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← The King's Trust

2025-03-31-accounts

The King’s Trust GROUP ANNUAL REPORT AND ACCOUNTS 2024/25

Annual Report and Accounts 2024/25 3

Contents

Contents
Thank you 5
Foreword 6
Welcome 7
Our strategy 2021/25 8
How we work 15
Our programmes 16
Taylor’s story 18
Linda’s story 21
Finley’s story 23
Our UK delivery in 2024/25 24
Fundraising for our work 28
Environment 32
Governance 34
Financial performance review 35
Risk management 39
Principal risks and uncertainties 39
Organisational structure, governance and management 41
Reference and administrative details 45
Statement of the Trustees’ responsibilities 46
Independent auditors’ report to the trustees of The King’s Trust 47
Financial statements 51
Statement of Financial Activities 52
Balance Sheet 54
Statement of Cash Flows 55
Notes to the Financial Statements 56

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Annual Report and Accounts 2024/25 5

Completing The King’s Trust programme ignited my passion

THANK YOU

“ The King’s Trust played a crucial role in helping me take that initial step towards my rail career. I’m now a Rail Engineer Track Maintenance Worker and plan to continue building my career in the rail industry, while also focusing on personal growth.”

“ I shared my interest with The King’s Trust staff and with their support, was able to research potential career routes. I completed an 8-week Level 2 Diploma in Rail Engineering Track Maintenance course at my local college in January 2025. Through the course, I gained the skills and qualifications necessary to perform various railway maintenance tasks, including sleeper changes and wet bed repairs.

“ Alongside my job, I recently became a King’s Trust Young Ambassador. The role will enable me to share my story and inspire others who may feel lost. I hope it will enable individuals to take control of their future. Completing The King’s Trust programme ignited my passion for the railways, and I’d love to be able to help others find their passion too!”

Shaniya Begum Smith

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Annual Report and Accounts 2024/25 7

FOREWORD

From Tom Ilube CBE, Chair of the Board of Trustees

Across the UK, more than one million young people are currently not in education, employment or training (NEET). Behind that stark number are individual stories of untapped potential, dreams deferred, and opportunities missed. The reality is that too many young people lack the support, skills, and confidence to step into secure futures. That is not acceptable – not for them, not for our society, and not for our economy. As Chair, I believe it is our responsibility to rise to this challenge with urgency and ambition.

This past year has been a defining moment in the long and proud history of our organisation.

Building on the achievements of the 2021–2025 strategy period, we have launched a bold new 2025–2030 strategy to guide that response. It sets out a clear mission: ending youth unemployment in the UK and ensuring that every young person can succeed. Delivering on this ambition means tackling inequality wherever we find it, equipping young people with the skills needed for tomorrow’s jobs, and raising a bold voice for change to influence systems that hold young people back. It also means stewarding every pound entrusted to us to maximise impact. One of the most significant opportunities we must embrace to achieve this vision is Artificial Intelligence (AI). We are entering an era where AI will reshape industries, redefine skills requirements, and transform how we deliver support. For The King’s Trust, AI is not just a tool for operational efficiency; it is a force for unlocking opportunity. From using AI to enhance personalised learning and mentoring, to leveraging data insights that help us identify and reach underserved young people, we will ensure that our charity remains at the forefront of innovation.

As we approach our 50th anniversary, we have not only reflected on five decades of empowering young people but also prepared ourselves for a bold new chapter.

Central to that future is our transformation into The King’s Trust – a name that reflects both our heritage and our vision for the years ahead. This change is more than symbolic; it represents our renewed determination to scale our impact and address the pressing challenges young people face today. None of this would have been possible without the commitment of our staff and volunteers, whose energy, resilience, and dedication ensured we continued to deliver at scale during a year of significant change. I am deeply grateful to them, and to our partners and donors, for their unwavering support.

More importantly, we will prepare young people themselves to thrive in an AI-driven world – helping them develop futureproof skills and access emerging careers that did not exist just a few years ago.

Change of this scale cannot be achieved alone. It demands partnership and collaboration – with employers, partners, policymakers, and, crucially, with young people themselves. Over the past year, I have been inspired by the resilience and creativity of the young people we support, and I am reminded that they are not just beneficiaries of our work but active partners in shaping the future of The King’s Trust. As we step into this exciting new era – guided by a refreshed identity, a visionary strategy, and the promise of technology – we carry forward the spirit that has defined our organisation for five decades: belief in the power and potential of every young person. Together, we will meet the challenge of our time and work towards a future where no young person is left behind.

I would also like to note our gratitude to our Global Founding Patron, the late Prince Karim Aga Khan, whose support and inspiration helped us to transform the lives of so many young people. In the same spirit I would like to extend a warm welcome to His Highness Prince Rahim Aga Khan V, who will be continuing as our Global Founding Patron.

Tom Ilube CBE

Chair of the Board of Trustees The King’s Trust

WELCOME

From Jonathan Townsend, Chief Executive

Throughout the year, one

message has remained clear and consistent: our commitment to equity, diversity and inclusion must be unwavering. We also continued the roll out of our place-based focus, ensuring we are reaching those at the lower end of the Index of Multiple Deprivation. This work ensures we are reaching those who face the most complex barriers, tailoring our support to the places and communities where it is needed most. It is a clear demonstration of our determination to maximise impact by meeting young people where they are.

As I reflect on the financial year 2024–2025, I am struck by two words: transformation and momentum.

Through the changes of the

year our delivery performance remained strong. Across the UK, 71% of young people who responded to our survey progressed into a positive outcome. In total, we supported 67,368 young people through our Education, Employability, and Enterprise programmes, with 70,028 course participations.

This has been a year of significant pressures and change for The King’s Trust—most notably the launch of our new brand in November along with the new framing of our Vision and Mission statements and the revamp of some of our programmes. I am pleased to say that, after much effort, we have turned a corner. We now head into a new strategy, our 50th anniversary, and the continuation of our rebrand work on an upward trajectory.

Alongside these achievements, we laid the groundwork for sustained, systemic change. The lessons of this year and the evaluation of our 20212025 Strategy, combined with our ongoing delivery, directly shaped our bold new 2025–2030 strategy. This futurefacing blueprint is built around four strategic pillars: Tackle Inequality, Build the Nation’s Future Workforce, Be a Bold Voice for Change, and Make Every Pound Count.

The launch of this strategy reflects our ambition to lead with authenticity, efficiency, and collaboration, while staying true to our core belief: that every young person deserves the chance to succeed.

None of this progress would have been possible without the dedication of our colleagues, volunteers, partners, donors, and—most importantly—the young people themselves. Your belief in our mission, built over five decades, continues to inspire and sustain our impact.

This annual report is more than a set of numbers or case studies; it is a testament to the power of collective commitment. It marks both the culmination of an extraordinary year of change and the beginning of a new chapter. As we look ahead to our 50th anniversary, we do so with pride in what has been achieved, and gratitude for all who have supported us along the way.

With over fifty years of commitment behind us, we are poised to deliver meaningful change in a rapidly evolving world. We invite every member of our community—partners, employers, policymakers, and young people— to join us in building a future where every young person has the opportunity to thrive.

Thank you for your belief in our mission, and for supporting the next phase of The King’s Trust journey.

Jonathan Townsend

Chief Executive The King’s Trust

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Annual Report and Accounts 2024/25 9

OUR STRATEGY 2021/25

The 2021/25 Strategy that delivers our mission has four priorities:

Our Strategy is founded on our Vision that every young person should have the chance to succeed. Our Mission realises that by seeking to transform young people’s lives through developing their confidence and skills to live, learn and earn.

We shape our approach through our Values which are at the heart of everything we do at The King’s Trust (also known as The Trust) and the way we operate by being:

• Non-judgemental We focus on the potential not the past.

Be there for young people today and maximise our impact. We help young people by supporting them on a pathway to employment and we are striving to maximise our reach and impact.

Strengthen our King’s Trust support network for young people. Through The King’s Trust community of supporters, employers, delivery partners, volunteers, and colleagues, we have further strengthened our unparalleled network of support and opportunity for young people.

We are absolutely committed to supporting young people. TE 3 Build for a better future oO / for young people. By building a financially ; sustainable organisation, Become one of the led by insight and impact, UK’s most equal, we are aligning our diverse, and inclusive 7H» programmes with the organisations serving /’ ; A Wp future economy to give young people.* young people the best This cross-cutting . > 4 \ \F ;;»\ chance of success in the ambition influences ’> . years to come. everything we do.

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Annual Report and Accounts 2024/25 11

10

For each of these priorities, we have identified several goals in order to deliver against these commitments.

Be there for young people today and maximise our impact

We seek to:

Strengthen our King’s Trust support network for young people

We seek to:

The King’s Trust will help you see the version of yourself you’ve been struggling to find. They believe in you until you believe in yourself.”

Naomi

Build a better future for young people

We seek to:

Underpinning all our work is our ambition for The King’s Trust to be one of the UK’s most equal, diverse, and inclusive organisations serving young people

We seek to ensure that:

Photo: Sam Wright

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Annual Report and Accounts 2024/25 13

The Year in Review, 2024/25

Every strategy is a view on the future and sets the framework for the deployment of resources and direction of action. The final year of our current strategy period 2021-2025 allows us to reflect on how much the world has changed since we first set out our commitments, but also how much the needs of young people remain constant. Over the previous years of the current strategy period, we have had to re-shape our support to a world living with the on-going impact of COVID-19, a turbulent economic environment and where public sector funding has been heavily impacted by Brexit. These challenges have required us to improve our methodologies, quality of data and insights to ensure we remain relevant to our supporters and young people.

The changing landscape has also required The King’s Trust to continually evolve and adapt its operating model. And so, at the start of this financial year, we undertook a significant change in our operating model, leading to a partial reduction and redeployment of our staff and strategic resources to better meet the four priorities we set ourselves.

Global events had continued to impact the UK economy, and funding remained difficult during the year. The transition from European Funding to the UK Shared Prosperity Fund (UKSPF) has led to an overall decline in Public Sector Funding. However, whilst we have had to scale back some of our delivery, the operational changes we made allowed us to continue our support for the work of the England, Scotland, Wales, and Northern Ireland Governments in meeting the needs of young people.

We also continued the

development of our Place-Based Strategy to ensure we are there for young people and to maximise our impact. Our Place-Based Strategy focuses our support on young people at the lower end of the scale of the Index of Multiple Deprivation (IMD). The Index is based on 39 separate indicators to measure the overall multiple deprivation experienced by young people living in any given area and our targeted approach, both in person and online, focuses more of our support towards young people in IMD Areas 1 to 3 (from a scale that goes up to 10).

The changes in our organisation also allowed us to strengthen our financial sustainability, delivering a much stronger financial performance compared to the last few years. Our cost base has been significantly reduced to better balance our in-year fundraised income while we also continued to grow our endowment fund to support the ongoing operations more consistently and over the long-term. Looking forward beyond this financial year, the increases to the employer’s national insurance contribution will further challenge our cost base, but by strengthening our balance sheet and liquidity this year, we have built more flexibility into our ability to balance our future plans and commitments with the changing financial landscape.

Throughout the changes, The Trust has continued to focus on delivering positive outcomes for young people whilst regularly reviewing our offer and making sure our support remained relevant in meeting their needs.

Supporting our work, we remain committed to working with businesses to help them provide opportunities for young people. In December 2024, The Trust was delighted to host the Business Council Meeting for the British Chamber of Commerce. We were equally delighted to be joined by the Chancellor of the Exchequer, Rachel Reeves, to discuss the challenges and opportunities facing industry. The range of subjects covered the impact of Employer National Insurance increasing on business hiring, through to the promising policy announcement of The Youth Guarantee that supports disadvantaged young people into jobs. Following the meeting, the Chancellor kindly hosted a Brilliant Breakfast at 11 Downing Street in March 2025 to mark International Women’s Day. “Brilliant Breakfast” is a campaign that The Trust delivers to raise funds to support disadvantaged young women to live, learn and earn.

Supporting our commitment, we have a series of measures in place to help create safe and inclusive environments for children and young people participating in Trust programmes and activities. These include:

Delivering Our Work

To deliver our work, our framework needs to reflect our values and principles, and those foundations are underpinned by our focus on the following core areas:

• Recruitment and selection processes to assess the suitability of staff, volunteers, and delivery partners to work safely with children and young people.

Our Safeguarding Commitment

• In-depth safeguarding training for staff and volunteers with additional safeguarding responsibilities.

The King’s Trust has a dedicated Safeguarding Team that is • A clear, accessible reporting responsible for the safeguarding mechanism that supports all framework, policies, and staff, volunteers, children, and practice. They provide dedicated young people to safely report support and training to ensure safeguarding concerns or that we operate within a robust allegations. safeguarding culture.

Guidance for all staff, volunteers, and other representatives of The Trust on the behaviour expected for any programme and activity with children and young people, whether it is online or face-to-face.

Our commitment to a safeguarding framework is based on the following principles:

Our People

Our colleagues and volunteers are at the heart of everything we do, and we continue to invest in their development and wellbeing to help meet the ever-changing challenges that young people face.

The King’s Trust supports the development of its people with a dedicated training team and a range of training materials relevant to the tasks they undertake, from courses in safeguarding to leadership development through our Way of Leading programme in partnership with Franklin Covey.

Our talent review process creates the conditions for managers to have insightful conversations with their people, understand their strengths, and identify areas to grow and future career pathways and aspirations. A structured process also enables conversations between managers to develop a shared knowledge of the talent in the organisation, to further support future career development and the development of succession plans, building confidence in our ability to provide continuity in delivery in the future.

We continue to focus on the recruitment of our staff to ensure that, not only do they bring the requisite skills into the role, but that they are best placed to deliver against our ‘place-based’ strategy by being in the locations that maximise our impact for young people. This approach is a blend of hybrid and field-based working in order to optimise faceto-face working that benefits their development and learning as well as appropriately supporting each other, our partners, supporters, and young people.

14 The King’s Trust

• Our mutual mentoring programme seeks to support colleagues from minority backgrounds, colleagues with a disability and LGBTQIA+ colleagues with their career development. This programme continues to successfully support a wide range of colleagues with their career development.

Equality, Diversity, and Inclusion

The King’s Trust believes in the cultural and operational strengths of a diverse workforce. Embracing equality, inclusiveness and diversity allows us to connect with our supporters, partners, and young people. By valuing the unique qualities of each individual, we create a team with a diversity of thought and background. We are committed to the ongoing strengthening of these values through education, positive action, and encouragement:

• We have expanded our data and insights to better understand the diversity of our workforce and to tailor our support to ensure that each member of our team feels valued in the work they do. These insights allow us to monitor representation by gender, race, ethnicity, disability, sexual orientation, or age and provides a framework to validate the completeness and quality of our data sets.

• We have four equality, diversity and inclusion networks that support our commitment to becoming one of the UK’s most equal, diverse, and inclusive organisations serving young people. The networks create a sense of belonging for all our colleagues, provide a safe space for open discussions, and increase visibility of barriers, issues, and opportunities for their members.

Health and Safety

provide a safe space for The King’s Trust has a dedicated open discussions, and Health & Safety Team that sets increase visibility of barriers, out our policies and procedures issues, and opportunities to ensure that our workforce for their members. operate in a safe environment. The team has developed and • Under the Government’s implemented a robust Safety Disability Confident Management System that meets Scheme we have a Level 1 the requirements of ISO 45001, accreditation, being Disability the International Standard Confident Committed. We aim for occupational health and to enhance the experience safety, as well as setting out of colleagues living with the mandatory safety training disabilities. Actions within this programmes that all staff are project are wide reaching and required to undertake on a include improving the pathway regular basis. to workplace adjustments, raising awareness of As part of their due diligence neurodiversity, improving evaluation, the team also the physical accessibility of undertake assessments of new our buildings and growing delivery partners to ensure that manager capability and the appropriate health & safety confidence in supporting their framework is in place before people with disabilities and working with them. long-term health conditions.

Awareness and Reputation

The King’s Trust continues to raise awareness and understanding around the issues that affect young people, highlighting the mental health challenges that young people face in an increasingly uncertain world. We engage our community of supporters through social media, and thanks to our network of Young Ambassadors, celebrity Ambassadors and a growing list of social media influencers, we use digital media to spread positive messages around the support we offer and engage young people whom we might struggle to reach through traditional channels.

Through our public affairs work, we work with Ministers, MPs, and representatives of the devolved administrations to share and promote better understanding of the real-life experiences of young people. We achieve this through visits to our programmes, targeted focus groups and sharing expertise to support policy development in areas such as youth employment and apprenticeships.

Through these conversations, The King’s Trust remains a trusted and credible partner, and we continue to take great care in the maintenance of its reputation and its standing in society. This begins with effective risk management; taking good decisions around the partners we choose to work with and keeping our promises to young people and partners.

HOW WE WORK

At the core of The King’s Trust is our work to support Young People, from the ages of 11 to 30, into work, education, and training.

Our programmes are designed to support them in developing their voice, defining their aspirations, and finding their next role, be it through work, starting a new business or continuing their education journey.

Our Programmes

During 2024/25, we supported 67,368 (2023/24: 73,299) young people across the UK through our Education, Employability and Enterprise programmes. Together, these young people engaged in 70,028 (2023/24: 77,801) course participations (some young people took part in more than one course to complete their journey with us).

The content of our programmes are regularly reviewed and updated to meet the ever-changing challenges that young people face. Notably, during the year we completed a significant re-design of the Enterprise programme that re-balanced the emphasis from the educational aspects of entrepreneurship towards supporting young people to actually launch their own business. This change in emphasis allowed us to support more young people to start their own business this year when compared to each of the last 5 years. With this re-design we have also reclassified the reporting of the Development Awards programme from Enterprise into Employability to better reflect the impact on a young person’s journey.

The number of young people we support is just one measure of performance of our work and we are especially concerned to see that, for as many young people as possible, there is a material positive change in their lives. Whilst the organisational changes we have made during the year have unfortunately led to a necessary reduction in the number of young people we were able to support, compared to last year, our focus on other performance measures has not led to a drop in the quality of support.

Looking forward we will continue to develop our courses to ensure that young people are equipped with the confidence and guidance to make a materially positive change in their lives.

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Annual Report and Accounts 2024/25 17

Our Programmes

Education Employability Enterprise
Aimed at young people
aged11 - 19		 Aimed at young people
aged16 - 30		 Aimed at young people
aged18 - 30
Flexible learning programmes
are aimed at young people
of school age, aged between
11 - 19, and are designed
to help them succeed in
education, achieve their
potential and improve
their prospects to secure
sustainable employment.
During the year
49,277Young People supported

Supports young people to
start and sustain a business by
providing training, mentoring
and funding to develop, test
and launch their business.
The programme equips
young people to set up a
business with topics including
marketing, sales, pricing and
fnancial management as
well as providing access to
mentors and networks.
Our Foundations programmes
support young people who
face multiple and complex
challenges to develop
confdence and skills to
progress on a pathway to
employment. Our Get a
Job programmes support
young people who are ready
for employment to gain
confdence, sector specifc
skills, and work experience
necessary to secure
sustainable employment.
During the year
49,277Young People supported
through our Education
programmes;
of which
22,413
joined our Education
programmes in year and
26,864
frst joined our Education
programmes in previous years
and continued to receive
support in year.		 During the year
2,377Young People
supported through our
Enterprise programme: all of
which joined the programme
in year. We provided 1,444
grants to help young people
explore a new business idea
or start a business.

During the year 49,277 Young People supported through our Education programmes; of which

During the year 2,377 Young People supported through our Enterprise programme: all of which joined the programme in year. We provided 1,444 grants to help young people explore a new business idea or start a business.

During the year 14,686 Young People supported through our Employability programmes, of this

22,413

joined our Education programmes in year and 26,864 first joined our Education programmes in previous years and continued to receive support in year.

13,130 joined our Employability programmes in the year and 1,556 first joined our Employability programmes in previous years and continued to receive support in the year.

Education Programmes

Our Education programmes are aimed at young people of school age, aged between 11 - 19, and are designed to help them succeed in education, achieve their potential, and improve their prospects to secure sustainable employment. During the year, we supported 49,277 (2023/24: 47,962) young people through our Education programmes, of which 22,413 (2023/24: 25,525) joined our Education programmes in year and 26,864 (2023/24: 22,437) first joined our Education programmes in previous years and continued to receive support in year.

Education has three core programmes:

• Achieve: Modular and interactive learning designed to create the space and attention for young people to learn new skills, increase their confidence, raise aspirations, and improve their attitude to learning. Topics include healthy living, teamwork and relationship building, money management and CV writing. Some learning units count towards optional qualifications allowing young people to demonstrate their skills and experience, creating a pathway to progression. As The King’s Trust is recognised by the relevant qualifications’ regulator in each awarding country in the UK, this can be particularly beneficial to young people who lack formal qualifications. During the year, we supported 44,437 (2023/24: 40,204) young people through this programme.

• Enterprise Challenge: • Mosaic: Connecting young An inter-school business people with relatable role simulation competition models from a diverse led by trained mentors in range of backgrounds and secondary schools alongside professions offering group the academic timetable. The mentoring and guidance Enterprise Challenge allows tailored to the needs of young people to improve their the young people to raise teamwork and communications aspirations, self-belief, skills as well as building and employability. During confidence, entrepreneurial the year, we supported skills, and aspirations. During 1,039 (2023/24: 1,106) the year, we supported 3,801 young people through (2023/24: 6,652) young people this programme. through this programme.

Number of Young People supported through our Education programmes:

==> picture [160 x 234] intentionally omitted <==

----- Start of picture text -----
2024/25
49,277
Achieve 44,437 (90%)
Enterprise Challenge 3,801 (8%)
Mosiac 1,039 (2%)
----- End of picture text -----

==> picture [166 x 234] intentionally omitted <==

----- Start of picture text -----
2023/24
47,962
Achieve 40,204 (84%)
Enterprise Challenge 6,652 (14%)
Mosiac 1,106 (2%)
----- End of picture text -----

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Annual Report and Accounts 2024/25 19

I couldn’t imagine what my life would look like but now I’m excited about a building my career, YP Taylor Casestudy learning new skills and ensuring my son has a bright future.”

TAYLOR’S STORY

After experiencing bullying and the loss of a close friend, Taylor, from Northern Ireland, began to struggle with his mental health. By the age of 15, he rarely attended school and turned to drugs to cope.

Taylor was enrolled in the Achieve programme, a flexible personal development programme which is delivered by schools in partnership with The King’s Trust. It helps empower and support students facing challenges in their life to succeed in education.

I got better, I worried I was the reason my little brother hadn’t been on many holidays abroad, so I saved every last penny I earned to take us all away. My mum could never understand how I worked but never had any money! I surprised her at Christmas with a Mediterranean cruise for us all. It was amazing.”

Taylor’s determination to turn his life around and support from The King’s Trust, mean that he’s now excited about his future.

“Achieve gave me a safe space where I could open up about my mental health and how difficult things had been. Once I realised how much this helped, I tried to encourage the other boys to do the same. I found my voice and wanted to help others find theirs.”

In September 2023, Taylor secured his place at college and began an apprenticeship to become a qualified electrical engineer. He has since become a father and welcomed a baby boy into the world, alongside winning The King’s Trust Tesco Education Award.

“I had a miserable experience at my first school and was bullied daily. Things got really difficult when I lost my friend. I was struggling with my mental health and I didn’t like the person I had become. I was in a dark place, selling my belongings to buy drugs and was living in selfdestruct mode.”

Alongside achieving his Level 2 qualifications in every subject, Taylor began grasping every opportunity that came his way. This included travelling to London for a football tournament and, when the Education Minister visited his school, Taylor addressed the group and advocated for more money for alternative education provisions so that young people like him could access the right support.

“I’m in my second year of my apprenticeship now and I really love it. My job feels like a hobby to me, and I genuinely enjoy going in each day. I used to struggle with my ADHD diagnosis but now I realise it’s my superpower.

At this time, Taylor’s attendance in education was below 50 per cent. At the age of 15, he was attending his third school.

“I walked into this school with the same attitude. I didn’t think I needed to be there. I didn’t want to learn and I didn’t care. But something was different. I’d always struggled to cope with big classes, but at my new school there were more one-to-one sessions. Everything was more personal and I felt heard. I also received my ADHD diagnosis and something clicked. I could stop selfmedicating and could understand myself much better.”

“Winning this King’s Trust Award means so much to me. I didn’t have an easy time during my school years, so to win an education award feels incredible. For a long time, I couldn’t imagine what my life would look like but now I’m excited about building my career, learning new skills and ensuring my son has a bright future.”

“The Achieve programme gave me opportunities that I wouldn’t have had before. I never would have imagined gaining all my qualifications and finding a subject I really enjoy.”

After securing his first job in the local chip shop, Taylor saved all his wages for a family holiday. “When

Employability Programmes

Our Employability programmes are categorised into two distinct phases of a young person’s journey to getting a job. Our Foundations programmes support young people who face multiple and complex challenges to develop confidence and skills to progress on a pathway to employment. They give young people the fundamentals – such as communication, working with others, resilience – that they need to progress into positive outcomes. Our Get a Job programmes support young people who are ready for employment to gain confidence, sector specific skills, and work experience necessary to secure sustainable employment.

During the year, we supported 8,177 (2023/24: 9,698) young people through our Foundations programmes and 6,509 (2023/24: 10,618) young people through our Get a Job programmes, totalling 14,686 (2023/24: 20,316). Of this, 13,130 (2023/24: 15,573) joined our Employability programme in the year and 1,556 (2023/24: 1,798) joined in previous years.

Within the Foundations Programmes there are three core programmes:

through this programme.

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Annual Report and Accounts 2024/25 21

I’m very grateful for The King’s Trust – they see you as a person, not just a number. They take care of you, call you and keep checking in.”

Within our Get a Job Programme there are an additional three programmes:

• Get a Job: Employability programmes help young people who are actively seeking employment, giving them the vital first-hand training and experience they need to secure entry-level roles across a range of sectors or supporting them into further education for more advanced skills. These programmes are delivered in partnership with training providers and employers in sectors including hospitality, retail, technology, healthcare, security, and logistics. Young people typically have the chance to apply for a job on completing their programme, or in some instances are supported into the right further education institution or into an apprenticeship. During the year, we supported 2,658 (2023/24: 5,095) young people through this programme.

Development Awards: Small grants to help unemployed young people overcome the financial barriers preventing them from getting into work, education, training, or volunteering. These are awarded following an application meeting and include assistance with course fees, childcare costs, and equipment for their job. During the year, we supported 2,006 (2023/24: 3,115) young people through this programme.

• Get Into: Equips young people with the skills and experience needed for the jobs of the future. Depending on the sector, these programmes can run from 3 to 12 weeks and are delivered in partnership with employers and training providers with themes across sport, music and arts, technology, and community. Young people are supported for up to nine months postcompletion by a dedicated member of staff or mentor to move into education, employment, training, or volunteering. During the year, we supported 1,845 (2023/24: 2,408) young people through this programme.

LINDA’S STORY

Linda came across The King’s Trust “I then signed up to some beauty while she was living as an asylum programmes. I had always loved seeker in Belfast and was desperate hair and make-up but couldn’t make to gain experience and integrate a career out of it in El Salvador. I into society. She has shown felt as though it was the perfect incredible resilience and has chance to begin a new life in embraced multiple opportunities Belfast and do the things I wanted to learn through King’s Trust to do, instead of being restricted programmes. Alongside working by society’s expectations. I’m so full-time, Linda is also a Young grateful that these programmes Ambassador and is passionate are free of charge for young about opening doors for others. people because I couldn’t have accessed them otherwise.

“The skills I learned on the computing course have helped me hugely as my role involves a lot of codes and programmes. I’ve been working as a travel agent for a year now and, for the first time, I feel as though my life is going where I want it to go. Of course, there are still ups and downs but I’m saving money, renting a house and getting things in place. My dream is to one day open my own beauty salon!

Number of Young People supported through our Employability programmes:

2024/25 2023/24 14,686 20,316 software programme. OO Explore 929 (6%) Explore 1,299 (6%) @ Team 5,818 (40%) @ Team 5,662 (28%) @@ Get Started 1,430 (10%) Get Started 2,737 (13%) O Get a Job 2,658 (18%) O Get a Job 5,095 (25%) OO Get Into 1,845 (12%) Get Into 2,408 (12%) know I was capable of. O Development Awards 2,006 (14%) O Development Awards 3,115 (15%)

“Whilst waiting for my refugee status, I felt like a teenager again. I had to ask permission to go in and out of the hotel we were housed in, and we weren’t allowed to work. Previously, I had been a teacher and had run my own business, so it was a difficult adjustment.”

“Being offered the role of Young “Everyone I met through the Ambassador is one of the best programmes treated me kindly and things that has happened for me. wanted to help if I was struggling. I’m so proud of myself. I want to tell I felt a lot of sadness after arriving other young people about these in Northern Ireland, and The Trust programmes so that they can connected me to a counselling join this amazing community. I’m service which has helped me determined to spread the word as hugely. These experiences really much as I can.” helped boost my confidence because I felt truly seen and understood. I began to feel more beautiful, more confident and full of life. I felt as though I was starting to live again, rather than just existing.”

Linda saw a poster advertising The King’s Trust and decided to sign up to a computer software programme.

“Before starting the programme, I was excited and nervous. I didn’t know whether I’d be able to understand everything since Spanish is my first language, but I soon felt comfortable and was learning to do things that I didn’t know I was capable of.

After getting her refugee status, Linda was able to look for work and used these new skills and her rediscovered confidence to secure a job in a travel agency.

22 The King’s Trust

Annual Report and Accounts 2024/25 23

We supported

Enterprise Programme

2,377 young people

Our Enterprise programme supports young people to start and sustain a business by providing training, mentoring, and funding to develop, test and launch their business. Support for young people can be up to four years, with one year in the Business Planning phase, and up to three years post-launch.

through our Enterprise programme.

We provided 1,444 (2023/24: 1,212) grants totalling £2,129k (2023/24: £1,373k ) to help young people to explore a new business idea or start a business.

The programme equips young people to set up a business with topics including marketing, sales, pricing, and financial management as well as providing access to mentors and networks.

This included 779 test grants and 665 start up grants. In addition, we arranged 67 loans for young people on behalf of the Start Up Loans Company, at a total value of £450k.

During the year, we supported 2,377 (2023/24: 4,135) young people through our Enterprise programme, of which 2,377 (2023/24: 4,052) joined our Enterprise programme in year and 0 (2023/24: 83) first joined our Enterprise programme in previous years and continued to receive support in year.

Number of grants provided through our Enterprise Programme:

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2024/25
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1,444 Test grants 779 (54%) Start up grants 665 (46%)
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Local and pilot programmes

We supported an additional 1,028 (2023/24: 886) young people through our Get Hired programme which is a local programme.

We supported 1,028 young people

through our Get Hired programme which is a local programme.

I never expected to be where I am now. I want other young people to know it’s okay to feel , lost for a while, just keep pushing forward. You’ll find your way.”

FINLEY’S STORY

Finley, 27, from Cardiff, turned to When Finley discovered latex as The King’s Trust to help develop a material, it quickly became their their business, Finley’s House, medium of choice. After teaching a brand built around identity, themselves how to work with it, inclusion and creativity. they started creating handmade garments that eventually turned “I felt really alienated growing up. into a business idea.

Their designs, often created for performers, musicians, and members of the LGBTQ+ community, celebrate selfexpression and confidence, themes closely tied to Finley’s own experience.

“I felt really alienated growing up. I never really had friends. People were worrying about GCSEs and A-levels, and I was just doing my own thing. I didn’t really care about what anyone else was doing.”

“I spent all my money on it and just had a moment where I thought - this is it.”

“Visibility is important to me. When I was younger, I didn’t really see anyone like me. I want people to know that you can take up space being exactly who you are.”

Finley joined The King’s Trust’s Enterprise programme to help take their business idea further. With the guidance and encouragement of their mentor, they started building a more structured plan for their business - Finley’s House.

Finley found traditional school life difficult and left without any GCSEs. After struggling to find their place and purpose, they channelled their energy into creative expression, particularly through fashion.

Becoming a Young Ambassador for The King’s Trust has given Finley the platform to share their journey, connect with others, and reflect on how far they’ve come.

“I don’t think I ever would have been able to get to this point without The King’s Trust. I wouldn’t have had the push to go for it, to figure it out and know that it’s possible. The programme really helped me believe in myself.”

“I never expected to be where I am now. I want other young people to know it’s okay to feel lost for a while, just keep pushing forward. You’ll find your way.”

“I was the kind of person who wanted to look different. I loved clothes and would cut, pin and glue outfits together. I didn’t really have any fashion knowledge, I just knew how I wanted to look.”

24 The King’s Trust

Annual Report and Accounts 2024/25 25

OUR UK DELIVERY IN 2024/25

In 2024/25, The King’s Trust supported 67,368 (2023/24: 73,299) young people, and through a combination of delivery within one of our centres, through our delivery partners and online we have been able to deliver our programmes across the whole of the UK within the context of our Place-Based Strategy.

At the heart of our delivery are our 13 youth centres that provide support across all our programmes and the diverse communities we work with. Of the young people we supported in 2024/25:

Of the young people we supported, 38,926 (2023/24: 48,977) engaged with us for the first time, whilst 28,442 (2023/24: 24,322) continued to receive our support in 2024/25 after first engaging with us in previous years. Some of our young people attended more than one course during the year, and in total, 70,028 (2023/24: 77,801) courses were delivered.

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Scotland
8,907 young people
Northern
Ireland
13,349 young
people
England
36,577 young
people
Wales
8,525 young
people
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13 King’s Trust centres 67,368 Total young people

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We supported 67,368 young people in 2024/25:
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67,368
England 54%
Northern Ireland 20%
Scotland 13%
Wales 13%
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67,368
Education 73%
Employability 22%
Enterprise 4%
Local + pilot 2%
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26 The King’s Trust

Annual Report and Accounts 2024/25 27

THE KING’S TRUST IN ENGLAND

36,577 young people supported

In England, the breadth and diversity of the urban areas we serve are unique. From the major cities of London, Birmingham, and Manchester, through to coastal and regional centres like Plymouth, Portsmouth and Burnley, our delivery spans 6 metro areas and 5 high need area hubs. Each has its own distinct community dynamics, challenges, and opportunities and all have a high concentration of young people who are facing disadvantages with remarkable resilience and potential. Our strength lies in adapting our delivery to reflect the local context, whether that is supporting young people in inner-city London, or working in coastal communities like Southampton where access to opportunity can feel limited.

During the year, we supported 36,577 (2023/24: 42,725) young people of which 36% were of Black, Asian, and ethnic minority backgrounds across the metro areas and high area hubs (2023/24: 34%). 53% of the young people we supported in England were from IMD 1 to 3 (2023/24: 52%), and 42% were female (2023/24: 45%).

From the Country Director:

“This year, we are most proud of the resilience and commitment shown across our teams during a period of significant organisational change. Despite resource challenges and ongoing transition, we remained focused on young people and continued to deliver high-quality support across all our regions. Alongside this, a major highlight has been the creation of a dedicated partnerships team. This new function has not only helped secure exciting new collaborations but has

THE KING’S TRUST IN SCOTLAND 8,907 young people supported

Our direct delivery in Scotland is focussed in Glasgow, Edinburgh, and Dundee, where there is the highest concentration of young people in need of our support. Thanks to our fantastic partners, we have been able to expand our delivery to include 144 schools delivering our education programme and a further nine colleges and third sector partners delivering our 12-week Team programme.

and have the platform to build on this momentum in the year ahead.

During the year we supported 8,907 (2023/24: 9,429) young people of which 15% were of Black, Asian, and ethnic minority backgrounds across the metro areas and high area hubs (2023/24: 12%). 54% of the young people we supported in Scotland were from IMD 1 to 3 (2023/24: 48%), and 48% were female (2023/24: 45%).

In our centres and delivery spaces, our sector specific Get A Job programmes support young people to build the skills and confidence they need to secure employment. In Glasgow, alongside retail and hospitality, we continue to grow our delivery in future growth sectors helping young people explore opportunities in the digital and green economies. Health and Social Care remains a focus as a significant employer, with our dedicated team delivering a breadth of programmes alongside the NHS and other healthcare providers. We are also proud to have supported 69 new businesses to launch in 2024/25

From the Country Director:

“We are particularly proud of our focus over the last year on improving our support for care experienced young people, playing our part to keep the promise that all Scotland’s young people grow up feeling loved, safe, and respected. Young people with lived experience have helped us enhance our outreach and onboarding services, including creating trauma informed 1:1 space in our centres. In addition, we ran highly successful dedicated Team programmes, helping YP with experience of care to thrive in a

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also strengthened and deepened our work with existing partners, ensuring we are better equipped to deliver sustained and effective long-term impact for young people.”

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safe and supportive environment. We are passionate about continuing to better serve vulnerable young people, giving them the support, inspiration, and opportunities they too often miss out on.”

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THE KING’S TRUST IN WALES

8,525 young people supported

The King’s Trust Cymru operates across 8,000 square miles of Wales, a country defined by its rich cultural heritage, strong community identity, and bilingual tradition. From rural North Wales to the post-industrial heartlands of the south, our delivery is shaped by the distinct character and needs of local communities. With finite resources, we have adopted a placebased, targeted approach that allows us to focus our efforts where they are needed most, particularly in areas of highest deprivation. This ensures our programmes have the greatest possible impact on the young people who face the most significant barriers.

During the year, we supported 8,525 (2023/24: 7,956) young people of which 12% were of Black, Asian, and ethnic minority backgrounds across the metro areas and high area hubs (2023/24: 15%). 48% of the young people we supported in Wales were from IMD 1 to 3 (2023/24: 47%), and 44% were female (2023/24: 45%).

From the Country Director:

“Our proudest achievement has been transforming access for the young people who need us most. We are proud to have supported over 8,000 young people across Wales an important milestone that reflects both the scale and depth of our impact. We have shifted the dial by programmes are now female, and significantly increasing engagement we continue our strong engagement in the most deprived groups (IMD 1, with young people from Black, Asian, 2 and 3), ensuring our programmes and ethnic minority backgrounds. reach deep into communities A particular highlight has been facing the greatest challenges. the successful evolution of our

We produce bilingual material, in both Welsh and English, reflecting and respecting the linguistic identity of Wales. This commitment helps us to build trust and connection with communities, ensuring young people see themselves and their culture reflected in the support we offer.

we continue our strong engagement with young people from Black, Asian, and ethnic minority backgrounds. A particular highlight has been the successful evolution of our digital pathway, empowering young people with the essential skills and confidence to thrive in the future digital and tech landscape.”

Alongside this, we have made meaningful strides in representation; 44% of participants across all

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THE KING’S TRUST IN NORTHERN IRELAND 13,349 young people supported

From the Country Director:

Northern Ireland is a unique geography, with much of the country being classified as ‘rural;’ 36% of our ‘Belfast Metro’ region includes rural Super Output Areas (SOA’s). This compares to 33% rural in our High Need Area (Derry City & Strabane), and 60% rural in UK-wide (other) areas. The King’s Trust has an active presence across the whole of Northern Ireland through our partnership work and most notably between our established Achieve network and our recently formed ‘Youth Start’ UKSPF Consortium, where we are one of seven Youth organisations working in partnership to have NI-wide provision for economically inactive young people.

“We are proud of the partner relationships we have developed, such as our Get Started delivery with the NI Fire and Rescue Service and the Police Service of Northern Ireland (PSNI). In partnership with 6 other youth sector organisations, we are working across communities and in some of the most deprived areas in NI. Our partnerships with key referral organisations have enabled us to develop our support for young people from a Black, Asian, or Minority Ethnic background – which has risen to 11% of our participation total, despite representing less than 3.5% of the population. We have made significant progress with onboarding new employer partners in Q4 of 24/25, and this will enable us to deliver higher numbers of employment outcomes for young people in 25/26.”

During the year, we supported 13,349 (2023/24: 13,189) young people of which 11% were of Black, Asian, and ethnic minority backgrounds across the metro areas and high area hubs (2023/24: 10%). 47% of the young people we supported in Northern Ireland (2023/24: 44%) were from IMD 1 to 3, and 45% were female (2023/24: 41%).

28 The King’s Trust

Annual Report and Accounts 2024/25 29

FUNDRAISING FOR OUR WORK

With the continuing generosity of our supporters and partners, The King’s Trust has been able to raise over £65m during 2024/25 and help us to deliver our services to 67,368 young people.

Their engagement with fundraising events and volunteering their expertise help young people connect with the world of work in the present and the future.

The fundraising landscape continues to be challenging with income of £65.2m in 2024/25 notably lower than the income of £71.1m raised in 2023/24. Whilst philanthropic and corporate funding has remained stable over the last few years, the gradual reduction in public sector income since Brexit has impacted on the range and breadth of our services in certain areas of the country. To mitigate the changing landscape, we are increasing our focus on other funding channels, including legacies, events, and trading activities. In addition, to support the long-term financial sustainability we continue to secure investment into the endowment fund, and over time

the returns from this long-term fund will reduce funding uncertainty and improve our planning for the services we deliver.

Notes 3-6 to the Financial Statements provide a detailed analysis of fundraising related to both voluntary donations and our other activities.

Philanthropy

Our network of high-networth individuals, trusts and foundations passionately believe in empowering young people across the UK to reach their potential. With their generous time, money and support we can help transform young people lives.

Corporate partnerships

Our relationships with a broad range of UK businesses provides us with funding, volunteering support and directly contributes to the future of many of the young people we work with.

Public sector

By working in partnership with national and local government we are able to extend our support to some of the hardest to reach areas of the UK. The outcomes we deliver on our public sector contracts are evidenced by the robust measurement, against agreed metrics, of a young person’s journey during the time they are on one of our programmes.

Events

We run a calendar of events that helps extend our audience across the UK and these events allow our supporters, volunteers, delivery partners and staff to celebrate the achievements of young people. During the year, events such as The King’s Trust Awards, the Palace-to-Palace bike ride and the Christmas Carol Concert are attended by celebrity supporters and ambassadors to further showcase the work we do.

King’s Trust Trading

To support the work of the charity, our trading subsidiary, The King’s Trust Trading Limited, delivers a range of income generating activities. These range from ticketed events through to the management of sponsorship opportunities for our commercial partners.

Ticketed events provide an opportunity for our supporters to be involved in fundraising events and our work with commercial partnerships helps us to develop and deliver support for young people in a work environment.

30 The King’s Trust

Annual Report and Accounts 2024/25 31

Fundraising Governance

Maintaining the highest Protecting people in professional fundraising vulnerable circumstances standards

The King’s Trust is committed to protecting people in vulnerable circumstances and other members of the general public from unreasonable intrusion on a person’s privacy, unreasonably persistent fundraising approaches and placing undue pressure on a person to give money. Our fundraising activities follow the Fundraising Regulator’s Code of Practice and emphasises our principles approach to working with people in vulnerable circumstances. Our processes set out guidance on accepting/ refusing donations, risks assessments and data protection to ensure an ethical and transparent fundraising culture.

We continue to be committed to the highest possible standards of fundraising and have implemented a range of measures to ensure we remain accountable for our practices. The King’s Trust is a registered member of the Fundraising Regulator, and as such we adhere to their Code of Practice. We endeavour to conduct our fundraising activities in line with the Code and the expectations of our supporters. We are also signed up to the Fundraising Preference Service, which gives the public control over the fundraising communications they receive from us. During the year we received four requests from the Fundraising Preference Service to cease communications, and accordingly, were promptly actioned.

Managing our supporters’ complaints and communications

Fundraising on our behalf

The King’s Trust is committed to providing a high-quality service to all its service users, partners, and supporters. We have a clear complaints policy that requires us to investigate thoroughly any complaints; to communicate and record results; and review our work, enabling improvements to be made, if required. Our complaints process covers a broad range of activities, from our fundraising to the programmes we run and through to the regulated Start Up Loans provided by Start Up Loans Company to young people as part of the Enterprise scheme.

We require signed terms and conditions from those who fundraise on our behalf before they can use our logo and branding to fundraise. Where we work with third parties, such as event companies, we have agreements in place and regularly monitor their performance in line with these agreements.

In 2024/25 we received 13 complaints relating to our Fundraising activities, compared with 22 complaints received during 2023/24. Improvements have been made to the email unsubscribe process during the year.

In 2024/25, we ran two postal appeals, each supported by an accompanying email appeal, alongside two standalone e-appeal series. We also sent a postal supporter newsletter, a bi-monthly e-newsletter, and an end-of-year thank you sent by post and email to all our supporters. In addition, we delivered a Gift Aid campaign via email, helping us make every donation go further.

We would love to hear your feedback about any aspect of our work, our fundraising, or your experience as a supporter. Simply email enquiries@kingstrust.org.uk or call us on 020 7543 1384 to let us know your thoughts, and to update your preferences. We are available between 9am and 5pm available between 9am and 5pm Monday to Friday (excluding Bank Holidays).

32 The King’s Trust

Annual Report and Accounts 2024/25 33

ENVIRONMENT

The King’s Trust is committed to reducing its environmental footprint to help preserve the planet for the young people we support.

The future for young people is We have examined how we profoundly dependant on the work within our offices and action we take to protect the have introduced changes to our environment in the present. At working environment to further The King’s Trust this means being reduce our environmental impact. mindful of both our environmental Notably, we have re-established footprint and aligning our the temperature guidelines to programmes with the future reduce energy consumption whilst “Green” economy. maintaining a comfortable working environment. Overall, our changes Our impact on the environment have led to continuing progress is directly related to how our against towards our targets:

Reduce our taxi, air, rail & hotel business travel emissions by 50%:

Our impact on the environment is directly related to how our programmes are run and how the ongoing administrative and governance activities support our delivery. Since 2022, our approach to the way we deliver our programmes has evolved with some programmes now moving away from being in person, to being delivered on-line. We have also found a balance in our hybrid working approach, between being present at one of our locations or allowing colleagues to work remotely. Clearly, these changes in our ways of working, and therefore attendance, help to reduce our environmental impact.

Reduce our waste by 20%:

In addition, as the direction of the “Green” economy emerges, The Trust will evolve its approach to create engaging and highquality learning and progression opportunities for our young people.

To measure our intent to reduce our impact on the environment, we have set ourselves a series of targets to achieve by 2030, using our 2022 emissions as the starting baseline.

Reduce our energy emissions by 50%:

Streamlined Energy And Carbon Reporting

Large UK companies are required to report in line with The Companies (Director’s Report) and Limited Liability Partnerships (Energy and Carbon Report) regulations 2018 which implement the Government’s policy on Streamlined Energy and Carbon Reporting (SECR). The Trust voluntarily reports its energy and carbon emissions in line with best practice.

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2024 2023
2025 (comparative) (comparative)
Energy consumption used to calculate Electricity: 599,625 Electricity: 658,379 Electricity: 780,744
emissions – electricity & gas (kWh) Gas: 727,810 Gas: 788,535 Gas: 591,392
Emissions from combustion of purchased
133.1 142.8 106.5
gas (Scope 1) (tonnes CO2e)
Emissions from combustion of purchased
118.9 136.3 153.9
electricity (Scope 2) (tonnes CO2e)
Total gross Scopes 1 and 2 emissions
252.0 279.1 260.4
(tonnes CO2e)
Intensity ratio for the above gross
0.25 0.24 0.21
emissions (tonnes CO2e)
Emissions from reimbursed business
travel in rental cars or employee-owned 57 85 34
vehicles (Scope 3) (tonnes CO2e)
Emissions from other business travel
including air, rail and road (Scope 3) 143.2 160.9 269.5
(tonnes CO2e)
Methodology: GHG Reporting Protocol - Corporate Standard
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34 The King’s Trust

Annual Report and Accounts 2024/25 35

Financial Performance Review

The financial results of The King’s Trust for the year are set out in the Consolidated Statement of Financial Activities (SOFA) on page 52. Net income in the SOFA for the year was £11.0m for the Group (2023/24: net income in the SOFA was £6.2m). The free reserves at the end of the financial year were £33.7m (2023/24: £32.9m) as analysed on page 38.

The financial performance during the year provided a firm foundation for our ambition to support young people. The organisational changes in the early part of the financial year materially lowered our operating cost base, which is now better aligned with our income, although it has impacted the number of young people we have been able to support during the year. In the prior year, a provision of £1.5m was made to fund the organisational changes; in the year we utilised £1.3m of this provision to effect the changes.

Through a combination of a rise in our core income and a reduction in our expenditure, our operating performance delivered £2.2m of net income. Investment gains were responsible for a further £8.8m of net income, resulting in total net income of £11.0m.

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Income and Endowments

Total Group income for the year was £65.2m, a decrease of £5.9m from £71.1m in 2023/24. The most significant change was a drop in donations to the Endowment Fund to £1.3m (2023/24: £12.7m). However, against this, income to fund The Trust’s day-to-day operations increased significantly to £63.9m (2023/24: £58.3m), mainly through an increase in individual donations and legacies.

Donations & Legacies £47.2m (72%)

Voluntary donations include donations from Corporates, Charitable Trusts, individuals and legacies. Donations from Corporates and Charitable Trusts of £24.5m was down slightly compared to the prior year (2023/24: £25.0m), whilst Individual Donations & Legacies grew to £15.9m (2023/24: £12.4m). The strength of our partnerships during the year is reflected in the significant increase of Donations in Kind to £6.7m (2023/24: £3.3m) which included additional marketing undertaken in support of our name change and rebranding.

Donations to Endowment £1.3m (2%)

Donations to the Endowment Fund are voluntary donations from individuals where the donor has stipulated that it should be invested in the Endowment portfolio to provide future income for The Trust. Donations at £1.3m were lower than in previous years (2023/24: £12.7m). Endowment donations tend to be volatile from year to year.

Trading income

The proceeds allowed The Trust to crystallise investment gains with the General Portfolio and provides additional liquidity to meet our objectives in the next strategic period.

£6.1m (9%) Trading income is generated through activities such as events, licensing and sponsorship that generate funds to support the strategic period. delivery of our charitable activities. Income from our Some of these activities are charitable activities biennial, and in the financial year, £9.3m (14%) a number of such events were not held leading to income slightly lower than the prior year of £6.1m (2023/24: £6.6m).

Income generated through the delivery of our charitable activities is mainly derived from our work on public sector contracts with national and local government for the delivery of programmes. Income from these activities of £9.3m was lower than the prior year (2023/24: £10.6m), reflecting the general decline since Brexit in the value of government contracts awarded to £7.8m (2023/24: £9.0m).

Investment & other income £0.7m (1%)

Other income mainly refers to interest received from our bank accounts and investment holdings. During the year, we raised £10.0m from the General Portfolio by selling equities and holding the proceeds in cash, leading to increased bank interest receivable.

Where our Group funds of £65.2m came from in the year:

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@) Donations & legacies (72%)
Donations to endowment (2%)
Charitable activities (9%)
Income
@ Trading income (14%)
Investment & other income (2%)
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36 The King’s Trust

Annual Report and Accounts 2024/25 37

Expenditure

Total Group expenditure for the year was £63.0m (2023/24: £69.6m), a reduction on last year primarily due to the significant changes made to our organisational structure and cost base early on in the year. Our expenditure in year comprised £45.6m (2023/24: £52.7m) of spend on charitable activities, £14.8m (2023/24: £14.7m) on the cost of raising funds and £2.6m (2023/24: £2.2m) on grants and awards to young people.

Charitable activities

£45.6m (72%)

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Where our Group expenditure
of £63m was used in the year:
expenditure
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Expenditure on charitable activities is predominantly the cost of delivering our programmes and interventions that support young people into education, training, employment, and self-employment whether through direct delivery by The King’s Trust staff or via our network of trusted partners. With the changes in our operational structure, the overall expenditure on these activities was significantly lower than the prior year at £45.6m (2023/24: £52.7m). Our expenditure on delivering our services reduced in line with the changes in the organisation to £23.0m (2023/24: £29.6m) and, whilst the support costs only reduced slightly to £22.6m (2023/24: £23.1m), they included a significant increase of £3.4m in Donations in Kind, which when excluded, shows a significant saving in the underlying support costs.

Cost of fundraising £14.8m (24%)

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Charitable activities (72%)
Cost of fundraising (24%)
Grants and awards (4%)
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The Trust’s cost of fundraising covers our activities to raise funds and includes our in-house fundraising team, the costs of running fundraising events and the investment fees to manage our investment portfolios. Overall, the cost of raising funds at £14.8m is slightly more than the prior year (2023/24: £14.7m). The core costs of the fundraising team have been reduced to £6.6m (2023/24: £7.4m) as part of the organisational reshaping, whilst the expenditure to run events was also reduced to £2.0m (2023/24: £2.1m). Despite these savings, overall expenditure on fundraising increased slightly due to the increase in allocation of costs in support of the increased marketing activity linked to the branded name change and higher gifts in kind.

Charitable Expenditure by Programme

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----- Start of picture text -----
Achieve
Development awards
Enterprise
Explore
Get Into
Get Started
Local programmes & pilots
Team
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000
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Provisions

Net assets

With the cost of the organisational changes absorbed by the opening provision, the year-end provision is much reduced at £0.9m (2023/24: £3.0m). Our provision mainly covers the anticipated cost of dilapidations at the end of a number of property leases.

Net assets were £94.6m at the year end, an increase of £11.1m from the prior year (2023/24: £83.5m). This growth is reflected in our current assets which grew by £12.5m with cash increasing to £21.8m (2023/24: £12.7m) and short-term creditors falling to £8.0m (2023/24: £10.0m).

Grants and awards

£2.6m (4%)

During the year, our Enterprise programme has met the growing demand from young people who are seeking to start their own business. When starting a new business, young people are initially supported by a grant, and once they grow and become more sustainable, they can apply for an additional grant or apply for a loan depending on their progress. During the year, we awarded 1,444 Enterprise grants (2023/24: 1,212) with a value of £2.1m (2023/24: £1.4m). We also offer Development Awards which are financial support grants to young people to help remove the barriers to employment and self-employment. During the year we awarded 2,348 Development Awards (2023/24: 3,766) totalling £0.4m (2023/24: £0.7m).

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Annual Report and Accounts 2024/25 39

Investment and Reserves

Included within Liquid Free Reserves are the equity value of freehold land and buildings, and the value of programme related investments net of a discount to estimate realisable value. The land and buildings are realisable to cash as they are held in prime and prominent locations, are kept in good marketable conditions, and could be used for multiple purposes.

Investment Policy and Reserves Policy Performance

The total funds of The King’s Trust stood at £94.6m as at 31 March 2025 (2023/24: £83.5m).

The Council has delegated supervision of its investments to the Finance, Risk & Audit Committee. Its financial investments, other than cash in bank accounts, consist of the General Portfolio and the Endowment Portfolio.

The free reserves of The King’s Trust were £33.7m as at 31 March 2025 (2023/24: £32.8m).

The Trustees review the reserves policy twice a year to ensure that The King’s Trust’s future expenditure obligations and objectives can be met. The reserves policy sets out a target level for the Liquid Free Reserves based on a risk assessment of our contractual obligations and on an assessment of potential changes in the external market or operating conditions.

The King’s Trust Council is empowered through its Royal Charter to invest appropriately funds not immediately required for operational purposes. The mix of investments is maintained to ensure that there are sufficient liquid funds to cover working capital needs and potential cash calls, and to provide capital growth within an agreed risk profile. These investments are held in the General Portfolio which is invested in equities and cash.

In March 2025, the Trustees designated £6.0m to support investment into furthering our reach and support for young people in the next strategic period. The investment will fund the acquisition of delivery centres to support our direct delivery, as well as investment into our technological platforms to provide greater depth and breadth.

On this basis, the Trustees have currently set a target level of Liquid Free Reserves of six months of operational expenditure. Liquid Free Reserves as at year end were £33.7m, equivalent to 7.3 months of normalised monthly expenditure.

In addition, an Endowment Portfolio has been established to support the long- term sustainability of The King’s Trust and is intended to maintain its capital value in real terms over the long term through investing primarily in equities. In 2024/25 the Finance, Risk & Audit Committee approved a distribution from the fund and as a result £1.9m (4% of the fund at the point of withdrawal) was released. The distribution rate, which determines the percentage of the Endowment Portfolio which is available to The King’s Trust for spending annually, is reviewed each year by the Finance, Risk & Audit Committee.

The calculation to determine the Liquid Free Reserves of The King’s Trust Group is set out below:

==> picture [311 x 248] intentionally omitted <==

----- Start of picture text -----
2025 2024
£m £m
Total Funds of The King’s Trust 94.6 83.5
Deduct:
Restricted Funds (4.7) (5.8)
Endowment Funds (including Expendable
(48.4) (41.6)
Endowment Fund)
Intangible and Tangible Fixed Assets (excluding
(1.8) (3.3)
Freehold Land & Buildings)
Trustees Designated Funds (6.0) -
Liquid Free Reserves 33.7 32.8
Liquid Free Reserves (months) 7.3 6.2
The Liquid Free Reserves are analysed as follows:
Freehold Land & Buildings 15.5 15.6
Cash and Cash Equivalents 18.2 17.2
Liquid Free Reserves 33.7 32.8
----- End of picture text -----

The General Portfolio consists of two funds managed by M&G and Fidelity, respectively. The Endowment Portfolio consists of three funds managed by M&G, Fidelity, and Lansdowne, respectively. The Trust is supported by Cazenove Capital with the purchases, sales and reporting of our investments. The Committee regularly assess the performance and management of the funds to ensure they meet The King’s Trust’s objectives.

Risk management

Our risk landscape is informed and influenced by the needs of the young people we support. We recognise that maintaining our relevance requires us to remain open to change and innovation and to look beyond our immediate activities and consider emerging themes that are shaping education, the workplace, the regulatory environment, and society, as well as the risks that they might present for our activities.

The Executive Leadership Team sets out the internal control Principal Risks and

framework and its application Uncertainties through the organisation’s culture and processes noting, in particular:

The regular review of the risk landscape by the Finance, Risk & Audit Committee has identified a group of Principal Risks that we believe are the most significant faced by The King’s Trust.

We mitigate and manage the identified risks through a focus on assurance and controls, as well as through broader approaches such as business continuity, strategic planning and maintaining effective insurance cover. Our risk approach supports our strategic goals, and we believe is proportionate to the external and internal threats and opportunities.

• We align our statutory requirements and strategic business initiatives and look to implement the best practises in our operational sectors.

• We invest in training in our critical processes and values which staff and volunteers regularly undertake, including refresher training sessions.

We maintain a Risk Register that captures significant risks and monitors the mitigating actions.

The Risk Team lead on the shaping of our Risk Management Framework, supported by our assurance functions, and informed by a broad range of risk and compliance reporting on:

Health and safety

Further detail on the two Portfolios is shown in Note 15 to the financial statements.

40 The King’s Trust

Annual Report and Accounts 2024/25 41

Risk 1: Ensuring that there are strong safeguarding protocols to protect children and young people from harm is critical.

Mitigations:

• We have a Safeguarding First approach at The King’s Trust. Regular, mandatory training is provided to all colleagues and volunteers and made available to our delivery partners.

governance oversight of safeguarding through our Young Person’s Committee of the Board to ensure challenge and follow through of Lessons Learned.

Risk 2: Balancing our costs to income in a challenging macro-economic environment is critical to ensure financial stability and maintain our services for young people.

Mitigations:

Risk 3: An increasing demand • on our services as the number of young people who are not in education, employment or training number rises as businesses face • increasing challenges with rising costs and economic uncertainty.

We have dedicated Executivesponsored staff networks that support wellbeing.

• We carry out regular staff surveys and feedback loops to identify common themes and are able to provide intervention to support staff.

Mitigations:

• We continually review our programme content to ensure that it provides young people with current and relevant skills and support for them to take the next step in their education or into employment successfully.

We train our staff to help them identify mental health concerns with mental health first aid training. We ensure that our staff feel supported when delivering our programmes and can respond swiftly when concerns arise when working directly with young people.

Risk 5: The security and stability of our technology platforms are critical to protect The Trust and data from cyber security incidents as well as providing robust and efficient systems to deliver services and support assurance.

Mitigations:

• We have committed to investing in system software and upgrades to ensure our systems are fit for purpose for the future and support robust business decision-making and stakeholder requirements.

• We ensure that our support for • We are committed to young people aligns with the medium-term labour market maintaining robust data privacy and security controls opportunities and demands. to mitigate the risk of • We manage our resources unauthorised access, data carefully to enable us to breaches and non-compliance respond to the rising demand with data protection laws.

We consider cyber-attacks as part of our Business Continuity approach and scenario planning.

Risk 4: Protecting the mental health, wellbeing, and resilience of our staff to ensure that is no loss of effectiveness in delivering our services.

• We have a Technology Committee of independent experts to challenge and advise our Council and Executive teams.

Mitigations:

Organisational Structure, Governance and Management

This section of the Report describes the organisational structure, governance and management arrangements that were in place throughout 2024/25.

Public benefit

The King’s Trust is incorporated by Royal Charter (with Royal Charter number RC000772) and is registered with the Charity Commission for England and Wales (with registered number 1079675) and the Office of the Scottish Charity Regulator (with registered number SC041198). Its objects and powers are set out in the Royal Charter and Byelaws. The Royal Charter, the Byelaws and The Governance Handbook (which sets out the internal governance structure of The King’s Trust) are the documents that govern The King’s Trust’s administration.

Trustee recruitment, appointment and training

In accordance with Charity Commission guidance on public benefit (section 17 of Charities Act 2011), The King’s Trust achieves this by:

Trustees are appointed in accordance with the Byelaws and are collectively known as “the Council.” On joining the organisation, new Trustees receive a personalised wideranging induction which covers our values and purpose and includes sections on strategy, finance, fundraising, programmes, operations, and governance. During their induction, Trustees meet colleagues to help fully understand their role as a Trustee.

• Helping young people aged 11 to 30 who are unemployed and those at risk of unemployment because they have struggled at school.

• Bringing young people together from different backgrounds, cultures, and faiths, so that they can make a positive difference in their communities.

Our Purpose

In addition, they are invited to attend King’s Trust programmes to see them in action and are asked to take an interest in a particular area of our work via membership of one or more of the committees, and to be ready to contribute to the Council as required. Trustees receive ongoing support and up to date guidance, to enable them to fulfil their responsibilities to the organisation. They may meet with beneficiaries at events and on programme visits. The Trustee role is unremunerated. Trustees can claim expenses where relevant.

The primary objective of The King’s Trust, as defined by its Royal Charter, is: “To promote by all charitable means the mental, spiritual, moral and physical development and improvement of young people, and to provide opportunities for them to develop to their full capacities and enable them to become responsible members of society so that their conditions of life may be improved.”

• Providing practical support, enabling them to overcome their problems and get their lives on track.

• Delivering proven, highquality programmes and basic financial support, which help young people to develop the confidence and skills they need to get a job or start a business.

42 The King’s Trust

Annual Report and Accounts 2024/25 43

Founder

His Majesty King Charles III

Global Founding Patron His Highness the Aga Khan

Vice President

Richard Huntingford

John Booth CVO DL (appointed August 2024)

Chairman of The King’s Trust

John Booth CVO DL (retired August 2024)

Tom Ilube CBE (appointed August 2024)

The Council

The King’s Trust Council is accountable for the work of The King’s Trust and ensuring that it delivers on its charitable aims and complies with its legal and constitutional requirements. It sets the strategic direction of The King’s Trust and approves financial plans and the Annual Report and Accounts. The King’s Trust Council comprises Trustees with a complementary mix of skills and background required to govern the charity.

The Council met six times in the year and were assisted in the execution of its responsibilities by seven committees and a Board for its trading subsidiary with members being appointed by The King’s Trust Council.

Trustees and Members of The King’s Trust Council

John Booth CVO DL (Chairman) (retired August 2024)

The Finance, Risk & Audit Committee

Deanna Oppenheimer (appointed January 2025)

Tania Slowe (retired September 2024)

The Finance, Risk & Audit Committee provides advice and recommendations to the Council on financial management and performance and explores significant risks to The Trust and evaluates steps taken to minimize those risks. The members of the committee are:

Alistair Summers (retired May 2024)

Lynne Weedall

Committees of Council

The King’s Trust Council has appointed a number of committees to help with the execution of its responsibilities. In January 2025, the Risk & Audit Committee merged with the Finance Committee under a single Chair. This merger reduced the overall number of Trustee Committees from seven to six. The committees meet regularly and its Members, appointed by The King’s Trust Council, are:

Simon Dingemans (Chair of the Risk & Audit Committee May 2024 to December 2024; Chair of the Finance, Risk & Audit Committee appointed January 2025)

Richard Oldfield OBE DL (retired as Chair of the Finance Committee December 2024 but continuing member of the committee)

Alistair Summers (retired Chair of the Risk & Audit Committee May 2024)

The Ethical Fundraising & Reputational Risk Committee

Dr Nikesh Kotecha OBE DL The Ethical Fundraising & (appointed May 2024) Reputational Risk Committee reviews solicitations and Suzy Neubert donations to ensure that funds Tania Slowe received are ethical and that they (retired September 2024) do not represent a reputational risk to The Trust. The members of In addition to the members of the the committee are:

In addition to the members of the Finance, Risk & Audit Committee, Sandra Robertson attends for investment business.

Suzy Neubert (appointed Chair October 2024)

Mark Dearnley (appointed September 2024)

Tania Slowe (retired September 2024)

Fundraising Advisory Board:

The Fundraising Advisory Board considers and makes recommendations to the Council of Trustees on the long-term fundraising strategy of The King’s Trust. The members of the committee are:

Dr Nikesh Kotecha OBE DL (appointed Chair July 2024)

Ian Mukherjee (retired as Chair July 2024)

James Bennet MBE (advisor)

Richard Huntingford (advisor) Andrew Jennings (advisor)

Nominations and Remuneration Committee:

The Nominations & Remuneration Committee considers and makes recommendations to the Council on the appointments processes for which it is responsible, monitors succession planning and the remuneration of the Executive Leadership Team of The Trust. The members of the committee are:

Tom Ilube CBE (appointed Chair August 2024),

John Booth CVO DL (retired as Chair July 2024),

Richard Oldfield OBE DL

Lynne Weedall

Technology Committee:

Young Persons’ Committee:

The Technology Committee The Young Persons’ Committee advises the Council on current advises the Council on the and future technology solutions, current effectiveness of its data and cyber security and programmes and its ability to their effectiveness in supporting deliver those programmes for The Trust to meet its goals young people. The committee and ambitions. The committee also has oversight of The has an oversight role in Trust’s property investment, supporting the development and development, and management implementation of The Trust’s programme in accordance digital strategy to ensure that it with the operational need of remains relevant and accessible each Country and Region, and to young people, volunteers, and in support of the Trust’s overall funders. The members of the strategy. The members of the committee are: committee are:

Mark Dearnley (Chair)

Lynne Weedall (appointed Chair October 2024)

Joan Armatrading CBE

Tania Slowe (retired as Chair September 2024)

Ian Mukherjee (retired July 2024)

Suzy Neubert (appointed June 2024)

Pavita Cooper

Richard Oldfield OBE DL (appointed September 2024)

David Black (advisor)

Gavin Cartwright (advisor)

Advisory Committees

Michael Keegan (advisor)

In addition to the six Trustee Committees, The King’s Trust Council appoints Advisory Committees in Wales, Scotland and Northern Ireland, Development Committees in the English regions and Development Committees for our Industry and Leadership Groups. A 50th Campaign Board has also been set up in preparation for The King’s Trust’s 50th Anniversary in 2026. These committees are composed of volunteer members whose role is to provide fundraising support and guidance.

Dan McMillian (advisor)

Jadvinder Sidhu (advisor)

Steven Webb (advisor)

Tom Ilube CBE (Chairman from August 2024)

Joan Armatrading CBE

Pavita Cooper

Mark Dearnley

Simon Dingemans

Elizabeth Evans

Dr Nikesh Kotecha OBE DL

Ian Mukherjee (retired July 2024)

Suzy Neubert Richard Oldfield OBE DL

Simon Major retired as Chair of The Ethical Fundraising & Reputational Risk Committee

44 The King’s Trust

Annual Report and Accounts 2024/25 45

The Executive Leadership Team

The Council delegates authority to the Chief Executive and Executive Leadership Team for the day-to-day management of The King’s Trust. The Executive Leadership Team comprises the Chief Executive, Chief Finance Officer, Chief Technology & Programmes Officer (position created May 2024), Director of Communications, Director of Delivery, Director of Fundraising & Marketing, Director of People & Learning, Group General Counsel & Company Secretary, Director of Safeguarding (position dissolved April 2024 and now under the remit of the Group General Counsel & Company Secretary), Director of Programme Development (position dissolved May 2024).

The Executive Leadership Team has delegated authority from the Council for the design and delivery of programmes and income generation, along with the administrative functions of finance, people and learning, health and safety, safeguarding, legal, assurance, evaluation, technology, marketing, and communications. Designated staff may commit The King’s Trust to expenditure within defined limits.

During the financial year, Council reviewed and agreed organisational pay and the Nominations and Remuneration Committee considered and approved the appointment and remuneration of new roles in the Executive Leadership Team in consideration of good practice in the charity sector.

The Charity Governance Code

The Council fully supports the Charity Governance Code and is satisfied that robust and effective governance arrangements were in place throughout the financial year 2024/25 and up to the date of approval of this report.

King’s Trust Trading

The King’s Trust has one wholly owned, non-charitable subsidiary, King’s Trust Trading Limited, which undertakes The King’s Trust’s commercial activities. King’s Trust Trading Limited is incorporated as a company to conduct trading activities to support The King’s Trust’s charitable objectives. It passes all its taxable profits to The King’s Trust via Gift Aid. The payment under deed of covenant from King’s Trust Trading Limited to The King’s Trust in 2024/25 was £4.1m (2023/24: £4.5m). King’s Trust Trading Limited is incorporated in England and Wales (with company number 03161821).

Reference and Administrative Details

Principal Address

Chief Executive

8 Glade Path London SE1 8EG

Jonathan Townsend

Chief Finance Officer Saras Seth

Telephone: 0800 842 842 enquiries@kingstrust.org.uk www.kingstrust.org.uk

Chief Technology & Programmes Officer (directorate created May 2024)

Julia Beaumont (from May 2024)

Charity Registration Number

England and Wales 1079675 Scotland SC041198

Director of Communications Ed Poultney

Royal Charter Number RC000772

Director of Delivery

Louise Spencer

Governing Document

Director of Fundraising &

The King’s Trust is a company incorporated by Royal Charter. The Royal Charter is the governing document of The King’s Trust.

Marketing

Ben Marson (from May 2024) Frances Milner (to May 2024)

Director of People and Learning Kimberley Cleland

Management

Group General Counsel &

During the year, the Directorate of Safeguarding was dissolved, with the Group General Counsel & Company Secretary now having responsibility for The Trust’s safeguarding framework, accountable in the first instance to the Young Persons Committee. Also, the separate directorates of the Chief Technology Officer and the Director of Programme Development have been merged into the directorate of the Chief Technology & Programmes Officer.

Company Secretary Simon Major

Chief Technology Officer

(directorate dissolved May 2024)

Julia Beaumont (to May 2024)

Director of Programme

Development (directorate dissolved May 2024) Ben Marson (to May 2024)

Director of Safeguarding (Safeguarding is now under the remit of the Group General Counsel & Company Secretary and the directorate was dissolved in April 2024) Kevin Gibbs (to April 2024)

Independent Auditors

PricewaterhouseCoopers LLP 1 Embankment Place, London WC2N 6RH

Principal Solicitors

Farrer and Co 66 Lincoln’s Inn Fields London WC2A 3LH

Bankers

National Westminster Bank plc 3rd Floor, 280 Bishopsgate, London EC2M 4RB

Coutts and Co

Villiers Branch, 440 Strand, London WC2R 0QS

46 The King’s Trust

Annual Report and Accounts 2024/25 47

Statement of the Trustees’ Responsibilities

The Trustees are pleased to present their report and audited financial statements for The King’s Trust for the year ended 31 March 2025.

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales and Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The King’s Trust (“the Charity”) and The King’s Trust Group (“the Group”) and of the incoming resources and application of resources of the group for that period.

The Trustees are responsible Statement of disclosure of for keeping proper accounting information to auditors records that disclose with reasonable accuracy at any In so far as the Trustees are aware, time the financial position of the Charity and enable • there is no relevant audit them to ensure that the information of which the financial statements comply Charity’s auditors are unaware with the Charities Act 2011, the Charity (Accounts and • they have taken all the steps Reports) Regulations 2008, that they ought to have taken the Charities and Trustee as Trustees in order to make Investment (Scotland) Act themselves aware of any 2005, the Charities Accounts relevant audit information and (Scotland) Regulations 2006 (as to establish that the Charity’s amended) and the provisions auditors are aware of that of the Charity’s constitution. information They are also responsible for The Trustees Annual Report has safeguarding the assets of the been approved by the board and Charity and the Group and signed on their behalf: hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. La

In so far as the Trustees are aware,

• they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information

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

The Trustees Annual Report has been approved by the board and signed on their behalf:

Tom Ilube CBE Chairman 22nd September 2025

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE King’S TRUST

Report on the audit of the financial statements

In our opinion, The King’s Trust’s group financial statements and parent charity financial statements (statements ( ” the financial statements”):

Based on the work we have performed, we have not identified any material uncertainties any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ 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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and parent charity’s ability to continue as a going concern.

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

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

48 The King’s Trust

Annual Report and Accounts 2024/25 49

Report on the audit of the financial statements (continued)

Auditors’ responsibilities for the audit of the financial statements

Trustees’ Report

Reporting on other information

Under the Charities (Accounts and Reports) Regulations 2008 and The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.

We are eligible to act and have been appointed auditors under section 144 of the Charities Act 2011 and section 44(1)(c ) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect there under.

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

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 auditors’ 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.

Responsibilities for the financial statements and the audit

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

Responsibilities of the Trustees for the financial statements

As explained more fully in the Statement of the Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charity’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 and parent charity or to cease operations, or have no realistic alternative but to do so.

Based on our understanding of the group and parent charity, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, the Charities

Based on our work undertaken in the course of the audit, the Charities (Accounts and Reports) Regulations 2008 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require us also to report certain opinions and matters as described below.

Report on the audit of the financial statements (continued)

and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of The Charities Accounts (Scotland) Regulations 2006 (as amended), and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results. Audit procedures performed included:

Use of this report

There are inherent limitations in

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 44(1)(c ) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Act 2011 and regulations made under those Acts (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

50 The King’s Trust

Annual Report and Accounts 2024/25 51

Report on the audit of the financial statements (continued)

Other required reporting

The Charities Accounts

(Scotland) Regulations 2006 (as amended) and Charities Act 2011 exception reporting

Under The Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 we are required to report to you if, in our opinion:

FINANCIAL STATEMENTS

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors London

22 September 2025

52 The King’s Trust

Annual Report and Accounts 2024/25 53

Statement of financial activities for the year ended 31 March 2025

==> picture [484 x 388] intentionally omitted <==

----- Start of picture text -----
The King’s Trust (Group) Un Endow- Un Endow-
restricted Restricted ment Total restricted Restricted ment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income and Endowments from:
Donations and legacies 3 20,998 26,214 1,325 48,537 14,104 26,558 12,725 53,387
Charitable activities 4 1,490 7,791 - 9,281 1,646 8,994 - 10,640
Other trading activities 5 6,063 - - 6,063 6,561 - - 6,561
Investments 6 443 - 270 713 317 - 159 476
Other 7 587 - - 587 - - - -
Total income 29,581 34,005 1,595 65,181 22,628 35,552 12,884 71,064
Expenditure on:
Raising funds 8 14,350 - 427 14,777 14,447 - 290 14,737
Charitable activities 9 13,126 35,068 - 48,194 16,087 38,757 - 54,844
Total expenditure 27,476 35,068 427 62,971 30,534 38,757 290 69,581
Net gains on investments 16 1,357 - 7,466 8,823 1,260 - 3,432 4,692
Net income/(expenditure) for
3,462 (1,063) 8,634 11,033 (6,646) (3,205) 16,026 6,175
the year
Total funds brought forward at the
36,061 5,847 41,627 83,535 41,027 9,052 27,281 77,360
beginning of the year
Movement of funds within the year 1,904 - (1,904) - 1,680 - (1,680) -
Total funds carried forward at the
29 41,427 4,784 48,357 94,568 36,061 5,847 41,627 83,535
end of the year
----- End of picture text -----

Statement of financial activities for the year ended 31 March 2025

==> picture [484 x 374] intentionally omitted <==

----- Start of picture text -----
The King’s Trust Un- Endow- Un- Endow-
(Charity) restrictedFunds RestrictedFunds Fundsment 2025Total restrictedFunds RestrictedFunds Fundsment 2024Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income and Endowments from:
Donations and legacies 3 20,998 26,214 1,325 48,537 14,104 26,558 12,725 53,387
Charitable activities 4 1,490 7,791 - 9,281 1,646 8,994 - 10,640
Other trading activities 5 4,072 - - 4,072 4,517 - - 4,517
Investments 6 432 - 270 702 297 - 159 456
Other 7 587 - - 587 - - - -
Total income 27,579 34,005 1,595 63,179 20,564 35,552 12,884 69,000
Expenditure on:
Raising funds 8 12,770 - 427 13,197 12,819 - 290 13,109
Charitable activities 9 12,704 35,068 - 47,772 15,651 38,756 - 54,407
Total expenditure 25,474 35,068 427 60,969 28,470 38,756 290 67,516
Net gains on investments 16 1,357 - 7,466 8,823 1,260 - 3,432 4,692
Net income/(expenditure)
3,462 (1,063) 8,634 11,033 (6,646) (3,204) 16,026 6,175
for the year
Total funds brought forward at the
36,061 5,847 41,627 83,535 41,027 9,052 27,281 77,360
beginning of the year
Movement of funds within the year 1,904 - (1,904) - 1,680 - (1,680) -
Total funds carried forward
29 41,427 4,784 48,357 94,568 36,061 5,847 41,627 83,533
at the end of the year
----- End of picture text -----

Note 1 gives details of the basis of reporting for the financial statements.

Note 1 gives details of the basis of reporting for the financial statements.

The notes on pages 56-79 form part of the financial statements.

There are no recognised gains and/or losses other than those passing through the consolidated Statement of Financial Activities. All operations reported above are continuing.

The notes on pages 56-79 form part of the financial statements.

There are no recognised gains and/or losses other than those passing through the Statement of Financial Activities. All operations reported above are continuing.

The King’s Trust

Annual Report and Accounts 2024/25 55

54

Balance sheet as at 31 March 2025

==> picture [479 x 408] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |The King’s Trust|Group|Group|Charity|Charity| |(Group & Charity)|Note|£’0002025|£’000 2024|£’0002025|£’0002024| |hu| |Fixed Assets| |Intangible assets|15|358|601|358|601| |Tangible assets|15|16,921|18,228|16,921|18,228| |Investments|16|55,292|57,287|55,292|57,287| |Total fixed assets|72,571|76,116|72,571|76,116| |Current assets| |Debtors|19|9,088|7,626|9,803|7,957| |Cash at bank and in hand|20|21,806|12,716|20,226|10,857| |Total current assets|30,894|20,342|30,029|18,814| |Creditors: amounts falling due within one year|21|7,998|9,924|7,133|8,396| |Net current assets|22,896|10,418|22,896|10,418| |Total assets less current liabilities|95,467|86,534|95,467|86,534| |Provisions for liabilities|22|899|2,999|899|2,999| |Net assets|94,568|83,535|94,568|83,535| |The Funds of the Group/Charity| |Restricted income funds|27|4,784|5,847|4,784|5,847| |Endowment Funds|48,357|41,627|48,357|41,627| |Unrestricted income funds|41,427|36,061|41,427|36,061| |Total Group/Charity funds|28|94,568|83,535|94,568|83,535|

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

The notes on pages 56-79 form part of the financial statements. The financial statements were approved by the Trustees on 22 September 2025 and were signed on their behalf by:

Statement of cash flows for the year ended 31 March 2025

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----- Start of picture text -----
||||| |---|---|---|---| |The King’s Trust (Group)|2025|2024| |Note|£’000|£’000| |ee| |=|| |Cash flows from operating activities:| |Net cash (used in)/provided by operating activities|24|(1,570)|3,898| |Cash flows from investing activities:| |Investment income|702|456| |Proceeds from the sale of property, plant and equipment|-|1| |Purchase of property, plant and equipment|(59)|-| |Proceeds from sale of investments|16|11,100|1,680| |Purchase of investments|16|(1,083)|(15,095)| |Loss on disposal of subsidiaries|-|-| |Net cash used in investing activities|10,660|(12,958)| |Change in cash and cash equivalents in year|9,090|(9,060)| |Cash and cash equivalents at the beginning of the year|12,716|21,776| |Cash and cash equivalents at the end of the year|20|21,806|12,716|

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

Analysis of change in net debt

==> picture [483 x 99] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |The King’s Trust (Group)|As at 01|As at 31|As at 01|As at 31| |April 2024|Cash flows|March 2025|April 2023|Cash flows|March 2024| |£’000|£’000|£’000|£’000|£’000|£’000| |_| |Cash at bank and in hand| |Cash|7,932|7,595|15,527|21,776|(13,844)|7,932| |Cash on deposit|4,784|1,495|6,279|-|4,784|4,784| |Total|12,716|9,090|21,806|21,776|(9,060)|12,716|

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

The notes on pages 56-79 form part of the financial statements.

Tom Ilube CBE Chairman 22 September 2025

56 The King’s Trust

Annual Report and Accounts 2024/25 57

NOTES TO THE FINANCIAL STATEMENTS

1. Principal accounting policies

from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

would take to return The Trust to a financially stable position. The analysis indicates that The Trust has sufficient cash reserves to meet its future obligations as well as a significant investments portfolio which could be drawn quickly if required.

Basis of Preparation

The financial statements have been prepared on the going concern basis. The going concern assessment undertaken by the Board of Trustees involves consideration of financial and cashflow projections up to March ‘27 which considers the reliability of our pipeline of fundraised income, economic pressures on our cost base and planned investments in our brand, systems and property as well as the level of reserves and financial resources available to The Trust.

The Board of Trustees have concluded that The King’s Trust and its subsidiary have sufficient resources to continue in operation until March 2027 and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

The consolidated financial statements have been prepared in accordance with the following:

The Trust has a strong cash and investments position and an Endowment Portfolio which disbursed 4% of its value during the year and in the absence of unforeseen circumstances, is anticipated to disburse a similar amount for each of the next 2 years (approximately £2m per annum). The Trust ended 2025 in a positive financial position following the structural changes in the year with total funds of £94.6m at the year end. This has allowed the Trustees to designate £6m for furthering the reach and support for young people whilst still comfortably maintaining our year end reserves cover which was 7.3 months against the target of 6 months.

Estimates and underlying statements have been prepared assumptions are subject to in accordance with the following: constant assessment. Changes in estimates and assumptions are • Financial Reporting Standards recognised in the period in which 102 – The Financial Reporting the estimates are revised. The Standard applicable in the areas involving higher degree of United Kingdom and Republic judgement or complexity, or areas of Ireland’ (‘FRS 102’) where assumptions and estimates are significant to the consolidated • The Statement of financial statements are disclosed Recommended Practice in Note 2. ‘Accounting and Reporting by Charities’ FRS 102 as revised The accounting policies have in 2019 (‘the SORP 2019’).

• Financial Reporting Standards 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’)

The accounting policies have in 2019 (‘the SORP 2019’). been applied consistently throughout the financial • The Charities Act 2011 and The Charities and Trustee statements in both the current Investment (Scotland) Act 2005. year and the prior year.

• The historical cost convention, except for investments which are included at fair value.

Basis of Accounting

The Charities Act 2011 requires financial statements to be prepared in accordance with Charities (Accounts and Reports) Regulations 2008. These financial statements have been prepared to give a ‘true and fair view’ and have departed

We have modelled the impact of a severe but plausible downside scenario impacting on our future revenue including a material reduction in donations and public sector income and considered the mitigating actions that we

Basis of Consolidation

‘Group’ refers to The King’s Trust and its subsidiary undertaking King’s Trust Trading Limited.

“Charity” refers to The King’s Trust only.

1. Principal accounting policies (continued)

Amounts are consolidated on a line-by-line basis and all entities prepare accounts to 31st March.

when the event takes place and major gifts which are recognised on a receivable basis where receipt is probable, there is entitlement to the income, and this can be measured reliably.

All inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated.

Grants from government and income from other public sector contracts have been recorded as income from charitable activities. All income is shown gross of related expenditure. Tax credits receivable from gift aid donations are recognised at the time of the donation.

There were no differences in accounting policies between the policies of the subsidiaries and The King’s Trust which would result in a material misstatement.

The Charity prepares a consolidated cash flow statement and has therefore taken advantage of the exemption conferred by FRS 102 Section 1 not to prepare a cash flow statement for the Charity.

Income is deferred where the donor has specified that the income is to be expended in a future period or where contractual conditions for entitlement will be met in a future period. Income is also deferred when the conditions applying to the grant are not wholly within the control of The King’s Trust.

Income recognition

Income is accrued and included in the SOFA when the Group is entitled to the income, receipts can be quantified, and the receipt is probable. Legacies are recognised when probate is granted and there is sufficient information to measure them. Sponsorship from events is accounted for when the event takes place. Grant income is credited to the SOFA when received or receivable whichever is earlier, unless the grant relates to a specific future period, in which case it is deferred.

Donations in kind comprise goods, services and facilities donated to The King’s Trust which would otherwise have had to be purchased. They are valued at the amount that The Trust would have paid to obtain them and are included both in income and expenditure.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with the use of resources.

Grants receivable and legacies are included in the SOFA when the group believes it has entitlement, receipt is probable, and the amount can be measured reliably. Donations are accounted for when received, except sponsorships from events which are recognised

The expenditure on raising funds includes the salaries and overhead costs of the staff who undertake fundraising activities, and the marketing and publicity costs associated with raising the profile of The King’s Trust (but not those which are used in an educational manner in furtherance of the charity’s objects which are included in expenditure on charitable activities).

Grants payable, including multiyear grants, are recognised in the SOFA when awarded and the recipient has the control of meeting the conditions that have been communicated.

Expenditure on charitable activity includes the write off and movement in provision of loans to supported businesses. Other direct costs included within charitable activity expenditure comprise costs generated centrally and locally, identifiable as arising directly from the delivery of The King’s Trust’s programmes of charitable work.

Support costs include the salaries of those managerial staff which are not directly attributable to a particular programme of charitable work, governance costs, and of finance, IT, HR and other administrative staff and all office running costs and consumables and other overheads not specifically attributable to a particular programme of charitable work. Support costs are allocated to costs of generating funds and charitable activities based on the relative size of the business units involved with fundraising

58 The King’s Trust

Annual Report and Accounts 2024/25 59

1. Principal accounting policies (continued)

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----- Start of picture text -----
Useful economic life
Asset Category as at 31 March 2025
Freehold buildings (excluding land) 50 years
Plant and equipment 5 years
Computer equipment 3 years
Servers and communications equipment 5 years
Databases and computer software 8 years
Fixtures and fittings 10 years
Leasehold improvements Over the lease
----- End of picture text -----

and charitable work. The size of these functions is determined by reference to the number of staff (full time equivalents) in each business unit. Irrecoverable VAT is included with the item of expense to which it relates.

Fixed Assets

Intangible and Tangible Assets Fixed assets are stated at cost less accumulated depreciation/ amortisation and accumulated impairment losses. Fixed assets costing more than £1,000 are capitalised and are valued at their purchase cost, including any incidental expenses of acquisition. Donated assets are capitalised at a value equivalent to their notional cost at the time of acquisition.

Fixed Asset Investments

when the outstanding balance of loans were converted to grants and are no longer repayable by the borrower.

Listed investments are valued at bid-market value at the balance sheet date. Gains and losses on sales of investments and unrealised revaluation surpluses or deficits are calculated by reference to the opening carrying amount and are shown on the face of the SOFA. Donated investment assets are valued at fair market value. Investments in subsidiaries are held at cost but, where necessary, impairment reviews have been conducted and reflected in the valuation stated.

Since 2018, loans have been provided to young people by Start Up Loan Company (SULCo) with The Trust acting solely as a credit broker. SULCO charge interest at 3% annually, or 6.2% APR.

Acquired software is capitalised based on the costs incurred to acquire and to bring to use the specific software. Software is amortised when the product is put in operation.

Impairment of Fixed Assets and Investments

Fixed assets and investments are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the corresponding SOFA category.

The useful economic life applied to each asset category is reviewed annually to ensure this is appropriate and any impairment is recognised in the year in which it occurs in the corresponding SOFA category.

Programme Related Investments

Programme-related investments comprise public benefit concessionary loans that were made at below-market interest rates to further the Charity’s objectives until 2018. Loans were offered to young people on the Enterprise programme who had limited access to funding and were repayable over up to five years with repayments typically made monthly via direct debit or standing order. These loans were fully provided for.

Cash at bank and in hand

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Depreciation is provided on all intangible and tangible fixed assets (excluding land but including donated assets) at rates calculated to write off the cost, less estimated residual values, on a straight-line basis over their expected useful economic lives as follows:

Pensions

The King’s Trust has arranged a defined contribution pension scheme for its staff. The assets of the scheme are not owned by The King’s Trust. Pension contributions charged in the SOFA represent the contributions payable by The King’s Trust in the year.

From 2018, the Trust ceased to provide loans and assigned the loan book to The Enterprise Fund trading as Growth Company Business Finance (GCBF). These were held at cost less any impairment provision until they were fully written off in 2024,

1. Principal accounting policies (continued)

Financial Assets

Redundancy and Termination Costs

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

Redundancy and termination costs including ex-gratia payments are recognised in the SOFA when The King’s Trust is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date. The King’s Trust is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the SOFA.

Redundancy and termination costs are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. Details of costs incurred during the year can be found in note 12.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the SOFA.

Operating Leases

Rentals payable under operating leases are charged to the SOFA on an accruals basis.

Contractual Liabilities

The King’s Trust provides for legal or constructive obligations that are of uncertain timing or amount at the balance sheet date based on the best estimate of the expenditure required to settle the obligation.

Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the SOFA, except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial Instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The Charity has only taken reduced disclosure exemptions for sections 11 and 12 of FRS 102.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

60 The King’s Trust

Annual Report and Accounts 2024/25 61

1. Principal accounting policies (continued)

Offsetting

Funds

Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a basis or to realise the asset and settle the liability simultaneously.

The funds of The King’s Trust have been classified as follows:

Restricted Funds consist

of donations, legacies and grants received, for which the donor or grant giver has specified the purposes for which the resources can be utilised. Outgoing resources on restricted funds reflect the appropriate expenditure that has been charged to those funds. Restricted funds are disclosed by programme in the notes to the financial statements. Individual restricted funds are disclosed where these are material in value.

Volunteers

The King’s Trust is grateful to the thousands of volunteers give their time freely to nurture and develop our young people. The value of this is not recognised in the Financial Statements.

Endowment Funds: An

Endowment Fund to support the long-term sustainability of The King’s Trust was established in 2018/19. Significant donations were made during the year to support the growth of the Endowment Fund.

Unrestricted Funds consist of all other income that has not been restricted. They are expendable at the discretion of the Trustees in furtherance of the objects of The King’s Trust.

2. Critical accounting judgements and key estimates and assumptions

Estimates and assumptions are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances have been made by The King’s Trust in recognising investment property and long-term liabilities and assets.

b. Key estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

a. Critical judgements in applying the entity’s accounting policies

(i) Support costs

(i) Exemptions on transition to FRS 102

The cost allocation methodology requires judgement as to what are the most appropriate bases to use to apportion support costs; these are reviewed annually for reasonableness. Support costs, and other expenditure judgements, are detailed in Note 1.

The Charity has elected to use the exemption provided in FRS 102 regarding the restatement of lease incentives entered before the date of transition.

(ii) Grant income recognition

The majority of grant income is recognised in line with expenditure against the grant contract, as this is deemed the most accurate proxy for the performance conditions within the grant being met. Where such grants are received in advance of delivering the goods or services required, the income is not recognised. Instead, it is recognised as a liability until performance can be measured.

The King’s Trust

Annual Report and Accounts 2024/25 63

62

3. Income and endowments from donations and legacies

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Group) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate donations 3,724 10,567 - 14,291 2,773 11,660 - 14,433
Charitable Trusts 3,011 7,151 - 10,162 979 9,543 - 10,522
Individual donations 5,337 8,311 1,325 14,973 6,189 5,355 12,725 24,269
Legacies 2,230 185 - 2,415 859 - - 859
Donations in kind 6,696 - - 6,696 3,304 - - 3,304
Total income & endowments from
donations and legacies		 20,998 26,214 1,325 48,537 14,104 26,558 12,725 53,387
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Fund 2025 Funds Funds Fund 2024
The King’s Trust (Charity)
£’000		 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate donations
3,724		 10,567 - 14,291 2,773 11,660 - 14,433
Charitable Trusts
3,011		 7,151 - 10,162 979 9,543 - 10,522
Individual donations
5,337		 8,311 1,325 14,973 6,189 5,355 12,725 24,269
Legacies
2,230		 185 - 2,415 859 - - 859
Donations in kind
6,696		 - - 6,696 3,304 - - 3,304
Total income & endowments from
donations and legacies
20,998		 26,214 1,325 48,537 14,104 26,558 12,725 53,387

At 31 March 2025, in addition to legacy income that has been included in the financial statements, The King’s Trust Charity expected to benefit from a number of legacies from estates for which the administration had yet to be finalised. The King’s Trust’s future income from these legacies is estimated at £611k (2024: £113k). Accrued legacy income included within the financial statements amounts to £1,759k (2024: £904k), see note 21.

Donations in kind represent the estimated cost of services donated to the Group and Charity, at the value at which the group or charity would have paid.

These amounts are included as costs in the appropriate expenditure category and consist of:

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----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Advertising and publicity 5,065 2,085 5,065 2,085
Charitable programme facilities 934 1,060 934 1,060
Consultancy 490 - 490 -
Audit fees 167 159 167 159
Other 40 - 40 -
Total Donations in Kind 6,696 3,304 6,696 3,304
----- End of picture text -----

4. Income and endowments from charitable activities

==> picture [484 x 262] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Group) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Public sector contracts for
operational programmes
Income from local and national government - 7,180 - 7,180 - 7,613 - 7,613
Other public sector sources - 400 - 400 - 278 - 278
European Union income - 12 - 12 - 1,049 - 1,049
Big Lottery Fund - 199 - 199 - 54 - 54
Total income from public sector contracts - 7,791 - 7,791 - 8,994 - 8,994
for operational programmes
Fees from programme attendance
Qualifications income 870 - - 870 726 - - 726
Training fees 487 - - 487 506 - - 506
Other income from charitable activities 133 - - 133 414 - - 414
Total income from fees for
1,490 - - 1,490 1,646 - - 1,646
programme attendance
Total income & endowments from
1,490 7,791 - 9,281 1,646 8,994 - 10,640
charitable activities
----- End of picture text -----

Income in the form of government grants from local and national government support the Group’s charitable activities and can be further analysed as follows:

The King’s Trust (Group)
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2025
£’000
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2024
£’000
Department of Health
-
2,548
-
2,548
-
2,230
-
2,230
England
-
1,053
-
1,053
-
1,854
-
1,854
Northern Ireland
-
1,616
-
1,616
-
1,389
-
1,389
Scotland
-
1,675
-
1,675
-
1,838
-
1,838
Wales
-
288
-
288
-
302
-
302
Total income from local and national
income for operational programmes
-
7,180
-
7,180
-
7,613
-
7,613

The King’s Trust

Annual Report and Accounts 2024/25 65

64

4. Income and endowments from charitable activities (continued)

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----- Start of picture text -----
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Public sector contracts for
operational programmes
Income from local and
- 7,180 - 7,180 - 7,613 - 7,613
national government
Other public sector sources - 400 - 400 - 278 - 278
European Union income - 12 - 12 - 1,049 - 1,049
Big Lottery Fund - 199 - 199 - 54 - 54
Total income from public sector contracts - 7,791 - 7,791 - 8,994 - 8,994
for operational programmes
Fees from programme attendance
Qualifications income 870 - - 870 726 - - 726
Training fees 487 - - 487 506 - - 506
Other income from charitable activities 133 - - 133 414 - - 414
Total income from fees for
1,490 - - 1,490 1,646 - - 1,646
programme attendance
Total income & endowments from
1,490 7,791 - 9,281 1,646 8,994 - 10,640
charitable activities
----- End of picture text -----

5. Income and endowments from other trading activities (continued)

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income from fundraising events - - - - 2 - - 2
Sale of goods - - - - 1 - - 1
Other 4,072 - - 4,072 4,514 - - 4,514
Total income from other
trading activities		 4,072 - - 4,072 4,517 - - 4,517

The amount above on the Other line is the Deed of Covenant in relation to the King’s Trust Trading (KTT). This unrestricted income is generated by the subsidiary King’s Trust Trading Limited, the results of which are shown in Note 17

6. Income from investments

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Group)
£’000		 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income from fxed asset investments
8		 - 270 278 42 - 159 201
Interest received on programme
related investments
-		 - - - 4 - - 4
Bank interest receivable
435		 - - 435 271 - - 271
Total income from investing activities
443		 - 270 713 317 - 159 476

Income in the form of government grants from local and national government support the Charity’s charitable activities and can be further analysed as follows:

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Charity)
£’000		 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Department of Health
-		 2,548 - 2,548 - 2,230 - 2,230
England
-		 1,053 - 1,053 - 1,854 - 1,854
Northern Ireland
-		 1,616 - 1,616 - 1,389 - 1,389
Scotland
-		 1,675 - 1,675 - 1,838 - 1,838
Wales
-		 288 - 288 - 302 - 302
Total income from local and national
income for operational programmes
-		 7,180 - 7,180 - 7,613 - 7,613

5. Income and endowments from other trading activities

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2025 Funds Funds Funds 2024
The King’s Trust (Group)
£’000		 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income from fundraising events
3,866		 - - 3,866 3,585 - - 3,585
Sponsorship
1,076		 - - 1,076 1,349 - - 1,349
Sale of goods
1,012		 - - 1,012 1,557 - - 1,557
Income from training
82		 - - 82 16 - - 16
Rental
27		 - - 27 54 - - 54
Other
-		 - - - - - - -
Total income from other trading activities
6,063		 - - 6,063 6,561 - - 6,561
The King’s Trust (Charity) Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2025
£’000
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2024
£’000
Income from fxed asset investments 8
-
270
278
42
-
159
201
Interest received on programme
related investments		 -
-
-
-
4
-
-
4
Bank interest receivable 424
-
-
424
251
-
-
251
Total income from investing activities 432
-
270
702
297
-
159
456

7. Other income

7. Other income
The King’s Trust (Group and Charity)
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2025
£’000
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowment
Funds
£’000
Total
2024
£’000
Other income
587
-
-
587
-
-
-
-
Total income from other income
587
-
-
587
-
-
-
-

Other income is generated through the provision of resources and support to The King’s Trust Group. This was previously reported under Income from Charitable Income but is now reported separately due to its value.

The King’s Trust

Annual Report and Accounts 2024/25 67

66

8. Expenditure on raising funds

Other Other
Direct Staff Direct Support Total Direct Staff Direct Support Total
Costs Costs Costs 2025 Costs Costs Costs 2024
The King’s Trust (Group) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost of raising funds 6,363 220 5,765 12,348 6,899 521 4,897 12,317
Fundraising through trading 1,382 499 121 2,002 1,334 503 225 2,062
Investment management costs - 427 - 427 - 358 - 358
Total costs on raising funds 7,745 1,146 5,886 14,777 8,233 1,382 5,122 14,737

Expenditure on raising funds includes £5.9m of support costs (2023/24: £5.1m). See note 10.

Other Other
Direct Staff Direct Support Total Direct Staff Direct Support Total
Costs Costs Costs 2025 Costs Costs Costs 2024
The King’s Trust (Charity)
£’000		 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost of raising funds
6,362		 719 5,689 12,770 6,896 1,024 4,831 12,751
Fundraising through trading
-		 - - - - - - -
Investment management costs
-		 427 - 427 - 358 - 358
Total costs on raising funds
6,362		 1,146 5,689 13,197 6,896 1,382 4,831 13,109

10. Support costs

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Expenditure on Charitable Total Expenditure on Charitable Total
Raising Funds Expenditure 2025 Raising Funds Expenditure 2024
The King’s Trust (Group) £’000 £’000 £’000 £’000 £’000 £’000
Managerial staff 247 963 1,210 258 1,169 1,427
Communications and marketing 309 1,209 1,518 259 1,172 1,431
Finance, IT, HR, H&S and administration 2,071 8,093 10,164 2,178 9,856 12,034
Recruitment, secondment & other costs 232 905 1,137 125 610 735
Total staff costs 2,859 11,170 14,029 2,820 12,807 15,627
Office rents, maintenance & consumables 1,184 4,624 5,808 1,035 5,069 6,104
Brand & Marketing 1,032 4,033 5,065 353 1,732 2,085
Staff travel and vehicle costs 107 337 444 81 256 337
Sundry other fees and costs 704 2,485 3,189 833 3,239 4,072
Total other expenditure 3,027 11,479 14,506 2,302 10,296 12,598
Total expenditure on charitable activities 5,886 22,649 28,535 5,122 23,102 28,225
----- End of picture text -----

Expenditure on raising funds includes £5.7m of support costs (2023/24: £4.8m). See note 10.

9. Expenditure on charitable activities

The King’s Trust (Group)
Grant
Funding
(see Note 10)
£’000
Direct
Staff
Costs
£’000
Other
Direct
Costs
£’000
Support
Costs
£’000
Total
2025
£’000
Grant
Funding
(see Note 10)
£’000
Direct
Staff
Costs
£’000
Other
Direct
Costs
£’000
Support
Costs
£’000
Total
2024
£’000
Enterprise
2,128
2,967
22
1,752
6,869
1,373
3,313
222
2,214
7,122
Team
-
796
138
859
1,793
-
1,108
187
909
2,204
Development Awards
423
546
24
371
1,364
748
618
28
386
1,780
Achieve
-
1,660
68
1,136
2,864
-
1,864
253
1,454
3,571
Get Into
5
5,197
1,770
8,367		 15,339
3
6,734
3,141
8,905
18,783
Get Started
-
1,500
630
2,797
4,927
-
2,132
1,039
2,957
6,128
Local programmes & pilots
-
2,282
245
2,052
4,579
-
2,438
257
1,770
4,465
Explore
15
4,010
1,119
5,315		 10,459
29
4,909
1,345
4,508
10,791
Total expenditure on
charitable activities
2,571
18,958
4,016
22,649		 48,194
2,153
23,116
6,472
23,103 54,844
Grant Direct Other Grant Direct Other
Funding (see Staff Direct Support Total Funding (see Staff Direct Support Total
Note 10) Costs Costs Costs 2025 Note 10) Costs Costs Costs 2024
The King’s Trust (Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Enterprise 2,128 2,967 22 1,749 6,866 1,373 3,313 222 2,200 7,108
Team - 796 138 845 1,779 - 1,108 187 896 2,191
Development Awards 423 546 24 369 1,362 748 618 28 384 1,778
Achieve - 1,660 68 1,129 2,857 - 1,864 253 1,437 3,554
Get Into 5 5,197 1,770 8,181 15,153 3 6,734 3,141 8,694 18,572
Get Started - 1,500 630 2,731 4,861 - 2,132 1,039 2,886 6,057
Local programmes & pilots - 2,282 245 2,026 4,553 - 2,438 257 1,753 4,448
Explore 15 4,009 1,119 5,198 10,341 29 4,909 1,345 4,416 10,699
Total expenditure on
charitable activities		 2,571 18,957 4,016 22,228 47,772 2,153 23,116 6,472 22,666 54,407

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Expenditure on Charitable Total Expenditure on Charitable Total
Raising Funds Expenditure 2025 Raising Funds Expenditure 2024
The King’s Trust (Charity) £’000 £’000 £’000 £’000 £’000 £’000
Managerial staff 247 963 1,210 258 1,169 1,427
Communications and marketing 309 1,209 1,518 259 1,171 1,430
Finance, IT, HR, H&S and administration 2,071 8,093 10,164 2,178 9,856 12,034
Recruitment, secondment & other costs 232 906 1,138 125 610 735
Total staff costs 2,859 11,171 14,030 2,820 12,806 15,626
Office rents, maintenance & consumables 1,183 4,624 5,807 1,035 5,069 6,104
Brand & Marketing 1,032 4,033 5,065 353 1,732 2,085
Staff travel and vehicle costs 86 337 423 52 256 308
Sundry other fees and costs 529 2,063 2,592 573 2,803 3,376
Total other expenditure 2,830 11,057 13,887 2,013 9,860 11,873
Total expenditure on charitable activities 5,689 22,228 27,917 4,833 22,666 27,499
----- End of picture text -----

Brand & marketing costs are the recognition of gifted services from our media and advertising partners. The value of services received this year is higher than in the previous year representing the additional marketing undertaken in support of our name change and rebranding.

Sundry other fees and costs are back-office overheads including depreciation, audit, and other professional fees.

68 The King’s Trust

Annual Report and Accounts 2024/25 69

11. Grants payable

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----- Start of picture text -----
Value of Number of Value of Number of
Awards Awards Awards Awards
2025 2025 2024 2024
The King’s Trust (Group and Charity) £’000 No. £’000 No.
Enterprise grants 2,128 1,444 1,373 1,212
Development Awards 423 2,348 748 3,766
Total grants to individual beneficiaries 2,551 3,792 2,121 4,978
Get Into programmes 5 3
Local programmes & pilots 15 29
Total other expenditure 20 32
Total grants payable 2,571 3,792 2,153 4,978
----- End of picture text -----

Grants to individual beneficiaries

The King’s Trust Charity awards Enterprise grants to individuals, for test marketing projects or to start up new businesses. Development Awards are described in more detail in the Trustees’ Report.

Other grants

Grant-making activities occur under the charitable activities undertaken within the Enterprise, Awards and Get Into programmes, and within local programmes and pilots.

12. Group employee information and trustees’ emoluments

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----- Start of picture text -----
2025 2024
The King’s Trust (Group) No. No.
Average headcount of employees analysed by function:
Charitable purpose and support staff 874 995
Fundraising 151 151
Total staff members 1,025 1,146
Average monthly number of employees analysed by function:
Charitable purpose and support staff 815 955
Fundraising 138 151
Total staff members 953 1,106
2025 2024
£’000 £’000
Staff costs for the above employees were:
Wages and salaries 33,263 37,718
Social security costs 3,340 3,652
Pension and post retirement benefits 1,680 1,955
Total staff costs 38,283 43,325
----- End of picture text -----

12. Group employee information and trustees’ emoluments (continued)

Employee emoluments (Group)

The following number of employees earned emoluments in respect of the year in excess of £60,000 within the bands shown below. This represents Group employees, including all King’s Trust subsidiary entities. Emoluments include taxable benefits but exclude employer pension costs.

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----- Start of picture text -----
2025 2024
The King’s Trust (Group) No. No.
£60,001 - £70,000 31 30
£70,001 - £80,000 13 13
£80,001 - £90,000 5 4
£90,001 - £100,000 4 4
£100,001 - £110,000 1 2
£110,001 - £120,000 1 2
£120,001 - £130,000 4 4
£130,001 - £140,000 1 1
£140,001 - £150,000 - -
£150,001 - £160,000 - -
£160,001 - £170,000 1 1
----- End of picture text -----

The King’s Trust Charity paid £236k (2024: £266k) into defined contribution schemes for 61 (2024: 61) higher paid employees.

Total aggregate emoluments for Key Management Personnel of the Group were £1,210k for 8 individuals (2024 £1,429k for 10 individuals). Key Management Personnel is defined as the senior leadership of The Trust as detailed on pages 35 and 36.

Trustee Emoluments

No trustees received salaries, fees, or other benefits from the Group during the year (2024: £nil).

One Trustee was reimbursed £3k (2023/24 £nil) for travel costs incurred in attending The King’s Trust Global Gala in their official capacity.

Total donations from trustees are disclosed in Note 30.

13. Taxation

The Charity was a registered charity throughout the year. As such it is not liable to corporation tax on the surplus of income over expenditure for the year (s478 CTA 2010) or gains arising from the disposal of assets (s256 TCGA 1992) so far as the proceeds are used for charitable purposes only.

The Charity is registered for VAT and, where applicable, expenditure is recorded net of recoverable VAT.

The Charity paid £nil (2024: £78k) in redundancy costs during the year. Of this, £nil (2024: £9k) was related to ex-gratia payments.

£1,296k of redundancy and other termination costs including £38k of ex-gratia payments were incurred and charged against the restructuring provision made in 2023/24 – see note 22. All amounts have been allocated in 2024/25 and are funded by unrestricted funds.

70 The King’s Trust

Annual Report and Accounts 2024/25 71

14. Net income for the year

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----- Start of picture text -----
2025 2024
The King’s Trust (Group) £’000 £’000
Net income for the year is stated after charging
Depreciation of fixed assets 941 1 , 268
Operating lease rentals:
- Land and buildings 1,065 1,171
- Other - -
Auditors' remuneration: 273 255
----- End of picture text -----

All numbers exclude VAT.

The auditors’ remuneration for the consolidated group and charity was £256k (2024: £239k), of which £167k (2024: £159k) represents donated services. The auditors’ remuneration for King’s Trust Trading Limited was £17k (2024: £16k).

15. Intangible and tangible assets

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----- Start of picture text -----
Total Freehold Total
Databases & Intangible Land & Fixtures & Computer Plant & Leasehold Tangible
The King’s Trust Software Assets Buildings Fittings Equipmen Equipment Improvements Assets
(Group and Charity) £’000 £’000 £’000 £’000 £’000 t £’000 £’000 £’000
Cost, or valuation on transfer
As at 1 April 2024 10,338 10,338 16,343 1,004 2,408 20 4,524 24,299
Additions - - - 58 - - - 58
Disposals (7,586) (7,586) - (238) (2,226) (20) (1,471) (3,955)
As at 31 March 2025 2,752 2,752 16,343 824 182 - 3,053 20,402
Accumulated amortisation
As at 1 April 2024 9,736 9,736 721 653 2,208 20 2,471 6,073
Charge for the year 244 244 116 93 163 - 325 697
Disposals (7,586) (7,586) - (165) (2,207) (20) (897) (3,289)
As at 31 March 2025 2,393 2,393 837 581 164 - 1,899 3,481
Net book value
At 31 March 2025 358 358 15,506 243 18 - 1,154 16,921
At 31 March 2024 601 601 15,622 351 202 - 2,052 18,228
----- End of picture text -----

16. Investments

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----- Start of picture text -----
General Endowment Other Total General Endowment Other Total
Porfolio Portfolio Investments 2025 Porfolio Portfolio Investments 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Listed investments at market value:
Common Investment Funds 6,896 48,333 - 55,229 15,623 41,289 - 56,912
Gilts and cash 39 24 - 63 37 338 - 375
Total fixed asset investments 6,935 48,357 - 55,292 15,660 41,627 - 57,287
Total property investments - - - - - - - -
-
Investment assets in the UK 6,935 48,357 - 55,292 15,660 41,627 - 57,287
Total investment assets 6,935 48,357 - 55,292 15,660 41,627 - 57,287
Balance brought forward 15,660 41,627 - 57,287 14,351 27,281 276 41,908
Movement in fair value - - - - - - (276) (276)
Acquisitions at cost - 1,083 - 1,083 1,120 13,975 - 15,095
Proceeds of disposals (10,000) (1,100) - (11,100) - (1,680) - (1,680)
Cash held for investment 2 (314) - (312) (965) (1,105) - (2,070)
Net gains in value of investments 1,357 7,466 - 8,823 1,260 3,432 - 4,692
Management fees (84) (405) - (489) (106) (276) - (382)
Balance carried forward 6,935 48,357 - 55,292 15,660 41,627 - 57,287
----- End of picture text -----

The decrease in the fixed asset investments year on year primarily relates to the disposals in year for alternative investment; offset by endowment income received and invested in year and net gains in fair value of investments. The trustees believe that the carrying value of the investments is supported by their underlying net assets.

During the year, £10.0m of equities within the General Portfolio was sold, and the proceeds are held in cash.

The following investments are considered significant and contribute more than 5 per cent of the total investment value:


investment value:
Contribution to total investment 2025 2024
% %
M&G Equities 33 36
Lansdowne 33 26
Fidelity 34 38

72 The King’s Trust

Annual Report and Accounts 2024/25 73

17. Investments in subsidiaries

The King’s Trust has one wholly owned subsidiary; King’s Trust Trading Limited (company registration number 3161821) which undertakes events and fundraising activities on behalf of the Group. The King’s Trust holds 100% of the share capital comprising 2 ordinary shares at par and has the power to govern the financial and operating policies of the entity to obtain benefits from its activities.

The table below summarises the income, expenditure, assets, and liabilities of King’s Trust Trading Limited.

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----- Start of picture text -----
2025 2024
The King’s Trust (Group) £’000 £’000
Income 6,075 6,494
Expenditure (2,003) (1,981)
Amount paid under deed of covenant to The Trust (4,072) (4,513)
Retained profit/ (loss) for the year - -
Assets 4,280 3,638
Liabilities (4,280) (3,638)
Net Assets - -
----- End of picture text -----

18. Programme related investments: loans to supported businesses

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----- Start of picture text -----
2025 2024
The King’s Trust (Group & Charity) £’000 £’000
Loan reconciliation
Loans at the beginning of the year - 2,022
Loans awarded in the year - -
Loans repaid in the year - (69)
Loans written off in the year - (1,953)
Loans at the end of the year - -
Provision reconciliation
Provision at the beginning of the year - 2,022
Movement on loans provision during the year - (69)
Remove Write offs - (1,953)
Provision at the end of the year - -
Net loan balance at the beginning of the year - -
Net loan balance at the end of the year - -
----- End of picture text -----

18. Programme related investments: loans to supported businesses (continued)

Up to 2018, The King’s Trust had provided loans to support young people as they started up their own businesses. From that date, when The King’s Trust ceased to provide loans, the loan (concessionary loans) book of outstanding loans was assigned to GCBF.

In March 2024, the outstanding balance of the loans were converted to grants and are no longer repayable to the King’s Trust. The balances had been fully provided for in prior years and therefore, with the historic loans converted to grants, the provision has been accordingly released.

The carrying amount of the concessionary loans at the year-end was £nil (2024 £nil).

Since the cessation of providing loans directly to young people in 2018, The King’s Trust has acted solely as a credit broker with start-up loans now issued and managed by The King’s Trust Finance partner, The Enterprise Fund trading as Growth Company Business Finance (GCBF). Funding for the loans is provided by Start Up Loans Company (SULCo) who are part of the British Business Bank, a UK government institution. The King’s Trust has a contract with SULCo as a business support partner.

19. Debtors

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----- Start of picture text -----
Group 2025 Group 2024 Charity 2025 Charity 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Amounts falling due within one year
Trade debtors 1,826 1,508 747 753
Gift aid recoverable 80 45 80 45
Amounts due from group undertakings - - 3,416 2,111
Amounts due from King’s Trust Group Company 13 66 13 66
Central Government & European grants receivable 2,150 2,105 2,150 2,105
Other debtors 79 75 79 75
Prepayments 1,311 1,147 944 1,090
Accrued income 3,629 2,680 2,374 1,712
9,088 7,626 9,803 7,957
----- End of picture text -----

20. Cash at bank and in hand

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----- Start of picture text -----
Group 2025 Group 2024 Charity 2025 Charity 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Cash at bank and in hand 15,527 7,932 13,947 6,073
Cash on deposit 6,279 4,784 6,279 4,784
21,806 12,716 20,226 10,857
----- End of picture text -----

£1.3m (2024: £3m) of the cash may be repayable to a funder, which is therefore recognised as deferred income. See Note 21.

Cash on deposit are highly liquid investments that are readily converted to cash at any time without penalty.

The King’s Trust

Annual Report and Accounts 2024/25 75

74

21. Creditors: amounts falling due within one year

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----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Trade creditors 575 1,350 575 1,305
Other taxation and social security 1,159 973 944 973
Other creditors 804 1,189 804 908
Accruals 3,214 2,014 3,123 1,917
Deferred income 2,246 4,398 1,687 3,293
7,998 9,924 7,133 8,396
----- End of picture text -----

Accruals for The King’s Trust Charity include a holiday pay accrual as at 31 March 2025 of £1,116k (2024: £823k).

22. Provisions for liabilities

Total Total
Dilapidations Restructure Other 2025 Dilapidations Restructure Other 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
As at 1 April 2024 879 1,500 620 2,999 804 - 50 854
Charged to the SOFA 66 - - 66 113 1,500 580 2,193
Amount utilised - (1,296) (580) (1,876) - - - -
Unused amount reversed to the SOFA (180) (100) (10) (290) (38) - (10) (48)
As at 31 March 2025 765 104 30 899 879 1,500 620 2,999

The opening restructure provision relates to a Trust-wide reorganisation which was initiated in 2024. During the year, costs of £1,296k were incurred including redundancy and other termination payments to 119 employees. £100k has been reversed back to the SOFA, with the remaining provision expected to be utilised in the current financial year.

Deferred income includes funding from NatWest for Enterprise £1,591k (2023/24 £3,121k), with the movement being utilisation of funds in support of grants paid to young people in year.

23. Financial instruments

Reconciliation of Deferred Income

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----- Start of picture text -----
Group 2025 Charity 2025
The King’s Trust (Group & Charity) £’000 £’000
Brought forward at 1 April 2024
Contract and conditional income 4,040 3,293
Income from events 358 -
Total brought forward at 1 April 2024 4,398 3,293
Deferred income released during year
Contract and conditional income 2,782 2,035
Income from events 357 -
Total deferred income released during year 3,139 2,035
Income deferred during year
Contract and conditional income 790 429
Income from events 197 -
Total income deferred during year 987 429
Deferred income carried forward at 31 March 2025
Contract and conditional income 2,048 1,687
Income from events 198 -
Total carried forward at 31 March 2025 2,246 1,687
----- End of picture text -----

The Group has the following financial instruments:

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----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
Group and Charity £’000 £’000 £’000 £’000
Financial assets measured at amortised cost:
Trade debtors 1,826 1,508 747 753
Cash 21,806 12,716 20,226 10,857
Other debtor transactions 5,951 4,971 8,112 6,115
29,583 19,195 29,085 17,725
Financial assets measured at fair value through income
and expenditure:
Investments 55,292 57,287 55,292 57,287
Financial liabilities measured at amortised cost:
Trade creditors (575) (1,350) (575) (1,305)
Other creditors (6,076) (7,175) (5,770) (6,797)
(6,651) (8,525) (6,345) (8,102)
78,224 67,957 78,032 66,910
----- End of picture text -----

The King’s Trust

Annual Report and Accounts 2024/25 77

76

24. Net cash from operating activities

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----- Start of picture text -----
Group Group
2025 2024
The King’s Trust (Group) £’000 £’000
Net income for the reporting period (as per the Statement of Financial Activities) 11,033 6,175
Adjustments for:
Depreciation charges 941 1,268
Movement in fair value of investment property - 275
Gains on investments (8,823) (4,692)
Dividends, interest and rents from investments (702) (456)
Investment fees 488 382
Decrease in cash and deposits (investment assets) 312 2,070
Loss on the sale of fixed assets 667 162
(Increase)/decrease in debtors (1,461) 957
Decrease in creditors (4,025) (2,243)
Cash flows from operating activities (1,570) 3,898
----- End of picture text -----

25. Pension schemes

The Charity provides defined contribution pension schemes that are available to all UK-based eligible employees. During the year, the Charity contributed 5% of gross salary of employees subject to a minimum of 3% from the employee.

There are a few employees whereby The Charity contributes 7.5% of gross salary subject to a minimum of 2.5% from the employee. This scheme is now closed for new employees.

There are a few employees whereby The Charity contributes into a scheme as a result of The King’s Trust Youth Business Scotland merger. The contribution rate of 10% from the employer for existing and eligible members is paid into this scheme.

The assets of all the schemes are held separately from The Charity. The pension cost of these schemes in the year was £1,680k (2024: £1,955k). The contributions outstanding as at 31st March 2025 were £236K (2024: £266k). Pension costs are allocated to unrestricted funds.

26. Financial commitments

At 31 March 2025, as lessee, the Group and Charity had total commitments under non-cancellable operating leases for land and buildings as follows:

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----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Land and Buildings
Operating leases which expire:
Within one year 923 942 923 942
Between one and five years 2,636 2,905 2,636 2,905
Over five years 1,668 2,224 1,668 2,224
5,227 6,071 5,227 6,071
----- End of picture text -----

27. Restricted income funds

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----- Start of picture text -----
Balance Expenditure Balance
1 April 2024 Income in year in year 31 March 2025
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000 Purpose and restriction in use
Education Programmes
Achieve 1,102 1,986 (2,633) 455 Supporting young people to succeed in
education through our Achieve programme
Employability Programmes
Explore 53 2,030 (2,067) 16 Supporting young people on the pathway to
employment through our Explore programme
Team 96 349 (338) 107 Supporting young people on the pathway to
employment through our Team programme
Get Started 119 880 (873) 126 Supporting young people on the pathway to
employment through our Get Started programme
Get Into 605 3,558 (3,170) 993 Supporting young people into employment
through our Get Into programme
Awards 54 83 (109) 28 Provision of development awards to young people
Enterprise programme
Supporting young people into self-employment
Enterprise programme 1,382 5,573 (5,834) 1,121
through our Enterprise programme
Other
Pilots and local programmes 569 3,589 (3,394) 764 Supporting young people into employment
through local programmes
Supporting young people into employment
Regional & other restrictions 1,867 15,957 (16,650) 1,174
through our regional & programmes [1 ]
5,847 34,005 (35,068) 4,784
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Balance Expenditure Balance
1 April 2023 Income in year in year 31 March 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000 Purpose and restriction in use
Education Programmes
Achieve 939 2,254 (2,091) 1,102 Supporting young people to succeed in
education through our Achieve programme
Employability Programmes
Explore 230 1,743 (1,920) 53 Supporting young people on the pathway to
employment through our Explore programme
Team 94 584 (582) 96 Supporting young people on the pathway to
employment through our Team programme
Get Started 271 1,202 (1,354) 119 Supporting young people on the pathway to
employment through our Get Started programme
Get Into 1,254 3,801 (4,450) 605 Supporting young people into employment
through our Get Into programme
Awards 61 355 (362) 54 Provision of development awards to young people
Enterprise programme
Supporting young people into self-employment
Enterprise programme 1,560 6,601 (6,779) 1,382
through our Enterprise programme
Other
Pilots and local programmes 2,296 3,078 (4,805) 569 Supporting young people into employment
through local programmes
Supporting young people into employment
Regional & other restrictions 2,347 15,934 (16,414) 1,867
through our regional & programmes [1]
9,052 35,552 (38,757) 5,847
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1 This is predominantly funding from the Department of Health & Social Care to support young people into roles in the NHS.

All the funds disclosed above are restricted in so far as the funders have specified that the income can only be expended on particular programmes and activities – see How We Work section on pages 15-22 for more details.

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Annual Report and Accounts 2024/25 79

28. Analysis of net assets between funds

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Un- Endow- Un- Endow-
restricted Restricted ment Total restricted Restricted ment Total
Funds Funds Funds Group Funds Funds Funds Charity
The King’s Trust (Group and Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Fund balances at 31 March 2025 are represented by:
Intangible fixed assets 358 - - 358 358 - - 358
Tangible fixed assets 16,921 - - 16,921 16,921 - - 16,921
Investments 6,935 - 48,357 55,292 6,935 - 48,357 55,292
Current assets 25,939 4,955 - 30,894 25,074 4,955 - 30,029
Current liabilities (7,827) (171) - (7,998) (6,962) (171) - (7,133)
Long term liabilities (899) - - (899) (899) - - (899)
41,427 4,784 48,357 94,568 41,427 4,784 48,357 94,568
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Un- Endow- Un- Endow-
restricted Restricted ment Total restricted Restricted ment Total
Funds Funds Funds Group Funds Funds Funds Charity
The King’s Trust (Group and Charity) £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Fund balances at 31 March 2024 are represented by:
Intangible fixed assets 601 - - 601 601 - - 601
Tangible fixed assets 18,228 - - 18,228 18,228 - - 18,228
Investments 15,660 - 41,627 57,287 15,660 - 41,627 57,287
Current assets 14,248 6,094 - 20,342 12,720 6,094 - 18,814
Current liabilities (9,677) (247) - (9,924) (8,149) (247) - (8,396)
Long term liabilities (2,999) - - (2,999) (2,999) - - (2,999)
36,061 5,847 41,627 83,535 36,061 5,847 41,627 83,535
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29. Reconciliation of movement in funds

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Group Group Charity Charity
2025 2024 2025 2024
The King’s Trust (Group & Charity) £’000 £’000 £’000 £’000
Opening funds 83,535 77,360 83,535 77,360
Net incoming resources for the year 2,210 1,483 2,210 1,483
Net gains in value of investments 8,823 4,692 8,823 4,692
Closing funds 94,568 83,535 94,568 83,535
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30. Related party transactions

During the year, The King’s Trust provided support services to King’s Trust Trading Limited, a wholly owned subsidiary. Income of £530k (2024: £533k) was recognised.

In addition King’s Trust Trading Limited distributed its year-end profit to The King’s Trust under a Deed of Covenant. The King’s Trust recognised income of £4,072k (2024: £4,514k).

At the year-end £3,416k (2024: £2,111k) was outstanding and included within debtors.

All transactions are removed on consolidation.

Expenses reimbursed to trustees and the remuneration of key management personnel are disclosed in Note 12. Transactions by the Charity with its defined contribution pension scheme are set out in Note 25.

The following transactions were entered into with Trustees of The King’s Trust or with organisations in which those individuals hold a position of influence. There were no outstanding balances in relation to any of these transactions at the year end.

Individual donations received by The King’s Trust from Trustees to the Council

During the year, the Trustees made individual donations to The King’s Trust with a total value of £6k (2024: £93k), including:

Donations received by The King’s Trust from organisations related to Trustees to the Council

£500k (2024: NIL) Richard Oldfield OBE DL: Christopher & Henry Oldfield Trust; Richard Oldfield OBE, DL is a Trustee of both The King’s Trust and The Christopher & Henry Oldfield Trust.

£134k (2024: £218k) Ian and Jill Mukherjee Trust, Ian Mukherjee is a Trustee of the Ian and Jill Mukherjee Trust and was a Trustee of The King’s Trust until July 2024.

£100k (2024: £Nil) John Booth Foundation; John Booth CVO DL is a Trustee of The John Booth Charitable Foundation and was a Trustee of The King’s Trust until August 2024.

£30k (2024: £30k) J Leon & Company Ltd; Tania Slowe is a Director of J Leon & Company Ltd and was a Trustee of The King’s Trust until September 2024.

Income received by The King’s Trust from organisations related to Trustees to the Council

£100k (2024: £206k) was received as Commercial Agreements from Asda during the year. Elizabeth Evans is a Trustee of The King’s Trust and a Director of Asda.

80 The King’s Trust

Annual Report and Accounts 2024/25 81

Additional unaudited information

Income and expenditure account for Wales, Scotland and Northern Ireland

To meet the requirements of some funders in the UK, the results of each of Wales, Scotland and Northern Ireland are summarised below. The results are presented in The King’s Trust’s management accounts and include an allocation of the shared support costs of head office and UK-wide. These costs are allocated based on the most appropriate driver for each function; full-time equivalent employees, young people supported or income/expenditure per function.

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Activities undertaken in Wales,
Scotland and Northern Ireland Wales Scotland Northern Ireland
2025 2024 2025 2024 2025 2024
£’000s £’000s £’000s £’000s £’000s £’000s
Private sector 938 1,963 2,673 2,712 763 625
Public sector 292 310 1,791 1,886 1,623 1,413
Other 218 108 326 669 247 75
Total income resources 1,448 2,381 4,790 5,267 2,633 2,113
Direct charitable (424) (404) (814) (836) (520) (442)
Fundraising (415) (450) (882) (975) (630) (580)
Staff costs (1,367) (1,542) (329) (3,172) (1,903) (1,878)
Other (944) (807) (2,196) (1,749) (1,329) (963)
Total resources expended (including support costs) (3,150) (3,203) (4,221) (6,732) (4,382) (3,863)
Surplus/(Deficit) for the year (1,702) (822) 569 (1,465) (1,749) (1,750)
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Further commentary on the activities in Wales, Scotland and Northern Ireland is included in the Our UK Delivery section of the Trustees’ report on pages 24-27.

Restricted funds

Due to the additional requirements of the funder, the income, expenditure, and restricted fund balances of the following grants are disclosed:

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Opening Closing
balance Income Expenditure balance
1 April 2024 in year in year 31 March
Funder Funding £’000’s £’000’s £’000’s 2025 £’000’s
The Big Lottery
National Lottery BLF - Reaching Communities Southampton - 164 (80) 84
The National Lottery National Lottery Community Fund - Mind their Gap 2.0 65 100 (99) 66
Community Fund
Government
Department of Health & Securing a Diverse Future Workforce for the Health &
(596) 3,099 (2,550) (47)
Social Care Social Care 2023/2028
Department of Health & Social Care Securing a Diverse Future Workforce for the Health & Social Care 2019/2023 - - - -
Scottish Government (Youthlink) Youthlink NVYOS Fund 23/24 - - - -
Local Authority
Glasgow City Council Glasgow Communities Fund - Start Something 2023-26 (8) 122 (114) 0
Leeds City Council Gainshare Funding (59) 131 (98) (26)
ERDF
Department for Communities and Enterprise 1830 - Small Business Loans (080/P2033) 28 - - 28
Local Government (now MHCLG)
Department for Communities and Enterprise 1830 - Small Business Loans (FS/SL9022) 300 - - 300
Local Government (now MHCLG)
Department for Communities and Enterprise 1830 - Small Business Loans (XFS/SL9022) 244 - - 244
Local Government (now MHCLG)
Coventry City Council ERDF Enterprise - Coventry and Warwickshire Phase 2 - - - -
Coast to Capital LEP ERDF MHCLG 2020-23 - - - -
Heart of South West LEP ERDF EP Devon - - - -
Bristol City Council ERDF Bristol City Council - - - -
ESF
Active Lancashire Lancashire ESF MPT STEPS (31) 31 - -
SEMLEP ESF SEMLEP 2020-23 - - - -
Southampton City Council Southampton City Council ESF - - - -
Groundwork -
Groundwork ESF (14) 14 - -
Southwark & Lambeth
Folkestone & Hythe Council ESIF - - - -
Active Lancashire More Positive Together 16-19 - - - -
Petroc College ESF Experience Works - - - -
UK Shared Prosperity Fund (UK SPF)
Cardiff Council UKSPF - SLB Cardiff 2023/25 (25) 76 (66) (15)
Edinburgh City Council UKSP - Edinburgh - 167 (167) -
Cyngor Gwynedd UKSPF - Pathway to Employment (P2E) (73) 74 (1) -
Derby City Council UKSPF - Derby Steps to Success (33) 33 - -
YouthAction Northern Ireland UKSPF - NI33 YouthStart (354) 1,118 (1,102) (338)
Enterprise Northern Ireland Ltd UKSPF - NI33 NIEESS - 198 (172) 26
YouthAction Northern Ireland MULTIPLY - - (24) (24)
Greater Manchester Combined
UKSPF - Community Grant 22 59 (81) -
Authority (GMCA)
Nottingham City Council UKSPF - Nottingham City Steps to Success (22) 52 (30) -
Other
Hampshire & Isle of Wight PCC Hampshire PCC 23/24 11 11 (22) -
Wales Council for
Volunteering Wales Main Grant 2022/25 Round 3 - 22 (25) (3)
Voluntary Action
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82 The King’s Trust

Annual Report and Accounts 2024/25 83

Additional unaudited information (continued)

Restricted income

Due to the additional requirements of the funder, the following amounts received during the year are also disclosed:

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Income
Region/ Received
Funder Project Country £’000’s
City Bridge Trust Ten year partnership to suport the hardest to reach young Londoners South 1,000,000
Farouq Sheikh COSARAF Charitable Foundation National 25,000
CVC Capital Partners CVC Capital Partners North 24,000
CVC Capital Partners CVC Capital Partners North 25,200
DDCAP Group DDCAP 21/22 - 24/25 National 25,000
Elba Hope Foundation Creative Futures England 245,355
Garfield Weston Foundation Garfield Weston Foundation- Explore National 500,000
Julia Rausing Trust Julia Rausing Trust - South West National 3,333,000
Nottingham City Council Pathways to Health & Social Care Central 2,353
Northern Ireland Prison Service Prisoner and Family Support NI 5,253
The Ronald Miller Foundation The Ronald Miller Foundation Scotland 6,000
The Ronald Miller Foundation The Ronald Miller Foundation Scotland 6,000
The Swire Charitable Trust The Swire Charitable Trust National 50,000
Watches of Switzerland Watches of Switzerland - Education National 310,000
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Without you, none of this is possible. So, if you believe in young people, join us by donating your money, time, support or leaving a gift in your will to be there for young people today and into the future.

@Kingstrust @Kingstrust @Kingstrust

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DSN 6437 The King’s Trust 2024 – all rights reserved. The Prince’s Trust is a registered charity, incorporated by Royal Charter (RC000772). Principal office: 8 Glade Path, London, SE1 8EG. Registered charity number in England and Wales (1079675) and Scotland (SC041198).