The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Company Registration No. 07033553 Charity Registration No. 1132048 The Royal Foundation of The Prince and Princess of Wales (formerly The Royal Foundation of The Duke and Duchess of Cambridge) Report and Consolidated Financial Statements for the year ended 31 December 2024 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 CONTENTS PAGE Principals and Members. Officers and Professional Advisers Letter from the Chair of the Board and the Chief Executive Trustees, report Independent Auditor's report 21 Consolidated statement of financial activities 24 Consolidated and charity balance sheet 25 Consolidated cash flow statement 26 Notes to the consolidated financial statements 27 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 THE ROYAL FOUNDATION OF THE PRINCE AND PRINCESS OF WALES (formerly The Royal Foundation of The Duke and Duchess of Cambridge) Company Registration No. 07033553 Principals and Member4 Officers and Professional Advisers Principals and Members Their Royal Highnesses The Prince and Princess of Wales Trustees Lord Hague of Richmond- Chairman (until 1 January 2025) Simon Patterson - Vice Chairman {until 1 January 20251 Chairman (from 2 January 20251 Zeinab Badawi Dame Pippa Harris Sir Ron Kalifa OBE Lady Pinsent luntil 7 December 20241 Alice Webb Claire Wills Sir David Lewis Ifrom 20 June 2024) Ex Officio Trustees lan Patrick Ifrom 4 March 20241 Lt Col Tom White MVO RM Ifrom 19 February 2024) Leadership Team Amanda Berry CBE Tom Clements Pim Gregory Christian Guy Kully Kaur-Ballagan Kathryn hAartindale Amy Pickerill Jas Sohal Melanie Waters OBE Damian Wilson Felicity Woodrow Chief Executive Executive Director, Conservation (from 3 June 20241 Executive Director, Homelessness (until 41h July 20251 Executive Director, The Royal Foundation Centre for Early Childhood Director of Research and Impact Director of Finance and Operations (from 4 July 20241 Creative Director (Maternity Leave from 8 May 20251 Director of People and Culture (from 8 April 20241 Executive Director, Programmes (from 7 May 20241 Director of Partnerships Chief of Staff Registered Office Kensington Palace Palace Green London W8 4PU Bankers Barclays Bank plc 1 Churchill Place London E14 5HP Solicitors Bates Wells LLP 10 Queen Street Place London EC4R 1BE Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Investment Advisors Cazenove Capital (trading name of Schroder & Co. Limitedl 1 London Wall Place. London EC2Y SAU The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 LErrER FROM THE CHAIR OF THE BOARD AND THE CHIEF EXECUTIVE The Royal Foundation leads wth the belief that change is always possible and this positive approach, inspired by the drive and determination of Their Royal Highnesses The Prince and Princess of Wales, sees us taking on some of the greatest social and environmental challenges that exist today. In 2024 this commitment to make a real difference has resulted in optimistic and innovative solutions benefiting individuals, communities and society. Building on our Principals, public plarform and unique convening power, the Foundation takes pride in bringing people together to create positive change. We form partnerships with incredible people across the public, private and third sector building coalitions, generating new energy and ideas. Across our core focus areas- homelessness, conservation, early childhood and community we pilot, develop and deliver ever- more ambitious programmes to create lasting impact. As our homelessness programme Homewards entered its second year, its work gained more momentum. Each of the six Homewards flagship locations - Aberdeen, Bournemouth, Christchurch and Poole, Lambeth, Northern Ireland, Newport and Sheffield - published their local plans, deploying fresh thinking and new action towards ending homelessness. Their ambitious plans to make better use of data represents new thinking in the homelessness field, and each of them is undertaking an innovative housing project that will build or unlock homes in their area. Over 1.8 million people watched the two-part documentary Prince William.. We Can End Homelessness that aired in October on ITV, with many more watching on Disney+ around the world. The programme followed the first year of Homewards, the Foundation's transformative fiveryear initiative which aims to demonstrate that together, we can make homelessness rare, brief and unrepeated. Homewards formed an alliance with Blue Light Card, extending their discount scheme to the estimated 60,000 people who work in the UK'S homelessness sector. The Homewards Partnership also welcomed international property consultancy Knight Frank. and City law firm Freshfields, who will help to find and facilitate housing opportunities in the six locations. The Foundation's campaign against the illegal wildlife trade. United for Wildlif< continued to tackle the most pressing nature crises with some landmark initiatives and its Global Summit in Cape Town in November. At the summit, Prince William highlighted the work of the tens of thousands of rangers who risk their lives every day to safeguard precious species in Africa and announced a programme to provide them with a game- changing package of support including access to life insurance. United for Wildlife strengthened its global efforts by adding chapters in West Africa and India where the public and private sectors will come together to target criminal networks. In December, United for Wildlife mobilised its Transport Taskforce, supported by partners Qatar Airways and Airlink, to repatriate 1,000 lemurs and tortoises to Madagascar and save them from the illicit international pet trade. The Foundation's Centre for Early Childhood continued its unique and groundbreaking work, publishing a report setting out the business case for prioritising early childhood and identifying a £45.5 billion opportunity for the UK economy that could be unlocked. Business Taskforce members made significant commitments to this work going forward, including a specific early childhood fund of £5 million from The Co-operative Group for local communities. Other highlights included the continuation of a trial of ADBB (Alarm Distress Baby Scale), a tool that focuses on a babls social behaviours to help practitioners and families better understand the ways babies express their feelings. Thousands of children every month will benefit from the Foundation's Community Impact initiative in Tyne & Wear, where our partnership with Birtley Community Pool now delivers much-needed swimming lessons. One in three children leave primary education unable to swim and this work has already led to other activity and partnerships being formed. The project was launched by His Royal Highness in October, alongside Olympic swimmers Tom Dean MBE and Adam Peaty OBE, and Paralympians Louise Fiddes and Maisie Summers- Newton MBE. Our year drew to a close in December with the Together at Christmas, Carol Service at Westminster Abbey, spearheaded by The Princess of Wales and supported by the Royal Foundation. In addition, the Foundation The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 was proud to bring about 15 satellite Se￿iceS across the UK in venues including Rochester Cathedral and Royal Cornwall Hospital in Truro. This years, service, watched by 3.3 million people on ITV, was themed around empathy and kindness, with the Abbey filled with 1,600 guests who have supported others in their community. Each of them received a special letter from Her Royal Highness, thanking them for Fxoviding comfort and hope to those who need it most. All of these achievements are only possible because of the dedication of everyone who works with the Foundation.. our tireless staff, our Board of Trustees, and the countless people and organisations who partner with us. We offer our thanks to each and every one of them for their contribution in 2024 and look forward to our continuing work together in 2025. The Foundation offers its deep gratitude to Lord Hague, as he ends his time as Chair of the Board of Trustees in December 2024. During his time as Chair, he has been an inspirational champion for the Foundation and has made an enormous contribution across our programmes. We look forward to continuing to work with him in his ongoing role as ctrchair of United for Wildlife and send him our best wishes for his new role as Chancellor of the University of Oxford. We look forward to the future with strength and vigour and would like to once again like to thank Their Royal Highnesses The Prince and The Princess of Wales for their continued vision and leadership. Simon Patterson Chair June 2025 Amanda Berry CBE Chief Executive The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 TRUSTEES, REPORT The Trustees of The Royal Foundation of The Prince and Princess of Wales l-The Royal Foundation") present their annual report (including the Directors, and Strategic Report) for the year ended 31 December 2024 under the Companies Act 2006, together with the audited accounts for the year, in compliance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS102} (Charities SORP IFRS10211. OVERVIEW Objectives and activities The Royal Foundation of The Prince and Princess of Wales leads with the belief that change is always possible, and this positive approach sees it involved in issues that have previously seemed too big a challenge to many. The Royal Foundation works hand in hand with lived experience experts, organisations and groups to create lasting change. Through programmes such as The Centre for Early Childhood, Homewards and United for Wildlife, The Royal Foundation has created collaborative partnerships to make real world impact and tangible change. The platform of Their Royal Highnesses allows the Foundation to bring awareness and attention to complex topics in new and different ways, such as 2024's Homelessness.. Reframed exhibition at the Saatchi Gallery, and the two-part documentary Prince William.. We Can End Homelessness on ITV and Disney,. The Foundation continues to shift mindsets, and to inspire optimism that - together- we can create a better future for individuals, communities, society and the planet. Partnerships." catalysing collaborative action and investment for more sustainable change The Partnerships Team plays a central role in the successful delivery of The Royal Foundation's mission and approach. It works across the organisation to establish major strategic partnerships with philanthropy and business, in order to develop and scale ￿1r programmes. The Royal Foundation has a small number of individuals who generously give unrestricted gifts to support the core of the organisation. This crucially enables early-stage programme design and development, together with central operational capacity. Alongside these individuals, the Foundation also works with a group of trusts and other organisations that fund specific programmes from the point of launch, enabling their impact to be scaled and sustained. In both cases, the strategic value and collaboraiion of The Royal Foundation's philanthropic partners is as vital to its success as their financial support. Research High quality research ensures that our work is evidence-led, so that we can address some of society's toughest challenges and deliver the greatest impact. Research and evaluation are fundamental in ensuring that programme design is underpinned by the best evidence, and that the resulting impact can be tracked and underst¢X)d. In 2024, the Foundation invested further in its research and evaluation capacity, including integrating lived experience into all elements of programme design. THE ROYAL FOUNDATION CENTRE FOR EARLY CHILDHOOD The Royal Foundation Centre for Early Childhood (the Centrel was established by Her Royal Highness The Princess of Wales in 2021 to bring decades of ground-breaking scientific research about the unique importance of early childhood development to a more mainstream audience, thereby unleashing its potential to transform and build healthier societies. The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Business Taskforce for Early Childhood The Royal Foundation Business Taskforce for Early Childhood was established by her Royal Highness in 2023 to galvanise business action on the early years Its founding members - Aviva, The Co-operative Group, Deloitte. Iceland Foods, IKEA UK and Ireland, the LEGO Group. Natwest Group and Unilever UK - are working together to identify the scale of the OPF)Ortunity of investing in early childhood, and the role that business can play. In hAay 2024, the Taskforce published its landmark report Prioritising Early Childhood for a Happier, Healthier Society. Produced by Deloitte, in partnership with the Taskforce and Centre for Early Childhood, the report identified an opportunity to generate at least £45.5 billion a year in added value for the UK economy, through investment in early childhood. This includes £12.2 billion from equipping people with improved social and emotional skills in early childhood, £16.1 billion from reducing the need to spend public funds on remedial steps for adverse childhood experiences and £17.2 billion from supporting parents and caregivers of under- fives who work. It also provided a Framework for action businesses could take to make a difference through the early years- with colleagues, customers and in communities. Alongside the report, Business Taskforce members also announced a series of impact initiatives they would deliver following the case for change report, from supporting social and emotional development in nurseries to partnering with 'Baby Banks, to help families in need and reinvesting unspent Apprenticeship Levy funding to create hundreds of Early Year Apprentices for communitie& Sparking innovation with Health Wisitors in the NHS The Centre for Early Childhood funded a successful NHS trial of the Alarm Distress Baby Scale IADBBI, a tool that focuses on a baby's social behaviours (such as eye contact, facial expression, vocalisation, and activity levels) to help practitioners and families better understand the ways babies express their feelings. Health visitors from South Warwickshire NHS Foundation Trust and Humber Teaching NHS Foundation Trust were trained to use the tool and then use their enhanced observation skills during appointments across a four-month period in 2023. They described the tool as "hugely beneficial" and said that it enabled them to have more meaningful conversations with parents and carers about the emotional wellbeing of their baby; promote positive parent- infant interactions, attachment, and bonding and identify babies and families in need of greater support during this critical period of development. The report recommended a second phase of the research. involving a wider rollout within the NHS, which became a priority into 202& HOMEWARDS In 2023, The Royal Foundation launched a new, transformative and ambitious fivtryear programme, Homewards, building on Prince William's lifelong commitment to tackling homelessness. The aim of Homewards is to demonstrate that together it's possible to end homelessness- making it rare, brief and unrepeated. And the realisation of that ambition is now well underway. Changing the narrative The public platform and convening power of Prince William and The Royal Foundation has allowed Homewards to make significant strides in changing public perceptions around homelessness. In October 2024, the first year of Homewards was showcased in the ITV documentary Prince William.. We Can End Homelessness propelling the issue into the living rooms of over1.8 million people in the UK, with many more watching on Disney+ internationally. At the Saatchi Gallery, the groundbreaking exhibition Hornelessness.. Reframed told the stories of people experiencing homelessness through arL featuring work by Marc Quinn, Rankin, Philip Colbert and many more. Homewards is collaborating with nine public figures as Advocates - including Steven Bartlett, Gail Porter and Tyrone Mings - who have generated significant media coverage. The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Six flagship locations The heart of the live-year Homewards programme is a partnership with six flagship locations across the UK - Aberdeen, Bournemouth, Christchurch and Poole, the borough of Lambeth. Newport, Northern Ireland and Sheffield. These locations span the four nations of the United Kingdom, and their geographical diversity reflects the breadth and complexity of homelessness. Each of these locations has gathered together a powerful local coalition - businesses, local authorities, homelessness sector organisations and individuals- with the promise of creating, testing, scaling and sharing muscular new approaches to homelessness prevention. In Year One alone, 539 organisations and individuals joined these coalitions. And each location created a detailed local plan, with actionable strategies and measurable targets. Now, in Year Two, those local plans are in motion: In Newport cutting-edge Vasco translation devices are being used to offer real-time translation for people with limited English who are experienciro homelessness so that they can access the support services they need In Bournemouth. Christchurch and Poolo a focus on employability has created an innovative partnership between Sunseeker, Poole College and Faithworks to provide training placements in boat-building A grant to Spiral Skills in Lambeth has facilitated the opening of a new support and skills space specih'cally for young people In Northern Ireland, we have expanded our strategic employer network, preparing the ground for employment pathways In Sheffield, we have developed Project Upstream, an initiative to identify and help local children who are at risk of homelessness Funding for the flagship locations Homewards has established the Homewards Fund, a facility to provide grants that can be used in flexible and innovative ways - such as to test new scalable approaches, to provide seed funding to attract additional investment, or to deliver additional capacity that unblocks barriers to ending homelessness. Innovative housing projects Each location has committed to delivering an innovative housing project, designed to be a scalable way of creating or unlocking homes in their area. Aberdeen's innovative housing project focuses on finding better ways to use empty homes, while Sheffield is working with landlords to free up 33 three and four-bedroom homes for families experiencing, or on the brink of, homelessness. By the end of Year One, over 100 homes were already in the pipeline. The Homewards Partnership Homewards has convened a powerful network of privattrsector backers including Pret a Manger, Arup and Ikea who offer in-kind support, such as employment opportunities and essential items for establishing a home. In 2024, the Homewards Partnership also welcomed international property consultancy Knight Frank, and City law firm Freshfields, who will help to find and facilitate housing opportunities in the six flagship locations. Homewards has also formed an alliance with Blue Light Card, extending their discount scheme to the estimated 60,000 people who work in the UKS homelessness sector. The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 UNITED FOR WILDLIFE United for Wildlife continues its work to develop an unprecedented global alliance of private sector, financial actors, governments and not-for-profit organisations, working together to foster an effective response to the most pressing nature crises, ensuring that both wildlife and people flourish. Global Summit- Cope Town. November 2024 This year's annual summit, which ran alongside Earthshot Week in South Africa, brought together over 400 conservation champions from 300 different organisations across all sectors. It paid tribute to, and bolstered practical support for, -Nature's Protectors. the frontline individuals and communities- from Rangers to Indigenous Peoples, who play such a critical role in the protection of our natural world. Prince William announced The Ranger Welfare and Standards Initiative, a gamtrchanging package of support for Rangers and other nature protection professionals. This fivtryear plan the first of its kind across Africa - will provide 10,000 Rangers with affordable life insurance. as well as training and leadership development opportunities. His Royal Highness's speech was livestreamed across major global news channels, with the Summit driving almost 3,000 news and social media mentions across the week. Keynote speakers included Cathy Dreyer, Head Ranger at Kruger National Park, SANParks, South Africa; Grace Pounsin, Conservation and Research Off icer, Yayasan Sabah, Malaysia; and Juan Carlos Jiantich Arcos, Executive Secretary, Global Alliance of Territorial Communities. As part of a roundtable chaired by Lord Hague at the Summit, several leading philanthropists made a $90 million commitment to African conservation For the first time. UNODC'S Wildlife Inter-Regional Enforcement Network and Interpol's Wildlife Crime Working Group also joined the summit, expanding the alliance and its capacity to tackle international wildlife crime. Global expansion United for Wildlife launched its eighth and ninth regional chapters this year, in India and Nigeria. The launch meeting of the Indian chapter brought together some of the largest financial institutions, transport companies, law enforcement agencies and conservation groups in India at Ranthambhore National Park. As a direct result, the US Embassy donated a large supply of lirst aid kits for Rangers across India. Nigerias launch saw over 20 organisations in attendance, from the private sector, law enforcement and government authorities, and conservation NGOS. United for Wildlife established landmark agreements with one of Nigeria's leading law enforcement agencies and the Nigerian Financial Intelligence Unit. The Flu endorsed the Statement of Principles bringing the total number of signatories to 30. Thanks to the ongoing work of United for Wildlife's Southeast Asia chapter, the Singaporean Government passed a new bill recognising illegal wildlife trade as a serious and organised crime, increasing possible sentences from two to 20 years. Partnerships and colloborotion In February, United for Wildlife supported The Donkey Sanctuary in its successful lobby for greater protection for donkeys from organised donkey skin traffi'cking. Donkeys are currently the world's most trafficked animal. with over 5 million killed each year for their skins. The landmark moratorium makes it illegal to slaughter donkeys for their skins across Africa, safeguarding both the donkeys and the millions of people whose livelihoods rely on them. In December, United for Wildlife mobilised its Transport Taskforce, with support from partners Qatar Airways and Airlink, to repatriate 1,000 lemurs and tortoises to Madagascar and save them from the illicit international pet trade. Qatar Airways also worked this year with Animal Defenders International, to undertake the difficult task of moving six young lions from the illegal wildlife trade to the ADI Wildlife Sanctuary in Johannesburg. The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 COMMUNITY IMPACT The Royal Foundation's developing Community Impact Programme aims to support community cohesion, identifying and building meaningful solutions to some of UK societys greatest community challenge& Working with communities, our aim is to create the conditions for equity, good health and stronger social connections. Supporting the growth of local community places and spaces is at the heart of the programme. Work that began in Ceredigion in rural Wales in 2023, to support the care of local green spaces, continues. A further grant to the Ceredigion Association of Volunteer Organisations provides equipment and supports activities that keep children's and public parks flourishing. The Programme also supported a therapy garden at Bryn Awel rehabilitation centre in West Wales, to help improve the wellbeing of those living with substance abuse issues. The Royal Foundation brought together almost 20 organisations from the swimming sector, including Swim England, for a roundtable in September. Working in partnership, the group has developed plans to enable more children to swim, break down the barriers to access and to protect pools and blue spacesfor the future. The Foundation spearheaded a new partnership with the Birtley community, who took on the Birtley Community Pool in Tyne and Wear as a community run asset to support 16,000 people every month - including 6,500 children- to swim. TOGETHER AT CHRISTMAS In December. The Princess of Wales hosted the Foundation's fourth annual Christmas Carol Service at Westminster Abbey. The Service created a moment to reflect upon the importance of love and empathy, and how much we need each other. Westminster Abbey was flled with over1,600 people, who have all supported others in their communities. Designed to encompass people of all faiths and of none, the service saw Westminster Abbey choir perform Christmas carols, alongside performances by Olivia Dean, Gregory Porter, Paloma Faith and JP Cooper, as well as a specially composed piece by pianist Rosey Chan. Readings were delivered by speakers including The Prince of Wales, Olympian Adam Peaty OBE, Sophie Okonedo CBE, Michelle Dockery and Richard E. Grant. Guests received an Order of Service, adorned with a beautiful bespoke illustration by illustrator Charlie Mackesy, and a special letter from The Princess of Wales. thanking them for all they have done to provide comfort and hope to those who need it the most. Alongside the service at Westminster Abbey, 15 community carol services took place around the UK across December, hosted by Lord-Lieutenants and supported by The Royal Foundation. The Service was broadcast on ITV1 on Christmas Eve, and repeated on Christmas morning, to a total audience of 3.3 million and had a reach of over 50 million through social media. EMERGENCY RESPONDERS The Royal Foundation is proud to have established the Emergency Responders Senior Leaders Board in 2020, bringing together leaders from across the UK'S emergency services on a quarterly basis. The board shares best practices, and promotes collaborative efforts. to support the mental health and well-being of the UKS 300,00(kplus emergency responders. The Foundation would like to express its thanks to Chief Constable Gavin Stephens from the National Police Chiefs Council, who has chaired the Board up to this point. He has now handed over the role to the incoming chair of the National Fire Chiefs Council, Chief Fire Offi'cer Phil GarrigarL WHAT'S NEXT FOR THE ROYAL FOUNDATION? 2025 will see The Royal Foundation continue to tackle the illegal wildlife trade, work towards demonstrating that it is possible to end homelessness, highlight the vital importance of the early years and work with communities so they can thrive. 10 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Homewards will expand the tangible action it has taken towards ending homelessness by, for example, by delivering jobs and homes for people experiencing homelessness in the Homewards flagship locations, and by widening and deepening the Homewards Partnership with business It will also continue to deploy the unique public platform of His Royal Highness The Prince of Wales, in order to change perceptions around homelessness and galvanise action across the public, private and third sectors. United for Wildlife will redouble its focus on Nature's Defenders, enhancing the recognition, support and professionalisation of the frontline nature workforce by campaigning, mobilising support and scaling finance. Planned projects include: The release of United for Wildlife's Guardions docuseries Co-creating frameworks for welfare packages for rangers across insurance, training and mental health Working with key partners to leverage real progress at COP30. The Centre for Early Childhood will publish, promote and support the implementation of a groundbreaking new Shaping Us Framework about social and emotional skills. This Framework will inform Centre efforts to deepen public understanding about the importance of early childhood through the Shaping Us Campaign; it will inspire The Business Taskforce for Early Childhood's ongoing delivery and help to bring other companies on board through a set piece Summit. The Framework will drive Centre efforts to support early years practitioners in communities up and down the UK and it will direct new Centre creative content, such as animated films showing people the everyday actions they can take to support positive early development from pregnancy to the age of fi've. Community Impact will continue to highlight and support new community projects which create social connections and will recognise, celebrate and support community leaders who undertake to solve local community issues. Finally. to close 2025, the 'Together at Christmas, will once again aim to bring together communities across the UK to celebrate people who have gone out of their way to help others with even more impactful local services. FINANCIAL REVIEW Income The total income for the year to 31 December 2024 was £12.2m1202& £8.Oml. The increase in income from the prior year reflects the updated fundraising strategy and the development of the programmes which has resulted in greater unrestricted and restricted supporL The Foundation's total income in 2023 included the net asset share from The Earthshot Prize, reflecting their status as an associate of The Royal Foundation In 2024, the value of The Earthshot Prizes net assets reduced versus 2023, and the reduction in the value is shown as expenditur& 98 % of total income consists of donations, grants, royalty and legacy income lup from 81 % in 20231 of which 45% was restricted12023: 43 % l. The movement in % is largely a result of the net income shale from The Earthshot Prize of £1.3m in 2023 being replaced by growth in donations and legacies in 2024. Unrestricted income increased from £3.8m to £6.8m, an increase of 75 % which reflects the continuing growth of the Foundation's donor base. Expenditure Total expenditure in 2024 was £119m1202& £8.7ml of which 86 % 12023 87/1 was spent on charitable activities. The increase in expenditure of £3.2m from the comparable figures for 2023 is due to the increase in the delivery of charitable activities across the Foundation, with the biggest growth in Homelessness as the Homewards Project completed its first year of activity and delivery. Community Impact expenditure also increased as this work expanded with grants being distributed to projects across the country. The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Charitoble Activities 86% or £9.9m of the £11.4m spent in the year was incurred on charitable activities, a slight reduction in % from 87% but an increase in expenditure from £7.5m in 2023, with a significant increase in fundraising costs as the Foundation secured new donors , in line with financial forecasts and began to focus on the increased income targets for 2025 . Charitable expenditure includes amounts spent on delivering and designing projects, providing grant funding and all activities designed to convene and raise awareness. The Royal Foundation's charitable expenditure was incurred across its core focus areas.. Conservation, Early Childhood, Homelessness, Community Impact l including Emergency Responders and Mental Health). The value of charitable grants increased by £600k to £12m as the activity for the Community Impact, United for Wildlife and Homewards programmes developed. Details are provided in Notes 5 and 6. A breakdown of the expenditure is shown below: 86% charitable £t6rn 2024 £&7m 76% £11A m 87% charitable 2023 £11 E&9m £8.7 m £Om £*Jm È6m £20m Cost of raIs5￿ I￿￿￿$ Charltabltr tyants Oth•r eharitsblè act￿￿8 Following the public launch of the five year Homewards project in June 2023, spend on Homelessness has continued to grow signilicantly as its programme and investment in the six local areas develop12024 £4.4m, 2023 £2.2ml. This reflects increased staff costs as the dedicated Homewards delivery team expanded, as well as investing in evaluation measurement to support the development of the programme over the coming years. The Early Years programme activity and expenditure was slightly reduced and slower than had been planned in 2024 to £2.2m12023.. £2.6ml, as the team continued to work on the Shaping Us activity that was launched in January 202& Communications, marketing and event costs reflect the continued activation and further development of the campaign, with grant expenditure incurred in relation to the health visitor trial and research projects. United for Wildlife expenditure of £1.8m was a small increase on expenditure of £1.6m in 2023. The overseas activities, including the regional chapter network across four continents and a global summit held in South Africa to coincide with The Earthshot Prize Awards ceremony. The team continued to develop the strategy to grow the impact that this programme can deliver. Mental Health spend reduced significantly from £0.6m in 2023 to £0.04m in 2024 as this activity was paused while the programme of work was developed, The Foundation will continue to develop its mental health programme in 202& ensuring that it is embedded as part of all programmes. Expenditure on Community Impact. Emergency Responders and other smaller projects increased to £1.5m in 2024 from £0.4m in 2023. This increase was mostly due to the growth in Community Impact activities with grants given to projects in Scotland, Wales and England There were no costs incurred in relation to The Earthshot Prize in 2024 all remaining commitments following the spin-off were completed in 2023. 12 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Fundroising The cost of raising funds increased from £1.1m in 2023 to £1.6m in 2024, reflecting additional investment in prospecting, securing new donors and leveraging corporate partners to support the planned growth of the key Charitable Programmes listed above. A number of prospects identified in 2024 have successfully converted into pledges and donations in early 2025. Staff and support costs Staff costs comprised £5m of total expenditure, an increase from 3.4m in 2023, reflecting the impact of investment in the team with new roles recruited in late 2023 and across 2024, as the Foundation's activities increased, and the activities of the programmes advanced. The average headcount across 2024 was 6712023.. 481. Support costs reduced from £2.2m to £1.9m, reflecting the continued close management and monitoring of costs ensuring value for money and compliance with all regulatory and legal requirements. This reduction is also a result of the refinement of the cost allocation process. This amended process more accurately allocates support costs across The Royal Foundation's charitable and fundraising activities to reflect usage by activity and associated headcount. Details are provided in Note 7. Funds of The Royal Foundation The funds of the charity fall into two categories.. restricted funds for 2024 of £1.6m,12023 £1.7ml the net of donations received for defined projects and the corresponding expenditurq and unrestricted funds for 2024 of £5.8m, {2023 £5.3ml to be spent in accordance with the charitable objectives at the discretion of the Trustees. Reserves Policy When setting the target level of reserves, the Trustees have had regard to the Charity Commissions guidance note CC19 and to the financial risk profile of the Foundation, recognising that most of the charity's income derives from voluntary donations whose recurrence can be uncertain. Reserves are held for both proactive and reactive reasons: To cover any unplanned reduction to income without compromising charitable and other activities. To take advantage of any short-term opportunities and to allow new projects to proceed to design and research stages prior to a project-specific fundraising strategy having been devised. To cover any unforeseen or emergency expenditure requirements. To cover timing differences and working capital requirement& As such, the Trustees have agreed to target a level of reserves of between 9 and 12 months of operating expenditure. The level of reserves is calculated monthly and is reviewed by the Trustees at each of their quarterly Trustee meetings. The total funds of the charity at 31 December 2024 stand at £7.4m12023: £7.Oml. The free reserves of the charity are £5.7m12023.. £5.1ml. The unrestricted reserves represent 10 months of unrestricted expenditure (based on the budgeted 2025 rate of operating expenditure, £6.7m), down from 13 months in 2023 but still within the target range19-12 months). The Board of Trustees continues to be prudent with the free reserves balances into 2025, as our fundraising strategy scales up and the major programmes grow and develop. Free reserves of the charity are calculated as set out below. 2024 £'ooo 2023 £'ooo Total Funds of The Royal Foundation 7,374 6,957 Less.. Restricted Funds Tangible Fixed Assets Free Reserves 11,5741 11,6831 11081 11311 5.692 5.143 13 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Investment Policy and Performance The Trustees invest funds not immediately required for operational purposes in an investment portfolio managed by Cazenove Capital Management. The investment objective is to generate a total return of at least inflation IUK CPI) plus 3 % per annum net of all costs, through a fully diversified strategy and over a 5-year investment time horizon. The Finance Committee review the charity's investment policy annually and investment performance at their quarterly meetings. In 2015, the trustees adopted the ethical investing guidelines of the Church of England's Ethical Investment Advisory Group. This prohibits investment in businesses which derive more than a de minimis limit from the following industries: alcohol, tobacco, pornography, armaments, gambling, doorstep lending, human embryonic cloning and the extraction, production and refining of fossil fuels. The trustees have delegated the review of the Investment Policy to the Finance Committee in 2025 and have requested that the investment policy is reVIe￿d and updated. During 2024 the portfolio. invested in Cazenove's Charity Responsible Multkasset fund, increased in value from £1.7m to £1.8m with an unrealised capital gain of £140k. The value and composition of investments are summarised in Note 13 to the financial statements. The portfolio is conservatively invested and diversified across multiple asset classes and therefore suffers less than the wider equity markets during periods of volatility. Grant-making policy Decisions on grants are made by the Trustees on recommendation from the Executive. Trustees only approve grants or fund projects which demonstrate public benefit wthin the criteria of the Charity Commission's guidance. The Royal Foundation actively looks for opportunities where added leverage can be demonstrated from its involvement, but it does not accept unsolicited requests for funds. Going coneern The financial review above considers the financial performance and position of The Royal Foundation. The Trustees have undertaken a robust assessment of the charity's projected future income, expenditure and cash flow and analysed its reserves and liquid assets for the period until 31 December 2026 and are satish'ed with the charity's ability to withstand a material fall in income. Additional reviews of the organisation's h'nancial performance and position have been undertaken in March 2025 and again in June prior to approving these accounts, providing the Trustees with assurance that the charity can continue operating for at least the next twelve months. The Foundation is primarily reliant on donations from a group of individual donors and foundations to fund its core costs, with minimal reliance on commercial sponsorship. Income from public fundraising and legacies is not solicited but is received on an ad hoc basi& Investment income is retained within the portfolio and is not required to fund the core costs of the organisation. Unrestricted reserves are targeted to be maintained between 9-12 months to allow for timing differences in receipts of donations. As such, the Trustees believe that The Royal Foundation has adequate resources to continue its activities for the foreseeable future and that there is no material uncertainty in relation to the Foundation's status as a going concern. Consequently, the going concern basis continues to be appropriate for the preparation of the financial statements. RISK MANAGEMENT In line with governance best practice, the Trustees are committed to maintaining a strong risk management framework that supports The Royal Foundation to manage risks appropriately. A strategic and operational risk register is reviewed regularly by the organisation's Leadership Team, Finance Committee and Trustees. The register considers the impact, likelihood. and level of mitigation of risks, with the management of each risk assigned to a senior member of staff. Quarterly reports are provided to the Board of Trustees and Finance and Governance and Nominations Committees, summarising the continuing and emerging high-concern risks and those where action is required. 14 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 The principal risks are those which, without effective mitigation. would have a serious impact on the work of The Royal Foundation. The highest rated risks and mitigations are summarised below: Staff capacity The Royal Foundation runs a lean team with a number of active projects underway at any time. This can reduce our ability to respond to new opportunities or respond to development opportunities There is also a risk of burnout and staff turnover could add further pressure. This risk is mitigated through proactive prioritisation and scheduling of work and an agile approach to resourcing, including where appropriate the use of secondees. contractors and working with partner organisations in order to manage capacity as required. The Foundation has also recruited a number of new roles over the past year, strengthening our core operations and reflecting the growth of our flagship programmes and has introduced controls to ensure that new recruitment is focussed on the areas of most need. Income Profile.. The income from the Foundation does not come from a diverse range of sources which makes it more inherently risky. This risk is mitigated by having in place a clear and robust fundraising strategy with three distinct tiers, encouraging multi year agreements to give some certainty for future years and ensuring that all programmes take responsibility for the fundraising targets. A detailed due diligence process is in place which reduces the risk of non-payment and maximises effective partnerships. Budgets are carefully managed and costs gated until income is secura The reserves policy considers the risk of income not being realised and ensures sufficient funds are available to allow The Royal Foundation to meet its commitments. Business Continuity Planning.. A significant internal or external event or change could limit the Foundation's operational capacity and ability to deliver. Robust business continuity planning is required to ensure that the Foundation is best placed to respond to potential future changes. This includes planning for programme activity changes, change in senior personnel, future succession planning and the potential for cyber attacks on our systems Being unprepared for any of these events would have a severe impact on our ability to fundraise effectively and delivery of planned activities. To mitigate this we have business continuity insurance in place and retain reserves based on our income and expenditure Cybersecurity. As a high-profile organisation The Royal Foundation faces increasing risk of its IT infrastructure being maliciously targeted, which could potentially lead to exposure or loss of critical assets or sensitive information. The Foundation maintains robust security protocols and controls, and regular staff training is carried out. The Trustees are satisfied that the major risks identified have been reviewed and systems or procedures have been established to manage those risks. CONSTITUTION The Royal Foundation is registered as a charity with the Charity Commission under charity number 1132048 and is a company registered in England & Wales number 7033553. The Royal Foundation was formed on 29 September 2009 as a charitable company limited by guarantee. It is governed by its revised Articles of Association which were passed by a special resolution dated 28 April 2011 and further amended by special resolutions dated 1 November 2011, 29 February 2012, 11 July 2012, 12 January 2017, 8 June 2018, 8 August 2019 and 20 June 2022. TRF Trading Limited was formed on 26 January 2011 as a wholly-owned subsidiary to carry out trading activities on behalf of The Royal Foundation (see Note 31. On 1 April 2013, The Royal Foundation assumed legal control of The Diana, Princess of Wales Memorial Fund (the Diana Fund), registered charity 1064238, to safeguard both the Fund's name and any future income donated to the Fund once its operations had ceased. The Royal Foundation became the sole member of the Diana Fund's Trustee Company Icompany number 05516463) upon its closure at the end of March 2013. A Declaration of Trust was signed by The Diana, Princess of Wales Memorial Fund Trust Company as sole corporate trustee of the Diana Fund, applying the current and future assets (excluding a £10 reserved sum) to The Royal Foundation. The Declaration of Trust came into effect on 31 December 2013. Any future income is received by The Royal Foundation as unrestricted funds. In accordance with a request by The Duke of Sussex, half of the net proceeds received by the Diana Fund since 18 December 2019 are being donated to Sentebale, a UK-registered charity of which The Duke of Sussex is a coFfounder. In July 2022, The Earthshot Prize was established as ￿ independent charity, allowing it to expand at the rate needed to address the most significant challenges facing our planet. The Earthshot Prize is registered as a 15 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 charity with the Charity Commission under charity number1198701 and is a company registered in England & Wales, number13981670. The Royal Foundation recognises The Earthshot Prize as an associate, reflecting the continuing close relationship between the two entities. As part of the founding documents of The Earthshot Prize, the trustees of The Royal Foundation are entitled to nominate at least one third of The Earthshot Prizes Board, as well as The Royal Foundation being a Member of The Earthshot Prize. As such, there are currently three Foundation- nominated trustees sitting on the Board of The Earthshot Prize.. David Fein, Jason Knauf and Zoe Ware. There are also regular meetings between executives of both entities and The Earthshot Prize reports to the Board of The Royal Foundation on an annual basis. The Royal Foundation accounts for The Earthshot Prize as an associate using the equity accounting method. The American Friends of The Royal Foundation of The Prince and Princess of Wales, Inc., established in 2011 is a 501lcll31 public charity, and whilst it is a separately controlled entity, its interests are aligned with those of The Royal Foundation. The American Friends support The Royal Foundation's programmes and initiatives, primarily focussing on projects that deliver impact on an international scale. MEMBERS, TRUSTEES. DELEGATED COMMirrEES AND ADVISORY BOARDS Members The Prince and Princess of Wales have been members of The Royal Foundation since August 2019. Trustees Strong governance and management are critical to the success and reputation of The Royal Foundation. The Directors of The Royal Foundation are its Trustees for the purposes of Charity law, and throughout this report are collectively referred to as the Trustees. The Trustees take overall responsibility for the charity and its work. They are responsible for ensuring The Royal Foundation is effectively and properly run and meets its goals as a charity. Each Trustee undertakes a balance of responsibilities divided between strategic direction, governance, oversight and fundraising and the Trustees rrEet formally a minimum of four times a year. In 2024 this was under the Chairmanship of Lord Hague of Richmond and will be led by Simon Patterson in the future. Trustee Reeruitment The Articles of Association of The Royal Foundation provide for the appointment of Directors, who also act as Trustees. After discussing and agreeing the specific skills and experience required to enhance the Trustee board, the Trustees draw up a list of PK)tential candidates, which is approved by the members of The Royal Foundation. New Trustees are recruited through known sources such as The Royal Foundation's sulFcommittees or other areas of the charity sector. The Chairman and Trustees interview prospective candidates, informed by the requirements of the Foundations skills matrix which considers Trustee charity experience. fundraising capability. experience in the sectors of relevance to The Royal Foundation, diversity and overall suitability for the role. After the selection process, the successful candidate is appointed by the Trustees, following formal nomination by The Prince of Wales in his role as Founder. In addition, The Private Secretaries of The Prince and Princess of Wales are entitled to be appointed as ex offi'cio trustees of The Royal Foundation. Trustee Induction Upon appointment, each Trustee receives a copy of the Charity Commission for England and Wales publication "The essential trustee.. what you need to know, what you need to do. and other relevant Charity Commission literature. In 2020, the Trustees reviewed the latest edition of the Charity Governance Code to ensure the charity complies with best practice. New Trustees are asked to sign up to a Code of Conduct. Trustees meet with senior members of The Royal Foundation's management team and are introduced to staff as part of their induction process. They are also provided with comprehensive background documentation which covers incorporation, operations and finance, policies and more general information relevant to The Royal Foundation's history and associations. Whereas Trustees are recruited with their specific skills and experience in 16 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 mind, further project-based training is undertaken where necessary. This includes project visits to familiarise themselves with the full nature of The Royal Foundation's work as well as meeting with project partners, donors and other stakeholder& Finance Committee The Trustees have appointed a Finance sub**(including the income and expenditure account)**
**For the year ended 31 December 2024**||||||||| |---|---|---|---|---|---|---|---|---| |**Notes**
**Income:**
Donations and Legacies
2
Net income on share of associate's surplus
20
Trading activities
3
Investment income
4
Other income
4
**Total income**
**Expenditure:**
Raising funds
5
Charitable activities
5,6
- Grants
- Other charitable activities
Net expenditure on share of associate's deficit
20
**Total expenditure**
Net gains on investment
13
**Net income/(expenditure)**
Transfers between funds
19,20,21
**Net movement in funds**
**Reconciliation of funds:**
Fund balances brought forward at 1 January
**Fund balances carried forward at**
**31 December**
19,20,21
Net income/(expenditure) before investment gains||**20**|**24**|


**Total**
**2024**
**£**
11,930,094
-
84,038
150,616
3,755
**12,168,503**
(1,554,817)
(1,156,112)
(8,706,586)
(9,862,698)
(473,776)
**(11,891,291)**
277,212
139,885
**417,097**
-
**417,097**
6,957,322
**7,374,419**||**202**|**3**|| ||**Unrestricted**
**Funds**
**£**
6,523,245
-
84,038
150,616
1,681|
**Restricted**
**Funds**
(continuing
operations)
**£**
5,406,849
-
-
-
2,074|**Restricted**
**Funds**
(discontinued
operations)
**£**
-
-
-
-
-||Unrestricted
Funds
£
3,685,257
-
13,129
147,167
3,059|
Restricted Funds
(continuing
operations)
£
2,815,632
1,283,059
-
21,002
-|

Restricted
Funds
(discontinued
operations)
-
-
-
-
-|


Total
2023
£
6,500,889
1,283,059
13,129
168,169
3,059| ||**6,759,580**|**5,408,923**|**-**||**3,848,612**|**4,119,693**|**-**|**7,968,305**| ||(1,554,817)
(16,743)
(3,185,562)|-
(1,139,369)
(5,521,024)|-
-
-||(1,017,891)
(13,290)
(2,026,345)|(128,052)
(384,174)
(4,919,616)|-
(160,811)
-|(1,145,943)
(558,275)
(6,945,961)| ||(3,202,305)
-|(6,660,393)
(473,776)|-
-||(2,039,635)
-|(5,303,790)
-|(160,811)
-|(7,504,236)
-| ||**(4,757,122)**|**(7,134,169)**|**-**||**(3,057,525)**|**(5,431,842)**|**(160,811)**|**(8,650,179)**| ||2,002,458
139,885|(1,725,246)
-|-
-||791,086
111,371|(1,312,149)
-|(160,811)
-|(681,874)
111,371| ||**2,142,343**
(1,616,135)
**526,208**
5,274,686|**(1,725,246)**
1,616,135
**(109,111)**
1,682,636|**-**
-
**-**
-||**902,457**
(714,649)
**187,808**
5,086,878|**(1,312,149)**
714,649
**(597,500)**
2,280,136|**(160,811)**
-
**(160,811)**
160,811|**(570,503)**
-
**(570,503)**
7,527,825| ||**5,800,894**|**1,573,525**|**-**||**5,274,686**|**1,682,636**|**-**|**6,957,322**| Discontinued operations in 2023 relates to The Earthshot Prize which was transferred out to a new charity on 15 July 2022. There were no recognised gains or losses. The notes on pages 27 to 44 also form part of these financial statements. 24 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **Consolidated and Charity balance sheet As at 31 December 2024** |||**Group**|Group|**Charity**|Charity| |---|---|---|---|---|---| ||**Notes**|**2024**|2023|**2024**|2023| |||**£**|£|**£**|£| |**Fixed assets**|||||| |Tangible fixed assets|12|108,067|131,091|108,067|131,091| |Investments|13|2,829,168|3,163,059|1,837,661|1,697,776| |Programme related investments|14|250,000|-|250,000|-| |||**3,187,235**|**3,294,150**|**2,195,728**|**1,828,867**| |**Current assets**|||||| |Debtors|15|425,885|1,255,392|424,189|1,261,462| |Cash at bank and in hand|21,23|5,099,865|3,288,363|5,076,418|3,274,755| |||**5,525,750**|**4,543,755**|**5,500,607**|**4,536,217**| |**Creditors: amounts falling due within one year**|16, 18|(1,338,566)|(880,583)|(1,313,425)|(873,046)| |**Net current assets**||**4,187,184**|**3,663,172**|**4,187,182**|**3,663,171**| |**Net assets**||**7,374,419**|**6,957,322**|**6,382,910**|**5,492,038**| |**The funds of the group/charity**|||||| |Unrestricted funds|19|5,800,894|5,274,686|5,798,252|5,272,044| |Restricted funds|20|1,573,525|1,682,636|584,658|219,994| |**Total funds**||**7,374,419**|**6,957,322**|**6,382,910**|**5,492,038**| The Charity's net (income) for the year ended 31 December 2024 totalled £(890,871) (2023: net expenditure £1,853,561). The notes on pages 27 to 44 also form part of these financial statements. The financial statements of The Royal Foundation of The Prince and Princess of Wales (registered number 7033553) were approved and authorised for issue by the Board of Trustees on 26th June 2025 and signed on its behalf by: Kensington Palace Palace Green London W8 4PU 25 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **Consolidated Cash Flow Statement For the year ended 31 December 2024** |Programme related investments
**Analysis of changes in net funds**
Cash at bank and in hand
Cash in investment portfolio
Cash at bank and in hand
Cash in investment portfolio
**Total cash and cash equivalents at the end of the year**
**_Change in cash and cash equivalents in the year_**
Cash and cash equivalents at the beginning of the year
**_Net cash provided by investing activities_**
Purchase of tangible fixed assets
**Cash flows from investing activities:**
Dividends and interest from investments
**Cash flows provided by operating activities:**
Net cash provided by operating activities|**Notes**
22
4
12
14
22, 23
22, 23
**1 January**
**2024**
**£**
3,288,363
15|**Cash flows**
**£**
1,801,211
-|**2024**
**£**
**1,950,538**|2023
£
**(1,970,128)**| |---|---|---|---|---| ||||150,616
(39,652)
(250,000)|168,169
(118,713)
-| ||||**(139,036)**|**49,456**| ||||**1,811,502**
3,288,378|**(1,920,672)**
5,209,050| ||||**5,099,880**|**3,288,378**| ||||**Foreign**
**exchange**
**movements**
**£**
10,291
-|**31 December**
**2024**
**£**
5,099,865
15| ||3,288,378|1,801,211|10,291|5,099,880| ||**1 January**
**2023**
**£**
5,208,848
202|**Cash flows**
**£**
(1,934,650)
(187)|**Foreign**
**exchange**
**movements**
**£**
14,165
-|**31 December**
**2023**
**£**
3,288,363
15| ||5,209,050|(1,934,837)|14,165|3,288,378| The notes on pages 27 to 44 also form part of these financial statements. 26 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 Notes to the consolidated financial statements Year ended 31 December 2024 1. Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statement& a) Basis of accounts preparation The consolidated financial statements of The Royal Foundation have been prepared under the historical cost convention (with the exception of investments carried at valuation as noted in the accounting policy below) in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS1021, the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (second edition- effective 1 January 20191- (Charities SORP IFRS10211 and the Companies Act 2006. b) Consolidation The financial statements of the wholly owned subsidiary. TRF Trading Limited, have been consolidated with those of the charity on a line by line basis. During the year ending December 2022, The Earthshot Prize programme that was incubated within The Royal Foundation was spun out into an independent charity. The Earthshot Prize (registered charity number 11987011. The Royal Foundation is one of the members of The Earthshot Prize and has the right to nominate up to three trustees to the new charity's board {four trustees in the event that the total number of trustees of the new charity is more than nine). As a result, The Royal Foundation considers that it has significant influence, but not does exert control, over the financial and operating policies of The Earthshot Prize, and it accounts for its interest in the latter as an associate using the equity accounting method with a one third interest. The consolKlated financial statements include the Group's shale of the surplus or deficit and net assets of The Earthshot Prize. With effect from 1 April 2013, The Royal Foundation assumed legal control of The Diana, Princess of Wales Memorial Fund to safeguard both the Fund's name and any future income donated to the Fund once its operations had ceased. The Royal Foundation will not continue the Fund's grant-making or charitable activities. A Declaration of Trust was signed byThe Diana, Princess of Wales Memorial Fund Trust Company as sole corporate trustee of The Diana, Princess of Wales Memorial Fund applying the current and future assets lexcluding a £10 reserved sum) to The Royal Foundation. The Declaration of Trust came into effect from midnight on 31 December 2013. The financial statements of The Diana, Princess of Wales Memorial Fund Trust Company have not been consolidated on grounds of immateriality. On 18 December 2019 a deed was signed with Sussex Royal The Foundation of The Duke and Duchess of Sussex I'sussex Royal'l from which date The Royal Foundation intends to grant 50 % of the net income received by The Diana, Princess of Wales Memorial Fund to Sussex Royal. In March 2020, The Duke and Duchess of Sussex announced that they would no longer be operating Sussex Royal as their primary philanthropic vehicle in the UK and accordingly their share of the net income will instead be donated to Sentebale, a registered charity of which The Duke of Sussex is a co-founder. There are no members of the Foundations Leadership Committee lone member until November 20231 as directors of the American Friends of The Royal Foundation of The Prince and Princess of Wales and the Foundation has no control or significant influence over the American Friends and as such, has not consolidated the entity into the group account& c) Going Concern The Trustees have undertaken a robust assessment of the charity's projected future income, expenditure and cash flow and analysed its reserves and liquid assets for the period until 31 December 2026 and are satisfi'ed with the charity's ability to withstand a material fall in income. Additional reviews of the organisation's financial 27 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 performance and position have been undertaken in March 2025 and again in June prior to approving these accounts, providing the Trustees with assurance that the charity can continue operating for at least the next twelve months. The Foundation is primarily reliant on donations from a group of individual donors and foundations to fund its core costs, with minimal reliance on commercial sponsorship. Income from public fundraising and legacies is not solicited but is received on an ad hoc basi& Investment income is retained within the portfolio and is not required to fund the core costs of the organisation. Unrestricted reserves are targeted to be maintained between 9-12 months to allow for timing differences in receipts of donations. As such, the Trustees believe that The Royal Foundation has adequate resources to continue its activities for the foreseeable future and that there is no material uncertainty in relation to the Foundation's status as a going concern. Consequently, the goiro concern basis continues to be appropriate for the preparation of the financial statements. The Trustees have identified no material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern. dl Judgements and estimates made by management The preparation of the financial statements requires management to make significant judgements and estimates. These judgements and estimates are based on historical experience and other factors that are considered to be relevant. The estimates and underlwng assumptions are reviewed on an ongoing basis. The items in the financial statements where these judgements and estimates have been made include: basis of allocation of support cost& income recognition, in particular estimating fair value of a gift in kinct estimating the liability from multi-year grant commitments and rates of depreciation used in determining the carrying value of tangible fixed assets With respect to the next reporting period, January to December 2025, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment markets Isee the investment policy and performance and risk management sections of the Trustees Annual Report for further information). The carrying value of the investment portfolio at the end of December 2024 was £1,837,66012023.. £1.697,7751. A thorough review of the going concern has been undertaken in March and June alongside quarterly forecasts produced by the budget holders throughout the year to ensure that we are on track. Multi year grants are conditional and small in proportion to budgets, these are all noted in the contingent liabilities note 16. el Fund accounting Unrestricted funds are general funds that are available for use at the Trustees, discretion in furtherance of the objectives of the charity. Restricted funds are funds subject to specific restrictions imposed by the donor. All restrictions are in line with the charitable objectives of the charity. All transfers between funds are recorded gross and shown on the Statement of Financial Activities or in the notes. fl Income Donations and gifts consist of the total donations from individuals. trusts and corporate entities. Income is recognised in the Statement of Financial Activities when there is evidence of entitlement, receipt is probable, and its amount can be measured reliably. Grants consist of income receivable by The Royal Foundation from individuals, trusts and corporate entities. Income is recognised when there is entitlement to the grant, receipt is probable, and its amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either. the charity is aware that probate has been granted, the estate has been finalised, and notification has been made by the 28 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notifEd of the executor's intention to make a distribution. Investment income consists of bank interest, and dividends and interest from the portfolio managed by Cazenove Capital Management. Investment income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the money paid or payable by the bank or investment manager. Gifts in kind are from donated services which are recognised at fair value when performed. Fair value is the amount the charity would have been willing to pay to obtain those services on the open market. a corresponding amount is then recognised in expendtture in the period of receipt. Income from trading activities and other income are recorded on a receivable basis. Royalties are recognised when a statement is received, and income can be reliably measured. g) Expenditure Expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure is classified under the following activity headings: Raising funds, which comprise the costs incurred in supporting income generation activities, such as fundraising, and their associated support costs. Expenditure on charitable activities includes grants payable and costs incurred directly by The Royal Foundation in furtherance of its charitable objectives, along with associated support costs. Grants made are recognised when they have been approved and a legal or constructive obligation is in place. For multtryear grants The Foundation retains the control over future years funding which is renewed annually and as such the Foundation only recognises grants on an annual commitment basis. Direct costs comprise amounts spent in all activities designed to convene and raise awareness, and to provide the seed capital and grant funding. Support costs have been allocated across the categories of charitable expenditure and raising funds. Support costs include premises, general management, IT, HR, office supplies and finance. Support costs for charitable activities comprise costs attributable to operational and grant-making functions. Staff costs lincluding employer pension contributions and national insurance) are allocated between raising funds and charitable activities on a time spent basis. Office related costs including rent, IT, depreciation and stationery are allocated between raising funds and charitable activities on a headcount or FTE basis. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and legal fees together with an apportionment of overhead and support costs. Redundancy or termination payments may apply when employment is ended by the Royal Foundation before the normal retirement date or end of employment contract. Costs are recognised when the agreement has been signed by both parties. h) Taxation The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax A£t 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period. The subsidiary company, TRF Trading Limited, made qualifying donations of all taxable profit to the parent charity. No corporation tax liability on the subsidiary arises in the accounts. 29 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 i) Foreign currencies Transactions in foreign currencies are recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at the year-end exchange rates. All differences are taken to the Statement of Financial Activities. The charity has not entered into any forward contracts during the year and there were no unsettled contracts outstanding as at 31 December 2023 or 31 December 2024. j) Pension costs The charity operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension costs is the contribution payable in the year. Any difference arising between contributions payable in the year and contributions actually paid are shown as either an accrual or prepayment in the balance sheet. kl Investments The fixed asset investment consists of the share in the subsidiary TRF Trading Limited which is stated at cost and a portfolio of listed investments. Listed investments are a form of basic financial instrument initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. Any gain/loss on revaluation and disposal are recorded in the Statement of Financial Activities. Cash held withinthe investment portfolio is highly liquid and subject to insignificant risk of change. However, these are maintained within fixed asset investments as they are intended for use on a continuing basis in the charity's activities. Programme related investments are recognised at their initial cost, less any impairments. The Foundation recognises concessionary loans at the sum advanced less any provision considered necessary for sums that may prove to be irrecoverable. l) Tangible fixed assets Tangible fixed assets costing more than £1,000 are capitalised and stated at historical cost less depreciation and applicable impairment. Depreciation is provided on all tangible h'xed assets at rates calculated to write off each asset to its estimated residual value evenly over its expected useful life, as follows: Computer equipment - 24 to 36 months on a straight line basis. Fixtures and Fittings- 36 months or over remaining life of the lease, on a straight line basis. Leasehold improvements- Over remaining life of the lease, on a straight line basis. ml Operating Leases Rentals payable under operating leases are charged on a straight-line basis over the term of the lease. n) Financial Instruments The charity has financial instruments of a kind that qualify as basic financial instruments which are recognised at transaction value initially and subsequently at their settlement value. Financial assets comprise cash at bank and in hand, other debtors arKI prepayments and accrued income. Financial liabilities comprise grants payable, other creditors and accrued expenditure. ol Debtors Debtors are recognised at the settlement amount due at the end of the period. pl Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. 30 The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 For the year ended 31 December 2024 ql Irreeoverable VAT Irrecoverable VAT is allocated to the principal areas of costs in which it has been incurred. 31 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **2 Income from donations and legacies** |||**2024**|||2023|| |---|---|---|---|---|---|---| |**Group**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total**
**2024**|Unrestricted
funds|Restricted
funds|Total
2023| ||**£**|**£**|**£**|£|£|£| |Donations|4,576,016|2,709,571|**7,285,587**|2,231,441|707,971|2,939,412| |Grants|1,500,000|2,566,452|**4,066,452**|1,200,000|1,384,667|2,584,667| |Legacies|142|35,000|**35,142**|5,661|-|5,661| |Donated services|447,087|95,826|**542,913**|248,155|722,994|971,149| |**Total**|**6,523,245**|**5,406,849**|**11,930,094**|3,685,257|2,815,632|6,500,889| In 2024, The Royal Foundation received £12,876, (2023: £40,050) from The Diana, Princess of Wales Memorial Fund. Donated services of £542,913 (2023: £971,149) relate to gifts of services, including office space, venue hire, legal and professional fees, and advertising in support of the charity's programmes. Income from donations and legacies for the charity alone, includes £10,038 unrestricted and £65,000 restricted (2023: £5,298 unrestricted, and £nil restricted), which has been gift aided to The Royal Foundation from its subsidiary, TRF Trading Limited and is eliminated on consolidation. ## **3 Income from trading activities** The charity has a wholly owned trading subsidiary, TRF Trading Limited (registered number 07506603, registered address Kensington Palace, Palace Green, London, W8 4PU), which was incorporated in Great Britain and registered in England and Wales on 26 January 2011. TRF Trading Limited raises funds on behalf of the charity and passes up its taxable profits to The Royal Foundation of The Prince and Princess of Wales. A summary of its results extracted from its full audited accounts is shown below: ||**Year ended 31 December**|**Year ended 31 December**| |---|---|---| ||**2024**|2023| ||**£**|£| |Turnover|84,038|13,129| |**Gross profit**|84,038|13,129| |Administrative expenses|(8,941)|(7,799)| |**Operating profit**|75,097|5,330| |Finance charges|(59)|(32)| |**Profit before taxation**|75,038|5,298| |Tax on profit|-|-| |**Profit after taxation**|75,038|5,298| |**Total shareholder's funds brought forward**|1|1| |Profit after taxation|75,038|5,298| |Charitable donation to parent|(75,038)|(5,298)| |**Total shareholder's funds carried forward**|1|1| |Assets, liabilities and shareholders’ funds||| |Assets|103,936|13,608| |Liabilities|(103,935)|(13,607)| |Funds surplus including 1 ordinary share of £1|1|1| 32 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 - **4** ||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||**funds**|**funds**|**2024**|funds|funds|2023| ||**£**|**£**|**£**|£|£|£| |**Investment Income:**|**150,616**|**-**|**150,616**|147,167|21,002|168,169| |**Other Income:**||||||| |Sale of fixed asset|-|-|-|3,059|-|3,059| |Miscellaneous income|1,681|2,074|3,755|||| |**Total other income**|**1,681**|**2,074**|**3,755**|3,059|-|3,059| - **5 Summary analysis of total expenditure - Group** ||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||**funds**|**funds**|**2024**|funds|funds|2023| ||**£**|**£**|**£**|£|£|£| |Raising funds|1,554,817|-|**1,554,817**|1,017,891|128,052|**1,145,943**| |Charitable activities:||||||| |- Direct costs - grant and donation funding of activities|16,743|1,139,369|**1,156,112**|13,290|544,985|**558,275**| |- Direct costs - convening, collaboration and R&D|1,579,520|5,521,024|**7,100,544**|731,882|4,419,620|**5,151,502**| |- Support costs|1,606,042|-|**1,606,042**|1,294,463|499,996|**1,794,459**| ||||**-**|||**-**| |Total charitable activities|3,202,305|6,660,393|**9,862,698**|2,039,635|5,464,601|**7,504,236**| ||**4,757,122**|**6,660,393**|**11,417,515**|**3,057,526**|**5,592,653**|**8,650,179**| Included within Raising Funds are Investment management costs of £0 (2023: £215). Expenditure on Raising Funds for the charity alone excludes £7,319 (2023: £7,597) of non-intercompany expenses incurred by TRF Trading Limited. ## **6 Analysis of expenditure on charitable activities** |**2024 activities**|**Grant funding**
**of activities**|**Direct costs**|**Support**
**costs**|**Governance**
**costs**|**Total**
**2024**| |---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**| |Emergency Responders|20,000|-|-|-|**20,000**| |Mental Health|-|35,821|-|-|**35,821**| |United for Wildlife Taskforces|258,500|1,375,775|138,595|11,050|**1,783,920**| |The Earthshot Prize|-|-|-|-|**-**| |Early Years|102,473|1,700,945|381,094|30,385|**2,214,897**| |Empowering Communities|6,396|-|-|-|**6,396**| |Homelessness|364,500|3,180,715|762,791|60,819|**4,368,825**| |Community Impact|387,500|498,066|158,685|12,654|**1,056,905**| |Other projects|-|309,222|46,279|3,690|**359,191**| |Unrestricted donations (Sentebale & WellChild)|16,743|-|||**16,743**| ||**1,156,112**|**7,100,544**|**1,487,444**|**118,598**|**9,862,698**| |**2023 activities**|**Grant funding**
**of activities**|**Direct costs**|**Support**
**costs**|**Governance**
**costs**|**Total**
**2023**| |---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**| |Emergency Responders|57,471|4,361|2,291|224|**64,347**| |Mental Health|67,282|327,422|161,547|11,773|**568,024**| |United for Wildlife Taskforces|150,204|1,080,720|298,575|23,508|**1,553,007**| |The Earthshot Prize|160,811|(313)|-|-|**160,498**| |Early Years|50,521|1,901,139|567,843|45,209|**2,564,712**| |Empowering Communities|58,696|124|-|-|**58,820**| |Homelessness|-|1,568,954|605,102|50,892|**2,224,948**| |Other projects|-|269,095|27,495|-|**296,590**| |Community Impact|-|-|-|-|**-**| |Unrestricted donation to Sentebale|13,290|-|-|-|**13,290**| ||**558,275**|**5,151,502**|**1,662,853**|**131,606**|**7,504,236**| 33 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **7 Analysis of support costs and governance costs** |**2024**
Raising funds
Emergency Responders
Mental Health
United for Wildlife Taskforces
Early Years
Homelessness
Community Impact
Other projects|**Premises &**
**Office Costs**
**£**
106,027
-
-
50,235
138,130
276,480
57,518
16,774|**Finance, IT & General**
**Management**
**£**
186,495
-
-
88,360
242,964
486,311
101,169
29,503|**Governance**
**Total**
**2024**
**£**
**£**
23,323
315,845
-
-
-
-
11,050
149,645
30,385
411,479
60,819
823,610
12,652
171,339
3,692
49,969
**141,921**
**1,921,887**| |---|---|---|---| ||**645,164**|**1,134,802**|| Raising Funds in the group totalled £1,554,817 which consisted of £1,238,972 of direct fundraising costs and £315,845 of support and governance costs. Costs relating to Premises & Office Cost, Finance, IT & General Management are allocated on the basis of headcount, and Governance costs are allocated on the basis of headcount, with a timeshare allocation for specific key staff. |**2023**
Raising funds
Emergency Responders
Mental Health
United for Wildlife Taskforces
Early Years
Homelessness
Community Impact
Other projects|**Premises &**
**Office Costs**
**£**
99,790
725
38,119
76,118
146,385
164,786
-
-|**Finance, IT & General**
**Management**
**£**
284,350
1,566
123,428
222,457
421,458
440,316
-
27,495|**Governance**
**Total**
**2023**
**£**
**£**
31,028
415,168
224
2,515
11,773
173,320
23,508
322,083
45,209
613,052
50,892
655,994
-
-
-
27,495
**162,634**
**2,209,627**| |---|---|---|---| ||**525,923**|**1,521,071**|| Raising Funds in the group in 2023 totalled £1,138,346 which consisted of £723,178 of direct fundraising costs and £415,168 of support and governance costs. 34 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **8 Analysis of grants and donations** |**Emergency Responders**
College of Policing
Police Care UK (on behalf of the Network of Emergency Services Therapists)
**Homewards**
Homeless Link
Homewards Exhibition
**Community Impact**
Birtley Aquatic Centre
Greater Manchester Violence Reduction Unit
Tom Dean Swim School
NHS Charities Together
Cymdeithas Mudiadau Gwirfoddol Ceredigion
Street Soccer
Other
Life at No.27
Hideaway Youth Project
**COVID-19 response fund**
The Mix
_Total COVID-19 response fund_
**Early Years**
Integrate Project
Institute of Health Visitors
Wellchild
**The Earthshot Prize**
Spin out to independent charity, The Earthshot Prize
**United for Wildlife Taskforces**
Focused Conservation Solutions
RWSI well being rights for Rangers
SAWC Braveheart Ranger
**Empowering Communities**
The Felix Project (donation)
**Others (unrestricted)**
Sentebale (donation from the Diana Princess of Wales Memorial Fund)
**TOTAL charitable grants and donations**|**2024**
**£**
20,000
-|2023
£
-
87,470| |---|---|---| ||20,000
349,500
15,000|87,470
-
-| ||364,500
86,000
25,000
20,000
54,000
22,500
150,000
30,000
-
-|-
-
-
-
-
-
-
-
2,282
25,000| ||387,500
-|27,282
40,000| ||-
26,963
75,510
-|40,000
-
50,521
6,216| ||102,473
-|56,737
160,811| ||-
157,500
50,000
51,000|160,811
150,204
-
-| ||258,500
6,396|150,204
58,698| ||6,396
16,743|58,698
7,073| ||16,743|7,073| ||1,156,112|588,274| Unless otherwise stated, all amounts are for single grants. 35 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **9 Total expenditure** The following have been charged within total expenditure: |The following have been charged within total expenditure:||| |---|---|---| ||**2024**|2023| ||**£**|£| |Auditor remuneration:||| |Fees payable for the audit of The Royal Foundation and subsidiary annual accounts|45,650|37,837| |Fees payable for tax advisory and compliance services for The Royal Foundation||| |and its subsidiary|7,100|6,943| |Depreciation of tangible fixed assets|62,676|43,558| |Defined contribution pension costs|299,015|207,310| Auditor remuneration is stated net of irrecoverable VAT, which amounted to £8,000 (2023: £6,962) for audit services and £790 (2023: £786) for non-audit services. - **10 Analysis of staff costs and the cost of key management personnel** |**Analysis of staff costs and the cost of key management personnel**||| |---|---|---| |**Total staff costs comprised:**
Gross wages and salaries
Social security costs
Pension costs: defined contribution
Other benefits (including medical insurance)|**2024**
**£**
4,192,956
491,613
299,015
58,970|2023
£
2,881,029
320,519
207,310
21,949| ||**5,042,554**|**3,430,807**| During 2024, there were redundancy or termination payments made which amounted to £22,462 (2023: £0). There were no outstanding payments at year end All employees were employed by the charity. The average number of employees in the year was 67 (2023: 48). The average number of staff in the year was 57 full time (2023: 43) and 9 part time (2023: 5), with the part time staff representing an average of 6 FTE. (2023: 3). For 2024, the key management personnel of the charity comprised the Trustees, the Chief Executive, the Director of Partnerships, the Director of Research and Impact, the Creative Director, the Executive Director Homewards, the Executive Director Centre for Early Childhood, Chief of Staff, the Director of People and Culture, the Executive Director Programmes, the Executive Director Conservation, the Director of Finance and Operations, and the Head of Finance (Interim). The total employee benefits of the key management personnel were £,1,541,192 (2023: £1,024,935), including pension costs of £91,329 (2023: £66,223) and national insurance costs of £148,692 (2023: £99,238). The increase in key management personnel costs being driven by the recruitment of planned senior leadership posts during 2024. The number of employees who earned over £60,000, including taxable benefits but excluding pension costs, was: ||**2024**|2023| |---|---|---| |£60,000 - £70,000|9|3| |£70,001 - £80,000|8|8| |£80,001 - £90,000|3|1| |£90,001 - £100,000|1|-| |£100,001 - £110,000|2|3| |£110,001 - £120,000|1|-| |£120,001 - £130,000|1|-| |£130,001 - £140,000|1|-| |£200,001 - £210,000|1|1| The charity operates a defined contribution scheme for its employees which require contributions to be made to separately administrated funds. The pension costs for the year totalled £299,015 (2023: £207,310). There were no outstanding balances as at 31 December 2024 or 31 December 2023. 36 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **11 Trustee remuneration, expenses and related party transactions** Unless otherwise stated in this note, there were no amounts outstanding with related parties as at 31 December 2024 or 31 December 2023. ## _Remuneration_ No Trustee or persons connected with them received any remuneration or received any other benefits from an employment with the charity or a related entity (2023: £nil). ## _Expenses_ £0 of travel expenses were reimbursed to Trustees during the year (2023: £72). £355 of Board meeting refreshments were incurred during the year (2023: £0). ## _Related Party transactions - Trustees_ During the year, The Royal Foundation received aggregate donations from Trustees of £100,000 (2023: £100,000). Claire Wills is a Trustee of The Royal Foundation and Partner of Freshfields Bruckhaus Deringer LLP. During the year, The Royal Foundation received pro bono legal advice from Freshfields valued at £81,514 (2023: £104,684) and use of office space for a meeting valued at £456 (2023: £0). Tom White and Ian Patrick became ex officio trustees of The Royal Foundation on 19 February, and 4 March 2024, respectively, and are members of the Lord Chamberlain's Committee, the main governing body of The Royal Household. The Prince and Princess of Wales are members of The Royal Foundation in addition to their roles as patrons. During the year, The Royal Foundation purchased £23,643 (2023: £6,957) of services from Kensington Palace relating to recharges of international travel costs and venue hire. The Charity purchased insurance for Trustees and Officers during the year to indemnify them against possible liabilities incurred by them in relation to their duties. The cost of this insurance was £970 (2023: £1,032) 37 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **11 Trustee remuneration, expenses and related party transactions (continued)** _Related Party transactions - Subsidiaries and Associates_ ## TRF Trading Limited The charity has a wholly owned trading subsidiary, TRF Trading Limited (registered number 7506603), which was incorporated in Great Britain and registered in England and Wales on 26 January 2011. TRF Trading Limited raises funds on behalf of the charity and passes up its profits to The Royal Foundation of The Prince and Princess of Wales. At the year end, TRF Trading Limited owed £78,793 (2023: £7,484) to The Royal Foundation, including management charges of £1,681 (2023: £234) and a gift aid donation of £75,038 (2023: £5,298). ## The Earthshot Prize The Earthshot Prize programme was incubated within the Royal Foundation and was spun out into an independent charity in July 2022, together with all related assets and liabilities. The Earthshot Prize charity and its trading subsidiary TEP Trading Ltd are considered a related party for the reasons set out in the basis of consolidation note 1(b). _Related party transactions - Other_ ## The Diana, Princess of Wales Memorial Fund With effect from 1 April 2013, The Royal Foundation took over legal control of The Diana, Princess of Wales Memorial Fund in order to safeguard both the Fund’s name and any further income donated to the Fund in the future. The Royal Foundation A Declaration of Trust was signed by The Diana, Princess of Wales Memorial Fund Trust Company as sole corporate trustee of The Diana, Princess of Wales Memorial Fund applying the current and future assets (excluding a £10 reserved sum) to The Royal Foundation. The Declaration of Trust came into effect from midnight on 31 December 2013. The financial statements of The Diana, Princess of Wales Memorial Fund Trust Company have not been consolidated on grounds of immateriality. For further details of transactions, please refer to Note 2. On 17 June 2020, in accordance with a request from The Duke of Sussex, the trustees approved the donation of 50% of future net income (backdated to 18 December 2019) received by The Diana, Princess of Wales Memorial Fund to Sentebale, a UK registered charity of which The Duke of Sussex is co-founder. During the year, donations of £10,827 (2023: £7,013) were paid to Sentable. American Friends of The Royal Foundation of The Prince and Princess of Wales, Inc. The American Friends is a 501(c)(3) entity registered in the state of Delaware, USA. The Royal Foundation received £2,566,452 (2023: £1,659,667) of grant income from The American Friends. 38 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 **12** |Tangible fixed assets - Group and Charity|| |---|---| ||**Equipment**| ||**£**| |**Cost:**|| |Balance brought forward 1 January 2024|234,067| |Additions|39,652| |Disposals|-| |Balance carried forward 31 December 2024|**273,719**| |**Depreciation:**|| |Balance brought forward 1 January 2024|102,976| |Charge for the period|62,676| |On disposals|-| |Balance carried forward 31 December 2024|**165,652**| |**Net book value:**|| |Brought forward 1 January 2024|131,091| |Carried forward 31 December 2024|**108,067**| ## **13 Fixed Asset Investments** The Royal Foundation has funds invested with Cazenove Capital Management in order to generate a return for the charity and ensure its long term financial viability. The funds are recorded at open market value as at 31 December 2024. ||**Group**||**Charity**|| |---|---|---|---|---| ||**2024**|2023|**2024**|2023| ||**£**|£|**£**|£| |**Fund investments:**||||| |Market value (including cash) at 1 January|1,697,775|1,586,592|1,697,775|1,586,592| |Net gains on revaluation|139,885|111,371|139,841|111,371| |Movement in cash|-|(188)|44|(188)| |**Market Value at 31 December**|1,837,660|1,697,775|1,837,660|1,697,775| |**Investment in Subsidiary**|-|-|1|1| |**Investment in Associate**|991,508|1,465,284|-|-| |**Total**|**2,829,168**|**3,163,059**|**1,837,661**|**1,697,776**| ||**Group**||**Charity**|| ||**2024**|2023|**2024**|2023| ||**£**|£|**£**|£| |**Fund investments:**||||| |Multi Asset funds|1,837,645|1,697,760|1,837,645|1,697,760| |Cash and cash equivalents|15|15|15|15| ||**1,837,660**|**1,697,775**|**1,837,660**|**1,697,775**| The investment in the Associate represents the Foundation's one third share in The Earthshot Prize and amounted to £991,508 (2023: £1,465,284). 39 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **13 Fixed Asset Investments (continued)** The Royal Foundation's share of The Earthshot Prize's income and expenditure at 31 December 2024: |Share of income
Share of expenditure|**Group**|**Charity**| |---|---|---| ||**2024**
2023
**£**
£
7,758,139
6,408,850
(8,575,427)
(7,081,140)|**2024**
2023
**£**
£
-
-
-
-| The charity also holds 1 ordinary share of £1 in TRF Trading Limited, a company registered in England and Wales no. 7506603. The company carries out trading activities to raise funds for the charity (see note 3). ## **14 Programme Related Investments** An unsecured loan of £250k to Mental Health Innovations meets the definition of "programme related investments" as set out in SORP . MHI were set up with funds raised through The Royal Foundation's "Heads Together" campaign and provide the "Shout" service , a 24/7 mental health crisis text line for the public benefit and this loan was to provide short term cover whilst longer term funding streams were secured. The first repayment is due in December 2025 |At 1 January
Additions - concessionary loans (due after one year)
**At 31 December**|**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---| ||**2024**
**£**
-
250,000
**250,000**|2023
£
-
-|**2024**
**£**
-
250,000|2023
£
-
-| |||**-**|**250,000**|**-**| Contracts with NHS England were expected to underpin the costs of the service but the announcement that NHS England is being dissolved and it's functions integrated into the Department of Health and Social Care has delayed the process , and the planned repayments . The Trustees of both organisations remain confident that the loan will be repaid in full, as contracts with DHSC conclude. ## **15 Debtors** |Trade debtors
Amounts owed by subsidiary
Prepayments and accrued income
Other debtors|**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---| ||**2024**
**£**
80,489
-
345,396
-
**425,885**|2023
£
-
-
1,251,924
3,468|**2024**
**£**
-
78,793
345,396
-|2023
£
-
7,484
1,250,510
3,468| |||**1,255,392**|**424,189**|**1,261,462**| ## **16 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||||| |---|---|---|---|---| |Trade creditors
Charitable grants payable
Taxation and social security
Accruals and deferred income
Other creditors|**Group**||**Charity**|| ||**2024**
**£**
450,468
193,896
159,997
520,048
14,157
**1,338,566**|2023
£
277,373
-
102,731
485,169
15,310|**2024**
**£**
446,868
193,896
145,715
512,789
14,157|2023
£
277,373
-
102,194
478,169
15,310| |||**880,583**|**1,313,425**|**873,046**| Charitable grants payable £193,896 is disclosed under note 18. 40 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **17 Contingent liabilities** The Royal Foundation’s grant giving strategy includes awarding grants to projects over multiple years, funded from outside sources and key donors. As at 31 December 2024 the Foundation had grants which were approved by trustees but not yet awarded to the grantee, and grants which were awarded to the grantee but not yet paid, broken down as follows: |||**Approved, notyet awarded**|**Approved, notyet awarded**|**Awarded, notyetpaid**|| |---|---|---|---|---|---| |||**2024**|2023|**2024**|2023| |||**£**|£|**£**|£| |United for Wildlife Taskforces||-|150,000|234,000|-| |Emergency Responders||-|12,530|12,530|-| |Community Impact||-|-|143,500|-| |Early Years||-|-|137,868|-| |Homelessness|0|-|-|600,000|-| |||**-**|**162,530**|**1,127,898**|**-**| As disclosed in note 1(b) and note 11, an agreement was signed with Sussex Royal on 18 December 2019, by which The Royal Foundation intends to donate 50% of the net income received by The Diana, Princess of Wales Memorial Fund from that date onwards, to Sussex Royal. In March 2020 The Duke and Duchess of Sussex announced that they would no longer be operating Sussex Royal as their primary philanthropic vehicle in the UK and accordingly their share of the net income is instead being donated to Sentebale, a charity registered in the UK of which The Duke of Sussex is co-founder. |**18**|**Grants to third parties**|**2024**|2023| |---|---|---|---| |||**£**|£| ||**Outstanding Liabilites at start of the year**|-|-| ||Awarded during the year (note 8)|1,132,973|522,504| ||Paid during the year|(939,077)|(522,504)| ||**Outstanding Liabilities at the end of the year**|**193,896**|**-**| ||Grants falling due within one year|**193,896**|**-**| 41 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **19 Analysis of movements in unrestricted funds** |**Group**|**Balance at**|**Income**|**Expenditure**|**Transfers**|**Gains &**|**Balance at**| |---|---|---|---|---|---|---| ||**1 January**|||**between funds**|**Losses**|**31 December**| ||**2024**|||||**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds - group:**||||||| |General funds|5,274,686|6,759,580|(4,757,122)|(1,616,135)|139,885|5,800,894| |**Charity**|**Balance at**|**Income**|**Expenditure**|**Transfers**|**Gains &**|**Balance at**| ||**1 January**|||**between funds**|**Losses**|**31 December**| ||**2024**|||||**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds - charity:**||||||| |General funds|5,272,044|6,687,261|(4,749,803)|(1,551,135)|139,885|5,798,252| |Unrestricted funds can be used in accordance||with the charitable objects at the||discretion of the Trustees.||| |**Group**|**Balance at**|**Income**|**Expenditure**|**Transfers**|**Gains &**|**Balance at**| ||**1 January**|||**between funds**|**Losses**|**31 December**| ||**2023**|||||**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds - group:**||||||| |General funds|5,086,878|3,848,612|(3,057,526)|(714,649)|111,371|5,274,686| |**Charity**|**Balance at**|**Income**|**Expenditure**|**Transfers**|**Gains &**|**Balance at**| ||**1 January**|||**between funds**|**Losses**|**31 December**| ||**2023**|||||**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds - charity:**||||||| |General funds|5,084,235|3,841,016|(3,049,929)|(714,649)|111,371|5,272,044| 42 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **20 Analysis of movements in restricted funds** |**_Group_**
**Restricted funds:**
Early Years
Mental Health
The Earthshot Prize
Emergency Responders
United for Wildlife Taskforces
Homelessness
Community Impact
Empowering Communities|**Balance at**
**1 January**
**2024**
**£**
-
116,188
1,465,284
14,047
8,900
50,189
25,000
3,028|**Income**
**£**
1,901,400
65,501
-
-
806,367
2,630,030
-
5,625|**Expenditure**
**£**
(1,467,508)
(35,821)
(473,776)
(20,000)
(1,512,112)
(2,872,862)
(745,694)
(6,396)
(7,134,169)|**Transfers**
**between funds**
**£**
-
-
-
5,953
696,845
192,643
720,694
-|**Gains &**
**Losses**
**£**
-
-
-
-
-
-
-
-|**Balance at**
**31 December**
**2024**
**£**
433,892
145,868
991,508
-
-
-
-
2,257| |---|---|---|---|---|---|---| ||1,682,636|5,408,923||1,616,135|-|1,573,525| The table above summarises the main restricted funds. The Early Years restricted fund relates to The Princess of Wales's Early Years programme of work which includes The Royal Foundation Centre for Early Childhood. cover the additional expenditure incurred in relation to the programme. The funds received in relation to Mental Health relate to The Royal Foundation's work focusing on mental health and well-being which includes activities relating to _Heads Together_ . The Earthshot Prize fund consists of amounts relating to The Earthshot Prize programme, which is designed to incentivise change and help repair our planet over the next ten years. All of the restricted funds were transferred to the independent charity upon spinout of this programme in July 2022. The year end fund balance is The Foundation's interest as an associate investment in the independent Earthshot Prize charity. Emergency Responders funds cover projects to support personnel currently serving in the emergency responders, or those who have previously served, and their families. In 2024 a transfer of £5,953 was made to this fund from unrestricted funds, to cover the additional expenditure incurred in relation to the programme. United for Wildlife convenes the private sector and other organisations under the Transport and Financial Taskforces with the ambition of making it impossible for traffickers to use private sector infrastructure to finance and transport illegal wildlife and products with impunity. In 2024 a transfer of £696,845 was made to this fund from unrestricted funds, to cover the additional expenditure incurred in relation to the programme. The Homelessness fund is a programme spearheaded by The Prince of Wales which launched in June 2023 with the aim of making homelessness rare, brief and unrepeated. In 2024 a transfer of £192,643 was made to this fund from unrestricted funds, to cover the additional expenditure incurred in relation to the programme. The Community Impact fund has been developed in response to the significant social and economic barriers that many communities across the UK are facing. In 2024 a transfer of £720,694 was made to this fund from unrestricted funds, to cover the additional expenditure incurred in relation to the programme. The Empowering Communities fund relates to The Duchess of Sussex's Empowering Communities Through Food programme, funded by income received from sales of the _Together_ cookbook published in 2018. Funds are being donated to The Felix Project in accordance with the wishes of The Duchess of Sussex. |**_Group_**
**Restricted funds:**
Early Years
Mental Health
The Earthshot Prize
Emergency Responders
United for Wildlife Taskforces
Homelessness
Empowering Communities|**Balance at**
**1 January**
**2023**
**£**
800,000
481,948
343,036
73,922
739,732
-
2,309|**Income**
**£**
596,634
31,522
1,283,059
1,169
524,512
1,598,257
84,540|**Expenditure**
**£**
(2,111,283)
(397,282)
(160,811)
(61,044)
(1,255,344)
(1,548,068)
(58,821)
(5,592,653)|**Transfers**
**between funds**
**£**
714,649
-
-
-
-
-
-|**Gains &**
**Losses**
**£**
-
-
-
-
-
-
-|**Balance at**
**31 December**
**2023**
**£**
(0)
116,188
1,465,284
14,047
8,900
50,189
28,028| |---|---|---|---|---|---|---| ||2,440,947|4,119,693||714,649|-|1,682,636| 43 **The Royal Foundation of The Prince and Princess of Wales** Company Registration No. 07033553 ## **21 Analysis of group net assets between funds** |Fixed assets
Fixed asset investments
Programme related investments
Cash
Other net current (liabilities)/assets
Fixed assets
Fixed asset investments
Cash
Other net current liabilities||**Group**|**Balance at**
**31 December**
**2024**
**£**
**108,067**
**2,829,168**
**250,000**
**5,099,865**
**(912,681)**
**7,374,419**
**Balance at**
**31 December**
**2023**
**£**
**131,091**
**3,163,059**
**3,288,363**
**374,809**
**6,957,322**||**Charity**|| |---|---|---|---|---|---|---| ||**Unrestricted**
**funds**
**£**
108,067
1,837,660
-
4,128,235
(273,068)|**Restricted**
**funds**
**£**
-
991,508
250,000
971,630
(639,613)||**Unrestricted**
**funds**
**£**
108,067
1,837,661
-
4,086,657
(234,133)|**Restricted**
**funds**
**£**
-
-
250,000
989,761
(655,103)|**Balance at**
**31 December**
**2024**
**£**
108,067
1,837,661
250,000
5,076,418
(889,236)| ||**5,800,894**|**1,573,525**||**5,798,252**|**584,658**|**6,382,910**| |||**Group**|||**Charity**|| ||**Unrestricted**
**funds**
**£**
131,091
1,697,775
2,633,653
812,167|**Restricted**
**funds**
**£**
-
1,465,284
654,710
(437,358)||**Unrestricted**
**funds**
**£**
131,091
1,697,776
2,617,402
825,775|**Restricted**
**funds**
**£**
-
-
657,353
(437,359)|**Balance at**
**31 December**
**2023**
**£**
131,091
1,697,776
3,274,755
388,416| ||**5,274,686**|**1,682,636**||**5,272,044**|**219,994**|**5,492,038**| ## **22 Reconciliation of net income/(expenditure) to net cash flow from operating activities** |**Net movement in funds**
Adjustments for:
Depreciation charge
Gains on investments
Dividends and interest included in investing activities
Decrease/(increase) in other debtors
Increase in creditors
Share of associate's net assets
**Net cash provided by operating activities**|**Group**|**Group**| |---|---|---| ||**2024**
**£**
417,097
62,676
(139,885)
(150,616)
829,507
457,983
473,776|2023
£
(570,503)
43,558
(111,371)
(168,169)
(10,358)
129,774
(1,283,059)| ||1,950,538|(1,970,128)| ## **23 Reconciliation of net cash flow to movement in net funds** |**Reconciliation of net cash flow to movement in net funds**||| |---|---|---| |Increase/(Decrease) in cash
Net funds at 1 January
Net funds at 31 December|**Group**|| ||**2024**
**£**
1,811,502
3,288,378|2023
£
(1,920,672)
5,209,050| ||5,099,880|3,288,378| ## **24 Controlling Party** The controlling party of The Royal Foundation is HRH The Prince of Wales. 44