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2024-08-31-accounts

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Company Registration Number: 00883234 (England & Wales) Registered Charity Number in England & Wales: 305992

D&AD

(A Company Limited by Guarantee)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Page

Report of the Trustees
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Legal and Administrative Information		 1
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Structure, Governance, Management		 3
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Objectives and Activities		 7
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Achievements and Performance		 9
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Financial Review		 10
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Plan for future periods		 10
Statement of Trustee’s Responsibilities 13
Report of the Independent Auditors 14
Consolidated Statement of Financial Activities 18
Balance Sheets - Group and Charity 19
Consolidated Cash Flow Statement 20
Notes to the Financial Statements 21

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D&AD REPORT OF THE TRUSTEES

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in July 2014 (The FRS102 Charities SORP).

1. Legal and Administrative Information

Trustees, Members and Directors

Kwamena Taylor-Hayford (President 2024-25) Jack Renwick (President 2023-24)

Richard Brim resigned 11 April 2024 Liza Enebeis Ravi Amarantuga Hitchcock Fura Johannesdottir resigned 3 October 2024 Hannah Kelly Jonathan Kneebone Russie Miessi resigned 18 March 2025 Malcolm Poynton appointed 1 March 2024 Priya Prakash appointed 3 October 2024 Lisa Smith appointed 1 March 2024 Chaka Sobhani appointed 1 March 2024 Rebecca Wright resigned 1 March 2024

Chairman

Timothy Lindsay

Company Secretary

Dara Lynch

Key Management Personnel

The senior staff members to whom the day to day management of the charity is delegated are listed below:

Jo Jackson (resigned June 2024) Chief Executive Officer Dara Lynch (COO to June 2024) Chief Executive Officer Donal Keenan (Awards Director to June 2024) Chief Operating Officer Paul Drake Foundation Director Pippa Irvine Digital Director Laura Kelly (resigned October 2023) Marketing Director John Misselbrook (appointed December 2023) Director of Finance Sammi Vaughan Director of Partnerships

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Registered Office

D&AD Ltd 64 Cheshire Street London E2 6EH

Auditor

Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP

Solicitors

Lewis Silkin 5 Chancery Lane Clifford’s Inn London EC4A 1BL

Bankers

The Royal Bank of Scotland plc London Drummonds 49 Charing Cross Admiralty Arch London SW1A 2DX

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2. Structure, Governance and Management

Background

The charity was formed as a company limited by guarantee in 1962. The company registration number is 00883234. The Charity Commission registration number is 305992.

Objects

The Charity’s objects are specifically restricted to the following:

To advance the education of the community by encouraging the understanding, application and commission of good design and advertising in communications media of all kinds by providing, presenting, organising and managing exhibitions, publications, tours of various British and foreign cities, classes, lecturers, seminars, tutorials and other educational activities.

Appointment of trustees

Any person who is willing to act as a Trustee, who is permitted by law to do so, and who is eligible to become a Trustee in accordance with any rules or by-laws made in accordance with the Articles of Association adopted by special resolution in 2017, may be appointed to be a trustee by a resolution of the Trustees.

Powers

The Board of Trustees has overall responsibility for the strategic leadership, governance and appropriate management control of D&AD.

It has three primary functions:

Members of the Board of Trustees are also Directors of the charity for the purposes of company law.

Each year vacancies for new members of the Board of Trustees arise as existing members retire. These vacancies are available to creative practitioners in advertising companies, design companies, other creative companies, business, museums and galleries, and freelance respectively. The candidates who stand for the vacant positions will represent one of these industries. Successful candidates who fill the vacancies for each Industry sector are elected to serve as trustees on the charity’s Board with effect from the conclusion of the September meeting of the Trustees and hold office for three years (or four years in the case of a Trustee who has held the position of Deputy President in the third year of office). The Articles of Association also provide that the trustees may appoint a member, who has not been elected in the prescribed manner, to fill a vacancy that has arisen on the Board of Trustees. The continuation of such an appointment must be approved by the members at the September meeting of the Trustees. The charity’s President and Deputy President are appointed from the serving Trustees and take office for a period of one year from the conclusion of the September meeting of the Trustees. The office of President alternates between the six fields of creativity described above and is determined by the serving Trustees.

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Trustee induction and training

New Trustees undergo an orientation session to brief them on decision making processes, the business plan and recent financial performances of the charity. During the induction session they meet key employees and other Trustees. On-going training needs are identified as appropriate and addressed through a variety of means, including Board papers, leadership days and seminars.

Remuneration policy for Key Management Personnel

The Trustees and the senior management team comprise the key management personnel of the Charity in charge of running and operating the organisation on a day-to-day basis. Details of all Trustee expenses and related party transactions are disclosed in note 15 and note 24 to the accounts.

In order to recruit and retain the best staff to safeguard the services provided to our beneficiaries, the Trustees consider that it is important to offer a competitive salary package, as benchmarked with similar sized charitable organisations.

The salary and other rewards (annual leave and pension contribution) of the Chief Executive are benchmarked and approved by the Trustees on appointment and are reviewed annually by the Trustees in accordance with the contract of employment.

All other staff roles, including the senior management team, are evaluated against a number of criteria, including responsibilities, skills and expertise required. These determine on which band each role lies within the pay scales.

Normally, members of the senior management team are recruited to their assigned salary band. Occasionally, the Trustees will determine if the rate of pay needs to be amended to take account of significant external factors affecting recruitment to a specific role. Staff receive a range of enhanced benefits e.g. sick pay, maternity/paternity pay as well as annual leave and pension contributions.

Organisation

During the year the charity operated from its offices located within Shoreditch. Staff have continued both home based and hybrid working. The Board of Trustees develops all of the charity’s objectives. Strategies to deliver the objectives are developed by the charity’s Chief Executive and Management Team. Implementation lies with the Team Directors and their colleagues: Awards, Education and Professional Development, Partnerships, Marketing, Digital and Information Systems and Finance and Operations. A non-executive Chairman also provides advice and assistance to both the Trustees and the Charity’s Management. The Board of Trustees meets 10 to 12 times a year.

Subsidiary Companies

The charity has the following wholly owned subsidiaries:

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Risk management

As part of its business planning and review procedures the trustees have implemented a risk management strategy, which comprises:

Key risks identified and their mitigation strategies include:

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The level of risk to the charity’s incoming resources

The trustees recognise that the charity’s income sources are heavily dependent on funding from the creative industries, the media sectors and the business community and that the levels of income from these sources are highly sensitive to global and national economic and political conditions. Consequently, the trustees are of the opinion that reserves should be generated to a sufficient level to protect the charity from adverse economic conditions and any consequential material decline in income.

Unrestricted funds are needed

Reserves policy

The trustees have considered the possible effects of adverse economic conditions on the activities of the charity and at this time are of the opinion that the charity should aim to maintain unrestricted reserves for the following purposes:

The requisite level of reserves in mitigating the eventuality of the above events has been calculated at £5.3m.

Free unrestricted reserves as at 31 August 2024 total £5,612,106 (2023: £5,826,737).

The reserves policy is reviewed and agreed by trustees on an ongoing basis.

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3. Objectives, activities and public benefit statement

Summary of the objectives of the charity

The main objective of the charity is to advance the education of the community by encouraging the understanding, appreciation and commission of good design and advertising in communications media of all kinds by providing, presenting, organising and managing exhibitions, publications, tours of various British and foreign cities, classes, lecturers, seminars, tutorials and other educational activities.

The charity’s mission is:

The charity’s strategic aims are to:

Objectives for the year

In 2023/24 the charity’s principal objectives for the year were:

Strategies for achieving objectives and significant activities

The charity encourages regional and international participation in its activities by communication with the creative community in those areas through its various programmes, exhibitions and publications.

The charity researches, reviews and assesses its activities and ensures that it is developing and delivering relevant programmes by way of its knowledge management system and working with its participants and beneficiaries.

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Public Benefit Statement

The charity’s benefits are as in accordance with its aims:

The benefits are delivered in the following ways:

During the year the charity continued initiatives aimed to benefit graduate employment and involve the public in the creative processes and the best in creative work:

Achievements made by the provision of the benefits:

The public benefit statement has been prepared in accordance with the Charity Commission’s guidelines.

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4. Achievements and performance

In the face of persistent global economic and geopolitical uncertainties, D&AD successfully sustained the delivery of its educational and awards programmes, both physically and through the continued enhancement of its digital platforms. Participation across all initiatives and events grew, broadening access to a more diverse international community. The strategic relocation of the Awards Festival and Ceremony to London’s South Bank proved highly successful, significantly increasing the charity’s profile. Furthermore, the continued development of the D&AD Archive, Digital Annual, and associated digital content has positioned these assets as vital reference tools within the creative industries.

The charity’s performance against its objectives over the past year is as follows:

Objective in 2023-24 Achievements in 2023-24
To maintain reserves at levels
determined by the charity’s reserves
policy.		 Requisite reserves as determined by the reserves policy for 31 August
2024 amount to £5.3m.
Actual group reserves reported as at that date amount to £6.7m (2023:
£6.5m) of which free unrestricted reserves are £5.6m (2023: £5.8m).
To continue to develop a fully
integrated brand communications
and marketing strategy across
programmes.		 The implementation of a clear and consistent communications
strategy across all communication platforms has contributed to a
sustained increase in organisational profile, as reflected by higher
levels of engagement in both UK and international markets.
To continue to invest in the digital
strategy to deliver an online offer to
D&AD stakeholders, thereby
building D&AD's community.		 Significant investment in the development of D&AD digital platforms
during 2024–25 has led to considerable enhancements in back-office
efficiency
and
overall
organisational
productivity.
Continued
enhancements to the Customer Relationship Management (CRM) and
Content Management System (CMS) applications are focused on
delivering an improved customer experience.
To review and extend markets and
audience beyond the UK and
Europe.		 Worldwide media coverage extending beyond the UK and Europe, with
appointed international representatives in North America, South
America, Asia and Australia. Continuing global market development
with specific focus to regional engagement through Awards festivals,
Shift and Masterclasses.
To continually develop the redefined
professional development strategy.		 Development of D&AD educational platforms and content to ensure
relevance and increase profile within the UK and internationally.
To continue to build international
awareness in key cities.		 Senior management of the charity continue to visit appropriate
locations and meet with key contacts to develop this objective.
Appointments of international reps are in place across key locations in
India, Australia, Brazil, USA, China & Japan.
To continue the development of our
diversity, equality, equity and
inclusion both within D&AD and
within the industry, communities
and society we are a part of.		 D&AD has implemented a robust Diversity, Equality, Equity, and
Inclusion (DEI) policy that underpins its activities, processes, and
organizational culture. This commitment is reflected in DEI metrics that
consistently benchmark positively against both local and national
statistics.
To establish an appropriate
environmental sustainability policy
and framework		 D&AD has established a comprehensive sustainability plan that
encompasses a Net Zero Carbon Strategy alongside a structured
supplier evaluation process. Through the implementation of these
initiatives,D&AD has identified keyleadershipopportunities within

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D&AD
REPORT OF THE TRUSTEES
community engagement and strategic partnerships, fostering
sustainable momentum across the industry.
To fully utilise D&AD head office in
Shoreditch.		 D&AD has expanded the utilisation of its Head Office facilities to
optimize cost efficiency within its own program of activities.
Additionally, this strategic approach has been extended to the wider
creative community, reinforcing D&AD's commitment to resource
sharing and community engagement.

5. Financial review

Incoming resources for the year amounted to £0.3m lower than the previous twelve-month period, with decreases in Professional Development of £372,000 and New Blood of £156,000. This was offset to some degree by increases in Professional Awards of £157,000 and Partnerships of £50,000.

Total expenditure increased marginally by £52,000.

The effect of this was a group net funds inflow of £211,000 (2023: £526,000) for the twelve months ended 31[st] August 2024.

Principal funding sources

Entry income for the professional awards scheme was higher by £298,000 (7%) compared to the previous year.

Funds

Group funds at 31 August 2024 amounted to £6,701,534 (2023: £6,490,195) of which £nil were restricted (2023: £nil). There was a surplus of unrestricted funds of £6,701,534 (2023: £6,490,195). The charity will continue its programme of cost control and income enhancement in order to increase the unrestricted fund balance. It is anticipated that this programme will deliver material surpluses in future years due to investment in streamlined systems and automation.

6. Future plans and subsequent events

The charity’s key strategic policies as stated in these statements remain as relevant for 2024/25. In addition, the increase in unrestricted funds to a level both consistent with the charity’s reserve policy will continue as a major objective.

D&AD is currently within a program of iterative transformation to launch new innovation and redevelop existing technology and functionality to transform the business going forward.

Objective for 2024/25
and beyond		 Target
To maintain reserves at levels
determined by the charity’s reserves
policy.		 Continuance of an ongoing financial review and cost evaluation
strategy aimed at enhancing organisational efficiency. Efforts are
focused on developing revenue streams within existing programs,
alongside the implementation of new revenue-generating initiatives.
These measures are designed to support growth in both
organisational capacity and program activities, ensuring long-term
financial sustainability.

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To continue to develop a fully
integrated brand communications
and marketing strategy across
programmes.		 Continued strategic development of a clear and coherent voice
across all communication platforms, continuing to raise international
D&AD brand awareness and profile.
To continue to invest in the digital
strategy to deliver an online offer to
D&AD stakeholders, thereby building
D&AD’s community.		 To continue a significant review and redesign of D&AD’s digital
architecture across all platforms.
Implementation of new CRM and CMS applications within 2024/25, to
improve customer experience and increase customer engagement.
To review and extend markets and
audience beyond UK and Europe.		 To continue to reach diverse audiences who represent the breadth of
commercial creative community. Focus on segments which we can
penetrate effectively; likely to be design & production agencies, in-
house creative & design teams and consultancies.
To continue to reach larger audiences outside London and the UK.
Focus on growth cities which we can penetrate most effectively.
To continue to build international
awareness in key cities.		 Senior management to maintain visits to appropriate locations and
meet with key contacts, as well as research the potential of regional
events to develop this objective.
To further develop products and
programmes to engage these
markets and audiences.		 Review existing and identify new programmes and products relevant
to D&AD industry and community.
To continually develop the redefined
professional development strategy.		 To continually review strategy to ensure it is relevant to the needs of
the present and future by developing the model into a comprehensive,
technically flavoured series of training modules targeting both the
creative and client communities with the ultimate objective of the
creation of an E-Learning series to scale the enterprise and enhance
the development of careers in creative fields through Continuous
Professional Development (CPD) scheme.
Focussing on larger corporations and contracts with more global
reach to achieve a greater outreach.
To continue the development of our
diversity, equality, equity and
inclusion both within D&AD and
within the industry, communities and
society we are a part of.		 To maintain the D&AD DEI policies through our three established
pillars:
•
Creating a culture where everyone feels welcome, belongs and is
able to be themselves.
•
Creating a more diverse industry through our programmes &
platforms.
•
Ensuring representation within D&AD to reflect the rich diversity
of the London working society, including at senior levels.
To establish an appropriate
environmental sustainability policy
and framework		 To implement the Net Zero Carbon Strategy alongside a structured
supplier evaluation process.
Identify further key leadership opportunities within community
engagement and strategic partnerships, fostering sustainable
momentum across the industry.
This includes reducing energy consumption and waste, incorporating
sustainabilityinto itsprocurementpractices andprocesses,and

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prioritising suppliers and service providers that share D&AD's value
toward carbon neutrality.
To fully utilise D&AD head office in
Shoreditch.		 To expand utilisation both to enhance and build relations within the
wider community and serve the creative community, and to generate
additional revenue streams where feasible.

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Statement of Trustees’ Responsibilities

The trustees (who are the directors of the charity for the purposes of company law), are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland.”

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also 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.

In so far as the trustees are aware:

Small Companies Exemption

This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.

The trustees of the Charity approve the Trustees’ Annual Report.

Auditors

Moore Kingston Smith LLP has indicated their willingness to continue in office for the ensuing year.

Signed on behalf of the Trustees on

5/27/2025

| avaDocuSigned lyndeby:

……………………………………………...

Dara Lynch, Secretary

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED

Opinion

We have audited the financial statements of (D&AD) (the ’parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2024 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED

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 the 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.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

[Hare9C630C582AA840D...Kingston Smit LLP Date: 5/29/2025 Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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D&AD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Total Total
2024 2024 2023 restated
Note 1 (e)
Note £ £ £
Income from
Charitable activities: 4
Awards 5,653,034 5,653,034 5,495,781
Partnerships 230,194 230,194 180,333
Professional Development 289,336 289,336 382,870
New Blood 1,428,801 1,428,801 1,584,721
Total charitable activities 7,601,365 7,601,365 7,643,705
Trading income from subsidiary 5 314,003 314,003 591,827
Investment income and interest 6 106,801 106,801 46,101
Other income 6 582 582 3,468
Total income 8,022,751 8,022,751 8,285,101
Expenditure on
Charitable activities: 7
Awards 4,805,574 4,805,574 4,680,038
Partnerships 577,148 577,148 540,473
Professional Development 654,628 654,628 654,606
New Blood 1,678,674 1,678,674 1,646,733
Total charitable activities 7,716,024 7,716,024 7,521,850
Trading subsidiary costs 8 95,388 95,388 237,432
Total expenditure 9 7,811,412 7,811,412 7,759,282
Net income / (expenditure) 211,339 211,339 525,819
Total funds brought forward 21 6,490,195 6,490,195 5,964,376
Total funds carried forward 6,701,534 6,701,534 6,490,195

The Charity has no recognised gains or losses for the year other than as detailed above.

The net movements in the Charity's funds for the year arise from the Charity's continuing activities.

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D&AD BALANCE SHEETS - GROUP AND CHARITY AS AT 31 AUGUST 2024

Group Group Charity Charity
2024 2023 2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 16 988,563 604,730 988,563 604,730
Tangible assets 17 100,865 58,728 100,865 58,728
Investments 18 - - 1,000 1,000
1,089,428 663,458 1,090,428 664,458
Current assets
Debtors 19 1,154,824 807,040 1,140,074 807,040
Cash at bank and in hand 5,542,926 6,747,278 5,532,236 6,736,552
6,697,750 7,554,318 6,672,310 7,543,592
Current liabilities
Creditors falling due within one year 20 (1,085,644) (1,727,581) (1,283,783) (2,074,715)
Net current assets 5,612,106 5,826,737 5,388,527 5,468,877
Total assets less current liabilities 6,701,534 6,490,195 6,478,955 6,133,335
Net assets 6,701,534 6,490,195 6,478,955 6,133,335
Accumulated funds
Unrestricted funds 21 6,701,534 6,490,195 6,478,955 6,133,335
Total accumulated funds 6,701,534 6,490,195 6,478,955 6,133,335

As permitted by s408 Companies Act 2006, the company has not presented its own statement of financial activities and related notes. The charity's surplus for the year was £345,620 (2023: £460,178 surplus)

5/28/2025

The financial statements were approved by the trustees on ........................................... and signed on their behalf by:

.................................................................. Trustee

Company registration number 00883234

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2024

2024 2023
£ £
Cash inflow from operating activities
Net cash (used) / provided by operating activities (575,267) 753,773
Cash flow from investing activities
Investment income and interest received 106,801 46,101
Payments to acquire tangible and intangible fixed assets (735,886) (723,050)
(629,085) (676,949)
Net (decrease ) / increase in cash and cash equivalents (1,204,352) 76,824
Cash and cash equivalents at beginning of year 6,747,278 6,670,454
Cash and cash equivalents at close of year 5,542,926 6,747,278

Reconciliation of net income / (expenditure) to cash flow from operating activities

2024 2023
£ £
Net income / (deficit) for the reporting period 211,339 525,819
Adjustments for:
Depreciation charges 309,916 150,135
Investment income (106,801) (46,101)
(Increase) / decrease in debtors (347,784) 200,761
Increase in creditors (641,937) (76,841)
Net cash provided by operating activities (575,267) 753,773
Analysis of cash and cash equivalents
Cash at bank and in hand 5,542,926 6,747,278

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

1. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements comprise the charity and its wholly-owned subsidiary D&AD Trading Limited on a line-by-line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

These financial statements are prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the charitable group. Monetary amounts within these financial statements are rounded to the nearest pound.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company and its subsidiaries are a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

b) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The trustees have considered forecasts for a period of at least one year from the date of approval of the financial statements taking these steps in to account. On the basis of these projections and the reserves available to the charity, the trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

c) Incoming resources

All income is recognised in the statement of financial activities when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable.

d) Allocation of costs

The charity's operating costs include staff costs, rent and other related costs. Such costs are allocated between the charity's educational programmes, activities for raising funds, and management and administration. Staff costs are allocated according to the costs of staff working directly in the relevant teams or on the appropriate projects. Where costs are not directly attributable to any project or team, they have been apportioned according to the total of all other costs relating to each team or project.

e) Expenditure

Following a review of the classification of expenditure a reclassification was made between cost of raising funds and charitable activities.

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

f) Charitable expenditure

Charitable expenditure includes all expenditure directly related to the objects of the charity and comprises:

Costs of activities in furtherance of the charity's objects - comprising the costs of the educational and professional awards programmes undertaken by the charity and is accounted for when payable.

Support costs - representing the staffing and associated costs of supporting, mentoring and evaluation the operational programmes for which the charity is responsible.

Governance costs - which are part of support costs representing expenditure on governance infrastructure that allows the charity to operate and to generate the information required for public accountability. They include the strategic planning processes that contribute to future development of the charity.

g) Fund accounting

The charity maintains various types of funds as follows:

Restricted funds - representing grants, donations and sponsorship received which are stipulated to be applied for specific projects by either the nature of the fundraising appeal or the grant/sponsorship agreement.

Unrestricted funds - representing funds that are expendable at the discretion of the trustees in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

h) Pension costs

The charity operates a defined contribution scheme that is open to all employees. The charity's contributions to the scheme are charged to the statement of financial activities in the year to which they relate.

i) Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. Amortisation on intangible fixed assets is provided at rates to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:

Software and website - over 5 years straight line

j) Tangible fixed assets

Tangible fixed assets of a value of £1,000 and over are capitalised, and are stated at cost less accumulated depreciation. Depreciation on tangible fixed assets is provided at rates to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:

- Leasehold improvements over 5 years straight line - Computer equipment over 3 years straight line - Office equipment over 4 years straight line

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible and intangible fixed assets are reviewed for impairment.

k) Financial instruments

1. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of 95 days or less.

2. Financial assets and liabilities

Basic Financial Instruments, as defined by FRS102, are recognised initially at their transaction price and subsequently at settlement value. Financial assets and liabilities that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

l) Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.

Rentals of assets held under operating leases are charged to the statement of financial activities in equal amounts over the lease term.

m) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

n) Foreign Exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the statement of financial activities for the period.

o) Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

Tangible and intangible assets

The annual depreciation and amortisation charge for fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 16 and 17 for the carrying amount of the property, plant and equipment and intangible assets.

2. LEGAL STATUS OF THE CHARITY

The Charity is a company limited by guarantee and has no share capital. The members of the charity are the trustees listed on page 1. In accordance with the Memorandum of Association, every Member is liable to contribute a sum of £25 in the event of the charity being wound up.

3. FINANCIAL ACTIVITIES OF THE CHARITY

The financial activities shown in the consolidated statement includes those of D&AD and its wholly owned trading subsidiary D&AD Trading Limited. The subsidiary donates all of its profits to the charity under Gift Aid. A summary of the trading results of the subsidiary is shown at Note 18.

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

Unrestricted Unrestricted
2024 2023
£ £
4. INCOME FROM CHARITABLE ACTIVITIES
Awards 5,653,034 5,495,781
Partnerships 230,194 180,333
Professional Development 289,336 382,870
New Blood 1,428,801 1,584,721
Total income from charitable activities 7,601,365 7,643,705
5. TRADING SUBSIDIARY INCOME
Income generated in D&AD Trading Limited 314,003 591,827
314,003 591,827
6. INVESTMENT INCOME, INTEREST AND OTHER INCOME
Bank deposit interest 106,801 46,101
Other income 582 3,468
107,383 49,569
7. COSTS OF ACTIVITIES IN FURTHERANCE OF THE CHARITY'S OBJECTIVES
Awards 4,805,574 4,680,038
Partnerships 577,148 540,473
Professional Development 654,628 654,606
New Blood 1,678,674 1,646,733
Total expenditure on charitable activities 7,716,024 7,521,850
8. TRADING SUBSIDIARY COSTS
Costs incurred by D&AD Trading Limited 95,388 237,432
95,388 237,432

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

9. ANALYSIS OF TOTAL RESOURCES EXPENDED 9. ANALYSIS OF TOTAL RESOURCES EXPENDED
Direct staff Other direct Marketing Digital Support & Total
costs costs Governance
£ £ £ £ £ £
Year to 31 August 2024
Costs of activities in furtherance of the charity's objectives
Awards 751,831 1,787,805 561,305 932,032 772,601 4,805,574
Partnerships 306,830 41,777 22,857 37,953 167,731 577,148
Professional Development 210,045 218,774 28,729 47,704 149,376 654,628
New Blood 351,665 620,280 141,870 235,571 329,288 1,678,674
1,620,371 2,668,636 754,761 1,253,260 1,418,996 7,716,024
Other expenditure
Trading costs - 95,388 - - - 95,388
- 95,388 - - - 95,388
Total 1,620,371 2,764,024 754,761 1,253,260 1,418,996 7,811,412
Year to 31 August 2023
Costs of activities in furtherance of the charity's objectives
Awards 895,451 1,570,256 621,936 692,396 899,999 4,680,038
Partnerships 297,143 73,428 20,408 22,720 126,774 540,473
Professional Development 187,774 260,479 43,328 48,237 114,788 654,606
New Blood 395,414 565,029 179,337 199,654 307,299 1,646,733
1,775,782 2,469,192 865,009 963,007 1,448,860 7,521,850
Other expenditure
Trading costs - 237,432 - - - 237,432
- 237,432 - - - 237,432
Total 1,775,782 2,706,624 865,009 963,007 1,448,860 7,759,282

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

Unrestricted Unrestricted
2024 2023
£ £
10. SUPPORT AND GOVERNANCE COSTS
Support
Staff and related costs 280,472 199,568
Depreciation 9,801 56,075
Other support costs 603,464 693,815
Total support costs 893,737 949,458
Governance
Salaries 397,803 439,348
Audit fees 35,640 24,500
Legal and professional fees 47,705 35,554
Other governance costs 44,111 -
Total governance costs 525,259 499,402
Total 1,418,996 1,448,860
11. NET OUTGOING RESOURCES
Net outgoing resources for the year are stated after charging:
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Auditors remuneration:
In respect to current year audit 31,675 27,500 27,960 24,500
In respect to prior year audit 7,650 - 7,680 -
Depreciation / amortisation:
Owned assets (tangible and intangible) 309,916 150,135 309,916 150,135
Rentals under operating leases: land and 203,844 145,531 203,844 145,531
buildings

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

12. ANALYSIS OF STAFF COSTS

Staff costs comprise: 2024 2023
£ £
Wages and salaries 2,642,463 2,745,347
Social security costs 308,455 297,912
Pension costs 210,670 245,587
Healthcare 12,119 11,640
Recruitment and training 27,667 42,011
Redundancy and termination payments 81,196 21,389
Total staff costs 3,282,570 3,363,886

The number of employees whose emoluments (salaries and benefits in kind) excluding pensions fell within the following

£60,001 - £70,000 2 -
£70,001 - £80,000 2 3
£80,001 - £90,000 1 1
£90,001 - £100,000 1 2
£100,001 - £110,000 2 1
£140,001 - £150,000 1 1
9 8

Where no employee falls into a salary banding above, this banding has been excluded.

The number of employees earning more than £60,000 for whom pension contributions have been paid in the year is 9 (2023: 8). The total pension contributions paid by the charity during the year for employees earning more than £60,000 was £71,718 (2023: £118,086)

13. STAFF NUMBERS

The average number of employees including temporary and short-term contract staff analysed by function was:

2024 2023
number number
Charitable activities 34 36
Income generation 15 14
Administration and support 8 6
57 56

14. TRUSTEES AND KEY MANAGEMENT PERSONNEL

During the year £6,883 was paid to three trustees in respect of expenses incurred on behalf of the charity (2023: £2,223)

The charity purchased trustee indemnity insurance costing £3,587 (2023: £3,509) to protect the charity from loss arising from neglect or default of its trustees and employees.

Key management personnel include the Trustees, Chief Executive, and senior staff reporting directly to the Chief Executive. The total employee benefits of the charity's key management personnel were £1,099,712 (2023: £1,065,605)

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

15. TAXATION

The company is a registered charity and no provision is considered necessary for taxation as the charity is exempt from tax on its charitable income and to the extent that it is applied to charitable purposes.

16. INTANGIBLE FIXED ASSETS - GROUP AND CHARITY

16. INTANGIBLE FIXED ASSETS - GROUP AND CHARITY
Website and
software
£
Cost or valuation
As at 1 September 2023 673,823
Additions 658,974
Disposals (134,287)
As at 31 August 2024 1,198,510
Amortisation
As at 1 September 2023 69,093
Charge for the year 148,507
Eliminated on disposal (7,653)
As at 31 August 2024 209,947
Net book value
As at 31 August 2024 988,563
As at 31 August 2023 604,730

17. TANGIBLE FIXED ASSETS - GROUP AND CHARITY

Leasehold Office
improvements equipment Total
£ £ £
Cost or valuation
As at 1 September 2023 1,122,715 397,703 1,520,418
Additions - 76,912 76,912
As at 31 August 2024 1,122,715 474,615 1,597,330
Depreciation
As at 1 September 2023 1,122,715 338,975 1,461,690
Charge for the year - 34,775 34,775
As at 31 August 2024 1,122,715 373,750 1,496,465
Net book value
As at 31 August 2024 - 100,865 100,865
As at 31 August 2023 - 58,728 58,728

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

18. INVESTMENTS IN SUBSIDIARIES

The charity has an investment in the following subsidiary undertakings:

Registered office Status % Ownership
D&AD Trading Limited 64 Cheshire Street, London E2 6EH Trading 100%
D&AD Limited Suite 1201, Tower 2, The Gateway, Non-trading 100%
25 Canton Road, Tsimshatsui,
Kowloon, Hong Kong
D&AD USA Inc. Frankfurt Kurnit Klein and Selz, P.C. Non-trading 100%
488 Madison Avenue, NY 10022,
USA
2024 2023
£ £
Cost at the beginning and end of the year 1,000 1,000

D&AD Limited Hong Kong and D&AD USA Inc. have been excluded from consolidation for the reason they are dormant nontrading organisations and have no material effect on the surplus or net assets of the group.

The financial activities shown in the consolidated statement includes those of D&AD and its wholly owned trading subsidiary D&AD Trading Limited. The subsidiary donates all of its profits to the charity under Gift Aid. A summary of the trading results is shown below.

2024 2023
£ £
Profit & Loss Account
Turnover 314,003 591,827
Cost of sales (92,303) (230,258)
Gross profit 221,700 361,569
Administration expenses (3,085) (8,674)
Profit on ordinary activities 218,615 352,895
Balance sheet
Current assets 268,497 460,260
Creditors: amounts falling due within one year (44,918) (102,400)
Total net assets 223,579 357,860
Called up share capital 1,000 1,000
Retained profit 222,579 356,860
Shareholders' funds 223,579 357,860

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
19. DEBTORS
Trade debtors 541,686 541,211 541,686 541,211
Other debtors 238,129 88,865 238,129 88,865
Prepayments and accrued income 375,009 176,964 360,259 176,964
1,154,824 807,040 1,140,074 807,040
20. CREDITORS
Trade creditors 392,424 371,689 392,424 371,689
Other creditors 24,804 41,288 24,804 41,288
Taxation and social security 84,367 94,524 84,367 94,524
Accrued expenses 459,246 502,163 456,131 499,163
Deferred income 124,803 717,917 83,000 618,517
Owed to subsidiary undertakings - - 243,057 449,534
1,085,644 1,727,581 1,283,783 2,074,715

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Total
£ £
As at 31 August 2024
Fixed assets
Intangible assets 988,563 988,563
Tangible assets for use by the charity 100,865 100,865
Current assets
Debtors 1,154,824 1,154,824
Cash at bank and in hand 5,542,926 5,542,926
Current liabilities (1,085,644) (1,085,644)
6,701,534 6,701,534
As at 31 August 2023
Fixed assets
Intangible assets 604,730 604,730
Tangible assets for use by the charity 58,728 58,728
Current assets
Debtors 807,040 807,040
Cash at bank and in hand 6,747,278 6,747,278
Current liabilities (1,727,581) (1,727,581)
6,490,195 6,490,195

22. OPERATING LEASE COMMITMENTS

As at the reporting date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall dues as follows:

Charity and Charity and
Group Group
2024 2023
£ £
Within one year 250,000 213,955
Between two and five years 548,677 798,677
798,677 1,012,632

Docusign Envelope ID: 33D67D19-3869-4252-BAE7-BBA951D709B6

D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024

23. PENSIONS AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

The Charitable Group operates a defined contribution scheme which is administered independently of the Group. The cost to the Group for the year was £210,670 (2023: £245,587). At the Balance Sheet date , the amount due to the pension scheme administrators was £20,854 (2023: £20,376). The expected cost to the charity in the coming year, if all staff take up their pension option, is approximately £204,000 (2023: £229,000).

24. RELATED PARTY TRANSACTIONS

During the year the following related party transactions were carried out:

Sales of £95,388 (2023: £238,932) and purchases of £314,003 (2023: £591,827) were made to D&AD Trading Limited, a wholly owned subsidiary of D&AD. At the balance sheet date there was an amount owed to the subsidiary of £257,807 (2023: £449,534).

Sales of £nil (2023: £4,423) were made to Pentagram Design Limited where Naresh Ramchandani is a director. Naresh was also a director of D&AD for the period from 18 September 2019 to 1 March 2023. Sales have only been included where they fall within this period.

Sales of £6,209 (2023: £3,068) and purchases of £6,600 (2023: £15,780) were made to Studio Dumbar where Liza Enebeis is a partner and creative director. Liza is also a director of D&AD.

Sales of £980 (2023: £3,516) were made to Saboteur Studios where Hannah Kelly is a designer. Hannah is also a director of D&AD.

Sales of £1,047 (2023: £3,564) were made to The Glue Society where Jonathan Kneebone is the Founder. Jonathan is also a director of D&AD.

Sales of £525 (2023: £nil) were made to Born Social where Russie Miessi is a strategist. Russie was also appointed a director of D&AD on 1 March 2024. Sales have been included from that date.

Sales of £8,352 (2023: £nil) were made to Cheil WW where Malcolm Poynton is Global Chief Creative Officer and President Creative. Malcolm was appointed a director of D&AD on 2 March 2024. Sales have been included from that date.

Sales of £nil (2023: £1,913) were made to Jack Renwick Studio where Jack Renwick is the proprietor. Jack is also a director of D&AD.

Sales of £9,950 (2023: £nil) were made to DDB Worldwide where Chaka Sobhani is President and Global Chief Creative Officer. Chaka was appointed a director of D&AD on 1 March 2024. Sales have been included from that date.

Sales of £14,960 (2023: £nil) were made to JKR (Jones Knowles Ritchie) where Lisa Smith is Executive Creative Director. Lisa was appointed a director of D&AD on 1 March 2024. Sales have been included from that date.

Sales of £7,105 (2023: £8,561) were made to Kin where Kwame Taylor-Hayford is the co founder. Kwame is also a director of D&AD.

Sales of £5,675 (2023: £1,610) were made to Huge where Fura Johannesdottir is Chief Design Officer. Fura was also a director of D&AD.

No amounts are outstanding in respect of these transactions and no amounts have been written off or provided for in relation to these balances during the year.

25. ULTIMATE CONTROLLING PARTY

The charitable company is under the control of its members. No one member has sufficient voting rights to control the charitable company.