2025-03-31-accounts

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The Queen Elizabeth II Commonwealth Trust (QECT) Formerly, Queen’s Commonwealth Trust (QCT)

Annual Report and Accounts

2024–2025

The Queen Elizabeth II Commonwealth Trust Company Limited by Guarantee Consolidated Financial Statements Company Registration Number (England & Wales): 10482169 Registered Charity Number: 1172107

For the Year Ended 31 March 2025

Foreword	2
Chair’s Introduction	4
Context of our Work	6
Charitable Purpose	7
QECT Programmes and Achievements 2024-25	8
Fundraising	27
Future Plans	28
QECT’s Commitment to Safeguarding all People	30
Financial Performance	31
Governance and Risk	34
Statement of Trustees’ Responsibilities	38
Independent Auditor’s Report	40
Financial Statements and Notes	45
References and Administration	61
Principal Funders and Supporters	62

QECT Ghana Chapter Launch, Ghana

Foreword

CEDI Ghana is a leading non-profit organisation in Ghana committed to reducing poverty and youth unemployment through entrepreneurship, innovation and skills development. We have supported over 10,000 young people with training, mentorship and access to funding.

The Queen Elizabeth II Commonwealth Trust (QECT) continues to be a powerful catalyst in uniting, supporting and amplifying the voices of young changemakers across the globe. Since joining as an Advisory Mentor in 2018, and now serving as Chair of the QECT Ghana Chapter and Inclusion Thematic Lead, I have witnessed first-hand how QECT’s unwavering commitment to youth-led impact is transforming lives not just through funding and visibility, but through authentic, values-driven partnerships that foster inclusion, innovation and sustainable development.

Opening the Ghana Chapter on 10th April 2025 was more than a milestone. It marked the beginning of a movement to localise QECT’s global mission and build a community of bold, compassionate Young Leaders committed to co-creating solutions to our most pressing challenges. Through QECT, I have connected with a diverse group of young leaders, collaborated with the British High Commission, and gained access to platforms that elevate our work to new heights.

This journey, marked by meaningful partnerships and impactful action, has led to my recognition as a 2025 honoree among the 50 Most Influential People of African Descent (MIPAD) by MIPAD, alongside global changemakers such as Her Excellency Amina J. Mohammed, Oprah Winfrey, Strive Masiyiwa, Jack Ma, Prince Harry and other prominent leaders whose work continues to uplift communities and advance inclusive development around the world.

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Kingsley Kwaku Pinkrah,
Founder and CEO, CEDI Ghana
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The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

In Ghana and across the Commonwealth, QECT is not just investing in projects. It is investing in people. The trust placed in us as young leaders fuels our resilience, deepens our purpose, and unlocks possibilities we once thought were out of reach.

As we reflect on this past year, I am proud to be part of a Network that reminds us that leadership is not about position, but about service. With QECT’s steadfast support, we will continue to rise together.

Kingsley Kwaku Pinkrah Founder and CEO, CEDI Ghana Chair, QECT Ghana Chapter, and QECT Inclusion Thematic Lead

Queen’s Young Leaders Programme (2018)

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25 3 &

Chair’s Introduction

“I am honoured and delighted to announce, at the request of His Majesty King Charles III and Buckingham Palace, that we have formally embraced our new name: The Queen Elizabeth II Commonwealth Trust (QECT), formerly Queen’s Commonwealth Trust. It is a change that honours the extraordinary legacy of our founding patron, Her late Majesty Queen Elizabeth II.”

Stephen Ball – Chair, QECT

A lifelong champion of the Commonwealth and passionate advocate for its youth, Her late Majesty believed wholeheartedly in the power of young people to lead the change our world needs. By carrying her name forward, we recommit ourselves to this vision and to ensuring that young leaders across the Commonwealth are supported, celebrated, and empowered.

As we reflect on the past year, I am filled with immense pride and optimism for what we have achieved together. This has been a truly momentous year for our organisation – one that has brought renewed energy, purpose, and clarity to our mission. Under the gracious patronage of His Majesty The King, we have taken bold strides in empowering young leaders across the Commonwealth to create meaningful, lasting change in their communities.

The support of His Majesty The King as our new Royal Patron has marked a transformative new chapter for QECT. His decades-long dedication to youth development aligns seamlessly with our values, and we are deeply honoured by his continued guidance. His patronage not only strengthens our work – it elevates our shared belief in the boundless potential of young people to shape a brighter, more inclusive future in the 56 countries of the Commonwealth

Throughout the year, our QECT Network of almost 1,000 Young Leaders has grown in strength and scale, thanks to their dedication and ingenuity. Across the 2.5 billion people in the Commonwealth, our young people have shown what is possible when purpose meets action. Through the QECT microgrants programme, we have witnessed remarkable progress in our five key thematic focus areas: education and employability, environment, food and agriculture, health, and inclusion.

These efforts are directly advancing the United Nation’s Sustainable Development Goals, and we are continually inspired by the energy and effectiveness of our youthled solutions in tackling some of the world’s most pressing challenges.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

The impact of our Young Leaders is not only inspiring – it is essential to building resilient, inclusive communities across the Commonwealth. Their stories of impact are a testament to what can be achieved when youth are trusted, resourced, and connected. Our expanding network continues to serve as a vibrant, collaborative platform – one that fosters knowledge exchange, mentorship, and long-term partnership.

Looking ahead, we are preparing for one of the most significant milestones in our history: the launch of the 100 Young Leaders Awards in April 2026, commemorating what would have been the 100th birthday of Her late Majesty Queen Elizabeth II. This special initiative will spotlight 100 exceptional young changemakers from across the Commonwealth, building on the legacy of the Queen’s Young Leaders programme and celebrating a new generation of trailblazers. Planning is well underway, and we are committed to ensuring that these awards become a lasting tribute to Her late Majesty’s enduring belief in the power of youth.

None of this progress would be possible without the incredible dedication of our team, trustees, advisors, donors, and supporters. Your passion, generosity, and commitment have been instrumental in helping QECT flourish during this transformative year. Thank you all so, so much.

At QECT, we believe in a Commonwealth where young people are empowered to lead and thrive – where their voices are heard, their innovations are supported, and their impact is celebrated. As we look to the future, we do so with confidence, purpose, and unity. Together, we will continue to champion the next generation of Commonwealth leaders and ensure that their efforts resonate far beyond their communities.

With gratitude and hope,

Stephen Ball Chair, The Queen Elizabeth II Commonwealth Trust

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QECT UK Chapter members during a meeting
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Context of our work

The Commonwealth is home to 2.5 billion people and 60% are under the age of 30 . 1 In recognition of this vast cohort of young talent, QECT strives to support young leaders who are transforming their communities. Many of these young people have initiated community-based organisations and social enterprises that meet the urgent needs of their local communities. Yet, historically, less than 1% of official development assistance has been dedicated specifically to youth initiatives.

QECT focuses on empowering young individuals who have local and lived experiences and who seek to find solutions to local community challenges.

With QECT’s support, these youth-led social ventures become more resilient and sustainable, enhancing their ability to meet their goals and ensuring they are on solid financial ground to scale their efforts. By utilising practical tools and connecting with a network of peers, young leaders can build their skills, confidence and credibility to foster meaningful social change.

Beyond financial support, the value of peer learning, shared experiences, and cross-border collaboration within the QECT Network helps young leaders navigate challenges more effectively. Through ongoing engagement and collective problem-solving, they gain not only knowledge but also the solidarity and motivation to keep driving impact in their communities.

Moreover, QECT aims to elevate the recognition of young leaders who have made significant impacts in their communities and advocate for increased support and investment in youth-led initiatives, building leaders of tomorrow, today.

https://thecommonwealth.org/youth

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Papermaking workshop, QECT Pakistan Chapter

Charitable Purpose

QECT's charitable purpose is to engage and carry out activities that promote positive change across the Commonwealth. Specifically, it aims to support young leaders who are addressing critical issues in their communities, including in education and employability, environment, food and agriculture, health, and inclusion.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Arduino Workshop, Jumpstart Academy, South Africa
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QECT Programmatic Achievements 2024–25

This section explores some of the programmatic achievements during the year 2024–25

QECT programmes sought to empower young leaders across the Commonwealth who were actively driving positive change within their communities. By equipping them with practical tools, access to a collaborative network, and strategic resources, these programmes helped young changemakers grow sustainable, community-led solutions. Through peer learning, global visibility and cross-border collaboration, QECT fostered a culture of innovation and mutual support, enabling youth-led initiatives to scale their impact while promoting the long-term resilience and social progress of their communities and the young leaders themselves.

As part of its commitment to collective action and community empowerment, QECT awarded 10 microgrants during the 2024–25 financial year to 31 young entrepreneurs and supported three QECT Country Chapters. These microgrants enabled youth-led organisations to collaborate on addressing pressing local challenges across nine Commonwealth nations: Cameroon, Ghana, Kenya, Malawi, Nigeria, Pakistan, Tanzania, Trinidad and Tobago, and Uganda. The microgrants supported initiatives that spanned five thematic areas:

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Our thematic focus

Education & Employability

Empowering young people with the skills, knowledge and opportunities they need to succeed in education and enter meaningful employment.

Environment

Supporting innovative youth-led solutions that address climate change, protect biodiversity and promote sustainability.

Food and Agriculture

Enhancing food security and sustainable agriculture practices through youth-driven initiatives that ensure access to nutritious food and support local economies.

Health

Promoting access to quality healthcare, mental health support, and wellbeing through community-led efforts aimed at improving overall public health.

Inclusion

Advancing equality, diversity and inclusion by championing initiatives that give marginalised or under-represented groups equal opportunities to thrive across the Commonwealth.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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programmatic Achievements 2024–25

Case Studies

Here are some of the case studies highlighting impactful projects from across our thematic areas. These examples demonstrate the innovative solutions and leadership of young people driving change in their communities.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Uganda

Powering climate action through innovation and education

In Northern Uganda, Agricycle Uganda is driving a green revolution by transforming agricultural waste into sustainable charcoal briquettes and empowering communities through climate education. With support from QECT, the project reached more than 20,000 people – training 3,500 farmers, distributing 15,000 seedlings, and enabling 1,200 households to shift from traditional biomass to cleaner briquettes. In schools, over 2,000 students and teachers joined climate clubs , and 10 schools adopted briquette technology, reducing charcoal use by 60% and preventing over 500 tons of CO₂ emissions annually. Katereiga Primary School became a standout success, winning a national award and UGX 10 million at Uganda’s National Science Week. Grace, a single mother, also improved her family’s wellbeing by starting a briquette business, enabling better access to education and healthcare for her children.

“QECT’s grant and Network support strengthened Agricycle Uganda’s partnerships with schools, local government and suppliers, helping build a resilient supply chain and expand climate education. This collaboration demonstrates how community-led innovation can advance sustainable energy, food security and environmental resilience across Uganda.”

Moses Ocen

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Moses Ocen, Agricycle Uganda, Uganda
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QECT Young Leader, Agricycle Uganda Uganda

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Daniel Teoh, Native Allies, Malaysia
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Malaysia

Enhancing the livelihoods of Malaysia’s indigenous Orang Asli communities

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Native Allies (NASM) is transforming the lives of indigenous Orang Asli communities in Selangor, Malaysia, by empowering them to take ownership of their narratives and actively participate in the mainstream economy. NASM has co-created community-based businesses, including tourism and agricultural ventures, to address these challenges. Thanks to QECT’s support, community leaders like Ayah Inde have been inspired to turn long-held dreams into reality, developing their own tourism ventures and engaging in sustainable entrepreneurship. Over the past year, 18 members of Orang Asli community have been trained and are now actively involved as hosts in NASM’s programmes, creating new opportunities for social and economic growth.

“QECT’s technical assistance has played a pivotal role in shaping NASM’s approach, helping the organisation solidify its theory of change with qualitative and quantitative measures. This evidence-based framework has allowed NASM to track its impact more effectively. With QECT’s flexible funding and Network platform, NASM has grown beyond project-to-project constraints, enabling me and my organisation to work on a longer-term vision.“

Daniel Teoh

Founder, Native Allies Malaysia

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Education & Inclusion Environment
Employability
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Food & Health
Agriculture
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Charlene Berthe Kwemo Yengue, Rising Hope Foundation Cameroon
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Cameroon Nigeria Malawi

Empowering youth across Africa through skills for life

The Youth Employability Project, led by Rising Hope Foundation Cameroon, in partnership with Young African Innovators’ Hub, Xel-Xeeli Academy, and Development Edge , equipped 180 young people across Cameroon, Nigeria and Malawi with practical vocational and soft skills to enhance their employability and entrepreneurial readiness. Over a three-day training course , participants learned ‘cake making’, bead and bag production, and baking, alongside essential sessions on CV development, negotiation and financial literacy. Attendance remained strong – and even increased – demonstrating the relevance and appeal of the training. More than 10 participants have already launched small businesses using the skills acquired.

“ With support from QECT’s microgrant, the initiative was implemented across all three countries, strengthened through increased visibility, expert contributions, and engagement within the QECT Network. The funding enabled hands-on delivery, while Network access facilitated meaningful collaboration and future planning. Despite occasional technical challenges during virtual components, the team adapted effectively to maintain participation. Building on this momentum, the partners are now preparing a new skills camp, continuing their commitment to empowering young people with practical pathways to economic opportunity.”

Workshop by Charlene Berthe Kwemo Yengue and QECT Young Leaders, Rising Hope Foundation, Cameroon

Charlene Berthe Kwemo Yengue QECT Young Leader, Rising Hope Foundation, Cameroon

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Education & Food &
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Employability Agriculture
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Brad Gudger, Alike, United Kingdom

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Improving the mental wellbeing of cancer patients and survivors

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Brad Gudger, Alike, United Kingdom
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Alike is transforming the way people impacted by cancer combat loneliness and isolation by providing the only notfor-profit digital peer support platform designed specifically for cancer patients and survivors. Launched in February 2021, the Alike app has become a vital lifeline for over 1,500 users , offering a safe space where individuals from diverse backgrounds can connect and share their experiences. Life after cancer treatment can often be just as isolating as the initial diagnosis, and Alike’s mission is to ensure that no one faces it alone.

“QECT's funding and technical assistance have been pivotal in helping Alike scale its impact. With a focus on digital safeguarding and community safety, Alike has developed a comprehensive safeguarding strategy, ensuring that the platform remains a secure space for cancer patients to express themselves authentically. The partnership with QECT has also catalysed additional support from Macmillan Cancer Support and philanthropists, positioning my organisation for a relaunch that happened in late 2024 with enhanced app functionality and a refreshed design. Through QECT’s crucial support, I am well on my way to ending the isolation felt by cancer patients and survivors and amplifying Alike's impact across the UK.”

Brad Gudger Founder, Alike UK

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Education & Food &
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Employability Agriculture
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Cameroon

Transforming Lives of Sickle Cell Patients in Cameroon

In Douala, Cameroon, Shomea , in partnership with Model Initiative of Africa , delivered a transformative hearing and vision screening programme at Laquintinie Hospital for 115 patients living with Sickle Cell Disease. The results were significant: over 73% of patients had previously undiagnosed ENT conditions, and nearly 15% presented with visual impairments. A notable case involved a 14-year-old boy long perceived as inattentive in school, who was found to have bilateral hearing loss, offering what his mother described as “a second chance at life and education.” An other adult patient was diagnosed with early retinopathy and referred for timely intervention. In total, 95 patients received treatment, and 130 caregivers and healthcare workers were educated on the importance of routine screening.

“Support from QECT was instrumental, enabling the purchase of essential screening equipment and strengthening collaboration between the partner organisations. As the Shomea team reflected, QECT amplified their visibility, expanded partnerships, and reinforced the value of youth-led health innovation, helping illuminate a critical yet overlooked health challenge with farreaching community impact.”

Dr Gaelle Vofo and Numbu Holix

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Dr. Gaelle, & Numbu Holix, Shomea & Model Initiative of Africa,
Cameroon
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QECT Young Leaders Shomea and Model Initiative of Africa, Cameroon

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Inclusion +> EmployabilityEducation & © Environment y AgricultureFood & sho Health
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Tabasamu Project by Josephine Nabukenya and Rachel Nungu, Uganda and Tanzania
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Uganda Tanzania

Supporting young people with chronic illnesses to build financial independence

Tabasamu Project, led by Miles of Smiles Foundation and Tanzania Diabetes Alliance, is empowering young people living with HIV, Sickle Cell Disease and Type 1 Diabetes with essential financial and employability skills in Tanzania. With support from QECT, 50 young people, half of whom were young women, received training in budgeting, entrepreneurship, and goal setting, equipping them to manage their health and livelihoods more independently. Many participants have already begun applying these skills; as Vivian shared, the training helped her plan for a future career in accounting, while Yefusa noted it arrived at the right time, as he learned to budget and develop his own enterprise.

“QECT’s funding and network support enabled strong collaboration across borders, integrating clinical, psychosocial and financial education in a uniquely holistic approach. According to the project team, being part of the QECT Network expanded partnerships and laid the groundwork for scaling the Miles of Smiles app and working with institutions like Temeke Hospital in Tanzania. Through this initiative, QECT has helped create a sustainable pathway for young people to take charge of both their health and economic future.”

Josephine Nabukenya and Rachel Nungu

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Tabasamu Project by Josephine Nabukenya and Rachel Nungu, Uganda
and Tanzania
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QECT Young Leaders, Miles of Smiles Foundation and Tanzania Diabetes Association, Uganda and Tanzania

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Bangladesh

Improving access to quality education for underserved children in Bangladesh

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The Grow Your Reader Foundation (GYRF) is transforming literacy and education access in underserved communities across Bangladesh. With its innovative initiatives, GYRF has reached 9,500 children and adults , improving their reading skills and fostering a love for learning. Thanks to the infrastructure built with QECT's financial support, including an after-school programme in Jashore, Beltola, children who once had limited access to education now attend daily sessions. The community's strong engagement has led to improved attendance, better learning outcomes, and notable behavioural changes among students. GYRF has also distributed 17,000 storybooks and provided online education to over 17,700 students , significantly reducing the digital divide in Bangladesh.

“QECT’s partnership has been pivotal in GYRF’s success, providing not only financial resources but also essential technical capacity-building support. Beyond operational growth, QECT’s Network has provided me with personal development opportunities, including BetterUp coaching, prestigious courses from Harvard Business School, and collaborations with young leaders from across the Commonwealth. These resources have enhanced my leadership skills and vision, empowering me to expand GYRF’s mission and impact across Bangladesh.”

Sadia Jafrin

Founder, Grow Your Reader Foundation Bangladesh

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Environment Inclusion EmployabilityEducation & AgricultureFood & Health
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Sustainable Urban Farming Project by Adams Kakooza and Matovu Godfrey, Uganda

Uganda

Greening classrooms and growing futures in rural Uganda

In Wakiso District, Uganda, Innoveight Hub supported by QECT transformed Wagaba Primary School into a model for sustainable urban farming and improved sanitation. Through practical training in backyard gardening, 200 students and 5 teachers learned to grow organic vegetables such as cabbage, onions, sukuma and green pepper, applying these skills both at school and at home. The school now sustains a thriving garden that enriches school meals and strengthens food security. QECT’s funding also enabled the construction of a compost toilet, the school’s first safe sanitation facility, improving hygiene for over 150 children. Beyond the school, 50 community members received training in composting and backyard farming, extending the project’s benefits across the wider community.

“As Innoveight Hub’s first major initiative, the project was made possible through QECT’s microgrant and Network support, which the team described as crucial for reaching underserved rural areas. They noted that this collaboration accelerated their ability to introduce practical, innovative solutions. The project not only strengthened food security and sanitation but also fostered long-term community empowerment and resilience.”

Sustainable Urban Farming Project by Adams Kakooza and Matovu Godfrey, Uganda

Adams Kakooza and Matovu Godfrey QECT Young Leaders, Innoveight Hub, Uganda

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Climate Education Project by Moses Ocen, Agricycle, Uganda
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programmatic Achievements

QECT Youth Network

The QECT Network is a global community comprising more than 850 purposedriven changemakers aged 18 to 35, committed to fostering positive social impact within their local communities and countries. By encouraging collaboration and facilitating the exchange of knowledge and experience, the QECT Network empowers Young Leaders to strengthen their initiatives and contribute meaningfully to the advancement of the United Nations’ SDGs.

Spanning all 56 Commonwealth nations, the Network acts as a catalyst for innovation and transformative action. It amplifies the collective impact of its members, helping to shape a more just, inclusive and sustainable future for all.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Thematic leads

The QECT Thematic Lead Programme serves as a dynamic platform for centring youth leadership and fostering targeted collaboration across the Commonwealth. In 2024, seven exceptional Young Leaders from the QECT Network were appointed as volunteer Thematic Leads, each championing one of five focus areas: Education and Employability, Environment, Food and Agriculture, Health, and Inclusion. These leaders have been instrumental in driving knowledge-sharing, hosting peerlearning events, and strengthening connections across the Network. Through their leadership, QECT has significantly deepened engagement within the ecosystem, with over 124 youth-led organisations benefitting from thematic sessions and shared resources this year alone. By aligning their work with the United Nations’ SDGs, the Thematic Leads have created a ripple effect of impact, empowering grassroots changemakers and reinforcing QECT’s vision of collective action for sustainable, community-driven transformation.

“Supporting QECT as a Thematic Lead has given me the opportunity to meet, share and collaborate with other Young Leaders and high-level professionals in my field contributing to the collective objectives of the SDGs.”

Mahreen Adil

QECT Young Leader and Thematic Lead 2024–25

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Moses Oscen, Uganda
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Country Chapters

The QECT Country Chapters is a strategic model designed to localise global impact by enabling Young Leaders to gather, collaborate and share resources within their own countries. Built in response to feedback from the QECT Network, the programme provides a structured platform for in-country engagement, empowering young people to take ownership of their collective mission while remaining closely aligned with QECT’s broader vision. Country Chapters act as local hubs where young changemakers connect with peers, partner organisations, and the British High Commission to amplify their initiatives.

In 2024 the QECT welcomed the UK and Ghana Chapters, who have supported the wider mission of QECT by representing and advocating for Young Leaders across the Commonwealth. Some collaborative case studies from the QECT Country Chapters are as follows.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Education & Food &
Health Environment Inclusion
Employability Agriculture
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Puppetry workshop by QECT Trinidad and Tobago Chapter
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Trinidad & Tobago

Building youth resilience and mental health awareness through creative arts

Through the QECT Microgrant Programme, Survival Scholars Society and HARTT launched the Heart and Hands: Resilience and Mental Health Awareness project, using puppetry and creative arts to foster emotional resilience and essential life skills among young people aged 10 to 18. The initiative reached 396 young people from 12 schools with interactive puppet shows promoting emotional regulation, conflict resolution and self-expression. A standout moment involved 21 girls from St Jude’s Home , who, inspired by a show on bullying, created and performed their own puppet shows reflecting real-life challenges, demonstrating the transformative power of creative expression.

“With QECT’s support, the organisations expanded physical space, developed a mental health puppet curriculum, and strengthened collaborations with the British High Commission and other partners. As the team shared, being part of the QECT Network enhanced learning, expanded partnerships and enabled broader impact. The microgrant served as a catalyst for deeper community engagement and long-term mental health awareness, showing that simple, creative tools like puppetry can effectively promote healing, empowerment and personal growth among young people.”

Dawsher Charles

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Puppetry workshop by QECT Trinidad and Tobago Chapter
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QECT Young Leader QECT Trinidad and Tobago Country Chapter

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Education & Inclusion Employability Environment

Food & Agriculture

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QECT Ghana Chapter launch event, Ghana
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Ghana

Empowering Ghanaian youth leaders to collaborate and amplify communitydriven impact nationwide.

With support from QECT, the Community and Entrepreneurial Development Initiative (CEDI Ghana) and Ghanaian QECT Young Leaders officially launched the QECT Ghana Chapter on April 10, 2025, at the British High Commissioner’s Residence in Accra. The event brought – together 120 stakeholders including youth leaders, entrepreneurs, diplomats and media, creating a platform to highlight QECT’s mission and establish strategic partnerships for youth empowerment. The launch introduced five thematic areas – education and employability, environment, food and agriculture, health, and inclusion – laying the foundation for impactful programmes across the country. With national media coverage and over 10,000 social media impressions , more than 30 youth-led organisations expressed interest in joining, and three top entrepreneurs committed to mentoring and supporting young changemakers.

“The launch elevated our visibility, credibility, and connection to a global community of changemakers. QECT’s grant and Network strengthened strategic communication and youth mobilisation, positioning the Ghana Chapter as a leading youth network. The event marked the start of a national movement for youth-led development and collaboration in Ghana.”

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QECT Ghana Chapter launch wvent, Ghana
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Kingsley Kwaku Pinkrah and Innocents Yeboah-Num QECT Young Leaders, QECT Ghana Country Chapter

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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QECT Pakistan Chapter members planting 400 trees during Project Regrowth, Pakistan
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Pakistan

Empowering communities through tree planting, recycling and climate education

With support from QECT, Project Regrowth united QECT Young Leaders from Pakistan with over 150 youth and community members in Islamabad and Lahore to take local climate action. Participants planted 400 native trees – double the initial target – and learned to create handmade paper from upcycled materials, gaining practical skills to promote sustainability in their daily lives. The initiative restored biodiversity, reduced waste and fostered community leadership.

“QECT’s microgrant and Network access were pivotal in transforming this vision into reality. Through peer collaboration, hands-on training and partnerships with local institutions, the team developed essential project management skills and built momentum for future environmental education. According to the team, the support helped bring QECT members from across Pakistan together and strengthened capacities in planning, budgeting and stakeholder engagement. Project Regrowth not only planted trees and held paper-making workshop but also nurtured a new generation of climate-conscious changemakers through the Impact Forum, driving tangible local and environmental impact.”

Papermaking Workshop under Project Regrowth, QECT Pakistan Chapter, Pakistan

Sidra Ali and Hassan Dajana QECT Young Leaders, QECT Pakistan Country Chapter

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

QECT International Youth Week 2024

Building on the success of its inaugural event, QECT hosted its second International Youth Week (IYW) in August 2024 – an inspiring virtual gathering that brought together Young Leaders from across the Commonwealth to learn, connect and collaborate. Held from 12th to 16th August 2024, in honour of International Youth Day, the event featured 18 curated sessions led by QECT Young Leaders and expert contributors. Participation saw a remarkable increase, with 926 attendees – nearly double the previous year, reflecting the growing relevance and reach of this initiative. Notably, 94% of participants reported that the sessions introduced new and meaningful perspectives to strengthen their advocacy and social impact work. As a cornerstone event of the QECT Network, IYW continues to serve as a powerful platform for elevating youth voices, fostering collaboration, and advancing collective action across borders.

“I had the honour of hosting the Threads of Tradition: Sustainable Weaving Workshop as part of Fashion Heritage Network Cyprus, alongside my talented colleagues and fashion designers Irene Panayi and Thalis Chrysostomou. This session explored sustainable fashion through traditional Cypriot weaving and gave participants a hands-on way to connect with cultural heritage while learning to upcycle materials creatively. It was a truly rewarding experience with great energy and engagement throughout. These kinds of initiatives are so important in keeping traditions alive in fresh, accessible ways. Thank you to QECT for the opportunity to be part of such a meaningful event.”

Christina Dymioti , QECT Young Leader, UK

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Harvard Business School Certificate

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Alice Ahadi Magaka, QECT Young Leader
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Access to Practical Resources and Support

As part of its ongoing commitment to equipping Young Leaders with the tools needed to lead effectively and sustainably, QECT prioritises access to high-quality, practical resources that strengthen leadership and strategic thinking. In the 2024– 25 financial year, QECT deepened its commitment to leadership development through a strategic collaboration with Harvard Business School (HBS), offering unique learning opportunities to its Network. As a result, 16 of the most actively engaged QECT members were selected to undertake the highly regarded HBS online course, ‘Power and Influence for Positive Social Impact’. This intensive programme provided participants with actionable frameworks to understand power dynamics and influence change – empowering them to apply these insights within their organisations and communities.

These initiatives reflect QECT’s belief that unlocking access to world-class education and global expertise is essential to nurturing capable, confident Young Leaders who are building the foundations for long-term social impact.

"Participating in the ‘Power and Influence for Positive Social Impact’ course was a truly eye-opening experience. It transformed the way I understand power dynamics within workplaces and communities. One of the most powerful lessons I took away is that influence often lies with the least expected individuals – and recognising this can be a game-changer for creating meaningful change. Thanks to QECT, I’ve gained the knowledge and confidence to navigate these dynamics more effectively and to use power as a force for good in my work, relationships and community."

Alice Ahadi Magaka QECT Young Leader, Tanzania

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

UK Chapter committee members at a QECT fundraiser

Fundraising

In the financial year 2024–25, QECT was privileged to receive continued support from generous donors and partners who have played an essential role in enabling our mission. We remain incredibly grateful for the resilience and commitment of our supporters, especially in a global climate marked by rising costs and fundraising challenges. Their support has allowed us to empower young changemakers across the Commonwealth and strengthen youth-led impact where it’s needed the most.

We would like to extend our heartfelt appreciation to all of our contributors and partners, and, in particular, to one of the young advisors of Melinda Gates’ Pivotal Ventures. Their generosity has directly supported our work, enabling Young Leaders to develop solutions and drive positive change within their communities.

Looking ahead, our 2025–26 fundraising strategy will focus on securing dedicated support for two cornerstone initiatives: the 100 Young Leaders Awards, commemorating what would have been Her late Majesty Queen Elizabeth II’s 100th birthday, and the expansion of our microgrants programme for QECT Young Leaders. We are also excited to explore new partnerships that can offer in-kind support, including technical assistance, mentoring, and tools that strengthen leadership capacity. These collaborative efforts will be vital to expanding our reach and ensuring that young people across the Commonwealth continue to receive the support they need to transform their communities and shape a more equitable future.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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.— QECT Young Leaders at the Commonwealth Heads of Government Meeting in Samoa 4 .) a,an of ! |
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Future Plans

The year ahead marks a bold and forward-looking phase for QECT as we continue to work on our refreshed strategic plan for 2024–26. At the heart of this vision is a continued focus on centring the QECT Network within our programming – strengthening connections, deepening in-country engagement, and unlocking greater opportunities for collaboration. A key priority for the coming year is the continued expansion of the QECT Country Chapters as locally driven hubs for youth engagement. New Chapters will serve as platforms for empowering Young Leaders to take collective action, share resources, and deliver scalable impact at the grassroots level.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

In alignment with this vision, QECT will continue enhancing its network-wide programming. The Thematic Leads Programme will further evolve and continue with a more strategic focus, positioning Young Leaders as conveners of issuespecific communities of practice. These leads will not only facilitate knowledgesharing across thematic areas such as education and employability, environment, food and agriculture, health, and inclusion, but also play a critical role in surfacing opportunities, driving joint initiatives, and supporting other members in aligning their work with the United Nations’ SDGs.

A more structured Country Chapter roadmap will guide the development, structure and sustainability of new and existing Chapters, drawing from past experiences and best practices. This framework will support Young Leaders in navigating the process of establishing strong, collaborative and locally rooted Chapters that align with QECT’s broader mission. Additionally, International Youth Week will continue to serve as a cornerstone of QECT’s annual programming, enabling members to design and lead impactful virtual events supported by the Network team – keeping the community vibrant, responsive and relevant.

In April 2026, in honour of what would have been Her late Majesty Queen Elizabeth II’s 100th birthday, QECT will launch a special Commonwealth-wide recognition campaign. Inspired by the legacy of the Queen’s Young Leaders Programme, this new initiative will spotlight 100 extraordinary Young Leaders from across all regions of the Commonwealth. These individuals will be celebrated for their achievements across QECT’s five key impact areas. The awards that will be given aim to amplify the work of the Young Leaders on the global stage and further empower them to scale their efforts within their local and regional contexts.

At the core of this strategy is a steadfast commitment to Her late Majesty’s legacy of unity, service and opportunity for all. As QECT advances under the patronage of His Majesty King Charles III, we remain dedicated to ensuring that the voices of young leaders continue to be heard, valued and supported throughout all 56 member nations – shaping a more inclusive, resilient and impactful Commonwealth for generations to come.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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Project Regrowth final forum by QECT Pakistan Chapter 'our
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QECT’s Commitment to Safeguarding all People

At QECT, young people and the communities they work with are at the centre of what we do. To ensure that all persons we supported were safe from all forms of harm, particularly sexual exploitation, abuse and harassment (SEAH), QECT ensured that all staff, Trustees, consultants and advisors signed the QECT Policy and Code of Behaviour. Safeguarding was a standing item at all Board meetings, supported by the Safeguarding Committee and led by a Designated Safeguarding Trustee. The committee provided the Board with regular updates on the progress of safeguarding concerns, measures taken, training provided to grantees and their progress on developing policies and procedures of their own.

As part of QECT’s flexible funding and grants, young social entrepreneurs and their organisations attended regular online training and received technical support offered by QECT safeguarding consultants until April 2024. This support strengthened their understanding and knowledge on how to develop their own contextualised organisational policies and procedures to keep people safe from harm, particularly to ensure everyone’s safety when working with vulnerable communities. Areas of support included being clear on definitions of harm, safer recruitment of all organisational personnel, safer use of images and personal information respecting the rights and wishes of beneficiaries, a Code of Conduct for personnel reporting and response mechanisms. Grantees were supported in the implementation of the policy with action planning and cultivating a safeguarding culture within their organisations. Grantees were contractually bound to report all safeguarding concerns as soon as they occurred as part of their grant agreement requirements.

During the past year, no safeguarding concerns were reported to QECT. QECT Safeguarding Policies and procedures can be viewed here .

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Workshop by Development Edge, Nigeria

Financial Performance

In the year to 31 March 2025, QECT reports total income of £242,742 (2024: £757,579), including gift-in-kind contributions of £35,440 (2024: £594,849) and bank and investment income of £19,581 (2024: £30,094). Income has decreased because our arrangement with a third party to provide training free of charge has now ceased. Total expenditure for the year amounted to £333,771 (2024: £1,223,427), including gift-in-kind expenditure of £35,440 (2024: £594,849).

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 December 2026, as well as a consideration of the key risks that could negatively impact on the Charity.

The key risk to financial sustainability continues to be the challenging fundraising environment. As a result of an exceptional donation from The Queen’s Trust in March 2019, the Charity still holds sufficient reserves to continue as a networkfocused organisation.

The continued reduction in operating costs in 2025 supports the plans to focus on the Network and the development of Chapters as a way forward. Plans are to continue the successful fundraising of 2024–25 into the new financial year, with the focus being on raising funds for the 100 Young Leaders Programme. 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

QECT has registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice.

During the 2024–25 financial year, QECT did not engage any professional fundraisers or third-party agencies to raise funds on behalf of the organisation.

QECT 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 in recent years by QECT with regard to its fundraising activity.

PrincipAl Funding Sources

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

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Managing Financial Assets

QECT holds sufficient funds to cover commitments for the financial year in interest-bearing bank accounts.

Grant Policy

The Trustees regard the use of carefully considered and structured grant-making and grant management of young social entrepreneurs supported by the provision of practical tools and tailored support 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 and programmatic delivery is included in Note 5.

Investment Policy

During the year, the Trustees Investment Policy supported positive stewardship in line with the UK Stewardship Code.

Reserves

The Trustees consider that the level of unrestricted reserves should cover between six and twelve months of annual costs. Accordingly, this is estimated at between £90,000 and £180,000. The level of total reserves as at 31 March 2025 was £721,906 (2024: £812,397), of which unrestricted reserves were £698,624 (2024: £783,307).

The reserves reflect the receipt of the gift from The Queen’s Trust in March 2019. The gift has enabled, and will continue to enable, QECT to carry out and deliver its charitable activities, whilst continuing to secure other sources of funding.

The Trustees consider the current level of reserves to be sufficient. The Reserves Policy is reviewed by the Trustees each year when setting the annual budget.

Benefits of Key Management Personnel

The Trustees are considered to be key management personnel and there are no employees or consultants to whom the Trustees have delegated significant authority or responsibility in the day-to-day running of the charity. None of the Trustees received remuneration in the 2024–25 financial year.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

A project on climate education by Moses Ocen, Agricycle, Uganda

Governance and Risk

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Governance Document and Public Benefit

QECT 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 for England and Wales. The Directors of the company are also the Trustees of the Charity. QECT’s charitable objectives are to further such purposes as are exclusively charitable according to the law in England and Wales. QECT achieves its charitable objectives through its vibrant Network.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing QECT’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 Charity 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 and receive briefings and key strategy documentation and policies.

Organisation

The Board of Trustees is accountable for the operation of the Charity and its members are considered to be the management personnel. The Board met regularly during the year. There is a small team of consultants who perform day-to -day operations and report directly to the board.

Related Parties and Working with other Organisations

None of the Trustees receive remuneration or other benefit from their work with the Charity, and no Trustees have claimed reimbursement for expenses. All Trustees 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 QECT.

QECT’s Trustees consider that the Charity meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. The Trustees have reviewed the objectives, activities, achievements and performance for the year and are satisfied that QECT has complied with the requirements of public benefit reporting as set out in the Charity Commission’s general guidance on public benefit. QECT’s Trustees acknowledge that QECT is best placed to fulfil its vision, mission and strategic goals if it has effective governance in place. QECT’s Trustees are clear about their roles and legal responsibilities, are committed to supporting QECT to effectively deliver its charitable objectives, and contribute to QECT’s continued development.

QECT 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 that 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.

While QECT 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 QECT’s governance can be improved and its overall effectiveness as an organisation increased.

Risk Management

QECT has a risk management strategy that ensures a regular review of reports and discussions to identify key risks, such as risks associated with safeguarding, fundraising and due diligence. QECT agrees appropriate mitigations, and the Trustees gain assurance that policies, systems and processes to mitigate identified risks are in place. The Trustees review the effectiveness of the risk management framework at least once each year and are kept informed of emerging risks and mitigating responses.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

The current key risks considered by QECT are as follows.

Risk factor	Mitigation action
Fundraising:A failure to raise sufficient	Increased focus on strategic fundraising,
income to continue operations.	including close monitoring of results.
	Increased level of resource focused on
	fundraising.
	Reduced operating costs.
Safeguarding:A failure to safeguard	Comprehensive safeguarding policies
those who come into contact with our	and procedures embedded in the
people or activities from any form of	organisation.
harm.
Due diligence: Insufficient due diligence	Robust due diligence policy and
carried out with those receiving funding.	procedures in place.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 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 intend either to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 16 October 2025 and signed on its behalf by:

Stephen Ball Chair, The Queen Elizabeth II Commonwealth Trust (QECT)

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Independent Auditor’s Report to the Members of The Queen Elizabeth II Commonwealth Trust

Opinion

We have audited the financial statements of The Queen Elizabeth II Commonwealth Trust (‘the charitable company’) for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and Notes to the Accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (UK 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 2025 and of its income and expenditure for the year then ended; have been properly prepared in accordance with UK 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 the 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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.

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 Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 38, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 Statement of Recommended Practice (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 where 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. 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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 non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of Our Report

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

NON Nicola May

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

Date: 17 December 2025

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Plantation Drive by Kashf Shah during QECT International Youth Week, Pakistan

Financial Statements and Notes ~~Dn~~ for the year ended 31 March 2025 The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

The Queen Elizabeth II Commonwealth Trust (formerly The Queen’s Commonwealth Trust)

Statement of Financial Activities (including Income and Expenditure Account)

(for the year ended 31 March 2025)

Note Unrestricted £ Restricted £	Note Unrestricted £ Restricted £
Income from
Donations 4 Grants 4 Interest and investment income 14 Total income	200,268 - – 22,893 19,581 - 219,849 22,893
Expenditure on
Cost of raising funds 5 Charitable activities 5 Total expenditure Net expenditure before gains on investments Net gains/(losses) on investments 9 Net expenditure	54,363 - 250,318 29,090 304,681 29,090 (84,832) (6,197) - - (84,832) (6,197)
Reconciliation of funds
Total funds brought forward 12 Total funds to carry forward 12	783,307 29,090 698,475 22,893

The notes on pages 49 to 60 refer to these financial statements.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

The Queen Elizabeth II Commonwealth Trust (formerly Queen’s Commonwealth Trust)

Balance Sheet

(for the year ended 31 March 2025)

		As at 31 March 2025	As at 31 March 2024
	Note	£	£
Fixed assets ~~eee~~
Investments	9	-	-
Total fixed assets		-	-
Current assets ~~on~~
Debtors and prepayments	10	1,774	15,959
Cash in hand and at bank	14	750,536	884,646
Total current assets		752,310	900,605
Liabilities ~~eee~~
Creditors due within one year	11	(30,942)	(88,208)
Total net assets		721,368	812,397
		~~—~~	~~—~~
The funds of the charity
Restricted funds	12	22,893	29,090
Unrestricted funds	12	698,475	783,307
Total charity funds		721,368	812,397

The notes on pages 43 to 54 refer to these financial statements.

The financial statements were approved by the Trustees on 16 October 2025 and were signed on their behalf by:

Stephen Ball

Chair, QECT (formerly Queen’s Commonwealth Trust) Company Registration Number (England and Wales): 1172107

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

The Queen Elizabeth II Commonwealth Trust (formerly Queen’s Commonwealth Trust)

Cash Flow Statement

(for the year ended 31 March 2025)

	As at 31 March 2025	31 March 2024
	£	£
Cash flows from operating activities
Net cash provided by (used in) operating activities	(153,692)	(865,055)
Cash flows from investing activities
Interest from investments	19,581	4,464
Disposal of fixed asset investments	-	1,576,933
Net cash provided by investing activities	19,581	1,581,397
Change in cash and cash equivalents in the year	(134,110)	716,343
Cash and cash equivalents at the beginning of the year	884,646	168,303
Cash and cash equivalents at the end of the year	750,536	884,646
Table 1: Reconciliation of net income/(expenditure) to net	cash from operating activities
Net income for the period	(91,029)	(516,757)
Investment fees charged to fund	-	2,218
Dividends, interest and rent from investments	(19,581)	(30,094)
Decrease in debtors	14,185	17,495
Decrease in creditors	(57,267)	(337,916)
Net cash provided by (used in) operating activities	(153,692)	(865,054)
Table 2: Analysis of cash and cash equivalents
Cash in hand	750,536	884,646
Notice deposits (less than three months)	-	-
Total cash and cash equivalents	750,536	884,646

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

NOtes to the Accounts

1. Legal status of the Trust

The Queen Elizabeth II Commonwealth Trust (formerly 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.

b) Going concern

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.

c) 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.

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

d) 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

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.

e) 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.

f) Fund accounting

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

g) 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 and individuals 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.

h) Allocation of support costs

Resources expended are allocated to the particular activity where the costs relate directly to that activity. The apportionment of central support costs are based allocated to the activities based on agreed apportionment percentages: Raising Funds 10%, Flexible Funding 25% and Network 65%. The prior year allocations have also been allocated with the same apportionments.

i) Debtors

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

j) Cash at bank and in hand

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

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

k) 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.

l) 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.

m) Financial instruments

QECT 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.

n) 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.

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.

Valuation of donated goods and services

We sought advice on the value of services 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 on the open market and concluded that the valuations we were given represent fair value.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

4. Income from donations and grants

	Unrestricted	Restricted
	funds	funds	2025 total	2024 total
	£	£	£	£
Donations
Donations	164,828	-	164,828	82,636
Donated goods and services	35,440	-	35,440	594,849
	200,268	-	200,268	677,485
Grants
Rothschild & Co.	-	22,893	22,893	45,979
The JMCMRJ Sorrell Foundation	-	-	-	50,000
Total	200,268	22,893	223,161	773,464

In 2025, donated goods and services included £10,440 (2024: £570,000) received for supporting our grant recipients and Network members and £25,000 (2024: £25,000) received for the hosting of a web platform. Income has decreased because our arrangement with a third party to provide training free of charge has now ceased.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

5. Analysis of expenditure

Resources expended are allocated to the particular activity where the cost relates directly to the activity. The apportionment of the central support costs are allocated to the activities based on agreed apportionment percentages.

Raising funds Total expenditure on raising funds flexible funding practical tools and support Network Charitable activities cost Grants write back Total charitable activities cost Total	Grants £ Directly attributable £ - 42,896 - 42,896 30,000 91,610 - - - 54,602 30,000 146,212 - - 30,000 146,212 30,000 189,108	Grants £ Directly attributable £ - 42,896 - 42,896 30,000 91,610 - - - 54,602 30,000 146,212 - - 30,000 146,212 30,000 189,108	Support costs £ 11,467 11,467 28,665 - 74,531 103,196 - 103,196 114,663
Analysis of grants paid
Grow Your Reader Foundation Native Discovery Vceela Private Limited Wreetu Health and Well-being Foundation Wessex Social Fund Miles of Smiles Agricycle Survival Scholars Society CEDI Ghana Shomea Strategic Humanitarian Aid Development organisation Accountability Lab Mama Layla Solar Lights Ltd Innoveight Hub Limited Rising Hope Foundation GirlDreamer Total		Bangladesh Malaysia Pakistan Bangladesh UK Uganda Uganda Trinidad and Tobago Ghana Cameroon Nigeria Pakistan Kenya Uganda Cameroon UK

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

6. Analysis of governance and support costs

QECT 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	2025	2024	Basis of
	support	costs			apportionment
	£	£	£	£	£
Salaries and related	5,336	-	5,336	49,603	Allocated on the
costs					agreed percentages
General office	85,606	11,720	97,326	127,161	Allocated on the
administration					agreed percentages
Audit fees for these	-	12,000	12,000	16,500	Governance
financial statements
Total	90,942	23,720	114,662	193,264

7. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

During the 2024–25 year QECT (formerly QCT) transitioned to an organisational structure which uses consultants to provide support to the organisation. Therefore at the year ended 31st March 2025, QECT did not have any employees.

Average headcount of employees analysed by function:	2025	2024
Direct charitable and support	1	5
Fundraising	-	2
Total	1	7
Staff costs for the above employees were:	2025 £	2024 £
Wages and salaries	73,029	362,619
Redundancy and termination costs	4,550	18,500
Social security costs	2,600	36,525
Pensions (defined contribution)	3,542	19,071
Total	83,721	436,715

Redundancy and termination payments amounted to £4,550 (2024: 18,500) during the year.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Higher paid employees

No 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 and the employer’s National Insurance contributions.

	2025	2024
£70,001–£80,000	0	2

Key management personnel

The Trustees are considered to be the key management and there are no employees or consultants to whom the Trustees have delegated significant authority or responsibility in the day- to-day running of the charity.

	2025	2024
	£	£
Key management personnel aggregate emoluments	-	241,130

Trustee emoluments

The charity trustees were not employed by the Trust. There were no benefits or expenses paid to the Trustees (2024: £290).

8. Corporation taxation

The Queen Elizabeth II Commonwealth Trust (formerly 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

9. Investments

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

	2025	2024
	£	£
Market value
Market value at 1 April 2023	-	1,530,902
Additions at cost	-	-
Funds withdrawn	-	(1,576,933)
Dividend income	-	25,630
Investment manager fees paid	-	(2,218)
Net investment gains/(losses)	-	22,619
Market value at 31 March 2024	-	-
Historic cost at 31 March 2023	-	1,550,000

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

10. Debtors

Debtors
	2025	2024
	£	£
Trade debtors	-	10,000
Other debtors	-	-
Prepayments	1,774	5,959
	1,774	15,959
Creditors
	2025	2024
	£	£
Grants payable	7,482	45,000
Trade creditors	8,517	8,270
Taxation and social security	2,208	8,611
Accruals	12,735	26,327
	30,942	88,208

11. Creditors

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

12. Analysis of charitable funds

Analysis of movements in unrestricted funds	Analysis of movements in unrestricted funds
	Balance at 1st	Income and	Expenditure	Funds at 31
	April 2024	gains	and losses	March 2025
	£	£	£	£
General fund	783,307	219,849	(304,681)	698,475
Analysis of movements in unrestricted funds
	Balance at 1st	Income and	Expenditure	Funds at 31
	April 2023	gains	and losses	March 2024
	£	£	£	£
General fund	1,226,535	780,198	(1,223,427)	783,306
Analysis of movements in restricted funds
	Balance at 1st	Income	Expenditure	Funds at 31
	April 2024			March 2025
	£	£	£	£
The Queen Elizabeth Diamond	29,090	-	(29,090)	-
Jubilee Trust (Queen's Young
Leaders website)
Rothschild & Co	-	22,893	-	22,893
	29,090	22,893	(29,090)	22,893
Analysis of movements in restricted funds
	Balance at	Income	Expenditure	Funds at 31
	1st April 2023			March 2024
	£	£	£	£
The Queen Elizabeth Diamond	80,000	-	(50,910)	29,090
Jubilee Trust (Queen's Young
Leaders website)
Rothschild & Co: (100 Queen	–	45,979	(45,979)	-
Elizabeth II Young Leaders Awards
	80,000	45,979	(96,889)	29,090

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Name of restricted fund	Period of restricted fund	Period of restricted fund	Period of restricted fund	Description, nature and purposes of the fund
The Queen Elizabeth Diamond Jubilee Trust (Queen’s Young Leaders Website	From 20 January 2020 to 31 October 2024			Created for the purpose of managing our legacy website until October 2024
				Created for the purpose of
Rothschild (Queen Elizabeth II 100	December 2024 to December			supporting the project to
Young Leaders Awards)	2025			award 100 Young Leaders
				in April 2026
Analysis of net assets between funds
	Investments		Tangible Fixed	Other net 2025 Total
			assets	assets funds
			£	£ £
Unrestricted funds		-	-	698,475 698,475
Restricted funds		-	-	22,893 22,893
Total funds		-	-	721,368 721,368
Analysis of prior period net assets	between funds
	Investments		Tangible Fixed	Other net 2024 Total
			assets	assets funds
			£	£ £
Unrestricted funds		-	-	783,307 783,307
Restricted funds		-	-	29,090 29,090
Total funds			-	812,397 812,397

13. Related party transactions

There were no related party transactions in either the financial year or the previous year.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

14. Financial instruments

QECT has the following financial instruments:

	2025	2024
	£	£
Financial assets, measured at amortised value
Cash	750,536	884,646
Trade and other debtors	1,774	15,959
Financial assets, measured at fair value
	£	£
Investments	-	-
Financial liabilities, measured at amortised value
	£	£
Grants payable	7,482	45,000
Trade creditors	8,517	8,270
Accruals	14,943	34,938
	30,942	88,208
Net total	721,368	812,397
Interest income and expense of financial assets/(liabilities)
	£	£
Interest received	19,581	4,464
Dividends from investments	-	25,630
	19,581	30,094

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

15. Statement of Financial Activities for the prior year to 31 March 2024

	31 March 2024	31 March 2024	31 March 2024
	Unrestricted funds	Restricted Funds	Total Funds
	£	£	£
Income
Donations	677,485	-	677,485
Grants	50,000	45,979	95,979
Interest receivable	30,094	-	30,094
Total income	757,579	45,979	803,558
Expenditure
Cost of raising funds	253,374	-	253,374
Charitable activities	970,053	96,889	1,066,942
Total expenditure	1,223,427	96,889	1,320,316
Net income/(expenditure)	(465,847)	(50,910)	(516,757)
Net (losses)/gains on investments	22,619	-	22,619
Net (expenditure)/income	(443,228)	(50,910)	(494,138)
Reconciliation of funds
Funds brought forward	1,226,535	80,000	1,306,535
Total funds to carry forward	783,307	29,090	812,397

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

References and 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:

Stephen Ball Chair and Trustee Janette Wilkinson Treasurer and Trustee Samantha Cohen CVO OBE Trustee Abdullahi Alim Trustee (Resigned 22 January 2025) Aneeta Williams Trustee Deepak Ravindran Trustee (Resigned 14 October 2024) Ameer Kotecha Trustee Jonathan Andrews Trustee (Appointed 3 July 2025) Management Julie Bentley Company Secretary Auditor Bank Crowe U.K. LLP Coutts & Co 55 Ludgate Hill 440 Strand London EC4M 7JW 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

queens_commonwealth_trust queenscomtrust thequeenscommonwealthtrust queenscommonwealthtrust

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

Principal funders and Supporters

The Queen Elizabeth II Commonwealth Trust (formerly 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.

The Queen Elizabeth II Commonwealth Trust, formerly Queen’s Commonwealth Trust | Annual Report and Accounts 2024-25

QUEEN ELIZABETH II COMMONWEALTH TRUST

Annual Report and Accounts

Contents

Foreword

Chair’s Introduction

Context of our work

Charitable Purpose

QECT Programmatic Achievements 2024–25

Our thematic focus

Education & Employability

Environment

Food and Agriculture

Health

Inclusion

programmatic Achievements 2024–25

Case Studies

Powering climate action through innovation and education

Moses Ocen

Daniel Teoh

Improving the mental wellbeing of cancer patients and survivors

Transforming Lives of Sickle Cell Patients in Cameroon

Dr Gaelle Vofo and Numbu Holix

Josephine Nabukenya and Rachel Nungu

Improving access to quality education for underserved children in Bangladesh

Sadia Jafrin

programmatic Achievements

QECT Youth Network

Thematic leads

Mahreen Adil

Country Chapters

Dawsher Charles

QECT International Youth Week 2024

Access to Practical Resources and Support

Fundraising

Future Plans

QECT’s Commitment to Safeguarding all People

Financial Performance

Going Concern

Fundraising Strategy

PrincipAl Funding Sources

Managing Financial Assets

Grant Policy

Investment Policy

Reserves

Benefits of Key Management Personnel

Governance and Risk

Governance Document and Public Benefit

Appointment of Trustees and Trustee Induction

Organisation

Related Parties and Working with other Organisations

Compliance with the Charity Governance Code

Risk Management

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.

Independent Auditor’s Report to the Members of The Queen Elizabeth II Commonwealth Trust

Opinion

Basis for Opinion

Conclusions Relating to Going Concern

Other Information

Opinions on Other Matters Prescribed by the Companies Act 2006

Matters on Which We Are Required to Report by Exception

Responsibilities of Trustees

Auditor’s Responsibilities for the Audit of the Financial Statements

Extent to Which the Audit was Considered Capable of Detecting Irregularities, Including Fraud

Use of Our Report

NON Nicola May

The Queen Elizabeth II Commonwealth Trust (formerly The Queen’s Commonwealth Trust)

Statement of Financial Activities (including Income and Expenditure Account)

The Queen Elizabeth II Commonwealth Trust (formerly Queen’s Commonwealth Trust)

Balance Sheet

Stephen Ball

The Queen Elizabeth II Commonwealth Trust (formerly Queen’s Commonwealth Trust)

Cash Flow Statement

NOtes to the Accounts

1. Legal status of the Trust

2. Accounting policies

a) Basis of preparation

b) Going concern

c) Income

d) Donated services and facilities