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2025-03-31-accounts

KingsTrust dl The King s Trust Group Company ANNUAL REPOiiT AND ACCOUNTS 2024125

Annual Report and Accounts 2024/25 3

Contents

Contents
Thank you 4
Foreword 6
Wes’s story 8
Trustees’ report including the strategic report 9
Defnitions 9
The work of the consolidated Group of King’s Trust charities 10
The King’s Trust Group Company 12
Organisational structure, governance and management 16
Fundraising for our work 19
Roslyn’s story 20
Trustees’ risk statement 21
The King’s Trust Group Company: reference and administrative details 22
The subsidiaries of the King’s Trust Group Company 23
The King’s Trust International 24
Priyanka’s story 25
The King’s Trust Aotearoa New Zealand 26
Elisa’s story 27
The King’s Trust Australia 28
Olivia and Lucy’s story 29
The King’s Trust Canada 30
Tuoyo’s story 31
The King’s Trust USA 32
Crops to Customers story 33
Financial review 34
Statement of the Trustees’ responsibilities 36
Independent Auditors’ report to the
Trustees of the King’s Trust Group Company 37
Financial statements 41
Notes to the fnancial statements 45

His Majesty King Charles III with young people, Sydney, Australia, October 2024

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THANK YOU

Pascal won our 2025 Global Sustainability Award for his people-powered recycling initiative, which has cut waste going to landfill in his community by a remarkable 80%.

I have learned to lead, innovate and make a difference. My initiative helps reduce waste, promote recycling and inspire sustainable practice.”

– Pascal

Appalled by the piles of plastic As well as launching his own In engaging his neighbours, waste in Mabira, Uganda, upcycling business, Pascal school students and council 19-year-old Pascal set about has kickstarted a community leaders, Pascal has drawn solving the problem. Drawing eco-movement involving heavily on the leadership, project on the entrepreneurship skills local schools, councils, health planning, problem solving and he gained on the Enterprise departments and community teamwork skills that he honed Challenge programme, delivered volunteers. Pascal’s efforts during his participation in by our partner Asante Africa have galvanised strong local Enterprise Challenge. “These skills Foundation, Pascal started support. Half of his community helped me identify a challenge collecting and recycling plastic now actively participates in local around my community, come bottles from households, clean-up and recycling activities, up with a solution, design and roadsides and markets, recycling 300kg of plastic waste implement this initiative,” he says. transforming them into products every month. such as flower bowls, water fountains and dustbins for sale.

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FOREWORD

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Alison Brittain
CBE, Chair
The King’s Trust
Group Company
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The King’s Trust Group Company’s mission is to work for young people. Together with our colleagues and partners across The King’s Trust Group, we empower young people to build the confidence, skills and experience they need to succeed in the world of work.

We support the global work of The King’s Trust Group by raising and distributing funds to the other King’s Trust charities, to enable them to support young people; and by demonstrating our Group-wide impact. We also manage common risks and share best practice across The King’s Trust Group. His Majesty King Charles III is our Royal Founding President.

The need for our support continues to be immense. Over half of the global population is under the age of 30 and many young people are facing significant challenges and disproportionate levels of economic uncertainty. 65 million young people are unemployed around the world and 20% of young people globally are not in employment, education or training (NEET), with the NEET rate among young women more than double that of young men.

Too many young people are leaving education without the skills they need to thrive in the modern workplace; and are not able to gain good and relevant work experience, which makes it harder for them to secure employment.

The King’s Trust is here to support young people through these challenges. By investing in their potential by providing access to skills and experience, we believe that young people can succeed.

During 2024/25, the consolidated Group of King’s Trust charities supported 24,000 young people through our Education, Employment and Enterprise programmes in 23 countries: Aotearoa New Zealand, Australia, Barbados, Canada, Egypt, Ghana, Greece, India, Jamaica, Jordan, Kenya, Malaysia, Malta, Morocco, Nigeria, Pakistan, Rwanda, Saint Lucia, Sierra Leone, Tanzania, Trinidad & Tobago, Uganda and the USA.

Over 70% of the young people who participated in our employability programmes achieved a positive outcome, progressing into employment, self-employment, further education, training or volunteering.

in the UK, and the Chair of The King’s Trust in the UK is a Trustee of The King’s Trust Group Company. The King’s Trust in the UK produces its own separate Annual Report & Accounts, covering its financial activities and programme delivery.

This year marks the 10th anniversary of The King’s Trust’s work outside the UK. Over the past decade, the King’s Trust charities within the consolidated Group have supported 133,000 young people outside the UK. Over the next decade, we plan to support even more young people.

We are deeply grateful for the philanthropy and leadership of the late Prince Karim Aga Khan, whose gift since 2019 has been truly transformational in enabling us to support tens of thousands of young people. We extend a warm welcome to His Highness Prince Rahim Aga Khan V, who continues as our Global Founding Patron.

The King’s Trust Group Company is the sole member, and therefore the Parent, of each of the following subsidiaries: The King’s Trust International, The King’s Trust Aotearoa New Zealand, The King’s Trust Australia, The King’s Trust Canada and The King’s Trust USA.

We would also like to recognise our other Global patrons, including HSBC Holdings plc, the Varkey Foundation, Jeremy and Kathryn Green, and the King Charles III Charitable Fund.

Our heartfelt thanks go to our Royal Founding President, His Majesty The King, for his unwavering support and leadership, and his belief in the potential of young people. We continue to be inspired by His Majesty’s bold vision.

This Annual Report consolidates the financial activities and programme delivery of The King’s Trust Group Company and its subsidiaries from 1 April 2024 to 31 March 2025. The King’s Trust Group Company and its subsidiaries are referred to in this Annual Report as the consolidated Group of King’s Trust charities.

In addition, The King’s Trust Group Company works closely with The King’s Trust in the UK. The King’s Trust Group Company is a Member of The King’s Trust

Alison Brittain CBE

Chair, The King’s Trust Group Company

Annual Report and Accounts 2024/25 9

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It’s more than just
job training. They
teach life skills that
everyone needs.”
– Wes
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Wes is an 18-year-old First Nations man. He is a skilled actor and knows that acting is not always steady work. WES’S In 2024, he took a bold step to expand his career options by enrolling in The King’s Trust Australia’s Get Into STORY Construction programme.

During the four-week programme, Wes gained practical experience in bricklaying, concrete mixing and guiding crane operators using industry-standard hand signals. More than just on the job training, the programme equipped him with crucial career and life skills.

that everyone needs. Everyone deserves opportunities like this. I’m excited to see where it takes me.”

the community and help others. That’s half the reason I joined this programme.”

His Majesty King Charles III met Wes and two other Get Into participants during the Royal Visit to Australia in October 2024.

With Get Into Construction behind him and new skills in hand, Wes is excited by the path ahead - whether it leads to construction, acting, or something entirely unexpected.

Reflecting on his experience, Wes said, “It’s more than just job training. They teach life skills

Beyond career growth, Wes is focused on his community. “It’s important to me to be part of

TRUSTEES’ REPORT including the Strategic Report

The Board of Trustees presents its Trustees’ report together with the audited consolidated financial statements for the year ended 31 March 2025 under the Charities Act 2011. These are also prepared to meet the requirements for a Directors’ report, strategic report, and financial statements for the purposes of the Companies Act 2006. The requirements for a strategic report are covered on pages 12-21 and 24-25.

DEFINITIONS

This Annual Report includes a discussion of the activities of the consolidated Group of King’s Trust charities for the year ended 31 March 2025.

This Annual Report does not consolidate the financial or delivery results of The King’s Trust, which is producing its own Group Annual Report and Accounts for the period 1 April 2024 to 31 March 2025, covering The King’s Trust and The King’s Trust Trading Limited.

• KTGCo and its five subsidiary undertakings (as listed above) are together described as “the consolidated Group of King’s Trust charities”.

• This Annual Report also consolidates the financial results of each of the subsidiaries (as listed above) from 1 April 2024 to 31 March 2025.

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THE WORK OF THE CONSOLIDATED GROUP OF KING’S TRUST CHARITIES

The consolidated Group of King’s Trust charities includes the work of The King’s Trust Group Company and its five subsidiary undertakings.

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Canada
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USA
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Greece
Malta
Morocco Jordan
Pakistan
Egypt
India
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Jamaica Saint Lucia Trinidad & Tobago Barbados

Sierra Leone Ghana Nigeria Uganda Rwanda Kenya Tanzania

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Malaysia
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Australia
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Our shared mission is to work for young people by empowering them to build the confidence, skills and experience they need to succeed in the world of work.

Together during 2024/25, the consolidated Group of King’s Trust charities supported

24,000 young people in 23 countries to move into work, education or training.

New Zealand

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THE KING’S TRUST GROUP COMPANY

KTGCo was established in 2022 to support the global work of The King’s Trust Group, which includes The King’s Trust in the UK.

KTGCo provides support and charitable grants to the other charities in the KT Group. It also encourages a common sense of purpose and strategy across KT Group through informationsharing, collaboration and sharing best practice to support the other charities.

The achievements of KTGCo during 2024/25 included the following:

• Impact Reporting: We demonstrated the shared impact of KT Group by producing The King’s Trust Group Impact Report 2023/24 in October 2024, covering the impact of our global delivery for the previous year. Our Group Impact Report for 2024/25 was published in July 2025. Our Group impact work plays an important role in fundraising, as it provides donors with clear evidence of the collective impact of programmes across the KT Group.

Name and Brand: During 2024/25, we completed our work to rename and rebrand The Prince’s Trust to The King’s Trust, in recognition of His Majesty King Charles III as our Royal Founding President and to deepen our connections with young people and supporters. The King’s Trust name was implemented across the

consolidated Group of charities in April 2024; and the King’s Trust brand was implemented across the whole KT Group in October 2024. We are extremely grateful to James Sommerville and his team for their generous gift-inkind contribution in 24/25, which was instrumental in completing our rebrand. Their partnership, creativity and commitment played a vital role in bringing our rebrand to life and ensuring its successful implementation.

Marketing and

Communications: We provided

Marketing and Communications support for the consolidated Group of charities related to our annual Global Gala, King’s Trust Awards and other events.

• Governance and Risk Management: The Board continued to provide strategic oversight across the KT Group. We shared best practice across the KT Group on matters including ethical fundraising, financial management and impact measurement.

In addition, the KTGCo staff team provided the secretariat for the KTGCo Board and advised the Board on Group governance, risk management, finance and audit, fundraising and events, impact and brand. KTGCo also supported each of the CEOs of the other King’s Trust charities; and regularly briefed HM The King on developments across KT Group.

Future plans

During 2025/26, KTGCo plans to:

• Strengthen governance oversight across the KT Group. This includes the introduction of an annual assurance statement to be completed by all entities in the KT Group and submitted to KTGCo, providing enhanced transparency and accountability across the KT Group.

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His Majesty King Charles III with
winners of our 2025 King’s Trust Awards,
along with our Celebrity Ambassadors
and colleagues, June 2025
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ORGANISATIONAL STRUCTURE, GOVERNANCE AND MANAGEMENT

Royal Founding President

His Majesty King Charles III

Global Founding Patron, The King’s Trust Group His Highness the Aga Khan

Chair of The King’s Trust Group Company

Alison Brittain CBE

Structure

The King’s Trust Group Company is a registered charity (registered in England & Wales with registered number 1200643) and a company limited by guarantee (with registered number 14142157).

KTGCo (“the Parent”) is the sole Member (or equivalent) of each of the following entities:

KTGCo is also an additional member of The King’s Trust alongside the existing Members/ Trustees of The King’s Trust.

Our Purpose

The Articles of Association set out the primary charitable objective of The King’s Trust Group Company as:

“To promote through all charitable means and for the public benefit the mental, spiritual, moral and physical development and improvement of young people and to provide opportunities for them to develop their full capabilities and to enable them to become responsible members of society, so that their conditions of life may be improved by any means permissible under charity law.”

KTGCo works with its subsidiaries and The King’s Trust to encourage a common sense of purpose and strategy across the KT Group through raising and distributing funds, demonstrating our shared impact, sharing best practice and managing shared risks.

Public benefit

In line with the Charity Commission’s guidance on public benefit (section 17 of Charities Act 2011), KTGCo supports its purpose by:

Governance

The KTGCo Board of Trustees is responsible for setting strategy, approving the business plan and budget, authorising the distribution of Group funds, and approving the KTGCo Annual Report and Accounts. In carrying out their duties and developing strategic plans, the trustees have had due regard to the Charity Commission’s guidance on public benefit.

The Board also retains oversight of management controls and corporate governance, along with the appointment of Trustees and the senior management of KTGCo.

The Board is chaired by Alison Brittain CBE and comprises the Chairs of each King’s Trust charity:

Alison Brittain CBE

(Chair)

The Hon Julie Bishop

(Chair, The King’s Trust Australia)

F. Mark M. Fell

(Chair, The King’s Trust Canada)

Jeremy Green CBE

(Chair, The King’s Trust USA)

Shabir Randeree CBE

(Chair, The King’s Trust International)

Andrew Williams

(Chair, The King’s Trust Aotearoa New Zealand)

Tom Ilube CBE

(Chair, The King’s Trust) (appointed 1 August 2024)

John Booth CVO

(Chair, The King’s Trust) (retired 31 July 2024)

The Board meets at least quarterly.

The nomination of directors/ trustees of each of KTGCo subsidiaries is a matter for their Boards.

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Trustee recruitment, Management appointment and training

Day-to-day operations are led by the Chief Operating Officer, who is seconded from The King’s Trust. The COO is responsible for implementing Board decisions and overseeing areas including finance, fundraising and grantmaking, impact, brand and risk management.

Trustees of KTGCo are appointed in accordance with the Articles of Association. On appointment, each Trustee receives a comprehensive induction which covers our values and purpose and includes sections on strategy, finance, fundraising, programmes, operations and governance. During induction, Trustees meet colleagues to help fully understand their role as a Trustee.

KTGCo has a small core staff team and is supported by colleagues from The King’s Trust and The King’s Trust International across the following functions: finance; fundraising; HR; technology; legal; governance; Royal liaison; marketing and communications.

Trustees receive ongoing support and up to date guidance, to enable them to fulfil their responsibilities to the organisation. The Trustee role is unremunerated, but Trustees are able to claim expenses where relevant.

The Charity Governance Code

The Board of KTGCo is fully committed to the highest standards of governance. Whilst the Code is voluntary and aspirational, the Board recognises its importance in promoting good governance. KTGCo does, and will continue to, improve its own governance where necessary in accordance with the Code.

KTGCo indemnifies every Trustee in respect of any liabilities in running the charity, to the extent permitted by the Companies Act. Directors’ and officers’ insurance cover is in place for all Trustees to provide appropriate cover for their reasonable actions on behalf of The King’s Trust Group Company.

At a glance: The King’s Trust in the UK

For clarity and completeness, this section briefly summarises the relationship between The King’s Trust and The King’s Trust Group Company, and the financial and delivery results of The King’s Trust.

King’s Trust Group Company is a Member of The King’s Trust, and in turn the Chair of The King’s Trust is a Trustee and Member of The King’s Trust Group Company.

While The King’s Trust is closely aligned with The King’s Trust Group Company, it is not a subsidiary and so its financial and delivery results are not included in the consolidated financial statements of The King’s Trust Group Company.

The King’s Trust and The King’s Trust Group Company have a close relationship, but are separate from each other. They both share the same Royal Founding President and brand, and both collaborate across a range of activities including risk management, fundraising, impact and sharing best practice. The

In 2024/25, The King’s Trust in the UK reached 67,368 young people through its programmes.

Subsidiaries

The financials statements consolidate the activities of KTGCo and its five charitiable subsidiaries. This includes the results of the wholly owned trading subsidiary of The King’s Trust International, which is consolidated as part of the Group. As sole member or equivalent of each entity, KTGCo is deemed to exercise control. The individual financial results of each subsidiary are summarised in Note 16 of the Financial Statements.

Each charitable subsidiary is registered in its country of incorporation and has its own Board of trustees, which is responsible for managing its affairs and appointing its chief executive. For more detailed information about the activities, achievements and future plans of each charitable subsidiary, see pages 23-33.

In 2024/25, The King’s Trust generated income of £63.2m and reported an £8.8m gain on investments. It invested £61m in programmes and operations, resulting in a net surplus of £11m. These figures reflect the charity only and do not include the results of its trading subsidiary, The King’s Trust Trading Limited.

Figures are taken from The King’s Trust Annual Report and Accounts for the year ended 31 March 2025.

FUNDRAISING FOR OUR WORK

The King’s Trust Group Company plays an important role in securing funding for the global work of The King’s Trust Group.

We should like to recognise our Global Patrons for their support, which enables us to deliver programmes for young people across the world. During 2024/25 our Global Patrons include His Highness the Aga Khan, HSBC Holdings plc, The King Charles III Charitable Fund, and Jeremy and Kathryn Green.

Maintaining the highest professional fundraising standards

Protecting people in vulnerable circumstances

KTGCo is committed to protecting people in vulnerable circumstances and other members of the general public from unreasonable intrusion on a person’s privacy, unreasonably persistent fundraising approaches and placing undue pressure on a person to give money. Our fundraising activities follow the Fundraising Regulator’s Code of Practice and our own ethical fundraising policy (Accepting, Refusing and Returning Donations Policy). No complaints were received during the year (2023/24: 0).

KTGCo is committed to achieving the highest possible standards of fundraising and undertakes a number of measures to ensure we are accountable for our practices. Fundraising is carried out directly by KTGco staff and by our affiliated entities within The King’s Trust Group. We do not engage third party fundraisers. We endeavour to carry out our fundraising activities in line with the Code and the expectations of our supporters. We are also signed up to the Fundraising Preference Service, which gives the public control over the fundraising communications they receive.

His Highness the Aga Khan is our Global Founding Patron. We are deeply grateful for the philanthropy and leadership of the late Prince Karim Aga Khan, whose gift since 2019 was truly transformational in enabling us to establish our global foundations. His Highness Prince Rahim Aga Khan V continues as our Global Founding Patron.

KTGCo and KTUSA play an important role in raising funds to support the Group’s global work. Together our priority for fundraising is to enable The King’s Trust Group to continue to deliver life-changing programmes for young people, enabling them to build the skills they need for the world of work.

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I am excited
about the future
and grateful for the
experiences that
have shaped me.”
– Roslyn
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ROSLYN’S With a turbulent family background, Roslyn left home at just 16. The Team programme has helped her build the skills to support STORY herself independently, and her career is now off to a flying start.

After Roslyn made the brave ideas. But as her capabilities decision to move out of home blossomed, so too did her and make her own way in the confidence, empowering her world, she turned to Team – an to take on new challenges intensive 12-week personal with enthusiasm, including development programme – to leadership roles.

with others. Within just two months of starting her new role, Roslyn stepped up into a supervisory position, giving her further opportunities to learn and gain leadership experience.

decision to move out of home and make her own way in the world, she turned to Team – an intensive 12-week personal development programme – to boost her chances.

“One of the most valuable lessons I learned is how to communicate effectively,” Roslyn explains. “I am excited about the future and grateful for the experiences acquired that have shaped me.”

In June 2025, Roslyn, now 19, received our Global Young Achiever Award at the King’s Trust Awards in London.

Delivered through our partner the Royal Saint Lucia Police Force, Team enabled Roslyn to discover and develop talents she didn’t know she had. Through practical group activities such as first aid and tree planting, Roslyn gradually built up her teamwork and communication skills. At first she found it hard to trust others, and to express her thoughts and

Roslyn soon landed her first ever job and impressed her new employers with her skills, especially her ability to connect

TRUSTEES’ RISK STATEMENT

Risk 1: Lack of collaboration across KT Group, leading to fragmentation and silo working.

Risk 4: Ethical fundraising issues at one or more entity, resulting in reputational damage and/or loss of credibility with donors.

KTGCo maintains an effective risk management framework, designed to identify, monitor and mitigate risks across KT Group.

Mitigations:

Mitigations:

Each of the entities within KT Group is ultimately responsible for managing its own risks and maintaining a risk register. These are reviewed quarterly by the Board of trustees of each entity.

• Positive culture of collaboration encouraged by CEOs and Chairs across KT Group.

• Collaborative mechanisms including CEOs’ Group and Group Fundraising forums across KT Group.

The Board of Trustees of KTGCo identify and monitor risks that are shared across KT Group. The Board recommends that each of the other King’s Trust entities put in place appropriate mitigations to respond to these shared risks.

Risk 5: Increase in frequency and severity of cyber security attacks which could lead to financial and data loss.

Risk 2: Financial mismanagement in one or more of The King’s Trust charities, resulting in inaccurate financial reporting, reputational damage and/or loss of credibility with donors. Mitigations:

Mitigations:

The Board of KTGCo encourages collaborative working. Our risk approach aligns with our strategic goals and is proportionate to the external risks and opportunities. The principal risks identified and our mitigation responses are set out below.

• The Board of each King’s Trust charity to ensure that annual budgets are realistic and sustainable.

Risk 6: Safeguarding standards not budgets are realistic and consistently applied or enforced sustainable. by entities across the KT Group, • Board of KTGCo to encourage potentially resulting in harm to young transparent sharing of financial people and reputational damage to risks and opportunities across the other charities in the KT Group. the KT Group.

Mitigations:

• Each entity within KT Group is its own safeguarding policy. subject to an annual external Risk 7: Inability to capture effectively audit conducted by an the impact of programme activity. This independent local audit firm in accordance with may affect public perception, donor confidence and compliance with the national standards. requirements of the new SORP. Risk 3: Failure to secure funding Mitigations:

Risk 3: Failure to secure funding sufficient to meet operational needs and support delivery throughout KT Group. Mitigations:

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THE KING’S TRUST GROUP COMPANY: REFERENCE AND ADMINISTRATIVE DETAILS

Principal Address

Management

8 Glade Path London SE1 8EG

Dermot Finch, Chief Operating Officer

Kate Turner, Head of Fundraising & Reporting

Telephone: 0800 842 842

www.kingstrustglobal.org/about-us

Nick Lawton, Group Accountant (appointed 27 May 2024)

Charity Registration Number England and Wales 1200643

Independent Auditors

PricewaterhouseCoopers LLP 1 Embankment Place, London WC2N 6RH

Governing Document

The Memorandum and Articles of Association of The King’s Trust Group Company

Principal Solicitors

Farrer and Co 66 Lincoln’s Inn Fields London WC2A 3LH

Bankers

National Westminster Bank plc 145 Clapham High Street, London SW4 7SN

THE SUBSIDIARIES OF THE KING’S TRUST GROUP COMPANY

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THE KING’S TRUST INTERNATIONAL

The King’s Trust International (KTI) is a company limited by guarantee (company number 09090276) and is registered with the Charity Commission for England and Wales (registered number 1159815). KTGCo is the sole member of KTI. The Board of trustees is chaired by Shabir Randeree CBE and Will Straw CBE is the Chief Executive. At 31 March 2025, the team included 61 staff (including two secondees) and a number of highly valued volunteers.

During 2024/25, KTI and its delivery partners directly supported over 20,000 young people in education, employability and entrepreneurship programmes across 19 countries: Barbados, Egypt, Ghana, Greece, India, Jamaica, Jordan, Kenya, Malaysia, Malta, Morocco, Nigeria, Pakistan, Rwanda, Saint Lucia, Sierra Leone, Tanzania, Trinidad & Tobago and Uganda. Based on the latest available data, 80% of young people who completed KTI’s Employment and Enterprise programmes in 2024/25 achieved a positive outcome three months after the end of the programme.

All of KTI’s programmes are delivered by local partners with expertise and credibility supporting young people in their communities. During 2024/25, new areas of delivery included:

Future plans

In 2025/26, KTI is celebrating its 10th anniversary. To mark this, KTI is launching a new campaign: Generation Potential, with the aim of propelling young people into brighter futures through a portfolio of empowering programmes and activity.

partnership with the Lagos Over the next 10 years, KTI is State Employment Trust Fund. committed to building on the foundations laid down in its first • In partnership with decade. KTI has a bold ambition the European Bank of to support one million young Reconstruction and people over the next decade. Development KTI took its joint post-launch enterprise This will require KTI to progress programme to Morocco for its existing model of productive the first time. partnership with local youth

This will require KTI to progress its existing model of productive partnership with local youth organisations and augment it with new strategies to leverage the reach of larger organisations delivering youth skills and employment programmes. A key pillar of such an ambitious strategy will be to bridge the digital divide and create innovative digital solutions that will impact young lives on a global scale, across a myriad of contexts.

KTI’s interventions are designed to support the UN Sustainable Development Goals (SDGs) on quality education (SDG 4), decent work (SDG 8) and partnerships for the goals (SDG 17). KTI is developing content and delivering impact in relation to the crosscutting themes of gender equality (SDG 5) and climate action (SDG 13). In 2024/25 women and girls made up 58% of beneficiaries, KTI embedded climate literacy into its education programmes and supported young people in gaining employment in the green economy.

KTI carried out a Youth Sector Conference in the Bahamas to help upskill local organisations on safeguarding and monitoring and evaluation.

The King’s Trust International Trading Limited was incorporated in England and Wales on 4 April 2024 (company number 15615708). Under a deed of covenant, it donated all of its distributable profits to The King’s Trust International via Gift Aid.

I learned so much here, from gaining computer skills to understanding how to approach an interview”. – Priyanka

PRIYANKA’S STORY

Priyanka, 22, from India, was the first person in her family to go to school. Today she is a teacher, nurturing and inspiring the next generation of students.

After being widowed, Priyanka’s mother worked hard to support the family, and to keep her daughters in school. As soon as she finished her studies, Priyanka stepped up to help support her family, working in a garment factory. Keen to find a role with opportunities for progression, she signed up to the Get Into employability programme to boost her skills and opportunities.

overcoming her self-doubt. She found the sessions on managing feelings and coping with stress particularly useful.

“I learned so much here, from gaining computer skills to understanding how to approach an interview,” Priyanka says of her time on the Get Into programme. “I learned to manage emotions, stress, and it provided me with key life skills that enable me to perform well in my current role… Magic Bus has been instrumental in helping me reach stability in my life.”

After the programme, Priyanka went straight into work as a sales executive, drawing on the skills she had learned to help her cope with the demands of a busy professional role. As she earned and gained practical work experience, Priyanka also continued to build towards her dream job of becoming a teacher, pursuing distance learning studies alongside her paid job.

The Get Into programme - delivered by our partner, Magic Bus - supported Priyanka to define her career goals and plan how to work towards them,

In 2024, Priyanka secured a job as a primary school teacher. Her mother is full of pride.

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THE KING’S TRUST AOTEAROA NEW ZEALAND

The King’s Trust Aotearoa New Zealand (KTANZ) is registered as a charity in New Zealand (registered number CC56358). The equivalent powers of a member are vested in KTGCo. The Board of Trustees is chaired by Andrew Williams and Rod Baxter ONZM is the Chief Executive. At 31 March 2025, the team included seven staff, five contracted Enterprise facilitators and a number of highly valued volunteers and mentors.

During 2024/25, KTANZ engaged with 1,129 young people – including 414 young people through its Enterprise and He Kākano programmes, 589 young people through its series of entrepreneurship events, and 126 young people who continued to be supported through He Kākano from 2023/24. KTANZ programmes typically span beyond one year. Following the initial Enterprise course, young people are matched with volunteer mentors and can then apply for He Kākano grants to test, launch and/or accelerate their business idea.

KTANZ’s He Kākano programme, Strategic goals for 2025/26 which translates as ‘seed’ or are to: ‘potential’, is a collaboration with the Ministry of Youth • deliver programmes for Development along with several and with young people that corporate and philanthropic develop entrepreneurial supporters. Collectively, this has capital and contribute to resulted in a large fund for young collective wellbeing. entrepreneurs, which has been renewed for a further two years • develop a youth enterprise beyond the pilot. The majority of ecosystem that benefits young young people served are female people, nurtures partnerships and Māori. and delivers positive impact.

Strategic goals for 2025/26 are to:

• grow a strong support network for young people, generating new awareness and investment into youth development.

Future plans

During 2025/26, KTANZ plans to support more than 1,000 young people through its Enterprise programmes and provide at least 50 young entrepreneurs with seed funding grants through He Kākano. Developing strategic partnerships with other youth organisations to expand impact is a high priority.

Many of the young people supported by KTANZ in Aotearoa New Zealand are female and indigenous, therefore a commitment to bicultural and bilingual approaches with iwi (Māori tribes) is crucial for success.

KTANZ’s strategic purpose is to activate young New Zealanders as the designers, creators and workers of a more equitable, sustainable and prosperous future. KTANZ launched a new five-year strategy in early 2025/26.

----- Start of picture text -----
I wanted to make
sure we protected
it, so future
generations can
also appreciate
its beauty”.
– Elisa
----- End of picture text -----

ELISA’S STORY

“ Going on frequent family walks in the local native bush made me realise what a special country we live in! I wanted to make sure we protected it, so future generations can also appreciate its beauty.’

Young entrepreneur, Elisa, finished high school in 2024. She has already launched a business, Enivo Pots, to create biodegradable plant pots from New Zealand Primary Industry residue and other forestry products.

While still at school, Elisa was supported with funds from He Kākano to build custom moulds to produce pots locally, and to develop a pilot trial that would produce 10,000 Enivo Pots to go to nurseries to test.

companies who might be able to scale production. Over the past 24 months, Elisa has met commercial lawyers, patent attorneys, scientists, business strategists and procurement experts - all in a bid to reduce the 350 million plastic pots used in Aotearoa New Zealand every year.

She has gone from producing

Enivo Pots addresses three environmental issues: reducing the biosecurity risks of pots spreading harmful diseases threatening native plants, reducing single-use plastic in commercial nurseries, and promoting innovation with the use of NZ local primary industry residues.

pots in her kitchen to completing field tests at commercial nurseries and is close to signing production agreements. The young entrepreneur has collaborated with scientists at Scion – The NZ Crown Research Institute specializing in forestry – and is now in negotiations with

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THE KING’S TRUST AUSTRALIA

The King’s Trust Australia (KTA) is a public company limited by guarantee, registered as a charity with the Australian Charities and Not-for-profits Commission (registered number ABN 73 161 872 993). KTGCo is the sole member of KTA. The Board of Trustees is chaired by the Hon Julie Bishop and Michelle Endacott is the Chief Executive. At 31 March 2025, the team included 11 staff and a number of highly valued volunteers.

My confidence just kept building, and I started talking and engaging with more people. – Lucy

During 2024/25, KTA supported 575 young people through its programmes including Achieve, Get Into, Enterprise and the Enduring Design Masterclass. The Trust supported an additional 81 veterans and family members over 35 years old through the Enterprise programme.

KTA relaunched a dedicated online portal, providing educators with free access to its Achieve programme resources.

32% of the young people reached through KTA’s programmes identified as Aboriginal or Torres Strait Islander, while 51% identified as female. KTA supported Australians in six states and territories, across metropolitan, regional and rural areas including Toowoomba, Cairns, Bendigo, George Town, Dubbo, Newcastle, Maitland, and Whyalla.

By the end of 2024/25, 47% of the 62 young people engaged through KTA’s Enterprise and Employment programmes identified as employed or selfemployed, and all Enterprise participants who responded reported increased confidence making career decisions after completing the programme.

KTA held its annual Beyond Service Awards in celebration of Australian Defence Force veterans and their families in small business. KTA continued to advise on a

design-led, sustainable mid-rise social housing development in Sydney, New South Wales. KTA also supported the establishment of The King’s Foundation Australia, which will support sustainable heritageled restoration and sustainable urbanism projects across Australia.

knowledge, and economic participation.

KTA will launch the inaugural King’s Trust Australia Awards. These national awards reflect The Trust’s emerging commitment to support young people through education, employment and enterprise pathways, while continuing to celebrate the successes of Australian Defence Force veteran and family entrepreneurs. KTA’s commitment to environmental OLIVIA AND stewardship continues to be a guiding priority, with a renewed focus on addressing issues of importance to young people. Strategic goals for 2025/26 are to: LUCY’S STORY

Future plans

KTA’s three-year strategy 2025/28 sets out how The King’s Trust Australia will redesign, expand and validate its efforts to support young Australians through its Education, Employment and Enterprise programmes.

In 2025/26, KTA plans to support Strategic goals for

a total of 1,205 young people. KTA 2025/26 are to: will work with schools and nonschool providers to support 1,000 • Evolve from an organisation young people through its Achieve with three portfolios – young Education programme. people, veterans, and sustainable communities - to a KTA plans to partner with emerging youth focused charity delivering and/or critical industries to create education, employment and employment pathways for 35 enterprise activities.

Olivia and Lucy started the Achieve programme unsure of themselves - but finished the programme ready to speak out, step up, and take on new challenges with confidence.

KTA plans to partner with emerging youth focused charity delivering and/or critical industries to create education, employment and employment pathways for 35 enterprise activities. young people from marginalised backgrounds; and deliver • Redesign and scale up efforts community-focused, skill-building to support young Australians Enterprise programmes for 170 through Education, young people (including 100 young Employment and Enterprise veterans and family members) programmes. exploring and starting businesses.

Olivia described herself as shy: “I wasn’t very social before,” she admitted. But shared that the programme helped her grow. “My confidence just kept building, and I started talking and engaging with more people”. Lucy echoed this sentiment, commenting that “talking to people feels so much easier now.”

Looking ahead, Olivia is excited about her future. She’s grateful for the exposure the programme provided to a wide range of career options. Lucy still has clear goals but the programme offered her new perspectives. “It hasn’t changed what I want to do, but it’s definitely broadened my horizons.”

Today, both young people feel more confident joining group activities at school, have formed new networks of support, and feel more comfortable presenting in class.

This unique partnership helped both participants build their confidence, explore new career paths, and find opportunities to contribute to their communities in meaningful ways.

• Strengthen systems, build partnerships and invest in internal capabilities to expand reach to more than 5,000 young people over the three years to 2027/28.

These activities are guided by an outcomes framework that seeks to measure changes in skills, wellbeing, social inclusion, environmental mindsets and

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Annual Report and Accounts 2024/25 31

THE KING’S TRUST CANADA

The King’s Trust Canada (KTC) is a designated Charitable Organisation under the Canadian Income Tax Act (registered number 83229 5406 RR0001). KTGCo is the sole member of KTC. The Board of Directors is chaired by Mark M. Fell and Jeffrey L. Orridge is the Chief Executive. At 31 March 2025, the team included 23 staff and a number of highly valued volunteers.

KTC’s strategy is to address Canada’s youth employment crisis by addressing the skills, experience and network gaps facing young people across Canada.

During 2024/25, KTC supported 1,318 young people to build the skills, knowledge and experience needed to establish meaningful careers. Young people were engaged through skills-focused programmes aimed at building job readiness and improving access to professional allies through networking. 87% of young people surveyed feel better prepared for work following completion of one of KTC’s programmes.

KTC’s Skills Academy addresses Future Plans the skills gap by offering credited meta, transferable and • During 2025/26, KTC plans to self-navigation skills that today’s support 1,225 young people employers demand. KTC’s through its Skills Academy, 360 360 Employment Programme and Network programmes. places young people in entry level roles across Canada and KTC will complete the pilot programming for 360 and its supports them with coaching, Youth Council, to assess the a professional mentor, and long-term viability of each membership in a youth network so they can gain experience programme. and build their network. The • In partnership with the Cocaprogramme pilot was launched in Cola Foundation, KTC will March 2025 with 12 participants deliver skill development and employers including Canada programming in Toronto and Life, Deloitte, Fasken, Lallemand Vancouver in 2026, ahead of Inc., Maple Lodge Farms, Roche the FIFA World Cup. Canada and Wynford Group.

TUOYO’S STORY

As a software engineer student, Tuoyo found it challenging to step out of his comfort zone and connect with others. The King’s Trust Canada’s welcoming community and mission resonated deeply with him, providing the support he needed to grow both personally and professionally.

Tuoyo participated in several KTC programmes which helped him develop essential networking skills and build confidence. He learned to approach people and have conversations without feeling uncomfortable – a major achievement for Tuoyo, who previously struggled with networking.

the experiences and stories of others, gaining insights into the Canadian job market and developing skills that were directly applicable to his career journey. Throughout, he was able to connect with driven and motivated individuals who inspired him to keep pushing forward.

interpersonal, teamwork and leadership skills. He is now able to speak confidently with employers and recruiters.

Tuoyo is excited about his future in tech. His aspirations include a full-time career path in AI and machine learning.

One of the most important takeaways from Tuoyo’s experience was mastering the art of networking. He realised the importance of building

Tuoyo found a sense of community and safety in the KTC environment, which was crucial for his growth. He learned from

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THE KING’S TRUST USA

The King’s Trust USA (KTUSA) is a 501 ( c ) (3) charitable entity in New York State (EIN number 82-5457122). KTGCo is the sole member of KTUSA. The Board of trustees is chaired by Jeremy Green CBE and Victoria Gore is the Chief Executive. At 31 March 2025, the team included 10 staff.

KTUSA’s mission is twofold. To support young people through its programme delivery in the USA; and to fundraise and distribute charitable grants to the other charities in the KT Group.

During 2024/25, KTUSA supported 525 young people in Chicago, Detroit, New York, Orlando and San Jose. The young people engaged with KTUSA’s Enterprise Challenge, Get Hired and Development Award programmes.

Enterprise Challenge engages high school students through a team-based programme to build their employability and social skills. Get Hired provides young people with interview practice with a range of employers. Development Awards are small grants to enable young people to purchase equipment or clothing to support their job search.

During 2024/25, KTUSA distributed £4.254m to other entities in the KT Group to support programme delivery globally.

Future plans

During 2025/26 KTUSA plans to:

CROPS TO CUSTOMERS STORY

Crops to Customers are a community garden on their Looking ahead, Crops to the KTUSA 2025 Enterprise school campus, growing a variety Customers plans to expand its Challenge champions. This team of produce including lettuce impact by forming partnerships of students from The Collins and tomatoes. These items are with local corner stores and Academy in Chicago developed sold at prices lower than those launching delivery services to a business to combat food in traditional grocery stores, improve access for residents deserts and improve access to making healthy food more with disabilities. fresh, affordable produce within accessible to local residents. The Crops to Customers are their local community. initiative also equips students transforming their local with practical agricultural skills. In their community, limited community into a food-secure The proceeds from produce access to nutritious food options sales are reinvested into the community while inspiring has contributed to rising rates sustainable solutions for other community, funding scholarships of diet-related health problems neighbourhoods. By planting the and donating surplus foods to such as diabetes and obesity. In local shelters. seeds of change today, they are

Crops to Customers are transforming their local community into a food-secure community while inspiring sustainable solutions for other neighbourhoods. By planting the seeds of change today, they are cultivating resilience and hope.

In their community, limited access to nutritious food options has contributed to rising rates of diet-related health problems such as diabetes and obesity. In response, the team established

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FINANCIAL REVIEW

Group results

Summary

In 2024/25, the consolidated Group of King’s Trust charities generated total income of £22m (2023/24: £14.4m) and total expenditure of £20.8m (2023/24: £15.8m), resulting in an overall surplus of £1.2m (2023/24: deficit £1.3m).

The consolidated Group surplus for 2024/25 was largely driven by The King’s Trust International, which reported a signifcant surplus following the successful launch of its 10th anniversary frundraising campaign. The campaign is designed to run throughout 2025, with a number of major donations received in the 2024/25 financial year.

The King’s Trust USA reported a large deficit in 2024/25. The primarily reflects the accounting treatment of multi-year funding agreements, where income is recognised in full when the agreement is signed, while the associated expenditure is recognised over the duration of the agreement. This accounting treatment produces a mismatch of income and expenditure in given financial periods.

Income and fundraising

Income was principally derived from donations of £19.8m, together with £1.6m from other trading activities, £0.3m from charitable activities, £0.2m from investments, and £0.2m from other sources. Donations include £3.0m of auspiced funds received by The King’s Trust Australia. This was a one-off transaction which increased both income and expenditure and will not recur in future periods.

Other trading income relates substantially to the Global Gala held in New York in May 2024.

Expenditure

Total expenditure of £20.8m comprised £17.5m on charitable activities and £3.3m on raising funds. Expenditure on charitable activities includes the immediate onward distribution of £3.0m of auspiced funds received by The King’s Trust Australia.

Funds

At the end of 2024/25, total funds amounted to £10.3m (2023/24: £9.1m), of which £9.8m were restricted and £0.5m unrestricted. The funds of the subsidiary entities are classified as restricted from the perspective of the Group.

The Board of The King’s Trust Group Company shares information over the reserves level of each entity within the consolidated Group. The Parent, KTGCo, has a reserves policy of unrestricted funds of at least six months of core operational expenditure.

Going concern

A review of the financial performance and reserves position has been set out above. The financial statements have been prepared on a going concern basis which the trustees consider to be appropriate. Each entity within the consolidated Group of King’s Trust charities has prepared a budget for the year ahead. The annual budgets have been reviewed by each of the Boards to ensure that they are realistic and sustainable. The respective Board of each King’s Trust charity monitors reserves on an ongoing basis. Each entity within the Group has a reserves policy that ensures resilience to short-term financial challenges. On this basis the Trustees consider that the consolidated Group of King’s Trust charities has sufficient reserves to continue in operational existence for the foreseeable future.

Parent results

Summary

KTGCo generated income of £4.4m (2023/24: £2.8m) and expenditure of £4.4m (2023/24: £2.7m), resulting in a small surplus of £0.04m (2023/24: £0.1m).

Income and fundraising

Income was primarily from our Global Patrons, which included His Highness the Aga Khan, HSBC, Jeremy and Kathryn Green and the King Charles III Charitable Fund. KTGCo also recognised income of £0.4m for gifts-in-kind, comprising £0.05m relating to the statutory audit provided by the Group’s auditors and £0.3m of professional support relating to support for the Group’s rebrand. We are extremely grateful for this generous support.

Expenditure

Expenditure included distributions of £3.1m to the other charities within The King’s Trust Group, gifts-in-kind of £0.4m, and other expenditure to support key initiatives. This comprised a contribution to the Group’s rebrand and the costs of producing the impact and research reports. The remainder of expenditure was spent on core costs such as staff salaries, the audit fee and other administrative expenses.

Funds

At the end of 2024/25, KTGCo’s total funds amounted to £0.6m (2023/24: £0.5m), of which £15k were restricted and £0.5m unrestricted. This represents 11 months of total core operating costs (2023/24: 11 months). Free reserves are held to mitigate against short-term risk and support business continuity.

Reserves policy

Each entity within the consolidated Group of King’s Trust charities is responsible for setting its own reserves policy. The respective Board will monitor the reserves levels of its entity throughout the year.

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STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of The King’s Trust Group Company for the purpose of company law) are responsible for preparing the Annual Report and Accounts and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

In the case of each Trustee in office at the date the Trustees’ report is approved:

• so far as the Trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware

The Trustees are responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• they have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the auditors of the consolidated Group of charities and the charitable company are aware of that information.

Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the charitable company and of the profit or loss of the Group for that year. In preparing the financial statements, the Trustees are required to:

The Trustees are also responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the consolidated Group of charities and the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The Board of Trustees presents its report and the audited consolidated financial statements for the year ended 31 March 2025 under the Charities Act 2011 and the Companies Act 2006, incorporating the Directors’ Report

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

Alison Brittain CBE Chair 10 November 2025

Independent auditors’ report to the members of The King’s Trust Group Company

Report on the audit of the financial statements

Conclusions relating to going concern

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 group’s and the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and the parent charitable company’s ability to continue as a going concern.

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

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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Annual Report and Accounts 2024/25 39

Report on the audit of the financial statements (continued)

Trustees’ Report including the strategic report

Auditors’ responsibilities for the audit of the financial statements

Reporting on other information

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ report including the strategic report for the period ended 31 March 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

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

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ report including the strategic report.

In connection with our audit of the financial statements, 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

Responsibilities for the financial statements and the audit

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Responsibilities of the Trustees for the financial statements

As explained more fully in the Statement of the Trustees’ responsibilities, 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 in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Based on our understanding of the group and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006.

With respect to the Trustees’ report including the strategic report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Report on the audit of the financial statements (continued)

Use of this report

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries and the manipulation of key accounting judgements. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

This report, including the opinions, has been prepared for and only for the parent charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

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Annual Report and Accounts 2024/25 41

Report on the audit of the financial statements (continued)

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Daniel Chan

(Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London

10 November 2025

FINANCIAL STATEMENTS

42 The King’s Trust Group Company

Annual Report and Accounts 2024/25 43

The Consolidated Group of King’s Trust Charities Group Statement of Financial Activities for the year ended 31 March 2025 (incorporating the income and expenditure statement)

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group Note £’000 £’000 £’000 £’000
Income from:
Donations 3 3,258 16,595 19,853 11,251
Charitable activities 4 - 260 260 803
Other trading activities 5 - 1,565 1,565 2,193
Investment income 6 - 160 160 176
Other income 7 - 196 196 28
Total income 3,258 18,776 22,034 14,451
Expenditure on:
Raising funds 8 368 2,959 3,327 2,490
Charitable activities 9 2,864 14,625 17,489 13,294
Total expenditure 3,232 17,584 20,816 15,784
Net movement in funds 27 26 1,192 1,218 (1,333)
Total funds brought forward at the beginning of the year 27 476 8,630 9,106 10,439
Transfer between funds 27 41 (41) - -
Total funds carried forward at the end of the year 27 543 9,781 10,324 9,106
----- End of picture text -----

Note 1 gives details of the basis of reporting for the financial statements.

The notes on pages 45-62 form part of the financial statements.

There are no recognised gains and/or losses other than those passing through the consolidated Statement of Financial Activities. All the operations reported above are continuing.

The Consolidated Group of King’s Trust Charities The Consolidated and Charity Balance Sheet at 31 March 2025

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent Note £’000 £’000 £’000 £’000
Fixed Assets
Intangible assets 15 4 6 - -
Tangible assets 15 93 123 - -
Total fixed assets 97 129 - -
Current assets
Debtors 17 4,549 7,784 70 1,309
Cash held for investment purposes 18 3,011 2,065 - -
Cash at bank and in hand 18 7,205 5,682 2,559 2,597
Total current assets 14,765 15,531 2,629 3,906
Creditors: amounts falling due within one year 19 4,405 6,404 2,070 3,388
Net current assets 10,360 9,127 559 518
Total assets less current liabilities 10,457 9,256 559 518
Creditors: amounts falling due after one year 20 32 34 - -
Provisions 21 101 116 - -
Net assets 10,324 9,106 559 518
The Funds of the Group/Parent
Restricted income funds 25 9,781 8,630 16 42
Unrestricted income funds 543 476 543 476
Total Group/Parent funds 26 10,324 9,106 559 518
----- End of picture text -----

The net movement in funds for The King’s Trust Group Company was £41k (2023/24: £107k) for the year ended 31 March 2025.

The notes on pages 45-62 form part of the financial statements. The financial statements on pages 42-62 were approved by the Trustees and were signed on their behalf by:

Alison Brittain CBE Chair 10 November 2025

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Annual Report and Accounts 2024/25 45

The Consolidated Group of King’s Trust Charities

The Consolidated Group of King’s Trust Charities Consolidated statement of Cash Flows for the year ended 31 March 2025

----- Start of picture text -----
Group Total
2025 2024
Note £’000 £’000
Cash flows from operating activities:
Net cash (used in)/generated from operating activities 24 2,489 (1,745)
Cash flows from investing activities:
Investment income - 13
Purchase of fixed assets (9) (22)
Net cash used in investing activities (9) (9)
Cash flows from financing activities:
Loan interest paid (1) (1)
Net cash used in financing activities (1) (1)
Change in cash and cash equivalents in year 2,479 (1,755)
Cash and cash equivalents at the beginning of the year 7,747 9,475
Change in cash and cash equivalents due to exchange rate movements (10) 27
Cash and cash equivalents at the end of the year 18 10,216 7,747
----- End of picture text -----

The notes on pages 45-62 form part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

1. Principal accounting policies

All intra-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated.

Basis of Preparation

Basis of Reporting

The financial statements have been prepared on the going concern basis. The going concern assessment undertaken by the Board of Trustees involves consideration of financial and cashflow projections, which has concluded that The King’s Trust Group Company and its subsidiaries have sufficient resources to continue in operation for at least one year from the date of signing the Trustees’ Report and Accounts and for the foreseeable future.

The consolidated financial statements have been prepared under the historical cost convention and are in accordance with:

Transactions in local currency have been converted to GBP in the Statement of Financial Activities (SOFA) using an average exchange rate throughout the financial year. Balances have been converted using the exchange rate at 31 March 2025 and a foreign exchange gain/ loss adjustment has been posted to account for the difference between the opening and closing balance sheet rates.

For this reason, the Board of Trustees has adopted the going concern basis of accounting in preparing the financial statements.

The King’s Trust Group uses the exemption conferred by section 408 of the Companies Act in not preparing a separate Income and Expenditure Account for the parent only. The net income for the parent for the year to 31 March 2025 was £41k.

Basis of Consolidation

Estimates and underlying assumptions are subject to constant assessment. Changes in estimates and assumptions are recognised in the period in which the estimates are revised.

‘Group’ refers to The King’s Trust Group Company and its five subsidiary undertakings: The King’s Trust Australia, The King’s Trust Aotearoa New Zealand, The King’s Trust Canada, The King’s Trust International (together with its wholly owned trading subsidiary) and The King’s Trust USA.

The King’s Trust Group has also taken advantage of the exemption conferred by FRS 102 Section 1 in not preparing a Statement of Cash Flows for the parent only.

The areas involving higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 2.

“Parent” refers to The King’s Trust Group Company only.

Amounts are consolidated on a line-by-line basis and all subsidiary undertakings prepare financial statements to 31 March.

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1. Principal accounting policies (continued)

Expenditure

Income

Income is accrued and included in the SOFA when the Group is entitled to the income, the amount can be quantified, and the receipt is probable.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Donations are accounted for when received or when there is an entitlement to the income, and this can be reliably measured. Donations are deferred where the donor has specified that the income is to be expended in a future period or where contractual conditions for entitlement will be met in a future period.

Expenditure on raising funds includes the salaries and overheads costs of the staff who undertake fundraising activities and the marketing and publicity costs associated with raising the profile of the Group.

Grant income is accounted for when it is received or receivable Expenditure on charitable activity whichever is earlier, unless includes salaries and associated the grant relates to a specific costs of staff who undertake future period, in which case activities in the furtherance of it is deferred. Grants are also the Group’s charitable aims deferred when the conditions and objectives. This includes applying to the grant are not the delivery of the Group’s wholly within the control of programme of charitable work. the Group.

Support costs include the salaries of those managerial staff which are not directly attributable to a particular programme of charitable work, governance costs, and of finance, IT, HR and other administrative staff and all office running costs and consumables and other

Donations in kind comprise goods and services donated to the Group which would otherwise have had to be purchased. They are valued at the amount that the Group would have paid in order to obtain them and are included both in income and expenditure.

overheads not specifically attributable to a particular programme of charitable work. Support costs are allocated to costs of generating funds and charitable activities based on the relative size of the business units involved with fundraising and charitable work. The size of these functions is determined by reference to the number of staff (full time equivalents) in each business unit. Irrecoverable VAT is included with the item of expense to which it relates.

1. Principal accounting policies (continued)

Intangible Assets

All intangible assets are amortised over their estimated economic useful life on a straight-line basis using the following rates:

Useful economic life
Asset Category as at 31 March 2025
Databases & software 3years

Amortisation is charged to the SOFA expenditure on charitable activities.

Tangible Assets

All tangible assets are depreciated over their estimated economic useful life on a straight-line basis using the following rates:

Useful economic life
Asset Category as at 31 March 2025
Fixtures & Fittings 5years
Plant and Equipment 5 – 20years
Computer Equipment 3 - 4years
Leasehold improvements Over the lease

Depreciation is charged to the SOFA expenditure on charitable activities.

48 The King’s Trust Group Company

Annual Report and Accounts 2024/25 49

1. Principal accounting policies (continued)

Impairment of Fixed Assets

Operating Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on an accruals basis.

All fixed assets are reviewed at each balance sheet to assess whether there is any indication of a reduction in their carrying amount. Impairment write-downs are charged to the SOFA in the year that the losses occur.

Provisions

The Group recognises provisions when they have a legal or constructive financial obligation, that can be reliably estimated and for which there is an expectation that payment will be made.

Pensions

The King’s Trust Group Company does not have a pension scheme (see note 11). Staff seconded from The King’s Trust in the UK and The King’s Trust International are eligible to join their respective company pension scheme and where they have done this, the costs are borne by The King’s Trust Group Company and charged to the SOFA as the contributions become payable.

Foreign Currencies

Transactions undertaken by the Parent charity in foreign currencies are translated into sterling at the exchange rate on the date of the transaction.

For overseas subsidiaries, income and expenditure are translated at the average exchange rate for the year. Assets and liabilities are translated at the close rate at the balance sheet date. Foreign exchange gains and losses arising from this translation process are recognised within the SOFA.

Redundancy Costs

Redundancy costs including exgratia payments are recognised as an expense in the SOFA when the Group is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date. The Group is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal.

Redundancy costs are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. Details of the redundancy costs incurred during the year can be found in note 12.

Financial Assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the SOFA.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the SOFA.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c ) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

1. Principal accounting policies (continued)

Financial Liabilities

Funds

Basic financial liabilities, including trade and other payables, are initially recognised at the transaction price.

The funds of the Group have been classified as follows:

Restricted Funds consist of donations, legacies and grants received, for which the donor or grant giver has specified the purposes for which the resources can be utilised. Expenditure from restricted funds reflect the appropriate expenditure that has been charged to those funds.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Unrestricted Funds consist of all other income that has not been restricted. They are expendable at the discretion of the Trustees in furtherance of the objects of the Group.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The funds of the subsidiary entities are restricted to their own purpose and are therefore classified as restricted funds for the Group.

Investments

Investments are initially recognised at cost and subsequently measured at market value at the balance sheet date.

Volunteers

The Group is grateful to the volunteers who give their time freely to nurture and develop our young people. The value of this is not recognised in the Financial Statements.

50 The King’s Trust Group Company

Annual Report and Accounts 2024/25 51

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Estimates and assumptions are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances have been made by the Group in recognising long-term liabilities and assets.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities when applying the Group’s accounting policies are summarised below:

Group is acting as principal or agent in accordance with section 23 of FRS 102. The assessment includes consideration of the nature of the relationship with the donor, stewardship of the funds and where decisions over any distribution of funds to other group entities sit.

(ii) Support costs

The cost allocation methodology requires management judgement as to what are the most appropriate bases to use to apportion support costs; these are reviewed annually for reasonableness. Support costs, and other expenditure judgements, are detailed in note 1.

(i) Income recognition

The King’s Trust Group Company applies judgement in assessing all funding agreements relating to donations received. This includes determining whether the

3. Donations

The Consolidated Group of King’s Trust Charities

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Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group £’000 £’000 £’000 £’000
Corporate donations 98 3,249 3,347 921
Charitable Trusts 2,712 8,900 11,612 7,987
Individual donations 74 2,889 2,963 1,588
Donations in kind 374 1,557 1,931 755
Total income from donations 3,258 16,595 19,853 11,251
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Included within income from charitable Trusts is £3m received by The King’s Trust Australia. In the year ended 31 March 2025, The King’s Trust Australia entered into a back to back gift deed with a major donor and The Hillview Foundation Australia Limited in an auspice arrangement. A £3m donation was received, which The King’s Trust Australia elected to donate to The Hillview Foundation Australia Limited.

Donations in kind represent the estimated cost of goods and services donated to the Group, at the value at which the Group would have paid. These amounts are included as costs in the appropriate expenditure category and consist of:

4. Charitable activities The Consolidated Group of King’s Trust Charities

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Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group £’000 £’000 £’000 £’000
Income from local and national government - 117 117 444
Grant income - - - 291
Other income from charitable activities - 143 143 68
Total other income - 260 260 803
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5. Other trading activities The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group £’000 £’000 £’000 £’000
Income from fundraising events - 1,353 1,353 1,966
Sponsorship - 212 212 219
Other - - - 8
Total income from other trading activities - 1,565 1,565 2,193
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6. Investment income

The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group £’000 £’000 £’000 £’000
Income from fixed asset investments - - - 36
Bank interest receivable - 160 160 140
Total investment income - 160 160 176
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7. Other income

The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2025 2024
Group £’000 £’000 £’000 £’000
Other income - 196 196 28
Total other income - 196 196 28
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----- Start of picture text -----
2025 2024
Group £’000 £’000
Other professional fees 92 44
Audit fees (note 14) 84 84
Other 1,755 627
Total donations in kind 1,931 755
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Annual Report and Accounts 2024/25 53

8. Expenditure on raising funds The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Direct Staff Other Direct Support Total Total
Costs Costs Costs 2025 2024
Group £’000 £’000 £’000 £’000 £’000
Cost of raising funds 1,245 1,514 568 3,327 2,490
Total costs of raising funds 1,245 1,514 568 3,327 2,490
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9. Expenditure on charitable activities The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Direct Staff Other Direct Support Total Total
Costs Costs Costs 2025 2024
Group £’000 £’000 £’000 £’000 £’000
The King's Trust Group Company 108 654 610 1,372 808
The King's Trust Australia 560 3,263 462 4,285 1,199
The King's Trust Aotearoa New Zealand 197 197 57 451 599
The King's Trust Canada 1,216 245 375 1,836 1,811
The King's Trust International 1,495 1,851 1,118 4,464 4,321
The King's Trust USA 445 2,937 1,699 5,081 4,556
Total expenditure on charitable activities 4,021 9,147 4,321 17,489 13,294
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Expenditure includes £3m disbursed by The King’s Trust Australia in relation to the auspicing arrangement with The Hillview Foundation Australia, see note 3. These costs have been recognised in full as charitable expenditure and are included in other direct costs.

10. Support costs The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Expenditure
on Raising Charitable Total Total
Funds Expenditure 2025 2024
Group £’000 £’000 £’000 £’000
Managerial staff 53 294 347 223
Communications and marketing 24 77 101 9
Finance, IT, HR, H&S and administration 130 563 693 670
Governance costs 17 48 65 -
Recruitment, secondment & other costs - - - 14
Total staff costs 224 982 1,206 916
Office rents, maintenance & consumables 18 253 271 390
Staff travel and vehicle costs 37 257 294 154
Sundry other fees and costs 282 2,809 3,091 2,346
Governance costs 7 20 27 -
Total other expenditure 344 3,339 3,683 2,890
Total support costs 568 4,321 4,889 3,806
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11. Grants payable The Consolidated Group of King’s Trust Charities

During the year, the consolidated Group of King’s Trust Charities made grants to the King’s Trust in the UK to support programme delivery in the UK. These grants were paid by KTGCo and KTUSA.

----- Start of picture text -----
Total Total
2025 2024
Group £’000 £’000
The King's Trust UK 4,012 3,329
Total Grants Payable 4,012 3,329
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12. Group employee information and trustees’ emoluments The Consolidated Group of King’s Trust Charities

The King’s Trust Group Company does not have any direct employees. The COO, Head of Fundraising & Reporting, Group Accountant and most other support staff are seconded from The King’s Trust in the UK, which recharges the salary and associated payroll costs for those individuals to The King’s Trust Group Company under a Managed Services Agreement. The COO, Head of Fundraising & Reporting and Group Accountant are seconded on a full-time basis, while the other support staff are seconded part-time to The King’s Trust Group Company. Certain additional staff including the CEO of The King’s Trust International also provide part-time support to The King’s Trust Group Company through a separate Managed Services Agreement.

The Group did not receive any donation in kind for the services or seconded staff during the year (2023/24 £0k).

----- Start of picture text -----
2025 Total 2024 Total
No. No.
Average headcount of employees analysed by function:
Charitable purpose and support staff 91 82
Fundraising 14 11
Total staff members 105 93
2025 Total 2024 Total
£’000 £’000
Staff costs for the above employees were:
Wages and salaries 5,776 5,278
Social security costs 453 442
Pension and post retirement benefits 281 233
Total staff costs 6,510 5,953
----- End of picture text -----

The Group paid out £12k (2023/24 £97k) in redundancy and termination payments during the year. The entire amount in 2024/25 relates to payments made by The King’s Trust Australia.

54 The King’s Trust Group Company

Annual Report and Accounts 2024/25 55

Employee Emoluments

The following number of employees earned emoluments in respect of the year in excess of £60,000 within the bands shown below. This represents Group employees including subsidiary entities. Emoluments include taxable benefits but exclude employer pension costs.

----- Start of picture text -----
2025 2024
No No.
£60,001 - £70,000 3 2
£70,001 - £80,000 1 4
£80,001 - £90,000 8 7
£90,001 - £100,000 3 3
£100,001 - £110,000 1 2
£110,001 - £120,000 2 2
£120,001 - £130,000 1 -
£130,001 - £140,000 1 -
£160,001 - £170,000 1 1
£170,001 - £180,000 1 2
£180,001 - £190,000 1 -
£210,001 - £220,000 - 1
£230,001 - £240,000 1 -
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Total aggregate emoluments for Key Management Personnel of the Group were £969k (2023/24 £931k). In 2024/25 Key Management Personnel included 6 people (2023/24: 6 people).

Key Management Personnel include the COO of King’s Trust Group Company plus The CEO of each subsidiary.

Group employee information and trustees’ emoluments

Trustee Emoluments

No trustees received salaries, fees, or other benefits from the Group during the year.

14. Net income (expenditure) for the year The Consolidated Group of King’s Trust Charities

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The Consolidated Group of King’s Trust Charities 2025 2024
£’000 £’000
Net income/(expenditure) for the year is stated after charging
Depreciation of tangible fixed assets 33 54
Amortisation of intangible fixed assets 5 10
Operating lease rentals:
- Land and buildings 205 1
Auditors' remuneration
Amounts payable to group auditor:
- For external audit only - Parent & Group consolidation 76 75
- For external audit only - Subsidiaries 36 35
Amounts payable to non-group auditor:
- For external audit only - Subsidiaries 77 72
- Other services - -
----- End of picture text -----

All numbers exclude VAT.

The auditors’ remuneration from the Group and Parent was £76k (2023/24 £75k), which includes £47k (2023/24 £45k) relating to donated (gift-in-kind) audit services.

The total remuneration payable in respect of the audit of the financial statements of the subsidiaries within the Group was £113k (2023/24 £107k).

The total remuneration payable to the Group auditors, PwC (including PwC Canada), for the audit of consolidated financial statrements and the audits of the individual entities within the Group, was £112k (2023/24 £110k).

The total donated (gift-in-kind) audit services across the consolidated Group, including the parent, was £84k (2023/24 £84k).

The audits of King’s Trust International were undertaken by PricewaterhouseCoopers UK; King’s Trust Canada by PricewaterhouseCoopers (Canada); King’s Trust Australia by Ernst & Young (Australia); King’s Trust Aotearoa New Zealand by HLB Mann Judd; and King’s Trust USA by PFK O’Connor Davies.

Expenses reimbursed to trustees during the year amounted to travel expenses of £3,918 (2023/24 £11,973), accommodation expenses of £3,331 (2023/24 £706), and fundraising expenses of £13,568 (2023/24 £4,068).

Expenses were reimbursed for one trustee in 2024/25 (2023/24: one).

Total donations from trustees and senior management personnel are disclosed in Note 28

13. Taxation

The King’s Trust Group Company is a registered charity. As such it is not liable to corporation tax on the surplus of income over expenditure for the year (s478 CTA 2010) or gains arising from the disposal of assets (s256 TCGA 1992) so far as the proceeds are used for charitable purposes only.

The King’s Trust Group Company is registered for VAT and, where applicable, expenditure is recorded net of recoverable VAT.

56 The King’s Trust Group Company

Annual Report and Accounts 2024/25 57

15. Fixed assets The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Total Total
Databases Intangible Fixtures & Computer Plant & Leasehold Tangible
& Software Assets Fittings Equipment Equipment Improvements Assets
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost
As at 1 April 2024 22 22 84 91 12 - 187
Additions at fair value - - - - - - -
Additions at cost 3 3 - 5 - - 5
Disposals - - - (4) (1) - (5)
As at 31 March 2025 25 25 84 92 11 - 187
Accumulated amortisation
and depreciation
As at 1 April 2024 16 16 16 42 6 - 64
Charge for the year 5 5 11 23 1 - 35
Disposals - - - (4) (1) - (5)
As at 31 March 2025 21 21 27 61 6 - 94
Net book value
At 31 March 2024 6 6 68 49 6 - 123
At 31 March 2025 4 4 57 31 5 - 93
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16. Investments in subsidiaries

----- Start of picture text -----
Name Details Control Interest Activity
The King's Trust Australia Public limited company and registered charity Deemed control Sole member Charitable activities
with the Australian Charities and Not-for-profits in Australia
Commission no. ABN 73 161 872 993
Level 3, 480 Collins Street, Melbourne VIC 3000,
Australia
The King's Trust Aotearoa Registered as a charity registration no. CC56358 Deemed control Sole member Charitable activities
New Zealand Level 37, PWC Tower, 15 Customs Street West, in New Zealand
Auckland 1010, New Zealand
The King's Trust Canada Designated as a Charitable Organisation in Deemed control Sole member Charitable activities
Canada registration no. 83229 5406 RR0001 in Canada
1 Richmond St W, Suite 601, Toronto, Ontario,
M5H 3W4, Canada
The King's Trust Company Registration No. 9090276 Deemed control Sole member Charitable activities
International 8 Glade Path, London, SE1 8EG, United Kingdom in the international
sector
The King’s Trust Company Reistration no: 15615708 Wholly owned 100% owned by Trading activities in
International subsidiary of KTI The King’s Trust support of charitable
Trading Limited International purposes
The King's Trust USA Registered as a Not-for-profit EIN 82-5457122 Deemed control Sole member Charitable activities
45 W 27th Street, Floor 11, New York, NY 10001, USA in United States of
America
----- End of picture text -----

The King’s Trust Group Company supports its subsidiaries by sharing best practice, raising funds to support our global work, demonstrating our shared impact and managing shared risks.

The table below summarises the income, expenditure, assets and liabilities for the above 5 subsidiaries.

----- Start of picture text -----
The King’s Trust The King’s Trust International
The King’s Trust Aotearoa The King’s Trust (including its wholly owned The King’s Trust
Australia New Zealand Canada trading subsidiary) USA
£’000 £’000 £’000 £’000 £’000
2025
Income 4,430 543 2,095 7,576 6,774
Expenditure (4,381) (536) (2,156) (5,121) (8,047)
Net movement in funds 49 7 (61) 2,455 (1,273)
Assets 1,467 177 1,616 4,075 4,931
Liabilities (213) (120) (856) (562) (749)
Net Assets 1,254 57 760 3,513 4,182
The King’s Trust
The King’s Trust Aotearoa The King’s Trust The King’s Trust
Australia New Zealand Canada The King’s Trust International USA
£’000 £’000 £’000 £’000 £’000
2024
Income 1,167 670 1,970 4,452 6,492
Expenditure (1,313) (715) (2,247) (4,863) (7,052)
Net movement in funds (146) (45) (277) (411) (560)
Assets 1,379 289 1,479 2,180 6,475
Liabilities (174) (239) (658) (1,123) (1,019)
Net Assets 1,205 50 821 1,057 5,456
----- End of picture text -----

17. Debtors

The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Trade debtors 121 1,326 47 1,229
Amounts due from Group and undertakings - 26 16 26
Other taxation and social security 26 55 - -
Other debtors 64 188 - 54
Prepayments 457 1,096 7 -
Accrued income 3,881 5,093 - -
Total 4,549 7,784 70 1,309
18. Cash and cash equivalents
The Consolidated Group of King’s Trust Charities
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Cash held for investment purposes 3,011 2,065 - -
Cash at bank and in hand 7,205 5,682 2,559 2,597
Total cash and cash equivalents 10,216 7,747 2,559 2,597
----- End of picture text -----

Cash held for investment purposes represents amounts held in short-term deposit or notice accounts.

The King’s Trust Group Company

Annual Report and Accounts 2024/25 59

58

19. Creditors: amounts falling due within one year The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Trade creditors 223 291 1 -
Amounts owed to group undertakings - 93 16 48
Amounts due to The King’s Trust UK 47 - 4 -
Other taxation and social security 103 118 7 -
Other creditors 112 217 - -
Accruals 405 308 42 78
Deferred income 3,515 5,377 2,000 3,262
Total creditors due in less than one year 4,405 6,404 2,070 3,388
----- End of picture text -----

Reconciliation of Deferred Income

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Deferred income brought forward
Contract and conditional income 5,055 3,950 3,262 2,000
Income from events 322 801 - -
Total brought forward at the beginning of the year 5,377 4,751 3,262 2,000
Deferred income released during year
Contract and conditional income 4,859 5,238 3,262 2,000
Income from events 322 1,945 - -
Total deferred income released during year 5,181 7,183 3,262 2,000
Incoming resources deferred during year
Contract and conditional income 2,709 6,343 2,000 3,262
Income from events 609 1,466 - -
Total incoming resources deferred during year 3,318 7,809 2,000 3,262
Deferred income carried forward at 31 March 2025
Contract and conditional income 2,906 5,055 2,000 3,262
Income from events 609 322 - -
Total carried forward at 31 March 3,515 5,377 2,000 3,262
----- End of picture text -----

21. Provisions The Consolidated Group of King’s Trust Charities

21. Provisions
The Consolidated Group of King’s Trust Charities
At 1 April Provision Provision Group
2024 created utilised 2025
Group and Parent
£’000		 £’000 £’000 £’000
Annual leave provision
80		 51 (66) 65
Long service leave provision
36		 16 (16) 36
Total
116		 67 (82) 101

The Long Service Leave provision relates to the Portable Long Service Leave Fund in Australia. This is a mandatory Government run scheme that allows employees to transfer accrued leave entitlement between employers.

At 31 March 2025 the parent had nil provisions.

22. Financial instruments The Consolidated Group of King’s Trust Charities

The Group has the following financial instruments:

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Financial assets measured at amortised cost:
Trade debtors 121 1,326 47 1,229
Cash 10,216 7,747 2,559 2,597
Amounts due from The King's Trust - 26 - 26
Other debtors 90 243 - 54
Accrued income 3,881 5,093 - -
14,308 14,435 2,606 3,906
Financial liabilities measured at amortised cost: - - - -
Trade creditors (223) (291) (1) -
Amounts due to Group Undertakings - - - (48)
Amounts due to The King's Trust (47) (93) (4) -
Other creditors (215) (334) (7) -
Creditors due after one year (32) (34) - -
(517) (752) (12) (48)
Total financial instruments 13,791 13,683 2,594 3,858
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20. Creditors: amounts falling due after one year The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
US Government loan 32 34 - -
Total creditors due in more than one year 32 34 - -
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In 2020/21 The King’s Trust USA took a loan from the Economic Injury Disaster Loan Emergency Advance (“EIDL Loan”). The EIDL loan was put in place by the US Government to provide financial support to qualifying business in response to the Covid-19 pandemic. The loan is repayable on 1 June 2025 and carries interest at a fixed rate of 2.75% per annum. The loan is secured against the assets of The King’s Trust USA.

60 The King’s Trust Group Company

Annual Report and Accounts 2024/25 61

23. Financial commitments The Consolidated Group of King’s Trust Charities

At 31 March 2025, as lessee, the Group and Parent had total commitments under non-cancellable operating leases for land and buildings as follows:

----- Start of picture text -----
Group Group Parent Parent
2025 2024 2025 2024
Group and Parent £’000 £’000 £’000 £’000
Land and Buildings
Operating leases which expire:
Within one year 194 147 - -
Between one and five years 440 615 - -
Over five years - - - -
Total financial commitments 634 762 - -
Vehicles
Operating leases which wexpire:
Within one year 1 - - -
- - - -
Between one and five years
- - - -
Over five years
Total financial commitments 1 - - -
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24. Net cash from operating activities The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Group Group
2025 2024
£’000 £’000
Net income/(expenditure) for the reporting year (as per the statement of financial activities) 1,218 (1,333)
Adjustments for:
Depreciation and amortisation charges 40 63
Dividends, interest and rents from investments - (13)
Increase in debtors 3,232 (1,222)
Increase in creditors (2,001) 760
Cash flows (used in)/ generated from operating activities 2,489 (1,745)
----- End of picture text -----

----- Start of picture text -----
Analysis of changes in net debt
At 1 April 24 Cashflows At 31 March 25
£’000 £’000 £’000
Cash held for investment purposes 2,065 946 3,011
Cash at bank and in hand 5,682 1,523 7,205
Total 7,747 2,469 10,216
----- End of picture text -----

25. Restricted Income Funds The Consolidated Group of King’s Trust Charities

----- Start of picture text -----
Transferred
from
At 1 April Income Expenditure unrestricted At 31 March
2024 in year in year funds 2025
Group and Parent £’000 £’000 £’000 £’000 £’000
The King's Trust Group Company 42 1,165 (1,150) (41) 16
The King's Trust Australia 1,205 4,269 (4,219) - 1,255
The King's Trust Aotearoa New Zealand 49 418 (411) - 56
The King's Trust Canada 822 1,945 (2,006) - 761
The King’s Trust International 1,057 6,526 (4,071) - 3,512
(including its wholly owned trading subsidiary)
The King's Trust USA 5,455 6,773 (8,047) - 4,181
Intra-group transactions - (2,320) 2,320 - -
Total restricted funds 8,630 18,776 (17,584) (41) 9,781
At 1 April Income Expenditure Discontinued At 31 March
2023 in year in year activities 2024
Group and Parent £’000 £’000 £’000 £’000 £’000
The King's Trust Group Company 42 - - 42 42
The King's Trust Australia 1,351 967 (1,113) 1,205 1,205
The King's Trust Aotearoa New Zealand 94 620 (665) 49 49
The King's Trust Canada 1,099 1,770 (2,047) 822 822
The King's Trust International 1,468 3,302 (3,713) 1,057 1,057
The King's Trust USA 6,016 6,492 (7,053) 5,455 5,455
Intra-group transactions - (1,515) 1,515 - -
Total restricted funds 10,070 11,636 (13,076) 8,630 8,630
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All the funds disclosed above are restricted in so far as the funders have specified that the income can only be expended on particular programmes and activities or are restricted at a group level due to the nature of the income.

Intra-group transactions represent distributions and other transfers between entities within the consolidated Group of King’s Trust charities. In accordance with the basis of consolidation, all intra-group transactions are eliminated on consoliation to present the results and financial position of the Group as a single economic entity.

26. Analysis of net assets between funds The Consolidated Group of King’s Trust Charities

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Unrestricted Restricted Group Unrestricted Restricted Parent
Funds Funds 2025 Funds Funds 2025
Group and Parent £’000 £’000 £’000 £’000 £’000 £’000
Fund balances at 31 March 2025 are
represented by:
Net assets 543 9,781 10,324 543 16 559
543 9,781 10,324 543 16 559
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Unrestricted Restricted Group Unrestricted Restricted Parent
Funds Funds 2024 Funds Funds 2024
Group and Parent £’000 £’000 £’000 £’000 £’000 £’000
Fund balances at 31 March 2024 are
represented by:
Net assets 476 8,630 9,106 476 42 518
476 8,630 9,106 476 42 518
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62 The King’s Trust Group Company

27. Reconciliation of movement in funds

The Consolidated Group of King’s Trust Charities

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Group Parent
2025 2025
Group and Parent £’000 £’000
Opening funds 9,106 518
Net income for the year 1,218 41
Closing funds 10,324 559
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Group Parent
2024 2024
Group and Parent £’000 £’000
Opening funds 10,439 411
Net income for the year (1,333) 107
Closing funds 9,106 518
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28. Related party transactions

The King’s Trust Group Company entered the following transactions with its subsidiaries during the year. All income and expenditure is removed on consolidation. Transactions are on an arm’s length basis.

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Nature of Transactions during the year
Entity Relationship Transaction ended 31 March 2025 Balance at 31 March 2025
Income Expenditure Debtor Creditor
£’000s £’000s
Distribution of donated funds from KTGCo to KTI - 1,834 - -
The King’s Deemed Provision of support services from KTI to KTGCo - 153 - 16
Trust
International control Funding support from KTGCo to KTI - 4 - -
VAT payment made by parent for KTI’s trading subsidiary - - 16 -
The King’s Trust USA Deemed control Provision of support services from KTUSA to KTGCo - - - -
The King's Deemed Distribution of donated funds from KTGCo to KTC - 150 - -
Trust Canada control
Distribution of donated funds from KTGCo to KTA - 418 - -
The King’s Deemed
Trust Australia control
Funding support from KTGCo to KTA - 2 - -
The King’s Distribution of donated funds from KTGCo to KTANZ - 125 - -
Trust Deemed
Aotearoa control
New Zealand Funding support from KTGCo to KTANZ - 2 - -
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In accordance with FRS102, the related party transactions entered into by the Charity are detailed below. All transactions that arose were in the normal course of business.

Full declarations of interests are obtained from Trustees and Directors. The declarations detail any transactions entered into with the trustee/Director as well as their close family members and entities which they control or have a significant interest.

Unconditional donations of £887,513 (2023/24 £164,152) were made by Trustees and senior management of The King’s Trust Group Company and its subsidiaries, or with organisations in which those individuals hold a position of influence.

Expenses reimbursed to trustees and the remuneration of key management personnel are disclosed in Note 12.

THE KING’S TRUST GROUP COMPANY

8 Glade Path, London, SE1 8EG, United Kingdom kingstrustgroup.org

THE KING’S TRUST AUSTRALIA

Level 3, 480 Collins Street, Melbourne VIC 3000, Australia kingstrust.org.au

THE KING’S TRUST AOTEAROA NEW ZEALAND

Level 37, PWC Tower, 15 Customs Street West, Auckland 1010, New Zealand

Contact details

8 Glade Path London SE1 8EG

0800 842 842 www.kingstrustglobal.org

kingstrust.org.nz

THE KING’S TRUST CANADA

1 Richmond Street West, Suite 601, Toronto, ON M5H 3W4 kingstrust.ca

THE KING’S TRUST INTERNATIONAL

8 Glade Path, London, SE1 8EG, United Kingdom kingstrustinternational.org

THE KING’S TRUST USA

45 W. 27th Street, Floor 11, New York, NY 10001, USA kingstrust.us

The King’s Trust Group Company 2025 – all rights reserved. Registered address: 8 Glade Path, London, SE1 8EG. The King’s Trust Group Company is a charitable company limited by guarantee registered in England and Wales (Charity Number 1200643; Company Number 14142157).