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Financial Statements
Financial Review
forthe year ended 31 March 2025
We are extremely grateful to all our supporters for their continued generosity across all
areas of ourwork. we are committed to ensuring ourincome is used efficiently. effectively
and responsibly by making every pound count.
Financial Review
Structure,
overnance and mana
Trustees, Commitment
Thankyou
ement
Headlines
Our total income in 2025 was £15 million. an increase of £6.2 million on the previous
year. Our expenditure grew by £0.65 million to £6 million.
Inde
endent Auditor's Re
Consolidated Statement of Financial Activities
Consolidated and Charit balance sheets
Consolidated cash flow statement
ort
2025 (£'000)
2024 (£'000)
Increase/(Decrease)
Unrestrlcted Income
14,051
7p761
6,290
(95)
6,195
Restricted Income
999
1,094
8,855
Total Income
15,050
Unrestrlcted
Expendlture
Restrlcted
Expendlture
Total Expenditure
Notes to the financial statements
5,035
4,292
743
970
1,064
(94)
6.005
5.356
649
Income
Total income grew by700/o to £15,050,000 (2024.. £8,855,000) duringthe year. Whilewe
saw a modest decline in restricted income, our unrestricted income performed strongly,
which was driven by an increase in donation and legacy income.
The Duke of Edinburgh's International Award Foundation's Trustees present
their annual report, including the Directors, report, and the audited financial
statements of the company limited by guarantee for the year ended 31 March
2025. In preparing this report the Foundation's Trustees have cornplied with the
Charities Act 2011. the Companies Act 2006, the Statement of Recommended
Practice applicable to charities preparing their accounts in accordance with
FR5102 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 Article5 of Association for The Duke of
Edinburgh's International Award Foundation. This report has been prepared in
accordance with the CompaniesAct 2006 andwith regard to Charitycommission
guidance on public benefit. Disclosures required in theTrustees' report (including
the Directors. report) by the Companies Act 2006 and Charities SORP (FR5102)
are also contained within the appendix.
Donation and Legacy Income: £12,617,000 (2024: £6,934,000)
We had an exceptional year for income from individuals and corporates totalling
£12.120.000, an increase of£5,746.000. This includes significant one-off donations for
the Founder's Fund.
Income from Trusts and Foundations decreased marginally in the year by £115.000
impacting unrestricted funds. Restricted fund income from this source remains in line
with the prior year.
Donations in kind of £54,000 were significantly higherthan the prioryearand reflectthe
generosity from White & Case supporting the sale of Award House. and the Royal Yacht
Britannia who hosted an event.
26
27

Cha ritable Activities: £1,956,000 (2024: £1,716.000)
Charitable Activities (Core Activities): £4.472,000 (2024: £3.911,000)
Income from charitable activities i ncreased by £240,000 reflecting growth in the n umbers
of licensed organisations delivering the Award, an increase in adults supporting the
Award requiringtrainingand an increase in the numberof young people participating in
the Award.
Our charitable expenditure on core activities reflects our work directly with Award
Operators including working with Operators to deliver the Mastercard Foun dation project
as well as the Stand by Me Project. Our charitable activities also includes direct grant
giving to Award Operators through both the Founder's Fund and International Special
Projects.
Income from OtherTrading Activities.. £295,000 (2024: £16,000)
This income stream includes fundraisingticketed events. this increased by £279,000. In
the prioryearwe focused on non-incomegeneratingthankyou and engagementeventsfor
our donor network. In the currentyearwe focused on deliveringticketed events included
a car rally around Scotland and a gala dinner.
Charitable Activities (Developm ent Projects): £355.000 (2024.. £307.000)
We have continued to invest in our digital products including the Online Record Book
and the Award Community. During the year our spending increased by £52,000 on our
Equity. Diversity and Inclusion work. we commissioned an external consultantto review
our current practices and to make improvernent recommendations which have been
implemented.
Investment Income.. £182,000 (2024: £189,000)
Th is declined by £7,000 in totality. The prioryear included £149,000 of one.off i nvestment
property income relatingto a lease extension. The currentyear saw a rise of £149,000 of
bank interest as we held funds within short term deposit accounts.
Raising Funds: £i,178,00012024'. £1,138.000)
Ourexpenditureon raisingfunds increased by£40,000 intheyear reflectingourcontinued
efforts to engage with donors. This expenditure includes costs to support thank you
events and fundraisingticketed events.
Expenditure
Investments and Investment Property
During the year the Trustees took the decision to transfer their investment portfolio
held with Investec Wealth & Investment Lirnited and tTansferred this to the Cazenove
Sustainable Multi Asset Fund. Total funds invested at 31 March 2025 totalled £16.2
million. Our investments saw strong growth in the first nine months ofthe year butwere
irnpacted latterly by uncertainty in global markets followingthe announcement of tariffs
on imports to the USA.
In the prioryear the Trustee5 took the difficult decision to sell Award House due to the
significant amount of remedialwork needed to the building.The buildingwas sold during
the year for £2,055,000, During the year, the Trustees also took the decision to Sell the
investment property in Portugal. The property was sold post year end for EUR 390.000.
We have recognised an unrealised loss in the year of £51,000 (2024: gain of £19,000)
during the year in relation to this property.
Raising Funds (£1,178)
Charltable Development Actlvltles
Digital Development (£247)
Supporting Adults in the Award (£54)
Diversity, Equity and Inclusion (£54)
202412025
Expenditure
(£'ooos)
Charltable Core Actlvltles
Operating (£2,374)
Communicating (£652)
Resourci ng (£1,446)
Cash Balances and Current Assets
We aim to generate additional income from ourcash holdings, while maintainingenough
funds to meet our working capital requirement5. As at 31 March 2025, funds that were
not required for immediate working capital needs were held in a mixture of 35 and 95
day notice bank accounts.
Ourtotal expenditure in the yearwas £6,005,000, this is an increase of £649.000 on the
previous year.
28
29

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Statement of Trustees, Responsibilities
The Trustees (who a re, for the purposes of com pany law, also directors of The Duke of
Edi nburgh's I nternational Award Foun dation) are responsi ble for prepari ng 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
yearin accordancewith United Kingdom GenerallyAccepted 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 fairview of the state of affairs of the group and charity and ofthe incoming resources
and application of resources, including the income and expenditure, of the group and
charity for that period.
In preparingthese financial statements. the Trustees are required to:
Trustees, Commitment
TheTrustees confirm thatthese financial statements have been produced in accordance
with relevant legislation. Each Trustee confi rm s that:
insofar as the Trustees are aware. there is no relevant audit information of which the
charity's auditors are unaware; and
each Trustee has taken all the steps that helshe ought to have taken as a Trustee in
order to make themselves aware of any relevant audit information and to establish
that the charity's auditors are aware of that information.
Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differfrom legislation in otherjurisdictions.
Further detail on Trustees, Com mitments and the structure, governance, and management
of the Charity. managing responsibly and trustee responsibilities are provided on pages
33 to 40, which forms part of the Trustees, Report (including the Directors, report). The
Trustees have re-appoi nted BDO LLP to act as a ud itors for the year en ded 31 March 2026.
select Sultable accounting policies and then applythem consistently:
observe the methods and principles in the applicable Charities SORP;
• make judgments and estimates that are reasonable and prudent;
state whetherapplicable UKAccountingStandards have been followed. subjectto any
material departures disclosed and explained in the financial statements;
prepare the financial Statements on the goingconcern basis unle55 It 15 inappropriate
to presume that the charitable companywill continue in business.
Thankyou
TheTrustees are responsible for l<eeping adequate accounting recordsthat are sufficient
to show and explain the charitable company's transactions and disclosewith reasonable
accuracyat anytime the financial position ofthe charitable company and the group and
enable them to ensure that the financial statements comply with the Companies Act
20061Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and
the provisions of the Trust deed. They are also responsible for safeguarding the assets
of the charitable company and the group and hence fortaking reasonable steps forthe
prevention and detection of fraud and other irregularities.
Financial statementsare published on the charity'swebsite in accordance with legislation
in the United Kingdom governing the preparation and dissernination of financial
statements, which may vary frorn legislation in other jurisdictions. The maintenance
and integrity of the charity's website is the responsi bility of the trustees. The trustees,
responsibilityalso extend5 to the ongoing integrity ofthe financial statement5 Contained
therein.
Thankyou to all our supporters and staff.
We are sincerely grateful to all out donors fortheirtremendous support for ourworkand
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 (includingthe Directors, report) was approved bythe Board of Trustees on 23
November 2025 and signed on their behalf by..
Rlchard Oldfleld
Trustee
23 November 2025
Reglstered office:
Blue Fin Building
110 Southwark street
London, United Kingdom
SEI OSU
Company number: 3666389
40

Independent Auditor's Report
Conclusions Related to Going Concern
In auditingthefinancialstatements,we have concluded thattheTrustees' useofthegoing
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perform ed, we have not identified any material uncertai nties
relating to events or conditions that. individually or collectively. may cast significant
doubt on the Group and the Parent Charitable Company's abilityto continue as a going
concern for a period of at least twelve months from when the financial statements are
authorised for issue.
to Members of The Duke of Edinburgh's International Award Foundation
Oplnlon on the financlal statements
In our opinion, the financial statements:
give a true and fair view of the state of the Group's and of the Parent Charitable
Company's affairs as at 31 March 2025 and of the Group's incoming resources and
application of resources forthe yearthen ended.
have been properly prepared in accordance with United Kingdom GenerallyAccepted
Accounting Practice; and
have been prepared in accordance with the requirements of the CompaniesAct 2006.
Ourresponsibilities andthe responsibilities of theTrustees with respectto goingconcern
are described in the relevant sections of this report.
Other Information
TheTrustees are responsible forthe other information. The other information comprise5
the information included in the Annual Report, otherthan the financial statements and
our auditor's reportthereon. Ouropinion on the financial statements does not coverthe
other information and, except to the extent otherwise explicitly stated in our report, we
do not express anyforrn of assurance conclusion thereon. Our responsibility isto read the
other information and, in doing so, considerwhetherthe other information is materially
inconsistent with the linancial statements or our knowledge obtained in 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 there is 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 reportthat fact.
We have nothingto report in this regard.
Other Companies Act 2006 Reporting
In our opinion, based on the work undertaken in the course of the audit:
We have audited the financial statements ofThe Duke of Edinburgh's InternationalAward
Foundation ("the Parent Charitable Company") and its subsidiaries (-the Group") for
the year ended 31 March 2025 which comprise the consolidated statement of linancial
activities, the consolidated and charity balance sheets, 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 ouraudit in accordancewith International Standards on Auditing (UK) (ISAS
(UK)) and applicable law. Ourresponsibilities underthose standards are furtherdescribed
in the Auditor's responsibilities for the audit of the financial Statements section of our
report. We believe thatthe audit evidence we have obtained is sufficientand appropriate
to provide a basis for our opinion.
the information given in the Trustees, Report, which includes the Directors, Report
prepared forthe purposes of Company Law, forthe financialyearforwhich thefinancial
statements are prepared is consistent with the financial staternents. and
the Directors. Report. which is included in the Trustees. Report. has been prepared in
accordance with applicable legal requirements.
Independence
We remain independent of the Group and the Parent Charitable Company in accordance
with the ethical requirements relevant to our audit of the financial staternents in
the UK, including the FRC'S Ethical Standard , and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In the light of the knowledge and understanding of the Group and the Parent Charitable
Companyand its environment obtained in the course ofthe audit. we have not identified
material misstatements in the Strategic report or the Trustees, report.
42
43

We have nothing to report in respect of the following Matters in relation to which the
CompaniesAct 2006 requires us to reportto you if, in our opinion.
misstatements in respect of irregularities. including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below:
adequate accounting records have not been kept by the Parent Charitable Company.
or returns adequate for our audit have not been received from branches not visited
by us. or
the Parent Charitable Company financial statements are not in agreement with the
accounti ng records and returns. or
certain disclosures of Directors, remuneration specified by law are not made. or
we have not received all the information and explanations we require forouraudit: or
the trustees were not entitled to prepare the financial statements in accordance with
the small companies regime and take advantage of the small companies. exemptions
in preparing the directors, report and from the requirement to prepare a strategic
report.
Non-compliance with laws and regulations
Based on:
Our understanding of the Group and the sector in which it operates;
Discussion with management, internal audit and those charged with governance. and
Obtaining and understanding of the Group's policies and procedures regarding
compliance with laws and regulations.
We considered the significant laws and regulations to be The financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended
Practice (SORP)'Accountingand Reporting by Charities, published in 2019, the Charities
Act 2011. the Companies Act 2006. Corporate and VAT legislation. Employrnent Taxes,
and the BriberyAct 2010.
The Group is also subject to laws and regulations where the consequence of non-
compliance could have a material effect on the amount or disclosures in the linancial
statements, forexamplethrough the imposition of fines orlitigations. We identified such
laws and regulations to be health and safety legislation.
Our procedures in respect of the above included:
Responsibilities of Trustees
As explained more fully i n the Statement of Trustees, Responsibilities. the Trustees (who
are also the directors of the charitable company for the purposes of company law) are
responsible for the preparation of the financial statements and for being satisfied that
they give a true and fair view, and for such internal control as the Trustees determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the
Group and the Parent Charitable Company's ability to continue as a going concern,
disc105ing. as applicable. rnatters related to going concern and using the going concern
basis of accounting unlesstheTrustees either intend to liquidate the Group orthe Parent
Charitable Com pany 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 rnaterial 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 thatan audit conducted in accordancewith ISAS (UK)
will always detect a material misstatementwhen it exists. Misstatements can arise from
fraud or errorand 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.
Review of the Parent Charitable Company'5 documentation of risks and associated
mitigating actions, considering ways that any risks could give rise to non.compliance
with laws and regulations;
Review of minutes of Trustee Board and Finance, Audit and Property Committee
meetings for any indication of non.compliance with laws and regulatlOnS;
Making enquiries regardingany matters identified as a Serious Incident reportable to
the Charity Commission.
Review of correspondence with regulatory and tax authorities for any instances of non-
compliance with laws and regulations.
Review of financial statement d isclosures and agreei ng to supporti ng docum entation;
Review of legal expenditure accounts to un derstan d the nature of expenditure incurred;
and
Discussion with management, including consideration of known or suspected
instances of non-compliance with laws and regulations.
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 re5POll5ibilities, outlined above, to detect material
44
45

## Fraud 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: 

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; 

   - Obtaining an understanding of the Group's policies and procedures relating to: 

   - Detecting and responding to the risks of fraud; and 

- Internal controls established to mitigate risks related to fraud. 

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; 

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; 

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:lwww.frc.org.uk/auditorsresponsibilities. This description forms part of ourauditor'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. 

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- In addressing the risk of fraud through management override of controls, we considered key risk factors in the journals population, including unusual accounts combinations. 

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and accuracy and completeness of donations received from major donors. 

73D8B18FE9AC4C89... Jill Halford (Senior Statutory Auditor) 

**For and on behalf of BDO LLP, statutory auditor London, UK** 

## 28 November 2025 

Our procedures in respect of the above included: 

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; 

- Testing a sample of income transactions throughout the year, and around the year end to ensure that the recognition is in line with the SORP requirements; 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

- Considering the completeness of donations from major donors in the year through review of meeting minutes and generating expectations through discussions with management; and 

- Reviewing and challenging management's assessment of going concern and the main assumptions within documents and calculations prepared to support the assessment. 

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. 

_46_ 

_47_ 



## **Consolidated Statement of Financial Activities** 

## **For the Year ended 31 March 2025 (Incorporating an Income and Expenditure Account)** 

|**For the Year ended 3131March 20252025(Incorporating an Income and Expenditure Account)**|**(Incorporating an Income and Expenditure Account)**|**(Incorporating an Income and Expenditure Account)**|**(Incorporating an Income and Expenditure Account)**|**(Incorporating an Income and Expenditure Account)**|**(Incorporating an Income and Expenditure Account)**|||
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|**Un restricted**|||
|||**Funds**|**Funds**|**Funds**|**Funds**|**Restricted**|**Total Funds**|
|||**2025**|**2025**|**2025**|**2024**|**Funds 2024**|**2024**|
||**Note**|**£'000**|**£'000**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Income from:**||||||||
|Donations and legacies|3|11,649|968|12,617|5,879|1,055|6,934|
|Charitable activities|4|1,953|3|1,956|1,691|25|1,716|
|Other trading activities|5|274|21|295|16||16|
|Investments<br>**Total Income**|6|175<br>7<br>182<br>175<br>14<br>182<br>**14,051**<br>**222**<br>**15,050**<br>**z,z61**<br>**1,024**<br>**8,855**<br>—SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS**S**SSSS**S**SSSSSS||||||
|**Expenditure on:**||||||||
|Raising funds|7|(1,057)|(121)|(1,178)|(990)|(148)|(1,138)|
|Charitable activities - development projects|7|(355)||(355)|(307)||(307)|
|Charitable activities - core activities|7|(3,623)|(849)|(4,472)|(2,995)|(916)|(3,911)|
|**Total expenditure**|7|**(5,035)**|**(970)**|**(6,005)**|**(4,292)**|**(1,064)**|**(s,356)**|
|**Net operating income**||**9,016**|**29**|**9,045**|**3,469**|**30**|**3,499**|
|Net (losses)/ gains on investments|10|(105)|100|(5)|164|(179)|(15)|
|Net (losses)/ gains on revaluation of investment properties|9||(51)|(51)|(524)|19|(505)|
|**Net income/ (expenditure)**||**8,911**|**78**|**8,989**|**3,109**|**(130)**|**2,979**|
|Transfer between funds|15|41|(41)||58|(58)||
|(Losses)/Gains on revaluation of investment properties|9||(51)|(51)|(524)|19|(505)|
|(Losses)on revaluation offixed assets|||||(407)||(407)|
|**Net movement in funds**||**8,952**|**37**|**8,989**|**2,760**|**(188)**|**2,572**|
|**Reconciliation of funds**||||||||
|Total funds brought forward||13,285|3,603|16,888|10,525|3,721|11,316|
|**Total funds carried forward at 31 March**|15|**22,237**|**3,640**|**25,877**|**13,285**|**3,603**|**16,888**|



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 £5,000 loss (2024: £15,000 loss) on investments comprises £358,000 realised gains and £363,000 unrealised losses (2024: realised gains of £nil and unrealised losses of £15,000). The results for the Charity are disclosed in Note 1 and on the balance sheet. The notes on pages 51 to 69 form part of these financial statements. 

_48_ 



Consolidated and Charity balance sheets
For the Year ended 31 March 2025 (Registered Charity number: 1072490; Registered Company number: 3666389)
Group 2025
£'ooo
Charity 2025
£'ooo
Group 2024
£'ooo
Charlty 2024
£'ooo
The Foundation has elected to
take exemption under section
408 ofthe Companies Act 2006
not to present the charitable
company statement of financial
activities. The Foundation made
a surplus duringthe yearof
£9,551,000 (2024: surplus of
£1,924,000). General funds for
the Group include funds retained
by subsidiary entities of £26,000
(2024: £287,000).
The financial statements set out
on pages i to 69 were approved
bythe Trustees on 23 November
2025 and signed on their behalf
by..
Note
Fixed Assets
Tangi ble assets
Investment Properties
Investment Portfolio
27
27
962
1,471
962
1,471
290
16,200
290
16,200
io
9,520
9,520
Total flxed assets
16.517
16.517
11,953
11.953
Current Assets
Debtors
Short term i nvestments
Cash at bank and in hand
li
6,616
1,959
1,590
6,774
1,959
1.387
1,096
2.714
1,859
5,669
1,227
2,714
1.121
12
Total current assets
10,165
10,120
5,062
Llabllltles
Creditors: amounts falling due within one year
Net Current Assets
(805)
9,360
(787)
(734)
(716)
9,333
4,935
4,346
Total Net Assets
259850
16,888
16,299
The Funds of the Group & Charlty
rcl Oldfield INOV 23, 2025 11:47.'30 GMT+ii
Restricted I ncome Funds
3,640
3,640
3,603
3,603
Richard Oldfield
Trustee
23 November 2025
Unrestricted Income Funds:
General Funds
2,377
19.860
2,933
2,075
9.156
2,054
2,069
8.573
Designated Funds
Long term asset reserve
Total Unrestricted Income Funds
15
19.277
2,054
22,237
22,210
13,285
12,696
Total Group & Charlty Funds
25.877
25.850
16.888
16.299
49

## **Consolidated Cash Flow Statement** 

## **For the Year ended 31 March 2025** 

|**For the Year ended 3131March 20252025**|||
|---|---|---|
||**Total 2025**|**Total 2024**|
||**£'000**|**£'000**|
|**Cash flows from Operating Activities**|||
|Net cash generated from operating activities|3,44o|3,505|
|**Cash flows from Investing Activities**|||
|Dividends, interest, and rents from investments|182|175|
|Proceeds from sale of property, plant and equipment|973||
|Purchase of property, plant and equipment|(16)|(20)|
|Proceeds from sale of investment property|1,130||
|Purchase of investments|(6,733)|(3,900)|
|Proceeds from sale of investments|||
|Proceeds from sale of short term investments|755||
|**Net cash used in Investing Activities**|**(3,709)**|**(3,745)**|
|**Change in cash and cash equivalents in the reporting year**|(269)|(240)|
|**Cash and cash equivalents at the beginning of the reporting year**|1,852|2,022|
|**Cash and cash equivalents at the end of the year**|**1,590 **|**1,859**|
|**Net income for the reporting year (as per the SOFA)**|8,989|2,572|
|Adjustments for:|||
|Depreciation charges|27|48|
|Depreciation on disposal|(49)||
|(Gains)/losses on investments|(5)|15|
|Investment managers fees|58|69|
|Dividends, interest and rents from investments|(182)|(189)|
|Revaluation of fixed assets||407|
|Revaluation of investment property|51|505|
|Increase in debtors|(5,520)|(33)|
|Increase in creditors|71|111|
|**Net cash generated from operating activities**|**3,440**|**3,505**|
|**Analysis of changes in net cash**|||
|Net cash at 1 April|1,859|2,099|
|Net cash (outflow)|(269)|(240)|
|**Net Cash at 31 March**|**1,590**|**1,859**|



The cash and cash equivalents at the end of the year of £1,591,000 (2024: £1,859,000) includes £187,000 (2024: 

£731,000) for The Duke of Edinburgh's International Award Foundation (Canada), and £168,000 (2024: £190,000) due to National Award Operators. 

The notes on pages 51 to 69 form part of these financial statements 

_50_ 



## **Notes to the financial statements** 

## **For the Year ended 31 March 2025** 

## **1 Basis of Preparation and Consolidation** 

## **(A) Basis of preparation** 

The Duke of Edinburgh's International Award Foundation is a private company limited by guarantee, incorporated in England and Wales under the Companies Act. It is also a charity registered in England and Wales. The registered office to 30 September 2024 was Award House, 7-11 St Matthew St, London, SW1P 2JT, United Kingdom. From 1 October 2024 the registered office was Blue Fin Building, 110 Southwark Street, London SE1 oSU, United Kingdom. The details of the principal activities is provided in the Trustee's annual report. 

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 financial statements have been prepared and rounded to the nearest thousand pounds. 

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: 

## **(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 financial statements. 

The Foundation made a sizeable surplus this year of £9 million. This follows two successful years including a surplus of £3.5 million in the prior year. The Foundation's unrestricted funds at 31 March 2025, were over £22.2 million, comprising a general fund of £2.4 million and a designated fund of £19.8 million. 

The Trustees currently expect the results for the current year ending 31 March 2026 to show an overall significant surplus, including a general fund surplus in line with the plan to rebuild the general fund to its target level over a five-year period. Taking future plans into account, and based on cashflow forecasts prepared to December 2026, the Trustees have a reasonable expectation that the charity and group remains a going concern. 

To ensure that our income streams and expenditure plans are in line with our projections, we continually refine our internal financial monitoring and decision-making procedures. In addition to a high-level monthly income and expenditure report that is produced promptly after each month end, a rolling monthly latest expected outturn report, monthly reviews with budget holders, and quarterly financial and cash flow forecasts. These are regularly reviewed by Trustees. 

Management has determined that there is no material uncertainty that casts doubt on the Foundation's ability to continue as a going concern and therefore considers the Going Concern basis of preparation appropriate. 

## **(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: 

- Assets and liabilities are translated at the closing rate applicable at the balance sheet date; 

- Income and expenses are translated at average exchange rates; and 

- All resulting exchange differences as taken to Consolidated Statement of Financial Activities. 

## **(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 judgements and estimates have been made include: 

|lntaward Limited|UK|Until 31 October 2024:|Licencing award operators|Ordinary|I31 March|
|---|---|---|---|---|---|
|(03961099)||Award House|and fund raising on behalf|100%||
|||7-11 St Matthew Street|of its parent company, the|||
|||London|DoE International Award|||
|||SW1P 2JT|Foundation.|||
|||From 1 November 2024||||
|||Blue Fin Building||||
|||110 Southwark Street||||
|||London||||
|||SE1 oSU||||
|The Duke of<br>Edinburgh's|ICanada|199 Bay Street<br>Toronto|Carrying out the charitable<br>activities of the DoE||31 March|
|International||ON M5L 1G4|International Award|||
|Award Foundation||Canada|Foundation|||
|(Canada)||||||
|(08304RR001)||||||



(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 Foundation acts as agent, donations received for immediate onward payment to NAOs are 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. 

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. 

_52_ 

_51_ 



2 Accounting Policies
(A) Fund accounting
(D) Tangible and intangible assets and depreciation
All tangible fi'xed as5et5 C05ting morethan £i.000 are capitalised illitially at cost orwhere gifted to the Foundation atyaluatioll
at the time of acquisition. Tangible fixed a55ets costing under Ei,000 are expensed in the yearthe expense 15 incurred.
F￿ehOld Lahd ahd Bulldlh%s: The Foundation h35 elected to re-value its Freehold Land and Buildings and carry them at fair
valuè at the valuation date less any subsequent attumul8t@d dèpreciation and actumulaied impairment losses so that the
valuation ba515 15 consistent for all part5 of that property. Land and building5 are valued by an external valuer.
Computer hardware and infrastructure: Computer software, includillg development of our digital tools is expensed and is
not recognised a5 intangible a55et. Depreciation of fixed asset5 15 charged on a straight-line basis, commencing in the
month of purchase. on tosi orvaluation as follows..
Fund5 held by the charity are either..
Unrestricted 8eneralfvnds- these are fund5 which can be used in accordance with the charitable objects at the discretion
olthe Trustees.
Unrestrltted desl8nated funds these are funds Set aside at the discretion ofthe Trustees for Specific purp05e5.
Unrostrl¢t*d lonKiorm a￿1 funds- these are funds set aside which match the values ollong-terTn a55ets (mainly property).
R*strltt*d lund$- these are lunds that can only be used for particular restricted purp05e5 Wlthin the objec15 of the charity.
Restrictions arise when specih-ed bythe donor or partner or when funds are raised for particular restrlcted purposes. Details
are set out in Note 15.
rixlures. fittings & furniture.. io% per annum.
Computer systems. software and infrastructure.. 33.kn per annum or economic life of asset, whichever is shorter.
Molorvehicles.. 25 k per annum.
Freehold Buildings.. 2°/0 per annum
(B) Income and endowments
Intome Is rètognised when the Foundatlon Is Èniitled to Ihe Intome, any performante tondltions aitached 10 thè Intome
have been mel. it is probable thai the income will be received. and the amount can be measured reliably. When income is
received in advance olprovidinggoods and services, the illcome 15 deferred until the Charity becomes entitled to the illcome.
Donations and legacie5 include World Fellowship donations. gift5, grant5 receivable and donations offacilities and services
in kind. The specific bases used lor recognition o15uch income are a5 follows..
(E) Investment properties
Investment propertie5 are those which are not held for social benefit Jnd where a rellable lairvalue 15 av4ilable. InveslTnent
Donation income and legacies are recognlsed where Ihere is enliilemeni, probabilily of receipt and measurabilily.
Donated fèclllties and services are included at the value to Ihe charity where this can be quantifled, and a thlrd party
is bearing the cost. The value is determined by considering the amount the charity would pay for such services in the
open market. An equlvaleDt expenditure amount 15 included in the fi'nancial 5talemen15 at the same lime as the incorne
is recognised, No amounts are Included In the fln3ncial statements for services donated byvolunieers.
Oonated assets are Included In Incomlng resources and ffxed assets at an estlmate ol their value to the tharlty at the
properties are valued and subsequently measured al fair value with any surplusl Idelicitl recognised in the SOFA. In
accordance with FRS 102, no depreciation is provided In respect of the Investment property.
(n Investment Portfolio
Listed Investments are held at bld value al the balance Sheet date and the SOFA Include5 the reallsed and unreali5ed
investment sainsllosses For the year. Realised gains and losses on investments, calculated as the difference between the
sales proceeds and thelr fair value ai the siarl of the year. or subsequeni cosi, are credited or charged 10 the SOFA in the
year of 8ain or loss. Unrea115ed 8ains and 1055e5 representing the movement in fair values durin8 the year are credlted or
charged lo the SOFA in the year ol the gain or loss.
Current asset investments are short term deposlls With maiurily of less than 12 months but greaterthan three. Cash invested
cannot be accessed for the duraiion of the term of the deposit. Where a fixed Interest rate applles, Interest income is
recognised in SOFA on an accru81 ba515.
Grant income is recognlsed In line wllh the supply ofservices or actlviiles contracted.
Income from charitable activities and other trading income 15 accounted for when il can be reliably measured, there is
entitlement and receipt is probable. Income from charitable activitie5 include5 licence fee income, Online Record Book
Income, pariiclpani fee income, delegate fees and Income from tralning events. Othertradlng Income Includes commerclal
fee income, fundraising event and auction income.
Income from training and fundr8ising events is shown gross of any assDcialed expenditure. Income received in advance or
an event or before the point al which entitlement pa55es, is deferred until enlillemenl lo that income hzs arisen. al which
time it is credited to the SOFA, Where income is raised through fundraising events held jointly with connected charities within
the Assoclatlon, onlythe share of that Income whl¢h Is attrlbutable to the Foundatlon Is recognlsed.
(G) Cash and cash equivalents
Cash and cash equlvalents include c8sh on hand, deposlts wlth banks 8nd fund5 that are readlly convertlble into cash at,
or c105e lo, their carrying value5, bul not held for investment purp05e5.
(C) Expenditure
Expenditure is recDgnised when it is incurred and is reported gr055 of related income on the fDllowing ba5e5'.
(H) Pension costs
Expenditure on raising funds comprlses the costs associated wilh attractlngvoluntary income and the costs associated
with fundraising events.
The Foundation contribute5 to The Duke of Edillburgh's International Award Foulldation Group Personal Pension Plall. Thi5
15 4 defined contribution pension Scheme operated by Scottish Widow5. The contTibutiOn5 are recogni5ed a5 they1411 due.
Where costs cannot be dirÈctly atlribuled, they have been allocated to activities on a basis consistent with the use or
those resources, largely staff time spent.
The charity 15 not able to reclaim all the VAT it pay5. Irrecoverable VAT 15 included in the expellse item to which il relate5.
For fixed asset acqui51tiOn5. irrecoverable VAT 15 added to the capital c05t.
(l) Operating Leases
Rental paid under operatlng leases Is charged to the SOFA on 8 siralght-llne basls over the Ilfe of the lease. Where Ihe
amounls involved are insignificant operating leases may be charged to the SOFA as they are paid.
53
54

3 Income from Donations
(A) Donations and legacies
5 Income from Other Trading Activities
Unrestricled
2025
£000
Restricled
2025
£000
Total
2025
£000
Unre5tricled RestTiCted
2024
2024
£000
£000
Total
2024
£000
Unrestricted
2025
£000
Re5tricled
2025
£000
Tolal UnTestiicted
2025
2024
£000
£000
Restricted
2024
£000
Total
2024
£'ooo
Fundraising events
274
295
Don3tions- Individuals and
Companies
Donations-Trusts and FoundatlOn5
Donations in kind (note 3bl
274
21
295
16
11,557
563
12,120
5,720
654
6.374
558
16
38
54
405
443
54
157
401
11.649
968
12.6x7
5.879
1.055
6.934
6 Investment Income
Unresblcted Restrlcted
2025
2025
£000
£000
Totsl Unrestrlcted Restrlcted
2025
2024
2024
£000
£000
£000
Total
2024
£000
26
Don3tions- Individua15 and Companie5 unrestricted funds include5 £103b64812024.. £649b9431 in relation to The Duke of
Edinburgh's International Award Foundation (Canadal.
Donations- Trusts and Foundations restricted funds includes £nil12024.. £24,8?Il In relation to The Duke of Edinburgh's
International Award Foundation (Canadal.
During the year, £268,55912024.. £265,809) was received on behzll of National Award Operaiors, Ihis is excluded from the
above donation income as this is passed straight through to the related entity when received.
Interest on other cash balances
Investment property
175
175
149
163
175
182
175
14
189
(B) Donations in kind
7 Expenditure
(A) Expenditure on charitable activities
Donations In klnd received durlng the year are estlmated to be valued as follows..
Totjl
2025
£000
Tot41
2024
£000
Dlrectly Support
Charged
Costs Total
2025
2025
2025
£000
£000
£000
Dlrectly Support
Charged
Costs Total
2024
2024
20a4
£000
£000
£000
Legal, advlsory services and professlonal fees
Events and donor support costs
EXPENDITURE ON RAISING FUNOS
25
Raisin8 Funds
Total Exp•ndltur• of Ralsln8 Funds
913
265
1,178
791
347
1.138
54
913
265 1,178
791
347 1.ty8
All Income from don3tlOns in kind In 2025 and 2024 wa5 unrestricted.
EXPENDITURE ON CHARITABLE ACTIVITIES
Development projects
4 Income From Charltable Actlvltles
54
247
54
54
247
54
Information Management and Digltal Development
Supporting Adults in the Award
172
133
172
133
UnrestTlct*d Rtstrlcted
3025
2025
£000
£000
568
367
Total Unrestricted Rèsirl¢t¢d
3025
2024
2034
£000
£000
£000
588
432
367
Total
2024
£000
432
355
355
307
307
Operator licence
National Award Operator Levy Fee
Online Record Book- IACS
Ilndependent Award Cenlresl
Training income
Perlorm3nce related grantlother iDIDme
Other Operating Income
346
346
Cor• actlvltl•s
Operatlng
Communicating
Resourclng
1.782
452
1,236
659
179
174
901
901
861
861
592 2,374
200
652
210 1,446
1,352
457
1.090
2,011
636
1.264
88
88
46
21
22
Total Expendlture on Charltable ktlvltles
Total Resources expended
3.825
1,002 4.827
3.206
1.012
4.218
4*738
1.267 6,005
3*997
1*359 5*356
1.953
1.956
1.691
X.7x6
55
56

## _**7**_ **Expenditure continued** 

## **B) Support Costs** 

|**_7_Expenditure continued**<br>**B) Support Costs**|**Expenditure continued**|||||
|---|---|---|---|---|---|
||**Raising Funds**|**Operating**|**Communicating**|**Resourcing**|**Total**|
||**2025**|**2025**|**2025**|**2025**|**2025**|
||**£000**|**£000**|**£000**|**£000**|**£000**|
|Finance and Legal|94|210|71|74|449|
|General Management|38|86|29|31|184|
|Governance|15|33|11|12|71|
|Human Resources|14|31|11|11|67|
|Information Technology Costs|48|107|36|37|228|
|Office Costs|16|36|12|13|77|
|Property Costs|40|89|30|32|191|
|**Total**|**265**|**592**|**200**|**210 **|**1,267**|
||**Raising Funds**|**Operating**|**Communicating Resourcing**|**Communicating Resourcing**|**Total**|
||**2024**|**2024**|**2024**|**2024**|**2024**|
||**£000**|**£000**|**£000**|**£000**|**£000**|
|Communications|1|a|-|-|2|
|Finance and Legal|137|260|71|69|537|
|General Management|58|110|30|29|227|
|Governance|22|41|11|11|85|
|Human Resources|17|32|9|8|66|
|Information Technology Costs|45|85|23|22|175|
|Office Costs|28|53|15|14|110|
|Property Costs|39|77|20|21|157|
|**Total**|**347**|**659**|**179**|**174**|**1,359**|



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; Information Management and Digital development is the cost of development of the Online Record Book and digital platforms; These activities have all been funded by funds that the Trustees designated as set out in note 15. 

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 £522,000 (2024: £694,000) has been directly charged to Charitable activities - core activities resourcing. Restricted expenditure of £73,000 (2024: £33,000) has been directly charged to Charitable activities - core activities operating. Restricted expenditure of £3,000 (2024: nil) has been directly charged to Charitable activities - core activities communicating. Restricted expenditure of £92,000 (2024: £33,000) have been directly charged to Raising Funds. All other expenditure is unrestricted. 

## **(C) Net income before investment gains is stated after charging:** 

||**2025**|**2024**|
|---|---|---|
||**£000**|**£000**|
|**Auditors' remuneration**|||
|- Fees payable to the Foundation's auditor for the audit of the Group Accounts<br>- Fees payable to the Foundation's auditor for the audit of subsidiaries<br>- Fees payable to the Foundation's auditor for other services|63<br>7|60<br>7|
|Tax services|5|11|
|Other advice||14|
|Depreciation|27|48|
|Foreign exchange losses|45|106|
|Operating leases|96||



## **Auditors' remuneration** 

## **(D) Staff Costs** 

|**(D)**<br>**Staff Costs**|||
|---|---|---|
||**2025**|**2024**|
||**£000**|**£000**|
|Wages and salaries|2,129|1,717|
|Social security costs|269|200|
|Pension costs|146|182|
|Other staff costs|573|585|
||**3,117 **|**2,684**|



## **(E) Staff numbers** 

|**(E)**<br>**Staff numbers**|||
|---|---|---|
||**2025**|**2024**|
||**No.**|**No.**|
|Generating funds|9|8|
|Charitable activities|33|29|
|Average number of staff in the year|**42**|**37**|



**(F) Staff whose emoluments (excluding pension contributions) were in excess of£ 60,000** 

||**2025**|**2024**|
|---|---|---|
||**No.**|**No.**|
|£60,001 • £70,000|6|6|
|£70,001 • £80,000|i1|i1|
|£80,001 • £90,000|4<br>=||
|£90,001 - £100,000|||
|£100,001 - £110,000|2|2|
|£110,001 - £120,000|||
|£120,001 - £130,000|||
|£130,001 - £140,000|||
|£140,001 - £150,000|||
|£150,001 - £160,000|1|a|
||**11**|**9**|
||**2025**|**2024**|
||**£000**|**£000**|
|Pension contributions in respect of above members of staff|92|84|



Key management personnel are considered to be the senior leadership team. During the year the senior leadership team consisted of the Secretary General, the Chief Financial Officer and the Deputy Secretary General. Their combined emoluments for the year were £439,000 (2024: £281,000), including pension payments of £65,000 (2024: £57,000). During the year and the prior year one member of the senior leadership team received an uplift in compensation via a one-off employer pension contribution as approved by the Remuneration Committee. Other than that payment, the senior leadership team have the same pension rights, health insurance terms and bonus scheme terms as all other UK staff. 

## **(G) Ex-gratia and redundancy payments** 

Compensation in 2025 of £51,000 was paid to five employees (2024: £30,000 paid to two employees) for loss of office during the year. Of this amount, £6,000 was an ex-gratia payment to one employee, with the remainder being comprised of between one- and three-month's salary as compensation and payment in lieu of notice period. 

_58_ 

_57_ 



7 Expenditure continued
(H) Grant expenditure
Slovakia- 513nd By MÈ
Slovakia- Exp3ndin¥VolunteÈr NÈiwork
Slovenia MEPI CsTeeT Aiademy
Slovenia Open Award Centre5 in Slovenia
Slovenia- Psycholo￿ Training
South Afvica- 5tonehage Fleming
South Africa- Mastercard Foundaiion
78
28
96
28
Grant5 expenditure of £584,000 12024.. £735,000) ha5 been charged to restricted charitable activities
resourcing. The Foundation made 3412024.. 391 grants. with a maAimum value of £147.000 12024.. £131.0001.
21
22
2025
Grants to
2024
Grants to
Trinidad & Tobago- Empowering Youth Voices.. Expanding & Enhancing Award
Pro8ramme to Achieve 1% P3rticipation Amongst the Youth Population
Togo- School Bank.. Project for Developin8 Entrepreneurial Skills
The Gambia Award forAII Young People
Uganda- Online Delivery enhancemeni
Uganda- Mastercard Foundation
UK- College Group Delivery Model Pllot
USA- Discover their Inlinite Potential
Zambia- Strengthening and Supporting Growth
Zambia Wildliffe
Zambia-The Award Wildfire (expansion prolecll
Zambla YEF.Ti5hange Lets Plant Trees
£000
£000
li
io
The follo¥ving individu31 Grants were rnade to
National Award Operators in the year..
io
Bahamas- Buildin8 Experiences TD8elher
B@nin- MasiÈrtard Foundation
Bulgaria The Incluslve Award
Bulgaria- Founder'5 Fund
Cameroon Global Youth Mob1112atlon Covid-19 recovery fund
Canada- Expanding Role of the Award as a Cocurricular in Public Schoo15
Czech Republic- DoffE Amb8ssador Academy
Czech Republic- Stand 8y Me
Domlnlca- R.l.S.E
Flnland- WorldReady Pathways.. Empowerlng Finn15h Youth through DofE-4H
io
18
71
io
20
20
12
69
969
965
The lollowlng Indlvidual grants were made to Independent Award Cenires In the
vear..
Germany- Piloting Berlin Leadership Lab
Germany- $13rke Teens NRW
Germany- Strong Teens Hesse
fjermany- Sirong Teens New Lander
Ghana- Mastercard Foundation
Ghana YEF- Ensuring Inclusive & Quality Education foryoung people wlth
18
Ilaly- People Helpins People
io
io
Total
969
968
12
8 Tangible Assets
Group and Charity
Ghzna Yenkyenfa Project
Guinée- Le Mérite dans le5 Cenlres d'Accueil et les Orphelinats
io
Indonesla- DOEXUNFPA We Decide
Indonesla- Founder's Fund
Flxtur•s. flltlngs
Computer $y$tems,
& furnlture $oftware & Infr•structur•
£000
£000
Freehold Land
and Bulldlngs
£000
44
24
147
Total
£000
12
Israel- Founder'5 Fund
jordan- Building Future Community Builders and Leaders
Kenya- Compass Project
Kenya- Creaiing Centres of Excellence
Kenya- Masieriard Foundatio
Madaga5C3r- La renai553nce de l Award
Malta- DofE- SYNC
Mauritius- Empowerlng Handltapped Youth.. Inclusion & Enga8mÈnt in the Award
97
Cost orvaluatlon at i Apill 2024
Addition5
Dlsposals
Cost at 31 Morch 2025
289
ioi
1.019
1,409
16
181
268
83
ioi
452
Accumulated depreciation at i April 2024
Depreciation charge
12731
1731
(4471
1271
49
io
15
34
21
Accumulated depreciaiion
at 31 March 2025
Nep31- Globalyouth Mobilization Covid-19 recovery fund
Nep31- Provlding Access and Empowering Youth Llving in Homes
Nepal World Fellowship funds- Development of the Award
New Zealand- Reaching Rural Young New Ze4landeTS
Nigeria World Fellowship fuNd5- Development ofthe Aw3rd
Nigeria- Founderfs Fund
Romania- Beyond Borders
Romania- Stand By Me
12681
156)
{ioil
(4251
Net bookvalue al31 March 2025
Net bookvalue at 31 March 2024
16
28
918
962
17
32
123
123
66
131
59
60

## _**9**_ **Investment Property** 

|**_9_Investment Property**|||
|---|---|---|
|**Investment Property**|**Group & Charity**|**Group & Charity**|
||**2025**|**2024**|
||**£000**|**£000**|
|Fair value at 1 April|1,471|1,976|
|Disposals in year|(1,130)||
|Fair value adjustment|(51)|(505)|
|**Fair value at 31 March**|**290**|**1,471**|
|Fair value adjustment|||
|Portugal|(51)|19|
|Award House||(524)|
||**(51)**|**(505)**|



Investment properties consisted of the freehold interest in the Foundation's UK offices and a donated investment property in Portugal. In June 2024, the UK office was sold to a third party. This was held at fair value of £1.1 million reflecting the value obtained at auction in May 2024. The value of this investment property upon receipt was £2.8 million. The second investment property is valued at £290,000. This is based upon a sales valuation performed in February 2025. Small amounts of rent and expenditure are generated by it each year. The value of the property on donation receipt was £220,000. This property was sold in August 2025. 

## **10 Investments** 

## **(A) Investment Portfolio** 

||**Group & Charity**|**Group & Charity**|
|---|---|---|
||**2025**|**2024**|
||**£000**|**£000**|
|Investment portfolio at 1 April|9,520|8,404|
|Additions at cost<br>Drawdowns from Portfolio<br>Net investment gains/(losses)|11,199<br>(4,466)<br>(5)|1,200<br>(15)|
|Investment manager fees|(48)|(69)|
|**Market value of holdings at 31 March**|**16,200**|**9,520**|
||**Group & Charity**|**Group & harity**|
||**25**|**2024**|
||**£000**|**£000**|
|Ruffer Absolute Return Fund|9,296|5,140|
|Investec Wealth and Investment Limited|135|4,380|
|Cazenave Sustainable Multi-Asset Funds|6,769||
|**Investment portfolio at  31 March**|**16,200**|**9,520**|



During the year, The Foundation withdrew funds from Investec and reinvested these with Cazenove. There were no drawdowns in 2024. 

During the year the Foundation had investment losses of £5,000 (2024: losses of £15,000). These have been allocated to the development and restricted funds in accordance with the investment balances held in those funds calculated on a monthly basis. During the year the Foundation invested a net £6,733,000 (2024: £1,200,000) in line with our aim to rebuild our long-term reserves. 

||**Group & Charity Group & Charity**|**Group & Charity Group & Charity**|
|---|---|---|
||**2025**|**2024**|
||**£000**|**£000**|
|Ruffer Absolute Return Fund|9,296|5,140|
|Cazenave Sustainable Multi-Asset Fund|6,750||
|UK Fixed income||1,218|
|Overseas Fixed income||575|
|Equities||1,871|
|Property|112|110|
|Other||513|
|Cash or cash equivalents|42|93|
|**Investment portfolio at 31 March**|**16,200**|**9,520**|



## **(B) Subsidiary Undertakings** 

|lntaward Limited|UK|Holding Company|Ordinary|31 March|
|---|---|---|---|---|
||||100%||
|The Duke of Edinburgh's|Canada|Carrying out the charitable activities of the DoE||31 March|
|International Award||International Award|||
|Foundation (Canada)|||||



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. 

## **(C) Financial Results of Subsidiaries** 

|**(C) Financial Results of Subsidiaries**|||
|---|---|---|
|||**The Duke of Edinburgh's**|
|||**International Award**|
||**lntaward**|**Foundation (Canada)**|
|**Investment in:**|**£**|**£**|
|**Cost at 1 April 2024 and 31 March 2025**|2||
||**£000**|**£000**|
|**At 31 March 2025**|||
|Assets|71|187|
|Liabilities|(45)|(187)|
|**Reserves**|**26**||
|**2024-25**|||
|Income|23|108|
|Expenditure|(13)|(683)|
|**Net Surplus/ (deficit)**|**10**|(573)|
|At 31 March 2024|||
|Assets|114|724|
|Liabilities|(98)|(151)|
|Reserves|16|573|
|2023-24|||
|Income|27|675|
|Expenditure|(16)|(30)|
|Net Surplus|11|645|



_**61**_ 

_**62**_ 



11 Debtors
ThÈ transfer bÈtsvÈÈn thÈ lon¥-tèrm asset fund and the devÈlopmÈnt fund is thÈ transfÈr of funds upon thÈ sale of Award
House. All other Tr8nsffers between ffunds relate to the allocation of apportioned overhead costs and staff time.
General Funds forthe Group include funds retained by subsidiary entities of £26,00012024: £281.0001.
Group
2025
£000
Charity
2025
£000
Group
2024
£000
Charity
2024
£000
Trade debtors
Other debtors
Accrued income
Prepayments
Amounts due frotn subsldiarles
512
462
35
5.947
116
182
Year ended 31 Morch 2024
35
5,953
116
731
181
725
181
Total Restricted
Long lerm Unrestricled
Incorne
asset
Futhds
Fund$
£000
£000
General Development
Funds
Fund$
£000
£000
6.962
2,900
Total
Fund$
£000
3,791
14,316
1,094
8,855
11.0641 15,3561
214
237
£000
6.616
6.774
1.096
*.227
Balance at 31 March 2023
Income
Expenditure
559
4,861
13.4591
3,004
10.525
7,T61
(4,2921
12 Current Asset Investments
18141
1191
Group & Charlty Group & Charlty
2025
2024
£000
£000
inve5tmen15
Revaluation of Investment Property
Revaluation of Fixed a55ets
Transffer between funds
164
164
15241
14071
58
11791
15241
14071
15051
14071
Short term deposit5
1,959
2,714
114
1561
9*156
1581
31603
1,959
21714
B•l•nce ot 31 March 2024
2.075
2,054
131285
16.888
13 Creditors: Amounts Falling Due Within One Year
(B) Net Assets
Group
2025
£000
Ch¥rlty
2025
£000
Group
20a4
£000
Chjrlty
2024
£000
Year ended 31 March 2025
Total Restrlcttd
Unrestrlcted
Income
Funds
Funds
£000
£000
Trade creditors
127
512
166
127
508
152
190
340
204
191
336
189
General Dwelopment term
Funds
Funds
asset Fund
£000
£000
£000
Tot81
Fund5
£000
Accruals
805
787
734
716
Tanglble assets
Investment properties
Investment portfollo
Net current assets
290
2,484
866
290
16,200
9,360
3.640 2s,877
13,716
6,144
13,716
8,494
14 Taxation
2.350
Bliance It 31 Mirch 2025
1,377
t9,860
22.137
tax exemption5 on income and profi'15 from inve5ttnents, and surpluses on anytradlng activltie5 carried on in the fUrthera￿(e
olthe charlty's prlmary oblectlves. If these proflts and surpluses are applled solely for charitable purposes.
Year ended 31 March 2024
15 Funds
(A) Movement
Lon% term
Total Restrlcted
asset Unre$trlcted
Ihtome
Futtd
Funds
Funds
£000
£000
£000
924
962
1.130
1,130
6,506
4,687
General Development
Futtds
Fund$
£000
£000
Total
Fumds
£000
962
1,471
9,520
4,935
Tangible assets
Investment properties
In¥e5tmenl portfolio
Net current assets
38
Year ended 31 Marth 3015
341
3,D14
248
6,506
2,650
9DI56
Tolwl Re5trlcted
Gèneral Di￿lOpm*￿t Lon8 torm Unr¢strl¢iod
Intomè
Total
Funds asset Fund
Funds
Funds
Funds
Funds
£000
£000
£000
£000
£000
£000
9.156
l3,285
3.603 16.888
9,T81
14.051
999
15,050
19841
15,0351
19701 16,0051
2.037
Balance at 31 March 2024
1,075
3*603 16,888
2,054
Balance at 31 March 2024
Income
Expenditure
ullreali5ed11055esllgains on
inve5tment5
Re81ised Ilossesllgains on investments
Rev3lu3tion Df Investment ProppTty
Transfer between funds
2.075
4,270
14.0511
2.054
14631
358
{4631
358
loo
@631
358
tsil
83
2,012
12,0541
Balance at 31 March 2025
2Tr377
19Tr860
22,237
3*640
63
64

OO
+0 O) *<0
¥ r4 0 m th<0
o)
KX £L
In o > J_

(15 D) Restricted Funds continued
16 Financial Commitments
All grants tre subjetl to tonditions and these condiliDns are rÈgu13rly rÈviÈwÈd. WhÈre tDnditions not mei, IhÈ grant Can
be withdrawn. Current grants where performance conditions have not yet been fulfilled as at 31 March 2025 are..
Year ended 31 March 2025
i April
2024
£000
Investment
Expethditure 8ainslOvssesl
£000
£000
Transfer
of funds
£000
31 March
2025
Incorne
£00
Founder's
Fund
£000
Internatlonal
Special Projects
£000
Youth Mastercard
Ernpowerment Fund Foundation
£000
£000
Total
£000
Re8ionlCountry Specific Fund5
20
ioi
Other Regionlcountry Restricted
Anglo American
Kenya Compa55 Project
Creating Cenlres ol Excellence Project
Afrika Tikkun
71
93
49
22
75
146
93
84
Total Future comfflitment5
21343
380
24
89
2,971
1451
Total due to be paid in FY25126
if performance condition5 are
met
io
70
2,852
21
431
211
669
260
49
2,774
21
Tanaka Fund
Other Restricted
Dlgiial Development
WHOIGlobal Youth Mobilisalion Fundl
Youth Empowerment Fund
Stand by Me
Mastercard Foundation
17 Related Party Transactions
Flve 12024.. Four) Trustees or companles connected wlth Trustees 8re fully pald Members, Fellows or Corporate Fellows of
the World Fellowship. During the year three Trustees made donations tol811ing £340,00012024.' one Trustees £100,oool of
which, £75.00012024.. £25,000) was restricted to the Kenyan Compass Project. £75,00012024.. £25,000) for Global Activity
and £io,00012024., £0) lor Iniernatlonal Special Prolecis.
Trustees do not recelve any remuneration for their 5ervlce a5 Trustees, and no monetaryvalue Is Included in these fi'nafjcial
statements for tlme spent by Trustees on the affalrs of the Foundatlon. Out of pocket expenses incurred by Trustees whlle
czrrying Out their duties are reimbursed by the Foundation when claimed. During the year, expenses of £8,220 were
reimbursed to three Trustees,12024'. two Trustees £3,237), The Foundalion has purchased Ihird-party indemnity Insurance
for the Trustees.. Ihis was in place lor Ihe enilre year under review.
Trustees do not recelve any remuneration for Ihelr seivlce as Trustees, and no mone18ryvalue Is Included In these fln8nclal
statements for tlme spent by Trustees on the affalrs of the Foundatlon. Out of pocket expenses incurred by Trustees whlle
Izrrying out their dutie5 are reimbursed by the Foundation when claimed. During the year, expenses of £8,220 were
reimbursed to Ihree Tiustees,12024'. two Trusiees £3,237), The Foundaiion has purchased Ihird-part¥ indemnity insurance
for the Trustees.. this was In place lor Ihe eniire year under revlew.
During the year, the Foundatlon invested funds of £7.Imilllon In the Cazenove Suslalnable Multl Asset Fund. This fund Is
manz8ed by Cazenove Capital and 15 parl ofihe Schroder's 8roup, where one of the Iruslee5 serve5 a5 the Chief Executive
Offi'cer ICEOI, IDvesttnent management lee5 01 £4,100 were paid to Cazenove in the year.
One Trustee is a TTUSlee of the Chrysalis Youth FoundalionlThe International Award lorYoun8 People Nigeria, the licensed
natlonal operator For Nigeria, Two grant payments were made in the year iotallin8 £130,564. The operator also pald £7,464
lo the Foundation durlng the year for the NAO levy fee. The amount due from the operator at the year-end was £nll.
One Trustee Is 8 Trustee of the Duke ofEdinbur8h's International Award Foundatlon Czech Republlc, the Ilcensed n8lional
operator for Czech Republic. Two grant payments were made in the year lotalling £79,929. the operator paid £iiy580 lo the
Foundation during the year for the NAO levy lee. The amount due Irom the operator 81 the year-end was £13.339.
One Trustee 15 a Trustee olthe Duke of Edinburgh's International Award Foundation-51ovakia, the licensed naiional operator
for Slovakia. Two grani payments wÈre made in the year tolalling £106,348. The operator paid £10,459 to the Foundailon
during the year ffor the NAO levy fee. The amount due from the operator al the year-end was £nil.
The Trustees have reviewed the related party connections of themselves, their c105e families and other connected persons
and report that no di5closable tran5actlOn5, Otherthan those described above, arose duringtheyear from these connectlOn5.
One member of the Found3tion'5 Senior Leadership Team 15 a member of the Board of Award USA. the licensed national
operator for the USA. One grani payment was made 10 Award USA In the prloryear of £14,000. The operator paid £1.683 10
the Foundation during the year lor the NAO levy lÈe.
Transactions with Intawèrd Limited in the year arÈ detailed below..
256
188
177
12971
167
158
31640
Totsl
3Tr603
999
19701
49
1411
Y￿r ¢nd¢d 31 March 2024
Investment
ExpendltUTe Bpln51(1055851
£000
£000
Transfer 31 MaKh
of lunds
2024
£000
£000
2023 Incoffle
£000
£000
Regionlcountry SpeciNc Fund5
107
46
93
39
23
69
3,149
Oiher Regionlcountry Restricted
Anglo American
Kenya Compa55 Project
Creating Cenires ol Excellence Projeet
Afrika Tikkun
93
71
49
1201
66
256
1201
13771
2,852
Tanaka Fund
Other Restricted
Dl8iial Development
WHOIGlobal Youth Mobillsaiion Fund
Stand by Me
Mastercard FDundaiion
42
42
21
190
409
268
177
Totsl
3.791
1,094
11.0641
(1601
1581
3.603
2025
£000
2024
£000
Balance sheet Items:
Loan to Intaward
33
87
67
68

17 Related Party Transactions continued
Tran5actlOn5 Wlth The Duke of Edinburgh'5 International Award Foundation Icanadal in the year are detailed below-
2025
£000
2024
£000
Income and Expenditure item5
Service Agreement
678
28
At the year-end an intercompany balance of £181.00012024.. £151.000I 15 owed froffl The Duke of Edinburgh's International
Aword ICanad81 to the Charity.
18 Pension Schemes
Durin8 the year10 31 March 2025 the Foundation contributed £236,00012024.. £182,000) of unre5tricled expenditure lo The
Duke ol Edinburgh'5 International Award Foundation Group Personal Pension Plan. Thi5 15 a defined contribution pension
stheme operated by Scottish Wldows. As at 31 March 2025 £17.00012024.. £51,oool was due 10 be paid 10 Scottish Widows.
19 Leases
The Foundation holds an operatin8 lease lor oflice space. The total future minimum lease payments under non-cancellable
operatlll8 leases ale as follows..
Find out more about the work of the
International Award Foundation, and how
you could support the next generation
of young people to find their purpose,
passion and place in the world
2025
£000
193
2024
£000
Within one year
Between one and five years
Totsl mlnlmum lease payments
X93
Lease payments recognlsed as an expense during the year tolalled £96,00012024.. £nlll.
The charity does not have any options to purchase the leased assets at the end ol the lease term.
20 Post Balance Sheet Events
On 25 August 2025. the Foundation sold ils investment property in Portugal. A sales value ofé390,000 was achieved. The
property is held at this value net ol cos15 of Sale al the balance sheet dale.
intaward.org
0 2025 The Duke of Edinburgh's International Award Foundation
Registered charity in England and Wales number 1072453
Cornpany lirnited by guarantee number 3666389
69