
Creditors: amounts falling due within one year
12
Net Current Assets
Total Net Assets
The Funds of the Charity
Restricted Income Funds
14
Endowment Funds
14
Unrestricted Income Funds:
- General Funds
14
- Designated Funds
14
- Long term asset reserve
14
Total Unrestricted Income Funds
Total Charity Funds		 Group
Charity
Group
Charity
2021
£000
2021
£000
2020
£000
2020
£000
2,229
2,227
93
90
2,734
2,734
317
317
5,336
5,336
4,376
4,376
10,299
10,297
4,786
4,783
730
863
430
517
951
401
2,534
2,489
1,681
1,264
2,964
3,006
(784)
(680)
(713)
(550)
897
584
2,251
2,456
11,196
10,881
7,037
7,239
492
492
624
624
3,214
3,214
2,553
2,553
(124)
(329)
524
726
2,977
2,867
3,336
3,336
4,637
4,637
-
-
7,490
7,175
3,860
4,062
11,196
10,881
7,037
7,239

The Foundation has elected to take exemption under section 408 of the Companies Act 2006 not to present the charitable company statement of financial activities. The Foundation made a surplus during the year of £3,642,000 (2020: deficit of £2,970,000). General Funds for the Group include funds retained by subsidiary entities of £205,000 (2020: deficit of £202,000).

The financial statements set out on pages 22 to 51 were approved by the Trustees on and signed on their behalf by:

31-Jan-22

Andrew Smith, Trustee

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DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

Consolidated cash flow statement for the year ended 31 March 2021

Cash flows from Operating Activities
Net cash used in operating activities
Cash flows from Investing Activities:
Dividends, interest, and rents from investments
Purchase of property, plant, and equipment
Purchase of investments
Proceeds from sale of investments
Sale of social investments
Purchase of social investments
Net cash generated from Investing Activities
Change in cash and cash equivalents in the reporting year
Cash and cash equivalents at the beginning of the reporting year
Cash and cash equivalents at the end of the year
Net income/(expenditure) for the reporting year (as per the SOFA)
Adjustments for:
Depreciation charges
(Gains)/Losses on investments
Investment managers fees
Dividends, interest and rents from investments
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Impairment of social investments
Donation of land and buildings
Donation of investment property
Net cash used in operating activities
Analysis of changes in net cash/(debt)
Net cash at 31 March 2020
Net cash (outflow)/inflow
Net Cash at 31 March 2021		 Total
2021
£000
Total
2020
£000
(1,604)
(2,306)
7
4
(28)
(20)
(500)
(1,000)
542
5,340
-
7
-
(301)
21
4,030
(1,583)
1,724
2,534
810
951
2,534
4,228
(3,619)
54
31
(1,057)
257
55
89
(7)
(4)
(300)
567
71
(147)
-
520
(2,162)
-
(2,486)
-
(1,604)
(2,306)
2,534
810
(1,583)
1,724
951
2,534

The above cash and cash equivalents at the end of the year of £951,000 (2020: £2,534,000) includes £22,000 (2020: £8,000) due to National Award Operators, £429,000 (2020: £13,000) for The Duke of Edinburgh’s International Award Foundation (Canada) and £121,000 (2020: £33,000) for The Beijing Intaward International Culture Development Company Limited.

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Notes to the financial statements for the year ended 31 March 2021

1: BASIS OF PREPARATION AND CONSOLIDATION

(A) BASIS OF PREPARATION

The accounts have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (the SORP).

The Duke of Edinburgh’s International Award Foundation meets the definition of a public benefit entity under FRS 102.

The accounts have been prepared under the historical cost convention as modified by revaluation of investments and investment properties, and land and buildings.

(b) CONSOLIDATION

The consolidated financial statements include the results of the Duke of Edinburgh’s International Award Foundation and its subsidiaries. A subsidiary is an entity controlled by the Foundation. Control exists where the Foundation has the right to govern the operating and financial policies of that entity. These financial statements do not include the financial statements of National Award Operators or Independent Award Centres as these are independent of the charity.

The Foundations subsidiaries are:

Registered Name Country of
incorporation		 Principle activity Share class Year end
Intaward Limited UK HoldingCompany Ordinary100% 31 March
Beijing Intaward International
Culture Development
CompanyLimited		 China Carrying out the charitable activities of
the DoE International Award in China.		 Ordinary 100% (owned
by Intaward Limited)		 31 December
The Duke of Edinburgh’s
International Award
Foundation(Canada)		 Canada Carrying out the charitable activities of
the DoE International Award		 - 31 March

No separate cash flow statement has been prepared for the Duke of Edinburgh’s International Award Foundation as permitted by the exemption in paragraph 1.12 of FRS 102.

(C) GOING CONCERN

The Trustees are required to confirm that it is appropriate for the Foundation to adopt the going concern principle in preparing its accounts.

Although the Foundation made a substantial surplus of £4.2 million during the year ended 31 March 2021, this surplus was reliant on the receipt of donated property of £4.7 million. Without this generous gift the Foundation would have made a deficit of £0.5 million. The Foundation’s unrestricted funds at 31 March 2021, excluding the long term asset reserve were £2.9 million, comprising a general fund deficit of £0.1 million and a designated fund of £3.0 million.

The Trustees currently expect the results for the current year ending 31 March 2022 to show an overall surplus, but with unrestricted including the general fund at breakeven for the year. The Foundation further has assessed its financial

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prospects over a three-year planning period. Given current uncertainties outcomes have been assessed from both a base case and alternative downside case.

The general fund forms a buffer for short term shortfalls in income against the regular expenses of the Foundation. Its target range is between £2.2 and £3.5 million. The Trustees have set out a plan to re-build this fund over a five-year horizon.

Forecasts for the year ahead and beyond rely on the flow of funds from donations and fee income. Should this income not materialise, the Foundation will need to secure additional funding which is not guaranteed. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the Foundation to continue as a going concern and as a consequence it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Despite this uncertainty, based on the current financial position and projections the Trustees continue to prepare the financial statements on a going concern basis.

(D) FOREIGN EXCHANGE

Functional and presentation currency – The consolidated financial statements are presented in sterling, which is the Duke of Edinburgh’s International Award Foundation’s functional and presentation currency. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency).

Transactions and balances – Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Financial Activities.

Group subsidiaries – The results and financial position of Group subsidiaries whose functional currency is different from the presentation currency are translated into the presentation currency as follows:

(E) KEY ACCOUNTING ESTIMATES AND JUDGEMENTS

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include:

(i) Donations for expenditure by specific NAOs are treated as restricted income, where their onward payment to NAOs is required to be phased over future periods. Where the donation is received for immediate onward payment, it is not recognised as income.

(ii) Estimates over the valuation of donations in kind of goods or services. The basis for the valuation of donations in kind is detailed in note 2(b) below.

(iii) Land and Buildings and Freehold Investment property - are carried at their revalued amounts at the balance sheet date. These values are determined by the Trustees as the estimated fair value of the properties using available market information, including the recent realised sale value of other properties of a similar size, condition, and location. Where the related asset is significant to the Foundation this value is determined for the Trustees by an external valuer.

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2: ACCOUNTING POLICIES

(A) FUND ACCOUNTING

Funds held by the charity are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Unrestricted designated funds – these are funds set aside at the discretion of the Trustees for specific purposes.

Unrestricted long term asset funds – these are funds set aside which match the values of long-term assets (mainly property).

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Details are set out in Note 14.

Endowment funds - These are restricted funds set aside to produce income which is used by the Foundation to make Grant awards to National Operators.

(B) INCOME AND ENDOWMENTS

Income is recognised when the Foundation is entitled to the income, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations and legacies include World Fellowship donations, gifts, grants receivable and donations of facilities and services in kind. The specific bases used for recognition of such income are as follows:

Income from charitable activities and other trading income is accounted for when it can be reliably measured, there is entitlement and receipt is probable. Income from charitable activities includes licence fee income, Online Record Book income, participant fee income, delegate fees and income from training events. Other trading income includes commercial fee income, fundraising event and auction income. The income from training and fundraising events is shown gross of any associated expenditure. Income received in advance of an event or before the point at which entitlement passes, is deferred until entitlement to that income has arisen, at which time it is credited to the SOFA.

(C) EXPENDITURE

Expenditure is recognised when it is incurred and is reported gross of related income on the following bases:

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2: ACCOUNTING POLICIES (CONTINUED)

(D) TANGIBLE AND INTANGIBLE ASSETS AND DEPRECIATION

All tangible fixed assets costing more than £1,000 are capitalised initially at cost or where gifted to the Foundation at valuation at the time of acquisition. Tangible fixed assets costing under £1,000 are expensed in the year the expense is incurred.

Freehold Land and Buildings

Following the acquisition of Award House which is accounted for as a mixed-use property as part investment and part tangible asset. The Foundation has elected to re-value its Freehold Land and Buildings and carry them at fair value at the valuation date less any subsequent accumulated depreciation and accumulated impairment losses so that the valuation basis is consist for all parts of that property. Land and buildings are valued by an external valuer at least every three years.

Computer hardware and infrastructure

Computer software, including development of our digital tools is expensed and is not recognised as an intangible asset.

Depreciation of fixed assets is charged on a straight-line basis, commencing in the month of purchase, on cost or valuation as follows:

(E) INVESTMENT PROPERTIES

Investment properties are those which are not held for social benefit and where a reliable fair value is available. Investment properties are initially recognised at cost which includes purchase cost and any attributable expenditure. Investment properties are valued and subsequently measured at fair value with any surplus/ (deficit) recognised in the SOFA. In accordance with FRS 102, no depreciation is provided in respect of the investment property.

(F) INVESTMENT PORTFOLIO

Listed investments are held at bid value at the balance sheet date and the SOFA includes the realised and unrealised investment gains/losses for the year. Realised gains and losses on investments, calculated as the difference between the sales proceeds and their fair value at the start of the year, or subsequent cost, are credited or charged to the SOFA in the year of gain or loss. Unrealised gains and losses representing the movement in fair values during the year are credited or charged to the SOFA in the year of the gain or loss.

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2: ACCOUNTING POLICIES (CONTINUED)

(G) SOCIAL INVESTMENTS

Social investments are carried at cost less any provision for impairment. Such investments are not able to be carried at fair value as there is no open market for such investments. All social investments are subject to review, and any impairment is charged to the Statement of Financial Activities. All social investments were written off in the prior year.

(H) PENSION COSTS

The Foundation contributes to The Duke of Edinburgh International Award Foundation Group Personal Pension Plan. This is a defined contribution pension scheme operated by Scottish Widows. The contributions are recognised as they fall due. Current service costs are included within the SOFA within charitable activities – core activities (unrestricted funds).

(I) OPERATING LEASES

Rental paid under operating leases is charged to the SOFA on a straight-line basis.

3: INCOME FROM DONATIONS

(A) DONATIONS AND LEGACIES

Donations - Individuals and Companies
Donations – Trusts and Foundations
Donations in kind (note 3b)		 Unrestricted
2021
Restricted
2021
Total
2021
Unrestricted
2020
Restricted
2020
Total
2020
£000
£000
£000
£000
£000
£000
1,183
322
1,505
1,303
137
1,440
61
120
181
103
167
270
4,742
-
4,742
214
-
214
5,986
442
6,428
1,620
304
1,924

Donations – Individuals and Companies unrestricted funds includes £361,757 and £54,562 in relation to The Duke of Edinburgh’s International Award Foundation (Canada) and Beijing Intaward International Culture Development Company Limited respectively (2020: £343,000 and £6,000). Donations – Individuals and Companies restricted funds includes £32,993 in relation to The Duke of Edinburgh’s International Award Foundation (Canada) (2020: £nil). Donations – Trusts and Foundations includes £2,493 and £nil in relation to The Duke of Edinburgh’s International Award Foundation (Canada) and Beijing Intaward International Culture Development Company Limited respectively (2020: £6,000 and £1,000).

During the year, £233,425 (2020 - £293,249) was received on behalf of National Award Operators, this is excluded from the above donation income this is passed straight through to the related entity when received.

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3: INCOME FROM DONATIONS (CONTINUED)

(B) DONATIONS IN KIND

Donations in kind received during the year are estimated to be valued as follows:

Gift of property
Office accommodation
Legal, advisory services and professional fees
Travel, accommodation, other
Events		 2021
£000
2020
£000
4,660
-
35
145
3
65
-
3
44
1
4,742
214

All income from Donations in Kind in 2021 and 2020 were unrestricted.

4: INCOME FROM CHARITABLE ACTIVITIES

Operator licence
Online Record Book – National Award
Operators
Online Record Book – Independent
Award Centres
Training income
Performance related grant/other
income
Government Grant – Furlough Scheme
Other Grant Income		 Unrestricted
2021
Restricted
2021
Total
2021
Unrestricted
2020
Restricted
2020
Total
2020
£000
£000
£000
£000
£000
£000
471
-
471
359
-
359
156
-
156
137
-
137
441
-
441
225
2
227
90
5
95
93
17
110
-
34
34
22
-
22
142
-
142
-
-
-
41
-
41
-
-
-
1,341
39
1,380
836
19
855

Operator licence includes £161,875 (2020: £56,000), Online Record Book – Independent Award Centres includes £41,521 (2020: £30,000) and Training & other includes £31,774 (2020: £21,000) in relation to Beijing Intaward International Culture Development Company Limited. These are unrestricted funds.

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5: INCOME FROM OTHER TRADING ACTIVITIES

Fundraising Events
Fundraising Auctions
Jewellery Sales
Commercial Fee Income		 2021
£000
2020
£000
-
125
47
-
-
2
27
5
74
132

All Income from other trading activities in 2021 and 2020 was unrestricted.

6: INVESTMENT INCOME

Investment income arises from:
Interest on other cash balances
Investment property		 Unrestricted
2021
Restricted
2021
Total
2021
Unrestricted
2020
Restricted
2020
Total
2020
£000
£000
£000
£000
£000
£000
1
-
1
3
-
3
-
6
6
-
1
1
1
6
7
3
1
4

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7: EXPENDITURE

(A) EXPENDITURE ON CHARITABLE ACTIVITIES

Restructuring costs comprise staff severance costs of £323,000, and legal fees and office closure costs of £18,000.

----- Start of picture text -----
Directly charged Support Costs Total
2021 2021 2021
£000 £000 £000
Raising Funds 484 276 760
COSTS OF CHARITABLE ACTIVITIES
Development projects
Alumni 73 - 73
Information Management and Digital Development 237 - 237
Social Value 67 - 67
Supporting Adults in the Award 22 - 22
Restructuring 341 - 341
740 - 740
Core activities
Operating 1,292 604 1,896
Communicating 312 160 472
Resourcing 697 153 850
2,301 917 3,218
Total resources expended 3,525 1,193 4,718
Directly charged Support Costs Total
2020 2020 2020
£000 £000 £000
Raising Funds 754 410 1,164
COSTS OF CHARITABLE ACTIVITIES
Development projects
Alumni 43 - 43
Information Management and Digital Development 44 - 44
Social Value 73 - 73
Supporting Adults in the Award 194 - 194
354 - 354
Core activities
Operating 2,002 918 2,920
Communicating 404 180 584
Resourcing 1,008 247 1,255
3,414 1,345 4,759
Total resources expended 4,522 1,755 6,277
----- End of picture text -----

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7: EXPENDITURE (CONTINUED)

(B) SUPPORT COSTS

Communications
Finance and Legal
General Management
Governance
Human Resources
Information Technology Costs
Office Costs
Property Costs
Total
Communications
Finance and Legal
General Management
Governance
Human Resources
Information Technology Costs
Office Costs
Property Costs
Travel Costs
Total		 Raising Funds
2021
£000
Operating
2021
£000
Communicating
2021
£000
Resourcing
2021
£000
Total
2021
£000
2
7
2
1
12
134
191
43
42
410
20
58
17
11
106
18
52
15
10
95
11
36
9
10
66
48
137
39
55
279
8
23
7
5
43
35
100
28
19
182
276
604
160
153
1,193
Raising Funds
2020
£000
Operating
2020
£000
Communicating
2020
£000
Resourcing
2020
£000
Total
2020
£000
6
18
4
3
31
146
111
19
42
318
22
68
14
12
116
11
33
6
6
56
15
50
9
11
85
112
342
69
122
645
26
78
16
13
133
59
178
35
31
303
13
40
8
7
68
410
918
180
247
1,755

33

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

7: EXPENDITURE (CONTINUED)

Charitable activities – development projects, Supporting Adults in the Award is the cost of designing, piloting and evaluating a range of training projects and supporting digital platform; Alumni is the cost of designing and launching of the Global Alumni Network and its digital platform; Information Management and Digital development is the cost of development of the Online Record Book and digital platforms; Social Value is the cost of the research work measuring the social value of the Award. These activities have all been funded by funds that the Trustees designated as set out in note 14.

Staff costs included in the various channels of expenditure comprise those charged directly to raising funds and charitable activities and some allocated centrally on the basis of staff time. Overhead costs not directly charged to a channel are allocated using the same staff time proportions.

Restricted expenditure of £5,000 (2020: £17,000) has been directly charged to development projects – Supporting Adults in the Award. Restricted expenditure of £17,000 (2020: £17,000) has been directly charged to development projects – Social Value. Restricted expenditure of £19,000 (2020: £nil) has been directly charged to development projects – Information Management and Digital Development.

Restricted expenditure of £389,000 (2020: £354,000) has been directly charged to Charitable activities – core activities resourcing. Restricted expenditure of £34,000 (2020: £57,000) has been directly charged to Charitable activities – core activities operating. Restricted expenditure of £79,000 (2020: £nil) has been directly charged to Charitable activities – core activities communicating. Restricted expenditure of £7,000 (2020: £26,000) and restricted endowment expenditure of £33,000 (2020: £72,000) have been directly charged to Raising Funds. All other expenditure is unrestricted.

(C) NET INCOME BEFORE INVESTMENT GAINS IS STATED AFTER CHARGING/CREDITING:

2021 2020
£000 £000
Auditors’ remuneration:
Fees payable to the Foundation’s auditor for the audit of the Trustee’s report 62 45
Fees payable to the Foundation’s auditor for the audit of subsidiaries 4 3
Fees payable to the Foundation’s auditor for other services:
Tax services 3 8
Depreciation 54 31
Operating leases 19 75
Foreign exchange losses/(gains) 5 (79)

34

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

7: EXPENDITURE (CONTINUED)

(D) STAFF COSTS

Wages and salaries
Social security costs
Pension costs
Other staff costs		 2021
£000
2020
£000
2,296
2,465
241
254
134
181
306
248
2,977
3,148

The above table includes staff severance costs incurred in 2020 resulting from the restructuring of £323,000.

(E) STAFF NUMBERS

Generating funds
Charitable activities
Average monthly full-time equivalent number of staff in the year		 2021
Number
2020
Number
8
10
38
46
46
56

(F) STAFF WHOSE EMOLUMENTS (EXCLUDING PENSION CONTRIBUTIONS) WERE IN EXCESS OF £60,000

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£130,001 - £140,000
ension contributions in respect of the above members of staff		 2021
Number
2020
Number
5
7
1
2
3
0
1
0
1
1
11
10
2021
£000
2020
£000
62
62

Pension contributions in respect of the above members of staff

During the year the senior leadership team consisted of the Secretary General, the Finance Director and the Deputy Secretary General, (2020: the senior leadership team consisted of the Secretary General, the Finance Director (appointed July 2019) and the Deputy Secretary General (appointed January 2020)). Their combined emoluments for the year were

35

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

7: EXPENDITURE (CONTINUED)

£337,000 (2020: £220,000). The senior leadership team have the same health insurance terms and bonus scheme terms as all other UK staff. The pension rights for the Finance Director and Deputy Secretary General are the same as all other UK staff whereas the Secretary General has enhanced pension rights where the Foundation has committed to higher levels of pension contributions.

(G) EX-GRATIA PAYMENTS

Compensation of £323,000 (2020: £24,000) was paid to nine (2020: two) employees for loss of office during the year. The payment comprised of between one and two month’s salary as compensation and payment in lieu of notice period.

36

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

7: EXPENDITURE (CONTINUED)

(H) GRANTS EXPENDITURE

Grants expenditure of £340,000 (2020: £237,000) has been charged to restricted charitable activities – operating activities resourcing. The Foundation made 21 (2020: 20) grants, with a maximum value of £51,000 (2020: £26,000).

The following Grants were made in the year:

Bahamas – Building Experiences Together
Barbados – Around the Corner
Bulgaria – The Award in BG V2
Bulgaria – The Award in Business
Cameroon – Alternative pathways
Canada – Francophone Expansion
Czech Republic – The Award in universities
Czech Republic – Exciting programmes for all
Czech Republic – Regions in Motion
Finland – The Award and rural youth
Fiji – Providing Young Generations Movement In Every Situation
Germany – The Award at high-risk schools
Ghana – Gaining grounds
Israel – Youth Award Year of Volunteer
Jordan – Project of Hope
Kenya – Compass Project
Malta – Extending the Award in North Malta and Gozo
Mauritius – ORB to all
Nepal – Engaging Scouts in the Award
Nepal – Providing access and empowering youth living in homes
Nepal – World fellowship funds – Development of the Award
Netherlands – Growing the Award in the Netherlands
Nigeria – Northern Nigeria Public Schools
Nigeria – World Fellowship funds – Development of the Award
Romania – Extending in Romania
Slovakia – Leaders of tomorrow
Slovenia – Unlocking barriers to the growth of the Award
South Africa – Youth award leaders
UK – The London SEND project
Zambia – Leaving no one behind
Total		 2021
Grants to
Institutions
£’000
2020
Grants to
Institutions
£’000
10
-
2
-
23
23
10
-
10
10
40
20
-
5
-
5
14
16
-
10
-
4
25
25
15
15
15
15
24
-
9
3
4
-
3
3
-
6
-
4
11
-
51
-
-
11
5
-
29
26
12
12
18
-
-
16
-
8
10
-
340
237

37

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

8: TANGIBLE ASSETS

(A) GROUP

8: TANGIBLE ASSETS
(A)
GROUP
Cost at 1 April 2020
Additions
Cost at 31 March 2021
Accumulated depreciation at 1 April
2020
Depreciation charge
Accumulated depreciation at 31
March 2021
Net book value at 31 March 2021
Net book value at 31 March 2020
(B)
CHARITY
Cost at 1 April 2020
Additions
Disposals
Cost at 31 March 2021
Accumulated depreciation at 1 April
2020
Depreciation charge
Disposals
Accumulated depreciation at 31
March 2021
Net book value at 31 March 2021
Net book value at 31 March 2020		 Fixtures,
fittings &
furniture
£000
Computer
systems,
software &
infrastructure
£000
Motor
vehicles
£000
Freehold
Land and
Buildings
£000
Total
£000
278
49
56
-
383
17
11
-
2,162
2,190
295
60
56
2,162
2,573
(205)
(29)
(56)
-
(290)
(23)
(9)
-
(22)
(54)
(228)
(38)
(56)
(22)
(344)
67
22
-
2,140
2,229
73
20
-
-
93
Fixtures,
fittings &
furniture
£000
Computer
systems,
software &
infrastructure
£000
Motor
vehicles
£000
Freehold
Land and
Buildings
£000
Total
£000
278
45
56
-
379
17
11
-
2,162
2,190
-
-
-
-
-
295
56
56
2,162
2,569
(205)
(28)
(56)
-
(289)
(23)
(8)
-
(22)
(53)
-
-
-
-
-
(228)
(36)
(56)
(22)
(342)
67
20
-
2,140
2,227
73
17
-
-
90

38

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

9: INVESTMENT PROPERTY

Fair value at 1 April
Acquired during year
Fair value adjustment
Fair value at 31 March		 Group &
Charity
2021
£000
Group &
Charity
2020
£000
317
325
2,486
-
(69)
(8)
2,734
317

During the year the Foundation was gifted the freehold interest in its UK Offices. These offices are partially occupied by the Foundation and partly held for lease to third parties. The fair value of part held for lease is included above under acquired during the year. The Foundation also holds a donated investment property in Portugal. Small amounts of rent and related expenditure are generated by it each year.

10: INVESTMENTS

(A) INVESTMENT PORTFOLIO

Investment portfolio at 1 April
Additions at cost
Drawdowns from Portfolio
Net investment gains/(losses)
Investment Manager Fees
Cash held with Investment Managers
Market value of holdings at 31 March		 Group &
Charity
2021
£000
Group &
Charity
2020
£000
4,376
9,062
500
-
(542)
(5,340)
1,057
(257)
(55)
(89)
-
1,000
5,336
4,376
Barings Dynamic Asset Allocation Fund
Ruffer Absolute Return Fund
Investment portfolio at 31 March		 Group &
Charity
2021
£000
Group &
Charity
2020
£000
650
970
4,686
3,406
5,336
4,376

39

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

10: INVESTMENTS (CONTINUED)

The drawdowns from the portfolio reflect the management of short-term cash outflows. The original cost of these investments was £3,771,000 (2020: £3,690,000).

During the year the Foundation had investment gains of £1,057,000 (2020: losses of £257,000). These have been allocated to the development and restricted endowment fund in accordance with the investment balances held in those funds calculated on a monthly basis. During the year the Foundation drew down investments to fund its working capital consumption, impacting the Development Fund. Realised losses arising in the year of £136,000 relate wholly to this fund.

(B) SOCIAL INVESTMENTS

The Duke of Edinburgh’s International Award USA
Cost less impairment at 1 April
Movement:
Additions at cost
Deductions at cost
Grant funding
Impairment/write off
Cost less impairment at 31 March		 Group &
Charity
2021
£000
Group
&
Charity
2020
£000
-
226
-
301
-
(7)
-
-
-
(520)
-
-

(C) SUBSIDIARY UNDERTAKINGS

Registered Name Country of
incorporation		 Principle activity Share class Year end
Intaward Limited UK HoldingCompany Ordinary100% 31 March
Beijing Intaward International
Culture Development Company
Limited		 China Carrying out the charitable activities
of the DoE International Award in
China.		 Ordinary 100%
(owned by
Intaward
Limited)		 31 December
The Duke of Edinburgh’s
International Award
Foundation(Canada)		 Canada Carrying out the charitable activities
of the DoE International Award		 - 31 March

The Duke of Edinburgh’s International Award Foundation (Canada) is consolidated in these accounts as the Foundation is able to exercise significant influence and control over it, with at least 50% of the directors also being Trustees of the Foundation.

40

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

10: INVESTMENTS (CONTINUED)

(D) FINANCIAL RESULTS OF SUBSIDIARIES

Investment in:
Cost at 1 April 2020
Additions
Impairment
Cost at 31 March 2021
At 31 March 2021
Assets
Liabilities
Reserves
2020-21
Income
Expenditure
Net (deficit)
At 31 March 2020
Assets
Liabilities
Reserves
2019-20
Income
Expenditure
Net (deficit)		 Intaward
Limited
Beijing Intaward
International Culture
Development Company
Limited
The Duke of Edinburgh’s
International Award
Foundation (Canada)
£
£
£
2
52,500
-
-
57,500
-
-
(110,000)
-
2
-
-
Intaward
Limited
Beijing Intaward
International Culture
Development Company
Limited
The Duke of Edinburgh’s
International Award
Foundation (Canada)
£000s
£000s
£000s
-
141
430
(123)
(303)
(50)
(123)
(162)
380
-
273
424
(118)
(248)
(35)
(118)
25
389
53
92
13
(58)
(279)
(22)
(5)
(187)
(9)
-
108
352
(5)
(295)
(817)
(5)
(188)
(465)

The Trustees have assessed the current performance of the Foundation’s trading subsidiary Beijing Intaward International Culture Development Company Limited, and in light of new policies and regulations published by The People’s Republic of China in relation to the field of education and foreign ownership of companies operating in China, have decided to impair the value of their investment.

41

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

11: DEBTORS

Trade debtors
Other debtors
Accrued income
Prepayments
Amounts due from Subsidiary		 Group
2021
£000
Charity
2021
£000
Group
2020
£000
Charity
2020
£000
201
187
172
123
25
25
32
28
291
291
131
131
213
209
95
91
-
151
-
144
730
863
430
517

12: CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals		 Group
2021
£000
Charity
2021
£000
Group
2020
£000
Charity
2020
£000
131
131
116
116
411
320
276
153
242
229
321
281
784
680
713
550

13: TAXATION

The tax charge for ordinary activities is £nil (2020: £nil). The charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in the furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

42

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS

(A) MOVEMENT

Year ended 31 March 2021
Balance at 31 March 2020
Income
Expenditure
Unrealised gains/(losses) on
investments
Realised gains/(losses) on
investments
Revaluation of Investment
Property
Balance at 31 March 2021		 General
Funds
Development
Funds
Long term
asset fund
Total
Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
£000
£000
£000
£000
£000
£000
£000
524
3,336
-
3,860
624
2,553
7,037
2,742
-
4,660
7,402
487
-
7,889
(3,390)
(722)
(23)
(4,135)
(550)
(33)
(4,718)
-
499
-
499
-
694
1,193
-
(136)
-
(136)
-
-
(136)
-
-
-
-
(69)
-
(69)
(124)
2,977
4,637
7,490
492
3,214
11,196
Year ended 31 March 2020
Balance at 1 April 2019, as previously reported
Restatement of reserves
Restated balance as 1 April 2019
Income
Expenditure
Unrealised gains/(losses) on investments
Realised gains on investments
Revaluation of Investment Property
Transfer between funds
Balance at 31 March 2020		 General
Funds
Development
Funds
Total
Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
£000
£000
£000
£000
£000
£000
2,563
7,664
10,227
437
-
10,664
(565)
(2,997)
(3,562)
342
3,220
-
1,998
4,667
6,665
779
3,220
10,664
2,591
-
2,591
324
-
2,915
(4,866)
(868)
(5,734)
(471)
(72)
(6,277)
10
(535)
(525)
-
(595)
(1,120)
341
522
863
-
-
863
-
-
-
(8)
-
(8)
450
(450)
-
-
-
-
524
3,336
3,860
624
2,553
7,037

General Funds for the Group include funds retained by subsidiary entities of £205,000 (2020: deficit of £202,000). Development and Endowment Funds include unrealised investment gains of £781,000 and £1,184,000 respectively (2020: £286,000 and £400,000 respectively).

43

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS (CONTINUED)

(B) NET ASSETS

Year ended 31 March 2021
Tangible assets
Investment Property
Investment portfolio
Net current assets
Net assets at 31 March 2021		 General
Funds
Development
Funds
Long term
asset fund
Total
Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
£000
£000
£000
£000
£000
£000
£000
78
-
2,151
2,229
-
-
2,229
-
-
2,486
2,486
248
-
2,734
-
2,122
-
2,122
-
3,214
5,336
(202)
855
-
653
244
-
897
(124)
2,977
4,637
7,490
492
3,214
11,196
Year ended 31 March 2020
Tangible assets
Investment Property
Investment portfolio
Social Investments
Net current assets
Net assets at 31 March 2020		 General
Funds
Development
Funds
Total
Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
£000
£000
£000
£000
£000
£000
93
-
93
-
-
93
-
-
-
317
-
317
-
1,823
1,823
-
2,553
4,376
-
-
-
-
-
-
431
1,513
1,944
307
-
2,251
524
3,336
3,860
624
2,553
7,037

44

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS (CONTINUED)

(C) DESIGNATED FUNDS

Designated funds are funds set aside by the Trustees to provide support for National Award Operators, Independent Award Centres and specific Foundation development projects. At 31 March 2021 these amounted to £2,977,000 (2020: £3,336,000). The principal designated funds are:

NAME OF FUND PURPOSE EXPECTED TIMING OF EXPENDITURE Support Funds A number of small funds to support National Award Fully expended during Operators development and global Award projects 2020/21 Global Campaign To fund a global awareness of the Award campaign, Fully expended during working in partnership with Award Operators worldwide 2020/21 Supporting Adults A programme to develop and improve our support for To be expended in 2021/22 in the Award Award Operators, volunteers and staff Digital Online Record Book developments to provide long-term Fully expended during Development improvements with the objective that the Association 2020/21 achieves 80% adoption of this digital platform. Alumni Launch of a Global Alumni Network and its digital Fully expended during platform - promoting and protecting the Award brand. 2020/21 Social Value Roll-out of social value research to NAOs, measuring the To be expended from social value of the Award and capacity building within the 2021/22 Association for on-going social value analysis. Development Fund Funds to deliver initiatives approved by Trustees to Medium to long term improve the support and services that it provides to future development members of the International Award Association projects

Movements on designated funds in the year were:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |1 April|Transfer|Investment|31 March| |Year ended 31 March 2021|2020|Income|Expenditure|of funds|Gains|2021| |£000|£000|£000|£000|£000|£000| |Support Funds|14|-|-|(14)|-|-| |Global Campaign|26|-|-|(26)|-|-| |Supporting Adults in| |the Award|28|-|(17)|-|-|11| |Digital Development|42|-|(218)|176|-|-| |Alumni|189|-|(73)|-|-|116| |Social Value|88|-|(50)|-|-|38| |Restructure|-|-|(341)|341|-|-| |Development Fund|2,949|-|(23)|(477)|363|2,812| |Total|3,336|-|(722)|-|363|2,977|

----- End of picture text -----

45

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS (CONTINUED)

1 April
2019 as Prior 1 April 31
Year ended 31 March 2020 previously period 2019 as Transfer Investment March
stated adjustment restated Expenditure of funds losses 2020
£000 £000 £000 £000 £000 £000 £000
Special Projects 2,370 (2,370) - - - - -
Support Funds 14 - 14 - - - 14
Benelux Funds 102 (102) - - - - -
Global Campaign 48 - 48 (22) - - 26
Supporting Adults in
the Award 204 - 204 (176) - - 28
Digital Development 73 - 73 (41) 10 - 42
Alumni 232 - 232 (43) - - 189
Social Value 142 - 142 (54) - - 88
Development Fund 4,479 (525) 3,954 (532) (460) (13) 2,949
Total 7,664 (2,997) 4,667 (868) (450) (13) 3,336

(D) RESTRICTED FUNDS

Amounts received from donors that have restrictions placed on them are held as restricted funds. Funds are primarily restricted by geographical area or a particular purpose. The Foundation held 19 restricted funds at the end of the year (2020: 14 funds). The principal restricted funds are:

Region/Country Specific Funds

Kenya Compass Project

International Special Projects Benelux Fund Tanaka Funds

Founder’s Fund

Digital Development WHO Fund

Monies held on trust to support a National Award Operator in a specific country and/or the development of the Award in a specific country or region.

A donation to support 20 schools within Kenya to enable participants to complete the Award using the online record book.

Donations to fund International Special Projects

To support the development of the Award in the Benelux countries

To support National Award Operators in specific countries that are to be agreed with the donor.

Specific campaign set up to commemorate our Founder. The campaign was set up with the expectation that it would generate significant funds and the Trustees have agreed to underwrite the expenditure of the fund until such stage that is able to fully meet the financial obligations of the campaign activity.

To support the Foundation’s digital development.

Funds given to the Foundation to cover the Foundation’s staff members of the project team for the World Health Organisation’s global youth mobilisation project.

46

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS (CONTINUED)

Movements on restricted funds in the year were:

Year ended 31 March 2021
Region/Country Specific Funds
- Nigeria
- Anglo American Brazil
- Other Region/Country Restricted
Kenya Compass Project
International Special Projects
Benelux Fund
Tanaka
Founder’s Campaign
Other Restricted
Digital Development
WHO Fund
Total		 1 April
2020
£000
Income
£000
Expenditure
£000
Investment
losses
£000
Transfer
of funds
£000
31 March
2021
£000
12
28
(9)
-
-
31
93
-
-
-
-
93
57
-
(11)
-
-
46
88
-
(10)
-
-
78
201
220
(304)
(69)
-
48
102
-
(51)
-
-
51
61
-
(10)
-
-
51
-
50
(80)
-
-
(30)
10
55
(22)
-
-
43
-
100
(19)
-
-
81
-
34
(34)
-
-
-
624
487
(550)
(69)
-
492

47

DocuSign Envelope ID: 110F03A0-462A-4E93-BE4B-206CEA8E7D29

14: FUNDS (CONTINUED)

Year ended 31 March
2020
Region/Country Specific
Funds
- Nigeria
- Anglo American Brazil
- Bahrain
- Other Region/Country
Restricted
Kenya Compass Project
International Special
Projects
Benelux Fund
Tanaka
Other Restricted
Total		 1 April 2019
as previously
stated
£000
Prior period
adjustment
£000
1 April
2019
£000
Income
£000
Expenditure
£000
Investment
losses
£000
31 March
2020
£000
44
-
44
17
(49)
-
12
97
-
97
-
(4)
-
93
19
-
19
-
(19)
-
-
57
-
57
-
-
-
57
104
-
104
-
(16)
-
88
37
240
277
271
(339)
(8)
201
-
102
102
-
-
-
102
68
-
68
-
(7)
-
61
11
-
11
36
(37)
-
10
437
342
779
324
(471)
(8)
624

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14: FUNDS (CONTINUED)

(E) ENDOWMENT FUNDS

Movements on endowment funds in the year were:

Year ended 31 March 2021
Ono Funds
Special Projects
Total		 1 April
2020
£000
Income
£000
Expenditure
£000
Investment
gains
£000
Transfer
of funds
£000
31 March
2021
£000
725
-
(9)
197
-
913
1,828
-
(24)
497
-
2,301
2,553
-
(33)
694
-
3,214
Year ended 31
March 2020
Ono Funds
Special Projects
Total		 1 April 2019
as
previously
stated
£000
Prior
period
adjustment
£000
1 April
2019
£000
Income
£000
Expenditure
£000
Investment
losses
£000
Transfer
of funds
£000
31 March
2020
£000
-
914
914
-
(20)
(169)
-
725
-
2,306
2,306
-
(52)
(426)
-
1,828
-
3,220
3,220
-
(72)
(595)
-
2,553

15: RELATED PARTY TRANSACTIONS

Three (2020: Three) Trustees or companies connected with Trustees are fully paid Members, Fellows or Corporate Fellows of the World Fellowship. During the year two Trustees made donations of £66,000 (2020: four Trustees £80,099) of which £16,500 (2020: £17,000) was restricted to the Nigeria fund.

Trustees do not receive any remuneration for their service as Trustees and no monetary value is included in these financial statements for time spent by Trustees on the affairs of the Foundation. Out of pocket expenses incurred by Trustees while carrying out their duties are reimbursed by the Foundation when claimed. During the year, expenses of £nil were reimbursed or paid on behalf of nil Trustees, to cover travel and other costs (2020: six Trustees £3,187).

The Trustees have reviewed the related party connections of themselves, their close families and other connected persons and report that no disclosable transactions, other than those described above, arose during the year from these connections.

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15: RELATED PARTY TRANSACTIONS (CONTINUED)

One member of the Foundation’s Senior Leadership Team is a member of the Board of Award USA, the licensed national operator for the USA. In the prior year following a review of the recoverability of the Foundation’s social investment in the Award USA this was written down its value to £nil as set out in note 10 (B).

Transactions with Intaward Limited in the year are detailed below:

Balance Sheet items 2021 2020
£000 £000
Loan to Intaward 116 54

Transactions with Beijing Intaward International Culture Development Company Limited are detailed below:

Income and expenditure items 2021 2020
£000 £000
Donation received 5 -
Set up and operating costs 2 73

Transactions with The Duke of Edinburgh’s International Award Foundation (Canada)are detailed below:

Income and expenditure items 2021 2020
£000 £000
Service Agreement - 859

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16: LEASES

The total commitment to future minimum lease payments under non-cancellable operating leases, for each of the following periods, are:

ollowing periods, are:
Land and buildings
- Within 1 year
-
Within 1 to 5 years
-
Expiring 5 years +
Total rentals under operating leases charged as an expense in the SOFA		 2021
£000
2020
£000
-
42
-
58
-
-
-
100
19
75

The leases for the Americas regional office and the Asia Pacific regional office were surrendered in June 2020. Payment of £8,000 was paid in lieu of this during the year.

On 25[th] June 2020 Award House was transferred to the Foundation. Rental income of £5,000 was paid in 2020/21 prior to this transfer of ownership.

17: PENSION SCHEMES

During the year to 31 March 2021 the Foundation contributed £124,000 (2020: £153,000) of unrestricted expenditure to The Duke of Edinburgh’s International Award Foundation Group Personal Pension Plan. This is a defined contribution pension scheme operated by Scottish Widows. As at 31 March 2021 £14,000 (2020: £16,000) was due to be paid to Scottish Widows. In addition, the Foundation contributed £6,000 (2020: £23,000) of unrestricted expenditure towards pension arrangements for regional staff.

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TRUSTEES’ ANNUAL REPORT CONTINUED

Structure, Governance and Management

STRUCTURE OF THE FOUNDATION

The Duke of Edinburgh’s International Award Foundation is a registered charity incorporated on 6 November 1998 as a company limited by guarantee. On incorporation the assets and business of a preceding United Kingdom based charitable trust (registered on 10 November 1986) were transferred to it. The company is regulated by its Memorandum and Articles of Association.

The Founder of the Foundation is His Royal Highness, The Late Duke of Edinburgh.

GROUP STRUCTURE

The Foundation has invested in subsidiary undertakings in the UK and overseas. These have been established, to further the Foundation’s charitable objects or to generate income for use by the Foundation. The names, countries of registration and principal activities of these subsidiary entities are provided in note 10 c) to the accounts.

Further details relating to the income and expenditure and their Statement of Affairs of these subsidiaries can be found in note 10 d) to the accounts.

RELATIONSHIP WITH LICENSED OPERATORS

The Foundation has responsibility for facilitating the worldwide development of The Duke of Edinburgh’s International Award. Generally, in countries where the Award runs on a substantial basis, the Foundation licenses National Award Operators, that are self-governing entities, to run and maintain the operation of the Award. In other countries the Award may be run by licensed Independent Award Centres (schools or organisations) that are directly licensed and supported by the Foundation.

THE DUKE OF EDINBURGH’S INTERNATIONAL AWARD ASSOCIATION

The Association is the collective name for all the constituents of The Award family and is established by the mutual consent of all the parties concerned in order to encourage mutual cooperation, share responsibility for development and foster collective ownership in our brand. The Association is established through a Memorandum of Understanding which sets out its formation and purpose. It also outlines the relationships, practices and procedures through which all constituent parts of the Association operate to ensure responsible and transparent governance, consultation and discussion.

THE INTERNATIONAL COUNCIL

Between each Forum, the International Council acts on behalf of the Association and gives effect to decisions previously taken especially in relation to international development and operational policy. As such, the International Council is a representative group comprising the Foundation’s Trustees, the Secretary General, Award Operators and Award Achievers.

THE BOARD OF TRUSTEES

The Foundation is a registered charity whose Board of Trustees takes all decisions collectively. All Trustees are equal in the duties and responsibilities that they owe to stakeholders, and accordingly they work together as one body within which the Chairman takes the lead. There is a maximum of ten Trustees.

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The Trustees are responsible for determining all important matters of policy. They meet at least three times each year and at more frequent intervals as necessary to carry out their responsibilities. They review strategy and performance annually and approve budgets and operating plans in line with strategy.

The corporate governance of the Foundation is monitored against guidelines for best practice as set out by the Charity Commission in its framework for sound governance and accountability (Charity Governance Code). It is the Trustees’ practice to develop the corporate governance procedures whenever appropriate.

Each Trustee is a member of the company, with a limited guarantee of £1 per member. Trustees have no rights to any distribution on dissolution of the company.

With two exceptions, Trustees serve for a maximum period of 12 years continuous service. The Chair of the International Council is appointed for a three-year term with no limit to the number of times they can be reappointed and the Chair of the Foundation can serve for a period of up to ten years, regardless of prior service as a Trustee. The Foundation expects Trustees to retire at the age of 70.

Trustees are all non-executive, have no beneficial shares or options and receive no remuneration or other benefits. The independence of the Trustees and their willingness to act in the best interests of the charity are not impaired by their gifts of time and in some cases financial support to the charity.

INDUCTION AND TRAINING OF TRUSTEES

The Nominations Committee identifies candidates for future Trustees. The Trustees, as a body, are responsible for their appointment. The induction and familiarisation process of new Trustees may start years before their appointment, depending on their background and experience of the Foundation or of the context in which the Foundation operates. The induction process when a new Trustee is appointed contains certain common elements, including information about the Foundation and the responsibilities of Trustees, but the extent of development and familiarisation is flexible. Provisions for further induction and training are made for Trustees during their term of office as necessary.

SUB COMMITTEES OF THE BOARD OF TRUSTEES

In addition to the main Board meetings, governance over the Foundation is exercised through a number of Committees which hold responsibility for specific areas of governance activity as follows:

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OTHER ADVISORY COMMITTEES

MEMBERS OF THE BOARD OF TRUSTEES AND ITS COMMITTEES

The Trustees of the charity who were in office during the year and up to the date of signing the financial statements and their membership of these Committees were:

----- Start of picture text -----
Finance, Nominations Remuneration
Audit and
Property
His Royal Highness The Prince Edward, ✓
Earl of Wessex KG, GCVO (UK) (Chair)
Alka Barot (USA) ✓
Paul Bell (UK/South Africa) ✓
The Rt Hon The Lord Boateng PC DL ✓
(UK)
Rock Chen (Hong Kong) ✓
Adebayo Olawale Edun (Nigeria) ✓ ✓
Muna Issa (Bahamas) ✓ ✓
Andrew Smith (UK) ✓ ✓
Garth Weston (UK) ✓ ✓
Dr Howard Williamson CVO CBE (UK) ✓
----- End of picture text -----*

 Denotes Chair

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Managing Responsibly

Every member of The Duke of Edinburgh’s International Award Foundation Board and wider staff team is dedicated to ensuring the effective and efficient running of the charity, the quality of delivery and ongoing expansion of the Award worldwide. We are a driven team who continuously strive to find new ways for more young people to access the Award, to expand its reach and ensure its impact globally.

The Foundation is guided by our Chairman HRH The Earl of Wessex and supported by a Board of nine senior experts in youth policy, politics, finance, public relations, business and Global Human Capital Management, amongst others.

MANAGEMENT

The Trustees review strategy and performance annually and approve budgets and operating plans in line with the strategy. Authority to implement the strategies and policies on behalf of the Trustees and to conduct the day-to-day operations of the Foundation is delegated to the Secretary General. The Secretary General is accountable to the Trustees for the efficient running of the Foundation with the help of the Senior Leadership Team and the Senior Management Team. The Secretary General is also responsible for promoting the benefits of the Award to the widest possible audience, raising the funds necessary to support the Association and making the Trustees aware of the need for any changes to the main principles or conditions of the Award’s international licensing arrangements.

SENIOR LEADERSHIP TEAM :

The Foundation had an average of 46 (2020: 56) employees throughout the year. We seek to offer pay rates and a package of terms and conditions that will attract, retain and motivate high calibre staff. The Foundation seeks to maintain a median pay position, where pay is sufficiently in line with valid market comparators to enable the organisation to conduct effective recruitment, selection and retention. All positions are graded against a common objective set of factors and regularly tested against the market. All roles, except for the Senior Leadership Team, have a defined incremental scale.

In line with UK statutory reporting guidelines, we have analysed the gender pay of our UK payroll as at 5th April 2020. Our median gender pay gap as at 5 April 2020 was 26.5% (2020 7.3%), a decline of 19.2 percentage points. Our mean gender pay gap as at 5 April 2020 was 29.2% (2019 24.1%), a decline of 5.1 percentage points. Our UK payroll gender pay quartile distribution was:

----- Start of picture text -----
2021 2021 2020 2020
Female Male Female Male
Lower 82 18 90 10
Lower middle 82 18 82 18
Upper middle 82 18 82 18
Upper 55 45 64 36
----- End of picture text -----

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There is a significantly higher number of females in the Foundation than males, and a higher relative proportion of males in senior roles than females. This is the primary reason for the current gender pay gap between male and female employees. The Foundation works to employ staff against a fair and transparent pay grading structure which is competitive with local labour markets. A key challenge for the coming years will be to have a more balanced representation of genders at all levels of the organisation, whilst also retaining the current staff team.

The Foundation is, by its nature, an international organisation, with roles based in different locations around the world. All roles which are not based in the UK will be subject to the same principles and structures in relation to pay and grading as those in the UK. However, there will be regional variations and national differences in the actual pay and terms to ensure that they are relevant to the local environment medians.

The Award Operators work with Foundation staff as well as employing their own people to operate the Award. In the delivery of the Award to young people, over 184,000 volunteers are engaged in various capacities by the bodies to which the Award is licensed.

The Foundation carries out quality assurance tests on the National Award Operators and Independent Award Centres but is not responsible for their employees or for the volunteers.

EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF PEOPLE WITH DISABILITIES

The Foundation has in place human resource policies and procedures to encourage employee involvement and ensure compliance with best practice. Employees are consulted on mutual issues of concern by means of regular staff meetings and are kept informed directly on specific matters by management. During the year the Foundation undertook a staff survey. All staff were invited to participate in the survey and the findings have been shared with them. The Foundation’s management team are addressing the key points identified in the survey. Specific attention has been paid to staff mental wellbeing during the COVID crisis.

In accordance with the Foundation’s equal opportunities policy, we operate fair employment practices in the recruitment, selection, retention and training of staff with disabilities.

FUNDRAISING GOVERNANCE

In accordance with the Charities Act 2016, we confirm that all solicitations are managed internally, without involvement of commercial participators or external professional fundraisers, or third parties. Such amounts receivable are presented in our financial statements as ‘donations and legacies’. The day-to-day management of all income generation is delegated to the Senior Management Team, which is accountable to the Board of Trustees. We have received no complaints in relation to fundraising activities.

The Foundation adheres to all relevant Institute of Fundraising guidance as well as the Fundraising Regulator’s code of fundraising practice, including the “Treating Donors Fairly” guidance. Our fundraisers clearly understand the standards we expect when representing us and when speaking to members of the public on our behalf. We take our supporters’ requests and the protection of their personal data very seriously. All of our supporters can choose to opt out of our communications at any time, and we never share or sell their data, in line with GDPR.

MANAGING RISK

The Foundation and its Board of Trustees are committed to ensuring the safe, sustainable running of the Award around the world. In order to do this, they have reviewed the major structural, strategic and operational risks and uncertainties to which the charity is exposed and have ensured that systems and mitigating actions have been established, in addition to the existing internal control procedures, to manage and mitigate those risks. Periodic reviews are carried out to ensure that these systems are effective and still meet the needs of the charity.

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The Trustees consider the main structural, strategic and operational risks for the Foundation to be:

Highest Scoring Risks Mitigations
A failure to take all reasonable
measures to protectindividual
participants, volunteers or staff
resulting in significant harm to
individuals and erosion of trust.
Regular review and monitoring of our policies and
procedures for safeguarding young people and vulnerable
adults

Continue to ensure clarity of responsibility, under the
licence, of Award Operators and individual units to
undertake due diligence and ongoing training when
selecting organisations and individuals with whom to
partner on Award activity

Insistence on appropriate Operator vetting procedures to
national standards and compliance with national
guidelines for the protection of children, young people and
vulnerable adults

Regular communication of whistleblowing procedures
which include a responsible Trustee

Ensure incident management processes and emergency
plans are robust and regularly reviewed

Regular review and communication of the Code of
Conduct with regard to safeguarding so that individuals
are clear what it is expected of them.
Financial resourcing shortfall
from loss of income due to over
reliance on key individuals,
inadequate donor due
diligence, donor's interest or
ability to support declines.
Development and diversification of our income plans so
that less reliance is placed on income from key individuals.

Further development of income from non-fundraising
sources

Continue development of the World Fellowship and events
programme so that they remain relevant to our donors

Continued improvement of income-related systems,
processes and reporting so that we develop a better
knowledge of all sources of income

Appropriate reserves policy

Trustee approved annual budget and medium-term
financial plans

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The risk arising from
association with the wrong
people and/or that these
people may want to use the
brand/ trademark in a way that
is damaging to us as an
organisation
All necessary policies, procedures and manuals exist, are
complied with and are regularly reviewed/updated. This
includes event risk reviews, donor due diligence,
safeguarding, HR, finance, whistleblowing, licensing and
related party transactions

Proactive promotion of equality and diversity in all that we
do

High quality Operator account management and licence
reviews

Partnership agreements and non-operational licences that
are authorised in line with agreed policies and procedures
and regularly reviewed

Clear pre-release policies and procedures for all
communications material and published documents

Clear intellectual property and trademark policies and
process
Failures in digital security
resulting in data breaches
causing significant detriment to
our reputation, substantial
fines or significant business
interruption from the loss of
personal or business-critical
data.
Fully tested business continuity plans and regular system
back-ups

Increased staff awareness re digital risks

Firewalls and password controls

Compliance with data legislation

Ensure appropriate cyber insurance is in place

Contracts in place for supplier support and cloud-based
hosting
Losses of income resulting from
lower participation rates and
resultant lower interest from
donors and late cancellation of
events from the prolonged
impact of the pandemic.
Working closely with Operators to show creativity and
flexibility in how the Award can be delivered within
parameters, whilst preserving the integrity of the Award.

Deployment of Virtual events and increased touch points
with Donors through clever PR.

Careful planning and commitment scheduling for major
events.
Operators are unable to retain
and/or recruit volunteers,
leaders and staff of high
standard.
Strategic plan identifies numbers of volunteers required to
meet future participant needs enabling planning for
recruitment

In association with operators develop communications
programme (inc #worldready) to maximise their profiles
and thus encourage volunteers to come forward

Improved support and development of Operator
staff/volunteers via training platforms

Utilise satisfaction surveys and respond to issues raised

Work with NAOs to identify appropriate plans

Increased use of virtual training course for new operators

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SOCIAL RESPONSIBILITY

The Foundation is committed to social responsibility. As part of this, the Foundation seeks to integrate social and environmental concerns in its business strategy and operations, via seven key areas:

  1. Employees: Ensuring a workplace that encourages development, enables free communication and provides a positive work-life balance

  2. Environment: Constantly, actively seeking ways to reduce our environmental impact

  3. Investment: Ensuring our investments are directed towards socially responsible options.

  4. Constituents: Being open, responsive and aware of our global Award family

  5. Resources: Maximising resources to ensure funds can be directed to the driving the Access, Reach and Impact of the Award around the world

  6. Community: Operating regionally and locally; constantly working to develop strong ties in local communities around the world

  7. Suppliers: Working towards an ethical purchasing policy, which includes a focus on sustainable, FairTrade products wherever possible.

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Statement of Trustees’ responsibilities

The Trustees (who are, for the purposes of company law, also directors of The Duke of Edinburgh’s International Award Foundation) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

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Thank you

Thank you for taking the time to learn about and reflect on the work of our organisation over the past year.

I personally never stop being inspired by the dedication, determination and persistence of all who relentlessly and passionately guide Award participants on their journey of self-discovery, adventure and personal development. They understand there is space for both success and failure, for tears and for joy, but there is little space for complacency and self-interest. Our future will be in the hands of the generations to come.

As a longstanding supporter and volunteer, I am proud to be investing in the next generation of young people as they develop the universal skills needed – such as confidence, resilience, adaptability and problem solving – which can help them to tackle the challenges of today’s world.

Our future is bright. You will understand what I mean when you meet Award participants and Award holders. As Honorary Chair of the World Fellowship, I would like to thank all our volunteers, donors and supporters for their generous support of The Duke of Edinburgh’s International Award.

Jiri Zrust

Honorary Chairman of The Duke of Edinburgh’s International Award World Fellowship

We are very grateful to all our loyal supporters.

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Philanthropists including those who have committed their support through the World Fellowship and Special Projects

Global Benefactor

Margaret Fountain CM

Award House Benefactor

The Stanley Ho Charitable Trust

Emanuele Angelidis Zayd Ayob Mr Gregory Belton CVO CM KC*HS LL.D William Birchall The Braithwaite Family Foundation Frank Burke Sagar Chandaria Rock Chen SBS, JP Mr Daniel and Mrs Grace Chiu G Collins & Sons: Harry Collins MVO Joanna Collins AM Patrick Curran Ariane Dart The Davis Foundation James Dicke II Mrs. Ellen K. Dyvik and Dr. Nicolaus Henke Olawale Edun Fieldrose Charitable Trust Wendy Fisher David and Megan Frost Martin Gebauer Jeff and Christine Gooch John Greenslade Mehmet Gultekin Professor G E Holmes DL Caroline Jones Jemima Jones Will Jones Utsava Kasera Dr Zdenek Kaufmann Philip C.Y. Ma Safak Muderrisgil Simion Muresan Teofil Muresan Pavel Nepala Dr Chai Patel Ivan Peschl John Sleeman Nancy Smithers Madeleine Swainbank Jan Sykora, WOOD & Company

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Graham and Susan Tobbell Kunal Tulsiani Vit Vazan Miss Siwen Wang Stephanie Wilson Yun, Jiao Jiri and Jitka Zrust

Trusts and Foundations

The Stoller Charitable Trust Tanaka Memorial Foundation

Corporate Supporters

EPH Halcyon Gallery: Paul Green and Sir Udi Sheleg Hakluyt & Company Ltd Graham Shapiro Design ltd The Macquarie Group Foundation

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THE DUKE OF EDINBURGH’S INTERNATIONAL AWARD – REFERENCE AND ADMINISTRATIVE DETAILS

Chairman: HRH The Earl of Wessex and Forfar KG GCVO

Registered charity in England and Wales number: 1072453 Company limited by guarantee number: 3666389

REGISTERED OFFICE: The Duke of Edinburgh's International Award Foundation Award House 7-11 St Matthew Street London SW1P 2JT INVESTMENT MANAGERS : Ruffer LLP 80 Victoria Street London SW1E 5JL INDEPENDENT AUDITORS: BDO LLP 55 Baker Street London W1U 7EU SOLICITORS: Bates Wells 10 Queen Street Place London EC4R 1BE BANKERS: NatWest 250 Regent Street London W1B 3BN

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