DUKE OF LANCASTER'S FOUNDATION
(Formerly THE DUCHY OF LANCASTER JUBILEE TRUST)
Registered Charity Number 1085881
REPORT OF THE TRUSTEES
AND ACCOUNTS FOR THE YEAR
TO 31st MARCH 2025

DUKE OF LANCASTER'S FOUNDATION
(Fomerfy THE DUCHY OF LANCASTER JUBILEE TRUST)
FOR THE YEAR TO 318t MARCH 2025
CONTENTS
LEGAL AND ADMINISTRATIVE INFORMATION
REPORT OF THE TRUSTEES
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
10
CASH FLOW STATEMENT
11
NOTES TO THE ACCOUNTS
15
STATEMENT OF INVESTMENT PRINCIPLES

DUKE OF LANCASTER'S FOUNDATION
(Forniorly THE DUCHY OF LANCASTER JUBILEE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Sir James Leigh-Pemberton CVO
Sir Michael Stevens GCVO 1rets.red 9 July 20251
Sonia Tolaney KC
RiGhard Broyd CBE
DrAnna Keay OBE
James Chalmers {appointed 9 July 2025)
Secretary
Hugh Bruce-watt
Registered Office
1 Lancaster Place
Strand
London
WC2E 7ED
Charfty number
1085881
Auditors
Saffery LLP
71 Queen Victoria Street
London
EC4V4BE
Banker8
Coutts & Co.
440 Strand
London
WC2R OQS
Inv88tm6nt manager
Cazenove Capitsl
1 London Wall Place
London
EC2Y SAU
Investment advlsor
Stsnhope Consulting
35 Portman Square
London
W1H6LR
Solicilorn
Stone King LLP
Boundary House
91 Charterhousg Str88t
London
EC1M 6HR
Farrers LLP
66 Lincoln's Inn Fields
London
WC2A 3LH

DUKE OF LANCASTEFfs FOUNDATION
(Fom)erty THE DUCHY OF LANCASTER JUBILEE TRUSTI
REPORT OF THE TRUSTEES
FOR THE YEAR TO 31st MARCH 2025
1. Oblectlv•s of tho Foundatlon
The obiectives of the Foundation are..
The maintenance and preservation for the public b•n8fit of any monument, castle or other propety of
historical or archrt9Ctural interest in the vicinity of the Duchy lands.
The advancement of the Christian faith by maintsining and supporting the King's Chapel of the Savoy and
elergy whose livings are within the grft of the Duke of Lancaster.
Such other charitable purposes as the Trustees think fit.
Applications for grants should be addressed to the Se(xetary.
The Trustees passed 8 resolution to change the name of The Duchy of Lancaster Jubilee Trust lo the Duke of
Lancasterfs Foundation on 12 March 2025.
Donations from His Majesty The King in Right of His Duchy of Lancaster may be giv8n lo the Foundation with the
request that they are, for the time being. invested lo provide an incL)me lo support the objects of the Foundation.
The Trustees have accordingly placed the donations reoived into a separate investment fund. the Expendabl
Endowmenl Fund.
The Trustees have referred to th8 guid8nc8 contained in the Charity Commission's general guidance on public
benefit when reviewing the aims and objectives and in planning the futur& aclivilies. In particular the Trustees
consider how planned donations will ¢ontribute to th8 aims and objectives they have sel. The Trustees ¢on$ider
Ihal the Current policy for making donations delivers public benefit. Details of the obj$ctive5 whith fomi th8 basis of
this policy are given above.
2. Grant maklng policy
The Foundation has established its grant making policy to achieve it8 objects for the public b6n8frt. The Foundation
invites applications for grants that will meet the stated obje¢tive$ of the Foundation and these will be assessed on a
merit basis as to value for money and impact in achieving the aims of the Foundation.
3. AChIe￿mentS and pgrforrnance
The Trustees have reviewed and are content thal tho objectives of the charity as highlighted have been achieved
during the course of the year. Th¢ TNstees are content that the income generated over the course of the year ha$
been utilised in accordance with the objectives.
During the year the Foundation made 5 grants lotalling £351,446 {2024'. 5 grants £351,446) as set out in Note 5 to
the financlal Statements. This includes a grant for £350,0(X> to the King's Chapel of the Savoy.. this has been spent
supporting Ihe running and upkeep of the Chapel and clergy.
The Foundation continues to fulfil its objects through ils grant-making policy and il is the Trustees, intention to
continue doing so.
The Trustees aim is to gift SuffI￿ent funds to the King's Chapel of the Savoy to allow the Chapel to meet any
shortfall in its funding and this has been achieved in the year.
The investrnent aim is for the portfolio lo generate income of circa £500.000, whilst preserving capital value in r8al
terms. Due lo the performance of the markets in the year the portfolio ha5 mel the income target.
4. Financial review
Donatsons of £12,3C(J,OOQ have been received in the year, {2024: £746.904 pledged in the year of ￿1¢h £532.749
had been received and £214,155 in debtors at 31 Marth 20241 and plac£d in the Endowmonl Fund.
Investments have b88n acquired within the powers Set out in the Trusl Deed and in accordance with the Ststement
of Inveslm8nl Principles set out on pages 15 and 16.
Over the year, Foundations investment assets increased in value by £12,065,275146.4Vo).
During the year the inve8tsnenl in¢om& g&noratsd was £g)4,644 (2024 .' £672.320).

REPORT OF THE TRUSTEES lconttnued)
FOR THE YEAR TO 318t MARCH 2025
6. Risk management
The principal risks fa￿d by the Foundation lie in the perfomiance of investments and operational risks from
ineffective grant making and the capaaty of the Foundation to make effective grants. The Trustees consider
variability of inve$tmenl returns on the permanent endovmienl to constitute the charity's major finan¢ial risk. This is
mitigated by retaining expert investment managers and Stanhope Con$ulling as our investrnent consultants who
regularly review the risk profile of tho portfolio. The operational risk from ineffective grant making is mitigated by th•
fact that the main recipient of the Charity is well understood by the Trustees who are able lo assess the
effectiveness that the grant making h85 from the impact and benefit that the grants have. Smaller grant5 are
assessed on merit on an individual basis and will only be granted rf the Trustees understand how these funds will
benefit the recipient.
6. Reserves
The Trustees, policy is lo distribute investment income received and to maintain a reserve in the General Fund_ Al
the year end the balan￿ of the General Fund was a surplus of £3.385.035 {2024.. £1,504,665).
The Expendable Endowment fund had a balan￿ of £38,399,187 at the year end12024.. £27,770,219}. Although not
fomiing part of the main reserves, the Ttuste*s do have the powor lo transfer funds to the Unrestricted Fund to
meel shortfalls in funding when required.
7. Plans for future pgriods
The plan for futur8 Periods is to satisfy the charity'5 objectives and to maintain an investment portfolio in
accordance with the total return objective as agreed by the Trustses as set out in the Statemènt of Investment
Prinaples.
8. Structsrej govornance, management and administratlve detai18
Goveming Instrumenl
Duke of Lancaster's Foundation Ifomierly The Duchy of Lan¢astsr Jubilee Trust) was constituted on 15 March
2001 under a dedaration of trust. The registered tharity number is 1085881.
Truslees and princip81 officers
Trustees are appointsd by the Re￿1Ver General of th• Duchy of Lancaster. The Trustees during the year were=
ointed
Retired
Sir Jame5 Leigh-Pemberton CVO
Sir Nathan Thompson KCVO
Hugh Bullock CVO
Sir Michael Stevens GCVO
Lord Downshire
Sonia Tolaney KC
Lucy Macdonald
Jill May
Alistair Elliott
Alastair Martin CVO
Richard Broyd CBE
Dr Anna Keay OBE
James Chalmers
1 November 2024
12 March 2025
9 July 2025
12 March 2025
12 March 2025
12 March 2025
12 March 2025
12 March 2025
12 M8rch 2025
12 March 2025
9 Juty 2025
Secretary..
Hugh Bru¢8-Watt
The Trustees meet ￿lce a year to discuss the affairs of the Charity. Thè day lo day administration of the
Foundation is d&legaled to the staff of the Duchy of Lancaster through a $ervice level agreement that is reviewed
annually. Trustees ara provided with adequate support and training where training needs are idèntified lo allow
them to effectively conduct their role.

REPORT OF THE TRUSTEES (conllnued)
FOR THE YEAR TO 318tMAJlCH 2025
8. Structure, governance, management and administrative details {conlinued)
Administralion
Administrative support for thè charity is provided by The Duchy of Lancaster from its offices al 1 Lancaster Place,
Strand. London WC2E 7ED.
Advisors
Bankers..
Coutts & Co.
440 Strand
London
WC2R OQS
Soli¢ilors-
Stone King LLP
Boundary House
91 Chartgrhouse Street
London EC1M 6HR
Investment advisor..
stanhape Consulting
35 Portman Square
London
W1H6LR
Solicitors..
Farrers LLP
66 Lincoln'5 Inn Fiehjs
London
WC2A 3LH
Investment manager.,
Cazenove Capital
1 London Wall Place
London
EC2Y SAU
Auditors..
Saffery LLP
71 Queen Victoria st￿et
London
EC4V 4BE
The Iruslees aro responsible for preparin9 the trustees. report and the finanaal slatemgnls in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Aw)unting
practi￿).
The law applicabk to charities in Englar￿ & Wales requires the Trustees to prepare financial slatsments for each
finanaal year which give a true and fair view of the state of affairs of th& Charity and of the incoming resources and
8ppIic8tion of resour￿$ of the ¢harity for that pèriod. In preparing these finanaal statements, the Tw$tees are
required to:
$8lfrd suitsble accounting policies and then appty them Consistently.,
observe the methods and principles in the Charities SORP (FRS102),'
make judgements and estimates that are reasonabl8.and prudent;
siale whether applicable accounting stsndards have been followed, subject lo any matèrial departures
disclosed and explained in the financial statements- and
prepare the finanaal statements on the going cOn￿rn basis unless it is inappropriate to presume that the
charity WFII continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any
time the finanaal position of the charity and enable them to ensure that the finanaal statements compty with the
Charities Act 2011, applicable accounting regulations. They are also responsible for safeguarding the assets of the
charity and hence for tsking reasonable steps for the prevention and d8tection of fraud and other irregularities.
The Trustees have undertaken a review of major risks facing the charity and taken steps lo mitigale Ihem.
Approved by the Tru$lees on ? OtrD6ÉLthSand signed on their behaw by:
Sir James Leigh-Pemberton CVQ
Trustee

DUKE OF LANCASTER'S FOUNDATION
IF0M￿rty THE DUCHY OF LANCASTER JUBILEE TRUST)
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
Opinion
We have audited the financial ststements of the Duke of Lancasterfs Foundation for the year ended 31 March
2025 which comprise the Statement of Financial Activities, Balance Sheet and Cash Flow Statement and notes
to the financial statements, including significant accounting policies. The financial reporting framework that has
been applied in th8ir preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of
Ireland (United Kingdom Generally Accepted Accounting Practi￿).
In our opinion the financial statements:
give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming
resources and application of resources for the year then ended.,
have been properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting
Pradi¢e' and
have been prepared in accordance with the requirements of the Charities A¢t 2011.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities
for the audit of the financial ststements section of our report. We are independent of the charity in a¢¢ordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Concluslons rnlating to going Concern
In auditing the financial ststemenls, we have concluded that the trustees, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Charity's ability to Continue as a
going concem for a period of at least ￿e1ve months from when the financial ststements are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem a￿ de$￿Ibed in the
relevant sections of this report.
Other infomiatlon
The other information comprises the information included in Ihe annual report, other than the financial
statements and our audiior's report thereon. The trustees are responsible for the other information. Our opinion
on the financial statements does not cover the other information and. except to the extent otherwise explicitly
stated in our report, we do not express any fomi of assurance Conclusion thereon. Our responsibility is to read
the other information and. in doing so, consider wheth8r the other infomiation is materially inconsistent with the
financial statements, or our knowledge obtained in the course of the audit or otherwise appears to b8 materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based
on the work we have performed, w8 conclude that there is a material misstatemenl of this other information. we
are required to report that fact.
We have nothing to report in this regard.
MatterJ on which we are roqulred to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities {Ac¢ounls and
Reports) Regulations 2008 require us to report lo you if, in our opinion:
the informalion given in the Trustees, Annual Report is inconsistent in any material respect with the
financial statements- or
• the charity has not kept sufficient accounting re¢ords; or
the financial statements are not in agreement with the accounting records and returns; or
• we have not received all the information and explanations we require for our audit.

DUKE OF LANCASTER'S FOUNDATION
IFomierly THE DUCHY OF LANCASTER JUBILEE TRUST)
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES continued
Responsibilities of trustses
As explained more fully in the Trustees, Responsibilities Statement set out on page 4, the trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view. and for such inlemal control as the Irustees detemiine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concem
basis of accounting unless the trustees either intend to liquidate Ihe charity or to ￿ase operations, or have no
realistic alternative but to do so.
Auditors. responsibilities for the audlt of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations
made under Ihat Ad.
Our objectives are to obtain reasonable assurance about whelher Ihe financial statements as a whole are free
from material misstatement. whelher due to fraud or error, and to issue an auditorfs 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 rf, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial ststements.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design
procedur8s in line wilh our responsibililies, outlined above, to d￿eCt material misstatements in respect of
irregularities, including fraud. The spècific procedures for this engagement and the extent to which Ihese are
capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the suS￿ptibl1Ity of th8 charity's financial statements to malerial misstatement and how fraud
might occur, including through discussions with the trustees, discussions within our audit team planning
meeting, updating our record of intemal Controls and ensuring these controls operatèd as intended. We
evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We
identified laws and regulations that are of signific2n¢e in the context of the charity by discussions wtth tn15tees
and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct Significan￿ in the context of the charity include the Charities Act 2011, the
Charities (A¢¢ounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for
England and Wales.
Audit response to risks identified:
We considered the extent of complian¢e with these laws and regulations as part of our audit procedures on the
r81ated financial statement items including a review of financial slatement disclosures. We reviewed the
charitls records of breaches of laws and regulations, minutes of meetings and correspondence with relevant
authorities to identify potential material misstatements arising. We discussed the charity's policies and
procedures for compliance with laws and regulations with members of management responsible for
compliance.
During the planning meeting wsth the audit leam, the engagement partner drew attention to the key areas which
might involve non-¢omplian¢e with laws and regulations or fraud. We enquired of management whether they
were aware of any instances of non-complian￿ with laws and regulations or knowledge of any actual,
suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing
the appropriateness of journal entries and identifying any significant transactions that were unusual or outside
the nomial course of business. We assessed whether judgements made in making accounting estimates gave
rise to a possible indication of management bias. At the Completion stage of the audit, the engagement
partnerfs review included ensuring that the team had approached their work with appropriate professional
scepticism and thus the Capacity to identify non-¢omplian¢e with laws and regulations and fraud.

DUKE OF LANCASTER'S FOUNDATION
{Forn)erly THE DUCHY OF LANCASTER JUBILEE TRUST)
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES ¢ontlnued
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and tranSa￿lOn8 reflected in the financial statements,
the less likely we would become aware of it. 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.
A further description of our responsibilities for the audit of the financial statements is located on th8 Financial
Reporting Council's website at: www.
kl uditorsres
nsibili
This description forms part of our
auditorfs report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities
(Accounts and Reports) Regulations 2C(18. Our audit Work has been undertaken so that we might state to the
twsle8S those matters we are required to state to them in an auditors report and lor no other purpose. To the
fullest extent pemiitted by law, we do not a¢￿p1 or assume responsibility to anyone other than the charity and
the trustees as a body, for our audit work, for this report, or for the opinions we have fomied.
Saffery LLP
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Date:
Saffery LLP is eligible to act as an auditor in tem)s of section 1212 of the Companies Act 2006

DUKE OF LANCASTER'S FOUNDATION
(Fomwrty THE DUCHY OF LANCASTER JUBILEE TRUSTI
STATEMENT OF FINANCIAL AcnvmES
FOR THE YEAR TO 31st MARCH 2025
Unreslrided
Furwj
Expendable
Endowment
Fund
Total
2025
Total
2024
Notet
In¢om& Ind endowments from:
Donations
Inve$lrnents
Total
12,300,000
12,300,0
904,864
13,204,664
746,904
672 320
1,419,224
904,664
904,664
12,300,000
Exp•n4liture on:
Raising Funds
Charllable 8diwti.es
Totsi
.27,671
27,671
371 886
399,557
104,111
363,052
467, 163
371,886
371,886
Net(losses) Igains on investments
Net Incomo
29S,769
11,976,560
295,769
12,509.338
1.666.677
2,678,T38
532,778
Transfer befvmen funds
1.347.592
{1,347,5921
Net movwnonl In futhd$
1.880,370
10,628,968
12,509,338
2.618,738
Reconclllatlon of funds:
Total funds brought forward
1,504,665
27,770.219
29.274.884
26.656, 746
Total funds Carrled fonward
3.385,035
38 399 187
41,784,222
29,274,884
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31st MARCH 2024
Unreslrfcted
Fund
Expendable
Endowment
Fund
Total
2024
Notos
Income and endowments from:
Donations
Investrnents
Totsl
746,904
746.904
672,320
1419,224
672,320
672,320
746.904
Exp•ndituro on:
Raislng Funds
Charilablè adiwiie5
Total
104,111
104.111
363.052
467,163
363 052
363.052
104111
Net gains on investrnents
N•t Incomo
1,666,877
2,309,470
1666,677
2,618,738
309,268
Transfer betr￿n funds
506.750
{506,750
Net movement In funds
816.018
1,802,720
2.618,738
Reconclliatlon gf fund$:
Total funds brouglrt folward
688.647
25.967,499
26.656.146
Total funds ¢arrf•d fomard
27,770,219
29.274,884
The notes on pages 1110 14 fonn part of th8se accounts.

DUKE OF LANCASTER'S FOUNDATION
IFornwrly THE DUCHY OF LANCASTER JUBILEE TRUSTI
BALANCE SHEET AT 31st hlARCH 2020
2025
2024
Notes
Flxod Assèts
Investmants
38,032,774
27.556,064
Currènt A88•ts
Debtors
Cash and deposlls
10
389,187
3,368,501
3,757.688
228.457
1.522,249
1.750, 700
Crèdltors: amoun18 falllng due wlthln ono ymr
Accruals
Net Current Assets
12
6,240
3,751.448
31,880
l.T18,820
N•tAuets
41,784,222
29274 884
Capltal Fund
Expend8ble Ent1owment
13
38.399,187
27,770,219
Income Fund
Unrestricted Ggneral Fund
13
3 385,035
1,504.665
41,784,222
29,274,884
Approved by the Trustees on ?ocrow trLS and slgned on their behalf by.
SIT James Lelgh-Pemberton CVO
Trustee
Reglslered Charity Number 1085881
The notes orb pages 11 to 14 fom) pari of these accounts.

DUKE OF LANCASTER'S FOUNDATION
IFomi•rty THE DUCHY OF LANCASTER JUBILEE TRUSTI
CASH FLOW STATEMENT
FOR THE YEAR TO 31st MARCH 2025
Total
2025
Total
2024
Nol8S
Met cash Inllow from opgratlng actlvltles
14
941,288
157,519
Cash flt)ws from Investlng a¢tlvltlgS
DlvldeThJs
Interest
823,616
81,048
637.162
35. 158
N•t ¢a$h Inflow from invosting actiYWe
904,664
672,320
Change In ￿$h and cash equIva￿rnts in the year
1,845.952
829,839
Cash and cash wufvalonts at stsrt of
1.522,549
692 410
Cash and cash equlvalgnts at ond ol ￿•r
3 368,501
1,522,249
Cash Comprhes:
Cash atbank
3,368,501
1.522.249
The notes on pages 1110 14 form part of thasg accounts.
10

DUKE OF LANCASTER'S FOUNDATION
IFom)•rty THE DUCHY OF LANCASTER JUBILEE TRUSTI
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31st MARCH 2025
l. A¢¢ountlng Pollclos
lal Basis of Accounung
The financial statements hav$ been prepared in ac£ordanc* wlth the Statement of Recommended Practice- Accounting and
Reporting by Charfllgs preparing their accounts in arKordancE with the Fln8n¢lal Raporting Standard applicable In the UK and
Republic of Irèlbnd IFRS 1021 Issued on 16 July 2014, the FlnancAal Reporting Standard 8pplicable in the United Kingdom and
Republic of Ireland IFRS 1021, the Chadues Act 2011 and UK Generally A¢¢gpted Practice as il applies from 1 January 2015.
The Foundation constiiules 8 publlc benefft entity as defined by FRS 102.
The Injslees consider th81 there arè no material uncertainlies about Ihg Foundation's abillty lo conllnue as a 99ing coneem. The
most significant key assumptlons that affect hems in the a(¢QLsnts are the carrylng valua of assets held by the Foundallon and Ihe
level of investment relum due lo Ihg perfomiance of inveslmenl markets Is8e ihe investhlènt pollcy and perforrnancE and risk
management sedons ofthe Irustee8' annual Teportfor more infom3tionl.
The fun¢tional ￿rrencY Is Sterling. Monetary amounts In I￿se flnancial statements are roundgd lo the nearest £.
Ib) Significant ludgemenls, key 4¥5umplions and esllmatos
Accounling eslim819s and Judgements are continually 9valuated and are based on past experience and other f8CtiYs. Indudlng
expeclallons of future evenl8 that are believed to be reasonable under the drcumstances.
The Duehy makes eslmatss and 05surnption8 concemlng the fubjre. The resulting a￿OUntIng gsllmales could, by definluon. differ
from the adual outcome.
There are no estimates and assumpbon$ Ihat have a risk of causing materi81 adlusiment to thè carrylng amoun15 of assets and
Ilabilities within the nexl fin8ndal ygaf.
{c) Income
t)on8llons are accounted for on an acuu81s basls. Inlerest from banks and dlvidends are accounted for on an awuals basis.
Idl Grants
Granls are accounlgd for when the intenlion lo mako Ihg payment is communlcaled lo the benefi￿ary. 11 there are ￿ndI￿OnS
8ttacheil lo the payment then the grant Is accounted for once the conditk)n$ are no longer within the control of thg Truslees.
le) Govemance costs
Govemanc8 costs Gomprise costs incurred In Trust administration and compliance wlih rggLtlatory rèquirem8nls.
lfj Toxalion
The Trust ￿rrieS on aGtlvMès which are exempt from Co￿oratiOn tsx and income The Charity suffers Value Added Tax whlch Is
Indudeil wilh ihe expenditure lo whl¢h It relates.
Ig) Fixed Asset Inveslmanls
Fixed Asset Investments ar9 Stated In the Balance Sheet atthe quoled market V8lu8lon at the yaar end.
Ihl Cash and cash equlvalents
Cash and castri equlvalants Include8 ¢a8h al hand and on deposil held at C8118t the bank.
l)1 Debtors
Trade and olher deblors are recognlsed at the setllemenl amount due.
Q) Cre(Iltors
Creditors are recognised wh6re there Is a present obligation resulting from a past event that will probably resum In Ihe transfer of
funds to 8 third p8ty and the amount due lo settle th& obllgation can bè measured or esllmaled reliably.
Ikl Expendable Endowmgnt Fund
Donations from thg Duchy of Lancaster are invested lo provlde an income from whld) grants may be made in accordanco wlth the
reserves policy sel out in the Report of the Trustees.

DUKE OF LANCASTER'S FOUNDATION
(Formerly THE DUCHY OF LIJ4CASTER JUBILEE TRUST)
NOTES TO THE ACCOUNTS Icontlnu•d)
FOR THE YEAR TO 318t MARCH 2fJ26
2. Donatlons
2025
2024
His Majesty the King in Right of His Duchy of Lanraster
12.300,0
746.904
3. In￿th￿nI income
2025
2024
DiwdeThls
Bank interest
823,616
81.048
904,664
63T, 762
35, 158
672,320
4. Raisiny Fun
2025
2024
Invastmgnt Managomenl Fees
27.671
104,111
104,111
5. Chavitable a¢tivibe$
Grants io
Inslltullons
Grants to
Indiwduals
2025
2024
Tho Klng's Chapel of the Savoy
Other granls
Governance costs {see Note 61
350,000
1,196
20,440
371,636
350,000
1,446
20,440
371886
350,000
1,446
11,606
363,052
250
250
A total of 5 grants were paid12024= 51 induding 1 to an individual for £25012024.. 1 for £2501.
6. Gov•mance ¢￿t8
2025
2024
Audltors feès- for audit
Other administration costs
6.240
14.200
20,440
5,880
5,726
The administration of the Trust is managed by the Trustees and the office ofthe Duchy of Lancaster. The Duke of Lancaster Foundalton
conlribtrted £4.200 during the year {2024.. £4,200) lo Du¢hy of Lan￿Ster towards these admini51iation costs.
7. Trustee and Staff Co¥ts
Nona ofthg Tru$lee$ received any remuneration or expensès durtng the ￿ar12024.. £nill. The charity has no directty employed staff.
12

DUKE OF LANCASTER'S FOUNDATION
(Fornwrty THE DUCHY OF LINCASTER JUBILEE TRU8TI
NOTES TO THE ACCOUNTS Icontlnuedl
FOR THE YEAR TO 31st MARCH 2026
8. Investmonts
2025
2024
Aulhorlsed unit trusts=
Cazenove
Newton
38,032.774
27.556,064
27,556,064
38.032,774
The his¢orfc CAJ$t ol investsnents at 31st Marth 2025 was £38,449,47912024.' £27,670,659}.
The significance of Ilnonclal in$trumenls lo the ongoing Ilnandal sustainability of the Trust Is ￿nSIdered in the Trustees, Annual Report.
9. Rt¢on¢lllatlon of movem¢nt of inv•stm•nt8
2025
2024
Authorfsed unil trusts".
Market value at 1 st April 2024
Additions
Managefflent fee
(Losses) l Gains in value of invasbnents
Mathet value at 31st March 2025
27,556.064
10.800,000
127,5211
95.769
38,032,774
25,967,499
(78, 112)
1,666.677
27,556.064
All investments are in authorised unil trusts.
The invesknent porlfolio was moved from Newton to C3zenovÈ 31st March 2024. Cazenove investment management fees and
associated tharges are charged at 0.77% and taken from the unil trust.
Equalisalion within the portfolio is credited to Ihe ￿pits1 cash a¢wunt and reinvested into the portfolio if cash is not reqUI￿d.
10. D•btorJ
2025
2024
DonatIOr￿ from His Majesty the King IH9r MaJ9sty The Queen In Rlghl
of His l Her Duchy of Lancaster
Divldend$
Deposit interest
214,155
366,413
22,774
389,187
14,296
228,451
11. R•lated Parts
Certain of the Duke of L8nc8sle¢s Foundation's e>penses 8re In¢urred Inltially by the Dud)y of Lan￿ster and then recharged to the
Foundation. The amount of such expenses ielating to the year ended 31st March 2025 was £8.70012024.' £7,010). During the year a
related Duthy of Lancaster Charity paid for a joint DirectOf5 and Offir*rs Insurance policy, the Duke of Lan(asterfs Foundation
reimtWfse(I them £1,25312024£nil).
Donations from His Majesty The King in Right of His Duthy of Lancaster may be given lo the Foundation with the rèquest that they are.
for Ihe time being. invested to piovide an income to support thè obleds of the Foundation. The Ttustsès have accordingly place(1 the
donations recAived into a separate inveslrnenl fund, the Expendable Endowfflenl FurKI. Donations of £12.300.000 have been re￿iVed
in the year. There is also 8 cash payment of£214.155 whlth related to a debtor al 31 M8rch 2024.
11 A¢¢ruals
2025
2024
In￿$th)ent Managemenl Fees
Audit
26,000
5,880
31,880
6,240
6,240
13

DUKE OF LANCASTER'S FOUNDATV)N
{Fomi•ty THE DUCHY OF LANCASTER JUBILEE TRUSTI
NOTES TO THE ACCOUNTS l¢ontInu￿)
FOR THE YEAR TO 31$t MARCH 2025
13. Net •s¥gts by fund
2025
2024
Unrestrtctad
General
Fund
Urtrestrided
Gang￿1
Fund
Expendable
endowment
Expendable
endowment
Investments
Currenl assets
Currenl liabllltk9S
Nel Assets
38.032.774
366.413
27,556,064
214, 155
3,391,275
6,240
3,385,035
t.536,545
37.880
7.504.665
38,399,187
27,770,219
Dudng the year there was a transfèr of £1.347,592. behvèèn the Expendable En¢Jowment Fund and Ihe Unreslric*ed General Fund
{2024 .. £506,750).
14. Reconclliation of ntrl l {oxpendlture) to net cash Inflow from oporatlng acllvltlos
2025
2024
Net incA)me as per statement of finand81 aiaiwties
AdJusl8d for
Nei lossesl (gains} on investmènts
Purchasè of In￿stmentS
InNEstrnent income
Investment Management fèes
Increase in receivables
{Decroase} I Increase in payab￿8
Net cash inflow from operating activities
12,509.338
2,618,738
295,769
{10,800.000}
1904,664)
27.521
1161.036)
25,640
941,288
(1,666.677)
(672,320)
78.112
(226,694)
26,360
157,519
14

THE DUKE OF LANCASTER'S FOUNDATION
{Fornierly THE DUCHY OF LANCASTER JUBILEE TRUST)
STATEMENT OF INVESTMENT PRINCIPLES
Background and purpose of portfolio
Duke of Lancasterfs Foundation was constituted In 2001 to fund charitable causes. particularly the
maintenance of historic buildings wllhin Duchy estates.
Investment objectives
The primary objective of Ihe Foundation's investment portfolio is to provide an increasing distributable
income while maintaining the real value of the Foundation's assets over the long term.
Liquidity requirement
There is no requirement to hold a specific proportion of assets in cash or other short term asset classes
but all investment should be in relatively liquid vehicles.
Ethical considerations
The managers of Ihe portfolio are expected to lake into account besl practice in terms of sustainable
investing and corporate govemanGe when assessing any individual investment. The assets are currently
invested in the Cazenove Charity Sustainable Mulli Asset Fund.
Return tsrgel
The incorne target and the need to preserve capltal against long term inflation and ensure future income
growih will require a totsl real retum from the investment portfolio of 3.5Vo p.a. The Cazenove
benchmark is CPl+4% p.
Rlsk tolerance
A reasonable level of capital volatility wlthln the investment portfolio is acceptable glven the Trust's long
tenn time horizon and return objeclives but to limit capital and other risks in the portfolio. the portfollo
should be well diversified across asset classes and individual investments In Ilne with a standard
medium risk profile.
Investment management arrangements
The Trustees will appcint investment managers to manage Ihe assets of the portfolio in accordance with
the principles set out in this statement and within the guidelines set down from time to time by the
trustees.
The Truslees will monitor Ihe perfomiance of the manager against the slated investment benchmark on
a quarterly basis but it Is anticipated that the manager will be given a period of tenure of bétween three
and five years.
Currency and hedging
The Foundation's liabilities are all in sterling and therefore the bulk of the portfolio should be held in
slerling to avoid unnecessary currency risk. Non sterllng exposure should be Ilmited to 30¥ts. Qualifying,
sterling denorninated collective vehlcles, where underlying, non-qualifySng assets exceed 300k. are not
subject to this restriction.
15

THE DUKE OF LANCASTER'S FOUNDATION
{Fornierly THE DUCHY OF LANCASTER JUBILEE TRUST)
STATEMENT OF INVESTMENT PRINCIPLES (contlnued)
Restricted asset classes
There should be no investment in gold bullion and commodities nor in private equity vehicles.
Other restrictions
No holding is to exceed 1 OA of the issued share capital of a company without prior permission of
the Trustees.
b. No acquisition should result in the relevant holding representing more than 5% of the value of the
porttolio without prior consent of the Trustees. save in the case of a govemment security or
managed fund. This does not preclude the retention of a holding that attain5 a value in excess of
5Yo of the Fund after purchase.
c. The manager is not permitted to enter into futures. options and other derivatlV8 prc￿luCIs, including
forward forelgn exchange transactions, other than when us8d as part of nomial portfolio
management by the manager of the pooled fund{s) In whlch the Trust is invested.
d. The manager must have the prfor approval of the Trustees before:_
Investing In non readily realisable investrnents;
Effecting off*xchange transactions.
Entering underwriting or sub-undetwriting commitments.,
Approval to carry out any reslriGted activity may be given by one Trustee and the Secretary of the Trust
upon reGeipt of a written recommendation from the manager. Any such approval must be reported to the
Twstees at their next meeting.
Review process
The Trustees will review the contents of this statement of investment objeclives on an annual basis and
modify if It Is deemed appropriate.
Last reviewed: October 2025
16