Report and Consolidated Financial Statements for the year ended 31 December 2025 


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 Charity Registration No. 1132048 



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## Contents 

Principals and Members, Officers and Professional Advisers ........................................................................ 3 Letter from the Chief Executive ........................................................................................................................................... 4 Trustees’ report ................................................................................................................................................................................6 Independent Auditor’s report ............................................................................................................................................ 30 Consolidated statement of financial activities ........................................................................................................34 Consolidated and charity balance sheet ....................................................................................................................35 Consolidated cash flow statement ..................................................................................................................................36 Notes to the consolidated financial statements .....................................................................................................37 


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The Princess of Wales visiting Home-Start Oxford.<br>**----- End of picture text -----**<br>


The Prince of Wales and Homewards Advocate Gail Porter meeting a resident moving into their new home supported by Homewards. 



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## Principals and Members, Officers and Professional Advisers 

## Principals and Members 

Their Royal Highnesses The Prince and Princess of Wales 

## Trustees 

Lord Hague of Richmond – Chairman (until 1[st] January 2025) Simon Patterson – Vice Chairman (until 1[st] January 2025) Chairman (from 2[nd] January 2025) Zeinab Badawi 

Dame Pippa Harris Sir Ron Kalifa OBE Alice Webb Claire Wills Sir David Lewis 

Ex Officio Trustees 

Ian Patrick 

Lt Col Tom White MVO RM 

## Leadership Team 

Amanda Berry CBE ...........................................................................................................................Chief Executive (until 1st February 2026) Sarah Henwood ...............................................................................................................................Chief Executive (from 2nd February 2026) Tom Clements .......................................................................................................................................................... Executive Director, Conservation Pim Gregory ......................................................................................................... Executive Director, Homelessness (until 4th July 2025) Hazel Detsiny ......................................................................................Executive Director, Homelessness (from 3rd September 2025) Christian Guy ......................................................................Executive Director, The Royal Foundation Centre for Early Childhood Kully Kaur-Ballagan ...............................................................................................................................................Director of Research and Impact Kathryn Martindale ....................................................................................................................................... Director of Finance and Operations Amy Pickerill .............................................................Creative Director (maternity leave from 8th May 2025 to 17th June 2026) Jas Sohal ........................................................................................................................................................................ Director of People and Culture Melanie Waters OBE ...........................................................................Executive Director, Programmes (until 31st December 2025) Damian Wilson ..............................................................................................................................................................................Director of Partnerships Felicity Woodrow .................................................................................................................................................................................................Chief of Staff 

## Registered Office 

Kensington Palace Palace Green London W8 4PU 

Bankers Solicitors 

## Auditor 

Barclays Bank plc Bates Wells LLP Crowe U.K. LLP 1 Churchill Place 10 Queen Street Place 55 Ludgate Hill London E14 5HP London EC4R 1BE London EC4M 7JW 

## Investment Advisors 

Cazenove Capital (trading name of Schroder & Co. Limited) 1 London Wall Place, London EC2Y 5AU 



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## Letter from Amanda Berry CBE, Chief Executive 

The Royal Foundation leads with the belief that change is always possible. 

In 2025, that belief was matched by a bold and deliberate focus on the power of collaboration, which meant our work reached further and connected more deeply. We have an unparalleled ability to unite people, ideas and resources. Together, we can shift systems, innovate solutions and inspire others to act. 

This year, each of our programmes turned shared commitment into measurable outcomes – and set the stage for even greater impact in the years ahead. 

2025 marked a defining moment for the Centre for Early Childhood. The year began with the launch of the Shaping Us Framework. This highlighted the importance of social and emotional skills for life, which have their foundations laid in our earliest years. The Framework has already inspired a wide range of projects and attracted global interest. The Centre has also created a suite of resources for early years practitioners, based on the Framework, to promote the importance of nurturing care and connection right from the start. 

In the Autumn, The Centre published a powerful essay by The Princess of Wales, “The Power of Human Connection in a Distracted World”, in which HRH set out the need to invest in relationships from the very beginning, if we are to create a healthier, happier, more loving world. 

The Centre also convened a first-of-its-kind Future Workforce Summit, bringing together 80 of the UK’s most influential business leaders to drive action and investment in early childhood, strengthening both the economy and society. Together, these efforts are shaping a whole new national conversation about early childhood. 

Meanwhile, Homewards – which aims to demonstrate that homelessness can be prevented - marked its halfway moment at the end of 2025. 

In July, more than 140 stakeholders came together in Sheffield for a two-day event. The event illustrated Homewards’ reach and momentum, highlighting both what has been achieved to date and the potential for what can be unlocked in the years ahead. This year also saw the successful introduction of Upstream, an early intervention initiative designed to prevent homelessness before it occurs. In 2026 and beyond, Homewards will continue to demonstrate that homelessness can become rare, brief and unrepeated. 

In October, to coincide with World Mental Health Day, we launched the National Suicide Prevention Network – a pioneering four nations approach to understanding, addressing and preventing suicide. 

Backed by over £1 million in funding from the Foundation, the network brings together 20 organisations offering crisis support, prevention and post-vention services. Our five founding partners have received seed funding to deliver projects designed to make suicide prevention support more visible, more inclusive, and easier to access. 14 more Network partners are developing innovative solutions, funded by The Royal Foundation, with several of these projects progressing to delivery within months of launch, moving quickly from ambition to action. Sector experts have described the Network as a ‘once-in-a-generation opportunity’ and ‘game-changing model’, and the launch of NSPN marks the beginning of a long-term transformation in how the UK responds to one of its most urgent mental health challenges. 



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Global challenges require global coalitions, and 2025 marked a defining year for United for Wildlife. In November, more than 400 leaders - spanning business, government, philanthropy and Indigenous communities - convened at its largest ever Global Summit in Rio de Janeiro. 

The summit focused squarely on impact. We built a high-ambition coalition of governments committed to advancing the agenda on environmental crime and mobilised businesses to drive coordinated action. We partnered with – and gave an international platform to – environmental defenders, particularly Indigenous Peoples and local communities. Their frontline efforts are vital to protecting the natural world and, together with our partners, we are now helping to protect them. 

We also launched the award-winning digital series Guardians. Highlighting the crucial - and often unseen - work of rangers and nature’s protectors across the globe, it has been viewed over one million times and was showcased at an event held at the Natural History Museum during the run-up to the UN Climate Conference COP30. 

The year closed with the fifth ‘Together at Christmas’ Carol Service at Westminster Abbey, led by The Princess of Wales and supported by The Royal Foundation. The service celebrated love in all its forms, and spotlighted the quiet, powerful acts of care that so often hold communities together. Since its broadcast on ITV, the service has been watched by over three million people. We also partnered with Lord-Lieutenancies to host 15 community carol services across the UK, welcoming over 5,000 guests as a Christmas ‘thank you’ for making a real difference in their communities. 

This year has shown, more clearly than ever, that the Foundation’s greatest strength lies in the people who power it: our dedicated staff members, our Board of Trustees, and our many partners. I would also like to sincerely thank Their Royal Highnesses, The Prince and Princess of Wales, for their continued vision and leadership, and our valued colleagues in The Royal Household. 

2026 will undoubtedly be another year of ambition and impact. It is also a year of personal transition, as I move into a new role as the first Global Partnerships Ambassador for The Prince and Princess of Wales. My new role reflects Their Royal Highnesses’ deep commitment to collaboration and their growing desire to learn from, and partner with, others. 

I will, of course, continue to champion the work of the Foundation and of our new CEO, Sarah Henwood. Together, we step into the year ahead with renewed purpose, confident in the power of collective action to shape a better future and drive positive impact where it matters most. 


Amanda Berry CBE Chief Executive 


Their Royal Highnesses The Prince and Princess of Wales and other Members of the Royal Family attend the fifth ‘Together At Christmas’ Carol Service at Westminster Abbey. 



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## Trustees’ Report 

The Trustees of The Royal Foundation of The Prince and Princess of Wales (“The Royal Foundation”) present their annual report (including the Directors’ and Strategic Report) for the year ended 31 December 2025 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 (FRS102) (Charities SORP (FRS102)). 

## Overview 

The Prince and Princess of Wales and The Royal Foundation lead with the belief that change is always possible and are committed to building innovative, collaborative and optimistic solutions that deliver positive impact where it matters most. 

Together, Their Royal Highnesses and The Royal Foundation have an unparalleled ability to take a long-term view and unite people, ideas and resources; inspiring action to deliver meaningful change for a better future for individuals, communities, society and our planet. 

The Princess of Wales visiting Home-Start Oxford. 


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The Prince of Wales meets organisation Spiral<br>Skills, as part of a visit to Homewards Lambeth.<br>**----- End of picture text -----**<br>




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## Centre for Early Childhood 

The Royal Foundation Centre for Early Childhood was established by The Princess of Wales in 2021. It continues to pursue its vision of a healthier, happier and more loving society, transformed through the “golden opportunity” of early childhood. 

In 2025, the Centre translated groundbreaking research into tangible, real-world change at scale. Highlights from the year include: 

## Understanding the Social and Emotional Skills that Matter Most 

In February, the Centre published the Shaping Us Framework, setting out a core set of social and emotional skills which we must prioritise if we are to thrive. It resulted from collaboration with over 100 experts from 21 countries and was tested with the public to ensure that it resonated with both families and practitioners. 

The Framework report provides a universal approach to understanding these skills across all life stages and a clear, science-based articulation of how the foundations of our social and emotional development, laid down during our earliest years, shape the adults we become and the society we create. 

Its influence has been immediate. Early years organisations have welcomed the Centre’s visible leadership in this area, with partners already embedding the Framework into their work. The Centre has also produced resources to support practitioners in their work with families. 

One such resource was a collaboration with the National Portrait Gallery to create a magical trail for underfives and their families, which proved hugely popular and is now touring museums and galleries across the UK, stopping in Middlesborough, Salford, and Sheffield in 2026 with more stops planned thereafter. 

The Framework is helping to give social and emotional skills the greater priority they deserve, supporting The Princess of Wales’ mission to create a happier, healthier society. 

## Equipping Practitioners to Support Early Years Development 

In 2025, the Centre ensured that the Shaping Us Framework started to drive practical change. Summer saw the launch of our Explainer Series, a suite of animated films and scientific briefings for the early years workforce, providing them with the tools and the confidence to nurture social and emotional development. 

These resources are already enabling practitioners to have deeper, more meaningful conversations with parents and carers, helping families to better understand the small - but powerful - moments that shape childhood. 

The Centre is now working with more than 25 organisations, including the University of East London and the Institute of Health Visiting, to embed the Explainers across workforce development and service delivery. Through these partnerships, the resources have the potential to reach over 400,000 early years practitioners. Over the coming year, the Centre will work closely with our partners to learn from their experiences and to measure the real-world impact of our shared effort. 



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The Power of Human Connection in a Distracted World 

In the Autumn, the centre published a powerful essay written by The Princess of Wales in collaboration with Professor Robert Waldinger of Harvard University. 

The essay set out two core points: warm, loving relationships are the single greatest investment we can make for our health and happiness; and yet modern life, rising loneliness and fragmented attention - often driven by digital devices - is undermining our ability to form such connections. 

It also set out the science showing that social and emotional skills formed in our earliest years shape lifelong wellbeing. Together, these ideas form a clear call to action:  if we want healthier, happier lives, we must invest in relationships from the very beginning. 

Driving Business Action on Early Childhood: Future Workforce Summit 

In November, the Centre convened more than 80 influential business leaders at The Royal Foundation Business Taskforce on Early Childhood. 

Held at Salesforce Tower in London, the summit underscored that businesses that invest in the early years can play an important role in shaping the future workforce and developing the uniquely human skills needed to thrive at a time of huge technological progress and change. 

It culminated in a call for UK businesses to take collective action to invest in early years. This will not only support today’s families, but will also build the resilient, skilled workforce needed for the future. Feedback from participants was clear: the event inspired them to consider both immediate next steps and long-term cultural and strategic commitments. 

Its target – to reach one million babies and young children in 2026 – reflects the scale of the movement the Centre is now building. 

The Princess of Wales speaking at The Future Workforce Summit. 



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## Homewards 

The Homewards programme was launched in June 2023 by The Prince of Wales and aims to demonstrate that it’s possible to make homelessness rare, brief and unrepeated. Homewards is built on the belief that prevention is possible when we work together and focus on long-term systemic change. 

Locally led and nationally supported, Homewards works with six flagship locations across the UK: 

- Aberdeen 

- Bournemouth, Christchurch & Poole 

- Lambeth 

- Newport 

- Northern Ireland 

- Sheffield 

Each location is building a coalition of partners to test, scale and share solutions that prevent homelessness. In 2025, this collective effort translated into meaningful, measurable impact. 

## Preventing Homelessness by Working Together 

Homewards is halfway through our five-year programme, driving real impact on the ground across our six flagship locations. 

Thanks to Homewards, there are people in homes, people in jobs, and supported through preventative initiatives that will ensure homelessness won’t become a part of that person’s life. It is starting to prove ways of working that can be replicated across the UK. 

## Driving Real Impact on the Ground in Our Six Locations 

Over the last year, Homewards has seen encouraging signs of progress, as housing projects across the six locations continue to expand. By bringing together the right partners - from landlords and developers to local charities - Homewards is unlocking more affordable homes and showing what’s possible when the housing systems work as one: 

- In Lambeth, early intervention is transforming outcomes for families. Housing surgeries in community and children’s centres have already supported single parents and prevented several families from losing their homes. Meanwhile, a partnership between the Duchy of Cornwall and Centrepoint secured planning permission for 16 affordable homes for young people. 

- In Sheffield, Homewards has embedded two Tenancy Advice and Advocacy Officers within two community organisations. Alongside stable housing outcomes, families reported growing confidence and an improved ability to understand and access the support available to them. 

- In Aberdeen, safe, stable homes have been delivered thanks to an Innovative Housing Project that brings empty properties back into use. A new partnership with The Multibank Charity and local businesses will furnish all of these homes: a powerful example of how collaboration scales impact. 

- In Northern Ireland, the newly launched Bright Path Fund will support care-experienced young people to move into private rental homes over the next two years. It combines housing with wrap-around support in employment, mental health and tenancy sustainment. 

These programmes are not only preventing homelessness, they are also building the foundations for independence and long-term stability. 



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## Inspiring More People to Act Together for Change 

In July, Homewards convened more than 140 partners from across the UK for its Year Two gathering, Delivering Change Together, in Sheffield. The event illustrated Homewards’ reach and momentum, showing what has been achieved to date, and what can be unlocked in the years ahead. It demonstrates the impact that can be made through improved collaboration, the embedding of lived experience and an unwavering focus on prevention. 

Homewards has also launched NEON (New Employment Opportunities Network) across a number of our locations, enabling collaborative partnerships between employers, support services and people at risk of homelessness to secure sustainable employment. 

Additionally, Homewards has started up data insight projects. These bring together the homelessness sector, tech and legal experts, and those with lived experience to use tech for good, helping achieve better outcomes for people at risk of homelessness by both predicting risk and recommending the best solutions. 

## Scaling Early-Intervention Solutions Nationwide 

Early support is vital to give young people the best start in life. Schools, family support services and youth programmes are important in helping young people and their families build stable lives and strong support networks. 

Targeted support within schools can play a major role in identifying young people at higher risk of homelessness and providing support to them and their families at a much earlier stage. A powerful example is Upstream, a schoolbased early intervention programme that surveys young people to identify those at higher risk of homelessness and – crucially - highlights some who are not known to pastoral or safeguarding teams. Young people who are identified then receive tailored support alongside their families to reduce the risk of their problems escalating. 

Of the 927 pupils surveyed in the Sheffield pilot, 128 were identified for follow-up support, and 90 have already received tailored help. A survey of the first cohort of young people showed that three-quarters felt more able to do their best, and 65% said they felt happier at home. 

Aberdeen has now secured funding to roll out the model, and in its new Homelessness Strategy, the UK Government has committed to building on these successful pilots. 


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The Prince of Wales during a visit to Sheffield to mark the second<br>anniversary of The Royal Foundation’s Homewards programme.<br>**----- End of picture text -----**<br>




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## United for Wildlife 

United for Wildlife was founded by Prince William in 2013, in response to an urgent and escalating crisis:  wildlife and environmental crime. Now the third largest criminal activity in the world, these crimes threaten endangered species, destroy habitats, destabilise communities and economies, and undermine global security. United for Wildlife confronts these challenges head-on. It brings together environmentalists, governments, businesses, and NGOs to drive ambitious, coordinated action for nature. 

## Global Leadership in Tackling Environmental Crime 

In November, The Royal Foundation hosted the United for Wildlife Global Summit 2025 in Rio de Janeiro – a landmark moment for international collaboration on environmental crime. 

Hosted by Brazilian presenter Maju Coutinho, the event brought together over 420 attendees from around the world: governments, businesses, philanthropic organisations and community groups. 

The summit had four aims: 

- Building a high ambition coalition of governments to advance action on environmental crime 

- Mobilising business leaders to strengthen global efforts to disrupt illegal wildlife trafficking 

- Reframing the narrative, elevating environmental crime as an urgent global priority 

- Championing environmental defenders, especially Indigenous Peoples and local communities who safeguard some of the world’s most threatened ecosystems. 

During the summit, United for Wildlife convened the signing of The Rio Declaration, marking a major step forward in global environmental governance. Signed by 18 governments, with the support of international and civil society organisations, the declaration commits signatories to taking bold, coordinated action against environmental crime. 

Following the summit, a two-day technical conference - delivered in partnership with the Brazilian Federal Police, INTERPOL and the UNODC – convened 200 specialists to translate commitments into concrete operational steps. 

## A Bold New Initiative for Nature’s Protectors 

Frontline defenders – Indigenous Peoples, rangers, activists and local communities – are the first line of defence for the natural world. United for Wildlife’s commitment to these protectors, who take great personal risks, deepened in 2025. 

The Prince of Wales announced a major initiative to strengthen protections for Indigenous Peoples in Brazil. The three-year initiative, in partnership with COIAB, the Podáali Fund, Rainforest Foundation Norway and Re:wild, established an emergency response fund, which will: 

- Get defenders to safety 

- Expand legal protections for individuals and communities under threat 

- Increase global awareness of Indigenous rights and leadership 

- Strengthen threat monitoring through a shared data platform. 

This commitment follows the 2024 Cape Town pledge to provide 10,000 African rangers with life insurance and evacuation support – a clear demonstration of United for Wildlife’s dedication to those who protect our planet. 



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## A Global Moment for the Guardians of Nature 

In May, United for Wildlife launched Guardians, a groundbreaking digital series bringing global attention to the human stories behind conservation. 

Viewed over one million times so far, the six-part series showcases the human stories behind frontline conservation – and the personal sacrifices often made to defend fragile ecosystems and wildlife. To maximise global reach, Guardians was showcased at pivotal international moments, including: 

- The UN Ocean Conference 

- The Blue Economy and Finance Forum 

- A high-level London Climate Action Week roundtable, featuring Brazil’s Minister Sonia Guajajara. 

United for Wildlife also hosted a city centre reception at “Below the Lights” at Piccadilly Circus, premiering the final episode to more than 100 key stakeholders and elevating the voices of nature’s protectors on a world stage. Each screening elevated the voices of those who are often unheard. 


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The Prince of Wales meeting Indigenous leader, Vanda Witoto,<br>at the United for Wildlife Global Summit.<br>**----- End of picture text -----**<br>




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## National Suicide Prevention Network and Portfolio Projects 

## National Suicide Prevention Network 

Launched on World Mental Health Day in October, the National Suicide Prevention Network is a bold, hopeful and unifying commitment. 

Building on existing work across the suicide prevention sector, it aims to transform how suicide is understood – and prevented – across the four nations. It hopes and believes that, by working together, we can do much more to prevent the 7,055 deaths that are caused by suicide in the UK every year. 

Rooted in collaboration, the Network will strengthen national prevention pathways – so that they are evidence-based, effective and accessible to all. The goal: to ensure that people receive help when, where and how they need it most. 

Together, the Network is working to deliver long-term, national change by: 

- Understanding and addressing the root causes of suicide and promoting joined-up responses to intervene earlier and more effectively. 

- Ensuring support is accessible to all, particularly communities that have historically been underserved or overlooked. 

- Driving collaboration, innovation and action, with a shared platform for organisations to learn from one another and to amplify what works. 

- Reducing stigma and changing attitudes towards suicide by promoting individual, community and national action. 

## Demonstrating Early Action in Suicide Prevention 

Although newly launched, the Network is already demonstrating what co-ordinated, collective effort can achieve. Five founding partners and 14 innovation partners are progressing projects, funded by over £1 million from The Royal Foundation over an initial three years, delivering and testing new initiatives. 

The following partners – all founding partners of the National Suicide Prevention Network – have received seed funding to deliver work unique to the four nations, in a new approach: 

## Jac Lewis Foundation (Wales) 

A new mental health drop-in centre inside Cardiff’s Principality Stadium. 

## James’ Place (England) 

Two new community-based satellite services, supporting men in the North of England who have reached crisis point. 

## Mikeysline (Scotland) 

A new “Hive on the Road” van, delivering mental health support to remote areas in the Scottish Highlands. 

## PIPS Suicide Prevention Ireland (Northern Ireland) 

A new 24-hour mental health crisis helpline, available across Northern Ireland. 

## Chasing Stigma’s Hub of Hope (Nationwide) 

Acts as a signposting provider extending nationwide support and sharing learnings. 



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In the days immediately following the announcement, partners saw a surge in engagement. In the two days following launch, 15 new services applied to join the Hub of Hope directory, increasing visibility for those seeking help. 

At James’ Place in Newcastle, referrals rose by 36% in a single week. At 2wish in Wales, eight new volunteers joined in the week after launch, allowing them to support more bereaved families. 

Sector experts have described the Network as a “game-changing” national model. This is the beginning of a long-term transformation in how the UK responds to one of its most urgent mental health challenges. 

## Portfolio Projects: Supporting Communities Across the UK 

The Foundation is committed to championing communities and enabling locally-led solutions. 

Across the country, The Royal Foundation has played a pivotal role in strengthening communities. Following Their Royal Highnesses’ visit to the Isle of Mull, seed funding and collaborations (with partners such as Coop, the LEGO Foundation, Crowdfunder and local designer Banjo Beale) have helped transform community hubs. 

Pennyghael Hall has reopened as a vibrant multipurpose space, hosting weddings, interfaith services, cultural events and more. At Aros Hall, a refurbished playroom now supports early social and emotional development, and a community fridge helps to address food poverty. 

Prince William visited Leith Community Centre to highlight community-led change, as The Royal Foundation announced a new partnership with Street Soccer Scotland. The partnership launched Leith United, a coalition to revitalise community spaces and strengthen social connection for vulnerable communities in Edinburgh. Bringing together Leith Community Centre, YMCA Edinburgh, and Street Soccer Scotland, the initiative boosts wellbeing and creates a sustainable model that can be replicated across the UK. 

Elsewhere in Birtley, Tyne and Wear, the revived Birtley Community Pool has welcomed 114,000 visits since reopening in October 2024, and is now a thriving hub for families. In addition, more than 200 children from underserved areas have already benefited from learn-to-swim packages, delivered through a partnership between The Royal Foundation and the Tom Dean Swim School. 

The Prince of Wales meets with family and friends of Jac Lewis at the launch of a new innovative mental health hub at Cardiff’s Principality Stadium. 



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## Carol Services 

In December, Her Royal Highness The Princess of Wales hosted the fifth Together at Christmas Carol Service at Westminster Abbey, co-produced and delivered by The Royal Foundation. 

More than 1,600 guests from communities across the UK filled the Abbey, each invited as a heartfelt Christmas ‘thank you’ for the love, care and compassion they show throughout the year. Guests included representatives from Lord-Lieutenancies, charities supported by members of The Royal Family, and partners from across the Foundation’s programmes. 

Last year, the service celebrated love in all its forms - within families, across friendships, between neighbours, and among strangers. Since broadcast, the service has been watched by over three million people, with 80% of surveyed viewers recognising that their actions can make a positive difference. Broadcast on ITV1 and ITVX, the service also reached audiences in the US, Canada, Australia and New Zealand. 

Performances from artists including Kate Winslet CBE, Chiwetel Ejiofor CBE, Katie Melua, Griff and Fisherman’s Friends, alongside the world-renowned Westminster Abbey choir, brought the theme to life. Two community films shared powerful stories of people spreading love in their own ways. 

Outside the Abbey, horticulturist Jamie Butterworth created a natural festive landscape. The Royal Horticultural Society’s wreaths – crafted with Ambassadors including Dame Mary Berry and local schoolchildren – brought the beauty of the season indoors. 

Alongside the Abbey service, 15 Community Carol Services took place across all four nations, from Manchester’s Coronation Street Visitor Centre to a community farm in Gwent. Hosted by Lord Lieutenants, all the services reflected the unique identity of their local communities. 

Community Carol Service at the Coronation Street ITV set in Manchester. 



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## What’s Next for The Royal Foundation 

The Royal Foundation is committed to delivering meaningful change where it matters most, building on strong progress to scale its impact and inspire action for a better future for people, communities and the planet. 

Across early childhood, homelessness, nature and conservation, and suicide prevention, the Foundation is deepening community partnerships, expanding proven solutions, and driving measurable impact. 

Following a landmark 2025, the Centre for Early Childhood will continue championing the long-term value of warm, nurturing emotional environments during early childhood in shaping who we become and working across society to create the conditions for love to flourish. 

Similarly, Homewards is scaling solutions that are already delivering real impact across six UK locations, uniting partners to strengthen coalitions, prevent homelessness, and share progress at its annual summer impact event. 

The first year of the National Suicide Prevention Network will mark a key milestone in transforming how the UK addresses one of its most urgent mental health challenges, demonstrating the power of coordinated national action as part of a three-year commitment. 

Meanwhile, United for Wildlife continues to elevate environmental crime and the illegal wildlife trade as global priorities, protecting nature by building collaboration between governments, businesses, and communities. 

At the heart of all this work is community. This spirit is captured in the annual ‘Together at Christmas’ services, which run across the UK, bringing people together to honour those who go above and beyond for others. 



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## Financial Review 

## Income 

The total income for the year to 31 December 2025 was £19.6m (2024, £12.2m). The increase in income from the prior year reflects the updated fundraising strategy and the ongoing development of the programmes which has resulted in greater unrestricted and restricted support. The Foundation’s total income in 2025 included the net asset share from The Earthshot Prize, reflecting their status as an associate of The Royal Foundation. In 2025, the value of The Earthshot Prize’s net assets increased versus a reduction in 2024, and the increase in the value is shown as income. 

96% of total income consists of donations, grants and royalty income  (down from 98% in 2024) of which 44% was restricted (2024: 45%). The movement in % is largely a result of the net income share from The Earthshot Prize of £259k plus an increase in trading income and investment income. 

Unrestricted income increased from £6.8m to £11m, an increase of 62% which reflects the continuing growth of the Foundation’s donor base. 

## Expenditure 

Total operating expenditure in 2025 was £16.6m (2024, £11.4m) of which 89% (2024 86%) was spent on charitable activities. The increase in expenditure of £4.7m from the comparable figures for 2024 is due to the increase in the delivery of the four main charitable activities across the Foundation. Fundraising costs grew by £283k to £1.8m (2024 £1.6m) as the Foundation secured new donors in line with financial forecasts, and began to focus on the increased income targets for 2026. 

## Charitable Activities 

89% or £14.7m of the £16.6m spent in the year was incurred on charitable activities, a slight increase in % from 86% and an increase in expenditure from £9.9m in 2024. 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. The value of charitable grants increased by £1.4m to £2.6m as the activity for the Community Impact, United for Wildlife and Homewards programmes developed.  More details about expenditure can be found in notes 5 and 6. 

A breakdown if the expenditure is shown below: 




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Following the public launch of the 5-year Homewards project in June 2023, spend on Homelessness has continued to grow significantly as its programme and investment in the six local areas develop (2025 £6.6m, 2024 £4.4m, 2023 £2.2m). This reflects increased grants paid out as part of the Homewards fund to local organisations, 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 Centre for Early Childhood programme activity and expenditure has increased as planned in 2025 to £2.7m (2024: £2.2m), as the team continued to work on the Shaping Us activity that was launched in January 2023. This included the launch of the Shaping us Framework in February 2024 with projects at the National Portrait Gallery, alongside an essay published by HRH The Princess of Wales, an animation series to support the early years workforce and a summit to galvanise the business community to take collective action to support investment in the early years. 

United for Wildlife expenditure of £3m was an increase on expenditure of £1.8m in 2024. The overseas activities, including a global summit held in Rio de Janeiro, Brazil to coincide with The Earthshot Prize Awards ceremony and was a landmark moment for international collaboration on environmental crime. The Guardian’s series brought global attention to the human stories behind conservation and the team continued to develop the strategy to grow the impact that this programme can deliver. 

Expenditure on Community Impact, increased to £2m in 2025 from £1m in 2024. This increase was mostly due to the launch of the National Suicide Prevention Network across the four nations, alongside grants given to other community projects in Scotland, Wales and England. 

Mental Health spend continued to be low in 2025 at £0.03m (2024, £0.04m) as this activity remains paused while the programme of work was developed, The Foundation will continue to develop its mental health programme in 2026, ensuring that it is embedded as part of all programmes. 

## Fundraising 

The cost of raising funds increased from £1.6m in 2024 to £1.8m in 2025, reflecting additional investment in prospecting, securing new donors and leveraging corporate partners to support the planned growth of the key Charitable Programmes listed above. 

## Staff and Support Costs 

Staff costs comprised £6.4m of total expenditure, an increase from £5m in 2024, reflecting the impact of investment in the team with further new roles recruited in 2025 as the Foundation’s activities increased, and the activities of the programmes advanced. The average headcount across 2025 was 80 (2024: 67). 

Support costs increased from £1.9m in 2024 to £2.8m. This increase is due to the growth in the headcount across the organisation and their related costs, including a move to larger premises. Costs are closely managed and monitored, ensuring value for money and compliance with all regulatory and legal requirements.  Support costs are allocated across The Royal Foundation’s charitable and fundraising activities to reflect usage by activity and associated headcount. Details are provided in Note 7. 



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## Funds of The Royal Foundation 

The funds of the group fall into two categories: restricted funds for 2025 of £2.5m, (2024 £1.6m) the net of donations received for defined projects and the corresponding expenditure; and unrestricted funds for 2025 of £8.2m, (2024 £5.8m) 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 Commission’s 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 requirements. 

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 2025 stand at £10.7m (2024: £7.4m). The free reserves of the charity are £8.1m (2024: £5.7m). The unrestricted reserves represent 16 months of unrestricted expenditure (based on the budgeted 2026 rate of operating expenditure, £6.2m) an increase from 10 months in 2024 and exceeding the target range (9-12 months). The Board of Trustees have reviewed this position and have agreed that to continue to be prudent with the free reserves balance into 2026 acknowledging that this exceeds the policy levels. The major programmes are growing  and embedding their activities further in 2026 and with the arrival of the new CEO the Foundation is working to refine and develop the organisational strategy which is expected to require investment in new ways of working.  For these reasons, the Trustees expect the level of reserves to projected spending to decline over the medium term. 

Free reserves of the charity are calculated as set out below: 

|Total Funds of The Royal Foundation<br>_Less:_<br>Restricted Funds<br>Tangible Fixed Assets<br>**Free Reserves**|**2025**<br>**£’000**<br>**2024**<br>**£’000**<br>10,658<br>7,374<br>(2,459)<br>(1,574)<br>(80)<br>(108)<br>**8,119**<br>**5,692**|
|---|---|





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## 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 (UK 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 delegated the review of the Investment Policy to the Finance Committee. The policy was updated and reviewed in September 2025  and the recommendation to approve was ratified by the Board of Trustees in October 2025. 

During 2025 the portfolio, invested in Cazenove’s Charity Responsible Multi-asset fund, increased in value from £1.8m to £2.04m with an unrealised capital gain of £206k. 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 within 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 Concern 

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 2027 and are satisfied with the charity’s ability to withstand a material fall in income. Additional reviews of the organisation’s financial performance and position have been undertaken 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 basis. 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. 



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## 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. 

The principal risks are those which, without effective mitigation, would have a serious impact on the work of The Royal Foundation and have changed from last year as the internal and external environment evolves and adapts. The highest rated risks and mitigations are summarised below: 

- Cybersecurity. 

As a high-profile organisation The Royal Foundation faces an ongoing and 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 a greater emphasis on cyber security has been placed across the organisation with regular staff training being carried out. The Foundation continues to strengthen our responses by testing the disaster recovery plans to ensure we know how to respond in the event of a cyber attack or data leak and an audit of our Information Security was undertaken in early 2026 with the recommendations being actioned and implemented throughout the year. 

- 

## Safeguarding. 

Due to the nature of The Foundation’s projects, there is a risk that safeguarding protocols and training is not in place and staff do not understand their responsibilities or the risks of working with vulnerable groups. This means that vulnerable people could be put further at risk by our actions and activities. Additionally, our staff could be at risk if they do not understand how to work with vulnerable groups, leading to potential personal trauma/damage. We mitigate this risk by having a designated safeguarding lead across each team, safeguarding procedures introduced into our programmatic work and for any contacts to our teams. 

- 

## Direction and Strategy. 

Should project objectives be unclear at inception, accountability, impact measurement and assessment of skills and capacity requirements may be weakened. Should this occur, the ability to deliver against charitable objectives and demonstrate ROI to donors and Principals could be reduced, creating operational, reputational and retention risks; this is mitigated through robust forward planning, clear programme outcomes and objectives, and cross-team sharing of best practice. 

- 

## Staff Morale. 

Should workloads become disproportionate and/or strategic direction lack clarity, staff morale could be adversely affected. This risk is mitigated through a supportive culture, annual staff surveys with action plans, effective communications, and structured objective-setting and development discussions. 

- 

## Reputational Damage. 

There is a risk that high profile donors and stakeholders with close links to The Royal Foundation could be subject to adverse publicity which leads to an increased focus on The Royal Foundation and the Principals in public facing communications. This could be through the work The Foundation is delivering and advocating and via high profile events, which include third parties, such as away days, overseas tours and the annual carol service, which may lead to negative publicity for The Royal Foundation and The Principals themselves. This could restrict The Foundation’s ability to fundraise or cause partners to stop working with us and leave us unable to deliver projects we have committed to as well as damaging the reputation of the Principals and the wider Royal Family. The Foundation is mitigating this by completing a review of the communication plans and brand narrative for The Royal Foundation. We undertake due diligence on all our partners, donors and key contributors to our events. We maintain good relations with the Royal Household and comply with its operating protocol ensuring greater co-ordination and links and ensure that we have stakeholder engagement plans in place for our programmes. 

The Trustees are satisfied that the major risks identified have been reviewed and systems or procedures have been established to manage those risks. 



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## 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 3). 

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 (company 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 a charity of The Duke’s choosing. In 2025 all funds will be donated to Elephants Without Borders. 

In July 2022, The Earthshot Prize was established as an 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 charity with the Charity Commission under charity number 1198701 and is a company registered in England & Wales, number 13981670. 

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 Prize’s Board, as well as The Royal Foundation being a Member of The Earthshot Prize. As such, there are currently three Foundationnominated Trustees sitting on the Board of The Earthshot Prize: David Fein, Zoë Ware and Jason Knauf (until April 2025), succeeded by Eduardo Silveira Mufarej (from September 2025). There are also regular meetings between executives of both entities, including Earthshot Prize attendance at Board meetings 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 501(c)(3) 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. 

Their Royal Highnesses visit the Isle of Mull. 



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## Members, trustees, delegated committees 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 meet formally a minimum of four times a year. Since 2 January 2025 this was under the Chairmanship of Simon Patterson. 

## Trustee Recruitment 

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 potential candidates, which is approved by the members of The Royal Foundation. New Trustees are recruited through known sources such as The Royal Foundation’s subcommittees or other areas of the charity sector. 

The Chairman and Trustees interview prospective candidates, informed by the requirements of the Foundation’s 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 officio 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 2025, 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 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 stakeholders. 



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## Finance Committee 

The Trustees have appointed a Finance sub-committee to help with the execution of its responsibilities, the members of which are appointed by the Trustees. The Finance Committee oversees in detail the financial plans and performance of the charity, reviews the risk management processes and monitors the performance of the investment portfolio, as well as being the primary forum for trustee interactions with the auditors. 

The Finance Committee meets quarterly, is chaired by Sir Ron Kalifa OBE and comprises one further Trustee: Dame Pippa Harris and four external advisory members: Kate Mathers, Virginia Henley, Simon Lyons, and Sean Carney (since 23 March 2025). The Committee meetings are attended by members of the Leadership team, including the Chief Executive. 

## Governance and Nominations Committee 

The Governance and Nominations Committee was constituted at the end of 2018 to lead the process for appointments and election to the Board of Trustees and independent members to its committees, and to review and make recommendations to the Board of Trustees relating to the overall governance arrangements of the organisation. The Governance and Nominations Committee meets at least twice a year, is chaired by Trustee Claire Wills and comprises two further Trustees, Alice Webb, and Tom White. 

## Remuneration Committee 

The Remuneration Committee reviews and makes recommendations to the Board of Trustees on remuneration matters. The committee was chaired by Lord Hague until his departure on 1st January 2025 and comprises four further trustees, Simon Patterson, Claire Wills, Alice Webb and Sir Ron Kalifa OBE.  Alice Webb was appointed as a Chair of the Committee by the Board of Trustees on 1 October 2025. 

## Advisory Boards and Councils 

The Royal Foundation is fortunate to benefit from a network of experienced advisors and experts, who support and help steer The Royal Foundation’s work through external advisory groups. 

Advisory boards and councils that were active in the year included Early Years Advisory Group, and a National Expert Panel for Homelessness. 

## Senior Management 

The Trustees have delegated authority to the Chief Executive and the Leadership Team for the day-to-day management of the organisation. The Leadership Team is led by the Chief Executive and has the delegated responsibility for the design and delivery of programmes and income generation, along with the administrative functions of finance, HR, health and safety, project evaluation, management information systems, marketing and communications. 



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## Employment and Remuneration 

The Royal Foundation recognises and values its people as its most important asset in achieving its aspirations. The Royal Foundation operates and maintains a legal, fair, equitable and affordable Pay and Benefits Framework for its diverse and talented workforce. The framework helps to attract, recruit, develop and retain employees with appropriate knowledge and relevant skills required to sustain delivery. The framework is continually reviewed through job evaluation, internal and external sector benchmarking to ensure that pay scales remain competitive and in line with the Foundation’s current financial position. The organisation also provides learning and development to all staff through e-learning and in-person offers. 

The Royal Foundation is committed to being a mentally healthy workplace and offers a number of health and wellbeing initiatives to ensure that all members of the team have the right resources and support in place to ensure good mental health. 

The Royal Foundation remains committed to equality and diversity and to ensuring a positive, safe and respectful environment which promotes the wellbeing and dignity of its employees, applicants, partners, suppliers and those whose interests it represents. It aims to promote equality of opportunity and diversity and to tackle any forms of discrimination, harassment or bullying within its working environment, whether on grounds of age, disability, gender, gender reassignment, marriage or civil partnership, pregnancy or maternity, race or ethnic origin, religion or belief, sex or sexual orientation, and discrimination by association. 

These principles underpin its professional behaviour and are embedded in its policies, procedures, day-today practices and external relationships. All policies and practices reflect current relevant legislation and will continue to comply with future legislation changes. The Foundation is continuing its work to place its approach to diversity as an employer, partner and designer of charitable initiatives at the centre of its overall strategy. 

## Sustainability 

In 2025, The Royal Foundation strengthened its commitment to building a more sustainable organisation, by embedding responsible practices across its culture and day-to-day operations. 

We have comprehensively reviewed our policies and working practices to ensure that best-practice principles guide decision-making across all areas of the organisation. 

Through engagement with senior leadership, Trustees and team members, the review identified clear opportunities to reduce the Foundation’s environmental footprint and to enhance its positive social impact. The resulting recommendations will inform the introduction of more sustainable operational practices, from office and programme management to event delivery and partner engagement. 

We will track our CO₂ emissions from January 2026, a significant milestone in enabling the Foundation to better understand its environmental impact. This data-driven approach will strengthen transparency, and support meaningful improvements over time. 

Collectively, these efforts are shaping a practical, forward-looking sustainability policy that reflects The Royal Foundation’s mission, culture, and long-term ambitions. 

A thriving forest ecosystem at sunset. 



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## Safeguarding 

The Royal Foundation does not engage in any activity with children or vulnerable adults such as is regulated by safeguarding legislation, but it does take seriously its obligations to operate in such a way as to ensure so far as is possible that its work causes no harm to anyone with whom it engages. 

Given these values and considering widely recognised risks, The Royal Foundation has developed its safeguarding policy to promote protection for all those people it encounters, both staff and beneficiaries  within the charity as well as the partner organisations with which it works. The Foundation has committed to further develop its safeguarding policy to establish clear guidelines and procedures for identifying, preventing and responding to safeguarding concerns, to provide appropriate training to staff and Trustees and create a culture of awareness and responsibility around safeguarding within The Royal Foundation. 

Should it come into contact with vulnerable groups The Royal Foundation takes responsibility to ensure it is doing all it can to protect such groups from all forms of harm that might occur as a result of that contact, including abuse, neglect and exploitation and to ensure appropriate action is taken if such harm occurs. 

## Data Protection 

The organisation reviewed and revised where necessary its processes, policies and approaches in relation to data protection to ensure its compliance with the General Data Protection Regulation (2016/679 as implemented into UK Law (“the UK GDPR”) and the Data Protection Act 2018. All staff are provided with appropriate training to ensure there is a good level of understanding throughout the whole organisation. 

## Governance Code 

A governance code, endorsed by the Charity Commission and other industry bodies, was launched in 2017 and updated in 2025. Together with the Trustees, management have ensured that The Royal Foundation is substantially compliant with the code. 

The code asks charities to “apply or explain”. Details of where the code has not been applied, or where steps have been taken to apply the code’s provisions during the year, are provided below: 

- Equality, diversity and inclusion: formal targets for diversity of the Board have not previously been set but will be considered, monitored, and reported on. Diversity is always considered as part of the Trustee recruitment process. 

During 2023, the Board undertook a Board evaluation exercise, conducted by an independent expert. The review found the Board to be operating accordingly and made a small number of best practice recommendations. These have been considered and implemented by the Board and continued reviewing in 2025. 



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## Fundraising 

The Royal Foundation applies the support it receives only for its charitable purposes. The Foundation does not typically accept funds raised through activities considered ‘public fundraising’ such as sponsored challenges, but it welcomes donations and other funding from individuals, charitable trusts and foundations and companies, engaging supporters around particular programmes or the charitable work of The Royal Foundation as a whole, in line with its gift acceptance policy. The Royal Foundation is committed to the highest standards in all of its fundraising activity and is open and honest in the information it provides to its supporters about its work and how their donations are used. 

The Royal Foundation’s fundraising is carried out by its employees and Trustees through direct contact with supporters and potential supporters. Additionally, some of the Foundation’s existing donors make introductions to others also interested in supporting the Foundation’s work. 

The protection of vulnerable donors is important to The Royal Foundation and as such it does not carry out targeted marketing or fundraising campaigns for public fundraising. It also ensures that all donors have an individual relationship with The Royal Foundation and are willingly engaged with the work that the Foundation does when entering into partnerships with them. 

The Royal Foundation has voluntarily registered with the Fundraising Regulator. No complaints relating to fundraising activities were received during the year or in the previous year. The Royal Foundation takes care not to cause nuisance or disruption when communicating with its supporters and the Partnerships Team  reports to the Board of Trustees and the Chief Executive on the delivery of its fundraising activity. The Royal Foundation will never sell or share data about its donors and has put in place controls to ensure the security of all data held. Where The Royal Foundation uses professional fundraisers or where it works with corporate partners (commercial participators), it has put in place policies and contractual arrangements to ensure their effective management and adherence to The Royal Foundation’s policies. 

## Related Parties 

Further details about Related Parties can be found in Note 11 to the consolidated financial statements. 

## Public Benefit 

The Charities Act 2011 requires all charities to explicitly consider how their charitable aims are carried out for the public benefit. The Royal Foundation is a public benefit entity under FRS 102. 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and setting grant-making policies. 

The Trustees consider particularly how planned activities will contribute to the aims and objectives they have set. 



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## Directors’ Indemnity Insurance 

The Royal Foundation maintains management liability insurance for its Trustees and Officers. Further detail can be found in Note 11 to the consolidated financial statements. 

## Trustees’ Responsibilities 

The Trustees (who are also the Directors for Companies law purposes) are responsible for preparing the Trustees’ Report (which incorporates the Directors’ report for Companies law purposes) and the financial statements in accordance with applicable law and regulations.  Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period. 

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

- select suitable accounting policies and then apply them consistently; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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

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

## Disclosure of Information to Auditor 

The Trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the charity’s auditor is unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. 

The Report of the Trustees, which incorporates the requirements of the Strategic report and the Directors’ report as set out in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, was approved by the Board in their capacity as Trustees and Company Directors on 25th June 2026 and signed on its behalf by: 


Simon Patterson – Chair of The Royal Foundation Kensington Palace Palace Green London, W8 4PU 




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The Royal Foundation of The Prince and Princess of Wales<br>Company Registration No. 07033553 29<br>The Princess of Wales  meets families at the<br>children’s mental health charity Anna Freud.<br>**----- End of picture text -----**<br>



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The Prince of Wales meets Welsh Rugby Union captain,<br>Jac Morgan, and the Jac Lewis Foundation.<br>**----- End of picture text -----**<br>




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## The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

For the year ended 31 December 2025 

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL FOUNDATION OF THE PRINCE AND PRINCESS OF WALES 

## Opinion 

We have audited the financial statements of The Royal Foundation of the Prince and Princess of Wales (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, Group and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2025 and of the group’s income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

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

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

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



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## Other information 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Opinions on other matters prescribed by the Companies Act 2006 

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

- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. 

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

- adequate and proper accounting records have not been; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 



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## Responsibilities of Trustees 

As explained more fully in the trustees’ responsibilities statement set out on page 28, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: _www.frc.org.uk/auditorsresponsibilities_ . This description forms part of our auditor’s report. 

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP (FRS 102), and [local] tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We also considered the opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of donation and grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. 

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## Use of our report 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Nicola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 

London 

Date: 7 July 2026 

The Prince of Wales and Liz Thomas-Evans, CEO of the Jac Lewis Foundation, launch a pioneering new mental health hub at Cardiff’s Principality Stadium. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## Consolidated statement of financial activities (including the income and expenditure account) For the year ended 31 December 2025 

|**Notes**<br>**Income:**<br>Donations and Legacies<br>2<br>Net income on share of associate's surplus<br>13<br>Trading activities<br>3<br>Investment income<br>4<br>Other income<br>4<br>**Total income**<br>**Expenditure:**<br>Raising funds<br>5<br>Charitable activities<br>5,6<br>- Grants<br>- Other charitable activities<br>Net expenditure on share of associate's<br>deficit<br>13<br>**Total expenditure**<br>Net gains on investment<br>13<br>**Net income/(expenditure)**<br>Transfers between funds<br>18,19,20<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward at 1 January<br>**Fund balances carried forward at**<br>**31 December**<br>18,19,20<br>Net income/(expenditure) before investment gains|**Unrestricted**<br>**Funds**<br>**£**<br>10,555,916<br>-<br>190,895<br>259,101<br>907<br>**11,006,819**<br>(1,838,148)<br>(5,342)<br>(4,277,574)<br>(4,282,916)<br>-<br>**(6,121,064)**<br>4,885,755<br>223,126<br>**5,108,881**<br>(2,710,413)<br>**2,398,468**<br>5,800,894<br>**8,199,362**<br>(2,710,412)<br>**2,398,469**<br>**8,199,363**|<br>**Restricted**<br>**Funds**<br>**£**<br>8,361,762<br>258,644<br>-<br>-<br>-<br>**8,620,406**<br>-<br>(2,592,167)<br>(7,853,312)<br>(10,445,479)<br>-<br>**(10,445,479)**<br>(1,825,073)<br>-<br>**(1,825,073)**<br>2,710,413<br>**885,340**<br>1,573,525<br>**2025**<br>**885,339**<br>2,710,412|**Total**<br>**2025**<br>**£**<br>18,917,678<br>258,644<br>190,895<br>259,101<br>907<br>**19,627,225**<br>(1,838,148)<br>(2,597,509)<br>(12,130,886)<br>(14,728,395)<br>-<br>**(16,566,543)**<br>3,060,682<br>223,126<br>**3,283,808**<br>-<br>**3,283,808**<br>7,374,419<br>**10,658,227**|Unrestricted<br>Funds<br>£<br>6,523,245<br>-<br>84,038<br>150,616<br>1,681<br>**6,759,580**<br>(1,554,817)<br>(16,743)<br>(3,185,562)<br>(3,202,305)<br>-<br>**(4,757,122)**<br>2,002,458<br>139,885<br>**2,142,343**<br>(1,616,135)<br>**526,208**<br>5,274,686<br>**5,800,894**|<br>Restricted Funds<br>£<br>5,406,849<br>-<br>-<br>-<br>2,074<br>**5,408,923**<br>-<br>(1,139,369)<br>(5,521,024)<br>(6,660,393)<br>(473,776)<br>**(7,134,169)**<br>(1,725,246)<br>-<br>**(1,725,246)**<br>1,616,135<br>**(109,111)**<br>1,682,636<br>**1,573,525**<br>2024|Total<br>2024<br>£<br>11,930,094<br>-<br>84,038<br>150,616<br>3,755<br>**12,168,503**<br>(1,554,817)<br>(1,156,112)<br>(8,706,586)<br>(9,862,698)<br>(473,776)<br>**(11,891,291)**<br>277,212<br>139,885<br>**417,097**<br>-<br>**417,097**<br>6,957,322<br>**7,374,419**|
|---|---|---|---|---|---|---|
|||**2,458,865**<br>**2,458,864**|||||
||||||||



The notes on pages 37 to 56 also form part of these financial statements. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## Consolidated and Charity balance sheet As at 31 December 2025 

|**Fixed assets**<br>Tangible fixed assets<br>12<br>Investments<br>13<br>Programme related investments<br>14<br>**Current assets**<br>Debtors<br>15<br>Cash at bank and in hand<br>21,22<br>**Creditors: amounts falling due within one**<br>**year**<br>16, 17<br>**Net current assets**<br>**Net assets**<br>**The funds of the group/charity**<br>Unrestricted funds<br>18<br>Restricted funds<br>19<br>**Total funds**<br>**Notes**|**Group**<br>**2025**<br>**£**<br>80,265<br>3,293,324<br>225,000<br>**3,598,589**<br>1,387,340<br>7,125,707<br>**8,513,047**<br>(1,453,409)<br>**7,059,638**<br>**10,658,227**<br>8,199,362<br>2,458,865<br>**10,658,227**<br>8,199,363<br>2,458,864|Group<br>2024<br>£<br>108,067<br>2,829,168<br>250,000<br>**3,187,235**<br>425,885<br>5,099,865<br>**5,525,750**<br>(1,338,566)<br>**4,187,184**<br>**7,374,419**<br>5,800,894<br>1,573,525<br>**7,374,419**|**Charity**<br>**2025**<br>**£**<br>80,265<br>2,043,173<br>225,000<br>**2,348,438**<br>1,492,966<br>6,976,752<br>**8,469,718**<br>(1,410,081)<br>**7,059,637**<br>**9,408,075**<br>8,196,722<br>1,211,353<br>**9,408,075**|Charity<br>2024<br>£<br>108,067<br>1,837,661<br>250,000<br>**2,195,728**<br>424,189<br>5,076,418<br>**5,500,607**<br>(1,313,425)<br>**4,187,182**<br>**6,382,910**<br>5,798,252<br>584,658<br>**6,382,910**|
|---|---|---|---|---|



The Charity’s net income for the year ended 31 December 2025 totalled £3,025,166 (2024: net income £890,871). The notes on pages 37 to 56 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 25th June 2026 and signed on its behalf by: 


S imon Patterson – Chair of the Royal Foundation 

Palace Green London W8 4PU 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## Consolidated Cash Flow Statement For the year ended 31 December 2025 

|Programme related investments<br>**Analysis of changes in net funds**<br>Cash at bank and in hand<br>Cash in investment portfolio<br>Cash at bank and in hand<br>Cash in investment portfolio<br>**Total cash and cash equivalents at the end of the year**<br>**_Change in cash and cash equivalents in the year_**<br>Cash and cash equivalents at the beginning of the year<br>**_Net cash provided by investing activities_**<br>Purchase of tangible fixed assets<br>**Cash flows from investing activities:**<br>Dividends and interest from investments<br>**Cash flows provided by operating activities:**<br>Net cash provided by operating activities|**Notes**<br>21<br>4<br>12<br>14<br>21, 22<br>21, 22<br>**1 January**<br>**2025**<br>**£**<br>5,099,865<br>15<br>5,099,880<br>**1 January**<br>**2024**<br>**£**<br>3,288,363<br>15<br>3,288,378|**Cash flows**<br>**£**<br>2,025,842<br>-<br>2,025,842<br>**Cash flows**<br>**£**<br>1,801,211<br>-<br>1,801,211|**2025**<br>**£**<br>**1,772,451**<br>259,101<br>(30,710)<br>25,000<br>**253,391**<br>**2,025,842**<br>5,099,880<br>**7,125,722**<br>**Foreign**<br>**exchange**<br>**movements**<br>**£**<br>-<br>-<br>-<br>**Foreign**<br>**exchange**<br>**movements**<br>**£**<br>10,291<br>-<br>10,291|2024<br>£<br>**1,950,538**<br>150,616<br>(39,652)<br>(250,000)<br>**(139,036)**<br>**1,811,502**<br>3,288,378<br>**5,099,880**<br>**31 December**<br>**2025**<br>**£**<br>7,125,707<br>15<br>7,125,722<br>**31 December**<br>**2024**<br>**£**<br>5,099,865<br>15<br>5,099,880|
|---|---|---|---|---|



The notes on pages 37 to 56 also form part of these financial statements. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 1. Accounting policies 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements: 

## 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 (FRS102), 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 (FRS102) (second edition - effective 1 January 2019) - (Charities SORP (FRS102)) 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 1198701). 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 consolidated financial statements include the Group’s share 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 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. 

On 18 December 2019 a deed was signed with Sussex Royal The Foundation of The Duke and Duchess of Sussex (‘Sussex Royal’) 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 Elephants Without Borders a registered charity, as requested by The Duke of Sussex. 

One member of the Foundation’s Leadership Team became an ex-officio director on the 29th April 2025 (no members from November 2023 to April 2025) of the American Friends of The Royal Foundation of The Prince and Princess of Wales. This role has no formal voting rights and the Foundation itself has no control or significant influence over the American Friends, and as such, has not consolidated the entity into the group accounts. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## c) Going Concern 

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 2027 and are satisfied with the charity’s ability to withstand a material fall in income. Additional reviews of the organisation’s financial performance and position have been undertaken 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 basis. 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 and to allow for the investment in strategic opportunities. The unrestricted reserves at the end of 2025 exceed the minimum levels required by the policy. 

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. 

## d) 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 underlying 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 costs; 

- income recognition, in particular estimating fair value of a gift in kind; 

- 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 2026, 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 (see 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 2025 was 2,043,172 (2024: £1,837,660). Quarterly forecasts are 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 grants payable note 17 

## e) 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 and explained in the funds notes. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## f) 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 executor(s) 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 notified 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 expenditure 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 multi-year 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 (including 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. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 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 Act 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. 

## 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 2025. 

## 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. 

## k) 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. Investment in associate refers to The Royal Foundation’s holding in The Earthshot Prize which is recognised as the share of net assets. 

Cash held within the investment portfolio is highly liquid and subject to insignificant risk of change. However, these are maintained within fixed asset investments as they are not 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 fixed 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. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## m) 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 and prepayments and accrued income. Financial liabilities comprise grants payable, other creditors and accrued expenditure. 

## o) Debtors 

Debtors are recognised at the settlement amount due at the end of the period. 

## p) 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. 

## q) Irrecoverable VAT 

Irrecoverable VAT is allocated to the principal areas of costs in which it has been incurred. 

## 2. Income from donations and legacies 

|**Group**<br>Donations<br>Grants<br>Legacies<br>Donated services<br>**Total**|**Unrestricted**<br>**funds**<br>**£**<br>5,719,585<br>4,260,767<br>-<br>575,564<br>**10,555,916**|**Restricted**<br>**funds**<br>**£**<br>2,133,548<br>5,993,963<br>-<br>234,251<br>**8,361,762**<br>**2025**|**Total**<br>**2025**<br>**£**<br>**7,853,133**<br>**10,254,730**<br>**-**<br>**809,815**<br>**18,917,678**|Unrestricted<br>funds<br>£<br>4,576,016<br>1,500,000<br>142<br>447,087<br>6,523,245|Restricted<br>funds<br>£<br>2,709,571<br>2,566,452<br>35,000<br>95,826<br>5,406,849<br>2024|Total<br>2024<br>£<br>7,285,587<br>4,066,452<br>35,142<br>542,913<br>11,930,094|
|---|---|---|---|---|---|---|



In 2025, The Royal Foundation received £10,846, (2024: £12,876) from The Diana, Princess of Wales Memorial Fund. 

Donated services of £809,815 (2024: £542,913) relate to gifts of services, including office space, legal and professional fees, flights, staff secondment and event catering in support of the charity’s programmes. 

Income from donations and legacies for the charity alone, includes £146,451 unrestricted income (2024: £10,038 unrestricted and £65,000 restricted), which has been gift aided to The Royal Foundation from its subsidiary, TRF Trading Limited and is eliminated on consolidation. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 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: 

|Turnover<br>**Gross profit**<br>Administrative expenses<br>**Operating profit**<br>Finance charges<br>**Profit before taxation**<br>Tax on profit<br>**Profit after taxation**<br>**Total shareholder's funds brought forward**<br>Profit after taxation<br>Charitable donation to parent<br>**Total shareholder's funds carried forward**<br>**Assets, liabilities and shareholders’ funds**<br>Assets<br>Liabilities<br>Funds surplus including 1 ordinary share of £1|**2025**<br>2024<br>**£**<br>£<br>190,895<br>84,038<br>190,895<br>84,038<br>(44,418)<br>(8,941)<br>146,477<br>75,097<br>(26)<br>(59)<br>146,451<br>75,038<br>-<br>-<br>146,451<br>75,038<br>1<br>1<br>146,451<br>75,038<br>(146,451)<br>(75,038)<br>1<br>1<br>197,352<br>103,936<br>(197,351)<br>(103,935)<br>1<br>1<br>**Year ended 31 December**|
|---|---|



## 4. Investment income and other income – Group 

|**Investment Income:**<br>**Other Income:**<br>Foreign exchange gains<br>Miscellaneous income<br>**Total other income**|**Unrestricted**<br>**funds**<br>**£**<br>**259,101**<br>907<br>-<br>**907**|<br>**Restricted**<br>**funds**<br>**£**<br>**-**<br>-<br>-<br>**-**|<br>**Total**<br>**2025**<br>**£**<br>**259,101**<br>907<br>-<br>**907**|Unrestricted<br>funds<br>£<br>150,616<br>-<br>1,681<br>1,681|Restricted<br>funds<br>£<br>-<br>-<br>2,074<br>2,074|<br>Total<br>2024<br>£<br>150,616<br>-<br>3,755<br>3,755|
|---|---|---|---|---|---|---|





The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

43 

## 5. Summary analysis of total expenditure - Group 

|Raising funds<br>Charitable activities:<br>- Direct costs - grant and donation funding of activities<br>- Direct costs - convening, collaboration and R&D<br>- Support costs<br>Total charitable activities|**Unrestricted**<br>**funds**<br>**£**<br>1,838,148<br>5,342<br>1,846,165<br>2,431,409<br>4,282,916<br>**6,121,064**|<br>**Restricted**<br>**funds**<br>**£**<br>-<br>2,592,167<br>7,853,312<br>-<br>10,445,479<br>**10,445,479**|<br>**Total**<br>**2025**<br>**£**<br>**1,838,148**<br>**2,597,509**<br>**9,699,477**<br>**2,431,409**<br>**14,728,395**<br>**16,566,543**|Unrestricted<br>funds<br>£<br>1,554,817<br>16,743<br>1,579,520<br>1,606,042<br>3,202,305<br>**4,757,122**|Restricted<br>funds<br>£<br>-<br>1,139,369<br>5,521,024<br>-<br>6,660,393<br>**6,660,393**|<br>Total<br>2024<br>£<br>**1,554,817**<br>**1,156,112**<br>**7,100,544**<br>**1,606,042**<br>**9,862,698**<br>**11,417,515**|
|---|---|---|---|---|---|---|



Included within Raising Funds are investment management costs of £17,614 (2024: £0). Expenditure on Raising Funds for the charity alone excludes £40,626 (2024: £7,319) of non-intercompany expenses incurred by TRF Trading Limited. 

The Charity occupies premises under an operating lease at a peppercorn rent. The fair value of the donated use of these premises of £400,050 are included within Support costs and the total gifts in kind disclosed in Note 2. Future minimum lease payments under the lease are £0. 

## 6. Analysis of expenditure on charitable activities 

|**2025 activities**<br>Mental Health<br>Conservation<br>(previously_United for Wildlife_<br>_Taskforces_)<br>Centre for Early Childhood<br>(previously_Early Years_)<br>Empowering Communities<br>Homelessness<br>Community Impact<br>Other projects<br>Unrestricted donations<br>**2024 activities**<br>Emergency Responders<br>Mental Health<br>Conservation<br>(previously_United for Wildlife_<br>_Taskforces_)<br>Centre for Early Childhood<br>(previously_Early Years_)<br>Empowering Communities<br>Homelessness<br>Community Impact<br>Other projects<br>Unrestricted donations|**Grant funding**<br>**of activities**<br>**£**<br>-<br>413,434<br>217,838<br>8,079<br>918,492<br>1,034,325<br>-<br>10,342<br>**2,602,510**<br>**Grant funding**<br>**of activities**<br>**£**<br>20,000<br>-<br>258,500<br>102,473<br>6,396<br>364,500<br>387,500<br>-<br>16,743<br>**1,156,112**<br>413,433<br>**2,602,509**|<br>**Direct**<br>**costs**<br>**£**<br>34,317<br>2,264,065<br>2,021,753<br>-<br>4,246,992<br>757,236<br>370,115<br>-<br>**9,694,478**<br> <br>**Direct**<br>**costs**<br>**£**<br>-<br>35,821<br>1,375,775<br>1,700,945<br>-<br>3,180,715<br>498,066<br>309,222<br>-<br>**7,100,544**|**Support**<br>**costs**<br>**£**<br>-<br>309,696<br>457,711<br>-<br>1,290,027<br>218,011<br>53,407<br>-<br>**2,328,852**<br>**Support**<br>**costs**<br>**£**<br>-<br>-<br>138,595<br>381,094<br>-<br>762,791<br>158,685<br>46,279<br>**1,487,444**|**Governance**<br>**costs**<br>**£**<br>-<br>13,638<br>20,156<br>-<br>56,810<br>9,601<br>2,352<br>-<br>**102,557**<br>**Governance**<br>**costs**<br>**£**<br>-<br>-<br>11,050<br>30,385<br>-<br>60,819<br>12,654<br>3,690<br>**118,599**<br>**118,598**|<br>**Total**<br>**2025**<br>**£**<br>**34,317**<br>**3,000,833**<br>**2,717,458**<br>**8,079**<br>**6,512,321**<br>**2,019,173**<br>**425,874**<br>**10,342**<br>**14,728,397**<br> <br>**Total**<br>**2024**<br>**£**<br>**20,000**<br>**35,821**<br>**1,783,920**<br>**2,214,897**<br>**6,396**<br>**4,368,825**<br>**1,056,905**<br>**359,191**<br>**16,743**<br>**9,862,698**<br>**3,000,832**<br>**14,728,396**|
|---|---|---|---|---|---|





The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 7. Analysis of support costs and governance costs 

|**2025**<br>**Premises &**<br>**Office Costs**<br>**£**<br>Raising funds<br>100,412<br>Conservation<br>(previously_United for Wildlife_<br>_Taskforces_)<br>81,743<br>Centre for Early Childhood<br>(previously_Early Years_)<br>120,812<br>Homelessness<br>340,499<br>Community Impact<br>57,543<br>Other projects<br>14,097<br>**715,106**|**Finance, IT & General**<br>**Management**<br>**£**<br>280,012<br>227,952<br>336,899<br>949,528<br>160,468<br>39,311<br>**1,994,170**|**Governance**<br>**£**<br>16,753<br>13,638<br>20,156<br>56,810<br>9,601<br>2,352<br>**119,310**|**Total**<br>**2025**<br>**£**<br>397,177<br>323,333<br>477,867<br>1,346,837<br>227,612<br>55,760<br>**2,828,586**|
|---|---|---|---|



Raising Funds in the group totalled £1,838,148 which consisted of £1,440,971 of direct fundraising costs and £397,177 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 time-share allocation for specific key staff. 

||**Premises &**|**Finance, IT & General**|**Governance**|**Total**|
|---|---|---|---|---|
|**2024**|**Office Costs**|**Management**||**2024**|
||**£**|**£**|**£**|**£**|
|Raising funds|106,027|186,495|23,323|315,845|
|Conservation|||||
|(previously_United for Wildlife_|||||
|_Taskforces_)|50,235|88,360|11,050|149,645|
|Centre for Early Childhood|||||
|(previously_Early Years_)|138,130|242,964|30,385|411,479|
|Homelessness|276,480|486,311|60,819|823,610|
|Community Impact|57,518|101,169|12,652|171,339|
|Other projects|16,774|29,503|3,692|49,969|
||**645,164**|**1,134,802**|**141,921**|**1,921,887**|



Raising Funds in the group in 2024 totalled £1,554,817 which consisted of £1,238,972 of direct fundraising costs and £315,845 of support and governance costs. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 8. Analysis of grants and donations 

|**Emergency Responders**<br>College of Policing<br>**Homewards**<br>Homeless Link<br>Rainly Ltd<br>SOAR Works<br>The Game Academy Ltd<br>Evolve Housing<br>Langstone Housing Association<br>EveryYouth<br>Crisis<br>LandAid<br>Renaisi Ltd<br>POBL Homes<br>Invisible Cities Newport<br>Buttercups<br>COOK<br>JBT Training<br>Oasis Charitable Trust<br>Only a Pavement Away<br>Southbank Centre<br>Women in Newport<br>Homewards Exhibition<br>**Community Impact**<br>Babyzone<br>James' Place<br>Mikeysline<br>PIPS Suicide Prevention Ireland<br>Jac Lewis Foundation<br>Mull Aros Hall<br>Pennyghael Community Hall<br>Exeter City Community Trust<br>Greater Manchester Violence Reduction Unit<br>Chasing the Stigma (Hub of Hope)<br>Papyrus<br>2Wish<br>Baton of Hope<br>Bayo<br>Birtley Community Acquatic Centre<br>Brave Mind<br>Mates in Mind<br>Mind Out<br>Molly Rose Foundation<br>National Suicide Prevention Alliance<br>Ripple Suicide Prevention<br>Suicide&Co<br>The Farm Safety Foundation<br>The Jordan Legacy<br>The Royal College of Psychiatrists (support after suicide partnership)<br>TIBER<br>Tom Dean Swim School<br>NHS Charities Together<br>Cymdeithas Mudiadau Gwirfoddol Ceredigion<br>Street Soccer<br>Other|**2025**<br>**£**<br>-<br>-<br>647,585<br>48,975<br>65,500<br>36,000<br>22,500<br>22,500<br>20,000<br>10,000<br>10,000<br>10,000<br>6,432<br>5,000<br>2,000<br>2,000<br>2,000<br>2,000<br>2,000<br>2,000<br>2,000<br>-<br>918,492<br>195,000<br>175,000<br>121,000<br>105,000<br>75,000<br>58,900<br>48,925<br>40,500<br>25,000<br>20,000<br>20,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>-<br>-<br>-<br>-<br>-<br>1,034,325|2024<br>£<br>20,000<br>20,000<br>349,500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>15,000<br>364,500<br>-<br>-<br>-<br>-<br>-<br>-<br>25,000<br>-<br>-<br>-<br>-<br>-<br>86,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>20,000<br>54,000<br>22,500<br>150,000<br>30,000<br>387,500|
|---|---|---|





The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 8. Analysis of grants and donations (continued) 

|**Centre for Early Childhood**<br>Institute of Health Visitors<br>The National Portrait Gallery<br>Place2Be<br>Bernado's<br>Babyzone<br>Anna Freud Centre<br>Integrate Project<br>**Conservation**<br>Prevail Partners<br>COIAB<br>Instituto Igarape<br>Mull and Iona Community Trust<br>RWSI well being rights for Rangers<br>SAWC Braveheart Ranger<br>**Research & Evaluation**<br>Renaisi Ltd<br>**Empowering Communities**<br>The Felix Project (donation)<br>**Others (unrestricted)**<br>Elephants without Borders (donation from the Diana Princess of Wales Memorial Fund)<br>**TOTAL charitable grants and donations**<br>Unless otherwise stated, all amounts are for single grants.|98,186<br>40,000<br>38,765<br>29,891<br>8,000<br>2,996<br>-<br>217,838<br>165,000<br>100,000<br>41,434<br>31,500<br>50,000<br>25,500<br>413,434<br>5,000<br>5,000<br>8,079<br>8,079<br>5,342<br>5,342<br>2,602,509<br>41,433<br>413,433|75,510<br>-<br>-<br>-<br>-<br>-<br>26,963<br>102,473<br>157,500<br>-<br>50,000<br>51,000<br>258,500<br>-<br>-<br>6,396<br>6,396<br>16,743<br>16,743<br>1,156,112|
|---|---|---|



## 9. Total expenditure 

|The following have been charged within total expenditure:|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Auditor remuneration:|||
|Fees payable for the audit of The Royal Foundation and subsidiary annual accounts|50,520|45,650|
|Fees payable for tax advisory and compliance services for The Royal Foundation|||
|and its subsidiary|3,650|7,100|
|Depreciation of tangible fixed assets|58,512|62,676|
|Defined contribution pension costs|384,435|299,015|



Auditor remuneration is stated net of irrecoverable VAT, which amounted to £9,539 (2024: £8,000) for audit services and £400 (2024: £790) for non-audit services. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 10. Analysis of staff costs and the cost of key management personnel 

|**Total staff costs comprised:**<br>Gross wages and salaries<br>Social security costs<br>Pension costs: defined contribution<br>Other benefits (including medical insurance)|**2025**<br>**£**<br>5,270,961<br>708,492<br>384,435<br>63,364<br>**6,427,252**|2024<br>£<br>4,192,956<br>491,613<br>299,015<br>58,970<br>**5,042,554**|
|---|---|---|



During 2025, there were redundancy or termination payments made which amounted to £31,967 (2024: £22,462). There were no outstanding payments at year end. 

All employees were employed by the charity. The average number of employees in the year was 80 (2024: 67). The average number of staff in the year was 74 full time (2024: 57) and 8 part time (2024: 9), with the part time staff representing an average of 5 FTE. (2024: 6). 

For 2025, 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 £1,542,770 (2024: £1,541,192), including pension costs of £117,987 (2024: £91,329) and national insurance costs of £193,555 (2024: £148,692). 

The number of employees who earned over £60,000, including taxable benefits but excluding pension costs, was: 

||**2025**|2024|
|---|---|---|
|£60,000 - £70,000|4|9|
|£70,001 - £80,000|8|8|
|£80,001 - £90,000|4|3|
|£90,001 - £100,000|1|1|
|£100,001 - £110,000|1|2|
|£110,001 - £120,000|1|1|
|£120,001 - £130,000|4|1|
|£130,001 - £140,000|1|1|
|£200,001 - £210,000|1|1|
|£220,001 - £230,000|1|0|



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 £384,435 (2024: £299,015). There were no outstanding balances as at 31 December 2025 or 31 December 2024. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 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 2025 or 31 December 2024. 

## 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 (2024: £0). 

## Expenses 

£84 of Board meeting refreshments were incurred during the year (2024: £355). 

## Related Party transactions - Trustees 

During the year, The Royal Foundation received aggregate donations from Trustees of £100,000 (2024: £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 £220,588 (2024: £81,514). 

Tom White and Ian Patrick are ex officio trustees of The Royal Foundation 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 £15,803 (2024: £23,643) of services from Kensington Palace relating to recharges of travel costs and venue hire and £128,590 (2024: £0) of services from The Earthshot Prize relating to recharges of event production costs. 

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 £1,074 (2024: £970). 

## 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 £154,023 (2024: £78,793) to The Royal Foundation, including management charges of £3,818 (2024: £1,681) and a gift aid donation of £146,451 (2024: £75,038). 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 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 has not continued the Fund’s grant-making or charitable activities. 

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 a charity of The Duke of Sussex’s choosing. 

## 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 income of £8,694,668 (2024: £4,885,719) from The American Friends. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 12. Tangible fixed assets – Group and Charity 

|**Cost:**<br>Balance brought forward 1 January 2025<br>Additions<br>Balance carried forward 31 December 2025<br>**Depreciation:**<br>Balance brought forward 1 January 2025<br>Charge for the period<br>Balance carried forward 31 December 2025<br>**Net book value:**<br>Brought forward 1 January 2025<br>Carried forward 31 December 2025|**Equipment**<br>**£**<br>273,719<br>30,710<br>**304,429**<br>165,652<br>58,512<br>**224,164**<br>108,067<br>**80,265**|
|---|---|



## 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 2025. 

||**Group**<br>**Charity**|
|---|---|
|**Fund investments:**|**2025**<br>2024<br>**2025**<br>2024<br>**£**<br>£<br>**£**<br>£|
|Market value (including cash) at 1 January|1,837,660<br>1,697,775<br>1,837,660<br>1,697,775|
|Net gains on revaluation|205,512<br>139,885<br>205,512<br>139,841|
|Movement in cash|-<br>-<br>-<br>44|
|**Market Value at 31 December**|2,043,172<br>1,837,660<br>2,043,172<br>1,837,660|
|**Investment in Subsidiary**|-<br>-<br>1<br>1|
|**Investment in Associate**|1,250,152<br>991,508<br>-<br>-|
|**Total**|**3,293,324**<br>**2,829,168**<br>**2,043,173**<br>**1,837,661**|
||**Group**<br>**Charity**|
|**Fund investments:**|**2025**<br>2024<br>**2025**<br>2024<br>**£**<br>£<br>**£**<br>£|
|Multi Asset funds|2,043,157<br>1,837,645<br>2,043,157<br>1,837,645|
|Cash and cash equivalents|15<br>15<br>15<br>15|
||**2,043,172**<br>**1,837,660**<br>**2,043,172**<br>**1,837,660**|



The investment in the Associate represents the Foundation’s one third share in The Earthshot Prize and amounted to £1,250,152 (2024: £991,508). 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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## 13. Fixed Asset Investments (continued) 

The Royal Foundation’s share of The Earthshot Prize’s income and expenditure at 31 December 2025: 

|Share of income<br>Share of expenditure|**Group**|**2025**<br>2024<br>**£**<br>£<br>-<br>-<br>-<br>-<br>**Charity**|
|---|---|---|
||**2025**<br>2024<br>**£**<br>£<br>9,011,286<br>7,758,139<br>(8,751,129)<br>(8,575,427)||



## 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 was received in December 2025. 

|At 1 January<br>Additions - concessionary loans (due after one year)<br>Repayments<br>**At 31 December**|**2025**<br>2024<br>**£**<br>£<br>250,000<br>-<br>-<br>250,000<br>(25,000)<br>**225,000**<br>**250,000**<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>250,000<br>-<br>-<br>250,000<br>(25,000)<br>**225,000**<br>**250,000**<br>**Charity**|
|---|---|---|



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<br>Amounts owed by subsidiary<br>Prepayments and accrued income<br>Other debtors|**2025**<br>2024<br>**£**<br>£<br>48,675<br>80,489<br>-<br>-<br>1,330,529<br>345,396<br>8,136<br>-<br>**1,387,340**<br>**425,885**<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>278<br>-<br>154,023<br>78,793<br>1,330,529<br>345,396<br>8,136<br>-<br>**1,492,966**<br>**424,189**<br>**Charity**|
|---|---|---|





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## 16. Creditors: amounts falling due within one year 

|Trade creditors<br>Charitable grants payable<br>Taxation and social security<br>Accruals and deferred income<br>Other creditors|**2025**<br>2024<br>**£**<br>£<br>558,158<br>450,468<br>122,079<br>193,896<br>214,927<br>159,997<br>475,844<br>520,048<br>82,401<br>14,157<br>**1,453,409**<br>**1,338,566**<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>658,158<br>446,868<br>22,079<br>193,896<br>214,927<br>145,715<br>442,589<br>512,789<br>72,328<br>14,157<br>**1,410,081**<br>**1,313,425**<br>**Charity**|
|---|---|---|



Charitable grants payable £122,079 is disclosed under note 17. 

## 17. Grants payable 

|**Reconciliation of grants payable:**<br>Commitments at 1 January 2025<br>Grants not accrued at 1 January 2025<br>Grants approved in the year<br>Grants cancelled, refunded or amended<br>Grants not accrued at 31 December 2025<br>**Grants expenditure for the year**<br>Grants paid during the year<br>Grants Payable at 31 December 2025<br>**Commitments at 31 December 2025 are payable as follows:**<br>Within one year<br>After more than one year|1,148,819<br>3,971,960<br>(57,564)<br>(2,460,705)<br>**20**<br>3,971,959|**£**<br>**193,896**<br>**2,602,510**<br>(2,674,326)<br>**122,079**<br>122,079<br>-<br>**122,079**<br>**25**<br>**2,602,509**|185,465<br>2,098,341<br>-<br>(1,127,694)<br>2024|£<br>-<br>**1,156,112**<br>(962,216)<br>**193,896**<br>193,896<br>-<br>**193,896**<br>|
|---|---|---|---|---|



In line with the Foundation’s accounting policy the commitments to future years are not recognised as a liability . 

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 will be donated to a cause of their choosing. 



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## 18. Analysis of movements in unrestricted funds 

|**Group**<br>**Unrestricted funds - group:**<br>General funds<br>**Charity**<br>**Unrestricted funds - charity:**<br>General funds<br>Unrestricted funds can be used in acco<br>**Group**<br>**Unrestricted funds - group:**<br>General funds<br>**Charity**<br>**Unrestricted funds - charity:**<br>General funds|**Balance at**<br>**1 January**<br>**2025**<br>**£**<br>5,800,894<br>**Balance at**<br>**1 January**<br>**2025**<br>**£**<br>5,798,252<br>rdance with the<br>**Balance at**<br>**1 January**<br>**2024**<br>**£**<br>5,274,686<br>**Balance at**<br>**1 January**<br>**2024**<br>**£**<br>5,272,044|**Income**<br>**Expenditure**<br>**Transfers**<br>**between funds**<br>**£**<br>**£**<br>**£**<br>11,006,819<br>(6,121,064)<br>(2,710,413)<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**between funds**<br>**£**<br>**£**<br>**£**<br>10,966,193<br>(6,080,436)<br>(2,710,413)<br>charitable objects at the discretion of the Trustees.<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**between funds**<br>**£**<br>**£**<br>**£**<br>6,759,580<br>(4,757,122)<br>(1,616,135)<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**between funds**<br>**£**<br>**£**<br>**£**<br>6,687,261<br>(4,749,803)<br>(1,551,135)<br>(2,710,412)<br>10,966,192<br>2,710,412|**Gains &**<br>**Losses**<br>**£**<br>223,126<br>**Gains &**<br>**Losses**<br>**£**<br>223,126<br>**Gains &**<br>**Losses**<br>**£**<br>139,885<br>**Gains &**<br>**Losses**<br>**£**<br>139,885|**Balance at**<br>**31 December**<br>**2025**<br>**£**<br>8,199,362<br>**Balance at**<br>**31 December**<br>**2025**<br>**£**<br>8,196,722<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>5,800,894<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>5,798,252<br>8,199,363|
|---|---|---|---|---|



## 19. Analysis of movements in restricted funds 

|**_Group_**<br>**Restricted funds:**<br>Centre for Early Childhood<br>(previously_Early Years)_<br>Mental Health<br>The Earthshot Prize<br>Conservation<br>(previously_United for Wildlife_<br>_Taskforces)_<br>Homelessness<br>Community Impact<br>Empowering Communities|**Balance at**<br>**1 January**<br>**2025**<br>**£**<br>433,892<br>145,868<br>991,508<br>-<br>-<br>-<br>2,257<br>1,573,525|**Income**<br>**£**<br>2,586,497<br>18,200<br>258,644<br>979,414<br>4,059,097<br>710,475<br>8,079<br>8,620,406|**Expenditure**<br>**Transfers**<br>**between funds**<br>**£**<br>**£**<br>(1,943,685)<br>-<br>(34,317)<br>-<br>-<br>-<br>(2,477,283)<br>1,497,870<br>(4,331,496)<br>272,398<br>(1,650,619)<br>940,145<br>(8,079)<br>-<br>(10,445,479)<br>2,710,413<br>1,497,869<br>272,399<br>940,144<br>2,710,412<br>1,497,869|**Gains &**<br>**Losses**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Balance at**<br>**31 December**<br>**2025**<br>**£**<br>1,076,704<br>129,751<br>1,250,152<br>-<br>-<br>-<br>2,257<br>2,458,865<br>2,458,864|
|---|---|---|---|---|---|



The table above summarises the main restricted funds. 



The Royal Foundation of The Prince and Princess of Wales Company Registration No. 07033553 

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The Centre for Early Childhood (previously 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. 

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. 

Conservation (previously 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 2025 a transfer of £1,497,869 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 2025 a transfer of £272,399 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 2025 a transfer of £940,144 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_**<br>**Restricted funds:**<br>Centre for Early Childhood<br>(previously_Early Years)_<br>Mental Health<br>The Earthshot Prize<br>Emergency Responders<br>Conservation<br>(previously_United for Wildlife_<br>_Taskforces)_<br>Homelessness<br>Community Impact<br>Empowering Communities|**Balance at**<br>**1 January**<br>**2024**<br>**£**<br>-<br>116,188<br>1,465,284<br>14,047<br>8,900<br>50,189<br>25,000<br>3,028<br>1,682,636|**Income**<br>**£**<br>1,901,400<br>65,501<br>-<br>-<br>806,367<br>2,630,030<br>-<br>5,625<br>5,408,923|**Expenditure**<br>**£**<br>(1,467,508)<br>(35,821)<br>(473,776)<br>(20,000)<br>(1,512,112)<br>(2,872,862)<br>(745,694)<br>(6,396)<br>(7,134,169)|**Transfers**<br>**between funds**<br>**£**<br>-<br>-<br>-<br>5,953<br>696,845<br>192,643<br>720,694<br>-<br>1,616,135|**Gains &**<br>**Losses**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>433,892<br>145,868<br>991,508<br>-<br>-<br>-<br>-<br>2,257<br>1,573,525|
|---|---|---|---|---|---|---|





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## 20. Analysis of group net assets between funds 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>Fixed assets<br>80,265<br>-<br>Fixed asset investments<br>2,043,172<br>1,250,152<br>Programme related investments<br>-<br>225,000<br>Cash<br>6,591,889<br>533,818<br>Other net current (liabilities)/assets<br>(515,964)<br>449,895<br>**8,199,362**<br>**2,458,865**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>Fixed assets<br>108,067<br>-<br>Fixed asset investments<br>1,837,660<br>991,508<br>Programme related investments<br>-<br>250,000<br>Cash<br>4,128,235<br>971,630<br>Other net current (liabilities)/assets<br>(273,068)<br>(639,613)<br>**5,800,894**<br>**1,573,525**<br>**Group**<br>**Group**<br>6,591,890<br>**8,199,363**<br>**2,458,864**<br>533,817|**Balance at**<br>**31 December**<br>**2025**<br>**£**<br>**80,265**<br>**3,293,324**<br>**225,000**<br>**7,125,707**<br>**(66,069)**<br>**10,658,227**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>**108,067**<br>**2,829,168**<br>**250,000**<br>**5,099,865**<br>**(912,681)**<br>**7,374,419**|**Unrestricted**<br>**funds**<br>**£**<br>80,265<br>2,043,173<br>-<br>6,440,294<br>(367,010)<br>**8,196,722**<br>**Unrestricted**<br>**funds**<br>**£**<br>108,067<br>1,837,661<br>-<br>4,086,657<br>(234,133)<br>**5,798,252**|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>225,000<br>536,458<br>449,895<br>**1,211,353**<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>250,000<br>989,761<br>(655,103)<br>**584,658**<br>**Charity**<br>**Charity**|**Balance at**<br>**31 December**<br>**2025**<br>**£**<br>80,265<br>2,043,173<br>225,000<br>6,976,752<br>82,885<br>**9,408,075**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>108,067<br>1,837,661<br>250,000<br>5,076,418<br>(889,236)<br>**6,382,910**|
|---|---|---|---|---|



## 21. Reconciliation of net income to net cash flow from operating activities 

|**Net movement in funds**<br>Adjustments for:<br>Depreciation charge<br>Gains on investments<br>Dividends and interest included in investing activities<br>(Increase)/ decrease in other debtors<br>Increase in creditors<br>Share of associate's net assets<br>**Net cash provided by operating activities**|**2025**<br>2024<br>**£**<br>£<br>3,283,808<br>417,097<br>58,512<br>62,676<br>(205,512)<br>(139,885)<br>(259,101)<br>(150,616)<br>(961,455)<br>829,507<br>114,843<br>457,983<br>(258,644)<br>473,776<br>1,772,451<br>1,950,538<br>**Group**|
|---|---|





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## 22. Reconciliation of net cash flow to movement in net funds 

|Increase in cash<br>Net funds at 1 January<br>Net funds at 31 December|**2025**<br>2024<br>**£**<br>£<br>2,025,842<br>1,811,502<br>5,099,880<br>3,288,378<br>7,125,722<br>5,099,880<br>**Group**|
|---|---|



## 23. Controlling Party 

The controlling party of The Royal Foundation is HRH The Prince of Wales. 

The Prince of Wales attended a roundtable entitled ‘Nature’s Guardians: On the Road to COP30 & Beyond’ at St James’s Palace. 



ROYAL
FOUNDATION
OF THE PRINCE AND PRINCESS
OF WALES