AnnuAl RepoRt & Accounts for the year ending 31 March 2021 

the Queen’s commonwealth trust 

Registered charity no 1172107 **|** Registered company no 10482169 



## Foreword 

there are many networks whose aim is to support young people. What sets the Queen’s commonwealth trust (Qct) apart is that it works with us, the youth, as partners in the shared endeavour of driving meaningful, positive social change around the world. this approach is rare. 


**Nondumiso (Noni) Hlophe** 

QCT’s focus is on the youth and our work. It recognises what we are doing to build the world we share and want to live in and empowers us further as change agents. QCT works with us in the process of building a better, more sustainable and more equitable world. 

Over the past year, QCT has worked with us to study and understand our Commonwealth roots – our past and our present – in the hope of helping to reimagine our future together, with young people’s perspectives at the heart of this work. QCT has also shone a light on important stories – of enterprises, initiatives and movements – all aimed at building a better future for those around us. 

These stories, told in the many voices of those who have devoted their lives towards making a difference, have uplifted and encouraged us all to take more action, in the places that we call ‘home’ and as a collective, globally. 

For me, the benefit of being a part of QCT has been immeasurable. This organisation is shifting the narrative by working to encourage investors, policymakers, influential people and bodies alike to enable, champion and support tangible action being taken by young people across the 54 countries of the Commonwealth. 

We, the young people of the Commonwealth, have meaningful contributions to make. Our age, geographical location and economic circumstances should not define or limit us. Many of us are leading change, where we are, concerning what is needed in our lives today. As such, we are key stakeholders in our common future. 

QCT understands this and stands by us, supporting youth in achieving this reality in key issues, from education and the environment to equality around the Commonwealth and beyond. 


## **Nondumiso (Noni) Hlophe** 

Founding Curator – Global Shapers Community: Mbabane Hub, Kingdom of Eswatini Queen’s Young Leader, 2015 

Advisor, The Queen’s Commonwealth Trust, 2021 

**1** 



## contents 

||Foreword|**1**|
|---|---|---|
||Trustees’ Report|**3**|
||Chair’s Introduction|**4**|
||Context of our Work|**6**|
||Charitable Purpose|**8**|
||Activities & Achievements 2020/21|**9**|
||Fundraising|**16**|
||Future Plans|**18**|
||Financial Performance|**21**|
||Governance & Risk|**25**|
||Statement of Trustees’ Responsibilities|**28**|
||Independent Auditor’s Report|**30**|
||Financial Statements & Notes|**34**|
||References & Administration|**52**|
||Principal Funders & Supporters|**53**|
||**HM The Queen, Patron, The Queen’s Commonwealth Trust**||



**2** 



## trustees’ Report 

the trustees present their annual report for the year ended 31 March 2021 under the companies Act 2006 together with the audited accounts for the year. 

the financial statements have been prepared on the basis of the accounting policies set out in note 1 to the financial statements and comply with the applicable law, the requirements of the charities statement of Recommended practice FRs 102 and the charities Act 2011. 


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We champion, fund and connect young leaders who are working hard to change the world<br>**----- End of picture text -----**<br>


**3** 



## chair’s Introduction 

It gives me great pleasure to follow nondumiso’s rousing words in the foreword, introducing the account of how the team Qct community – young people, donors, management and Board alike – came together to deliver a packed programme of support with and for young people this year. My thanks, as always, go to our donors, who made all this work possible and whose support we value more than we can say. 

2020 was a year like no other. The many challenges faced by everyone, all around the world, illustrated so clearly that QCT’s work is needed now more than ever. The young people we exist to support are the ones helping their communities and responding with solutions every single day  – not only when crises hit. They need to be seen, heard and supported far more; what they do, in this interconnected world, benefits everyone. I wish to extend thanks to my fellow Trustees for their ongoing commitment to QCT, and to our wonderful staff for all their hard work in support of the young people of the Commonwealth. 

Our founding proposition was to champion, fund and connect young people like those I describe, all around the world. We wanted to showcase their leadership, often against the odds, and the success that arises when young people have a platform where they can be seen, some funding, and access to resources and advice. We were so glad to have had the support of The Duke and Duchess of Sussex in our early years. They helped us establish the brand and the cause internationally, getting us off to a flying start. 

We find ourselves now in a world that has changed a great deal since we started in 2016. With remote working now an established way of life and the need for organisations like ours to be truly locally driven wherever possible, we will continue to build our regionalised model, based on our successful pilot in Kenya. This way, we will prioritise investment in young people’s expertise within as many Commonwealth countries as we can, both in terms of our programmes and our talent. We will continue to make the case for investment like this in young people’s work, bringing more donors and supporters to join us. 

As we come to the end of this first phase of our work, I further wish to thank our former colleagues Chloe Swycher and Naomi Knight for their sterling work on the digital agenda and their help promoting the grants programme, supporting the development of and engagement with our Network of young people who are all experts in their fields and add such a great deal to the work of QCT. In addition, my heartfelt thanks go to Anne Threlkeld for her unstinting work in the administration of QCT from its outset and for always keeping us all on track. 

**The Rt Hon. Lord Geidt GCB GCVO OBE QSO** 

**4** 



The Board welcomed Aneeta Williams, from Malaysia, as our Lead Safeguarding Trustee; Stephen Ball, from England, to lead on fundraising; and Abdullahi Alim, from Australia, to lead for us on youth-led movements. 

QCT presses on with optimism and energy, with Christopher Kelly in the lead. We have a strong foundation upon which to build. 

I close by extending our sincere thanks to Leslie Ferrar, our founding Trustee, who served for four years with us until December 2020; and to our founding CEO, Nicola Brentnall, who was the inspirational creator of the QCT brand, values, proposition and world view described by Nondumiso Hlophe. QCT continues, in excellent health and in great form, to help make the future brighter and better through all those with whom we work. 


## **The Rt Hon. Lord Geidt GCB GCVO OBE QSO** 

Chair, The Queen’s Commonwealth Trust 



**Young people play a key part in delivering the Global Goals, which aim to ensure a sustainable future for all** 

**5** 



## context of our Work 

of the commonwealth’s population of over 2 billion people, 60% are under the age of 30.[1] this is a young, rapidly growing, connected generation, characterised by the desire to make a positive, practical difference for others. Across the Qct network and the wider world, there are many thousands of young people working at the grassroots level, leading charities or social enterprises to provide services that are urgently needed, and in ways that work. 

The United Nations (UN) defines social entrepreneurship as ‘entrepreneurial activity undertaken with the explicit objective of addressing societal problems’. Evidence suggests social entrepreneurs are more likely to succeed when they have first-hand knowledge and experience of the social issue they aim to address.[2] QCT only supports young people with local and lived experience like this. 

In line with extensive UN research, like that cited here, young social purpose leaders are well positioned to help address the numerous challenges of local and international development. As a result, given their numbers, they could be a huge, untapped resource for global wellbeing. Despite this, less than 1% of international development spending goes to them.[3] 

This is by no means straightforward, given that the shortfall in financing the UN Sustainable Development Goals (the Global Goals) is estimated to be 2.5 trillion USD annually.[4] Delivering the Global Goals, and so securing a sustainable future for everyone, is a vast undertaking and one that requires new approaches and innovation. 

Catalyst 2030[5] highlights the need for new ways of thinking if the Global Goals are to be delivered, moving beyond incremental project funding and towards innovative approaches and a set of core principles to drive fundamental change. These principles include funding leaders not projects, investing in capability-building, encouraging collaboration, building the networks needed for leaders to thrive and allowing them to lead. 

The World Youth Report[6] discusses how the 2030 Agenda could strengthen relationships between young people, the private sector and policymakers to produce effective and innovative solutions. It argues a strong correlation exists between support from established institutions and the effectiveness of social entrepreneurship, highlighting how funding, training, advice and access to what it describes as ‘an ecosystem of support’ are vital ingredients to underpin progress and success for young people. 

All these ingredients for success can be found at the heart of the QCT approach into 2021. 

Given the scale of the challenge and the size of the funding gap, QCT can use its profile, resources and voice to continue to show the benefit of investment in youth-led ventures and of increased support. 

> 1 https://thecommonwealth.org/youth 

> 2 World Youth Report: Youth Social Entrepreneurship and the 2030 Agenda, United Nations, 2020 

> 3 QCT Landscape Research, Firetail, 2017 

> 4 https://catalyst2030.net/optimise-funding 

> 5 Embracing Complexity: Towards a Shared Understanding of Funding Systems Change 2020, Ashoka, Echoing Green, Skoll et al. 

> 6 World Youth Report: Youth Social Entrepreneurship and the 2030 Agenda, United Nations, 2020 

**6** 



QCT’s focus is clear – it provides unrestricted grants to allow founders to lead. It helps build their capacity through the provision of technical assistance online and offline, along with creating networks of support for young leaders everywhere. It promotes the results of this investment on its website and social media channels, reaching a global audience. 

**Modester Mangalani** , Co-Founder of Ukani Malawi – an organisation that supports the development of women in education, health and enterprise, coupled with mentorship and training to build self-confidence – explains why this approach works: 

‘‘ this was the first time we have ever had unrestricted funding – it has been transformational for us. so many funders fund on a project basis only, and in a set format that does not take into account the reality of running a small organisation with lean resources. Qct allowed us the flexibility to invest as we needed and to change things around to make our programme work. 

this has meant that our delivery has been so much better than it would otherwise have been. We have been able to adapt, learn and correct course on the way. this has helped our sustainability – not being tied into things that are not working and being able to switch to things that do really makes the difference. 

Qct’s technical assistance has been just what we needed, helping us to professionalise our approach. Qct reassured us that our systems were not bad and focused on how they could be better. We would never have figured this all out on our own. other donors just would not have given us this chance. the growth for our work is immeasurable. Hearing other people’s experiences and challenges has helped us – we feel more connected. the ‘teach back’ sessions from other young founders in Africa are really good – particularly on impact measurement.’’ 


**Modester Mangalani (left) and Temwa Rosemary Chirembo, Co-Founders of Ukani Malawi** 

Given the rapid acceleration of change since QCT’s launch in 2018, the importance of local decision-making and authority, and the drive to remote working, QCT will invest further in local resources and expertise in the years to come, creating opportunities across the Commonwealth. 

**7** 



## charitable purpose 


Qct’s charitable purpose is to carry out any activity that is considered charitable. the Board has agreed that Qct will support young people who, between them, provide practical support to those in need, tackling a wide range of issues – such as access to education, employment, healthcare and conservation of the natural world. In helping young people help others in this way, it fulfils its charitable purpose and will help support communities all around the world. 

**The Ukani Malawi community, building a brighter future for young mothers and their families** 

**8** 



## Activities & Achievements 2020/21 



**The Man Cave works to support young men’s mental health in Australia. Founded and led by Hunter Johnson, also an Advisor to QCT. Here is the team in action** 


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During 2020, Qct’s work focused on three main activities: a) championing young people and the work they do for others, b) providing grants and support to fund their work and c) connecting them to an ecosystem of support. What follows is a summary of these activities this year. 

## champion 

When COVID-19 hit, young people were suddenly in lockdown – in need of companionship, advice, reassurance through peer-to-peer support, and more. In days of great uncertainty, QCT wanted to provide a programme of activity that was open to all. QCT moved quickly to create films, webinars and discussions to help. 

These sessions were all led by young people, and covered topics such as leading through uncertain times, caring for mental health, and pivoting business models to continue to deliver through the pandemic. 

The sessions were hugely popular. They were recorded and shared across QCT’s social media platforms so that even more young people could see and share in the knowledge that, no matter what, young people all around the world were continuing to help others, despite COVID-19. 

In early April 2020, QCT shared the story of **Midia Shikh Hassan** , the Co-Founder of Dextra, an organisation that usually makes prosthetic limbs for refugees and people living in poverty. She is also one of the members of the Faculty of Entrepreneurship and Engineering Design at the University of Ottawa. 

**9** 



Working with Professor Hanan Anis, Midia and a small team decided to join forces to create life-saving personal protective equipment for those working on the frontline, and medical equipment for those suffering from COVID-19. They also pledged to share their designs so anyone could do the same, easily and quickly. 

QCT shared the story on Instagram and it was viewed nearly 4,000 times very soon after posting. The reaction was fast and appreciative, with comments like ‘Good is still going on. Comforting’ and, from Barbados, a request for more information so another organisation could get going, doing the same thing. 

Following the murder of George Floyd, young people wanted to talk about racism, inequality and injustice. The digital team convened webinars, all led by young people, in the weeks that followed, culminating in a discussion on historic injustice in June. Here, QCT facilitated conversations on topics that matter to young people around the world. 

At the end of Black History Month in the UK, Trustee **Chrisann Jarrett** wrote an opinion piece in the _Daily Telegraph_[7] about the transformative work young changemakers in the QCT Network deliver at the grassroots every day, tackling systemic issues directly, and in their own way, to bring about the change they want to see. 

## Fund 

During 2020, QCT delivered two funding rounds, an Emergency COVID-19 Response Fund and its main grant-making programme to a cohort of 10 organisations based in sub-Saharan Africa. We also provided technical assistance and organisational capacity-building to those in receipt of our main grants. 


**Midia Shikh Hassan, Co-Founder, Dextra** 


**Chrisann Jarrett, Co-Founder, We Belong and Trustee, QCT** 

## emergency Grants 

Working closely with the Network, QCT developed an Emergency Response Fund, designed to be fast and responsive, to get money to young people providing support to communities that were significantly at risk of the implications and dangers of COVID-19. Grants were made as quickly as possible, with the help of Network members and volunteers from Linklaters, one of QCT’s key corporate supporters. The aim was to get funding out as quickly as possible to those communities at serious risk of the implications of COVID-19. To a maximum of £5,000, QCT made 35 grants across 23 countries, covering 10 of the Global Goals. 

Following the Network’s guidance, QCT opened the grants first to those communities frequently overlooked by donors – including Indigenous and First Nation communities and in the Pacific. Many of the grants in this programme were used to support people in very vulnerable circumstances, often with no other means of support. This is particularly true with regard to domestic violence – already a scourge before COVID-19 hit, it became known as the ‘shadow pandemic’[8] alongside COVID-19. 

> 7 https://www.telegraph.co.uk/news/2020/10/30/black-history-month-draws-close-important-ask-has-actually-achieved/ 

> 8 The Shadow Pandemic: Violence Against Women During COVID-19, UN Women, May 2020 

**10** 





**The team from The Justice Desk (South Africa), long-time partner of QCT, organising food distribution to families affected by COVID-19 restrictions** 


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With the support of QCT, Women and Democracy in the Maldives set up a domestic abuse helpline to offer counselling services for survivors of violence and to help raise further awareness of domestic violence. 

**Safaath Ahmed Zahir** describes the challenges of the pandemic and the difference this support made: 

‘‘ When the pandemic hit, a lockdown was quickly imposed with strict curfew rules. We had to shut our office. Funding dried up and we wondered what we could cut to survive. More and more women started calling us for help – particularly across the islands and atolls that make up the Maldives. there is a huge geographic challenge in reaching them, but they were in trouble and needed us. they needed access to basic essentials and an increasing number of women were experiencing domestic violence with no means of escape. But we had no money. out of the blue, Qct helped us. We were able to get going again. We were able reach 40+ women in the first month and 130+ women overall with the Qct grant. the exciting thing is that other donors, seeing the Qct support, started to approach us to assist women in need. the Gender Ministry is one key supporter that has come forward now – **Safaath Ahmed Zahir, Founder,** 

**Safaath Ahmed Zahir, Founder, Women and Democracy** 

**11** 



and this makes a big difference. We were able to support other agencies, too. We are known for our work and Qct’s name boosted our visibility and our credibility – and women also saw this and trusted us to help them with their most personal needs.’’ 

## sub-saharan Africa programme 

QCT’s main grants programme provides unrestricted funding, allowing leaders to maximise the potential and likelihood of success for their organisations. QCT piloted its grant-making approach in Sub-Saharan Africa. Across Africa, 21.5% of young people were not in education, employment or training (2019 figures), while many more were under-employed.[9] 

Providing young founders with the opportunity to grow their social ventures, and provide jobs, support and services alike, has been the priority this year. Picking up from Modester Mangalani earlier in the report, here is **Nick Laing** , Founder of OneDay Health, reflecting on the QCT offer. 

‘‘ the unrestricted grant from Qct was the largest we had received – which on its own was a huge boost. At the end of 2019, before Qct was on board, we had ten oneDay Health centres operating, while in 2020 Qct funded six of the eleven we opened in an action-packed year. this kept our momentum going and really helped us. Meeting our full year fundraising target at the start of the year was a huge relief and meant that we could focus on our core work – opening health centres in remote places and serving people with healthcare.’’ 

When QCT makes grants, the process is rigorous and detailed, and discussions involve more than just the Founder. Here is **Nick Laing** on what this means to those involved. 

‘‘ It was the first time we were involved in a rigorous grant application process. We have never been visited to be assessed by a funder, so Winfred Mundia’s visit to us, as Qct’s Head of Grants, was hugely significant – here was someone from a different country keen to meet with us, see what we do and help us. our nurse hub managers were also involved in the process – so we were all part of securing the grant. this helped bring our team together and level the playing field – and they really enjoyed being part of the process. It also helped us to see that we were part of something bigger. ’’ 

> 9 Report on Employment in Africa (Re-Africa): Tackling the youth employment challenge, International Labour Organization, 2020 

**12** 



In 2020, QCT provided technical assistance, practical advice and guidance to those it funds, concentrating on strengthening systems and understanding in areas such as finance, impact measurement, safeguarding and governance – all essential areas that organisations need to develop. 

‘‘ the safeguarding training and support in particular has been so valuable. the best thing about all this is that it has been delivered with Winfred’s support. this has all involved the team – which has been a great development opportunity for them, too. crucially, as a Kenyan, she completely understands the context we are working in – which makes all the difference. A potential partner visited us recently and one of the first things they wanted to see was our safeguarding policy. Without Qct, we would not have been able to respond to this request, so it put us in with a much better chance of support in future.  ’’ 

**Nick Laing** , Founder, OneDay Health 




**Nick Laing (second from the right) with members of his team** 

**13** 



## connect 

QCT continues to focus on the growth of its Network of young people and their engagement in the wider work of the organisation. Steadily, throughout the year, Network members were increasingly involved in the day-today life of QCT and, by December, the most active were appointed as Advisors. This role recognises the contribution and expertise of those involved. Advisors contribute expertise across a wide variety of areas, including communications, social entrepreneurship and fundraising. 

The Network, nearly 1,000 strong, is a unique community of generous leaders who work for positive social purpose – as social entrepreneurs, policymakers, volunteers and activists. To join this Network, members need to provide evidence of service to others and an intention to actively engage in the interests of all. 

During the year, QCT provided an environment where Network members could collaborate, share information, innovate and support each other. Opportunities to connect are highly valuable, particularly for those for whom the chances to engage like this are few and far between. 

‘‘ Access to a network of like-minded leaders, with experience to share, makes a big difference, too. We share knowledge, resources and experience. It is a place for advice and friendship – and this means so much. I can always count on Qct to be there for me when I am stuck or struggling. on the frontline, as we are, knowing that the Qct community is with us makes us feel stronger, more confident, and ready to tackle anything. ’’ 

**Safaath Ahmed Zahir** , Founder, Women and Democracy 



**Members of the QCT Network, who are regularly in touch to share with, learn from and support each other** 


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**14** 



Drawing on the tools provided by Mighty Networks,[10] QCT built an online platform, known as the QCT Network Hub, that allows Network members to connect, communicate and get involved with a variety of workstreams they identify to be important. It is welcomed by those involved in creating the space to be relevant and different. 

‘‘ the Qct network Hub is a safe place where we can share our ideas and experience, from many different backgrounds, but all towards one common goal – to empower others to do great work for our communities and to empower ourselves to achieve more. the Hub has everything we need in one place. It has the potential to grow and grow, enabling cross-collaboration, promoting the growth of projects, and shining a light on what we are all doing for the sustainable Development Goals – this will be more and more important as we move towards 2030. the Hub is the full package, giving young people the opportunity to be part of something bigger and helping us develop and deliver better and faster than ever before.’’ 

**Faustina Edward** , aspiring solicitor, Founder, The Unicorn Project 




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There is enormous potential for this platform to add considerable value to the QCT community. An ambition for 2021 will be to ensure the QCT Network Hub can offer digital resources and training opportunities to a much wider audience around the world. 

> 10 www.mightynetworks.com 

**15** 



## Fundraising 



**Jake Ankers and friend, in training to raise money for QCT in the virtual London Marathon 2020** 

**16** 



In 2019, the Queen’s trust awarded its final grant to establish the Queen’s commonwealth trust and to bring its programme of activity to life quickly. this grant meant that Qct had a reserve fund of £2,672,287 to draw down to fund the organisation, while the team set to work to deliver on a programme of activities alongside the establishment of sustainable and diverse sources of funding. 

Bringing a global organisation to life from scratch is quite an undertaking and the reserve fund meant that QCT could rapidly establish itself, make grants, build a digital programme and embed the systems, policies and processes needed to deliver a safe offer for young people and donors alike. New donors came on board and QCT seemed well placed in its strategy to diversify and bring fresh sources of funding into the organisation. 

Despite the hard work of the fundraising team throughout 2020, QCT’s plans to attract new donors took a major blow from COVID-19. It was an exceptionally hard year for fundraising, with many donors restricting their giving to organisations they already supported or which were frontline in the fight against COVID-19 in the UK. QCT was grateful that its founding donors stayed alongside, helping to support young leaders in our programmes around the Commonwealth, many of whom were also diverting their efforts to respond to the impact of COVID19. Indeed, QCT’s first concern was to support young people during this most challenging year. Alongside raised income, it drew heavily on its reserves to ensure support was there for young people and their communities at the time this was needed most. 

The Queen’s Trust grant has underpinned the first phase of the work of the organisation as planned. QCT will need to mobilise new support from here, in cash and in kind, to ensure its ongoing sustainability. 




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**Andy Bownds, Co-Founder of Eco Brixs (Uganda), turning waste plastic into visors and delivering other COVID-19 relief, supported by QCT during 2020** 


**17** 



## Future plans 



**Young women heading out to surf at Fistral Beach, Newquay, Cornwall, with the support of GirlDreamer, an organisation working with QCT since 2019** 

**18** 



Qct’s programmes will focus on three key areas in 2021 – grants, technical assistance and the network. 

## Grants and technical Assistance 

The provision of unrestricted flexible grant funding and the provision of technical assistance to strengthen organisations will continue to be two key areas of focus for QCT in 2021. 

QCT will expand its main grant-making programme beyond Africa in 2021, working with the Network to identify the next area to support, establishing a local presence and working smartly to ensure QCT minimises costs and maximises results. 

The demands of COVID-19 meant a delay on progress to an extensive digital offer for technical assistance – and this will be an area of focus during 2021. Plans include to design and test professional and engaging online educational materials that bring QCT’s organisational support to a global audience of young people. These materials will be primarily provided by partners, Advisors and members of the Network. QCT will seek to strengthen its technical assistance offer through the provision of pro-bono management consultancy support for a small number of organisations that it funds, where an intervention of this kind could make a substantial difference. 

## network 

Further development of a supportive ecosystem for young people, with and through the Network, is another key focus area for QCT in 2021. The success of this programme will be assessed through surveys on the difference membership of the Network makes for young people and the communities they support. 

Through the online platform, the QCT Network Hub, QCT will provide more opportunities for Network members to engage in a meaningful way with others, derive value from being part of QCT and contribute their feedback and strategic input. Impact measurement will be integrated through the QCT Network Hub and regular stories of success and innovation will be communicated and promoted across our social media channels. 

QCT will make progress towards the Network being self-sustaining and scalable, with reduced reliance on staff facilitation in future. To do this, during the year it will build out a regional Network of hosts and moderators on the QCT Network Hub to support different regions and themes. 

## Fundraising 

With the fundraising team bringing the QCT community together to help generate income, QCT will redouble its effort during 2021 to promote the impact and value of the work of the organisation. QCT will seek out as many supporters as possible, to enable it to flourish and continue long into the future. 

QCT will aim to raise £800,000, targeting one-off and multi-year gifts, delivering growth from Trusts and Foundations new to QCT, along with new corporate partnerships and support from major donors. 

It will launch a Platinum Jubilee Appeal during 2021, while exploring other fundraising markets, including the United States, during 2021. 

**19** 



## communications 

In 2021, QCT’s primary digital and brand communications objective will shift away from serving a wide audience of young people with inspiration and advice, towards building greater brand awareness and a wider supporter base for QCT and encouraging wider support for youth leadership. Thoughtfully and creatively designed, the content should appeal to a wide audience, including young people. 

QCT communications will produce materials that inspire and engage donors and other stakeholders, with the drive to maximise financial support for QCT. 

Through its new digital content and channel strategy, QCT will demonstrate the impact of its work and the leadership of young people involved. It will convene the voices and expertise of Network members, and contribute towards changing wider perceptions, advocating for increased support and investment behind youth-led social ventures. 

## Governance 

QCT will further refresh the Board of Trustees, to include more expertise and insight around the work and priorities of entrepreneurial young people, along with support to get the organisation better known and, of course, to support fundraising. Network members and Advisors will be introduced to the Board during the year, to further encourage the development of a one team approach and to embed youth voice and insight further within the organisation. 

## safeguarding 

At the heart of the work of QCT is respect and care for young people and the communities they serve. Safeguarding will continue to be a top priority in 2021. All staff members, Trustees and Advisors sign the QCT Code of Behaviour. Safeguarding is a standing item on all Board agendas, and the Chief Executive provides Trustees with regular reports on safeguarding, the measures the organisation has in place, and safeguarding concerns as and when they arise. 

QCT works with the organisations supported through the grant programme to raise awareness of safeguarding issues and assists them to develop a safeguarding culture within their organisations. This includes providing funding and technical assistance to help them develop appropriate safeguarding policies and processes. Safeguarding is always on the agenda for meetings with those in a funding relationship with QCT and all organisations are required to report all safeguarding concerns. A digital safeguarding policy is in place to guide QCT’s work online, and both this and the overall safeguarding policy can be found on the home page of the QCT website. 

During the year, one safeguarding concern relating to direct QCT activity was raised. This was considered and addressed in line with the safeguarding policy. It did not meet the requirements of serious incident reporting to the Charity Commission. The matter was investigated and the result was that the person and the organisation involved, and the Trustees, were satisfied with the QCT response. 

**20** 



## Financial performance 



**The team at Planet Green Africa, providing sustainable fuel solutions in Malawi, funded and supported by QCT in 2020** 

**21** 



In the year to 31 March 2021, Qct received total income of £796,106 (2020: £796,756), including gift-in-kind contributions of £146,209 (2020: £102,636) and bank interest and investment income of £34,290 (2020: £14,229). total expenditure in the year amounted to £1,528,032 (2020: £1,448,901), including gift-in-kind contributions. 

## Going concern 

The Trustees have assessed the Charity’s ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements, including a review of the updated forecasts to 31 March 2023, a consideration of the key risks, including the impact of COVID-19, that could negatively impact the Charity and the latest available valuation of the investment portfolio. 

The COVID-19 pandemic has had a significant immediate impact on the Charity’s ability to fundraise, although in terms of operational activities the Charity has been able to adapt and continue in line with plans. 

As a result of an exceptional donation from The Queen’s Trust in March 2019, the Charity holds sufficient reserves to cover its existing grant commitments and continue its planned charitable activities. This includes the gradual disbursement of funds received from The Queen’s Trust, together with a continued focus to raise funds in the next financial year at least in line with funds raised during this financial year, which, given multi-year commitments and existing relationships, is considered to be reasonable. 

Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

## Fundraising strategy 

QCT has registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. QCT employs two members of staff as fundraisers. No fundraising activities are done on QCT’s behalf by third parties. 

QCT has developed and implemented an appropriate due diligence process for potential new donors and ensures that potentially vulnerable donors are not approached. No complaints have been received this year, nor in the prior year, by QCT in regards to its fundraising activity. 

A fundraising strategy and detailed business plan have been developed in order to map out and establish QCT’s ability to raise the required levels of funds. The strategy and plan include targets relating to a balanced and diverse funding mix to build sustainability and reduce risk. Fundraising income and expenditure are monitored on a monthly basis. QCT has set a realistic target for 2021. There are plans to diversify income, instigate a fundraising presence in the United States and develop new corporate partnerships. 

**22** 



## principal Funding sources 

QCT has benefited from the extraordinary generosity of a number of individuals, foundations and companies that have supported the Charity’s vision and mission. QCT could not achieve a fraction of what it does without the support of its donor community. 

In March 2019, The Queen’s Trust – one of the first supporters of QCT – elected to make QCT the recipient of the final funds it held at the end of its planned run-down, resulting in a one-off gift of £2,672,287. This exceptional donation has and will enable QCT to deliver greater impact over the next few years. At the same time, QCT needs to continue to fundraise to generate sustainable and diverse income. 

## Managing the charity’s Financial Assets 

QCT currently holds some funds in low-risk responsible investments in line with QCT’s investment policy. QCT holds sufficient funds to cover commitments for the financial year in readily accessible investments and in interest-bearing bank accounts. 

## Grants policy 

Grant-making and grant management are key activities that QCT undertakes to contribute to the achievement of the Trustees’ aims and objectives. QCT supports young leaders who are working hard to change the world, funding exceptionally committed young people who are driving meaningful social impact in their communities and contributing to positive progress on the Global Goals. QCT funds those who are locally grounded, who are already taking action and need support at a pivotal moment to do more, better. The Trustees consider the use of carefully considered and structured grant-making and management supported by technical assistance to be an appropriate means by which they can realise their charitable objectives of ‘furthering such purposes as are exclusively charitable according to the law of England and Wales’. Information on Grants is included in Note 5. 

## Investment policy 

QCT’s Investment Policy objectives are to provide a return that maintains the real (inflation adjusted) value of the capital as measured by the Consumer Price Index, while also generating either income or capital uplift to support the work of the Charity. 

The Trustees require environmental, social and governance (ESG) issues to be considered during investment analysis and decision-making. The Trustees’ Investment Policy supports positive stewardship in line with the UK Stewardship Code and constructive engagement with investee companies to seek improvement in ethical standards across ESG areas. 

The Trustees’ Investment Policy applies both negative criteria, to avoid investing in companies involved in certain industries and activities that are considered to have a negative impact upon society and the environment, and positive criteria, encouraging the allocation of funds to companies or issuers that are involved in activities aligned with QCT’s objectives, and that benefit society and the environment. The negative criteria are applied first and subsequently the positive criteria. 

Investment performance is reported on in Note 10. 

**23** 



## Reserves policy 

Reserves are needed to build the sustainability and viability of QCT, to bridge the gap between the receipt and spending of income, and to cover unanticipated expenditure as QCT works through a period of expansion of charitable activities. 

The Trustees consider that the level of unrestricted reserves, at this crucial stage of the Charity’s development, should cover the full cost of the annual grants programme and between six and twelve months of other annuals costs, ranging from £795,278 to £1,230,555. The level of total reserves as at 31 March 2021 was £2,765,964 (2020: £3,294,868), of which unrestricted reserves were £2,665,964 (at 31 March 2020: £3,194,868). 

The high level of reserves reflects the receipt of the gift from The Queen’s Trust in March 2019. The gift has and will enable QCT to expand its charitable activities while ensuring its continuing viability and to manage the impact of COVID-19. As grants and investment in digital development are made, the Trustees expect that these levels of exceptional reserves will diminish to align with the Reserves Policy. 

The Trustees consider the current level of reserves to be sufficient. The Trustees review the Reserves Policy every year. 

## Benefits for Key Management personnel 

Trustees are involved in the setting of key management personnel appointments and remuneration. Key management personnel during 2020 comprised the Chief Executive Officer, Chief Operating Officer, Marketing and Digital Innovation Director and Fundraising Director. In view of the nature of the Charity, the Trustees benchmark against pay levels in other London-based charities of a similar size published by a respected recruitment firm. 

**24** 



## Governance & Risk 



**The community at work with Ihandiro Youth Advocates for Nature (IYAN), working alongside QCT to protect their local environment through conservation and sustainable livelihood initiatives** 

**25** 



## Governing Document and public Benefit 

QCT is a company limited by guarantee governed by its Articles of Association dated 15 November 2016 and is registered as a charity with the Charity Commission of England and Wales. The Directors of the company are also the Trustees of the Charity. QCT’s charitable objectives are to further such purposes as are exclusively charitable according to the law in England and Wales. QCT achieves its charitable objectives through its Champion, Fund and Connect work. 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing QCT’s objectives, activities, outcomes and policies. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set for the year ahead to ensure the Trust delivers a positive benefit to people across the Commonwealth. 

## Appointment of trustees and trustee Induction 

Trustees are appointed for an initial three-year period. The rules governing the rotation of Trustees allow for retiring Trustees to seek reappointment for up to two further three-year terms. Trustees are chosen with reference to their experience to ensure a suitable range of skills is represented in the leadership team. On appointment, new Trustees attend induction sessions with members of the Senior Management Team and receive briefings and key strategy documentation and policies. 

## organisation 

The Board of Trustees is accountable for the operation of the Charity. The Board met quarterly during the year. The Senior Management Team manages the day-to-day operations of the Charity. To facilitate effective operations, the Board has delegated authority to management, within terms of delegation approved by the Trustees, for operational matters including finance, employment and charitable activity. 

## Related parties and cooperation with other organisations 

None of the Trustees receives remuneration or other benefit from their work with the Charity, and no Trustee claimed reimbursement for expenses. All Trustees and members of the Senior Management Team complete an annual return detailing their ownership and control of other organisations. They are required to disclose any conflicts of interest as they emerge to excuse them from participating in discussions where a conflict of interest exists. 

## compliance with the charity Governance code 

The Trustees have adopted the Charity Governance Code as a tool to support their review of the governance of QCT. 

QCT’s Trustees consider that the Charity meets the definition of a public benefit entity under FRS 102. The Trustees have reviewed the objectives, activities, achievements and performance for the year and are satisfied that QCT has complied with the requirements of public benefit reporting as set out in the Charity Commission’s general guidance on public benefit. 

QCT’s Trustees acknowledge that QCT is best placed to fulfil its vision, mission and strategic goals if it has effective governance in place. QCT’s Trustees are clear about their roles and legal responsibilities, are committed to 

**26** 



supporting QCT to effectively deliver its charitable objectives, and contribute to QCT’s continued development. 

QCT has put a number of the Charity Governance Code’s control measures in place. These include clear and accountable Trustee term limits within the Charity’s Articles of Association, which state no Trustee can serve more than three three-year terms, and an explicit statement regarding the size of the Charity’s Board, which shall consist of a maximum of 12 Trustees. Further recruitment is planned with a focus on diversifying Board membership. 

While QCT already applies a considerable number of the recommended practices relating to each of the Charity Governance Code’s seven principles, the Charity and its Trustees will take the time to consider the further ways by which QCT’s governance can be improved and its overall effectiveness as an organisation increased. 

## Risk Management 

QCT has a risk management strategy that ensures a regular review of reports and discussion with management to identify key risks, such as risks associated with safeguarding, fundraising and GDPR compliance. QCT agrees appropriate mitigations, and the Trustees gain assurance that policies, systems and processes to mitigate identified risks are in place. The Senior Management Team reviews risks and mitigating actions on a monthly basis, reporting significant changes to the Trustees. The Trustees review the effectiveness of the risk management framework at least once each year and are kept appraised of emerging risks and mitigating responses. 

Current key risks considered by QCT are as follows: 

|**Risk factor**|**Mitigating action**|
|---|---|
|**Safeguarding:**a failure to safeguard those who come into|Comprehensive safeguarding culture, policy|
|contact with our work.|and procedures embedded in the organisation,|
||with regular training and scenario planning.|
|**Impact measurement:**a failure to measure the impact of|Development of a robust approach to impact|
|our work, leading to sub-optimal use of funds.|measurement, together with a learning culture,|
||to support increased responsiveness.|
|**Due diligence:**insufficient due diligence carried out|Robust due diligence policy and procedures|
|with regard to those receiving funding or appearing on|in place, together with experienced and skilled|
|the digital channels.|staff.|
|**COVID-19 operational:**restrictions on travel impact on|Use of remote due diligence and organisational|
|ability to effectively make and manage grants.|assessment processes, together with increased|
||engagement once grants awarded.|
|**Fundraising:**a failure to raise sufficient income to continue|Increased focus on strategic fundraising,|
|operations.|including close monitoring of results. Increased|
||level of resource focused on fundraising.|
|**COVID-19 fundraising:**impact of COVID-19 on economy|Increased focus on fundraising together with|
|makes it more challenging for QCT to raise funds.|appropriate budgetary caution.|



**27** 



## statement of trustees’ Responsibilities in Respect of the trustees’ Annual Report and the Financial statements 

the trustees are responsible for preparing the trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including Financial Reporting Standard (FRS) 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ . 

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 charitable company and of the excess of income over expenditure 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 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; 

- assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 

- use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations or have no realistic alternative but to do so. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

**28** 



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 company’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 company’s auditor is aware of that information. 

Approved by the Board of Trustees on 28 June 2021 and signed on its behalf by: 


## **The Rt Hon. Lord Geidt GCB GCVO OBE QSO** 

Chair, The Queen’s Commonwealth Trust 

**29** 



## Independent Auditor’s Report to the Members of the Queen’s commonwealth trust 

## opinion 

We have audited the financial statements of The Queen’s Commonwealth Trust (‘the charitable company’) for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, 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 FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 Trustees’ 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 ability to continue as a going concern for a period of at least 12 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. 

**30** 



## 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 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 Directors’ Report included within the Trustees’ Report has 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 charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in 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 kept; 

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

- 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. 

## 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 

**31** 



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 FRC’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 operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). 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 fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were Anti-fraud, bribery and corruption legislation, Taxation legislation and Employment legislation. 

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. 

**32** 



We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, going concern and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 

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 remains 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 noncompliance 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: 1st July 2021 

**33** 



## Financial statements & notes 


for the year ended 31 March 2021 

**Founder Benjamin Rukwengye, fourth from the left, and the community at Boundless Minds, opening up employment and mentoring opportunities, with support from QCT, for young people who face a big struggle to get jobs** 

**34** 



## the Queen’s commonwealth trust 

## statement of Financial Activities (including Income and expenditure Account) 

for the year ended 31 March 2021 

|Note<br>**Unrestricted**<br>**£**<br>**Restricted**<br>**£**<br>**2021**<br>**Total**<br>**£**|Note<br>**Unrestricted**<br>**£**<br>**Restricted**<br>**£**<br>**2021**<br>**Total**<br>**£**|
|---|---|
|**Income from**||
|Donations<br>Grants<br>Interest and investment income<br>**Total income**<br>4<br>4<br>15|444,056<br>121,760<br>34,290<br>**600,106**<br>**-**<br>196,000<br>-<br>**196,000**<br>444,056<br>317,760<br>34,290<br>**796,106**|
|**Expenditure on**||
|Cost of raising funds<br>Charitable activities<br>**Total expenditure**<br>**Net (expenditure)/income**<br>**before gains on investments**<br>**Net (losses)/gains on investments**<br>**Net (expenditure)/income**<br>**Net movements in funds**<br>5<br>5<br>10|304,084<br>1,027,948<br>**1,332,032**<br>**(731,926)**<br>**203,022**<br>**(528,904)**<br>**(528,904)**<br>-<br>196,000<br>**196,000**<br>-<br>**-**<br>**-**<br>**-**<br>304,084<br>1,223,948<br>**1,528,032**<br>**(731,926)**<br>**203,022**<br>**(528,904)**<br>**(528,904)**|
|**Reconciliation of funds**||
|Funds brought forward<br>**Total funds to carry forward**<br>13<br>13|3,194,868<br>**2,665,964**<br>100,000<br>**100,000**<br>3,294,868<br>**2,765,964**|



**35** 



## the Queen’s commonwealth trust Balance sheet 

as at 31 March 2021 

|**Fixed assets**||
|---|---|
|Investments<br>**Total fxed assets**<br>10|2,336,917<br>**2,336,917**|
|**Current assets**||
|Debtors and prepayments<br>Cash in hand and at bank<br>**Total current assets**<br>11<br>15|15,545<br>661,465<br>**677,010**|
|**Liabilities and net assets**||
|Creditors due within one year<br>**Net current assets**<br>**Total net assets**<br>12|(247,963)<br>**429,047**<br>**2,765,964**|
|**The funds of the Charity**||
|Restricted funds<br>Unrestricted funds<br>**Total Charity funds**<br>13<br>13|100,000<br>2,665,964<br>**2,765,964**|



The notes on page 38 to 51 form part of these financial statements. The financial statements were approved by the Trustees on 28 June 2021 and were signed on their behalf by: 


The Rt Hon. Lord Geidt GCB GCVO OBE QSO Chairman of the Queen’s Commonwealth Trust 

**36** 



## the Queen’s commonwealth trust cash Flow statement 

for the year ended 31 March 2021 

|**As at 31**<br>Note|**March 2021**<br>**£**<br>**As at 31**|
|---|---|
|**Cash fows from operating activities**||
|**Net cash provided by (used in) operating activities**<br>Table 1|**(945,957)**|
|**Cash fows from investing activities**||
|Interest from investments<br>Purchase of fxed asset investments<br>**Net cash provided by/(used in) investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>Table 2|1,484<br>(250,000)<br>**(248,516)**<br>**(1,194,473)**<br>1,855,938<br>**661,465**|
|**Table 1: Reconciliation of net income/(expenditure) to net cash from operating**|**activities**|
|Net income for the period<br>Adjustment for depreciation charges<br>Investment fees charged to fund<br>Dividends, interest and rent from investments<br>Loss on disposal of fxed assets<br>Decrease in debtors/(increase in debtors)<br>Increase in creditors/(decrease in creditors)<br>**Net cash provided by (used in) operating activities**|(731,926)<br>-<br>6,288<br>(34,290)<br>-<br>(7,748)<br>(178,281)<br>**(945,957)**|
|**Table 2: Analysis of cash and cash equivalents**||
|Cash in hand<br>Notice deposits (less than three months)<br>**Total cash and cash equivalents**|432,019<br>229,446<br>**661,465**|



**37** 



notes to the Accounts 

## **1 Legal status of the Trust** 

The Queen’s Commonwealth Trust is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The Trust is incorporated in England and Wales and its registered office is Thomas House, 84 Eccleston Square, London SW1V 1PX. 

## **2 Accounting policies** 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust’s accounts: 

## **a) Basis of preparation** 

The accounts (financial statements) have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS 102), the Charities Act 2011, and the Companies Act 2006. 

The Charity meets the definition of a public benefit entity under FRS 102. 

After reviewing forecasts and projections, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its financial statements. 

## **b) Income** 

Income is recognised in the Statement of Financial Activities when the Trust becomes entitled to the income, it is probable that the income will be received, and the amount can be measured with reasonable accuracy. 

Grants, where related to performance and specific deliverables, are accounted for as the Charity earns the right to consideration by its performance. Where the grant is received in advance of performance, its recognition is deferred and included in creditors. Where entitlement occurs before the grant is received, it is accrued in debtors. 

Donations are recognised when the Trust becomes entitled to the funds, receipt is probable, and the amount can be measured reliably. 

Investment income is accounted for when receivable. Income which has been earned, but which has not yet been received, is accrued as being receivable. 

## **c) Donated services and facilities** 

Donated services and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the economic benefit from the use by the Charity of the item is probable, and the economic benefit can be measured reliably. 

On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity, which is the amount the Charity would have had to have paid for equivalent services on the open market. 

**38** 



## **d) Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. 

## **e) Fund accounting** 

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds are donations that the donor has specified are to be used solely for particular areas of QCT’s work or for specific projects being undertaken by QCT. 

## **f) Expenditure and irrecoverable VAT** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds includes salaries and overhead costs for the staff undertaking fundraising activities. 

- Expenditure on charitable activity includes all direct costs of delivering the charitable programme, including grants payable to other charities supported by the Trust. 

- Support costs include the salaries and overhead costs of the staff undertaking activities that are not directly attributable to a particular programme of charitable activity, including governance, finance, personnel and IT, and all office running costs and consumables not directly attributable to a particular programme of charitable activity. General support costs comprise the same, less governance costs. 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## **g) Allocation of support costs** 

Support costs are allocated to costs of generating funds and charitable activities on the basis of the relative size of the business units involved with fundraising and charitable work. The size of these functions is determined by reference to the weighted cost of salaries for each business unit. 

## **h) Debtors** 

Trade and other debtors are recognised at the settlement due. Prepayments are valued at the amount prepaid. 

## **i) Cash at bank and in hand** 

Where the Trust holds cash on deposit that has a maturity date of three months or less, the amounts are disclosed as cash at bank and in hand. 

## **j) Creditors and provisions** 

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due can be measured or estimated reliably. 

## **k) Tangible assets** 

Tangible fixed assets costing more than £2,500 are capitalised and are valued at their purchase cost, including any incidental expenses on acquisition. Any impairment is recognised in the year in which it occurs in the corresponding Statement of Financial Activities category. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less residual values, on a straight-line basis over their expected useful economic lives as follows: Computer equipment – 3 years. 

**39** 



## **l) Financial instruments** 

QCT has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at the present value of future cash flows (amortised cost). Financial assets held at amortised cost comprise cash at bank and in hand, short-term cash deposits and the group’s debtors, excluding prepayments. Financial liabilities held at amortised cost comprise the group’s short- and long-term creditors, excluding deferred income and taxation payable. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial. 

Investments are included in the accounts at market value. Net realised and unrealised gains and losses are reflected in the Statement of Financial Activities. 

## **m) Operating leases** 

Rentals in relation to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the Statement of Financial Activities on a straight-line basis over the most likely term of the lease. 

## **n) Termination policy** 

Termination benefits are employee benefits provided in exchange for the termination of an employee’s employment. The liability and expense for termination benefits is recognised at the point when the offer of those benefits can no longer be withdrawn. 

## **3 Critical accounting judgements and key estimates and assumptions** 

In the application of the Charity’s accounting policies, which are described in this note, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods. 

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 

## **Valuation of donated services and facilities** 

We sought advice on the value of services and facilities provided as gifts in kind, including an understanding of the methodology behind their calculation, from the companies and organisations that donated them. We reviewed their calculations and have compared them to the amounts we would have had to have paid for equivalent services and facilities on the open market and concluded that the valuations we were given represent fair value. 

**40** 



## **4 Income from donations and grants** 

|**Donations**||||
|---|---|---|---|
|Donations<br>Donated goods and services|297,847<br>146,209<br>**444,056**|-<br>-<br>**-**|297,847<br>146,209<br>**444,056**|
|**Grants**||||
|Oak Foundation<br>The Queen’s Trust<br>The Queen’s Trust (returned grant from WE)<br>Stephen Gordon Catto Charitable Trust<br>Rumi Foundation<br>Graff/Facet Foundation<br>Chartered Accountants’ Livery Charity<br>The Queen Elizabeth Diamond Jubilee Trust<br>**Total**|-<br>-<br>106,760<br>-<br>15,000<br>-<br>-<br>-<br>**121,760**<br>**565,816**|150,000<br>-<br>-<br>30,000<br>-<br>11,000<br>5,000<br>-<br>**196,000**<br>**196,000**|150,000<br>-<br>106,760<br>30,000<br>15,000<br>11,000<br>5,000<br>-<br>**317,760**<br>**761,816**|



Donated services and facilities represent the estimated cost of services donated to QCT, and are recognised on the advice on the value of services and facilities provided as gifts in kind, including an understanding of the methodology behind their calculation, from the companies and organisations that donated them. We reviewed their calculations and have compared them to the amounts we would have had to have paid for equivalent services and facilities on the open market and concluded that the valuations we were given represent fair value. 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|AKQA – website design|-|44,092|
|MediaMonks – website design|55,000|-|
|Verdentum – monitoring and evaluation platform|50,000|-|
|Linklaters – professional services|4,334|11,294|
|Aviva – staff development|875|11,250|
|Discounted offce accommodation|36,000|36,000|
|**Total**|**146,209**|**102,636**|



**41** 



## **5 Analysis of expenditure** 

QCT has aligned its charitable objectives to its mission and has three main objectives: 

- **Champion** : We amplify the insights, experience and know-how of young leaders through our digital platforms to inform and inspire others. 

- **Fund** : We fund youth-led projects at a tipping point when a small amount of money can act as a catalyst for sustainable growth and impact. 

- **Connect** : We connect young people to a global Network of peers, so they can learn together and share resources, tips and advice. 

QCT apportions direct expenditure between the three objectives based on the objective for which the costs were incurred. QCT apportions support costs between the three objectives based on a split of the full-time equivalent staffing time within the champion, fund and connect teams. 

Apportionment of support costs is based on the size of the business units involved with fundraising and charitable work and is determined by reference to the weighted cost of salaries of staff members in each business unit. 

|Raising funds<br>**Total expenditure on raising funds**|**Grants**<br>**£**<br>-<br>**-**<br>**Directly**<br>**Attributable**<br>**£**<br>203,125<br>**203,125**|**Grants**<br>**£**<br>-<br>**-**<br>**Directly**<br>**Attributable**<br>**£**<br>203,125<br>**203,125**|**Support**<br>**Costs**<br>**£**<br>100,959<br>**100,959**|**2021**<br>**£**<br>304,084<br>**304,084**|
|---|---|---|---|---|
|**Charitable objectives**|||||
|Objective 1: Champion<br>Objective 2: Fund<br>Objective 3: Connect<br>**Total charitable activities cost**<br>**Total**|-<br>415,992<br>-<br>**415,992**<br>**415,992**|160,001<br>243,037<br>196,139<br>**599,177**<br>**802,302**|32,552<br>136,323<br>39,904<br>**208,779**<br>**309,738**|192,553<br>795,352<br>236,043<br>**1,223,948**<br>**1,528,032**|



**42** 



||**2021 total**|**2020 total**|
|---|---|---|
||**£**|**£**|
|**Analysis of grants paid**|||
|Acts Of Gratitude|25,000|-|
|Aid for Rural Education Access Initiative|4,671|-|
|ALIKE|5,000|-|
|Alliance for Sustainable Healthcare|5,000|-|
|Ashwini Angadi Trust|4,255|-|
|Awake Youth Initiative|2,770|-|
|Boundless Minds|22,500|20,000|
|CAMFED (for CAMA)|30,000|68,000|
|Cerebral Palsy and Autism Renaissance Organisation|4,000|-|
|Chaeli Campaign, The|4,657|-|
|Children’s Assurance Program – Sierra Leone|4,460|-|
|Circus Zambia|3,000|-|
|Cocoa360 Fund|4,050|-|
|Community Centre for Integrated Development|5,000|-|
|Conservation Music Lesotho (CML)|5,000|-|
|East African Playgrounds|34,000|-|
|Eco Brixs|15,000|25,000|
|Edward Rice Justice Desk|11,000|35,000|
|Equality Bahamas|3,000|-|
|Future Foundations|-|3,720|
|GirlDreamer|35,000|-|
|Girls Arise for Change|4,700|-|
|Guyana Animation Network (GAN) Inc|5,000|-|
|Haima Health Initiative|3,516|-|
|HugaSister Medicine Box Project|3,600|-|
|iDebate Rwanda|17,719|15,750|
|Ihandiro Youth Advocates for Nature|-|20,000|
|Justice Defenders (formerly African Prisons Project)|5,000|35,000|
|Kenville Horne Sports Academy|3,690|-|
|Kisoboka Africa|-|20,000|
|MAYEIN|28,125|25,000|
|Mentally Aware Nigeria Initiative|5,000|-|
|Miles of Smiles Foundation|4,000|-|
|Myna Mahila Foundation|5,000|-|
|Nairobi Project|4,773|-|
|Nature Rwanda|3,905|-|
|Ngaa Kaitiaki o Ilhumaatao Charitable Trust|4,875|-|
|Oasis Mathare|5,000|-|
|OneDay Health|25,000|20,000|
|OnSide Youth Zones|10,000|-|



**43** 



**2021 total 2020 total £ £** 

|**Analysis of grants paid (cont)**|||
|---|---|---|
|Phumelela Project|4,822|-|
|Pink Box Initiative, The|4,500|-|
|Planet Green Africa|-|15,000|
|RBA Initiative|-|15,807|
|Rising Stars – Student Learn at Home Project, The|3,065|-|
|Sickle Cell Aid Foundation|4,830|-|
|Stand to End Rape Initiative|4,996|-|
|Success Capital Organisation|3,850|-|
|Tanzania Young Eco Protection|3,960|-|
|360 Degree Health Network|4,997|-|
|Tonga Youth Leaders|-|600|
|Ukani Malawi|-|14,000|
|Unloc Learning Limited|3,442|-|
|WE|-|24,800|
|WISE|13,245|10,000|
|Women and Democracy|4,050|-|
|Xavier Project|5,000|-|
|Less grants recovered/cancelled|(11,031)|(26,811)|
|**Total**|**415,992**|**340,867**|



## **6 Analysis of governance and support costs** 

QCT initially identifies the general support and governance costs. These are apportioned between the charitable and fundraising activities undertaken in the year (see Note 5). Refer to the table below for the basis of apportionment and the analysis of general support and governance costs. 

||**General**|**Governance**|||**Basis of**|
|---|---|---|---|---|---|
||**Support**|**costs**|**2021 Total**|**2020 Total**|**apportionment**|
||**£**|**£**|**£**|**£**||
|Salaries and related costs|116,728|51,609|168,337|163,059|Allocated on weighted|
||||||cost of salaries|
|General offce administration|89,313|39,488|128,801|167,481|Allocated on weighted|
||||||cost of salaries|
|Trustee meetings|-|-|-|2,487|Governance|
|Audit fees for these|-|12,600|12,600|12,300|Governance|
|fnancial statements||||||
|**Total**|**206,041**|**103,697**|**309,738**|**345,327**||



**44** 



## **7 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel** 

There were 10 posts in QCT (2020: 13), the staff comprise a mixture of full-time and part-time workers, and the average monthly Full Time Equivalent was 12 (2020: 11). 

|**Average headcount of employees analysed by function:**|**2021**|**2020**|
|---|---|---|
|Direct charitable and support|9|9|
|Fundraising|3|2|
|**Total**|**12**|**11**|
|**Staff costs for the above employees were:**|**2021**|**2020**|
||**£**|**£**|
|Wages and salaries|666,982|607,837|
|Redundancy and termination costs|24,239|-|
|Social security costs|63,535|69,207|
|Pensions (defned contribution)|32,558|28,472|
|**Total**|**787,314**|**705,516**|



Redundancy and termination payments amounted to £24,239 (2020: Nil) during the year, with £24,239 outstanding at the year end (2020: Nil). 

## **Higher paid employees** 

Five employees received emoluments in respect of the year in excess of £60,000 within the bands shown below. Emoluments include taxable benefits but exclude employer pension costs. 

||**2021**|**2020**|
|---|---|---|
|£120,001–£130,000|1|1|
|£80,001–£90,000|2|0|
|£70,001–£80,000|0|2|
|£60,001–£70,000|2|0|



## **Key management personnel** 

Key management personnel is defined as the Senior Management Team, comprising the Chief Executive Officer, Chief Operating Officer, Marketing and Digital Innovation Director and Fundraising Director. 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Key management personnel aggregate emoluments|**419,681**|**406,994**|



Key management personnel aggregate emoluments comprises Gross Salary, Employers NI, Employers Pension and Redundancy. 

## **Trustee emoluments** 

The Charity Trustees were not employed by the Trust or paid or given any other benefits or expenses from the Trust (2020: Nil). 

**45** 



## **8 Corporation taxation** 

The Queen’s Commonwealth Trust is registered as a Charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010. 

## **9 Tangible fixed assets** 

There were no capitalised assets owned by QCT at the start of the year. The capitalisation policy is to capitalise equipment over £2,500. 

|equipment over £2,500.|||
|---|---|---|
||**2021**|**2020**|
||**Computer equipment**|**Computer equipment**|
||**£**|**£**|
|**Cost or valuation**|||
|**At the beginning of the year**|**-**|**19,242**|
|Acquisitions|-|-|
|Disposals (write-off to expenses)|-|(19,242)|
|**At the end of the year**|**-**|**-**|
|**Depreciation**|||
|**At the beginning of the year**|**-**|**6,413**|
|Depreciation during the year|-|1,603|
|Disposals (write-off to expenses)|-|(8,016)|
|**At the end of the year**|**-**|**-**|
|**Net book value**|||
|**Net book value at the beginning of the year**|**-**|**12,829**|
|**Net book value at the end of the year**|**-**|**-**|



**46** 



## **10 Investments** 

Investments are included in the accounts at market value. Net realised and unrealised gains and losses are 

||**2021**<br>**£**|
|---|---|
|**Market value**||
|Market value at 1 April 2020<br>Additions at cost<br>Funds withdrawn<br>Dividend income<br>Investment manager fees paid<br>Net investment gains/(losses)<br>**Market value at 31 March 2021**<br>**Historic cost at 31 March 2021**|1,857,377<br>250,000<br>-<br>32,806<br>(6,288)<br>203,022<br>**2,336,917**<br>**2,250,000**|



Investments are held in a mixture of cash equivalents and listed investments and managed by Coutts. 

||**Investments comprise the following investments:**|**Market value 2021**|**Market value 2020**|
|---|---|---|---|
|||**£**|**£**|
||Cash or cash equivalents|635|152,294|
||Listed investments|2,336,282|1,705,083|
||**Total**|**2,336,917**|**1,857,377**|
|**11 **|**Debtors**|**2021**|**2020**|
|||**£**|**£**|
||Other debtors|3,158|-|
||Prepayments|12,387|7,797|
||**Total**|**15,545**|**7,797**|
|**12 **|**Creditors: amounts falling due within one year**|**2021**|**2020**|
|||**£**|**£**|
||Grants payable|150,089|321,077|
||Trade creditors|12,307|19,332|
||Taxation and social security|18,521|21,967|
||Accruals|67,046|63,868|
||**Total**|**247,963**|**426,244**|



**47** 



**13 Analysis of charitable funds** 

|**Analysis of investments in unrestricted funds**|||||
|---|---|---|---|---|
||**Balance at**|**Income**|**Expenditure**|**Funds at**|
||**1 April 2020**|**and gains**|**and losses**|**31 March 2021**|
||**£**|**£**|**£**|**£**|
|General fund|3,194,868|803,128|1,332,032|2,665,964|
|**Analysis of investments in unrestricted funds**|||||
||**Balance at**|**Income**|**Expenditure**|**Funds at**|
||**1 April 2019**|**and gains**|**and losses**|**31 March 2020**|
||**£**|**£**|**£**|**£**|
|General fund|3,988,219|655,756|1,449,107|3,194,868|
|**Analysis of movements in restricted funds**|||||
||**Balance at**|||**Funds at**|
||**1 April 2020**|**Income**|**Expenditure**|**31 March 2021**|
||**£**|**£**|**£**|**£**|
|Grant fund|-|100,000|(100,000)|-|
|Grant fund: COVID-19|-|50,000|(50,000)|-|
|Grant fund: Southern Africa|-|11,000|(11,000)|-|
|Grant fund: Africa|-|30,000|(30,000)|-|
|Chartered Accountants’ Livery: Technical|-|5,000|(5,000)|-|
|Assistance|||||
|The Queen Elizabeth Diamond Jubilee Trust|100,000|-|-|100,000|
|(Queen’s Young Leaders website)|||||
|**Total**|**100,000**|**196,000**|**(196,000)**|**100,000**|
|**Analysis of movements in restricted funds**|||||
||**Balance at**|||**Funds at**|
||**1 April 2019**|**Income**|**Expenditure**|**31 March 2020**|
||**£**|**£**|**£**|**£**|
|Grant Fund|100,000|-|(100,000)|-|
|Grant Fund: Southern Africa|-|11,000|(11,000)|-|
|Grant Fund: Africa|-|30,000|(30,000)|-|
|The Queen Elizabeth Diamond Jubilee Trust|-|100,000|-|100,000|
|(Queen’s Young Leaders website)|||||
|**Total**|**100,000**|**141,000**|**(141,000)**|**100,000**|



**48** 



**Period of restricted fund** 

## **Name of restricted fund** 

## **Description, nature and purposes of the fund** 

Grant Fund Year to 31 March 2021 Grant Fund: COVID-19 Year to 31 March 2021 Grant Fund: Southern Africa Year to 31 March 2021 Grant Fund: Africa Year to 31 March 2021 Technical assistance Year to 31 March 2021 The Queen Elizabeth Diamond From 20 January 2020 Jubilee Trust (Queen’s Young to 21 October 2024 Leaders website) 

Created through donations for the purpose of giving grants to community initiatives led by young people throughout the Commonwealth 

Created for the purpose of distributing grant money to help the COVID-19 crisis 

Created for the purpose of distributing grant money to projects led by young people in Southern Africa 

Created for the purpose of distributing grant money to projects led by young people in Africa Delivery of a COVID-19-proof online Financial Management Training module for young leaders Created for the purpose of managing a legacy website until October 2024 

**Analysis of net assets between funds** 

|||**Tangible**|**Other**|**2021**|
|---|---|---|---|---|
||**Investments**|**fxed assets**|**net assets**|**Total funds**|
||**£**|**£**|**£**|**£**|
|Unrestricted funds|2,336,917|-|329,047|2,665,964|
|Restricted funds|-|-|100,000|100,000|
|**Total funds**|**2,336,917**|**-**|**429,047**|**2,765,964**|
|**Analysis of prior period net assets between funds**|||||
|||**Tangible**|**Other**|**2020**|
||**Investments**|**fxed assets**|**net assets**|**Total funds**|
||**£**|**£**|**£**|**£**|
|Unrestricted funds|1,857,377|-|1,337,491|3,194,868|
|Restricted funds|-|-|100,000|100,000|
|**Total funds**|**1,857,377**|**-**|**1,437,491**|**3,294,868**|



**49** 



## **14 Related party transactions** 

In the previous year, the following material transactions with other entities in which Trustees and senior staff members have executive responsibilities occurred. 

A grant of £100,000 was received from The Queen Elizabeth Diamond Jubilee Trust before it closed to support the Queen’s Young Leaders legacy website hosting and the management of personal data of the Queen’s Young Leaders until October 2024. 

## **15 Financial instruments** 

||**2021**<br>**£**|
|---|---|
|**Financial assets, measured at amortised value**||
|Cash<br>Other debtors|661,465<br>3,158|
|**Financial assets, measured at fair value**||
|Investments|2,336,917|
|**Financial liabilities, measured at amortised value**||
|Grants payable<br>Trade creditors<br>Accruals<br>**Net total**|150,089<br>12,307<br>67,046<br>**229,442**<br>**2,768,940**|
|**Interest income and expense of fnancial assets/(liabilities)**||
|Interest received<br>Dividends from investments|1,484<br>32,806<br>**34,290**|



**50** 



## **16 Operating leases** 

Operating lease rentals are charges to expense on a straight-line basis over the term of the lease. 

At 31 March 2021 QCT’s future lease payments under non-cancellable leases were as follows: 

||**Rental leases**|**Rental leases**|
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Less than one year|3,518|14,400|
|Within one to fve years|-|1,200|



Lease payments recognised as an expense in the year totalled £15,128 (2020: £14,400). 

## **17 Statement of Financial Activities for the prior year to 31 March 2020** 

|**Income**||
|---|---|
|Donations<br>Grants<br>Interest receivable<br>**Total income**|572,300<br>69,227<br>14,229<br>**655,756**<br>-<br>141,000<br>-<br>**141,000**|
|**Expenditure**||
|Cost of raising funds<br>Charitable activities<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**Net (losses)/gains on investments**<br>**Net (expenditure)/income**|259,600<br>1,048,301<br>**1,307,901**<br>**(652,145)**<br>**(141,206)**<br>**(793,351)**<br>-<br>141,000<br>**141,000**<br>**-**<br>**-**<br>**-**|
|**Reconciliation of funds**||
|Funds brought forward<br>**Total funds to carry forward**|3,988,219<br>**3,194,868**<br>100,000<br>**100,000**|



**51** 



## References & Administration 

## **Trustees** 

The directors of the charitable company are its Trustees for the purpose of charity law. The Trustees are appointed in accordance with the Articles of Association. 

The Trustees who held office during this period were: 

## **Appointed** 

## **Resigned** 

## **Chairman** 

Lord Geidt GCB GCVO OBE QSO 

16 November 2016 

Samantha Cohen CVO 16 November 2016 Leslie Ferrar CVO 21 February 2017 18 December 2020 Baroness Martha Lane Fox CBE 30 May 2018 19 May 2021 Diana Good 16 June 2018 7 April 2020 Janette Wilkinson 1 May 2019 Chrisann Jarrett 1 December 2019 Stephen Ball 7 May 2020 Abdullahi Alim 9 July 2020 Aneeta Williams 3 August 2020 

## **Chief Executive** 

Nicola Brentnall MVO Christopher Kelly 

16 November 2016 31 March 2021 1 April 2021 

## **Company Secretary** 

Christopher Kelly 

25 July 2019 

**Auditor** Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW 

**Solicitors Bank** Harbottle & Lewis Coutts & Co 7 Savoy Court 440 Strand London WC2R 0EX London WC2R 0QS 

## **Principal and registered office address** 

Thomas House 84 Eccleston Square London SW1V 1PX 


## **Registered Charity Number:** 1172107 / **Registered Company Number:** 10482169 

**www.queenscommonwealthtrust.org** 

_All images used in this report are reproduced with the kind permission of their subjects and suppliers._ 

**52** 



## principal Funders & supporters 

The Queen’s Commonwealth Trust would like to thank all its funders and supporters, some of whom are listed below, who make possible our work with young leaders around the Commonwealth. 













JMcMRJ sorrell Rothschild & co Foundation the Queen elizabeth the exilarch’s Diamond Jubilee trust Foundation 

Jennifer Hanks Allaire 

lawrence Graff oBe: the Graff Foundation Gary Barlow and the commonwealth Band Jake Ankers 

**53** 



QUEEN'S
COMMONWEALTH
TRUST